•U.S Government guaranteed securities: single-family and multi-family mortgage-backed securities issued by Government National Mortgage Association (Ginnie Mae) and pass-through securities issued by the Small Business Administration, which are guaranteed by the U.S. Government;

•U.S. Government Sponsored Enterprise (“GSE”) guaranteed securities: single-family and multi-family mortgage-backed securities issued by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac). GSE securities are not guaranteed by the U.S. government;

Table 2.1


	As of June 30, 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	$	(28)	$	—	$	(197)	$	19,475
Floating rate Government/GSE guaranteed mortgage-backed securities	2,396,079		(1,356)		2,394,723		—		2,287		(15,033)		2,381,977
Fixed rate Government/GSE guaranteed mortgage-backed securities	2,931,421		(69,717)		2,861,704		—		21,474		(94,836)		2,788,342

Fixed rate U.S. Treasuries	1,487,292		(7,234)		1,480,058		—		5,235		(1,056)		1,484,237
Total available-for-sale	6,834,492		(78,307)		6,756,185		(28)		28,996		(111,122)		6,674,031
Held-to-maturity:
Floating rate Government/GSE guaranteed mortgage-backed securities(3)	8,970		—		8,970		—		366		—		9,336
Total held-to-maturity	$	8,970	$	—	$	8,970	$	—	$	366	$	—	$	9,336

(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, 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

Farmer Mac did not sell any securities from its available-for-sale or held-to-maturity investment portfolios during the three and six months ended June 30, 2025. During the three and six months ended June 30, 2024, Farmer Mac sold floating rate government/GSE guaranteed mortgage-backed securities for $115.2 million from its available-for-sale investment portfolio, resulting in a gain of $1.1 million. These sales were done to rebalance the liquidity investment portfolio given the lower level of business volume activity while demonstrating that the portfolio provides strong contingent liquidity.

Table 2.2


	As of June 30, 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	$	—	$	—	$	19,475	$	(197)
Floating rate Government/GSE guaranteed mortgage-backed securities	599,742		(1,272)		976,207		(13,761)
Fixed rate Government/GSE guaranteed mortgage-backed securities	399,530		(6,557)		964,601		(88,279)

Fixed rate U.S. Treasuries	384,554		(931)		38,899		(125)
Total	$	1,383,826	$	(8,760)	$	1,999,182	$	(102,362)

Number of securities in loss position			74				156


	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

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, 2025 and December 31, 2024, 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, 2025 and December 31, 2024, 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, 2025 that is, on average, approximately 95.1% 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, or 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, 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 June 30, 2025
	Available-for-Sale Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	624,237	$	625,265	4.23%
Due after one year through five years	2,483,319		2,483,600		4.07%
Due after five years through ten years	2,629,374		2,558,256		3.83%
Due after ten years	1,019,255		1,006,910		4.78%
Total	$	6,756,185	$	6,674,031	4.10%

Table 3.1


	As of June 30, 2025
	Unpaid Principal Balance		Unamortized Premium/(Discount)		Amortized Cost(1)		Allowance for losses(2)		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Available-for-sale:
AgVantage	$	5,934,100	$	—	$	5,934,100	$	(192)	$	23,599	$	(234,617)	$	5,722,890
Farmer Mac Guaranteed Securities(3)	—		8,369		8,369		—		244		—		8,613
Total available-for-sale	$	5,934,100	$	8,369	$	5,942,469	$	(192)	$	23,843	$	(234,617)	$	5,731,503
Held-to-maturity:
AgVantage	$	2,087,686	$	(25,746)	$	2,061,940	$	(169)	$	8,740	$	(13,435)	$	2,057,076
Farmer Mac Guaranteed USDA Securities	69,200		24		69,224		—		683		(1,201)		68,706
Total Farmer Mac Guaranteed Securities	2,156,886		(25,722)		2,131,164		(169)		9,423		(14,636)		2,125,782
USDA Securities	2,388,895		17,743		2,406,638		—		6,144		(210,212)		2,202,570
Total held-to-maturity	$	4,545,781	$	(7,979)	$	4,537,802	$	(169)	$	15,567	$	(224,848)	$	4,328,352
Trading:
USDA Securities(4)	$	552	$	33	$	585	$	—	$	—	$	(25)	$	560


	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)
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
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
Trading:
USDA Securities(4)	$	814	$	42	$	856	$	—	$	—	$	(38)	$	818

Table 3.2


	As of June 30, 2025
	Available-for-Sale and Held-to-Maturity 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)
Available-for-sale:
AgVantage	$	720,505	$	(755)	$	3,442,744	$	(233,862)

Total available-for-sale	$	720,505	$	(755)	$	3,442,744	$	(233,862)

Held-to-maturity:
AgVantage	$	796,985	$	(4,542)	$	784,478	$	(8,893)
Farmer Mac Guaranteed USDA Securities	30,069		(638)		7,962		(563)
USDA Securities	1,623		(23)		1,797,100		(210,189)
Total held-to-maturity	$	828,677	$	(5,203)	$	2,589,540	$	(219,645)


	As of December 31, 2024
	Available-for-Sale and Held-to-Maturity 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)
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)

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)

The unrealized losses from AgVantage securities were on 56 and 66 available-for-sale securities as of June 30, 2025 and December 31, 2024, respectively. There were 33 and 45 held-to-maturity AgVantage securities with an unrealized loss as of June 30, 2025 and December 31, 2024, respectively. As of June 30, 2025 and December 31, 2024, 50 and 54 available-for-sale AgVantage securities had been in a loss position for more than 12 months, respectively. As of June 30, 2025 and December 31, 2024, there were 19 and 26 held-to-maturity AgVantage securities, respectively, in a loss position for more than 12 months.

During the three and six months ended June 30, 2025 and 2024, 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, 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 June 30, 2025
	Available-for-Sale Securities
	Amortized Cost(1)		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	975,356	$	972,539	4.47	%
Due after one year through five years	2,952,494		2,913,050		3.77	%
Due after five years through ten years	1,070,000		992,839		3.53	%
Due after ten years	944,619		853,075		4.00	%
Total	$	5,942,469	$	5,731,503	3.87	%


	As of June 30, 2025
	Held-to-Maturity Securities
	Amortized Cost(1)		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	913,578	$	906,222	3.41	%
Due after one year through five years	608,130		607,028		4.87	%
Due after five years through ten years	329,460		299,526		3.80	%
Due after ten years	2,686,634		2,515,576		4.34	%
Total	$	4,537,802	$	4,328,352	4.23	%