Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 56

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 56
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able obligations of the United States as of the last day of the last calendar month ending before the date of the purchase of the 

158

obligations from Farmer Mac. The charter requires Farmer Mac to repurchase any of its debt obligations held by the U.S. Treasury within a reasonable time. As of December 31, 2024, Farmer Mac had not used this borrowing authority.Gains on Repurchases of Outstanding DebtNo outstanding debt repurchases were made in the years ended December 31, 2024 and 2023. During 2022, Farmer Mac repurchased $27.0 million of outstanding debt at a gain of $0.2 million.

8.LOANS 

Farmer Mac classifies loans as either held for investment or held for sale. Loans held for investment are recorded at the unpaid principal balance, net of unamortized premium or discount and other cost basis adjustments. Loans held for sale are reported at the lower of cost or fair value determined on a pooled basis. As of December 31, 2024, Farmer Mac had $6.2 million of loans held for sale and none as of December 31, 2023. During the year ended December 31, 2024, Farmer Mac recorded $1.0 million of lower of cost or fair value adjustments and none during the year ended December 31, 2023.During 2024, Farmer Mac sold a portion of a Corporate AgFinance agricultural storage and processing loan at a loss of $1.1 million to reduce the overall exposure to the borrower. Under the Agricultural Finance line of business, Farmer Mac has two segments – Farm & Ranch and Corporate AgFinance. The segments are characterized by similarities in risk attributes and the manner in which Farmer Mac monitors and assesses credit risk. The following table includes loans held for investment and loans held for sale and displays the composition of the loan balances as of December 31, 2024 and 2023:Table 8.1 As of December 31, 2024As of December 31, 2023UnsecuritizedIn Consolidated TrustsTotalUnsecuritizedIn Consolidated TrustsTotal(in thousands)Agricultural Finance loansFarm & Ranch$5,414,732 $2,038,283 $7,453,015 $5,133,450 $1,432,261 $6,565,711 Corporate AgFinance1,381,674 —