Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 170

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 170
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, significant increases (decreases) in this input in isolation may result in materially lower (higher) fair value measurements. Generally, in a rising interest rate environment, Farmer Mac would expect average discount rates to increase. Conversely, in a declining interest rate environment, Farmer Mac would expect average discount rates to decrease. CPR are not presented in the table above for AgVantage securities 

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because they generally have fixed maturity dates when the secured general obligations are due and do not prepay.Disclosures on Fair Value of Financial InstrumentsThe following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of March 31, 2025 and December 31, 2024:Table 9.4 As of March 31, 2025As of December 31, 2024 Fair ValueCarryingAmountFair ValueCarryingAmount (in thousands)Financial assets:    Cash and cash equivalents$1,048,135 $1,048,135 $1,024,007 $1,024,007 Investment securities6,252,795 6,252,486 5,973,571 5,973,301 Farmer Mac Guaranteed Securities8,069,599 8,074,791 8,215,646 8,232,234 USDA Securities2,172,063 2,377,341 2,113,342 2,371,352 Loans13,476,915 13,623,484 12,924,604 13,204,638 Financial derivatives27,867 27,867 27,789 27,789 Guarantee and commitment fees receivable56,159 49,888 57,562 50,499 Financial liabilities:Notes payable27,479,303 27,975,196 26,759,873 27,371,174 Debt securities of consolidated trusts held by third parties1,911,578 1,894,920 1,910,302 1,929,628 Financial derivatives63,389 63,389 77,326 77,326 Guarantee and commitment obligations53,950 47,679 55,388 48,326 The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value and is classified as Level 1. The fair value of investments in U.S