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Fair Value Disclosures (Tables)
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements, Recurring and Nonrecurring
The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 and December 31, 2020, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value:

Table 13.1
Assets and Liabilities Measured at Fair Value as of December 31, 2021
 Level 1Level 2
Level 3(1)
Total
 (in thousands)
Recurring: 
Assets:    
Investment Securities:    
Available-for-sale:    
Floating rate auction-rate certificates backed by Government guaranteed student loans$— $— $19,254 $19,254 
Floating rate Government/GSE guaranteed mortgage-backed securities— 2,178,831 — 2,178,831 
Fixed rate GSE guaranteed mortgage-backed securities— 458,837 — 458,837 
Fixed rate U.S. Treasuries1,179,469 — — 1,179,469 
Total Available-for-sale Investment Securities1,179,469 2,637,668 19,254 3,836,391 
Farmer Mac Guaranteed Securities:    
Available-for-sale:    
AgVantage— — 6,316,145 6,316,145 
Farmer Mac Guaranteed Securities— — 12,414 12,414 
Total Farmer Mac Guaranteed Securities— — 6,328,559 6,328,559 
USDA Securities:    
Trading— — 4,401 4,401 
Total USDA Securities— — 4,401 4,401 
Financial derivatives73 19,066 — 19,139 
Guarantee Asset— — 6,237 6,237 
Total Assets at fair value$1,179,542 $2,656,734 $6,358,451 $10,194,727 
Liabilities:    
Financial derivatives$— $34,248 $— $34,248 
Total Liabilities at fair value$— $34,248 $— $34,248 
Non-recurring:
Assets
Mortgage Servicing Rights$— $— $2,681 $2,681 
Total non-recurring assets at fair value$— $— $2,681 $2,681 
(1) Level 3 assets represent 25% of total assets and 62% of financial instruments measured at fair value.
Assets and Liabilities Measured at Fair Value as of December 31, 2020
 Level 1Level 2
Level 3(1)
Total
 (in thousands)
Recurring: 
Assets:    
Investment Securities:    
Available-for-sale:    
Floating rate auction-rate certificates backed by Government guaranteed student loans$— $— $19,171 $19,171 
Floating rate asset-backed securities— 6,231 — 6,231 
Floating rate Government/GSE guaranteed mortgage-backed securities— 2,360,026 — 2,360,026 
Fixed rate GSE guaranteed mortgage-backed securities— 313 — 313 
Fixed rate U.S. Treasuries1,467,951 — — 1,467,951 
Total Available-for-sale Investment Securities1,467,951 2,366,570 19,171 3,853,692 
Farmer Mac Guaranteed Securities:    
Available-for-sale:    
AgVantage— — 6,947,701 6,947,701 
Total Farmer Mac Guaranteed Securities— — 6,947,701 6,947,701 
USDA Securities:    
Trading— — 6,695 6,695 
Total USDA Securities— — 6,695 6,695 
Financial derivatives— 17,468 — 17,468 
Total Assets at fair value$1,467,951 $2,384,038 $6,973,567 $10,825,556 
Liabilities:    
Financial derivatives$82 $29,810 $— $29,892 
Total Liabilities at fair value$82 $29,810 $— $29,892 
(1) Level 3 assets represent 29% of total assets and 65% of financial instruments measured at fair value.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation
The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value. Net transfers in and/or out of Level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period. There were no liabilities measured at fair value using significant unobservable inputs during the years ended December 31, 2021 and 2020.

Table 13.2
Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2021
Beginning BalancePurchasesSalesSettlementsAllowance for LossesRealized and
unrealized losses included
in Income		Unrealized gains
included in Other
Comprehensive
Income		Ending Balance
(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans$19,171 $— $— $— $(16)$— $99 $19,254 
Total available-for-sale19,171 — — — (16)— 99 19,254 
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage6,947,701 1,143,115 — (1,614,598)47 (176,064)15,944 6,316,145 
Farmer Mac Guaranteed Securities— 12,560 — (263)— — 117 12,414 
Total available-for-sale6,947,701 1,155,675 — (1,614,861)47 (176,064)16,061 6,328,559 
USDA Securities:
Trading6,695 — — (2,178)— (116)— 4,401 
Total USDA Securities6,695 — — (2,178)(116)— 4,401 
Guarantee and commitment obligations:
Guarantee Asset— 6,237 — — — — — 6,237 
Total Guarantee and commitment obligations— 6,237 — — — — — 6,237 
Total Assets at fair value$6,973,567 $1,161,912 $— $(1,617,039)$31 $(176,180)$16,160 $6,358,451 
Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2020
Beginning BalancePurchasesSalesSettlementsAllowance for LossesRealized and
unrealized gains included
in Income		Unrealized gains
included in Other
Comprehensive
Income		Ending Balance
(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans$18,912 $— $— $— $(36)$— $295 $19,171 
Total available-for-sale18,912 — — — (36)— 295 19,171 
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage7,143,025 974,237 — (1,397,861)(309)202,706 25,903 6,947,701 
Total available-for-sale7,143,025 974,237 — (1,397,861)(309)202,706 25,903 6,947,701 
USDA Securities:
Trading8,913 — — (2,269)— 51 — 6,695 
Total USDA Securities8,913 — — (2,269)51 — 6,695 
Total Assets at fair value$7,170,850 $974,237 $— $(1,400,130)$(345)$202,757 $26,198 $6,973,567 

Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2019
Beginning BalancePurchasesSalesSettlementsRealized and
unrealized gains included
in Income		Unrealized gains/(losses)
included in Other
Comprehensive
Income		Ending Balance
(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans$18,715 $— $— $— $— $197 $18,912 
Total available-for-sale18,715 — — — — 197 18,912 
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage5,974,497 2,033,713 — (1,020,294)181,144 (26,035)7,143,025 
Total available-for-sale5,974,497 2,033,713 — (1,020,294)181,144 (26,035)7,143,025 
USDA Securities:
Available-for-sale— 57,853 (57,853)— — — — 
Trading9,999 — — (1,412)326 — 8,913 
Total USDA Securities9,999 57,853 (57,853)(1,412)326 — 8,913 
Total Assets at fair value$6,003,211 $2,091,566 $(57,853)$(1,021,706)$181,470 $(25,838)$7,170,850 
Fair Value Inputs, Assets and Liabilities, Quantitative Information
The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in Level 3 of the fair value hierarchy as of December 31, 2021 and December 31, 2020:

Table 13.3
As of December 31, 2021
Financial InstrumentsFair ValueValuation TechniqueUnobservable InputRange (Weighted-Average)
(in thousands)
Assets:
Investment securities:
Floating rate auction-rate certificates backed by Government guaranteed student loans$19,254 Indicative bidsRange of broker quotes
98.0% - 98.0% (98.0%)
Farmer Mac Guaranteed Securities:
AgVantage$6,316,145 Discounted cash flowDiscount rate
0.9% - 2.1% (1.7%)
Farmer Mac Guaranteed Securities$12,414 Discounted cash flowDiscount rate
2.3% - 2.8% (2.6%)
CPR
8%
USDA Securities$4,401 Discounted cash flowDiscount rate
1.4% - 3.1% (2.8%)
CPR
25% - 42% (39%)
Guarantee Asset$6,237 Discounted cash flowDiscount rate
5.4% - 5.8% (5.6%)
CPR
7% - 12% (8%)
As of December 31, 2020
Financial InstrumentsFair ValueValuation TechniqueUnobservable InputRange (Weighted-Average)
(in thousands)
Assets:
Investment securities:
Floating rate auction-rate certificates backed by Government guaranteed student loans$19,171 Indicative bidsRange of broker quotes
97.5% - 97.5% (97.5%)
Farmer Mac Guaranteed Securities:
AgVantage$6,947,701 Discounted cash flowDiscount rate
0.8% - 2.3% (1.3%)
USDA Securities$6,695 Discounted cash flowDiscount rate
0.9% - 1.9% (1.4%)
CPR
25% - 49% (44%)
Fair Value, by Balance Sheet Grouping
The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of December 31, 2021 and December 31, 2020:

Table 13.4
 As of December 31, 2021As of December 31, 2020
 Fair ValueCarrying
Amount		Fair ValueCarrying
Amount
 (in thousands)
Financial assets:    
Cash and cash equivalents$908,785 $908,785 $1,033,941 $1,033,941 
Investment securities3,884,202 3,882,590 3,899,925 3,898,724 
Farmer Mac Guaranteed Securities8,360,293 8,361,798 8,148,691 8,123,493 
USDA Securities2,536,473 2,440,732 2,637,509 2,480,321 
Loans9,814,642 9,248,678 9,167,525 8,535,146 
Financial derivatives19,139 19,139 17,468 17,468 
Guarantee and commitment fees receivable42,533 45,538 34,115 37,113 
Financial liabilities:
Notes payable22,716,791 22,716,156 22,130,263 21,848,917 
Debt securities of consolidated trusts held by third parties1,005,306 981,379 1,390,330 1,323,786 
Financial derivatives34,248 34,248 29,892 29,892 
Guarantee and commitment obligations40,920 43,926 32,537 35,535