
	As of December 31, 2020
	Amount Outstanding		Unamortized Premium/(Discount)		Amortized Cost(1)		Allowance for losses(2)		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	19,700	$	—	$	19,700	$	(36)	$	—	$	(493)	$	19,171
Floating rate asset-backed securities	6,232		—		6,232		—		—		(1)		6,231

Floating rate Government/GSE guaranteed mortgage-backed securities	2,350,963		(44)		2,350,919		—		12,150		(3,043)		2,360,026
Fixed rate GSE guaranteed mortgage-backed securities	279		—		279		—		34		—		313
Fixed rate U.S. Treasuries	1,449,408		17,128		1,466,536		—		1,458		(43)		1,467,951
Total available-for-sale	3,826,582		17,084		3,843,666		(36)		13,642		(3,580)		3,853,692
Held-to-maturity:
Floating rate Government/GSE guaranteed mortgage-backed securities(3)	45,032		—		45,032		—		1,201		—		46,233
Total investment securities	$	3,871,614	$	17,084	$	3,888,698	$	(36)	$	14,843	$	(3,580)	$	3,899,925

(2)Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors.


	As of December 31, 2019
	Amount Outstanding		Unamortized Premium/(Discount)		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	19,700	$	—	$	19,700	$	—	$	(788)	$	18,912
Floating rate asset-backed securities	11,092		—		11,092		—		(7)		11,085
Floating rate Government/GSE guaranteed mortgage-backed securities	1,633,731		1,174		1,634,905		2,414		(4,736)		1,632,583
Fixed rate GSE guaranteed mortgage-backed securities	315		—		315		25		—		340
Fixed rate U.S. Treasuries	1,295,210		208		1,295,418		1,520		(15)		1,296,923
Total available-for-sale	2,960,048		1,382		2,961,430		3,959		(5,546)		2,959,843
Held-to-maturity:
Floating rate Government/GSE guaranteed mortgage-backed securities(1)	45,032		—		45,032		953		—		45,985
Total investment securities	$	3,005,080	$	1,382	$	3,006,462	$	4,912	$	(5,546)	$	3,005,828

Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the years ended December 31, 2020 or 2018. During the year ended December 31, 2019, Farmer Mac received proceeds of $12.4 million from the sale of securities from its available-for-sale investment portfolio, resulting in gross realized losses of $0.2 million.


	As of December 31, 2020
	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)
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	—	$	—	$	19,171	$	(493)
Floating rate asset-backed securities	—		—		6,231		(1)
Floating rate Government/GSE guaranteed mortgage-backed securities	172,842		(593)		324,423		(2,450)

Fixed rate U.S. Treasuries	364,320		(43)		—		—

Total	$	537,162	$	(636)	$	349,825	$	(2,944)

Number of securities in loss position			27				62


	As of December 31, 2019
	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)
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	—	$	—	$	18,912	$	(788)
Floating rate asset-backed securities	2,583		(1)		8,502		(6)
Floating rate Government/GSE guaranteed mortgage-backed securities	841,993		(2,244)		436,621		(2,492)
Fixed rate U.S. Treasuries	35,107		(15)		—		—
Total	$	879,683	$	(2,260)	$	464,035	$	(3,286)

Number of securities in loss position			57				62

The unrealized losses presented above are principally due to a general widening of market spreads and changes in the levels of interest rates from the dates of acquisition to December 31, 2020 and December 31, 2019, as applicable. The resulting decrease in fair values reflects an increase in the perceived risk by the financial markets related to those securities. As of both December 31, 2020 and December 31, 2019, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+."

Securities in unrealized loss positions for 12 months or longer have a fair value as of December 31, 2020 that is, on average, approximately 99.2% of their amortized cost basis. Farmer Mac believes that all of these unrealized losses are recoverable within a reasonable period of time by way of maturity or changes in credit spreads.

The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of December 31, 2020 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets.


	As of December 31, 2020
	Available-for-Sale Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	1,192,119	$	1,193,525	1.97%
Due after one year through five years	622,016		622,930		1.30%
Due after five years through ten years	1,157,692		1,165,188		0.64%
Due after ten years	871,839		872,049		0.68%
Total	$	3,843,666	$	3,853,692	1.17%


	As of December 31, 2020
	Unpaid Principal Balance		Unamortized Premium/(Discount)		Amortized Cost(1)		Allowance for losses(2)		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Held-to-maturity:
AgVantage	$	1,141,430	$	(55)	$	1,141,375	$	(120)	$	23,986	$	(61)	$	1,165,180
Farmer Mac Guaranteed USDA Securities	34,456		81		34,537		—		1,273		—		35,810
Total Farmer Mac Guaranteed Securities	1,175,886		26		1,175,912		(120)		25,259		(61)		1,200,990
USDA Securities	2,446,550		27,076		2,473,626		—		157,748		(560)		2,630,814
Total held-to-maturity	$	3,622,436	$	27,102	$	3,649,538	$	(120)	$	183,007	$	(621)	$	3,831,804
Available-for-sale:
AgVantage	$	6,593,518	$	1,474	$	6,594,992	$	(310)	$	368,257	$	(15,238)	$	6,947,701
Trading:
USDA Securities(3)	$	6,413	$	198	$	6,611	$	—	$	84	$	—	$	6,695

(1)Amounts presented exclude $32.3 million, $44.7 million, and $0.2 million of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of December 31, 2020.

(2)Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors.


	As of December 31, 2019
	Unpaid Principal Balance		Unamortized Premium/(Discount)		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Held-to-maturity:
AgVantage	$	1,415,584	$	(174)	$	1,415,410	$	15,300	$	(164)	$	1,430,546
Farmer Mac Guaranteed USDA Securities	31,887		154		32,041		839		—		32,880
Total Farmer Mac Guaranteed Securities	1,447,471		(20)		1,447,451		16,139		(164)		1,463,426
USDA Securities	2,190,671		41,489		2,232,160		54,356		(758)		2,285,758
Total held-to-maturity	$	3,638,142	$	41,469	$	3,679,611	$	70,495	$	(922)	$	3,749,184
Available-for-sale:
AgVantage	$	7,017,095	$	(124)	$	7,016,971	$	161,316	$	(35,262)	$	7,143,025
Trading:
USDA Securities(1)	$	8,400	$	479	$	8,879	$	61	$	(27)	$	8,913


	As of December 31, 2020
	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	$	49,939	$	(61)	$	—	$	—
Farmer Mac Guaranteed USDA Securities	—		—		—		—
USDA Securities	—		—		21,061		(560)
Total held-to-maturity	$	49,939	$	(61)	$	21,061	$	(560)

Available-for-sale:
AgVantage	$	133,703	$	(231)	$	981,757	$	(15,007)


	As of December 31, 2019
	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	$	—	$	—	$	301,836	$	(164)
USDA Securities	—		—		27,089		(758)
Total held-to-maturity	$	—	$	—	$	328,925	$	(922)

Available-for-sale:
AgVantage	$	225,239	$	(2,203)	$	1,394,802	$	(33,059)

The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to December 31, 2020 and December 31, 2019, as applicable. The unrealized losses on the held-to-maturity USDA Securities as of both December 31, 2020 and December 31, 2019 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 of America. As of December 31, 2020, Farmer Mac had executed COVID-19 payment deferments on loans with unpaid principal balances of $92.9 million underlying USDA Securities.

The unrealized losses from AgVantage securities were on 11 and 17 available-for-sale securities as of December 31, 2020 and December 31, 2019, respectively. There were 2 and 4 held-to-maturity AgVantage securities with an unrealized loss as of December 31, 2020 and December 31, 2019,

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, 2020 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.


	As of December 31, 2020
	Available-for-Sale Securities
	Amortized Cost(1)		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	1,212,051	$	1,216,431	1.52	%
Due after one year through five years	2,861,186		2,971,603		2.41	%
Due after five years through ten years	1,016,527		1,092,170		2.36	%
Due after ten years	1,505,228		1,667,497		2.55	%
Total	$	6,594,992	$	6,947,701	2.27	%


	As of December 31, 2020
	Held-to-Maturity Securities
	Amortized Cost(1)		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	526,374	$	529,401	2.79	%
Due after one year through five years	683,135		706,287		3.12	%
Due after five years through ten years	255,180		269,945		2.89	%
Due after ten years	2,184,849		2,326,171		3.19	%
Total	$	3,649,538	$	3,831,804	3.07	%