Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 39

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 39
---
monthsFair ValueUnrealizedLossFair ValueUnrealizedLoss (dollars in thousands)Floating rate auction-rate certificates backed by Government guaranteed student loans$— $— $19,082 $(591)Floating rate Government/GSE guaranteed mortgage-backed securities568,759 (4,395)1,449,122 (25,254)Fixed rate Government/GSE guaranteed mortgage-backed securities384,305 (4,262)905,759 (113,562)Floating rate U.S. Treasuries49,969 (15)— — Fixed rate U.S. Treasuries140,435 (606)237,192 (2,336)Total$1,143,468 $(9,278)$2,611,155 $(141,743)Number of securities in loss position91 162 The unrealized losses presented above are principally due to a general widening of market spreads and changes in the levels of interest rates from the dates of acquisition to December 31, 2024 and 2023, as applicable. The resulting decrease in fair values reflects an increase in the perceived risk by the financial markets related to those securities. As of both December 31, 2024 and 2023, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government, a U.S. government sponsored enterprise, or had credit ratings of at least "AA+."Securities in unrealized loss positions for 12 months or longer have a fair value as of December 31, 2024 that is, on average, approximately 93.6% of their amortized cost basis. Farmer Mac believes that all of these unrealized losses are recoverable within a reasonable period of time by way of maturity, changes in credit spread, or changes in levels of interest rates. The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of December 31, 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 4.3 As of December 31, 2024Available-for-Sale SecuritiesAmortizedCostFair ValueWeighted-AverageYield (dollars in thousands)Due within one year$463,931 $464