Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 220

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 220
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2023, respectively.

The following table presents the current loan-to-value ratios for the Agricultural Finance mortgage loans to which Farmer Mac has direct credit exposure, as disaggregated by internally assigned risk ratings:

Table 25Agricultural Finance Mortgage Loans current loan-to-value ratio by internally assigned risk rating as of December 31, 2024AcceptableSpecial MentionSubstandardTotal(in thousands)Current loan-to-value ratio(1):0.00% to 40.00%$3,410,214 $87,789 $90,478 $3,588,481 40.01% to 50.00%2,744,769 153,869 68,337 2,966,975 50.01% to 60.00%2,912,634 90,581 133,328 3,136,543 60.01% to 70.00%1,503,368 128,850 83,316 1,715,534 70.01% to 80.00%143,100 24,348 4,857 172,305 80.01% and greater15,748 3,815 10,282 29,845 Enterprise Value(2)735,479 16,661 7,654 759,794 Total$11,465,312 $505,913 $398,252 $12,369,477 

(1)The current loan-to-value ratio is based on original appraised value (or most recently obtained valuation, if available) and current outstanding loan amount adjusted to reflect loan amortization.

(2)"Enterprise Value" loans are generally secured by all business assets and common stock (in addition to first lien mortgages) of the borrower and the value of the borrowing entity depends on its ability to generate recurring positive cash flow. Enterprise Value is the estimated value of the borrower as a going concern, which is estimated using one or more valuation techniques such as discounted cash flow, cash flow multiples, asset liquidation, or other valuation techniques. 

92

The following table presents Farmer Mac's cumulative net credit losses relative to the cumulative original balance for all Agricultural Finance mortgage loans as of December 31, 2024 by year of origination, geographic region, and commodity/collateral type. The purpose of this table is to present information about realized credit losses relative to original Farm & Ranch purchases, guarantees, and commitments.

Table 26