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, 2022 and December 31, 2021, 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, 2022		As of December 31, 2021
	(in thousands)
Agricultural Finance
Farmer Mac Guaranteed Securities	$	544,484	$	578,358
Rural Infrastructure Finance
Farmer Mac Guaranteed Securities	2,755		2,755
Total off-balance sheet Farmer Mac Guaranteed Securities	$	547,239	$	581,113

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:

Table 6.3


	As of March 31, 2022		As of December 31, 2021
	(dollars in thousands)
Guarantee and commitment obligation	$	6,961	$	7,355
Weighted average remaining maturity:
Farmer Mac Guaranteed Securities	21.7 years		21.7 years
AgVantage Securities	2.7 years		3.0 years

Farmer Mac has recorded a liability for its obligation to stand ready under the commitment 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, 2022		As of December 31, 2021
	(dollars in thousands)
Guarantee and commitment obligation(1)	$	36,324	$	36,571
Maximum principal amount	3,197,933		3,191,061
Weighted-average remaining maturity	15.5 years		15.5 years

Table 6.5


	March 31, 2022		December 31, 2021
	Reserve for Losses		Reserve for Losses
	(in thousands)
Agricultural Finance:
LTSPCs and Farmer Mac Guaranteed Securities	$	993	$	1,068
Rural Infrastructure Finance
LTSPCs	847		882
Total	$	1,840	$	1,950


	For the Three Months Ended
	March 31, 2022		March 31, 2021
	Reserve for Losses		Reserve for Losses
	(in thousands)
Agricultural Finance mortgage loans
Beginning Balance	$	1,068	$	2,097
Release of losses	(75)		(731)
Charge-offs	—		—
Ending Balance	$	993	$	1,366

Rural Infrastructure Finance loans
Beginning Balance	$	882	$	1,180
Release of losses	(35)		(213)
Charge-offs	—		—
Ending Balance	$	847	$	967

The release from the reserve for losses in both the Agricultural Finance and Rural Infrastructure Finance LTSPC and Farmer Mac Guaranteed portfolios recorded during the three months ended March 31, 2022 was primarily due to decreased net volume in those portfolios.

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

The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Rural Utilities loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of March 31, 2022 and December 31, 2021:

Table 6.7


	As of March 31, 2022
	Current		30-59 Days		60-89 Days		90 Days and Greater(1)		Total Past Due		Total Loans
	(in thousands)
Agricultural Finance:
LTSPCs and Farmer Mac Guaranteed Securities	$	2,942,666	$	1,578	$	1,618	$	1,887	$	5,083	$	2,947,749
Rural Infrastructure:
LTSPCs	$	562,568	$	—	$	—	$	—	$	—	$	562,568

(1)Includes loans underlying off-balance sheet Agricultural Finance 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, 2021
	Current		30-59 Days		60-89 Days		90 Days and Greater(1)		Total Past Due		Total Loans
	(in thousands)
Agricultural Finance:
LTSPCs and Farmer Mac Guaranteed Securities	$	2,953,091	$	8,068	$	—	$	3,597	$	11,665	$	2,964,756
Rural Infrastructure:
LTSPCs	$	556,837	$	—	$	—	$	—	$	—	$	556,837

The following tables present credit quality indicators related to Agricultural Finance and Rural Utilities loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of March 31, 2022 and December 31, 2021, by year of origination:

Table 6.8


	As of March 31, 2022
	Year of Origination:
	2022		2021		2020		2019		2018		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance LTSPCs and Farmer Mac Guaranteed Securities:
Internally Assigned Risk Rating:
Acceptable	$	39,991	$	425,698	$	504,636	$	245,154	$	182,019	$	1,192,160	$	264,675	$	2,854,333
Special mention(1)	—		—		2,470		—		6,663		47,438		2,329		58,900
Substandard(2)	—		—		198		725		4,877		25,038		3,678		34,516
Total	$	39,991	$	425,698	$	507,304	$	245,879	$	193,559	$	1,264,636	$	270,682	$	2,947,749

For the Three Months Ended:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—		—		—		—		—		—		—
Current period Agricultural Finance 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, 2022
	Year of Origination:
	2022		2021		2020		2019		2018		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Rural Infrastructure Finance LTSPCs:
Internally Assigned Risk Rating:
Acceptable	$	—	$	—	$	—	$	—	$	—	$	489,384	$	73,184	$	562,568
Special mention(1)	—		—		—		—		—		—		—		—
Substandard(2)	—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	489,384	$	73,184	$	562,568

For the Three Months Ended:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—		—		—		—		—		—		—
Current period Rural Infrastructure 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, 2021
	Year of Origination:
	2021		2020		2019		2018		2017		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance LTSPCs and Farmer Mac Guaranteed Securities:
Internally Assigned Risk Rating:
Acceptable	$	376,027	$	537,521	$	244,365	$	188,452	$	235,865	$	1,013,937	$	252,039	$	2,848,206
Special mention(1)	—		5,270		—		6,808		3,154		38,042		2,354		55,628
Substandard(2)	—		1,307		724		5,038		12,793		37,326		3,734		60,922
Total	$	376,027	$	544,098	$	245,089	$	200,298	$	251,812	$	1,089,305	$	258,127	$	2,964,756

For the Three Months Ended March 31, 2021:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Current period recoveries	—		—		—		—		—		—		—		—
Current period Agricultural Finance 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, 2021
	Year of Origination:
	2021		2020		2019		2018		2017		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Rural Infrastructure Finance LTSPCs:
Internally Assigned Risk Rating:
Acceptable	$	—	$	—	$	—	$	—	$	—	$	499,594	$	57,243	$	556,837
Special mention(1)	—		—		—		—		—		—		—		—
Substandard(2)	—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	499,594	$	57,243	$	556,837

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