XML 35 R24.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
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 June 30, 2024 and December 31, 2023: Table 2.1
| As of June 30, 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 |  |  | $ | (25) |  |  | $ | — |  |  | $ | (197) |  |  | $ | 19,478 |
Floating rate Government/GSE guaranteed mortgage-backed securities | 2,262,092 |  |  | 29 |  |  | 2,262,121 |  |  | — |  |  | 3,037 |  |  | (20,258) |  |  | 2,244,900 |
Fixed rate GSE guaranteed mortgage-backed securities | 2,111,417 |  |  | (58,674) |  |  | 2,052,743 |  |  | — |  |  | 2,584 |  |  | (141,565) |  |  | 1,913,762 |
Floating rate U.S. Treasuries | 50,000 |  |  | (4) |  |  | 49,996 |  |  | — |  |  | — |  |  | (6) |  |  | 49,990 |
Fixed rate U.S. Treasuries | 1,040,627 |  |  | (15,155) |  |  | 1,025,472 |  |  | — |  |  | 167 |  |  | (5,054) |  |  | 1,020,585 |
Total available-for-sale | 5,483,836 |  |  | (73,804) |  |  | 5,410,032 |  |  | (25) |  |  | 5,788 |  |  | (167,080) |  |  | 5,248,715 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Floating rate Government/GSE guaranteed mortgage-backed securities(3) | 9,270 |  |  | — |  |  | 9,270 |  |  | — |  |  | 226 |  |  | — |  |  | 9,496 |
Total held-to-maturity | $ | 9,270 |  |  | $ | — |  |  | $ | 9,270 |  |  | $ | — |  |  | $ | 226 |  |  | $ | — |  |  | $ | 9,496 |
(1)Amounts presented exclude $19.4 million of accrued interest receivable on investment securities as of June 30, 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 June 30, 2024.
| As of December 31, 2023
| 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) |  |  | $ | — |  |  | $ | (591) |  |  | $ | 19,082 |
Floating rate Government/GSE guaranteed mortgage-backed securities | 2,454,009 |  |  | (1,138) |  |  | 2,452,871 |  |  | — |  |  | 1,212 |  |  | (29,649) |  |  | 2,424,434 |
Fixed rate GSE guaranteed mortgage-backed securities | 1,727,669 |  |  | (46,788) |  |  | 1,680,881 |  |  | — |  |  | 6,558 |  |  | (117,824) |  |  | 1,569,615 |
Floating rate U.S. Treasuries | 50,000 |  |  | (17) |  |  | 49,983 |  |  | — |  |  | — |  |  | (15) |  |  | 49,968 |
Fixed rate U.S. Treasuries | 869,585 |  |  | (12,885) |  |  | 856,700 |  |  | — |  |  | 2,074 |  |  | (2,942) |  |  | 855,832 |
Total available-for-sale | 5,120,963 |  |  | (60,828) |  |  | 5,060,135 |  |  | (27) |  |  | 9,844 |  |  | (151,021) |  |  | 4,918,931 |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
Floating rate Government/GSE guaranteed mortgage-backed securities(3) | 53,756 |  |  | — |  |  | 53,756 |  |  | — |  |  | 1,745 |  |  | — |  |  | 55,501 |
Total held-to-maturity | $ | 53,756 |  |  | $ | — |  |  | $ | 53,756 |  |  | $ | — |  |  | $ | 1,745 |  |  | $ | — |  |  | $ | 55,501 |
(1)Amounts presented exclude $15.9 million of accrued interest receivable on investment securities as of December 31, 2023. (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 6.7% as of December 31, 2023. The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of June 30, 2024 and December 31, 2023: Table 3.1
| As of June 30, 2024 |  |
| Unpaid Principal Balance |  | Unamortized Premium/(Discount) |  | Amortized Cost(1) |  | Allowance for losses(2) |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  |
| (in thousands) |  |
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AgVantage | $ | 3,908,405 |  |  | $ | (28,187) |  |  | $ | 3,880,218 |  |  | $ | (133) |  |  | $ | 8,851 |  |  | $ | (31,300) |  |  | $ | 3,857,636 |  |  |
Farmer Mac Guaranteed USDA Securities | 48,953 |  |  | 30 |  |  | 48,983 |  |  | — |  |  | 110 |  |  | (940) |  |  | 48,153 |  |  |
Total Farmer Mac Guaranteed Securities | 3,957,358 |  |  | (28,157) |  |  | 3,929,201 |  |  | (133) |  |  | 8,961 |  |  | (32,240) |  |  | 3,905,789 |  |  |
USDA Securities | 2,309,465 |  |  | 21,070 |  |  | 2,330,535 |  |  | — |  |  | 255 |  |  | (335,230) |  |  | 1,995,560 |  |  |
Total held-to-maturity | $ | 6,266,823 |  |  | $ | (7,087) |  |  | $ | 6,259,736 |  |  | $ | (133) |  |  | $ | 9,216 |  |  | $ | (367,470) |  |  | $ | 5,901,349 |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AgVantage | $ | 5,746,236 |  |  | $ | — |  |  | $ | 5,746,236 |  |  | $ | (261) |  |  | $ | 5,441 |  |  | $ | (361,575) |  |  | $ | 5,389,841 |  |  |
Farmer Mac Guaranteed Securities(3) | — |  |  | 9,062 |  |  | 9,062 |  |  | — |  |  | 248 |  |  | — |  |  | 9,310 |  |  |
Total available-for-sale | $ | 5,746,236 |  |  | $ | 9,062 |  |  | $ | 5,755,298 |  |  | $ | (261) |  |  | $ | 5,689 |  |  | $ | (361,575) |  |  | $ | 5,399,151 |  |  |
Trading: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
USDA Securities(4) | $ | 1,032 |  |  | $ | 52 |  |  | $ | 1,084 |  |  | $ | — |  |  | $ | — |  |  | $ | (58) |  |  | $ | 1,026 |  |  |
(1)Amounts presented exclude $53.6 million, $55.0 million, and $28,690 of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of June 30, 2024. (2)Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3)Fair value includes $9.3 million of an interest-only security with a notional amount of $232.4 million. (4)The trading USDA securities had a weighted average yield of 5.57% as of June 30, 2024.
| As of December 31, 2023
| Unpaid Principal Balance |  | Unamortized Premium/(Discount) |  | Amortized Cost(1) |  | Allowance for losses(2) |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value
| (in thousands)
Held-to-maturity: |  |  |  |  |  |  |  |  |  |  |  |  |
AgVantage | $ | 4,206,324 |  |  | $ | (29,622) |  |  | $ | 4,176,702 |  |  | $ | (209) |  |  | $ | 4,676 |  |  | $ | (39,451) |  |  | $ | 4,141,718 |
Farmer Mac Guaranteed USDA Securities | 36,543 |  |  | 33 |  |  | 36,576 |  |  | — |  |  | 107 |  |  | (806) |  |  | 35,877 |
Total Farmer Mac Guaranteed Securities | 4,242,867 |  |  | (29,589) |  |  | 4,213,278 |  |  | (209) |  |  | 4,783 |  |  | (40,257) |  |  | 4,177,595 |
USDA Securities | 2,331,093 |  |  | 23,078 |  |  | 2,354,171 |  |  | — |  |  | 417 |  |  | (319,783) |  |  | 2,034,805 |
Total held-to-maturity | $ | 6,573,960 |  |  | $ | (6,511) |  |  | $ | 6,567,449 |  |  | $ | (209) |  |  | $ | 5,200 |  |  | $ | (360,040) |  |  | $ | 6,212,400 |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |
AgVantage | $ | 5,816,024 |  |  | $ | — |  |  | $ | 5,816,024 |  |  | $ | (317) |  |  | $ | 16,416 |  |  | $ | (309,411) |  |  | $ | 5,522,712 |
Farmer Mac Guaranteed Securities(3) | — |  |  | 9,409 |  |  | 9,409 |  |  | — |  |  | 358 |  |  | — |  |  | 9,767 |
Total available-for-sale | $ | 5,816,024 |  |  | $ | 9,409 |  |  | $ | 5,825,433 |  |  | $ | (317) |  |  | $ | 16,774 |  |  | $ | (309,411) |  |  | $ | 5,532,479 |
Trading: |  |  |  |  |  |  |  |  |  |  |  |  |
USDA Securities(4) | $ | 1,236 |  |  | $ | 64 |  |  | $ | 1,300 |  |  | $ | — |  |  | $ | — |  |  | $ | (59) |  |  | $ | 1,241 |
(1)Amounts presented exclude $47.2 million, $67.4 million, and $42,000 of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of December 31, 2023. (2)Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3)Fair value includes $9.8 million of an interest-only security with a notional amount of $238.4 million. (4)The trading USDA securities had a weighted average yield of 5.46% as of December 31, 2023.
Schedule of Unrealized Losses on Available-for-Sale Investment Securities | As of June 30, 2024 and December 31, 2023, unrealized losses on available-for-sale investment securities were as follows: Table 2.2
| As of June 30, 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 | $ | — |  |  | $ | — |  |  | $ | 19,478 |  |  | $ | (197) |
Floating rate Government/GSE guaranteed mortgage-backed securities | 334,002 |  |  | (856) |  |  | 1,205,757 |  |  | (19,402) |
Fixed rate Government/GSE guaranteed mortgage-backed securities | 379,695 |  |  | (2,425) |  |  | 1,251,770 |  |  | (139,140) |
Floating rate U.S. Treasuries | 49,990 |  |  | (6) |  |  | — |  |  | — |
Fixed rate U.S. Treasuries | 699,584 |  |  | (3,633) |  |  | 103,468 |  |  | (1,421) |
Total | $ | 1,463,271 |  |  | $ | (6,920) |  |  | $ | 2,580,473 |  |  | $ | (160,160) |
Number of securities in loss position |  |  | 97 |  |  |  |  | 167 |
| As of December 31, 2023
| 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 | $ | — |  |  | $ | — |  |  | $ | 19,082 |  |  | $ | (591) |
Floating rate Government/GSE guaranteed mortgage-backed securities | 568,759 |  |  | (4,395) |  |  | 1,449,122 |  |  | (25,254) |
Fixed rate Government/GSE guaranteed mortgage-backed securities | 384,305 |  |  | (4,262) |  |  | 905,759 |  |  | (113,562) |
Floating rate U.S. Treasuries | 49,969 |  |  | (15) |  |  | — |  |  | — |
Fixed rate U.S. Treasuries | 140,435 |  |  | (606) |  |  | 237,192 |  |  | (2,336) |
Total | $ | 1,143,468 |  |  | $ | (9,278) |  |  | $ | 2,611,155 |  |  | $ | (141,743) |
Number of securities in loss position |  |  | 91 |  |  |  |  | 162 |
As of June 30, 2024 and December 31, 2023, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 3.2
| As of June 30, 2024
| Held-to-Maturity and 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
| (in thousands)
Held-to-maturity: |  |  |  |  |  |  |
AgVantage | $ | 2,051,042 |  |  | $ | (3,053) |  |  | $ | 596,804 |  |  | $ | (28,247) |
Farmer Mac Guaranteed USDA Securities | — |  |  | — |  |  | 8,031 |  |  | (940) |
USDA Securities | 5,896 |  |  | (171) |  |  | 1,983,396 |  |  | (335,059) |
Total held-to-maturity | $ | 2,056,938 |  |  | $ | (3,224) |  |  | $ | 2,588,231 |  |  | $ | (364,246) |
Available-for-sale: |  |  |  |  |  |  |
AgVantage | $ | 861,323 |  |  | $ | (8,677) |  |  | $ | 4,153,339 |  |  | $ | (352,898) |
Total available-for-sale | $ | 861,323 |  |  | $ | (8,677) |  |  | $ | 4,153,339 |  |  | $ | (352,898) |
| As of December 31, 2023
| Held-to-Maturity and 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
| (in thousands)
Held-to-maturity: |  |  |  |  |  |  |
AgVantage | $ | 2,070,770 |  |  | $ | (6,705) |  |  | $ | 725,347 |  |  | $ | (32,746) |
Farmer Mac Guaranteed USDA Securities | — |  |  | — |  |  | 8,393 |  |  | (806) |
USDA Securities | — |  |  | — |  |  | 2,023,801 |  |  | (319,783) |
Total held-to-maturity | $ | 2,070,770 |  |  | $ | (6,705) |  |  | $ | 2,757,541 |  |  | $ | (353,335) |
Available-for-sale: |  |  |  |  |  |  |
AgVantage | $ | 508,182 |  |  | $ | (5,716) |  |  | $ | 4,043,431 |  |  | $ | (303,695) |
Total available-for-sale | $ | 508,182 |  |  | $ | (5,716) |  |  | $ | 4,043,431 |  |  | $ | (303,695) |
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 June 30, 2024 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 June 30, 2024
| Available-for-Sale Securities
| Amortized Cost |  | Fair Value |  | Weighted- Average Yield
| (dollars in thousands)
Due within one year | $ | 474,409 |  |  | $ | 473,263 |  |  | 2.75%
Due after one year through five years | 1,817,099 |  |  | 1,789,557 |  |  | 4.35%
Due after five years through ten years | 2,373,772 |  |  | 2,256,442 |  |  | 4.23%
Due after ten years | 744,752 |  |  | 729,453 |  |  | 5.61%
Total | $ | 5,410,032 |  |  | $ | 5,248,715 |  |  | 4.33%
The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of June 30, 2024 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 June 30, 2024
| Available-for-Sale Securities
| Amortized Cost(1) |  | Fair Value |  | Weighted- Average Yield
| (dollars in thousands)
Due within one year | $ | 586,160 |  |  | $ | 578,550 |  |  | 3.05 | %
Due after one year through five years | 3,075,493 |  |  | 2,956,677 |  |  | 3.82 | %
Due after five years through ten years | 1,150,000 |  |  | 1,053,259 |  |  | 3.63 | %
Due after ten years | 943,645 |  |  | 810,665 |  |  | 3.55 | %
Total | $ | 5,755,298 |  |  | $ | 5,399,151 |  |  | 3.65 | %
(1)Amounts presented exclude $53.6 million of accrued interest receivable.
| As of June 30, 2024
| Held-to-Maturity Securities
| Amortized Cost(1) |  | Fair Value |  | Weighted- Average Yield
| (dollars in thousands)
Due within one year | $ | 1,912,322 |  |  | $ | 1,910,469 |  |  | 5.81 | %
Due after one year through five years | 1,412,798 |  |  | 1,377,921 |  |  | 4.38 | %
Due after five years through ten years | 288,510 |  |  | 249,002 |  |  | 3.67 | %
Due after ten years | 2,646,106 |  |  | 2,363,957 |  |  | 4.40 | %
Total | $ | 6,259,736 |  |  | $ | 5,901,349 |  |  | 4.83 | %
(1)Amounts presented exclude $55.0 million of accrued interest receivable.

X
- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479081/326-30-55-8 Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481800/320-10-50-6 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479106/326-30-50-4 + Details
Name: | us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments. + References No definition available. + Details
Name: | us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References No definition available. + Details
Name: | us-gaap_MarketableSecuritiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration