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FAIR VALUE DISCLOSURES (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Measurements | The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 9.1
Assets and Liabilities Measured at Fair Value as of September 30, 2024
| Level 1 |  | Level 2 |  | Level 3(1) |  | Total
| (in thousands)
Recurring: |
Assets: |  |  |  |  |  |  |
Investment Securities: |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — |  |  | $ | — |  |  | $ | 19,478 |  |  | $ | 19,478 |
Floating rate Government/GSE guaranteed mortgage-backed securities | — |  |  | 2,436,435 |  |  | — |  |  | 2,436,435 |
Fixed rate GSE guaranteed mortgage-backed securities | — |  |  | 2,143,758 |  |  | — |  |  | 2,143,758 |
Floating rate U.S. Treasuries | — |  |  | — |  |  | — |  |  | — |
Fixed rate U.S. Treasuries | 1,278,265 |  |  | — |  |  | — |  |  | 1,278,265 |
Total Available-for-sale Investment Securities | 1,278,265 |  |  | 4,580,193 |  |  | 19,478 |  |  | 5,877,936 |
Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
AgVantage | — |  |  | — |  |  | 5,752,385 |  |  | 5,752,385 |
Farmer Mac Guaranteed Securities | — |  |  | — |  |  | 9,306 |  |  | 9,306 |
Total Farmer Mac Guaranteed Securities | — |  |  | — |  |  | 5,761,691 |  |  | 5,761,691 |
USDA Securities: |  |  |  |  |  |  |
Trading | — |  |  | — |  |  | 842 |  |  | 842 |
Total USDA Securities | — |  |  | — |  |  | 842 |  |  | 842 |
Financial derivatives | 138 |  |  | 49,059 |  |  | — |  |  | 49,197 |
Guarantee Asset | — |  |  | — |  |  | 5,556 |  |  | 5,556 |
Total Assets at fair value | $ | 1,278,403 |  |  | $ | 4,629,252 |  |  | $ | 5,787,567 |  |  | $ | 11,695,222 |
Liabilities: |  |  |  |  |  |  |
Financial derivatives | $ | — |  |  | $ | 64,351 |  |  | $ | — |  |  | $ | 64,351 |
Total Liabilities at fair value | $ | — |  |  | $ | 64,351 |  |  | $ | — |  |  | $ | 64,351 |
(1) Level 3 assets represent 19% of total assets and 49% of financial instruments measured at fair value.
Assets and Liabilities Measured at Fair Value as of December 31, 2023
| Level 1 |  | Level 2 |  | Level 3(1) |  | Total
| (in thousands)
Recurring: |
Assets: |  |  |  |  |  |  |
Investment Securities: |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | — |  |  | $ | — |  |  | $ | 19,082 |  |  | $ | 19,082 |
Floating rate Government/GSE guaranteed mortgage-backed securities | — |  |  | 2,424,434 |  |  | — |  |  | 2,424,434 |
Fixed rate GSE guaranteed mortgage-backed securities | — |  |  | 1,569,615 |  |  | — |  |  | 1,569,615 |
Floating rate U.S. Treasuries | 49,968 |  |  | — |  |  | — |  |  | 49,968 |
Fixed rate U.S. Treasuries | 855,832 |  |  | — |  |  | — |  |  | 855,832 |
Total Available-for-sale Investment Securities | 905,800 |  |  | 3,994,049 |  |  | 19,082 |  |  | 4,918,931 |
Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |
AgVantage | — |  |  | — |  |  | 5,522,712 |  |  | 5,522,712 |
Farmer Mac Guaranteed Securities | — |  |  | — |  |  | 9,767 |  |  | 9,767 |
Total Farmer Mac Guaranteed Securities | — |  |  | — |  |  | 5,532,479 |  |  | 5,532,479 |
USDA Securities: |  |  |  |  |  |  |
Trading | — |  |  | — |  |  | 1,241 |  |  | 1,241 |
Total USDA Securities | — |  |  | — |  |  | 1,241 |  |  | 1,241 |
Financial derivatives | 11 |  |  | 37,467 |  |  | — |  |  | 37,478 |
Guarantee Asset | — |  |  | — |  |  | 5,831 |  |  | 5,831 |
Total Assets at fair value | $ | 905,811 |  |  | $ | 4,031,516 |  |  | $ | 5,558,633 |  |  | $ | 10,495,960 |
Liabilities: |  |  |  |  |  |  |
Financial derivatives | $ | 91 |  |  | $ | 117,040 |  |  | $ | — |  |  | $ | 117,131 |
Total Liabilities at fair value | $ | 91 |  |  | $ | 117,040 |  |  | $ | — |  |  | $ | 117,131 |
(1) Level 3 assets represent 19% of total assets and 52% of financial instruments measured at fair value.
Schedule of Unobservable Input Reconciliation | 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 nine months ended September 30, 2024 and 2023. Table 9.2
Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2024
| Beginning Balance |  | Purchases |  |  |  | Settlements |  | Allowance for Losses |  | Realized and unrealized (losses)/gains included in Income |  | Unrealized gains/(losses) included in Other Comprehensive Income |  | Ending Balance
| (in thousands)
Recurring: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 19,478 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19,478 |
Total available-for-sale | 19,478 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 19,478 |
Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AgVantage | 5,389,841 |  |  | 400,000 |  |  |  |  | (215,855) |  |  | 44 |  |  | 189,191 |  |  | (10,836) |  |  | 5,752,385 |
Farmer Mac Guaranteed Securities | 9,310 |  |  | — |  |  |  |  | (176) |  |  | — |  |  | — |  |  | 172 |  |  | 9,306 |
Total available-for-sale | 5,399,151 |  |  | 400,000 |  |  |  |  | (216,031) |  |  | 44 |  |  | 189,191 |  |  | (10,664) |  |  | 5,761,691 |
USDA Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading | 1,026 |  |  | — |  |  |  |  | (198) |  |  | — |  |  | 14 |  |  | — |  |  | 842 |
Total USDA Securities | 1,026 |  |  | — |  |  |  |  | (198) |  |  | — |  |  | 14 |  |  | — |  |  | 842 |
Guarantee and commitment obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guarantee Asset | 5,559 |  |  | — |  |  |  |  | (86) |  |  | — |  |  | 83 |  |  | — |  |  | 5,556 |
Total Guarantee and commitment obligations | 5,559 |  |  | — |  |  |  |  | (86) |  |  | — |  |  | 83 |  |  | — |  |  | 5,556 |
Total Assets at fair value | $ | 5,425,214 |  |  | $ | 400,000 |  |  |  |  | $ | (216,315) |  |  | $ | 44 |  |  | $ | 189,288 |  |  | $ | (10,664) |  |  | $ | 5,787,567 |
Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2023
| Beginning Balance |  | Purchases |  | Settlements |  | Allowance for Losses |  | Realized and unrealized (losses)/gains included in Income |  | Unrealized gains included in Other Comprehensive Income |  | Transfers Out(1) |  | Ending Balance
| (in thousands)
Recurring: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 19,032 |  |  | $ | — |  |  | $ | — |  |  | $ | 1 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19,033 |
Total available-for-sale | 19,032 |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 19,033 |
Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AgVantage | 7,737,810 |  |  | 100,000 |  |  | (6,875) |  |  | 133 |  |  | (107,917) |  |  | 9,653 |  |  | (2,684,096) |  |  | 5,048,708 |
Farmer Mac Guaranteed Securities | 7,605 |  |  | — |  |  | (169) |  |  | — |  |  | — |  |  | 2,553 |  |  | — |  |  | 9,989 |
Total available-for-sale | 7,745,415 |  |  | 100,000 |  |  | (7,044) |  |  | 133 |  |  | (107,917) |  |  | 12,206 |  |  | (2,684,096) |  |  | 5,058,697 |
USDA Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading | 1,348 |  |  | — |  |  | (44) |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | 1,302 |
Total USDA Securities | 1,348 |  |  | — |  |  | (44) |  |  | — |  |  | (2) |  |  | — |  |  | — |  |  | 1,302 |
Guarantee and commitment obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guarantee Asset | 4,331 |  |  | — |  |  | (84) |  |  | — |  |  | 1,716 |  |  | — |  |  | — |  |  | 5,963 |
Total Guarantee and commitment obligations | 4,331 |  |  | — |  |  | (84) |  |  | — |  |  | 1,716 |  |  | — |  |  | — |  |  | 5,963 |
Total Assets at fair value | $ | 7,770,126 |  |  | $ | 100,000 |  |  | $ | (7,172) |  |  | $ | 134 |  |  | $ | (106,203) |  |  | $ | 12,206 |  |  | $ | (2,684,096) |  |  | $ | 5,084,995 |
(1)Includes $2.7 billion of AgVantage Securities transferred from available-for-sale to held-to-maturity on July 1, 2023.
Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 30, 2024
| Beginning Balance |  | Purchases |  |  |  | Settlements |  | Allowance for Losses |  | Realized and unrealized (losses)/gains included in Income |  | Unrealized gains/(losses) included in Other Comprehensive Income |  | Ending Balance
| (in thousands)
Recurring: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 19,082 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 394 |  |  | $ | 19,478 |
Total available-for-sale | 19,082 |  |  | — |  |  |  |  | — |  |  | 2 |  |  | — |  |  | 394 |  |  | 19,478 |
Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AgVantage | 5,522,712 |  |  | 675,000 |  |  |  |  | (560,643) |  |  | 100 |  |  | 102,036 |  |  | 13,180 |  |  | 5,752,385 |
Farmer Mac Guaranteed Securities | 9,767 |  |  | — |  |  |  |  | (523) |  |  | — |  |  | — |  |  | 62 |  |  | 9,306 |
Total available-for-sale | 5,532,479 |  |  | 675,000 |  |  |  |  | (561,166) |  |  | 100 |  |  | 102,036 |  |  | 13,242 |  |  | 5,761,691 |
USDA Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading | 1,241 |  |  | — |  |  |  |  | (414) |  |  | — |  |  | 15 |  |  | — |  |  | 842 |
Total USDA Securities | 1,241 |  |  | — |  |  |  |  | (414) |  |  | — |  |  | 15 |  |  | — |  |  | 842 |
Guarantee and commitment obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guarantee Asset | 5,831 |  |  | — |  |  |  |  | (256) |  |  | — |  |  | (19) |  |  | — |  |  | 5,556 |
Total Guarantee and commitment obligations | 5,831 |  |  | — |  |  |  |  | (256) |  |  | — |  |  | (19) |  |  | — |  |  | 5,556 |
Total Assets at fair value | $ | 5,558,633 |  |  | $ | 675,000 |  |  |  |  | $ | (561,836) |  |  | $ | 102 |  |  | $ | 102,032 |  |  | $ | 13,636 |  |  | $ | 5,787,567 |
Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 30, 2023
| Beginning Balance |  | Purchases |  | Settlements |  | Allowance for Losses |  | Realized and unrealized (losses)/gains included in Income |  | Unrealized gains included in Other Comprehensive Income |  | Transfers Out(1) |  | Ending Balance
| (in thousands)
Recurring: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans | $ | 19,027 |  |  | $ | — |  |  | $ | — |  |  | $ | 6 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 19,033 |
Total available-for-sale | 19,027 |  |  | — |  |  | — |  |  | 6 |  |  | — |  |  | — |  |  | — |  |  | 19,033 |
Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
AgVantage | 7,599,379 |  |  | 1,639,650 |  |  | (1,405,674) |  |  | 173 |  |  | (116,447) |  |  | 15,723 |  |  | (2,684,096) |  |  | 5,048,708 |
Farmer Mac Guaranteed Securities | 7,847 |  |  | — |  |  | (1,043) |  |  | — |  |  | — |  |  | 3,185 |  |  | — |  |  | 9,989 |
Total available-for-sale | 7,607,226 |  |  | 1,639,650 |  |  | (1,406,717) |  |  | 173 |  |  | (116,447) |  |  | 18,908 |  |  | (2,684,096) |  |  | 5,058,697 |
USDA Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trading | 1,767 |  |  | — |  |  | (479) |  |  | — |  |  | 14 |  |  | — |  |  | — |  |  | 1,302 |
Total USDA Securities | 1,767 |  |  | — |  |  | (479) |  |  | — |  |  | 14 |  |  | — |  |  | — |  |  | 1,302 |
Guarantee and commitment obligations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guarantee Asset | 4,467 |  |  | — |  |  | (506) |  |  | — |  |  | 2,002 |  |  | — |  |  | — |  |  | 5,963 |
Total Guarantee and commitment obligations | 4,467 |  |  | — |  |  | (506) |  |  | — |  |  | 2,002 |  |  | — |  |  | — |  |  | 5,963 |
Total Assets at fair value | $ | 7,632,487 |  |  | $ | 1,639,650 |  |  | $ | (1,407,702) |  |  | $ | 179 |  |  | $ | (114,431) |  |  | $ | 18,908 |  |  | $ | (2,684,096) |  |  | $ | 5,084,995 |
(1)Includes $2.7 billion of AgVantage Securities transferred from available-for-sale to held-to-maturity on July 1, 2023.
Schedule of Fair Value Inputs, Assets and Liabilities, Quantitative Information | 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 September 30, 2024 and December 31, 2023: Table 9.3
|  | As of September 30, 2024
Financial Instruments |  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted-Average)
|  | (in thousands)
Assets: |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans |  | $ | 19,478 |  |  | Indicative bids |  | Range of broker quotes |  | 99.0% - 99.0% (99.0%)
Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |  |
AgVantage |  | $ | 5,752,385 |  |  | Discounted cash flow |  | Discount rate |  | 4.3% - 5.3% (4.5%)
Farmer Mac Guaranteed Securities |  | $ | 9,306 |  |  | Discounted cash flow |  | Discount rate |  | 8.3%
|  |  |  |  |  | CPR |  | 3%
USDA Securities |  | $ | 842 |  |  | Discounted cash flow |  | Discount rate |  | 5.2% - 5.3% (5.3%)
|  |  |  |  |  | CPR |  | 13% - 13% (13%)
Guarantee Asset |  | $ | 5,556 |  |  | Discounted cash flow |  | Discount rate |  | 8.3%
|  |  |  |  |  | CPR |  | 3%
|  | As of December 31, 2023
Financial Instruments |  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range (Weighted-Average)
|  | (in thousands)
Assets: |  |  |  |  |  |  |  |
Investment securities: |  |  |  |  |  |  |  |
Floating rate auction-rate certificates backed by Government guaranteed student loans |  | $ | 19,082 |  |  | Indicative bids |  | Range of broker quotes |  | 97.0% - 97.0% (97.0%)
Farmer Mac Guaranteed Securities: |  |  |  |  |  |  |  |
AgVantage |  | $ | 5,522,712 |  |  | Discounted cash flow |  | Discount rate |  | 4.7% - 5.4% (5.0%)
Farmer Mac Guaranteed Securities |  | $ | 9,767 |  |  | Discounted cash flow |  | Discount rate |  | 8.3%
|  |  |  |  |  | CPR |  | 3%
USDA Securities |  | $ | 1,241 |  |  | Discounted cash flow |  | Discount rate |  | 5.4% - 5.4% (5.4%)
|  |  |  |  |  | CPR |  | 12% - 12% (12%)
Guarantee Asset |  | $ | 5,831 |  |  | Discounted cash flow |  | Discount rate |  | 8.3%
|  |  |  |  |  | CPR |  | 3%
Schedule of Fair Value, by Balance Sheet Grouping | The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of September 30, 2024 and December 31, 2023: Table 9.4
| As of September 30, 2024 |  | As of December 31, 2023
| Fair Value |  | Carrying Amount |  | Fair Value |  | Carrying Amount
| (in thousands)
Financial assets: |  |  |  |  |  |  |
Cash and cash equivalents | $ | 842,056 |  |  | $ | 842,056 |  |  | $ | 888,707 |  |  | $ | 888,707 |
Investment securities | 5,896,066 |  |  | 5,895,793 |  |  | 4,981,249 |  |  | 4,979,504 |
Farmer Mac Guaranteed Securities | 8,706,073 |  |  | 8,722,762 |  |  | 9,710,074 |  |  | 9,745,548 |
USDA Securities | 2,112,084 |  |  | 2,344,715 |  |  | 2,036,046 |  |  | 2,355,412 |
Loans | 11,974,136 |  |  | 12,367,333 |  |  | 10,426,021 |  |  | 11,039,349 |
Financial derivatives | 49,197 |  |  | 49,197 |  |  | 37,478 |  |  | 37,478 |
Guarantee and commitment fees receivable | 53,624 |  |  | 46,077 |  |  | 58,465 |  |  | 49,832 |
Financial liabilities: |  |  |  |  |  |  |
Notes payable | 26,673,965 |  |  | 27,129,456 |  |  | 25,670,971 |  |  | 26,336,542 |
Debt securities of consolidated trusts held by third parties | 1,607,791 |  |  | 1,616,513 |  |  | 1,268,563 |  |  | 1,351,069 |
Financial derivatives | 64,351 |  |  | 64,351 |  |  | 117,131 |  |  | 117,131 |
Guarantee and commitment obligations | 51,486 |  |  | 43,939 |  |  | 56,195 |  |  | 47,563 |

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- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
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