Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 29

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 29
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itization 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 amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary 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.

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Consolidation of Variable Interest EntitiesAs of December 31, 2023Agricultural FinanceTreasuryTotal(in thousands)On-Balance Sheet:Consolidated VIEs:Loans held for investment in consolidated trusts, at amortized cost$1,432,261 $— $1,432,261 Debt securities of consolidated trusts held by third parties (1)(2)1,351,069 — 1,351,069 Unconsolidated VIEs:Farmer Mac Guaranteed Securities:Carrying value46,343 — 46,343       Maximum exposure to loss (3)45,952 — 45,952 Investment securities:        Carrying value (4)— 3,676,555 3,676,555         Maximum exposure to loss (3)(4)— 3,862,006 3,862,006 Off-Balance Sheet:Unconsolidated VIEs:Farmer Mac Guaranteed Securities:      Maximum exposure to loss (3)(5)452,602 — 452,602 (1)Includes borrower remittances of $6.0 million. The borrower remittances had not been passed through to third-party investors as of December 31, 2023.(2)Includes $87.1 million in unamortized discount related to a structured securitization transaction.(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 amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master