•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 September 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	$	(21)	$	—	$	(197)	$	19,482
Floating rate Government/GSE guaranteed mortgage-backed securities	2,326,063		(1,423)		2,324,640		—		1,669		(12,459)		2,313,850
Fixed rate Government/GSE guaranteed mortgage-backed securities	2,967,739		(68,095)		2,899,644		—		28,975		(82,498)		2,846,121
Fixed rate U.S. Treasuries	1,477,292		(6,499)		1,470,793		—		6,028		(328)		1,476,493
Total available-for-sale	6,790,794		(76,017)		6,714,777		(21)		36,672		(95,482)		6,655,946
Held-to-maturity:
Floating rate Government/GSE guaranteed mortgage-backed securities(3)	8,815		—		8,815		—		286		—		9,101
Total held-to-maturity	$	8,815	$	—	$	8,815	$	—	$	286	$	—	$	9,101

(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 nine months ended September 30, 2025. During the nine months ended September 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 September 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	$	—	$	—	$	19,482	$	(197)
Floating rate Government/GSE guaranteed mortgage-backed securities	543,325		(1,394)		998,973		(11,065)
Fixed rate Government/GSE guaranteed mortgage-backed securities	155,569		(3,392)		998,254		(79,106)
Fixed rate U.S. Treasuries	35,047		(8)		243,217		(320)
Total	$	733,941	$	(4,794)	$	2,259,926	$	(90,688)

Number of securities in loss position			61				164


	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 September 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 September 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 GSE, or had credit ratings of at least "AAA."

Securities in unrealized loss positions for 12 months or longer have a fair value as of September 30, 2025 that is, on average, approximately 96.1% 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 September 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 September 30, 2025
	Available-for-Sale Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	876,565	$	877,887	4.05%
Due after one year through five years	2,267,630		2,272,750		4.14%
Due after five years through ten years	2,540,002		2,481,095		3.80%
Due after ten years	1,030,580		1,024,214		4.79%
Total	$	6,714,777	$	6,655,946	4.10%

Table 3.1


	As of September 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	$	6,034,583	$	—	$	6,034,583	$	(138)	$	27,270	$	(216,073)	$	5,845,642
Farmer Mac Guaranteed Securities(3)	—		8,206		8,206		—		250		—		8,456
Total available-for-sale	$	6,034,583	$	8,206	$	6,042,789	$	(138)	$	27,520	$	(216,073)	$	5,854,098
Held-to-maturity:
AgVantage	$	1,647,063	$	(25,178)	$	1,621,885	$	(128)	$	9,156	$	(8,575)	$	1,622,338
Farmer Mac Guaranteed USDA Securities	70,821		23		70,844		—		1,484		(516)		71,812
Total Farmer Mac Guaranteed Securities	1,717,884		(25,155)		1,692,729		(128)		10,640		(9,091)		1,694,150
USDA Securities	2,372,316		16,864		2,389,180		—		17,166		(157,186)		2,249,160
Total held-to-maturity	$	4,090,200	$	(8,291)	$	4,081,909	$	(128)	$	27,806	$	(166,277)	$	3,943,310
Trading:
USDA Securities(4)	$	447	$	29	$	476	$	—	$	—	$	(20)	$	456


	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 September 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	$	446,255	$	(3,745)	$	3,438,088	$	(212,328)

Total available-for-sale	$	446,255	$	(3,745)	$	3,438,088	$	(212,328)

Held-to-maturity:
AgVantage	$	588,063	$	(3,345)	$	539,729	$	(5,230)
Farmer Mac Guaranteed USDA Securities	—		—		38,360		(516)
USDA Securities	—		—		1,789,302		(157,186)
Total held-to-maturity	$	588,063	$	(3,345)	$	2,367,391	$	(162,932)


	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 credit exposure related to Farmer Mac's USDA Securities and Farmer Mac Guaranteed USDA Securities in the Agricultural Finance line of business is covered by the full faith and credit guarantee of the United States of America.

The unrealized losses from AgVantage securities were on 51 and 66 available-for-sale securities as of September 30, 2025 and December 31, 2024, respectively. There were 22 and 45 held-to-maturity AgVantage securities with an unrealized loss as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, 48 and 54 available-for-sale AgVantage securities had been in a loss position for more than 12 months, respectively. As of September 30, 2025 and December 31, 2024, there were 17 and 26 held-to-maturity AgVantage securities, respectively, in a loss position for more than 12 months.

During the three and nine months ended September 30, 2025 and 2024, Farmer Mac had no sales of Farmer Mac Guaranteed Securities or USDA Securities, 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 securities by remaining contractual maturity as of September 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 September 30, 2025
	Available-for-Sale Securities
	Amortized Cost(1)		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	755,000	$	753,819	4.37	%
Due after one year through five years	3,312,473		3,282,253		3.81	%
Due after five years through ten years	1,041,694		972,023		3.51	%
Due after ten years	933,622		846,003		3.99	%
Total	$	6,042,789	$	5,854,098	3.85	%


	As of September 30, 2025
	Held-to-Maturity Securities
	Amortized Cost(1)		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	590,175	$	587,330	3.58	%
Due after one year through five years	497,963		498,841		4.61	%
Due after five years through ten years	326,128		302,526		3.79	%
Due after ten years	2,667,643		2,554,613		4.36	%
Total	$	4,081,909	$	3,943,310	4.28	%