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INVESTMENT SECURITIES (Tables)

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Farmer Mac Investment Securities

The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of March 31, 2025 and December 31, 2024:

Table 2.1


	As of March 31, 2025
	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	$	(27)	$	—	$	(320)	$	19,353
Floating rate Government/GSE guaranteed mortgage-backed securities	2,404,113		(1,174)		2,402,939		—		3,046		(13,888)		2,392,097
Fixed rate Government/GSE guaranteed mortgage-backed securities	2,661,093		(65,956)		2,595,137		—		15,589		(106,814)		2,503,912

Fixed rate U.S. Treasuries	1,320,517		(9,105)		1,311,412		—		4,726		(1,420)		1,314,718
Total available-for-sale	6,405,423		(76,235)		6,329,188		(27)		23,361		(122,442)		6,230,080
Held-to-maturity:
Floating rate Government/GSE guaranteed mortgage-backed securities(3)	9,125		—		9,125		—		309		—		9,434
Total held-to-maturity	$	9,125	$	—	$	9,125	$	—	$	309	$	—	$	9,434

(1)Amounts presented exclude $27.1 million of accrued interest receivable on investment securities as of March 31, 2025.

(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.

(3)The held-to-maturity investment securities had a weighted average yield of 6.4% as of March 31, 2025.


	As of December 31, 2024
	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	$	(27)	$	—	$	(197)	$	19,476
Floating rate Government/GSE guaranteed mortgage-backed securities	2,317,032		(841)		2,316,191		—		3,484		(13,950)		2,305,725
Fixed rate Government/GSE guaranteed mortgage-backed securities	2,544,136		(66,845)		2,477,291		—		3,426		(142,750)		2,337,967

Fixed rate U.S. Treasuries	1,302,677		(10,743)		1,291,934		—		2,604		(4,692)		1,289,846
Total available-for-sale	6,183,545		(78,429)		6,105,116		(27)		9,514		(161,589)		5,953,014
Held-to-maturity:
Floating rate Government/GSE guaranteed mortgage-backed securities(3)	9,270		—		9,270		—		270		—		9,540
Total held-to-maturity	$	9,270	$	—	$	9,270	$	—	$	270	$	—	$	9,540

(1)Amounts presented exclude $22.3 million of accrued interest receivable on investment securities as of December 31, 2024.

(3)The held-to-maturity investment securities had a weighted average yield of 6.4% as of December 31, 2024.

The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of March 31, 2025 and December 31, 2024:

Table 3.1


	As of March 31, 2025
	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	$	2,428,184	$	(26,322)	$	2,401,862	$	(162)	$	9,967	$	(14,490)	$	2,397,177
Farmer Mac Guaranteed USDA Securities	49,682		25		49,707		—		344		(1,013)		49,038
Total Farmer Mac Guaranteed Securities	2,477,866		(26,297)		2,451,569		(162)		10,311		(15,503)		2,446,215
USDA Securities	2,358,530		18,160		2,376,690		—		4,824		(210,102)		2,171,412
Total held-to-maturity	$	4,836,396	$	(8,137)	$	4,828,259	$	(162)	$	15,135	$	(225,605)	$	4,617,627
Available-for-sale:
AgVantage	$	5,851,094	$	—	$	5,851,094	$	(186)	$	16,400	$	(252,796)	$	5,614,512
Farmer Mac Guaranteed Securities(3)	—		8,536		8,536		—		336		—		8,872
Total available-for-sale	$	5,851,094	$	8,536	$	5,859,630	$	(186)	$	16,736	$	(252,796)	$	5,623,384
Trading:
USDA Securities(4)	$	645	$	36	$	681	$	—	$	—	$	(30)	$	651

(1)Amounts presented exclude $59.3 million and $47.7 million of accrued interest receivable on available-for-sale and held-to-maturity securities, respectively, as of March 31, 2025.

(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.

(3)Fair value includes $8.9 million of an interest-only security with a notional amount of $222.1 million.

(4)The trading USDA securities had a weighted average yield of 5.68% as of March 31, 2025.


	As of December 31, 2024
	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	$	2,694,492	$	(26,928)	$	2,667,564	$	(178)	$	5,978	$	(21,592)	$	2,651,772
Farmer Mac Guaranteed USDA Securities	50,275		27		50,302		—		246		(1,220)		49,328
Total Farmer Mac Guaranteed Securities	2,744,767		(26,901)		2,717,866		(178)		6,224		(22,812)		2,701,100
USDA Securities	2,351,334		19,200		2,370,534		—		180		(258,190)		2,112,524
Total held-to-maturity	$	5,096,101	$	(7,701)	$	5,088,400	$	(178)	$	6,404	$	(281,002)	$	4,813,624
Available-for-sale:
AgVantage	$	5,826,948	$	—	$	5,826,948	$	(236)	$	6,295	$	(327,476)	$	5,505,531
Farmer Mac Guaranteed Securities(3)	—		8,710		8,710		—		305		—		9,015
Total available-for-sale	$	5,826,948	$	8,710	$	5,835,658	$	(236)	$	6,600	$	(327,476)	$	5,514,546
Trading:
USDA Securities(4)	$	814	$	42	$	856	$	—	$	—	$	(38)	$	818

(1)Amounts presented exclude $57.5 million and $59.8 million of accrued interest receivable on available-for-sale and held-to-maturity securities, respectively, as of December 31, 2024.

(3)Fair value includes $9.0 million of an interest-only security with a notional amount of $228.0 million.

(4)The trading USDA securities had a weighted average yield of 5.47% as of December 31, 2024.

Schedule of Unrealized Losses on Available-for-Sale Investment Securities

As of March 31, 2025 and December 31, 2024, unrealized losses on available-for-sale investment securities were as follows:

Table 2.2


	As of March 31, 2025
	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	$	—	$	—	$	19,353	$	(320)
Floating rate Government/GSE guaranteed mortgage-backed securities	480,450		(593)		1,014,378		(13,295)
Fixed rate Government/GSE guaranteed mortgage-backed securities	487,530		(7,324)		971,658		(99,490)

Fixed rate U.S. Treasuries	309,390		(1,266)		46,048		(154)
Total	$	1,277,370	$	(9,183)	$	2,051,437	$	(113,259)

Number of securities in loss position			64				157


	As of December 31, 2024
	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	$	—	$	—	$	19,476	$	(197)
Floating rate Government/GSE guaranteed mortgage-backed securities	269,862		(420)		1,025,360		(13,530)
Fixed rate Government/GSE guaranteed mortgage-backed securities	999,793		(17,682)		946,166		(125,068)

Fixed rate U.S. Treasuries	590,307		(4,375)		58,523		(317)
Total	$	1,859,962	$	(22,477)	$	2,049,525	$	(139,112)

Number of securities in loss position			90				155

As of March 31, 2025 and December 31, 2024, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows:

Table 3.2


	As of March 31, 2025
	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	$	258,468	$	(1,047)	$	1,232,355	$	(13,443)
Farmer Mac Guaranteed USDA Securities	30,584		(446)		8,088		(567)
USDA Securities	—		—		1,806,718		(210,102)
Total held-to-maturity	$	289,052	$	(1,493)	$	3,047,161	$	(224,112)

Available-for-sale:
AgVantage	$	428,719	$	(1,375)	$	3,442,179	$	(251,421)

Total available-for-sale	$	428,719	$	(1,375)	$	3,442,179	$	(251,421)


	As of December 31, 2024
	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	$	998,200	$	(3,326)	$	1,187,464	$	(18,266)
Farmer Mac Guaranteed USDA Securities	30,912		(529)		8,070		(691)
USDA Securities	8,938		(164)		2,099,695		(258,026)
Total held-to-maturity	$	1,038,050	$	(4,019)	$	3,295,229	$	(276,983)

Available-for-sale:
AgVantage	$	1,152,227	$	(12,889)	$	3,649,845	$	(314,587)

Total available-for-sale	$	1,152,227	$	(12,889)	$	3,649,845	$	(314,587)

Schedule of Available-for-Sale Securities Maturities

The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of March 31, 2025 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 March 31, 2025
	Available-for-Sale Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	598,357	$	599,403	3.75%
Due after one year through five years	2,331,405		2,326,662		4.10%
Due after five years through ten years	2,491,567		2,407,741		3.82%
Due after ten years	907,859		896,274		4.71%
Total	$	6,329,188	$	6,230,080	4.04%

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 March 31, 2025 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 March 31, 2025
	Available-for-Sale Securities
	Amortized Cost(1)		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	781,516	$	778,790	4.55	%
Due after one year through five years	2,947,494		2,892,428		3.77	%
Due after five years through ten years	1,180,000		1,089,435		3.55	%
Due after ten years	950,620		862,731		3.99	%
Total	$	5,859,630	$	5,623,384	3.86	%

(1)Amounts presented exclude $59.3 million of accrued interest receivable.


	As of March 31, 2025
	Held-to-Maturity Securities
	Amortized Cost(1)		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	1,106,610	$	1,096,081	3.62	%
Due after one year through five years	748,491		745,365		4.89	%
Due after five years through ten years	311,220		283,590		3.76	%
Due after ten years	2,661,938		2,492,591		4.29	%
Total	$	4,828,259	$	4,617,627	4.24	%

(1)Amounts presented exclude $47.7 million of accrued interest receivable.