•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;

•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;

•AgVantage Securities: securities backed by corporate obligations of approved agricultural or rural infrastructure financial institution counterparties, backed by a pledge of eligible agricultural or infrastructure finance mortgages.

Table 4.1


	As of December 31, 2025
	Amortized Cost(1)		Allowance for losses(2)		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Available-for-sale:
Government/GSE guaranteed mortgage-backed securities	$	5,351,174	$	—	$	35,078	$	(89,234)	$	5,297,018
U.S. Treasuries	1,537,112		—		7,083		(48)		1,544,147
AgVantage	6,917,225		(130)		29,056		(215,234)		6,730,917
Interest-Only Farmer Mac Guaranteed Securities	8,040		—		163		—		8,203
Total available-for-sale	$	13,813,551	$	(130)	$	71,380	$	(304,516)	$	13,580,285
Held-to-maturity:
Government/GSE guaranteed mortgage-backed securities	$	8,657	$	—	$	281	$	—	$	8,938
AgVantage	1,486,284		(77)		16,444		(3,731)		1,498,920
USDA Securities	2,459,359		—		5,851		(179,116)		2,286,094
Total held-to-maturity	$	3,954,300	$	(77)	$	22,576	$	(182,847)	$	3,793,952

(1)Amounts presented exclude $91.3 million and $56.7 million of accrued interest receivable on available-for-sale and held-to-maturity securities, respectively, as of December 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.


	As of December 31, 2024
	Amortized Cost(1)		Allowance for losses(2)		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Available-for-sale:
Auction-rate certificates backed by Government guaranteed student loans	$	19,700	$	(27)	$	—	$	(197)	$	19,476
Government/GSE guaranteed mortgage-backed securities	4,793,482		—		6,910		(156,700)		4,643,692
U.S. Treasuries	1,291,934		—		2,604		(4,692)		1,289,846
AgVantage	5,826,948		(236)		6,295		(327,476)		5,505,531
Interest-Only Farmer Mac Guaranteed Securities	8,710		—		305		—		9,015
Total available-for-sale	$	11,940,774	$	(263)	$	16,114	$	(489,065)	$	11,467,560
Held-to-maturity:
Government/GSE guaranteed mortgage-backed securities	$	9,270	$	—	$	270	$	—	$	9,540
AgVantage	2,667,564		(178)		5,978		(21,592)		2,651,772
USDA Securities	2,420,836		—		426		(259,410)		2,161,852
Total held-to-maturity	$	5,097,670	$	(178)	$	6,674	$	(281,002)	$	4,823,164

(1)Amounts presented exclude $79.7 million and $59.9 million of accrued interest receivable on available-for-sale and held-to-maturity securities, respectively, as of December 31, 2024.

As of December 31, 2025 and 2024, to satisfy initial margin requirements for centrally cleared derivatives, Farmer Mac pledged U.S. Treasuries with fair value of $250.6 million and $213.4 million, respectively, as collateral at the Chicago Mercantile Exchange ("CME").

During the year ended December 31, 2025, Farmer Mac sold floating rate auction-rate certificates backed by government guaranteed student loans for $19.5 million from its available-for-sale investment portfolio, resulting in a realized loss of $0.2 million. During the year ended December 31, 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. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the year ended December 31, 2023.

Table 4.2


	As of December 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)
Government/GSE guaranteed mortgage-backed securities	$	799,619	$	(4,695)	$	2,008,388	$	(84,539)
U.S. Treasuries	29,902		(13)		95,270		(35)
AgVantage	1,607,457		(18,768)		3,123,117		(196,466)
Total	$	2,436,978	$	(23,476)	$	5,226,775	$	(281,040)


	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)
Auction-rate certificates backed by Government guaranteed student loans	$	—	$	—	$	19,476	$	(197)
Government/GSE guaranteed mortgage-backed securities	1,269,655		(18,102)		1,971,526		(138,598)
U.S. Treasuries	590,307		(4,375)		58,523		(317)
AgVantage	1,152,227		(12,889)		3,649,845		(314,587)
Total	$	3,012,189	$	(35,366)	$	5,699,370	$	(453,699)

The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of December 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 4.3


	As of December 31, 2025
	Available-for-Sale Securities
	Amortized Cost(1)		Fair Value		Weighted-Average Yield
	(dollars in thousands)
Due within one year	$	1,494,158	$	1,488,988	3.46	%
Due after one year through five years	6,668,349		6,659,089		4.07	%
Due after five years through ten years	3,451,994		3,324,384		3.59	%
Due after ten years	2,199,050		2,107,824		4.26	%
Total	$	13,813,551	$	13,580,285	3.93	%


	As of December 31, 2025
	Held-to-Maturity Securities
	Amortized Cost(1)		Fair Value		Weighted-Average Yield
	(dollars in thousands)
Due within one year	$	566,164	$	571,874	2.73	%
Due after one year through five years	396,194		389,606		4.81	%
Due after five years through ten years	328,640		301,797		3.83	%
Due after ten years	2,663,302		2,530,675		4.24	%
Total	$	3,954,300	$	3,793,952	4.04	%