Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 301

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 301
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,352 35,846 2 %Loans, net of allowance12,205,432 11,166,984 1,038,448 9 %Loans held in trusts2,274,551 2,037,654 236,897 12 %Other518,643 519,210 (567)— %Total assets$32,995,909 $31,324,742 $1,671,167 5 %LiabilitiesNotes Payable$28,843,331 $27,371,174 $1,472,157 5 %Debt securities of consolidated trusts held by third parties2,157,962 1,929,628 228,334 12 %Other450,309 534,914 (84,605)(16)%Total liabilities$31,451,602 $29,835,716 $1,615,886 5 %Total equity1,544,307 1,489,026 55,281 4 %Total liabilities and equity$32,995,909 $31,324,742 $1,671,167 5 %

Assets. The increase in total assets was primarily attributable to new loan volume and a larger investment portfolio.

Liabilities. The increase in total liabilities was primarily due to an increase in total notes payable to fund the acquisition of loan volume. 

Equity. The increase in total equity was primarily due to an increase in retained earnings.

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Risk Management

Credit Risk – Loans and Guarantees.  

Farmer Mac is exposed to both direct and indirect credit risk. We have direct credit exposure to our Agricultural Finance mortgage loans, Infrastructure Finance loans, and loans underlying LTSPCs. We have indirect credit exposure to the Agricultural Finance mortgage loans and Infrastructure Finance loans that secure AgVantage securities because, in the event of a default on an AgVantage security, Farmer Mac would have recourse to the pledged collateral and have rights to the ongoing borrower payments of principal and interest.

Agricultural Finance - Direct Credit Exposure

Farmer Mac's direct credit exposure to Agricultural Finance mortgage loans as of June 30, 2025 was $12.8 billion across 48 states. Farmer Mac applies credit underwriting standards and methodologies to help assess exposures to loan purchases, which may include collateral valuation, financial metrics, and other appropriate borrower financial and credit information. For Corporate AgFinance loans, which are often larger loan