Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 94

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 94
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. The increase in the number of 90-day delinquencies was primarily driven by increased delinquencies in permanent plantings and crops and was concentrated in the Southwest region. This reflects compressed profitability in certain agricultural commodity segments, including some permanent planting and crops. The top ten borrower exposures over 90 days delinquent represented over half of the 90-day delinquencies as of March 31, 2025. Farmer Mac believes that it remains adequately collateralized on its delinquent loans. 

Farmer Mac's 90-day delinquency rate as of March 31, 2025 was above Farmer Mac's historical average. In the near-term, our delinquency rate may continue to exceed our historical average due to the current agricultural cycle or changes in the general economy or unforeseen and idiosyncratic events like adverse weather events. Farmer Mac's average 90-day delinquency rate as a percentage of its Agricultural Finance mortgage loan portfolio over the last 15 years is approximately 1%. The highest 90-day delinquency rate observed during that period occurred in 2009 at approximately 2%, which coincided with increased delinquencies in loans within Farmer Mac's ethanol loan portfolio.

The following table presents historical information about Farmer Mac's 90-day delinquencies in the Agricultural Finance mortgage loan portfolio compared to the unpaid principal balance of all Agricultural Finance mortgage loans to which Farmer Mac has direct credit exposure:

Table 23Agricultural Finance Mortgage Loans90-DayDelinquenciesPercentage (dollars in thousands)As of:   March 31, 2025$12,389,478 $159,977 1.29 %December 31, 202412,369,477 108,944 0.88 %September 30, 202411,466,670 144,407 1.26 %June 30, 202411,409,396 62,063 0.54 %March 31, 202411,184,817 76,825 0.69 %December 31, 202311,223,276 34,677 0.31 %September 30, 202311,014,678 42,443 0.39 %June 30, 202310,826,201 45,368 0.42 %March 31, 202310,680,419 70,646 0.66 %

Across all