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, 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 June 30, 2025		As of December 31, 2024
	(in thousands)
Agricultural Finance
Farmer Mac Guaranteed Securities	$	399,168	$	426,310


Total off-balance sheet Farmer Mac Guaranteed Securities	$	399,168	$	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.


	For the Six Months Ended
	June 30, 2025		June 30, 2024
	(in thousands)
Proceeds from new securitizations	$	286,511	$	343,654
Guarantee fees received	790		857

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 June 30, 2025		As of December 31, 2024
	(dollars in thousands)
Guarantee and commitment obligation	$	5,221	$	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 June 30, 2025		As of December 31, 2024
	(dollars in thousands)
Guarantee and commitment obligation	$	42,255	$	42,731
Maximum principal amount	4,416,846		4,029,019
Weighted-average remaining maturity	14.5 years		14.5 years

Table 6.5


	June 30, 2025		December 31, 2024
	Reserve for Losses		Reserve for Losses
	(in thousands)
Agricultural Finance	$	1,432	$	1,431
Infrastructure Finance	188		192
Total	$	1,620	$	1,623


	For the Three Months Ended				For the Six Months Ended
	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024

	Reserve for Losses		Reserve for Losses		Reserve for Losses		Reserve for Losses
	(in thousands)







Agricultural Finance
Beginning Balance	$	1,335	$	1,407	$	1,431	$	1,471
Provision for/(release of) losses	97		36		1		(28)
Ending Balance	$	1,432	$	1,443	$	1,432	$	1,443

Infrastructure Finance
Beginning Balance	$	186	$	235	$	192	$	240
Provision for/(release of) losses	2		16		(4)		11
Ending Balance	$	188	$	251	$	188	$	251

The net provision to the reserve for losses during the three and six months ended June 30, 2025 for both Agricultural Finance and Infrastructure Finance was primarily due to declining economic forecast factors.

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 June 30, 2025 and December 31, 2024:

Table 6.7


	As of June 30, 2025
	Current		30-59 Days		60-89 Days		90 Days and Greater(1)		Total Past Due		Total Loans
	(in thousands)
Agricultural Finance:	$	3,457,042	$	10,608	$	9,901	$	2,475	$	22,984	$	3,480,026
Infrastructure Finance:	1,154,326		—		—		—		—		1,154,326
Total	$	4,611,368	$	10,608	$	9,901	$	2,475	$	22,984	$	4,634,352

(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 June 30, 2025 and December 31, 2024, by year of origination:

Table 6.8


	As of June 30, 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	$	36,634	$	87,943	$	162,125	$	246,485	$	548,374	$	1,813,260	$	455,175	$	3,349,996
Special mention(1)	—		—		7,839		20,751		7,589		43,494		12,572		92,245
Substandard(2)	—		—		—		—		14,082		23,383		320		37,785
Total	$	36,634	$	87,943	$	169,964	$	267,236	$	570,045	$	1,880,137	$	468,067	$	3,480,026

For the Three Months Ended June 30, 2025:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

For the Six Months Ended June 30, 2025:
Current period 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 June 30, 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	$	—	$	—	$	—	$	—	$	—	$	342,546	$	809,740	$	1,152,286
Special mention(1)	—		—		—		—		—		—		—		—
Substandard(2)	—		—		—		—		—		—		2,040		2,040
Total	$	—	$	—	$	—	$	—	$	—	$	342,546	$	811,780	$	1,154,326

For the Three Months Ended June 30, 2025:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

For the Six Months Ended June 30, 2025:
Current period 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, 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 June 30, 2024:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

For the Six Months Ended June 30, 2024:
Current period 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, 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 June 30, 2024:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

For the Six Months Ended June 30, 2024:
Current period 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.