Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 19

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 19
---
 of market spreads and changes in the levels of interest rates from the dates of acquisition to June 30, 2025 and December 31, 2024, 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 June 30, 2025 and December 31, 2024, 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 June 30, 2025 that is, on average, approximately 95.1% 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 June 30, 2025 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, 2025Available-for-Sale SecuritiesAmortizedCostFair ValueWeighted-AverageYield (dollars in thousands)Due within one year$624,237 $625,265 4.23%Due after one year through five years2,483,319 2,483,600 4.07%Due after five years through ten years2,629,374 2,558,256 3.83%Due after ten years1,019,255 1,006,910 4.78%Total$6,756,185 $6,674,031 4.10%

16

3.FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES

The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of June 30, 2025 and December 31, 2024:Table 3.1  As of June 30, 2025Unpaid Principal BalanceUnamortized Premium/(Discount)AmortizedCost(1)Allowance for