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FAIR VALUE DISCLOSURES (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements
The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022, 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, 2023
 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$— $— $19,082 $19,082 
Floating rate Government/GSE guaranteed mortgage-backed securities— 2,424,434 — 2,424,434 
Fixed rate GSE guaranteed mortgage-backed securities— 1,569,615 — 1,569,615 
Floating rate U.S. Treasuries49,968 — — 49,968 
Fixed rate U.S. Treasuries855,832 — — 855,832 
Total Available-for-sale Investment Securities905,800 3,994,049 19,082 4,918,931 
Farmer Mac Guaranteed Securities:    
Available-for-sale:    
AgVantage— — 5,522,712 5,522,712 
Farmer Mac Guaranteed Securities— — 9,767 9,767 
Total Farmer Mac Guaranteed Securities— — 5,532,479 5,532,479 
USDA Securities:    
Trading— — 1,241 1,241 
Total USDA Securities— — 1,241 1,241 
Financial derivatives11 37,467 — 37,478 
Guarantee Asset— — 5,831 5,831 
Total Assets at fair value$905,811 $4,031,516 $5,558,633 $10,495,960 
Liabilities:    
Financial derivatives$91 $117,040 $— $117,131 
Total Liabilities at fair value$91 $117,040 $— $117,131 
(1) Level 3 assets represent 19% of total assets and 52% of financial instruments measured at fair value.
Assets and Liabilities Measured at Fair Value as of December 31, 2022
 Level 1Level 2
Level 3(1)
Total
 (in thousands)
Recurring: 
Assets:    
Investment Securities:    
Available-for-sale:    
Floating rate auction-rate certificates backed by Government guaranteed student loans$— $— $19,027 $19,027 
Floating rate Government/GSE guaranteed mortgage-backed securities— 2,392,540 — 2,392,540 
Fixed rate GSE guaranteed mortgage-backed securities— 1,048,386 — 1,048,386 
Fixed rate U.S. Treasuries1,119,611 — — 1,119,611 
Total Available-for-sale Investment Securities1,119,611 3,440,926 19,027 4,579,564 
Farmer Mac Guaranteed Securities:    
Available-for-sale:    
AgVantage— — 7,599,379 7,599,379 
Farmer Mac Guaranteed Securities— — 7,847 7,847 
Total Farmer Mac Guaranteed Securities— — 7,607,226 7,607,226 
USDA Securities:    
Trading— — 1,767 1,767 
Total USDA Securities— — 1,767 1,767 
Financial derivatives— 37,409 — 37,409 
Guarantee Asset— — 4,467 4,467 
Total Assets at fair value$1,119,611 $3,478,335 $7,632,487 $12,230,433 
Liabilities:    
Financial derivatives$142 $175,184 $— $175,326 
Total Liabilities at fair value$142 $175,184 $— $175,326 
(1) Level 3 assets represent 28% of total assets and 62% of financial instruments measured at fair value.
Schedule of 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, 2023, 2022, and 2021.

Table 13.2
Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2023
Beginning BalancePurchasesSettlementsAllowance for LossesRealized and
unrealized (losses)/gains included
in Income		Unrealized gains
included in Other
Comprehensive
Income
Transfers Out(1)
Ending Balance
(in thousands)
Recurring:
Assets:
Investment Securities:
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans$19,027 $— $— $6 $— $49 $— $19,082 
Total available-for-sale19,027 — — 6 — 49 — 19,082 
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage
7,599,379 2,084,650 (1,561,507)230 89,629 (5,573)(2,684,096)5,522,712 
Farmer Mac Guaranteed Securities7,847 — (1,213)— — 3,133 — 9,767 
Total available-for-sale7,607,226 2,084,650 (1,562,720)230 89,629 (2,440)(2,684,096)5,532,479 
USDA Securities:
Trading1,767 — (550)— 24 — — 1,241 
Total USDA Securities1,767 — (550)— 24 — — 1,241 
Guarantee and commitment obligations:
Guarantee Asset4,467 — (590)— 1,954 — — 5,831 
Total Guarantee and commitment obligations4,467 — (590)— 1,954 — — 5,831 
Total Assets at fair value$7,632,487 $2,084,650 $(1,563,860)$236 $91,607 $(2,391)$(2,684,096)$5,558,633 
(1) Includes $2.7 billion of AgVantage Securities transferred from available-for-sale to held-to-maturity on July 1, 2023.
Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2022
Beginning BalancePurchasesSettlementsAllowance for LossesRealized and
unrealized losses included
in Income		Unrealized 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$19,254 $— $— $19 $— $(246)$19,027 
Total available-for-sale19,254 — — 19 — (246)19,027 
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage6,316,145 3,411,665 (1,526,303)(283)(552,907)(48,938)7,599,379 
Farmer Mac Guaranteed
Securities		12,414 — (1,675)— — (2,892)7,847 
Total available-for-sale6,328,559 3,411,665 (1,527,978)(283)(552,907)(51,830)7,607,226 
USDA Securities:
Trading4,401 — (2,583)— (51)— 1,767 
Total USDA Securities4,401 — (2,583)— (51)— 1,767 
Guarantee and commitment obligations:
Guarantee Asset6,237 — (903)— (867)— 4,467 
Total Guarantee and commitment obligations6,237 — (903)— (867)— 4,467 
Total Assets at fair value$6,358,451 $3,411,665 $(1,531,464)$(264)$(553,825)$(52,076)$7,632,487 
Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2021
Beginning BalancePurchasesSettlementsAllowance for Losses
Realized 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 
Schedule of 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, 2023 and 2022:

Table 13.3
As of December 31, 2023
Financial InstrumentsFair ValueValuation TechniqueUnobservable InputRange (Weighted-Average)
(in thousands)
Assets:
Investment securities:
Floating rate auction-rate certificates backed by Government guaranteed student loans$19,082 Indicative bidsRange of broker quotes
97.0% - 97.0% (97.0%)
Farmer Mac Guaranteed Securities:
AgVantage$5,522,712 Discounted cash flowDiscount rate
4.7% - 5.4% (5.0%)
Farmer Mac Guaranteed Securities$9,767 Discounted cash flowDiscount rate
8.3%
CPR
3%
USDA Securities$1,241 Discounted cash flowDiscount rate
5.4% - 5.4% (5.4%)
CPR
12% - 12% (12%)
Guarantee Asset$5,831 Discounted cash flowDiscount rate
8.3%
CPR
3%

As of December 31, 2022
Financial InstrumentsFair ValueValuation TechniqueUnobservable InputRange (Weighted-Average)
(in thousands)
Assets:
Investment securities:
Floating rate auction-rate certificates backed by Government guaranteed student loans$19,027 Indicative bidsRange of broker quotes
96.8% - 96.8% (96.8%)
Farmer Mac Guaranteed Securities:
AgVantage$7,599,379 Discounted cash flowDiscount rate
4.7% - 6.1% (5.1%)
Farmer Mac Guaranteed Securities$7,847 Discounted cash flowDiscount rate
4.8% - 5.3% (5.1%)
CPR
8%
USDA Securities$1,767 Discounted cash flowDiscount rate
5.1% - 5.7% (5.3%)
CPR
19% - 27% (25%)
Guarantee Asset$4,467 Discounted cash flowDiscount rate
5.4% - 5.9% (5.7%)
CPR
8%
Schedule of 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, 2023 and 2022:

Table 13.4
 As of December 31, 2023As of December 31, 2022
 Fair ValueCarrying
Amount		Fair ValueCarrying
Amount
 (in thousands)
Financial assets:    
Cash and cash equivalents$888,707 $888,707 $861,002 $861,002 
Investment securities4,981,249 4,979,504 4,630,701 4,628,268 
Farmer Mac Guaranteed Securities9,710,074 9,745,548 8,573,781 8,628,380 
USDA Securities2,036,046 2,355,412 2,099,445 2,411,601 
Loans10,426,021 11,039,349 9,666,710 10,205,466 
Financial derivatives37,478 37,478 37,409 37,409 
Guarantee and commitment fees receivable58,465 49,832 50,653 47,151 
Financial liabilities:
Notes payable25,670,971 26,336,542 23,591,330 24,469,113 
Debt securities of consolidated trusts held by third parties1,268,563 1,351,069 1,106,837 1,181,948 
Financial derivatives117,131 117,131 175,326 175,326 
Guarantee and commitment obligations56,195 47,563 50,083 46,582