Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 191

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 191
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 %21.0 %21.1 %

The decrease in Farmer Mac's effective tax rate in 2024 is primarily attributable to renewable energy investment tax credits that Farmer Mac purchased during 2024.

Business Volume.  

The following table sets forth the net growth or decrease in Farmer Mac's lines of business for the years ended December 31, 2024 and 2023: 

70

Table 16Net New Business Volume For the Years Ended On or Off Balance SheetDecember 31, 2024December 31, 2023Net Growth/(Decrease)Net Growth/(Decrease) (in thousands)Agricultural Finance:Farm & Ranch:LoansOn-balance sheet$281,282 $(17,300)Loans held in consolidated trusts:Beneficial interests owned by third-party investors (single-class)(1)On-balance sheet14,383 (44,006)Beneficial interests owned by third-party investors (structured)(1)On-balance sheet591,639 264,691 IO-FMGS(2)On-balance sheet(699)(1,213)USDA SecuritiesOn-balance sheet33,551 (38,430)AgVantage Securities(1)On-balance sheet(1,115,000)230,000 LTSPCs and unfunded loan commitmentsOff-balance sheet70,611 177,634 Other Farmer Mac Guaranteed Securities(3)Off-balance sheet(26,292)(48,351)Loans serviced for othersOff-balance sheet(51,308)556,984 Total Farm & Ranch$(201,833)$1,080,009 Corporate AgFinance:LoansOn-balance sheet$121,951 $93,470 AgVantage Securities(1)On-balance sheet(8,582)(70,721)Unfunded loan commitmentsOff-balance sheet80,357 67,723 Total Corporate AgFinance$193,726 $90,472 Total Agricultural Finance$(8,107)$1,170,481 Infrastructure Finance:Power & Utilities:LoansOn-balance sheet$270,217 $124,167 AgVantage Securities(1)On-balance sheet(377,325)854,312 LTSPCs and unfunded loan commitmentsOff-balance sheet(63,096)(40,736)Other Farmer Mac Guaranteed Securities(3)Off-balance sheet— (1,