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LOANS (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Composition of Loan Balances

The following table includes loans held for investment and loans held for sale and displays the composition of the loan balances as of June 30, 2025 and December 31, 2024:

Table 5.1


	As of June 30, 2025						As of December 31, 2024
	Unsecuritized		In Consolidated Trusts		Total		Unsecuritized		In Consolidated Trusts		Total
	(in thousands)
Agricultural Finance loans
Farm & Ranch	$	5,630,602	$	2,275,254	$	7,905,856	$	5,414,732	$	2,038,283	$	7,453,015
Corporate AgFinance	1,450,596		—		1,450,596		1,381,674		—		1,381,674
Total Agricultural Finance loans	7,081,198		2,275,254		9,356,452		6,796,406		2,038,283		8,834,689
Infrastructure Finance loans	5,484,656		—		5,484,656		4,774,483		—		4,774,483
Total unpaid principal balance(1)	12,565,854		2,275,254		14,841,108		11,570,889		2,038,283		13,609,172
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	(331,169)		—		(331,169)		(381,311)		—		(381,311)
Total loans	12,234,685		2,275,254		14,509,939		11,189,578		2,038,283		13,227,861
Allowance for losses	(29,253)		(703)		(29,956)		(22,594)		(629)		(23,223)
Total loans, net of allowance	$	12,205,432	$	2,274,551	$	14,479,983	$	11,166,984	$	2,037,654	$	13,204,638

(1)Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business.

Schedule Allowance for Losses

The following table is a summary, by asset type, of the allowance for losses as of June 30, 2025 and December 31, 2024:

Table 5.2


	June 30, 2025		December 31, 2024
	Allowance for Losses		Allowance for Losses
	(in thousands)
Loans:
Agricultural Finance loans
Farm & Ranch	$	6,635	$	5,132
Corporate AgFinance	6,943		5,379
Total Agricultural Finance loans	13,578		10,511
Infrastructure Finance loans	16,378		12,712
Total	$	29,956	$	23,223

The following is a summary of the changes in the allowance for losses for the three and six months ended June 30, 2025 and 2024:

Table 5.3



	June 30, 2025								June 30, 2024
	Agricultural Finance loans						Infrastructure Finance loans(3)		Agricultural Finance loans						Infrastructure Finance loans(3)
	Farm & Ranch(1)		Corporate AgFinance(2)		Total				Farm & Ranch(1)		Corporate AgFinance(2)		Total
	(in thousands)












For the Three Months Ended
Beginning Balance	$	5,071	$	6,298	$	11,369	$	13,687	$	4,535	$	2,569	$	7,104	$	7,184
Provision for losses	4,404		605		5,009		2,691		242		5,387		5,629		626
Charge-offs	(2,840)		—		(2,840)		—		(101)		(3,942)		(4,043)		—
Recovery	—		40		40		—		—		—		—		—
Ending Balance	$	6,635	$	6,943	$	13,578	$	16,378	$	4,676	$	4,014	$	8,690	$	7,810

For the Six Months Ended
Beginning Balance	$	5,132	$	5,379	$	10,511	$	12,712	$	3,936	$	2,948	$	6,884	$	9,147
Provision for/(release of) losses	4,343		1,441		5,784		3,666		841		5,008		5,849		(1,337)
Charge-offs	(2,840)		—		(2,840)		—		(101)		(3,942)		(4,043)		—
Recovery	—		123		123		—		—		—		—		—
Ending Balance	$	6,635	$	6,943	$	13,578	$	16,378	$	4,676	$	4,014	$	8,690	$	7,810

(1)As of June 30, 2025 and 2024, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $1.7 million and $1.2 million allowance for collateral dependent assets secured by agricultural real estate, respectively.

(2)As of June 30, 2025 and 2024, the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $1.0 million and $0.0 million allowance for collateral dependent assets secured by agricultural real estate, respectively.

(3)As of both June 30, 2025 and 2024, the allowance for losses for Infrastructure Finance loans includes no allowance for collateral dependent assets.

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, 2025 and December 31, 2024:

Table 5.4


	As of June 30, 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	$	7,721,018	$	19,491	$	18,763	$	4,694	$	42,948	$	141,890	$	7,905,856
Corporate AgFinance	1,412,989		—		—		—		—		37,607		1,450,596
Total Agricultural Finance loans	9,134,007		19,491		18,763		4,694		42,948		179,497		9,356,452
Infrastructure Finance loans	5,484,656		—		—		—		—		—		5,484,656
Total	$	14,618,663	$	19,491	$	18,763	$	4,694	$	42,948	$	179,497	$	14,841,108

(1)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on the recorded investment of the loan.

(2)Primarily consists of 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 $19.6 million of nonaccrual loans for which there was no associated allowance. During the three and six months ended June 30, 2025, Farmer Mac received $1.7 million and $3.1 million in interest on nonaccrual loans, respectively.


	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)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on the recorded investment of the loan.

(2)Includes loans in consolidated trusts with beneficial interests owned (single-class) by third parties that are 90 days or more past due.

(3)Primarily consists of 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 $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 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

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

Table 5.5


	As of June 30, 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	$	732,237	$	964,125	$	480,868	$	968,980	$	1,525,951	$	2,105,442	$	375,186	$	7,152,789
Special mention(2)	136,955		141,737		38,471		28,205		21,716		45,500		31,321		443,905
Substandard(3)	—		17,263		36,385		66,289		22,699		147,715		18,811		309,162
Total	$	869,192	$	1,123,125	$	555,724	$	1,063,474	$	1,570,366	$	2,298,657	$	425,318	$	7,905,856

For the Three Months Ended June 30, 2025:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	1,165	$	1,675	$	2,840

For the Six Months Ended June 30, 2025:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	1,165	$	1,675	$	2,840

(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)Special mention assets 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, 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	$	164,169	$	199,033	$	109,244	$	63,928	$	179,361	$	260,147	$	300,526	$	1,276,408
Special mention(2)	—		—		36,725		—		—		26,379		5,061		68,165
Substandard(3)	—		—		7,312		—		28,105		47,621		22,985		106,023
Total	$	164,169	$	199,033	$	153,281	$	63,928	$	207,466	$	334,147	$	328,572	$	1,450,596

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

For the Six Months Ended June 30, 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)Special mention assets 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, 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	$	587,381	$	1,256,486	$	578,282	$	580,908	$	181,651	$	1,730,271	$	487,769	$	5,402,748
Special mention(2)	—		—		—		9,699		—		—		—		9,699
Substandard(3)	—		—		25,644		46,565		—		—		—		72,209
Total	$	587,381	$	1,256,486	$	603,926	$	637,172	$	181,651	$	1,730,271	$	487,769	$	5,484,656

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

For the Six Months Ended June 30, 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)Special mention assets 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 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)Special mention assets 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 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)Special mention assets 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 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)Special mention assets 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 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	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)Special mention assets 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, 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	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)Special mention assets 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 June 30, 2024:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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

(1)Special mention assets 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 June 30, 2024:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

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

(1)Special mention assets 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.