Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 33

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 33
---
 related party because Zions owns approximately 31.2% of Farmer Mac's Class A voting common stock. The following transactions occurred between Farmer Mac and Zions during 2024, 2023, and 2022:Table 3.1 For the Years Ended December 31, 202420232022 (in thousands)Unpaid Principal Balance:   Purchases:      Loans$173,928 $160,079 $274,517    USDA Securities363 231 4,171    Sales of Farmer Mac Guaranteed Securities60,192 — 99,643  Outstanding Agricultural Finance mortgage loans purchased and USDA Securities purchased from Zions represented 3.1% of Farmer Mac's outstanding business volume (excluding loans serviced for others) as of both December 31, 2024 and 2023.Zions retained servicing fees of $11.2 million, $11.2 million, and $10.4 million in 2024, 2023, and 2022, respectively, for its work as a Farmer Mac servicer. National Rural Utilities Cooperative Financial Corporation: Farmer Mac considers the National Rural Utilities Cooperative Financial Corporation ("CFC") a related party because CFC owns approximately 7.91% of Farmer Mac's Class A voting common stock. The following transactions occurred between Farmer Mac and CFC during 2024, 2023, and 2022: Table 3.2Farmer Mac Loan Purchases and Guarantees For the Years Ended December 31, 202420232022 (in thousands)Unpaid Principal Balance:  Loans$453,972 $298,254 $386,998 LTSPCs— — 30,421 AgVantage Securities200,000 1,450,000 670,000 Total purchases and guarantees$653,972 $1,748,254 $1,087,419  Of Farmer Mac's total outstanding business volume (excluding loans serviced for others) as of December 31, 2024 and 2023, Power & Utilities loans, loans under LTSPCs, and AgVantage securities issued by CFC represented 19.0% and 20.4%, respectively.Farmer Mac had interest receivable of $30.0 million and $27.0 million as of December 31, 2024 and 2023, respectively, and earned