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v3.25.1

LOANS (Tables) | 3 Months Ended
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Mar. 31, 2025
Receivables [Abstract] |
Schedule of Composition of Loan Balances | The following table includes loans held for investment and loans held for sale and displays the composition of the loan balances as of March 31, 2025 and December 31, 2024: Table 5.1
| As of March 31, 2025 |  | As of December 31, 2024
| Unsecuritized |  | In Consolidated Trusts |  | Total |  | Unsecuritized |  | In Consolidated Trusts |  | Total
| (in thousands)
Agricultural Finance loans |  |  |  |  |  |  |  |  |  |  |
Farm & Ranch | $ | 5,501,067 |  |  | $ | 2,005,680 |  |  | $ | 7,506,747 |  |  | $ | 5,414,732 |  |  | $ | 2,038,283 |  |  | $ | 7,453,015 |
Corporate AgFinance | 1,371,202 |  |  | — |  |  | 1,371,202 |  |  | 1,381,674 |  |  | — |  |  | 1,381,674 |
Total Agricultural Finance loans | 6,872,269 |  |  | 2,005,680 |  |  | 8,877,949 |  |  | 6,796,406 |  |  | 2,038,283 |  |  | 8,834,689 |
Infrastructure Finance loans | 5,108,990 |  |  | — |  |  | 5,108,990 |  |  | 4,774,483 |  |  | — |  |  | 4,774,483 |
Total unpaid principal balance(1) | 11,981,259 |  |  | 2,005,680 |  |  | 13,986,939 |  |  | 11,570,889 |  |  | 2,038,283 |  |  | 13,609,172 |
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments | (338,399) |  |  | — |  |  | (338,399) |  |  | (381,311) |  |  | — |  |  | (381,311) |
Total loans | 11,642,860 |  |  | 2,005,680 |  |  | 13,648,540 |  |  | 11,189,578 |  |  | 2,038,283 |  |  | 13,227,861 |
Allowance for losses | (24,356) |  |  | (700) |  |  | (25,056) |  |  | (22,594) |  |  | (629) |  |  | (23,223) |
Total loans, net of allowance | $ | 11,618,504 |  |  | $ | 2,004,980 |  |  | $ | 13,623,484 |  |  | $ | 11,166,984 |  |  | $ | 2,037,654 |  |  | $ | 13,204,638 |
(1)Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business.
Schedule Allowance for Losses | The following table is a summary, by asset type, of the allowance for losses as of March 31, 2025 and December 31, 2024: Table 5.2
| March 31, 2025 |  | December 31, 2024
| Allowance for Losses |  | Allowance for Losses
| (in thousands)
Loans: |  |  |
Agricultural Finance loans |  |  |
Farm & Ranch | $ | 5,071 |  |  | $ | 5,132 |
Corporate AgFinance | 6,298 |  |  | 5,379 |
Total Agricultural Finance loans | 11,369 |  |  | 10,511 |
Infrastructure Finance loans | 13,687 |  |  | 12,712 |
Total | $ | 25,056 |  |  | $ | 23,223 |
The following is a summary of the changes in the allowance for losses for the three months ended March 31, 2025 and 2024: Table 5.3
| For the Three Months Ended
| March 31, 2025 |  | March 31, 2024
| Agricultural Finance loans |  | Infrastructure Finance loans(3) |  | Agricultural Finance loans |  | Infrastructure Finance loans(3)
| Farm & Ranch(1) |  | Corporate AgFinance(2) |  | Total |  |  | Farm & Ranch(1) |  | Corporate AgFinance(2) |  | Total |
| (in thousands)
Beginning Balance | $ | 5,132 |  |  | $ | 5,379 |  |  | $ | 10,511 |  |  | $ | 12,712 |  |  | $ | 3,936 |  |  | $ | 2,948 |  |  | $ | 6,884 |  |  | $ | 9,147 |
(Release of)/provision for losses | (61) |  |  | 836 |  |  | 775 |  |  | 975 |  |  | 599 |  |  | (379) |  |  | 220 |  |  | (1,963) |
Recovery | — |  |  | 83 |  |  | 83 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending Balance | $ | 5,071 |  |  | $ | 6,298 |  |  | $ | 11,369 |  |  | $ | 13,687 |  |  | $ | 4,535 |  |  | $ | 2,569 |  |  | $ | 7,104 |  |  | $ | 7,184 |
(1)As of March 31, 2025 and 2024, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $0.7 million and $1.4 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (2)As of March 31, 2025 and 2024, the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $1.0 million and $0.0 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (3)As of both March 31, 2025 and 2024, the allowance for losses for Infrastructure Finance loans includes no allowance for collateral dependent assets.
Schedule of Past Due Financing Receivables | The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of March 31, 2025 and December 31, 2024: Table 5.4
| As of March 31, 2025
| 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 | $ | 7,320,821 |  |  | $ | 17,004 |  |  | $ | 7,031 |  |  | $ | 10,096 |  |  | $ | 34,131 |  |  | $ | 151,795 |  |  | $ | 7,506,747 |
Corporate AgFinance | 1,320,794 |  |  | 5,494 |  |  | — |  |  | — |  |  | 5,494 |  |  | 44,914 |  |  | 1,371,202 |
Total Agricultural Finance loans | 8,641,615 |  |  | 22,498 |  |  | 7,031 |  |  | 10,096 |  |  | 39,625 |  |  | 196,709 |  |  | 8,877,949 |
Infrastructure Finance loans | 5,108,990 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,108,990 |
Total | $ | 13,750,605 |  |  | $ | 22,498 |  |  | $ | 7,031 |  |  | $ | 10,096 |  |  | $ | 39,625 |  |  | $ | 196,709 |  |  | $ | 13,986,939 |
(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 $36.4 million of nonaccrual loans for which there was no associated allowance. During the three months ended March 31, 2025, Farmer Mac received $1.3 million in interest on nonaccrual loans.
| As of December 31, 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 | $ | 7,299,364 |  |  | $ | 16,478 |  |  | $ | 7,268 |  |  | $ | 6,359 |  |  | $ | 30,105 |  |  | $ | 123,546 |  |  | $ | 7,453,015 |
Corporate AgFinance | 1,336,305 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 45,369 |  |  | 1,381,674 |
Total Agricultural Finance loans | 8,635,669 |  |  | 16,478 |  |  | 7,268 |  |  | 6,359 |  |  | 30,105 |  |  | 168,915 |  |  | 8,834,689 |
Infrastructure Finance loans | 4,774,483 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,774,483 |
Total | $ | 13,410,152 |  |  | $ | 16,478 |  |  | $ | 7,268 |  |  | $ | 6,359 |  |  | $ | 30,105 |  |  | $ | 168,915 |  |  | $ | 13,609,172 |
(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 $41.5 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2024, Farmer Mac received $4.9 million in interest on nonaccrual loans. The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Infrastructure Finance loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of March 31, 2025 and December 31, 2024: Table 6.7
| As of March 31, 2025
| Current |  | 30-59 Days |  | 60-89 Days |  | 90 Days and Greater(1) |  | Total Past Due |  | Total Loans
| (in thousands)
Agricultural Finance: | $ | 3,493,817 |  |  | $ | 9,785 |  |  | $ | 3,386 |  |  | $ | 4,540 |  |  | $ | 17,711 |  |  | $ | 3,511,528 |
Infrastructure Finance: | 865,926 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 865,926 |
Total | $ | 4,359,743 |  |  | $ | 9,785 |  |  | $ | 3,386 |  |  | $ | 4,540 |  |  | $ | 17,711 |  |  | $ | 4,377,454 |
(1)Includes loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs 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.
| As of December 31, 2024
| Current |  | 30-59 Days |  | 60-89 Days |  | 90 Days and Greater(1) |  | Total Past Due |  | Total Loans
| (in thousands)
Agricultural Finance: | $ | 3,524,406 |  |  | $ | 1,421 |  |  | $ | 1,358 |  |  | $ | 7,603 |  |  | $ | 10,382 |  |  | $ | 3,534,788 |
Infrastructure Finance: | 732,731 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 732,731 |
Total | $ | 4,257,137 |  |  | $ | 1,421 |  |  | $ | 1,358 |  |  | $ | 7,603 |  |  | $ | 10,382 |  |  | $ | 4,267,519 |
(1)Includes loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs 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.
Schedule of Financing Receivable Credit Quality Indicators | The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Infrastructure Finance loans held as of March 31, 2025 and December 31, 2024, by year of origination: Table 5.5
| As of March 31, 2025
| Year of Origination: |  |  |  |
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Agricultural Finance - Farm & Ranch loans(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 311,988 |  |  | $ | 962,820 |  |  | $ | 499,416 |  |  | $ | 983,198 |  |  | $ | 1,541,249 |  |  | $ | 2,179,587 |  |  | $ | 377,473 |  |  | $ | 6,855,731 |
Special mention(2) | 25,067 |  |  | 159,529 |  |  | 34,085 |  |  | 37,548 |  |  | 18,739 |  |  | 40,774 |  |  | 19,369 |  |  | 335,111 |
Substandard(3) | 2,328 |  |  | 17,821 |  |  | 36,679 |  |  | 60,541 |  |  | 27,741 |  |  | 150,413 |  |  | 20,382 |  |  | 315,905 |
Total | $ | 339,383 |  |  | $ | 1,140,170 |  |  | $ | 570,180 |  |  | $ | 1,081,287 |  |  | $ | 1,587,729 |  |  | $ | 2,370,774 |  |  | $ | 417,224 |  |  | $ | 7,506,747 |
For the Three Months Ended March 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 March 31, 2025
| Year of Origination: |  |  |  |
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Agricultural Finance - Corporate AgFinance(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 49,143 |  |  | $ | 208,911 |  |  | $ | 137,905 |  |  | $ | 64,537 |  |  | $ | 207,574 |  |  | $ | 213,314 |  |  | $ | 261,089 |  |  | $ | 1,142,473 |
Special mention(2) | — |  |  | — |  |  | 36,874 |  |  | — |  |  | — |  |  | 74,549 |  |  | 5,061 |  |  | 116,484 |
Substandard(3) | — |  |  | — |  |  | 7,311 |  |  | 7,310 |  |  | 28,317 |  |  | 47,617 |  |  | 21,690 |  |  | 112,245 |
Total | $ | 49,143 |  |  | $ | 208,911 |  |  | $ | 182,090 |  |  | $ | 71,847 |  |  | $ | 235,891 |  |  | $ | 335,480 |  |  | $ | 287,840 |  |  | $ | 1,371,202 |
For the Three Months Ended March 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 March 31, 2025
| Year of Origination: |  |  |  |
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Infrastructure Finance loans(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 295,563 |  |  | $ | 1,172,130 |  |  | $ | 520,026 |  |  | $ | 601,968 |  |  | $ | 175,924 |  |  | $ | 1,761,509 |  |  | $ | 529,965 |  |  | $ | 5,057,085 |
Special mention(2) | — |  |  | — |  |  | — |  |  | 9,724 |  |  | — |  |  | — |  |  | — |  |  | 9,724 |
Substandard(3) | — |  |  | — |  |  | 13,122 |  |  | 29,059 |  |  | — |  |  | — |  |  | — |  |  | 42,181 |
Total | $ | 295,563 |  |  | $ | 1,172,130 |  |  | $ | 533,148 |  |  | $ | 640,751 |  |  | $ | 175,924 |  |  | $ | 1,761,509 |  |  | $ | 529,965 |  |  | $ | 5,108,990 |
For the Three Months Ended March 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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, 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 | $ | 987,444 |  |  | $ | 525,559 |  |  | $ | 1,079,933 |  |  | $ | 1,577,305 |  |  | $ | 1,019,779 |  |  | $ | 1,287,334 |  |  | $ | 404,950 |  |  | $ | 6,882,304 |
Special mention(2) | 139,297 |  |  | 34,290 |  |  | 32,886 |  |  | 24,204 |  |  | 7,533 |  |  | 23,099 |  |  | 22,087 |  |  | 283,396 |
Substandard(3) | 8,077 |  |  | 28,790 |  |  | 52,350 |  |  | 24,733 |  |  | 60,418 |  |  | 92,594 |  |  | 20,353 |  |  | 287,315 |
Total | $ | 1,134,818 |  |  | $ | 588,639 |  |  | $ | 1,165,169 |  |  | $ | 1,626,242 |  |  | $ | 1,087,730 |  |  | $ | 1,403,027 |  |  | $ | 447,390 |  |  | $ | 7,453,015 |
For the Three Months Ended March 31, 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, 2024
| Year of Origination: |  |  |  |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Agricultural Finance - Corporate AgFinance loans(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 210,807 |  |  | $ | 152,918 |  |  | $ | 64,860 |  |  | $ | 235,493 |  |  | $ | 80,085 |  |  | $ | 161,354 |  |  | $ | 262,295 |  |  | $ | 1,167,812 |
Special mention(2) | — |  |  | 37,010 |  |  | — |  |  | 14,557 |  |  | 75,440 |  |  | — |  |  | 7,158 |  |  | 134,165 |
Substandard(3) | — |  |  | 7,309 |  |  | 7,652 |  |  | — |  |  | 14,335 |  |  | 33,479 |  |  | 16,922 |  |  | 79,697 |
Total | $ | 210,807 |  |  | $ | 197,237 |  |  | $ | 72,512 |  |  | $ | 250,050 |  |  | $ | 169,860 |  |  | $ | 194,833 |  |  | $ | 286,375 |  |  | $ | 1,381,674 |
For the Three Months Ended March 31, 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, 2024
| Year of Origination: |  |  |  |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Infrastructure Finance loans(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 1,158,427 |  |  | $ | 521,143 |  |  | $ | 578,882 |  |  | $ | 174,232 |  |  | $ | 574,135 |  |  | $ | 1,229,626 |  |  | $ | 461,162 |  |  | $ | 4,697,607 |
Special mention(2) | — |  |  | — |  |  | 34,388 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 34,388 |
Substandard(3) | — |  |  | 13,356 |  |  | 29,132 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42,488 |
Total | $ | 1,158,427 |  |  | $ | 534,499 |  |  | $ | 642,402 |  |  | $ | 174,232 |  |  | $ | 574,135 |  |  | $ | 1,229,626 |  |  | $ | 461,162 |  |  | $ | 4,774,483 |
For the Three Months Ended March 31, 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. The following tables present credit quality indicators related to Agricultural Finance and Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of March 31, 2025 and December 31, 2024, by year of origination: Table 6.8
| As of March 31, 2025
| Year of Origination: |  |  |  |
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Agricultural Finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 18,183 |  |  | $ | 86,202 |  |  | $ | 163,699 |  |  | $ | 249,627 |  |  | $ | 551,903 |  |  | $ | 1,842,141 |  |  | $ | 473,476 |  |  | $ | 3,385,231 |
Special mention(1) | — |  |  | — |  |  | 7,839 |  |  | 12,444 |  |  | 7,717 |  |  | 48,271 |  |  | 12,226 |  |  | 88,497 |
Substandard(2) | — |  |  | — |  |  | — |  |  | 1,246 |  |  | 14,130 |  |  | 22,095 |  |  | 329 |  |  | 37,800 |
Total | $ | 18,183 |  |  | $ | 86,202 |  |  | $ | 171,538 |  |  | $ | 263,317 |  |  | $ | 573,750 |  |  | $ | 1,912,507 |  |  | $ | 486,031 |  |  | $ | 3,511,528 |
For the Three Months Ended March 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2)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 March 31, 2025
| Year of Origination: |  |  |  |
| 2025 |  | 2024 |  | 2023 |  | 2022 |  | 2021 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Infrastructure Finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 347,889 |  |  | $ | 518,037 |  |  | $ | 865,926 |
Special mention(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 347,889 |  |  | $ | 518,037 |  |  | $ | 865,926 |
For the Three Months Ended March 31, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2)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, 2024
| Year of Origination: |  |  |  |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Agricultural Finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 70,757 |  |  | $ | 163,646 |  |  | $ | 267,551 |  |  | $ | 563,747 |  |  | $ | 583,598 |  |  | $ | 1,312,988 |  |  | $ | 452,909 |  |  | $ | 3,415,196 |
Special mention(1) | — |  |  | 5,963 |  |  | 4,920 |  |  | 15,954 |  |  | 4,354 |  |  | 44,964 |  |  | 12,197 |  |  | 88,352 |
Substandard(2) | — |  |  | — |  |  | 1,246 |  |  | 1,135 |  |  | 6,345 |  |  | 21,297 |  |  | 1,217 |  |  | 31,240 |
Total | $ | 70,757 |  |  | $ | 169,609 |  |  | $ | 273,717 |  |  | $ | 580,836 |  |  | $ | 594,297 |  |  | $ | 1,379,249 |  |  | $ | 466,323 |  |  | $ | 3,534,788 |
For the Three Months Ended March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2)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, 2024
| Year of Origination: |  |  |  |
| 2024 |  | 2023 |  | 2022 |  | 2021 |  | 2020 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Infrastructure Finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 355,848 |  |  | $ | 376,883 |  |  | $ | 732,731 |
Special mention(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 355,848 |  |  | $ | 376,883 |  |  | $ | 732,731 |
For the Three Months Ended March 31, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2)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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