Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 193

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 7
Chunk 193
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 resulted from $1.2 billion of new purchases and unfunded loan commitments, which was partially offset by $1.0 billion of scheduled maturities, repayments, sales, and paydowns on revolving commitments. 

The $0.2 billion net decrease in Power & Utilities during 2024 resulted from $0.9 billion of scheduled maturities and repayments, partially offset by $0.7 million of new purchases, unfunded loan commitments, and guarantees. 

The $0.3 billion net increase in Broadband Infrastructure during 2024 resulted from new purchases of $0.5 billion in loans and unfunded commitments, partially offset by $0.2 billion in scheduled maturities and repayments.

The $0.9 billion net increase in Renewable Energy during 2024 primarily resulted from $1.5 billion in loan purchases and unfunded commitments, partially offset by $0.5 billion in repayments. The net increase in Renewable Energy loan purchases and unfunded commitments primarily reflects the continued strong demand for renewable power generation and storage. 

Farmer Mac's outstanding business volume was $28.5 billion as of December 31, 2023, a net increase of $2.5 billion from December 31, 2022 after taking into account all new business, maturities, and paydowns on existing assets.

The $1.1 billion net increase in Farm & Ranch during 2023 resulted from $5.0 billion of new purchases, commitments, and guarantees, partially offset by $3.9 billion of scheduled maturities and repayments. Included in the $5.0 billion of new volume is newly purchased servicing rights on $0.6 billion of loans (i.e., loans serviced for others). Loans serviced for others earn servicing fee income rather than interest income and are a component of outstanding business volume because they are assets under our management. 

Farmer Mac also purchased a total of $2.7 billion in Farm & Ranch AgVantage Securities during 2023, which primarily reflected the refinancing of maturing securities. The $2.7 billion in gross purchases was partially offset by $2.5 billion in scheduled maturities. 

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The $0.1 billion net increase in Corporate AgFinance during 2023 resulted from $0.9 billion of new purchases and unfunded loan commitments, which was partially offset by $0.8 billion of scheduled maturities,  repayments, and paydown