Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 58

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 58
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 31, 2021$2,882 $560 $3,442 $10,599 Provision for/(release of) losses1,246 2,171 3,417 (2,285)Charge-offs(84)— (84)— Balance as of December 31, 2022$4,044 $2,731 $6,775 $8,314 (Release of)/provision for losses(108)217 109 833 Charge-offs— — — — Balance as of December 31, 2023$3,936 $2,948 $6,884 $9,147 Provision for losses1,297 6,828 8,125 3,565 Charge-offs(101)(4,397)(4,498)— Balance as of December 31, 2024$5,132 $5,379 $10,511 $12,712 (1)As of December 31, 2024, 2023, and 2022, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $1.2 million, $1.0 million, and $1.9 million allowance for collateral dependent assets secured by agricultural real estate, respectively.(2)As of December 31, 2024, 2023, and 2022, the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $1.0 million,  $0.0 million, and $2.4 million allowance for collateral dependent assets secured by agricultural real estate, respectively.(3)As of December 31, 2024, 2023, and 2022, the allowance for losses for Infrastructure Finance loans includes no allowance for collateral dependent assets. The $3.6 million net provision to the allowance for the Infrastructure Finance portfolio during the year ended December 31, 2024 was primarily attributable to new loan volume within the Broadband Infrastructure and Renewable Energy segments and a single renewable energy project that became substandard during fourth quarter 2024. The $8.1 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the year ended December 31, 2024 was primarily attributable to two permanent planting borrower relationships and other risk rating downgrades. During the year ended December 31, 2024, Farmer Mac 

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had charge-offs of $4.