Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 128

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 128
---
005,680 Debt securities of consolidated trusts held by third parties (1)(2)1,894,920 — 1,894,920    Unconsolidated VIEs:   Farmer Mac Guaranteed Securities:      Carrying value58,580 — 58,580       Maximum exposure to loss (3)58,219 — 58,219    Investment securities:        Carrying value (4)— 4,476,698 4,476,698         Maximum exposure to loss (3)(4)— 4,730,044 4,730,044 Off-Balance Sheet: Unconsolidated VIEs:   Farmer Mac Guaranteed Securities:      Maximum exposure to loss (3)(5)414,291 — 414,291 (1)Includes borrower remittances of $0.2 million. The borrower remittances had not been passed through to third-party investors as of March 31, 2025.(2)Includes $110.5 million in unamortized discount related to structured securitization transactions.(3)Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss.(4)Includes auction-rate certificates, government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, and other mission related investments.(5)The amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause.Consolidation of Variable Interest EntitiesAs of December 31, 2024Agricultural FinanceTreasuryTotal(in thousands)On-Balance Sheet:Consolidated VIEs:Loans held for investment in consolidated trusts, at amortized cost$2,038,283 $— $2,038,283 Debt securities of consolidated trusts held by third parties (1)(2)1,929,628 — 1,929,628 Unconsolidated VIEs:Farmer Mac Guaranteed Securities:Carrying value59,317 — 59,317       Maximum exposure to loss (3)58,985 — 58,985 Investment securities:        Carrying value (4)— 4,212,258 4,212