Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 240

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 240
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 information about Farmer Mac's commitments to purchase loans, see Note 12 to the consolidated financial statements.

Off-Balance Sheet Arrangements 

Farmer Mac offers approved lenders two credit enhancement alternatives to increase their liquidity or lending capacity while retaining the cash flow benefits of their loans: (1) certain categories of Farmer Mac Guaranteed Securities; and (2) LTSPCs. Both products are available through each of the Agricultural Finance and Infrastructure Finance lines of business. For securitization trusts where Farmer Mac is the primary beneficiary, the trust assets and liabilities are included on Farmer Mac's consolidated balance 

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sheet. For securitization trusts where Farmer Mac is not the primary beneficiary and in the event of deconsolidation, both of these alternatives create off-balance sheet obligations for Farmer Mac. See Note 12 to the consolidated financial statements for more information about consolidation and Farmer Mac's off-balance sheet business activities.

As of December 31, 2024 and 2023, outstanding off-balance sheet LTSPCs and Farmer Mac Guaranteed Securities totaled $4.5 billion and $4.1 billion, respectively. The following table presents the balance of outstanding LTSPCs, off-balance sheet Farmer Mac Guaranteed Securities, and unfunded loan commitments as of December 31, 2024 and 2023:

Table 35Outstanding Balance of LTSPCs andOff-Balance Sheet Farmer Mac Guaranteed Securities As of December 31, 20242023 (in thousands)Agricultural Finance:  Corporate AgFinance:Unfunded loan commitments$225,734 $145,377 Farm & Ranch:LTSPCs and unfunded loan commitments3,070,554 2,999,943 Farmer Mac Guaranteed Securities426,310 452,602 Total Agricultural Finance obligations3,722,598 3,597,922 Infrastructure Finance:Power & Utilities:LTSPCs and unfunded loan commitments401,647 464,743 Broadband Infrastructure:Unfunded loan commitments180,259 23,035 Renewable Energy:Unfunded loan commitments150,825 47,235 Total Infrastructure Finance obligations732,731 535,013 Total off-balance sheet$4,455,329 $4,132,935 

See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Risk Management—Credit Risk – Loans