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, 2025 and December 31, 2024, 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, 2025		As of December 31, 2024
	(in thousands)
Agricultural Finance
Farmer Mac Guaranteed Securities	$	414,291	$	426,310


Total off-balance sheet Farmer Mac Guaranteed Securities	$	414,291	$	426,310

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.

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, 2025		As of December 31, 2024
	(dollars in thousands)
Guarantee and commitment obligation	$	5,423	$	5,595
Weighted average remaining maturity:
Farmer Mac Guaranteed Securities	21.0 years		21.2 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, 2025		As of December 31, 2024
	(dollars in thousands)
Guarantee and commitment obligation(1)	$	42,256	$	42,731
Maximum principal amount	4,146,719		4,029,019
Weighted-average remaining maturity	14.6 years		14.5 years

Table 6.5


	March 31, 2025		December 31, 2024
	Reserve for Losses		Reserve for Losses
	(in thousands)
Agricultural Finance	$	1,335	$	1,431
Infrastructure Finance	186		192
Total	$	1,521	$	1,623

The following is a summary of the net changes in the reserve for losses for the three month period ended March 31, 2025 and 2024:


	For the Three Months Ended
	March 31, 2025		March 31, 2024

	Reserve for Losses		Reserve for Losses
	(in thousands)







Agricultural Finance
Beginning Balance	$	1,431	$	1,471
(Release of)/provision for losses	(96)		(64)
Ending Balance	$	1,335	$	1,407

Infrastructure Finance
Beginning Balance	$	192	$	240
(Release of)/provision for losses	(6)		(5)
Ending Balance	$	186	$	235

The release from the reserve for losses during first quarter 2025 for both Agricultural Finance and Infrastructure Finance was primarily due to ratings upgrades.

The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Infrastructure Finance loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of March 31, 2025 and December 31, 2024:

Table 6.7


	As of March 31, 2025
	Current		30-59 Days		60-89 Days		90 Days and Greater(1)		Total Past Due		Total Loans
	(in thousands)
Agricultural Finance:	$	3,493,817	$	9,785	$	3,386	$	4,540	$	17,711	$	3,511,528
Infrastructure Finance:	865,926		—		—		—		—		865,926
Total	$	4,359,743	$	9,785	$	3,386	$	4,540	$	17,711	$	4,377,454

(1)Includes loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs 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.


	As of December 31, 2024
	Current		30-59 Days		60-89 Days		90 Days and Greater(1)		Total Past Due		Total Loans
	(in thousands)
Agricultural Finance:	$	3,524,406	$	1,421	$	1,358	$	7,603	$	10,382	$	3,534,788
Infrastructure Finance:	732,731		—		—		—		—		732,731
Total	$	4,257,137	$	1,421	$	1,358	$	7,603	$	10,382	$	4,267,519

The following tables present credit quality indicators related to Agricultural Finance and Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of March 31, 2025 and December 31, 2024, by year of origination:

Table 6.8


	As of March 31, 2025
	Year of Origination:
	2025		2024		2023		2022		2021		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance:
Internally Assigned Risk Rating:
Acceptable	$	18,183	$	86,202	$	163,699	$	249,627	$	551,903	$	1,842,141	$	473,476	$	3,385,231
Special mention(1)	—		—		7,839		12,444		7,717		48,271		12,226		88,497
Substandard(2)	—		—		—		1,246		14,130		22,095		329		37,800
Total	$	18,183	$	86,202	$	171,538	$	263,317	$	573,750	$	1,912,507	$	486,031	$	3,511,528




For the Three Months Ended March 31, 2025:
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 March 31, 2025
	Year of Origination:
	2025		2024		2023		2022		2021		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Infrastructure Finance:
Internally Assigned Risk Rating:
Acceptable	$	—	$	—	$	—	$	—	$	—	$	347,889	$	518,037	$	865,926
Special mention(1)	—		—		—		—		—		—		—		—
Substandard(2)	—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	347,889	$	518,037	$	865,926




For the Three Months Ended March 31, 2025:
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, 2024
	Year of Origination:
	2024		2023		2022		2021		2020		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance:
Internally Assigned Risk Rating:
Acceptable	$	70,757	$	163,646	$	267,551	$	563,747	$	583,598	$	1,312,988	$	452,909	$	3,415,196
Special mention(1)	—		5,963		4,920		15,954		4,354		44,964		12,197		88,352
Substandard(2)	—		—		1,246		1,135		6,345		21,297		1,217		31,240
Total	$	70,757	$	169,609	$	273,717	$	580,836	$	594,297	$	1,379,249	$	466,323	$	3,534,788




For the Three Months Ended March 31, 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, 2024
	Year of Origination:
	2024		2023		2022		2021		2020		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Infrastructure Finance:
Internally Assigned Risk Rating:
Acceptable	$	—	$	—	$	—	$	—	$	—	$	355,848	$	376,883	$	732,731
Special mention(1)	—		—		—		—		—		—		—		—
Substandard(2)	—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	355,848	$	376,883	$	732,731




For the Three Months Ended March 31, 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.