Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 158

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 158
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1)(2)2,089,042 — 2,089,042    Unconsolidated VIEs:   Farmer Mac Guaranteed Securities:      Carrying value79,302 — 79,302       Maximum exposure to loss (3)79,027 — 79,027    Investment securities:        Carrying value (4)— 4,769,276 4,769,276         Maximum exposure to loss (3)(4)— 4,959,042 4,959,042 Off-Balance Sheet: Unconsolidated VIEs:   Farmer Mac Guaranteed Securities:      Maximum exposure to loss (3)(5)(6)392,358 — 392,358 (1)Includes borrower remittances of $1.4 million. The borrower remittances had not been passed through to third-party investors as of September 30, 2025.(2)Includes $117.5 million in unamortized discount related to structured securitization transactions.(3)Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss.(4)Includes auction-rate certificates, government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, and other mission related investments.(5)The Agricultural Finance amount relates to unconsolidated trusts where Farmer Mac is not the primary beneficiary, either due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause.(6)Farmer Mac presents a liability for its obligation to stand ready under its guarantee in "Guarantee and commitment obligation" on the Consolidated Balance Sheets, which was $5.1 million as of September 30, 2025. The weighted average remaining maturity of the loans underlying the guarantee was 20.9 years as of September 30, 2025.

10

Variable Interest EntitiesAs of December 31, 2024Agricultural FinanceTreasuryTotal(in thousands)On-Balance Sheet:Consolidated VIEs:Loans held for investment in consolidated trusts, at amortized cost$2,038,283 $— $2,038,283 Debt securities of consolidated trusts held by third parties (1)(2)1,929,628 — 1,929,628 Unconsolidated VIEs:Farmer Mac Guaranteed Securities