Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 198

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 198
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,771,465 $9,028,357 Total$29,755,343 $29,523,030 

(1)A type of Farmer Mac Guaranteed Security.

(2)An interest-only Farmer Mac Guaranteed Security retained as part of a structured securitization.

(3)Other categories of Farmer Mac Guaranteed Securities that were sold by Farmer Mac to third parties.

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The following table summarizes by maturity date the scheduled principal amortization of loans held, loans underlying off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities) and LTSPCs, USDA Securities, and Farmer Mac Guaranteed USDA Securities as of March 31, 2025:

Table 19Schedule of Principal Amortization as of March 31, 2025Loans Loans Underlying Off-Balance Sheet Farmer Mac Guaranteed Securities and LTSPCs USDA Securities and Farmer Mac Guaranteed USDA SecuritiesTotal(in thousands)2025$705,263 $313,796 $101,862 $1,120,921 2026904,706 465,074 139,837 1,509,617 2027858,515 413,627 139,289 1,411,431 20281,142,583 342,246 135,692 1,620,521 20291,045,389 430,182 133,356 1,608,927 Thereafter9,330,483 2,412,529 1,942,377 13,685,389 Total$13,986,939 $4,377,454 $2,592,413 $20,956,806 

Of Farmer Mac's $29.8 billion outstanding principal balance of business volume as of March 31, 2025, $8.3 billion were AgVantage securities included in the Agricultural Finance and Infrastructure Finance lines of business. Unlike business volume in the form of purchased loans, USDA Securities, and loans underlying LTSPCs and non-AgVantage Farmer Mac Guaranteed Securities, most AgVantage securities do not require periodic payments of principal based on amortization schedules and instead have fixed maturity dates when the secured general obligation is due. Changes in quarterly AgVantage securities volume are primarily driven by the generally larger transaction sizes for that product, scheduled maturity amounts for a particular quarter, the liquidity needs of Farmer Mac’s AgVantage counterparties, and changes in the pricing and availability of wholesale funding.