Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 114

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 114
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 loan-to-value ratio for all 90-day delinquencies was 55% and 53% as of June 30, 2025 and December 31, 2024, respectively.

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Farmer Mac calculates the "current loan-to-value" ratio of a loan by dividing the original appraised value (or most recently obtained valuation, if available) by the current outstanding loan amount adjusted to reflect loan amortization. The weighted-average current loan-to-value ratio for Agricultural Finance mortgage loans and loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs was 47% and 46% as of June 30, 2025 and December 31, 2024, respectively.

The following table presents the current loan-to-value ratios for the Agricultural Finance mortgage loans to which Farmer Mac has direct credit exposure, as disaggregated by internally assigned risk ratings:

Table 25Agricultural Finance Mortgage Loans current loan-to-value ratio by internally assigned risk rating as of June 30, 2025AcceptableSpecial MentionSubstandardTotal(in thousands)Current loan-to-value ratio:0.00% to 40.00%$3,363,621 $97,265 $83,316 $3,544,202 40.01% to 50.00%2,830,331 166,887 67,406 3,064,624 50.01% to 60.00%2,925,368 130,416 141,326 3,197,110 60.01% to 70.00%1,661,946 127,302 48,874 1,838,122 70.01% to 80.00%144,481 47,466 54,673 246,620 80.01% and greater8,079 34,979 26,585 69,643 Enterprise Value(1)845,367 — 30,790 876,157 Total$11,779,193 $604,315 $452,970 $12,836,478 

(1)"Enterprise Value" loans are generally secured by all business assets and common stock (in addition to first lien mortgages) of the borrower and the value of the borrowing entity depends on its ability to generate recurring positive cash flow. Enterprise Value is the estimated value of the borrower as a going concern, which is estimated using one or more valuation techniques such as discounted cash