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FAIR VALUE DISCLOSURES
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE DISCLOSURES FAIR VALUE DISCLOSURES
Fair Value Classification and Transfers

The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value:

Table 8.1
Assets and Liabilities Measured at Fair Value as of June 30, 2026
 Level 1Level 2
Level 3(1)
Total
 (in thousands)
Recurring: 
Assets:    
Investment Securities:    
AFS:
    
Government/GSE guaranteed MBS
$— $5,616,878 $— $5,616,878 
U.S. Treasuries
1,498,059 — — 1,498,059 
ABS
— — 65,474 65,474 
AgVantage— — 7,702,969 7,702,969 
Interest-Only Farmer Mac Guaranteed Securities
— — 8,126 8,126 
Total AFS Investment Securities
1,498,059 5,616,878 7,776,569 14,891,506 
Financial derivatives43 42,368 — 42,411 
Other Assets(2)
— — 4,852 4,852 
Total Assets at fair value$1,498,102 $5,659,246 $7,781,421 $14,938,769 
Liabilities:    
Financial derivatives$22 $69,260 $— $69,282 
Total Liabilities at fair value$22 $69,260 $— $69,282 
(1) Level 3 assets represent 20% of total assets and 52% of financial instruments measured at fair value.
(2) Represents a retained beneficial interest related to transfers of financial assets.
Assets and Liabilities Measured at Fair Value as of December 31, 2025
 Level 1Level 2
Level 3(1)
Total
 (in thousands)
Recurring: 
Assets:    
Investment Securities:    
AFS:
    
Government/GSE guaranteed MBS
$— $5,297,018 $— $5,297,018 
U.S. Treasuries
1,544,147 — — 1,544,147 
AgVantage— — 6,730,917 6,730,917 
Interest-Only Farmer Mac Guaranteed Securities
— — 8,203 8,203 
Total AFS Investment Securities
1,544,147 5,297,018 6,739,120 13,580,285 
Financial derivatives154 44,721 — 44,875 
Other Assets(2)
— — 4,897 4,897 
Total Assets at fair value$1,544,301 $5,341,739 $6,744,017 $13,630,057 
Liabilities:    
Financial derivatives$15 $21,603 $— $21,618 
Total Liabilities at fair value$15 $21,603 $— $21,618 
(1) Level 3 assets represent 19% of total assets and 49% of financial instruments measured at fair value.
(2) Represents a retained beneficial interest related to transfers of financial assets.

There were no material assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2026 or December 31, 2025.

Transfers in and/or out of the different levels within the fair value hierarchy are based on the fair values of the assets and liabilities as of the beginning of the reporting period. During the three and six months ended June 30, 2026 and 2025, there were no transfers within the fair value hierarchy.

The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value. Net transfers in and/or out of Level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period. There were no liabilities measured at fair value using significant unobservable inputs during the three and six months ended June 30, 2026 and 2025.

Table 8.2
Level 3 Assets and Liabilities Measured at Fair Value For the Three Months Ended June 30, 2026
Beginning BalancePurchasesSettlementsAllowance for Losses
Realized and
unrealized (losses)/gains included in Income
Unrealized gains
included in Other
Comprehensive
Income		Ending Balance
(in thousands)
Recurring:
Assets:
Investment Securities:
AFS:
ABS
$44,586 $20,320 $(1)$— $(612)$1,181 $65,474 
AgVantage
6,828,759 1,125,000 (215,000)59 (36,358)509 7,702,969 
Interest-Only Farmer Mac Guaranteed Securities
8,153 — (140)— — 113 8,126 
Total AFS
6,881,498 1,145,320 (215,141)59 (36,970)1,803 7,776,569 
Other Assets4,867 — (72)— 57 — 4,852 
Total Assets at fair value$6,886,365 $1,145,320 $(215,213)$59 $(36,913)$1,803 $7,781,421 
Level 3 Assets and Liabilities Measured at Fair Value For the Three Months Ended June 30, 2025
Beginning BalancePurchasesSettlementsAllowance for LossesRealized and
unrealized gains/(losses) included
in Income		Unrealized gains/(losses)
included in Other
Comprehensive
Income		Ending Balance
(in thousands)
Recurring:
Assets:
Investment Securities:
AFS:
Auction-rate certificates backed by Government guaranteed student loans
$19,353 $— $— $(1)$— $123 $19,475 
AgVantage5,614,512 100,000 (16,994)(5)37,812 (12,435)5,722,890 
Interest-Only Farmer Mac Guaranteed Securities
8,872 — (166)— — (93)8,613 
Total AFS
5,642,737 100,000 (17,160)(6)37,812 (12,405)5,750,978 
Other Assets5,297 — (85)— (71)— 5,141 
Total Assets at fair value$5,648,034 $100,000 $(17,245)$(6)$37,741 $(12,405)$5,756,119 

Level 3 Assets and Liabilities Measured at Fair Value for the For the Six Months Ended June 30, 2026
Beginning BalancePurchasesSettlementsAllowance for Losses
Realized and
unrealized gains included
in Income
Unrealized gains/(losses) included in Other Comprehensive Income
Ending Balance
(in thousands)
Recurring:
Assets:
Investment Securities:
AFS:
ABS$— $65,320 $(1)$— $(630)$785 $65,474 
AgVantage6,730,917 1,475,000 (428,097)51 (57,852)(17,050)7,702,969 
Interest-Only Farmer Mac Guaranteed Securities
8,203 — (300)— — 223 8,126 
Total AFS6,739,120 1,540,320 (428,398)51 (58,482)(16,042)7,776,569 
Other Assets4,897 — (155)— 110 — 4,852 
Total Assets at fair value$6,744,017 $1,540,320 $(428,553)$51 $(58,372)$(16,042)$7,781,421 
Level 3 Assets and Liabilities Measured at Fair Value for the For the Six Months Ended June 30, 2025
Beginning BalancePurchasesSettlementsAllowance for LossesRealized and
unrealized gains/(losses) included
in Income		Unrealized losses included in Other Comprehensive IncomeEnding Balance
(in thousands)
Recurring:
Assets:
Investment Securities:
AFS:
Auction-rate certificates backed by Government guaranteed student loans
$19,476 $— $— $(1)$— $— $19,475 
AgVantage5,505,531 400,000 (292,849)45 119,878 (9,715)5,722,890 
Interest-Only Farmer Mac Guaranteed Securities
9,015 — (340)— — (62)8,613 
Total AFS5,534,022 400,000 (293,189)44 119,878 (9,777)5,750,978 
Other Assets5,382 — (171)— (70)— 5,141 
Total Assets at fair value$5,539,404 $400,000 $(293,360)$44 $119,808 $(9,777)$5,756,119 

The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in Level 3 of the fair value hierarchy as of June 30, 2026 and December 31, 2025:

Table 8.3
As of June 30, 2026
Financial InstrumentsFair ValueValuation TechniqueUnobservable InputRange (Weighted-Average)
(in thousands)
Assets:
Investment securities:
ABS
$65,474 Discounted cash flowDiscount rate
5.8% - 7.5% (7.0%)
AgVantage$7,702,969 Discounted cash flowDiscount rate
4.8% - 5.6% (5.0%)
Interest-Only Farmer Mac Guaranteed Securities$8,126 Discounted cash flowDiscount rate
8.1%
CPR
2.3%
Other Assets$4,852 Discounted cash flowDiscount rate
8.1%
CPR
2.3%

As of December 31, 2025
Financial InstrumentsFair ValueValuation TechniqueUnobservable InputRange (Weighted-Average)
(in thousands)
Assets:
Investment securities:
AgVantage$6,730,917 Discounted cash flowDiscount rate
4.3% - 4.9% (4.5%)
Interest-Only Farmer Mac Guaranteed Securities$8,203 Discounted cash flowDiscount rate
7.8%
CPR
3.3%
Other Assets$4,897 Discounted cash flowDiscount rate
7.8%
CPR
3.3%
Disclosures on Fair Value of Financial Instruments

The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of June 30, 2026 and December 31, 2025:

Table 8.4
As of June 30, 2026
Carrying Value
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Estimated Fair Value
(in thousands)
Financial Assets:
Cash and cash equivalents$1,038,091 $1,038,091 $— $— $1,038,091 
Investment securities
19,425,162 1,498,059 5,616,878 12,123,646 19,238,583 
Loans
18,180,844 — — 18,226,446 18,226,446 
Financial derivatives
42,411 43 42,368 — 42,411 
Guarantee and commitment fees receivable58,476 — — 62,164 62,164 
Financial liabilities:
Notes payable34,693,922 — — 34,237,982 34,237,982 
Debt securities of consolidated trusts held by third parties2,217,532 — — 2,251,451 2,251,451 
Financial derivatives69,282 22 69,260 — 69,282 
Guarantee and commitment obligations55,555 — — 59,245 59,245 

As of December 31, 2025
Carrying Value
Quoted Prices in Active Markets for Identical Assets
(Level 1)
Significant Other Observable Inputs
(Level 2)
Significant Unobservable Inputs
(Level 3)
Estimated Fair Value
(in thousands)
Financial Assets:
Cash and cash equivalents$931,067 $931,067 — — $931,067 
Investment securities
17,550,379 1,544,147 5,297,018 10,548,943 17,390,108 
Loans
16,321,276 — — 16,342,149 16,342,149 
Financial derivatives
44,875 154 44,721 — 44,875 
Guarantee and commitment fees receivable57,214 — — 63,677 63,677 
Financial liabilities:
Notes payable30,822,570 — — 30,489,417 30,489,417 
Debt securities of consolidated trusts held by third parties2,365,435 — — 2,420,149 2,420,149 
Financial derivatives21,618 15 21,603 — 21,618 
Guarantee and commitment obligations54,770 — — 61,234 61,234