Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 228

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 228
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 secured by loans eligible for the Agricultural Finance line of business totaled $5.0 billion as of December 31, 2024 and $6.1 billion as of December 31, 2023. The unpaid principal balance of on-balance sheet AgVantage securities secured by loans eligible for the Infrastructure Finance line of business totaled $3.5 billion as of December 31, 2024 and $3.9 billion as of December 31, 2023. 

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The following table provides information about the issuers of AgVantage securities and the required collateralization levels for those transactions as of December 31, 2024 and 2023:

Table 30 As of December 31, 2024As of December 31, 2023CounterpartyBalanceRequired CollateralizationBalanceRequired Collateralization (dollars in thousands)AgVantage:CFC$3,521,143 100%$3,898,468 100%MetLife2,050,000 103%2,050,000 103%Rabo AgriFinance2,020,000 105%3,085,000 105%Other(1)930,297 100% to 125%988,879 100% to 125%Total outstanding$8,521,440  $10,022,347  

(1)Consists of AgVantage securities issued by 9 and 8 different issuers as of December 31, 2024 and 2023, respectively.

Farmer Mac manages institutional credit risk related to lenders and servicers by requiring those institutions to meet Farmer Mac's standards for creditworthiness. Farmer Mac monitors the financial condition of those institutions by evaluating financial statements and credit rating agency reports. For more information about Farmer Mac's lender eligibility requirements, see "Business—Farmer Mac's Lines of Business—Agricultural Finance—Lenders" and "Business—Farmer Mac's Lines of Business—Infrastructure Finance—Lenders and Loan Servicing."

Farmer Mac manages institutional credit risk related to its interest rate swap counterparties through collateralization provisions contained in each of its swap agreements that vary based on the market value of its swap portfolio with each counterparty. Farmer Mac and its interest rate swap counterparties are required to fully collateralize their derivatives positions without any minimum threshold for cleared swap transactions, as well as for non-cleared swap transactions entered into after March 1, 2017