
	As of December 31, 2019
	Amount Outstanding		Unamortized Premium/(Discount)		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	19,700	$	—	$	19,700	$	—	$	(788)	$	18,912
Floating rate asset-backed securities	11,092		—		11,092		—		(7)		11,085

Floating rate Government/GSE guaranteed mortgage-backed securities	1,633,731		1,174		1,634,905		2,414		(4,736)		1,632,583
Fixed rate GSE guaranteed mortgage-backed securities	315		—		315		25		—		340
Fixed rate U.S. Treasuries	1,295,210		208		1,295,418		1,520		(15)		1,296,923
Total available-for-sale	2,960,048		1,382		2,961,430		3,959		(5,546)		2,959,843
Held-to-maturity:
Floating rate Government/GSE guaranteed mortgage-backed securities⁽¹⁾	45,032		—		45,032		953		—		45,985
Total investment securities	$	3,005,080	$	1,382	$	3,006,462	$	4,912	$	(5,546)	$	3,005,828


	As of December 31, 2018
	Amount Outstanding		Unamortized Premium/(Discount)		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	19,700	$	—	$	19,700	$	—	$	(985)	$	18,715
Floating rate asset-backed securities	28,940		(136)		28,804		2		(128)		28,678
Floating rate Government/GSE guaranteed mortgage-backed securities	1,379,472		1,528		1,381,000		721		(4,267)		1,377,454
Fixed rate GSE guaranteed mortgage-backed securities	384		1		385		18		—		403
Fixed rate U.S. Treasuries	797,913		(4,882)		793,031		119		(548)		792,602
Total available-for-sale	2,226,409		(3,489)		2,222,920		860		(5,928)		2,217,852
Held-to-maturity:
Floating rate Government/GSE guaranteed mortgage-backed securities⁽¹⁾	45,032		—		45,032		562		—		45,594
Total investment securities	$	2,271,441	$	(3,489)	$	2,267,952	$	1,422	$	(5,928)	$	2,263,446

During the year ended December 31, 2019, Farmer Mac received proceeds of $12.4 million from the sale of securities from its available-for-sale investment portfolio, resulting in gross realized losses of $0.2 million. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the year ended December 31, 2018. During the year ended December 31, 2017, Farmer Mac received proceeds of $10.2 million from the sale of securities from its available-for-sale portfolio, resulting in gross realized gains of $0.1 million.


	As of December 31, 2019
	Available-for-Sale Securities
	Unrealized loss position for less than 12 months						Unrealized loss position for more than 12 months
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(dollars in thousands)
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	—	$	—	$	18,912	$	(788)
Floating rate asset-backed securities	2,583		(1)		8,502		(6)
Floating rate Government/GSE guaranteed mortgage-backed securities	841,993		(2,244)		436,621		(2,492)

Fixed rate U.S. Treasuries	35,107		(15)		—		—

Total	$	879,683	$	(2,260)	$	464,035	$	(3,286)

Number of securities in loss position			57				62


	As of December 31, 2018
	Available-for-Sale Securities
	Unrealized loss position for less than 12 months						Unrealized loss position for more than 12 months
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(dollars in thousands)
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	—	$	—	$	18,715	$	(985)
Floating rate asset-backed securities	6,456		(38)		19,058		(90)
Floating rate Government/GSE guaranteed mortgage-backed securities	927,416		(2,907)		196,416		(1,360)
Fixed rate U.S. Treasuries	499,581		(336)		81,597		(212)
Total	$	1,433,453	$	(3,281)	$	315,786	$	(2,647)

Number of securities in loss position			72				48

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 December 31, 2019 and 2018, 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 December 31, 2019 and December 31, 2018, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government or had credit ratings of at least "AA+."

Securities in unrealized loss positions for 12 months or longer have a fair value as of December 31, 2019 that is, on average, approximately 99.3% 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 or changes in credit spreads. Accordingly, Farmer Mac has concluded that none of the unrealized losses on these available-for-sale investment securities are other-than-temporary impairment as of December 31, 2019 and 2018. Farmer Mac does not intend to sell these securities, and it is not "more likely than not" that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis.

The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of December 31, 2019 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 December 31, 2019
	Available-for-Sale Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	1,226,467	$	1,227,930	1.57%
Due after one year through five years	271,300		270,938		2.19%
Due after five years through ten years	788,901		786,549		2.15%
Due after ten years	674,762		674,426		2.49%
Total	$	2,961,430	$	2,959,843	1.99%


	As of December 31, 2019
	Unpaid Principal Balance		Unamortized Premium/(Discount)		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Held-to-maturity:
AgVantage	$	1,415,584	$	(174)	$	1,415,410	$	15,300	$	(164)	$	1,430,546
Farmer Mac Guaranteed USDA Securities	31,887		154		32,041		839		—		32,880
Total Farmer Mac Guaranteed Securities	1,447,471		(20)		1,447,451		16,139		(164)		1,463,426
USDA Securities	2,190,671		41,489		2,232,160		54,356		(758)		2,285,758
Total held-to-maturity	$	3,638,142	$	41,469	$	3,679,611	$	70,495	$	(922)	$	3,749,184
Available-for-sale:
AgVantage	$	7,017,095	$	(124)	$	7,016,971	$	161,316	$	(35,262)	$	7,143,025
Trading:
USDA Securities⁽¹⁾	$	8,400	$	479	$	8,879	$	61	$	(27)	$	8,913


	As of December 31, 2018
	Unpaid Principal Balance		Unamortized Premium/(Discount)		Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Held-to-maturity:
AgVantage	$	2,069,185	$	(194)	$	2,068,991	$	2,637	$	(11,948)	$	2,059,680
Farmer Mac Guaranteed USDA Securities	27,383		244		27,627		98		—		27,725
Total Farmer Mac Guaranteed Securities	2,096,568		50		2,096,618		2,735		(11,948)		2,087,405
USDA Securities	2,110,963		55,211		2,166,174		—		(62,227)		2,103,947
Total held-to-maturity	$	4,207,531	$	55,261	$	4,262,792	$	2,735	$	(74,175)	$	4,191,352
Available-for-sale:
AgVantage	$	6,003,733	$	(204)	$	6,003,529	$	22,335	$	(51,367)	$	5,974,497
Trading:
USDA Securities⁽¹⁾	$	9,591	$	701	$	10,292	$	20	$	(313)	$	9,999


	As of December 31, 2019
	Held-to-Maturity and Available-for-Sale Securities
	Unrealized loss position for less than 12 months						Unrealized loss position for more than 12 months
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(in thousands)
Held-to-maturity:
AgVantage	$	—	$	—	$	301,836	$	(164)

USDA Securities	—		—		27,089		(758)
Total held-to-maturity	$	—	$	—	$	328,925	$	(922)

Available-for-sale:
AgVantage	$	225,239	$	(2,203)	$	1,394,802	$	(33,059)


	As of December 31, 2018
	Held-to-Maturity and Available-for-Sale Securities
	Unrealized loss position for less than 12 months						Unrealized loss position for more than 12 months
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(in thousands)
Held-to-maturity:
AgVantage	$	669,610	$	(1,760)	$	976,318	$	(10,188)
USDA Securities	38,203		(696)		2,065,743		(61,531)
Total held-to-maturity	$	707,813	$	(2,456)	$	3,042,061	$	(71,719)

Available-for-sale:
AgVantage	$	1,480,423	$	(9,364)	$	1,599,679	$	(42,003)

The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to December 31, 2019 and 2018, as applicable. The unrealized losses on the held-to-maturity USDA Securities as of both December 31, 2019 and 2018 reflect their increased cost basis resulting from their transfer to held-to-maturity as of October 1, 2016.

The unrealized losses from AgVantage securities were on 17 and 38 available-for-sale securities as of December 31, 2019 and 2018, respectively. There were 4 and 43 held-to-maturity AgVantage securities with an unrealized loss as of December 31, 2019 and 2018, respectively. As of December 31, 2019 and December 31, 2018, 13 and 21 available-for-sale AgVantage securities, respectively, had been in a loss position for more than 12 months. Farmer Mac has concluded that none of the unrealized losses on its held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities and available-for-sale Farmer Mac Guaranteed Securities are other-than-temporarily impaired as of either December 31, 2019 or 2018. Farmer Mac does not intend to sell these securities, and it is not "more likely than not" that Farmer Mac will be required to sell the securities before recovery of the amortized cost basis.

During the years ended December 31, 2019, 2018, and 2017, Farmer Mac had no sales of Farmer Mac Guaranteed Securities or USDA 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 December 31, 2019 are set forth below. The balances presented are based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets.


	As of December 31, 2019
	Available-for-Sale Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	781,341	$	781,680	2.35	%
Due after one year through five years	3,455,526		3,512,820		2.93	%
Due after five years through ten years	1,240,670		1,271,208		2.92	%
Due after ten years	1,539,434		1,577,317		3.30	%
Total	$	7,016,971	$	7,143,025	2.94	%