Table 2.1


	As of June 30, 2023
	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	$	(28)	$	—	$	(640)	$	19,032


Floating rate Government/GSE guaranteed mortgage-backed securities	2,473,942		(1,348)		2,472,594		—		2,486		(32,470)		2,442,610
Fixed rate GSE guaranteed mortgage-backed securities	1,540,857		(45,223)		1,495,634		—		1,565		(136,415)		1,360,784
Floating rate U.S. Treasuries	50,000		(30)		49,970		—		28		—		49,998
Fixed rate U.S. Treasuries	863,760		(6,943)		856,817		—		—		(11,622)		845,195
Total available-for-sale	4,948,259		(53,544)		4,894,715		(28)		4,079		(181,147)		4,717,619
Held-to-maturity:
Floating rate Government/GSE guaranteed mortgage-backed securities(3)	45,032		—		45,032		—		237		—		45,269
Total held-to-maturity	$	45,032	$	—	$	45,032	$	—	$	237	$	—	$	45,269

(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, 2022
	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	$	(33)	$	—	$	(640)	$	19,027

Floating rate Government/GSE guaranteed mortgage-backed securities	2,433,696		(200)		2,433,496		—		1,954		(42,910)		2,392,540
Fixed rate GSE guaranteed mortgage-backed securities	1,207,416		(30,321)		1,177,095		—		2,128		(130,837)		1,048,386
Fixed rate U.S. Treasuries	1,145,915		(6,780)		1,139,135		—		621		(20,145)		1,119,611
Total available-for-sale	4,806,727		(37,301)		4,769,426		(33)		4,703		(194,532)		4,579,564
Held-to-maturity:
Floating rate Government/GSE guaranteed mortgage-backed securities(3)	45,032		—		45,032		—		2,433		—		47,465
Total held-to-maturity	$	45,032	$	—	$	45,032	$	—	$	2,433	$	—	$	47,465

Table 2.2


	As of June 30, 2023
	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	$	—	$	—	$	19,032	$	(640)

Floating rate Government/GSE guaranteed mortgage-backed securities	686,887		(5,392)		1,307,943		(27,078)
Fixed rate Government/GSE guaranteed mortgage-backed securities	638,700		(24,472)		650,838		(111,943)

Fixed rate U.S. Treasuries	379,728		(3,300)		465,468		(8,322)

Total	$	1,705,315	$	(33,164)	$	2,443,281	$	(147,983)

Number of securities in loss position			83				151


	As of December 31, 2022
	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	$	—	$	—	$	19,027	$	(640)
Floating rate Government/GSE guaranteed mortgage-backed securities	1,884,146		(36,976)		193,964		(5,934)
Fixed rate Government/GSE guaranteed mortgage-backed securities	621,215		(56,434)		336,782		(74,403)
Fixed rate U.S. Treasuries	314,524		(2,842)		704,780		(17,303)
Total	$	2,819,885	$	(96,252)	$	1,254,553	$	(98,280)

Number of securities in loss position			174				51

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 June 30, 2023 and December 31, 2022, 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 June 30, 2023 and December 31, 2022, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government, a U.S. government sponsored enterprise, or had credit ratings of at least "AA+."

Securities in unrealized loss positions for 12 months or longer have a fair value as of June 30, 2023 that is, on average, approximately 94.3% 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, changes in credit spread, and changes in levels of interest rates.

The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of June 30, 2023 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.

Table 2.3


	As of June 30, 2023
	Available-for-Sale Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	591,260	$	583,923	0.52%
Due after one year through five years	858,917		845,415		4.39%
Due after five years through ten years	2,625,267		2,484,672		4.14%
Due after ten years	819,271		803,609		5.38%
Total	$	4,894,715	$	4,717,619	3.95%

Table 3.1


	As of June 30, 2023
	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	$	820,635	$	(80)	$	820,555	$	(64)	$	260	$	(46,500)	$	774,251
Farmer Mac Guaranteed USDA Securities	29,304		33		29,337		—		13		(786)		28,564
Total Farmer Mac Guaranteed Securities	849,939		(47)		849,892		(64)		273		(47,286)		802,815
USDA Securities	2,312,632		23,580		2,336,212		—		439		(274,339)		2,062,312
Total held-to-maturity	$	3,162,571	$	23,533	$	3,186,104	$	(64)	$	712	$	(321,625)	$	2,865,127
Available-for-sale:
AgVantage	$	8,149,002	$	724	$	8,149,726	$	(507)	$	1,778	$	(413,187)	$	7,737,810
Farmer Mac Guaranteed Securities(3)	—		9,748		9,748		—		—		(2,143)		7,605
Total available-for-sale	$	8,149,002	$	10,472	$	8,159,474	$	(507)	$	1,778	$	(415,330)	$	7,745,415
Trading:
USDA Securities(4)	$	1,350	$	64	$	1,414	$	—	$	—	$	(66)	$	1,348

(1)Amounts presented exclude $56.8 million, $33.6 million, and $33,000 of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of June 30, 2023.

(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, 2022
	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	$	1,000,689	$	(95)	$	1,000,594	$	(59)	$	353	$	(54,098)	$	946,790
Farmer Mac Guaranteed USDA Securities	20,586		33		20,619		—		2		(856)		19,765
Total Farmer Mac Guaranteed Securities	1,021,275		(62)		1,021,213		(59)		355		(54,954)		966,555
USDA Securities	2,384,946		24,888		2,409,834		—		668		(312,824)		2,097,678
Total held-to-maturity	$	3,406,221	$	24,826	$	3,431,047	$	(59)	$	1,023	$	(367,778)	$	3,064,233
Available-for-sale:
AgVantage	$	8,008,067	$	806	$	8,008,873	$	(546)	$	2,061	$	(411,009)	$	7,599,379
Farmer Mac Guaranteed Securities(3)	—		10,622		10,622		—		—		(2,775)		$	7,847
Total available-for-sale	$	8,008,067	$	11,428	$	8,019,495	$	(546)	$	2,061	$	(413,784)	$	7,607,226
Trading:
USDA Securities(4)	$	1,770	$	80	$	1,850	$	—	$	—	$	(83)	$	1,767

(1)Amounts presented exclude $51.5 million, $44.4 million, and $47,000 of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of December 31, 2022.

Table 3.2


	As of June 30, 2023
	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	$	134,812	$	(2,646)	$	619,073	$	(43,854)
Farmer Mac Guaranteed USDA Securities	1,272		(33)		8,635		(753)
USDA Securities	—		—		2,050,122		(274,339)
Total held-to-maturity	$	136,084	$	(2,679)	$	2,677,830	$	(318,946)

Available-for-sale:
AgVantage	$	2,931,967	$	(45,218)	$	4,298,670	$	(367,969)
Farmer Mac Guaranteed Securities	—		—		7,605		(2,143)
Total available-for-sale	$	2,931,967	$	(45,218)	$	4,306,275	$	(370,112)


	As of December 31, 2022
	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	$	548,634	$	(11,455)	$	382,358	$	(42,643)
Farmer Mac Guaranteed USDA Securities	19,790		(856)		—		—
USDA Securities	2,086,108		(312,824)		—		—
Total held-to-maturity	$	2,654,532	$	(325,135)	$	382,358	$	(42,643)

Available-for-sale:
AgVantage	$	4,642,096	$	(267,886)	$	1,548,551	$	(143,123)
Farmer Mac Guaranteed Securities	7,847		(2,775)		—		—
Total available-for-sale	$	4,649,943	$	(270,661)	$	1,548,551	$	(143,123)

The unrealized losses from AgVantage securities were on 106 and 95 available-for-sale securities as of June 30, 2023 and December 31, 2022, respectively. There were 32 and 37 held-to-maturity AgVantage securities with an unrealized loss as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023 and December 31, 2022, 57 and 13 available-for-sale AgVantage securities, respectively, had been in a loss position for more than 12 months. As of June 30, 2023 and December 31, 2022, there were 22 and 4 held-to-maturity AgVantage securities, respectively, in a loss position for more than 12 months.

During the three and six months ended June 30, 2023 and 2022 Farmer Mac had no sales of AgVantage Farmer Mac Guaranteed Securities, USDA Farmer Mac Guaranteed Securities or USDA Trading Securities and, therefore, Farmer Mac realized no gains or losses.

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 June 30, 2023 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets.

Table 3.3


	As of June 30, 2023
	Available-for-Sale Securities
	Amortized Cost(1)		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	1,704,120	$	1,694,039	5.02	%
Due after one year through five years	3,553,450		3,399,931		3.80	%
Due after five years through ten years	1,203,613		1,112,712		3.68	%
Due after ten years	1,698,291		1,538,733		4.43	%
Total	$	8,159,474	$	7,745,415	4.16	%


	As of June 30, 2023
	Held-to-Maturity Securities
	Amortized Cost(1)		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	288,106	$	282,871	2.77	%
Due after one year through five years	570,623		523,236		2.20	%
Due after five years through ten years	298,239		266,808		3.42	%
Due after ten years	2,029,136		1,792,212		3.39	%
Total	$	3,186,104	$	2,865,127	3.10	%