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GUARANTEES AND COMMITMENTS (Tables)
6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Guarantor Obligations
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 June 30, 2024 and December 31, 2023, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans:

Table 6.1
Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities
  As of June 30, 2024As of December 31, 2023
  (in thousands)
Agricultural Finance  
Farmer Mac Guaranteed Securities$436,822 $452,602 
Total off-balance sheet Farmer Mac Guaranteed Securities$436,822 $452,602 
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 June 30, 2024As of December 31, 2023
(dollars in thousands)
Guarantee and commitment obligation$5,758 $5,969 
Weighted average remaining maturity:
  Farmer Mac Guaranteed Securities21.6 years21.9 years
Schedule of Cash Flows Related To Transfer of Securitizations
The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations:
Table 6.2
 For the Six Months Ended
  June 30, 2024June 30, 2023
  (in thousands)
Proceeds from new securitizations$343,654 $222,188 
Guarantee fees received857 933 
Schedule of Long-Term Standby Purchase Commitments 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:
Table 6.4
As of June 30, 2024As of December 31, 2023
(dollars in thousands)
Guarantee and commitment obligation(1)
$39,000 $41,594 
Maximum principal amount3,576,116 3,680,333 
Weighted-average remaining maturity14.4 years14.5 years
(1) Relates to LTSPCs issued or modified on or after January 1, 2003.
Schedule of Reserve for Losses
The following table is a summary, by asset type, of the reserve for losses as of June 30, 2024 and December 31, 2023:

Table 6.5
June 30, 2024December 31, 2023
Reserve for LossesReserve for Losses
(in thousands)
Agricultural Finance$1,443 $1,471 
Rural Infrastructure Finance251 240 
Total$1,694 $1,711 


The following is a summary of the changes in the reserve for losses for the three and six month periods ended June 30, 2024 and 2023:

Table 6.6
For the Three Months EndedFor the Six Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Reserve for LossesReserve for LossesReserve for LossesReserve for Losses
(in thousands)
Agricultural Finance
Beginning Balance $1,407 $1,396 $1,471 $819 
(Release of)/provision for losses
36 75 (28)652 
Ending Balance$1,443 $1,471 $1,443 $1,471 
Rural Infrastructure Finance
Beginning Balance$235 $240 $240 $614 
Release of losses
16 (6)11 (380)
Ending Balance$251 $234 $251 $234 
Schedule of Past Due Financing Receivables
The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of June 30, 2024 and December 31, 2023:

Table 5.4
As of June 30, 2024
Accruing
Current30-59 Days60-89 Days
90 Days and Greater(2)
Total Past Due
Nonaccrual loans(3)(4)
Total Loans
(in thousands)
Loans(1):
Agricultural Finance loans
Farm & Ranch$6,770,778 $21,101 $6,711 $19,767 $47,579 $81,817 $6,900,174 
Corporate AgFinance1,271,132 — — — — 15,035 1,286,167 
Total Agricultural Finance loans8,041,910 21,101 6,711 19,767 47,579 96,852 8,186,341 
Rural Infrastructure Finance loans3,979,238 — — — — — 3,979,238 
Total $12,021,148 $21,101 $6,711 $19,767 $47,579 $96,852 $12,165,579 
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.
(2)Includes loans in consolidated trusts with beneficial interests owned by third parties (single-class) that are 90 days or more past due.
(3)Includes loans that are 90 days or 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.
(4)Includes $26.2 million of nonaccrual loans for which there was no associated allowance. During the three and six months ended June 30, 2024, Farmer Mac received $1.2 million and $1.7 million, in interest on nonaccrual loans, respectively.

As of December 31, 2023
Accruing
Current30-59 Days60-89 Days
90 Days and Greater(2)
Total Past Due
Nonaccrual loans(3)(4)
Total Loans
(in thousands)
Loans(1):
Agricultural Finance loans
Farm & Ranch$6,470,205 $15,326 $3,953 $10,991 $30,270 $65,236 $6,565,711 
Corporate AgFinance1,259,723 — — — — — 1,259,723 
Total Agricultural Finance loans7,729,928 15,326 3,953 10,991 30,270 65,236 7,825,434 
Rural Infrastructure Finance loans3,534,763 — — — — — 3,534,763 
Total $11,264,691 $15,326 $3,953 $10,991 $30,270 $65,236 $11,360,197 
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.
(2)Includes loans in consolidated trusts with beneficial interests owned (single-class) by third parties that are 90 days or more past due.
(3)Includes loans that are 90 days or 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.
(4)Includes $25.7 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2023, Farmer Mac received $2.6 million in interest on nonaccrual loans.
The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of June 30, 2024 and December 31, 2023:
Table 6.7
As of June 30, 2024
Current30-59 Days60-89 Days
90 Days and Greater(1)
Total Past DueTotal Loans
(in thousands)
Agricultural Finance:$3,197,192 $21,286 $303 $4,272 $25,861 $3,223,053 
Rural Infrastructure Finance:597,693 — — — — 597,693 
Total$3,794,885 $21,286 $303 $4,272 $25,861 $3,820,746 
(1)Includes loans underlying off-balance sheet Farmer Mac 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, 2023
Current30-59 Days60-89 Days
90 Days and Greater(1)
Total Past DueTotal Loans
(in thousands)
Agricultural Finance:$3,390,918 $2,776 $2,366 $1,784 $6,926 $3,397,844 
Rural Infrastructure Finance:535,013 — — — — 535,013 
Total$3,925,931 $2,776 $2,366 $1,784 $6,926 $3,932,857 
(1)Includes loans underlying off-balance sheet Farmer Mac 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.
Schedule of Financing Receivable Credit Quality Indicators
The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Rural Infrastructure Finance loans held as of June 30, 2024 and December 31, 2023, by year of origination:

Table 5.5
As of June 30, 2024
Year of Origination:
20242023202220212020PriorRevolving Loans - Amortized Cost BasisTotal
(in thousands)
Agricultural Finance - Farm & Ranch loans(1):
Internally Assigned Risk Rating:
Acceptable$492,566 $487,709 $1,117,947 $1,597,313 $1,066,209 $1,323,782 $369,423 $6,454,949 
Special mention(2)
30,336 97,476 32,482 28,695 14,252 31,330 6,010 240,581 
Substandard(3)
— 21,686 32,285 20,273 34,754 77,176 18,470 204,644 
Total$522,902 $606,871 $1,182,714 $1,646,281 $1,115,215 $1,432,288 $393,903 $6,900,174 
For the Three Months Ended June 30, 2024:
Current period charge-offs$— $— $— $101 $— $— $— $101 
For the Six Months Ended June 30, 2024:
Current period charge-offs$— $— $— $101 $— $— $— $101 
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.
(2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  
(3)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 June 30, 2024
Year of Origination:
20242023202220212020PriorRevolving Loans - Amortized Cost BasisTotal
(in thousands)
Agricultural Finance - Corporate AgFinance(1):
Internally Assigned Risk Rating:
Acceptable$72,344 $158,535 $76,550 $245,625 $95,662 $211,201 $237,897 $1,097,814 
Special mention(2)
— 44,623 — 14,990 76,367 13,490 23,848 173,318 
Substandard(3)
— — 7,530 — — — 7,505 15,035 
Total$72,344 $203,158 $84,080 $260,615 $172,029 $224,691 $269,250 $1,286,167 
For the Three Months Ended June 30, 2024:
Current period charge-offs$— $— $— $— $— $— $3,942 $3,942 
For the Six Months Ended June 30, 2024:
Current period charge-offs$— $— $— $— $— $— $3,942 $3,942 
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.
(2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  
(3)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 June 30, 2024
Year of Origination:
20242023202220212020PriorRevolving Loans - Amortized Cost BasisTotal
(in thousands)
Rural Infrastructure Finance loans(1):
Internally Assigned Risk Rating:
Acceptable$441,378 $547,120 $649,907 $188,592 $570,283 $1,272,743 $274,551 $3,944,574 
Special mention(2)
— — 34,664 — — — — 34,664 
Substandard(3)
— — — — — — — — 
Total $441,378 $547,120 $684,571 $188,592 $570,283 $1,272,743 $274,551 $3,979,238 
For the Three Months Ended June 30, 2024:
Current period charge-offs$— $— $— $— $— $— $— $— 
For the Six Months Ended June 30, 2024:
Current period charge-offs$— $— $— $— $— $— $— $— 
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.
(2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  
(3)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, 2023
Year of Origination:
20232022202120202019PriorRevolving Loans - Amortized Cost BasisTotal
(in thousands)
Agricultural Finance - Farm & Ranch loans(1):
Internally Assigned Risk Rating:
Acceptable$530,956 $1,137,226 $1,653,780 $1,120,917 $323,922 $1,068,862 $385,766 $6,221,429 
Special mention(2)
70,524 46,529 27,957 11,591 4,782 21,257 8,777 191,417 
Substandard(3)
3,357 23,987 10,164 17,395 28,942 58,606 10,414 152,865 
Total$604,837 $1,207,742 $1,691,901 $1,149,903 $357,646 $1,148,725 $404,957 $6,565,711 
For the Three Months Ended June 30, 2023:
Current period charge-offs$— $— $— $— $— $— $— $— 
For the Six Months Ended June 30, 2023:
Current period charge-offs$— $— $— $— $— $— $— $— 
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.
(2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  
(3)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, 2023
Year of Origination:
20232022202120202019PriorRevolving Loans - Amortized Cost BasisTotal
(in thousands)
Agricultural Finance - Corporate AgFinance loans(1):
Internally Assigned Risk Rating:
Acceptable$207,279 $97,922 $261,992 $123,158 $99,352 $112,947 $254,325 $1,156,975 
Special mention(2)
— 14,522 15,408 50,822 20,333 — 1,663 102,748 
Substandard(3)
— — — — — — — — 
Total$207,279 $112,444 $277,400 $173,980 $119,685 $112,947 $255,988 $1,259,723 
For the Three Months Ended June 30, 2023:
Current period charge-offs$— $— $— $— $— $— $— $— 
For the Six Months Ended June 30, 2023:
Current period charge-offs$— $— $— $— $— $— $— $— 
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.
(2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  
(3)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, 2023
Year of Origination:
20232022202120202019PriorRevolving Loans - Amortized Cost BasisTotal
(in thousands)
Rural Infrastructure Finance loans(1):
Internally Assigned Risk Rating:
Acceptable$618,946 $681,272 $187,746 $593,841 $701,937 $611,548 $100,223 $3,495,513 
Special mention(2)
— 9,850 — — — — — 9,850 
Substandard(3)
— 29,400 — — — — — 29,400 
Total $618,946 $720,522 $187,746 $593,841 $701,937 $611,548 $100,223 $3,534,763 
For the Three Months Ended June 30, 2023:
Current period charge-offs$— $— $— $— $— $— $— $— 
For the Six Months Ended June 30, 2023:
Current period charge-offs$— $— $— $— $— $— $— $— 
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.
(2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  
(3)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.
The following tables present credit quality indicators related to Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of June 30, 2024 and December 31, 2023, by year of origination:

Table 6.8
As of June 30, 2024
Year of Origination:
20242023202220212020PriorRevolving Loans - Amortized Cost BasisTotal
(in thousands)
Agricultural Finance:
Internally Assigned Risk Rating:
Acceptable$9,001 $158,446 $228,783 $478,551 $515,714 $1,334,544 $391,099 $3,116,138 
Special mention(1)
— — 4,920 14,717 2,408 47,945 8,602 78,592 
Substandard(2)
— — — 1,182 — 25,918 1,223 28,323 
Total$9,001 $158,446 $233,703 $494,450 $518,122 $1,408,407 $400,924 $3,223,053 
For the Three Months Ended June 30, 2024:
Current period charge-offs$— $— $— $— $— $— $— $— 
For the Six Months Ended June 30, 2024:
Current period charge-offs$— $— $— $— $— $— $— $— 
(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  
(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 June 30, 2024
Year of Origination:
20242023202220212020PriorRevolving Loans - Amortized Cost BasisTotal
(in thousands)
Rural Infrastructure Finance:
Internally Assigned Risk Rating:
Acceptable$— $— $— $— $— $368,801 $228,892 $597,693 
Special mention(1)
— — — — — — — — 
Substandard(2)
— — — — — — — — 
Total$— $— $— $— $— $368,801 $228,892 $597,693 
For the Three Months Ended June 30, 2024:
Current period charge-offs$— $— $— $— $— $— $— $— 
For the Six Months Ended June 30, 2024:
Current period charge-offs$— $— $— $— $— $— $— $— 
(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  
(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, 2023
Year of Origination:
20232022202120202019PriorRevolving Loans - Amortized Cost BasisTotal
(in thousands)
Agricultural Finance:
Internally Assigned Risk Rating:
Acceptable$169,429 $246,441 $515,396 $534,395 $264,815 $1,185,811 $391,335 $3,307,622 
Special mention(1)
— 71 2,466 872 531 44,631 8,565 57,136 
Substandard(2)
— — — 131 1,536 26,328 5,091 33,086 
Total$169,429 $246,512 $517,862 $535,398 $266,882 $1,256,770 $404,991 $3,397,844 
For the Three Months Ended June 30, 2023:
Current period charge-offs$— $— $— $— $— $— $— $— 
For the Six Months Ended June 30, 2023:
Current period charge-offs$— $— $— $— $— $— $— $— 
(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  
(2)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.
As of December 31, 2023
Year of Origination:
20232022202120202019PriorRevolving Loans - Amortized Cost BasisTotal
(in thousands)
Rural Infrastructure Finance:
Internally Assigned Risk Rating:
Acceptable$— $— $— $— $— $419,190 $115,823 $535,013 
Special mention(1)
— — — — — — — — 
Substandard(2)
— — — — — — — — 
Total$— $— $— $— $— $419,190 $115,823 $535,013 
For the Three Months Ended June 30, 2023:
Current period charge-offs$— $— $— $— $— $— $— $— 
For the Six Months Ended June 30, 2023:
Current period charge-offs$— $— $— $— $— $— $— $— 
(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  
(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.