INVESTMENT SECURITIES (Tables)

12 Months Ended

Dec. 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 December 31, 2025 and 2024:

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.

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

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

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)

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 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	%

(1)Amounts presented exclude $91.3 million of accrued interest receivable.


	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	%

(1)Amounts presented exclude $56.7 million of accrued interest receivable.