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GUARANTEES AND COMMITMENTS (Tables) | 6 Months Ended
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Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract] |
Schedule of Guarantor Obligations | The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of June 30, 2025 and December 31, 2024, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 6.1
Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities
| As of June 30, 2025 |  | As of December 31, 2024
| (in thousands)
Agricultural Finance |  |  |
Farmer Mac Guaranteed Securities | $ | 399,168 |  |  | $ | 426,310 |
Total off-balance sheet Farmer Mac Guaranteed Securities | $ | 399,168 |  |  | $ | 426,310 |
The following table presents the liability and the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities: Table 6.3
| As of June 30, 2025 |  | As of December 31, 2024
| (dollars in thousands)
Guarantee and commitment obligation | $ | 5,221 |  |  | $ | 5,595 |
Weighted average remaining maturity: |  |  |
Farmer Mac Guaranteed Securities | 21.0 years |  | 21.2 years
Schedule of Cash Flows Related To Transfer of Securitizations | The following table summarizes the cash flows received from trusts used for Farmer Mac securitizations: Table 6.2
| For the Six Months Ended
| June 30, 2025 |  | June 30, 2024 |  |
| (in thousands)
Proceeds from new securitizations | $ | 286,511 |  |  | $ | 343,654 |  |  |
Guarantee fees received | 790 |  |  | 857 |  |  |
Schedule of Long-Term Standby Purchase Commitments | The following table presents the liability, the maximum principal amount of potential undiscounted future payments that Farmer Mac could be requested to make under all LTSPCs, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans, as well as the weighted-average remaining maturity of all loans underlying LTSPCs: Table 6.4
| As of June 30, 2025 |  | As of December 31, 2024
| (dollars in thousands)
Guarantee and commitment obligation | $ | 42,255 |  |  | $ | 42,731 |
Maximum principal amount | 4,416,846 |  |  | 4,029,019 |
Weighted-average remaining maturity | 14.5 years |  | 14.5 years
Schedule of Reserve for Losses | The following table is a summary, by asset type, of the reserve for losses as of June 30, 2025 and December 31, 2024: Table 6.5
| June 30, 2025 |  | December 31, 2024
| Reserve for Losses |  | Reserve for Losses
| (in thousands)
Agricultural Finance | $ | 1,432 |  |  | $ | 1,431 |
Infrastructure Finance | 188 |  |  | 192 |
Total | $ | 1,620 |  |  | $ | 1,623 |
The following is a summary of the net changes in the reserve for losses for the three and six months ended June 30, 2025 and 2024: Table 6.6
| For the Three Months Ended |  | For the Six Months Ended
| June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
| Reserve for Losses |  | Reserve for Losses |  | Reserve for Losses |  | Reserve for Losses
| (in thousands)
Agricultural Finance |  |  |  |  |  |  |
Beginning Balance | $ | 1,335 |  |  | $ | 1,407 |  |  | $ | 1,431 |  |  | $ | 1,471 |
Provision for/(release of) losses | 97 |  |  | 36 |  |  | 1 |  |  | (28) |
Ending Balance | $ | 1,432 |  |  | $ | 1,443 |  |  | $ | 1,432 |  |  | $ | 1,443 |
Infrastructure Finance |  |  |  |  |  |  |
Beginning Balance | $ | 186 |  |  | $ | 235 |  |  | $ | 192 |  |  | $ | 240 |
Provision for/(release of) losses | 2 |  |  | 16 |  |  | (4) |  |  | 11 |
Ending Balance | $ | 188 |  |  | $ | 251 |  |  | $ | 188 |  |  | $ | 251 |
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 June 30, 2025 and December 31, 2024: Table 5.4
| As of June 30, 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 | $ | 7,721,018 |  |  | $ | 19,491 |  |  | $ | 18,763 |  |  | $ | 4,694 |  |  | $ | 42,948 |  |  | $ | 141,890 |  |  | $ | 7,905,856 |
Corporate AgFinance | 1,412,989 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 37,607 |  |  | 1,450,596 |
Total Agricultural Finance loans | 9,134,007 |  |  | 19,491 |  |  | 18,763 |  |  | 4,694 |  |  | 42,948 |  |  | 179,497 |  |  | 9,356,452 |
Infrastructure Finance loans | 5,484,656 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,484,656 |
Total | $ | 14,618,663 |  |  | $ | 19,491 |  |  | $ | 18,763 |  |  | $ | 4,694 |  |  | $ | 42,948 |  |  | $ | 179,497 |  |  | $ | 14,841,108 |
(1)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on the recorded investment of the loan. (2)Primarily consists of 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 $19.6 million of nonaccrual loans for which there was no associated allowance. During the three and six months ended June 30, 2025, Farmer Mac received $1.7 million and $3.1 million in interest on nonaccrual loans, respectively.
| 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)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on the recorded investment of the loan. (2)Includes loans in consolidated trusts with beneficial interests owned (single-class) by third parties that are 90 days or more past due. (3)Primarily consists of 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 June 30, 2025 and December 31, 2024: Table 6.7
| As of June 30, 2025
| Current |  | 30-59 Days |  | 60-89 Days |  | 90 Days and Greater(1) |  | Total Past Due |  | Total Loans
| (in thousands)
Agricultural Finance: | $ | 3,457,042 |  |  | $ | 10,608 |  |  | $ | 9,901 |  |  | $ | 2,475 |  |  | $ | 22,984 |  |  | $ | 3,480,026 |
Infrastructure Finance: | 1,154,326 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,154,326 |
Total | $ | 4,611,368 |  |  | $ | 10,608 |  |  | $ | 9,901 |  |  | $ | 2,475 |  |  | $ | 22,984 |  |  | $ | 4,634,352 |
(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 June 30, 2025 and December 31, 2024, by year of origination: Table 5.5
| As of June 30, 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 | $ | 732,237 |  |  | $ | 964,125 |  |  | $ | 480,868 |  |  | $ | 968,980 |  |  | $ | 1,525,951 |  |  | $ | 2,105,442 |  |  | $ | 375,186 |  |  | $ | 7,152,789 |
Special mention(2) | 136,955 |  |  | 141,737 |  |  | 38,471 |  |  | 28,205 |  |  | 21,716 |  |  | 45,500 |  |  | 31,321 |  |  | 443,905 |
Substandard(3) | — |  |  | 17,263 |  |  | 36,385 |  |  | 66,289 |  |  | 22,699 |  |  | 147,715 |  |  | 18,811 |  |  | 309,162 |
Total | $ | 869,192 |  |  | $ | 1,123,125 |  |  | $ | 555,724 |  |  | $ | 1,063,474 |  |  | $ | 1,570,366 |  |  | $ | 2,298,657 |  |  | $ | 425,318 |  |  | $ | 7,905,856 |
For the Three Months Ended June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,165 |  |  | $ | 1,675 |  |  | $ | 2,840 |
For the Six Months Ended June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 1,165 |  |  | $ | 1,675 |  |  | $ | 2,840 |
(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)Special mention assets 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, 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 | $ | 164,169 |  |  | $ | 199,033 |  |  | $ | 109,244 |  |  | $ | 63,928 |  |  | $ | 179,361 |  |  | $ | 260,147 |  |  | $ | 300,526 |  |  | $ | 1,276,408 |
Special mention(2) | — |  |  | — |  |  | 36,725 |  |  | — |  |  | — |  |  | 26,379 |  |  | 5,061 |  |  | 68,165 |
Substandard(3) | — |  |  | — |  |  | 7,312 |  |  | — |  |  | 28,105 |  |  | 47,621 |  |  | 22,985 |  |  | 106,023 |
Total | $ | 164,169 |  |  | $ | 199,033 |  |  | $ | 153,281 |  |  | $ | 63,928 |  |  | $ | 207,466 |  |  | $ | 334,147 |  |  | $ | 328,572 |  |  | $ | 1,450,596 |
For the Three Months Ended June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Six Months Ended June 30, 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)Special mention assets 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, 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 | $ | 587,381 |  |  | $ | 1,256,486 |  |  | $ | 578,282 |  |  | $ | 580,908 |  |  | $ | 181,651 |  |  | $ | 1,730,271 |  |  | $ | 487,769 |  |  | $ | 5,402,748 |
Special mention(2) | — |  |  | — |  |  | — |  |  | 9,699 |  |  | — |  |  | — |  |  | — |  |  | 9,699 |
Substandard(3) | — |  |  | — |  |  | 25,644 |  |  | 46,565 |  |  | — |  |  | — |  |  | — |  |  | 72,209 |
Total | $ | 587,381 |  |  | $ | 1,256,486 |  |  | $ | 603,926 |  |  | $ | 637,172 |  |  | $ | 181,651 |  |  | $ | 1,730,271 |  |  | $ | 487,769 |  |  | $ | 5,484,656 |
For the Three Months Ended June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Six Months Ended June 30, 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)Special mention assets 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 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)Special mention assets 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 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)Special mention assets 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 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)Special mention assets 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 June 30, 2025 and December 31, 2024, by year of origination: Table 6.8
| As of June 30, 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 | $ | 36,634 |  |  | $ | 87,943 |  |  | $ | 162,125 |  |  | $ | 246,485 |  |  | $ | 548,374 |  |  | $ | 1,813,260 |  |  | $ | 455,175 |  |  | $ | 3,349,996 |
Special mention(1) | — |  |  | — |  |  | 7,839 |  |  | 20,751 |  |  | 7,589 |  |  | 43,494 |  |  | 12,572 |  |  | 92,245 |
Substandard(2) | — |  |  | — |  |  | — |  |  | — |  |  | 14,082 |  |  | 23,383 |  |  | 320 |  |  | 37,785 |
Total | $ | 36,634 |  |  | $ | 87,943 |  |  | $ | 169,964 |  |  | $ | 267,236 |  |  | $ | 570,045 |  |  | $ | 1,880,137 |  |  | $ | 468,067 |  |  | $ | 3,480,026 |
For the Three Months Ended June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Six Months Ended June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Special mention assets 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 June 30, 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 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 342,546 |  |  | $ | 809,740 |  |  | $ | 1,152,286 |
Special mention(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,040 |  |  | 2,040 |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 342,546 |  |  | $ | 811,780 |  |  | $ | 1,154,326 |
For the Three Months Ended June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Six Months Ended June 30, 2025: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Special mention assets 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 June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Six Months Ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Special mention assets 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 June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Six Months Ended June 30, 2024: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Special mention assets 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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