Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 53

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 53
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 December 31, 2023, Farmer Mac had additional net exposure of  $207.2 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position. Farmer Mac records posted cash as a reduction in the outstanding balance of cash and cash equivalents and an increase in the balance of prepaid expenses and other assets. Any investment securities posted as collateral are included in the investment securities balances on the consolidated balance sheets. If Farmer Mac had breached certain provisions of the derivative contracts as of December 31, 2024 or 2023, it could have been required to settle its obligations under the agreements, but would not have been required to post additional collateral. As of December 31, 2024 and 2023, there were no financial derivatives in a net payable position where Farmer Mac was required to pledge collateral which the counterparty had the right to sell or repledge.

Of Farmer Mac's $24.9 billion notional amount of interest rate swaps outstanding as of December 31, 2024, $19.1 billion were cleared through the swap clearinghouse, the Chicago Mercantile Exchange ("CME"). Of Farmer Mac's $25.8 billion notional amount of interest rate swaps outstanding as of December 31, 2023, $20.5 billion were cleared through the CME. 

7.NOTES PAYABLE

Farmer Mac's borrowings consist of discount notes and medium-term notes, both of which are unsecured general obligations of Farmer Mac. Discount notes generally have original maturities of 1 year or less, whereas medium-term notes generally have maturities of 0.5 years to 25.0 years.

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The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2024 and 2023:Table 7.1 December 31, 2024 Outstanding as of December 31Average Outstanding During the Year  AmountWeighted- Average RateAmountWeighted- Average Rate  (dollars in thousands)Due within one year:    Discount notes$2,167,258 4.42 %$1,928,884 5.11 %Medium-term notes2,343,264 4.64 %1,000,290 5.28 %Current portion of medium-term notes5,927,101 3.20 % Total due within one year$