Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 104

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 104
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, 2025, were $177.8 million (1.35% of the Agricultural Finance mortgage loan portfolio to which Farmer Mac has direct credit exposure), compared to $125.9 million (0.98% of the Agricultural Finance mortgage loan portfolio) as of June 30, 2025 and $108.9 million (0.88% of the Agricultural Finance mortgage loan portfolio) as of December 31, 2024. Those 90-day delinquencies consisted of 106 delinquent loans as of September 30, 2025, compared to 75 delinquent loans as of June 30, 2025 and 62 delinquent loans as of December 31, 2024. The increase in the number of 90-day delinquencies during third quarter 2025 was primarily driven by an increase in permanent plantings and crop loans concentrated in those two commodity groups within the Southwest region. This reflects compressed profitability in certain agricultural commodity segments, including permanent planting and crops. The top ten borrower exposures over 90 days delinquent represent approximately half of the 90-day delinquencies as of September 30, 2025. Farmer Mac believes that it remains adequately collateralized on its delinquent loans. 

Farmer Mac's 90-day delinquency rate of 1.35% as of September 30, 2025 was above our historical average of approximately 1%, which is based on the average 90-day delinquency rate as a percentage of the Agricultural Finance mortgage loan portfolio over the last 15 years. The increase in delinquency rate is consistent with prior historical trends for which delinquency rates tend to peak in the first and third quarters of the year, based in part on the timing of semi-annual and quarterly payment due dates. We continue to monitor delinquency rates for sustained increases that may result from more than expected 

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cyclical trends such as changes in the general economy or unforeseen and idiosyncratic events like adverse weather events. The highest 90-day delinquency rate observed during the last 15 years occurred in 2009 at approximately 2%, which coincided with increased delinquencies in loans within Farmer Mac's ethanol loan portfolio.

The following table presents historical information about Farmer Mac's 90-day delinquencies in the Agricultural Finance mortgage loan portfolio compared to the unpaid principal balance of all Agricultural Finance mortgage loans to which Farmer Mac has direct credit exposure:

Table 21Agricultural