Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 195

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 195
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,284,405 $4,990,483 Loans securitized and held in consolidated trusts with beneficial interests owned by third parties (structured and single-class)673,451 317,524 460,588 Total Farmer Mac Guaranteed Securities Issuances$2,036,171 $4,601,929 $5,451,071 

Farmer Mac either retains the loans it purchases or securitizes them and retains or sells Farmer Mac Guaranteed Securities backed by those securitized loans. During 2024, Farmer Mac executed two structured securitization transactions, whereby it sold and securitized agricultural mortgage loans resulting in $624.1 million of Farmer Mac Guaranteed Securities. In this transaction, Farmer Mac transferred 

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selected loans to a depositor which then deposited the loans into a trust, at which time the loans became assets of the trust. Farmer Mac concluded that it was the primary beneficiary of the trust because Farmer Mac retained significant interest and has power over the activities most significant to the economic performance of the Variable Interest Entity in its role as Master Servicer. Therefore, Farmer Mac consolidates the assets and liabilities of the trust for this structured securitization. Farmer Mac does not consider the assets held by the related securitization trust to be available to satisfy the claims of the creditors of Farmer Mac and/or the depositor. 

During 2024, 2023, and 2022, Farmer Mac realized no gains or losses from the securitization of loans that it holds in consolidated trusts. Farmer Mac consolidates these loans and presents them as "Loans held for investment in consolidated trusts, at amortized cost" on the consolidated balance sheets. 

During 2024, 2023, and 2022, Farmer Mac realized no gains or losses from the issuance of Farmer Mac Guaranteed USDA Securities or AgVantage Securities.

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The following table sets forth information about outstanding volume in each of Farmer Mac's lines of business as of the dates indicated:

Table 18Outstanding Business VolumeOn or Off Balance SheetAs of December 31,202420232022(in thousands)Agricultural Finance:Farm & Ranch:LoansOn-balance sheet$5,414,732 $5,133,450 $5,150,750 Loans held in consolidated trusts:Beneficial interests owned by third-party investors (single-class)(1)On-balance sheet885,295 870,912 914,