Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 194

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 194
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s on revolving commitments. Farmer Mac purchased a total of $578.1 million in loans, including draws on revolving commitments, which was partially offset by $484.6 million in scheduled maturities, repayments, and paydowns on revolving commitments. The increase in loan purchases was primarily due to Farmer Mac's continued focus to support loans to larger and more complex agribusinesses focused on food and fiber processing and other food supply chain production. 

The $0.9 billion net increase in Power & Utilities during 2023 resulted from $1.8 billion of new purchases, unfunded loan commitments, and guarantees, which was partially offset by $0.8 billion of scheduled maturities and repayments. Farmer Mac purchased a total of $1.5 billion in AgVantage Securities and $297.6 million in electric distribution and generation and transmission loans. The $297.6 million in loan purchases was partially offset by $173.4 million in scheduled maturities and repayments. The net increase in loan purchases primarily reflected borrowers' normal-course capital expenditures related to maintaining and upgrading utility infrastructure.  

The $0.2 billion net increase in Broadband Infrastructure during 2023 resulted from $0.3 billion of new purchases and unfunded loan commitments, which was partially offset by $0.1 in repayments.

The $0.3 billion net increase in Renewable Energy during 2023 primarily reflects $273.5 million in loan purchases, partially offset by $52.7 million in repayments. 

The level and composition of Farmer Mac’s outstanding business volume is based on the relationship between new business, loan sales, scheduled maturities, and repayments on existing assets from year to year. This relationship in turn depends on a variety of factors both internal and external to Farmer Mac. The external factors include general market forces, competition, and our counterparties’ liquidity needs, access to alternative funding, desired products, and assessment of strategic factors. The internal factors include our assessment of profitability, mission fulfillment, credit risk, and customer relationships. For more information about potential growth opportunities in Farmer Mac's lines of business, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Outlook" in this report.

The following table sets forth information about the Farmer Mac Guaranteed Securities issued during the periods indicated:

Table 17 For the Years Ended December 31, 202420232022 (dollars in thousands)AgVantage securities$1,362,720 $4