Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 35

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 35
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, $1.4 million, and $1.2 million, respectively, in commitment fees from AgFirst, and had $0.1 million of commitment fees receivable as of both December 31, 2024 and 2023.AgFirst owns certain securities backed by rural housing loans. Farmer Mac guarantees the last ten percent of losses (based on the original principal balance at the time of pooling) from each loan in the pool backing those securities. As of December 31, 2024 and 2023, the outstanding balance of those securities owned by AgFirst was $1.5 million and $1.8 million, respectively. Farmer Mac received guarantee fees of $12,000, $12,000, and $15,000 in 2024, 2023, and 2022, respectively, on those securities.Farm Credit Bank of Texas: Farmer Mac considers Farm Credit Bank of Texas a related party because the bank owns approximately 7.7% of Farmer Mac's Class B voting common stock. Farmer Mac received from Farm Credit Bank of Texas commitment fees of $3.6 million, $3.4 million, and $2.9 million in 2024, 2023, and 2022, respectively. The aggregate amount of Agricultural Finance LTSPCs outstanding with Farm Credit Bank of Texas as of December 31, 2024 and 2023 was $1.2 billion and $923.9 million, respectively. In each of 2024, 2023, and 2022, Farm Credit Bank of Texas retained $0.1 million in servicing fees for its work as a Farmer Mac central servicer.

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Other Related Party TransactionsFarmer Mac considers Friona Industries LP and Farm Credit of Florida related parties because each of those entities has an affiliation with a member of Farmer Mac's board of directors. In 2024, Farmer Mac purchased an Agricultural Finance loan participation in the amount of $46.2 million from an unrelated seller where Friona Industries LP was the borrower. Farmer Mac did not purchase any Agricultural Finance mortgage loans where Friona Industries LP was the borrower in 2023 or 2022.Farmer Mac purchased $1.7 million in Agricultural Finance loans from Farm Credit of Florida in 2024.  Farmer Mac did not purchase any Agricultural Finance mortgage loans from Farm Credit of Florida in 2023 or 2022.

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4.INVESTMENT SEC