FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Farmer Mac Guaranteed Securities and USDA Securities

The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of September 30, 2025 and December 31, 2024:

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

(1)Amounts presented exclude $30.9 million of accrued interest receivable on investment securities as of September 30, 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 September 30, 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.

(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 December 31, 2024.

The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of September 30, 2025 and December 31, 2024:

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

(1)Amounts presented exclude $60.3 million and $48.5 million of accrued interest receivable on available-for-sale and held-to-maturity securities, respectively, as of September 30, 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 fair value of $8.5 million relates to an interest-only security with a notional amount of $210.2 million.

(4)The trading USDA securities had a weighted average yield of 5.47% as of September 30, 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)
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

(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.

(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 fair value of $9.0 million relates to 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 September 30, 2025 and December 31, 2024, unrealized losses on available-for-sale investment securities were as follows:

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

As of September 30, 2025 and December 31, 2024, unrealized losses on available-for-sale and held-to-maturity on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows:

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)

Schedule of Available-for-Sale and Held-to-Maturity Securities Maturities

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%

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	%

(1)Amounts presented exclude $60.3 million of accrued interest receivable.

	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	%

(1)Amounts presented exclude $48.5 million of accrued interest receivable.