Farmer Mac’s investment securities portfolio is comprised primarily of the following major portfolios, which is based on the issuer and associated security characteristics:

•U.S. Government guaranteed securities: single-family and multi-family mortgage-backed securities ("MBS") 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;

•Government-sponsored enterprise ("GSE") guaranteed securities: single-family and multi-family MBS 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 loans.

•USDA Securities: securities backed by the guaranteed portion of a loan guaranteed by the USDA under the Consolidated Farm and Rural Development Act.

•Asset-backed Securities ("ABS"): consist of senior secured notes supported by cash flows from underlying operating rural infrastructure assets.

Table 2.1


	As of March 31, 2026
	Amortized Cost(1)		Allowance for losses(2)		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
AFS:
Government/GSE guaranteed MBS	$	5,549,969	$	—	$	22,954	$	(96,089)	$	5,476,834
U.S. Treasuries	1,612,868		—		2,338		(2,416)		1,612,790
ABS	45,000		—		—		(414)		44,586
AgVantage	7,054,127		(138)		16,355		(241,585)		6,828,759
Interest-Only Farmer Mac Guaranteed Securities	7,879		—		274		—		8,153
Total AFS	$	14,269,843	$	(138)	$	41,921	$	(340,504)	$	13,971,122
HTM:
Government/GSE guaranteed MBS	$	8,497	$	—	$	204	$	—	$	8,701
AgVantage	1,723,852		(69)		11,616		(10,897)		1,724,502
USDA Securities	2,498,303		—		4,403		(180,040)		2,322,666
Total HTM	$	4,230,652	$	(69)	$	16,223	$	(190,937)	$	4,055,869

(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, 2025
	Amortized Cost(1)		Allowance for losses(2)		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
AFS:

Government/GSE guaranteed MBS	$	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 AFS	$	13,813,551	$	(130)	$	71,380	$	(304,516)	$	13,580,285
HTM:
Government/GSE guaranteed MBS	$	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 HTM	$	3,954,300	$	(77)	$	22,576	$	(182,847)	$	3,793,952

As of March 31, 2026 and December 31, 2025, to satisfy initial margin requirements for centrally cleared derivatives, Farmer Mac pledged U.S. Treasuries with fair value of $260.4 million and $250.6 million, respectively.

Table 2.2


	As of March 31, 2026
	AFS 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 MBS	$	1,134,042	$	(4,373)	$	2,242,621	$	(91,716)
U.S. Treasuries	578,053		(2,304)		95,452		(112)
ABS	44,586		(414)		—		—
AgVantage	2,681,993		(34,283)		2,956,448		(207,302)
Total	$	4,438,674	$	(41,374)	$	5,294,521	$	(299,130)


	As of December 31, 2025
	AFS 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 MBS	$	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)

The unrealized losses presented above are primarily due to changes in the levels of interest rates from the dates of acquisition to March 31, 2026 and December 31, 2025, as applicable.

The amortized cost, fair value, and weighted-average yield of AFS and HTM investment securities by remaining contractual maturity as of March 31, 2026 are set forth below. ABS and MBS 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 March 31, 2026
	AFS Securities
	Amortized Cost(1)		Fair Value		Weighted-Average Yield
	(dollars in thousands)
Due within one year	$	1,468,344	$	1,461,445	3.41	%
Due after one year through five years	6,990,803		6,941,541		4.04	%
Due after five years through ten years	3,558,256		3,418,984		3.54	%
Due after ten years	2,252,440		2,149,152		4.10	%
Total	$	14,269,843	$	13,971,122	3.88	%


	As of March 31, 2026
	HTM Securities
	Amortized Cost(1)		Fair Value		Weighted-Average Yield
	(dollars in thousands)
Due within one year	$	370,746	$	378,214	3.80	%
Due after one year through five years	690,848		678,072		4.20	%
Due after five years through ten years	499,918		466,587		4.03	%
Due after ten years	2,669,140		2,532,996		4.23	%
Total	$	4,230,652	$	4,055,869	4.16	%