The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of March 31, 2021 and December 31, 2020, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans:


Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities
	As of March 31, 2021		As of December 31, 2020
	(in thousands)
Farm & Ranch:
Farmer Mac Guaranteed Securities	$	72,203	$	79,312
USDA Guarantees:
Farmer Mac Guaranteed USDA Securities	284,868		299,298
Institutional Credit:
AgVantage Securities	4,412		4,412
Total off-balance sheet Farmer Mac Guaranteed Securities	$	361,483	$	383,022

Eligible loans and other eligible assets may be placed into trusts that are used as vehicles for the securitization of the transferred assets and the Farmer Mac-guaranteed beneficial interests in the trusts are sold to investors. The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations:

Farmer Mac presents a liability for its obligation to stand ready under its guarantee in "Guarantee and commitment obligation" on the consolidated balance sheets. The following table presents the liability and the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities:


	As of March 31, 2021		As of December 31, 2020
	(dollars in thousands)
Guarantee and commitment obligation	$	1,492	$	1,625
Weighted average remaining maturity:
Farmer Mac Guaranteed Securities	9.5 years		9.5 years
AgVantage Securities	3.7 years		4.0 years

Farmer Mac has recorded a liability for its obligation to stand ready under the guarantee in the guarantee and commitment obligation on the consolidated balance sheets. The following table presents the liability, the maximum principal amount of potential undiscounted future payments that Farmer Mac could be requested to make under all LTSPCs, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans, as well as the weighted-average remaining maturity of all loans underlying LTSPCs:


	As of March 31, 2021		As of December 31, 2020
	(dollars in thousands)
Guarantee and commitment obligation(1)	$	32,910	$	33,909
Maximum principal amount	2,811,515		2,881,856
Weighted-average remaining maturity	15.4 years		15.3 years


	March 31, 2021		December 31, 2020
	Reserve for Losses		Reserve for Losses
	(in thousands)
Farm & Ranch:
LTSPCs and Farmer Mac Guaranteed Securities	$	1,366	$	2,097
Rural Utilities
LTSPCs	967		1,180
Total	$	2,333	$	3,277


	For the Three Months Ended
	March 31, 2021		March 31, 2020
	Reserve for Losses		Reserve for Losses
	(in thousands)
Farm & Ranch:
Balance as of December 31,	$	2,097	$	2,164
Cumulative effect adjustment from adoption of current expected credit loss standard	—		(148)
Adjusted Beginning Balance	2,097		2,016
(Release of)/provision for losses	$	(731)	$	4
Charge-offs	—		—
Ending Balance	$	1,366	$	2,020

Rural Utilities:
Balance as of December 31,	$	1,180	$	—
Cumulative effect adjustment from adoption of current expected credit loss standard	—		1,011
Adjusted Beginning Balance	1,180		1,011
(Release of)/provision for losses	$	(213)	$	389
Charge-offs	—		—
Ending Balance	$	967	$	1,400

The release from the reserve for losses in the Rural Utilities LTSPC portfolio recorded during first quarter 2021 was primarily due to improving economic factor forecasts and ratings upgrades. The release in the Farm & Ranch LTSPC portfolio was primarily due to ratings upgrades and updated loss-given-default assumptions.

The provision to the reserve for losses recorded during first quarter 2020 was primarily due to the impact of economic factor forecasts, particularly higher credit spreads and expected higher unemployment, as a result of the COVID-19 pandemic and the resulting economic volatility.

The following table presents the unpaid principal balances by delinquency status of Farm & Ranch loans underlying LTSPCs. Farm & Ranch Farmer Mac Guaranteed Securities, Rural Utilities loans underlying LTSPCs, and non-performing assets as of March 31, 2021:


	As of March 31, 2021
	Current		30-59 Days		60-89 Days		90 Days and Greater(1)		Total Past Due		Total Loans
	(in thousands)
Farm and Ranch:
LTSPCs and Farmer Mac Guaranteed Securities	$	2,315,243	$	3,901	$	332	$	6,909	$	11,142	$	2,326,385
Rural Utilities:
LTSPCs	$	557,333	$	—	$	—	$	—	$	—	$	557,333

(1)Includes loans underlying off-balance sheet Farm & Ranch Guaranteed Securities and LTSPCs that are 90 days of more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.


	As of December 31, 2020
	Current		30-59 Days		60-89 Days		90 Days and Greater(1)		Total Past Due		Total Loans
	(in thousands)
Farm and Ranch:
LTSPCs and Farmer Mac Guaranteed Securities	$	2,389,777	$	2,189	$	1,344	$	11,433	$	14,966	$	2,404,743
Rural Utilities:
LTSPCs	$	556,425	$	—	$	—	$	—	$	—	$	556,425

The following tables present credit quality indicators related to Farm & Ranch loans underlying LTSPCs, Farm & Ranch Farmer Mac Guaranteed Securities, and Rural Utilities loans underlying LTSPCs as of March 31, 2021 and December 31, 2020, by year of origination:


	As of March 31, 2021
	Year of Origination:
	2021		2020		2019		2018		2017		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities:
Internally Assigned Risk Rating:
Acceptable	$	83,222	$	181,684	$	193,825	$	178,134	$	222,030	$	1,071,479	$	205,814	$	2,136,188
Special mention(1)	—		12,020		1,727		1,493		436		62,767		12,080		90,523
Substandard(2)	—		242		736		12,335		14,415		67,712		4,234		99,674
Total	$	83,222	$	193,946	$	196,288	$	191,962	$	236,881	$	1,201,958	$	222,128	$	2,326,385

For the Three Months Ended March 31, 2021:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—		—		—		—		—		—		—
Current period Farm & Ranch net charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(2)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.


	As of March 31, 2021
	Year of Origination:
	2021		2020		20	2019		2018		2017		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Rural Utilities LTSPCs:
Internally Assigned Risk Rating:
Acceptable	$	—	$	—		$	—	$	—	$	—	$	538,541	$	18,792	$	557,333
Special mention(1)	—		—			—		—		—		—		—		—
Substandard(2)	—		—			—		—		—		—		—		—
Total	$	—	$	—		$	—	$	—	$	—	$	538,541	$	18,792	$	557,333

For the Three Months Ended March 31, 2021:
Current period charge-offs	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—			—		—		—		—		—		—
Current period Rural Utilities net charge-offs	$	—	$	—		$	—	$	—	$	—	$	—	$	—	$	—

(2)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.


	As of December 31, 2020
	Year of Origination:
	2020		2019		2018		2017		2016		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Farm & Ranch LTSPCs and Farmer Mac Guaranteed Securities:
Internally Assigned Risk Rating:
Acceptable	$	178,213	$	213,620	$	183,948	$	237,042	$	207,296	$	969,860	$	211,620	$	2,201,599
Special mention(1)	3,920		1,742		1,502		5,603		19,644		50,004		10,058		92,473
Substandard(2)	264		10,250		12,611		14,578		7,841		60,602		4,525		110,671
Total	$	182,397	$	225,612	$	198,061	$	257,223	$	234,781	$	1,080,466	$	226,203	$	2,404,743

For the Three Months Ended March 31, 2020:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—		—		—		—		—		—		—
Current period Farm & Ranch net charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(2)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.


	As of December 31, 2020
	Year of Origination:
	2020		2019		2018		2017		2016		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Rural Utilities LTSPCs:
Internally Assigned Risk Rating:
Acceptable	$	—	$	—	$	—	$	—	$	—	$	549,405	$	7,020	$	556,425
Special mention(1)	—		—		—		—		—		—		—		—
Substandard(2)	—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	549,405	$	7,020	$	556,425

For the Three Months Ended March 31, 2020:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—		—		—		—		—		—		—
Current period Rural Utilities net charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(2)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.