Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 224

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 224
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, FL, GA, MS, NC, SC, TN). 

94

Table 28As of December 31, 2024Agricultural Loans Cumulative Credit Losses by Origination Year and Commodity TypeCropsPermanentPlantingsLivestockPart-timeFarmAg. Storage andProcessingTotal(in thousands)By year of origination:2014 and prior$3,427 $9,783 $3,836 $1,066 $15,673 $33,785 2015(540)— — 24 — (516)2016903 — — — — 903 2017— — — — 4,311 4,311 2018— — — — — — 2019— — — — — — 2020— — — — — — 2021— 297 — — — 297 2022— — — — 455 455 2023— 3,942 — — — 3,942 2024— — — — — — Total$3,790 $14,022 $3,836 $1,090 $20,439 $43,177 

For more information about the credit quality of Farmer Mac's Agricultural Finance mortgage loans and the associated allowance for losses please refer to Note 8 and Note 12 to the consolidated financial statements. Activity affecting the allowance for loan losses and reserve for losses is discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—Provision for and Release of Allowance for Loan Losses and Reserve for Losses."

Infrastructure Finance - Direct Credit Exposure

Farmer Mac's direct credit exposure to Infrastructure Finance loans held and loans underlying LTSPCs as of December 31, 2024 was $5.5 billion across 45 states. For more information about Farmer Mac's underwriting and collateral valuation standards for Infrastructure Finance loans, see "Business—Farmer Mac's Lines of Business—Infrastructure Finance—Underwriting and Collateral Standards." As of December 31, 2024, there was one Broadband Infrastructure borrower and one Renewable Energy borrower classified as substandard.  The total exposure on those two borrowers was $42.5 million. As of December 31, 2023, there