he following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2018 and 2017:

Table 5.1



	As of December 31, 2018
	Unpaid Principal Balance		Unamortized Premium/(Discount)			Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Held-to-maturity:
AgVantage	$	2,069,185	$	(194	)	$	2,068,991	$	2,637	$	(11,948	)	$	2,059,680
Farmer Mac Guaranteed USDA Securities	27,383		244			27,627		98		—			27,725
Total Farmer Mac Guaranteed Securities	2,096,568		50			2,096,618		2,735		(11,948		)	2,087,405
USDA Securities	2,110,963		55,211			2,166,174		—		(62,227		)	2,103,947
Total held-to-maturity	$	4,207,531	$	55,261		$	4,262,792	$	2,735	$	(74,175	)	$	4,191,352
Available-for-sale:
AgVantage	$	6,003,733	$	(204	)	$	6,003,529	$	22,335	$	(51,367	)	$	5,974,497
Trading:
USDA Securities	$	9,591	$	701		$	10,292	$	20	$	(313	)	$	9,999



	As of December 31, 2017
	Unpaid Principal Balance		Unamortized Premium/(Discount)			Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(in thousands)
Held-to-maturity:
AgVantage	$	2,096,754	$	(779	)	$	2,095,975	$	2,011	$	(11,429	)	$	2,086,557
Farmer Mac Guaranteed USDA Securities	29,980		319			30,299		108		(73		)	30,334
Total Farmer Mac Guaranteed Securities	2,126,734		(460		)	2,126,274		2,119		(11,502		)	2,116,891
USDA Securities	2,055,050		62,800			2,117,850		—		(54,969		)	2,062,881
Total held-to-maturity	$	4,181,784	$	62,340		$	4,244,124	$	2,119	$	(66,471	)	$	4,179,772
Available-for-sale:
AgVantage	$	5,496,569	$	(182	)	$	5,496,387	$	21,838	$	(46,311	)	$	5,471,914
Trading:
USDA Securities	$	12,966	$	922		$	13,888	$	28	$	(401	)	$	13,515

As of December 31, 2018 and 2017, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows:

Table 5.2



	As of December 31, 2018
	Held-to-Maturity and Available-for-Sale Securities
	Unrealized loss position for less than 12 months					Unrealized loss position for more than 12 months
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
	(dollars in thousands)
Held-to-maturity:
AgVantage	$	669,610	$	(1,760	)	$	976,318	$	(10,188	)
USDA Securities	38,203		(696		)	2,065,743		(61,531		)
Total held-to-maturity	$	707,813	$	(2,456	)	$	3,042,061	$	(71,719	)

Available-for-sale:
AgVantage	$	1,480,423	$	(9,364	)	$	1,599,679	$	(42,003	)



	As of December 31, 2017
	Held-to-Maturity and Available-for-Sale Securities
	Unrealized loss position for less than 12 months					Unrealized loss position for more than 12 months
	Fair Value		Unrealized Loss			Fair Value		Unrealized Loss
	(in thousands)
Held-to-maturity:
AgVantage	$	1,304,160	$	(8,094	)	$	351,664	$	(3,335	)
Farmer Mac Guaranteed USDA Securities	24,721		(73		)	—		—
USDA Securities	451		(2		)	2,062,429		(54,967		)
Total held-to-maturity	$	1,329,332	$	(8,169	)	$	2,414,093	$	(58,302	)

Available-for-sale:
AgVantage	$	1,273,965	$	(8,819	)	$	1,759,377	$	(37,492	)

The unrealized losses presented above are principally due to higher interest rates from the date of acquisition to December 31, 2018 and 2017, as applicable. The unrealized losses on the held-to-maturity USDA Securities as of both December 31, 2018 and 2017 reflect their increased cost basis resulting from their transfer to held-to-maturity as of October 1, 2016.

The credit exposure related to Farmer Mac's USDA Guarantees line of business is covered by the full faith and credit guarantee of the United States.

The unrealized losses from AgVantage securities were on 38 and 36 available-for-sale securities as of December 31, 2018 and 2017, respectively. There were 43 and 23 held-to-maturity AgVantage securities with an unrealized loss as of December 31, 2018 and 2017, respectively. As of December 31, 2018, 21 available-for-sale AgVantage securities had been in a loss position for more than 12 months. As of December 31, 2017, 16 available-for-sale AgVantage securities had been in a loss position for more than 12 months. Farmer Mac has concluded that none of the unrealized losses on its held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities and available-for-sale Farmer Mac Guaranteed Securities are other-than-temporary impaired as of either December 31, 2018 or December 31, 2017. Farmer Mac does not intend to sell these securities, and it is not more likely than not that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis.

During the years ended December 31, 2018, 2017 and 2016, Farmer Mac realized no gains or losses from the sale of Farmer Mac Guaranteed Securities and USDA Securities.

The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of December 31, 2018 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets.

Table 5.3



	As of December 31, 2018
	Available-for-Sale Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	618,461	$	618,825	2.87	%
Due after one year through five years	2,889,110		2,887,325		3.12	%
Due after five years through ten years	1,248,615		1,239,658		3.21	%
Due after ten years	1,247,343		1,228,689		3.61	%
Total	$	6,003,529	$	5,974,497	3.22	%



	As of December 31, 2018
	Held-to-Maturity Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	762,474	$	759,480	2.11	%
Due after one year through five years	1,388,053		1,379,827		3.04	%
Due after five years through ten years	212,283		205,952		3.39	%
Due after ten years	1,899,982		1,846,093		3.57	%
Total	$	4,262,792	$	4,191,352	3.12	%

As of December 31, 2018, Farmer Mac owned trading USDA Securities with an amortized cost of $10.3 million, a fair value of $10.0 million, and a weighted-average yield of 5.21 percent. As of December 31, 2017, Farmer Mac owned trading USDA Securities with an amortized cost of $13.9 million, a fair value of $13.5 million, and a weighted-average yield of 5.33 percent.