Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 213

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 213
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 9,607,531 1,559,453 16 %Loans held in trusts2,037,654 1,431,818 605,836 42 %Other519,210 515,862 3,348 1 %Total assets$31,324,742 $29,524,382 $1,800,360 6 %LiabilitiesNotes Payable$27,371,174 $26,336,542 $1,034,632 4 %Debt securities of consolidated trusts held by third parties1,929,628 1,351,069 578,559 43 %Other534,914 424,908 110,006 26 %Total liabilities$29,835,716 $28,112,519 $1,723,197 6 %Total equity1,489,026 1,411,863 77,163 5 %Total liabilities and equity$31,324,742 $29,524,382 $1,800,360 6 %

Assets. The increase in total assets was primarily attributable to new loan volume, including those held in consolidated trusts, and a larger investment portfolio.

Liabilities. The increase in total liabilities was primarily due to an increase in total notes payable to fund the acquisition of loan volume, including those held in consolidated trusts. 

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Equity. The increase in total equity was primarily due to an increase in retained earnings and an increase in accumulated other comprehensive income, which was partially offset by the redemption of the Series C Preferred Stock.

Risk Management

Credit Risk – Loans and Guarantees.  

Agricultural Finance - Direct Credit Exposure

Farmer Mac's direct credit exposure to Agricultural Finance mortgage loans as of December 31, 2024 was $12.4 billion across 48 states. Farmer Mac applies credit underwriting standards and methodologies to help assess exposures to loan purchases, which may include collateral valuation, financial metrics, and other appropriate borrower financial and credit information. For Corporate AgFinance loans, which are often larger loan exposures to agriculture production and agribusinesses that support agriculture production, food and fiber processing, and other supply chain production, and which may have risk profiles that differ from smaller agricultural mortgage loans, Farmer Mac has implemented methodologies and parameters that help assess credit risk based on the appropriate sector, borrower construct, and transaction complexity. For more information about Farmer Mac's underwriting and collateral valuation