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FAIR VALUE DISCLOSURES (Tables)
 9 Months Ended
Sep. 30, 2024
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 September 30, 2024 and December 31, 2023, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value:

Table 9.1
Assets and Liabilities Measured at Fair Value as of September 30, 2024
 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$— $— $19,478 $19,478 
Floating rate Government/GSE guaranteed mortgage-backed securities— 2,436,435 — 2,436,435 
Fixed rate GSE guaranteed mortgage-backed securities— 2,143,758 — 2,143,758 
Floating rate U.S. Treasuries— — — — 
Fixed rate U.S. Treasuries1,278,265 — — 1,278,265 
Total Available-for-sale Investment Securities1,278,265 4,580,193 19,478 5,877,936 
Farmer Mac Guaranteed Securities:    
Available-for-sale:    
AgVantage— — 5,752,385 5,752,385 
Farmer Mac Guaranteed Securities— — 9,306 9,306 
Total Farmer Mac Guaranteed Securities— — 5,761,691 5,761,691 
USDA Securities:    
Trading— — 842 842 
Total USDA Securities— — 842 842 
Financial derivatives138 49,059 — 49,197 
Guarantee Asset— — 5,556 5,556 
Total Assets at fair value$1,278,403 $4,629,252 $5,787,567 $11,695,222 
Liabilities:    
Financial derivatives$— $64,351 $— $64,351 
Total Liabilities at fair value$— $64,351 $— $64,351 
(1) Level 3 assets represent 19% of total assets and 49% of financial instruments measured at fair value.
Assets and Liabilities Measured at Fair Value as of December 31, 2023
 Level 1Level 2
Level 3(1)
Total
 (in thousands)
Recurring: 
Assets:    
Investment Securities:    
Available-for-sale:    
Floating rate auction-rate certificates backed by Government guaranteed student loans$— $— $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.
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 three and nine months ended September 30, 2024 and 2023.

Table 9.2
Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2024
Beginning BalancePurchasesSettlementsAllowance for Losses
Realized and
unrealized (losses)/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$19,478 $— $— $— $— $— $19,478 
Total available-for-sale19,478 — — — — — 19,478 
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage
5,389,841 400,000 (215,855)44 189,191 (10,836)5,752,385 
Farmer Mac Guaranteed Securities9,310 — (176)— — 172 9,306 
Total available-for-sale5,399,151 400,000 (216,031)44 189,191 (10,664)5,761,691 
USDA Securities:
Trading1,026 — (198)— 14 — 842 
Total USDA Securities1,026 — (198)— 14 — 842 
Guarantee and commitment obligations:
Guarantee Asset5,559 — (86)— 83 — 5,556 
Total Guarantee and commitment obligations5,559 — (86)— 83 — 5,556 
Total Assets at fair value$5,425,214 $400,000 $(216,315)$44 $189,288 $(10,664)$5,787,567 
Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 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$19,032 $— $— $1 $— $— $— $19,033 
Total available-for-sale19,032 — — 1 — — — 19,033 
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage7,737,810 100,000 (6,875)133 (107,917)9,653 (2,684,096)5,048,708 
Farmer Mac Guaranteed
Securities		7,605 — (169)— — 2,553 — 9,989 
Total available-for-sale7,745,415 100,000 (7,044)133 (107,917)12,206 (2,684,096)5,058,697 
USDA Securities:
Trading1,348 — (44)— (2)— — 1,302 
Total USDA Securities1,348 — (44)— (2)— — 1,302 
Guarantee and commitment obligations:
Guarantee Asset4,331 — (84)— 1,716 — — 5,963 
Total Guarantee and commitment obligations4,331 — (84)— 1,716 — — 5,963 
Total Assets at fair value$7,770,126 $100,000 $(7,172)$134 $(106,203)$12,206 $(2,684,096)$5,084,995 
(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 Nine Months Ended September 30, 2024
Beginning BalancePurchasesSettlementsAllowance for Losses
Realized and
unrealized (losses)/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$19,082 $— $— $2 $— $394 $19,478 
Total available-for-sale19,082 — — 2 — 394 19,478 
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage
5,522,712 675,000 (560,643)100 102,036 13,180 5,752,385 
Farmer Mac Guaranteed Securities9,767 — (523)— — 62 9,306 
Total available-for-sale5,532,479 675,000 (561,166)100 102,036 13,242 5,761,691 
USDA Securities:
Trading1,241 — (414)— 15 — 842 
Total USDA Securities1,241 — (414)— 15 — 842 
Guarantee and commitment obligations:
Guarantee Asset5,831 — (256)— (19)— 5,556 
Total Guarantee and commitment obligations5,831 — (256)— (19)— 5,556 
Total Assets at fair value$5,558,633 $675,000 $(561,836)$102 $102,032 $13,636 $5,787,567 
Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 30, 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 $— $— $— $19,033 
Total available-for-sale19,027 — — 6 — — — 19,033 
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage7,599,379 1,639,650 (1,405,674)173 (116,447)15,723 (2,684,096)5,048,708 
Farmer Mac Guaranteed
Securities		7,847 — (1,043)— — 3,185 — 9,989 
Total available-for-sale7,607,226 1,639,650 (1,406,717)173 (116,447)18,908 (2,684,096)5,058,697 
USDA Securities:
Trading1,767 — (479)— 14 — — 1,302 
Total USDA Securities1,767 — (479)— 14 — — 1,302 
Guarantee and commitment obligations:
Guarantee Asset4,467 — (506)— 2,002 — — 5,963 
Total Guarantee and commitment obligations4,467 — (506)— 2,002 — — 5,963 
Total Assets at fair value$7,632,487 $1,639,650 $(1,407,702)$179 $(114,431)$18,908 $(2,684,096)$5,084,995 
(1)Includes $2.7 billion of AgVantage Securities transferred from available-for-sale to held-to-maturity on July 1, 2023.
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 September 30, 2024 and December 31, 2023:

Table 9.3
As of September 30, 2024
Financial InstrumentsFair ValueValuation TechniqueUnobservable InputRange (Weighted-Average)
(in thousands)
Assets:
Investment securities:
Floating rate auction-rate certificates backed by Government guaranteed student loans$19,478 Indicative bidsRange of broker quotes
99.0% - 99.0% (99.0%)
Farmer Mac Guaranteed Securities:
AgVantage$5,752,385 Discounted cash flowDiscount rate
4.3% - 5.3% (4.5%)
Farmer Mac Guaranteed Securities$9,306 Discounted cash flowDiscount rate
8.3%
CPR
3%
USDA Securities$842 Discounted cash flowDiscount rate
5.2% - 5.3% (5.3%)
CPR
13% - 13% (13%)
Guarantee Asset$5,556 Discounted cash flowDiscount rate
8.3%
CPR
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%
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 September 30, 2024 and December 31, 2023:

Table 9.4
 As of September 30, 2024As of December 31, 2023
 Fair ValueCarrying
Amount		Fair ValueCarrying
Amount
 (in thousands)
Financial assets:    
Cash and cash equivalents$842,056 $842,056 $888,707 $888,707 
Investment securities5,896,066 5,895,793 4,981,249 4,979,504 
Farmer Mac Guaranteed Securities8,706,073 8,722,762 9,710,074 9,745,548 
USDA Securities2,112,084 2,344,715 2,036,046 2,355,412 
Loans11,974,136 12,367,333 10,426,021 11,039,349 
Financial derivatives49,197 49,197 37,478 37,478 
Guarantee and commitment fees receivable53,624 46,077 58,465 49,832 
Financial liabilities:
Notes payable26,673,965 27,129,456 25,670,971 26,336,542 
Debt securities of consolidated trusts held by third parties1,607,791 1,616,513 1,268,563 1,351,069 
Financial derivatives64,351 64,351 117,131 117,131 
Guarantee and commitment obligations51,486 43,939 56,195 47,563