What changed in this filing

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Item 1. Financial Statements

2024-11-04 compared with 2024-08-05 · 272 added, 277 removed, 1512 unchanged (27% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS

June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023

(in thousands)

39 unchanged sentences

Preferred stock:

Series C, par value $ 25 per share, 3,000,000 shares authorized, issued and outstanding

73,382 73,382

Series C, par value $ 25 per share, 3,000,000 shares authorized, issued and outstanding as of December 31, 2023 (redemption value $ 75,000,000 )

Series D, par value $ 25 per share, 4,000,000 shares authorized, issued and outstanding

18 unchanged sentences

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months Ended For the Six Months Ended

June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023

For the Three Months Ended For the Nine Months Ended

September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023

(in thousands, except per share amounts)

6 unchanged sentences

Net interest income 86,791 87,643 260,499 245,378

Provision for losses ( 6,179 ) ( 1,073 ) ( 4,378 ) ( 1,620 )

Net interest income after provision for losses 81,161 77,604 169,330 156,115

(Provision for)/release of losses ( 3,428 ) 136 ( 7,806 ) ( 1,484 )

Net interest income after (provision for)/release of losses 83,363 87,779 252,693 243,894

Non-interest income/(expense):

4 unchanged sentences

Gains on sale of available-for-sale investment securities

1,052 — 1,052 —

(Provision for)/release of reserve for losses

( 51 ) ( 69 ) 18 ( 272 )

Release of/(provision for) reserve for losses 170 45 188 ( 227 )

Other income 1,418 1,269 3,341 3,253

4 unchanged sentences

Regulatory fees 725 831 2,175 2,497

Real estate owned operating costs, net 196 — 196 —

Operating expenses 24,783 24,034 76,489 71,935

3 unchanged sentences

Preferred stock dividends ( 5,897 ) ( 6,792 ) ( 19,480 ) ( 20,374 )

Loss on retirement of preferred stock ( 1,619 ) — ( 1,619 ) —

Net income attributable to common stockholders $ 42,312 $ 51,345 $ 129,580 $ 132,010

5 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended For the Six Months Ended

June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023

For the Three Months Ended For the Nine Months Ended

September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023

(in thousands)

1 unchanged sentence

Other comprehensive income/(loss):

Net unrealized (losses)/gains on available-for-sale securities

( 5,287 ) 23,334 34,665 23,992

Net unrealized gains on available-for-sale securities 26,350 22,076 61,015 46,068

Net changes in held-to-maturity securities ( 443 ) ( 31,525 ) ( 757 ) ( 32,628 )

1 unchanged sentence

( 17,569 ) 7,566 ( 12,675 ) 5,553

Other comprehensive (loss)/income before tax

( 6,359 ) 32,292 39,245 20,876

Income tax benefit/(expense) related to other comprehensive (loss)/income

1,336 ( 6,781 ) ( 8,241 ) ( 4,384 )

Other comprehensive (loss)/income net of tax

( 5,023 ) 25,511 31,004 16,492

Other comprehensive income/(loss) before tax 8,338 ( 1,883 ) 47,583 18,993

Income tax (expense)/benefit related to other comprehensive income/(loss) ( 1,751 ) 395 ( 9,992 ) ( 3,989 )

Other comprehensive income/(loss) net of tax 6,587 ( 1,488 ) 37,591 15,004

Comprehensive income $ 56,415 $ 56,649 $ 188,270 $ 167,388

29 unchanged sentences

Balance as of June 30, 2024 19,980 $ 484,531 10,881 $ 10,881 $ 134,143 $ ( 9,141 ) $ 880,565 $ 1,500,979

Net Income — — — — — — 49,828 49,828

Other comprehensive income, net of tax — — — — — 6,587 — 6,587

Cash dividends:

Preferred stock — — — — — — ( 5,897 ) ( 5,897 )

Common stock (cash dividend of $ 1.40 per share)

— — — — — — ( 15,238 ) ( 15,238 )

Redemption of Series C preferred stock ( 3,000 ) ( 73,382 ) — — — — — ( 73,382 )

Loss on retirement of preferred stock — — — — — — ( 1,619 ) ( 1,619 )

Issuance of Class C Common Stock — — 4 4 78 — — 82

Stock-based compensation cost — — — — 1,490 — — 1,490

Other stock-based award activity — — — — ( 486 ) — — ( 486 )

Balance as of September 30, 2024 16,980 $ 411,149 10,885 $ 10,885 $ 135,225 $ ( 2,554 ) $ 907,639 $ 1,462,344

Additional Other

Preferred Stock Common Stock Paid-In Comprehensive Retained Total

Shares Amount Shares Amount Capital Income/(Loss) Earnings Equity

(in thousands)

Balance as of December 31, 2022 19,980 $ 484,531 10,801 $ 10,801 $ 128,939 $ ( 50,843 ) $ 698,530 $ 1,271,958

20 unchanged sentences

Balance as of June 30, 2023 19,980 $ 484,531 10,836 $ 10,836 $ 130,147 $ ( 34,351 ) $ 755,392 $ 1,346,555

Net Income — — — — — — 58,137 58,137

Other comprehensive loss, net of tax

— — — — — ( 1,488 ) — ( 1,488 )

Cash dividends:

Preferred stock — — — — — — ( 6,792 ) ( 6,792 )

Common stock (cash dividend of $ 1.10 per share)

— — — — — — ( 11,923 ) ( 11,923 )

Issuance of Class C Common Stock — — 4 4 64 — — 68

Stock-based compensation cost — — — — 1,221 — — 1,221

Other stock-based award activity — — — — ( 511 ) — — ( 511 )

Balance as of September 30, 2023 19,980 $ 484,531 10,840 $ 10,840 $ 130,921 $ ( 35,839 ) $ 794,814 $ 1,385,267

The accompanying notes are an integral part of these consolidated financial statements.

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Six Months Ended

June 30, 2024 June 30, 2023

For the Nine Months Ended

September 30, 2024 September 30, 2023

(in thousands)

28 unchanged sentences

Purchases of loans held for investment ( 2,580,492 ) ( 1,520,116 )

Purchases of defaulted loans

Proceeds from repayment of available-for-sale and held-to-maturity investment securities

16 unchanged sentences

Tax payments related to share-based awards ( 4,388 ) ( 2,847 )

Retirement of preferred stock

Dividends paid on common and preferred stock ( 66,050 ) ( 56,100 )

10 unchanged sentences

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The interim unaudited consolidated financial statements of the Federal Agricultural Mortgage Corporation

("Farmer Mac") and subsidiaries have been prepared pursuant to the rules and regulations of the U.S.

The interim unaudited consolidated financial statements of the Federal Agricultural Mortgage Corporation ("Farmer Mac") and subsidiaries have been prepared pursuant to the rules and regulations of the U.S.

Securities and Exchange Commission ("SEC").

These interim unaudited consolidated financial statements

reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a

fair statement of the financial position and the results of operations and cash flows of Farmer Mac and

subsidiaries for the interim periods presented.

Certain information and footnote disclosures normally

included in the annual consolidated financial statements have been omitted as permitted by SEC rules and

The December 31, 2023 consolidated balance sheet presented in this report has been derived

from Farmer Mac's audited 2023 consolidated financial statements.

Management believes that

the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for

the periods presented.

These interim unaudited consolidated financial statements should be read in

conjunction with the 2023 consolidated financial statements of Farmer Mac and subsidiaries included in

Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC

on February 23, 2024.

Results for interim periods are not necessarily indicative of those that may be

expected for the fiscal year.

Presented below are Farmer Mac's significant accounting policies that contain

updated information for the three and six months ended June 30, 2024.

These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Farmer Mac and subsidiaries for the interim periods presented.

Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted as permitted by SEC rules and regulations.

The December 31, 2023 consolidated balance sheet presented in this report has been derived from Farmer Mac's audited 2023 consolidated financial statements.

Management believes that the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for the periods presented.

These interim unaudited consolidated financial statements should be read in conjunction with the 2023 consolidated financial statements of Farmer Mac and subsidiaries included in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 23, 2024.

Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year.

Presented below are Farmer Mac's significant accounting policies that contain updated information for the three and nine months ended September 30, 2024.

Principles of Consolidation

4 unchanged sentences

Consolidation of Variable Interest Entities

As of June 30, 2024

As of September 30, 2024

Agricultural Finance Treasury Total

21 unchanged sentences

(1) Includes borrower remittances of $ 0.2 million.

The borrower remittances had not been passed through to third-party investors as of June 30, 2024.

The borrower remittances had not been passed through to third-party investors as of September 30, 2024.

(2) Includes $ 102.0 million in unamortized discount related to structured securitization transactions.

35 unchanged sentences

Diluted earnings per common share is based on the daily weighted-average number of shares of common stock outstanding adjusted to include all potentially dilutive stock appreciation rights ("SARs") and unvested restricted stock unit awards.

The following schedule reconciles basic and diluted EPS for the three and six months ended June 30, 2024 and 2023:

The following schedule reconciles basic and diluted EPS for the three and nine months ended September 30, 2024 and 2023:

For the Three Months Ended

June 30, 2024 June 30, 2023

September 30, 2024 September 30, 2023

Income Weighted-Average Shares $ per

6 unchanged sentences

Diluted EPS $ 42,312 10,966 $ 3.86 $ 51,345 10,938 $ 4.69

(1) For the three months ended June 30, 2024 and 2023, SARs and restricted stock units of 43,263 and 34,500 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive.

For the three months ended June 30, 2024 and 2023, contingent shares of unvested restricted stock units of 29,918 and 32,282 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met.

For the Six Months Ended

June 30, 2024 June 30, 2023

(1) For the three months ended September 30, 2024 and 2023, SARs and restricted stock units of 15,465 and 16,761 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive.

For the three months ended September 30, 2024 and 2023, contingent shares of unvested restricted stock units of 29,918 and 32,469 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met.

For the Nine Months Ended

September 30, 2024 September 30, 2023

Income Weighted-Average Shares $ per

6 unchanged sentences

Diluted EPS $ 129,580 10,968 $ 11.82 $ 132,010 10,924 $ 12.08

(1) For the six months ended June 30, 2024 and 2023, SARs and restricted stock units of 46,317 and 48,605 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive.

For the six months ended June 30, 2024 and 2023, contingent shares of unvested restricted stock units of 29,918 and 32,282 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met.

(1) For the nine months ended September 30, 2024 and 2023, SARs and restricted stock units of 36,033 and 37,990 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive.

For the nine months ended September 30, 2024 and 2023, contingent shares of unvested restricted stock units of 29,918 and 32,407 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met.

(b) Comprehensive Income

Comprehensive income represents all changes in stockholders' equity except those resulting from investments by or distributions to stockholders, and is comprised of net income and unrealized gains and losses on available-for-sale securities, certain held-to-maturity securities transferred from the available-for-sale classification, and cash flow hedges, net of related taxes.

The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the three and six months ended June 30, 2024 and 2023.

As of June 30, 2024 As of June 30, 2023

The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the three and nine months ended September 30, 2024 and 2023.

As of September 30, 2024 As of September 30, 2023

Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total

2 unchanged sentences

Beginning Balance $ ( 41,062 ) $ ( 8,972 ) $ 40,893 $ ( 9,141 ) $ ( 96,607 ) $ 15,486 $ 46,770 $ ( 34,351 )

Other comprehensive (loss)/income before reclassifications

( 3,342 ) — 3,162 ( 180 ) 18,438 — 11,352 29,790

Other comprehensive income/(loss) before reclassifications 20,820 — ( 9,663 ) 11,157 17,443 ( 25,199 ) 10,376 2,620

Amounts reclassified from AOCI ( 3 ) ( 350 ) ( 4,217 ) ( 4,570 ) ( 4 ) 294 ( 4,398 ) ( 4,108 )

Net comprehensive (loss)/income

( 4,176 ) 252 ( 1,099 ) ( 5,023 ) 18,434 ( 253 ) 7,330 25,511

Net comprehensive income/(loss) 20,817 ( 350 ) ( 13,880 ) 6,587 17,439 ( 24,905 ) 5,978 ( 1,488 )

Ending Balance $ ( 20,245 ) $ ( 9,322 ) $ 27,013 $ ( 2,554 ) $ ( 79,168 ) $ ( 9,419 ) $ 52,748 $ ( 35,839 )

For the Six Months Ended:

For the Nine Months Ended:

Beginning Balance $ ( 68,447 ) $ ( 8,724 ) $ 37,026 $ ( 40,145 ) $ ( 115,561 ) $ 16,357 $ 48,361 $ ( 50,843 )

Other comprehensive income before reclassifications

28,223 — 12,418 40,641 18,963 — 5,900 24,863

Other comprehensive income/(loss) before reclassifications 49,042 — 2,755 51,797 36,406 ( 25,199 ) 16,277 27,484

Amounts reclassified from AOCI ( 840 ) ( 598 ) ( 12,768 ) ( 14,206 ) ( 13 ) ( 577 ) ( 11,890 ) ( 12,480 )

1 unchanged sentence

Ending Balance $ ( 20,245 ) $ ( 9,322 ) $ 27,013 $ ( 2,554 ) $ ( 79,168 ) $ ( 9,419 ) $ 52,748 $ ( 35,839 )

The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the three and six months ended June 30, 2024 and 2023:

For the Three Months Ended

June 30, 2024 June 30, 2023

September 30, 2024 September 30, 2023

Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax

2 unchanged sentences

Available-for-sale-securities:

Unrealized holding (losses)/gains on available-for-sale securities

$ ( 4,231 ) $ ( 889 ) $ ( 3,342 ) $ 23,339 $ 4,901 $ 18,438

Unrealized holding gains on available-for-sale securities $ 26,354 $ 5,534 $ 20,820 $ 22,081 $ 4,638 $ 17,443

Less reclassification adjustments included in:

Gains on sale of available-for-sale investment securities (1)

( 1,052 ) ( 221 ) ( 831 ) — — —

Other income (2)

2 unchanged sentences

Held-to-maturity securities:

Change in fair value (3)

$ — $ — $ — $ ( 31,898 ) $ ( 6,699 ) $ ( 25,199 )

Less reclassification adjustments included in:

3 unchanged sentences

Cash flow hedges

Unrealized gains on cash flow hedges

$ 4,001 $ 839 $ 3,162 $ 14,370 $ 3,018 $ 11,352

Unrealized (losses)/gains on cash flow hedges $ ( 12,232 ) $ ( 2,569 ) $ ( 9,663 ) $ 13,135 $ 2,759 $ 10,376

Less reclassification adjustments included in:

2 unchanged sentences

Total $ ( 17,569 ) $ ( 3,689 ) $ ( 13,880 ) $ 7,566 $ 1,588 $ 5,978

Other comprehensive (loss)/income

$ ( 6,359 ) $ ( 1,336 ) $ ( 5,023 ) $ 32,292 $ 6,781 $ 25,511

(1) Represents unrealized gains and losses on sales of available-for-sale securities.

Other comprehensive income/(loss) $ 8,338 $ 1,751 $ 6,587 $ ( 1,883 ) $ ( 395 ) $ ( 1,488 )

(1) Represents realized gains and losses on sales of available-for-sale securities.

(2) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities.

(3) Represents the accumulated unrealized loss on the AgVantage Securities transferred from available-for-sale to held-to-maturity.

(4) Relates to the amortization of unrealized gains or losses prior to the reclassification of these securities from available-for-sale to held-to-maturity.

2 unchanged sentences

(5) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI.

For the Six Months Ended

June 30, 2024 June 30, 2023

For the Nine Months Ended

September 30, 2024 September 30, 2023

Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax

11 unchanged sentences

Held-to-maturity securities:

Change in fair value (3)

$ — $ — $ — $ ( 31,898 ) $ ( 6,699 ) $ ( 25,199 )

Less reclassification adjustments included in:

11 unchanged sentences

$ 47,583 $ 9,992 $ 37,591 $ 18,993 $ 3,989 $ 15,004

(1) Represents unrealized gains and losses on sales of available-for-sale securities.

(1) Represents realized gains and losses on sales of available-for-sale securities.

(2) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities.

(3) Represents the accumulated unrealized loss on the AgVantage Securities transferred from available-for-sale to held-to-maturity.

(4) Relates to the amortization of unrealized gains or losses prior to the reclassification of these securities from available-for-sale to held-to-maturity.

20 unchanged sentences

Early adoption is permitted.

Farmer Mac is still assessing the effect on our annual consolidated financial statement disclosures, however, adoption is not expected to have a material impact on Farmer Mac's financial position, results of operations, or cash flows.

Farmer Mac does not expect the adoption of this Update to have a material impact on Farmer Mac's financial position, results of operations, or cash flows.

ASU 2023-09 , Income Taxes (Topic 740):

10 unchanged sentences

INVESTMENT SECURITIES

The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of June 30, 2024 and December 31, 2023:

As of June 30, 2024

The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of September 30, 2024 and December 31, 2023:

As of September 30, 2024

Amount Outstanding Unamortized Premium/(Discount) Amortized

16 unchanged sentences

Total held-to-maturity $ 9,270 $ — $ 9,270 $ — $ 273 $ — $ 9,543

(1) Amounts presented exclude $ 19.4 million of accrued interest receivable on investment securities as of June 30, 2024.

(1) Amounts presented exclude $ 24.5 million of accrued interest receivable on investment securities as of September 30, 2024.

(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 6.4 % as of June 30, 2024.

(3) The held-to-maturity investment securities had a weighted average yield of 6.4 % as of September 30, 2024.

As of December 31, 2023

21 unchanged sentences

(3) The held-to-maturity investment securities had a weighted average yield of 6.7 % as of December 31, 2023.

During the three and six months ended June 30, 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 no t sell any securities from its available-for-sale investment portfolio during the three and six months ended June 30, 2023.

As of June 30, 2024 and December 31, 2023, unrealized losses on available-for-sale investment securities were as follows:

As of June 30, 2024

Farmer Mac did not sell any securities from its available-for-sale investment securities during the three months ended September 30, 2024.

During the nine months ended September 30, 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 no t sell any securities from its available-for-sale investment portfolio during the three and nine months ended September 30, 2023.

As of September 30, 2024 and December 31, 2023, unrealized losses on available-for-sale investment securities were as follows:

As of September 30, 2024

Available-for-Sale Securities

31 unchanged sentences

Number of securities in loss position 91 162

The unrealized losses presented above are principally due to a general widening of market spreads and changes in the levels of interest rates from the dates of acquisition to June 30, 2024 and December 31, 2023, as applicable.

The unrealized losses presented above are principally due to a general widening of market spreads and changes in the levels of interest rates from the dates of acquisition to September 30, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S.

As of both September 30, 2024 and December 31, 2023, 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, 2024 that is, on average, approximately 94.2 % 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, 2024 are set forth below.

Securities in unrealized loss positions for 12 months or longer have a fair value as of September 30, 2024 that is, on average, approximately 95.5 % 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 September 30, 2024 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.

As of June 30, 2024

As of September 30, 2024

Available-for-Sale Securities

7 unchanged sentences

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, 2024 and December 31, 2023:

As of June 30, 2024

The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of September 30, 2024 and December 31, 2023:

As of September 30, 2024

Unpaid Principal Balance Unamortized Premium/(Discount) Amortized

16 unchanged sentences

$ 838 $ 47 $ 885 $ — $ — $ ( 43 ) $ 842

(1) Amounts presented exclude $ 53.6 million, $ 55.0 million, and $ 28,690 of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of June 30, 2024.

(1) Amounts presented exclude $ 59.8 million, $ 51.6 million, and $ 20,090 of accrued interest receivable on available-for-sale, held-to-maturity, and trading securities, respectively, as of September 30, 2024.

(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.

1 unchanged sentence

(3) Fair value includes $ 9.3 million of an interest-only security with a notional amount of $ 228.6 million.

(4) The trading USDA securities had a weighted average yield of 5.57 % as of June 30, 2024.

(4) The trading USDA securities had a weighted average yield of 5.48 % as of September 30, 2024.

As of December 31, 2023

26 unchanged sentences

Both the cost basis adjustment and accumulated unrealized depreciation will 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 June 30, 2024 and December 31, 2023, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows:

As of June 30, 2024

As of September 30, 2024 and December 31, 2023, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows:

As of September 30, 2024

Held-to-Maturity and Available-for-Sale Securities

29 unchanged sentences

Total available-for-sale $ 508,182 $ ( 5,716 ) $ 4,043,431 $ ( 303,695 )

The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to June 30, 2024 and December 31, 2023, as applicable.

The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to September 30, 2024 and December 31, 2023, as applicable.

The credit exposure related to Farmer Mac's USDA Securities in the Agricultural Finance line of business is covered by the full faith and credit guarantee of the United States of America.

The unrealized losses from AgVantage securities were on 71 and 68 available-for-sale securities as of June 30, 2024 and December 31, 2023, respectively.

There were 54 and 53 held-to-maturity AgVantage securities with an unrealized loss as of June 30, 2024 and December 31, 2023, respectively.

As of both June 30, 2024 and December 31, 2023, 62 available-for-sale AgVantage securities had been in a loss position for more than 12 months.

As of June 30, 2024 and December 31, 2023, there were 19 and 22 held-to-maturity AgVantage securities, respectively, in a loss position for more than 12 months.

During the three and six months ended June 30, 2024 and 2023 Farmer Mac had no sales of AgVantage Farmer Mac Guaranteed Securities, USDA Farmer Mac Guaranteed Securities or USDA Trading Securities and, therefore, Farmer Mac realized no gains or losses.

The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of June 30, 2024 are set forth below.

The unrealized losses from AgVantage securities were on 58 and 68 available-for-sale securities as of September 30, 2024 and December 31, 2023, respectively.

There were 48 and 53 held-to-maturity AgVantage securities with an unrealized loss as of September 30, 2024 and December 31, 2023, respectively.

As of September 30, 2024 and December 31, 2023, 57 and 62 available-for-sale AgVantage securities had been in a loss position for more than 12 months, respectively.

As of September 30, 2024 and December 31, 2023, there were 16 and 22 held-to-maturity AgVantage securities, respectively, in a loss position for more than 12 months.

During the three and nine months ended September 30, 2024 and 2023 Farmer Mac had no sales of AgVantage Farmer Mac Guaranteed Securities, USDA Farmer Mac Guaranteed Securities or USDA Trading Securities and, therefore, Farmer Mac realized no gains or losses.

The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets.

As of June 30, 2024

As of September 30, 2024

Available-for-Sale Securities

7 unchanged sentences

(1) Amounts presented exclude $ 59.8 million of accrued interest receivable.

As of June 30, 2024

As of September 30, 2024

Held-to-Maturity Securities

9 unchanged sentences

Farmer Mac enters into financial derivative transactions to protect against risk from the effects of market price, or interest rate movements, on the value of certain assets, future cash flows, or debt issuance, and not for trading or speculative purposes.

Certain financial derivatives are designated as fair value hedges of

fixed rate assets, classified as available-for-sale, to protect against fair value changes in the assets related

to changes in a benchmark interest rate (e.g., SOFR).

Certain other financial derivatives are

designated as cash flow hedges to mitigate the volatility of future interest rate payments on floating rate

Certain financial derivatives are designated as fair value hedges of fixed rate assets, classified as available-for-sale, to protect against fair value changes in the assets related to changes in a benchmark interest rate (e.g., SOFR).

Certain other financial derivatives are designated as cash flow hedges to mitigate the volatility of future interest rate payments on floating rate debt.

Certain financial derivatives are not designated in hedge accounting relationships.

Farmer Mac manages the interest rate risk related to loans it has committed to acquire, but has not yet

permanently funded, primarily through the use of futures contracts involving U.S.

Farmer Mac manages the interest rate risk related to loans it has committed to acquire, but has not yet permanently funded, primarily through the use of futures contracts involving U.S.

Treasury securities.

Farmer Mac aims to achieve a duration-matched hedge ratio between the hedged item and the hedge

Gains or losses generated by these hedge transactions are expected to offset changes in funding costs.

All financial derivatives are recorded on the balance sheet at fair value as a freestanding

asset or liability.

Farmer Mac aims to achieve a duration-matched hedge ratio between the hedged item and the hedge instrument.

Gains or losses generated by these hedge transactions are expected to offset changes in

funding costs.

All financial derivatives are recorded on the balance sheet at fair value as a freestanding asset or liability.

The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements.

The table below includes accrued interest on cleared swaps, but excludes $ 17.8 million and $ 16.4 million of accrued interest receivable and $ 5.8 million and $ 6.5 million of accrued interest payable on uncleared swaps as of June 30, 2024 and December 31, 2023, respectively.

The table below includes accrued interest on cleared swaps, but excludes $ 19.5 million and $ 16.4 million of accrued interest receivable and $ 6.0 million and $ 6.5 million of accrued interest payable on uncleared swaps as of September 30, 2024 and December 31, 2023, respectively.

The aforementioned accrued interest on uncleared swaps is included within Accrued Interest Receivable and Accrued Interest Payable on the consolidated balance sheets.

As of June 30, 2024

As of September 30, 2024

Fair Value Weighted-

49 unchanged sentences

(1) Amounts represent the application of the netting requirements that allow Farmer Mac to settle positive and negative positions, including accrued interest, held or placed with the same clearing agent.

As of June 30, 2024, Farmer Mac expects to reclassify $ 14.3 million after-tax from accumulated other comprehensive income to earnings over the next twelve months related to cash flow hedges.

This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges after June 30, 2024.

During the three and six months ended June 30, 2024 and 2023, there were no gains or losses from interest rate swaps designated as cash flow hedges reclassified to earnings because it was probable that the originally forecasted transactions would occur.

The following tables summarize the net income/(expense) recognized in the consolidated statements of operations related to derivatives for the three and six months ended June 30, 2024 and 2023:

For the Three Months Ended June 30, 2024

As of September 30, 2024, Farmer Mac expects to reclassify $ 9.5 million after-tax from accumulated other comprehensive income to earnings over the next twelve months related to cash flow hedges.

This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges after September 30, 2024.

During the three and nine months ended September 30, 2024 and 2023, there were no gains or losses from interest rate swaps designated as cash flow hedges reclassified to earnings because it was probable that the originally forecasted transactions would occur.

The following tables summarize the net income/(expense) recognized in the consolidated statements of operations related to derivatives for the three and nine months ended September 30, 2024 and 2023:

For the Three Months Ended September 30, 2024

Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives

25 unchanged sentences

$ — $ — $ — $ — $ ( 1,934 ) $ ( 1,934 )

For the Three Months Ended June 30, 2023

For the Three Months Ended September 30, 2023

Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives

10 unchanged sentences

Income/(expense) related to interest settlements on fair value hedging relationships $ 19,579 $ 86,417 $ 33,781 $ ( 184,920 ) $ — $ ( 45,143 )

(Losses)/gains on fair value hedging relationships:

Gains/(losses) on fair value hedging relationships:

Recognized on derivatives $ 42,051 $ 110,196 $ 107,265 $ 9,475 $ — $ 268,987

Recognized on hedged items ( 41,944 ) ( 107,965 ) ( 105,403 ) ( 10,465 ) — ( 265,777 )

(Losses)/gains on fair value hedging relationships $ ( 1,145 ) $ ( 1,059 ) $ ( 2,619 ) $ ( 78 ) $ — $ ( 4,901 )

Gains/(losses) on fair value hedging relationships $ 107 $ 2,231 $ 1,862 $ ( 990 ) $ — $ 3,210

Expense related to interest settlements on cash flow hedging relationships:

8 unchanged sentences

Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 2,671 $ 2,671

For the Six Months Ended June 30, 2024

For the Nine Months Ended September 30, 2024

Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives

Net Interest Income Non-Interest Income Total

Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains on financial derivatives

Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Losses on financial derivatives

(in thousands)

15 unchanged sentences

Expense recognized on cash flow hedges $ — $ — $ — $ ( 7,903 ) $ — $ ( 7,903 )

Gains on financial derivatives not designated in hedging relationships:

Gains on interest rate swaps $ — $ — $ — $ — $ 729 $ 729

Losses on financial derivatives not designated in hedging relationships:

Losses on interest rate swaps

$ — $ — $ — $ — $ ( 581 ) $ ( 581 )

Interest expense on interest rate swaps — — — — ( 1,379 ) ( 1,379 )

Treasury futures — — — — 306 306

Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 280 $ 280

For the Six Months Ended June 30, 2023

Losses on financial derivatives not designated in hedge relationships

$ — $ — $ — $ — $ ( 1,654 ) $ ( 1,654 )

For the Nine Months Ended September 30, 2023

Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives

24 unchanged sentences

Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 4,763 $ 4,763

The following table shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships as of June 30, 2024 and December 31, 2023:

Hedged Items in Fair Value Relationship

Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities)

June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023

September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023

(in thousands)

5 unchanged sentences

(1) Carrying amount represents amortized cost.

The following tables present the fair value of financial assets and liabilities, based on the terms of Farmer Mac's master netting arrangements as of June 30, 2024 and December 31, 2023:

June 30, 2024

The following tables present the fair value of financial assets and liabilities, based on the terms of Farmer Mac's master netting arrangements as of September 30, 2024 and December 31, 2023:

September 30, 2024

Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1)

12 unchanged sentences

(3) Any over-collateralization at an individual clearing agent and/or counterparty level is not included in the determination of the net amount.

As of June 30, 2024, Farmer Mac had additional net exposure of $ 176.8 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position.

As of September 30, 2024, Farmer Mac had additional net exposure of $ 217.4 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position and $ 1.9 million due to instances where a Farmer Mac's collateral from a counterparty exceeded the net derivative position.

December 31, 2023

16 unchanged sentences

Any investment securities posted as collateral are included in the investment securities balances on the consolidated balance sheets.

If Farmer Mac had breached certain provisions of the derivative contracts as of June 30, 2024 or December 31, 2023, it could have been required to settle its obligations under the agreements, but would not have been required to post additional collateral.

As of June 30, 2024 and December 31, 2023, there were no financial derivatives in a net payable position where Farmer Mac was required to pledge collateral which the counterparty had the right to sell or repledge.

Of Farmer Mac's $ 25.6 billion notional amount of interest rate swaps outstanding as of June 30, 2024, $ 20.3 billion were cleared through the swap clearinghouse, the Chicago Mercantile Exchange ("CME").

If Farmer Mac had breached certain provisions of the derivative contracts as of September 30, 2024 or December 31, 2023, it could have been required to settle its obligations under the agreements, but would not have been required to post additional collateral.

As of September 30, 2024 and December 31, 2023, there were no financial derivatives in a net payable position where Farmer Mac was required to pledge collateral which the counterparty had the right to sell or repledge.

Of Farmer Mac's $ 25.4 billion notional amount of interest rate swaps outstanding as of September 30, 2024, $ 20.1 billion were cleared through the swap clearinghouse, the Chicago Mercantile Exchange ("CME").

Of Farmer Mac's $ 25.8 billion notional amount of interest rate swaps outstanding as of December 31, 2023, $ 20.5 billion were cleared through the CME.

1 unchanged sentence

Loans held for investment are recorded at the unpaid principal balance, net of unamortized premium or discount and other cost basis adjustments.

Loans held for sale are reported at the lower of cost or fair value determined on a pooled

As of both June 30, 2024 and December 31, 2023, Farmer Mac had no loans held for sale.

During second quarter 2024, Farmer Mac sold a portion of a Corporate AgFinance agricultural storage and processing loan at a loss of $ 1.1 million to reduce the overall exposure to the borrower.

Farmer Mac sold

$ 7.0 million of the overall $ 14.4 million loan leaving a remaining exposure of $ 7.4 million as of June 30, 2024.

Loans held for sale are reported at the lower of cost or fair value determined on a pooled basis.

As of both September 30, 2024 and December 31, 2023, Farmer Mac had no loans held for sale.

During the nine months ended September 30, 2024, Farmer Mac sold a portion of a Corporate AgFinance agricultural storage and processing loan at a loss of $ 1.1 million to reduce the overall exposure to the borrower.

Under the Agricultural Finance line of business, Farmer Mac has two segments – Farm & Ranch and Corporate AgFinance.

The segments are characterized by similarities in risk attributes and the manner in which Farmer Mac monitors and assesses credit risk.

The following table includes loans held for investment and displays the composition of the loan balances as of June 30, 2024 and December 31, 2023:

As of June 30, 2024 As of December 31, 2023

The following table includes loans held for investment and displays the composition of the loan balances as of September 30, 2024 and December 31, 2023:

As of September 30, 2024 As of December 31, 2023

Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total

13 unchanged sentences

Allowance for Losses

The following table is a summary, by asset type, of the allowance for losses as of June 30, 2024 and December 31, 2023:

June 30, 2024 December 31, 2023

The following table is a summary, by asset type, of the allowance for losses as of September 30, 2024 and December 31, 2023:

September 30, 2024 December 31, 2023

Allowance for Losses Allowance for Losses

6 unchanged sentences

Total $ 19,951 $ 16,031

The following is a summary of the changes in the allowance for losses for the three and six months ended June 30, 2024 and 2023:

June 30, 2024 June 30, 2023

The following is a summary of the changes in the allowance for losses for the three and nine months ended September 30, 2024 and 2023:

September 30, 2024 September 30, 2023

Agricultural Finance loans Rural Infrastructure

9 unchanged sentences

Beginning Balance $ 4,676 $ 4,014 $ 8,690 $ 7,810 $ 3,935 $ 7,367 $ 11,302 $ 5,446

Provision for losses

Provision for/(release of) losses

156 1,755 1,911 1,540 ( 25 ) ( 3,689 ) ( 3,714 ) 3,580

1 unchanged sentence

Ending Balance $ 4,832 $ 5,769 $ 10,601 $ 9,350 $ 3,910 $ 3,678 $ 7,588 $ 9,026

For the Six Months Ended

For the Nine Months Ended

Beginning Balance $ 3,936 $ 2,948 $ 6,884 $ 9,147 $ 4,044 $ 2,731 $ 6,775 $ 8,314

3 unchanged sentences

Ending Balance $ 4,832 $ 5,769 $ 10,601 $ 9,350 $ 3,910 $ 3,678 $ 7,588 $ 9,026

(1) As of June 30, 2024 and 2023, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $ 1.2 million and $ 1.1 million allowance for collateral dependent assets secured by agricultural real estate, respectively.

(2) As of June 30, 2024 and 2023, the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $ 0.0 million and $ 4.6 million allowance for collateral dependent assets secured by agricultural real estate, respectively.

(3) As of both June 30, 2024 and 2023, the allowance for losses for Rural Infrastructure Finance loans includes no allowance for collateral dependent assets.

The $ 0.6 million net provision to the allowance for the Rural Infrastructure Finance portfolio during the quarter ended June 30, 2024 was primarily attributable to renewable energy loans that extended their pre-construction phase, which has higher expected loss assumptions than their operating phase.

The $ 5.6 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the quarter ended June 30, 2024 was primarily attributable to a permanent planting loan that is in bankruptcy and of which $ 3.9 million was deemed uncollectible.

Accordingly, a charge-off in the amount of $ 3.9 million was recorded in connection with that loan.

The remaining provision during the quarter was attributable to increased loan volume.

The $ 1.3 million net release from the allowance for the Rural Infrastructure Finance portfolio during the six months ended June 30, 2024 was primarily attributable to a single telecommunications loan that completed a restructuring during first quarter, which resulted in an improved collateral position and a paydown of approximately 15 % of its previously unpaid principal balance.

The $ 5.8 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the six months ended June 30, 2024 was primarily attributable to the permanent planting loan mentioned above and increased loan volume.

The $ 0.7 million net provision to the allowance for the Rural Infrastructure Finance portfolio during the

quarter ended June 30, 2023 was primarily attributable to increased telecommunications loan volume.

$ 0.3 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the

quarter ended June 30, 2023 was primarily attributable to increased storage and processing loan volume.

The $ 2.9 million net release from the allowance for the Rural Infrastructure Finance portfolio during the

six months ended June 30, 2023 was primarily attributable to an updated estimate of expected losses based

on newly available loss-given-default industry data.

The $ 4.5 million net provision to the allowance for

the Agricultural Finance mortgage loan portfolio during the six months ended June 30, 2023 was primarily

attributable to declining valuation of a single agricultural storage and processing loan, due to its ongoing

bankruptcy proceedings, and an updated estimate of expected losses based on additional availability of

loss-given-default industry data.

The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of June 30, 2024 and December 31, 2023:

As of June 30, 2024

(1) As of September 30, 2024 and 2023, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $ 1.2 million and $ 1.1 million allowance for collateral dependent assets secured by agricultural real estate, respectively.

(2) As of September 30, 2024 and 2023, the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $ 1.1 million and $ 0.0 million allowance for collateral dependent assets secured by agricultural real estate, respectively.

(3) As of both September 30, 2024 and 2023, the allowance for losses for Rural Infrastructure Finance loans includes no allowance for collateral dependent assets.

The $ 1.5 million net provision to the allowance for the Rural Infrastructure Finance portfolio during the quarter ended September 30, 2024 was primarily attributable to new loan volume.

The $ 1.9 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the quarter ended September 30, 2024 was primarily attributable to risk rating downgrades.

The $ 0.2 million net provision to the allowance for the Rural Infrastructure Finance portfolio during the nine months ended September 30, 2024 was primarily attributable to new loan volume.

The $ 7.8 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the nine months ended September 30, 2024 was primarily attributable to two permanent planting borrower relationships and other risk rating downgrades.

The $ 3.6 million net provision to the allowance for the Rural Infrastructure Finance portfolio during the quarter ended September 30, 2023 was primarily attributable to a single telecommunications loan that was downgraded to substandard during the quarter.

The $ 3.7 million net release from the allowance for the Agricultural Finance mortgage loan portfolio during the quarter ended September 30, 2023 was primarily attributable to the full payoff of a single collateral dependent storage and processing loan.

The $ 0.7 million net provision to the allowance for the Rural Infrastructure Finance portfolio during the nine months ended September 30, 2023 was primarily attributable to a single telecommunications loan that was downgraded to substandard during the most recent quarter.

The $ 0.8 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the nine months ended

September 30, 2023 was primarily attributable to increased loan volume and certain risk rating downgrades.

The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of September 30, 2024 and December 31, 2023:

As of September 30, 2024

Current 30-59 Days 60-89 Days 90 Days and Greater (2)

11 unchanged sentences

(4) Includes $ 22.5 million of nonaccrual loans for which there was no associated allowance.

During the three and six months ended June 30, 2024, Farmer Mac received $ 1.2 million and $ 1.7 million, in interest on nonaccrual loans, respectively.

During the three and nine months ended September 30, 2024, Farmer Mac received $ 2.4 million and $ 4.1 million, in interest on nonaccrual loans, respectively.

As of December 31, 2023

14 unchanged sentences

Credit Quality Indicators

The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Rural Infrastructure Finance loans held as of June 30, 2024 and December 31, 2023, by year of origination:

As of June 30, 2024

The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Rural Infrastructure Finance loans held as of September 30, 2024 and December 31, 2023, by year of origination:

As of September 30, 2024

Year of Origination:

9 unchanged sentences

Total $ 741,236 $ 594,161 $ 1,161,285 $ 1,619,496 $ 1,084,034 $ 1,375,139 $ 396,349 $ 6,971,700

For the Three Months Ended June 30, 2024:

For the Three Months Ended September 30, 2024:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

For the Six Months Ended June 30, 2024:

For the Nine Months Ended September 30, 2024:

Current period charge-offs $ — $ — $ — $ 101 $ — $ — $ — $ 101

2 unchanged sentences

(3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

As of June 30, 2024

As of September 30, 2024

Year of Origination:

9 unchanged sentences

Total $ 106,145 $ 200,261 $ 83,495 $ 250,727 $ 170,396 $ 195,670 $ 290,869 $ 1,297,563

For the Three Months Ended June 30, 2024:

For the Three Months Ended September 30, 2024:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

For the Six Months Ended June 30, 2024:

For the Nine Months Ended September 30, 2024:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ 3,942 $ 3,942

2 unchanged sentences

(3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

As of June 30, 2024

As of September 30, 2024

Year of Origination:

9 unchanged sentences

Total $ 935,251 $ 547,129 $ 641,415 $ 176,273 $ 565,944 $ 1,242,792 $ 274,551 $ 4,383,355

For the Three Months Ended June 30, 2024:

For the Three Months Ended September 30, 2024:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

For the Six Months Ended June 30, 2024:

For the Nine Months Ended September 30, 2024:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

14 unchanged sentences

Total $ 604,837 $ 1,207,742 $ 1,691,901 $ 1,149,903 $ 357,646 $ 1,148,725 $ 404,957 $ 6,565,711

For the Three Months Ended June 30, 2023:

For the Three Months Ended September 30, 2023:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

For the Six Months Ended June 30, 2023:

For the Nine Months Ended September 30, 2023:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

14 unchanged sentences

Total $ 207,279 $ 112,444 $ 277,400 $ 173,980 $ 119,685 $ 112,947 $ 255,988 $ 1,259,723

For the Three Months Ended June 30, 2023:

For the Three Months Ended September 30, 2023:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

For the Six Months Ended June 30, 2023:

For the Nine Months Ended September 30, 2023:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

14 unchanged sentences

Total $ 618,946 $ 720,522 $ 187,746 $ 593,841 $ 701,937 $ 611,548 $ 100,223 $ 3,534,763

For the Three Months Ended June 30, 2023:

For the Three Months Ended September 30, 2023:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

For the Six Months Ended June 30, 2023:

For the Nine Months Ended September 30, 2023:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

3 unchanged sentences

GUARANTEES AND COMMITMENTS

The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of June 30, 2024 and December 31, 2023, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans:

The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of September 30, 2024 and December 31, 2023, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans:

Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities

As of June 30, 2024 As of December 31, 2023

As of September 30, 2024 As of December 31, 2023

(in thousands)

4 unchanged sentences

The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations:

For the Six Months Ended

June 30, 2024 June 30, 2023

For the Nine Months Ended

September 30, 2024 September 30, 2023

(in thousands)

3 unchanged sentences

The following table presents the liability and the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities:

As of June 30, 2024 As of December 31, 2023

As of September 30, 2024 As of December 31, 2023

(dollars in thousands)

5 unchanged sentences

The following table presents the liability, the maximum principal amount of potential undiscounted future payments that Farmer Mac could be requested to make under all LTSPCs, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans, as well as the weighted-average remaining maturity of all loans underlying LTSPCs:

As of June 30, 2024 As of December 31, 2023

As of September 30, 2024 As of December 31, 2023

(dollars in thousands)

5 unchanged sentences

Reserve for Losses - LTSPCs and Farmer Mac Guaranteed Securities

The following table is a summary, by asset type, of the reserve for losses as of June 30, 2024 and December 31, 2023:

June 30, 2024 December 31, 2023

The following table is a summary, by asset type, of the reserve for losses as of September 30, 2024 and December 31, 2023:

September 30, 2024 December 31, 2023

Reserve for Losses Reserve for Losses

3 unchanged sentences

Total $ 1,524 $ 1,711

The following is a summary of the changes in the reserve for losses for the three and six month periods ended June 30, 2024 and 2023:

For the Three Months Ended For the Six Months Ended

June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023

The following is a summary of the changes in the reserve for losses for the three and nine month periods ended September 30, 2024 and 2023:

For the Three Months Ended For the Nine Months Ended

September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023

Reserve for Losses Reserve for Losses Reserve for Losses Reserve for Losses

7 unchanged sentences

Beginning Balance $ 251 $ 234 $ 240 $ 614

Release of losses

(Release of)/provision for losses

( 44 ) 14 ( 33 ) ( 366 )

Ending Balance $ 207 $ 248 $ 207 $ 248

The provision for the reserve for losses in the Agricultural Finance LTSPC portfolio recorded during the

six months ended June 30, 2023 was primarily due to an updated estimate of expected losses based on

additional available loss-given-default industry data.

The release from the reserve for losses in the Rural

Infrastructure Finance LTSPC portfolio recorded during the six months ended June 30, 2023 was

primarily due to an updated estimate of expected losses based on additional available loss-given-default

industry data.

The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of June 30, 2024 and December 31, 2023:

As of June 30, 2024

The release from the reserve for losses in the Agricultural Finance LTSPC portfolio recorded during the nine months ended September 30, 2024 was primarily due to a decrease in LTSPC volume.

The release from the reserve for losses in the Rural Infrastructure Finance LTSPC portfolio recorded during the nine months ended September 30, 2024 was primarily due to a decrease in LTSPC volume.

As of September 30, 2024

Current 30-59 Days 60-89 Days 90 Days and Greater (1)

6 unchanged sentences

Total $ 3,793,890 $ 2,090 $ 6,232 $ 6,358 $ 14,680 $ 3,808,570

(1) Includes loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs that are 90 days of more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

(1) Includes loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

As of December 31, 2023

7 unchanged sentences

Total $ 3,925,931 $ 2,776 $ 2,366 $ 1,784 $ 6,926 $ 3,932,857

Credit Quality Indicators

The following tables present credit quality indicators related to Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of June 30, 2024 and December 31, 2023, by year of origination:

As of June 30, 2024

The following tables present credit quality indicators related to Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of September 30, 2024 and December 31, 2023, by year of origination:

As of September 30, 2024

Year of Origination:

9 unchanged sentences

Total $ 12,104 $ 132,985 $ 234,087 $ 494,402 $ 529,317 $ 1,369,941 $ 424,571 $ 3,197,407

For the Three Months Ended June 30, 2024:

For the Three Months Ended September 30, 2024:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

For the Six Months Ended June 30, 2024:

For the Nine Months Ended September 30, 2024:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

1 unchanged sentence

(2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

As of June 30, 2024

As of September 30, 2024

Year of Origination:

9 unchanged sentences

Total $ — $ — $ — $ — $ — $ 363,689 $ 247,474 $ 611,163

For the Three Months Ended June 30, 2024:

For the Three Months Ended September 30, 2024:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

For the Six Months Ended June 30, 2024:

For the Nine Months Ended September 30, 2024:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

13 unchanged sentences

Total $ 169,429 $ 246,512 $ 517,862 $ 535,398 $ 266,882 $ 1,256,770 $ 404,991 $ 3,397,844

For the Three Months Ended June 30, 2023:

For the Three Months Ended September 30, 2023:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

For the Six Months Ended June 30, 2023:

For the Nine Months Ended September 30, 2023:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

13 unchanged sentences

Total $ — $ — $ — $ — $ — $ 419,190 $ 115,823 $ 535,013

For the Three Months Ended June 30, 2023:

For the Three Months Ended September 30, 2023:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

For the Six Months Ended June 30, 2023:

For the Nine Months Ended September 30, 2023:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

4 unchanged sentences

Discount notes generally have original maturities of 1 year or less, whereas medium-term notes generally have maturities of 0.5 years to 25.0 years.

The following tables set forth information related to Farmer Mac's borrowings as of June 30, 2024 and December 31, 2023:

June 30, 2024

Outstanding as of June 30

The following tables set forth information related to Farmer Mac's borrowings as of September 30, 2024 and December 31, 2023:

September 30, 2024

Outstanding as of September 30

Average Outstanding During the Quarter

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Total $ 26,336,542

The maximum amount of Farmer Mac's discount notes outstanding at any month end during each of the six months ended June 30, 2024 and 2023 was $ 2.3 billion and $ 1.0 billion, respectively.

The maximum amount of Farmer Mac's discount notes outstanding at any month end during each of the nine months ended September 30, 2024 and 2023 was $ 2.3 billion and $ 1.5 billion, respectively.

Callable medium-term notes give Farmer Mac the option to redeem the debt at par value on a specified call date or at any time on or after a specified call date.

The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2024 as of June 30, 2024:

Debt Callable in 2024 as of June 30, 2024, by Maturity

The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2024 as of September 30, 2024:

Debt Callable in 2024 as of September 30, 2024, by Maturity

Amount Weighted-Average Rate

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Total $ 4,048,936 2.51 %

The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of June 30, 2024, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date:

The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of September 30, 2024, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date:

Earliest Interest Rate Reset Date, or Debt Maturities, of Borrowings Outstanding

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Total principal net of discounts $ 27,194,571 3.53 %

During the six months ended June 30, 2024 and 2023, Farmer Mac called $ 454.5 million and $ 0.0 million of callable medium-term notes, respectively.

During the nine months ended September 30, 2024 and 2023, Farmer Mac called $ 1.2 billion and $ 111.0 million of callable medium-term notes, respectively.

Authority to Borrow from the U.S.

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Treasury within a reasonable time.

As of June 30, 2024, Farmer Mac had not used this borrowing authority.

As of September 30, 2024, Farmer Mac had not used this borrowing authority.

Gains on Repurchases of Outstanding Debt

No outstanding debt repurchases were made in the three months ended June 30, 2024 and 2023.

During first and second quarter 2024, Farmer Mac paid a quarterly dividend of $ 1.40 per share on all classes of its common stock.

No outstanding debt repurchases were made in the three and nine months ended September 30, 2024 and 2023.

During each of the first, second, and third quarters 2024, Farmer Mac paid a quarterly dividend of $ 1.40 per share on all classes of its common stock.

For each quarter in 2023, Farmer Mac paid a quarterly dividend of $ 1.10 per share on all classes of its common stock.

3 unchanged sentences

Farmer Mac has no t repurchased any shares of its Class C non-voting common stock since the repurchase program was reinstated in March 2021.

As of June 30, 2024, Farmer Mac had repurchased approximately 673,000 shares of Class C non-voting common stock at a cost of approximately $ 19.8 million under the share repurchase program since 2015.

As of September 30, 2024, Farmer Mac had repurchased approximately 673,000 shares of Class C non-voting common stock at a cost of approximately $ 19.8 million under the share repurchase program since 2015.

Preferred Stock

On July 18, 2024, Farmer Mac redeemed all outstanding shares of its 6.000 % Fixed-to-Floating Rate Non-Cumulative Series C Preferred Stock, plus any declared and unpaid dividends through and including the redemption date.

As a result of this redemption, Farmer Mac will recognize $ 1.6 million of deferred issuance costs in third quarter 2024, which will be presented as "Loss on retirement of preferred stock" on the consolidated statements of operations.

As a result of this redemption, Farmer Mac recognized $ 1.6 million of loss on retirement of preferred stock in third quarter 2024, which was related to deferred issuance costs.

Capital Requirements

Farmer Mac is required to comply with the higher of the minimum capital requirement and the risk-based capital requirement.

As of both June 30, 2024 and December 31, 2023, the minimum capital requirement was greater than the risk-based capital requirement.

As of both September 30, 2024 and December 31, 2023, the minimum capital requirement was greater than the risk-based capital requirement.

Farmer Mac's ability to declare and pay dividends could be restricted if it fails to comply with applicable capital requirements.

As of June 30, 2024, Farmer Mac's minimum capital requirement was $ 883.7 million and its core capital level was $ 1.5 billion, which was $ 626.4 million above the minimum capital requirement as of that date.

As of December 31, 2023, Farmer Mac's minimum capital requirement was $ 862.6 million and its

core capital level was $ 1.5 billion, which was $ 589.4 million above the minimum capital requirement as of that date.

As of September 30, 2024, Farmer Mac's minimum capital requirement was $ 885.0 million and its core capital level was $ 1.5 billion, which was $ 579.9 million above the minimum capital requirement as of that date.

As of December 31, 2023, Farmer Mac's minimum capital requirement was $ 862.6 million and its core capital level was $ 1.5 billion, which was $ 589.4 million above the minimum capital requirement as of that date.

In accordance with a rule of the Farm Credit Administration ("FCA") on Farmer Mac's capital planning, and as part of Farmer Mac's capital plan, Farmer Mac has adopted a policy for maintaining a sufficient level of Tier 1 capital (consisting of retained earnings, paid-in-capital, common stock, and qualifying preferred stock) and imposing restrictions on Tier 1-eligible dividends and any discretionary bonus payments in the event that this capital falls below specified thresholds.

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Fair Value Classification and Transfers

The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value:

Assets and Liabilities Measured at Fair Value as of June 30, 2024

The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value:

Assets and Liabilities Measured at Fair Value as of September 30, 2024

Level 1 Level 2 Level 3 (1)

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(1) Level 3 assets represent 19 % of total assets and 52 % of financial instruments measured at fair value.

There were no material assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2024 or December 31, 2023.

There were no material assets or liabilities measured at fair value on a non-recurring basis as of September 30, 2024 or December 31, 2023.

Transfers in and/or out of the different levels within the fair value hierarchy are based on the fair values of the assets and liabilities as of the beginning of the reporting period.

During the three and six months ended June 30, 2024 and 2023, there were no transfers within the fair value hierarchy.

During the three and nine months ended September 30, 2024 and 2023, there were no transfers within the fair value hierarchy.

The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value.

Net transfers in and/or out of Level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period.

There were no liabilities measured at fair value using significant unobservable inputs during the three and six months ended June 30, 2024 and 2023.

Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2024

There were no liabilities measured at fair value using significant unobservable inputs during the three and nine months ended September 30, 2024 and 2023.

Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2024

Beginning Balance Purchases Settlements Allowance for Losses Realized and

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Total Assets at fair value $ 5,425,214 $ 400,000 $ ( 216,315 ) $ 44 $ 189,288 $ ( 10,664 ) $ 5,787,567

Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended June 30, 2023

Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2023

Beginning Balance Purchases Settlements Allowance for Losses Realized and

unrealized losses included

unrealized (losses)/gains included

in Income Unrealized gains

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Total Assets at fair value $ 7,770,126 $ 100,000 $ ( 7,172 ) $ 134 $ ( 106,203 ) $ 12,206 $ ( 2,684,096 ) $ 5,084,995

Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2024

(1) Includes $ 2.7 billion of AgVantage Securities transferred from available-for-sale to held-to-maturity on July 1, 2023.

Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 30, 2024

Beginning Balance Purchases Settlements Allowance for Losses Realized and

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Total Assets at fair value $ 5,558,633 $ 675,000 $ ( 561,836 ) $ 102 $ 102,032 $ 13,636 $ 5,787,567

Level 3 Assets and Liabilities Measured at Fair Value for the Six Months Ended June 30, 2023

Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 30, 2023

Beginning Balance Purchases Settlements Allowance for Losses Realized and

unrealized (losses)/gains included

Unrealized gains

in Income Unrealized gains

included in Other

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Total Assets at fair value $ 7,632,487 $ 1,639,650 $ ( 1,407,702 ) $ 179 $ ( 114,431 ) $ 18,908 $ ( 2,684,096 ) $ 5,084,995

The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in Level 3 of the fair value hierarchy as of June 30, 2024 and December 31, 2023:

As of June 30, 2024

(1) Includes $ 2.7 billion of AgVantage Securities transferred from available-for-sale to held-to-maturity on July 1, 2023.

As of September 30, 2024

Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average)

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Disclosures on Fair Value of Financial Instruments

The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of June 30, 2024 and December 31, 2023:

As of June 30, 2024 As of December 31, 2023

The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of September 30, 2024 and December 31, 2023:

As of September 30, 2024 As of December 31, 2023

Fair Value Carrying

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Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Corporate

The financial information presented below reflects the accounts of Farmer Mac and its subsidiaries on a

consolidated basis.

The financial information presented below reflects the accounts of Farmer Mac and its subsidiaries on a consolidated basis.

Accordingly, the core earnings for Farmer Mac's segments would differ from any stand-alone financial statements of Farmer Mac's subsidiaries.

These differences would be due to various factors, including the exclusion of unrealized gains and losses related to fair value changes of trading assets and financial derivatives, as well as the allocation of certain expenses such as operating expenses, dividends and interest expense related to the issuance of capital and the issuance of indebtedness managed at the corporate level.

The following tables present core earnings for Farmer Mac's segments and a reconciliation to consolidated net income for the three and six months ended June 30, 2024 and 2023.

The following tables present core earnings for Farmer Mac's segments and a reconciliation to consolidated net income for the three and nine months ended September 30, 2024 and 2023.

Core Earnings by Business Segment

For the Three Months Ended June 30, 2024

For the Three Months Ended September 30, 2024

Agricultural Finance Rural Infrastructure Treasury Corporate

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— — — — — — — — —

Other income (3)

Other income/(expense) (3)

1,091 40 — — — 10 ( 8 ) ( 1,649 ) ( 516 )

Total revenues 41,150 6,605 7,917 3,997 30,912 953 ( 8 ) ( 1,236 ) 90,290

(Provision for)/release of losses

Provision for of losses

( 116 ) ( 1,779 ) ( 1,195 ) ( 337 ) — ( 1 ) — — ( 3,428 )

Provision for reserve for losses

Release of reserve for losses

126 — 44 — — — — — 170

5 unchanged sentences

Preferred stock dividends — — — — — — ( 5,897 ) — ( 5,897 )

Loss on retirement of preferred stock — — — — — — — ( 1,619 ) ( 1,619 )

Segment core earnings/(losses) $ 32,362 $ 3,813 $ 5,345 $ 2,892 $ 24,420 $ 751 $ ( 24,676 ) $ ( 2,595 ) (4)

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Core Earnings by Business Segment

For the Three Months Ended June 30, 2023

For the Three Months Ended September 30, 2023

Agricultural Finance Rural Infrastructure Treasury Corporate

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Total revenues 37,972 8,328 6,641 1,174 34,415 538 240 7,795 97,103

(Provision for)/release of losses

( 5 ) ( 327 ) ( 632 ) ( 110 ) — 1 — — ( 1,073 )

(Provision for)/release of reserve for losses ( 75 ) — 6 — — — — — ( 69 )

Release of/(provision

for) losses 13 3,694 ( 3,504 ) ( 66 ) — ( 1 ) — — 136

Release of/(provision

for) reserve for losses 58 — ( 13 ) — — — — — 45

Operating expenses — — — — — ( 24,034 ) — ( 24,034 )

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Core Earnings by Business Segment

For the Six Months Ended June 30, 2024

For the Nine Months Ended September 30, 2024

Agricultural Finance Rural Infrastructure Treasury Corporate

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Loss on sale of mortgage loan — ( 1,147 ) — — — — — — ( 1,147 )

Other income (3)

Other income/(expense) (3)

2,603 47 — — — 21 20 ( 1,004 ) 1,687

2 unchanged sentences

( 888 ) ( 6,755 ) 2,324 ( 2,488 ) — 1 — — ( 7,806 )

Release of/(provision for) reserve for losses

Release of reserve for losses

154 — 34 — — — — — 188

5 unchanged sentences

Preferred stock dividends — — — — — — ( 19,480 ) — ( 19,480 )

Loss on retirement of preferred stock — — — — — — — ( 1,619 ) ( 1,619 )

Segment core earnings/(losses) $ 93,084 $ 11,662 $ 20,384 $ 5,400 $ 73,988 $ 2,489 $ ( 78,931 ) $ 1,504 (4)

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Core Earnings by Business Segment

For the Six Months Ended June 30, 2023

For the Nine Months Ended September 30, 2023

Agricultural Finance Rural Infrastructure Treasury Corporate

30 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements