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GUARANTEES AND COMMITMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

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:

Table 6.1


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

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, 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

Schedule of Cash Flows Related To Transfer of Securitizations

The following table summarizes the cash flows received from trusts used for Farmer Mac securitizations:

Table 6.2


	For the Three Months Ended
	March 31, 2025		March 31, 2024
	(in thousands)

Guarantee fees received	$	404	$	449

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 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

(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 March 31, 2025 and December 31, 2024:

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:

Table 6.6


	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

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 March 31, 2025 and December 31, 2024:

Table 5.4


	As of March 31, 2025
	Accruing
	Current		30-59 Days		60-89 Days		90 Days and Greater(2)		Total Past Due		Nonaccrual loans(3)(4)		Total Loans
	(in thousands)
Loans(1):
Agricultural Finance loans
Farm & Ranch	$	7,320,821	$	17,004	$	7,031	$	10,096	$	34,131	$	151,795	$	7,506,747
Corporate AgFinance	1,320,794		5,494		—		—		5,494		44,914		1,371,202
Total Agricultural Finance loans	8,641,615		22,498		7,031		10,096		39,625		196,709		8,877,949
Infrastructure Finance loans	5,108,990		—		—		—		—		—		5,108,990
Total	$	13,750,605	$	22,498	$	7,031	$	10,096	$	39,625	$	196,709	$	13,986,939

(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 $36.4 million of nonaccrual loans for which there was no associated allowance. During the three months ended March 31, 2025, Farmer Mac received $1.3 million in interest on nonaccrual loans.


	As of December 31, 2024
	Accruing
	Current		30-59 Days		60-89 Days		90 Days and Greater(2)		Total Past Due		Nonaccrual loans(3)(4)		Total Loans
	(in thousands)
Loans(1):
Agricultural Finance loans
Farm & Ranch	$	7,299,364	$	16,478	$	7,268	$	6,359	$	30,105	$	123,546	$	7,453,015
Corporate AgFinance	1,336,305		—		—		—		—		45,369		1,381,674
Total Agricultural Finance loans	8,635,669		16,478		7,268		6,359		30,105		168,915		8,834,689
Infrastructure Finance loans	4,774,483		—		—		—		—		—		4,774,483
Total	$	13,410,152	$	16,478	$	7,268	$	6,359	$	30,105	$	168,915	$	13,609,172

(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.

(4)Includes $41.5 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2024, Farmer Mac received $4.9 million in interest on nonaccrual loans.

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

Schedule of Financing Receivable Credit Quality Indicators

The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Infrastructure Finance loans held as of March 31, 2025 and December 31, 2024, by year of origination:

Table 5.5


	As of March 31, 2025
	Year of Origination:
	2025		2024		2023		2022		2021		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance - Farm & Ranch loans(1):
Internally Assigned Risk Rating:
Acceptable	$	311,988	$	962,820	$	499,416	$	983,198	$	1,541,249	$	2,179,587	$	377,473	$	6,855,731
Special mention(2)	25,067		159,529		34,085		37,548		18,739		40,774		19,369		335,111
Substandard(3)	2,328		17,821		36,679		60,541		27,741		150,413		20,382		315,905
Total	$	339,383	$	1,140,170	$	570,180	$	1,081,287	$	1,587,729	$	2,370,774	$	417,224	$	7,506,747




For the Three Months Ended March 31, 2025:
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 March 31, 2025
	Year of Origination:
	2025		2024		2023		2022		2021		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance - Corporate AgFinance(1):
Internally Assigned Risk Rating:
Acceptable	$	49,143	$	208,911	$	137,905	$	64,537	$	207,574	$	213,314	$	261,089	$	1,142,473
Special mention(2)	—		—		36,874		—		—		74,549		5,061		116,484
Substandard(3)	—		—		7,311		7,310		28,317		47,617		21,690		112,245
Total	$	49,143	$	208,911	$	182,090	$	71,847	$	235,891	$	335,480	$	287,840	$	1,371,202




For the Three Months Ended March 31, 2025:
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 March 31, 2025
	Year of Origination:
	2025		2024		2023		2022		2021		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Infrastructure Finance loans(1):
Internally Assigned Risk Rating:
Acceptable	$	295,563	$	1,172,130	$	520,026	$	601,968	$	175,924	$	1,761,509	$	529,965	$	5,057,085
Special mention(2)	—		—		—		9,724		—		—		—		9,724
Substandard(3)	—		—		13,122		29,059		—		—		—		42,181
Total	$	295,563	$	1,172,130	$	533,148	$	640,751	$	175,924	$	1,761,509	$	529,965	$	5,108,990




For the Three Months Ended March 31, 2025:
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, 2024
	Year of Origination:
	2024		2023		2022		2021		2020		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance - Farm & Ranch loans(1):
Internally Assigned Risk Rating:
Acceptable	$	987,444	$	525,559	$	1,079,933	$	1,577,305	$	1,019,779	$	1,287,334	$	404,950	$	6,882,304
Special mention(2)	139,297		34,290		32,886		24,204		7,533		23,099		22,087		283,396
Substandard(3)	8,077		28,790		52,350		24,733		60,418		92,594		20,353		287,315
Total	$	1,134,818	$	588,639	$	1,165,169	$	1,626,242	$	1,087,730	$	1,403,027	$	447,390	$	7,453,015




For the Three Months Ended March 31, 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, 2024
	Year of Origination:
	2024		2023		2022		2021		2020		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance - Corporate AgFinance loans(1):
Internally Assigned Risk Rating:
Acceptable	$	210,807	$	152,918	$	64,860	$	235,493	$	80,085	$	161,354	$	262,295	$	1,167,812
Special mention(2)	—		37,010		—		14,557		75,440		—		7,158		134,165
Substandard(3)	—		7,309		7,652		—		14,335		33,479		16,922		79,697
Total	$	210,807	$	197,237	$	72,512	$	250,050	$	169,860	$	194,833	$	286,375	$	1,381,674




For the Three Months Ended March 31, 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, 2024
	Year of Origination:
	2024		2023		2022		2021		2020		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Infrastructure Finance loans(1):
Internally Assigned Risk Rating:
Acceptable	$	1,158,427	$	521,143	$	578,882	$	174,232	$	574,135	$	1,229,626	$	461,162	$	4,697,607
Special mention(2)	—		—		34,388		—		—		—		—		34,388
Substandard(3)	—		13,356		29,132		—		—		—		—		42,488
Total	$	1,158,427	$	534,499	$	642,402	$	174,232	$	574,135	$	1,229,626	$	461,162	$	4,774,483




For the Three Months Ended March 31, 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.

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.