Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 87

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 87
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 of AgVantage Farmer Mac Guaranteed Securities is the discount rate commensurate with the risks involved. Typically, 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 December 31, 2024 and 2023:Table 13.4 As of December 31, 2024As of December 31, 2023 Fair ValueCarryingAmountFair ValueCarryingAmount (in thousands)Financial assets:    Cash and cash equivalents$1,024,007 $1,024,007 $888,707 $888,707 Investment securities5,973,571 5,973,301 4,981,249 4,979,504 Farmer Mac Guaranteed Securities8,215,646 8,232,234 9,710,074 9,745,548 USDA Securities2,113,342 2,371,352 2,036,046 2,355,412 Loans12,924,604 13,204,638 10,426,021 11,039,349 Financial derivatives27,789 27,789 37,478 37,478 Guarantee and commitment fees receivable57,562 50,499 58,465 49,832 Financial liabilities:Notes payable26,759,873 27,371,174 25,670,971 26,336,542 Debt securities of consolidated trusts held by third parties1,910,302 1,929,628 1,268,563 1,351,069 Financial derivatives77,326 77,326 117,131 117,131 Guarantee and commitment obligations55,388 48,326 56,195 47,563 The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value and is classified