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LOANS | 6 Months Ended
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Jun. 30, 2024
Receivables [Abstract] |
LOANS | LOANS Farmer Mac classifies loans as either held for investment or held for sale. Loans held for investment are recorded at the unpaid principal balance, net of unamortized premium or discount and other cost basis adjustments. Loans held for sale are reported at the lower of cost or fair value determined on a pooled basis. As of both June 30, 2024 and December 31, 2023, Farmer Mac had no loans held for sale. During second quarter 2024, Farmer Mac sold a portion of a Corporate AgFinance agricultural storage and processing loan at a loss of $1.1 million to reduce the overall exposure to the borrower. Farmer Mac sold $7.0 million of the overall $14.4 million loan leaving a remaining exposure of $7.4 million as of June 30, 2024. Under the Agricultural Finance line of business, Farmer Mac has two segments – Farm & Ranch and Corporate AgFinance. The segments are characterized by similarities in risk attributes and the manner in which Farmer Mac monitors and assesses credit risk. The following table includes loans held for investment and displays the composition of the loan balances as of June 30, 2024 and December 31, 2023: Table 5.1
| As of June 30, 2024 |  | As of December 31, 2023
| Unsecuritized |  | In Consolidated Trusts |  | Total |  | Unsecuritized |  | In Consolidated Trusts |  | Total
| (in thousands)
Agricultural Finance loans |  |  |  |  |  |  |  |  |  |  |
Farm & Ranch | $ | 5,138,819 |  |  | $ | 1,761,355 |  |  | $ | 6,900,174 |  |  | $ | 5,133,450 |  |  | $ | 1,432,261 |  |  | $ | 6,565,711 |
Corporate AgFinance | 1,286,167 |  |  | — |  |  | 1,286,167 |  |  | 1,259,723 |  |  | — |  |  | 1,259,723 |
Total Agricultural Finance loans | 6,424,986 |  |  | 1,761,355 |  |  | 8,186,341 |  |  | 6,393,173 |  |  | 1,432,261 |  |  | 7,825,434 |
Rural Infrastructure Finance loans | 3,979,238 |  |  | — |  |  | 3,979,238 |  |  | 3,534,763 |  |  | — |  |  | 3,534,763 |
Total unpaid principal balance(1) | 10,404,224 |  |  | 1,761,355 |  |  | 12,165,579 |  |  | 9,927,936 |  |  | 1,432,261 |  |  | 11,360,197 |
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments | (362,571) |  |  | — |  |  | (362,571) |  |  | (304,817) |  |  | — |  |  | (304,817) |
Total loans | 10,041,653 |  |  | 1,761,355 |  |  | 11,803,008 |  |  | 9,623,119 |  |  | 1,432,261 |  |  | 11,055,380 |
Allowance for losses | (15,891) |  |  | (609) |  |  | (16,500) |  |  | (15,588) |  |  | (443) |  |  | (16,031) |
Total loans, net of allowance | $ | 10,025,762 |  |  | $ | 1,760,746 |  |  | $ | 11,786,508 |  |  | $ | 9,607,531 |  |  | $ | 1,431,818 |  |  | $ | 11,039,349 |
(1)Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business. Allowance for Losses The following table is a summary, by asset type, of the allowance for losses as of June 30, 2024 and December 31, 2023: Table 5.2
| June 30, 2024 |  | December 31, 2023
| Allowance for Losses |  | Allowance for Losses
| (in thousands)
Loans: |  |  |
Agricultural Finance loans |  |  |
Farm & Ranch | $ | 4,676 |  |  | $ | 3,936 |
Corporate AgFinance | 4,014 |  |  | 2,948 |
Total Agricultural Finance loans | 8,690 |  |  | 6,884 |
Rural Infrastructure Finance loans | 7,810 |  |  | 9,147 |
Total | $ | 16,500 |  |  | $ | 16,031 |
The following is a summary of the changes in the allowance for losses for the three and six months ended June 30, 2024 and 2023: Table 5.3
| June 30, 2024 |  | June 30, 2023
| Agricultural Finance loans |  | Rural Infrastructure Finance loans(3) |  | Agricultural Finance loans |  | Rural Infrastructure Finance loans(3)
| Farm & Ranch(1) |  | Corporate AgFinance(2) |  | Total |  |  | Farm & Ranch(1) |  | Corporate AgFinance(2) |  | Total |
| (in thousands)
For the Three Months Ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 4,535 |  |  | $ | 2,569 |  |  | $ | 7,104 |  |  | $ | 7,184 |  |  | $ | 3,933 |  |  | $ | 7,039 |  |  | $ | 10,972 |  |  | $ | 4,701 |
Provision for losses | 242 |  |  | 5,387 |  |  | 5,629 |  |  | 626 |  |  | 2 |  |  | 328 |  |  | 330 |  |  | 745 |
Charge-offs | (101) |  |  | (3,942) |  |  | (4,043) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending Balance | $ | 4,676 |  |  | $ | 4,014 |  |  | $ | 8,690 |  |  | $ | 7,810 |  |  | $ | 3,935 |  |  | $ | 7,367 |  |  | $ | 11,302 |  |  | $ | 5,446 |
For the Six Months Ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 3,936 |  |  | $ | 2,948 |  |  | $ | 6,884 |  |  | $ | 9,147 |  |  | $ | 4,044 |  |  | $ | 2,731 |  |  | $ | 6,775 |  |  | $ | 8,314 |
Provision for/(release of) losses | 841 |  |  | 5,008 |  |  | 5,849 |  |  | (1,337) |  |  | (109) |  |  | 4,636 |  |  | 4,527 |  |  | (2,868) |
Charge-offs | (101) |  |  | (3,942) |  |  | (4,043) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending Balance | $ | 4,676 |  |  | $ | 4,014 |  |  | $ | 8,690 |  |  | $ | 7,810 |  |  | $ | 3,935 |  |  | $ | 7,367 |  |  | $ | 11,302 |  |  | $ | 5,446 |
(1)As of June 30, 2024 and 2023, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $1.2 million and $1.1 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (2)As of June 30, 2024 and 2023, the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $0.0 million and $4.6 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (3)As of both June 30, 2024 and 2023, the allowance for losses for Rural Infrastructure Finance loans includes no allowance for collateral dependent assets. The $0.6 million net provision to the allowance for the Rural Infrastructure Finance portfolio during the quarter ended June 30, 2024 was primarily attributable to renewable energy loans that extended their pre-construction phase, which has higher expected loss assumptions than their operating phase. The $5.6 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the quarter ended June 30, 2024 was primarily attributable to a permanent planting loan that is in bankruptcy and of which $3.9 million was deemed uncollectible. Accordingly, a charge-off in the amount of $3.9 million was recorded in connection with that loan. The remaining provision during the quarter was attributable to increased loan volume. The $1.3 million net release from the allowance for the Rural Infrastructure Finance portfolio during the six months ended June 30, 2024 was primarily attributable to a single telecommunications loan that completed a restructuring during first quarter, which resulted in an improved collateral position and a paydown of approximately 15% of its previously unpaid principal balance. The $5.8 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the six months ended June 30, 2024 was primarily attributable to the permanent planting loan mentioned above and increased loan volume. The $0.7 million net provision to the allowance for the Rural Infrastructure Finance portfolio during the quarter ended June 30, 2023 was primarily attributable to increased telecommunications loan volume. The $0.3 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the quarter ended June 30, 2023 was primarily attributable to increased storage and processing loan volume. The $2.9 million net release from the allowance for the Rural Infrastructure Finance portfolio during the six months ended June 30, 2023 was primarily attributable to an updated estimate of expected losses based on newly available loss-given-default industry data. The $4.5 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the six months ended June 30, 2023 was primarily attributable to declining valuation of a single agricultural storage and processing loan, due to its ongoing bankruptcy proceedings, and an updated estimate of expected losses based on additional availability of loss-given-default industry data. The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of June 30, 2024 and December 31, 2023: Table 5.4
| As of June 30, 2024
| Accruing |  |  |  |
| Current |  | 30-59 Days |  | 60-89 Days |  | 90 Days and Greater(2) |  | Total Past Due |  | Nonaccrual loans(3)(4) |  | Total Loans
| (in thousands)
Loans(1): |  |  |  |  |  |  |  |  |  |  |  |  |
Agricultural Finance loans |  |  |  |  |  |  |  |  |  |  |  |  |
Farm & Ranch | $ | 6,770,778 |  |  | $ | 21,101 |  |  | $ | 6,711 |  |  | $ | 19,767 |  |  | $ | 47,579 |  |  | $ | 81,817 |  |  | $ | 6,900,174 |
Corporate AgFinance | 1,271,132 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,035 |  |  | 1,286,167 |
Total Agricultural Finance loans | 8,041,910 |  |  | 21,101 |  |  | 6,711 |  |  | 19,767 |  |  | 47,579 |  |  | 96,852 |  |  | 8,186,341 |
Rural Infrastructure Finance loans | 3,979,238 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,979,238 |
Total | $ | 12,021,148 |  |  | $ | 21,101 |  |  | $ | 6,711 |  |  | $ | 19,767 |  |  | $ | 47,579 |  |  | $ | 96,852 |  |  | $ | 12,165,579 |
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2)Includes loans in consolidated trusts with beneficial interests owned by third parties (single-class) that are 90 days or more past due. (3)Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. (4)Includes $26.2 million of nonaccrual loans for which there was no associated allowance. During the three and six months ended June 30, 2024, Farmer Mac received $1.2 million and $1.7 million, in interest on nonaccrual loans, respectively.
| As of December 31, 2023
| Accruing |  |  |  |
| Current |  | 30-59 Days |  | 60-89 Days |  | 90 Days and Greater(2) |  | Total Past Due |  | Nonaccrual loans(3)(4) |  | Total Loans
| (in thousands)
Loans(1): |  |  |  |  |  |  |  |  |  |  |  |  |
Agricultural Finance loans |  |  |  |  |  |  |  |  |  |  |  |  |
Farm & Ranch | $ | 6,470,205 |  |  | $ | 15,326 |  |  | $ | 3,953 |  |  | $ | 10,991 |  |  | $ | 30,270 |  |  | $ | 65,236 |  |  | $ | 6,565,711 |
Corporate AgFinance | 1,259,723 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,259,723 |
Total Agricultural Finance loans | 7,729,928 |  |  | 15,326 |  |  | 3,953 |  |  | 10,991 |  |  | 30,270 |  |  | 65,236 |  |  | 7,825,434 |
Rural Infrastructure Finance loans | 3,534,763 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,534,763 |
Total | $ | 11,264,691 |  |  | $ | 15,326 |  |  | $ | 3,953 |  |  | $ | 10,991 |  |  | $ | 30,270 |  |  | $ | 65,236 |  |  | $ | 11,360,197 |
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2)Includes loans in consolidated trusts with beneficial interests owned (single-class) by third parties that are 90 days or more past due. (3)Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. (4)Includes $25.7 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2023, Farmer Mac received $2.6 million in interest on nonaccrual loans. Credit Quality Indicators The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Rural Infrastructure Finance loans held as of June 30, 2024 and December 31, 2023, by year of origination: Table 5.5
| As of June 30, 2024
| Year of Origination: |  |  |  |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Agricultural Finance - Farm & Ranch loans(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 492,566 |  |  | $ | 487,709 |  |  | $ | 1,117,947 |  |  | $ | 1,597,313 |  |  | $ | 1,066,209 |  |  | $ | 1,323,782 |  |  | $ | 369,423 |  |  | $ | 6,454,949 |
Special mention(2) | 30,336 |  |  | 97,476 |  |  | 32,482 |  |  | 28,695 |  |  | 14,252 |  |  | 31,330 |  |  | 6,010 |  |  | 240,581 |
Substandard(3) | — |  |  | 21,686 |  |  | 32,285 |  |  | 20,273 |  |  | 34,754 |  |  | 77,176 |  |  | 18,470 |  |  | 204,644 |
Total | $ | 522,902 |  |  | $ | 606,871 |  |  | $ | 1,182,714 |  |  | $ | 1,646,281 |  |  | $ | 1,115,215 |  |  | $ | 1,432,288 |  |  | $ | 393,903 |  |  | $ | 6,900,174 |
For the Three Months Ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 101 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 101 |
For the Six Months Ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 101 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 101 |
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.
| As of June 30, 2024
| Year of Origination: |  |  |  |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Agricultural Finance - Corporate AgFinance(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 72,344 |  |  | $ | 158,535 |  |  | $ | 76,550 |  |  | $ | 245,625 |  |  | $ | 95,662 |  |  | $ | 211,201 |  |  | $ | 237,897 |  |  | $ | 1,097,814 |
Special mention(2) | — |  |  | 44,623 |  |  | — |  |  | 14,990 |  |  | 76,367 |  |  | 13,490 |  |  | 23,848 |  |  | 173,318 |
Substandard(3) | — |  |  | — |  |  | 7,530 |  |  | — |  |  | — |  |  | — |  |  | 7,505 |  |  | 15,035 |
Total | $ | 72,344 |  |  | $ | 203,158 |  |  | $ | 84,080 |  |  | $ | 260,615 |  |  | $ | 172,029 |  |  | $ | 224,691 |  |  | $ | 269,250 |  |  | $ | 1,286,167 |
For the Three Months Ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,942 |  |  | $ | 3,942 |
For the Six Months Ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 3,942 |  |  | $ | 3,942 |
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.
| As of June 30, 2024
| Year of Origination: |  |  |  |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Rural Infrastructure Finance loans(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 441,378 |  |  | $ | 547,120 |  |  | $ | 649,907 |  |  | $ | 188,592 |  |  | $ | 570,283 |  |  | $ | 1,272,743 |  |  | $ | 274,551 |  |  | $ | 3,944,574 |
Special mention(2) | — |  |  | — |  |  | 34,664 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 34,664 |
Substandard(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 441,378 |  |  | $ | 547,120 |  |  | $ | 684,571 |  |  | $ | 188,592 |  |  | $ | 570,283 |  |  | $ | 1,272,743 |  |  | $ | 274,551 |  |  | $ | 3,979,238 |
For the Three Months Ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Six Months Ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.
| As of December 31, 2023
| Year of Origination: |  |  |  |
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Agricultural Finance - Farm & Ranch loans(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 530,956 |  |  | $ | 1,137,226 |  |  | $ | 1,653,780 |  |  | $ | 1,120,917 |  |  | $ | 323,922 |  |  | $ | 1,068,862 |  |  | $ | 385,766 |  |  | $ | 6,221,429 |
Special mention(2) | 70,524 |  |  | 46,529 |  |  | 27,957 |  |  | 11,591 |  |  | 4,782 |  |  | 21,257 |  |  | 8,777 |  |  | 191,417 |
Substandard(3) | 3,357 |  |  | 23,987 |  |  | 10,164 |  |  | 17,395 |  |  | 28,942 |  |  | 58,606 |  |  | 10,414 |  |  | 152,865 |
Total | $ | 604,837 |  |  | $ | 1,207,742 |  |  | $ | 1,691,901 |  |  | $ | 1,149,903 |  |  | $ | 357,646 |  |  | $ | 1,148,725 |  |  | $ | 404,957 |  |  | $ | 6,565,711 |
For the Three Months Ended June 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Six Months Ended June 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.
| As of December 31, 2023
| Year of Origination: |  |  |  |
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Agricultural Finance - Corporate AgFinance loans(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 207,279 |  |  | $ | 97,922 |  |  | $ | 261,992 |  |  | $ | 123,158 |  |  | $ | 99,352 |  |  | $ | 112,947 |  |  | $ | 254,325 |  |  | $ | 1,156,975 |
Special mention(2) | — |  |  | 14,522 |  |  | 15,408 |  |  | 50,822 |  |  | 20,333 |  |  | — |  |  | 1,663 |  |  | 102,748 |
Substandard(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 207,279 |  |  | $ | 112,444 |  |  | $ | 277,400 |  |  | $ | 173,980 |  |  | $ | 119,685 |  |  | $ | 112,947 |  |  | $ | 255,988 |  |  | $ | 1,259,723 |
For the Three Months Ended June 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Six Months Ended June 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.
| As of December 31, 2023
| Year of Origination: |  |  |  |
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Rural Infrastructure Finance loans(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 618,946 |  |  | $ | 681,272 |  |  | $ | 187,746 |  |  | $ | 593,841 |  |  | $ | 701,937 |  |  | $ | 611,548 |  |  | $ | 100,223 |  |  | $ | 3,495,513 |
Special mention(2) | — |  |  | 9,850 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,850 |
Substandard(3) | — |  |  | 29,400 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 29,400 |
Total | $ | 618,946 |  |  | $ | 720,522 |  |  | $ | 187,746 |  |  | $ | 593,841 |  |  | $ | 701,937 |  |  | $ | 611,548 |  |  | $ | 100,223 |  |  | $ | 3,534,763 |
For the Three Months Ended June 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Six Months Ended June 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

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