Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 107

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 107
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 see "Business—Farmer Mac's Lines of Business—Agricultural Finance—Other Products – Agricultural Finance—AgVantage Securities" and "Business—Farmer Mac's Lines of Business—Infrastructure Finance—Other Products – Infrastructure Finance—AgVantage Securities" in Farmer Mac's 2024 Annual Report.

The unpaid principal balance of outstanding on-balance sheet AgVantage securities secured by loans eligible for the Agricultural Finance line of business totaled $4.5 billion as of March 31, 2025 and $5.0 

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billion as of December 31, 2024. The unpaid principal balance of on-balance sheet AgVantage securities secured by loans eligible for the Infrastructure Finance line of business totaled $3.8 billion as of March 31, 2025 and $3.5 billion as of December 31, 2024. 

The following table provides information about the issuers of AgVantage securities and the required collateralization levels for those transactions as of March 31, 2025 and December 31, 2024:

Table 30 As of March 31, 2025As of December 31, 2024CounterpartyBalanceRequired CollateralizationBalanceRequired Collateralization (dollars in thousands)AgVantage:CFC$3,796,549 100%$3,521,143 100%MetLife2,050,000 103%2,050,000 103%Rabo AgriFinance1,715,000 105%2,020,000 105%Other(1)717,728 100% to 125%930,297 100% to 125%Total outstanding$8,279,277  $8,521,440  

(1)Consists of AgVantage securities issued by 9 different issuers as of both March 31, 2025 and December 31, 2024.

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" in Farmer Mac's