| Schedule of Farmer Mac Investment Securities |
The following tables set forth information about Farmer Mac's AFS and HTM investment securities as of June 30, 2026 and December 31, 2025: Table 2.1 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | Amortized Cost(1) | | Allowance for Losses(2) | | Unrealized
Gains | | Unrealized
Losses | | Fair Value | | | (in thousands) | AFS: | | | | | | | | | | Government/GSE guaranteed MBS | $ | 5,708,315 | | | $ | — | | | $ | 14,159 | | | $ | (105,596) | | | $ | 5,616,878 | | U.S. Treasuries | 1,503,673 | | | — | | | 277 | | | (5,891) | | | 1,498,059 | | ABS | 65,320 | | | — | | | 154 | | | — | | | 65,474 | | | AgVantage | 7,964,127 | | | (79) | | | 6,490 | | | (267,569) | | | 7,702,969 | | | Interest-Only Farmer Mac Guaranteed Securities | 7,739 | | | — | | | 387 | | | — | | | 8,126 | | Total AFS | $ | 15,249,174 | | | $ | (79) | | | $ | 21,467 | | | $ | (379,056) | | | $ | 14,891,506 | | HTM: | | | | | | | | | | Government/GSE guaranteed MBS | $ | 8,329 | | | $ | — | | | $ | 177 | | | $ | — | | | $ | 8,506 | | | AgVantage | 1,961,033 | | | (102) | | | 18,008 | | | (12,197) | | | 1,966,742 | | | USDA Securities | 2,545,633 | | | — | | | 2,818 | | | (195,385) | | | 2,353,066 | | Total HTM | $ | 4,514,995 | | | $ | (102) | | | $ | 21,003 | | | $ | (207,582) | | | $ | 4,328,314 | |
(1)Excludes $98.9 million and $47.5 million of accrued interest receivable on AFS and HTM securities, respectively, as of June 30, 2026. (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 | |
(1)Excludes $91.3 million and $56.7 million of accrued interest receivable on AFS and HTM 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.
|
| Schedule of Unrealized Losses on Available-for-Sale Investment Securities |
As of June 30, 2026 and December 31, 2025, unrealized losses on AFS investment securities were as follows:
Table 2.2 | | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 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 | $ | 1,661,588 | | | $ | (10,061) | | | $ | 2,234,406 | | | $ | (95,535) | | U.S. Treasuries | 1,056,818 | | | (5,825) | | | 95,763 | | | (66) | | | | | | | | | | | AgVantage | 4,211,763 | | | (57,047) | | | 2,867,395 | | | (210,522) | | Total | $ | 6,930,169 | | | $ | (72,933) | | | $ | 5,197,564 | | | $ | (306,123) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | 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) | |
|
| Schedule of Available-for-Sale Securities Maturities |
The amortized cost, fair value, and weighted-average yield of AFS and HTM investment securities by remaining contractual maturity as of June 30, 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 June 30, 2026 | | AFS Securities | | Amortized Cost(1) | | Fair Value | | Weighted-Average Yield | | | (dollars in thousands) | | Due within one year | $ | 1,713,696 | | | $ | 1,702,881 | | | 3.35 | % | | Due after one year through five years | 6,891,918 | | | 6,809,890 | | | 4.06 | % | | Due after five years through ten years | 4,425,272 | | | 4,268,480 | | | 3.84 | % | | Due after ten years | 2,218,288 | | | 2,110,255 | | | 4.11 | % | | Total | $ | 15,249,174 | | | $ | 14,891,506 | | | 3.92 | % |
(1)Excludes $98.9 million of accrued interest receivable.
| | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | HTM Securities | | Amortized Cost(1) | | Fair Value | | Weighted-Average Yield | | | (dollars in thousands) | | Due within one year | $ | 374,998 | | | $ | 382,330 | | | 3.90 | % | | Due after one year through five years | 926,637 | | | 911,651 | | | 4.25 | % | | Due after five years through ten years | 517,827 | | | 480,908 | | | 3.99 | % | | Due after ten years | 2,695,533 | | | 2,553,425 | | | 4.27 | % | | Total | $ | 4,514,995 | | | $ | 4,328,314 | | | 4.20 | % |
(1)Excludes $47.5 million of accrued interest receivable.
|