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FAIR VALUE DISCLOSURES (Tables)
12 Months Ended
Dec. 31, 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 December 31, 2024 and 2023, 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, 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$— $— $19,476 $19,476 
Floating rate Government/GSE guaranteed mortgage-backed securities— 2,305,725 — 2,305,725 
Fixed rate GSE guaranteed mortgage-backed securities— 2,337,967 — 2,337,967 
Floating rate U.S. Treasuries— — — — 
Fixed rate U.S. Treasuries1,289,846 — — 1,289,846 
Total Available-for-sale Investment Securities1,289,846 4,643,692 19,476 5,953,014 
Farmer Mac Guaranteed Securities:    
Available-for-sale:    
AgVantage— — 5,505,531 5,505,531 
Farmer Mac Guaranteed Securities— — 9,015 9,015 
Total Farmer Mac Guaranteed Securities— — 5,514,546 5,514,546 
USDA Securities:    
Trading— — 818 818 
Total USDA Securities— — 818 818 
Loans:
Loans held for sale, at lower of cost or fair value— 6,160 — 6,160 
Total Loans
— 6,160 — 6,160 
Financial derivatives47 27,742 — 27,789 
Guarantee Asset— — 5,382 5,382 
Total Assets at fair value$1,289,893 $4,677,594 $5,540,222 $11,507,709 
Liabilities:    
Financial derivatives$— $77,326 $— $77,326 
Total Liabilities at fair value$— $77,326 $— $77,326 
(1) Level 3 assets represent 18% of total assets and 48% of financial instruments measured at fair value.
Assets and Liabilities Measured at Fair Value as of December 31, 2023
 Level 1Level 2
Level 3(1)
Total
 (in thousands)
Recurring: 
Assets:    
Investment Securities:    
Available-for-sale:    
Floating rate auction-rate certificates backed by Government guaranteed student loans$— $— $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 years ended December 31, 2024, 2023, and 2022.

Table 13.2
Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 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 $— $— $— $— $394 $19,476 
Total available-for-sale19,082 — — — — 394 19,476 
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage
5,522,712 677,400 (666,476)81 (49,727)21,541 5,505,531 
Farmer Mac Guaranteed Securities9,767 — (699)— — (53)9,015 
Total available-for-sale5,532,479 677,400 (667,175)81 (49,727)21,488 5,514,546 
USDA Securities:
Trading1,241 — (443)— 20 — 818 
Total USDA Securities1,241 — (443)— 20 — 818 
Guarantee and commitment obligations:
Guarantee Asset5,831 — (343)— (106)— 5,382 
Total Guarantee and commitment obligations5,831 — (343)— (106)— 5,382 
Total Assets at fair value$5,558,633 $677,400 $(667,961)$81 $(49,813)$21,882 $5,540,222 
Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2023
Beginning BalancePurchasesSettlementsAllowance for Losses
Realized and
unrealized gains included
in Income
Unrealized gains/(losses)
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 $— $— $$— $49 $— $19,082 
Total available-for-sale19,027 — — — 49 — 19,082 
Farmer Mac Guaranteed Securities:
Available-for-sale:
AgVantage7,599,379 2,084,650 (1,561,507)230 89,629 (5,573)(2,684,096)5,522,712 
Farmer Mac Guaranteed
Securities
7,847 — (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 Losses
Realized 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 
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, 2024 and 2023:

Table 13.3
As of December 31, 2024
Financial InstrumentsFair ValueValuation TechniqueUnobservable InputRange (Weighted-Average)
(in thousands)
Assets:
Investment securities:
Floating rate auction-rate certificates backed by Government guaranteed student loans$19,476 Indicative bidsRange of broker quotes
99.0% - 99.0% (99.0%)
Farmer Mac Guaranteed Securities:
AgVantage$5,505,531 Discounted cash flowDiscount rate
5.0% - 5.5% (5.1%)
Farmer Mac Guaranteed Securities$9,015 Discounted cash flowDiscount rate
7.9%
CPR
3%
USDA Securities$818 Discounted cash flowDiscount rate
5.3% - 5.4% (5.3%)
CPR
12% - 12% (12%)
Guarantee Asset$5,382 Discounted cash flowDiscount rate
7.9%
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 December 31, 2024 and 2023:

Table 13.4
 As of December 31, 2024As of December 31, 2023
 Fair ValueCarrying
Amount
Fair ValueCarrying
Amount
 (in thousands)
Financial assets:    
Cash and cash equivalents$1,024,007 $1,024,007 $888,707 $888,707 
Investment securities5,973,571 5,973,301 4,981,249 4,979,504 
Farmer Mac Guaranteed Securities8,215,646 8,232,234 9,710,074 9,745,548 
USDA Securities2,113,342 2,371,352 2,036,046 2,355,412 
Loans12,924,604 13,204,638 10,426,021 11,039,349 
Financial derivatives27,789 27,789 37,478 37,478 
Guarantee and commitment fees receivable57,562 50,499 58,465 49,832 
Financial liabilities:
Notes payable26,759,873 27,371,174 25,670,971 26,336,542 
Debt securities of consolidated trusts held by third parties1,910,302 1,929,628 1,268,563 1,351,069 
Financial derivatives77,326 77,326 117,131 117,131 
Guarantee and commitment obligations55,388 48,326 56,195 47,563