Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 38

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 38
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9 million of accrued interest receivable on investment securities as of December 31, 2023.(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.(3)The held-to-maturity investment securities had a weighted average yield of 6.7% as of December 31, 2023.  During the year ended December 31, 2024, Farmer Mac sold floating rate government/GSE guaranteed mortgage-backed securities for $115.2 million from its available-for-sale investment portfolio, resulting in a gain of $1.1 million. These sales were done to rebalance the liquidity investment portfolio given the lower level of business volume activity while demonstrating that the portfolio provides strong contingent liquidity. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the years ended December 31, 2023 and 2022. As of December 31, 2024 and 2023, unrealized losses on available-for-sale investment securities were as follows:Table 4.2 As of December 31, 2024 Available-for-Sale SecuritiesUnrealized loss position forless than 12 monthsUnrealized loss position formore than 12 monthsFair ValueUnrealizedLossFair ValueUnrealizedLoss (dollars in thousands)Floating rate auction-rate certificates backed by Government guaranteed student loans$— $— $19,476 $(197)Floating rate Government/GSE guaranteed mortgage-backed securities269,862 (420)1,025,360 (13,530)Fixed rate Government/GSE guaranteed mortgage-backed securities999,793 (17,682)946,166 (125,068)Floating rate U.S. Treasuries— — — — Fixed rate U.S. Treasuries590,307 (4,375)58,523 (317)Total$1,859,962 $(22,477)$2,049,525 $(139,112)Number of securities in loss position90 155 

144

 As of December 31, 2023 Available-for-Sale SecuritiesUnrealized loss position forless than 12 monthsUnrealized loss position formore than 12