Federal Agricultural Mortgage (AGM) 10-Q 4 Nov 24 2024 Q3 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	9 Months Ended
	Sep. 30, 2024	Oct. 28, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-14951
Entity Registrant Name	FEDERAL AGRICULTURAL MORTGAGE CORPORATION
Entity Incorporation, State or Country Code	X1
Entity Tax Identification Number	52-1578738
Entity Address, Address Line One	2100 Pennsylvania Avenue N.W.
Entity Address, Address Line Two	Suite 450 N,
Entity Address, City or Town	Washington,
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20037
City Area Code	(202)
Local Phone Number	872-7700
Title of 12(g) Security	Class B voting common stock
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000845877
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Current Fiscal Year End Date:	--12-31
Class A voting common stock
Entity Information [Line Items]
Title of 12(b) Security	Class A voting common stock
Trading Symbol	AGM.A
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		1,030,780
Class C non-voting common stock
Entity Information [Line Items]
Title of 12(b) Security	Class C non-voting common stock
Trading Symbol	AGM
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		9,354,722
5.700% Non-Cumulative Preferred Stock, Series D
Entity Information [Line Items]
Title of 12(b) Security	5.700% Non-Cumulative Preferred Stock, Series D
Trading Symbol	AGM.PRD
Security Exchange Name	NYSE
5.750% Non-Cumulative Preferred Stock, Series E
Entity Information [Line Items]
Title of 12(b) Security	5.750% Non-Cumulative Preferred Stock, Series E
Trading Symbol	AGM.PRE
Security Exchange Name	NYSE
5.250% Non-Cumulative Preferred Stock, Series F
Entity Information [Line Items]
Title of 12(b) Security	5.250% Non-Cumulative Preferred Stock, Series F
Trading Symbol	AGM.PRF
Security Exchange Name	NYSE
4.875% Non-Cumulative Preferred Stock, Series G
Entity Information [Line Items]
Title of 12(b) Security	4.875% Non-Cumulative Preferred Stock, Series G
Trading Symbol	AGM.PRG
Security Exchange Name	NYSE
Class B voting common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		500,301

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 842,056	$ 888,707
Loans:
Loans held for investment, at amortized cost	10,668,844	9,623,119
Loans held for investment in consolidated trusts, at amortized cost	1,718,440	1,432,261
Allowance for losses	(19,951)	(16,031)
Total loans, net of allowance	12,367,333	11,039,349
Financial derivatives, at fair value	49,197	37,478
Accrued interest receivable (includes $14,781 and $16,764, respectively, related to consolidated trusts)	253,102	287,128
Guarantee and commitment fees receivable	46,077	49,832
Deferred tax asset, net	0	8,470
Prepaid expenses and other assets	94,186	132,954
Total Assets	30,615,221	29,524,382
Liabilities:
Notes payable	27,129,456	26,336,542
Debt securities of consolidated trusts held by third parties	1,616,513	1,351,069
Financial derivatives, at fair value	64,351	117,131
Accrued interest payable (includes $8,236 and $9,407, respectively, related to consolidated trusts)	214,644	181,841
Guarantee and commitment obligation	43,939	47,563
Accounts payable and accrued expenses	81,697	76,662
Deferred tax liability, net	754	0
Reserve for losses	1,523	1,711
Total Liabilities	29,152,877	28,112,519
Commitments and Contingencies (Note 6)
Common stock:
Additional paid-in capital	135,225	132,919
Accumulated other comprehensive loss, net of tax	(2,554)	(40,145)
Retained earnings	907,639	823,716
Total Equity	1,462,344	1,411,863
Total Liabilities and Equity	30,615,221	29,524,382
Series C
Preferred stock:
Preferred stock	0	73,382
Series D
Preferred stock:
Preferred stock	96,659	96,659
Series E
Preferred stock:
Preferred stock	77,003	77,003
Series F
Preferred stock:
Preferred stock	116,160	116,160
Series G
Preferred stock:
Preferred stock	121,327	121,327
Class A voting common stock
Common stock:
Common stock	1,031	1,031
Class B voting common stock
Common stock:
Common stock	500	500
Class C non-voting common stock
Common stock:
Common stock	9,354	9,311
Investment securities
Assets:
Available-for-sale, at fair value	5,877,936	4,918,931
Held-to-maturity, at amortized cost	9,270	53,756
Other investments	8,587	6,817
Total Securities	5,895,793	4,979,504
Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	5,761,691	5,532,479
Held-to-maturity, at amortized cost	2,961,071	4,213,069
Total Securities	8,722,762	9,745,548
USDA Securities
Assets:
Trading, at fair value	842	1,241
Held-to-maturity, at amortized cost	2,343,873	2,354,171
Total Securities	$ 2,344,715	$ 2,355,412

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Interest receivable	$ 253,102,000	$ 287,128,000
Accrued interest payable - consolidated trusts amount	$ 214,644,000	$ 181,841,000
Series C
Preferred stock, par value (in dollars per share)		$ 25
Preferred stock, shares authorized (in shares)		3,000,000
Preferred stock, shares issued (in shares)		3,000,000
Preferred stock, shares outstanding (in shares)		3,000,000
Preferred stock, redemption value		$ 75,000,000
Series D
Preferred stock, par value (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	4,000,000	4,000,000
Preferred stock, shares issued (in shares)	4,000,000	4,000,000
Preferred stock, shares outstanding (in shares)	4,000,000	4,000,000
Series E
Preferred stock, par value (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	3,180,000	3,180,000
Preferred stock, shares issued (in shares)	3,180,000	3,180,000
Preferred stock, shares outstanding (in shares)	3,180,000	3,180,000
Series F
Preferred stock, par value (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	4,800,000	4,800,000
Preferred stock, shares issued (in shares)	4,800,000	4,800,000
Preferred stock, shares outstanding (in shares)	4,800,000	4,800,000
Series G
Preferred stock, par value (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	5,000,000	5,000,000
Class A voting common stock
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares outstanding (in shares)	1,030,780	1,030,780
Class B voting common stock
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares outstanding (in shares)	500,301	500,301
Class C non-voting common stock
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares outstanding (in shares)	9,354,301	9,310,872
Consolidated VIE
Interest receivable	$ 14,781,000	$ 16,764,000
Accrued interest payable - consolidated trusts amount	8,236,000	9,407,000
Available-for-Sale Securities
Amortized cost of available-for-sale investment securities	5,941,321,000	5,060,135,000
Farmer Mac Guaranteed Securities
Amortized cost of available-for-sale investment securities	$ 5,939,268,000	$ 5,825,433,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income:
Investments and cash equivalents	$ 88,879	$ 79,947	$ 258,341	$ 209,429
Farmer Mac Guaranteed Securities and USDA Securities	156,602	161,351	489,478	442,649
Loans	162,247	140,513	459,932	388,837
Total interest income	407,728	381,811	1,207,751	1,040,915
Total interest expense	320,937	294,168	947,252	795,537
Net interest income	86,791	87,643	260,499	245,378
(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):
Guarantee and commitment fees	4,015	5,520	11,729	12,942
(Losses)/gains on financial derivatives	(1,934)	2,671	(1,654)	4,763
Losses on sale of mortgage loans	0	0	(1,147)	0
Gains on sale of available-for-sale investment securities	0	0	1,052	0
Release of/(provision for) reserve for losses	170	45	188	(227)
Other income	1,418	1,269	3,341	3,253
Non-interest income	3,669	9,505	13,509	20,731
Operating expenses:
Compensation and employee benefits	15,237	14,103	48,334	43,391
General and administrative	8,625	9,100	25,784	26,047
Regulatory fees	725	831	2,175	2,497
Real estate owned operating costs, net	196	0	196	0
Operating expenses	24,783	24,034	76,489	71,935
Income before income taxes	62,249	73,250	189,713	192,690
Income tax expense	12,421	15,113	39,034	40,306
Net income	49,828	58,137	150,679	152,384
Preferred stock dividends	(5,897)	(6,792)	(19,480)	(20,374)
Loss on retirement of preferred stock	(1,619)	0	(1,619)	0
Net income attributable to common stockholders	$ 42,312	$ 51,345	$ 129,580	$ 132,010
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 3.89	$ 4.74	$ 11.93	$ 12.20
Diluted earnings per common share (in dollars per share)	$ 3.86	$ 4.69	$ 11.82	$ 12.08

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 49,828	$ 58,137	$ 150,679	$ 152,384
Other comprehensive income/(loss):
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)
Net unrealized (losses)/gains on cash flow hedges	(17,569)	7,566	(12,675)	5,553
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

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance ( in shares) at Dec. 31, 2022		19,980	10,801
Beginning balance at Dec. 31, 2022	$ 1,271,958	$ 484,531	$ 10,801	$ 128,939	$ (50,843)	$ 698,530
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	47,035					47,035
Other comprehensive income (loss) net of tax	(9,019)				(9,019)
Cash dividends, preferred stock	(6,791)					(6,791)
Cash dividends, common stock	(11,882)					(11,882)
Issuance of Class C Common Stock (in shares)			19
Issuance of Class C Common Stock	70		$ 19	51
Stock-based compensation cost	2,254			2,254
Other stock-based award activity	(1,240)			(1,240)
Ending balance (in shares) at Mar. 31, 2023		19,980	10,820
Ending balance at Mar. 31, 2023	1,292,385	$ 484,531	$ 10,820	130,004	(59,862)	726,892
Beginning balance ( in shares) at Dec. 31, 2022		19,980	10,801
Beginning balance at Dec. 31, 2022	1,271,958	$ 484,531	$ 10,801	128,939	(50,843)	698,530
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	152,384
Other comprehensive income (loss) net of tax	15,004				15,004
Loss on retirement of preferred stock	0
Ending balance (in shares) at Sep. 30, 2023		19,980	10,840
Ending balance at Sep. 30, 2023	1,385,267	$ 484,531	$ 10,840	130,921	(35,839)	794,814
Beginning balance ( in shares) at Mar. 31, 2023		19,980	10,820
Beginning balance at Mar. 31, 2023	1,292,385	$ 484,531	$ 10,820	130,004	(59,862)	726,892
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	47,212					47,212
Other comprehensive income (loss) net of tax	25,511				25,511
Cash dividends, preferred stock	(6,791)					(6,791)
Cash dividends, common stock	(11,921)					(11,921)
Issuance of Class C Common Stock (in shares)			16
Issuance of Class C Common Stock	70		$ 16	54
Stock-based compensation cost	1,223			1,223
Other stock-based award activity	(1,134)			(1,134)
Ending balance (in shares) at Jun. 30, 2023		19,980	10,836
Ending balance at Jun. 30, 2023	1,346,555	$ 484,531	$ 10,836	130,147	(34,351)	755,392
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	58,137					58,137
Other comprehensive income (loss) net of tax	(1,488)				(1,488)
Cash dividends, preferred stock	(6,792)					(6,792)
Cash dividends, common stock	(11,923)					(11,923)
Loss on retirement of preferred stock	0
Issuance of Class C Common Stock (in shares)			4
Issuance of Class C Common Stock	68		$ 4	64
Stock-based compensation cost	1,221			1,221
Other stock-based award activity	(511)			(511)
Ending balance (in shares) at Sep. 30, 2023		19,980	10,840
Ending balance at Sep. 30, 2023	1,385,267	$ 484,531	$ 10,840	130,921	(35,839)	794,814
Beginning balance ( in shares) at Dec. 31, 2023		19,980	10,842
Beginning balance at Dec. 31, 2023	1,411,863	$ 484,531	$ 10,842	132,919	(40,145)	823,716
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	53,746					53,746
Other comprehensive income (loss) net of tax	36,027				36,027
Cash dividends, preferred stock	(6,791)					(6,791)
Cash dividends, common stock	(15,186)					(15,186)
Issuance of Class C Common Stock (in shares)			27
Issuance of Class C Common Stock	91		$ 27	64
Stock-based compensation cost	3,483			3,483
Other stock-based award activity	(2,890)			(2,890)
Ending balance (in shares) at Mar. 31, 2024		19,980	10,869
Ending balance at Mar. 31, 2024	1,480,343	$ 484,531	$ 10,869	133,576	(4,118)	855,485
Beginning balance ( in shares) at Dec. 31, 2023		19,980	10,842
Beginning balance at Dec. 31, 2023	1,411,863	$ 484,531	$ 10,842	132,919	(40,145)	823,716
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	150,679
Other comprehensive income (loss) net of tax	37,591				37,591
Loss on retirement of preferred stock	(1,619)
Ending balance (in shares) at Sep. 30, 2024		16,980	10,885
Ending balance at Sep. 30, 2024	1,462,344	$ 411,149	$ 10,885	135,225	(2,554)	907,639
Beginning balance ( in shares) at Mar. 31, 2024		19,980	10,869
Beginning balance at Mar. 31, 2024	1,480,343	$ 484,531	$ 10,869	133,576	(4,118)	855,485
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	47,105					47,105
Other comprehensive income (loss) net of tax	(5,023)				(5,023)
Cash dividends, preferred stock	(6,792)					(6,792)
Cash dividends, common stock	(15,233)					(15,233)
Issuance of Class C Common Stock (in shares)			12
Issuance of Class C Common Stock	79		$ 12	67
Stock-based compensation cost	1,555			1,555
Other stock-based award activity	(1,055)			(1,055)
Ending balance (in shares) at Jun. 30, 2024		19,980	10,881
Ending balance at Jun. 30, 2024	1,500,979	$ 484,531	$ 10,881	134,143	(9,141)	880,565
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	49,828					49,828
Other comprehensive income (loss) net of tax	6,587				6,587
Cash dividends, preferred stock	(5,897)					(5,897)
Cash dividends, common stock	(15,238)					(15,238)
Redemption of Series C preferred stock (in shares)		(3,000)
Redemption of Series C preferred stock	(73,382)	$ (73,382)
Loss on retirement of preferred stock	(1,619)					(1,619)
Issuance of Class C Common Stock (in shares)			4
Issuance of Class C Common Stock	82		$ 4	78
Stock-based compensation cost	1,490			1,490
Other stock-based award activity	(486)			(486)
Ending balance (in shares) at Sep. 30, 2024		16,980	10,885
Ending balance at Sep. 30, 2024	$ 1,462,344	$ 411,149	$ 10,885	$ 135,225	$ (2,554)	$ 907,639

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends per common share (in dollars per share)	$ 1.40	$ 1.40	$ 1.40	$ 1.10	$ 1.10	$ 1.10

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 150,679,000	$ 152,384,000
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of deferred gains, premiums, and discounts on loans, investments, Farmer Mac Guaranteed Securities, and USDA Securities	(19,100,000)	(11,456,000)
Amortization of debt premiums, discounts, and issuance costs	29,661,000	22,851,000
Net change in fair value of trading securities, hedged items, and financial derivatives	(62,797,000)	340,035,000
Losses on sale of mortgage loans	1,147,000	0
Gains on the sale of available-for-sale investment securities	(1,052,000)	0
Total provision for/(release of) allowance for losses	7,618,000	1,711,000
Excess tax benefits related to stock-based awards	447,000	470,000
Deferred income taxes	(768,000)	9,304,000
Stock-based compensation expense	6,528,000	4,699,000
Proceeds from repayment of loans purchased as held for sale	28,302,000	19,364,000
Net change in:
Interest receivable	27,320,000	(7,116,000)
Guarantee and commitment fees receivable	131,000	(1,633,000)
Other assets	50,121,000	(7,903,000)
Accrued interest payable	32,803,000	54,263,000
Custodial deposit liability	(18,085,000)	(31,489,000)
Other liabilities	12,160,000	(2,836,000)
Net cash provided by operating activities	245,115,000	542,648,000
Cash flows from investing activities:
Purchases of equipment and leasehold improvements	(5,272,000)	0
Purchases of other investment securities	(1,770,000)	(2,135,000)
Purchases of loans held for investment	(2,580,492,000)	(1,520,116,000)
Purchases of defaulted loans	(317,000)	0
Proceeds from repayment of loans purchased as held for investment	1,282,579,000	1,081,265,000
Proceeds from sale of available-for-sale investment securities	115,247,000	0
Proceeds from sale of loans previously classified as held for investment	5,775,000	0
Proceeds from sale of Farmer Mac Guaranteed Securities	60,192,000	0
Net cash used in investing activities	(899,528,000)	(1,280,405,000)
Cash flows from financing activities:
Proceeds from issuance of discount notes	42,829,487,000	36,018,319,000
Proceeds from issuance of medium-term notes	5,721,174,000	5,559,198,000
Proceeds from issuance of debt securities of consolidated trusts	283,462,000	222,188,000
Payments to redeem discount notes	(42,371,640,000)	(35,059,286,000)
Payments to redeem medium-term notes	(5,593,883,000)	(5,931,450,000)
Payments to third parties on debt securities of consolidated trusts	(115,609,000)	(91,118,000)
Proceeds from common stock issuance	209,000	169,000
Tax payments related to share-based awards	(4,388,000)	(2,847,000)
Retirement of preferred stock	(75,000,000)	0
Dividends paid on common and preferred stock	(66,050,000)	(56,100,000)
Net cash provided by financing activities	607,762,000	659,073,000
Net change in cash and cash equivalents	(46,651,000)	(78,684,000)
Cash and cash equivalents at beginning of period	888,707,000	861,002,000
Cash and cash equivalents at end of period	842,056,000	782,318,000
Non-cash activity:
Loans securitized as Farmer Mac Guaranteed Securities	85,114,000	10,573,000
Loans held for investment transferred to consolidated trusts	305,559,000	281,027,000
Available-for-sale securities
Cash flows from investing activities:
Purchases of available-for-sale and held-to-maturity investment securities	(1,971,974,000)	(1,381,795,000)
Proceeds from repayment of available-for-sale and held-to-maturity investment securities	1,049,268,000	1,146,861,000
Farmer Mac Guaranteed Securities and USDA Securities
Cash flows from investing activities:
Purchases of Farmer Mac Guaranteed Securities and USDA Securities	(1,522,510,000)	(3,182,678,000)
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities	$ 2,669,746,000	$ 2,578,193,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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. 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 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 The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries: (1) Farmer Mac Mortgage Securities Corporation, whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; and (2) Farmer Mac II LLC, whose principal activity is the operation of substantially all of the business related to the USDA Securities included in the Agricultural Finance line of business. The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary. Table 1.1 Consolidation of Variable Interest Entities As of September 30, 2024 Agricultural Finance Treasury Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,718,440 $ — $ 1,718,440 Debt securities of consolidated trusts held by third parties (1)(2) 1,616,513 — 1,616,513 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value 57,951 — 57,951 Maximum exposure to loss (3) 57,502 — 57,502 Investment securities: Carrying value (4) — 4,289,450 4,289,450 Maximum exposure to loss (3)(4) — 4,423,837 4,423,837 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3)(5) 430,628 — 430,628 (1) Includes borrower remittances of $0.2 million. 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. (3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (4) Includes auction-rate certificates, government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, and other mission related investments. (5) The amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause. Consolidation of Variable Interest Entities As of December 31, 2023 Agricultural Finance Treasury Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,432,261 $ — $ 1,432,261 Debt securities of consolidated trusts held by third parties (1)(2) 1,351,069 — 1,351,069 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value 46,343 — 46,343 Maximum exposure to loss (3) 45,952 — 45,952 Investment securities: Carrying value (4) — 3,676,555 3,676,555 Maximum exposure to loss (3)(4) — 3,862,006 3,862,006 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3)(5) 452,602 — 452,602 (1) Includes borrower remittances of $6.0 million. The borrower remittances had not been passed through to third-party investors as of December 31, 2023. (2) Includes $87.1 million in unamortized discount related to a structured securitization transaction. (3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (4) Includes auction-rate certificates, government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, and other mission related investments. (5) The amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause. Earnings Per Common Share Basic earnings per common share ("EPS") is based on the daily weighted-average number of shares of common stock outstanding. 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 nine months ended September 30, 2024 and 2023: Table 1.2 For the Three Months Ended September 30, 2024 September 30, 2023 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 42,312 10,883 $ 3.89 $ 51,345 10,839 $ 4.74 Effect of dilutive securities (1) SARs and restricted stock units — 83 (0.03) — 99 (0.05) Diluted EPS $ 42,312 10,966 $ 3.86 $ 51,345 10,938 $ 4.69 (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 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 129,580 10,869 $ 11.93 $ 132,010 10,825 $ 12.20 Effect of dilutive securities (1) SARs and restricted stock units — 99 (0.11) — 99 (0.12) Diluted EPS $ 129,580 10,968 $ 11.82 $ 132,010 10,924 $ 12.08 (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. 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 nine months ended September 30, 2024 and 2023. Table 1.3 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 (in thousands) For the Three Months Ended: Beginning Balance $ (41,062) $ (8,972) $ 40,893 $ (9,141) $ (96,607) $ 15,486 $ 46,770 $ (34,351) 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 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 Nine Months Ended: Beginning Balance $ (68,447) $ (8,724) $ 37,026 $ (40,145) $ (115,561) $ 16,357 $ 48,361 $ (50,843) 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) Net comprehensive income/(loss) 48,202 (598) (10,013) 37,591 36,393 (25,776) 4,387 15,004 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 nine months ended September 30, 2024 and 2023: Table 1.4 For the Three Months Ended September 30, 2024 September 30, 2023 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: 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) — — — — — — Other income (2) (4) (1) (3) (5) (1) (4) Total $ 26,350 $ 5,533 $ 20,817 $ 22,076 $ 4,637 $ 17,439 Held-to-maturity securities: Change in fair value (3) $ — $ — $ — $ (31,898) $ (6,699) $ (25,199) Less reclassification adjustments included in: Net interest income (4) (443) (93) (350) 373 79 294 Total $ (443) $ (93) $ (350) $ (31,525) $ (6,620) $ (24,905) Cash flow hedges Unrealized (losses)/gains on cash flow hedges $ (12,232) $ (2,569) $ (9,663) $ 13,135 $ 2,759 $ 10,376 Less reclassification adjustments included in: Net interest income (5) (5,337) (1,120) (4,217) (5,569) (1,171) (4,398) Total $ (17,569) $ (3,689) $ (13,880) $ 7,566 $ 1,588 $ 5,978 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. The amortization of unrealized gains or losses reported in AOCI for held-to-maturity securities will be offset by the amortization of the premium or discount created from the transfer into held-to-maturity securities, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income. (5) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. For the Nine Months Ended September 30, 2024 September 30, 2023 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding gains on available-for-sale securities $ 62,079 $ 13,037 $ 49,042 $ 46,084 $ 9,678 $ 36,406 Less reclassification adjustments included in: Gains on sale of available-for-sale investment securities (1) (1,052) (221) (831) — — — Other income (2) (12) (3) (9) (16) (3) (13) Total $ 61,015 $ 12,813 $ 48,202 $ 46,068 $ 9,675 $ 36,393 Held-to-maturity securities: Change in fair value (3) $ — $ — $ — $ (31,898) $ (6,699) $ (25,199) Less reclassification adjustments included in: Net interest income (4) (757) (159) (598) (730) (153) (577) Total $ (757) $ (159) $ (598) $ (32,628) $ (6,852) $ (25,776) Cash flow hedges Unrealized gains on cash flow hedges $ 3,488 $ 733 $ 2,755 $ 20,604 $ 4,327 $ 16,277 Less reclassification adjustments included in: Net interest income (5) (16,163) (3,395) (12,768) (15,051) (3,161) (11,890) Total $ (12,675) $ (2,662) $ (10,013) $ 5,553 $ 1,166 $ 4,387 Other comprehensive income $ 47,583 $ 9,992 $ 37,591 $ 18,993 $ 3,989 $ 15,004 (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. The amortization of unrealized gains or losses reported in AOCI for held-to-maturity securities will be offset by the amortization of the premium or discount created from the transfer into held-to-maturity securities, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income. (5) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. New Accounting Standards Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2023-02 , Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method The amendments in this Update permit an entity to elect to account for their tax equity investments using the proportional amortization method if certain conditions are met, regardless of the tax credit program from which the income tax credits are received. January 1, 2024 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Effect on Consolidated Financial Statements ASU 2023-07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this Update require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This Update also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively. Early adoption is permitted. 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): Improvements to Income Tax Disclosures The Update provides guidance on improvements to annual income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Additionally, public entities must provide a separate disclosure for any reconciling item that meets a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The amendments should be applied on a prospective basis. Early adoption is permitted. Farmer Mac is still assessing the impact of the new accounting standard but does not expect that adoption of the new guidance will have a material impact on Farmer Mac's financial position, results of operations, or cash flows. Reclassifications Certain reclassifications of prior period information were made to conform to the current period presentation. The reclassifications of prior period information were not material to the consolidated financial statements.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	INVESTMENT SECURITIES 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: Table 2.1 As of September 30, 2024 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (25) $ — $ (197) $ 19,478 Floating rate Government/GSE guaranteed mortgage-backed securities 2,450,408 (525) 2,449,883 — 3,756 (17,204) 2,436,435 Fixed rate GSE guaranteed mortgage-backed securities 2,262,332 (59,093) 2,203,239 — 25,573 (85,054) 2,143,758 Floating rate U.S. Treasuries — — — — — — — Fixed rate U.S. Treasuries 1,281,077 (12,578) 1,268,499 — 10,331 (565) 1,278,265 Total available-for-sale 6,013,517 (72,196) 5,941,321 (25) 39,660 (103,020) 5,877,936 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 9,270 — 9,270 — 273 — 9,543 Total held-to-maturity $ 9,270 $ — $ 9,270 $ — $ 273 $ — $ 9,543 (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 September 30, 2024. As of December 31, 2023 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (27) $ — $ (591) $ 19,082 Floating rate Government/GSE guaranteed mortgage-backed securities 2,454,009 (1,138) 2,452,871 — 1,212 (29,649) 2,424,434 Fixed rate GSE guaranteed mortgage-backed securities 1,727,669 (46,788) 1,680,881 — 6,558 (117,824) 1,569,615 Floating rate U.S. Treasuries 50,000 (17) 49,983 — — (15) 49,968 Fixed rate U.S. Treasuries 869,585 (12,885) 856,700 — 2,074 (2,942) 855,832 Total available-for-sale 5,120,963 (60,828) 5,060,135 (27) 9,844 (151,021) 4,918,931 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 53,756 — 53,756 — 1,745 — 55,501 Total held-to-maturity $ 53,756 $ — $ 53,756 $ — $ 1,745 $ — $ 55,501 (1) Amounts presented exclude $15.9 million of accrued interest receivable on investment securities as of December 31, 2023. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 6.7% as of December 31, 2023. 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 not 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: Table 2.2 As of September 30, 2024 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,478 $ (197) Floating rate Government/GSE guaranteed mortgage-backed securities 367,575 (514) 1,074,472 (16,690) Fixed rate Government/GSE guaranteed mortgage-backed securities 24,873 (42) 986,007 (85,012) Floating rate U.S. Treasuries — — — — Fixed rate U.S. Treasuries 193,727 (352) 84,016 (213) Total $ 586,175 $ (908) $ 2,163,973 $ (102,112) Number of securities in loss position 39 148 As of December 31, 2023 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,082 $ (591) Floating rate Government/GSE guaranteed mortgage-backed securities 568,759 (4,395) 1,449,122 (25,254) Fixed rate Government/GSE guaranteed mortgage-backed securities 384,305 (4,262) 905,759 (113,562) Floating rate U.S. Treasuries 49,969 (15) — — Fixed rate U.S. Treasuries 140,435 (606) 237,192 (2,336) Total $ 1,143,468 $ (9,278) $ 2,611,155 $ (141,743) 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 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 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 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. Table 2.3 As of September 30, 2024 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 346,788 $ 347,433 3.09% Due after one year through five years 2,372,245 2,377,160 4.33% Due after five years through ten years 2,474,834 2,414,718 4.27% Due after ten years 747,454 738,625 5.56% Total $ 5,941,321 $ 5,877,936 4.39% 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 September 30, 2024 and December 31, 2023: Table 3.1 As of September 30, 2024 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,940,125 $ (27,545) $ 2,912,580 $ (153) $ 8,019 $ (23,287) $ 2,897,159 Farmer Mac Guaranteed USDA Securities 48,616 28 48,644 — 261 (1,682) 47,223 Total Farmer Mac Guaranteed Securities 2,988,741 (27,517) 2,961,224 (153) 8,280 (24,969) 2,944,382 USDA Securities 2,324,019 19,854 2,343,873 — 130 (232,761) 2,111,242 Total held-to-maturity $ 5,312,760 $ (7,663) $ 5,305,097 $ (153) $ 8,410 $ (257,730) $ 5,055,624 Available-for-sale: AgVantage $ 5,930,382 $ — $ 5,930,382 $ (217) $ 39,387 $ (217,167) $ 5,752,385 Farmer Mac Guaranteed Securities (3) — 8,886 8,886 — 420 — 9,306 Total available-for-sale $ 5,930,382 $ 8,886 $ 5,939,268 $ (217) $ 39,807 $ (217,167) $ 5,761,691 Trading: USDA Securities (4) $ 838 $ 47 $ 885 $ — $ — $ (43) $ 842 (1) Amounts presented exclude $59.8 million, $51.6 million, and $20,090 of accrued interest receivable (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) Fair value includes $9.3 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 5.48% as of September 30, 2024. As of December 31, 2023 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 4,206,324 $ (29,622) $ 4,176,702 $ (209) $ 4,676 $ (39,451) $ 4,141,718 Farmer Mac Guaranteed USDA Securities 36,543 33 36,576 — 107 (806) 35,877 Total Farmer Mac Guaranteed Securities 4,242,867 (29,589) 4,213,278 (209) 4,783 (40,257) 4,177,595 USDA Securities 2,331,093 23,078 2,354,171 — 417 (319,783) 2,034,805 Total held-to-maturity $ 6,573,960 $ (6,511) $ 6,567,449 $ (209) $ 5,200 $ (360,040) $ 6,212,400 Available-for-sale: AgVantage $ 5,816,024 $ — $ 5,816,024 $ (317) $ 16,416 $ (309,411) $ 5,522,712 Farmer Mac Guaranteed Securities (3) — 9,409 9,409 — 358 — 9,767 Total available-for-sale $ 5,816,024 $ 9,409 $ 5,825,433 $ (317) $ 16,774 $ (309,411) $ 5,532,479 Trading: USDA Securities (4) $ 1,236 $ 64 $ 1,300 $ — $ — $ (59) $ 1,241 (1) Amounts presented exclude $47.2 million, $67.4 million, and $42,000 of accrued interest receivable (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) Fair value includes $9.8 million of an interest-only security with a notional amount of $238.4 million. (4) The trading USDA securities had a weighted average yield of 5.46% as of December 31, 2023. On July 1, 2023, Farmer Mac transferred $2.7 billion of AgVantage Securities from available-for-sale to held-to-maturity to reflect Farmer Mac's positive intent and ability to hold these securities until maturity or payoff. Farmer Mac transferred these securities at fair value as of the date of the transfer, which included a cost basis adjustment due to unrealized losses of $31.9 million. The accumulated unrealized losses were recorded in accumulated other comprehensive income in the amount of $31.9 million. Both the cost basis adjustment and accumulated unrealized depreciation 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 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: Table 3.2 As of September 30, 2024 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 1,536,693 $ (5,100) $ 705,981 $ (18,187) Farmer Mac Guaranteed USDA Securities 28,467 (1,193) 8,378 (489) USDA Securities 7,569 (16) 2,099,685 (232,745) Total held-to-maturity $ 1,572,729 $ (6,309) $ 2,814,044 $ (251,421) Available-for-sale: AgVantage $ 199,910 $ (90) $ 3,853,189 $ (217,077) Total available-for-sale $ 199,910 $ (90) $ 3,853,189 $ (217,077) As of December 31, 2023 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 2,070,770 $ (6,705) $ 725,347 $ (32,746) Farmer Mac Guaranteed USDA Securities — — 8,393 (806) USDA Securities — — 2,023,801 (319,783) Total held-to-maturity $ 2,070,770 $ (6,705) $ 2,757,541 $ (353,335) Available-for-sale: AgVantage $ 508,182 $ (5,716) $ 4,043,431 $ (303,695) 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 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 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 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 September 30, 2024 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 3.3 As of September 30, 2024 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 596,516 $ 593,048 3.58 % Due after one year through five years 3,255,116 3,213,655 3.82 % Due after five years through ten years 950,000 902,642 3.60 % Due after ten years 1,137,636 1,052,346 3.82 % Total $ 5,939,268 $ 5,761,691 3.75 % (1) Amounts presented exclude $59.8 million of accrued interest receivable. As of September 30, 2024 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,184,967 $ 1,178,075 5.16 % Due after one year through five years 1,172,821 1,158,934 4.64 % Due after five years through ten years 290,568 262,229 3.70 % Due after ten years 2,656,741 2,456,386 4.36 % Total $ 5,305,097 $ 5,055,624 4.61 % (1) Amounts presented exclude $51.6 million of accrued interest receivable.

FARMER MAC GUARANTEED SECURITIE

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES	INVESTMENT SECURITIES 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: Table 2.1 As of September 30, 2024 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (25) $ — $ (197) $ 19,478 Floating rate Government/GSE guaranteed mortgage-backed securities 2,450,408 (525) 2,449,883 — 3,756 (17,204) 2,436,435 Fixed rate GSE guaranteed mortgage-backed securities 2,262,332 (59,093) 2,203,239 — 25,573 (85,054) 2,143,758 Floating rate U.S. Treasuries — — — — — — — Fixed rate U.S. Treasuries 1,281,077 (12,578) 1,268,499 — 10,331 (565) 1,278,265 Total available-for-sale 6,013,517 (72,196) 5,941,321 (25) 39,660 (103,020) 5,877,936 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 9,270 — 9,270 — 273 — 9,543 Total held-to-maturity $ 9,270 $ — $ 9,270 $ — $ 273 $ — $ 9,543 (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 September 30, 2024. As of December 31, 2023 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (27) $ — $ (591) $ 19,082 Floating rate Government/GSE guaranteed mortgage-backed securities 2,454,009 (1,138) 2,452,871 — 1,212 (29,649) 2,424,434 Fixed rate GSE guaranteed mortgage-backed securities 1,727,669 (46,788) 1,680,881 — 6,558 (117,824) 1,569,615 Floating rate U.S. Treasuries 50,000 (17) 49,983 — — (15) 49,968 Fixed rate U.S. Treasuries 869,585 (12,885) 856,700 — 2,074 (2,942) 855,832 Total available-for-sale 5,120,963 (60,828) 5,060,135 (27) 9,844 (151,021) 4,918,931 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 53,756 — 53,756 — 1,745 — 55,501 Total held-to-maturity $ 53,756 $ — $ 53,756 $ — $ 1,745 $ — $ 55,501 (1) Amounts presented exclude $15.9 million of accrued interest receivable on investment securities as of December 31, 2023. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 6.7% as of December 31, 2023. 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 not 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: Table 2.2 As of September 30, 2024 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,478 $ (197) Floating rate Government/GSE guaranteed mortgage-backed securities 367,575 (514) 1,074,472 (16,690) Fixed rate Government/GSE guaranteed mortgage-backed securities 24,873 (42) 986,007 (85,012) Floating rate U.S. Treasuries — — — — Fixed rate U.S. Treasuries 193,727 (352) 84,016 (213) Total $ 586,175 $ (908) $ 2,163,973 $ (102,112) Number of securities in loss position 39 148 As of December 31, 2023 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,082 $ (591) Floating rate Government/GSE guaranteed mortgage-backed securities 568,759 (4,395) 1,449,122 (25,254) Fixed rate Government/GSE guaranteed mortgage-backed securities 384,305 (4,262) 905,759 (113,562) Floating rate U.S. Treasuries 49,969 (15) — — Fixed rate U.S. Treasuries 140,435 (606) 237,192 (2,336) Total $ 1,143,468 $ (9,278) $ 2,611,155 $ (141,743) 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 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 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 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. Table 2.3 As of September 30, 2024 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 346,788 $ 347,433 3.09% Due after one year through five years 2,372,245 2,377,160 4.33% Due after five years through ten years 2,474,834 2,414,718 4.27% Due after ten years 747,454 738,625 5.56% Total $ 5,941,321 $ 5,877,936 4.39% 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 September 30, 2024 and December 31, 2023: Table 3.1 As of September 30, 2024 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,940,125 $ (27,545) $ 2,912,580 $ (153) $ 8,019 $ (23,287) $ 2,897,159 Farmer Mac Guaranteed USDA Securities 48,616 28 48,644 — 261 (1,682) 47,223 Total Farmer Mac Guaranteed Securities 2,988,741 (27,517) 2,961,224 (153) 8,280 (24,969) 2,944,382 USDA Securities 2,324,019 19,854 2,343,873 — 130 (232,761) 2,111,242 Total held-to-maturity $ 5,312,760 $ (7,663) $ 5,305,097 $ (153) $ 8,410 $ (257,730) $ 5,055,624 Available-for-sale: AgVantage $ 5,930,382 $ — $ 5,930,382 $ (217) $ 39,387 $ (217,167) $ 5,752,385 Farmer Mac Guaranteed Securities (3) — 8,886 8,886 — 420 — 9,306 Total available-for-sale $ 5,930,382 $ 8,886 $ 5,939,268 $ (217) $ 39,807 $ (217,167) $ 5,761,691 Trading: USDA Securities (4) $ 838 $ 47 $ 885 $ — $ — $ (43) $ 842 (1) Amounts presented exclude $59.8 million, $51.6 million, and $20,090 of accrued interest receivable (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) Fair value includes $9.3 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 5.48% as of September 30, 2024. As of December 31, 2023 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 4,206,324 $ (29,622) $ 4,176,702 $ (209) $ 4,676 $ (39,451) $ 4,141,718 Farmer Mac Guaranteed USDA Securities 36,543 33 36,576 — 107 (806) 35,877 Total Farmer Mac Guaranteed Securities 4,242,867 (29,589) 4,213,278 (209) 4,783 (40,257) 4,177,595 USDA Securities 2,331,093 23,078 2,354,171 — 417 (319,783) 2,034,805 Total held-to-maturity $ 6,573,960 $ (6,511) $ 6,567,449 $ (209) $ 5,200 $ (360,040) $ 6,212,400 Available-for-sale: AgVantage $ 5,816,024 $ — $ 5,816,024 $ (317) $ 16,416 $ (309,411) $ 5,522,712 Farmer Mac Guaranteed Securities (3) — 9,409 9,409 — 358 — 9,767 Total available-for-sale $ 5,816,024 $ 9,409 $ 5,825,433 $ (317) $ 16,774 $ (309,411) $ 5,532,479 Trading: USDA Securities (4) $ 1,236 $ 64 $ 1,300 $ — $ — $ (59) $ 1,241 (1) Amounts presented exclude $47.2 million, $67.4 million, and $42,000 of accrued interest receivable (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) Fair value includes $9.8 million of an interest-only security with a notional amount of $238.4 million. (4) The trading USDA securities had a weighted average yield of 5.46% as of December 31, 2023. On July 1, 2023, Farmer Mac transferred $2.7 billion of AgVantage Securities from available-for-sale to held-to-maturity to reflect Farmer Mac's positive intent and ability to hold these securities until maturity or payoff. Farmer Mac transferred these securities at fair value as of the date of the transfer, which included a cost basis adjustment due to unrealized losses of $31.9 million. The accumulated unrealized losses were recorded in accumulated other comprehensive income in the amount of $31.9 million. Both the cost basis adjustment and accumulated unrealized depreciation 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 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: Table 3.2 As of September 30, 2024 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 1,536,693 $ (5,100) $ 705,981 $ (18,187) Farmer Mac Guaranteed USDA Securities 28,467 (1,193) 8,378 (489) USDA Securities 7,569 (16) 2,099,685 (232,745) Total held-to-maturity $ 1,572,729 $ (6,309) $ 2,814,044 $ (251,421) Available-for-sale: AgVantage $ 199,910 $ (90) $ 3,853,189 $ (217,077) Total available-for-sale $ 199,910 $ (90) $ 3,853,189 $ (217,077) As of December 31, 2023 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 2,070,770 $ (6,705) $ 725,347 $ (32,746) Farmer Mac Guaranteed USDA Securities — — 8,393 (806) USDA Securities — — 2,023,801 (319,783) Total held-to-maturity $ 2,070,770 $ (6,705) $ 2,757,541 $ (353,335) Available-for-sale: AgVantage $ 508,182 $ (5,716) $ 4,043,431 $ (303,695) 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 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 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 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 September 30, 2024 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 3.3 As of September 30, 2024 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 596,516 $ 593,048 3.58 % Due after one year through five years 3,255,116 3,213,655 3.82 % Due after five years through ten years 950,000 902,642 3.60 % Due after ten years 1,137,636 1,052,346 3.82 % Total $ 5,939,268 $ 5,761,691 3.75 % (1) Amounts presented exclude $59.8 million of accrued interest receivable. As of September 30, 2024 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,184,967 $ 1,178,075 5.16 % Due after one year through five years 1,172,821 1,158,934 4.64 % Due after five years through ten years 290,568 262,229 3.70 % Due after ten years 2,656,741 2,456,386 4.36 % Total $ 5,305,097 $ 5,055,624 4.61 % (1) Amounts presented exclude $51.6 million of accrued interest receivable.

FINANCIAL DERIVATIVES

FINANCIAL DERIVATIVES	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL DERIVATIVES	FINANCIAL DERIVATIVES 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 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. Treasury securities. 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 $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 Table 4.1 As of September 30, 2024 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Receive fixed non-callable $ 8,363,185 $ 770 $ (19,533) 5.17% 3.36% 1.57 Pay fixed non-callable 9,679,159 21,625 (24) 2.66% 5.03% 9.25 Receive fixed callable 4,090,827 19,612 (52,594) 5.00% 3.50% 2.57 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 540,000 14,900 — 1.92% 5.35% 3.68 No hedge designation: Interest rate swaps: Pay fixed non-callable 157,776 720 (4) 2.92% 5.22% 3.65 Receive fixed non-callable 1,926,269 5 (243) 4.99% 4.80% 0.32 Basis swaps 655,384 21 (548) 5.16% 5.01% 4.08 Treasury futures 44,000 139 — 114.60 Netting adjustments (1) — (8,595) 8,595 Total financial derivatives $ 25,456,600 $ 49,197 $ (64,351) (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 December 31, 2023 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Receive fixed non-callable $ 9,776,685 $ 2,350 $ (20,390) 5.57% 2.94% 1.78 Pay fixed non-callable 9,174,253 7,767 (1,081) 2.50% 5.47% 9.57 Receive fixed callable 3,879,827 7,374 (95,984) 5.40% 3.40% 2.48 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 558,000 20,234 (43) 1.94% 5.82% 4.30 No hedge designation: Interest rate swaps: Pay fixed non-callable 160,623 676 (29) 2.92% 5.64% 4.34 Receive fixed non-callable 1,358,396 263 (3) 5.44% 4.87% 0.64 Basis swaps 850,384 39 (746) 5.52% 5.48% 3.83 Treasury futures 21,300 11 (91) 112.51 Netting adjustments (1) — (1,236) 1,236 Total financial derivatives $ 25,779,468 $ 37,478 $ (117,131) (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 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: Table 4.2 For the Three 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 Losses on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 88,879 $ 156,602 $ 162,247 $ (320,937) $ (1,934) $ 84,857 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 10,774 39,127 17,878 (69,433) — (1,654) Recognized on hedged items 11,476 54,513 17,544 (106,154) — (22,621) Premium/discount amortization recognized on hedged items 623 — — (688) — (65) Income/(expense) related to interest settlements on fair value hedging relationships $ 22,873 $ 93,640 $ 35,422 $ (176,275) $ — $ (24,340) Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (60,799) $ (189,698) $ (98,464) $ 212,027 $ — $ (136,934) Recognized on hedged items 60,915 189,141 98,015 (210,932) — 137,139 Gains/(losses) on fair value hedging relationships $ 116 $ (557) $ (449) $ 1,095 $ — $ 205 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 5,338 $ — $ 5,338 Recognized on hedged items — — — (7,918) — (7,918) Discount amortization recognized on hedged items — — — (14) — (14) Expense recognized on cash flow hedges $ — $ — $ — $ (2,594) $ — $ (2,594) Losses on financial derivatives not designated in hedging relationships: Losses on interest rate swaps $ — $ — $ — $ — $ (1,310) $ (1,310) Interest expense on interest rate swaps — — — — (858) (858) Treasury futures — — — — 234 234 Losses on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ (1,934) $ (1,934) For the Three Months Ended September 30, 2023 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 (in thousands) Total amounts presented in the consolidated statement of operations: $ 79,947 $ 161,351 $ 140,513 $ (294,168) $ 2,671 $ 90,314 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 9,950 40,114 17,692 (92,663) — (24,907) Recognized on hedged items 9,006 46,303 16,089 (91,525) — (20,127) Premium/discount amortization recognized on hedged items 623 — — (732) — (109) Income/(expense) related to interest settlements on fair value hedging relationships $ 19,579 $ 86,417 $ 33,781 $ (184,920) $ — $ (45,143) 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) 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: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 5,569 $ — $ 5,569 Recognized on hedged items — — — (8,287) — (8,287) Discount amortization recognized on hedged items — — — (14) — (14) Expense recognized on cash flow hedges $ — $ — $ — $ (2,732) $ — $ (2,732) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 2,772 $ 2,772 Interest expense on interest rate swaps — — — — (805) (805) Treasury futures — — — — 704 704 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 2,671 $ 2,671 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 Losses on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 258,341 $ 489,478 $ 459,932 $ (947,252) $ (1,654) $ 258,845 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 31,479 118,593 53,554 (229,642) — (26,016) Recognized on hedged items 31,734 158,869 50,847 (319,876) — (78,426) Premium/discount amortization recognized on hedged items 1,555 — — (2,156) — (601) Income/(expense) related to interest settlements on fair value hedging relationships $ 64,768 $ 277,462 $ 104,401 $ (551,674) $ — $ (105,043) Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (29,549) $ (101,186) $ (37,096) $ 188,182 $ — $ 20,351 Recognized on hedged items 30,032 101,890 38,842 (185,304) — (14,540) Gains/(losses) on fair value hedging relationships $ 483 $ 704 $ 1,746 $ 2,878 $ — $ 5,811 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 16,162 $ — $ 16,162 Recognized on hedged items — — — (24,023) — (24,023) Discount amortization recognized on hedged items — — — (42) — (42) Expense recognized on cash flow hedges $ — $ — $ — $ (7,903) $ — $ (7,903) 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 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 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 (in thousands) Total amounts presented in the consolidated statement of operations: $ 209,429 $ 442,649 $ 388,837 $ (795,537) $ 4,763 $ 250,141 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 24,952 104,023 46,625 (258,358) — (82,758) Recognized on hedged items 23,865 133,995 47,144 (243,053) — (38,049) Premium/discount amortization recognized on hedged items 1,399 — — (2,137) — (738) Income/(expense) related to interest settlements on fair value hedging relationships $ 50,216 $ 238,018 $ 93,769 $ (503,548) $ — $ (121,545) (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ 45,722 $ 117,267 $ 97,346 $ 50,916 $ — $ 311,251 Recognized on hedged items (46,485) (116,591) (97,827) (52,144) — (313,047) (Losses)/gains on fair value hedging relationships $ (763) $ 676 $ (481) $ (1,228) $ — $ (1,796) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 15,051 $ — $ 15,051 Recognized on hedged items — — — (23,325) — (23,325) Discount amortization recognized on hedged items — — — (41) — (41) Expense recognized on cash flow hedges $ — $ — $ — $ (8,315) $ — $ (8,315) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 5,263 $ 5,263 Interest expense on interest rate swaps — — — — (3,999) (3,999) Treasury futures — — — — 3,499 3,499 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 September 30, 2024 and December 31, 2023: Table 4.3 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) September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 (in thousands) Investment securities, Available-for-Sale, at fair value $ 1,525,596 $ 1,251,386 $ (58,602) $ (88,635) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value 5,726,645 5,497,948 (155,546) (257,436) Loans held for investment, at amortized cost 1,890,571 1,699,361 (266,750) (305,592) Notes Payable (1) (12,128,955) (13,350,111) 65,114 250,418 (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 September 30, 2024 and December 31, 2023: Table 4.4 September 30, 2024 Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Gross Amounts Not Offset in the Consolidated Balance Sheet Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (3) (in thousands) Assets: Uncleared derivatives $ 27,397 $ — $ 27,397 $ (23,737) $ — $ (3,521) $ 139 Cleared derivatives 22,759 (8,595) 14,164 — — — 14,164 Total $ 50,156 $ (8,595) $ 41,561 $ (23,737) $ — $ (3,521) $ 14,303 Liabilities: Uncleared derivatives $ (55,046) $ — $ (55,046) $ 23,737 $ — $ 22,154 $ (9,155) Cleared derivatives (8,595) 8,595 — — — — — Total $ (63,641) $ 8,595 $ (55,046) $ 23,737 $ — $ 22,154 $ (9,155) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $5.6 million of collateral posted and $10.2 million of collateral received related to counterparties not subject to master netting agreements. (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 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 Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Gross Amounts Not Offset in the Consolidated Balance Sheet Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (3) (in thousands) Assets: Uncleared derivatives $ 25,751 $ — $ 25,751 $ (25,727) $ — $ — $ 24 Cleared derivatives 10,388 (1,236) 9,152 — — — 9,152 Total $ 36,139 $ (1,236) $ 34,903 $ (25,727) $ — $ — $ 9,176 Liabilities: Uncleared derivatives $ (100,114) $ — $ (100,114) $ 25,727 $ — $ 69,360 $ (5,027) Cleared derivatives (1,236) 1,236 — — — — — Total $ (101,350) $ 1,236 $ (100,114) $ 25,727 $ — $ 69,360 $ (5,027) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $15.2 million of collateral posted and $2.0 million of collateral received related to counterparties not subject to master netting agreements. (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 December 31, 2023, Farmer Mac had additional net exposure of $207.2 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position. Farmer Mac records posted cash as a reduction in the outstanding balance of cash and cash equivalents and an increase in the balance of prepaid expenses and other assets. 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 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.

LOANS

LOANS	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
LOANS	LOANS Farmer Mac classifies loans as either held for investment or held for sale. 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 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 September 30, 2024 and December 31, 2023: Table 5.1 As of September 30, 2024 As of December 31, 2023 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Agricultural Finance loans Farm & Ranch $ 5,253,260 $ 1,718,440 $ 6,971,700 $ 5,133,450 $ 1,432,261 $ 6,565,711 Corporate AgFinance 1,297,563 — 1,297,563 1,259,723 — 1,259,723 Total Agricultural Finance loans 6,550,823 1,718,440 8,269,263 6,393,173 1,432,261 7,825,434 Rural Infrastructure Finance loans 4,383,355 — 4,383,355 3,534,763 — 3,534,763 Total unpaid principal balance (1) 10,934,178 1,718,440 12,652,618 9,927,936 1,432,261 11,360,197 Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments (265,334) — (265,334) (304,817) — (304,817) Total loans 10,668,844 1,718,440 12,387,284 9,623,119 1,432,261 11,055,380 Allowance for losses (19,314) (637) (19,951) (15,588) (443) (16,031) Total loans, net of allowance $ 10,649,530 $ 1,717,803 $ 12,367,333 $ 9,607,531 $ 1,431,818 $ 11,039,349 (1) Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business. Allowance for Losses The following table is a summary, by asset type, of the allowance for losses as of September 30, 2024 and December 31, 2023: Table 5.2 September 30, 2024 December 31, 2023 Allowance for Losses Allowance for Losses (in thousands) Loans: Agricultural Finance loans Farm & Ranch $ 4,832 $ 3,936 Corporate AgFinance 5,769 2,948 Total Agricultural Finance loans 10,601 6,884 Rural Infrastructure Finance loans 9,350 9,147 Total $ 19,951 $ 16,031 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: Table 5.3 September 30, 2024 September 30, 2023 Agricultural Finance loans Rural Infrastructure Finance loans (3) Agricultural Finance loans Rural Infrastructure Finance loans (3) Farm & Ranch (1) Corporate AgFinance (2) Total Farm & Ranch (1) Corporate AgFinance (2) Total (in thousands) For the Three Months Ended Beginning Balance $ 4,676 $ 4,014 $ 8,690 $ 7,810 $ 3,935 $ 7,367 $ 11,302 $ 5,446 Provision for/(release of) losses 156 1,755 1,911 1,540 (25) (3,689) (3,714) 3,580 Charge-offs — — — — — — — — Ending Balance $ 4,832 $ 5,769 $ 10,601 $ 9,350 $ 3,910 $ 3,678 $ 7,588 $ 9,026 For the Nine Months Ended Beginning Balance $ 3,936 $ 2,948 $ 6,884 $ 9,147 $ 4,044 $ 2,731 $ 6,775 $ 8,314 Provision for/(release of) losses 997 6,763 7,760 203 (134) 947 813 712 Charge-offs (101) (3,942) (4,043) — — — — — Ending Balance $ 4,832 $ 5,769 $ 10,601 $ 9,350 $ 3,910 $ 3,678 $ 7,588 $ 9,026 (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: Table 5.4 As of September 30, 2024 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 6,817,093 $ 14,363 $ 12,072 $ 34,390 $ 60,825 $ 93,782 $ 6,971,700 Corporate AgFinance 1,249,879 — — — — 47,684 1,297,563 Total Agricultural Finance loans 8,066,972 14,363 12,072 34,390 60,825 141,466 8,269,263 Rural Infrastructure Finance loans 4,383,355 — — — — — 4,383,355 Total $ 12,450,327 $ 14,363 $ 12,072 $ 34,390 $ 60,825 $ 141,466 $ 12,652,618 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Includes loans in consolidated trusts with beneficial interests owned by third parties (single-class) that are 90 days or more past due. (3) Includes loans 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. (4) Includes $22.5 million of nonaccrual loans for which there was no associated allowance. 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 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 6,470,205 $ 15,326 $ 3,953 $ 10,991 $ 30,270 $ 65,236 $ 6,565,711 Corporate AgFinance 1,259,723 — — — — — 1,259,723 Total Agricultural Finance loans 7,729,928 15,326 3,953 10,991 30,270 65,236 7,825,434 Rural Infrastructure Finance loans 3,534,763 — — — — — 3,534,763 Total $ 11,264,691 $ 15,326 $ 3,953 $ 10,991 $ 30,270 $ 65,236 $ 11,360,197 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Includes loans in consolidated trusts with beneficial interests owned (single-class) by third parties that are 90 days or more past due. (3) Includes loans 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. (4) Includes $25.7 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2023, Farmer Mac received $2.6 million in interest on nonaccrual loans. Credit Quality Indicators 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: Table 5.5 As of September 30, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 660,038 $ 490,681 $ 1,094,748 $ 1,563,276 $ 1,023,692 $ 1,260,030 $ 362,119 $ 6,454,584 Special mention (2) 78,097 77,428 25,222 31,257 6,897 28,306 9,874 257,081 Substandard (3) 3,101 26,052 41,315 24,963 53,445 86,803 24,356 260,035 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 September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ 101 $ — $ — $ — $ 101 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 September 30, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance (1) : Internally Assigned Risk Rating: Acceptable $ 106,145 $ 155,782 $ 75,840 $ 235,951 $ 80,593 $ 162,180 $ 264,366 $ 1,080,857 Special mention (2) — 37,168 — 14,776 75,464 — 7,275 134,683 Substandard (3) — 7,311 7,655 — 14,339 33,490 19,228 82,023 Total $ 106,145 $ 200,261 $ 83,495 $ 250,727 $ 170,396 $ 195,670 $ 290,869 $ 1,297,563 For the Three Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ 3,942 $ 3,942 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 September 30, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 932,310 $ 536,679 $ 582,812 $ 176,273 $ 565,944 $ 1,242,792 $ 274,551 $ 4,311,361 Special mention (2) 2,941 10,450 34,475 — — — — 47,866 Substandard (3) — — 24,128 — — — — 24,128 Total $ 935,251 $ 547,129 $ 641,415 $ 176,273 $ 565,944 $ 1,242,792 $ 274,551 $ 4,383,355 For the Three Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 530,956 $ 1,137,226 $ 1,653,780 $ 1,120,917 $ 323,922 $ 1,068,862 $ 385,766 $ 6,221,429 Special mention (2) 70,524 46,529 27,957 11,591 4,782 21,257 8,777 191,417 Substandard (3) 3,357 23,987 10,164 17,395 28,942 58,606 10,414 152,865 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 September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance loans (1) : Internally Assigned Risk Rating: Acceptable $ 207,279 $ 97,922 $ 261,992 $ 123,158 $ 99,352 $ 112,947 $ 254,325 $ 1,156,975 Special mention (2) — 14,522 15,408 50,822 20,333 — 1,663 102,748 Substandard (3) — — — — — — — — Total $ 207,279 $ 112,444 $ 277,400 $ 173,980 $ 119,685 $ 112,947 $ 255,988 $ 1,259,723 For the Three Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 618,946 $ 681,272 $ 187,746 $ 593,841 $ 701,937 $ 611,548 $ 100,223 $ 3,495,513 Special mention (2) — 9,850 — — — — — 9,850 Substandard (3) — 29,400 — — — — — 29,400 Total $ 618,946 $ 720,522 $ 187,746 $ 593,841 $ 701,937 $ 611,548 $ 100,223 $ 3,534,763 For the Three Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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.

GUARANTEES AND COMMITMENTS

GUARANTEES AND COMMITMENTS	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
GUARANTEES AND COMMITMENTS	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 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: Table 6.1 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of September 30, 2024 As of December 31, 2023 (in thousands) Agricultural Finance Farmer Mac Guaranteed Securities $ 430,628 $ 452,602 Total off-balance sheet Farmer Mac Guaranteed Securities $ 430,628 $ 452,602 Eligible loans and other eligible assets may be placed into trusts that are used as vehicles for the securitization of the transferred assets and the Farmer Mac-guaranteed beneficial interests in the trusts are sold to investors. The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations: Table 6.2 For the Nine Months Ended September 30, 2024 September 30, 2023 (in thousands) Proceeds from new securitizations $ 343,654 $ 222,188 Guarantee fees received 1,173 1,280 Farmer Mac presents a liability for its obligation to stand ready under its guarantee in "Guarantee and commitment obligation" on the consolidated balance sheets. The following table presents the liability and the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities: Table 6.3 As of September 30, 2024 As of December 31, 2023 (dollars in thousands) Guarantee and commitment obligation $ 5,644 $ 5,969 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 21.4 years 21.9 years Long-Term Standby Purchase Commitments Farmer Mac has recorded a liability for its obligation to stand ready under the commitment in the guarantee and commitment obligation on the consolidated balance sheets. 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: Table 6.4 As of September 30, 2024 As of December 31, 2023 (dollars in thousands) Guarantee and commitment obligation (1) $ 38,295 $ 41,594 Maximum principal amount 3,568,824 3,680,333 Weighted-average remaining maturity 14.4 years 14.5 years (1) Relates to LTSPCs issued or modified on or after January 1, 2003. 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 September 30, 2024 and December 31, 2023: Table 6.5 September 30, 2024 December 31, 2023 Reserve for Losses Reserve for Losses (in thousands) Agricultural Finance $ 1,317 $ 1,471 Rural Infrastructure Finance 207 240 Total $ 1,524 $ 1,711 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: Table 6.6 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 (in thousands) Agricultural Finance Beginning Balance $ 1,443 $ 1,471 $ 1,471 $ 819 (Release of)/provision for losses (126) (59) (154) 593 Ending Balance $ 1,317 $ 1,412 $ 1,317 $ 1,412 Rural Infrastructure Finance Beginning Balance $ 251 $ 234 $ 240 $ 614 (Release of)/provision for losses (44) 14 (33) (366) Ending Balance $ 207 $ 248 $ 207 $ 248 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. 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 September 30, 2024 and December 31, 2023: Table 6.7 As of September 30, 2024 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,182,727 $ 2,090 $ 6,232 $ 6,358 $ 14,680 $ 3,197,407 Rural Infrastructure Finance: 611,163 — — — — 611,163 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 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 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,390,918 $ 2,776 $ 2,366 $ 1,784 $ 6,926 $ 3,397,844 Rural Infrastructure Finance: 535,013 — — — — 535,013 Total $ 3,925,931 $ 2,776 $ 2,366 $ 1,784 $ 6,926 $ 3,932,857 (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. 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 September 30, 2024 and December 31, 2023, by year of origination: Table 6.8 As of September 30, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 12,104 $ 127,022 $ 219,900 $ 478,659 $ 516,045 $ 1,297,238 $ 411,223 $ 3,062,191 Special mention (1) — 5,963 12,941 14,561 6,926 46,864 12,134 99,389 Substandard (2) — — 1,246 1,182 6,346 25,839 1,214 35,827 Total $ 12,104 $ 132,985 $ 234,087 $ 494,402 $ 529,317 $ 1,369,941 $ 424,571 $ 3,197,407 For the Three Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 September 30, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 363,689 $ 247,474 $ 611,163 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 363,689 $ 247,474 $ 611,163 For the Three Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 169,429 $ 246,441 $ 515,396 $ 534,395 $ 264,815 $ 1,185,811 $ 391,335 $ 3,307,622 Special mention (1) — 71 2,466 872 531 44,631 8,565 57,136 Substandard (2) — — — 131 1,536 26,328 5,091 33,086 Total $ 169,429 $ 246,512 $ 517,862 $ 535,398 $ 266,882 $ 1,256,770 $ 404,991 $ 3,397,844 For the Three Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 419,190 $ 115,823 $ 535,013 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 419,190 $ 115,823 $ 535,013 For the Three Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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.

NOTES PAYABLE

NOTES PAYABLE	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE Farmer Mac's borrowings consist of discount notes and medium-term notes, both of which are unsecured general obligations of Farmer Mac. 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 September 30, 2024 and December 31, 2023: Table 7.1 September 30, 2024 Outstanding as of September 30 Average Outstanding During the Quarter Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 2,209,572 4.82 % $ 1,884,228 5.22 % Medium-term notes 1,533,369 5.05 % 625,746 5.28 % Current portion of medium-term notes 6,202,504 3.29 % Total due within one year $ 9,945,445 3.90 % Due after one year: Medium-term notes due in: Two years $ 4,552,685 2.90 % Three years 4,322,588 3.09 % Four years 2,731,158 3.97 % Five years 2,286,867 4.62 % Thereafter 3,355,828 2.73 % Total due after one year $ 17,249,126 3.31 % Total principal net of discounts $ 27,194,571 3.53 % Hedging adjustments (65,115) Total $ 27,129,456 December 31, 2023 Outstanding as of December 31 Average Outstanding During the Year Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 1,734,387 5.32 % $ 1,097,300 5.08 % Medium-term notes 384,970 5.07 % 1,731,308 4.09 % Current portion of medium-term notes 5,967,811 2.90 % Total due within one year $ 8,087,168 3.52 % Due after one year: Medium-term notes due in: Two years $ 5,523,671 3.27 % Three years 3,825,702 2.27 % Four years 3,038,229 3.44 % Five years 2,623,202 4.37 % Thereafter 3,488,987 2.80 % Total due after one year $ 18,499,791 3.16 % Total principal net of discounts $ 26,586,959 3.27 % Hedging adjustments (250,417) Total $ 26,336,542 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 September 30, 2024: Table 7.2 Debt Callable in 2024 as of September 30, 2024, by Maturity Amount Weighted-Average Rate (dollars in thousands) Maturity: 2025 $ 703,213 2.48 % 2026 1,102,104 1.85 % 2027 747,096 2.79 % 2028 281,393 3.92 % Thereafter 1,215,130 2.62 % 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 September 30, 2024, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date: Table 7.3 Earliest Interest Rate Reset Date, or Debt Maturities, of Borrowings Outstanding Amount Weighted-Average Rate (dollars in thousands) Debt with interest rate resets, or debt maturities in: 2024 $ 6,127,512 4.53 % 2025 6,369,714 3.39 % 2026 4,490,285 2.54 % 2027 3,366,626 3.44 % 2028 2,414,941 4.10 % Thereafter 4,425,493 3.10 % Total principal net of discounts $ 27,194,571 3.53 % 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. Treasury Farmer Mac's statutory charter authorizes it, upon satisfying certain conditions, to borrow up to $1.5 billion from the U.S. Treasury through the issuance of debt obligations to the U.S. Treasury. Any funds borrowed from the U.S. Treasury may be used solely to fulfill Farmer Mac's guarantee obligations. Any debt obligations issued by Farmer Mac under this authority would bear interest at a rate determined by the U.S. Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States as of the last day of the last calendar month ending before the date of the purchase of the obligations from Farmer Mac. The charter requires Farmer Mac to repurchase any of its debt obligations held by the U.S. Treasury within a reasonable time. As of September 30, 2024, Farmer Mac had not used this borrowing authority. Gains on Repurchases of Outstanding Debt

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
EQUITY	EQUITY Common Stock 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. Except for the period from March 16, 2020 to March 10, 2021, Farmer Mac has had a common stock repurchase program in place since third quarter 2015. On March 10, 2021, Farmer Mac's board of directors reinstated the share repurchase program on its previous terms and extended the expiration date of the program to March 2023. In February 2023, Farmer Mac's board of directors renewed the share repurchase program on its previous terms (with a remaining authorization of up to $9.8 million in stock repurchases) and extended the expiration date of the program to February 2025. Farmer Mac has not repurchased any shares of its Class C non-voting common stock since the repurchase program was reinstated in March 2021. 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 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 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 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.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES 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 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: Table 9.1 Assets and Liabilities Measured at Fair Value as of September 30, 2024 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,478 $ 19,478 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,436,435 — 2,436,435 Fixed rate GSE guaranteed mortgage-backed securities — 2,143,758 — 2,143,758 Floating rate U.S. Treasuries — — — — Fixed rate U.S. Treasuries 1,278,265 — — 1,278,265 Total Available-for-sale Investment Securities 1,278,265 4,580,193 19,478 5,877,936 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,752,385 5,752,385 Farmer Mac Guaranteed Securities — — 9,306 9,306 Total Farmer Mac Guaranteed Securities — — 5,761,691 5,761,691 USDA Securities: Trading — — 842 842 Total USDA Securities — — 842 842 Financial derivatives 138 49,059 — 49,197 Guarantee Asset — — 5,556 5,556 Total Assets at fair value $ 1,278,403 $ 4,629,252 $ 5,787,567 $ 11,695,222 Liabilities: Financial derivatives $ — $ 64,351 $ — $ 64,351 Total Liabilities at fair value $ — $ 64,351 $ — $ 64,351 (1) Level 3 assets represent 19% of total assets and 49% of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,082 $ 19,082 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,424,434 — 2,424,434 Fixed rate GSE guaranteed mortgage-backed securities — 1,569,615 — 1,569,615 Floating rate U.S. Treasuries 49,968 — — 49,968 Fixed rate U.S. Treasuries 855,832 — — 855,832 Total Available-for-sale Investment Securities 905,800 3,994,049 19,082 4,918,931 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,522,712 5,522,712 Farmer Mac Guaranteed Securities — — 9,767 9,767 Total Farmer Mac Guaranteed Securities — — 5,532,479 5,532,479 USDA Securities: Trading — — 1,241 1,241 Total USDA Securities — — 1,241 1,241 Financial derivatives 11 37,467 — 37,478 Guarantee Asset — — 5,831 5,831 Total Assets at fair value $ 905,811 $ 4,031,516 $ 5,558,633 $ 10,495,960 Liabilities: Financial derivatives $ 91 $ 117,040 $ — $ 117,131 Total Liabilities at fair value $ 91 $ 117,040 $ — $ 117,131 (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 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 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 nine months ended September 30, 2024 and 2023. Table 9.2 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 unrealized (losses)/gains included in Income Unrealized gains/(losses) included in Other Comprehensive Income Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,478 $ — $ — $ — $ — $ — $ 19,478 Total available-for-sale 19,478 — — — — — 19,478 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,389,841 400,000 (215,855) 44 189,191 (10,836) 5,752,385 Farmer Mac Guaranteed Securities 9,310 — (176) — — 172 9,306 Total available-for-sale 5,399,151 400,000 (216,031) 44 189,191 (10,664) 5,761,691 USDA Securities: Trading 1,026 — (198) — 14 — 842 Total USDA Securities 1,026 — (198) — 14 — 842 Guarantee and commitment obligations: Guarantee Asset 5,559 — (86) — 83 — 5,556 Total Guarantee and commitment obligations 5,559 — (86) — 83 — 5,556 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 September 30, 2023 Beginning Balance Purchases Settlements Allowance for Losses Realized and Unrealized gains included in Other Comprehensive Income Transfers Out (1) Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,032 $ — $ — $ 1 $ — $ — $ — $ 19,033 Total available-for-sale 19,032 — — 1 — — — 19,033 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,737,810 100,000 (6,875) 133 (107,917) 9,653 (2,684,096) 5,048,708 Farmer Mac Guaranteed 7,605 — (169) — — 2,553 — 9,989 Total available-for-sale 7,745,415 100,000 (7,044) 133 (107,917) 12,206 (2,684,096) 5,058,697 USDA Securities: Trading 1,348 — (44) — (2) — — 1,302 Total USDA Securities 1,348 — (44) — (2) — — 1,302 Guarantee and commitment obligations: Guarantee Asset 4,331 — (84) — 1,716 — — 5,963 Total Guarantee and commitment obligations 4,331 — (84) — 1,716 — — 5,963 Total Assets at fair value $ 7,770,126 $ 100,000 $ (7,172) $ 134 $ (106,203) $ 12,206 $ (2,684,096) $ 5,084,995 (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 unrealized (losses)/gains included in Income Unrealized gains/(losses) Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,082 $ — $ — $ 2 $ — $ 394 $ 19,478 Total available-for-sale 19,082 — — 2 — 394 19,478 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,522,712 675,000 (560,643) 100 102,036 13,180 5,752,385 Farmer Mac Guaranteed Securities 9,767 — (523) — — 62 9,306 Total available-for-sale 5,532,479 675,000 (561,166) 100 102,036 13,242 5,761,691 USDA Securities: Trading 1,241 — (414) — 15 — 842 Total USDA Securities 1,241 — (414) — 15 — 842 Guarantee and commitment obligations: Guarantee Asset 5,831 — (256) — (19) — 5,556 Total Guarantee and commitment obligations 5,831 — (256) — (19) — 5,556 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 Nine Months Ended September 30, 2023 Beginning Balance Purchases Settlements Allowance for Losses Realized and Unrealized gains included in Other Comprehensive Income Transfers Out (1) Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,027 $ — $ — $ 6 $ — $ — $ — $ 19,033 Total available-for-sale 19,027 — — 6 — — — 19,033 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,599,379 1,639,650 (1,405,674) 173 (116,447) 15,723 (2,684,096) 5,048,708 Farmer Mac Guaranteed 7,847 — (1,043) — — 3,185 — 9,989 Total available-for-sale 7,607,226 1,639,650 (1,406,717) 173 (116,447) 18,908 (2,684,096) 5,058,697 USDA Securities: Trading 1,767 — (479) — 14 — — 1,302 Total USDA Securities 1,767 — (479) — 14 — — 1,302 Guarantee and commitment obligations: Guarantee Asset 4,467 — (506) — 2,002 — — 5,963 Total Guarantee and commitment obligations 4,467 — (506) — 2,002 — — 5,963 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 (1) Includes $2.7 billion of AgVantage Securities transferred from available-for-sale to held-to-maturity on July 1, 2023. 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 September 30, 2024 and December 31, 2023: Table 9.3 As of September 30, 2024 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,478 Indicative bids Range of broker quotes 99.0% - 99.0% (99.0%) Farmer Mac Guaranteed Securities: AgVantage $ 5,752,385 Discounted cash flow Discount rate 4.3% - 5.3% (4.5%) Farmer Mac Guaranteed Securities $ 9,306 Discounted cash flow Discount rate 8.3% CPR 3% USDA Securities $ 842 Discounted cash flow Discount rate 5.2% - 5.3% (5.3%) CPR 13% - 13% (13%) Guarantee Asset $ 5,556 Discounted cash flow Discount rate 8.3% CPR 3% As of December 31, 2023 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,082 Indicative bids Range of broker quotes 97.0% - 97.0% (97.0%) Farmer Mac Guaranteed Securities: AgVantage $ 5,522,712 Discounted cash flow Discount rate 4.7% - 5.4% (5.0%) Farmer Mac Guaranteed Securities $ 9,767 Discounted cash flow Discount rate 8.3% CPR 3% USDA Securities $ 1,241 Discounted cash flow Discount rate 5.4% - 5.4% (5.4%) CPR 12% - 12% (12%) Guarantee Asset $ 5,831 Discounted cash flow Discount rate 8.3% CPR 3% The significant unobservable input used in the fair value measurements 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 because they generally have fixed maturity dates when the secured general obligations are due and do not prepay. 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 September 30, 2024 and December 31, 2023: Table 9.4 As of September 30, 2024 As of December 31, 2023 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 842,056 $ 842,056 $ 888,707 $ 888,707 Investment securities 5,896,066 5,895,793 4,981,249 4,979,504 Farmer Mac Guaranteed Securities 8,706,073 8,722,762 9,710,074 9,745,548 USDA Securities 2,112,084 2,344,715 2,036,046 2,355,412 Loans 11,974,136 12,367,333 10,426,021 11,039,349 Financial derivatives 49,197 49,197 37,478 37,478 Guarantee and commitment fees receivable 53,624 46,077 58,465 49,832 Financial liabilities: Notes payable 26,673,965 27,129,456 25,670,971 26,336,542 Debt securities of consolidated trusts held by third parties 1,607,791 1,616,513 1,268,563 1,351,069 Financial derivatives 64,351 64,351 117,131 117,131 Guarantee and commitment obligations 51,486 43,939 56,195 47,563 The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value and is classified as Level 1. The fair value of investments in U.S. Treasuries are valued based on unadjusted quoted prices in active markets and are classified as Level 1. A significant portion of Farmer Mac's investment portfolio is valued using a reputable nationally recognized third-party pricing service. The prices obtained are non-binding and generally representative of recent market trades and are classified as Level 2. Farmer Mac internally models the fair value of its loan portfolio, including loans held for investment and loans held for investment in consolidated trusts, Farmer Mac Guaranteed Securities, and USDA Securities by discounting the projected cash flows of these instruments at projected interest rates. The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves and discount rates commensurate with the risks involved. These fair value measurements do not take into consideration the fair value of the underlying property and are classified as Level 3. Financial derivatives primarily are valued using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments) and are classified as Level 2. The fair value of the guarantee fees receivable/obligation and debt securities of consolidated trusts are estimated based on the present value of expected future cash flows of the underlying mortgage assets using management's best estimate of certain key assumptions, which include prepayments speeds, forward yield curves, and discount rates commensurate with the risks involved and are classified as Level 3. Notes payable are valued by discounting the expected cash flows of these instruments using a yield curve derived from market prices observed for similar agency securities and are also classified as Level 3. Because the cash flows of Farmer Mac's financial instruments may be interest rate path dependent, estimated fair values and projected discount rates for Level 3 financial instruments are derived using a Monte Carlo simulation model. Different market assumptions and estimation methodologies could significantly affect estimated fair value amounts.

BUSINESS SEGMENT REPORTING

BUSINESS SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
BUSINESS SEGMENT REPORTING	BUSINESS SEGMENT REPORTING The following table presents Farmer Mac's seven segments: Agricultural Finance Rural Infrastructure Finance Treasury 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. 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 nine months ended September 30, 2024 and 2023. Table 10.1 Core Earnings by Business Segment For the Three Months Ended September 30, 2024 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 36,816 $ 6,397 $ 7,608 $ 3,810 $ 31,217 $ 943 $ — $ — $ 86,791 Less: reconciling adjustments (1)(2)(3) (1,061) — (29) — (305) — — 1,395 — Net effective spread 35,755 6,397 7,579 3,810 30,912 943 — 1,395 — Guarantee and commitment fees 4,304 168 338 187 — — — (982) 4,015 Gain on sale of investment securities — — — — — — — — — Loss on sale of mortgage loan — — — — — — — — — 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 of losses (116) (1,779) (1,195) (337) — (1) — — (3,428) Release of reserve for losses 126 — 44 — — — — — 170 Operating expenses (196) — — — — — (24,587) — (24,783) Total non-interest expense (70) — 44 — — — (24,587) — (24,613) Core earnings before income taxes 40,964 4,826 6,766 3,660 30,912 952 (24,595) (1,236) (4) 62,249 Income tax (expense)/benefit (8,602) (1,013) (1,421) (768) (6,492) (201) 5,816 260 (12,421) Core earnings before preferred stock dividends 32,362 3,813 5,345 2,892 24,420 751 (18,779) (976) (4) 49,828 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) $ 42,312 Total Assets $ 14,562,142 $ 1,662,687 $ 6,952,605 $ 985,435 $ — $ 6,389,160 $ 63,192 $ — $ 30,615,221 Total on- and off-balance sheet program assets at principal balance $ 18,090,374 $ 1,842,780 $ 7,440,141 $ 1,095,008 $ — $ — $ — $ — $ 28,468,303 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Three Months Ended September 30, 2023 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 33,735 $ 8,250 $ 6,393 $ 1,150 $ 37,642 $ 473 $ — $ — $ 87,643 Less: reconciling adjustments (1)(2)(3) (1,017) — (31) — (3,230) 59 — 4,219 — Net effective spread 32,718 8,250 6,362 1,150 34,412 532 — 4,219 — Guarantee and commitment fees 4,447 78 279 24 — — — 692 5,520 Other income/(expense) (3) 807 — — — 3 6 240 2,884 3,940 Total revenues 37,972 8,328 6,641 1,174 34,415 538 240 7,795 97,103 Release of/(provision 13 3,694 (3,504) (66) — (1) — — 136 Release of/(provision 58 — (13) — — — — — 45 Operating expenses — — — — — (24,034) — (24,034) Total non-interest expense 58 — (13) — — — (24,034) — (23,989) Core earnings before income taxes 38,043 12,022 3,124 1,108 34,415 537 (23,794) 7,795 (4) 73,250 Income tax (expense)/benefit (7,989) (2,525) (656) (233) (7,226) (113) 5,267 (1,638) (15,113) Core earnings before preferred stock dividends 30,054 9,497 2,468 875 27,189 424 (18,527) 6,157 (4) 58,137 Preferred stock dividends — — — — — — (6,792) — (6,792) Segment core earnings/(losses) $ 30,054 $ 9,497 $ 2,468 $ 875 $ 27,189 $ 424 $ (25,319) $ 6,157 (4) $ 51,345 Total Assets $ 14,660,371 $ 1,619,664 $ 6,648,693 $ 320,572 $ — $ 4,866,969 $ 195,112 $ — $ 28,311,381 Total on- and off-balance sheet program assets at principal balance $ 18,461,835 $ 1,741,306 $ 7,118,295 $ 330,575 $ — $ — $ — $ — $ 27,652,011 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Nine Months Ended September 30, 2024 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 106,227 $ 22,234 $ 22,545 $ 8,858 $ 98,556 $ 2,079 $ — $ — $ 260,499 Less: reconciling adjustments (1)(2)(3) (3,473) — (88) — (4,902) — — 8,463 — Net effective spread 102,754 22,234 22,457 8,858 93,654 2,079 — 8,463 — Guarantee and commitment fees 13,400 382 988 465 — — — (3,506) 11,729 Gain on sale of investment securities — — — — — 1,052 — — 1,052 Loss on sale of mortgage loan — (1,147) — — — — — — (1,147) Other income/(expense) (3) 2,603 47 — — — 21 20 (1,004) 1,687 Total revenues 118,757 21,516 23,445 9,323 93,654 3,152 20 3,953 273,820 (Provision for)/release of losses (888) (6,755) 2,324 (2,488) — 1 — — (7,806) Release of reserve for losses 154 — 34 — — — — — 188 Operating expenses (196) — — — — — (76,293) — (76,489) Total non-interest expense (42) — 34 — — — (76,293) — (76,301) Core earnings before income taxes 117,827 14,761 25,803 6,835 93,654 3,153 (76,273) 3,953 (4) 189,713 Income tax (expense)/benefit (24,743) (3,099) (5,419) (1,435) (19,666) (664) 16,822 (830) (39,034) Core earnings before preferred stock dividends 93,084 11,662 20,384 5,400 73,988 2,489 (59,451) 3,123 (4) 150,679 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) $ 129,580 Total Assets $ 14,562,142 $ 1,662,687 $ 6,952,605 $ 985,435 $ — $ 6,389,160 $ 63,192 $ — $ 30,615,221 Total on- and off-balance sheet program assets at principal balance $ 18,090,374 $ 1,842,780 $ 7,440,141 $ 1,095,008 $ — $ — $ — $ — $ 28,468,303 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Nine Months Ended September 30, 2023 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 102,671 $ 22,842 $ 17,772 $ 3,108 $ 98,588 $ 397 $ — $ — $ 245,378 Less: reconciling adjustments (1)(2)(3) (3,100) — (95) — 60 186 — 2,949 — Net effective spread 99,571 22,842 17,677 3,108 98,648 583 — 2,949 — Guarantee and commitment fees 12,960 193 841 69 — — — (1,121) 12,942 Other income/(expense) (3) 2,216 12 — — 3 17 284 5,484 8,016 Total revenues 114,747 23,047 18,518 3,177 98,651 600 284 7,312 266,336 Release of/(provision for) losses 136 (934) (652) (38) — 4 — — (1,484) (Provision for)/release of reserve for losses (594) — 367 — — — — — (227) Operating expenses — — — — — — (71,935) — (71,935) Total non-interest expense (594) — 367 — — — (71,935) — (72,162) Core earnings before income taxes 114,289 22,113 18,233 3,139 98,651 604 (71,651) 7,312 (4) 192,690 Income tax (expense)/benefit (24,001) (4,644) (3,829) (659) (20,716) (127) 15,206 (1,536) (40,306) Core earnings before preferred stock dividends 90,288 17,469 14,404 2,480 77,935 477 (56,445) 5,776 (4) 152,384 Preferred stock dividends — — — — — — (20,374) — (20,374) Segment core earnings/(losses) $ 90,288 $ 17,469 $ 14,404 $ 2,480 $ 77,935 $ 477 $ (76,819) $ 5,776 (4) $ 132,010 Total Assets $ 14,660,371 $ 1,619,664 $ 6,648,693 $ 320,572 $ — $ 4,866,969 $ 195,112 $ — $ 28,311,381 Total on- and off-balance sheet program assets at principal balance $ 18,461,835 $ 1,741,306 $ 7,118,295 $ 330,575 $ — $ — $ — $ — $ 27,652,011 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income	$ 49,828	$ 47,105	$ 53,746	$ 58,137	$ 47,212	$ 47,035	$ 150,679	$ 152,384

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries: (1) Farmer Mac Mortgage Securities Corporation, whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; and (2) Farmer Mac II LLC, whose principal activity is the operation of substantially all of the business related to the USDA Securities included in the Agricultural Finance line of business. The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary.
Earnings Per Common Share	Earnings Per Common Share
Comprehensive Income	Comprehensive Income
New Accounting Standards	New Accounting Standards Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2023-02 , Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method The amendments in this Update permit an entity to elect to account for their tax equity investments using the proportional amortization method if certain conditions are met, regardless of the tax credit program from which the income tax credits are received. January 1, 2024 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Effect on Consolidated Financial Statements ASU 2023-07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this Update require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This Update also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively. Early adoption is permitted. 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): Improvements to Income Tax Disclosures The Update provides guidance on improvements to annual income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Additionally, public entities must provide a separate disclosure for any reconciling item that meets a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The amendments should be applied on a prospective basis. Early adoption is permitted. Farmer Mac is still assessing the impact of the new accounting standard but does not expect that adoption of the new guidance will have a material impact on Farmer Mac's financial position, results of operations, or cash flows.
Reclassifications	Reclassifications Certain reclassifications of prior period information were made to conform to the current period presentation. The reclassifications of prior period information were not material to the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Consolidation of Variable Interest Entities	Table 1.1 Consolidation of Variable Interest Entities As of September 30, 2024 Agricultural Finance Treasury Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,718,440 $ — $ 1,718,440 Debt securities of consolidated trusts held by third parties (1)(2) 1,616,513 — 1,616,513 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value 57,951 — 57,951 Maximum exposure to loss (3) 57,502 — 57,502 Investment securities: Carrying value (4) — 4,289,450 4,289,450 Maximum exposure to loss (3)(4) — 4,423,837 4,423,837 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3)(5) 430,628 — 430,628 (1) Includes borrower remittances of $0.2 million. 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. (3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (4) Includes auction-rate certificates, government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, and other mission related investments. (5) The amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause. Consolidation of Variable Interest Entities As of December 31, 2023 Agricultural Finance Treasury Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,432,261 $ — $ 1,432,261 Debt securities of consolidated trusts held by third parties (1)(2) 1,351,069 — 1,351,069 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value 46,343 — 46,343 Maximum exposure to loss (3) 45,952 — 45,952 Investment securities: Carrying value (4) — 3,676,555 3,676,555 Maximum exposure to loss (3)(4) — 3,862,006 3,862,006 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3)(5) 452,602 — 452,602 (1) Includes borrower remittances of $6.0 million. The borrower remittances had not been passed through to third-party investors as of December 31, 2023. (2) Includes $87.1 million in unamortized discount related to a structured securitization transaction. (3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (4) Includes auction-rate certificates, government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, and other mission related investments. (5) The amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause.
Schedule of Basic and Diluted EPS	The following schedule reconciles basic and diluted EPS for the three and nine months ended September 30, 2024 and 2023: Table 1.2 For the Three Months Ended September 30, 2024 September 30, 2023 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 42,312 10,883 $ 3.89 $ 51,345 10,839 $ 4.74 Effect of dilutive securities (1) SARs and restricted stock units — 83 (0.03) — 99 (0.05) Diluted EPS $ 42,312 10,966 $ 3.86 $ 51,345 10,938 $ 4.69 (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 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 129,580 10,869 $ 11.93 $ 132,010 10,825 $ 12.20 Effect of dilutive securities (1) SARs and restricted stock units — 99 (0.11) — 99 (0.12) Diluted EPS $ 129,580 10,968 $ 11.82 $ 132,010 10,924 $ 12.08 (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.
Schedule of Accumulated Other Comprehensive Income, Net of Tax	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. Table 1.3 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 (in thousands) For the Three Months Ended: Beginning Balance $ (41,062) $ (8,972) $ 40,893 $ (9,141) $ (96,607) $ 15,486 $ 46,770 $ (34,351) 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 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 Nine Months Ended: Beginning Balance $ (68,447) $ (8,724) $ 37,026 $ (40,145) $ (115,561) $ 16,357 $ 48,361 $ (50,843) 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) Net comprehensive income/(loss) 48,202 (598) (10,013) 37,591 36,393 (25,776) 4,387 15,004 Ending Balance $ (20,245) $ (9,322) $ 27,013 $ (2,554) $ (79,168) $ (9,419) $ 52,748 $ (35,839)
Schedule of Reclassification out of Accumulated Other Comprehensive Income	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 nine months ended September 30, 2024 and 2023: Table 1.4 For the Three Months Ended September 30, 2024 September 30, 2023 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: 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) — — — — — — Other income (2) (4) (1) (3) (5) (1) (4) Total $ 26,350 $ 5,533 $ 20,817 $ 22,076 $ 4,637 $ 17,439 Held-to-maturity securities: Change in fair value (3) $ — $ — $ — $ (31,898) $ (6,699) $ (25,199) Less reclassification adjustments included in: Net interest income (4) (443) (93) (350) 373 79 294 Total $ (443) $ (93) $ (350) $ (31,525) $ (6,620) $ (24,905) Cash flow hedges Unrealized (losses)/gains on cash flow hedges $ (12,232) $ (2,569) $ (9,663) $ 13,135 $ 2,759 $ 10,376 Less reclassification adjustments included in: Net interest income (5) (5,337) (1,120) (4,217) (5,569) (1,171) (4,398) Total $ (17,569) $ (3,689) $ (13,880) $ 7,566 $ 1,588 $ 5,978 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. The amortization of unrealized gains or losses reported in AOCI for held-to-maturity securities will be offset by the amortization of the premium or discount created from the transfer into held-to-maturity securities, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income. (5) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. For the Nine Months Ended September 30, 2024 September 30, 2023 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding gains on available-for-sale securities $ 62,079 $ 13,037 $ 49,042 $ 46,084 $ 9,678 $ 36,406 Less reclassification adjustments included in: Gains on sale of available-for-sale investment securities (1) (1,052) (221) (831) — — — Other income (2) (12) (3) (9) (16) (3) (13) Total $ 61,015 $ 12,813 $ 48,202 $ 46,068 $ 9,675 $ 36,393 Held-to-maturity securities: Change in fair value (3) $ — $ — $ — $ (31,898) $ (6,699) $ (25,199) Less reclassification adjustments included in: Net interest income (4) (757) (159) (598) (730) (153) (577) Total $ (757) $ (159) $ (598) $ (32,628) $ (6,852) $ (25,776) Cash flow hedges Unrealized gains on cash flow hedges $ 3,488 $ 733 $ 2,755 $ 20,604 $ 4,327 $ 16,277 Less reclassification adjustments included in: Net interest income (5) (16,163) (3,395) (12,768) (15,051) (3,161) (11,890) Total $ (12,675) $ (2,662) $ (10,013) $ 5,553 $ 1,166 $ 4,387 Other comprehensive income $ 47,583 $ 9,992 $ 37,591 $ 18,993 $ 3,989 $ 15,004 (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. The amortization of unrealized gains or losses reported in AOCI for held-to-maturity securities will be offset by the amortization of the premium or discount created from the transfer into held-to-maturity securities, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income. (5) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI.
Schedule of Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2023-02 , Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method The amendments in this Update permit an entity to elect to account for their tax equity investments using the proportional amortization method if certain conditions are met, regardless of the tax credit program from which the income tax credits are received. January 1, 2024 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Effect on Consolidated Financial Statements ASU 2023-07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this Update require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This Update also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively. Early adoption is permitted. 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): Improvements to Income Tax Disclosures The Update provides guidance on improvements to annual income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Additionally, public entities must provide a separate disclosure for any reconciling item that meets a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The amendments should be applied on a prospective basis. Early adoption is permitted. Farmer Mac is still assessing the impact of the new accounting standard but does not expect that adoption of the new guidance will have a material impact on Farmer Mac's financial position, results of operations, or cash flows.

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Farmer Mac Investment Securities	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: Table 2.1 As of September 30, 2024 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (25) $ — $ (197) $ 19,478 Floating rate Government/GSE guaranteed mortgage-backed securities 2,450,408 (525) 2,449,883 — 3,756 (17,204) 2,436,435 Fixed rate GSE guaranteed mortgage-backed securities 2,262,332 (59,093) 2,203,239 — 25,573 (85,054) 2,143,758 Floating rate U.S. Treasuries — — — — — — — Fixed rate U.S. Treasuries 1,281,077 (12,578) 1,268,499 — 10,331 (565) 1,278,265 Total available-for-sale 6,013,517 (72,196) 5,941,321 (25) 39,660 (103,020) 5,877,936 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 9,270 — 9,270 — 273 — 9,543 Total held-to-maturity $ 9,270 $ — $ 9,270 $ — $ 273 $ — $ 9,543 (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 September 30, 2024. As of December 31, 2023 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (27) $ — $ (591) $ 19,082 Floating rate Government/GSE guaranteed mortgage-backed securities 2,454,009 (1,138) 2,452,871 — 1,212 (29,649) 2,424,434 Fixed rate GSE guaranteed mortgage-backed securities 1,727,669 (46,788) 1,680,881 — 6,558 (117,824) 1,569,615 Floating rate U.S. Treasuries 50,000 (17) 49,983 — — (15) 49,968 Fixed rate U.S. Treasuries 869,585 (12,885) 856,700 — 2,074 (2,942) 855,832 Total available-for-sale 5,120,963 (60,828) 5,060,135 (27) 9,844 (151,021) 4,918,931 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 53,756 — 53,756 — 1,745 — 55,501 Total held-to-maturity $ 53,756 $ — $ 53,756 $ — $ 1,745 $ — $ 55,501 (1) Amounts presented exclude $15.9 million of accrued interest receivable on investment securities as of December 31, 2023. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 6.7% as of December 31, 2023. 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: Table 3.1 As of September 30, 2024 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,940,125 $ (27,545) $ 2,912,580 $ (153) $ 8,019 $ (23,287) $ 2,897,159 Farmer Mac Guaranteed USDA Securities 48,616 28 48,644 — 261 (1,682) 47,223 Total Farmer Mac Guaranteed Securities 2,988,741 (27,517) 2,961,224 (153) 8,280 (24,969) 2,944,382 USDA Securities 2,324,019 19,854 2,343,873 — 130 (232,761) 2,111,242 Total held-to-maturity $ 5,312,760 $ (7,663) $ 5,305,097 $ (153) $ 8,410 $ (257,730) $ 5,055,624 Available-for-sale: AgVantage $ 5,930,382 $ — $ 5,930,382 $ (217) $ 39,387 $ (217,167) $ 5,752,385 Farmer Mac Guaranteed Securities (3) — 8,886 8,886 — 420 — 9,306 Total available-for-sale $ 5,930,382 $ 8,886 $ 5,939,268 $ (217) $ 39,807 $ (217,167) $ 5,761,691 Trading: USDA Securities (4) $ 838 $ 47 $ 885 $ — $ — $ (43) $ 842 (1) Amounts presented exclude $59.8 million, $51.6 million, and $20,090 of accrued interest receivable (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) Fair value includes $9.3 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 5.48% as of September 30, 2024. As of December 31, 2023 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 4,206,324 $ (29,622) $ 4,176,702 $ (209) $ 4,676 $ (39,451) $ 4,141,718 Farmer Mac Guaranteed USDA Securities 36,543 33 36,576 — 107 (806) 35,877 Total Farmer Mac Guaranteed Securities 4,242,867 (29,589) 4,213,278 (209) 4,783 (40,257) 4,177,595 USDA Securities 2,331,093 23,078 2,354,171 — 417 (319,783) 2,034,805 Total held-to-maturity $ 6,573,960 $ (6,511) $ 6,567,449 $ (209) $ 5,200 $ (360,040) $ 6,212,400 Available-for-sale: AgVantage $ 5,816,024 $ — $ 5,816,024 $ (317) $ 16,416 $ (309,411) $ 5,522,712 Farmer Mac Guaranteed Securities (3) — 9,409 9,409 — 358 — 9,767 Total available-for-sale $ 5,816,024 $ 9,409 $ 5,825,433 $ (317) $ 16,774 $ (309,411) $ 5,532,479 Trading: USDA Securities (4) $ 1,236 $ 64 $ 1,300 $ — $ — $ (59) $ 1,241 (1) Amounts presented exclude $47.2 million, $67.4 million, and $42,000 of accrued interest receivable (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) Fair value includes $9.8 million of an interest-only security with a notional amount of $238.4 million. (4) The trading USDA securities had a weighted average yield of 5.46% as of December 31, 2023.
Schedule of Unrealized Losses on Available-for-Sale Investment Securities	As of September 30, 2024 and December 31, 2023, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of September 30, 2024 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,478 $ (197) Floating rate Government/GSE guaranteed mortgage-backed securities 367,575 (514) 1,074,472 (16,690) Fixed rate Government/GSE guaranteed mortgage-backed securities 24,873 (42) 986,007 (85,012) Floating rate U.S. Treasuries — — — — Fixed rate U.S. Treasuries 193,727 (352) 84,016 (213) Total $ 586,175 $ (908) $ 2,163,973 $ (102,112) Number of securities in loss position 39 148 As of December 31, 2023 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,082 $ (591) Floating rate Government/GSE guaranteed mortgage-backed securities 568,759 (4,395) 1,449,122 (25,254) Fixed rate Government/GSE guaranteed mortgage-backed securities 384,305 (4,262) 905,759 (113,562) Floating rate U.S. Treasuries 49,969 (15) — — Fixed rate U.S. Treasuries 140,435 (606) 237,192 (2,336) Total $ 1,143,468 $ (9,278) $ 2,611,155 $ (141,743) Number of securities in loss position 91 162 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: Table 3.2 As of September 30, 2024 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 1,536,693 $ (5,100) $ 705,981 $ (18,187) Farmer Mac Guaranteed USDA Securities 28,467 (1,193) 8,378 (489) USDA Securities 7,569 (16) 2,099,685 (232,745) Total held-to-maturity $ 1,572,729 $ (6,309) $ 2,814,044 $ (251,421) Available-for-sale: AgVantage $ 199,910 $ (90) $ 3,853,189 $ (217,077) Total available-for-sale $ 199,910 $ (90) $ 3,853,189 $ (217,077) As of December 31, 2023 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 2,070,770 $ (6,705) $ 725,347 $ (32,746) Farmer Mac Guaranteed USDA Securities — — 8,393 (806) USDA Securities — — 2,023,801 (319,783) Total held-to-maturity $ 2,070,770 $ (6,705) $ 2,757,541 $ (353,335) Available-for-sale: AgVantage $ 508,182 $ (5,716) $ 4,043,431 $ (303,695) Total available-for-sale $ 508,182 $ (5,716) $ 4,043,431 $ (303,695)
Schedule of Available-for-Sale Securities Maturities	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. Table 2.3 As of September 30, 2024 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 346,788 $ 347,433 3.09% Due after one year through five years 2,372,245 2,377,160 4.33% Due after five years through ten years 2,474,834 2,414,718 4.27% Due after ten years 747,454 738,625 5.56% Total $ 5,941,321 $ 5,877,936 4.39% 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 September 30, 2024 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 3.3 As of September 30, 2024 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 596,516 $ 593,048 3.58 % Due after one year through five years 3,255,116 3,213,655 3.82 % Due after five years through ten years 950,000 902,642 3.60 % Due after ten years 1,137,636 1,052,346 3.82 % Total $ 5,939,268 $ 5,761,691 3.75 % (1) Amounts presented exclude $59.8 million of accrued interest receivable. As of September 30, 2024 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,184,967 $ 1,178,075 5.16 % Due after one year through five years 1,172,821 1,158,934 4.64 % Due after five years through ten years 290,568 262,229 3.70 % Due after ten years 2,656,741 2,456,386 4.36 % Total $ 5,305,097 $ 5,055,624 4.61 % (1) Amounts presented exclude $51.6 million of accrued interest receivable.

FARMER MAC GUARANTEED SECURIT_2

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Farmer Mac Guaranteed Securities and USDA Securities	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: Table 2.1 As of September 30, 2024 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (25) $ — $ (197) $ 19,478 Floating rate Government/GSE guaranteed mortgage-backed securities 2,450,408 (525) 2,449,883 — 3,756 (17,204) 2,436,435 Fixed rate GSE guaranteed mortgage-backed securities 2,262,332 (59,093) 2,203,239 — 25,573 (85,054) 2,143,758 Floating rate U.S. Treasuries — — — — — — — Fixed rate U.S. Treasuries 1,281,077 (12,578) 1,268,499 — 10,331 (565) 1,278,265 Total available-for-sale 6,013,517 (72,196) 5,941,321 (25) 39,660 (103,020) 5,877,936 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 9,270 — 9,270 — 273 — 9,543 Total held-to-maturity $ 9,270 $ — $ 9,270 $ — $ 273 $ — $ 9,543 (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 September 30, 2024. As of December 31, 2023 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (27) $ — $ (591) $ 19,082 Floating rate Government/GSE guaranteed mortgage-backed securities 2,454,009 (1,138) 2,452,871 — 1,212 (29,649) 2,424,434 Fixed rate GSE guaranteed mortgage-backed securities 1,727,669 (46,788) 1,680,881 — 6,558 (117,824) 1,569,615 Floating rate U.S. Treasuries 50,000 (17) 49,983 — — (15) 49,968 Fixed rate U.S. Treasuries 869,585 (12,885) 856,700 — 2,074 (2,942) 855,832 Total available-for-sale 5,120,963 (60,828) 5,060,135 (27) 9,844 (151,021) 4,918,931 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 53,756 — 53,756 — 1,745 — 55,501 Total held-to-maturity $ 53,756 $ — $ 53,756 $ — $ 1,745 $ — $ 55,501 (1) Amounts presented exclude $15.9 million of accrued interest receivable on investment securities as of December 31, 2023. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 6.7% as of December 31, 2023. 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: Table 3.1 As of September 30, 2024 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,940,125 $ (27,545) $ 2,912,580 $ (153) $ 8,019 $ (23,287) $ 2,897,159 Farmer Mac Guaranteed USDA Securities 48,616 28 48,644 — 261 (1,682) 47,223 Total Farmer Mac Guaranteed Securities 2,988,741 (27,517) 2,961,224 (153) 8,280 (24,969) 2,944,382 USDA Securities 2,324,019 19,854 2,343,873 — 130 (232,761) 2,111,242 Total held-to-maturity $ 5,312,760 $ (7,663) $ 5,305,097 $ (153) $ 8,410 $ (257,730) $ 5,055,624 Available-for-sale: AgVantage $ 5,930,382 $ — $ 5,930,382 $ (217) $ 39,387 $ (217,167) $ 5,752,385 Farmer Mac Guaranteed Securities (3) — 8,886 8,886 — 420 — 9,306 Total available-for-sale $ 5,930,382 $ 8,886 $ 5,939,268 $ (217) $ 39,807 $ (217,167) $ 5,761,691 Trading: USDA Securities (4) $ 838 $ 47 $ 885 $ — $ — $ (43) $ 842 (1) Amounts presented exclude $59.8 million, $51.6 million, and $20,090 of accrued interest receivable (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) Fair value includes $9.3 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 5.48% as of September 30, 2024. As of December 31, 2023 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 4,206,324 $ (29,622) $ 4,176,702 $ (209) $ 4,676 $ (39,451) $ 4,141,718 Farmer Mac Guaranteed USDA Securities 36,543 33 36,576 — 107 (806) 35,877 Total Farmer Mac Guaranteed Securities 4,242,867 (29,589) 4,213,278 (209) 4,783 (40,257) 4,177,595 USDA Securities 2,331,093 23,078 2,354,171 — 417 (319,783) 2,034,805 Total held-to-maturity $ 6,573,960 $ (6,511) $ 6,567,449 $ (209) $ 5,200 $ (360,040) $ 6,212,400 Available-for-sale: AgVantage $ 5,816,024 $ — $ 5,816,024 $ (317) $ 16,416 $ (309,411) $ 5,522,712 Farmer Mac Guaranteed Securities (3) — 9,409 9,409 — 358 — 9,767 Total available-for-sale $ 5,816,024 $ 9,409 $ 5,825,433 $ (317) $ 16,774 $ (309,411) $ 5,532,479 Trading: USDA Securities (4) $ 1,236 $ 64 $ 1,300 $ — $ — $ (59) $ 1,241 (1) Amounts presented exclude $47.2 million, $67.4 million, and $42,000 of accrued interest receivable (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) Fair value includes $9.8 million of an interest-only security with a notional amount of $238.4 million. (4) The trading USDA securities had a weighted average yield of 5.46% as of December 31, 2023.
Schedule of Unrealized Losses on Available-for-Sale Investment Securities	As of September 30, 2024 and December 31, 2023, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of September 30, 2024 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,478 $ (197) Floating rate Government/GSE guaranteed mortgage-backed securities 367,575 (514) 1,074,472 (16,690) Fixed rate Government/GSE guaranteed mortgage-backed securities 24,873 (42) 986,007 (85,012) Floating rate U.S. Treasuries — — — — Fixed rate U.S. Treasuries 193,727 (352) 84,016 (213) Total $ 586,175 $ (908) $ 2,163,973 $ (102,112) Number of securities in loss position 39 148 As of December 31, 2023 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,082 $ (591) Floating rate Government/GSE guaranteed mortgage-backed securities 568,759 (4,395) 1,449,122 (25,254) Fixed rate Government/GSE guaranteed mortgage-backed securities 384,305 (4,262) 905,759 (113,562) Floating rate U.S. Treasuries 49,969 (15) — — Fixed rate U.S. Treasuries 140,435 (606) 237,192 (2,336) Total $ 1,143,468 $ (9,278) $ 2,611,155 $ (141,743) Number of securities in loss position 91 162 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: Table 3.2 As of September 30, 2024 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 1,536,693 $ (5,100) $ 705,981 $ (18,187) Farmer Mac Guaranteed USDA Securities 28,467 (1,193) 8,378 (489) USDA Securities 7,569 (16) 2,099,685 (232,745) Total held-to-maturity $ 1,572,729 $ (6,309) $ 2,814,044 $ (251,421) Available-for-sale: AgVantage $ 199,910 $ (90) $ 3,853,189 $ (217,077) Total available-for-sale $ 199,910 $ (90) $ 3,853,189 $ (217,077) As of December 31, 2023 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 2,070,770 $ (6,705) $ 725,347 $ (32,746) Farmer Mac Guaranteed USDA Securities — — 8,393 (806) USDA Securities — — 2,023,801 (319,783) Total held-to-maturity $ 2,070,770 $ (6,705) $ 2,757,541 $ (353,335) Available-for-sale: AgVantage $ 508,182 $ (5,716) $ 4,043,431 $ (303,695) Total available-for-sale $ 508,182 $ (5,716) $ 4,043,431 $ (303,695)
Schedule of Available-for-Sale and Held-to-Maturity Securities Maturities	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. Table 2.3 As of September 30, 2024 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 346,788 $ 347,433 3.09% Due after one year through five years 2,372,245 2,377,160 4.33% Due after five years through ten years 2,474,834 2,414,718 4.27% Due after ten years 747,454 738,625 5.56% Total $ 5,941,321 $ 5,877,936 4.39% 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 September 30, 2024 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 3.3 As of September 30, 2024 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 596,516 $ 593,048 3.58 % Due after one year through five years 3,255,116 3,213,655 3.82 % Due after five years through ten years 950,000 902,642 3.60 % Due after ten years 1,137,636 1,052,346 3.82 % Total $ 5,939,268 $ 5,761,691 3.75 % (1) Amounts presented exclude $59.8 million of accrued interest receivable. As of September 30, 2024 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,184,967 $ 1,178,075 5.16 % Due after one year through five years 1,172,821 1,158,934 4.64 % Due after five years through ten years 290,568 262,229 3.70 % Due after ten years 2,656,741 2,456,386 4.36 % Total $ 5,305,097 $ 5,055,624 4.61 % (1) Amounts presented exclude $51.6 million of accrued interest receivable.

FINANCIAL DERIVATIVES (Tables)

FINANCIAL DERIVATIVES (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position	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 $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 Table 4.1 As of September 30, 2024 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Receive fixed non-callable $ 8,363,185 $ 770 $ (19,533) 5.17% 3.36% 1.57 Pay fixed non-callable 9,679,159 21,625 (24) 2.66% 5.03% 9.25 Receive fixed callable 4,090,827 19,612 (52,594) 5.00% 3.50% 2.57 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 540,000 14,900 — 1.92% 5.35% 3.68 No hedge designation: Interest rate swaps: Pay fixed non-callable 157,776 720 (4) 2.92% 5.22% 3.65 Receive fixed non-callable 1,926,269 5 (243) 4.99% 4.80% 0.32 Basis swaps 655,384 21 (548) 5.16% 5.01% 4.08 Treasury futures 44,000 139 — 114.60 Netting adjustments (1) — (8,595) 8,595 Total financial derivatives $ 25,456,600 $ 49,197 $ (64,351) (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 December 31, 2023 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Receive fixed non-callable $ 9,776,685 $ 2,350 $ (20,390) 5.57% 2.94% 1.78 Pay fixed non-callable 9,174,253 7,767 (1,081) 2.50% 5.47% 9.57 Receive fixed callable 3,879,827 7,374 (95,984) 5.40% 3.40% 2.48 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 558,000 20,234 (43) 1.94% 5.82% 4.30 No hedge designation: Interest rate swaps: Pay fixed non-callable 160,623 676 (29) 2.92% 5.64% 4.34 Receive fixed non-callable 1,358,396 263 (3) 5.44% 4.87% 0.64 Basis swaps 850,384 39 (746) 5.52% 5.48% 3.83 Treasury futures 21,300 11 (91) 112.51 Netting adjustments (1) — (1,236) 1,236 Total financial derivatives $ 25,779,468 $ 37,478 $ (117,131) (1)
Schedule of Net Income/(Expense) Recognized	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: Table 4.2 For the Three 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 Losses on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 88,879 $ 156,602 $ 162,247 $ (320,937) $ (1,934) $ 84,857 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 10,774 39,127 17,878 (69,433) — (1,654) Recognized on hedged items 11,476 54,513 17,544 (106,154) — (22,621) Premium/discount amortization recognized on hedged items 623 — — (688) — (65) Income/(expense) related to interest settlements on fair value hedging relationships $ 22,873 $ 93,640 $ 35,422 $ (176,275) $ — $ (24,340) Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (60,799) $ (189,698) $ (98,464) $ 212,027 $ — $ (136,934) Recognized on hedged items 60,915 189,141 98,015 (210,932) — 137,139 Gains/(losses) on fair value hedging relationships $ 116 $ (557) $ (449) $ 1,095 $ — $ 205 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 5,338 $ — $ 5,338 Recognized on hedged items — — — (7,918) — (7,918) Discount amortization recognized on hedged items — — — (14) — (14) Expense recognized on cash flow hedges $ — $ — $ — $ (2,594) $ — $ (2,594) Losses on financial derivatives not designated in hedging relationships: Losses on interest rate swaps $ — $ — $ — $ — $ (1,310) $ (1,310) Interest expense on interest rate swaps — — — — (858) (858) Treasury futures — — — — 234 234 Losses on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ (1,934) $ (1,934) For the Three Months Ended September 30, 2023 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 (in thousands) Total amounts presented in the consolidated statement of operations: $ 79,947 $ 161,351 $ 140,513 $ (294,168) $ 2,671 $ 90,314 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 9,950 40,114 17,692 (92,663) — (24,907) Recognized on hedged items 9,006 46,303 16,089 (91,525) — (20,127) Premium/discount amortization recognized on hedged items 623 — — (732) — (109) Income/(expense) related to interest settlements on fair value hedging relationships $ 19,579 $ 86,417 $ 33,781 $ (184,920) $ — $ (45,143) 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) 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: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 5,569 $ — $ 5,569 Recognized on hedged items — — — (8,287) — (8,287) Discount amortization recognized on hedged items — — — (14) — (14) Expense recognized on cash flow hedges $ — $ — $ — $ (2,732) $ — $ (2,732) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 2,772 $ 2,772 Interest expense on interest rate swaps — — — — (805) (805) Treasury futures — — — — 704 704 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 2,671 $ 2,671 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 Losses on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 258,341 $ 489,478 $ 459,932 $ (947,252) $ (1,654) $ 258,845 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 31,479 118,593 53,554 (229,642) — (26,016) Recognized on hedged items 31,734 158,869 50,847 (319,876) — (78,426) Premium/discount amortization recognized on hedged items 1,555 — — (2,156) — (601) Income/(expense) related to interest settlements on fair value hedging relationships $ 64,768 $ 277,462 $ 104,401 $ (551,674) $ — $ (105,043) Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (29,549) $ (101,186) $ (37,096) $ 188,182 $ — $ 20,351 Recognized on hedged items 30,032 101,890 38,842 (185,304) — (14,540) Gains/(losses) on fair value hedging relationships $ 483 $ 704 $ 1,746 $ 2,878 $ — $ 5,811 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 16,162 $ — $ 16,162 Recognized on hedged items — — — (24,023) — (24,023) Discount amortization recognized on hedged items — — — (42) — (42) Expense recognized on cash flow hedges $ — $ — $ — $ (7,903) $ — $ (7,903) 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 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 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 (in thousands) Total amounts presented in the consolidated statement of operations: $ 209,429 $ 442,649 $ 388,837 $ (795,537) $ 4,763 $ 250,141 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 24,952 104,023 46,625 (258,358) — (82,758) Recognized on hedged items 23,865 133,995 47,144 (243,053) — (38,049) Premium/discount amortization recognized on hedged items 1,399 — — (2,137) — (738) Income/(expense) related to interest settlements on fair value hedging relationships $ 50,216 $ 238,018 $ 93,769 $ (503,548) $ — $ (121,545) (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ 45,722 $ 117,267 $ 97,346 $ 50,916 $ — $ 311,251 Recognized on hedged items (46,485) (116,591) (97,827) (52,144) — (313,047) (Losses)/gains on fair value hedging relationships $ (763) $ 676 $ (481) $ (1,228) $ — $ (1,796) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 15,051 $ — $ 15,051 Recognized on hedged items — — — (23,325) — (23,325) Discount amortization recognized on hedged items — — — (41) — (41) Expense recognized on cash flow hedges $ — $ — $ — $ (8,315) $ — $ (8,315) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 5,263 $ 5,263 Interest expense on interest rate swaps — — — — (3,999) (3,999) Treasury futures — — — — 3,499 3,499 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 4,763 $ 4,763
Schedule of Hedged Items in Fair Value Hedging Relationships	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 September 30, 2024 and December 31, 2023: Table 4.3 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) September 30, 2024 December 31, 2023 September 30, 2024 December 31, 2023 (in thousands) Investment securities, Available-for-Sale, at fair value $ 1,525,596 $ 1,251,386 $ (58,602) $ (88,635) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value 5,726,645 5,497,948 (155,546) (257,436) Loans held for investment, at amortized cost 1,890,571 1,699,361 (266,750) (305,592) Notes Payable (1) (12,128,955) (13,350,111) 65,114 250,418 (1) Carrying amount represents amortized cost.
Offsetting Assets	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: Table 4.4 September 30, 2024 Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Gross Amounts Not Offset in the Consolidated Balance Sheet Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (3) (in thousands) Assets: Uncleared derivatives $ 27,397 $ — $ 27,397 $ (23,737) $ — $ (3,521) $ 139 Cleared derivatives 22,759 (8,595) 14,164 — — — 14,164 Total $ 50,156 $ (8,595) $ 41,561 $ (23,737) $ — $ (3,521) $ 14,303 Liabilities: Uncleared derivatives $ (55,046) $ — $ (55,046) $ 23,737 $ — $ 22,154 $ (9,155) Cleared derivatives (8,595) 8,595 — — — — — Total $ (63,641) $ 8,595 $ (55,046) $ 23,737 $ — $ 22,154 $ (9,155) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $5.6 million of collateral posted and $10.2 million of collateral received related to counterparties not subject to master netting agreements. (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 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 Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Gross Amounts Not Offset in the Consolidated Balance Sheet Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (3) (in thousands) Assets: Uncleared derivatives $ 25,751 $ — $ 25,751 $ (25,727) $ — $ — $ 24 Cleared derivatives 10,388 (1,236) 9,152 — — — 9,152 Total $ 36,139 $ (1,236) $ 34,903 $ (25,727) $ — $ — $ 9,176 Liabilities: Uncleared derivatives $ (100,114) $ — $ (100,114) $ 25,727 $ — $ 69,360 $ (5,027) Cleared derivatives (1,236) 1,236 — — — — — Total $ (101,350) $ 1,236 $ (100,114) $ 25,727 $ — $ 69,360 $ (5,027) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $15.2 million of collateral posted and $2.0 million of collateral received related to counterparties not subject to master netting agreements. (3)
Offsetting Liabilities	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: Table 4.4 September 30, 2024 Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Gross Amounts Not Offset in the Consolidated Balance Sheet Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (3) (in thousands) Assets: Uncleared derivatives $ 27,397 $ — $ 27,397 $ (23,737) $ — $ (3,521) $ 139 Cleared derivatives 22,759 (8,595) 14,164 — — — 14,164 Total $ 50,156 $ (8,595) $ 41,561 $ (23,737) $ — $ (3,521) $ 14,303 Liabilities: Uncleared derivatives $ (55,046) $ — $ (55,046) $ 23,737 $ — $ 22,154 $ (9,155) Cleared derivatives (8,595) 8,595 — — — — — Total $ (63,641) $ 8,595 $ (55,046) $ 23,737 $ — $ 22,154 $ (9,155) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $5.6 million of collateral posted and $10.2 million of collateral received related to counterparties not subject to master netting agreements. (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 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 Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Gross Amounts Not Offset in the Consolidated Balance Sheet Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (3) (in thousands) Assets: Uncleared derivatives $ 25,751 $ — $ 25,751 $ (25,727) $ — $ — $ 24 Cleared derivatives 10,388 (1,236) 9,152 — — — 9,152 Total $ 36,139 $ (1,236) $ 34,903 $ (25,727) $ — $ — $ 9,176 Liabilities: Uncleared derivatives $ (100,114) $ — $ (100,114) $ 25,727 $ — $ 69,360 $ (5,027) Cleared derivatives (1,236) 1,236 — — — — — Total $ (101,350) $ 1,236 $ (100,114) $ 25,727 $ — $ 69,360 $ (5,027) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $15.2 million of collateral posted and $2.0 million of collateral received related to counterparties not subject to master netting agreements. (3)

LOANS (Tables)

LOANS (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Composition of Loan Balances	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: Table 5.1 As of September 30, 2024 As of December 31, 2023 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Agricultural Finance loans Farm & Ranch $ 5,253,260 $ 1,718,440 $ 6,971,700 $ 5,133,450 $ 1,432,261 $ 6,565,711 Corporate AgFinance 1,297,563 — 1,297,563 1,259,723 — 1,259,723 Total Agricultural Finance loans 6,550,823 1,718,440 8,269,263 6,393,173 1,432,261 7,825,434 Rural Infrastructure Finance loans 4,383,355 — 4,383,355 3,534,763 — 3,534,763 Total unpaid principal balance (1) 10,934,178 1,718,440 12,652,618 9,927,936 1,432,261 11,360,197 Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments (265,334) — (265,334) (304,817) — (304,817) Total loans 10,668,844 1,718,440 12,387,284 9,623,119 1,432,261 11,055,380 Allowance for losses (19,314) (637) (19,951) (15,588) (443) (16,031) Total loans, net of allowance $ 10,649,530 $ 1,717,803 $ 12,367,333 $ 9,607,531 $ 1,431,818 $ 11,039,349 (1)
Schedule Allowance for Losses	The following table is a summary, by asset type, of the allowance for losses as of September 30, 2024 and December 31, 2023: Table 5.2 September 30, 2024 December 31, 2023 Allowance for Losses Allowance for Losses (in thousands) Loans: Agricultural Finance loans Farm & Ranch $ 4,832 $ 3,936 Corporate AgFinance 5,769 2,948 Total Agricultural Finance loans 10,601 6,884 Rural Infrastructure Finance loans 9,350 9,147 Total $ 19,951 $ 16,031 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: Table 5.3 September 30, 2024 September 30, 2023 Agricultural Finance loans Rural Infrastructure Finance loans (3) Agricultural Finance loans Rural Infrastructure Finance loans (3) Farm & Ranch (1) Corporate AgFinance (2) Total Farm & Ranch (1) Corporate AgFinance (2) Total (in thousands) For the Three Months Ended Beginning Balance $ 4,676 $ 4,014 $ 8,690 $ 7,810 $ 3,935 $ 7,367 $ 11,302 $ 5,446 Provision for/(release of) losses 156 1,755 1,911 1,540 (25) (3,689) (3,714) 3,580 Charge-offs — — — — — — — — Ending Balance $ 4,832 $ 5,769 $ 10,601 $ 9,350 $ 3,910 $ 3,678 $ 7,588 $ 9,026 For the Nine Months Ended Beginning Balance $ 3,936 $ 2,948 $ 6,884 $ 9,147 $ 4,044 $ 2,731 $ 6,775 $ 8,314 Provision for/(release of) losses 997 6,763 7,760 203 (134) 947 813 712 Charge-offs (101) (3,942) (4,043) — — — — — Ending Balance $ 4,832 $ 5,769 $ 10,601 $ 9,350 $ 3,910 $ 3,678 $ 7,588 $ 9,026 (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)
Schedule of Past Due Financing Receivables	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: Table 5.4 As of September 30, 2024 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 6,817,093 $ 14,363 $ 12,072 $ 34,390 $ 60,825 $ 93,782 $ 6,971,700 Corporate AgFinance 1,249,879 — — — — 47,684 1,297,563 Total Agricultural Finance loans 8,066,972 14,363 12,072 34,390 60,825 141,466 8,269,263 Rural Infrastructure Finance loans 4,383,355 — — — — — 4,383,355 Total $ 12,450,327 $ 14,363 $ 12,072 $ 34,390 $ 60,825 $ 141,466 $ 12,652,618 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Includes loans in consolidated trusts with beneficial interests owned by third parties (single-class) that are 90 days or more past due. (3) Includes loans 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. (4) Includes $22.5 million of nonaccrual loans for which there was no associated allowance. 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 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 6,470,205 $ 15,326 $ 3,953 $ 10,991 $ 30,270 $ 65,236 $ 6,565,711 Corporate AgFinance 1,259,723 — — — — — 1,259,723 Total Agricultural Finance loans 7,729,928 15,326 3,953 10,991 30,270 65,236 7,825,434 Rural Infrastructure Finance loans 3,534,763 — — — — — 3,534,763 Total $ 11,264,691 $ 15,326 $ 3,953 $ 10,991 $ 30,270 $ 65,236 $ 11,360,197 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Includes loans in consolidated trusts with beneficial interests owned (single-class) by third parties that are 90 days or more past due. (3) Includes loans 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. (4) Includes $25.7 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2023, Farmer Mac received $2.6 million in interest on nonaccrual loans. 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 September 30, 2024 and December 31, 2023: Table 6.7 As of September 30, 2024 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,182,727 $ 2,090 $ 6,232 $ 6,358 $ 14,680 $ 3,197,407 Rural Infrastructure Finance: 611,163 — — — — 611,163 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 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 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,390,918 $ 2,776 $ 2,366 $ 1,784 $ 6,926 $ 3,397,844 Rural Infrastructure Finance: 535,013 — — — — 535,013 Total $ 3,925,931 $ 2,776 $ 2,366 $ 1,784 $ 6,926 $ 3,932,857 (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.
Schedule of Financing Receivable Credit Quality Indicators	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: Table 5.5 As of September 30, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 660,038 $ 490,681 $ 1,094,748 $ 1,563,276 $ 1,023,692 $ 1,260,030 $ 362,119 $ 6,454,584 Special mention (2) 78,097 77,428 25,222 31,257 6,897 28,306 9,874 257,081 Substandard (3) 3,101 26,052 41,315 24,963 53,445 86,803 24,356 260,035 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 September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ 101 $ — $ — $ — $ 101 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 September 30, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance (1) : Internally Assigned Risk Rating: Acceptable $ 106,145 $ 155,782 $ 75,840 $ 235,951 $ 80,593 $ 162,180 $ 264,366 $ 1,080,857 Special mention (2) — 37,168 — 14,776 75,464 — 7,275 134,683 Substandard (3) — 7,311 7,655 — 14,339 33,490 19,228 82,023 Total $ 106,145 $ 200,261 $ 83,495 $ 250,727 $ 170,396 $ 195,670 $ 290,869 $ 1,297,563 For the Three Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ 3,942 $ 3,942 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 September 30, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 932,310 $ 536,679 $ 582,812 $ 176,273 $ 565,944 $ 1,242,792 $ 274,551 $ 4,311,361 Special mention (2) 2,941 10,450 34,475 — — — — 47,866 Substandard (3) — — 24,128 — — — — 24,128 Total $ 935,251 $ 547,129 $ 641,415 $ 176,273 $ 565,944 $ 1,242,792 $ 274,551 $ 4,383,355 For the Three Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 530,956 $ 1,137,226 $ 1,653,780 $ 1,120,917 $ 323,922 $ 1,068,862 $ 385,766 $ 6,221,429 Special mention (2) 70,524 46,529 27,957 11,591 4,782 21,257 8,777 191,417 Substandard (3) 3,357 23,987 10,164 17,395 28,942 58,606 10,414 152,865 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 September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance loans (1) : Internally Assigned Risk Rating: Acceptable $ 207,279 $ 97,922 $ 261,992 $ 123,158 $ 99,352 $ 112,947 $ 254,325 $ 1,156,975 Special mention (2) — 14,522 15,408 50,822 20,333 — 1,663 102,748 Substandard (3) — — — — — — — — Total $ 207,279 $ 112,444 $ 277,400 $ 173,980 $ 119,685 $ 112,947 $ 255,988 $ 1,259,723 For the Three Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 618,946 $ 681,272 $ 187,746 $ 593,841 $ 701,937 $ 611,548 $ 100,223 $ 3,495,513 Special mention (2) — 9,850 — — — — — 9,850 Substandard (3) — 29,400 — — — — — 29,400 Total $ 618,946 $ 720,522 $ 187,746 $ 593,841 $ 701,937 $ 611,548 $ 100,223 $ 3,534,763 For the Three Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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. 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: Table 6.8 As of September 30, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 12,104 $ 127,022 $ 219,900 $ 478,659 $ 516,045 $ 1,297,238 $ 411,223 $ 3,062,191 Special mention (1) — 5,963 12,941 14,561 6,926 46,864 12,134 99,389 Substandard (2) — — 1,246 1,182 6,346 25,839 1,214 35,827 Total $ 12,104 $ 132,985 $ 234,087 $ 494,402 $ 529,317 $ 1,369,941 $ 424,571 $ 3,197,407 For the Three Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 September 30, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 363,689 $ 247,474 $ 611,163 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 363,689 $ 247,474 $ 611,163 For the Three Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 169,429 $ 246,441 $ 515,396 $ 534,395 $ 264,815 $ 1,185,811 $ 391,335 $ 3,307,622 Special mention (1) — 71 2,466 872 531 44,631 8,565 57,136 Substandard (2) — — — 131 1,536 26,328 5,091 33,086 Total $ 169,429 $ 246,512 $ 517,862 $ 535,398 $ 266,882 $ 1,256,770 $ 404,991 $ 3,397,844 For the Three Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 419,190 $ 115,823 $ 535,013 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 419,190 $ 115,823 $ 535,013 For the Three Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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.

GUARANTEES AND COMMITMENTS (Tab

GUARANTEES AND COMMITMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Guarantor Obligations	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: Table 6.1 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of September 30, 2024 As of December 31, 2023 (in thousands) Agricultural Finance Farmer Mac Guaranteed Securities $ 430,628 $ 452,602 Total off-balance sheet Farmer Mac Guaranteed Securities $ 430,628 $ 452,602 Table 6.3 As of September 30, 2024 As of December 31, 2023 (dollars in thousands) Guarantee and commitment obligation $ 5,644 $ 5,969 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 21.4 years 21.9 years
Schedule of Cash Flows Related To Transfer of Securitizations	The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations: Table 6.2 For the Nine Months Ended September 30, 2024 September 30, 2023 (in thousands) Proceeds from new securitizations $ 343,654 $ 222,188 Guarantee fees received 1,173 1,280
Schedule of Long-Term Standby Purchase Commitments	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: Table 6.4 As of September 30, 2024 As of December 31, 2023 (dollars in thousands) Guarantee and commitment obligation (1) $ 38,295 $ 41,594 Maximum principal amount 3,568,824 3,680,333 Weighted-average remaining maturity 14.4 years 14.5 years (1) Relates to LTSPCs issued or modified on or after January 1, 2003.
Schedule of Reserve for Losses	The following table is a summary, by asset type, of the reserve for losses as of September 30, 2024 and December 31, 2023: Table 6.5 September 30, 2024 December 31, 2023 Reserve for Losses Reserve for Losses (in thousands) Agricultural Finance $ 1,317 $ 1,471 Rural Infrastructure Finance 207 240 Total $ 1,524 $ 1,711 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: Table 6.6 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 (in thousands) Agricultural Finance Beginning Balance $ 1,443 $ 1,471 $ 1,471 $ 819 (Release of)/provision for losses (126) (59) (154) 593 Ending Balance $ 1,317 $ 1,412 $ 1,317 $ 1,412 Rural Infrastructure Finance Beginning Balance $ 251 $ 234 $ 240 $ 614 (Release of)/provision for losses (44) 14 (33) (366) Ending Balance $ 207 $ 248 $ 207 $ 248
Schedule of Past Due Financing Receivables	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: Table 5.4 As of September 30, 2024 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 6,817,093 $ 14,363 $ 12,072 $ 34,390 $ 60,825 $ 93,782 $ 6,971,700 Corporate AgFinance 1,249,879 — — — — 47,684 1,297,563 Total Agricultural Finance loans 8,066,972 14,363 12,072 34,390 60,825 141,466 8,269,263 Rural Infrastructure Finance loans 4,383,355 — — — — — 4,383,355 Total $ 12,450,327 $ 14,363 $ 12,072 $ 34,390 $ 60,825 $ 141,466 $ 12,652,618 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Includes loans in consolidated trusts with beneficial interests owned by third parties (single-class) that are 90 days or more past due. (3) Includes loans 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. (4) Includes $22.5 million of nonaccrual loans for which there was no associated allowance. 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 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 6,470,205 $ 15,326 $ 3,953 $ 10,991 $ 30,270 $ 65,236 $ 6,565,711 Corporate AgFinance 1,259,723 — — — — — 1,259,723 Total Agricultural Finance loans 7,729,928 15,326 3,953 10,991 30,270 65,236 7,825,434 Rural Infrastructure Finance loans 3,534,763 — — — — — 3,534,763 Total $ 11,264,691 $ 15,326 $ 3,953 $ 10,991 $ 30,270 $ 65,236 $ 11,360,197 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Includes loans in consolidated trusts with beneficial interests owned (single-class) by third parties that are 90 days or more past due. (3) Includes loans 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. (4) Includes $25.7 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2023, Farmer Mac received $2.6 million in interest on nonaccrual loans. 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 September 30, 2024 and December 31, 2023: Table 6.7 As of September 30, 2024 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,182,727 $ 2,090 $ 6,232 $ 6,358 $ 14,680 $ 3,197,407 Rural Infrastructure Finance: 611,163 — — — — 611,163 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 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 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,390,918 $ 2,776 $ 2,366 $ 1,784 $ 6,926 $ 3,397,844 Rural Infrastructure Finance: 535,013 — — — — 535,013 Total $ 3,925,931 $ 2,776 $ 2,366 $ 1,784 $ 6,926 $ 3,932,857 (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.
Schedule of Financing Receivable Credit Quality Indicators	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: Table 5.5 As of September 30, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 660,038 $ 490,681 $ 1,094,748 $ 1,563,276 $ 1,023,692 $ 1,260,030 $ 362,119 $ 6,454,584 Special mention (2) 78,097 77,428 25,222 31,257 6,897 28,306 9,874 257,081 Substandard (3) 3,101 26,052 41,315 24,963 53,445 86,803 24,356 260,035 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 September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ 101 $ — $ — $ — $ 101 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 September 30, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance (1) : Internally Assigned Risk Rating: Acceptable $ 106,145 $ 155,782 $ 75,840 $ 235,951 $ 80,593 $ 162,180 $ 264,366 $ 1,080,857 Special mention (2) — 37,168 — 14,776 75,464 — 7,275 134,683 Substandard (3) — 7,311 7,655 — 14,339 33,490 19,228 82,023 Total $ 106,145 $ 200,261 $ 83,495 $ 250,727 $ 170,396 $ 195,670 $ 290,869 $ 1,297,563 For the Three Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ 3,942 $ 3,942 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 September 30, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 932,310 $ 536,679 $ 582,812 $ 176,273 $ 565,944 $ 1,242,792 $ 274,551 $ 4,311,361 Special mention (2) 2,941 10,450 34,475 — — — — 47,866 Substandard (3) — — 24,128 — — — — 24,128 Total $ 935,251 $ 547,129 $ 641,415 $ 176,273 $ 565,944 $ 1,242,792 $ 274,551 $ 4,383,355 For the Three Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 530,956 $ 1,137,226 $ 1,653,780 $ 1,120,917 $ 323,922 $ 1,068,862 $ 385,766 $ 6,221,429 Special mention (2) 70,524 46,529 27,957 11,591 4,782 21,257 8,777 191,417 Substandard (3) 3,357 23,987 10,164 17,395 28,942 58,606 10,414 152,865 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 September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance loans (1) : Internally Assigned Risk Rating: Acceptable $ 207,279 $ 97,922 $ 261,992 $ 123,158 $ 99,352 $ 112,947 $ 254,325 $ 1,156,975 Special mention (2) — 14,522 15,408 50,822 20,333 — 1,663 102,748 Substandard (3) — — — — — — — — Total $ 207,279 $ 112,444 $ 277,400 $ 173,980 $ 119,685 $ 112,947 $ 255,988 $ 1,259,723 For the Three Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 618,946 $ 681,272 $ 187,746 $ 593,841 $ 701,937 $ 611,548 $ 100,223 $ 3,495,513 Special mention (2) — 9,850 — — — — — 9,850 Substandard (3) — 29,400 — — — — — 29,400 Total $ 618,946 $ 720,522 $ 187,746 $ 593,841 $ 701,937 $ 611,548 $ 100,223 $ 3,534,763 For the Three Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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. 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: Table 6.8 As of September 30, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 12,104 $ 127,022 $ 219,900 $ 478,659 $ 516,045 $ 1,297,238 $ 411,223 $ 3,062,191 Special mention (1) — 5,963 12,941 14,561 6,926 46,864 12,134 99,389 Substandard (2) — — 1,246 1,182 6,346 25,839 1,214 35,827 Total $ 12,104 $ 132,985 $ 234,087 $ 494,402 $ 529,317 $ 1,369,941 $ 424,571 $ 3,197,407 For the Three Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 September 30, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 363,689 $ 247,474 $ 611,163 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 363,689 $ 247,474 $ 611,163 For the Three Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2024: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 169,429 $ 246,441 $ 515,396 $ 534,395 $ 264,815 $ 1,185,811 $ 391,335 $ 3,307,622 Special mention (1) — 71 2,466 872 531 44,631 8,565 57,136 Substandard (2) — — — 131 1,536 26,328 5,091 33,086 Total $ 169,429 $ 246,512 $ 517,862 $ 535,398 $ 266,882 $ 1,256,770 $ 404,991 $ 3,397,844 For the Three Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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 December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 419,190 $ 115,823 $ 535,013 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 419,190 $ 115,823 $ 535,013 For the Three Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — For the Nine Months Ended September 30, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (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.

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following tables set forth information related to Farmer Mac's borrowings as of September 30, 2024 and December 31, 2023: Table 7.1 September 30, 2024 Outstanding as of September 30 Average Outstanding During the Quarter Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 2,209,572 4.82 % $ 1,884,228 5.22 % Medium-term notes 1,533,369 5.05 % 625,746 5.28 % Current portion of medium-term notes 6,202,504 3.29 % Total due within one year $ 9,945,445 3.90 % Due after one year: Medium-term notes due in: Two years $ 4,552,685 2.90 % Three years 4,322,588 3.09 % Four years 2,731,158 3.97 % Five years 2,286,867 4.62 % Thereafter 3,355,828 2.73 % Total due after one year $ 17,249,126 3.31 % Total principal net of discounts $ 27,194,571 3.53 % Hedging adjustments (65,115) Total $ 27,129,456 December 31, 2023 Outstanding as of December 31 Average Outstanding During the Year Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 1,734,387 5.32 % $ 1,097,300 5.08 % Medium-term notes 384,970 5.07 % 1,731,308 4.09 % Current portion of medium-term notes 5,967,811 2.90 % Total due within one year $ 8,087,168 3.52 % Due after one year: Medium-term notes due in: Two years $ 5,523,671 3.27 % Three years 3,825,702 2.27 % Four years 3,038,229 3.44 % Five years 2,623,202 4.37 % Thereafter 3,488,987 2.80 % Total due after one year $ 18,499,791 3.16 % Total principal net of discounts $ 26,586,959 3.27 % Hedging adjustments (250,417) Total $ 26,336,542 Table 7.2 Debt Callable in 2024 as of September 30, 2024, by Maturity Amount Weighted-Average Rate (dollars in thousands) Maturity: 2025 $ 703,213 2.48 % 2026 1,102,104 1.85 % 2027 747,096 2.79 % 2028 281,393 3.92 % Thereafter 1,215,130 2.62 % Total $ 4,048,936 2.51 %
Schedule of Long-Term Debt Instruments	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: Table 7.3 Earliest Interest Rate Reset Date, or Debt Maturities, of Borrowings Outstanding Amount Weighted-Average Rate (dollars in thousands) Debt with interest rate resets, or debt maturities in: 2024 $ 6,127,512 4.53 % 2025 6,369,714 3.39 % 2026 4,490,285 2.54 % 2027 3,366,626 3.44 % 2028 2,414,941 4.10 % Thereafter 4,425,493 3.10 % Total principal net of discounts $ 27,194,571 3.53 %

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements	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: Table 9.1 Assets and Liabilities Measured at Fair Value as of September 30, 2024 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,478 $ 19,478 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,436,435 — 2,436,435 Fixed rate GSE guaranteed mortgage-backed securities — 2,143,758 — 2,143,758 Floating rate U.S. Treasuries — — — — Fixed rate U.S. Treasuries 1,278,265 — — 1,278,265 Total Available-for-sale Investment Securities 1,278,265 4,580,193 19,478 5,877,936 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,752,385 5,752,385 Farmer Mac Guaranteed Securities — — 9,306 9,306 Total Farmer Mac Guaranteed Securities — — 5,761,691 5,761,691 USDA Securities: Trading — — 842 842 Total USDA Securities — — 842 842 Financial derivatives 138 49,059 — 49,197 Guarantee Asset — — 5,556 5,556 Total Assets at fair value $ 1,278,403 $ 4,629,252 $ 5,787,567 $ 11,695,222 Liabilities: Financial derivatives $ — $ 64,351 $ — $ 64,351 Total Liabilities at fair value $ — $ 64,351 $ — $ 64,351 (1) Level 3 assets represent 19% of total assets and 49% of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,082 $ 19,082 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,424,434 — 2,424,434 Fixed rate GSE guaranteed mortgage-backed securities — 1,569,615 — 1,569,615 Floating rate U.S. Treasuries 49,968 — — 49,968 Fixed rate U.S. Treasuries 855,832 — — 855,832 Total Available-for-sale Investment Securities 905,800 3,994,049 19,082 4,918,931 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,522,712 5,522,712 Farmer Mac Guaranteed Securities — — 9,767 9,767 Total Farmer Mac Guaranteed Securities — — 5,532,479 5,532,479 USDA Securities: Trading — — 1,241 1,241 Total USDA Securities — — 1,241 1,241 Financial derivatives 11 37,467 — 37,478 Guarantee Asset — — 5,831 5,831 Total Assets at fair value $ 905,811 $ 4,031,516 $ 5,558,633 $ 10,495,960 Liabilities: Financial derivatives $ 91 $ 117,040 $ — $ 117,131 Total Liabilities at fair value $ 91 $ 117,040 $ — $ 117,131 (1) Level 3 assets represent 19% of total assets and 52% of financial instruments measured at fair value.
Schedule of Unobservable Input Reconciliation	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 nine months ended September 30, 2024 and 2023. Table 9.2 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 unrealized (losses)/gains included in Income Unrealized gains/(losses) included in Other Comprehensive Income Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,478 $ — $ — $ — $ — $ — $ 19,478 Total available-for-sale 19,478 — — — — — 19,478 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,389,841 400,000 (215,855) 44 189,191 (10,836) 5,752,385 Farmer Mac Guaranteed Securities 9,310 — (176) — — 172 9,306 Total available-for-sale 5,399,151 400,000 (216,031) 44 189,191 (10,664) 5,761,691 USDA Securities: Trading 1,026 — (198) — 14 — 842 Total USDA Securities 1,026 — (198) — 14 — 842 Guarantee and commitment obligations: Guarantee Asset 5,559 — (86) — 83 — 5,556 Total Guarantee and commitment obligations 5,559 — (86) — 83 — 5,556 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 September 30, 2023 Beginning Balance Purchases Settlements Allowance for Losses Realized and Unrealized gains included in Other Comprehensive Income Transfers Out (1) Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,032 $ — $ — $ 1 $ — $ — $ — $ 19,033 Total available-for-sale 19,032 — — 1 — — — 19,033 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,737,810 100,000 (6,875) 133 (107,917) 9,653 (2,684,096) 5,048,708 Farmer Mac Guaranteed 7,605 — (169) — — 2,553 — 9,989 Total available-for-sale 7,745,415 100,000 (7,044) 133 (107,917) 12,206 (2,684,096) 5,058,697 USDA Securities: Trading 1,348 — (44) — (2) — — 1,302 Total USDA Securities 1,348 — (44) — (2) — — 1,302 Guarantee and commitment obligations: Guarantee Asset 4,331 — (84) — 1,716 — — 5,963 Total Guarantee and commitment obligations 4,331 — (84) — 1,716 — — 5,963 Total Assets at fair value $ 7,770,126 $ 100,000 $ (7,172) $ 134 $ (106,203) $ 12,206 $ (2,684,096) $ 5,084,995 (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 unrealized (losses)/gains included in Income Unrealized gains/(losses) Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,082 $ — $ — $ 2 $ — $ 394 $ 19,478 Total available-for-sale 19,082 — — 2 — 394 19,478 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,522,712 675,000 (560,643) 100 102,036 13,180 5,752,385 Farmer Mac Guaranteed Securities 9,767 — (523) — — 62 9,306 Total available-for-sale 5,532,479 675,000 (561,166) 100 102,036 13,242 5,761,691 USDA Securities: Trading 1,241 — (414) — 15 — 842 Total USDA Securities 1,241 — (414) — 15 — 842 Guarantee and commitment obligations: Guarantee Asset 5,831 — (256) — (19) — 5,556 Total Guarantee and commitment obligations 5,831 — (256) — (19) — 5,556 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 Nine Months Ended September 30, 2023 Beginning Balance Purchases Settlements Allowance for Losses Realized and Unrealized gains included in Other Comprehensive Income Transfers Out (1) Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,027 $ — $ — $ 6 $ — $ — $ — $ 19,033 Total available-for-sale 19,027 — — 6 — — — 19,033 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,599,379 1,639,650 (1,405,674) 173 (116,447) 15,723 (2,684,096) 5,048,708 Farmer Mac Guaranteed 7,847 — (1,043) — — 3,185 — 9,989 Total available-for-sale 7,607,226 1,639,650 (1,406,717) 173 (116,447) 18,908 (2,684,096) 5,058,697 USDA Securities: Trading 1,767 — (479) — 14 — — 1,302 Total USDA Securities 1,767 — (479) — 14 — — 1,302 Guarantee and commitment obligations: Guarantee Asset 4,467 — (506) — 2,002 — — 5,963 Total Guarantee and commitment obligations 4,467 — (506) — 2,002 — — 5,963 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 (1)
Schedule of Fair Value Inputs, Assets and Liabilities, Quantitative Information	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 September 30, 2024 and December 31, 2023: Table 9.3 As of September 30, 2024 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,478 Indicative bids Range of broker quotes 99.0% - 99.0% (99.0%) Farmer Mac Guaranteed Securities: AgVantage $ 5,752,385 Discounted cash flow Discount rate 4.3% - 5.3% (4.5%) Farmer Mac Guaranteed Securities $ 9,306 Discounted cash flow Discount rate 8.3% CPR 3% USDA Securities $ 842 Discounted cash flow Discount rate 5.2% - 5.3% (5.3%) CPR 13% - 13% (13%) Guarantee Asset $ 5,556 Discounted cash flow Discount rate 8.3% CPR 3% As of December 31, 2023 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,082 Indicative bids Range of broker quotes 97.0% - 97.0% (97.0%) Farmer Mac Guaranteed Securities: AgVantage $ 5,522,712 Discounted cash flow Discount rate 4.7% - 5.4% (5.0%) Farmer Mac Guaranteed Securities $ 9,767 Discounted cash flow Discount rate 8.3% CPR 3% USDA Securities $ 1,241 Discounted cash flow Discount rate 5.4% - 5.4% (5.4%) CPR 12% - 12% (12%) Guarantee Asset $ 5,831 Discounted cash flow Discount rate 8.3% CPR 3%
Schedule of Fair Value, by Balance Sheet Grouping	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: Table 9.4 As of September 30, 2024 As of December 31, 2023 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 842,056 $ 842,056 $ 888,707 $ 888,707 Investment securities 5,896,066 5,895,793 4,981,249 4,979,504 Farmer Mac Guaranteed Securities 8,706,073 8,722,762 9,710,074 9,745,548 USDA Securities 2,112,084 2,344,715 2,036,046 2,355,412 Loans 11,974,136 12,367,333 10,426,021 11,039,349 Financial derivatives 49,197 49,197 37,478 37,478 Guarantee and commitment fees receivable 53,624 46,077 58,465 49,832 Financial liabilities: Notes payable 26,673,965 27,129,456 25,670,971 26,336,542 Debt securities of consolidated trusts held by third parties 1,607,791 1,616,513 1,268,563 1,351,069 Financial derivatives 64,351 64,351 117,131 117,131 Guarantee and commitment obligations 51,486 43,939 56,195 47,563

BUSINESS SEGMENT REPORTING (Tab

BUSINESS SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	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. Table 10.1 Core Earnings by Business Segment For the Three Months Ended September 30, 2024 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 36,816 $ 6,397 $ 7,608 $ 3,810 $ 31,217 $ 943 $ — $ — $ 86,791 Less: reconciling adjustments (1)(2)(3) (1,061) — (29) — (305) — — 1,395 — Net effective spread 35,755 6,397 7,579 3,810 30,912 943 — 1,395 — Guarantee and commitment fees 4,304 168 338 187 — — — (982) 4,015 Gain on sale of investment securities — — — — — — — — — Loss on sale of mortgage loan — — — — — — — — — 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 of losses (116) (1,779) (1,195) (337) — (1) — — (3,428) Release of reserve for losses 126 — 44 — — — — — 170 Operating expenses (196) — — — — — (24,587) — (24,783) Total non-interest expense (70) — 44 — — — (24,587) — (24,613) Core earnings before income taxes 40,964 4,826 6,766 3,660 30,912 952 (24,595) (1,236) (4) 62,249 Income tax (expense)/benefit (8,602) (1,013) (1,421) (768) (6,492) (201) 5,816 260 (12,421) Core earnings before preferred stock dividends 32,362 3,813 5,345 2,892 24,420 751 (18,779) (976) (4) 49,828 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) $ 42,312 Total Assets $ 14,562,142 $ 1,662,687 $ 6,952,605 $ 985,435 $ — $ 6,389,160 $ 63,192 $ — $ 30,615,221 Total on- and off-balance sheet program assets at principal balance $ 18,090,374 $ 1,842,780 $ 7,440,141 $ 1,095,008 $ — $ — $ — $ — $ 28,468,303 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Three Months Ended September 30, 2023 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 33,735 $ 8,250 $ 6,393 $ 1,150 $ 37,642 $ 473 $ — $ — $ 87,643 Less: reconciling adjustments (1)(2)(3) (1,017) — (31) — (3,230) 59 — 4,219 — Net effective spread 32,718 8,250 6,362 1,150 34,412 532 — 4,219 — Guarantee and commitment fees 4,447 78 279 24 — — — 692 5,520 Other income/(expense) (3) 807 — — — 3 6 240 2,884 3,940 Total revenues 37,972 8,328 6,641 1,174 34,415 538 240 7,795 97,103 Release of/(provision 13 3,694 (3,504) (66) — (1) — — 136 Release of/(provision 58 — (13) — — — — — 45 Operating expenses — — — — — (24,034) — (24,034) Total non-interest expense 58 — (13) — — — (24,034) — (23,989) Core earnings before income taxes 38,043 12,022 3,124 1,108 34,415 537 (23,794) 7,795 (4) 73,250 Income tax (expense)/benefit (7,989) (2,525) (656) (233) (7,226) (113) 5,267 (1,638) (15,113) Core earnings before preferred stock dividends 30,054 9,497 2,468 875 27,189 424 (18,527) 6,157 (4) 58,137 Preferred stock dividends — — — — — — (6,792) — (6,792) Segment core earnings/(losses) $ 30,054 $ 9,497 $ 2,468 $ 875 $ 27,189 $ 424 $ (25,319) $ 6,157 (4) $ 51,345 Total Assets $ 14,660,371 $ 1,619,664 $ 6,648,693 $ 320,572 $ — $ 4,866,969 $ 195,112 $ — $ 28,311,381 Total on- and off-balance sheet program assets at principal balance $ 18,461,835 $ 1,741,306 $ 7,118,295 $ 330,575 $ — $ — $ — $ — $ 27,652,011 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Nine Months Ended September 30, 2024 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 106,227 $ 22,234 $ 22,545 $ 8,858 $ 98,556 $ 2,079 $ — $ — $ 260,499 Less: reconciling adjustments (1)(2)(3) (3,473) — (88) — (4,902) — — 8,463 — Net effective spread 102,754 22,234 22,457 8,858 93,654 2,079 — 8,463 — Guarantee and commitment fees 13,400 382 988 465 — — — (3,506) 11,729 Gain on sale of investment securities — — — — — 1,052 — — 1,052 Loss on sale of mortgage loan — (1,147) — — — — — — (1,147) Other income/(expense) (3) 2,603 47 — — — 21 20 (1,004) 1,687 Total revenues 118,757 21,516 23,445 9,323 93,654 3,152 20 3,953 273,820 (Provision for)/release of losses (888) (6,755) 2,324 (2,488) — 1 — — (7,806) Release of reserve for losses 154 — 34 — — — — — 188 Operating expenses (196) — — — — — (76,293) — (76,489) Total non-interest expense (42) — 34 — — — (76,293) — (76,301) Core earnings before income taxes 117,827 14,761 25,803 6,835 93,654 3,153 (76,273) 3,953 (4) 189,713 Income tax (expense)/benefit (24,743) (3,099) (5,419) (1,435) (19,666) (664) 16,822 (830) (39,034) Core earnings before preferred stock dividends 93,084 11,662 20,384 5,400 73,988 2,489 (59,451) 3,123 (4) 150,679 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) $ 129,580 Total Assets $ 14,562,142 $ 1,662,687 $ 6,952,605 $ 985,435 $ — $ 6,389,160 $ 63,192 $ — $ 30,615,221 Total on- and off-balance sheet program assets at principal balance $ 18,090,374 $ 1,842,780 $ 7,440,141 $ 1,095,008 $ — $ — $ — $ — $ 28,468,303 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Nine Months Ended September 30, 2023 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 102,671 $ 22,842 $ 17,772 $ 3,108 $ 98,588 $ 397 $ — $ — $ 245,378 Less: reconciling adjustments (1)(2)(3) (3,100) — (95) — 60 186 — 2,949 — Net effective spread 99,571 22,842 17,677 3,108 98,648 583 — 2,949 — Guarantee and commitment fees 12,960 193 841 69 — — — (1,121) 12,942 Other income/(expense) (3) 2,216 12 — — 3 17 284 5,484 8,016 Total revenues 114,747 23,047 18,518 3,177 98,651 600 284 7,312 266,336 Release of/(provision for) losses 136 (934) (652) (38) — 4 — — (1,484) (Provision for)/release of reserve for losses (594) — 367 — — — — — (227) Operating expenses — — — — — — (71,935) — (71,935) Total non-interest expense (594) — 367 — — — (71,935) — (72,162) Core earnings before income taxes 114,289 22,113 18,233 3,139 98,651 604 (71,651) 7,312 (4) 192,690 Income tax (expense)/benefit (24,001) (4,644) (3,829) (659) (20,716) (127) 15,206 (1,536) (40,306) Core earnings before preferred stock dividends 90,288 17,469 14,404 2,480 77,935 477 (56,445) 5,776 (4) 152,384 Preferred stock dividends — — — — — — (20,374) — (20,374) Segment core earnings/(losses) $ 90,288 $ 17,469 $ 14,404 $ 2,480 $ 77,935 $ 477 $ (76,819) $ 5,776 (4) $ 132,010 Total Assets $ 14,660,371 $ 1,619,664 $ 6,648,693 $ 320,572 $ — $ 4,866,969 $ 195,112 $ — $ 28,311,381 Total on- and off-balance sheet program assets at principal balance $ 18,461,835 $ 1,741,306 $ 7,118,295 $ 330,575 $ — $ — $ — $ — $ 27,652,011 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	Sep. 30, 2024 subsidiary
Accounting Policies [Abstract]
Number of subsidiaries	2

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Consolidation of Variable Interest Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	$ 10,668,844	$ 9,623,119
Debt securities of consolidated trusts held by third parties	27,194,571	26,586,959
Farmer Mac Guaranteed Securities
Variable Interest Entity [Line Items]
Carrying value	5,761,691	5,532,479
Investment securities
Variable Interest Entity [Line Items]
Carrying value	5,877,936	4,918,931
Agricultural Finance
Variable Interest Entity [Line Items]
Borrower remittances	200	6,000
Unamortized discount	102,000	87,100
Consolidated VIE | On-balance sheet
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	1,718,440	1,432,261
Debt securities of consolidated trusts held by third parties	1,616,513	1,351,069
Consolidated VIE | On-balance sheet | Agricultural Finance
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost		1,432,261
Debt securities of consolidated trusts held by third parties		1,351,069
Consolidated VIE | On-balance sheet | Treasury
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost		0
Debt securities of consolidated trusts held by third parties		0
Consolidated VIE | Operating Segments | On-balance sheet | Agricultural Finance
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	1,718,440
Debt securities of consolidated trusts held by third parties	1,616,513
Consolidated VIE | Corporate, non-segment | On-balance sheet
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	0
Debt securities of consolidated trusts held by third parties	0
Unconsolidated VIE | On-balance sheet | Farmer Mac Guaranteed Securities
Variable Interest Entity [Line Items]
Carrying value	57,951	46,343
Maximum exposure to loss	57,502	45,952
Unconsolidated VIE | On-balance sheet | Investment securities
Variable Interest Entity [Line Items]
Carrying value	4,289,450	3,676,555
Maximum exposure to loss	4,423,837	3,862,006
Unconsolidated VIE | On-balance sheet | Agricultural Finance | Farmer Mac Guaranteed Securities
Variable Interest Entity [Line Items]
Carrying value		46,343
Maximum exposure to loss		45,952
Unconsolidated VIE | On-balance sheet | Agricultural Finance | Investment securities
Variable Interest Entity [Line Items]
Carrying value		0
Maximum exposure to loss		0
Unconsolidated VIE | On-balance sheet | Treasury | Farmer Mac Guaranteed Securities
Variable Interest Entity [Line Items]
Carrying value		0
Maximum exposure to loss		0
Unconsolidated VIE | On-balance sheet | Treasury | Investment securities
Variable Interest Entity [Line Items]
Carrying value		3,676,555
Maximum exposure to loss		3,862,006
Unconsolidated VIE | Off-balance sheet
Variable Interest Entity [Line Items]
Maximum exposure to loss	430,628	452,602
Unconsolidated VIE | Off-balance sheet | Agricultural Finance
Variable Interest Entity [Line Items]
Maximum exposure to loss		452,602
Unconsolidated VIE | Off-balance sheet | Treasury
Variable Interest Entity [Line Items]
Maximum exposure to loss		$ 0
Unconsolidated VIE | Operating Segments | On-balance sheet | Agricultural Finance | Farmer Mac Guaranteed Securities
Variable Interest Entity [Line Items]
Carrying value	57,951
Maximum exposure to loss	57,502
Unconsolidated VIE | Operating Segments | On-balance sheet | Agricultural Finance | Investment securities
Variable Interest Entity [Line Items]
Carrying value	0
Maximum exposure to loss	0
Unconsolidated VIE | Operating Segments | Off-balance sheet | Agricultural Finance
Variable Interest Entity [Line Items]
Maximum exposure to loss	430,628
Unconsolidated VIE | Corporate, non-segment | On-balance sheet | Farmer Mac Guaranteed Securities
Variable Interest Entity [Line Items]
Carrying value	0
Maximum exposure to loss	0
Unconsolidated VIE | Corporate, non-segment | On-balance sheet | Investment securities
Variable Interest Entity [Line Items]
Carrying value	4,289,450
Maximum exposure to loss	4,423,837
Unconsolidated VIE | Corporate, non-segment | Off-balance sheet
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic EPS
Net income attributable to common stockholders	$ 42,312	$ 51,345	$ 129,580	$ 132,010
Net income attributable to common stockholders (in shares)	10,883,000	10,839,000	10,869,000	10,825,000
Net income attributable to common stockholders (in dollars per share)	$ 3.89	$ 4.74	$ 11.93	$ 12.20
Effect of dilutive securities
SARs and restricted stock units (in shares)	83,000	99,000	99,000	99,000
SARs and restricted stock units (in dollars per share)	$ (0.03)	$ (0.05)	$ (0.11)	$ (0.12)
Net income, diluted EPS	$ 42,312	$ 51,345	$ 129,580	$ 132,010
Weighted-Average Shares, diluted EPS (in shares)	10,966,000	10,938,000	10,968,000	10,924,000
Diluted EPS (in dollars per share)	$ 3.86	$ 4.69	$ 11.82	$ 12.08
Stock Appreciation Rights and Restricted Stock
Effect of dilutive securities
Antidilutive securities excluded from earnings per share (in shares)	15,465	16,761	36,033	37,990
Performance Shares
Effect of dilutive securities
Antidilutive securities excluded from earnings per share (in shares)	29,918	32,469	29,918	32,407

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,500,979	$ 1,480,343	$ 1,411,863	$ 1,346,555	$ 1,292,385	$ 1,271,958	$ 1,411,863	$ 1,271,958
Other comprehensive income/(loss) before reclassifications	11,157			2,620			51,797	27,484
Amounts reclassified from AOCI	(4,570)			(4,108)			(14,206)	(12,480)
Other comprehensive income/(loss) net of tax	6,587	(5,023)	36,027	(1,488)	25,511	(9,019)	37,591	15,004
Ending balance	1,462,344	1,500,979	1,480,343	1,385,267	1,346,555	1,292,385	1,462,344	1,385,267
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(9,141)	(4,118)	(40,145)	(34,351)	(59,862)	(50,843)	(40,145)	(50,843)
Other comprehensive income/(loss) net of tax	6,587	(5,023)	36,027	(1,488)	25,511	(9,019)	37,591	15,004
Ending balance	(2,554)	(9,141)	(4,118)	(35,839)	(34,351)	(59,862)	(2,554)	(35,839)
AOCI, Securities | Available-for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(41,062)		(68,447)	(96,607)		(115,561)	(68,447)	(115,561)
Other comprehensive income/(loss) before reclassifications	20,820			17,443			49,042	36,406
Amounts reclassified from AOCI	(3)			(4)			(840)	(13)
Other comprehensive income/(loss) net of tax	20,817			17,439			48,202	36,393
Ending balance	(20,245)	(41,062)		(79,168)	(96,607)		(20,245)	(79,168)
AOCI, Securities | Held-to-Maturity Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(8,972)		(8,724)	15,486		16,357	(8,724)	16,357
Other comprehensive income/(loss) before reclassifications	0			(25,199)			0	(25,199)
Amounts reclassified from AOCI	(350)			294			(598)	(577)
Other comprehensive income/(loss) net of tax	(350)			(24,905)			(598)	(25,776)
Ending balance	(9,322)	(8,972)		(9,419)	15,486		(9,322)	(9,419)
AOCI, Cash Flow Hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	40,893		$ 37,026	46,770		$ 48,361	37,026	48,361
Other comprehensive income/(loss) before reclassifications	(9,663)			10,376			2,755	16,277
Amounts reclassified from AOCI	(4,217)			(4,398)			(12,768)	(11,890)
Other comprehensive income/(loss) net of tax	(13,880)			5,978			(10,013)	4,387
Ending balance	$ 27,013	$ 40,893		$ 52,748	$ 46,770		$ 27,013	$ 52,748

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Other comprehensive income/(loss):
Other comprehensive income/(loss) before tax	$ 8,338			$ (1,883)			$ 47,583	$ 18,993
Provision (Benefit)
Other comprehensive income/(loss), provision (benefit)	1,751			(395)			9,992	3,989
After Tax
Unrealized (losses) / gain, after tax	11,157			2,620			51,797	27,484
Less reclassification adjustments, provision (benefit)	(4,570)			(4,108)			(14,206)	(12,480)
Other comprehensive income/(loss) net of tax	6,587	$ (5,023)	$ 36,027	(1,488)	$ 25,511	$ (9,019)	37,591	15,004
Accumulated Other Comprehensive Income (Loss)
Other comprehensive income/(loss):
Other comprehensive income/(loss) before tax	8,338			(1,883)			47,583	18,993
Provision (Benefit)
Other comprehensive income/(loss), provision (benefit)	1,751			(395)			9,992	3,989
After Tax
Other comprehensive income/(loss) net of tax	6,587	$ (5,023)	$ 36,027	(1,488)	$ 25,511	$ (9,019)	37,591	15,004
Securities | Available-for-Sale Securities
Other comprehensive income/(loss):
Unrealized (losses) / gain, before tax	26,354			22,081			62,079	46,084
Other comprehensive income/(loss) before tax	26,350			22,076			61,015	46,068
Provision (Benefit)
Unrealized (losses) / gain, provision (benefit)	5,534			4,638			13,037	9,678
Other comprehensive income/(loss), provision (benefit)	5,533			4,637			12,813	9,675
After Tax
Unrealized (losses) / gain, after tax	20,820			17,443			49,042	36,406
Other comprehensive income/(loss) net of tax	20,817			17,439			48,202	36,393
Securities | Held-to-Maturity Securities
Other comprehensive income/(loss):
Unrealized (losses) / gain, before tax	0			(31,898)			0	(31,898)
Less reclassification adjustments, before tax	(443)			373			(757)	(730)
Other comprehensive income/(loss) before tax	(443)			(31,525)			(757)	(32,628)
Provision (Benefit)
Unrealized (losses) / gain, provision (benefit)	0			(6,699)			0	(6,699)
Less reclassification adjustments, provision (benefit)	(93)			79			(159)	(153)
Other comprehensive income/(loss), provision (benefit)	(93)			(6,620)			(159)	(6,852)
After Tax
Unrealized (losses) / gain, after tax	0			(25,199)			0	(25,199)
Less reclassification adjustments, provision (benefit)	(350)			294			(598)	(577)
Other comprehensive income/(loss) net of tax	(350)			(24,905)			(598)	(25,776)
Securities | Gain on sale of available-for sale investment securities | Available-for-Sale Securities
Other comprehensive income/(loss):
Less reclassification adjustments, before tax	0			0			(1,052)	0
Provision (Benefit)
Less reclassification adjustments, provision (benefit)	0			0			(221)	0
After Tax
Less reclassification adjustments, provision (benefit)	0			0			(831)	0
Securities | Other income | Available-for-Sale Securities
Other comprehensive income/(loss):
Less reclassification adjustments, before tax	(4)			(5)			(12)	(16)
Provision (Benefit)
Less reclassification adjustments, provision (benefit)	(1)			(1)			(3)	(3)
After Tax
Less reclassification adjustments, provision (benefit)	(3)			(4)			(9)	(13)
Cash Flow Hedges
Other comprehensive income/(loss):
Unrealized (losses) / gain, before tax	(12,232)			13,135			3,488	20,604
Less reclassification adjustments, before tax	(5,337)			(5,569)			(16,163)	(15,051)
Other comprehensive income/(loss) before tax	(17,569)			7,566			(12,675)	5,553
Provision (Benefit)
Unrealized (losses) / gain, provision (benefit)	(2,569)			2,759			733	4,327
Less reclassification adjustments, provision (benefit)	(1,120)			(1,171)			(3,395)	(3,161)
Other comprehensive income/(loss), provision (benefit)	(3,689)			1,588			(2,662)	1,166
After Tax
Unrealized (losses) / gain, after tax	(9,663)			10,376			2,755	16,277
Less reclassification adjustments, provision (benefit)	(4,217)			(4,398)			(12,768)	(11,890)
Other comprehensive income/(loss) net of tax	$ (13,880)			$ 5,978			$ (10,013)	$ 4,387

INVESTMENT SECURITIES - Schedul

INVESTMENT SECURITIES - Schedule of Investment Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investment securities
Available-for-sale:
Amount Outstanding	$ 6,013,517	$ 5,120,963
Amortized cost	5,941,321	5,060,135
Allowance for losses	(25)	(27)
Unrealized Gains	39,660	9,844
Unrealized Losses	(103,020)	(151,021)
Fair Value	5,877,936	4,918,931
Held-to-maturity:
Amount Outstanding	9,270	53,756
Amortized cost	9,270	53,756
Allowance for losses	0	0
Unrealized Gains	273	1,745
Unrealized Losses	0	0
Fair Value	9,543	55,501
Available-for-sale, accrued interest excluded	24,500	15,900
Available-for-Sale Securities | Investment securities
Available-for-sale:
Unamortized Premium/(Discount)	(72,196)	(60,828)
Held-to-maturity:
Unamortized Premium/(Discount)	(72,196)	(60,828)
Held-to-Maturity Securities | Investment securities
Available-for-sale:
Unamortized Premium/(Discount)	0	0
Held-to-maturity:
Unamortized Premium/(Discount)	0	0
Floating interest rate | Floating rate auction-rate certificates backed by Government guaranteed student loans
Available-for-sale:
Amount Outstanding	19,700	19,700
Amortized cost	19,700	19,700
Allowance for losses	(25)	(27)
Unrealized Gains	0	0
Unrealized Losses	(197)	(591)
Fair Value	19,478	19,082
Floating interest rate | Guaranteed mortgage-backed securities
Available-for-sale:
Amount Outstanding	2,450,408	2,454,009
Amortized cost	2,449,883	2,452,871
Allowance for losses	0	0
Unrealized Gains	3,756	1,212
Unrealized Losses	(17,204)	(29,649)
Fair Value	2,436,435	2,424,434
Floating interest rate | US Treasuries
Available-for-sale:
Amount Outstanding	0	50,000
Amortized cost	0	49,983
Allowance for losses	0	0
Unrealized Gains	0	0
Unrealized Losses	0	(15)
Fair Value	0	49,968
Floating interest rate | Available-for-Sale Securities | Floating rate auction-rate certificates backed by Government guaranteed student loans
Available-for-sale:
Unamortized Premium/(Discount)	0	0
Held-to-maturity:
Unamortized Premium/(Discount)	0	0
Floating interest rate | Available-for-Sale Securities | Guaranteed mortgage-backed securities
Available-for-sale:
Unamortized Premium/(Discount)	(525)	(1,138)
Held-to-maturity:
Unamortized Premium/(Discount)	(525)	(1,138)
Floating interest rate | Available-for-Sale Securities | US Treasuries
Available-for-sale:
Unamortized Premium/(Discount)	0	(17)
Held-to-maturity:
Unamortized Premium/(Discount)	0	(17)
Fixed Interest Rate | Guaranteed mortgage-backed securities
Available-for-sale:
Amount Outstanding	2,262,332	1,727,669
Amortized cost	2,203,239	1,680,881
Allowance for losses	0	0
Unrealized Gains	25,573	6,558
Unrealized Losses	(85,054)	(117,824)
Fair Value	2,143,758	1,569,615
Held-to-maturity:
Amount Outstanding	9,270	53,756
Amortized cost	9,270	53,756
Allowance for losses	0	0
Unrealized Gains	273	1,745
Unrealized Losses	0	0
Fair Value	$ 9,543	$ 55,501
Held-to-maturity investment securities weighted average yield	6.40%	6.70%
Fixed Interest Rate | US Treasuries
Available-for-sale:
Amount Outstanding	$ 1,281,077	$ 869,585
Amortized cost	1,268,499	856,700
Allowance for losses	0	0
Unrealized Gains	10,331	2,074
Unrealized Losses	(565)	(2,942)
Fair Value	1,278,265	855,832
Fixed Interest Rate | Available-for-Sale Securities | Guaranteed mortgage-backed securities
Available-for-sale:
Unamortized Premium/(Discount)	(59,093)	(46,788)
Held-to-maturity:
Unamortized Premium/(Discount)	(59,093)	(46,788)
Fixed Interest Rate | Available-for-Sale Securities | US Treasuries
Available-for-sale:
Unamortized Premium/(Discount)	(12,578)	(12,885)
Held-to-maturity:
Unamortized Premium/(Discount)	(12,578)	(12,885)
Fixed Interest Rate | Held-to-Maturity Securities | Guaranteed mortgage-backed securities
Available-for-sale:
Unamortized Premium/(Discount)	0	0
Held-to-maturity:
Unamortized Premium/(Discount)	$ 0	$ 0

INVESTMENT SECURITIES - Narrati

INVESTMENT SECURITIES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of available-for-sale investment securities	$ 0	$ 0	$ 115,247,000	$ 0
Gain on sale of available-for-sale investment securities			1,052,000	$ 0
Guaranteed mortgage-backed securities | Floating interest rate
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of available-for-sale investment securities			115,200,000
Gain on sale of available-for-sale investment securities			$ 1,100,000
Investment securities
Debt Securities, Available-for-sale [Line Items]
Average percent of amortized cost for securities in unrealized loss positions for more than 12 months	95.50%		95.50%

INVESTMENT SECURITIES - Unreali

INVESTMENT SECURITIES - Unrealized Loss Position (Details) $ in Thousands	Sep. 30, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, fair value	$ 586,175	$ 1,143,468
Unrealized loss position for less than 12 months, unrealized loss	(908)	(9,278)
Unrealized loss position for more than 12 months, fair value	2,163,973	2,611,155
Unrealized loss position for more than 12 months, unrealized loss	$ (102,112)	$ (141,743)
Investment securities
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, number of securities in loss position | security	39	91
Unrealized loss position for more than 12 months, number of securities in loss position | security	148	162
Floating interest rate | Floating rate auction-rate certificates backed by Government guaranteed student loans
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, fair value	$ 0	$ 0
Unrealized loss position for less than 12 months, unrealized loss	0	0
Unrealized loss position for more than 12 months, fair value	19,478	19,082
Unrealized loss position for more than 12 months, unrealized loss	(197)	(591)
Floating interest rate | Guaranteed mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, fair value	367,575	568,759
Unrealized loss position for less than 12 months, unrealized loss	(514)	(4,395)
Unrealized loss position for more than 12 months, fair value	1,074,472	1,449,122
Unrealized loss position for more than 12 months, unrealized loss	(16,690)	(25,254)
Floating interest rate | US Treasuries
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, fair value	0	49,969
Unrealized loss position for less than 12 months, unrealized loss	0	(15)
Unrealized loss position for more than 12 months, fair value	0	0
Unrealized loss position for more than 12 months, unrealized loss	0	0
Fixed Interest Rate | Guaranteed mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, fair value	24,873	384,305
Unrealized loss position for less than 12 months, unrealized loss	(42)	(4,262)
Unrealized loss position for more than 12 months, fair value	986,007	905,759
Unrealized loss position for more than 12 months, unrealized loss	(85,012)	(113,562)
Fixed Interest Rate | US Treasuries
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, fair value	193,727	140,435
Unrealized loss position for less than 12 months, unrealized loss	(352)	(606)
Unrealized loss position for more than 12 months, fair value	84,016	237,192
Unrealized loss position for more than 12 months, unrealized loss	$ (213)	$ (2,336)

INVESTMENT SECURITIES - Debt Ma

INVESTMENT SECURITIES - Debt Maturities (Details) - Investment securities - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost
Due within one year	$ 346,788
Due after one year through five years	2,372,245
Due after five years through ten years	2,474,834
Due after ten years	747,454
Available-for-sale, amortized cost	5,941,321	$ 5,060,135
Fair Value
Due within one year	347,433
Due after one year through five years	2,377,160
Due after five years through ten years	2,414,718
Due after ten years	738,625
Total fair value	$ 5,877,936	$ 4,918,931
Weighted- Average Yield
Due within one year	3.09%
Due after one year through five years	4.33%
Due after five years through ten years	4.27%
Due after ten years	5.56%
Weighted-average yield	4.39%

FARMER MAC GUARANTEED SECURIT_3

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Schedule of On-Balance Sheet Securities (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Trading:
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Accrued interest receivable (includes $14,781 and $16,764, respectively, related to consolidated trusts)	Accrued interest receivable (includes $14,781 and $16,764, respectively, related to consolidated trusts)
Farmer Mac Guaranteed Securities
Held-to-maturity:
Unpaid Principal Balance	$ 2,988,741,000	$ 4,242,867,000
Amortized cost	2,961,224,000	4,213,278,000
Allowance for losses	(153,000)	(209,000)
Unrealized Gains	8,280,000	4,783,000
Unrealized Losses	(24,969,000)	(40,257,000)
Fair Value	2,944,382,000	4,177,595,000
Available-for-sale:
Amortized cost	5,939,268,000
Fair Value	5,761,691,000
USDA Securities
Held-to-maturity:
Unpaid Principal Balance	2,324,019,000	2,331,093,000
Amortized cost	2,343,873,000	2,354,171,000
Allowance for losses	0	0
Unrealized Gains	130,000	417,000
Unrealized Losses	(232,761,000)	(319,783,000)
Fair Value	2,111,242,000	2,034,805,000
Trading:
Unpaid Principal Balance	838,000	1,236,000
Amortized Cost	885,000	1,300,000
Allowance for losses	0	0
Unrealized Gains	0	0
Unrealized Losses	(43,000)	(59,000)
Fair Value	842,000	$ 1,241,000
Trading securities, weighted-average yield		5.46%
Farmer Mac Guaranteed Securities and USDA Securities
Held-to-maturity:
Unpaid Principal Balance	5,312,760,000	$ 6,573,960,000
Amortized cost	5,305,097,000	6,567,449,000
Allowance for losses	(153,000)	(209,000)
Unrealized Gains	8,410,000	5,200,000
Unrealized Losses	(257,730,000)	(360,040,000)
Fair Value	5,055,624,000	6,212,400,000
Farmer Mac Guaranteed Securities
Held-to-maturity:
Amortized cost	2,961,071,000	4,213,069,000
Available-for-sale:
Unpaid Principal Balance	5,930,382,000	5,816,024,000
Amortized cost	5,939,268,000	5,825,433,000
Allowance for losses	(217,000)	(317,000)
Unrealized Gains	39,807,000	16,774,000
Unrealized Losses	(217,167,000)	(309,411,000)
Fair Value	5,761,691,000	5,532,479,000
Held-to-Maturity Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	(27,517,000)	(29,589,000)
Available-for-sale:
Unamortized Premium/(Discount)	(27,517,000)	(29,589,000)
Trading:
Unamortized Premium/(Discount)	(27,517,000)	(29,589,000)
Held-to-Maturity Securities | USDA Securities
Held-to-maturity:
Unamortized Premium/(Discount)	19,854,000	23,078,000
Available-for-sale:
Unamortized Premium/(Discount)	19,854,000	23,078,000
Trading:
Unamortized Premium/(Discount)	19,854,000	23,078,000
Held-to-Maturity Securities | Farmer Mac Guaranteed Securities and USDA Securities
Held-to-maturity:
Unamortized Premium/(Discount)	(7,663,000)	(6,511,000)
Available-for-sale:
Unamortized Premium/(Discount)	(7,663,000)	(6,511,000)
Trading:
Unamortized Premium/(Discount)	(7,663,000)	(6,511,000)
Available-for-Sale Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	8,886,000	9,409,000
Available-for-sale:
Unamortized Premium/(Discount)	8,886,000	9,409,000
Trading:
Unamortized Premium/(Discount)	8,886,000	9,409,000
Trading Securities | USDA Securities
Held-to-maturity:
Unamortized Premium/(Discount)	47,000	64,000
Available-for-sale:
Unamortized Premium/(Discount)	47,000	64,000
Trading:
Unamortized Premium/(Discount)	47,000	64,000
Farmer Mac Guaranteed Securities | Farmer Mac Guaranteed Securities
Available-for-sale:
Fair Value	9,300,000	9,800,000
Trading:
Derivative, notional amount	228,600,000	238,400,000
Farmer Mac Guaranteed Securities | Farmer Mac Guaranteed Securities
Available-for-sale:
Unpaid Principal Balance	0	0
Amortized cost	8,886,000	9,409,000
Allowance for losses	0	0
Unrealized Gains	420,000	358,000
Unrealized Losses	0	0
Fair Value	9,306,000	9,767,000
Farmer Mac Guaranteed Securities | Available-for-Sale Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	8,886,000	9,409,000
Available-for-sale:
Unamortized Premium/(Discount)	8,886,000	9,409,000
Trading:
Unamortized Premium/(Discount)	8,886,000	9,409,000
AgVantage
Trading:
Available-for-sale, accrued interest excluded	59,800,000	47,200,000
Held-to-maturity, accrued interest excluded	51,600,000	67,400,000
Trading securities, accrued interest excluded	20,090	42,000
AgVantage | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unpaid Principal Balance	2,940,125,000	4,206,324,000
Amortized cost	2,912,580,000	4,176,702,000
Allowance for losses	(153,000)	(209,000)
Unrealized Gains	8,019,000	4,676,000
Unrealized Losses	(23,287,000)	(39,451,000)
Fair Value	2,897,159,000	4,141,718,000
AgVantage | Farmer Mac Guaranteed Securities
Available-for-sale:
Unpaid Principal Balance	5,930,382,000	5,816,024,000
Amortized cost	5,930,382,000	5,816,024,000
Allowance for losses	(217,000)	(317,000)
Unrealized Gains	39,387,000	16,416,000
Unrealized Losses	(217,167,000)	(309,411,000)
Fair Value	5,752,385,000	5,522,712,000
AgVantage | Held-to-Maturity Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	(27,545,000)	(29,622,000)
Available-for-sale:
Unamortized Premium/(Discount)	(27,545,000)	(29,622,000)
Trading:
Unamortized Premium/(Discount)	(27,545,000)	(29,622,000)
AgVantage | Available-for-Sale Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	0	0
Available-for-sale:
Unamortized Premium/(Discount)	0	0
Trading:
Unamortized Premium/(Discount)	0	0
Farmer Mac Guaranteed USDA Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unpaid Principal Balance	48,616,000	36,543,000
Amortized cost	48,644,000	36,576,000
Allowance for losses	0	0
Unrealized Gains	261,000	107,000
Unrealized Losses	(1,682,000)	(806,000)
Fair Value	$ 47,223,000	35,877,000
Farmer Mac Guaranteed USDA Securities | USDA Securities
Trading:
Trading securities, weighted-average yield	5.48%
Farmer Mac Guaranteed USDA Securities | Held-to-Maturity Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	$ 28,000	33,000
Available-for-sale:
Unamortized Premium/(Discount)	28,000	33,000
Trading:
Unamortized Premium/(Discount)	$ 28,000	$ 33,000

FARMER MAC GUARANTEED SECURIT_4

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Narrative (Details) - AgVantage $ in Millions	Jul. 01, 2023 USD ($)	Sep. 30, 2024 security	Dec. 31, 2023 security
Debt Securities, Available-for-sale [Line Items]
Held-to-maturity, transfer in | $	$ 2,700
Held-to-maturity, transfer in, unrealized loss | $	31.9
Held-to-maturity, transfer in, accumulated unrealized loss | $	$ 31.9
Farmer Mac Guaranteed Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, securities in unrealized loss positions		58	68
Held-to-maturity, securities in unrealized loss positions		48	53
Unrealized loss position for more than 12 months, number of securities in loss position		57	62
Debt securities, held-to-maturity, unrealized loss position for more than 12 months, number of securities in loss position		16	22

FARMER MAC GUARANTEED SECURIT_5

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Unrealized loss position for less than 12 months
Unrealized loss position for less than 12 months, fair value	$ 586,175	$ 1,143,468
Unrealized loss position for less than 12 months, unrealized loss	(908)	(9,278)
Unrealized loss position for more than 12 months
Unrealized loss position for more than 12 months, fair value	2,163,973	2,611,155
Unrealized loss position for more than 12 months, unrealized loss	(102,112)	(141,743)
Operating Segments
Unrealized loss position for less than 12 months
Unrealized loss position for less than 12 months, fair value	199,910	508,182
Unrealized loss position for less than 12 months, unrealized loss	(90)	(5,716)
Unrealized loss position for more than 12 months
Unrealized loss position for more than 12 months, fair value	3,853,189	4,043,431
Unrealized loss position for more than 12 months, unrealized loss	(217,077)	(303,695)
Farmer Mac Guaranteed Securities and USDA Securities
Unrealized loss position for less than 12 months
Fair Value	1,572,729	2,070,770
Unrealized Loss	(6,309)	(6,705)
Unrealized loss position for more than 12 months
Fair Value	2,814,044	2,757,541
Unrealized Loss	(251,421)	(353,335)
USDA Securities
Unrealized loss position for less than 12 months
Fair Value	7,569	0
Unrealized Loss	(16)	0
Unrealized loss position for more than 12 months
Fair Value	2,099,685	2,023,801
Unrealized Loss	(232,745)	(319,783)
AgVantage | Farmer Mac Guaranteed Securities
Unrealized loss position for less than 12 months
Fair Value	1,536,693	2,070,770
Unrealized Loss	(5,100)	(6,705)
Unrealized loss position for more than 12 months
Fair Value	705,981	725,347
Unrealized Loss	(18,187)	(32,746)
Unrealized loss position for less than 12 months
Unrealized loss position for less than 12 months, fair value		508,182
Unrealized loss position for less than 12 months, unrealized loss		(5,716)
Unrealized loss position for more than 12 months
Unrealized loss position for more than 12 months, fair value		4,043,431
Unrealized loss position for more than 12 months, unrealized loss		(303,695)
AgVantage | Farmer Mac Guaranteed Securities | Operating Segments
Unrealized loss position for less than 12 months
Unrealized loss position for less than 12 months, fair value	199,910
Unrealized loss position for less than 12 months, unrealized loss	(90)
Unrealized loss position for more than 12 months
Unrealized loss position for more than 12 months, fair value	3,853,189
Unrealized loss position for more than 12 months, unrealized loss	(217,077)
USDA Securities | Farmer Mac Guaranteed Securities
Unrealized loss position for less than 12 months
Fair Value	28,467	0
Unrealized Loss	(1,193)	0
Unrealized loss position for more than 12 months
Fair Value	8,378	8,393
Unrealized Loss	$ (489)	$ (806)

FARMER MAC GUARANTEED SECURIT_6

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
AgVantage
Weighted- Average Yield
Available-for-sale, accrued interest excluded	$ 59,800	$ 47,200
Farmer Mac Guaranteed Securities
Amortized Cost
Due within one year	596,516
Due after one year through five years	3,255,116
Due after five years through ten years	950,000
Due after ten years	1,137,636
Available-for-sale, amortized cost	5,939,268
Fair Value
Due within one year	593,048
Due after one year through five years	3,213,655
Due after five years through ten years	902,642
Due after ten years	1,052,346
Total fair value	$ 5,761,691
Weighted- Average Yield
Due within one year	3.58%
Due after one year through five years	3.82%
Due after five years through ten years	3.60%
Due after ten years	3.82%
Weighted-average yield	3.75%

FARMER MAC GUARANTEED SECURIT_7

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Schedule of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
AgVantage
Weighted- Average Yield
Held-to-maturity, accrued interest excluded	$ 51,600	$ 67,400
Farmer Mac Guaranteed Securities and USDA Securities
Amortized Cost
Due within one year	1,184,967
Due after one year through five years	1,172,821
Due after five years through ten years	290,568
Due after ten years	2,656,741
Total, Amortized Cost	5,305,097
Fair Value
Due within one year	1,178,075
Due after one year through five years	1,158,934
Due after five years through ten years	262,229
Due after ten years	2,456,386
Total, Fair Value	$ 5,055,624
Weighted- Average Yield
Due within one year	5.16%
Due after one year through five years	4.64%
Due after five years through ten years	3.70%
Due after ten years	4.36%
Total, Weighted- Average Yield	4.61%

FINANCIAL DERIVATIVES - Narrati

FINANCIAL DERIVATIVES - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivative [Line Items]
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Accrued interest receivable (includes $14,781 and $16,764, respectively, related to consolidated trusts)		Accrued interest receivable (includes $14,781 and $16,764, respectively, related to consolidated trusts)		Accrued interest receivable (includes $14,781 and $16,764, respectively, related to consolidated trusts)
Gain expected to be reclassified from AOCI to earnings over next 12 months	$ 9,500,000		$ 9,500,000
Gain (loss) from interest rate swaps designated as cash flow hedges reclassified to earnings	0	$ 0	0	$ 0
Financial derivatives, net payable position	0		0		$ 0
Notional amount	25,456,600,000		25,456,600,000		25,779,468,000
Exchange Cleared
Derivative [Line Items]
Notional amount	20,100,000,000		20,100,000,000		20,500,000,000
Interest Rate Swap
Derivative [Line Items]
Notional amount	25,400,000,000		25,400,000,000		25,800,000,000
Cleared Swaps
Derivative [Line Items]
Accrued interest on cleared swaps	19,500,000		19,500,000		16,400,000
Uncleared Swaps
Derivative [Line Items]
Accrued interest payable	$ 6,000,000		$ 6,000,000		$ 6,500,000

FINANCIAL DERIVATIVES - Schedul

FINANCIAL DERIVATIVES - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Notional Disclosures [Abstract]
Notional Amount	$ 25,456,600	$ 25,779,468
Asset
Fair value, asset	49,197	37,478
Netting adjustments	(8,595)	(1,236)
(Liability)
Fair value, liability	(64,351)	(117,131)
Netting adjustments	8,595	1,236
Designated as hedge | Fair value hedges: | Receive fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	8,363,185	9,174,253
Asset
Fair value, asset	770	7,767
(Liability)
Fair value, liability	$ (19,533)	$ (1,081)
Weighted- Average Pay Rate	5.17%	2.50%
Weighted- Average Receive Rate	3.36%	5.47%
Weighted- Average Remaining Term (in years)	1 year 6 months 25 days	9 years 6 months 25 days
Designated as hedge | Fair value hedges: | Pay fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	$ 9,679,159	$ 9,776,685
Asset
Fair value, asset	21,625	2,350
(Liability)
Fair value, liability	$ (24)	$ (20,390)
Weighted- Average Pay Rate	2.66%	5.57%
Weighted- Average Receive Rate	5.03%	2.94%
Weighted- Average Remaining Term (in years)	9 years 3 months	1 year 9 months 10 days
Designated as hedge | Fair value hedges: | Receive fixed callable
Notional Disclosures [Abstract]
Notional Amount	$ 4,090,827	$ 3,879,827
Asset
Fair value, asset	19,612	7,374
(Liability)
Fair value, liability	$ (52,594)	$ (95,984)
Weighted- Average Pay Rate	5%	5.40%
Weighted- Average Receive Rate	3.50%	3.40%
Weighted- Average Remaining Term (in years)	2 years 6 months 25 days	2 years 5 months 23 days
Designated as hedge | Cash flow hedges: | Pay fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	$ 540,000	$ 558,000
Asset
Fair value, asset	14,900	20,234
(Liability)
Fair value, liability	$ 0	$ (43)
Weighted- Average Pay Rate	1.92%	1.94%
Weighted- Average Receive Rate	5.35%	5.82%
Weighted- Average Remaining Term (in years)	3 years 8 months 4 days	4 years 3 months 18 days
No hedge designation | Receive fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	$ 1,926,269	$ 1,358,396
Asset
Fair value, asset	5	263
(Liability)
Fair value, liability	$ (243)	$ (3)
Weighted- Average Pay Rate	4.99%	5.44%
Weighted- Average Receive Rate	4.80%	4.87%
Weighted- Average Remaining Term (in years)	3 months 25 days	7 months 20 days
No hedge designation | Pay fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	$ 157,776	$ 160,623
Asset
Fair value, asset	720	676
(Liability)
Fair value, liability	$ (4)	$ (29)
Weighted- Average Pay Rate	2.92%	2.92%
Weighted- Average Receive Rate	5.22%	5.64%
Weighted- Average Remaining Term (in years)	3 years 7 months 24 days	4 years 4 months 2 days
No hedge designation | Basis swaps
Notional Disclosures [Abstract]
Notional Amount	$ 655,384	$ 850,384
Asset
Fair value, asset	21	39
(Liability)
Fair value, liability	$ (548)	$ (746)
Weighted- Average Pay Rate	5.16%	5.52%
Weighted- Average Receive Rate	5.01%	5.48%
Weighted- Average Remaining Term (in years)	4 years 29 days	3 years 9 months 29 days
No hedge designation | Treasury futures
Notional Disclosures [Abstract]
Notional Amount	$ 44,000	$ 21,300
Asset
Fair value, asset	139	11
Netting adjustments	(8,595)	(1,236)
(Liability)
Fair value, liability	0	(91)
Netting adjustments	$ 8,595	$ 1,236
Weighted- Average Forward Price (in dollars per share)	$ 114.60	$ 112.51

FINANCIAL DERIVATIVES - Sched_2

FINANCIAL DERIVATIVES - Schedule of Net Income/(Expense) Recognized (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Investments and cash equivalents	$ 88,879	$ 79,947	$ 258,341	$ 209,429
Interest Income Farmer Mac Guaranteed Securities and USDA Securities	156,602
Interest Income Loans	162,247	140,513	459,932	388,837
Total interest expense	(320,937)	(294,168)	(947,252)	(795,537)
(Losses)/gains on financial derivatives	(1,934)	2,671	(1,654)	4,763
Total	84,857
Interest expense on interest rate swaps	3,669	9,505	13,509	20,731
Designated as hedge
Derivative Instruments, Gain (Loss) [Line Items]
Investments and cash equivalents		79,947	258,341	209,429
Interest Income Farmer Mac Guaranteed Securities and USDA Securities		161,351	489,478	442,649
Interest Income Loans		140,513	459,932	388,837
Total interest expense		(294,168)	(947,252)	(795,537)
(Losses)/gains on financial derivatives		2,671	(1,654)	4,763
Total		90,314	258,845	250,141
Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	(22,621)	(20,127)	(78,426)	(38,049)
Premium/discount amortization recognized on hedged items	(65)	(109)	(601)	(738)
Recognized on hedged items	137,139	(265,777)	(14,540)	(313,047)
Gains/(losses) on fair value hedging relationships	205	3,210	5,811	(1,796)
Designated as hedge | Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	(14)	(14)	(42)	(41)
Interest settlements reclassified from AOCI into net income on derivatives	5,338	5,569	16,162	15,051
Recognized on hedged items	(7,918)	(8,287)	(24,023)	(23,325)
Expense recognized on cash flow hedges	(2,594)	(2,732)	(7,903)	(8,315)
No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	(1,934)	2,671	(1,654)	4,763
Interest Income Investments and Cash Equivalents | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	11,476	9,006	31,734	23,865
Premium/discount amortization recognized on hedged items	623	623	1,555	1,399
Recognized on hedged items	60,915	(41,944)	30,032	(46,485)
Gains/(losses) on fair value hedging relationships	116	107	483	(763)
Interest Income Investments and Cash Equivalents | Designated as hedge | Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	0	0	0	0
Interest settlements reclassified from AOCI into net income on derivatives	0	0	0	0
Recognized on hedged items	0	0	0	0
Expense recognized on cash flow hedges	0	0	0	0
Interest Income Investments and Cash Equivalents | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	54,513	46,303	158,869	133,995
Premium/discount amortization recognized on hedged items	0	0	0	0
Recognized on hedged items	189,141	(107,965)	101,890	(116,591)
Gains/(losses) on fair value hedging relationships	(557)	2,231	704	676
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Designated as hedge | Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	0	0	0	0
Interest settlements reclassified from AOCI into net income on derivatives	0	0	0	0
Recognized on hedged items	0	0	0	0
Expense recognized on cash flow hedges	0	0	0	0
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Interest Income Loans | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	17,544	16,089	50,847	47,144
Premium/discount amortization recognized on hedged items	0	0	0	0
Recognized on hedged items	98,015	(105,403)	38,842	(97,827)
Gains/(losses) on fair value hedging relationships	(449)	1,862	1,746	(481)
Interest Income Loans | Designated as hedge | Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	0	0	0	0
Interest settlements reclassified from AOCI into net income on derivatives	0	0	0	0
Recognized on hedged items	0	0	0	0
Expense recognized on cash flow hedges	0	0	0	0
Interest Income Loans | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Total Interest Expense | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	(106,154)	(91,525)	(319,876)	(243,053)
Premium/discount amortization recognized on hedged items	(688)	(732)	(2,156)	(2,137)
Recognized on hedged items	(210,932)	(10,465)	(185,304)	(52,144)
Gains/(losses) on fair value hedging relationships	1,095	(990)	2,878	(1,228)
Total Interest Expense | Designated as hedge | Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	(14)	(14)	(42)	(41)
Interest settlements reclassified from AOCI into net income on derivatives	5,338	5,569	16,162	15,051
Recognized on hedged items	(7,918)	(8,287)	(24,023)	(23,325)
Expense recognized on cash flow hedges	(2,594)	(2,732)	(7,903)	(8,315)
Total Interest Expense | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Losses on financial derivatives | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	0	0	0	0
Premium/discount amortization recognized on hedged items	0	0	0	0
Recognized on hedged items	0	0	0	0
Gains/(losses) on fair value hedging relationships	0	0	0	0
Losses on financial derivatives | Designated as hedge | Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	0	0	0	0
Interest settlements reclassified from AOCI into net income on derivatives	0	0	0	0
Recognized on hedged items	0	0	0	0
Expense recognized on cash flow hedges	0	0	0	0
Losses on financial derivatives | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	(1,934)	2,671	(1,654)	4,763
Interest Rate Swap | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	(1,654)	(24,907)	(26,016)	(82,758)
Income/(expense) related to interest settlements on fair value hedging relationships	(24,340)	(45,143)	(105,043)	(121,545)
Recognized on derivatives	(136,934)	268,987	20,351	311,251
Interest Rate Swap | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	(1,310)	2,772	(581)	5,263
Interest expense on interest rate swaps	(858)	(805)	(1,379)	(3,999)
Interest Rate Swap | Interest Income Investments and Cash Equivalents | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	10,774	9,950	31,479	24,952
Income/(expense) related to interest settlements on fair value hedging relationships	22,873	19,579	64,768	50,216
Recognized on derivatives	(60,799)	42,051	(29,549)	45,722
Interest Rate Swap | Interest Income Investments and Cash Equivalents | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Interest expense on interest rate swaps	0	0	0	0
Interest Rate Swap | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	39,127	40,114	118,593	104,023
Income/(expense) related to interest settlements on fair value hedging relationships	93,640	86,417	277,462	238,018
Recognized on derivatives	(189,698)	110,196	(101,186)	117,267
Interest Rate Swap | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Interest expense on interest rate swaps	0	0	0	0
Interest Rate Swap | Interest Income Loans | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	17,878	17,692	53,554	46,625
Income/(expense) related to interest settlements on fair value hedging relationships	35,422	33,781	104,401	93,769
Recognized on derivatives	(98,464)	107,265	(37,096)	97,346
Interest Rate Swap | Interest Income Loans | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Interest expense on interest rate swaps	0	0	0	0
Interest Rate Swap | Total Interest Expense | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	(69,433)	(92,663)	(229,642)	(258,358)
Income/(expense) related to interest settlements on fair value hedging relationships	(176,275)	(184,920)	(551,674)	(503,548)
Recognized on derivatives	212,027	9,475	188,182	50,916
Interest Rate Swap | Total Interest Expense | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Interest expense on interest rate swaps	0	0	0	0
Interest Rate Swap | Losses on financial derivatives | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	0	0	0	0
Income/(expense) related to interest settlements on fair value hedging relationships	0	0	0	0
Recognized on derivatives	0	0	0	0
Interest Rate Swap | Losses on financial derivatives | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	(1,310)	2,772	(581)	5,263
Interest expense on interest rate swaps	(858)	(805)	(1,379)	(3,999)
Treasury futures | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	234	704	306	3,499
Treasury futures | Interest Income Investments and Cash Equivalents | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Treasury futures | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Treasury futures | Interest Income Loans | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Treasury futures | Total Interest Expense | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	0	0	0	0
Treasury futures | Losses on financial derivatives | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
(Losses)/gains on financial derivatives	$ 234	$ 704	$ 306	$ 3,499

FINANCIAL DERIVATIVES - Hedged

FINANCIAL DERIVATIVES - Hedged Items in Fair Value Hedging Relationships (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investment securities, Available-for-Sale, at fair value
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	$ 1,525,596	$ 1,251,386
Hedged asset	(58,602)	(88,635)
Loans held for investment, at amortized cost
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	1,890,571	1,699,361
Hedged asset	(266,750)	(305,592)
Notes Payable
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	(12,128,955)	(13,350,111)
Hedged liability	65,114	250,418
Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	5,726,645	5,497,948
Hedged asset	$ (155,546)	$ (257,436)

FINANCIAL DERIVATIVES - Sched_3

FINANCIAL DERIVATIVES - Schedule of Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Gross Amount Recognized	$ 50,156	$ 36,139
Gross Amounts offset in the Consolidated Balance Sheet	(8,595)	(1,236)
Net amount presented in the consolidated balance sheet	41,561	34,903
Netting Adjustments	(23,737)	(25,727)
Financial instruments pledged	0	0
Cash collateral	(3,521)	0
Net amount	14,303	9,176
Liabilities:
Gross Amount Recognized	(63,641)	(101,350)
Gross Amounts offset in the Consolidated Balance Sheet	8,595	1,236
Net amount presented in the consolidated balance sheet	(55,046)	(100,114)
Netting Adjustments	23,737	25,727
Financial instruments pledged	0	0
Cash collateral	22,154	69,360
Net amount	(9,155)	(5,027)
Derivative liability, not subject to master netting arrangement	5,600	15,200
Collateral received	10,200	2,000
Derivative, additional net exposure to counterparty	217,400	207,200
Derivative, additional net exposure from counterparty	1,900
Uncleared derivatives
Assets:
Gross Amount Recognized	27,397	25,751
Gross Amounts offset in the Consolidated Balance Sheet	0	0
Net amount presented in the consolidated balance sheet	27,397	25,751
Netting Adjustments	(23,737)	(25,727)
Financial instruments pledged	0	0
Cash collateral	(3,521)	0
Net amount	139	24
Liabilities:
Gross Amount Recognized	(55,046)	(100,114)
Gross Amounts offset in the Consolidated Balance Sheet	0	0
Net amount presented in the consolidated balance sheet	(55,046)	(100,114)
Netting Adjustments	23,737	25,727
Financial instruments pledged	0	0
Cash collateral	22,154	69,360
Net amount	(9,155)	(5,027)
Cleared derivatives
Assets:
Gross Amount Recognized	22,759	10,388
Gross Amounts offset in the Consolidated Balance Sheet	(8,595)	(1,236)
Net amount presented in the consolidated balance sheet	14,164	9,152
Netting Adjustments	0	0
Financial instruments pledged	0	0
Cash collateral	0	0
Net amount	14,164	9,152
Liabilities:
Gross Amount Recognized	(8,595)	(1,236)
Gross Amounts offset in the Consolidated Balance Sheet	8,595	1,236
Net amount presented in the consolidated balance sheet	0	0
Netting Adjustments	0	0
Financial instruments pledged	0	0
Cash collateral	0	0
Net amount	$ 0	$ 0

LOANS - Narrative (Details)

LOANS - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment loan	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at lower of cost or fair value	$ 0		$ 0		$ 0
Losses on sale of mortgage loans	0	$ 0	$ 1,147,000	$ 0
Number of operating segments | segment			7
Provision for/(release of) losses	3,428,000	(136,000)	$ 7,806,000	1,484,000
Rural Infrastructure Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for/(release of) losses	1,540,000	3,580,000	$ 203,000	712,000
Agricultural Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of operating segments | segment			2
Provision for/(release of) losses	1,911,000	(3,714,000)	$ 7,760,000	813,000
Number of loans | loan			2
Corporate AgFinance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for/(release of) losses	$ 1,755,000	$ (3,689,000)	$ 6,763,000	$ 947,000
Corporate AgFinance | Agricultural Storage and Processing Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Losses on sale of mortgage loans			$ 1,100,000

LOANS - Schedule of Composition

LOANS - Schedule of Composition of Loan Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	$ 12,652,618		$ 11,360,197
Allowance for losses	(19,951)		(16,031)
Total loans, net of allowance	12,367,333		11,039,349
Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	12,652,618		11,360,197
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	(265,334)		(304,817)
Total loans	12,387,284		11,055,380
Allowance for losses	(19,951)		(16,031)
Total loans, net of allowance	12,367,333		11,039,349
Agricultural Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	8,269,263		7,825,434
Allowance for losses	(10,601)	$ (8,690)	(6,884)	$ (7,588)	$ (11,302)	$ (6,775)
Agricultural Finance | Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	8,269,263		7,825,434
Allowance for losses	(10,601)		(6,884)
Farm & Ranch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	6,971,700		6,565,711
Allowance for losses	(4,832)	(4,676)	(3,936)	(3,910)	(3,935)	(4,044)
Farm & Ranch | Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	6,971,700		6,565,711
Allowance for losses	(4,832)		(3,936)
Corporate AgFinance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	1,297,563		1,259,723
Allowance for losses	(5,769)	(4,014)	(2,948)	(3,678)	(7,367)	(2,731)
Corporate AgFinance | Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	1,297,563		1,259,723
Allowance for losses	(5,769)		(2,948)
Rural Infrastructure Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	4,383,355		3,534,763
Allowance for losses	(9,350)	$ (7,810)	(9,147)	$ (9,026)	$ (5,446)	$ (8,314)
Rural Infrastructure Finance | Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	4,383,355		3,534,763
Allowance for losses	(9,350)		(9,147)
Unsecuritized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	10,934,178		9,927,936
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	(265,334)		(304,817)
Total loans	10,668,844		9,623,119
Allowance for losses	(19,314)		(15,588)
Total loans, net of allowance	10,649,530		9,607,531
Unsecuritized | Agricultural Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	6,550,823		6,393,173
Unsecuritized | Farm & Ranch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	5,253,260		5,133,450
Unsecuritized | Corporate AgFinance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	1,297,563		1,259,723
Unsecuritized | Rural Infrastructure Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	4,383,355		3,534,763
In Consolidated Trusts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	1,718,440		1,432,261
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	0		0
Total loans	1,718,440		1,432,261
Allowance for losses	(637)		(443)
Total loans, net of allowance	1,717,803		1,431,818
In Consolidated Trusts | Agricultural Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	1,718,440		1,432,261
In Consolidated Trusts | Farm & Ranch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	1,718,440		1,432,261
In Consolidated Trusts | Corporate AgFinance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	0		0
In Consolidated Trusts | Rural Infrastructure Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	$ 0		$ 0

LOANS - Allowance for Losses (D

LOANS - Allowance for Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	$ 19,951		$ 16,031
Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	19,951		16,031
Agricultural Finance
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	10,601	$ 8,690	6,884	$ 7,588	$ 11,302	$ 6,775
Agricultural Finance | Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	10,601		6,884
Farm & Ranch
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	4,832	4,676	3,936	3,910	3,935	4,044
Farm & Ranch | Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	4,832		3,936
Corporate AgFinance
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	5,769	4,014	2,948	3,678	7,367	2,731
Corporate AgFinance | Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	5,769		2,948
Rural Infrastructure Finance loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	9,350	$ 7,810	9,147	$ 9,026	$ 5,446	$ 8,314
Rural Infrastructure Finance loans | Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	$ 9,350		$ 9,147

LOANS - Changes in the Allowanc

LOANS - Changes in the Allowance for Losses (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance			$ 16,031,000
Provision for/(release of) losses	$ 3,428,000	$ (136,000)	7,806,000	$ 1,484,000
Ending balance	19,951,000		19,951,000
Agricultural Finance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	8,690,000	11,302,000	6,884,000	6,775,000
Provision for/(release of) losses	1,911,000	(3,714,000)	7,760,000	813,000
Charge-offs	0	0	(4,043,000)	0
Ending balance	10,601,000	7,588,000	10,601,000	7,588,000
Farm & Ranch
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	4,676,000	3,935,000	3,936,000	4,044,000
Provision for/(release of) losses	156,000	(25,000)	997,000	(134,000)
Charge-offs	0	0	(101,000)	0
Ending balance	4,832,000	3,910,000	4,832,000	3,910,000
Farm & Ranch | Commercial Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Provision for/(release of) losses			1,200,000	1,100,000
Corporate AgFinance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	4,014,000	7,367,000	2,948,000	2,731,000
Provision for/(release of) losses	1,755,000	(3,689,000)	6,763,000	947,000
Charge-offs	0	0	(3,942,000)	0
Ending balance	5,769,000	3,678,000	5,769,000	3,678,000
Corporate AgFinance | Commercial Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Provision for/(release of) losses			1,100,000	0
Rural Infrastructure Finance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	7,810,000	5,446,000	9,147,000	8,314,000
Provision for/(release of) losses	1,540,000	3,580,000	203,000	712,000
Charge-offs	0	0	0	0
Ending balance	$ 9,350,000	$ 9,026,000	9,350,000	9,026,000
Rural Infrastructure Finance | Collateral Pledged
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Provision for/(release of) losses			$ 0	$ 0

LOANS - Unpaid Principal Balanc

LOANS - Unpaid Principal Balances by Delinquency Status (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	$ 10,668,844	$ 10,668,844	$ 9,623,119
Nonaccrual loans	141,466	141,466	65,236
Total Loans	12,652,618	12,652,618	11,360,197
Nonaccrual loans with no associated allowance	22,500	22,500	25,700
Interest received on nonaccrual loans	2,400	4,100	2,600
Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loans	141,466	141,466	65,236
Total Loans	8,269,263	8,269,263	7,825,434
Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	6,971,700	6,971,700	6,565,711
Nonaccrual loans	93,782	93,782	65,236
Total Loans	6,971,700	6,971,700	6,565,711
Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	1,297,563	1,297,563	1,259,723
Nonaccrual loans	47,684	47,684	0
Total Loans	1,297,563	1,297,563	1,259,723
Rural Infrastructure Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	4,383,355	4,383,355	3,534,763
Nonaccrual loans	0	0	0
Total Loans	4,383,355	4,383,355	3,534,763
Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	12,450,327	12,450,327	11,264,691
Current | Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	8,066,972	8,066,972	7,729,928
Current | Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	6,817,093	6,817,093	6,470,205
Current | Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	1,249,879	1,249,879	1,259,723
Current | Rural Infrastructure Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	4,383,355	4,383,355	3,534,763
Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	60,825	60,825	30,270
Total Past Due | Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	60,825	60,825	30,270
Total Past Due | Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	60,825	60,825	30,270
Total Past Due | Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0	0
Total Past Due | Rural Infrastructure Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0	0
30-59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	14,363	14,363	15,326
30-59 Days | Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	14,363	14,363	15,326
30-59 Days | Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	14,363	14,363	15,326
30-59 Days | Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0	0
30-59 Days | Rural Infrastructure Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0	0
60-89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	12,072	12,072	3,953
60-89 Days | Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	12,072	12,072	3,953
60-89 Days | Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	12,072	12,072	3,953
60-89 Days | Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0	0
60-89 Days | Rural Infrastructure Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0	0
90 Days and Greater
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	34,390	34,390	10,991
90 Days and Greater | Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	34,390	34,390	10,991
90 Days and Greater | Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	34,390	34,390	10,991
90 Days and Greater | Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0	0
90 Days and Greater | Rural Infrastructure Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	$ 0	$ 0	$ 0

LOANS - Schedule of Financing R

LOANS - Schedule of Financing Receivables Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Total
Total	$ 10,668,844		$ 10,668,844		$ 9,623,119
Agricultural Finance
Total
Current period charge-offs	0	$ 0	4,043	$ 0
Farm & Ranch
Year One
Total	741,236		741,236		604,837
Current period charge-offs	0	0	0	0
Year Two
Total	594,161		594,161		1,207,742
Current period charge-offs	0	0	0	0
Year Three
Total	1,161,285		1,161,285		1,691,901
Current period charge-offs	0	0	0	0
Year Four
Total	1,619,496		1,619,496		1,149,903
Current period charge-offs	0	0	101	0
Year Five
Total	1,084,034		1,084,034		357,646
Current period charge-offs	0	0	0	0
Prior
Total	1,375,139		1,375,139		1,148,725
Current period charge-offs	0	0	0	0
Revolving Loans - Amortized Cost Basis
Total	396,349		396,349		404,957
Current period charge-offs	0	0	0	0
Total
Total	6,971,700		6,971,700		6,565,711
Current period charge-offs	0	0	101	0
Corporate AgFinance
Year One
Total	106,145		106,145		207,279
Current period charge-offs	0	0	0	0
Year Two
Total	200,261		200,261		112,444
Current period charge-offs	0	0	0	0
Year Three
Total	83,495		83,495		277,400
Current period charge-offs	0	0	0	0
Year Four
Total	250,727		250,727		173,980
Current period charge-offs	0	0	0	0
Year Five
Total	170,396		170,396		119,685
Current period charge-offs	0	0	0	0
Prior
Total	195,670		195,670		112,947
Current period charge-offs	0	0	0	0
Revolving Loans - Amortized Cost Basis
Total	290,869		290,869		255,988
Current period charge-offs	0	0	3,942	0
Total
Total	1,297,563		1,297,563		1,259,723
Current period charge-offs	0	0	3,942	0
Rural Infrastructure Finance
Year One
Total	935,251		935,251		618,946
Current period charge-offs	0	0	0	0
Year Two
Total	547,129		547,129		720,522
Current period charge-offs	0	0	0	0
Year Three
Total	641,415		641,415		187,746
Current period charge-offs	0	0	0	0
Year Four
Total	176,273		176,273		593,841
Current period charge-offs	0	0	0	0
Year Five
Total	565,944		565,944		701,937
Current period charge-offs	0	0	0	0
Prior
Total	1,242,792		1,242,792		611,548
Current period charge-offs	0	0	0	0
Revolving Loans - Amortized Cost Basis
Total	274,551		274,551		100,223
Current period charge-offs	0	0	0	0
Total
Total	4,383,355		4,383,355		3,534,763
Current period charge-offs	0	$ 0	0	$ 0
Acceptable | Farm & Ranch
Year One
Total	660,038		660,038		530,956
Year Two
Total	490,681		490,681		1,137,226
Year Three
Total	1,094,748		1,094,748		1,653,780
Year Four
Total	1,563,276		1,563,276		1,120,917
Year Five
Total	1,023,692		1,023,692		323,922
Prior
Total	1,260,030		1,260,030		1,068,862
Revolving Loans - Amortized Cost Basis
Total	362,119		362,119		385,766
Total
Total	6,454,584		6,454,584		6,221,429
Acceptable | Corporate AgFinance
Year One
Total	106,145		106,145		207,279
Year Two
Total	155,782		155,782		97,922
Year Three
Total	75,840		75,840		261,992
Year Four
Total	235,951		235,951		123,158
Year Five
Total	80,593		80,593		99,352
Prior
Total	162,180		162,180		112,947
Revolving Loans - Amortized Cost Basis
Total	264,366		264,366		254,325
Total
Total	1,080,857		1,080,857		1,156,975
Acceptable | Rural Infrastructure Finance
Year One
Total	932,310		932,310		618,946
Year Two
Total	536,679		536,679		681,272
Year Three
Total	582,812		582,812		187,746
Year Four
Total	176,273		176,273		593,841
Year Five
Total	565,944		565,944		701,937
Prior
Total	1,242,792		1,242,792		611,548
Revolving Loans - Amortized Cost Basis
Total	274,551		274,551		100,223
Total
Total	4,311,361		4,311,361		3,495,513
Special mention | Farm & Ranch
Year One
Total	78,097		78,097		70,524
Year Two
Total	77,428		77,428		46,529
Year Three
Total	25,222		25,222		27,957
Year Four
Total	31,257		31,257		11,591
Year Five
Total	6,897		6,897		4,782
Prior
Total	28,306		28,306		21,257
Revolving Loans - Amortized Cost Basis
Total	9,874		9,874		8,777
Total
Total	257,081		257,081		191,417
Special mention | Corporate AgFinance
Year One
Total	0		0		0
Year Two
Total	37,168		37,168		14,522
Year Three
Total	0		0		15,408
Year Four
Total	14,776		14,776		50,822
Year Five
Total	75,464		75,464		20,333
Prior
Total	0		0		0
Revolving Loans - Amortized Cost Basis
Total	7,275		7,275		1,663
Total
Total	134,683		134,683		102,748
Special mention | Rural Infrastructure Finance
Year One
Total	2,941		2,941		0
Year Two
Total	10,450		10,450		9,850
Year Three
Total	34,475		34,475		0
Year Four
Total	0		0		0
Year Five
Total	0		0		0
Prior
Total	0		0		0
Revolving Loans - Amortized Cost Basis
Total	0		0		0
Total
Total	47,866		47,866		9,850
Substandard | Farm & Ranch
Year One
Total	3,101		3,101		3,357
Year Two
Total	26,052		26,052		23,987
Year Three
Total	41,315		41,315		10,164
Year Four
Total	24,963		24,963		17,395
Year Five
Total	53,445		53,445		28,942
Prior
Total	86,803		86,803		58,606
Revolving Loans - Amortized Cost Basis
Total	24,356		24,356		10,414
Total
Total	260,035		260,035		152,865
Substandard | Corporate AgFinance
Year One
Total	0		0		0
Year Two
Total	7,311		7,311		0
Year Three
Total	7,655		7,655		0
Year Four
Total	0		0		0
Year Five
Total	14,339		14,339		0
Prior
Total	33,490		33,490		0
Revolving Loans - Amortized Cost Basis
Total	19,228		19,228		0
Total
Total	82,023		82,023		0
Substandard | Rural Infrastructure Finance
Year One
Total	0		0		0
Year Two
Total	0		0		29,400
Year Three
Total	24,128		24,128		0
Year Four
Total	0		0		0
Year Five
Total	0		0		0
Prior
Total	0		0		0
Revolving Loans - Amortized Cost Basis
Total	0		0		0
Total
Total	$ 24,128		$ 24,128		$ 29,400

GUARANTEES AND COMMITMENTS - Of

GUARANTEES AND COMMITMENTS - Off-Balance Sheet Guaranteed Securities (Details) - Farmer Mac Guaranteed USDA Securities - Unconsolidated VIE - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	$ 430,628	$ 452,602
Agricultural Finance
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	$ 430,628	$ 452,602

GUARANTEES AND COMMITMENTS - Si

GUARANTEES AND COMMITMENTS - Significant Cash Flows Received From and Paid to Trusts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Proceeds from new securitizations	$ 343,654	$ 222,188
Guarantee fees received	$ 1,173	$ 1,280

GUARANTEES AND COMMITMENTS - Sc

GUARANTEES AND COMMITMENTS - Schedule of Underlying Off-Balance Sheet Guaranteed Securities (Details) - Farmer Mac Guaranteed USDA Securities - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Guarantee and commitment obligation	$ 5,644	$ 5,969
Weighted-average remaining maturity	21 years 4 months 24 days	21 years 10 months 24 days

GUARANTEES AND COMMITMENTS - _2

GUARANTEES AND COMMITMENTS - Schedule of Long-Term Standby Purchase Commitments (Details) - Long-Term Standby Purchase Commitments - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Maximum principal amount	$ 3,568,824	$ 3,680,333
Weighted-average remaining maturity	14 years 4 months 24 days	14 years 6 months
Guarantee and commitment obligation
Guarantor Obligations [Line Items]
Guarantee and commitment obligation	$ 38,295	$ 41,594

GUARANTEES AND COMMITMENTS - Re

GUARANTEES AND COMMITMENTS - Reserve For Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Reserve for losses	$ 1,523		$ 1,711
Reserve for losses	1,524
Agricultural Finance
Guarantor Obligations [Line Items]
Reserve for losses	1,317	$ 1,443	1,471	$ 1,412	$ 1,471	$ 819
Rural Infrastructure Finance
Guarantor Obligations [Line Items]
Reserve for losses	$ 207	$ 251	$ 240	$ 248	$ 234	$ 614

GUARANTEES AND COMMITMENTS - Ch

GUARANTEES AND COMMITMENTS - Changes in Reserve for Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance			$ 1,711
(Release of)/provision for losses	$ (170)	$ (45)	(188)	$ 227
Ending balance	1,523		1,523
Agricultural Finance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	1,443	1,471	1,471	819
(Release of)/provision for losses	(126)	(59)	(154)	593
Ending balance	1,317	1,412	1,317	1,412
Rural Infrastructure Finance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	251	234	240	614
(Release of)/provision for losses	(44)	14	(33)	(366)
Ending balance	$ 207	$ 248	$ 207	$ 248

GUARANTEES AND COMMITMENTS - Un

GUARANTEES AND COMMITMENTS - Unpaid Principal Balances by Delinquency Status (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Total Loans	$ 10,668,844	$ 9,623,119
Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	3,808,570	3,932,857
Current
Guarantor Obligations [Line Items]
Total Loans	12,450,327	11,264,691
Current | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	3,793,890	3,925,931
Total Past Due
Guarantor Obligations [Line Items]
Total Loans	60,825	30,270
Total Past Due | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	14,680	6,926
30-59 Days
Guarantor Obligations [Line Items]
Total Loans	14,363	15,326
30-59 Days | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	2,090	2,776
60-89 Days
Guarantor Obligations [Line Items]
Total Loans	12,072	3,953
60-89 Days | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	6,232	2,366
90 Days and Greater
Guarantor Obligations [Line Items]
Total Loans	34,390	10,991
90 Days and Greater | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	6,358	1,784
Agricultural Finance | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	3,197,407	3,397,844
Agricultural Finance | Current
Guarantor Obligations [Line Items]
Total Loans	8,066,972	7,729,928
Agricultural Finance | Current | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	3,182,727	3,390,918
Agricultural Finance | Total Past Due
Guarantor Obligations [Line Items]
Total Loans	60,825	30,270
Agricultural Finance | Total Past Due | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	14,680	6,926
Agricultural Finance | 30-59 Days
Guarantor Obligations [Line Items]
Total Loans	14,363	15,326
Agricultural Finance | 30-59 Days | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	2,090	2,776
Agricultural Finance | 60-89 Days
Guarantor Obligations [Line Items]
Total Loans	12,072	3,953
Agricultural Finance | 60-89 Days | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	6,232	2,366
Agricultural Finance | 90 Days and Greater
Guarantor Obligations [Line Items]
Total Loans	34,390	10,991
Agricultural Finance | 90 Days and Greater | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	6,358	1,784
Rural Infrastructure Finance
Guarantor Obligations [Line Items]
Total Loans	4,383,355	3,534,763
Rural Infrastructure Finance | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	611,163	535,013
Rural Infrastructure Finance | Current
Guarantor Obligations [Line Items]
Total Loans	4,383,355	3,534,763
Rural Infrastructure Finance | Current | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	611,163	535,013
Rural Infrastructure Finance | Total Past Due
Guarantor Obligations [Line Items]
Total Loans	0	0
Rural Infrastructure Finance | Total Past Due | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	0	0
Rural Infrastructure Finance | 30-59 Days
Guarantor Obligations [Line Items]
Total Loans	0	0
Rural Infrastructure Finance | 30-59 Days | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	0	0
Rural Infrastructure Finance | 60-89 Days
Guarantor Obligations [Line Items]
Total Loans	0	0
Rural Infrastructure Finance | 60-89 Days | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	0	0
Rural Infrastructure Finance | 90 Days and Greater
Guarantor Obligations [Line Items]
Total Loans	0	0
Rural Infrastructure Finance | 90 Days and Greater | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	$ 0	$ 0

GUARANTEES AND COMMITMENTS - Cr

GUARANTEES AND COMMITMENTS - Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Total
Total	$ 10,668,844		$ 10,668,844		$ 9,623,119
Agricultural Finance
Total
Current period charge-offs	0	$ 0	4,043	$ 0
Rural Infrastructure Finance
Year One
Total	935,251		935,251		618,946
Current period charge-offs	0	0	0	0
Year Two
Total	547,129		547,129		720,522
Current period charge-offs	0	0	0	0
Year Three
Total	641,415		641,415		187,746
Current period charge-offs	0	0	0	0
Year Four
Total	176,273		176,273		593,841
Current period charge-offs	0	0	0	0
Year Five
Total	565,944		565,944		701,937
Current period charge-offs	0	0	0	0
Prior
Total	1,242,792		1,242,792		611,548
Current period charge-offs	0	0	0	0
Revolving Loans - Amortized Cost Basis
Total	274,551		274,551		100,223
Current period charge-offs	0	0	0	0
Total
Total	4,383,355		4,383,355		3,534,763
Current period charge-offs	0	0	0	0
Acceptable | Rural Infrastructure Finance
Year One
Total	932,310		932,310		618,946
Year Two
Total	536,679		536,679		681,272
Year Three
Total	582,812		582,812		187,746
Year Four
Total	176,273		176,273		593,841
Year Five
Total	565,944		565,944		701,937
Prior
Total	1,242,792		1,242,792		611,548
Revolving Loans - Amortized Cost Basis
Total	274,551		274,551		100,223
Total
Total	4,311,361		4,311,361		3,495,513
Special mention | Rural Infrastructure Finance
Year One
Total	2,941		2,941		0
Year Two
Total	10,450		10,450		9,850
Year Three
Total	34,475		34,475		0
Year Four
Total	0		0		0
Year Five
Total	0		0		0
Prior
Total	0		0		0
Revolving Loans - Amortized Cost Basis
Total	0		0		0
Total
Total	47,866		47,866		9,850
Substandard | Rural Infrastructure Finance
Year One
Total	0		0		0
Year Two
Total	0		0		29,400
Year Three
Total	24,128		24,128		0
Year Four
Total	0		0		0
Year Five
Total	0		0		0
Prior
Total	0		0		0
Revolving Loans - Amortized Cost Basis
Total	0		0		0
Total
Total	24,128		24,128		29,400
Long-Term Standby Purchase Commitments and Guaranteed Securities
Total
Total	3,808,570		3,808,570		3,932,857
Long-Term Standby Purchase Commitments and Guaranteed Securities | Agricultural Finance
Year One
Total	12,104		12,104		169,429
Current period charge-offs	0	0	0	0
Year Two
Total	132,985		132,985		246,512
Current period charge-offs	0	0	0	0
Year Three
Total	234,087		234,087		517,862
Current period charge-offs	0	0	0	0
Year Four
Total	494,402		494,402		535,398
Current period charge-offs	0	0	0	0
Year Five
Total	529,317		529,317		266,882
Current period charge-offs	0	0	0	0
Prior
Total	1,369,941		1,369,941		1,256,770
Current period charge-offs	0	0	0	0
Revolving Loans - Amortized Cost Basis
Total	424,571		424,571		404,991
Current period charge-offs	0	0	0	0
Total
Total	3,197,407		3,197,407		3,397,844
Current period charge-offs	0	0	0	0
Long-Term Standby Purchase Commitments and Guaranteed Securities | Rural Infrastructure Finance
Year One
Total	0		0		0
Current period charge-offs	0	0	0	0
Year Two
Total	0		0		0
Current period charge-offs	0	0	0	0
Year Three
Total	0		0		0
Current period charge-offs	0	0	0	0
Year Four
Total	0		0		0
Current period charge-offs	0	0	0	0
Year Five
Total	0		0		0
Current period charge-offs	0	0	0	0
Prior
Total	363,689		363,689		419,190
Current period charge-offs	0	0	0	0
Revolving Loans - Amortized Cost Basis
Total	247,474		247,474		115,823
Current period charge-offs	0	0	0	0
Total
Total	611,163		611,163		535,013
Current period charge-offs	0	$ 0	0	$ 0
Long-Term Standby Purchase Commitments and Guaranteed Securities | Acceptable | Agricultural Finance
Year One
Total	12,104		12,104		169,429
Year Two
Total	127,022		127,022		246,441
Year Three
Total	219,900		219,900		515,396
Year Four
Total	478,659		478,659		534,395
Year Five
Total	516,045		516,045		264,815
Prior
Total	1,297,238		1,297,238		1,185,811
Revolving Loans - Amortized Cost Basis
Total	411,223		411,223		391,335
Total
Total	3,062,191		3,062,191		3,307,622
Long-Term Standby Purchase Commitments and Guaranteed Securities | Acceptable | Rural Infrastructure Finance
Year One
Total	0		0		0
Year Two
Total	0		0		0
Year Three
Total	0		0		0
Year Four
Total	0		0		0
Year Five
Total	0		0		0
Prior
Total	363,689		363,689		419,190
Revolving Loans - Amortized Cost Basis
Total	247,474		247,474		115,823
Total
Total	611,163		611,163		535,013
Long-Term Standby Purchase Commitments and Guaranteed Securities | Special mention | Agricultural Finance
Year One
Total	0		0		0
Year Two
Total	5,963		5,963		71
Year Three
Total	12,941		12,941		2,466
Year Four
Total	14,561		14,561		872
Year Five
Total	6,926		6,926		531
Prior
Total	46,864		46,864		44,631
Revolving Loans - Amortized Cost Basis
Total	12,134		12,134		8,565
Total
Total	99,389		99,389		57,136
Long-Term Standby Purchase Commitments and Guaranteed Securities | Special mention | Rural Infrastructure Finance
Year One
Total	0		0		0
Year Two
Total	0		0		0
Year Three
Total	0		0		0
Year Four
Total	0		0		0
Year Five
Total	0		0		0
Prior
Total	0		0		0
Revolving Loans - Amortized Cost Basis
Total	0		0		0
Total
Total	0		0		0
Long-Term Standby Purchase Commitments and Guaranteed Securities | Substandard | Agricultural Finance
Year One
Total	0		0		0
Year Two
Total	0		0		0
Year Three
Total	1,246		1,246		0
Year Four
Total	1,182		1,182		131
Year Five
Total	6,346		6,346		1,536
Prior
Total	25,839		25,839		26,328
Revolving Loans - Amortized Cost Basis
Total	1,214		1,214		5,091
Total
Total	35,827		35,827		33,086
Long-Term Standby Purchase Commitments and Guaranteed Securities | Substandard | Rural Infrastructure Finance
Year One
Total	0		0		0
Year Two
Total	0		0		0
Year Three
Total	0		0		0
Year Four
Total	0		0		0
Year Five
Total	0		0		0
Prior
Total	0		0		0
Revolving Loans - Amortized Cost Basis
Total	0		0		0
Total
Total	$ 0		$ 0		$ 0

NOTES PAYABLE - Narrative (Deta

NOTES PAYABLE - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Debt Instrument [Line Items]
Medium term notes called during the period			$ 1,200,000,000	$ 111,000,000
Maximum borrowing capacity from U.S. Treasury	$ 1,500,000,000		1,500,000,000
Outstanding debt repurchases	$ 0	$ 0	$ 0	0
Discount Notes
Debt Instrument [Line Items]
Maturities of notes			1 year
Medium-term notes | Minimum
Debt Instrument [Line Items]
Maturities of notes			6 months
Medium-term notes | Maximum
Debt Instrument [Line Items]
Maturities of notes			25 years
Discount notes
Debt Instrument [Line Items]
Maximum amount of discount notes outstanding at any month end			$ 2,300,000,000	$ 1,500,000,000

NOTES PAYABLE - Borrowings (Det

NOTES PAYABLE - Borrowings (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Due within one year:
Outstanding, Amount	$ 9,945,445	$ 8,087,168
Outstanding, Weighted - average rate	3.90%	3.52%
Medium-term notes due in:
Two years	$ 4,552,685
Three years	4,322,588
Four years	2,731,158
Five years	2,286,867
Thereafter	3,355,828
Total due after one year	17,249,126
Total principal net of discounts	27,194,571	$ 26,586,959
Hedging adjustments	(65,115)	(250,417)
Total	$ 27,129,456	26,336,542
Weighted - average rate	3.31%
Total weighted - average rate	3.53%
Two years
Medium-term notes due in:
Weighted - average rate	2.90%
Three years
Medium-term notes due in:
Weighted - average rate	3.09%
Four years
Medium-term notes due in:
Weighted - average rate	3.97%
Five years
Medium-term notes due in:
Weighted - average rate	4.62%
Thereafter
Medium-term notes due in:
Weighted - average rate	2.73%
Discount notes
Due within one year:
Outstanding, Amount	$ 2,209,572	$ 1,734,387
Outstanding, Weighted - average rate	4.82%	5.32%
Average Outstanding, Amount	$ 1,884,228	$ 1,097,300
Average Outstanding, Weighted - average rate (as a percent)	5.22%	5.08%
Medium-term notes
Due within one year:
Outstanding, Amount	$ 1,533,369	$ 384,970
Outstanding, Weighted - average rate	5.05%	5.07%
Average Outstanding, Amount	$ 625,746	$ 1,731,308
Average Outstanding, Weighted - average rate (as a percent)	5.28%	4.09%
Medium-term notes due in:
Two years		$ 5,523,671
Three years		3,825,702
Four years		3,038,229
Five years		2,623,202
Thereafter		3,488,987
Total due after one year		$ 18,499,791
Weighted - average rate		3.16%
Total weighted - average rate		3.27%
Medium-term notes | Two years
Medium-term notes due in:
Weighted - average rate		3.27%
Medium-term notes | Three years
Medium-term notes due in:
Weighted - average rate		2.27%
Medium-term notes | Four years
Medium-term notes due in:
Weighted - average rate		3.44%
Medium-term notes | Five years
Medium-term notes due in:
Weighted - average rate		4.37%
Medium-term notes | Thereafter
Medium-term notes due in:
Weighted - average rate		2.80%
Current portion of medium-term notes
Due within one year:
Outstanding, Amount	$ 6,202,504	$ 5,967,811
Outstanding, Weighted - average rate	3.29%	2.90%

NOTES PAYABLE - Callable Medium

NOTES PAYABLE - Callable Medium-Term Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2026	$ 4,552,685
2027	4,322,588
2028	2,731,158
Total principal net of discounts	$ 27,194,571	$ 26,586,959
Weighted-Average Rate	3.31%
Year one
Debt Instrument [Line Items]
Weighted-Average Rate	3.39%
Year two
Debt Instrument [Line Items]
Weighted-Average Rate	2.54%
Year three
Debt Instrument [Line Items]
Weighted-Average Rate	3.44%
Year four
Debt Instrument [Line Items]
Weighted-Average Rate	4.10%
Call Option
Debt Instrument [Line Items]
2025	$ 703,213
2026	1,102,104
2027	747,096
2028	281,393
Thereafter	1,215,130
Total principal net of discounts	$ 4,048,936
Weighted-Average Rate	2.51%
Call Option | Year one
Debt Instrument [Line Items]
Weighted-Average Rate	2.48%
Call Option | Year two
Debt Instrument [Line Items]
Weighted-Average Rate	1.85%
Call Option | Year three
Debt Instrument [Line Items]
Weighted-Average Rate	2.79%
Call Option | Year four
Debt Instrument [Line Items]
Weighted-Average Rate	3.92%
Call Option | Thereafter
Debt Instrument [Line Items]
Weighted-Average Rate	2.62%

NOTES PAYABLE - Earliest Intere

NOTES PAYABLE - Earliest Interest Reset Date of Borrowing Outstanding (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2024	$ 6,127,512
2025	6,369,714
2026	4,490,285
2027	3,366,626
2028	2,414,941
Thereafter	4,425,493
Total principal net of discounts	$ 27,194,571
Short-term debt, weighted average rate (as a percent)	3.90%	3.52%
Weighted - average rate	3.31%
Total weighted - average rate	3.53%
Due within one year
Debt Instrument [Line Items]
Short-term debt, weighted average rate (as a percent)	4.53%
Year one
Debt Instrument [Line Items]
Weighted - average rate	3.39%
Year two
Debt Instrument [Line Items]
Weighted - average rate	2.54%
Year three
Debt Instrument [Line Items]
Weighted - average rate	3.44%
Year four
Debt Instrument [Line Items]
Weighted - average rate	4.10%
Thereafter
Debt Instrument [Line Items]
Weighted - average rate	3.10%

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended							12 Months Ended
	Sep. 30, 2024	Jul. 18, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023	Feb. 28, 2023
Class of Stock [Line Items]
Quarterly dividend on all classes of common stock (in dollars per share)			$ 1.40	$ 1.40	$ 1.40	$ 1.10	$ 1.10	$ 1.10	$ 1.10
Capital required for capital adequacy	$ 885		$ 885			$ 862.6				$ 862.6
Capital	1,500		1,500			1,500				1,500
Excess capital	$ 579.9		579.9			$ 589.4				$ 589.4
Class C non-voting common stock
Class of Stock [Line Items]
Remaining authorized amount for repurchase											$ 9.8
Shares repurchased (in shares)	673,000									0
Shares repurchased	$ 19.8
Series C
Class of Stock [Line Items]
Preferred stock, dividend rate		6%
Loss on retirement of preferred stock			$ 1.6

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Financial derivatives	$ 49,197	$ 37,478
Liabilities:
Financial derivatives	64,351	117,131
Investment securities
Assets:
Available-for-sale, at fair value	5,877,936	$ 4,918,931
Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	$ 5,761,691
Level 3
Liabilities:
Percent of level three fair value assets and liabilities	19%	19%
Financial instruments level three percent	49%	52%
Recurring
Assets:
Financial derivatives	$ 49,197	$ 37,478
Guarantee Asset	5,556	5,831
Total Assets at fair value	11,695,222	10,495,960
Liabilities:
Financial derivatives	64,351	117,131
Total Liabilities at fair value	64,351	117,131
Recurring | USDA Securities
Assets:
Trading	842	1,241
Recurring | Investment securities
Assets:
Available-for-sale, at fair value	5,877,936	4,918,931
Recurring | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	5,761,691	5,532,479
Recurring | Level 1
Assets:
Financial derivatives	138	11
Guarantee Asset	0	0
Total Assets at fair value	1,278,403	905,811
Liabilities:
Financial derivatives	0	91
Total Liabilities at fair value	0	91
Recurring | Level 1 | USDA Securities
Assets:
Trading	0	0
Recurring | Level 1 | Investment securities
Assets:
Available-for-sale, at fair value	1,278,265	905,800
Recurring | Level 1 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
Recurring | Level 2
Assets:
Financial derivatives	49,059	37,467
Guarantee Asset	0	0
Total Assets at fair value	4,629,252	4,031,516
Liabilities:
Financial derivatives	64,351	117,040
Total Liabilities at fair value	64,351	117,040
Recurring | Level 2 | USDA Securities
Assets:
Trading	0	0
Recurring | Level 2 | Investment securities
Assets:
Available-for-sale, at fair value	4,580,193	3,994,049
Recurring | Level 2 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
Recurring | Level 3
Assets:
Financial derivatives	0	0
Guarantee Asset	5,556	5,831
Total Assets at fair value	5,787,567	5,558,633
Liabilities:
Financial derivatives	0	0
Total Liabilities at fair value	0	0
Recurring | Level 3 | USDA Securities
Assets:
Trading	842	1,241
Recurring | Level 3 | Investment securities
Assets:
Available-for-sale, at fair value	19,478	19,082
Recurring | Level 3 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	5,761,691	5,532,479
AgVantage | Recurring | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	5,752,385	5,522,712
AgVantage | Recurring | Level 1 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
AgVantage | Recurring | Level 2 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
AgVantage | Recurring | Level 3 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	5,752,385	5,522,712
Farmer Mac Guaranteed USDA Securities | Recurring | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	9,306	9,767
Farmer Mac Guaranteed USDA Securities | Recurring | Level 1 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
Farmer Mac Guaranteed USDA Securities | Recurring | Level 2 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
Farmer Mac Guaranteed USDA Securities | Recurring | Level 3 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	9,306	9,767
USDA Securities | Recurring | USDA Securities
Assets:
Trading	842	1,241
USDA Securities | Recurring | Level 1 | USDA Securities
Assets:
Trading	0	0
USDA Securities | Recurring | Level 2 | USDA Securities
Assets:
Trading	0	0
USDA Securities | Recurring | Level 3 | USDA Securities
Assets:
Trading	842	1,241
Floating interest rate | Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale, at fair value	19,478	19,082
Floating interest rate | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	2,436,435	2,424,434
Floating interest rate | US Treasuries
Assets:
Available-for-sale, at fair value	0	49,968
Floating interest rate | Recurring | Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale, at fair value	19,478	19,082
Floating interest rate | Recurring | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	2,436,435	2,424,434
Floating interest rate | Recurring | Floating rate U.S. Treasuries
Assets:
Available-for-sale, at fair value	0	49,968
Floating interest rate | Recurring | Level 1 | Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale, at fair value	0	0
Floating interest rate | Recurring | Level 1 | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	0	0
Floating interest rate | Recurring | Level 1 | Floating rate U.S. Treasuries
Assets:
Available-for-sale, at fair value	0	49,968
Floating interest rate | Recurring | Level 2 | Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale, at fair value	0	0
Floating interest rate | Recurring | Level 2 | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	2,436,435	2,424,434
Floating interest rate | Recurring | Level 2 | Floating rate U.S. Treasuries
Assets:
Available-for-sale, at fair value	0	0
Floating interest rate | Recurring | Level 3 | Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale, at fair value	19,478	19,082
Floating interest rate | Recurring | Level 3 | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	0	0
Floating interest rate | Recurring | Level 3 | Floating rate U.S. Treasuries
Assets:
Available-for-sale, at fair value	0	0
Fixed Interest Rate | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	2,143,758	1,569,615
Fixed Interest Rate | US Treasuries
Assets:
Available-for-sale, at fair value	1,278,265	855,832
Fixed Interest Rate | Recurring | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	2,143,758	1,569,615
Fixed Interest Rate | Recurring | US Treasuries
Assets:
Available-for-sale, at fair value	1,278,265	855,832
Fixed Interest Rate | Recurring | Level 1 | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	0	0
Fixed Interest Rate | Recurring | Level 1 | US Treasuries
Assets:
Available-for-sale, at fair value	1,278,265	855,832
Fixed Interest Rate | Recurring | Level 2 | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	2,143,758	1,569,615
Fixed Interest Rate | Recurring | Level 2 | US Treasuries
Assets:
Available-for-sale, at fair value	0	0
Fixed Interest Rate | Recurring | Level 3 | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	0	0
Fixed Interest Rate | Recurring | Level 3 | US Treasuries
Assets:
Available-for-sale, at fair value	$ 0	$ 0

FAIR VALUE DISCLOSURES - Sche_2

FAIR VALUE DISCLOSURES - Schedule of Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jul. 01, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Net Income	Net Income	Net Income	Net Income
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]		Comprehensive Income (Loss), Net of Tax, Attributable to Parent	Comprehensive Income (Loss), Net of Tax, Attributable to Parent	Comprehensive Income (Loss), Net of Tax, Attributable to Parent	Comprehensive Income (Loss), Net of Tax, Attributable to Parent
Level 3 | Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 7,770,126	$ 5,425,214	$ 7,770,126	$ 5,558,633	$ 7,632,487
Purchases		400,000	100,000	675,000	1,639,650
Settlements		(216,315)	(7,172)	(561,836)	(1,407,702)
Allowance for Losses		44	134	102	179
Realized and unrealized (losses)/gains included in Income		189,288	(106,203)	102,032	(114,431)
Unrealized gains/(losses) included in Other Comprehensive Income		(10,664)	12,206	13,636	18,908
Transfers Out			(2,684,096)		(2,684,096)
Ending Balance		5,787,567	5,084,995	5,787,567	5,084,995
Available-for-sale securities | Level 3 | Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	19,032	19,478	19,032	19,082	19,027
Purchases		0	0	0	0
Settlements		0	0	0	0
Allowance for Losses		0	1	2	6
Realized and unrealized (losses)/gains included in Income		0	0	0	0
Unrealized gains/(losses) included in Other Comprehensive Income		0	0	394	0
Transfers Out			0		0
Ending Balance		19,478	19,033	19,478	19,033
Floating rate auction-rate certificates backed by Government guaranteed student loans | Floating interest rate | Level 3 | Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	19,032	19,478	19,032	19,082	19,027
Purchases		0	0	0	0
Settlements		0	0	0	0
Allowance for Losses		0	1	2	6
Realized and unrealized (losses)/gains included in Income		0	0	0	0
Unrealized gains/(losses) included in Other Comprehensive Income		0	0	394	0
Transfers Out			0		0
Ending Balance		19,478	19,033	19,478	19,033
Farmer Mac Guaranteed Securities | Level 3 | Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	7,745,415	5,399,151	7,745,415	5,532,479	7,607,226
Purchases		400,000	100,000	675,000	1,639,650
Settlements		(216,031)	(7,044)	(561,166)	(1,406,717)
Allowance for Losses		44	133	100	173
Realized and unrealized (losses)/gains included in Income		189,191	(107,917)	102,036	(116,447)
Unrealized gains/(losses) included in Other Comprehensive Income		(10,664)	12,206	13,242	18,908
Transfers Out			(2,684,096)		(2,684,096)
Ending Balance		5,761,691	5,058,697	5,761,691	5,058,697
Farmer Mac Guaranteed Securities | Level 3 | Recurring | AgVantage Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	7,737,810	5,389,841	7,737,810	5,522,712	7,599,379
Purchases		400,000	100,000	675,000	1,639,650
Settlements		(215,855)	(6,875)	(560,643)	(1,405,674)
Allowance for Losses		44	133	100	173
Realized and unrealized (losses)/gains included in Income		189,191	(107,917)	102,036	(116,447)
Unrealized gains/(losses) included in Other Comprehensive Income		(10,836)	9,653	13,180	15,723
Transfers Out	(2,700,000)		(2,684,096)		(2,684,096)
Ending Balance		5,752,385	5,048,708	5,752,385	5,048,708
Farmer Mac Guaranteed Securities | Level 3 | Recurring | Farmer Mac Guaranteed USDA Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	7,605	9,310	7,605	9,767	7,847
Purchases		0	0	0	0
Settlements		(176)	(169)	(523)	(1,043)
Allowance for Losses		0	0	0	0
Realized and unrealized (losses)/gains included in Income		0	0	0	0
Unrealized gains/(losses) included in Other Comprehensive Income		172	2,553	62	3,185
Transfers Out			0		0
Ending Balance		9,306	9,989	9,306	9,989
USDA Securities | Level 3 | Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,348	1,026	1,348	1,241	1,767
Purchases		0	0	0	0
Settlements		(198)	(44)	(414)	(479)
Allowance for Losses		0	0	0	0
Realized and unrealized (losses)/gains included in Income		14	(2)	15	14
Unrealized gains/(losses) included in Other Comprehensive Income		0	0	0	0
Transfers Out			0		0
Ending Balance		842	1,302	842	1,302
Guarantee and commitment obligations: | Level 3 | Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	4,331	5,559	4,331	5,831	4,467
Purchases		0	0	0	0
Settlements		(86)	(84)	(256)	(506)
Allowance for Losses		0	0	0	0
Realized and unrealized (losses)/gains included in Income		83	1,716	(19)	2,002
Unrealized gains/(losses) included in Other Comprehensive Income		0	0	0	0
Transfers Out			0		0
Ending Balance		5,556	5,963	5,556	5,963
Guarantee and commitment obligations: | Level 3 | Recurring | Guarantee Asset
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 4,331	5,559	4,331	5,831	4,467
Purchases		0	0	0	0
Settlements		(86)	(84)	(256)	(506)
Allowance for Losses		0	0	0	0
Realized and unrealized (losses)/gains included in Income		83	1,716	(19)	2,002
Unrealized gains/(losses) included in Other Comprehensive Income		0	0	0	0
Transfers Out			0		0
Ending Balance		$ 5,556	$ 5,963	$ 5,556	$ 5,963

FAIR VALUE DISCLOSURES - Quanti

FAIR VALUE DISCLOSURES - Quantitative Information (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	$ 5,761,691
Floating interest rate | Floating rate auction-rate certificates backed by Government guaranteed student loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	19,478	$ 19,082
Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee Asset	5,556	5,831
Recurring | Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	5,761,691	5,532,479
Recurring | Floating interest rate | Floating rate auction-rate certificates backed by Government guaranteed student loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	19,478	19,082
Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee Asset	5,556	5,831
Recurring | Level 3 | Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	5,761,691	5,532,479
Recurring | Level 3 | Floating interest rate | Floating rate auction-rate certificates backed by Government guaranteed student loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	19,478	19,082
Farmer Mac Guaranteed Securities | Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	9,300	9,800
USDA Securities | Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading	842	1,241
USDA Securities | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading	842	1,241
AgVantage Securities | Recurring | Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	5,752,385	5,522,712
AgVantage Securities | Recurring | Level 3 | Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	5,752,385	5,522,712
Farmer Mac Guaranteed USDA Securities | Recurring | Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	9,306	9,767
Farmer Mac Guaranteed USDA Securities | Recurring | Level 3 | Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	9,306	9,767
USDA Securities | USDA Securities | Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading	842	1,241
USDA Securities | USDA Securities | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading	$ 842	$ 1,241
Range of broker quotes | Minimum | Floating rate auction-rate certificates backed by Government guaranteed student loans | Indicative bids | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.990	0.970
Range of broker quotes | Maximum | Floating rate auction-rate certificates backed by Government guaranteed student loans | Indicative bids | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.990	0.970
Range of broker quotes | Weighted Average | Floating rate auction-rate certificates backed by Government guaranteed student loans | Indicative bids | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.990	0.970
Discount rate | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee asset, measurement input	0.083
Discount rate | Farmer Mac Guaranteed USDA Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.083
Discount rate | Minimum | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee asset, measurement input		0.083
Discount rate | Minimum | AgVantage Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.043	0.047
Discount rate | Minimum | Farmer Mac Guaranteed USDA Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input		0.083
Discount rate | Minimum | USDA Securities | USDA Securities | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.052	0.054
Discount rate | Maximum | AgVantage Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.053	0.054
Discount rate | Maximum | USDA Securities | USDA Securities | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.053	0.054
Discount rate | Weighted Average | AgVantage Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.045	0.050
Discount rate | Weighted Average | USDA Securities | USDA Securities | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.053	0.054
CPR | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee asset, measurement input	0.03	0.03
CPR | Farmer Mac Guaranteed USDA Securities | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.03	0.03
CPR | Minimum | USDA Securities | USDA Securities | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.13	0.12
CPR | Maximum | USDA Securities | USDA Securities | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.13	0.12
CPR | Weighted Average | USDA Securities | USDA Securities | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.13	0.12

FAIR VALUE DISCLOSURES - Summar

FAIR VALUE DISCLOSURES - Summary of Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial assets:
Financial derivatives	$ 49,197	$ 37,478
Guarantee and commitment fees receivable	46,077	49,832
Financial liabilities:
Financial derivatives	64,351	117,131
Guarantee and commitment obligation	43,939	47,563
Fair Value
Financial assets:
Cash and cash equivalents	842,056	888,707
Loans	11,974,136	10,426,021
Financial derivatives	49,197	37,478
Guarantee and commitment fees receivable	53,624	58,465
Financial liabilities:
Notes payable	26,673,965	25,670,971
Debt securities of consolidated trusts held by third parties	1,607,791	1,268,563
Financial derivatives	64,351	117,131
Guarantee and commitment obligation	51,486	56,195
Fair Value | Investment securities
Financial assets:
Marketable securities	5,896,066	4,981,249
Fair Value | Farmer Mac Guaranteed Securities
Financial assets:
Marketable securities	8,706,073	9,710,074
Fair Value | USDA Securities
Financial assets:
Marketable securities	2,112,084	2,036,046
Carrying Amount
Financial assets:
Cash and cash equivalents	842,056	888,707
Loans	12,367,333	11,039,349
Financial derivatives	49,197	37,478
Guarantee and commitment fees receivable	46,077	49,832
Financial liabilities:
Notes payable	27,129,456	26,336,542
Debt securities of consolidated trusts held by third parties	1,616,513	1,351,069
Financial derivatives	64,351	117,131
Guarantee and commitment obligation	43,939	47,563
Carrying Amount | Investment securities
Financial assets:
Marketable securities	5,895,793	4,979,504
Carrying Amount | Farmer Mac Guaranteed Securities
Financial assets:
Marketable securities	8,722,762	9,745,548
Carrying Amount | USDA Securities
Financial assets:
Marketable securities	$ 2,344,715	$ 2,355,412

BUSINESS SEGMENT REPORTING (Det

BUSINESS SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			7
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	$ 86,791	$ 87,643	$ 260,499	$ 245,378
Guarantee and commitment fees	4,015	5,520	11,729	12,942
Gain on sale of investment securities	0	0	1,052	0
Losses on sale of mortgage loans	0	0	(1,147)	0
Other income/(expense)	(516)	3,940	1,687	8,016
Total revenues	90,290	97,103	273,820	266,336
Provision for of losses	(3,428)	136	(7,806)	(1,484)
Release of/(provision for) reserve for losses	170	45	188	(227)
Operating expenses	(24,783)	(24,034)	(76,489)	(71,935)
Total non-interest expense	(24,613)	(23,989)	(76,301)	(72,162)
Core earnings before income taxes	62,249	73,250	189,713	192,690
Income tax (expense)/benefit	(12,421)	(15,113)	(39,034)	(40,306)
Core earnings before preferred stock dividends	49,828	58,137	150,679	152,384
Preferred stock dividends	(5,897)	(6,792)	(19,480)	(20,374)
Loss on retirement of preferred stock	(1,619)	0	(1,619)	0
Segment core earnings/(losses)	42,312	51,345	129,580	132,010
Total Assets	30,615,221	28,311,381	30,615,221	28,311,381	$ 29,524,382
Total on- and off-balance sheet program assets at principal balance	28,468,303	27,652,011	28,468,303	27,652,011
Reconciling Adjustments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	0	0	0	0
Less: reconciling adjustments	1,395	4,219	8,463	2,949
Net effective spread	1,395	4,219	8,463	2,949
Guarantee and commitment fees	(982)	692	(3,506)	(1,121)
Gain on sale of investment securities	0		0
Losses on sale of mortgage loans	0		0
Other income/(expense)	(1,649)	2,884	(1,004)	5,484
Total revenues	(1,236)	7,795	3,953	7,312
Provision for of losses	0	0	0	0
Release of/(provision for) reserve for losses	0	0	0	0
Operating expenses	0	0	0	0
Total non-interest expense	0	0	0	0
Core earnings before income taxes	(1,236)	7,795	3,953	7,312
Income tax (expense)/benefit	260	(1,638)	(830)	(1,536)
Core earnings before preferred stock dividends	(976)	6,157	3,123	5,776
Preferred stock dividends	0	0	0	0
Loss on retirement of preferred stock	(1,619)		(1,619)
Segment core earnings/(losses)	(2,595)	6,157	1,504	5,776
Total Assets	0	0	0	0
Total on- and off-balance sheet program assets at principal balance	0	0	$ 0	0
Agricultural Finance
Segment Reporting [Abstract]
Number of operating segments | segment			2
Segment Reporting Information, Profit (Loss) [Abstract]
Release of/(provision for) reserve for losses	126	59	$ 154	(593)
Farm & Ranch | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	36,816	33,735	106,227	102,671
Less: reconciling adjustments	(1,061)	(1,017)	(3,473)	(3,100)
Net effective spread	35,755	32,718	102,754	99,571
Guarantee and commitment fees	4,304	4,447	13,400	12,960
Gain on sale of investment securities	0		0
Losses on sale of mortgage loans	0		0
Other income/(expense)	1,091	807	2,603	2,216
Total revenues	41,150	37,972	118,757	114,747
Provision for of losses	(116)	13	(888)	136
Release of/(provision for) reserve for losses	126	58	154	(594)
Operating expenses	(196)	0	(196)	0
Total non-interest expense	(70)	58	(42)	(594)
Core earnings before income taxes	40,964	38,043	117,827	114,289
Income tax (expense)/benefit	(8,602)	(7,989)	(24,743)	(24,001)
Core earnings before preferred stock dividends	32,362	30,054	93,084	90,288
Preferred stock dividends	0	0	0	0
Loss on retirement of preferred stock	0		0
Segment core earnings/(losses)	32,362	30,054	93,084	90,288
Total Assets	14,562,142	14,660,371	14,562,142	14,660,371
Total on- and off-balance sheet program assets at principal balance	18,090,374	18,461,835	18,090,374	18,461,835
Corporate AgFinance | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	6,397	8,250	22,234	22,842
Less: reconciling adjustments	0	0	0	0
Net effective spread	6,397	8,250	22,234	22,842
Guarantee and commitment fees	168	78	382	193
Gain on sale of investment securities	0		0
Losses on sale of mortgage loans	0		(1,147)
Other income/(expense)	40	0	47	12
Total revenues	6,605	8,328	21,516	23,047
Provision for of losses	(1,779)	3,694	(6,755)	(934)
Release of/(provision for) reserve for losses	0	0	0	0
Operating expenses	0	0	0	0
Total non-interest expense	0	0	0	0
Core earnings before income taxes	4,826	12,022	14,761	22,113
Income tax (expense)/benefit	(1,013)	(2,525)	(3,099)	(4,644)
Core earnings before preferred stock dividends	3,813	9,497	11,662	17,469
Preferred stock dividends	0	0	0	0
Loss on retirement of preferred stock	0		0
Segment core earnings/(losses)	3,813	9,497	11,662	17,469
Total Assets	1,662,687	1,619,664	1,662,687	1,619,664
Total on- and off-balance sheet program assets at principal balance	1,842,780	1,741,306	1,842,780	1,741,306
Rural Infrastructure Finance
Segment Reporting Information, Profit (Loss) [Abstract]
Release of/(provision for) reserve for losses	44	(14)	33	366
Rural  Utilities | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	7,608	6,393	22,545	17,772
Less: reconciling adjustments	(29)	(31)	(88)	(95)
Net effective spread	7,579	6,362	22,457	17,677
Guarantee and commitment fees	338	279	988	841
Gain on sale of investment securities	0		0
Losses on sale of mortgage loans	0		0
Other income/(expense)	0	0	0	0
Total revenues	7,917	6,641	23,445	18,518
Provision for of losses	(1,195)	(3,504)	2,324	(652)
Release of/(provision for) reserve for losses	44	(13)	34	367
Operating expenses	0	0	0	0
Total non-interest expense	44	(13)	34	367
Core earnings before income taxes	6,766	3,124	25,803	18,233
Income tax (expense)/benefit	(1,421)	(656)	(5,419)	(3,829)
Core earnings before preferred stock dividends	5,345	2,468	20,384	14,404
Preferred stock dividends	0	0	0	0
Loss on retirement of preferred stock	0		0
Segment core earnings/(losses)	5,345	2,468	20,384	14,404
Total Assets	6,952,605	6,648,693	6,952,605	6,648,693
Total on- and off-balance sheet program assets at principal balance	7,440,141	7,118,295	7,440,141	7,118,295
Renewable Energy | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	3,810	1,150	8,858	3,108
Less: reconciling adjustments	0	0	0	0
Net effective spread	3,810	1,150	8,858	3,108
Guarantee and commitment fees	187	24	465	69
Gain on sale of investment securities	0		0
Losses on sale of mortgage loans	0		0
Other income/(expense)	0	0	0	0
Total revenues	3,997	1,174	9,323	3,177
Provision for of losses	(337)	(66)	(2,488)	(38)
Release of/(provision for) reserve for losses	0	0	0	0
Operating expenses	0	0	0	0
Total non-interest expense	0	0	0	0
Core earnings before income taxes	3,660	1,108	6,835	3,139
Income tax (expense)/benefit	(768)	(233)	(1,435)	(659)
Core earnings before preferred stock dividends	2,892	875	5,400	2,480
Preferred stock dividends	0	0	0	0
Loss on retirement of preferred stock	0		0
Segment core earnings/(losses)	2,892	875	5,400	2,480
Total Assets	985,435	320,572	985,435	320,572
Total on- and off-balance sheet program assets at principal balance	1,095,008	330,575	1,095,008	330,575
Funding | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	31,217	37,642	98,556	98,588
Less: reconciling adjustments	(305)	(3,230)	(4,902)	60
Net effective spread	30,912	34,412	93,654	98,648
Guarantee and commitment fees	0	0	0	0
Gain on sale of investment securities	0		0
Losses on sale of mortgage loans	0		0
Other income/(expense)	0	3	0	3
Total revenues	30,912	34,415	93,654	98,651
Provision for of losses	0	0	0	0
Release of/(provision for) reserve for losses	0	0	0	0
Operating expenses	0		0	0
Total non-interest expense	0	0	0	0
Core earnings before income taxes	30,912	34,415	93,654	98,651
Income tax (expense)/benefit	(6,492)	(7,226)	(19,666)	(20,716)
Core earnings before preferred stock dividends	24,420	27,189	73,988	77,935
Preferred stock dividends	0	0	0	0
Loss on retirement of preferred stock	0		0
Segment core earnings/(losses)	24,420	27,189	73,988	77,935
Total Assets	0	0	0	0
Total on- and off-balance sheet program assets at principal balance	0	0	0	0
Investments | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	943	473	2,079	397
Less: reconciling adjustments	0	59	0	186
Net effective spread	943	532	2,079	583
Guarantee and commitment fees	0	0	0	0
Gain on sale of investment securities	0		1,052
Losses on sale of mortgage loans	0		0
Other income/(expense)	10	6	21	17
Total revenues	953	538	3,152	600
Provision for of losses	(1)	(1)	1	4
Release of/(provision for) reserve for losses	0	0	0	0
Operating expenses	0	0	0	0
Total non-interest expense	0	0	0	0
Core earnings before income taxes	952	537	3,153	604
Income tax (expense)/benefit	(201)	(113)	(664)	(127)
Core earnings before preferred stock dividends	751	424	2,489	477
Preferred stock dividends	0	0	0	0
Loss on retirement of preferred stock	0		0
Segment core earnings/(losses)	751	424	2,489	477
Total Assets	6,389,160	4,866,969	6,389,160	4,866,969
Total on- and off-balance sheet program assets at principal balance	0	0	0	0
Corporate | Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	0	0	0	0
Less: reconciling adjustments	0	0	0	0
Net effective spread	0	0	0	0
Guarantee and commitment fees	0	0	0	0
Gain on sale of investment securities	0		0
Losses on sale of mortgage loans	0		0
Other income/(expense)	(8)	240	20	284
Total revenues	(8)	240	20	284
Provision for of losses	0	0	0	0
Release of/(provision for) reserve for losses	0	0	0	0
Operating expenses	(24,587)	(24,034)	(76,293)	(71,935)
Total non-interest expense	(24,587)	(24,034)	(76,293)	(71,935)
Core earnings before income taxes	(24,595)	(23,794)	(76,273)	(71,651)
Income tax (expense)/benefit	5,816	5,267	16,822	15,206
Core earnings before preferred stock dividends	(18,779)	(18,527)	(59,451)	(56,445)
Preferred stock dividends	(5,897)	(6,792)	(19,480)	(20,374)
Loss on retirement of preferred stock	0		0
Segment core earnings/(losses)	(24,676)	(25,319)	(78,931)	(76,819)
Total Assets	63,192	195,112	63,192	195,112
Total on- and off-balance sheet program assets at principal balance	$ 0	$ 0	$ 0	$ 0