Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 42

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 42
---
,411)$5,532,479 Trading:   USDA Securities(4)$1,236 $64 $1,300 $— $— $(59)$1,241 (1)Amounts presented exclude $47.2 million and $67.4 million of accrued interest receivable on available-for-sale and held-to-maturity securities, respectively, as of December 31, 2023.

146

(2)Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors.(3)Fair value includes $9.8 million of an interest-only security with a notional amount of $238.4 million.(4)The trading USDA securities had a weighted average yield of 5.46% as of December 31, 2023.On July 1, 2023, Farmer Mac transferred $2.7 billion of AgVantage Securities from available-for-sale to held-to-maturity to reflect Farmer Mac's positive intent and ability to hold these securities until maturity or payoff.  Farmer Mac transferred these securities at fair value as of the date of the transfer, which included a cost basis adjustment due to unrealized losses of $31.9 million. The accumulated unrealized losses were recorded in accumulated other comprehensive income in the amount of $31.9 million. Both the cost basis adjustment and accumulated unrealized depreciation began amortizing as of the date of transfer and will continue be amortized as an adjustment to the yield on the held-to-maturity AgVantage Securities over the remaining term of the transferred securities.As of December 31, 2024 and 2023, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows:Table 5.2As of December 31, 2024 Held-to-Maturity and Available-for-Sale SecuritiesUnrealized loss position forless than 12 monthsUnrealized loss position formore than 12 monthsFair ValueUnrealizedLossFair ValueUnrealizedLoss (in thousands)Held-to-maturity:AgVantage$998,200 $(3,326)$1,187,464 $(18,266)Farmer Mac Guaranteed USDA Securities30,912