Federal Agricultural Mortgage (AGM) 10-K 21 Feb 25 2024 FY Annual report Financial data

COVER PAGE

COVER PAGE - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 07, 2025	Jun. 30, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date:	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1,754,045,827
Documents Incorporated by Reference	Certain information contained in the registrant's Proxy Statement for the 2025 Annual Meeting of Stockholders is incorporated herein by reference in Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant's fiscal year to which this report relates.
Entity Central Index Key	0000845877
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
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		9,360,484
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

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Washington DC, USA

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents (includes restricted cash of $16,190 and $5,111, respectively)	$ 1,024,007	$ 888,707
Loans:
Loans held for sale, at lower of cost or fair value	6,170	0
Loans held for investment, at amortized cost	11,183,408	9,623,119
Loans held for investment in consolidated trusts, at amortized cost	2,038,283	1,432,261
Allowance for losses	(23,223)	(16,031)
Total loans, net of allowance	13,204,638	11,039,349
Financial derivatives, at fair value	27,789	37,478
Accrued interest receivable (includes $28,563 and $16,764, respectively, related to consolidated trusts)	310,592	287,128
Guarantee and commitment fees receivable	50,499	49,832
Deferred tax asset, net	1,544	8,470
Prepaid expenses and other assets	128,786	132,954
Total Assets	31,324,742	29,524,382
Liabilities:
Notes payable	27,371,174	26,336,542
Debt securities of consolidated trusts held by third parties	1,929,628	1,351,069
Financial derivatives, at fair value	77,326	117,131
Accrued interest payable (includes $12,387 and $9,407, respectively, related to consolidated trusts)	195,113	181,841
Guarantee and commitment obligation	48,326	47,563
Accounts payable and accrued expenses	212,527	76,662
Reserve for losses	1,622	1,711
Total Liabilities	29,835,716	28,112,519
Commitments and Contingencies (Note 12)
Common stock:
Additional paid-in capital	135,894	132,919
Accumulated other comprehensive loss, net of tax	(12,147)	(40,145)
Retained earnings	943,239	823,716
Total Equity	1,489,026	1,411,863
Total Liabilities and Equity	31,324,742	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	9,360	9,311
Investment securities
Assets:
Available-for-sale, at fair value	5,953,014	4,918,931
Held-to-maturity, at amortized cost	9,270	53,756
Other investments	11,017	6,817
Total Securities	5,973,301	4,979,504
Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	5,514,546	5,532,479
Held-to-maturity, at amortized cost	2,717,688	4,213,069
Total Securities	8,232,234	9,745,548
USDA Securities
Assets:
Trading, at fair value	818	1,241
Held-to-maturity, at amortized cost	2,370,534	2,354,171
Total Securities	$ 2,371,352	$ 2,355,412

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Restricted cash	$ 16,190,000	$ 5,111,000
Interest receivable	310,592,000	287,128,000
Accrued interest payable - consolidated trusts amount	$ 195,113,000	$ 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)	9,360,083	9,310,872
Consolidated VIE
Interest receivable	$ 28,563,000	$ 16,764,000
Accrued interest payable - consolidated trusts amount	12,387,000	9,407,000
Available-for-Sale Securities
Amortized cost of available-for-sale investment securities	6,105,116,000	5,060,135,000
Farmer Mac Guaranteed Securities
Amortized cost of available-for-sale investment securities	$ 5,835,658,000	$ 5,825,433,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Interest income:
Investments and cash equivalents	$ 345,501	$ 287,144	$ 82,659
Farmer Mac Guaranteed Securities and USDA Securities	628,828	590,250	283,769
Loans	629,187	514,894	350,420
Total interest income	1,603,516	1,392,288	716,848
Total interest expense	1,249,649	1,064,741	445,908
Net interest income	353,867	327,547	270,940
Provision for losses	(11,579)	(858)	(1,323)
Net interest income after provision for losses	342,288	326,689	269,617
Non-interest income/(expense):
Guarantee and commitment fees	15,738	16,712	13,040
Gains on financial derivatives	2,636	2,882	22,631
Losses on sale of mortgage loans	(1,147)	0	0
Gains on sale of available-for-sale investment securities	1,052	0	0
Release of/(provision for) reserve for losses	89	(278)	517
Other income	3,029	4,195	2,500
Non-interest income	21,397	23,511	38,688
Operating expenses:
Compensation and employee benefits	63,975	58,914	48,766
General and administrative	38,236	34,963	29,772
Regulatory fees	3,175	3,222	3,269
Real estate owned operating costs, net	196	0	819
Operating expenses	105,582	97,099	82,626
Income before income taxes	258,103	253,101	225,679
Income tax expense	50,910	53,098	47,535
Net income	207,193	200,003	178,144
Preferred stock dividends	(25,146)	(27,165)	(27,165)
Loss on retirement of preferred stock	(1,619)	0	0
Net income attributable to common stockholders	$ 180,428	$ 172,838	$ 150,979
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 16.59	$ 15.97	$ 14
Diluted earnings per common share (in dollars per share)	$ 16.44	$ 15.81	$ 13.87

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 207,193	$ 200,003	$ 178,144
Other comprehensive income/(loss):
Net unrealized gains/(losses) on available-for-sale securities	39,078	59,640	(137,506)
Net changes in held-to-maturity securities	(636)	(31,750)	259
Net unrealized (losses)/gains on cash flow hedges	(3,002)	(14,348)	68,012
Other comprehensive income/(loss) before tax	35,440	13,542	(69,235)
Income tax (expense)/benefit related to other comprehensive income/(loss)	(7,442)	(2,844)	14,539
Other comprehensive income/(loss) net of tax	27,998	10,698	(54,696)
Comprehensive income	$ 235,191	$ 210,701	$ 123,448

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - 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, 2021		19,980	10,766
Beginning balance at Dec. 31, 2021	$ 1,213,700	$ 484,531	$ 10,766	$ 125,993	$ 3,853	$ 588,557
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	178,144					178,144
Other comprehensive income (loss) net of tax	(54,696)				(54,696)
Cash dividends, preferred stock	(27,165)					(27,165)
Cash dividends, common stock	(41,006)					(41,006)
Loss on retirement of preferred stock	0
Issuance of Class C Common Stock (in shares)			35
Issuance of Class C Common Stock	225		$ 35	190
Stock-based compensation cost	4,625			4,625
Other stock-based award activity	(1,869)			(1,869)
Ending balance (in shares) at Dec. 31, 2022		19,980	10,801
Ending 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	200,003					200,003
Other comprehensive income (loss) net of tax	10,698				10,698
Cash dividends, preferred stock	(27,165)					(27,165)
Cash dividends, common stock	(47,652)					(47,652)
Loss on retirement of preferred stock	0
Issuance of Class C Common Stock (in shares)			41
Issuance of Class C Common Stock	274		$ 41	233
Stock-based compensation cost	6,801			6,801
Other stock-based award activity	(3,054)			(3,054)
Ending balance (in shares) at Dec. 31, 2023		19,980	10,842
Ending 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	207,193					207,193
Other comprehensive income (loss) net of tax	27,998				27,998
Cash dividends, preferred stock	(25,146)					(25,146)
Cash dividends, common stock	(60,905)					(60,905)
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)			49
Issuance of Class C Common Stock	336		$ 49	287
Stock-based compensation cost	8,087			8,087
Other stock-based award activity	(5,399)			(5,399)
Ending balance (in shares) at Dec. 31, 2024		16,980	10,891
Ending balance at Dec. 31, 2024	$ 1,489,026	$ 411,149	$ 10,891	$ 135,894	$ (12,147)	$ 943,239

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock dividends per common share (in dollars per share)	$ 1.40	$ 1.10	$ 0.95

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 207,193,000	$ 200,003,000	$ 178,144,000
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	(23,879,000)	(17,025,000)	720,000
Amortization of debt premiums, discounts, and issuance costs	21,242,000	31,421,000	19,656,000
Net change in fair value of trading securities, loans held for sale, hedged items, and financial derivatives	214,319,000	78,249,000	689,998,000
Losses on sale of mortgage loans	1,147,000	0	0
Gains on the sale of available-for-sale investment securities	(1,052,000)	0	0
Total provision for/(release of) allowance for losses	11,490,000	1,136,000	806,000
Excess tax benefits related to stock-based awards	831,000	523,000	101,000
Deferred income taxes	(516,000)	6,690,000	12,406,000
Stock-based compensation expense	8,088,000	6,801,000	4,624,000
Proceeds from repayment of loans purchased as held for sale	29,216,000	24,378,000	33,311,000
Net change in:
Interest receivable	(31,885,000)	(63,944,000)	(63,777,000)
Guarantee and commitment fees receivable	96,000	(1,700,000)	1,043,000
Other assets	18,590,000	54,369,000	(126,054,000)
Accrued interest payable	13,272,000	63,954,000	58,884,000
Custodial deposit liability	130,643,000	(10,778,000)	(7,666,000)
Other liabilities	13,851,000	1,721,000	7,075,000
Net cash provided by operating activities	612,646,000	375,798,000	809,271,000
Cash flows from investing activities:
Purchases of equipment and leasehold improvements	(5,272,000)	0	0
Purchases of other investment securities	(3,293,000)	(3,145,000)	(2,443,000)
Purchases of loans held for investment	(3,870,628,000)	(2,164,053,000)	(2,592,924,000)
Purchases of defaulted loans	(4,447,000)	0	0
Proceeds from repayment of loans purchased as held for investment	1,655,784,000	1,363,588,000	1,321,989,000
Proceeds from sale of available-for-sale investment securities	115,247,000	0	0
Proceeds from sale of loans previously classified as held for investment	5,775,000	0	9,000,000
Proceeds from sale of Farmer Mac Guaranteed Securities	60,192,000	0	99,643,000
Net cash used in investing activities	(1,682,473,000)	(1,955,381,000)	(3,042,959,000)
Cash flows from financing activities:
Proceeds from issuance of discount notes	59,737,284,000	49,291,165,000	52,470,273,000
Proceeds from issuance of medium-term notes	8,545,837,000	8,274,618,000	9,031,116,000
Proceeds from issuance of debt securities of consolidated trusts	588,250,000	222,188,000	258,198,000
Payments to redeem discount notes	(59,308,438,000)	(48,138,591,000)	(54,085,418,000)
Payments to redeem medium-term notes	(8,052,883,000)	(7,862,450,000)	(5,192,159,000)
Payments to third parties on debt securities of consolidated trusts	(138,807,000)	(102,045,000)	(226,291,000)
Proceeds from common stock issuance	287,000	233,000	192,000
Tax payments related to share-based awards	(5,351,000)	(3,013,000)	(1,835,000)
Retirement of preferred stock	(75,000,000)	0	0
Dividends paid on common and preferred stock	(86,052,000)	(74,817,000)	(68,171,000)
Net cash provided by financing activities	1,205,127,000	1,607,288,000	2,185,905,000
Net change in cash and cash equivalents	135,300,000	27,705,000	(47,783,000)
Cash, cash equivalents, and restricted cash at beginning of period	888,707,000	861,002,000	908,785,000
Cash, cash equivalents, and restricted cash at end of period	1,024,007,000	888,707,000	861,002,000
Cash paid during the period for:
Interest	819,959,000	582,960,000	269,327,000
Income taxes	39,200,000	48,000,000	33,800,000
Non-cash activity:
Loans securitized as Farmer Mac Guaranteed Securities	109,546,000	36,497,000	162,875,000
Loans held for investment transferred to consolidated trusts	624,097,000	281,027,000	297,713,000
Available-for-sale securities
Cash flows from investing activities:
Purchases of available-for-sale and held-to-maturity investment securities	(2,431,900,000)	(1,573,707,000)	(2,472,056,000)
Proceeds from repayment of available-for-sale and held-to-maturity investment securities	1,328,716,000	1,397,096,000	1,440,201,000
Farmer Mac Guaranteed Securities and USDA Securities
Cash flows from investing activities:
Purchases of Farmer Mac Guaranteed Securities and USDA Securities	(1,600,144,000)	(4,453,284,000)	(5,275,733,000)
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities	$ 3,067,497,000	$ 3,478,124,000	$ 4,429,364,000

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION The Federal Agricultural Mortgage Corporation ("Farmer Mac") is a stockholder-owned, federally chartered instrumentality of the United States established under Title VIII of the Farm Credit Act of 1971, as amended (12 U.S.C. §§ 2279aa et seq.), which is sometimes referred to as Farmer Mac's charter. Farmer Mac was originally created by the United States Congress to provide a secondary market for a variety of loans made to borrowers in rural America. This secondary market is designed to increase the accessibility of finance at stable interest rates to America's rural communities and to provide rural borrowers with the benefits of capital markets pricing and product innovation. Farmer Mac's secondary market activities include: • purchasing eligible loans directly from lenders (including participation interests, syndicated notes, revolving and non-revolving credit facilities, and unfunded commitments to make advances on loans); • guaranteeing and purchasing securities issued by lenders and other financial institutions that are secured by pools of eligible loans (Farmer Mac refers to these securities as "AgVantage," a registered trademark of Farmer Mac); • issuing and guaranteeing securities that represent interests in, or obligations secured by, pools of eligible loans (together with AgVantage, Farmer Mac refers to these securities as "Farmer Mac Guaranteed Securities"); • servicing (including as master servicer) eligible loans purchased or securitized by Farmer Mac; and • providing long-term standby purchase commitments ("LTSPCs") for eligible loans. Farmer Mac conducts its secondary market activities through two lines of business — Agricultural Finance and Infrastructure Finance. For more information about those lines of business and the segments within them, see Note 14 - Business Segments.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting and reporting policies of Farmer Mac conform with accounting principles generally accepted in the United States of America ("generally accepted accounting principles" or "GAAP"). The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following are the significant accounting policies that Farmer Mac follows in preparing and presenting its consolidated financial statements: The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries during the year: (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, which operated substantially all of the business related to the USDA Securities included in the Agricultural Finance line of business from 2010 through 2023 and continues to hold a "run-off" portfolio of USDA Securities. The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary. Cash and Cash Equivalents Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities Securities for which Farmer Mac has the intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Securities for which Farmer Mac does not have the positive intent and ability to hold to maturity are classified as available-for-sale or trading and are carried at estimated fair value. Unrealized gains and losses on available-for-sale securities are reported as a component of accumulated other comprehensive income in stockholders' equity. For securities classified as trading, unrealized gains and losses are included in earnings. Gains and losses on the sale of available-for-sale and trading securities are determined using the specific identification cost method. Farmer Mac determines the fair value of investment securities using quoted market prices, when available. Farmer Mac determines the fair values of certain investment securities for which quoted market prices are not available, Farmer Mac Guaranteed Securities, and USDA Securities based on the present value of the associated expected future cash flows. In estimating the present value of the expected future cash flows, management is required to make estimates and assumptions. The key estimates and assumptions include discount rates and collateral repayment rates. Premiums, discounts, and other deferred costs are amortized to interest income using the effective interest method. Farmer Mac generally receives compensation when loans with yield maintenance provisions underlying AgVantage Farmer Mac Guaranteed Securities prepay. These yield maintenance payments mitigate Farmer Mac's exposure to reinvestment risk and are calculated such that, when reinvested with the prepaid principal, they should generate substantially the same cash flows that would have been generated had the loans not prepaid. Yield maintenance payments are recognized as interest income in the consolidated statements of operations. Loans Loans for which Farmer Mac has the positive intent and ability to hold for the foreseeable future are classified as held for investment and reported at their unpaid principal balance, net of unamortized purchase discounts or premiums. Loans for which Farmer Mac does not have the positive intent and ability to hold for the foreseeable future are classified as held for sale and reported at the lower of cost or fair value determined on a pooled basis. Farmer Mac de-recognizes sold loans, and recognizes any associated gain or loss, when they have been legally isolated from Farmer Mac, the buyer has the right to pledge or exchange them, and Farmer Mac does not maintain effective control over them. When Farmer Mac consolidates a trust, it recognizes the loans underlying the trust in the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost." See Note 2(o) for more information on the accounting policy related to consolidation. Non-accrual Loans Non-accrual loans are loans for which it is probable that Farmer Mac will be unable to collect all amounts due according to the contractual terms of the loan agreement and include all loans 90 days or more past due. When a loan becomes 90 days past due, interest accrual on the loan is discontinued and interest previously accrued is reversed against interest income in the current period. The interest on such loans is accounted for on the cash basis until a loan qualifies for return to accrual status. Loans are returned to accrual status when all the principal and interest payments contractually due are collected and certain performance criteria are met. Securitization Securitization involves the transfer of financial assets to another entity in exchange for cash and/or beneficial interests in the assets transferred. Farmer Mac or third parties transfer agricultural mortgage loans, Infrastructure loans, or USDA securities into trusts that are used as vehicles for the securitization of the transferred financial assets. The trusts issue Farmer Mac Guaranteed Securities that are beneficial interests in the assets of the trusts, to either Farmer Mac or third-party investors. Farmer Mac guarantees principal and interest payments on the securities issued by the trusts and receives guarantee fees as compensation for its guarantee. Farmer Mac recognizes guarantee fees on the accrual basis over the terms of the Farmer Mac Guaranteed Securities, which generally coincide with the terms of the underlying loans. As such, no guarantee fees are unearned at the end of any reporting period. Farmer Mac is required to perform under its guarantee obligation when the underlying loans for the off-balance sheet Farmer Mac Guaranteed Securities do not make their scheduled installment payments. When a loan underlying a Farmer Mac Guaranteed Security (other than Farmer Mac Guaranteed Securities structured as real estate mortgage investment conduits under 26 U.S.C. §§ 860A-860G) becomes 90 days or more past due, Farmer Mac may, in its sole discretion, repurchase the loan from the trust and generally does repurchase such loans, thereby reducing the principal balance of the outstanding Farm & Ranch Guaranteed Security. When Farmer Mac purchases a delinquent loan underlying a Farmer Mac Guaranteed Security, Farmer Mac stops accruing the guarantee fee upon loan purchase. If Farmer Mac repurchases a loan that is collateral for a Farmer Mac Guaranteed Security, Farmer Mac would have the right to enforce the terms of the loan, and in the event of a default, would have access to the underlying collateral. Farmer Mac typically recovers its investment in the defaulted loans purchased either through borrower payments, loan payoffs, payments by third parties, or foreclosure and sale of the collateral securing the loans. Farmer Mac has recourse to the USDA for any amounts advanced for the timely payment of principal and interest on Farmer Mac Guaranteed USDA Securities. That recourse is the USDA guarantee, a full-faith-and-credit obligation of the United States that becomes enforceable if a lender fails to repurchase the USDA-guaranteed portion from its owner within 30 days after written demand from the owner when (a) the borrower under the guaranteed loan is in default not less than 60 days in the payment of any principal or interest due on the USDA-guaranteed portion, or (b) the lender has failed to remit to the owner the payment made by the borrower on the USDA-guaranteed portion or any related loan subsidy within 30 days after the lender's receipt of the payment. Transfers of Financial Assets Farmer Mac accounts for transfers of financial assets as sales when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of Farmer Mac's continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are included in the accompanying consolidated statements of operations when incurred. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the consolidated balance sheets at fair value. Financial Derivatives Farmer Mac enters into financial derivative transactions principally 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, not for trading or speculative purposes. Farmer Mac enters into interest rate swap contracts to adjust the characteristics of its short-term debt to match more closely the cash flow and duration characteristics of its longer-term loans and other assets, and also to adjust the characteristics of its long-term debt to match more closely the cash flow and duration characteristics of its short-term assets, thereby reducing interest rate risk and, often times, deriving an overall lower effective cost of borrowing than would otherwise be available to Farmer Mac in the conventional debt market. Accounting for financial derivatives differs depending on whether a derivative is designated in a hedge accounting relationship. Derivative instruments designated in fair value hedge accounting relationships mitigate exposure to changes in the fair value of assets or liabilities. Derivative instruments designated in cash flow hedge accounting relationships mitigate exposure to the variability in expected future cash flows or other forecasted transactions. In order to qualify for fair value or cash flow hedge accounting treatment, documentation must indicate the intention to designate the derivative as a hedge of a specific asset, or liability, or a future cash flow. Effectiveness of the hedge is assessed before the end of the quarter of inception and monitored over the life of the hedging relationship. Changes in the fair values of financial derivatives not designated as cash flow or fair value hedges were reported in "Gains on financial derivatives" in the consolidated statements of operations. For financial derivatives designated in fair value hedge accounting relationships, changes in the fair values of hedged items related to the risk being hedged are reported in the same interest income or expense line item as income or expense from the hedged financial asset or liability in the consolidated statements of operations. Interest accruals on derivatives designated in fair value hedge relationships are also recorded in "Net interest income" in the consolidated statements of operations. For financial derivatives designated in cash flow hedge relationships, the unrealized gain or loss on the derivative is recorded in other comprehensive income. Because the hedging instrument is an interest rate swap and the hedged forecasted transactions are future interest payments on variable rate debt, amounts recorded in accumulated other comprehensive income are reclassified to "Total interest expense" in conjunction with the recognition of interest expense on the debt. Collateralized Agreements and Offsetting Arrangements Over-the-Counter Derivatives Farmer Mac uses master netting and collateral agreements to reduce our credit risk exposure to our over-the-counter derivative ("OTC") counterparties for interest-rate swap derivatives. Master netting agreements provide for the netting of amounts receivable and payable from an individual counterparty, as well as posting of collateral in the form of cash depending on which party is in a liability position. Farmer Mac has master netting agreements in place with all of our OTC derivative counterparties. The market value of each counterparty's derivatives outstanding is calculated to determine the amount of our net credit exposure, which is equal to the market value of derivatives in net gain position by counterparty after giving consideration to collateral posted. In the event a counterparty defaults on its obligation under the derivatives agreement and the default is not remedied in the manner prescribed by the agreement, Farmer Mac has a right under the agreement to sell the collateral. As a result, Farmer Mac's use of master netting and collateral agreements reduce our exposure to our counterparties in the event of default. Cleared Derivatives The majority of Farmer Mac's interest-rate swaps are subject to the central clearing requirement. Changes in the value of cleared derivatives are settled daily via payments made through the clearinghouse. Farmer Mac nets the exposure by clearinghouse and clearing member. See Notes 6 and 13 for more information on financial derivatives. Notes Payable Debt issuance costs and premiums and discounts are deferred and amortized to interest expense using the effective interest method over the contractual life of the related debt. Allowance for Losses and Reserve for Losses Farmer Mac maintains an allowance for credit losses to cover current expected credit losses as of the balance sheet date for on-balance sheet investment securities, loans held for investment, and AgVantage Farmer Mac Guaranteed Securities (collectively referred to as "allowance for losses"). Farmer Mac also maintains a reserve for credit losses to cover current expected credit losses as of the balance sheet date for off-balance sheet loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities (collectively referred to as "reserve for losses"). Both the allowance for losses and reserve for losses are based on historical information and reasonable and supportable forecasts. Farmer Mac has never experienced a credit loss in its Infrastructure Finance line of business. Farmer Mac measures its expected credit losses for the expected life of all financial instruments, including its Infrastructure Finance loans. To estimate expected credit losses on these loans, Farmer Mac relies upon industry historical credit loss data from ratings agencies and publicly available information as disclosed in the securities filings of other major lenders who serve the utilities and renewable industries. The allowance for losses increases through periodic provisions for loan losses that are charged against net interest income and the reserve for losses increases through provisions for losses that are charged to non-interest expense. Both the allowance for losses and reserve for losses are decreased by charge-offs for realized losses, net of recoveries. Releases from the allowance for losses or reserve for losses occur when the estimate of expected credit losses as of the end of a period is less than the estimate at the beginning of the period. The total allowance for losses consists of the allowance for losses and the reserve for losses. Charge-offs Farmer Mac records a charge-off from the allowance for losses when either a) a loan, or a portion of a loan, is deemed uncollectible; or b) a loss has been confirmed through the receipt of assets, generally the underlying collateral, in full satisfaction of the loan. The charge-off equals the excess of the recorded investment in the loan over the fair value of the collateral less estimated selling costs. Estimation Methodology Farmer Mac bases its methodology for determining its current estimate of expected losses on a statistical model, which incorporates credit loss history and reasonable and supportable forecasts. Farmer Mac's estimation methodology includes the following key components: • An economic model for each portfolio, including Agricultural Finance loans (Corporate AgFinance and Farm & Ranch), Infrastructure Finance loans (Power & Utilities, Broadband Infrastructure, and Renewable Energy), and AgVantage Securities; • A migration matrix for each portfolio that reasonably predicts the movement of each financial asset among various risk categories over the course of each asset's expected life (the migration matrix forms the basis for our estimate of the probability of default of each financial asset); • A loss-given-default ("LGD") model that reasonably predicts the amount of loss that Farmer Mac would incur upon the default of each financial asset; • An economic factor forecast that updates the migration matrix model and the LGD model with current assumptions for the economic indicators that Farmer Mac has determined are most correlated with or relevant to the performance of each portfolio of assets (including Gross Domestic Product ("GDP"), credit spreads, unemployment rates, land values, and commodity prices); and • A discounted cash flow analysis, which relies upon each of the above model outputs, plus the contractual terms of each financial asset, and the effective interest rate of each financial asset. Management evaluates these assumptions by considering many relevant factors, including: • economic conditions; • geographic and agricultural commodity/product concentrations in the portfolio; • the credit profile of the portfolio, including risk ratings and financial metrics; • delinquency trends of the portfolio; • historical charge-off and recovery activities of the portfolio; and • other factors to capture current portfolio trends and characteristics that differ from historical experience. Management believes that its methodology produces a reasonable estimate of expected credit losses, as of the balance sheet date, for the expected life of all of its financial assets. Allowance for Loss on Available-for-Sale (AFS) Securities To measure current expected credit losses on impaired AFS securities, Farmer Mac first considers those impaired securities that: 1) Farmer Mac does not intend to sell, and 2) it is not more likely than not that Farmer Mac will be required to sell before recovering its amortized cost basis. In assessing whether a credit loss exists, Farmer Mac compares the present value, discounted at the security's effective interest rate, of cash flows expected to be collected from an impaired AFS debt security to its amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis of the impaired security, a credit loss exists and Farmer Mac records an allowance for loss for that credit loss. However, the amount of that allowance is limited by the amount that the security’s fair value is less than its amortized cost basis. Accrued interest receivable is recorded separately on the Consolidated Balance Sheet, and the allowance for credit losses excludes uncollectible accrued interest receivable. Collateral Dependent Assets ("CDAs") CDAs are loan credit exposures in which the borrower is either in foreclosure or is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral by Farmer Mac. Farmer Mac estimates the current expected credit loss on CDAs based upon the appraised value of the collateral, the costs to sell it, and any applicable credit protection such as a guarantee. 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 years ended December 31, 2024, 2023, and 2022: Table 2.1 For the Years Ended December 31, 2024 2023 2022 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 180,428 10,874 $ 16.59 $ 172,838 10,829 $ 15.97 $ 150,979 10,791 $ 14.00 Effect of dilutive securities (1) SARs and restricted stock units — 101 (0.15) — 108 (0.16) — 92 (0.13) Diluted EPS $ 180,428 10,975 $ 16.44 $ 172,838 10,937 $ 15.81 $ 150,979 10,883 $ 13.87 (1) For the Years Ended December 31, 2024, 2023, and 2022, SARs and restricted stock units of 30,891, 32,683, and 32,448 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the Years Ended December 31, 2024, 2023, and 2022, contingent shares of unvested restricted stock units of 28,670, 30,648, and 18,535 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. Income Taxes Deferred federal income tax assets and liabilities are established for temporary differences between financial and taxable income and are measured using the current enacted statutory tax rate. Income tax expense is equal to the income taxes payable in the current year plus the net change in the deferred tax asset or liability balance. Deferred tax assets are measured at rates enacted for the periods in which they are expected to be realized. To the extent rates change, the deferred tax asset will be adjusted to reflect the new rate. A increase in corporate tax rates would result in an increase in the value of the deferred tax asset. Farmer Mac evaluates its tax positions quarterly to identify and recognize any liabilities related to uncertain tax positions in its federal income tax returns. Farmer Mac uses a two-step approach in which income tax benefits are recognized if, based on the technical merits of a tax position, it is more likely than not (a probability of greater than 50%) that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation process. The amount of tax benefit recognized is then measured at the largest amount of tax benefit that is greater than 50% likely to be realized upon settlement with the taxing authority, considering all information available at the reporting date. Farmer Mac's policy for recording interest and penalties associated with uncertain tax positions is to record them as a component of income tax expense. Farmer Mac establishes a valuation allowance for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining its deferred tax asset valuation allowance, Farmer Mac considered its taxable income of the appropriate character (for example, ordinary income or capital gain) within the carryback and carryforward periods available under the tax law and the impact of possible tax planning strategies. Stock-Based Compensation Farmer Mac accounts for its stock-based employee compensation plans using the grant date fair value method of accounting. Farmer Mac measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award determined using the Black-Scholes option pricing model. The cost is recognized over the period during which an employee is required to provide service in exchange for the award. For performance-based grants, Farmer Mac recognizes the grant-date fair value over the vesting period as long as it remains probable that the performance conditions will be met. If the service or performance conditions are not met, Farmer Mac reverses previously recognized compensation expense upon forfeiture. Farmer Mac recognized $8.1 million, $6.8 million, and $4.6 million of compensation expense related to SARs and non-vested restricted stock unit awards for the years ended December 31, 2024, 2023, and 2022, respectively. 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 years ended December 31, 2024, 2023, and 2022. Table 2.2 Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total (in thousands) Balance as of January 1, 2022 $ (6,932) $ 16,153 $ (5,368) $ 3,853 Other comprehensive (loss)/income before reclassifications (108,624) — 54,688 (53,936) Amounts reclassified from AOCI (5) 204 (959) (760) Net comprehensive (loss)/income (108,629) 204 53,729 (54,696) Balance as of December 31, 2022 $ (115,561) $ 16,357 $ 48,361 $ (50,843) Other comprehensive income/(loss) before reclassifications 47,114 (25,199) 4,973 26,888 Amounts reclassified from AOCI — 118 (16,308) (16,190) Net comprehensive income/(loss) 47,114 (25,081) (11,335) 10,698 Balance as of December 31, 2023 $ (68,447) $ (8,724) $ 37,026 $ (40,145) Other comprehensive income before reclassifications 31,715 — 13,947 45,662 Amounts reclassified from AOCI (843) (502) (16,319) (17,664) Net comprehensive income/(loss) 30,872 (502) (2,372) 27,998 Balance as of December 31, 2024 $ (37,575) $ (9,226) $ 34,654 $ (12,147) 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 years ended December 31, 2024, 2023, and 2022: Table 2.3 For the Years Ended December 31, 2024 2023 2022 Before Tax Provision (Benefit) After Tax Before Tax Provision(Benefit) After Tax Before Tax Provision (Benefit) After (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding gains/(losses) on available-for-sale securities $ 40,145 $ 8,430 $ 31,715 $ 59,640 $ 12,526 $ 47,114 $ (137,500) $ (28,876) $ (108,624) Less reclassification adjustments included in: Gains on sale of available-for-sale investment securities (1) (1,052) (221) (831) — — — — — — Other income (2) (15) (3) (12) — — — (6) (1) (5) Total $ 39,078 $ 8,206 $ 30,872 $ 59,640 $ 12,526 $ 47,114 $ (137,506) $ (28,877) $ (108,629) Held-to-maturity securities: Change in fair value (3) $ — $ — $ — $ (31,898) $ (6,699) $ (25,199) $ — $ — $ — Less reclassification adjustments included in: Net interest income (4) (636) (134) (502) 148 30 118 259 55 204 Total $ (636) $ (134) $ (502) $ (31,750) $ (6,669) $ (25,081) $ 259 $ 55 $ 204 Cash flow hedges Unrealized gains on cash flow hedges $ 17,655 $ 3,708 $ 13,947 $ 6,295 $ 1,322 $ 4,973 $ 69,225 $ 14,537 $ 54,688 Less reclassification adjustments included in: Net interest income (5) (20,657) (4,338) (16,319) (20,643) (4,335) (16,308) (1,213) (254) (959) Total $ (3,002) $ (630) $ (2,372) $ (14,348) $ (3,013) $ (11,335) $ 68,012 $ 14,283 $ 53,729 Other comprehensive income/(loss) $ 35,440 $ 7,442 $ 27,998 $ 13,542 $ 2,844 $ 10,698 $ (69,235) $ (14,539) $ (54,696) (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. Farmer Mac accounts for its LTSPCs as guarantees. LTSPCs and securitization trusts where Farmer Mac is not the primary beneficiary result in the creation of guarantee obligations for Farmer Mac. Farmer Mac records, at the inception of a guarantee or LTSPC, a liability for the fair value of its obligation to stand ready to perform under the terms of each guarantee or LTSPC and an asset that is equal to the fair value of the fees that will be received over the life of each guarantee or LTSPC. The fair values of the guarantee obligation and asset at inception 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. Because the cash flows of these instruments may be interest rate path dependent, these values and projected discount rates are derived using a Monte Carlo simulation model. The guarantee obligation and corresponding asset are later amortized into guarantee and commitment fee income in relation to the decrease in the unpaid principal balance on the underlying Agricultural Finance real estate mortgage loans and Infrastructure Finance loans. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, Farmer Mac uses various valuation approaches, including market and income based approaches. When available, the fair value of Farmer Mac's financial instruments is based on quoted market prices, valuation techniques that use observable market-based inputs, or unobservable inputs that are corroborated by market data. Pricing information obtained from third parties is internally validated for reasonableness before use in the consolidated financial statements. Fair value measurements related to financial instruments that are reported at fair value in the consolidated financial statements each period are referred to as recurring fair value measurements. Fair value measurements related to financial instruments that are not reported at fair value each period but are subject to fair value adjustments in certain circumstances are referred to as nonrecurring fair value measurements. Fair Value Classification and Transfers The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The following three levels are used to classify fair value measurements: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3 Prices or valuations that require unobservable inputs that are significant to the fair value measurement. Farmer Mac performs a detailed analysis of the assets and liabilities carried at fair value to determine the appropriate level based on the transparency of the inputs used in the valuation techniques. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Farmer Mac's assessment of the significance of a particular input to the fair value measurement of an instrument requires judgment and consideration of factors specific to the instrument. While Farmer Mac believes its valuation methods are appropriate and consistent with those of other market participants, using different methodologies or assumptions to determine fair value could result in a materially different estimate of fair value for some financial instruments. The following is a description of the fair value techniques used for instruments measured at fair value as well as the general classification of those instruments under the valuation hierarchy described above. Re

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Farmer Mac considers an entity to be a related party if (1) the entity holds at least 5% of a class of Farmer Mac voting common stock or (2) the institution has an affiliation with a Farmer Mac director and conducts material business with Farmer Mac. As provided by Farmer Mac's statutory charter, only banks, insurance companies, and other financial institutions or similar entities may hold Farmer Mac's Class A voting common stock and only institutions of the Farm Credit System may hold Farmer Mac's Class B voting common stock. Farmer Mac's statutory charter also provides that Class A stockholders elect 5 members of Farmer Mac's 15-member board of directors and that Class B stockholders elect 5 members of the board of directors. Farmer Mac generally requires financial institutions to own a requisite amount of common stock, based on the size and type of institution, to participate in the Agricultural Finance line of business. As a result of these requirements, Farmer Mac conducts business with related parties in the normal course of Farmer Mac's business. All related party transactions were conducted with terms and conditions comparable to those available to any other participant in Farmer Mac's lines of business not related to Farmer Mac. Zions Bancorporation, National Association : Farmer Mac considers Zions Bancorporation, National Association and its affiliates ("Zions") a related party because Zions owns approximately 31.2% of Farmer Mac's Class A voting common stock. The following transactions occurred between Farmer Mac and Zions during 2024, 2023, and 2022: Table 3.1 For the Years Ended December 31, 2024 2023 2022 (in thousands) Unpaid Principal Balance: Purchases: Loans $ 173,928 $ 160,079 $ 274,517 USDA Securities 363 231 4,171 Sales of Farmer Mac Guaranteed Securities 60,192 — 99,643 Outstanding Agricultural Finance mortgage loans purchased and USDA Securities purchased from Zions represented 3.1% of Farmer Mac's outstanding business volume (excluding loans serviced for others) as of both December 31, 2024 and 2023. Zions retained servicing fees of $11.2 million, $11.2 million, and $10.4 million in 2024, 2023, and 2022, respectively, for its work as a Farmer Mac servicer. National Rural Utilities Cooperative Financial Corporation : Farmer Mac considers the National Rural Utilities Cooperative Financial Corporation ("CFC") a related party because CFC owns approximately 7.91% of Farmer Mac's Class A voting common stock. The following transactions occurred between Farmer Mac and CFC during 2024, 2023, and 2022: Table 3.2 Farmer Mac Loan Purchases and Guarantees For the Years Ended December 31, 2024 2023 2022 (in thousands) Unpaid Principal Balance: Loans $ 453,972 $ 298,254 $ 386,998 LTSPCs — — 30,421 AgVantage Securities 200,000 1,450,000 670,000 Total purchases and guarantees $ 653,972 $ 1,748,254 $ 1,087,419 Of Farmer Mac's total outstanding business volume (excluding loans serviced for others) as of December 31, 2024 and 2023, Power & Utilities loans, loans under LTSPCs, and AgVantage securities issued by CFC represented 19.0% and 20.4%, respectively. Farmer Mac had interest receivable of $30.0 million and $27.0 million as of December 31, 2024 and 2023, respectively, and earned interest income of $158.4 million, $143.5 million, and $79.4 million during 2024, 2023, and 2022, respectively, related to its AgVantage transactions with CFC. As of both December 31, 2024 and 2023, Farmer Mac had $0.1 million of commitment fees receivable from CFC and earned commitment fees of $0.9 million , $1.0 million, and $1.1 million, respectively for 2024, 2023, and 2022. CFC retained servicing fees of $4.1 million, $3.7 million, and $3.4 million in 2024, 2023, and 2022, respectively, for its work as a Farmer Mac central servicer. CoBank : Farmer Mac considers CoBank a related party because CoBank owns approximately 32.6% of Farmer Mac's Class B voting common stock. Farmer Mac purchased $442.7 million, $438.8 million, and $376.0 million of loans and participations from CoBank, under the Infrastructure Finance and Agricultural Finance lines of business in 2024, 2023, and 2022, respectively. Of Farmer Mac's total outstanding business volume as of December 31, 2024 and 2023, CoBank's loans, participations, and unfunded commitments represented 7.1% and 6.7%, respectively, of total outstanding volume (excluding loans serviced for others). CoBank retained servicing fees of $4.0 million, $3.6 million, and $3.5 million in 2024, 2023, and 2022, respectively, for its work as a Farmer Mac central servicer. AgFirst Farm Credit Bank : Farmer Mac considers AgFirst Farm Credit Bank ("AgFirst") a related party because AgFirst owns approximately 16.8% of Farmer Mac's Class B voting common stock. AgFirst entered into no Agricultural Finance LTSPC transactions in either 2024, 2023, or 2022. The aggregate balance of Agricultural Finance LTSPCs outstanding as of December 31, 2024 and 2023 was $415.2 million and $447.3 million, respectively. In 2024, 2023, and 2022, Farmer Mac received $1.3 million, $1.4 million, and $1.2 million, respectively, in commitment fees from AgFirst, and had $0.1 million of commitment fees receivable as of both December 31, 2024 and 2023. AgFirst owns certain securities backed by rural housing loans. Farmer Mac guarantees the last ten percent of losses (based on the original principal balance at the time of pooling) from each loan in the pool backing those securities. As of December 31, 2024 and 2023, the outstanding balance of those securities owned by AgFirst was $1.5 million and $1.8 million, respectively. Farmer Mac received guarantee fees of $12,000, $12,000, and $15,000 in 2024, 2023, and 2022, respectively, on those securities. Farm Credit Bank of Texas : Farmer Mac considers Farm Credit Bank of Texas a related party because the bank owns approximately 7.7% of Farmer Mac's Class B voting common stock. Farmer Mac received from Farm Credit Bank of Texas commitment fees of $3.6 million, $3.4 million, and $2.9 million in 2024, 2023, and 2022, respectively. The aggregate amount of Agricultural Finance LTSPCs outstanding with Farm Credit Bank of Texas as of December 31, 2024 and 2023 was $1.2 billion and $923.9 million, respectively. In each of 2024, 2023, and 2022, Farm Credit Bank of Texas retained $0.1 million in servicing fees for its work as a Farmer Mac central servicer. Other Related Party Transactions Farmer Mac considers Friona Industries LP and Farm Credit of Florida related parties because each of those entities has an affiliation with a member of Farmer Mac's board of directors. In 2024, Farmer Mac purchased an Agricultural Finance loan participation in the amount of $46.2 million from an unrelated seller where Friona Industries LP was the borrower. Farmer Mac did not purchase any Agricultural Finance mortgage loans where Friona Industries LP was the borrower in 2023 or 2022. Farmer Mac purchased $1.7 million in Agricultural Finance loans from Farm Credit of Florida in 2024. Farmer Mac did not purchase any Agricultural Finance mortgage loans from Farm Credit of Florida in 2023 or 2022.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	INVESTMENT SECURITIES Farmer Mac’s investment securities portfolio is comprised primarily of the following major security types, which is based on the Issuer and associated security characteristics: • U.S Government guaranteed securities: single-family and multi-family mortgage-backed securities issued by Government National Mortgage Association (Ginnie Mae) and pass-through securities issued by the Small Business Administration, which are guaranteed by the U.S. Government; • U.S. Government Sponsored Enterprise (“GSE”) guaranteed securities: single-family and multi-family mortgage-backed securities issued by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac). GSE securities are not guaranteed by the U.S. government; • U.S. Treasury Obligations: sovereign debt issued by the United States of America. The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of December 31, 2024 and 2023: Table 4.1 As of December 31, 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 $ (27) $ — $ (197) $ 19,476 Floating rate Government/GSE guaranteed mortgage-backed securities 2,317,032 (841) 2,316,191 — 3,484 (13,950) 2,305,725 Fixed rate Government/GSE guaranteed mortgage-backed securities 2,544,136 (66,845) 2,477,291 — 3,426 (142,750) 2,337,967 Floating rate U.S. Treasuries — — — — — — — Fixed rate U.S. Treasuries 1,302,677 (10,743) 1,291,934 — 2,604 (4,692) 1,289,846 Total available-for-sale 6,183,545 (78,429) 6,105,116 (27) 9,514 (161,589) 5,953,014 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 9,270 — 9,270 — 270 — 9,540 Total held-to-maturity $ 9,270 $ — $ 9,270 $ — $ 270 $ — $ 9,540 (1) Amounts presented exclude $22.3 million of accrued interest receivable on investment securities as of December 31, 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 December 31, 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 Government/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. During the year ended December 31, 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 years ended December 31, 2023 and 2022. As of December 31, 2024 and 2023, unrealized losses on available-for-sale investment securities were as follows: Table 4.2 As of December 31, 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 $ — $ — $ 19,476 $ (197) Floating rate Government/GSE guaranteed mortgage-backed securities 269,862 (420) 1,025,360 (13,530) Fixed rate Government/GSE guaranteed mortgage-backed securities 999,793 (17,682) 946,166 (125,068) Floating rate U.S. Treasuries — — — — Fixed rate U.S. Treasuries 590,307 (4,375) 58,523 (317) Total $ 1,859,962 $ (22,477) $ 2,049,525 $ (139,112) Number of securities in loss position 90 155 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 December 31, 2024 and 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 December 31, 2024 and 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 December 31, 2024 that is, on average, approximately 93.6% 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 December 31, 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 4.3 As of December 31, 2024 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 463,931 $ 464,956 3.90% Due after one year through five years 2,308,576 2,288,524 4.09% Due after five years through ten years 2,441,044 2,319,007 3.94% Due after ten years 891,565 880,527 4.97% Total $ 6,105,116 $ 5,953,014 4.15% 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 December 31, 2024 and 2023: Table 5.1 As of December 31, 2024 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,694,492 $ (26,928) $ 2,667,564 $ (178) $ 5,978 $ (21,592) $ 2,651,772 Farmer Mac Guaranteed USDA Securities 50,275 27 50,302 — 246 (1,220) 49,328 Total Farmer Mac Guaranteed Securities 2,744,767 (26,901) 2,717,866 (178) 6,224 (22,812) 2,701,100 USDA Securities 2,351,334 19,200 2,370,534 — 180 (258,190) 2,112,524 Total held-to-maturity $ 5,096,101 $ (7,701) $ 5,088,400 $ (178) $ 6,404 $ (281,002) $ 4,813,624 Available-for-sale: AgVantage $ 5,826,948 $ — $ 5,826,948 $ (236) $ 6,295 $ (327,476) $ 5,505,531 Farmer Mac Guaranteed Securities (3) — 8,710 8,710 — 305 — 9,015 Total available-for-sale $ 5,826,948 $ 8,710 $ 5,835,658 $ (236) $ 6,600 $ (327,476) $ 5,514,546 Trading: USDA Securities (4) $ 814 $ 42 $ 856 $ — $ — $ (38) $ 818 (1) Amounts presented exclude $57.5 million and $59.8 million 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 $9.0 million of an interest-only security with a notional amount of $228.0 million. (4) The trading USDA securities had a weighted average yield of 5.47% as of December 31, 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 and $67.4 million 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 began amortizing as of the date of transfer and will continue be amortized as an adjustment to the yield on the held-to-maturity AgVantage Securities over the remaining term of the transferred securities. As of December 31, 2024 and 2023, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2 As of December 31, 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 $ 998,200 $ (3,326) $ 1,187,464 $ (18,266) Farmer Mac Guaranteed USDA Securities 30,912 (529) 8,070 (691) USDA Securities 8,938 (164) 2,099,695 (258,026) Total held-to-maturity $ 1,038,050 $ (4,019) $ 3,295,229 $ (276,983) Available-for-sale: AgVantage $ 1,152,227 $ (12,889) $ 3,649,845 $ (314,587) Total available-for-sale $ 1,152,227 $ (12,889) $ 3,649,845 $ (314,587) 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 December 31, 2024 and 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 66 and 68 available-for-sale securities as of December 31, 2024 and 2023, respectively. There were 45 and 53 held-to-maturity AgVantage securities with an unrealized loss as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, 54 and 62 available-for-sale AgVantage securities had been in a loss position for more than 12 months, respectively. As of December 31, 2024 and 2023, there were 26 and 22 held-to-maturity AgVantage securities, respectively, in a loss position for more than 12 months. During the three years ended December 31, 2024, 2023, and 2022. 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 December 31, 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 5.3 As of December 31, 2024 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 871,516 $ 869,749 4.20 % Due after one year through five years 3,102,516 3,010,710 3.73 % Due after five years through ten years 730,000 650,677 3.26 % Due after ten years 1,131,626 983,410 3.82 % Total $ 5,835,658 $ 5,514,546 3.75 % (1) Amounts presented exclude $57.5 million of accrued interest receivable. As of December 31, 2024 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,094,388 $ 1,089,152 4.41 % Due after one year through five years 1,021,370 1,006,240 4.08 % Due after five years through ten years 296,135 263,383 3.72 % Due after ten years 2,676,507 2,454,849 4.23 % Total $ 5,088,400 $ 4,813,624 4.25 % (1) Amounts presented exclude $59.8 million of accrued interest receivable.

FARMER MAC GUARANTEED SECURITIE

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES	12 Months Ended
	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES	INVESTMENT SECURITIES Farmer Mac’s investment securities portfolio is comprised primarily of the following major security types, which is based on the Issuer and associated security characteristics: • U.S Government guaranteed securities: single-family and multi-family mortgage-backed securities issued by Government National Mortgage Association (Ginnie Mae) and pass-through securities issued by the Small Business Administration, which are guaranteed by the U.S. Government; • U.S. Government Sponsored Enterprise (“GSE”) guaranteed securities: single-family and multi-family mortgage-backed securities issued by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac). GSE securities are not guaranteed by the U.S. government; • U.S. Treasury Obligations: sovereign debt issued by the United States of America. The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of December 31, 2024 and 2023: Table 4.1 As of December 31, 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 $ (27) $ — $ (197) $ 19,476 Floating rate Government/GSE guaranteed mortgage-backed securities 2,317,032 (841) 2,316,191 — 3,484 (13,950) 2,305,725 Fixed rate Government/GSE guaranteed mortgage-backed securities 2,544,136 (66,845) 2,477,291 — 3,426 (142,750) 2,337,967 Floating rate U.S. Treasuries — — — — — — — Fixed rate U.S. Treasuries 1,302,677 (10,743) 1,291,934 — 2,604 (4,692) 1,289,846 Total available-for-sale 6,183,545 (78,429) 6,105,116 (27) 9,514 (161,589) 5,953,014 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 9,270 — 9,270 — 270 — 9,540 Total held-to-maturity $ 9,270 $ — $ 9,270 $ — $ 270 $ — $ 9,540 (1) Amounts presented exclude $22.3 million of accrued interest receivable on investment securities as of December 31, 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 December 31, 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 Government/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. During the year ended December 31, 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 years ended December 31, 2023 and 2022. As of December 31, 2024 and 2023, unrealized losses on available-for-sale investment securities were as follows: Table 4.2 As of December 31, 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 $ — $ — $ 19,476 $ (197) Floating rate Government/GSE guaranteed mortgage-backed securities 269,862 (420) 1,025,360 (13,530) Fixed rate Government/GSE guaranteed mortgage-backed securities 999,793 (17,682) 946,166 (125,068) Floating rate U.S. Treasuries — — — — Fixed rate U.S. Treasuries 590,307 (4,375) 58,523 (317) Total $ 1,859,962 $ (22,477) $ 2,049,525 $ (139,112) Number of securities in loss position 90 155 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 December 31, 2024 and 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 December 31, 2024 and 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 December 31, 2024 that is, on average, approximately 93.6% 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 December 31, 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 4.3 As of December 31, 2024 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 463,931 $ 464,956 3.90% Due after one year through five years 2,308,576 2,288,524 4.09% Due after five years through ten years 2,441,044 2,319,007 3.94% Due after ten years 891,565 880,527 4.97% Total $ 6,105,116 $ 5,953,014 4.15% 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 December 31, 2024 and 2023: Table 5.1 As of December 31, 2024 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,694,492 $ (26,928) $ 2,667,564 $ (178) $ 5,978 $ (21,592) $ 2,651,772 Farmer Mac Guaranteed USDA Securities 50,275 27 50,302 — 246 (1,220) 49,328 Total Farmer Mac Guaranteed Securities 2,744,767 (26,901) 2,717,866 (178) 6,224 (22,812) 2,701,100 USDA Securities 2,351,334 19,200 2,370,534 — 180 (258,190) 2,112,524 Total held-to-maturity $ 5,096,101 $ (7,701) $ 5,088,400 $ (178) $ 6,404 $ (281,002) $ 4,813,624 Available-for-sale: AgVantage $ 5,826,948 $ — $ 5,826,948 $ (236) $ 6,295 $ (327,476) $ 5,505,531 Farmer Mac Guaranteed Securities (3) — 8,710 8,710 — 305 — 9,015 Total available-for-sale $ 5,826,948 $ 8,710 $ 5,835,658 $ (236) $ 6,600 $ (327,476) $ 5,514,546 Trading: USDA Securities (4) $ 814 $ 42 $ 856 $ — $ — $ (38) $ 818 (1) Amounts presented exclude $57.5 million and $59.8 million 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 $9.0 million of an interest-only security with a notional amount of $228.0 million. (4) The trading USDA securities had a weighted average yield of 5.47% as of December 31, 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 and $67.4 million 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 began amortizing as of the date of transfer and will continue be amortized as an adjustment to the yield on the held-to-maturity AgVantage Securities over the remaining term of the transferred securities. As of December 31, 2024 and 2023, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2 As of December 31, 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 $ 998,200 $ (3,326) $ 1,187,464 $ (18,266) Farmer Mac Guaranteed USDA Securities 30,912 (529) 8,070 (691) USDA Securities 8,938 (164) 2,099,695 (258,026) Total held-to-maturity $ 1,038,050 $ (4,019) $ 3,295,229 $ (276,983) Available-for-sale: AgVantage $ 1,152,227 $ (12,889) $ 3,649,845 $ (314,587) Total available-for-sale $ 1,152,227 $ (12,889) $ 3,649,845 $ (314,587) 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 December 31, 2024 and 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 66 and 68 available-for-sale securities as of December 31, 2024 and 2023, respectively. There were 45 and 53 held-to-maturity AgVantage securities with an unrealized loss as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, 54 and 62 available-for-sale AgVantage securities had been in a loss position for more than 12 months, respectively. As of December 31, 2024 and 2023, there were 26 and 22 held-to-maturity AgVantage securities, respectively, in a loss position for more than 12 months. During the three years ended December 31, 2024, 2023, and 2022. 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 December 31, 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 5.3 As of December 31, 2024 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 871,516 $ 869,749 4.20 % Due after one year through five years 3,102,516 3,010,710 3.73 % Due after five years through ten years 730,000 650,677 3.26 % Due after ten years 1,131,626 983,410 3.82 % Total $ 5,835,658 $ 5,514,546 3.75 % (1) Amounts presented exclude $57.5 million of accrued interest receivable. As of December 31, 2024 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,094,388 $ 1,089,152 4.41 % Due after one year through five years 1,021,370 1,006,240 4.08 % Due after five years through ten years 296,135 263,383 3.72 % Due after ten years 2,676,507 2,454,849 4.23 % Total $ 5,088,400 $ 4,813,624 4.25 % (1) Amounts presented exclude $59.8 million of accrued interest receivable.

FINANCIAL DERIVATIVES

FINANCIAL DERIVATIVES	12 Months Ended
	Dec. 31, 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 $15.8 million and $16.4 million of accrued interest receivable and $4.9 million and $6.5 million of accrued interest payable on uncleared swaps as of December 31, 2024 and 2023, respectively. The aforementioned accrued interest on uncleared swaps is included within Accrued Interest Receivable Table 6.1 As of December 31, 2024 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Receive fixed non-callable $ 7,460,685 $ 174 $ (12,165) 4.71% 3.40% 1.53 Pay fixed non-callable 9,657,181 5,134 (97) 2.67% 4.56% 9.12 Receive fixed callable 4,592,077 5,119 (65,167) 4.54% 3.67% 2.65 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 540,000 16,903 (2) 1.92% 4.87% 3.43 No hedge designation: Interest rate swaps: Pay fixed non-callable 157,776 819 (1) 2.92% 4.75% 3.40 Receive fixed non-callable 1,803,328 48 (2) 4.52% 4.43% 0.30 Basis swaps 655,384 8 (354) 4.69% 4.52% 3.83 Treasury futures 29,900 46 — 108.91 Netting adjustments (1) — (462) 462 Total financial derivatives $ 24,896,331 $ 27,789 $ (77,326) (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 December 31, 2024, Farmer Mac expects to reclassify $10.5 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 December 31, 2024. During the years ended December 31, 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 years ended December 31, 2024, 2023, and 2022: Table 6.2 For the Year Ended December 31, 2024 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 345,501 $ 628,828 $ 629,187 $ (1,249,649) $ 2,636 $ 356,503 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 40,224 147,922 68,346 (275,387) — (18,895) Recognized on hedged items 44,303 213,759 69,516 (423,428) — (95,850) Premium/discount amortization recognized on hedged items 2,134 — — (3,197) — (1,063) Income/(expense) related to interest settlements on fair value hedging relationships $ 86,661 $ 361,681 $ 137,862 $ (702,012) $ — $ (115,808) Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 29,181 $ 52,494 $ 71,213 $ 105,355 $ — $ 258,243 Recognized on hedged items (28,502) (49,922) (66,852) (101,419) — (246,695) Gains/(losses) on fair value hedging relationships $ 679 $ 2,572 $ 4,361 $ 3,936 $ — $ 11,548 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 20,657 $ — $ 20,657 Recognized on hedged items — — — (31,241) — (31,241) Discount amortization recognized on hedged items — — — (34) — (34) Expense recognized on cash flow hedges $ — $ — $ — $ (10,618) $ — $ (10,618) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 2,424 $ 2,424 Interest expense on interest rate swaps — — — — (1,377) (1,377) Treasury futures — — — — 1,589 1,589 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 2,636 $ 2,636 For the Year Ended December 31, 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: $ 287,144 $ 590,250 $ 514,894 $ (1,064,741) $ 2,882 $ 330,429 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 35,377 146,027 64,648 (345,852) — (99,800) Recognized on hedged items 33,488 183,396 63,133 (341,523) — (61,506) Premium/discount amortization recognized on hedged items 1,860 — — (2,865) — (1,005) Income/(expense) related to interest settlements on fair value hedging relationships $ 70,725 $ 329,423 $ 127,781 $ (690,240) $ — $ (162,311) (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ (19,445) $ (91,151) $ (23,528) $ 279,803 $ — $ 145,679 Recognized on hedged items 18,472 89,437 21,686 (280,668) — (151,073) (Losses)/gains on fair value hedging relationships $ (973) $ (1,714) $ (1,842) $ (865) $ — $ (5,394) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 20,643 $ — $ 20,643 Recognized on hedged items — — — (31,610) — (31,610) Discount amortization recognized on hedged items — — — (55) — (55) Expense recognized on cash flow hedges $ — $ — $ — $ (11,022) $ — $ (11,022) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 4,395 $ 4,395 Interest expense on interest rate swaps — — — — (4,845) (4,845) Treasury futures — — — — 3,332 3,332 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 2,882 $ 2,882 For the Year Ended December 31, 2022 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: $ 82,659 $ 283,769 $ 350,420 $ (445,908) $ 22,631 $ 293,571 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 2,727 (19,486) (501) (61,941) — (79,201) Recognized on hedged items 16,199 142,809 56,141 (132,406) — 82,743 Premium/discount amortization recognized on hedged items (754) — — (2,116) — (2,870) Income/(expense) related to interest settlements on fair value hedging relationships $ 18,172 $ 123,323 $ 55,640 $ (196,463) $ — $ 672 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ 104,722 $ 553,530 $ 351,116 $ (489,445) $ — $ 519,923 Recognized on hedged items (105,889) (553,393) (341,162) 486,323 — (514,121) (Losses)/gains on fair value hedging relationships $ (1,167) $ 137 $ 9,954 $ (3,122) $ — $ 5,802 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 1,213 $ — $ 1,213 Recognized on hedged items — — — (12,847) — (12,847) Discount amortization recognized on hedged items — — — (57) — (57) Expense recognized on cash flow hedges $ — $ — $ — $ (11,691) $ — $ (11,691) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 13,012 $ 13,012 Interest expense on interest rate swaps — — — — (7,619) (7,619) Treasury futures — — — — 17,238 17,238 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 22,631 $ 22,631 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 December 31, 2024 and 2023: Table 6.3 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) December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 (in thousands) Investment securities, Available-for-Sale, at fair value (1) $ 1,477,880 $ 1,251,386 $ (117,137) $ (88,635) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value (2) 5,478,484 5,497,948 (307,358) (257,436) Loans held for investment, at amortized cost 1,816,738 1,699,361 (372,444) (305,592) Notes Payable (3) (11,899,049) (13,350,111) 148,999 250,418 (1) Amortized cost of $1.6 billion and $1.4 billion as of December 31, 2024 and 2023, respectively. (2) Amortized cost of $5.8 billion as of both December 31, 2024 and 2023. (3) 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 December 31, 2024 and 2023: Table 6.4 December 31, 2024 Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Netting Adjustments Financial instruments pledged Cash Collateral Net Amount (1) (in thousands) Assets: Uncleared derivatives $ 22,759 $ — $ 22,759 $ (22,061) $ — $ (652) $ 46 Cleared derivatives 5,492 (462) 5,030 — (5,030) — — Total $ 28,251 $ (462) $ 27,789 $ (22,061) $ (5,030) $ (652) $ 46 Liabilities: Uncleared derivatives $ (77,326) $ — $ (77,326) $ 22,061 $ — $ 44,299 $ (10,966) Cleared derivatives (462) 462 — — — — — Total $ (77,788) $ 462 $ (77,326) $ 22,061 $ — $ 44,299 $ (10,966) (1) 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, 2024, Farmer Mac had additional net exposure of $209.0 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position and $4.7 million due to instances where 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 December 31, 2024 or 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 December 31, 2024 and 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.

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Dec. 31, 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 December 31, 2024 and 2023: Table 7.1 December 31, 2024 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 $ 2,167,258 4.42 % $ 1,928,884 5.11 % Medium-term notes 2,343,264 4.64 % 1,000,290 5.28 % Current portion of medium-term notes 5,927,101 3.20 % Total due within one year $ 10,437,623 3.77 % Due after one year: Medium-term notes due in: Two years $ 4,844,538 2.66 % Three years 3,822,999 3.53 % Four years 2,732,980 4.13 % Five years 2,491,831 4.41 % Thereafter 3,190,202 2.63 % Total due after one year $ 17,082,550 3.34 % Total principal net of discounts $ 27,520,173 3.51 % Hedging adjustments (148,999) Total $ 27,371,174 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 the years ended December 31, 2024 and 2023 was $2.3 billion and $1.8 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 2025 as of December 31, 2024: Table 7.2 Debt Callable in 2025 as of December 31, 2024, by Maturity Amount Weighted-Average Rate (dollars in thousands) Maturity: 2026 $ 1,522,550 2.20 % 2027 909,401 2.94 % 2028 588,198 3.80 % 2029 415,862 4.42 % Thereafter 1,827,209 2.25 % Total $ 5,263,220 2.70 % The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of December 31, 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: 2025 $ 11,933,596 3.91 % 2026 4,366,691 2.43 % 2027 3,494,164 3.41 % 2028 2,490,159 4.06 % 2029 2,324,985 4.38 % Thereafter 2,910,578 2.42 % Total principal net of discounts $ 27,520,173 3.51 % During the years ended December 31, 2024 and 2023, Farmer Mac called $1.9 billion and $233.0 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 December 31, 2024, Farmer Mac had not used this borrowing authority. Gains on Repurchases of Outstanding Debt No outstanding debt repurchases were made in the years ended December 31, 2024 and 2023. During 2022, Farmer Mac repurchased $27.0 million of outstanding debt at a gain of $0.2 million.

LOANS

LOANS	12 Months Ended
	Dec. 31, 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 December 31, 2024, Farmer Mac had $6.2 million of loans held for sale and none as of December 31, 2023. During the year ended December 31, 2024, Farmer Mac recorded $1.0 million of lower of cost or fair value adjustments and none during the year ended December 31, 2023. During 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 loans held for sale and displays the composition of the loan balances as of December 31, 2024 and 2023: Table 8.1 As of December 31, 2024 As of December 31, 2023 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Agricultural Finance loans Farm & Ranch $ 5,414,732 $ 2,038,283 $ 7,453,015 $ 5,133,450 $ 1,432,261 $ 6,565,711 Corporate AgFinance 1,381,674 — 1,381,674 1,259,723 — 1,259,723 Total Agricultural Finance loans 6,796,406 2,038,283 8,834,689 6,393,173 1,432,261 7,825,434 Infrastructure Finance loans 4,774,483 — 4,774,483 3,534,763 — 3,534,763 Total unpaid principal balance (1) 11,570,889 2,038,283 13,609,172 9,927,936 1,432,261 11,360,197 Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments (381,311) — (381,311) (304,817) — (304,817) Total loans 11,189,578 2,038,283 13,227,861 9,623,119 1,432,261 11,055,380 Allowance for losses (22,594) (629) (23,223) (15,588) (443) (16,031) Total loans, net of allowance $ 11,166,984 $ 2,037,654 $ 13,204,638 $ 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 December 31, 2024 and 2023: Table 8.2 December 31, 2024 December 31, 2023 Allowance for Losses Allowance for Losses (in thousands) Loans: Agricultural Finance loans Farm & Ranch $ 5,132 $ 3,936 Corporate AgFinance 5,379 2,948 Total Agricultural Finance loans 10,511 6,884 Infrastructure Finance loans 12,712 9,147 Total $ 23,223 $ 16,031 The following is a summary of the changes in the allowance for losses for each year in the three-year period ended December 31, 2024: Table 8.3 Agricultural Finance loans Infrastructure Finance loans (3) Farm & Ranch (1) Corporate AgFinance (2) Total (in thousands) Balance as of December 31, 2021 $ 2,882 $ 560 $ 3,442 $ 10,599 Provision for/(release of) losses 1,246 2,171 3,417 (2,285) Charge-offs (84) — (84) — Balance as of December 31, 2022 $ 4,044 $ 2,731 $ 6,775 $ 8,314 (Release of)/provision for losses (108) 217 109 833 Charge-offs — — — — Balance as of December 31, 2023 $ 3,936 $ 2,948 $ 6,884 $ 9,147 Provision for losses 1,297 6,828 8,125 3,565 Charge-offs (101) (4,397) (4,498) — Balance as of December 31, 2024 $ 5,132 $ 5,379 $ 10,511 $ 12,712 (1) As of December 31, 2024, 2023, and 2022, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $1.2 million, $1.0 million, and $1.9 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (2) As of December 31, 2024, 2023, and 2022, the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $1.0 million, $0.0 million, and $2.4 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (3) As of December 31, 2024, 2023, and 2022, the allowance for losses for Infrastructure Finance loans includes no allowance for collateral dependent assets. The $3.6 million net provision to the allowance for the Infrastructure Finance portfolio during the year ended December 31, 2024 was primarily attributable to new loan volume within the Broadband Infrastructure and Renewable Energy segments and a single renewable energy project that became substandard during fourth quarter 2024. The $8.1 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the year ended December 31, 2024 was primarily attributable to two permanent planting borrower relationships and other risk rating downgrades. During the year ended December 31, 2024, Farmer Mac had charge-offs of $4.5 million, which was primarily related to a single permanent planting borrower that entered into bankruptcy during second quarter 2024, at which time $3.9 million was deemed uncollectible. The $0.8 million net provision to the allowance for the Infrastructure Finance portfolio during the year ended December 31, 2023 was primarily attributable to a single telecommunications loan that was downgraded to substandard during the year. The $0.1 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the year ended December 31, 2023 was primarily attributable to increased loan volume. The $2.3 million net release from the allowance for the Infrastructure Finance portfolio during the year ended December 31, 2022 was primarily attributable to a risk rating upgrade on a single loan and improvements in forecasts of future economic conditions. The risk rating upgrade on that loan reflected that borrower's successful securitization of its large payable that arose during the arctic freeze that struck Texas in February 2021. The $3.4 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the year ended December 31, 2022 was primarily attributable to a risk rating downgrade on a single agricultural storage and processing loan, due to its ongoing bankruptcy proceedings. The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of December 31, 2024 and 2023: Table 8.4 As of December 31, 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 $ 7,299,364 $ 16,478 $ 7,268 $ 6,359 $ 30,105 $ 123,546 $ 7,453,015 Corporate AgFinance 1,336,305 — — — — 45,369 1,381,674 Total Agricultural Finance loans 8,635,669 16,478 7,268 6,359 30,105 168,915 8,834,689 Infrastructure Finance loans 4,774,483 — — — — — 4,774,483 Total $ 13,410,152 $ 16,478 $ 7,268 $ 6,359 $ 30,105 $ 168,915 $ 13,609,172 (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 $41.5 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2024, Farmer Mac received $4.9 million in interest on nonaccrual loans. 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 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 Infrastructure Finance loans held as of December 31, 2024 and 2023, by year of origination: Table 8.5 As of December 31, 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 $ 987,444 $ 525,559 $ 1,079,933 $ 1,577,305 $ 1,019,779 $ 1,287,334 $ 404,950 $ 6,882,304 Special mention (2) 139,297 34,290 32,886 24,204 7,533 23,099 22,087 283,396 Substandard (3) 8,077 28,790 52,350 24,733 60,418 92,594 20,353 287,315 Total $ 1,134,818 $ 588,639 $ 1,165,169 $ 1,626,242 $ 1,087,730 $ 1,403,027 $ 447,390 $ 7,453,015 For the Year Ended December 31, 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 December 31, 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 $ 210,807 $ 152,918 $ 64,860 $ 235,493 $ 80,085 $ 161,354 $ 262,295 $ 1,167,812 Special mention (2) — 37,010 — 14,557 75,440 — 7,158 134,165 Substandard (3) — 7,309 7,652 — 14,335 33,479 16,922 79,697 Total $ 210,807 $ 197,237 $ 72,512 $ 250,050 $ 169,860 $ 194,833 $ 286,375 $ 1,381,674 For the Year Ended December 31, 2024: Current period charge-offs $ — $ — $ 455 $ — $ — $ — $ 3,942 $ 4,397 (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, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 1,158,427 $ 521,143 $ 578,882 $ 174,232 $ 574,135 $ 1,229,626 $ 461,162 $ 4,697,607 Special mention (2) — — 34,388 — — — — 34,388 Substandard (3) — 13,356 29,132 — — — — 42,488 Total $ 1,158,427 $ 534,499 $ 642,402 $ 174,232 $ 574,135 $ 1,229,626 $ 461,162 $ 4,774,483 For the Year Ended December 31, 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 Year Ended December 31, 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 Year Ended December 31, 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) 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 Year Ended December 31, 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.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
EQUITY	EQUITY Common Stock Farmer Mac has three classes of common stock outstanding: • Class A voting common stock, which may be held only by banks, insurance companies, and other financial institutions or similar entities that are not institutions of the Farm Credit System. By federal statute, no holder of Class A voting common stock may directly or indirectly be a beneficial owner of more than 33% of the outstanding shares of Class A voting common stock. • Class B voting common stock, which may be held only by institutions of the Farm Credit System. There are no restrictions on the maximum holdings of Class B voting common stock. • Class C non-voting common stock, which has no ownership restrictions. During 2024, 2023, and 2022, Farmer Mac paid a quarterly dividend of $1.40, $1.10, and $0.95 per share on all classes of its common stock. Farmer Mac's ability to declare and pay dividends on its common stock could be restricted if it fails to comply with applicable capital requirements. 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 December 31, 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. The following table presents the Series D Preferred Stock, the Series E Preferred Stock, the Series F Preferred Stock, and the Series G Preferred Stock (collectively referred to as the "Outstanding Preferred Stock") as of December 31, 2024: Table 9.1 Name Issuance Date Issuance Cost Shares Issued Annual Dividend Rate (1) Liquidation Value Per Share First Possible Redemption Date (2) Series D May 13, 2019 $ 3,340,456 4,000,000 5.700 % $ 25.00 July 17, 2024 Series E May 20, 2020 $ 2,496,750 3,180,000 5.750 % $ 25.00 July 17, 2025 Series F August 20, 2020 $ 3,839,902 4,800,000 5.250 % $ 25.00 October 17, 2025 Series G May 27, 2021 $ 3,661,677 5,000,000 4.875 % $ 25.00 July 17, 2026 (1) Dividends on all series of Outstanding Preferred Stock are non-cumulative, which means that if Farmer Mac's board of directors has not declared a dividend before the applicable dividend payment date for any dividend period, such dividend will not be paid or cumulate, and Farmer Mac will have no obligation to pay dividends for such dividend period, whether or not dividends on any series of Outstanding Preferred Stock are declared for any future dividend period. (2) Farmer Mac has the right but not the obligation to redeem. The following tables present the quarterly dividends paid by Farmer Mac on its outstanding preferred stock during the years ended December 31, 2024, 2023, and 2022: Table 9.2 For the Year Ended December 31, 2024 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C $ 0.3750 $ 0.3750 $ — $ — 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E 0.3594 0.3594 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F 0.3281 0.3281 0.3281 0.3281 4.875% Non-Cumulative Preferred Stock, Series G 0.3047 0.3047 0.3047 0.3047 For the Year Ended December 31, 2023 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C $ 0.3750 $ 0.3750 $ 0.3750 $ 0.3750 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E 0.3594 0.3594 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F 0.3281 0.3281 0.3281 0.3281 4.875% Non-Cumulative Preferred Stock, Series G 0.3047 0.3047 0.3047 0.3047 For the Year Ended December 31, 2022 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C $ 0.3750 $ 0.3750 $ 0.3750 $ 0.3750 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E 0.3594 0.3594 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F 0.3281 0.3281 0.3281 0.3281 4.875% Non-Cumulative Preferred Stock, Series G 0.3047 0.3047 0.3047 0.3047 Equity-Based Incentive Compensation Plans Farmer Mac's Amended and Restated 2008 Omnibus Incentive Compensation Plan authorizes the grant of restricted stock units and SARs, among other alternative forms of equity-based compensation, to Farmer Mac's directors, officers, and employees. SARs awarded to officers and employees vest annually in thirds. Farmer Mac has not granted SARs to directors since 2008. If not exercised or cancelled earlier due to the termination of employment, SARs granted to officers or employees expire after 10 years from the grant date. For all SARs granted, the exercise price is equal to the closing price of Farmer Mac's Class C non-voting common stock on the date of grant. SARs granted during the years ended December 31, 2024, 2023, and 2022 have a weighted average exercise price per share of $198.54, $135.12 and $120.38, respectively. During the years ended December 31, 2024, 2023, and 2022, restricted stock unit awards were granted to employees, officers, and directors with vesting periods of one The following tables summarize SARs and non-vested restricted stock unit activity for the years ended December 31, 2024, 2023, and 2022: Table 9.3 For the Years Ended December 31, 2024 2023 2022 SARs Weighted- SARs Weighted- SARs Weighted- Outstanding, beginning of year 125,952 $ 87.18 132,163 $ 75.82 130,409 $ 66.10 Granted 15,465 198.54 16,761 135.12 18,432 120.38 Exercised (34,728) 65.59 (22,972) 56.82 (16,678) 49.04 Canceled — — — — — — Outstanding, end of year 106,689 110.35 125,952 87.18 132,163 75.82 Exercisable at end of year 73,906 87.31 87,378 73.15 83,054 63.12 For the Years Ended December 31, 2024 2023 2022 Non-vested Restricted Stock Units Weighted- Non-vested Restricted Stock Units Weighted- Non-vested Restricted Stock Units Weighted- Outstanding, beginning of year 114,353 $ 120.13 100,025 $ 91.84 103,891 $ 78.55 Granted 39,333 197.52 59,745 135.56 38,668 120.14 Canceled (4,854) 160.27 (62) 88.68 (2,711) 97.44 Vested and issued (51,893) 107.33 (45,355) 78.12 (39,823) 84.25 Outstanding, end of year 96,939 156.37 114,353 120.13 100,025 91.84 The cancellations of non-vested restricted stock units during the years ended December 31, 2024, 2023, and 2022 were due to unvested awards terminating in accordance with the provisions of the applicable equity compensation plans or award agreements upon directors' or employees' departures from Farmer Mac. Cash is not received from exercises of SARs or the vesting and issuance of restricted stock units. During the years ended December 31, 2024, 2023, and 2022, the reduction of income taxes payable as a result of the deduction for the exercise of SARs and the vesting of restricted stock units was $3.0 million, $1.7 million, and $1.2 million, respectively. During the years ended December 31, 2024, 2023, and 2022 , Farmer Mac recorded a net decrease to additional paid-in capital of $5.4 million, $3.1 million, and $1.9 million, respectively, related to stock-based compensation awards. As of December 31, 2024, Farmer Mac had no stock options outstanding. The following tables summarize information about SARs and non-vested restricted stock units outstanding as of December 31, 2024: Table 9.4 SARs: Outstanding Exercisable Vested or Expected to Vest Range of SARs Weighted- SARs Weighted- SARs Weighted- $25.00 - $39.99 4,000 0.2 years 4,000 0.2 years 4,000 0.2 years 40.00 - 54.99 — 0.0 years — 0.0 years — 0.0 years 55.00 - 69.99 3,381 2.2 years 3,381 2.2 years 3,381 2.2 years 70.00 - 84.99 30,942 4.8 years 30,942 4.8 years 30,942 4.8 years 85.00 - 99.99 21,162 5.8 years 21,162 5.8 years 21,162 5.8 years 100.00 - 114.99 — 0.0 years — 0.0 years — 0.0 years 115.00 - 129.99 14,978 7.2 years 8,834 7.2 years 14,978 7.2 years 130.00 - 144.99 16,761 8.3 years 5,587 8.3 years 16,761 8.3 years 145.00 - 159.99 — 0.0 years — 0.0 years — 0.0 years 160.00 - 174.99 — 0.0 years — 0.0 years — 0.0 years 175.00 - 189.99 — 0.0 years — 0.0 years — 0.0 years 190.00 - 204.99 15,465 2.3 years — 0.0 years 15,465 2.3 years 106,689 73,906 106,689 Non-vested Restricted Stock Units: Outstanding Expected to Vest Weighted- Non-vested Restricted Stock Units Weighted-Average Remaining Contractual Non-vested Restricted Stock Units Weighted-Average Remaining Contractual $110.00 - $124.99 20,087 0.3 years 20,087 0.3 years 125.00 - 139.99 38,272 1.3 years 38,272 1.3 years 140.00 - 154.99 1,860 1.3 years 1,860 1.3 years 155.00 - 169.99 — 0.0 years — 0.0 years 170.00 - 184.99 610 2.3 years 610 2.3 years 185.00 - 199.99 36,110 2.3 years 36,110 2.3 years 96,939 96,939 As of December 31, 2024 and 2023, the intrinsic value of SARs, and non-vested restricted stock units outstanding, exercisable, and vested or expected to vest was $28.4 million and $35.0 million, respectively. During the years ended December 31, 2024, 2023, and 2022, the total intrinsic value of SARs exercised was $4.6 million, $2.4 million, and $1.1 million, respectively. As of December 31, 2024, there was $7.5 million of total unrecognized compensation cost related to non-vested SARs and restricted stock unit awards. This cost is expected to be recognized over a weighted-average period of 1.7 years. The weighted-average grant date fair values of SARs and restricted stock unit awards granted in the years ended December 31, 2024, 2023, and 2022 were $159.08, $114.68, and $91.94 per share, respectively. Under the fair value-based method of accounting for stock-based compensation cost, Farmer Mac recognized compensation expense of $8.1 million , $6.8 million, and $4.6 million during the years ended December 31, 2024, 2023, and 2022, respectively. The fair value of SARs was estimated using the Black-Scholes option pricing model based on the following assumptions: Table 9.5 For the Years Ended December 31, 2024 2023 2022 Risk-free interest rate 4.1% 4.1% 1.9% Expected years until exercise 6 years 6 years 6 years Expected stock volatility 36.0% 36.6% 37.4% Dividend yield 2.8% 3.3% 3.2% The risk-free interest rates used in the model were based on the U.S. Treasury yield curve in effect at the grant date. Farmer Mac used historical data to estimate the timing of SARs exercises used in the model. Expected volatilities were based on historical volatility of Farmer Mac's Class C non-voting common stock. The dividend yields were based on the expected dividends as a percentage of the value of Farmer Mac's Class C non-voting common stock on the grant date. Because stock will be issued upon the vesting of restricted stock units regardless of the stock price, expected stock volatility is not considered in determining grant date fair value. Restricted stock unit awards also accrue dividends which are paid at vesting. The weighted-average grant date fair value of the restricted stock units awarded in the years ended December 31, 2024, 2023, and 2022 was $197.52, $135.56, and $120.14 per unit, respectively, which is based on the closing price of Farmer Mac's Class C non-voting stock on the date granted. 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 December 31, 2024 and 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 December 31, 2024, Farmer Mac's minimum capital requirement was $917.6 million and its core capital level was $1.5 billion, which was $583.5 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.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Farmer Mac is subject to federal corporate income taxes but is exempt from state and local corporate income taxes. The components of the federal corporate income tax expense for the years ended December 31, 2024, 2023, and 2022 were as follows: Table 10.1 For the Year Ended December 31, 2024 2023 2022 (in thousands) Current income tax expense $ 54,687 $ 46,712 $ 35,609 Deferred income tax expense (3,777) 6,386 11,926 Income tax expense $ 50,910 $ 53,098 $ 47,535 A reconciliation of income tax at the statutory federal corporate income tax rate to the income tax expense for the years ended December 31, 2024, 2023, and 2022 is as follows: Table 10.2 For the Year Ended December 31, 2024 2023 2022 (dollars in thousands) Tax expense at statutory rate $ 54,201 $ 53,151 $ 47,393 Excess tax benefits related to stock-based awards (1,755) (924) (401) Tax credits (3,260) — — Other 1,724 871 543 Income tax expense $ 50,910 $ 53,098 $ 47,535 Statutory tax rate 21.0 % 21.0 % 21.0 % The components of the deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows: Table 10.3 As of December 31, 2024 2023 (in thousands) Deferred tax assets: Basis difference related to hedge items $ 136,589 $ 84,922 Unrealized losses on available-for-sale securities 12,441 20,514 Allowance for losses 5,310 3,842 Compensation and Benefits 1,779 2,127 Stock-based compensation 3,014 2,481 Capital loss carryforwards — 35 Valuation allowance — (35) Other 5,887 2,051 Total deferred tax assets $ 165,020 $ 115,937 Deferred tax liability: Basis differences related to financial derivatives $ 135,528 $ 80,887 Unrealized gains on cash flow hedges 9,212 9,843 Basis difference related to structured securitizations 18,726 16,647 Other 10 90 Total deferred tax liability $ 163,476 $ 107,467 Net deferred tax asset $ 1,544 $ 8,470 As of December 31, 2024 and 2023, Farmer Mac did not identify any uncertain tax positions. Farmer Mac did not have any unrecognized tax benefits for the years ended December 31, 2024, 2023, and 2022. Tax years 2021 through 2024 remain subject to examination.

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
EMPLOYEE BENEFITS	EMPLOYEE BENEFITS Farmer Mac makes contributions to a defined contribution retirement plan for all of its employees. Farmer Mac contributed 13.2% of the lesser of an employee's gross salary and the maximum compensation permitted under the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA") ($345,000 for 2024, $330,000 for 2023, and $305,000 for 2022), plus 5.7% of the difference between: (1) the lesser of the gross salary and the amount established under EGTRRA and (2) the Social Security Taxable Wage Base. Employees are fully vested after having been employed for approximately 3 years. Expenses for this plan for the years ended December 31, 2024, 2023, and 2022 were $4.2 million, $3.6 million, and $3.1 million, respectively. Farmer Mac established a Nonqualified Deferred Compensation Plan ("NQDC Plan") for its executive officers effective May 1, 2017. Under the NQDC Plan, Farmer Mac credits the account of each participant each calendar year with an amount equal to 18.9% of the difference between: (1) the amount established under EGTRRA and (2) a participant’s gross annual base salary, which for purposes of calculating employer credits under the NQDC Plan is capped at $750,000 for all other participants. This fixed

GUARANTEES AND COMMITMENTS

GUARANTEES AND COMMITMENTS	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
GUARANTEES AND COMMITMENTS	GUARANTEES AND COMMITMENTS Farmer Mac offers two credit enhancement alternatives to direct loan purchases that allow approved lenders the ability to retain the cash flow benefits of their loans and increase their liquidity and lending capacity: (1) Farmer Mac Guaranteed Securities and (2) LTSPCs, both of which are available through each of the Agricultural Finance and Infrastructure Finance lines of business. The contractual terms of Farmer Mac's off-balance sheet guarantees and LTSPCs range from less than 1 year to 30 years. However, the actual term of each guarantee or LTSPC may be significantly less than the contractual term based on the prepayment characteristics of the related loans. Farmer Mac's maximum potential exposure under these off-balance sheet guarantees and LTSPCs is the unpaid principal balance of the underlying loans. Farmer Mac's maximum potential exposure was $4.5 billion and $4.1 billion as of December 31, 2024 and 2023, respectively. The maximum exposure from these guarantees and LTSPCs is not representative of the actual loss Farmer Mac is likely to incur, based on historical loss experience. In the event Farmer Mac was required to make payments under its guarantees or LTSPCs, Farmer Mac would have the right to enforce the terms of the loans, and in the event of default, would have access to the underlying collateral. For information on Farmer Mac's methodology for determining the reserve for losses for its financial guarantees, see Note 2(h). The following table presents changes in Farmer Mac's guarantee and commitment obligations in the consolidated balance sheets for the years ended December 31, 2024, 2023, and 2022: Table 12.1 For the Years Ended December 31, 2024 2023 2022 (in thousands) Beginning balance, January 1 $ 47,563 $ 46,582 $ 43,926 Additions to the guarantee and commitment obligation (1) 6,036 5,312 8,569 Amortization of the guarantee and commitment obligation (5,273) (4,331) (5,913) Ending balance, December 31 $ 48,326 $ 47,563 $ 46,582 (1) Represents the fair value of the guarantee and commitment obligation at inception. Off-Balance Sheet Farmer Mac Guaranteed Securities 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 December 31, 2024 and 2023, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 12.2 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of December 31, 2024 As of December 31, 2023 (in thousands) Agricultural Finance Farmer Mac Guaranteed Securities $ 426,310 $ 452,602 Infrastructure Finance Farmer Mac Guaranteed Securities — — Total off-balance sheet Farmer Mac Guaranteed Securities $ 426,310 $ 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 12.3 For the Years Ended December 31, 2024 2023 2022 (in thousands) Proceeds from new securitizations $ 648,442 $ 222,188 $ 357,841 Guarantee fees received 1,484 1,620 1,852 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 12.4 As of December 31, 2024 As of December 31, 2023 (dollars in thousands) Guarantee and commitment obligation $ 5,595 $ 5,969 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 21.2 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 12.5 As of December 31, 2024 As of December 31, 2023 (dollars in thousands) Guarantee and commitment obligation (1) $ 42,731 $ 41,594 Maximum principal amount 4,029,019 3,680,333 Weighted-average remaining maturity 14.5 years 14.5 years (1) Relates to LTSPCs issued or modified on or after January 1, 2003. Commitments Farmer Mac enters into mandatory and optional delivery commitments to purchase loans. Most loan purchase commitments entered into by Farmer Mac are mandatory commitments, in which Farmer Mac charges a fee to extend or cancel the commitment. As of December 31, 2024 and 2023, commitments to purchase Agricultural Finance loans and USDA Guarantees totaled $54.0 million and $31.0 million, respectively, all of which were mandatory commitments. Farmer Mac also has unfunded commitments and letters of credit under which Farmer Mac earns a nominal fee for the obligation to provide funding at a future date. As of December 31, 2024 and 2023, Farmer Mac had $602.6 million and $261.2 million of these unfunded commitments and letters of credit under the Agricultural Finance and Infrastructure lines of business. Any optional loan purchase commitments are sold forward under optional commitments to deliver Farmer Mac Guaranteed Securities that may be canceled by Farmer Mac without penalty. 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 December 31, 2024 and 2023: Table 12.6 December 31, 2024 December 31, 2023 Reserve for Losses Reserve for Losses (in thousands) Agricultural Finance $ 1,431 $ 1,471 Infrastructure Finance 192 240 Total $ 1,623 $ 1,711 The following is a summary of the net changes in the reserve for losses for the three-year period ended December 31, 2024: Table 12.7 Agricultural Finance loans Infrastructure Finance loans Reserve for Losses Reserve for Losses (in thousands) Balance as of December 31, 2021 $ 1,068 $ 882 Release of losses (249) (268) Balance as of December 31, 2022 $ 819 $ 614 Provision for/(release of) losses 652 (374) Balance as of December 31, 2023 $ 1,471 $ 240 Release of losses (40) (48) Balance as of December 31, 2024 $ 1,431 $ 192 The release from the reserve for losses during 2024 for both Agricultural Finance and Infrastructure Finance was primarily due to ratings upgrades. The provision for the reserve for losses in the Agricultural Finance LTSPC portfolio recorded during the year ended December 31, 2023 was primarily due to an updated estimate of expected losses based on additional available industry data. The release from the reserve for losses in the Infrastructure Finance LTSPC portfolio recorded during the year ended December 31, 2023 was primarily due to an updated estimate of expected losses based on additional available loss-given-default industry data. The release from the reserve for losses in the Infrastructure Finance LTSPC portfolio recorded during the year ended December 31, 2022 was primarily due to decreased volume and ratings upgrades. The release from the reserve for losses in the Agricultural Finance LTSPC portfolio was primarily due to ratings upgrades. The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Infrastructure Finance loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2024 and 2023: Table 12.8 As of December 31, 2024 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,524,406 $ 1,421 $ 1,358 $ 7,603 $ 10,382 $ 3,534,788 Infrastructure Finance: 732,731 — — — — 732,731 Total $ 4,257,137 $ 1,421 $ 1,358 $ 7,603 $ 10,382 $ 4,267,519 (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 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 Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2024 and 2023, by year of origination: Table 12.9 As of December 31, 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 $ 70,757 $ 163,646 $ 267,551 $ 563,747 $ 583,598 $ 1,312,988 $ 452,909 $ 3,415,196 Special mention (1) — 5,963 4,920 15,954 4,354 44,964 12,197 88,352 Substandard (2) — — 1,246 1,135 6,345 21,297 1,217 31,240 Total $ 70,757 $ 169,609 $ 273,717 $ 580,836 $ 594,297 $ 1,379,249 $ 466,323 $ 3,534,788 For the Year Ended December 31, 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, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 355,848 $ 376,883 $ 732,731 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 355,848 $ 376,883 $ 732,731 For the Year Ended December 31, 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 Year Ended December 31, 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) 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 Year Ended December 31, 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.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	12 Months Ended
	Dec. 31, 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 December 31, 2024 and 2023, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 13.1 Assets and Liabilities Measured at Fair Value as of December 31, 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 $ — $ — $ 19,476 $ 19,476 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,305,725 — 2,305,725 Fixed rate GSE guaranteed mortgage-backed securities — 2,337,967 — 2,337,967 Floating rate U.S. Treasuries — — — — Fixed rate U.S. Treasuries 1,289,846 — — 1,289,846 Total Available-for-sale Investment Securities 1,289,846 4,643,692 19,476 5,953,014 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,505,531 5,505,531 Farmer Mac Guaranteed Securities — — 9,015 9,015 Total Farmer Mac Guaranteed Securities — — 5,514,546 5,514,546 USDA Securities: Trading — — 818 818 Total USDA Securities — — 818 818 Loans: Loans held for sale, at lower of cost or fair value — 6,160 — 6,160 Total Loans — 6,160 — 6,160 Financial derivatives 47 27,742 — 27,789 Guarantee Asset — — 5,382 5,382 Total Assets at fair value $ 1,289,893 $ 4,677,594 $ 5,540,222 $ 11,507,709 Liabilities: Financial derivatives $ — $ 77,326 $ — $ 77,326 Total Liabilities at fair value $ — $ 77,326 $ — $ 77,326 (1) Level 3 assets represent 18% of total assets and 48% 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 December 31, 2024 or 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 years ended December 31, 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 years ended December 31, 2024, 2023, and 2022. Table 13.2 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 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 $ — $ — $ — $ — $ 394 $ 19,476 Total available-for-sale 19,082 — — — — 394 19,476 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,522,712 677,400 (666,476) 81 (49,727) 21,541 5,505,531 Farmer Mac Guaranteed Securities 9,767 — (699) — — (53) 9,015 Total available-for-sale 5,532,479 677,400 (667,175) 81 (49,727) 21,488 5,514,546 USDA Securities: Trading 1,241 — (443) — 20 — 818 Total USDA Securities 1,241 — (443) — 20 — 818 Guarantee and commitment obligations: Guarantee Asset 5,831 — (343) — (106) — 5,382 Total Guarantee and commitment obligations 5,831 — (343) — (106) — 5,382 Total Assets at fair value $ 5,558,633 $ 677,400 $ (667,961) $ 81 $ (49,813) $ 21,882 $ 5,540,222 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2023 Beginning Balance Purchases Settlements Allowance for Losses Realized and unrealized gains included in Income Unrealized gains/(losses) 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 $ — $ 49 $ — $ 19,082 Total available-for-sale 19,027 — — 6 — 49 — 19,082 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,599,379 2,084,650 (1,561,507) 230 89,629 (5,573) (2,684,096) 5,522,712 Farmer Mac Guaranteed 7,847 — (1,213) — — 3,133 — 9,767 Total available-for-sale 7,607,226 2,084,650 (1,562,720) 230 89,629 (2,440) (2,684,096) 5,532,479 USDA Securities: Trading 1,767 — (550) — 24 — — 1,241 Total USDA Securities 1,767 — (550) — 24 — — 1,241 Guarantee and commitment obligations: Guarantee Asset 4,467 — (590) — 1,954 — — 5,831 Total Guarantee and commitment obligations 4,467 — (590) — 1,954 — — 5,831 Total Assets at fair value $ 7,632,487 $ 2,084,650 $ (1,563,860) $ 236 $ 91,607 $ (2,391) $ (2,684,096) $ 5,558,633 (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 Year Ended December 31, 2022 Beginning Balance Purchases Settlements Allowance for Losses Realized and unrealized losses included in Income Unrealized 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 $ 19,254 $ — $ — $ 19 $ — $ (246) $ 19,027 Total available-for-sale 19,254 — — 19 — (246) 19,027 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,316,145 3,411,665 (1,526,303) (283) (552,907) (48,938) 7,599,379 Farmer Mac Guaranteed 12,414 — (1,675) — — (2,892) 7,847 Total available-for-sale 6,328,559 3,411,665 (1,527,978) (283) (552,907) (51,830) 7,607,226 USDA Securities: Trading 4,401 — (2,583) — (51) — 1,767 Total USDA Securities 4,401 — (2,583) — (51) — 1,767 Guarantee and commitment obligations: Guarantee Asset 6,237 — (903) — (867) — 4,467 Total Guarantee and commitment obligations 6,237 — (903) — (867) — 4,467 Total Assets at fair value $ 6,358,451 $ 3,411,665 $ (1,531,464) $ (264) $ (553,825) $ (52,076) $ 7,632,487 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 December 31, 2024 and 2023: Table 13.3 As of December 31, 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 $ 19,476 Indicative bids Range of broker quotes 99.0% - 99.0% (99.0%) Farmer Mac Guaranteed Securities: AgVantage $ 5,505,531 Discounted cash flow Discount rate 5.0% - 5.5% (5.1%) Farmer Mac Guaranteed Securities $ 9,015 Discounted cash flow Discount rate 7.9% CPR 3% USDA Securities $ 818 Discounted cash flow Discount rate 5.3% - 5.4% (5.3%) CPR 12% - 12% (12%) Guarantee Asset $ 5,382 Discounted cash flow Discount rate 7.9% 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 December 31, 2024 and 2023: Table 13.4 As of December 31, 2024 As of December 31, 2023 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 1,024,007 $ 1,024,007 $ 888,707 $ 888,707 Investment securities 5,973,571 5,973,301 4,981,249 4,979,504 Farmer Mac Guaranteed Securities 8,215,646 8,232,234 9,710,074 9,745,548 USDA Securities 2,113,342 2,371,352 2,036,046 2,355,412 Loans 12,924,604 13,204,638 10,426,021 11,039,349 Financial derivatives 27,789 27,789 37,478 37,478 Guarantee and commitment fees receivable 57,562 50,499 58,465 49,832 Financial liabilities: Notes payable 26,759,873 27,371,174 25,670,971 26,336,542 Debt securities of consolidated trusts held by third parties 1,910,302 1,929,628 1,268,563 1,351,069 Financial derivatives 77,326 77,326 117,131 117,131 Guarantee and commitment obligations 55,388 48,326 56,195 47,563 The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value and is classified 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	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
BUSINESS SEGMENT REPORTING	BUSINESS SEGMENT REPORTING Farmer Mac has seven reportable segments: Farm & Ranch, Corporate AgFinance, Power & Utilities, Broadband Infrastructure, Renewable Energy, Funding, and Investments. The Farm & Ranch segment includes the financial results of the USDA Securities portfolio, Farm & Ranch loans, and AgVantage securities. The Corporate AgFinance segment includes loans and AgVantage securities to larger and more complex farming operations, agribusinesses focused on food and fiber processing, and other supply chain production. The Power & Utilities segment includes loans to rural electric generation and transmission cooperatives and distribution cooperatives, as well as AgVantage securities secured by those types of loans. The Broadband Infrastructure segment includes loans to rural fiber, cable/broadband, tower, wireless, local exchange carrier, and data center projects. The Renewable Energy segment includes rural electric solar, wind, and gas projects. The Funding segment includes the financial results of Farmer Mac's debt issuance, hedging, asset/liability management, and capital allocation strategies. The company allocates interest expense to each of the other segments using a funds transfer pricing process. That process also allocates the benefits and costs from the company's funding and hedging strategies to the Funding segment. The Investments segment includes the financial results of the company's investment portfolio, which is held for liquidity purposes. Interest expense is allocated to the Investments segment using the same funds transfer pricing process that is used to allocate interest expense to the other segments. The following table presents Farmer Mac's seven segments: Agricultural Finance Infrastructure Finance Treasury Farm & Ranch Corporate AgFinance Power & Utilities Broadband Infrastructure Renewable Energy Funding Investments The President and Chief Executive Officer serves as the CODM. The CODM reviews segment core earnings to make decisions about allocating resources and to assess the financial performance of the segments. The main difference between core earnings and net income is the exclusion of the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Another difference is that core earnings excludes specified infrequent or unusual transactions that are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. The CODM also looks at changes in the segments' on- and off-balance sheet unpaid paid principal balances to assess the performance of the segments. The following tables present segment core earnings and assets for the years ended December 31, 2024, 2023, and 2022. Table 14.1 Core Earnings by Business Segment For the Year Ended December 31, 2024 Agricultural Finance Rural Infrastructure Treasury Farm & Ranch Corporate AgFinance Power & Utilities Broadband Infrastructure Renewable Energy Funding Investments Total (in thousands) Interest income $ 615,016 $ 100,820 $ 260,636 $ 38,225 $ 54,188 $ 224,390 $ 310,241 $ 1,603,516 Interest expense (1) (475,248) (70,695) (240,600) (27,282) (40,471) (89,698) (305,655) (1,249,649) Less: reconciling adjustments (2)(3) (4,458) — (49) — — (9,796) — (14,303) Net effective spread 135,310 30,125 19,987 10,943 13,717 124,896 4,586 339,564 Guarantee and commitment fees (3) 17,695 571 966 464 625 — — 20,321 Other income/(expense) 3,167 (2,055) — — — — 1,076 2,188 (Provision for)/release of losses (1,147) (6,850) 274 1,469 (5,236) — — (11,490) Operating expenses (1) (24,741) (7,905) (4,281) (3,666) (4,848) (10,855) (3,108) (59,404) Income tax (expense)/benefit (27,360) (2,916) (3,559) (1,934) (894) (23,949) (536) (61,148) Segment core earnings $ 102,924 $ 10,970 $ 13,387 $ 7,276 $ 3,364 $ 90,092 $ 2,018 $ 230,031 Reconciliation to net income: Net effects of derivatives and trading securities $ 13,141 Unallocated (expenses)/income (46,217) Income tax effect related to reconciling items 10,238 Net income $ 207,193 Total Assets: Total on- and off-balance sheet segment assets at principal balance $ 18,606,968 $ 1,887,705 $ 6,809,366 $ 802,466 $ 1,416,525 $ — $ — $ 29,523,030 Off-balance sheet assets under management (4,981,285) Unallocated assets 6,782,997 Total assets on the consolidated balance sheets $ 31,324,742 (1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships. (3) 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. Core Earnings by Business Segment For the Year Ended December 31, 2023 Agricultural Finance Rural Infrastructure Treasury Farm & Ranch Corporate AgFinance Power & Utilities Broadband Infrastructure Renewable Energy Funding Investments Total (in thousands) Interest income $ 559,730 $ 92,335 $ 232,106 $ 30,299 $ 18,923 $ 200,264 $ 258,631 $ 1,392,288 Interest expense (1) (422,651) (61,111) (215,763) (21,455) (14,275) (71,849) (257,637) (1,064,741) Less: reconciling adjustments (2)(3) (4,179) — (168) — — 3,594 186 (567) Net effective spread 132,900 31,224 16,175 8,844 4,648 132,009 1,180 326,980 Guarantee and commitment fees (3) 17,415 283 1,090 43 97 — — 18,928 Other income/(expense) 2,952 35 — — — 3 29 3,019 (Provision for)/release of losses (507) (207) 4,117 (4,324) (219) — 4 (1,136) Operating expenses (1) (23,306) (5,540) (3,553) (2,415) (3,382) (11,037) (3,184) (52,417) Income tax (expense)/benefit (27,183) (5,418) (3,746) (453) (238) (25,405) 414 (62,029) Segment core earnings $ 102,271 $ 20,377 $ 14,083 $ 1,695 $ 906 $ 95,570 $ (1,557) $ 233,345 Reconciliation to net income: Net effects of derivatives and trading securities $ 1,954 Unallocated (expense)/income (44,227) Income tax effect related to reconciling items 8,931 Net income $ 200,003 Total Assets: Total on- and off-balance sheet segment assets at principal balance $ 18,808,801 $ 1,693,979 $ 6,979,570 $ 501,153 $ 487,521 $ — $ — $ 28,471,024 Off-balance sheet assets under management (4,710,199) Unallocated assets 5,763,557 Total assets on the consolidated balance sheets $ 29,524,382 (1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships. (3) 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. Core Earnings by Business Segment For the Year Ended December 31, 2022 Agricultural Finance Rural Infrastructure Treasury Farm & Ranch Corporate AgFinance Power & Utilities Broadband Infrastructure Renewable Energy Funding Investments Total (in thousands) Interest income $ 421,139 $ 55,311 $ 152,990 $ 8,832 $ 5,811 $ (8,334) $ 81,099 $ 716,848 Interest expense (1) (287,921) (26,102) (141,176) (4,471) (3,328) 104,947 (87,857) (445,908) Less: reconciling adjustments (2)(3) (4,161) — (103) — — (11,147) — (15,411) Net effective spread 129,057 29,209 11,711 4,361 2,483 85,466 (6,758) 255,529 Guarantee and commitment fees (3) 16,718 139 1,187 51 49 — — 18,144 Other income/(expense) 1,420 261 — — — — — 1,681 (Provision for)/release of losses (1,216) (2,136) 3,726 (705) (494) — 19 (806) Operating expenses (1) (23,332) (5,629) (3,198) (2,009) (1,690) (6,798) (1,950) (44,606) Income tax (expense)/benefit (25,756) (4,587) (2,819) (357) (73) (16,521) 1,825 (48,288) Segment core earnings $ 96,891 $ 17,257 $ 10,607 $ 1,341 $ 275 $ 62,147 $ (6,864) $ 181,654 Reconciliation to net income: Net effects of derivatives and trading securities $ 33,715 Unallocated (expense)/income (37,978) Income tax effect related to reconciling items 753 Net income $ 178,144 Total Assets: Total on- and off-balance sheet segment assets at principal balance $ 17,728,792 $ 1,603,507 $ 6,042,996 $ 316,617 $ 230,170 $ — $ — $ 25,922,082 Off-balance sheet assets under management (3,945,557) Unallocated assets 5,356,585 Total assets on the consolidated balance sheets $ 27,333,110 (1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships. (3)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income	$ 207,193	$ 200,003	$ 178,144

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Risk Management and Strategy Farmer Mac recognizes the importance of assessing, identifying, and managing risks associated with cybersecurity threats. Farmer Mac’s process to identify and assess material risks from cybersecurity threats operates alongside Farmer Mac’s broader overall risk assessment process that contemplates all company risks. As part of this process, appropriate personnel collaborate with subject matter specialists, as necessary, to gather information to identify and assess material cybersecurity threat risks, their severity, and potential mitigations. Farmer Mac has implemented a variety of processes, technologies, and controls to aid in its efforts to identify, assess, and manage cybersecurity risks. Farmer Mac’s approach includes: • an enterprise risk management program that includes an annual cybersecurity risk assessment and management and is periodically refreshed; • security reviews designed to identify risks from many new features, software, and vendors, including a security operations center to monitor our systems; • a team of trained and experienced security professionals to investigate and remediate cybersecurity incidents; • regular cybersecurity training for all employees and network users to raise and maintain awareness of cybersecurity risks and best practices; • a vulnerability management program designed to identify vulnerabilities in the systems and software Farmer Mac uses; • regular cybersecurity testing, including third-party penetration testing on a periodic basis to allow security researchers to help identify vulnerabilities in Farmer Mac’s systems before they mature into real-world cybersecurity threats; • a third-party service provider risk management program designed to identify and mitigate risks associated with third-party vendors and business partners, which includes pre-engagement diligence, risk assessments, contractual security and notification provisions, and ongoing monitoring, as appropriate; • a threat intelligence program designed to model and research potential cybersecurity threat actors to identify vulnerabilities and anticipate attack vectors before they are exploited; • cybersecurity controls designed to segment access to systems and to limit access to sensitive data, which controls are tested and updated regularly; • patch management controls aimed at reducing system vulnerabilities; and • a generative artificial intelligence policy that describes how users may utilize generative artificial intelligence tools in alignment with Farmer Mac's values, ethical standards, and legal requirements, while also safeguarding sensitive information. These processes vary in maturity across the business, and Farmer Mac works continually to improve them. Farmer Mac also maintains a privacy and security incident response program to prepare for, detect, respond to, and recover from cybersecurity incidents. That program includes processes to triage, assess severity for, escalate, contain, investigate, and remediate any cybersecurity incident, as well as to comply with any applicable legal obligations (including to preserve evidence) and to mitigate brand and reputational damage. Farmer Mac also conducts regular tabletop exercises to test and fortify the controls of its cybersecurity incident response program. Farmer Mac’s security operations center and incident response team assesses the severity and priority of incidents on a rolling basis, with escalations of cybersecurity incidents provided to Farmer Mac’s management team and board as appropriate. If a cybersecurity incident is determined to be a material cybersecurity incident, Farmer Mac’s incident response plan defines the process for any required regulatory disclosures.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Farmer Mac has implemented a variety of processes, technologies, and controls to aid in its efforts to identify, assess, and manage cybersecurity risks. Farmer Mac’s approach includes: • an enterprise risk management program that includes an annual cybersecurity risk assessment and management and is periodically refreshed; • security reviews designed to identify risks from many new features, software, and vendors, including a security operations center to monitor our systems; • a team of trained and experienced security professionals to investigate and remediate cybersecurity incidents; • regular cybersecurity training for all employees and network users to raise and maintain awareness of cybersecurity risks and best practices; • a vulnerability management program designed to identify vulnerabilities in the systems and software Farmer Mac uses; • regular cybersecurity testing, including third-party penetration testing on a periodic basis to allow security researchers to help identify vulnerabilities in Farmer Mac’s systems before they mature into real-world cybersecurity threats; • a third-party service provider risk management program designed to identify and mitigate risks associated with third-party vendors and business partners, which includes pre-engagement diligence, risk assessments, contractual security and notification provisions, and ongoing monitoring, as appropriate; • a threat intelligence program designed to model and research potential cybersecurity threat actors to identify vulnerabilities and anticipate attack vectors before they are exploited; • cybersecurity controls designed to segment access to systems and to limit access to sensitive data, which controls are tested and updated regularly; • patch management controls aimed at reducing system vulnerabilities; and •
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Farmer Mac’s board of directors is actively involved in overseeing the company's cybersecurity risk management. At least once a year, the full board of directors meets with Farmer Mac’s Chief Information Security Officer (“CISO”) to discuss and approve Farmer Mac’s programs and policies related to cybersecurity and risk initiatives and considers them closely both from a risk management perspective and as part of Farmer Mac’s business strategy. The board has created a dedicated cybersecurity subcommittee of the enterprise risk committee to oversee Farmer Mac’s cybersecurity programs and practices, including the identification and mitigation of security and privacy risks. The cybersecurity subcommittee consists of three members of the enterprise risk committee. The cybersecurity subcommittee typically meets on a monthly basis with the CISO and other members of Farmer Mac's management team to discuss the performance and effectiveness of Farmer Mac's cyber program and to receive updates on cybersecurity risks, any cybersecurity incidents, and major cybersecurity initiatives. The materials provided to Farmer Mac’s cybersecurity subcommittee and discussed in the meetings may include updates about cybersecurity risks, controls, and assessments, including those from third parties. At each regular quarterly meeting of the board enterprise risk
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Farmer Mac’s board of directors is actively involved in overseeing the company's cybersecurity risk management.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	At least once a year, the full board of directors meets with Farmer Mac’s Chief Information Security Officer (“CISO”) to discuss and approve Farmer Mac’s programs and policies related to cybersecurity and risk initiatives and considers them closely both from a risk management perspective and as part of Farmer Mac’s business strategy. The board has created a dedicated cybersecurity subcommittee of the enterprise risk committee to oversee Farmer Mac’s cybersecurity programs and practices, including the identification and mitigation of security and privacy risks.
Cybersecurity Risk Role of Management [Text Block]	Farmer Mac’s CISO manages Farmer Mac’s cybersecurity program, which aligns to industry standards and is reviewed by the cybersecurity subcommittee and approved by the board enterprise risk committee annually, and which includes the identification, evaluation, and prioritization of security risks, as well as the company’s response to security incidents. The CISO has more than 20 years of experience in cybersecurity and information technology and holds a Master’s degree in Business Administration with a focus on Information Technology. The CISO also holds a Certified Information Security Manager (CISM) certification, which is an advanced certification indicating that an individual possesses the knowledge and experience required to develop and manage an enterprise information security program. The CISO reports to Farmer Mac's Senior Vice President – Enterprise Risk Officer, who in turn reports to the Chief Executive Officer.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Farmer Mac’s CISO manages Farmer Mac’s cybersecurity program, which aligns to industry standards and is reviewed by the cybersecurity subcommittee and approved by the board enterprise risk committee annually, and which includes the identification, evaluation, and prioritization of security risks, as well as the company’s response to security incidents.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The CISO has more than 20 years of experience in cybersecurity and information technology and holds a Master’s degree in Business Administration with a focus on Information Technology. The CISO also holds a Certified Information Security Manager (CISM) certification, which is an advanced certification indicating that an individual possesses the knowledge and experience required to develop and manage an enterprise information security program.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The CISO reports to Farmer Mac's Senior Vice President – Enterprise Risk Officer, who in turn reports to the Chief Executive Officer.Members of senior management have regular meetings with the CISO and other members of Farmer Mac's information technology team to discuss and monitor the prevention, mitigation, detection, and remediation of cybersecurity incidents. The participants in these meetings also discuss their management of, and participation in, the cybersecurity risk management and strategy processes described in this report, including the operation of Farmer Mac’s incident response plan.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries during the year: (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, which operated substantially all of the business related to the USDA Securities included in the Agricultural Finance line of business from 2010 through 2023 and continues to hold a "run-off" portfolio of USDA Securities. The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary.
Cash and Cash Equivalents	Cash and Cash Equivalents Farmer Mac considers cash on hand and highly liquid investment securities with maturities at the time of purchase of three months or less to be cash equivalents.
Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities	Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities Securities for which Farmer Mac has the intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Securities for which Farmer Mac does not have the positive intent and ability to hold to maturity are classified as available-for-sale or trading and are carried at estimated fair value. Unrealized gains and losses on available-for-sale securities are reported as a component of accumulated other comprehensive income in stockholders' equity. For securities classified as trading, unrealized gains and losses are included in earnings. Gains and losses on the sale of available-for-sale and trading securities are determined using the specific identification cost method. Farmer Mac determines the fair value of investment securities using quoted market prices, when available. Farmer Mac determines the fair values of certain investment securities for which quoted market prices are not available, Farmer Mac Guaranteed Securities, and USDA Securities based on the present value of the associated expected future cash flows. In estimating the present value of the expected future cash flows, management is required to make estimates and assumptions. The key estimates and assumptions include discount rates and collateral repayment rates. Premiums, discounts, and other deferred costs are amortized to interest income using the effective interest method. Farmer Mac generally receives compensation when loans with yield maintenance provisions underlying AgVantage Farmer Mac Guaranteed Securities prepay. These yield maintenance payments mitigate Farmer Mac's exposure to reinvestment risk and are calculated such that, when reinvested with the prepaid principal, they should generate substantially the same cash flows that would have been generated had the loans not prepaid. Yield maintenance payments are recognized as interest income in the consolidated statements of operations.
Loans	Loans Loans for which Farmer Mac has the positive intent and ability to hold for the foreseeable future are classified as held for investment and reported at their unpaid principal balance, net of unamortized purchase discounts or premiums. Loans for which Farmer Mac does not have the positive intent and ability to hold for the foreseeable future are classified as held for sale and reported at the lower of cost or fair value determined on a pooled basis. Farmer Mac de-recognizes sold loans, and recognizes any associated gain or loss, when they have been legally isolated from Farmer Mac, the buyer has the right to pledge or exchange them, and Farmer Mac does not maintain effective control over them. When Farmer Mac consolidates a trust, it recognizes the loans underlying the trust in the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost." See Note 2(o) for more information on the accounting policy related to consolidation. Non-accrual Loans Non-accrual loans are loans for which it is probable that Farmer Mac will be unable to collect all amounts due according to the contractual terms of the loan agreement and include all loans 90 days or more past due. When a loan becomes 90 days past due, interest accrual on the loan is discontinued and interest previously accrued is reversed against interest income in the current period. The interest on such loans is accounted for on the cash basis until a loan qualifies for return to accrual status. Loans are returned to accrual status when all the principal and interest payments contractually due are collected and certain performance criteria are met.
Securitization	Securitization Securitization involves the transfer of financial assets to another entity in exchange for cash and/or beneficial interests in the assets transferred. Farmer Mac or third parties transfer agricultural mortgage loans, Infrastructure loans, or USDA securities into trusts that are used as vehicles for the securitization of the transferred financial assets. The trusts issue Farmer Mac Guaranteed Securities that are beneficial interests in the assets of the trusts, to either Farmer Mac or third-party investors. Farmer Mac guarantees principal and interest payments on the securities issued by the trusts and receives guarantee fees as compensation for its guarantee. Farmer Mac recognizes guarantee fees on the accrual basis over the terms of the Farmer Mac Guaranteed Securities, which generally coincide with the terms of the underlying loans. As such, no guarantee fees are unearned at the end of any reporting period. Farmer Mac is required to perform under its guarantee obligation when the underlying loans for the off-balance sheet Farmer Mac Guaranteed Securities do not make their scheduled installment payments. When a loan underlying a Farmer Mac Guaranteed Security (other than Farmer Mac Guaranteed Securities structured as real estate mortgage investment conduits under 26 U.S.C. §§ 860A-860G) becomes 90 days or more past due, Farmer Mac may, in its sole discretion, repurchase the loan from the trust and generally does repurchase such loans, thereby reducing the principal balance of the outstanding Farm & Ranch Guaranteed Security. When Farmer Mac purchases a delinquent loan underlying a Farmer Mac Guaranteed Security, Farmer Mac stops accruing the guarantee fee upon loan purchase. If Farmer Mac repurchases a loan that is collateral for a Farmer Mac Guaranteed Security, Farmer Mac would have the right to enforce the terms of the loan, and in the event of a default, would have access to the underlying collateral. Farmer Mac typically recovers its investment in the defaulted loans purchased either through borrower payments, loan payoffs, payments by third parties, or foreclosure and sale of the collateral securing the loans. Farmer Mac has recourse to the USDA for any amounts advanced for the timely payment of principal and interest on Farmer Mac Guaranteed USDA Securities. That recourse is the USDA guarantee, a full-faith-and-credit obligation of the United States that becomes enforceable if a lender fails to repurchase the USDA-guaranteed portion from its owner within 30 days after written demand from the owner when (a) the borrower under the guaranteed loan is in default not less than 60 days in the payment of any principal or interest due on the USDA-guaranteed portion, or (b) the lender has failed to remit to the owner the payment made by the borrower on the USDA-guaranteed portion or any related loan subsidy within 30 days after the lender's receipt of the payment. Transfers of Financial Assets Farmer Mac accounts for transfers of financial assets as sales when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of Farmer Mac's continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are included in the accompanying consolidated statements of operations when incurred. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the consolidated balance sheets at fair value.
Financial Derivatives	Financial Derivatives Farmer Mac enters into financial derivative transactions principally 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, not for trading or speculative purposes. Farmer Mac enters into interest rate swap contracts to adjust the characteristics of its short-term debt to match more closely the cash flow and duration characteristics of its longer-term loans and other assets, and also to adjust the characteristics of its long-term debt to match more closely the cash flow and duration characteristics of its short-term assets, thereby reducing interest rate risk and, often times, deriving an overall lower effective cost of borrowing than would otherwise be available to Farmer Mac in the conventional debt market. Accounting for financial derivatives differs depending on whether a derivative is designated in a hedge accounting relationship. Derivative instruments designated in fair value hedge accounting relationships mitigate exposure to changes in the fair value of assets or liabilities. Derivative instruments designated in cash flow hedge accounting relationships mitigate exposure to the variability in expected future cash flows or other forecasted transactions. In order to qualify for fair value or cash flow hedge accounting treatment, documentation must indicate the intention to designate the derivative as a hedge of a specific asset, or liability, or a future cash flow. Effectiveness of the hedge is assessed before the end of the quarter of inception and monitored over the life of the hedging relationship. Changes in the fair values of financial derivatives not designated as cash flow or fair value hedges were reported in "Gains on financial derivatives" in the consolidated statements of operations. For financial derivatives designated in fair value hedge accounting relationships, changes in the fair values of hedged items related to the risk being hedged are reported in the same interest income or expense line item as income or expense from the hedged financial asset or liability in the consolidated statements of operations. Interest accruals on derivatives designated in fair value hedge relationships are also recorded in "Net interest income" in the consolidated statements of operations. For financial derivatives designated in cash flow hedge relationships, the unrealized gain or loss on the derivative is recorded in other comprehensive income. Because the hedging instrument is an interest rate swap and the hedged forecasted transactions are future interest payments on variable rate debt, amounts recorded in accumulated other comprehensive income are reclassified to "Total interest expense" in conjunction with the recognition of interest expense on the debt. Collateralized Agreements and Offsetting Arrangements Over-the-Counter Derivatives Farmer Mac uses master netting and collateral agreements to reduce our credit risk exposure to our over-the-counter derivative ("OTC") counterparties for interest-rate swap derivatives. Master netting agreements provide for the netting of amounts receivable and payable from an individual counterparty, as well as posting of collateral in the form of cash depending on which party is in a liability position. Farmer Mac has master netting agreements in place with all of our OTC derivative counterparties. The market value of each counterparty's derivatives outstanding is calculated to determine the amount of our net credit exposure, which is equal to the market value of derivatives in net gain position by counterparty after giving consideration to collateral posted. In the event a counterparty defaults on its obligation under the derivatives agreement and the default is not remedied in the manner prescribed by the agreement, Farmer Mac has a right under the agreement to sell the collateral. As a result, Farmer Mac's use of master netting and collateral agreements reduce our exposure to our counterparties in the event of default. Cleared Derivatives
Notes Payable	Notes Payable Debt issuance costs and premiums and discounts are deferred and amortized to interest expense using the effective interest method over the contractual life of the related debt.
Allowance for Losses and Reserve for Losses	Allowance for Losses and Reserve for Losses Farmer Mac maintains an allowance for credit losses to cover current expected credit losses as of the balance sheet date for on-balance sheet investment securities, loans held for investment, and AgVantage Farmer Mac Guaranteed Securities (collectively referred to as "allowance for losses"). Farmer Mac also maintains a reserve for credit losses to cover current expected credit losses as of the balance sheet date for off-balance sheet loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities (collectively referred to as "reserve for losses"). Both the allowance for losses and reserve for losses are based on historical information and reasonable and supportable forecasts. Farmer Mac has never experienced a credit loss in its Infrastructure Finance line of business. Farmer Mac measures its expected credit losses for the expected life of all financial instruments, including its Infrastructure Finance loans. To estimate expected credit losses on these loans, Farmer Mac relies upon industry historical credit loss data from ratings agencies and publicly available information as disclosed in the securities filings of other major lenders who serve the utilities and renewable industries. The allowance for losses increases through periodic provisions for loan losses that are charged against net interest income and the reserve for losses increases through provisions for losses that are charged to non-interest expense. Both the allowance for losses and reserve for losses are decreased by charge-offs for realized losses, net of recoveries. Releases from the allowance for losses or reserve for losses occur when the estimate of expected credit losses as of the end of a period is less than the estimate at the beginning of the period. The total allowance for losses consists of the allowance for losses and the reserve for losses. Charge-offs Farmer Mac records a charge-off from the allowance for losses when either a) a loan, or a portion of a loan, is deemed uncollectible; or b) a loss has been confirmed through the receipt of assets, generally the underlying collateral, in full satisfaction of the loan. The charge-off equals the excess of the recorded investment in the loan over the fair value of the collateral less estimated selling costs. Estimation Methodology Farmer Mac bases its methodology for determining its current estimate of expected losses on a statistical model, which incorporates credit loss history and reasonable and supportable forecasts. Farmer Mac's estimation methodology includes the following key components: • An economic model for each portfolio, including Agricultural Finance loans (Corporate AgFinance and Farm & Ranch), Infrastructure Finance loans (Power & Utilities, Broadband Infrastructure, and Renewable Energy), and AgVantage Securities; • A migration matrix for each portfolio that reasonably predicts the movement of each financial asset among various risk categories over the course of each asset's expected life (the migration matrix forms the basis for our estimate of the probability of default of each financial asset); • A loss-given-default ("LGD") model that reasonably predicts the amount of loss that Farmer Mac would incur upon the default of each financial asset; • An economic factor forecast that updates the migration matrix model and the LGD model with current assumptions for the economic indicators that Farmer Mac has determined are most correlated with or relevant to the performance of each portfolio of assets (including Gross Domestic Product ("GDP"), credit spreads, unemployment rates, land values, and commodity prices); and • A discounted cash flow analysis, which relies upon each of the above model outputs, plus the contractual terms of each financial asset, and the effective interest rate of each financial asset. Management evaluates these assumptions by considering many relevant factors, including: • economic conditions; • geographic and agricultural commodity/product concentrations in the portfolio; • the credit profile of the portfolio, including risk ratings and financial metrics; • delinquency trends of the portfolio; • historical charge-off and recovery activities of the portfolio; and • other factors to capture current portfolio trends and characteristics that differ from historical experience. Management believes that its methodology produces a reasonable estimate of expected credit losses, as of the balance sheet date, for the expected life of all of its financial assets. Allowance for Loss on Available-for-Sale (AFS) Securities To measure current expected credit losses on impaired AFS securities, Farmer Mac first considers those impaired securities that: 1) Farmer Mac does not intend to sell, and 2) it is not more likely than not that Farmer Mac will be required to sell before recovering its amortized cost basis. In assessing whether a credit loss exists, Farmer Mac compares the present value, discounted at the security's effective interest rate, of cash flows expected to be collected from an impaired AFS debt security to its amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis of the impaired security, a credit loss exists and Farmer Mac records an allowance for loss for that credit loss. However, the amount of that allowance is limited by the amount that the security’s fair value is less than its amortized cost basis. Accrued interest receivable is recorded separately on the Consolidated Balance Sheet, and the allowance for credit losses excludes uncollectible accrued interest receivable. Collateral Dependent Assets ("CDAs")
Earnings Per Common Share	Earnings Per Common Share
Income Taxes	Income Taxes Deferred federal income tax assets and liabilities are established for temporary differences between financial and taxable income and are measured using the current enacted statutory tax rate. Income tax expense is equal to the income taxes payable in the current year plus the net change in the deferred tax asset or liability balance. Deferred tax assets are measured at rates enacted for the periods in which they are expected to be realized. To the extent rates change, the deferred tax asset will be adjusted to reflect the new rate. A increase in corporate tax rates would result in an increase in the value of the deferred tax asset. Farmer Mac evaluates its tax positions quarterly to identify and recognize any liabilities related to uncertain tax positions in its federal income tax returns. Farmer Mac uses a two-step approach in which income tax benefits are recognized if, based on the technical merits of a tax position, it is more likely than not (a probability of greater than 50%) that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation process. The amount of tax benefit recognized is then measured at the largest amount of tax benefit that is greater than 50% likely to be realized upon settlement with the taxing authority, considering all information available at the reporting date. Farmer Mac's policy for recording interest and penalties associated with uncertain tax positions is to record them as a component of income tax expense. Farmer Mac establishes a valuation allowance for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining its deferred tax asset valuation allowance, Farmer Mac considered its taxable income of the appropriate character (for example, ordinary income or capital gain) within the carryback and carryforward periods available under the tax law and the impact of possible tax planning strategies.
Stock-Based Compensation	Stock-Based Compensation Farmer Mac accounts for its stock-based employee compensation plans using the grant date fair value method of accounting. Farmer Mac measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award determined using the Black-Scholes option pricing model. The cost is recognized over the period during which an employee is required to provide service in exchange for the award. For performance-based grants, Farmer Mac recognizes the grant-date fair value over the vesting period as long as it remains probable that the performance conditions will be met. If the service or performance conditions are not met, Farmer Mac reverses previously recognized compensation expense upon forfeiture.
Comprehensive Income	Comprehensive Income
Guarantees	Guarantees Farmer Mac accounts for its LTSPCs as guarantees. LTSPCs and securitization trusts where Farmer Mac is not the primary beneficiary result in the creation of guarantee obligations for Farmer Mac. Farmer Mac records, at the inception of a guarantee or LTSPC, a liability for the fair value of its obligation to stand ready to perform under the terms of each guarantee or LTSPC and an asset that is equal to the fair value of the fees that will be received over the life of each guarantee or LTSPC. The fair values of the guarantee obligation and asset at inception 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. Because the cash flows of these instruments may be interest rate path dependent, these values and projected discount rates are derived using a Monte Carlo simulation model. The guarantee obligation and corresponding asset are later amortized into guarantee and commitment fee income in relation to the decrease in the unpaid principal balance on the underlying Agricultural Finance real estate mortgage loans and Infrastructure Finance loans.
Fair Value Measurement	Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, Farmer Mac uses various valuation approaches, including market and income based approaches. When available, the fair value of Farmer Mac's financial instruments is based on quoted market prices, valuation techniques that use observable market-based inputs, or unobservable inputs that are corroborated by market data. Pricing information obtained from third parties is internally validated for reasonableness before use in the consolidated financial statements. Fair value measurements related to financial instruments that are reported at fair value in the consolidated financial statements each period are referred to as recurring fair value measurements. Fair value measurements related to financial instruments that are not reported at fair value each period but are subject to fair value adjustments in certain circumstances are referred to as nonrecurring fair value measurements. Fair Value Classification and Transfers The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The following three levels are used to classify fair value measurements: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3 Prices or valuations that require unobservable inputs that are significant to the fair value measurement. Farmer Mac performs a detailed analysis of the assets and liabilities carried at fair value to determine the appropriate level based on the transparency of the inputs used in the valuation techniques. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Farmer Mac's assessment of the significance of a particular input to the fair value measurement of an instrument requires judgment and consideration of factors specific to the instrument. While Farmer Mac believes its valuation methods are appropriate and consistent with those of other market participants, using different methodologies or assumptions to determine fair value could result in a materially different estimate of fair value for some financial instruments. The following is a description of the fair value techniques used for instruments measured at fair value as well as the general classification of those instruments under the valuation hierarchy described above. Recurring Fair Value Measurements and Classification Available-for-Sale and Trading Investment Securities The fair value of investments in U.S. Treasuries is based on unadjusted quoted prices for identical securities in active markets. Farmer Mac classifies these fair value measurements as "Level 1." For a significant portion of Farmer Mac's investment portfolio, including most asset-backed securities, senior agency debt securities, and Government/GSE guaranteed mortgage-backed securities, fair value is primarily determined using a reputable and nationally recognized third-party pricing service. The prices obtained are non-binding and generally representative of recent market trades on similar securities. The fair value of certain asset-backed and Government guaranteed mortgage-backed securities are estimated based on quotations from brokers or dealers. Farmer Mac corroborates its primary valuation source by obtaining a secondary price from another independent third-party pricing service. Farmer Mac classifies these fair value measurements as "Level 2." For certain investment securities that are thinly traded or not quoted, Farmer Mac estimates fair value using internally-developed models that employ a discounted cash flow approach. Farmer Mac maximizes the use of observable market data, including prices of financial instruments with similar maturities and characteristics, interest rate yield curves, measures of volatility, and prepayment rates. Farmer Mac generally considers a market to be thinly traded or not quoted if the following conditions exist: (1) there are few transactions for the financial instruments; (2) the prices in the market are not current; (3) the price quotes vary significantly either over time or among independent pricing services or dealers; or (4) there is limited availability of public market information. Farmer Mac classifies these fair value measurements as "Level 3." Available-for-Sale and Trading Farmer Mac Guaranteed Securities and USDA Securities Farmer Mac estimates the fair value of its Farmer Mac Guaranteed Securities and USDA Securities by discounting the projected cash flows of these instruments at discount rates commensurate with the risks involved. 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. Farmer Mac classifies these fair value measurements as Level 3 because there is limited market activity and therefore require the use of significant unobservable inputs in estimating the fair value. Financial Derivatives The fair value of exchange-traded U.S. Treasury futures is based on unadjusted quoted prices for identical financial instruments. Farmer Mac classifies these fair value measurements as Level 1. Farmer Mac's derivative portfolio consists primarily of interest rate swaps and forward sales contracts on the debt of other GSEs. Farmer Mac estimates the fair value of these financial instruments primarily based upon a third-party accounting and valuation system. The third-party accounting and valuation system determines the fair value of the interest rate swaps using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). Farmer Mac also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements of its derivatives. The credit valuation adjustments associated with Farmer Mac’s derivatives utilize model-derived credit spreads, which are Level 3 inputs. As of December 31, 2024, Farmer Mac has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of these interest rate contracts and has determined that the credit valuation adjustments were not significant to the overall valuation of its derivative portfolio. As a result, Farmer Mac classifies these derivative instruments as Level 2 due to the observable nature of the significant inputs utilized. Farmer Mac also internally values its derivative portfolio using a discounted cash flow valuation technique and obtains counterparty valuations to corroborate management's estimate of fair value, which is based upon a third-party accounting and valuation system.
Consolidation of Variable Interest Entities	Consolidation of Variable Interest Entities Farmer Mac has interests in various entities that are considered to be VIEs. These interests include investments in securities issued by VIEs, such as Farmer Mac agricultural mortgage-backed securities created pursuant to Farmer Mac's securitization transactions and mortgage- and asset-backed trusts that Farmer Mac did not create. The consolidation model uses a qualitative evaluation that requires consolidation of an entity when the reporting enterprise both: (1) has the power to direct matters which significantly impact the activities and success of the entity, and (2) has exposure to benefits and/or losses that could potentially be significant to the entity. The reporting enterprise that meets both these conditions is deemed the primary beneficiary of the VIE. Upon consolidation of a VIE, Farmer Mac accounts for the incremental assets and liabilities initially at their carrying amounts. The VIEs in which Farmer Mac has a variable interest are limited to securitization trusts. Given the interests Farmer Mac holds, the major factor in determining if Farmer Mac is the primary beneficiary is whether Farmer Mac has the power to direct the activities of the trust that potentially have the most significant impact on the economic performance of the trust. Generally, the ability to make decisions regarding default mitigation is evidence of that power. Farmer Mac determined that it is the primary beneficiary for the securitization trusts related to most Agricultural Finance securitization transactions because of its rights as guarantor under both programs to control the default mitigation activities of the trusts. For certain securitization trusts created when loans subject to LTSPCs were converted to Farmer Mac Guaranteed Securities, Farmer Mac determined that it was not the primary beneficiary since the power to make decisions regarding default mitigation was shared among unrelated parties. For these trusts, the shared power provisions are substantive with respect to decision-making power and relate to the same activity (i.e., default mitigation). For similar securitization transactions where the power to make decisions regarding default mitigation was shared with a related party, Farmer Mac determined that it was the primary beneficiary because the applicable accounting guidance does not permit parties within a related party group to conclude that the power is shared. In the event that a related party status changes, consolidation or deconsolidation of these securitization trusts could occur. For those trusts that Farmer Mac is the primary beneficiary, the assets and liabilities are presented on the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost" and "Debt securities of consolidated trusts held by third parties," respectively. These assets can only be used to satisfy the obligations of the related trust.
Custodial Deposit Liability	Custodial Deposit LiabilityFarmer Mac, as a servicer, collects cash from borrowers in advance of the borrower's contractual payment date. Farmer Mac's policy is to include the cash in the consolidated balance sheet as "Cash and cash equivalents" with an offsetting liability to "Accounts payable and accrued expenses" until the payment is contractually due, at which point the payment is applied to the loan. The net change in the amount of this custodial cash will also be disclosed in the consolidated statements of cash flows as "Custodial deposit liability."
Business Segments	Business Segments During fourth quarter 2024, Farmer Mac's Chief Operating Decision Maker ("CODM") – its President and Chief Executive Officer – began to be provided with financial information of an additional operating segment, "Broadband Infrastructure." Prior to fourth quarter 2024, the financial information of the Broadband Infrastructure segment had been included within the Rural Utilities segment, which was renamed as "Power & Utilities" in fourth quarter 2024. The CODM reviews segment core earnings to make decisions about allocating resources and to assess the financial performance of the segments. Prior to fourth quarter 2024, the reportable segments were: Farm & Ranch, Corporate AgFinance, Rural Utilities, Renewable Energy, Funding, Investments, and Corporate. Beginning in fourth quarter 2024, the reportable segments are: Farm & Ranch, Corporate AgFinance, Power & Utilities, Broadband Infrastructure, Renewable Energy, Funding, and Investments. The purpose of separately reporting the financial results of the Broadband Infrastructure segment is for the CODM to separately review and analyze its financial performance according to this type of customer and market because it is meaningfully distinct from the Power & Utilities customer and market. Prior to 2024, all operating expenses were allocated to a Corporate segment. Beginning in fourth quarter 2024, operating expenses that are directly attributable to the operating segments are allocated to each respective segment. The remaining operating expenses that are not directly attributable to operating segments are unallocated and reported as a reconciling adjustment between total segment results and consolidated net income. For the three years ended December 31, 2024, 2023, and 2022, Farmer Mac has recast its segment results to reflect these changes.
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. 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. December 31, 2024 Farmer Mac adopted this ASU for the year-end December 31, 2024, and applied it retrospectively to all prior periods presented. See note 14 to the consolidated financial statements. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Effect on Consolidated Financial Statements 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. ASU 2024-03 , Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption 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)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Basic and Diluted EPS	The following schedule reconciles basic and diluted EPS for the years ended December 31, 2024, 2023, and 2022: Table 2.1 For the Years Ended December 31, 2024 2023 2022 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 180,428 10,874 $ 16.59 $ 172,838 10,829 $ 15.97 $ 150,979 10,791 $ 14.00 Effect of dilutive securities (1) SARs and restricted stock units — 101 (0.15) — 108 (0.16) — 92 (0.13) Diluted EPS $ 180,428 10,975 $ 16.44 $ 172,838 10,937 $ 15.81 $ 150,979 10,883 $ 13.87 (1) For the Years Ended December 31, 2024, 2023, and 2022, SARs and restricted stock units of 30,891, 32,683, and 32,448 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the Years Ended December 31, 2024, 2023, and 2022, contingent shares of unvested restricted stock units of 28,670, 30,648, and 18,535 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 years ended December 31, 2024, 2023, and 2022. Table 2.2 Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total (in thousands) Balance as of January 1, 2022 $ (6,932) $ 16,153 $ (5,368) $ 3,853 Other comprehensive (loss)/income before reclassifications (108,624) — 54,688 (53,936) Amounts reclassified from AOCI (5) 204 (959) (760) Net comprehensive (loss)/income (108,629) 204 53,729 (54,696) Balance as of December 31, 2022 $ (115,561) $ 16,357 $ 48,361 $ (50,843) Other comprehensive income/(loss) before reclassifications 47,114 (25,199) 4,973 26,888 Amounts reclassified from AOCI — 118 (16,308) (16,190) Net comprehensive income/(loss) 47,114 (25,081) (11,335) 10,698 Balance as of December 31, 2023 $ (68,447) $ (8,724) $ 37,026 $ (40,145) Other comprehensive income before reclassifications 31,715 — 13,947 45,662 Amounts reclassified from AOCI (843) (502) (16,319) (17,664) Net comprehensive income/(loss) 30,872 (502) (2,372) 27,998 Balance as of December 31, 2024 $ (37,575) $ (9,226) $ 34,654 $ (12,147)
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 years ended December 31, 2024, 2023, and 2022: Table 2.3 For the Years Ended December 31, 2024 2023 2022 Before Tax Provision (Benefit) After Tax Before Tax Provision(Benefit) After Tax Before Tax Provision (Benefit) After (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding gains/(losses) on available-for-sale securities $ 40,145 $ 8,430 $ 31,715 $ 59,640 $ 12,526 $ 47,114 $ (137,500) $ (28,876) $ (108,624) Less reclassification adjustments included in: Gains on sale of available-for-sale investment securities (1) (1,052) (221) (831) — — — — — — Other income (2) (15) (3) (12) — — — (6) (1) (5) Total $ 39,078 $ 8,206 $ 30,872 $ 59,640 $ 12,526 $ 47,114 $ (137,506) $ (28,877) $ (108,629) Held-to-maturity securities: Change in fair value (3) $ — $ — $ — $ (31,898) $ (6,699) $ (25,199) $ — $ — $ — Less reclassification adjustments included in: Net interest income (4) (636) (134) (502) 148 30 118 259 55 204 Total $ (636) $ (134) $ (502) $ (31,750) $ (6,669) $ (25,081) $ 259 $ 55 $ 204 Cash flow hedges Unrealized gains on cash flow hedges $ 17,655 $ 3,708 $ 13,947 $ 6,295 $ 1,322 $ 4,973 $ 69,225 $ 14,537 $ 54,688 Less reclassification adjustments included in: Net interest income (5) (20,657) (4,338) (16,319) (20,643) (4,335) (16,308) (1,213) (254) (959) Total $ (3,002) $ (630) $ (2,372) $ (14,348) $ (3,013) $ (11,335) $ 68,012 $ 14,283 $ 53,729 Other comprehensive income/(loss) $ 35,440 $ 7,442 $ 27,998 $ 13,542 $ 2,844 $ 10,698 $ (69,235) $ (14,539) $ (54,696) (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 Consolidation of Variable Interest Entities	The following tables present, by segment, details about the consolidation of VIEs: Table 2.4 Consolidation of Variable Interest Entities As of December 31, 2024 Agricultural Finance Treasury Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 2,038,283 $ — $ 2,038,283 Debt securities of consolidated trusts held by third parties (1)(2) 1,929,628 — 1,929,628 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value 59,317 — 59,317 Maximum exposure to loss (3) 58,985 — 58,985 Investment securities: Carrying value (4) — 4,212,258 4,212,258 Maximum exposure to loss (3)(4) — 4,547,397 4,547,397 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3)(5) 426,310 — 426,310 (1) Includes borrower remittances of $4.7 million. The borrower remittances had not been passed through to third-party investors as of December 31, 2024. (2) Includes $113.2 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 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. 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. December 31, 2024 Farmer Mac adopted this ASU for the year-end December 31, 2024, and applied it retrospectively to all prior periods presented. See note 14 to the consolidated financial statements. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Effect on Consolidated Financial Statements 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. ASU 2024-03 , Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption 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.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following transactions occurred between Farmer Mac and Zions during 2024, 2023, and 2022: Table 3.1 For the Years Ended December 31, 2024 2023 2022 (in thousands) Unpaid Principal Balance: Purchases: Loans $ 173,928 $ 160,079 $ 274,517 USDA Securities 363 231 4,171 Sales of Farmer Mac Guaranteed Securities 60,192 — 99,643 Table 3.2 Farmer Mac Loan Purchases and Guarantees For the Years Ended December 31, 2024 2023 2022 (in thousands) Unpaid Principal Balance: Loans $ 453,972 $ 298,254 $ 386,998 LTSPCs — — 30,421 AgVantage Securities 200,000 1,450,000 670,000 Total purchases and guarantees $ 653,972 $ 1,748,254 $ 1,087,419

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 and 2023: Table 4.1 As of December 31, 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 $ (27) $ — $ (197) $ 19,476 Floating rate Government/GSE guaranteed mortgage-backed securities 2,317,032 (841) 2,316,191 — 3,484 (13,950) 2,305,725 Fixed rate Government/GSE guaranteed mortgage-backed securities 2,544,136 (66,845) 2,477,291 — 3,426 (142,750) 2,337,967 Floating rate U.S. Treasuries — — — — — — — Fixed rate U.S. Treasuries 1,302,677 (10,743) 1,291,934 — 2,604 (4,692) 1,289,846 Total available-for-sale 6,183,545 (78,429) 6,105,116 (27) 9,514 (161,589) 5,953,014 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 9,270 — 9,270 — 270 — 9,540 Total held-to-maturity $ 9,270 $ — $ 9,270 $ — $ 270 $ — $ 9,540 (1) Amounts presented exclude $22.3 million of accrued interest receivable on investment securities as of December 31, 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 December 31, 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 Government/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 December 31, 2024 and 2023: Table 5.1 As of December 31, 2024 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,694,492 $ (26,928) $ 2,667,564 $ (178) $ 5,978 $ (21,592) $ 2,651,772 Farmer Mac Guaranteed USDA Securities 50,275 27 50,302 — 246 (1,220) 49,328 Total Farmer Mac Guaranteed Securities 2,744,767 (26,901) 2,717,866 (178) 6,224 (22,812) 2,701,100 USDA Securities 2,351,334 19,200 2,370,534 — 180 (258,190) 2,112,524 Total held-to-maturity $ 5,096,101 $ (7,701) $ 5,088,400 $ (178) $ 6,404 $ (281,002) $ 4,813,624 Available-for-sale: AgVantage $ 5,826,948 $ — $ 5,826,948 $ (236) $ 6,295 $ (327,476) $ 5,505,531 Farmer Mac Guaranteed Securities (3) — 8,710 8,710 — 305 — 9,015 Total available-for-sale $ 5,826,948 $ 8,710 $ 5,835,658 $ (236) $ 6,600 $ (327,476) $ 5,514,546 Trading: USDA Securities (4) $ 814 $ 42 $ 856 $ — $ — $ (38) $ 818 (1) Amounts presented exclude $57.5 million and $59.8 million 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 $9.0 million of an interest-only security with a notional amount of $228.0 million. (4) The trading USDA securities had a weighted average yield of 5.47% as of December 31, 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 and $67.4 million 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 December 31, 2024 and 2023, unrealized losses on available-for-sale investment securities were as follows: Table 4.2 As of December 31, 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 $ — $ — $ 19,476 $ (197) Floating rate Government/GSE guaranteed mortgage-backed securities 269,862 (420) 1,025,360 (13,530) Fixed rate Government/GSE guaranteed mortgage-backed securities 999,793 (17,682) 946,166 (125,068) Floating rate U.S. Treasuries — — — — Fixed rate U.S. Treasuries 590,307 (4,375) 58,523 (317) Total $ 1,859,962 $ (22,477) $ 2,049,525 $ (139,112) Number of securities in loss position 90 155 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 December 31, 2024 and 2023, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2 As of December 31, 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 $ 998,200 $ (3,326) $ 1,187,464 $ (18,266) Farmer Mac Guaranteed USDA Securities 30,912 (529) 8,070 (691) USDA Securities 8,938 (164) 2,099,695 (258,026) Total held-to-maturity $ 1,038,050 $ (4,019) $ 3,295,229 $ (276,983) Available-for-sale: AgVantage $ 1,152,227 $ (12,889) $ 3,649,845 $ (314,587) Total available-for-sale $ 1,152,227 $ (12,889) $ 3,649,845 $ (314,587) 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 December 31, 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 4.3 As of December 31, 2024 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 463,931 $ 464,956 3.90% Due after one year through five years 2,308,576 2,288,524 4.09% Due after five years through ten years 2,441,044 2,319,007 3.94% Due after ten years 891,565 880,527 4.97% Total $ 6,105,116 $ 5,953,014 4.15% The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of December 31, 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 5.3 As of December 31, 2024 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 871,516 $ 869,749 4.20 % Due after one year through five years 3,102,516 3,010,710 3.73 % Due after five years through ten years 730,000 650,677 3.26 % Due after ten years 1,131,626 983,410 3.82 % Total $ 5,835,658 $ 5,514,546 3.75 % (1) Amounts presented exclude $57.5 million of accrued interest receivable. As of December 31, 2024 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,094,388 $ 1,089,152 4.41 % Due after one year through five years 1,021,370 1,006,240 4.08 % Due after five years through ten years 296,135 263,383 3.72 % Due after ten years 2,676,507 2,454,849 4.23 % Total $ 5,088,400 $ 4,813,624 4.25 % (1) Amounts presented exclude $59.8 million of accrued interest receivable.

FARMER MAC GUARANTEED SECURIT_2

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 and 2023: Table 4.1 As of December 31, 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 $ (27) $ — $ (197) $ 19,476 Floating rate Government/GSE guaranteed mortgage-backed securities 2,317,032 (841) 2,316,191 — 3,484 (13,950) 2,305,725 Fixed rate Government/GSE guaranteed mortgage-backed securities 2,544,136 (66,845) 2,477,291 — 3,426 (142,750) 2,337,967 Floating rate U.S. Treasuries — — — — — — — Fixed rate U.S. Treasuries 1,302,677 (10,743) 1,291,934 — 2,604 (4,692) 1,289,846 Total available-for-sale 6,183,545 (78,429) 6,105,116 (27) 9,514 (161,589) 5,953,014 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 9,270 — 9,270 — 270 — 9,540 Total held-to-maturity $ 9,270 $ — $ 9,270 $ — $ 270 $ — $ 9,540 (1) Amounts presented exclude $22.3 million of accrued interest receivable on investment securities as of December 31, 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 December 31, 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 Government/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 December 31, 2024 and 2023: Table 5.1 As of December 31, 2024 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 2,694,492 $ (26,928) $ 2,667,564 $ (178) $ 5,978 $ (21,592) $ 2,651,772 Farmer Mac Guaranteed USDA Securities 50,275 27 50,302 — 246 (1,220) 49,328 Total Farmer Mac Guaranteed Securities 2,744,767 (26,901) 2,717,866 (178) 6,224 (22,812) 2,701,100 USDA Securities 2,351,334 19,200 2,370,534 — 180 (258,190) 2,112,524 Total held-to-maturity $ 5,096,101 $ (7,701) $ 5,088,400 $ (178) $ 6,404 $ (281,002) $ 4,813,624 Available-for-sale: AgVantage $ 5,826,948 $ — $ 5,826,948 $ (236) $ 6,295 $ (327,476) $ 5,505,531 Farmer Mac Guaranteed Securities (3) — 8,710 8,710 — 305 — 9,015 Total available-for-sale $ 5,826,948 $ 8,710 $ 5,835,658 $ (236) $ 6,600 $ (327,476) $ 5,514,546 Trading: USDA Securities (4) $ 814 $ 42 $ 856 $ — $ — $ (38) $ 818 (1) Amounts presented exclude $57.5 million and $59.8 million 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 $9.0 million of an interest-only security with a notional amount of $228.0 million. (4) The trading USDA securities had a weighted average yield of 5.47% as of December 31, 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 and $67.4 million 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 December 31, 2024 and 2023, unrealized losses on available-for-sale investment securities were as follows: Table 4.2 As of December 31, 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 $ — $ — $ 19,476 $ (197) Floating rate Government/GSE guaranteed mortgage-backed securities 269,862 (420) 1,025,360 (13,530) Fixed rate Government/GSE guaranteed mortgage-backed securities 999,793 (17,682) 946,166 (125,068) Floating rate U.S. Treasuries — — — — Fixed rate U.S. Treasuries 590,307 (4,375) 58,523 (317) Total $ 1,859,962 $ (22,477) $ 2,049,525 $ (139,112) Number of securities in loss position 90 155 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 December 31, 2024 and 2023, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2 As of December 31, 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 $ 998,200 $ (3,326) $ 1,187,464 $ (18,266) Farmer Mac Guaranteed USDA Securities 30,912 (529) 8,070 (691) USDA Securities 8,938 (164) 2,099,695 (258,026) Total held-to-maturity $ 1,038,050 $ (4,019) $ 3,295,229 $ (276,983) Available-for-sale: AgVantage $ 1,152,227 $ (12,889) $ 3,649,845 $ (314,587) Total available-for-sale $ 1,152,227 $ (12,889) $ 3,649,845 $ (314,587) 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 December 31, 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 4.3 As of December 31, 2024 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 463,931 $ 464,956 3.90% Due after one year through five years 2,308,576 2,288,524 4.09% Due after five years through ten years 2,441,044 2,319,007 3.94% Due after ten years 891,565 880,527 4.97% Total $ 6,105,116 $ 5,953,014 4.15% The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of December 31, 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 5.3 As of December 31, 2024 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 871,516 $ 869,749 4.20 % Due after one year through five years 3,102,516 3,010,710 3.73 % Due after five years through ten years 730,000 650,677 3.26 % Due after ten years 1,131,626 983,410 3.82 % Total $ 5,835,658 $ 5,514,546 3.75 % (1) Amounts presented exclude $57.5 million of accrued interest receivable. As of December 31, 2024 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,094,388 $ 1,089,152 4.41 % Due after one year through five years 1,021,370 1,006,240 4.08 % Due after five years through ten years 296,135 263,383 3.72 % Due after ten years 2,676,507 2,454,849 4.23 % Total $ 5,088,400 $ 4,813,624 4.25 % (1) Amounts presented exclude $59.8 million of accrued interest receivable.

FINANCIAL DERIVATIVES (Tables)

FINANCIAL DERIVATIVES (Tables)	12 Months Ended
	Dec. 31, 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 $15.8 million and $16.4 million of accrued interest receivable and $4.9 million and $6.5 million of accrued interest payable on uncleared swaps as of December 31, 2024 and 2023, respectively. The aforementioned accrued interest on uncleared swaps is included within Accrued Interest Receivable Table 6.1 As of December 31, 2024 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Receive fixed non-callable $ 7,460,685 $ 174 $ (12,165) 4.71% 3.40% 1.53 Pay fixed non-callable 9,657,181 5,134 (97) 2.67% 4.56% 9.12 Receive fixed callable 4,592,077 5,119 (65,167) 4.54% 3.67% 2.65 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 540,000 16,903 (2) 1.92% 4.87% 3.43 No hedge designation: Interest rate swaps: Pay fixed non-callable 157,776 819 (1) 2.92% 4.75% 3.40 Receive fixed non-callable 1,803,328 48 (2) 4.52% 4.43% 0.30 Basis swaps 655,384 8 (354) 4.69% 4.52% 3.83 Treasury futures 29,900 46 — 108.91 Netting adjustments (1) — (462) 462 Total financial derivatives $ 24,896,331 $ 27,789 $ (77,326) (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 years ended December 31, 2024, 2023, and 2022: Table 6.2 For the Year Ended December 31, 2024 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 345,501 $ 628,828 $ 629,187 $ (1,249,649) $ 2,636 $ 356,503 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 40,224 147,922 68,346 (275,387) — (18,895) Recognized on hedged items 44,303 213,759 69,516 (423,428) — (95,850) Premium/discount amortization recognized on hedged items 2,134 — — (3,197) — (1,063) Income/(expense) related to interest settlements on fair value hedging relationships $ 86,661 $ 361,681 $ 137,862 $ (702,012) $ — $ (115,808) Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 29,181 $ 52,494 $ 71,213 $ 105,355 $ — $ 258,243 Recognized on hedged items (28,502) (49,922) (66,852) (101,419) — (246,695) Gains/(losses) on fair value hedging relationships $ 679 $ 2,572 $ 4,361 $ 3,936 $ — $ 11,548 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 20,657 $ — $ 20,657 Recognized on hedged items — — — (31,241) — (31,241) Discount amortization recognized on hedged items — — — (34) — (34) Expense recognized on cash flow hedges $ — $ — $ — $ (10,618) $ — $ (10,618) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 2,424 $ 2,424 Interest expense on interest rate swaps — — — — (1,377) (1,377) Treasury futures — — — — 1,589 1,589 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 2,636 $ 2,636 For the Year Ended December 31, 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: $ 287,144 $ 590,250 $ 514,894 $ (1,064,741) $ 2,882 $ 330,429 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 35,377 146,027 64,648 (345,852) — (99,800) Recognized on hedged items 33,488 183,396 63,133 (341,523) — (61,506) Premium/discount amortization recognized on hedged items 1,860 — — (2,865) — (1,005) Income/(expense) related to interest settlements on fair value hedging relationships $ 70,725 $ 329,423 $ 127,781 $ (690,240) $ — $ (162,311) (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ (19,445) $ (91,151) $ (23,528) $ 279,803 $ — $ 145,679 Recognized on hedged items 18,472 89,437 21,686 (280,668) — (151,073) (Losses)/gains on fair value hedging relationships $ (973) $ (1,714) $ (1,842) $ (865) $ — $ (5,394) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 20,643 $ — $ 20,643 Recognized on hedged items — — — (31,610) — (31,610) Discount amortization recognized on hedged items — — — (55) — (55) Expense recognized on cash flow hedges $ — $ — $ — $ (11,022) $ — $ (11,022) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 4,395 $ 4,395 Interest expense on interest rate swaps — — — — (4,845) (4,845) Treasury futures — — — — 3,332 3,332 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 2,882 $ 2,882 For the Year Ended December 31, 2022 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: $ 82,659 $ 283,769 $ 350,420 $ (445,908) $ 22,631 $ 293,571 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 2,727 (19,486) (501) (61,941) — (79,201) Recognized on hedged items 16,199 142,809 56,141 (132,406) — 82,743 Premium/discount amortization recognized on hedged items (754) — — (2,116) — (2,870) Income/(expense) related to interest settlements on fair value hedging relationships $ 18,172 $ 123,323 $ 55,640 $ (196,463) $ — $ 672 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ 104,722 $ 553,530 $ 351,116 $ (489,445) $ — $ 519,923 Recognized on hedged items (105,889) (553,393) (341,162) 486,323 — (514,121) (Losses)/gains on fair value hedging relationships $ (1,167) $ 137 $ 9,954 $ (3,122) $ — $ 5,802 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 1,213 $ — $ 1,213 Recognized on hedged items — — — (12,847) — (12,847) Discount amortization recognized on hedged items — — — (57) — (57) Expense recognized on cash flow hedges $ — $ — $ — $ (11,691) $ — $ (11,691) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 13,012 $ 13,012 Interest expense on interest rate swaps — — — — (7,619) (7,619) Treasury futures — — — — 17,238 17,238 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 22,631 $ 22,631
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 December 31, 2024 and 2023: Table 6.3 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) December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 (in thousands) Investment securities, Available-for-Sale, at fair value (1) $ 1,477,880 $ 1,251,386 $ (117,137) $ (88,635) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value (2) 5,478,484 5,497,948 (307,358) (257,436) Loans held for investment, at amortized cost 1,816,738 1,699,361 (372,444) (305,592) Notes Payable (3) (11,899,049) (13,350,111) 148,999 250,418 (1) Amortized cost of $1.6 billion and $1.4 billion as of December 31, 2024 and 2023, respectively. (2) Amortized cost of $5.8 billion as of both December 31, 2024 and 2023. (3) 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 December 31, 2024 and 2023: Table 6.4 December 31, 2024 Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Netting Adjustments Financial instruments pledged Cash Collateral Net Amount (1) (in thousands) Assets: Uncleared derivatives $ 22,759 $ — $ 22,759 $ (22,061) $ — $ (652) $ 46 Cleared derivatives 5,492 (462) 5,030 — (5,030) — — Total $ 28,251 $ (462) $ 27,789 $ (22,061) $ (5,030) $ (652) $ 46 Liabilities: Uncleared derivatives $ (77,326) $ — $ (77,326) $ 22,061 $ — $ 44,299 $ (10,966) Cleared derivatives (462) 462 — — — — — Total $ (77,788) $ 462 $ (77,326) $ 22,061 $ — $ 44,299 $ (10,966) (1) 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, 2024, Farmer Mac had additional net exposure of $209.0 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position and $4.7 million due to instances where 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 December 31, 2024 and 2023: Table 6.4 December 31, 2024 Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet Netting Adjustments Financial instruments pledged Cash Collateral Net Amount (1) (in thousands) Assets: Uncleared derivatives $ 22,759 $ — $ 22,759 $ (22,061) $ — $ (652) $ 46 Cleared derivatives 5,492 (462) 5,030 — (5,030) — — Total $ 28,251 $ (462) $ 27,789 $ (22,061) $ (5,030) $ (652) $ 46 Liabilities: Uncleared derivatives $ (77,326) $ — $ (77,326) $ 22,061 $ — $ 44,299 $ (10,966) Cleared derivatives (462) 462 — — — — — Total $ (77,788) $ 462 $ (77,326) $ 22,061 $ — $ 44,299 $ (10,966) (1) 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, 2024, Farmer Mac had additional net exposure of $209.0 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position and $4.7 million due to instances where 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)

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2024 and 2023: Table 7.1 December 31, 2024 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 $ 2,167,258 4.42 % $ 1,928,884 5.11 % Medium-term notes 2,343,264 4.64 % 1,000,290 5.28 % Current portion of medium-term notes 5,927,101 3.20 % Total due within one year $ 10,437,623 3.77 % Due after one year: Medium-term notes due in: Two years $ 4,844,538 2.66 % Three years 3,822,999 3.53 % Four years 2,732,980 4.13 % Five years 2,491,831 4.41 % Thereafter 3,190,202 2.63 % Total due after one year $ 17,082,550 3.34 % Total principal net of discounts $ 27,520,173 3.51 % Hedging adjustments (148,999) Total $ 27,371,174 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 2025 as of December 31, 2024, by Maturity Amount Weighted-Average Rate (dollars in thousands) Maturity: 2026 $ 1,522,550 2.20 % 2027 909,401 2.94 % 2028 588,198 3.80 % 2029 415,862 4.42 % Thereafter 1,827,209 2.25 % Total $ 5,263,220 2.70 %
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 December 31, 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: 2025 $ 11,933,596 3.91 % 2026 4,366,691 2.43 % 2027 3,494,164 3.41 % 2028 2,490,159 4.06 % 2029 2,324,985 4.38 % Thereafter 2,910,578 2.42 % Total principal net of discounts $ 27,520,173 3.51 %

LOANS (Tables)

LOANS (Tables)	12 Months Ended
	Dec. 31, 2024
Receivables [Abstract]
Schedule of Composition of Loan Balances	The following table includes loans held for investment and loans held for sale and displays the composition of the loan balances as of December 31, 2024 and 2023: Table 8.1 As of December 31, 2024 As of December 31, 2023 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Agricultural Finance loans Farm & Ranch $ 5,414,732 $ 2,038,283 $ 7,453,015 $ 5,133,450 $ 1,432,261 $ 6,565,711 Corporate AgFinance 1,381,674 — 1,381,674 1,259,723 — 1,259,723 Total Agricultural Finance loans 6,796,406 2,038,283 8,834,689 6,393,173 1,432,261 7,825,434 Infrastructure Finance loans 4,774,483 — 4,774,483 3,534,763 — 3,534,763 Total unpaid principal balance (1) 11,570,889 2,038,283 13,609,172 9,927,936 1,432,261 11,360,197 Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments (381,311) — (381,311) (304,817) — (304,817) Total loans 11,189,578 2,038,283 13,227,861 9,623,119 1,432,261 11,055,380 Allowance for losses (22,594) (629) (23,223) (15,588) (443) (16,031) Total loans, net of allowance $ 11,166,984 $ 2,037,654 $ 13,204,638 $ 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 December 31, 2024 and 2023: Table 8.2 December 31, 2024 December 31, 2023 Allowance for Losses Allowance for Losses (in thousands) Loans: Agricultural Finance loans Farm & Ranch $ 5,132 $ 3,936 Corporate AgFinance 5,379 2,948 Total Agricultural Finance loans 10,511 6,884 Infrastructure Finance loans 12,712 9,147 Total $ 23,223 $ 16,031 The following is a summary of the changes in the allowance for losses for each year in the three-year period ended December 31, 2024: Table 8.3 Agricultural Finance loans Infrastructure Finance loans (3) Farm & Ranch (1) Corporate AgFinance (2) Total (in thousands) Balance as of December 31, 2021 $ 2,882 $ 560 $ 3,442 $ 10,599 Provision for/(release of) losses 1,246 2,171 3,417 (2,285) Charge-offs (84) — (84) — Balance as of December 31, 2022 $ 4,044 $ 2,731 $ 6,775 $ 8,314 (Release of)/provision for losses (108) 217 109 833 Charge-offs — — — — Balance as of December 31, 2023 $ 3,936 $ 2,948 $ 6,884 $ 9,147 Provision for losses 1,297 6,828 8,125 3,565 Charge-offs (101) (4,397) (4,498) — Balance as of December 31, 2024 $ 5,132 $ 5,379 $ 10,511 $ 12,712 (1) As of December 31, 2024, 2023, and 2022, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $1.2 million, $1.0 million, and $1.9 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (2) As of December 31, 2024, 2023, and 2022, the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $1.0 million, $0.0 million, and $2.4 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 December 31, 2024 and 2023: Table 8.4 As of December 31, 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 $ 7,299,364 $ 16,478 $ 7,268 $ 6,359 $ 30,105 $ 123,546 $ 7,453,015 Corporate AgFinance 1,336,305 — — — — 45,369 1,381,674 Total Agricultural Finance loans 8,635,669 16,478 7,268 6,359 30,105 168,915 8,834,689 Infrastructure Finance loans 4,774,483 — — — — — 4,774,483 Total $ 13,410,152 $ 16,478 $ 7,268 $ 6,359 $ 30,105 $ 168,915 $ 13,609,172 (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 $41.5 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2024, Farmer Mac received $4.9 million in interest on nonaccrual loans. 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 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 Infrastructure Finance loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2024 and 2023: Table 12.8 As of December 31, 2024 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,524,406 $ 1,421 $ 1,358 $ 7,603 $ 10,382 $ 3,534,788 Infrastructure Finance: 732,731 — — — — 732,731 Total $ 4,257,137 $ 1,421 $ 1,358 $ 7,603 $ 10,382 $ 4,267,519 (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 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 Infrastructure Finance loans held as of December 31, 2024 and 2023, by year of origination: Table 8.5 As of December 31, 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 $ 987,444 $ 525,559 $ 1,079,933 $ 1,577,305 $ 1,019,779 $ 1,287,334 $ 404,950 $ 6,882,304 Special mention (2) 139,297 34,290 32,886 24,204 7,533 23,099 22,087 283,396 Substandard (3) 8,077 28,790 52,350 24,733 60,418 92,594 20,353 287,315 Total $ 1,134,818 $ 588,639 $ 1,165,169 $ 1,626,242 $ 1,087,730 $ 1,403,027 $ 447,390 $ 7,453,015 For the Year Ended December 31, 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 December 31, 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 $ 210,807 $ 152,918 $ 64,860 $ 235,493 $ 80,085 $ 161,354 $ 262,295 $ 1,167,812 Special mention (2) — 37,010 — 14,557 75,440 — 7,158 134,165 Substandard (3) — 7,309 7,652 — 14,335 33,479 16,922 79,697 Total $ 210,807 $ 197,237 $ 72,512 $ 250,050 $ 169,860 $ 194,833 $ 286,375 $ 1,381,674 For the Year Ended December 31, 2024: Current period charge-offs $ — $ — $ 455 $ — $ — $ — $ 3,942 $ 4,397 (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, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 1,158,427 $ 521,143 $ 578,882 $ 174,232 $ 574,135 $ 1,229,626 $ 461,162 $ 4,697,607 Special mention (2) — — 34,388 — — — — 34,388 Substandard (3) — 13,356 29,132 — — — — 42,488 Total $ 1,158,427 $ 534,499 $ 642,402 $ 174,232 $ 574,135 $ 1,229,626 $ 461,162 $ 4,774,483 For the Year Ended December 31, 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 Year Ended December 31, 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 Year Ended December 31, 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) 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 Year Ended December 31, 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 Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2024 and 2023, by year of origination: Table 12.9 As of December 31, 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 $ 70,757 $ 163,646 $ 267,551 $ 563,747 $ 583,598 $ 1,312,988 $ 452,909 $ 3,415,196 Special mention (1) — 5,963 4,920 15,954 4,354 44,964 12,197 88,352 Substandard (2) — — 1,246 1,135 6,345 21,297 1,217 31,240 Total $ 70,757 $ 169,609 $ 273,717 $ 580,836 $ 594,297 $ 1,379,249 $ 466,323 $ 3,534,788 For the Year Ended December 31, 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, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 355,848 $ 376,883 $ 732,731 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 355,848 $ 376,883 $ 732,731 For the Year Ended December 31, 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 Year Ended December 31, 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) 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 Year Ended December 31, 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.

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Stock by Class	The following table presents the Series D Preferred Stock, the Series E Preferred Stock, the Series F Preferred Stock, and the Series G Preferred Stock (collectively referred to as the "Outstanding Preferred Stock") as of December 31, 2024: Table 9.1 Name Issuance Date Issuance Cost Shares Issued Annual Dividend Rate (1) Liquidation Value Per Share First Possible Redemption Date (2) Series D May 13, 2019 $ 3,340,456 4,000,000 5.700 % $ 25.00 July 17, 2024 Series E May 20, 2020 $ 2,496,750 3,180,000 5.750 % $ 25.00 July 17, 2025 Series F August 20, 2020 $ 3,839,902 4,800,000 5.250 % $ 25.00 October 17, 2025 Series G May 27, 2021 $ 3,661,677 5,000,000 4.875 % $ 25.00 July 17, 2026 (1) Dividends on all series of Outstanding Preferred Stock are non-cumulative, which means that if Farmer Mac's board of directors has not declared a dividend before the applicable dividend payment date for any dividend period, such dividend will not be paid or cumulate, and Farmer Mac will have no obligation to pay dividends for such dividend period, whether or not dividends on any series of Outstanding Preferred Stock are declared for any future dividend period. (2)
Quarterly Dividends Paid by Farmers MAC	The following tables present the quarterly dividends paid by Farmer Mac on its outstanding preferred stock during the years ended December 31, 2024, 2023, and 2022: Table 9.2 For the Year Ended December 31, 2024 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C $ 0.3750 $ 0.3750 $ — $ — 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E 0.3594 0.3594 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F 0.3281 0.3281 0.3281 0.3281 4.875% Non-Cumulative Preferred Stock, Series G 0.3047 0.3047 0.3047 0.3047 For the Year Ended December 31, 2023 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C $ 0.3750 $ 0.3750 $ 0.3750 $ 0.3750 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E 0.3594 0.3594 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F 0.3281 0.3281 0.3281 0.3281 4.875% Non-Cumulative Preferred Stock, Series G 0.3047 0.3047 0.3047 0.3047 For the Year Ended December 31, 2022 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C $ 0.3750 $ 0.3750 $ 0.3750 $ 0.3750 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E 0.3594 0.3594 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F 0.3281 0.3281 0.3281 0.3281 4.875% Non-Cumulative Preferred Stock, Series G 0.3047 0.3047 0.3047 0.3047
Share-based Payment Arrangement, Option, Activity	The following tables summarize SARs and non-vested restricted stock unit activity for the years ended December 31, 2024, 2023, and 2022: Table 9.3 For the Years Ended December 31, 2024 2023 2022 SARs Weighted- SARs Weighted- SARs Weighted- Outstanding, beginning of year 125,952 $ 87.18 132,163 $ 75.82 130,409 $ 66.10 Granted 15,465 198.54 16,761 135.12 18,432 120.38 Exercised (34,728) 65.59 (22,972) 56.82 (16,678) 49.04 Canceled — — — — — — Outstanding, end of year 106,689 110.35 125,952 87.18 132,163 75.82 Exercisable at end of year 73,906 87.31 87,378 73.15 83,054 63.12 For the Years Ended December 31, 2024 2023 2022 Non-vested Restricted Stock Units Weighted- Non-vested Restricted Stock Units Weighted- Non-vested Restricted Stock Units Weighted- Outstanding, beginning of year 114,353 $ 120.13 100,025 $ 91.84 103,891 $ 78.55 Granted 39,333 197.52 59,745 135.56 38,668 120.14 Canceled (4,854) 160.27 (62) 88.68 (2,711) 97.44 Vested and issued (51,893) 107.33 (45,355) 78.12 (39,823) 84.25 Outstanding, end of year 96,939 156.37 114,353 120.13 100,025 91.84
Share-based Payment Arrangement, Option, Exercise Price Range	The following tables summarize information about SARs and non-vested restricted stock units outstanding as of December 31, 2024: Table 9.4 SARs: Outstanding Exercisable Vested or Expected to Vest Range of SARs Weighted- SARs Weighted- SARs Weighted- $25.00 - $39.99 4,000 0.2 years 4,000 0.2 years 4,000 0.2 years 40.00 - 54.99 — 0.0 years — 0.0 years — 0.0 years 55.00 - 69.99 3,381 2.2 years 3,381 2.2 years 3,381 2.2 years 70.00 - 84.99 30,942 4.8 years 30,942 4.8 years 30,942 4.8 years 85.00 - 99.99 21,162 5.8 years 21,162 5.8 years 21,162 5.8 years 100.00 - 114.99 — 0.0 years — 0.0 years — 0.0 years 115.00 - 129.99 14,978 7.2 years 8,834 7.2 years 14,978 7.2 years 130.00 - 144.99 16,761 8.3 years 5,587 8.3 years 16,761 8.3 years 145.00 - 159.99 — 0.0 years — 0.0 years — 0.0 years 160.00 - 174.99 — 0.0 years — 0.0 years — 0.0 years 175.00 - 189.99 — 0.0 years — 0.0 years — 0.0 years 190.00 - 204.99 15,465 2.3 years — 0.0 years 15,465 2.3 years 106,689 73,906 106,689 Non-vested Restricted Stock Units: Outstanding Expected to Vest Weighted- Non-vested Restricted Stock Units Weighted-Average Remaining Contractual Non-vested Restricted Stock Units Weighted-Average Remaining Contractual $110.00 - $124.99 20,087 0.3 years 20,087 0.3 years 125.00 - 139.99 38,272 1.3 years 38,272 1.3 years 140.00 - 154.99 1,860 1.3 years 1,860 1.3 years 155.00 - 169.99 — 0.0 years — 0.0 years 170.00 - 184.99 610 2.3 years 610 2.3 years 185.00 - 199.99 36,110 2.3 years 36,110 2.3 years 96,939 96,939
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The fair value of SARs was estimated using the Black-Scholes option pricing model based on the following assumptions: Table 9.5 For the Years Ended December 31, 2024 2023 2022 Risk-free interest rate 4.1% 4.1% 1.9% Expected years until exercise 6 years 6 years 6 years Expected stock volatility 36.0% 36.6% 37.4% Dividend yield 2.8% 3.3% 3.2%

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Components of Federal Corporate Income Tax Expense	The components of the federal corporate income tax expense for the years ended December 31, 2024, 2023, and 2022 were as follows: Table 10.1 For the Year Ended December 31, 2024 2023 2022 (in thousands) Current income tax expense $ 54,687 $ 46,712 $ 35,609 Deferred income tax expense (3,777) 6,386 11,926 Income tax expense $ 50,910 $ 53,098 $ 47,535
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of income tax at the statutory federal corporate income tax rate to the income tax expense for the years ended December 31, 2024, 2023, and 2022 is as follows: Table 10.2 For the Year Ended December 31, 2024 2023 2022 (dollars in thousands) Tax expense at statutory rate $ 54,201 $ 53,151 $ 47,393 Excess tax benefits related to stock-based awards (1,755) (924) (401) Tax credits (3,260) — — Other 1,724 871 543 Income tax expense $ 50,910 $ 53,098 $ 47,535 Statutory tax rate 21.0 % 21.0 % 21.0 %
Components of Deferred Tax Assets and Liabilities	The components of the deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows: Table 10.3 As of December 31, 2024 2023 (in thousands) Deferred tax assets: Basis difference related to hedge items $ 136,589 $ 84,922 Unrealized losses on available-for-sale securities 12,441 20,514 Allowance for losses 5,310 3,842 Compensation and Benefits 1,779 2,127 Stock-based compensation 3,014 2,481 Capital loss carryforwards — 35 Valuation allowance — (35) Other 5,887 2,051 Total deferred tax assets $ 165,020 $ 115,937 Deferred tax liability: Basis differences related to financial derivatives $ 135,528 $ 80,887 Unrealized gains on cash flow hedges 9,212 9,843 Basis difference related to structured securitizations 18,726 16,647 Other 10 90 Total deferred tax liability $ 163,476 $ 107,467 Net deferred tax asset $ 1,544 $ 8,470

GUARANTEES AND COMMITMENTS (Tab

GUARANTEES AND COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Guarantor Obligations	The following table presents changes in Farmer Mac's guarantee and commitment obligations in the consolidated balance sheets for the years ended December 31, 2024, 2023, and 2022: Table 12.1 For the Years Ended December 31, 2024 2023 2022 (in thousands) Beginning balance, January 1 $ 47,563 $ 46,582 $ 43,926 Additions to the guarantee and commitment obligation (1) 6,036 5,312 8,569 Amortization of the guarantee and commitment obligation (5,273) (4,331) (5,913) Ending balance, December 31 $ 48,326 $ 47,563 $ 46,582 (1) Represents the fair value of the guarantee and commitment obligation at inception. 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 December 31, 2024 and 2023, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 12.2 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of December 31, 2024 As of December 31, 2023 (in thousands) Agricultural Finance Farmer Mac Guaranteed Securities $ 426,310 $ 452,602 Infrastructure Finance Farmer Mac Guaranteed Securities — — Total off-balance sheet Farmer Mac Guaranteed Securities $ 426,310 $ 452,602 Table 12.4 As of December 31, 2024 As of December 31, 2023 (dollars in thousands) Guarantee and commitment obligation $ 5,595 $ 5,969 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 21.2 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 12.3 For the Years Ended December 31, 2024 2023 2022 (in thousands) Proceeds from new securitizations $ 648,442 $ 222,188 $ 357,841 Guarantee fees received 1,484 1,620 1,852
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 12.5 As of December 31, 2024 As of December 31, 2023 (dollars in thousands) Guarantee and commitment obligation (1) $ 42,731 $ 41,594 Maximum principal amount 4,029,019 3,680,333 Weighted-average remaining maturity 14.5 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 December 31, 2024 and 2023: Table 12.6 December 31, 2024 December 31, 2023 Reserve for Losses Reserve for Losses (in thousands) Agricultural Finance $ 1,431 $ 1,471 Infrastructure Finance 192 240 Total $ 1,623 $ 1,711 The following is a summary of the net changes in the reserve for losses for the three-year period ended December 31, 2024: Table 12.7 Agricultural Finance loans Infrastructure Finance loans Reserve for Losses Reserve for Losses (in thousands) Balance as of December 31, 2021 $ 1,068 $ 882 Release of losses (249) (268) Balance as of December 31, 2022 $ 819 $ 614 Provision for/(release of) losses 652 (374) Balance as of December 31, 2023 $ 1,471 $ 240 Release of losses (40) (48) Balance as of December 31, 2024 $ 1,431 $ 192
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 December 31, 2024 and 2023: Table 8.4 As of December 31, 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 $ 7,299,364 $ 16,478 $ 7,268 $ 6,359 $ 30,105 $ 123,546 $ 7,453,015 Corporate AgFinance 1,336,305 — — — — 45,369 1,381,674 Total Agricultural Finance loans 8,635,669 16,478 7,268 6,359 30,105 168,915 8,834,689 Infrastructure Finance loans 4,774,483 — — — — — 4,774,483 Total $ 13,410,152 $ 16,478 $ 7,268 $ 6,359 $ 30,105 $ 168,915 $ 13,609,172 (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 $41.5 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2024, Farmer Mac received $4.9 million in interest on nonaccrual loans. 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 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 Infrastructure Finance loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2024 and 2023: Table 12.8 As of December 31, 2024 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,524,406 $ 1,421 $ 1,358 $ 7,603 $ 10,382 $ 3,534,788 Infrastructure Finance: 732,731 — — — — 732,731 Total $ 4,257,137 $ 1,421 $ 1,358 $ 7,603 $ 10,382 $ 4,267,519 (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 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 Infrastructure Finance loans held as of December 31, 2024 and 2023, by year of origination: Table 8.5 As of December 31, 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 $ 987,444 $ 525,559 $ 1,079,933 $ 1,577,305 $ 1,019,779 $ 1,287,334 $ 404,950 $ 6,882,304 Special mention (2) 139,297 34,290 32,886 24,204 7,533 23,099 22,087 283,396 Substandard (3) 8,077 28,790 52,350 24,733 60,418 92,594 20,353 287,315 Total $ 1,134,818 $ 588,639 $ 1,165,169 $ 1,626,242 $ 1,087,730 $ 1,403,027 $ 447,390 $ 7,453,015 For the Year Ended December 31, 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 December 31, 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 $ 210,807 $ 152,918 $ 64,860 $ 235,493 $ 80,085 $ 161,354 $ 262,295 $ 1,167,812 Special mention (2) — 37,010 — 14,557 75,440 — 7,158 134,165 Substandard (3) — 7,309 7,652 — 14,335 33,479 16,922 79,697 Total $ 210,807 $ 197,237 $ 72,512 $ 250,050 $ 169,860 $ 194,833 $ 286,375 $ 1,381,674 For the Year Ended December 31, 2024: Current period charge-offs $ — $ — $ 455 $ — $ — $ — $ 3,942 $ 4,397 (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, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 1,158,427 $ 521,143 $ 578,882 $ 174,232 $ 574,135 $ 1,229,626 $ 461,162 $ 4,697,607 Special mention (2) — — 34,388 — — — — 34,388 Substandard (3) — 13,356 29,132 — — — — 42,488 Total $ 1,158,427 $ 534,499 $ 642,402 $ 174,232 $ 574,135 $ 1,229,626 $ 461,162 $ 4,774,483 For the Year Ended December 31, 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 Year Ended December 31, 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 Year Ended December 31, 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) 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 Year Ended December 31, 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 Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2024 and 2023, by year of origination: Table 12.9 As of December 31, 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 $ 70,757 $ 163,646 $ 267,551 $ 563,747 $ 583,598 $ 1,312,988 $ 452,909 $ 3,415,196 Special mention (1) — 5,963 4,920 15,954 4,354 44,964 12,197 88,352 Substandard (2) — — 1,246 1,135 6,345 21,297 1,217 31,240 Total $ 70,757 $ 169,609 $ 273,717 $ 580,836 $ 594,297 $ 1,379,249 $ 466,323 $ 3,534,788 For the Year Ended December 31, 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, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 355,848 $ 376,883 $ 732,731 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 355,848 $ 376,883 $ 732,731 For the Year Ended December 31, 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 Year Ended December 31, 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) 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 Year Ended December 31, 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.

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 and 2023, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 13.1 Assets and Liabilities Measured at Fair Value as of December 31, 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 $ — $ — $ 19,476 $ 19,476 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,305,725 — 2,305,725 Fixed rate GSE guaranteed mortgage-backed securities — 2,337,967 — 2,337,967 Floating rate U.S. Treasuries — — — — Fixed rate U.S. Treasuries 1,289,846 — — 1,289,846 Total Available-for-sale Investment Securities 1,289,846 4,643,692 19,476 5,953,014 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,505,531 5,505,531 Farmer Mac Guaranteed Securities — — 9,015 9,015 Total Farmer Mac Guaranteed Securities — — 5,514,546 5,514,546 USDA Securities: Trading — — 818 818 Total USDA Securities — — 818 818 Loans: Loans held for sale, at lower of cost or fair value — 6,160 — 6,160 Total Loans — 6,160 — 6,160 Financial derivatives 47 27,742 — 27,789 Guarantee Asset — — 5,382 5,382 Total Assets at fair value $ 1,289,893 $ 4,677,594 $ 5,540,222 $ 11,507,709 Liabilities: Financial derivatives $ — $ 77,326 $ — $ 77,326 Total Liabilities at fair value $ — $ 77,326 $ — $ 77,326 (1) Level 3 assets represent 18% of total assets and 48% 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 years ended December 31, 2024, 2023, and 2022. Table 13.2 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 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 $ — $ — $ — $ — $ 394 $ 19,476 Total available-for-sale 19,082 — — — — 394 19,476 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,522,712 677,400 (666,476) 81 (49,727) 21,541 5,505,531 Farmer Mac Guaranteed Securities 9,767 — (699) — — (53) 9,015 Total available-for-sale 5,532,479 677,400 (667,175) 81 (49,727) 21,488 5,514,546 USDA Securities: Trading 1,241 — (443) — 20 — 818 Total USDA Securities 1,241 — (443) — 20 — 818 Guarantee and commitment obligations: Guarantee Asset 5,831 — (343) — (106) — 5,382 Total Guarantee and commitment obligations 5,831 — (343) — (106) — 5,382 Total Assets at fair value $ 5,558,633 $ 677,400 $ (667,961) $ 81 $ (49,813) $ 21,882 $ 5,540,222 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2023 Beginning Balance Purchases Settlements Allowance for Losses Realized and unrealized gains included in Income Unrealized gains/(losses) 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 $ — $ 49 $ — $ 19,082 Total available-for-sale 19,027 — — 6 — 49 — 19,082 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,599,379 2,084,650 (1,561,507) 230 89,629 (5,573) (2,684,096) 5,522,712 Farmer Mac Guaranteed 7,847 — (1,213) — — 3,133 — 9,767 Total available-for-sale 7,607,226 2,084,650 (1,562,720) 230 89,629 (2,440) (2,684,096) 5,532,479 USDA Securities: Trading 1,767 — (550) — 24 — — 1,241 Total USDA Securities 1,767 — (550) — 24 — — 1,241 Guarantee and commitment obligations: Guarantee Asset 4,467 — (590) — 1,954 — — 5,831 Total Guarantee and commitment obligations 4,467 — (590) — 1,954 — — 5,831 Total Assets at fair value $ 7,632,487 $ 2,084,650 $ (1,563,860) $ 236 $ 91,607 $ (2,391) $ (2,684,096) $ 5,558,633 (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 Year Ended December 31, 2022 Beginning Balance Purchases Settlements Allowance for Losses Realized and unrealized losses included in Income Unrealized 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 $ 19,254 $ — $ — $ 19 $ — $ (246) $ 19,027 Total available-for-sale 19,254 — — 19 — (246) 19,027 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,316,145 3,411,665 (1,526,303) (283) (552,907) (48,938) 7,599,379 Farmer Mac Guaranteed 12,414 — (1,675) — — (2,892) 7,847 Total available-for-sale 6,328,559 3,411,665 (1,527,978) (283) (552,907) (51,830) 7,607,226 USDA Securities: Trading 4,401 — (2,583) — (51) — 1,767 Total USDA Securities 4,401 — (2,583) — (51) — 1,767 Guarantee and commitment obligations: Guarantee Asset 6,237 — (903) — (867) — 4,467 Total Guarantee and commitment obligations 6,237 — (903) — (867) — 4,467 Total Assets at fair value $ 6,358,451 $ 3,411,665 $ (1,531,464) $ (264) $ (553,825) $ (52,076) $ 7,632,487
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 December 31, 2024 and 2023: Table 13.3 As of December 31, 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 $ 19,476 Indicative bids Range of broker quotes 99.0% - 99.0% (99.0%) Farmer Mac Guaranteed Securities: AgVantage $ 5,505,531 Discounted cash flow Discount rate 5.0% - 5.5% (5.1%) Farmer Mac Guaranteed Securities $ 9,015 Discounted cash flow Discount rate 7.9% CPR 3% USDA Securities $ 818 Discounted cash flow Discount rate 5.3% - 5.4% (5.3%) CPR 12% - 12% (12%) Guarantee Asset $ 5,382 Discounted cash flow Discount rate 7.9% 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 December 31, 2024 and 2023: Table 13.4 As of December 31, 2024 As of December 31, 2023 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 1,024,007 $ 1,024,007 $ 888,707 $ 888,707 Investment securities 5,973,571 5,973,301 4,981,249 4,979,504 Farmer Mac Guaranteed Securities 8,215,646 8,232,234 9,710,074 9,745,548 USDA Securities 2,113,342 2,371,352 2,036,046 2,355,412 Loans 12,924,604 13,204,638 10,426,021 11,039,349 Financial derivatives 27,789 27,789 37,478 37,478 Guarantee and commitment fees receivable 57,562 50,499 58,465 49,832 Financial liabilities: Notes payable 26,759,873 27,371,174 25,670,971 26,336,542 Debt securities of consolidated trusts held by third parties 1,910,302 1,929,628 1,268,563 1,351,069 Financial derivatives 77,326 77,326 117,131 117,131 Guarantee and commitment obligations 55,388 48,326 56,195 47,563

BUSINESS SEGMENT REPORTING (Tab

BUSINESS SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables present segment core earnings and assets for the years ended December 31, 2024, 2023, and 2022. Table 14.1 Core Earnings by Business Segment For the Year Ended December 31, 2024 Agricultural Finance Rural Infrastructure Treasury Farm & Ranch Corporate AgFinance Power & Utilities Broadband Infrastructure Renewable Energy Funding Investments Total (in thousands) Interest income $ 615,016 $ 100,820 $ 260,636 $ 38,225 $ 54,188 $ 224,390 $ 310,241 $ 1,603,516 Interest expense (1) (475,248) (70,695) (240,600) (27,282) (40,471) (89,698) (305,655) (1,249,649) Less: reconciling adjustments (2)(3) (4,458) — (49) — — (9,796) — (14,303) Net effective spread 135,310 30,125 19,987 10,943 13,717 124,896 4,586 339,564 Guarantee and commitment fees (3) 17,695 571 966 464 625 — — 20,321 Other income/(expense) 3,167 (2,055) — — — — 1,076 2,188 (Provision for)/release of losses (1,147) (6,850) 274 1,469 (5,236) — — (11,490) Operating expenses (1) (24,741) (7,905) (4,281) (3,666) (4,848) (10,855) (3,108) (59,404) Income tax (expense)/benefit (27,360) (2,916) (3,559) (1,934) (894) (23,949) (536) (61,148) Segment core earnings $ 102,924 $ 10,970 $ 13,387 $ 7,276 $ 3,364 $ 90,092 $ 2,018 $ 230,031 Reconciliation to net income: Net effects of derivatives and trading securities $ 13,141 Unallocated (expenses)/income (46,217) Income tax effect related to reconciling items 10,238 Net income $ 207,193 Total Assets: Total on- and off-balance sheet segment assets at principal balance $ 18,606,968 $ 1,887,705 $ 6,809,366 $ 802,466 $ 1,416,525 $ — $ — $ 29,523,030 Off-balance sheet assets under management (4,981,285) Unallocated assets 6,782,997 Total assets on the consolidated balance sheets $ 31,324,742 (1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships. (3) 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. Core Earnings by Business Segment For the Year Ended December 31, 2023 Agricultural Finance Rural Infrastructure Treasury Farm & Ranch Corporate AgFinance Power & Utilities Broadband Infrastructure Renewable Energy Funding Investments Total (in thousands) Interest income $ 559,730 $ 92,335 $ 232,106 $ 30,299 $ 18,923 $ 200,264 $ 258,631 $ 1,392,288 Interest expense (1) (422,651) (61,111) (215,763) (21,455) (14,275) (71,849) (257,637) (1,064,741) Less: reconciling adjustments (2)(3) (4,179) — (168) — — 3,594 186 (567) Net effective spread 132,900 31,224 16,175 8,844 4,648 132,009 1,180 326,980 Guarantee and commitment fees (3) 17,415 283 1,090 43 97 — — 18,928 Other income/(expense) 2,952 35 — — — 3 29 3,019 (Provision for)/release of losses (507) (207) 4,117 (4,324) (219) — 4 (1,136) Operating expenses (1) (23,306) (5,540) (3,553) (2,415) (3,382) (11,037) (3,184) (52,417) Income tax (expense)/benefit (27,183) (5,418) (3,746) (453) (238) (25,405) 414 (62,029) Segment core earnings $ 102,271 $ 20,377 $ 14,083 $ 1,695 $ 906 $ 95,570 $ (1,557) $ 233,345 Reconciliation to net income: Net effects of derivatives and trading securities $ 1,954 Unallocated (expense)/income (44,227) Income tax effect related to reconciling items 8,931 Net income $ 200,003 Total Assets: Total on- and off-balance sheet segment assets at principal balance $ 18,808,801 $ 1,693,979 $ 6,979,570 $ 501,153 $ 487,521 $ — $ — $ 28,471,024 Off-balance sheet assets under management (4,710,199) Unallocated assets 5,763,557 Total assets on the consolidated balance sheets $ 29,524,382 (1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships. (3) 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. Core Earnings by Business Segment For the Year Ended December 31, 2022 Agricultural Finance Rural Infrastructure Treasury Farm & Ranch Corporate AgFinance Power & Utilities Broadband Infrastructure Renewable Energy Funding Investments Total (in thousands) Interest income $ 421,139 $ 55,311 $ 152,990 $ 8,832 $ 5,811 $ (8,334) $ 81,099 $ 716,848 Interest expense (1) (287,921) (26,102) (141,176) (4,471) (3,328) 104,947 (87,857) (445,908) Less: reconciling adjustments (2)(3) (4,161) — (103) — — (11,147) — (15,411) Net effective spread 129,057 29,209 11,711 4,361 2,483 85,466 (6,758) 255,529 Guarantee and commitment fees (3) 16,718 139 1,187 51 49 — — 18,144 Other income/(expense) 1,420 261 — — — — — 1,681 (Provision for)/release of losses (1,216) (2,136) 3,726 (705) (494) — 19 (806) Operating expenses (1) (23,332) (5,629) (3,198) (2,009) (1,690) (6,798) (1,950) (44,606) Income tax (expense)/benefit (25,756) (4,587) (2,819) (357) (73) (16,521) 1,825 (48,288) Segment core earnings $ 96,891 $ 17,257 $ 10,607 $ 1,341 $ 275 $ 62,147 $ (6,864) $ 181,654 Reconciliation to net income: Net effects of derivatives and trading securities $ 33,715 Unallocated (expense)/income (37,978) Income tax effect related to reconciling items 753 Net income $ 178,144 Total Assets: Total on- and off-balance sheet segment assets at principal balance $ 17,728,792 $ 1,603,507 $ 6,042,996 $ 316,617 $ 230,170 $ — $ — $ 25,922,082 Off-balance sheet assets under management (3,945,557) Unallocated assets 5,356,585 Total assets on the consolidated balance sheets $ 27,333,110 (1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships. (3)

ORGANIZATION (Details)

ORGANIZATION (Details)	12 Months Ended
	Dec. 31, 2024 line_of_business
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of lines of business	2

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) subsidiary	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Number of subsidiaries | subsidiary	2
Compensation expense	$ 8.1	$ 6.8	$ 4.6
Custodial deposit liability	$ 157.1	$ 26.5

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic EPS
Net income attributable to common stockholders	$ 180,428	$ 172,838	$ 150,979
Net income attributable to common stockholders (in shares)	10,874,000	10,829,000	10,791,000
Net income attributable to common stockholders (in dollars per share)	$ 16.59	$ 15.97	$ 14
Effect of dilutive securities
SARs and restricted stock units (in shares)	101,000	108,000	92,000
SARs and restricted stock units (in dollars per share)	$ (0.15)	$ (0.16)	$ (0.13)
Net income, diluted EPS	$ 180,428	$ 172,838	$ 150,979
Weighted-Average Shares, diluted EPS (in shares)	10,975,000	10,937,000	10,883,000
Diluted EPS (in dollars per share)	$ 16.44	$ 15.81	$ 13.87
Stock Appreciation Rights and Restricted Stock
Effect of dilutive securities
Antidilutive securities excluded from earnings per share (in shares)	30,891	32,683	32,448
Performance Shares
Effect of dilutive securities
Antidilutive securities excluded from earnings per share (in shares)	28,670	30,648	18,535

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,411,863	$ 1,271,958	$ 1,213,700
Other comprehensive income/(loss) before reclassifications	45,662	26,888	(53,936)
Amounts reclassified from AOCI	(17,664)	(16,190)	(760)
Other comprehensive income/(loss) net of tax	27,998	10,698	(54,696)
Ending balance	1,489,026	1,411,863	1,271,958
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(40,145)	(50,843)	3,853
Other comprehensive income/(loss) net of tax	27,998	10,698	(54,696)
Ending balance	(12,147)	(40,145)	(50,843)
AOCI, Securities | Available-for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(68,447)	(115,561)	(6,932)
Other comprehensive income/(loss) before reclassifications	31,715	47,114	(108,624)
Amounts reclassified from AOCI	(843)	0	(5)
Other comprehensive income/(loss) net of tax	30,872	47,114	(108,629)
Ending balance	(37,575)	(68,447)	(115,561)
AOCI, Securities | Held-to-Maturity Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(8,724)	16,357	16,153
Other comprehensive income/(loss) before reclassifications	0	(25,199)	0
Amounts reclassified from AOCI	(502)	118	204
Other comprehensive income/(loss) net of tax	(502)	(25,081)	204
Ending balance	(9,226)	(8,724)	16,357
AOCI, Cash Flow Hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	37,026	48,361	(5,368)
Other comprehensive income/(loss) before reclassifications	13,947	4,973	54,688
Amounts reclassified from AOCI	(16,319)	(16,308)	(959)
Other comprehensive income/(loss) net of tax	(2,372)	(11,335)	53,729
Ending balance	$ 34,654	$ 37,026	$ 48,361

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other comprehensive income/(loss):
Other comprehensive income/(loss) before tax	$ 35,440	$ 13,542	$ (69,235)
Provision (Benefit)
Other comprehensive income/(loss), provision (benefit)	7,442	2,844	(14,539)
After Tax
Unrealized (losses) / gain, after tax	45,662	26,888	(53,936)
Less reclassification adjustments, provision (benefit)	(17,664)	(16,190)	(760)
Other comprehensive income/(loss) net of tax	27,998	10,698	(54,696)
Accumulated Other Comprehensive Income (Loss)
Other comprehensive income/(loss):
Other comprehensive income/(loss) before tax	35,440	13,542	(69,235)
Provision (Benefit)
Other comprehensive income/(loss), provision (benefit)	7,442	2,844	(14,539)
After Tax
Other comprehensive income/(loss) net of tax	27,998	10,698	(54,696)
Securities | Available-for-Sale Securities
Other comprehensive income/(loss):
Unrealized (losses) / gain, before tax	40,145	59,640	(137,500)
Other comprehensive income/(loss) before tax	39,078	59,640	(137,506)
Provision (Benefit)
Unrealized (losses) / gain, provision (benefit)	8,430	12,526	(28,876)
Other comprehensive income/(loss), provision (benefit)	8,206	12,526	(28,877)
After Tax
Unrealized (losses) / gain, after tax	31,715	47,114	(108,624)
Other comprehensive income/(loss) net of tax	30,872	47,114	(108,629)
Securities | Held-to-Maturity Securities
Other comprehensive income/(loss):
Unrealized (losses) / gain, before tax	0	(31,898)	0
Less reclassification adjustments, before tax	(636)	148	259
Other comprehensive income/(loss) before tax	(636)	(31,750)	259
Provision (Benefit)
Unrealized (losses) / gain, provision (benefit)	0	(6,699)	0
Less reclassification adjustments, provision (benefit)	(134)	30	55
Other comprehensive income/(loss), provision (benefit)	(134)	(6,669)	55
After Tax
Unrealized (losses) / gain, after tax	0	(25,199)	0
Less reclassification adjustments, provision (benefit)	(502)	118	204
Other comprehensive income/(loss) net of tax	(502)	(25,081)	204
Securities | Gain on sale of available-for sale investment securities | Available-for-Sale Securities
Other comprehensive income/(loss):
Less reclassification adjustments, before tax	(1,052)	0	0
Provision (Benefit)
Less reclassification adjustments, provision (benefit)	(221)	0	0
After Tax
Less reclassification adjustments, provision (benefit)	(831)	0	0
Securities | Other income | Available-for-Sale Securities
Other comprehensive income/(loss):
Less reclassification adjustments, before tax	(15)	0	(6)
Provision (Benefit)
Less reclassification adjustments, provision (benefit)	(3)	0	(1)
After Tax
Less reclassification adjustments, provision (benefit)	(12)	0	(5)
Cash Flow Hedges
Other comprehensive income/(loss):
Unrealized (losses) / gain, before tax	17,655	6,295	69,225
Less reclassification adjustments, before tax	(20,657)	(20,643)	(1,213)
Other comprehensive income/(loss) before tax	(3,002)	(14,348)	68,012
Provision (Benefit)
Unrealized (losses) / gain, provision (benefit)	3,708	1,322	14,537
Less reclassification adjustments, provision (benefit)	(4,338)	(4,335)	(254)
Other comprehensive income/(loss), provision (benefit)	(630)	(3,013)	14,283
After Tax
Unrealized (losses) / gain, after tax	13,947	4,973	54,688
Less reclassification adjustments, provision (benefit)	(16,319)	(16,308)	(959)
Other comprehensive income/(loss) net of tax	$ (2,372)	$ (11,335)	$ 53,729

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Consolidation of Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	$ 11,183,408	$ 9,623,119
Debt securities of consolidated trusts held by third parties	27,520,173	26,586,959
Farmer Mac Guaranteed Securities
Variable Interest Entity [Line Items]
Carrying value	5,514,546	5,532,479
Investment securities
Variable Interest Entity [Line Items]
Carrying value	5,953,014	4,918,931
Agricultural Finance
Variable Interest Entity [Line Items]
Borrower remittances	4,700	6,000
Unamortized discount	113,200	87,100
Consolidated VIE | On-balance sheet
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	2,038,283	1,432,261
Debt securities of consolidated trusts held by third parties	1,929,628	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	2,038,283
Debt securities of consolidated trusts held by third parties	1,929,628
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	59,317	46,343
Maximum exposure to loss	58,985	45,952
Unconsolidated VIE | On-balance sheet | Investment securities
Variable Interest Entity [Line Items]
Carrying value	4,212,258	3,676,555
Maximum exposure to loss	4,547,397	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	426,310	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	59,317
Maximum exposure to loss	58,985
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	426,310
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	4,212,258
Maximum exposure to loss	4,547,397
Unconsolidated VIE | Corporate, non-segment | Off-balance sheet
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 0

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 USD ($) member	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Related party, ownership threshold (at least)	5%
Number of board members | member	15
Interest receivable	$ 310,592,000	$ 287,128,000
Interest income	$ 1,603,516,000	1,392,288,000	$ 716,848,000
Guarantees of losses, percentage	10%
Zions
Related Party Transaction [Line Items]
Related party, transaction amount	$ 11,200,000	$ 11,200,000	10,400,000
Zions | Outstanding Business Volume | Volume of Activity | Agricultural Finance
Related Party Transaction [Line Items]
Concentration risk percentage	3.10%	3.10%
CFC
Related Party Transaction [Line Items]
Related party, transaction amount	$ 653,972,000	$ 1,748,254,000	1,087,419,000
CFC | Commitment fees
Related Party Transaction [Line Items]
Related party, transaction amount	900,000	1,000,000	1,100,000
CFC | Servicing fees
Related Party Transaction [Line Items]
Related party, transaction amount	4,100,000	3,700,000	3,400,000
CFC | LTSPCs
Related Party Transaction [Line Items]
Related party, transaction amount	0	0	30,421,000
CFC | Related party
Related Party Transaction [Line Items]
Interest receivable	30,000,000	27,000,000
Interest income	158,400,000	143,500,000	79,400,000
Other receivables	$ 100,000	$ 100,000
CFC | Outstanding Business Volume | Volume of Activity | Power & Utilities
Related Party Transaction [Line Items]
Concentration risk percentage	19%	20.40%
CoBank
Related Party Transaction [Line Items]
Purchases	$ 442,700,000	$ 438,800,000	376,000,000
CoBank | Servicing fees
Related Party Transaction [Line Items]
Related party, transaction amount	$ 4,000,000	$ 3,600,000	3,500,000
CoBank | Outstanding Business Volume | Volume of Activity
Related Party Transaction [Line Items]
Concentration risk percentage	7.10%	6.70%
AgFirst Farm Credit Bank
Related Party Transaction [Line Items]
Outstanding balance	$ 415,200,000	$ 447,300,000
AgFirst Farm Credit Bank | Commitment fees
Related Party Transaction [Line Items]
Related party, transaction amount	1,300,000	1,400,000	1,200,000
AgFirst Farm Credit Bank | LTSPCs
Related Party Transaction [Line Items]
Related party, transaction amount	0	0	0
AgFirst Farm Credit Bank | Guarantee fees
Related Party Transaction [Line Items]
Related party, transaction amount	12,000	12,000	15,000
Outstanding balance	1,500,000	1,800,000
AgFirst Farm Credit Bank | Related party | Commitment fees
Related Party Transaction [Line Items]
Other receivables	100,000	100,000
Farm Credit Bank of Texas
Related Party Transaction [Line Items]
Outstanding balance	1,200,000,000	923,900,000
Farm Credit Bank of Texas | Commitment fees
Related Party Transaction [Line Items]
Related party, transaction amount	3,600,000	3,400,000	2,900,000
Farm Credit Bank of Texas | Servicing fees
Related Party Transaction [Line Items]
Related party, transaction amount	100,000	100,000	100,000
Friona Industries LP
Related Party Transaction [Line Items]
Purchases	46,200,000	0	0
Farm Credit of Florida
Related Party Transaction [Line Items]
Purchases	$ 1,700,000	$ 0	$ 0
Class A common stock
Related Party Transaction [Line Items]
Number of board members, threshold | member	5
Class A common stock | Zions
Related Party Transaction [Line Items]
Ownership by a related party	31.20%
Class A common stock | CFC
Related Party Transaction [Line Items]
Ownership by a related party	7.91%
Class B voting common stock
Related Party Transaction [Line Items]
Number of board members, threshold | member	5
Class B voting common stock | CoBank
Related Party Transaction [Line Items]
Ownership by a related party	32.60%
Class B voting common stock | AgFirst Farm Credit Bank
Related Party Transaction [Line Items]
Ownership by a related party	16.80%
Class B voting common stock | Farm Credit Bank of Texas
Related Party Transaction [Line Items]
Ownership by a related party	7.70%

RELATED PARTY TRANSACTIONS - Sc

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Zions
Related Party Transaction [Line Items]
Related party, transaction amount	$ 11,200	$ 11,200	$ 10,400
CFC
Related Party Transaction [Line Items]
Related party, transaction amount	653,972	1,748,254	1,087,419
Loans | Zions
Related Party Transaction [Line Items]
Related party, transaction amount	173,928	160,079	274,517
Loans | CFC
Related Party Transaction [Line Items]
Related party, transaction amount	453,972	298,254	386,998
USDA Securities | Zions
Related Party Transaction [Line Items]
Related party, transaction amount	363	231	4,171
Sales of Farmer Mac Guaranteed Securities | Zions
Related Party Transaction [Line Items]
Related party, transaction amount	60,192	0	99,643
LTSPCs | CFC
Related Party Transaction [Line Items]
Related party, transaction amount	0	0	30,421
AgVantage Securities | CFC
Related Party Transaction [Line Items]
Related party, transaction amount	$ 200,000	$ 1,450,000	$ 670,000

INVESTMENT SECURITIES - Schedul

INVESTMENT SECURITIES - Schedule of Investment Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investment securities
Available-for-sale:
Amount Outstanding	$ 6,183,545	$ 5,120,963
Amortized cost	6,105,116	5,060,135
Allowance for losses	(27)	(27)
Unrealized Gains	9,514	9,844
Unrealized Losses	(161,589)	(151,021)
Fair Value	5,953,014	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	270	1,745
Unrealized Losses	0	0
Fair Value	9,540	55,501
Available-for-sale, accrued interest excluded	22,300	15,900
Available-for-Sale Securities | Investment securities
Available-for-sale:
Unamortized Premium/(Discount)	(78,429)	(60,828)
Held-to-maturity:
Unamortized Premium/(Discount)	(78,429)	(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	(27)	(27)
Unrealized Gains	0	0
Unrealized Losses	(197)	(591)
Fair Value	19,476	19,082
Floating interest rate | Guaranteed mortgage-backed securities
Available-for-sale:
Amount Outstanding	2,317,032	2,454,009
Amortized cost	2,316,191	2,452,871
Allowance for losses	0	0
Unrealized Gains	3,484	1,212
Unrealized Losses	(13,950)	(29,649)
Fair Value	2,305,725	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)	(841)	(1,138)
Held-to-maturity:
Unamortized Premium/(Discount)	(841)	(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	2,544,136	1,727,669
Amortized cost	2,477,291	1,680,881
Allowance for losses	0	0
Unrealized Gains	3,426	6,558
Unrealized Losses	(142,750)	(117,824)
Fair Value	2,337,967	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	270	1,745
Unrealized Losses	0	0
Fair Value	$ 9,540	$ 55,501
Held-to-maturity investment securities weighted average yield	6.40%	6.70%
Fixed Interest Rate | US Treasuries
Available-for-sale:
Amount Outstanding	$ 1,302,677	$ 869,585
Amortized cost	1,291,934	856,700
Allowance for losses	0	0
Unrealized Gains	2,604	2,074
Unrealized Losses	(4,692)	(2,942)
Fair Value	1,289,846	855,832
Fixed Interest Rate | Available-for-Sale Securities | Guaranteed mortgage-backed securities
Available-for-sale:
Unamortized Premium/(Discount)	(66,845)	(46,788)
Held-to-maturity:
Unamortized Premium/(Discount)	(66,845)	(46,788)
Fixed Interest Rate | Available-for-Sale Securities | US Treasuries
Available-for-sale:
Unamortized Premium/(Discount)	(10,743)	(12,885)
Held-to-maturity:
Unamortized Premium/(Discount)	(10,743)	(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 ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of available-for-sale investment securities	$ 115,247,000	$ 0	$ 0
Gain on sale of available-for-sale investment securities	1,052,000	$ 0	$ 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	93.60%

INVESTMENT SECURITIES - Unreali

INVESTMENT SECURITIES - Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 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	$ 1,859,962	$ 1,143,468
Unrealized loss position for less than 12 months, unrealized loss	(22,477)	(9,278)
Unrealized loss position for more than 12 months, fair value	2,049,525	2,611,155
Unrealized loss position for more than 12 months, unrealized loss	$ (139,112)	$ (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	90	91
Unrealized loss position for more than 12 months, number of securities in loss position | security	155	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	19,476	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	269,862	568,759
Unrealized loss position for less than 12 months, unrealized loss	(420)	(4,395)
Unrealized loss position for more than 12 months, fair value	1,025,360	1,449,122
Unrealized loss position for more than 12 months, unrealized loss	(13,530)	(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	999,793	384,305
Unrealized loss position for less than 12 months, unrealized loss	(17,682)	(4,262)
Unrealized loss position for more than 12 months, fair value	946,166	905,759
Unrealized loss position for more than 12 months, unrealized loss	(125,068)	(113,562)
Fixed Interest Rate | US Treasuries
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, fair value	590,307	140,435
Unrealized loss position for less than 12 months, unrealized loss	(4,375)	(606)
Unrealized loss position for more than 12 months, fair value	58,523	237,192
Unrealized loss position for more than 12 months, unrealized loss	$ (317)	$ (2,336)

INVESTMENT SECURITIES - Debt Ma

INVESTMENT SECURITIES - Debt Maturities (Details) - Investment securities - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Amortized Cost
Due within one year	$ 463,931
Due after one year through five years	2,308,576
Due after five years through ten years	2,441,044
Due after ten years	891,565
Available-for-sale, amortized cost	6,105,116	$ 5,060,135
Fair Value
Due within one year	464,956
Due after one year through five years	2,288,524
Due after five years through ten years	2,319,007
Due after ten years	880,527
Total fair value	$ 5,953,014	$ 4,918,931
Weighted- Average Yield
Due within one year	3.90%
Due after one year through five years	4.09%
Due after five years through ten years	3.94%
Due after ten years	4.97%
Weighted-average yield	4.15%

FARMER MAC GUARANTEED SECURIT_3

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Schedule of On-Balance Sheet Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 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 $28,563 and $16,764, respectively, related to consolidated trusts)	Accrued interest receivable (includes $28,563 and $16,764, respectively, related to consolidated trusts)
Farmer Mac Guaranteed Securities
Held-to-maturity:
Unpaid Principal Balance	$ 2,744,767	$ 4,242,867
Amortized cost	2,717,866	4,213,278
Allowance for losses	(178)	(209)
Unrealized Gains	6,224	4,783
Unrealized Losses	(22,812)	(40,257)
Fair Value	2,701,100	4,177,595
Available-for-sale:
Amortized cost	5,835,658
Fair Value	5,514,546
USDA Securities
Held-to-maturity:
Unpaid Principal Balance	2,351,334	2,331,093
Amortized cost	2,370,534	2,354,171
Allowance for losses	0	0
Unrealized Gains	180	417
Unrealized Losses	(258,190)	(319,783)
Fair Value	2,112,524	2,034,805
Trading:
Unpaid Principal Balance	814	1,236
Amortized Cost	856	1,300
Allowance for losses	0	0
Unrealized Gains	0	0
Unrealized Losses	(38)	(59)
Fair Value	818	$ 1,241
Trading securities, weighted-average yield		5.46%
Farmer Mac Guaranteed Securities and USDA Securities
Held-to-maturity:
Unpaid Principal Balance	5,096,101	$ 6,573,960
Amortized cost	5,088,400	6,567,449
Allowance for losses	(178)	(209)
Unrealized Gains	6,404	5,200
Unrealized Losses	(281,002)	(360,040)
Fair Value	4,813,624	6,212,400
Farmer Mac Guaranteed Securities
Held-to-maturity:
Amortized cost	2,717,688	4,213,069
Available-for-sale:
Unpaid Principal Balance	5,826,948	5,816,024
Amortized cost	5,835,658	5,825,433
Allowance for losses	(236)	(317)
Unrealized Gains	6,600	16,774
Unrealized Losses	(327,476)	(309,411)
Fair Value	5,514,546	5,532,479
Held-to-Maturity Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	(26,901)	(29,589)
Available-for-sale:
Unamortized Premium/(Discount)	(26,901)	(29,589)
Trading:
Unamortized Premium/(Discount)	(26,901)	(29,589)
Held-to-Maturity Securities | USDA Securities
Held-to-maturity:
Unamortized Premium/(Discount)	19,200	23,078
Available-for-sale:
Unamortized Premium/(Discount)	19,200	23,078
Trading:
Unamortized Premium/(Discount)	19,200	23,078
Held-to-Maturity Securities | Farmer Mac Guaranteed Securities and USDA Securities
Held-to-maturity:
Unamortized Premium/(Discount)	(7,701)	(6,511)
Available-for-sale:
Unamortized Premium/(Discount)	(7,701)	(6,511)
Trading:
Unamortized Premium/(Discount)	(7,701)	(6,511)
Available-for-Sale Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	8,710	9,409
Available-for-sale:
Unamortized Premium/(Discount)	8,710	9,409
Trading:
Unamortized Premium/(Discount)	8,710	9,409
Trading Securities | USDA Securities
Held-to-maturity:
Unamortized Premium/(Discount)	42	64
Available-for-sale:
Unamortized Premium/(Discount)	42	64
Trading:
Unamortized Premium/(Discount)	42	64
Farmer Mac Guaranteed Securities | Farmer Mac Guaranteed Securities
Available-for-sale:
Fair Value	9,000	9,800
Trading:
Derivative, notional amount	228,000	238,400
Farmer Mac Guaranteed Securities | Farmer Mac Guaranteed Securities
Available-for-sale:
Unpaid Principal Balance	0	0
Amortized cost	8,710	9,409
Allowance for losses	0	0
Unrealized Gains	305	358
Unrealized Losses	0	0
Fair Value	9,015	9,767
Farmer Mac Guaranteed Securities | Available-for-Sale Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	8,710	9,409
Available-for-sale:
Unamortized Premium/(Discount)	8,710	9,409
Trading:
Unamortized Premium/(Discount)	8,710	9,409
AgVantage
Trading:
Available-for-sale, accrued interest excluded	57,500	47,200
Held-to-maturity, accrued interest excluded	59,800	67,400
AgVantage | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unpaid Principal Balance	2,694,492	4,206,324
Amortized cost	2,667,564	4,176,702
Allowance for losses	(178)	(209)
Unrealized Gains	5,978	4,676
Unrealized Losses	(21,592)	(39,451)
Fair Value	2,651,772	4,141,718
AgVantage | Farmer Mac Guaranteed Securities
Available-for-sale:
Unpaid Principal Balance	5,826,948	5,816,024
Amortized cost	5,826,948	5,816,024
Allowance for losses	(236)	(317)
Unrealized Gains	6,295	16,416
Unrealized Losses	(327,476)	(309,411)
Fair Value	5,505,531	5,522,712
AgVantage | Held-to-Maturity Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	(26,928)	(29,622)
Available-for-sale:
Unamortized Premium/(Discount)	(26,928)	(29,622)
Trading:
Unamortized Premium/(Discount)	(26,928)	(29,622)
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	50,275	36,543
Amortized cost	50,302	36,576
Allowance for losses	0	0
Unrealized Gains	246	107
Unrealized Losses	(1,220)	(806)
Fair Value	$ 49,328	35,877
Farmer Mac Guaranteed USDA Securities | USDA Securities
Trading:
Trading securities, weighted-average yield	5.47%
Farmer Mac Guaranteed USDA Securities | Held-to-Maturity Securities | Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	$ 27	33
Available-for-sale:
Unamortized Premium/(Discount)	27	33
Trading:
Unamortized Premium/(Discount)	$ 27	$ 33

FARMER MAC GUARANTEED SECURIT_4

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Narrative (Details) - AgVantage $ in Millions	Jul. 01, 2023 USD ($)	Dec. 31, 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		66	68
Held-to-maturity, securities in unrealized loss positions		45	53
Unrealized loss position for more than 12 months, number of securities in loss position		54	62
Debt securities, held-to-maturity, unrealized loss position for more than 12 months, number of securities in loss position		26	22

FARMER MAC GUARANTEED SECURIT_5

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Unrealized loss position for less than 12 months
Unrealized loss position for less than 12 months, fair value	$ 1,859,962	$ 1,143,468
Unrealized loss position for less than 12 months, unrealized loss	(22,477)	(9,278)
Unrealized loss position for more than 12 months
Unrealized loss position for more than 12 months, fair value	2,049,525	2,611,155
Unrealized loss position for more than 12 months, unrealized loss	(139,112)	(141,743)
Operating Segments
Unrealized loss position for less than 12 months
Unrealized loss position for less than 12 months, fair value	1,152,227	508,182
Unrealized loss position for less than 12 months, unrealized loss	(12,889)	(5,716)
Unrealized loss position for more than 12 months
Unrealized loss position for more than 12 months, fair value	3,649,845	4,043,431
Unrealized loss position for more than 12 months, unrealized loss	(314,587)	(303,695)
Farmer Mac Guaranteed Securities and USDA Securities
Unrealized loss position for less than 12 months
Fair Value	1,038,050	2,070,770
Unrealized Loss	(4,019)	(6,705)
Unrealized loss position for more than 12 months
Fair Value	3,295,229	2,757,541
Unrealized Loss	(276,983)	(353,335)
USDA Securities
Unrealized loss position for less than 12 months
Fair Value	8,938	0
Unrealized Loss	(164)	0
Unrealized loss position for more than 12 months
Fair Value	2,099,695	2,023,801
Unrealized Loss	(258,026)	(319,783)
AgVantage | Farmer Mac Guaranteed Securities
Unrealized loss position for less than 12 months
Fair Value	998,200	2,070,770
Unrealized Loss	(3,326)	(6,705)
Unrealized loss position for more than 12 months
Fair Value	1,187,464	725,347
Unrealized Loss	(18,266)	(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	1,152,227
Unrealized loss position for less than 12 months, unrealized loss	(12,889)
Unrealized loss position for more than 12 months
Unrealized loss position for more than 12 months, fair value	3,649,845
Unrealized loss position for more than 12 months, unrealized loss	(314,587)
USDA Securities | Farmer Mac Guaranteed Securities
Unrealized loss position for less than 12 months
Fair Value	30,912	0
Unrealized Loss	(529)	0
Unrealized loss position for more than 12 months
Fair Value	8,070	8,393
Unrealized Loss	$ (691)	$ (806)

FARMER MAC GUARANTEED SECURIT_6

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
AgVantage
Weighted- Average Yield
Available-for-sale, accrued interest excluded	$ 57,500	$ 47,200
Farmer Mac Guaranteed Securities
Amortized Cost
Due within one year	871,516
Due after one year through five years	3,102,516
Due after five years through ten years	730,000
Due after ten years	1,131,626
Available-for-sale, amortized cost	5,835,658
Fair Value
Due within one year	869,749
Due after one year through five years	3,010,710
Due after five years through ten years	650,677
Due after ten years	983,410
Total fair value	$ 5,514,546
Weighted- Average Yield
Due within one year	4.20%
Due after one year through five years	3.73%
Due after five years through ten years	3.26%
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	Dec. 31, 2024	Dec. 31, 2023
AgVantage
Weighted- Average Yield
Held-to-maturity, accrued interest excluded	$ 59,800	$ 67,400
Farmer Mac Guaranteed Securities and USDA Securities
Amortized Cost
Due within one year	1,094,388
Due after one year through five years	1,021,370
Due after five years through ten years	296,135
Due after ten years	2,676,507
Total, Amortized Cost	5,088,400
Fair Value
Due within one year	1,089,152
Due after one year through five years	1,006,240
Due after five years through ten years	263,383
Due after ten years	2,454,849
Total, Fair Value	$ 4,813,624
Weighted- Average Yield
Due within one year	4.41%
Due after one year through five years	4.08%
Due after five years through ten years	3.72%
Due after ten years	4.23%
Total, Weighted- Average Yield	4.25%

FINANCIAL DERIVATIVES - Narrati

FINANCIAL DERIVATIVES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	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 $28,563 and $16,764, respectively, related to consolidated trusts)	Accrued interest receivable (includes $28,563 and $16,764, respectively, related to consolidated trusts)
Gain expected to be reclassified from AOCI to earnings over next 12 months	$ 10,500,000
Gain (loss) from interest rate swaps designated as cash flow hedges reclassified to earnings	0	$ 0
Financial derivatives, net payable position	0	0
Notional amount	24,896,331,000	25,779,468,000
Exchange Cleared
Derivative [Line Items]
Notional amount	19,100,000,000	20,500,000,000
Interest Rate Swap
Derivative [Line Items]
Notional amount	24,900,000,000	25,800,000,000
Cleared Swaps
Derivative [Line Items]
Accrued interest on cleared swaps	15,800,000	16,400,000
Uncleared Swaps
Derivative [Line Items]
Accrued interest payable	$ 4,900,000	$ 6,500,000

FINANCIAL DERIVATIVES - Schedul

FINANCIAL DERIVATIVES - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Notional Disclosures [Abstract]
Notional Amount	$ 24,896,331	$ 25,779,468
Asset
Fair value, asset	27,789	37,478
Netting adjustments	(462)	(1,236)
(Liability)
Fair value, liability	(77,326)	(117,131)
Netting adjustments	462	1,236
Designated as hedge | Fair value hedges: | Receive fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	7,460,685	9,174,253
Asset
Fair value, asset	174	7,767
(Liability)
Fair value, liability	$ (12,165)	$ (1,081)
Weighted- Average Pay Rate	4.71%	2.50%
Weighted- Average Receive Rate	3.40%	5.47%
Weighted- Average Remaining Term (in years)	1 year 6 months 10 days	9 years 6 months 25 days
Designated as hedge | Fair value hedges: | Pay fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	$ 9,657,181	$ 9,776,685
Asset
Fair value, asset	5,134	2,350
(Liability)
Fair value, liability	$ (97)	$ (20,390)
Weighted- Average Pay Rate	2.67%	5.57%
Weighted- Average Receive Rate	4.56%	2.94%
Weighted- Average Remaining Term (in years)	9 years 1 month 13 days	1 year 9 months 10 days
Designated as hedge | Fair value hedges: | Receive fixed callable
Notional Disclosures [Abstract]
Notional Amount	$ 4,592,077	$ 3,879,827
Asset
Fair value, asset	5,119	7,374
(Liability)
Fair value, liability	$ (65,167)	$ (95,984)
Weighted- Average Pay Rate	4.54%	5.40%
Weighted- Average Receive Rate	3.67%	3.40%
Weighted- Average Remaining Term (in years)	2 years 7 months 24 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	16,903	20,234
(Liability)
Fair value, liability	$ (2)	$ (43)
Weighted- Average Pay Rate	1.92%	1.94%
Weighted- Average Receive Rate	4.87%	5.82%
Weighted- Average Remaining Term (in years)	3 years 5 months 4 days	4 years 3 months 18 days
No hedge designation | Receive fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	$ 1,803,328	$ 1,358,396
Asset
Fair value, asset	48	263
(Liability)
Fair value, liability	$ (2)	$ (3)
Weighted- Average Pay Rate	4.52%	5.44%
Weighted- Average Receive Rate	4.43%	4.87%
Weighted- Average Remaining Term (in years)	3 months 18 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	819	676
(Liability)
Fair value, liability	$ (1)	$ (29)
Weighted- Average Pay Rate	2.92%	2.92%
Weighted- Average Receive Rate	4.75%	5.64%
Weighted- Average Remaining Term (in years)	3 years 4 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	8	39
(Liability)
Fair value, liability	$ (354)	$ (746)
Weighted- Average Pay Rate	4.69%	5.52%
Weighted- Average Receive Rate	4.52%	5.48%
Weighted- Average Remaining Term (in years)	3 years 9 months 29 days	3 years 9 months 29 days
No hedge designation | Treasury futures
Notional Disclosures [Abstract]
Notional Amount	$ 29,900	$ 21,300
Asset
Fair value, asset	46	11
Netting adjustments	(462)	(1,236)
(Liability)
Fair value, liability	0	(91)
Netting adjustments	$ 462	$ 1,236
Weighted- Average Forward Price (in dollars per share)	$ 108.91	$ 112.51

FINANCIAL DERIVATIVES - Sched_2

FINANCIAL DERIVATIVES - Schedule of Net Income/(Expense) Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Investments and cash equivalents	$ 345,501	$ 287,144	$ 82,659
Interest Income Loans	629,187	514,894	350,420
Total Interest Expense	(1,249,649)	(1,064,741)	(445,908)
Gains on financial derivatives	2,636	2,882	22,631
Interest expense on interest rate swaps	21,397	23,511	38,688
Designated as hedge
Derivative Instruments, Gain (Loss) [Line Items]
Investments and cash equivalents	345,501	287,144	82,659
Interest Income Farmer Mac Guaranteed Securities and USDA Securities	628,828	590,250	283,769
Interest Income Loans	629,187	514,894	350,420
Total Interest Expense	(1,249,649)	(1,064,741)	(445,908)
Gains on financial derivatives	2,636	2,882	22,631
Total	356,503	330,429	293,571
Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	(95,850)	(61,506)	82,743
Premium/discount amortization recognized on hedged items	(1,063)	(1,005)	(2,870)
Recognized on hedged items	(246,695)	(151,073)	(514,121)
Gains/(losses) on fair value hedging relationships	11,548	(5,394)	5,802
Designated as hedge | Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	(34)	(55)	(57)
Interest settlements reclassified from AOCI into net income on derivatives	20,657	20,643	1,213
Recognized on hedged items	(31,241)	(31,610)	(12,847)
Expense recognized on cash flow hedges	(10,618)	(11,022)	(11,691)
No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	2,636	2,882	22,631
Interest Income Investments and Cash Equivalents | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	44,303	33,488	16,199
Premium/discount amortization recognized on hedged items	2,134	1,860	(754)
Recognized on hedged items	(28,502)	18,472	(105,889)
Gains/(losses) on fair value hedging relationships	679	(973)	(1,167)
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
Interest settlements reclassified from AOCI into net income on derivatives	0	0	0
Recognized on hedged items	0	0	0
Expense recognized on cash flow hedges	0	0	0
Interest Income Investments and Cash Equivalents | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	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	213,759	183,396	142,809
Premium/discount amortization recognized on hedged items	0	0	0
Recognized on hedged items	(49,922)	89,437	(553,393)
Gains/(losses) on fair value hedging relationships	2,572	(1,714)	137
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
Interest settlements reclassified from AOCI into net income on derivatives	0	0	0
Recognized on hedged items	0	0	0
Expense recognized on cash flow hedges	0	0	0
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Interest Income Loans | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	69,516	63,133	56,141
Premium/discount amortization recognized on hedged items	0	0	0
Recognized on hedged items	(66,852)	21,686	(341,162)
Gains/(losses) on fair value hedging relationships	4,361	(1,842)	9,954
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
Interest settlements reclassified from AOCI into net income on derivatives	0	0	0
Recognized on hedged items	0	0	0
Expense recognized on cash flow hedges	0	0	0
Interest Income Loans | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Total Interest Expense | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	(423,428)	(341,523)	(132,406)
Premium/discount amortization recognized on hedged items	(3,197)	(2,865)	(2,116)
Recognized on hedged items	(101,419)	(280,668)	486,323
Gains/(losses) on fair value hedging relationships	3,936	(865)	(3,122)
Total Interest Expense | Designated as hedge | Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	(34)	(55)	(57)
Interest settlements reclassified from AOCI into net income on derivatives	20,657	20,643	1,213
Recognized on hedged items	(31,241)	(31,610)	(12,847)
Expense recognized on cash flow hedges	(10,618)	(11,022)	(11,691)
Total Interest Expense | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Gains on financial derivatives | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	0	0	0
Premium/discount amortization recognized on hedged items	0	0	0
Recognized on hedged items	0	0	0
Gains/(losses) on fair value hedging relationships	0	0	0
Gains 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
Interest settlements reclassified from AOCI into net income on derivatives	0	0	0
Recognized on hedged items	0	0	0
Expense recognized on cash flow hedges	0	0	0
Gains on financial derivatives | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	2,636	2,882	22,631
Interest Rate Swap | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	(18,895)	(99,800)	(79,201)
Income/(expense) related to interest settlements on fair value hedging relationships	(115,808)	(162,311)	672
Recognized on derivatives	258,243	145,679	519,923
Interest Rate Swap | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	2,424	4,395	13,012
Interest expense on interest rate swaps	(1,377)	(4,845)	(7,619)
Interest Rate Swap | Interest Income Investments and Cash Equivalents | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	40,224	35,377	2,727
Income/(expense) related to interest settlements on fair value hedging relationships	86,661	70,725	18,172
Recognized on derivatives	29,181	(19,445)	104,722
Interest Rate Swap | Interest Income Investments and Cash Equivalents | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Interest expense on interest rate swaps	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	147,922	146,027	(19,486)
Income/(expense) related to interest settlements on fair value hedging relationships	361,681	329,423	123,323
Recognized on derivatives	52,494	(91,151)	553,530
Interest Rate Swap | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Interest expense on interest rate swaps	0	0	0
Interest Rate Swap | Interest Income Loans | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	68,346	64,648	(501)
Income/(expense) related to interest settlements on fair value hedging relationships	137,862	127,781	55,640
Recognized on derivatives	71,213	(23,528)	351,116
Interest Rate Swap | Interest Income Loans | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Interest expense on interest rate swaps	0	0	0
Interest Rate Swap | Total Interest Expense | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	(275,387)	(345,852)	(61,941)
Income/(expense) related to interest settlements on fair value hedging relationships	(702,012)	(690,240)	(196,463)
Recognized on derivatives	105,355	279,803	(489,445)
Interest Rate Swap | Total Interest Expense | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Interest expense on interest rate swaps	0	0	0
Interest Rate Swap | Gains on financial derivatives | Designated as hedge | Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	0	0	0
Income/(expense) related to interest settlements on fair value hedging relationships	0	0	0
Recognized on derivatives	0	0	0
Interest Rate Swap | Gains on financial derivatives | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	2,424	4,395	13,012
Interest expense on interest rate swaps	(1,377)	(4,845)	(7,619)
Treasury futures | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	1,589	3,332	17,238
Treasury futures | Interest Income Investments and Cash Equivalents | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Treasury futures | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Treasury futures | Interest Income Loans | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Treasury futures | Total Interest Expense | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Treasury futures | Gains on financial derivatives | No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	$ 1,589	$ 3,332	$ 17,238

FINANCIAL DERIVATIVES - Hedged

FINANCIAL DERIVATIVES - Hedged Items in Fair Value Hedging Relationships (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investment securities, Available-for-Sale, at fair value
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	$ 1,477,880	$ 1,251,386
Hedged asset	(117,137)	(88,635)
Amortized cost	1,600,000	1,400,000
Loans held for investment, at amortized cost
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	1,816,738	1,699,361
Hedged asset	(372,444)	(305,592)
Notes Payable
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	(11,899,049)	(13,350,111)
Hedged liability	148,999	250,418
Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	5,478,484	5,497,948
Hedged asset	(307,358)	(257,436)
Amortized cost	$ 5,800,000	$ 5,800,000

FINANCIAL DERIVATIVES - Sched_3

FINANCIAL DERIVATIVES - Schedule of Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Gross Amount Recognized	$ 28,251	$ 36,139
Gross Amounts offset in the Consolidated Balance Sheet	(462)	(1,236)
Net Amount Presented in the Consolidated Balance Sheet	27,789	34,903
Netting Adjustments	(22,061)	(25,727)
Financial instruments pledged	(5,030)	0
Cash Collateral	(652)	0
Net amount	46	9,176
Liabilities:
Gross Amount Recognized	(77,788)	(101,350)
Gross Amounts offset in the Consolidated Balance Sheet	462	1,236
Net Amount Presented in the Consolidated Balance Sheet	(77,326)	(100,114)
Netting Adjustments	22,061	25,727
Financial instruments pledged	0	0
Cash collateral	44,299	69,360
Net amount	(10,966)	(5,027)
Derivative liability, not subject to master netting arrangement		15,200
Collateral received		2,000
Derivative, additional net exposure to counterparty	209,000	207,200
Derivative, additional net exposure from counterparty	4,700
Uncleared derivatives
Assets:
Gross Amount Recognized	22,759	25,751
Gross Amounts offset in the Consolidated Balance Sheet	0	0
Net Amount Presented in the Consolidated Balance Sheet	22,759	25,751
Netting Adjustments	(22,061)	(25,727)
Financial instruments pledged	0	0
Cash Collateral	(652)	0
Net amount	46	24
Liabilities:
Gross Amount Recognized	(77,326)	(100,114)
Gross Amounts offset in the Consolidated Balance Sheet	0	0
Net Amount Presented in the Consolidated Balance Sheet	(77,326)	(100,114)
Netting Adjustments	22,061	25,727
Financial instruments pledged	0	0
Cash collateral	44,299	69,360
Net amount	(10,966)	(5,027)
Cleared derivatives
Assets:
Gross Amount Recognized	5,492	10,388
Gross Amounts offset in the Consolidated Balance Sheet	(462)	(1,236)
Net Amount Presented in the Consolidated Balance Sheet	5,030	9,152
Netting Adjustments	0	0
Financial instruments pledged	(5,030)	0
Cash Collateral	0	0
Net amount	0	9,152
Liabilities:
Gross Amount Recognized	(462)	(1,236)
Gross Amounts offset in the Consolidated Balance Sheet	462	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

NOTES PAYABLE - Narrative (Deta

NOTES PAYABLE - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Medium term notes called during the period	$ 1,900,000,000	$ 233,000,000
Maximum borrowing capacity from U.S. Treasury	1,500,000,000
Outstanding debt repurchases	$ 0	0	$ 27,000,000
Gain on extinguishment of debt			$ 200,000
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	$ 1,800,000,000

NOTES PAYABLE - Borrowings (Det

NOTES PAYABLE - Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Due within one year:
Outstanding, Amount	$ 10,437,623	$ 8,087,168
Outstanding, Weighted - average rate	3.77%	3.52%
Medium-term notes due in:
Two years	$ 4,844,538
Three years	3,822,999
Four years	2,732,980
Five years	2,491,831
Thereafter	3,190,202
Total due after one year	17,082,550
Total principal net of discounts	27,520,173	$ 26,586,959
Hedging adjustments	(148,999)	(250,417)
Total	$ 27,371,174	26,336,542
Weighted - average rate	3.34%
Total weighted - average rate	3.51%
Two years
Medium-term notes due in:
Weighted - average rate	2.66%
Three years
Medium-term notes due in:
Weighted - average rate	3.53%
Four years
Medium-term notes due in:
Weighted - average rate	4.13%
Five years
Medium-term notes due in:
Weighted - average rate	4.41%
Thereafter
Medium-term notes due in:
Weighted - average rate	2.63%
Discount notes
Due within one year:
Outstanding, Amount	$ 2,167,258	$ 1,734,387
Outstanding, Weighted - average rate	4.42%	5.32%
Average Outstanding, Amount	$ 1,928,884	$ 1,097,300
Average Outstanding, Weighted - average rate (as a percent)	5.11%	5.08%
Medium-term notes
Due within one year:
Outstanding, Amount	$ 2,343,264	$ 384,970
Outstanding, Weighted - average rate	4.64%	5.07%
Average Outstanding, Amount	$ 1,000,290	$ 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	$ 5,927,101	$ 5,967,811
Outstanding, Weighted - average rate	3.20%	2.90%

NOTES PAYABLE - Callable Medium

NOTES PAYABLE - Callable Medium-Term Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2027	$ 4,844,538
2028	3,822,999
2029	2,732,980
Total principal net of discounts	$ 27,520,173	$ 26,586,959
Weighted-Average Rate	3.34%
Year one
Debt Instrument [Line Items]
Weighted-Average Rate	2.43%
Year two
Debt Instrument [Line Items]
Weighted-Average Rate	3.41%
Year three
Debt Instrument [Line Items]
Weighted-Average Rate	4.06%
Year four
Debt Instrument [Line Items]
Weighted-Average Rate	4.38%
Call Option
Debt Instrument [Line Items]
2026	$ 1,522,550
2027	909,401
2028	588,198
2029	415,862
Thereafter	1,827,209
Total principal net of discounts	$ 5,263,220
Weighted-Average Rate	2.70%
Call Option | Year one
Debt Instrument [Line Items]
Weighted-Average Rate	2.20%
Call Option | Year two
Debt Instrument [Line Items]
Weighted-Average Rate	2.94%
Call Option | Year three
Debt Instrument [Line Items]
Weighted-Average Rate	3.80%
Call Option | Year four
Debt Instrument [Line Items]
Weighted-Average Rate	4.42%
Call Option | Thereafter
Debt Instrument [Line Items]
Weighted-Average Rate	2.25%

NOTES PAYABLE - Earliest Intere

NOTES PAYABLE - Earliest Interest Reset Date of Borrowing Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2025	$ 11,933,596
2026	4,366,691
2027	3,494,164
2028	2,490,159
2029	2,324,985
Thereafter	2,910,578
Total principal net of discounts	$ 27,520,173
Short-term debt, weighted average rate (as a percent)	3.77%	3.52%
Weighted - average rate	3.34%
Total weighted - average rate	3.51%
Due within one year
Debt Instrument [Line Items]
Short-term debt, weighted average rate (as a percent)	3.91%
Year one
Debt Instrument [Line Items]
Weighted - average rate	2.43%
Year two
Debt Instrument [Line Items]
Weighted - average rate	3.41%
Year three
Debt Instrument [Line Items]
Weighted - average rate	4.06%
Year four
Debt Instrument [Line Items]
Weighted - average rate	4.38%
Thereafter
Debt Instrument [Line Items]
Weighted - average rate	2.42%

LOANS - Narrative (Details)

LOANS - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) loan segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at lower of cost or fair value	$ 6,170	$ 0
Loans held for sale, fair value adjustment	(1,000)	0
Losses on sale of mortgage loans	$ 1,147	0	$ 0
Number of operating segments | segment	7
Provision for/(release of) losses	$ 11,579	858	1,323
Corporate AgFinance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for/(release of) losses	6,828	217	2,171
Charge-offs	4,397	0	0
Infrastructure Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for/(release of) losses	3,565	833	(2,285)
Charge-offs	$ 0	0	0
Agricultural Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of operating segments | segment	2
Provision for/(release of) losses	$ 8,125	109	3,417
Number of loans | loan	2
Charge-offs	$ 4,498	$ 0	$ 84
Charge-offs, uncollectible amount	3,900
Agricultural Storage and Processing Loan | Corporate AgFinance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Losses on sale of mortgage loans	$ 1,100

LOANS - Schedule of Composition

LOANS - Schedule of Composition of Loan Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	$ 13,609,172	$ 11,360,197
Allowance for losses	(23,223)	(16,031)
Total loans, net of allowance	13,204,638	11,039,349
Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	13,609,172	11,360,197
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	(381,311)	(304,817)
Total loans	13,227,861	11,055,380
Allowance for losses	(23,223)	(16,031)
Total loans, net of allowance	13,204,638	11,039,349
Agricultural Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	8,834,689	7,825,434
Allowance for losses	(10,511)	(6,884)	$ (6,775)	$ (3,442)
Agricultural Finance | Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	8,834,689	7,825,434
Allowance for losses	(10,511)	(6,884)
Farm & Ranch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	7,453,015	6,565,711
Allowance for losses	(5,132)	(3,936)	(4,044)	(2,882)
Farm & Ranch | Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	7,453,015	6,565,711
Allowance for losses	(5,132)	(3,936)
Corporate AgFinance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	1,381,674	1,259,723
Allowance for losses	(5,379)	(2,948)	(2,731)	(560)
Corporate AgFinance | Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	1,381,674	1,259,723
Allowance for losses	(5,379)	(2,948)
Infrastructure Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	4,774,483	3,534,763
Allowance for losses	(12,712)	(9,147)	$ (8,314)	$ (10,599)
Infrastructure Finance | Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	4,774,483	3,534,763
Allowance for losses	(12,712)	(9,147)
Unsecuritized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	11,570,889	9,927,936
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	(381,311)	(304,817)
Total loans	11,189,578	9,623,119
Allowance for losses	(22,594)	(15,588)
Total loans, net of allowance	11,166,984	9,607,531
Unsecuritized | Agricultural Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	6,796,406	6,393,173
Unsecuritized | Farm & Ranch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	5,414,732	5,133,450
Unsecuritized | Corporate AgFinance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	1,381,674	1,259,723
Unsecuritized | Infrastructure Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	4,774,483	3,534,763
In Consolidated Trusts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	2,038,283	1,432,261
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	0	0
Total loans	2,038,283	1,432,261
Allowance for losses	(629)	(443)
Total loans, net of allowance	2,037,654	1,431,818
In Consolidated Trusts | Agricultural Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	2,038,283	1,432,261
In Consolidated Trusts | Farm & Ranch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total unpaid principal balance	2,038,283	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 | 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	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	$ 23,223	$ 16,031
Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	23,223	16,031
Agricultural Finance
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	10,511	6,884	$ 6,775	$ 3,442
Agricultural Finance | Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	10,511	6,884
Farm & Ranch
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	5,132	3,936	4,044	2,882
Farm & Ranch | Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	5,132	3,936
Corporate AgFinance
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	5,379	2,948	2,731	560
Corporate AgFinance | Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	5,379	2,948
Infrastructure Finance loans
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	12,712	9,147	$ 8,314	$ 10,599
Infrastructure Finance loans | Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	$ 12,712	$ 9,147

LOANS - Changes in the Allowanc

LOANS - Changes in the Allowance for Losses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 16,031,000
Provision for/(release of) losses	11,579,000	$ 858,000	$ 1,323,000
Ending balance	23,223,000	16,031,000
Total Agricultural Finance loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	6,884,000	6,775,000	3,442,000
Provision for/(release of) losses	8,125,000	109,000	3,417,000
Charge-offs	(4,498,000)	0	(84,000)
Ending balance	10,511,000	6,884,000	6,775,000
Farm & Ranch
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	3,936,000	4,044,000	2,882,000
Provision for/(release of) losses	1,297,000	(108,000)	1,246,000
Charge-offs	(101,000)	0	(84,000)
Ending balance	5,132,000	3,936,000	4,044,000
Farm & Ranch | Commercial Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Provision for/(release of) losses	1,200,000	1,000,000	1,900,000
Corporate AgFinance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	2,948,000	2,731,000	560,000
Provision for/(release of) losses	6,828,000	217,000	2,171,000
Charge-offs	(4,397,000)	0	0
Ending balance	5,379,000	2,948,000	2,731,000
Corporate AgFinance | Commercial Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Provision for/(release of) losses	1,000,000	0	2,400,000
Infrastructure Finance loans
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	9,147,000	8,314,000	10,599,000
Provision for/(release of) losses	3,565,000	833,000	(2,285,000)
Charge-offs	0	0	0
Ending balance	12,712,000	9,147,000	8,314,000
Infrastructure Finance loans | Collateral Pledged
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Provision for/(release of) losses	$ 0	$ 0	$ 0

LOANS - Unpaid Principal Balanc

LOANS - Unpaid Principal Balances by Delinquency Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	$ 11,183,408	$ 9,623,119
Nonaccrual loans	168,915	65,236
Total Loans	13,609,172	11,360,197
Nonaccrual loans with no associated allowance	41,500	25,700
Interest received on nonaccrual loans	4,900	2,600
Total Agricultural Finance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loans	168,915	65,236
Total Loans	8,834,689	7,825,434
Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	7,453,015	6,565,711
Nonaccrual loans	123,546	65,236
Total Loans	7,453,015	6,565,711
Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	1,381,674	1,259,723
Nonaccrual loans	45,369	0
Total Loans	1,381,674	1,259,723
Infrastructure Finance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	4,774,483	3,534,763
Nonaccrual loans	0	0
Total Loans	4,774,483	3,534,763
Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	13,410,152	11,264,691
Current | Total Agricultural Finance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	8,635,669	7,729,928
Current | Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	7,299,364	6,470,205
Current | Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	1,336,305	1,259,723
Current | Infrastructure Finance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	4,774,483	3,534,763
Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	30,105	30,270
Total Past Due | Total Agricultural Finance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	30,105	30,270
Total Past Due | Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	30,105	30,270
Total Past Due | Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0
Total Past Due | Infrastructure Finance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0
30-59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	16,478	15,326
30-59 Days | Total Agricultural Finance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	16,478	15,326
30-59 Days | Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	16,478	15,326
30-59 Days | Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0
30-59 Days | Infrastructure Finance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0
60-89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	7,268	3,953
60-89 Days | Total Agricultural Finance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	7,268	3,953
60-89 Days | Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	7,268	3,953
60-89 Days | Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0
60-89 Days | Infrastructure Finance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0
90 Days and Greater
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	6,359	10,991
90 Days and Greater | Total Agricultural Finance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	6,359	10,991
90 Days and Greater | Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	6,359	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
90 Days and Greater | Infrastructure Finance loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	$ 0	$ 0

LOANS - Schedule of Financing R

LOANS - Schedule of Financing Receivables Credit Quality Indicators (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total
Total	$ 11,183,408	$ 9,623,119
Agricultural Finance - Farm & Ranch loans
Year One
Total	1,134,818	604,837
Current period charge-offs	0	0
Year Two
Total	588,639	1,207,742
Current period charge-offs	0	0
Year Three
Total	1,165,169	1,691,901
Current period charge-offs	0	0
Year Four
Total	1,626,242	1,149,903
Current period charge-offs	101	0
Year Five
Total	1,087,730	357,646
Current period charge-offs	0	0
Prior
Total	1,403,027	1,148,725
Current period charge-offs	0	0
Revolving Loans - Amortized Cost Basis
Total	447,390	404,957
Current period charge-offs	0	0
Total
Total	7,453,015	6,565,711
Current period charge-offs	101	0	$ 84
Agricultural Finance - Corporate AgFinance loans
Year One
Total	210,807	207,279
Current period charge-offs	0	0
Year Two
Total	197,237	112,444
Current period charge-offs	0	0
Year Three
Total	72,512	277,400
Current period charge-offs	455	0
Year Four
Total	250,050	173,980
Current period charge-offs	0	0
Year Five
Total	169,860	119,685
Current period charge-offs	0	0
Prior
Total	194,833	112,947
Current period charge-offs	0	0
Revolving Loans - Amortized Cost Basis
Total	286,375	255,988
Current period charge-offs	3,942	0
Total
Total	1,381,674	1,259,723
Current period charge-offs	4,397	0	0
Infrastructure Finance loans
Year One
Total	1,158,427	618,946
Current period charge-offs	0	0
Year Two
Total	534,499	720,522
Current period charge-offs	0	0
Year Three
Total	642,402	187,746
Current period charge-offs	0	0
Year Four
Total	174,232	593,841
Current period charge-offs	0	0
Year Five
Total	574,135	701,937
Current period charge-offs	0	0
Prior
Total	1,229,626	611,548
Current period charge-offs	0	0
Revolving Loans - Amortized Cost Basis
Total	461,162	100,223
Current period charge-offs	0	0
Total
Total	4,774,483	3,534,763
Current period charge-offs	0	0	$ 0
Acceptable | Agricultural Finance - Farm & Ranch loans
Year One
Total	987,444	530,956
Year Two
Total	525,559	1,137,226
Year Three
Total	1,079,933	1,653,780
Year Four
Total	1,577,305	1,120,917
Year Five
Total	1,019,779	323,922
Prior
Total	1,287,334	1,068,862
Revolving Loans - Amortized Cost Basis
Total	404,950	385,766
Total
Total	6,882,304	6,221,429
Acceptable | Agricultural Finance - Corporate AgFinance loans
Year One
Total	210,807	207,279
Year Two
Total	152,918	97,922
Year Three
Total	64,860	261,992
Year Four
Total	235,493	123,158
Year Five
Total	80,085	99,352
Prior
Total	161,354	112,947
Revolving Loans - Amortized Cost Basis
Total	262,295	254,325
Total
Total	1,167,812	1,156,975
Acceptable | Infrastructure Finance loans
Year One
Total	1,158,427	618,946
Year Two
Total	521,143	681,272
Year Three
Total	578,882	187,746
Year Four
Total	174,232	593,841
Year Five
Total	574,135	701,937
Prior
Total	1,229,626	611,548
Revolving Loans - Amortized Cost Basis
Total	461,162	100,223
Total
Total	4,697,607	3,495,513
Special mention | Agricultural Finance - Farm & Ranch loans
Year One
Total	139,297	70,524
Year Two
Total	34,290	46,529
Year Three
Total	32,886	27,957
Year Four
Total	24,204	11,591
Year Five
Total	7,533	4,782
Prior
Total	23,099	21,257
Revolving Loans - Amortized Cost Basis
Total	22,087	8,777
Total
Total	283,396	191,417
Special mention | Agricultural Finance - Corporate AgFinance loans
Year One
Total	0	0
Year Two
Total	37,010	14,522
Year Three
Total	0	15,408
Year Four
Total	14,557	50,822
Year Five
Total	75,440	20,333
Prior
Total	0	0
Revolving Loans - Amortized Cost Basis
Total	7,158	1,663
Total
Total	134,165	102,748
Special mention | Infrastructure Finance loans
Year One
Total	0	0
Year Two
Total	0	9,850
Year Three
Total	34,388	0
Year Four
Total	0	0
Year Five
Total	0	0
Prior
Total	0	0
Revolving Loans - Amortized Cost Basis
Total	0	0
Total
Total	34,388	9,850
Substandard | Agricultural Finance - Farm & Ranch loans
Year One
Total	8,077	3,357
Year Two
Total	28,790	23,987
Year Three
Total	52,350	10,164
Year Four
Total	24,733	17,395
Year Five
Total	60,418	28,942
Prior
Total	92,594	58,606
Revolving Loans - Amortized Cost Basis
Total	20,353	10,414
Total
Total	287,315	152,865
Substandard | Agricultural Finance - Corporate AgFinance loans
Year One
Total	0	0
Year Two
Total	7,309	0
Year Three
Total	7,652	0
Year Four
Total	0	0
Year Five
Total	14,335	0
Prior
Total	33,479	0
Revolving Loans - Amortized Cost Basis
Total	16,922	0
Total
Total	79,697	0
Substandard | Infrastructure Finance loans
Year One
Total	0	0
Year Two
Total	13,356	29,400
Year Three
Total	29,132	0
Year Four
Total	0	0
Year Five
Total	0	0
Prior
Total	0	0
Revolving Loans - Amortized Cost Basis
Total	0	0
Total
Total	$ 42,488	$ 29,400

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended	12 Months Ended
	Jul. 18, 2024	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($) classOfCommonStockOutstanding $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Feb. 28, 2023 USD ($)	Dec. 31, 2021 shares
Class of Stock [Line Items]
Number of classes of common stock outstanding | classOfCommonStockOutstanding			3
Quarterly dividend on all classes of common stock (in dollars per share) | $ / shares			$ 1.40	$ 1.10	$ 0.95
Share expiration period			10 years
SARs exercise price (in dollars per share) | $ / shares			$ 198.54	$ 135.12	$ 120.38
Decrease in additional paid-in capital			$ 5.4	$ 3.1	$ 1.9
Intrinsic value of outstanding, exercisable and vested or excepted to vest restricted stock			28.4	35
Intrinsic value of shares exercised			4.6	$ 2.4	$ 1.1
Unrecognized compensation cost			$ 7.5
Weighted-average period of recognition			1 year 8 months 12 days
Weighted-average grant date fair value (in dollars per share) | $ / shares			$ 159.08	$ 114.68	$ 91.94
Compensation expense			$ 8.1	$ 6.8	$ 4.6
Granted (in dollars per share) | $ / shares			$ 197.52	$ 135.56	$ 120.14
Capital required for capital adequacy			$ 917.6	$ 862.6
Capital			1,500	1,500
Excess capital			583.5	589.4
SARs
Class of Stock [Line Items]
Tax benefit from exercise of SARs			$ 3	$ 1.7	$ 1.2
Outstanding, SARs (in shares) | shares			106,689	125,952	132,163		130,409
Stock option
Class of Stock [Line Items]
Outstanding, SARs (in shares) | shares			0
Minimum | Restricted Stock
Class of Stock [Line Items]
Vesting period			1 year	1 year	1 year
Maximum | Restricted Stock
Class of Stock [Line Items]
Vesting period			3 years	3 years	3 years
Class C non-voting common stock
Class of Stock [Line Items]
Remaining authorized amount for repurchase						$ 9.8
Shares repurchased (in shares) | shares			673,000
Shares repurchased			$ 19.8
Series C
Class of Stock [Line Items]
Preferred stock, dividend rate	6%		6%	6%	6%
Loss on retirement of preferred stock		$ 1.6

EQUITY - Schedule of Stock by C

EQUITY - Schedule of Stock by Class (Details) - USD ($)					12 Months Ended
	May 27, 2021	Aug. 20, 2020	May 20, 2020	May 13, 2019	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Series D
Class of Stock [Line Items]
Issuance Cost				$ 3,340,456
Shares issued (in shares)				4,000,000	4,000,000	4,000,000
Annual dividend rate				5.70%	5.70%	5.70%	5.70%
Liquidation Value (in dollars per share)				$ 25
Series E
Class of Stock [Line Items]
Issuance Cost			$ 2,496,750
Shares issued (in shares)			3,180,000		3,180,000	3,180,000
Annual dividend rate			5.75%		5.75%	5.75%	5.75%
Liquidation Value (in dollars per share)			$ 25
Series F
Class of Stock [Line Items]
Issuance Cost		$ 3,839,902
Shares issued (in shares)		4,800,000			4,800,000	4,800,000
Annual dividend rate		5.25%			5.25%	5.25%	5.25%
Liquidation Value (in dollars per share)		$ 25
Series G
Class of Stock [Line Items]
Issuance Cost	$ 3,661,677
Shares issued (in shares)	5,000,000				5,000,000	5,000,000
Annual dividend rate	4.875%				4.875%	4.875%	4.875%
Liquidation Value (in dollars per share)	$ 25

EQUITY - Quarterly Dividends Pa

EQUITY - Quarterly Dividends Paid by Farmer Mac (Details) - $ / shares						3 Months Ended												12 Months Ended
	Jul. 18, 2024	May 27, 2021	Aug. 20, 2020	May 20, 2020	May 13, 2019	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Series C
Class of Stock [Line Items]
Preferred stock, dividend rate	6%																	6%	6%	6%
Preferred stock dividends (in dollars per share)						$ 0	$ 0	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750
Series D
Class of Stock [Line Items]
Preferred stock, dividend rate					5.70%													5.70%	5.70%	5.70%
Preferred stock dividends (in dollars per share)						0.3563	0.3563	0.3563	0.3563	0.3563	0.3563	0.3563	0.3563	0.3563	0.3563	0.3563	0.3563
Series E
Class of Stock [Line Items]
Preferred stock, dividend rate				5.75%														5.75%	5.75%	5.75%
Preferred stock dividends (in dollars per share)						0.3594	0.3594	0.3594	0.3594	0.3594	0.3594	0.3594	0.3594	0.3594	0.3594	0.3594	0.3594
Series F
Class of Stock [Line Items]
Preferred stock, dividend rate			5.25%															5.25%	5.25%	5.25%
Preferred stock dividends (in dollars per share)						0.3281	0.3281	0.3281	0.3281	0.3281	0.3281	0.3281	0.3281	0.3281	0.3281	0.3281	0.3281
Series G
Class of Stock [Line Items]
Preferred stock, dividend rate		4.875%																4.875%	4.875%	4.875%
Preferred stock dividends (in dollars per share)						$ 0.3047	$ 0.3047	$ 0.3047	$ 0.3047	$ 0.3047	$ 0.3047	$ 0.3047	$ 0.3047	$ 0.3047	$ 0.3047	$ 0.3047	$ 0.3047

EQUITY - Schedule of Stock Opti

EQUITY - Schedule of Stock Options, SARS, and Non-vested Restricted Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Non-vested Restricted Stock
Outstanding, beginning of year (in shares)	114,353	100,025	103,891
Granted (in shares)	39,333	59,745	38,668
Canceled (in shares)	(4,854)	(62)	(2,711)
Vested and issued (in shares)	(51,893)	(45,355)	(39,823)
Outstanding, end of year (in shares)	96,939	114,353	100,025
Weighted- Average Grant Date Fair Value
Outstanding, beginning of year (in dollars per share)	$ 120.13	$ 91.84	$ 78.55
Granted (in dollars per share)	197.52	135.56	120.14
Canceled (in dollars per share)	160.27	88.68	97.44
Vested and issued (in dollars per share)	107.33	78.12	84.25
Outstanding, end of year (in dollars per share)	$ 156.37	$ 120.13	$ 91.84
SARs
Stock Options and SARs
Outstanding, beginning of year (in shares)	125,952	132,163	130,409
Granted (in shares)	15,465	16,761	18,432
Exercised (in shares)	(34,728)	(22,972)	(16,678)
Canceled (in shares)	0	0	0
Outstanding, end of year (in shares)	106,689	125,952	132,163
Exercisable at end of year (in shares)	73,906	87,378	83,054
Weighted- Average Exercise Price
Outstanding, beginning of year (in dollars per share)	$ 87.18	$ 75.82	$ 66.10
Granted (in dollars per share)	198.54	135.12	120.38
Exercised (in dollars per share)	65.59	56.82	49.04
Canceled (in dollars per share)	0	0	0
Outstanding, end of year (in dollars per share)	110.35	87.18	75.82
Exercisable at end of year (in dollars per share)	$ 87.31	$ 73.15	$ 63.12

EQUITY - Schedule of SARs and N

EQUITY - Schedule of SARs and Non-Vested Restricted Stock Outstanding (Details) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 198.54	$ 135.12	$ 120.38
Weighted-average grant-date fair value (in dollars per share)	$ 156.37	$ 120.13	$ 91.84	$ 78.55
Outstanding, non-vested restricted stock (in shares)	96,939	114,353	100,025	103,891
Expected to vest, non-vested restricted stock (in shares)	96,939
SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, SARs (in shares)	106,689	125,952	132,163	130,409
Exercisable, SARs (in shares)	73,906	87,378	83,054
Vested or expected to vest, SARs (in shares)	106,689
$25.00 - $39.99 | SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 25
SARs exercise price, upper range limit (in dollars per share)	$ 39.99
Outstanding, SARs (in shares)	4,000
Outstanding, weighted-average remaining contractual life	2 months 12 days
Exercisable, SARs (in shares)	4,000
Exercisable, weighted-average remaining contractual life	2 months 12 days
Vested or expected to vest, SARs (in shares)	4,000
Vested or expected to vest, weighted-average remaining contractual life	2 months 12 days
40.00 - 54.99 | SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 40
SARs exercise price, upper range limit (in dollars per share)	$ 54.99
Outstanding, SARs (in shares)	0
Outstanding, weighted-average remaining contractual life	0 years
Exercisable, SARs (in shares)	0
Exercisable, weighted-average remaining contractual life	0 years
Vested or expected to vest, SARs (in shares)	0
Vested or expected to vest, weighted-average remaining contractual life	0 years
55.00 - 69.99 | SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 55
SARs exercise price, upper range limit (in dollars per share)	$ 69.99
Outstanding, SARs (in shares)	3,381
Outstanding, weighted-average remaining contractual life	2 years 2 months 12 days
Exercisable, SARs (in shares)	3,381
Exercisable, weighted-average remaining contractual life	2 years 2 months 12 days
Vested or expected to vest, SARs (in shares)	3,381
Vested or expected to vest, weighted-average remaining contractual life	2 years 2 months 12 days
70.00 - 84.99 | SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 70
SARs exercise price, upper range limit (in dollars per share)	$ 84.99
Outstanding, SARs (in shares)	30,942
Outstanding, weighted-average remaining contractual life	4 years 9 months 18 days
Exercisable, SARs (in shares)	30,942
Exercisable, weighted-average remaining contractual life	4 years 9 months 18 days
Vested or expected to vest, SARs (in shares)	30,942
Vested or expected to vest, weighted-average remaining contractual life	4 years 9 months 18 days
85.00 - 99.99 | SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 85
SARs exercise price, upper range limit (in dollars per share)	$ 99.99
Outstanding, SARs (in shares)	21,162
Outstanding, weighted-average remaining contractual life	5 years 9 months 18 days
Exercisable, SARs (in shares)	21,162
Exercisable, weighted-average remaining contractual life	5 years 9 months 18 days
Vested or expected to vest, SARs (in shares)	21,162
Vested or expected to vest, weighted-average remaining contractual life	5 years 9 months 18 days
100.00 - 114.99 | SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 100
SARs exercise price, upper range limit (in dollars per share)	$ 114.99
Outstanding, SARs (in shares)	0
Outstanding, weighted-average remaining contractual life	0 years
Exercisable, SARs (in shares)	0
Exercisable, weighted-average remaining contractual life	0 years
Vested or expected to vest, SARs (in shares)	0
Vested or expected to vest, weighted-average remaining contractual life	0 years
115.00 - 129.99 | SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 115
SARs exercise price, upper range limit (in dollars per share)	$ 129.99
Outstanding, SARs (in shares)	14,978
Outstanding, weighted-average remaining contractual life	7 years 2 months 12 days
Exercisable, SARs (in shares)	8,834
Exercisable, weighted-average remaining contractual life	7 years 2 months 12 days
Vested or expected to vest, SARs (in shares)	14,978
Vested or expected to vest, weighted-average remaining contractual life	7 years 2 months 12 days
130.00 - 144.99 | SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 130
SARs exercise price, upper range limit (in dollars per share)	$ 144.99
Outstanding, SARs (in shares)	16,761
Outstanding, weighted-average remaining contractual life	8 years 3 months 18 days
Exercisable, SARs (in shares)	5,587
Exercisable, weighted-average remaining contractual life	8 years 3 months 18 days
Vested or expected to vest, SARs (in shares)	16,761
Vested or expected to vest, weighted-average remaining contractual life	8 years 3 months 18 days
145.00 - 159.99 | SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 145
SARs exercise price, upper range limit (in dollars per share)	$ 159.99
Outstanding, SARs (in shares)	0
Outstanding, weighted-average remaining contractual life	0 years
Exercisable, SARs (in shares)	0
Exercisable, weighted-average remaining contractual life	0 years
Vested or expected to vest, SARs (in shares)	0
Vested or expected to vest, weighted-average remaining contractual life	0 years
160.00 - 174.99 | SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 160
SARs exercise price, upper range limit (in dollars per share)	$ 174.99
Outstanding, SARs (in shares)	0
Outstanding, weighted-average remaining contractual life	0 years
Exercisable, SARs (in shares)	0
Exercisable, weighted-average remaining contractual life	0 years
Vested or expected to vest, SARs (in shares)	0
Vested or expected to vest, weighted-average remaining contractual life	0 years
175.00 - 189.99 | SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 175
SARs exercise price, upper range limit (in dollars per share)	$ 189.99
Outstanding, SARs (in shares)	0
Outstanding, weighted-average remaining contractual life	0 years
Exercisable, SARs (in shares)	0
Exercisable, weighted-average remaining contractual life	0 years
Vested or expected to vest, SARs (in shares)	0
Vested or expected to vest, weighted-average remaining contractual life	0 years
190.00 - 204.99 | SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 190
SARs exercise price, upper range limit (in dollars per share)	$ 204.99
Outstanding, SARs (in shares)	15,465
Outstanding, weighted-average remaining contractual life	2 years 3 months 18 days
Exercisable, SARs (in shares)	0
Exercisable, weighted-average remaining contractual life	0 years
Vested or expected to vest, SARs (in shares)	15,465
Vested or expected to vest, weighted-average remaining contractual life	2 years 3 months 18 days
$110.00 - $124.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, non-vested restricted stock (in shares)	20,087
Outstanding, weighted-average remaining contractual life	3 months 18 days
Expected to vest, non-vested restricted stock (in shares)	20,087
Expected to vest, weighted-average remaining contractual life	3 months 18 days
$110.00 - $124.99 | Minimum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 110
$110.00 - $124.99 | Maximum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 124.99
125.00 - 139.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, non-vested restricted stock (in shares)	38,272
Outstanding, weighted-average remaining contractual life	1 year 3 months 18 days
Expected to vest, non-vested restricted stock (in shares)	38,272
Expected to vest, weighted-average remaining contractual life	1 year 3 months 18 days
125.00 - 139.99 | Minimum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 125
125.00 - 139.99 | Maximum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 139.99
140.00 - 154.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, non-vested restricted stock (in shares)	1,860
Outstanding, weighted-average remaining contractual life	1 year 3 months 18 days
Expected to vest, non-vested restricted stock (in shares)	1,860
Expected to vest, weighted-average remaining contractual life	1 year 3 months 18 days
140.00 - 154.99 | Minimum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 140
140.00 - 154.99 | Maximum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 154.99
155.00 - 169.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, non-vested restricted stock (in shares)	0
Outstanding, weighted-average remaining contractual life	0 years
Expected to vest, non-vested restricted stock (in shares)	0
Expected to vest, weighted-average remaining contractual life	0 years
155.00 - 169.99 | Minimum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 155
155.00 - 169.99 | Maximum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 169.99
170.00 - 184.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, non-vested restricted stock (in shares)	610
Outstanding, weighted-average remaining contractual life	2 years 3 months 18 days
Expected to vest, non-vested restricted stock (in shares)	610
Expected to vest, weighted-average remaining contractual life	2 years 3 months 18 days
170.00 - 184.99 | Minimum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 170
170.00 - 184.99 | Maximum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 184.99
185.00 - 199.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, non-vested restricted stock (in shares)	36,110
Outstanding, weighted-average remaining contractual life	2 years 3 months 18 days
Expected to vest, non-vested restricted stock (in shares)	36,110
Expected to vest, weighted-average remaining contractual life	2 years 3 months 18 days
185.00 - 199.99 | Minimum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 185
185.00 - 199.99 | Maximum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 199.99

EQUITY - Assumptions for Estima

EQUITY - Assumptions for Estimating Fair Value of Stock Options and SARs (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Risk-free interest rate	4.10%	4.10%	1.90%
Expected years until exercise	6 years	6 years	6 years
Expected stock volatility	36%	36.60%	37.40%
Dividend yield	2.80%	3.30%	3.20%

INCOME TAXES - Components of Fe

INCOME TAXES - Components of Federal Corporate Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Current income tax expense	$ 54,687	$ 46,712	$ 35,609
Deferred income tax expense	(3,777)	6,386	11,926
Income tax expense	$ 50,910	$ 53,098	$ 47,535

INCOME TAXES - Schedule of Effe

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Tax expense at statutory rate	$ 54,201	$ 53,151	$ 47,393
Excess tax benefits related to stock-based awards	(1,755)	(924)	(401)
Tax credits	(3,260)	0	0
Other	1,724	871	543
Income tax expense	$ 50,910	$ 53,098	$ 47,535
Statutory tax rate	21%	21%	21%

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Basis difference related to hedge items	$ 136,589	$ 84,922
Unrealized losses on available-for-sale securities	12,441	20,514
Allowance for losses	5,310	3,842
Compensation and Benefits	1,779	2,127
Stock-based compensation	3,014	2,481
Capital loss carryforwards	0	35
Valuation allowance	0	(35)
Other	5,887	2,051
Total deferred tax assets	165,020	115,937
Deferred tax liability:
Basis differences related to financial derivatives	135,528	80,887
Unrealized gains on cash flow hedges	9,212	9,843
Basis difference related to structured securitizations	18,726	16,647
Other	10	90
Total deferred tax liability	163,476	107,467
Net deferred tax asset	$ 1,544	$ 8,470

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 0	$ 0	$ 0

EMPLOYEE BENEFITS (Details)

EMPLOYEE BENEFITS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Employer contribution percentage to retirement plan	18.90%
Defined contribution plan wage base	$ 345,000	$ 330,000	$ 305,000
Requisite service period	3 years
Expenses under defined contribution plan	$ 4,200,000	3,600,000	3,100,000
Maximum gross annual base salary under plan	750,000
Expenses for NQDC plan	$ 200,000	$ 100,000	$ 200,000
Base percentage
Defined Benefit Plan Disclosure [Line Items]
Employer contribution percentage to retirement plan	13.20%
Excess percentage
Defined Benefit Plan Disclosure [Line Items]
Employer contribution percentage to retirement plan	5.70%

GUARANTEES AND COMMITMENTS - Na

GUARANTEES AND COMMITMENTS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) creditEnhancementAlternative	Dec. 31, 2023 USD ($)
Guarantor Obligations [Line Items]
Number of credit enhancement alternatives | creditEnhancementAlternative	2
Minimum term of guarantees	1 year
Maximum term of guarantees	30 years
Unfunded commitments and letter of credit
Guarantor Obligations [Line Items]
Other commitment	$ 602.6	$ 261.2
Farm & Ranch Loans and USDA Guarantees
Guarantor Obligations [Line Items]
Commitments to purchase	54	31
Guarantee and commitment obligation
Guarantor Obligations [Line Items]
Maximum principal amount	$ 4,500	$ 4,100

GUARANTEES AND COMMITMENTS - Gu

GUARANTEES AND COMMITMENTS - Guarantee and Commitment Obligations in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Guarantor Obligation [Roll Forward]
Beginning balance, January 1	$ 47,563	$ 46,582	$ 43,926
Additions to the guarantee and commitment obligation	6,036	5,312	8,569
Amortization of the guarantee and commitment obligation	(5,273)	(4,331)	(5,913)
Ending balance, December 31	$ 48,326	$ 47,563	$ 46,582

GUARANTEES AND COMMITMENTS - Of

GUARANTEES AND COMMITMENTS - Off-Balance Sheet Guaranteed Securities (Details) - Unconsolidated VIE - Farmer Mac Guaranteed USDA Securities - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	$ 426,310	$ 452,602
Agricultural Finance
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	426,310	452,602
Infrastructure Finance
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	$ 0	$ 0

GUARANTEES AND COMMITMENTS - Si

GUARANTEES AND COMMITMENTS - Significant Cash Flows Received From and Paid to Trusts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Proceeds from new securitizations	$ 648,442	$ 222,188	$ 357,841
Guarantee fees received	$ 1,484	$ 1,620	$ 1,852

GUARANTEES AND COMMITMENTS - Sc

GUARANTEES AND COMMITMENTS - Schedule of Underlying Off-Balance Sheet Guaranteed Securities (Details) - Farmer Mac Guaranteed USDA Securities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Guarantee and commitment obligation	$ 5,595	$ 5,969
Weighted-average remaining maturity	21 years 2 months 12 days	21 years 10 months 24 days

GUARANTEES AND COMMITMENTS - _2

GUARANTEES AND COMMITMENTS - Schedule of Long-Term Standby Purchase Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Long-Term Standby Purchase Commitments
Guarantor Obligations [Line Items]
Maximum principal amount	$ 4,029,019	$ 3,680,333
Weighted-average remaining maturity	14 years 6 months	14 years 6 months
Guarantee and commitment obligation
Guarantor Obligations [Line Items]
Maximum principal amount	$ 4,500,000	$ 4,100,000
Guarantee and commitment obligation | Long-Term Standby Purchase Commitments
Guarantor Obligations [Line Items]
Guarantee and commitment obligation	$ 42,731	$ 41,594

GUARANTEES AND COMMITMENTS - Re

GUARANTEES AND COMMITMENTS - Reserve For Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Guarantor Obligations [Line Items]
Reserve for losses	$ 1,622	$ 1,711
Reserve for losses	1,623
Agricultural Finance
Guarantor Obligations [Line Items]
Reserve for losses	1,431	1,471	$ 819	$ 1,068
Infrastructure Finance
Guarantor Obligations [Line Items]
Reserve for losses	$ 192	$ 240	$ 614	$ 882

GUARANTEES AND COMMITMENTS - Ch

GUARANTEES AND COMMITMENTS - Changes in Reserve for Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 1,711
Provision for/(release of) losses	(89)	$ 278	$ (517)
Ending balance	1,622	1,711
Agricultural Finance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	1,471	819	1,068
Provision for/(release of) losses	(40)	652	(249)
Ending balance	1,431	1,471	819
Infrastructure Finance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	240	614	882
Provision for/(release of) losses	(48)	(374)	(268)
Ending balance	$ 192	$ 240	$ 614

GUARANTEES AND COMMITMENTS - Un

GUARANTEES AND COMMITMENTS - Unpaid Principal Balances by Delinquency Status (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Total Loans	$ 11,183,408	$ 9,623,119
Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	4,267,519	3,932,857
Current
Guarantor Obligations [Line Items]
Total Loans	13,410,152	11,264,691
Current | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	4,257,137	3,925,931
Total Past Due
Guarantor Obligations [Line Items]
Total Loans	30,105	30,270
Total Past Due | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	10,382	6,926
30-59 Days
Guarantor Obligations [Line Items]
Total Loans	16,478	15,326
30-59 Days | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	1,421	2,776
60-89 Days
Guarantor Obligations [Line Items]
Total Loans	7,268	3,953
60-89 Days | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	1,358	2,366
90 Days and Greater
Guarantor Obligations [Line Items]
Total Loans	6,359	10,991
90 Days and Greater | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	7,603	1,784
Agricultural Finance | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	3,534,788	3,397,844
Agricultural Finance | Current
Guarantor Obligations [Line Items]
Total Loans	8,635,669	7,729,928
Agricultural Finance | Current | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	3,524,406	3,390,918
Agricultural Finance | Total Past Due
Guarantor Obligations [Line Items]
Total Loans	30,105	30,270
Agricultural Finance | Total Past Due | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	10,382	6,926
Agricultural Finance | 30-59 Days
Guarantor Obligations [Line Items]
Total Loans	16,478	15,326
Agricultural Finance | 30-59 Days | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	1,421	2,776
Agricultural Finance | 60-89 Days
Guarantor Obligations [Line Items]
Total Loans	7,268	3,953
Agricultural Finance | 60-89 Days | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	1,358	2,366
Agricultural Finance | 90 Days and Greater
Guarantor Obligations [Line Items]
Total Loans	6,359	10,991
Agricultural Finance | 90 Days and Greater | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	7,603	1,784
Infrastructure Finance
Guarantor Obligations [Line Items]
Total Loans	4,774,483	3,534,763
Infrastructure Finance | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	732,731	535,013
Infrastructure Finance | Current
Guarantor Obligations [Line Items]
Total Loans	4,774,483	3,534,763
Infrastructure Finance | Current | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	732,731	535,013
Infrastructure Finance | Total Past Due
Guarantor Obligations [Line Items]
Total Loans	0	0
Infrastructure Finance | Total Past Due | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	0	0
Infrastructure Finance | 30-59 Days
Guarantor Obligations [Line Items]
Total Loans	0	0
Infrastructure Finance | 30-59 Days | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	0	0
Infrastructure Finance | 60-89 Days
Guarantor Obligations [Line Items]
Total Loans	0	0
Infrastructure Finance | 60-89 Days | Long-Term Standby Purchase Commitments and Guaranteed Securities
Guarantor Obligations [Line Items]
Total Loans	0	0
Infrastructure Finance | 90 Days and Greater
Guarantor Obligations [Line Items]
Total Loans	0	0
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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Total
Total	$ 11,183,408	$ 9,623,119
Agricultural Finance
Total
Current period charge-offs	4,498	0	$ 84
Infrastructure Finance
Year One
Total	1,158,427	618,946
Current period charge-offs	0	0
Year Two
Total	534,499	720,522
Current period charge-offs	0	0
Year Three
Total	642,402	187,746
Current period charge-offs	0	0
Year Four
Total	174,232	593,841
Current period charge-offs	0	0
Year Five
Total	574,135	701,937
Current period charge-offs	0	0
Prior
Total	1,229,626	611,548
Current period charge-offs	0	0
Revolving Loans - Amortized Cost Basis
Total	461,162	100,223
Current period charge-offs	0	0
Total
Total	4,774,483	3,534,763
Current period charge-offs	0	0	$ 0
Acceptable | Infrastructure Finance
Year One
Total	1,158,427	618,946
Year Two
Total	521,143	681,272
Year Three
Total	578,882	187,746
Year Four
Total	174,232	593,841
Year Five
Total	574,135	701,937
Prior
Total	1,229,626	611,548
Revolving Loans - Amortized Cost Basis
Total	461,162	100,223
Total
Total	4,697,607	3,495,513
Special mention | Infrastructure Finance
Year One
Total	0	0
Year Two
Total	0	9,850
Year Three
Total	34,388	0
Year Four
Total	0	0
Year Five
Total	0	0
Prior
Total	0	0
Revolving Loans - Amortized Cost Basis
Total	0	0
Total
Total	34,388	9,850
Substandard | Infrastructure Finance
Year One
Total	0	0
Year Two
Total	13,356	29,400
Year Three
Total	29,132	0
Year Four
Total	0	0
Year Five
Total	0	0
Prior
Total	0	0
Revolving Loans - Amortized Cost Basis
Total	0	0
Total
Total	42,488	29,400
Long-Term Standby Purchase Commitments and Guaranteed Securities
Total
Total	4,267,519	3,932,857
Long-Term Standby Purchase Commitments and Guaranteed Securities | Agricultural Finance
Year One
Total	70,757	169,429
Current period charge-offs	0	0
Year Two
Total	169,609	246,512
Current period charge-offs	0	0
Year Three
Total	273,717	517,862
Current period charge-offs	0	0
Year Four
Total	580,836	535,398
Current period charge-offs	0	0
Year Five
Total	594,297	266,882
Current period charge-offs	0	0
Prior
Total	1,379,249	1,256,770
Current period charge-offs	0	0
Revolving Loans - Amortized Cost Basis
Total	466,323	404,991
Current period charge-offs	0	0
Total
Total	3,534,788	3,397,844
Current period charge-offs	0	0
Long-Term Standby Purchase Commitments and Guaranteed Securities | Infrastructure Finance
Year One
Total	0	0
Current period charge-offs	0	0
Year Two
Total	0	0
Current period charge-offs	0	0
Year Three
Total	0	0
Current period charge-offs	0	0
Year Four
Total	0	0
Current period charge-offs	0	0
Year Five
Total	0	0
Current period charge-offs	0	0
Prior
Total	355,848	419,190
Current period charge-offs	0	0
Revolving Loans - Amortized Cost Basis
Total	376,883	115,823
Current period charge-offs	0	0
Total
Total	732,731	535,013
Current period charge-offs	0	0
Long-Term Standby Purchase Commitments and Guaranteed Securities | Acceptable | Agricultural Finance
Year One
Total	70,757	169,429
Year Two
Total	163,646	246,441
Year Three
Total	267,551	515,396
Year Four
Total	563,747	534,395
Year Five
Total	583,598	264,815
Prior
Total	1,312,988	1,185,811
Revolving Loans - Amortized Cost Basis
Total	452,909	391,335
Total
Total	3,415,196	3,307,622
Long-Term Standby Purchase Commitments and Guaranteed Securities | Acceptable | Infrastructure Finance
Year One
Total	0	0
Year Two
Total	0	0
Year Three
Total	0	0
Year Four
Total	0	0
Year Five
Total	0	0
Prior
Total	355,848	419,190
Revolving Loans - Amortized Cost Basis
Total	376,883	115,823
Total
Total	732,731	535,013
Long-Term Standby Purchase Commitments and Guaranteed Securities | Special mention | Agricultural Finance
Year One
Total	0	0
Year Two
Total	5,963	71
Year Three
Total	4,920	2,466
Year Four
Total	15,954	872
Year Five
Total	4,354	531
Prior
Total	44,964	44,631
Revolving Loans - Amortized Cost Basis
Total	12,197	8,565
Total
Total	88,352	57,136
Long-Term Standby Purchase Commitments and Guaranteed Securities | Special mention | Infrastructure Finance
Year One
Total	0	0
Year Two
Total	0	0
Year Three
Total	0	0
Year Four
Total	0	0
Year Five
Total	0	0
Prior
Total	0	0
Revolving Loans - Amortized Cost Basis
Total	0	0
Total
Total	0	0
Long-Term Standby Purchase Commitments and Guaranteed Securities | Substandard | Agricultural Finance
Year One
Total	0	0
Year Two
Total	0	0
Year Three
Total	1,246	0
Year Four
Total	1,135	131
Year Five
Total	6,345	1,536
Prior
Total	21,297	26,328
Revolving Loans - Amortized Cost Basis
Total	1,217	5,091
Total
Total	31,240	33,086
Long-Term Standby Purchase Commitments and Guaranteed Securities | Substandard | Infrastructure Finance
Year One
Total	0	0
Year Two
Total	0	0
Year Three
Total	0	0
Year Four
Total	0	0
Year Five
Total	0	0
Prior
Total	0	0
Revolving Loans - Amortized Cost Basis
Total	0	0
Total
Total	$ 0	$ 0

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets:
Financial derivatives	$ 27,789	$ 37,478
Liabilities:
Financial derivatives	77,326	117,131
Investment securities
Assets:
Available-for-sale, at fair value	5,953,014	$ 4,918,931
Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	$ 5,514,546
Level 3
Liabilities:
Percent of level three fair value assets and liabilities	18%	19%
Financial instruments level three percent	48%	52%
Recurring
Assets:
Loans held for sale, at lower of cost or fair value	$ 6,160
Financial derivatives	27,789	$ 37,478
Guarantee Asset	5,382	5,831
Total Assets at fair value	11,507,709	10,495,960
Liabilities:
Financial derivatives	77,326	117,131
Total Liabilities at fair value	77,326	117,131
Recurring | USDA Securities
Assets:
Trading	818	1,241
Recurring | Investment securities
Assets:
Available-for-sale, at fair value	5,953,014	4,918,931
Recurring | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	5,514,546	5,532,479
Recurring | Level 1
Assets:
Loans held for sale, at lower of cost or fair value	0
Financial derivatives	47	11
Guarantee Asset	0	0
Total Assets at fair value	1,289,893	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	1,289,846	905,800
Recurring | Level 1 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
Recurring | Level 2
Assets:
Loans held for sale, at lower of cost or fair value	6,160
Financial derivatives	27,742	37,467
Guarantee Asset	0	0
Total Assets at fair value	4,677,594	4,031,516
Liabilities:
Financial derivatives	77,326	117,040
Total Liabilities at fair value	77,326	117,040
Recurring | Level 2 | USDA Securities
Assets:
Trading	0	0
Recurring | Level 2 | Investment securities
Assets:
Available-for-sale, at fair value	4,643,692	3,994,049
Recurring | Level 2 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
Recurring | Level 3
Assets:
Loans held for sale, at lower of cost or fair value	0
Financial derivatives	0	0
Guarantee Asset	5,382	5,831
Total Assets at fair value	5,540,222	5,558,633
Liabilities:
Financial derivatives	0	0
Total Liabilities at fair value	0	0
Recurring | Level 3 | USDA Securities
Assets:
Trading	818	1,241
Recurring | Level 3 | Investment securities
Assets:
Available-for-sale, at fair value	19,476	19,082
Recurring | Level 3 | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	5,514,546	5,532,479
AgVantage | Recurring | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	5,505,531	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	5,505,531	5,522,712
Farmer Mac Guaranteed USDA Securities | Recurring | Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	9,015	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	9,015	9,767
USDA Securities | Recurring | USDA Securities
Assets:
Trading	818	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	818	1,241
Floating interest rate | Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale, at fair value	19,476	19,082
Floating interest rate | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	2,305,725	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	19,476	19,082
Floating interest rate | Recurring | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	2,305,725	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	2,305,725	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	19,476	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	2,337,967	1,569,615
Fixed Interest Rate | US Treasuries
Assets:
Available-for-sale, at fair value	1,289,846	855,832
Fixed Interest Rate | Recurring | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	2,337,967	1,569,615
Fixed Interest Rate | Recurring | US Treasuries
Assets:
Available-for-sale, at fair value	1,289,846	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	1,289,846	855,832
Fixed Interest Rate | Recurring | Level 2 | Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	2,337,967	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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
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
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
Level 3 | Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 5,558,633	$ 7,632,487	$ 6,358,451
Purchases	677,400	2,084,650	3,411,665
Settlements	(667,961)	(1,563,860)	(1,531,464)
Allowance for Losses	81	236	(264)
Realized and unrealized gains (losses) included in Income	(49,813)	91,607	(553,825)
Unrealized gains/(losses) included in Other Comprehensive Income	21,882	(2,391)	(52,076)
Transfers Out		(2,684,096)
Ending Balance	5,540,222	5,558,633	7,632,487
Available-for-sale securities | Level 3 | Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	19,082	19,027	19,254
Purchases	0	0	0
Settlements	0	0	0
Allowance for Losses	0	6	19
Realized and unrealized gains (losses) included in Income	0	0	0
Unrealized gains/(losses) included in Other Comprehensive Income	394	49	(246)
Transfers Out		0
Ending Balance	19,476	19,082	19,027
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	19,082	19,027	19,254
Purchases	0	0	0
Settlements	0	0	0
Allowance for Losses	0	6	19
Realized and unrealized gains (losses) included in Income	0	0	0
Unrealized gains/(losses) included in Other Comprehensive Income	394	49	(246)
Transfers Out		0
Ending Balance	19,476	19,082	19,027
Farmer Mac Guaranteed Securities | Level 3 | Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	5,532,479	7,607,226	6,328,559
Purchases	677,400	2,084,650	3,411,665
Settlements	(667,175)	(1,562,720)	(1,527,978)
Allowance for Losses	81	230	(283)
Realized and unrealized gains (losses) included in Income	(49,727)	89,629	(552,907)
Unrealized gains/(losses) included in Other Comprehensive Income	21,488	(2,440)	(51,830)
Transfers Out		(2,684,096)
Ending Balance	5,514,546	5,532,479	7,607,226
Farmer Mac Guaranteed Securities | Level 3 | Recurring | AgVantage
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	5,522,712	7,599,379	6,316,145
Purchases	677,400	2,084,650	3,411,665
Settlements	(666,476)	(1,561,507)	(1,526,303)
Allowance for Losses	81	230	(283)
Realized and unrealized gains (losses) included in Income	(49,727)	89,629	(552,907)
Unrealized gains/(losses) included in Other Comprehensive Income	21,541	(5,573)	(48,938)
Transfers Out		(2,684,096)
Ending Balance	5,505,531	5,522,712	7,599,379
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	9,767	7,847	12,414
Purchases	0	0	0
Settlements	(699)	(1,213)	(1,675)
Allowance for Losses	0	0	0
Realized and unrealized gains (losses) included in Income	0	0	0
Unrealized gains/(losses) included in Other Comprehensive Income	(53)	3,133	(2,892)
Transfers Out		0
Ending Balance	9,015	9,767	7,847
USDA Securities | Level 3 | Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,241	1,767	4,401
Purchases	0	0	0
Settlements	(443)	(550)	(2,583)
Allowance for Losses	0	0	0
Realized and unrealized gains (losses) included in Income	20	24	(51)
Unrealized gains/(losses) included in Other Comprehensive Income	0	0	0
Transfers Out		0
Ending Balance	818	1,241	1,767
Guarantee and commitment obligations: | Level 3 | Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	5,831	4,467	6,237
Purchases	0	0	0
Settlements	(343)	(590)	(903)
Allowance for Losses	0	0	0
Realized and unrealized gains (losses) included in Income	(106)	1,954	(867)
Unrealized gains/(losses) included in Other Comprehensive Income	0	0	0
Transfers Out		0
Ending Balance	5,382	5,831	4,467
Guarantee and commitment obligations: | Level 3 | Recurring | Guarantee Asset
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	5,831	4,467	6,237
Purchases	0	0	0
Settlements	(343)	(590)	(903)
Allowance for Losses	0	0	0
Realized and unrealized gains (losses) included in Income	(106)	1,954	(867)
Unrealized gains/(losses) included in Other Comprehensive Income	0	0	0
Transfers Out		0
Ending Balance	$ 5,382	$ 5,831	$ 4,467

FAIR VALUE DISCLOSURES - Quanti

FAIR VALUE DISCLOSURES - Quantitative Information (Details) $ in Thousands	Dec. 31, 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	$ 5,514,546
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	19,476	$ 19,082
Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee Asset	5,382	5,831
Recurring | Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	5,514,546	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	19,476	19,082
Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee Asset	5,382	5,831
Recurring | Level 3 | Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	5,514,546	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	19,476	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	9,000	9,800
USDA Securities | Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading	818	1,241
USDA Securities | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading	818	1,241
AgVantage | Recurring | Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	5,505,531	5,522,712
AgVantage | Recurring | Level 3 | Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	5,505,531	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	9,015	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	9,015	9,767
USDA Securities | USDA Securities | Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading	818	1,241
USDA Securities | USDA Securities | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading	$ 818	$ 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	0.079
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	0.079
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 | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.050	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	0.053	0.054
Discount rate | Maximum | AgVantage | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.055	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	0.054	0.054
Discount rate | Weighted Average | AgVantage | Farmer Mac Guaranteed Securities | Discounted cash flow | Recurring | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.051	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	0.12	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	0.12	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	0.12	0.12

FAIR VALUE DISCLOSURES - Summar

FAIR VALUE DISCLOSURES - Summary of Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financial assets:
Financial derivatives	$ 27,789	$ 37,478
Guarantee and commitment fees receivable	50,499	49,832
Financial liabilities:
Financial derivatives	77,326	117,131
Guarantee and commitment obligation	48,326	47,563	$ 46,582	$ 43,926
Fair Value
Financial assets:
Cash and cash equivalents	1,024,007	888,707
Loans	12,924,604	10,426,021
Financial derivatives	27,789	37,478
Guarantee and commitment fees receivable	57,562	58,465
Financial liabilities:
Notes payable	26,759,873	25,670,971
Debt securities of consolidated trusts held by third parties	1,910,302	1,268,563
Financial derivatives	77,326	117,131
Guarantee and commitment obligation	55,388	56,195
Fair Value | Investment securities
Financial assets:
Marketable securities	5,973,571	4,981,249
Fair Value | Farmer Mac Guaranteed Securities
Financial assets:
Marketable securities	8,215,646	9,710,074
Fair Value | USDA Securities
Financial assets:
Marketable securities	2,113,342	2,036,046
Carrying Amount
Financial assets:
Cash and cash equivalents	1,024,007	888,707
Loans	13,204,638	11,039,349
Financial derivatives	27,789	37,478
Guarantee and commitment fees receivable	50,499	49,832
Financial liabilities:
Notes payable	27,371,174	26,336,542
Debt securities of consolidated trusts held by third parties	1,929,628	1,351,069
Financial derivatives	77,326	117,131
Guarantee and commitment obligation	48,326	47,563
Carrying Amount | Investment securities
Financial assets:
Marketable securities	5,973,301	4,979,504
Carrying Amount | Farmer Mac Guaranteed Securities
Financial assets:
Marketable securities	8,232,234	9,745,548
Carrying Amount | USDA Securities
Financial assets:
Marketable securities	$ 2,371,352	$ 2,355,412

BUSINESS SEGMENT REPORTING - Na

BUSINESS SEGMENT REPORTING - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	7

BUSINESS SEGMENT REPORTING - Sc

BUSINESS SEGMENT REPORTING - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Interest income	$ 1,603,516	$ 1,392,288	$ 716,848
Interest expense	(1,249,649)	(1,064,741)	(445,908)
Less: reconciling adjustments	(14,303)	(567)	(15,411)
Net effective spread	339,564	326,980	255,529
Guarantee and commitment fees	20,321	18,928	18,144
Other income/(expense)	2,188	3,019	1,681
(Provision for)/release of losses	(11,490)	(1,136)	(806)
Operating expenses	(59,404)	(52,417)	(44,606)
Income tax (expense)/benefit	(61,148)	(62,029)	(48,288)
Segment core earnings	230,031	233,345	181,654
Reconciliation to net income:
Net effects of derivatives and trading securities	13,141	1,954	33,715
Unallocated (expenses)/income	(46,217)	(44,227)	(37,978)
Income tax effect related to reconciling items	10,238	8,931	753
Net income	207,193	200,003	178,144
Total on- and off-balance sheet segment assets at principal balance	29,523,030	28,471,024	25,922,082
Off-balance sheet assets under management	(4,981,285)	(4,710,199)	(3,945,557)
Unallocated assets	6,782,997	5,763,557	5,356,585
Total Assets	31,324,742	29,524,382	27,333,110
Operating Segments | Farm & Ranch
Segment Reporting Information [Line Items]
Interest income	615,016	559,730	421,139
Interest expense	(475,248)	(422,651)	(287,921)
Net effective spread	135,310	132,900	129,057
Guarantee and commitment fees	17,695	17,415	16,718
Other income/(expense)	3,167	2,952	1,420
(Provision for)/release of losses	(1,147)	(507)	(1,216)
Operating expenses	(24,741)	(23,306)	(23,332)
Income tax (expense)/benefit	(27,360)	(27,183)	(25,756)
Segment core earnings	102,924	102,271	96,891
Reconciliation to net income:
Total on- and off-balance sheet segment assets at principal balance	18,606,968	18,808,801	17,728,792
Operating Segments | Corporate AgFinance
Segment Reporting Information [Line Items]
Interest income	100,820	92,335	55,311
Interest expense	(70,695)	(61,111)	(26,102)
Net effective spread	30,125	31,224	29,209
Guarantee and commitment fees	571	283	139
Other income/(expense)	(2,055)	35	261
(Provision for)/release of losses	(6,850)	(207)	(2,136)
Operating expenses	(7,905)	(5,540)	(5,629)
Income tax (expense)/benefit	(2,916)	(5,418)	(4,587)
Segment core earnings	10,970	20,377	17,257
Reconciliation to net income:
Total on- and off-balance sheet segment assets at principal balance	1,887,705	1,693,979	1,603,507
Operating Segments | Power & Utilities
Segment Reporting Information [Line Items]
Interest income	260,636	232,106	152,990
Interest expense	(240,600)	(215,763)	(141,176)
Net effective spread	19,987	16,175	11,711
Guarantee and commitment fees	966	1,090	1,187
Other income/(expense)	0	0	0
(Provision for)/release of losses	274	4,117	3,726
Operating expenses	(4,281)	(3,553)	(3,198)
Income tax (expense)/benefit	(3,559)	(3,746)	(2,819)
Segment core earnings	13,387	14,083	10,607
Reconciliation to net income:
Total on- and off-balance sheet segment assets at principal balance	6,809,366	6,979,570	6,042,996
Operating Segments | Broadband Infrastructure
Segment Reporting Information [Line Items]
Interest income	38,225	30,299	8,832
Interest expense	(27,282)	(21,455)	(4,471)
Net effective spread	10,943	8,844	4,361
Guarantee and commitment fees	464	43	51
Other income/(expense)	0	0	0
(Provision for)/release of losses	1,469	(4,324)	(705)
Operating expenses	(3,666)	(2,415)	(2,009)
Income tax (expense)/benefit	(1,934)	(453)	(357)
Segment core earnings	7,276	1,695	1,341
Reconciliation to net income:
Total on- and off-balance sheet segment assets at principal balance	802,466	501,153	316,617
Operating Segments | Renewable Energy
Segment Reporting Information [Line Items]
Interest income	54,188	18,923	5,811
Interest expense	(40,471)	(14,275)	(3,328)
Net effective spread	13,717	4,648	2,483
Guarantee and commitment fees	625	97	49
Other income/(expense)	0	0	0
(Provision for)/release of losses	(5,236)	(219)	(494)
Operating expenses	(4,848)	(3,382)	(1,690)
Income tax (expense)/benefit	(894)	(238)	(73)
Segment core earnings	3,364	906	275
Reconciliation to net income:
Total on- and off-balance sheet segment assets at principal balance	1,416,525	487,521	230,170
Operating Segments | Funding
Segment Reporting Information [Line Items]
Interest income	224,390	200,264	(8,334)
Interest expense	(89,698)	(71,849)	104,947
Net effective spread	124,896	132,009	85,466
Guarantee and commitment fees	0	0	0
Other income/(expense)	0	3	0
(Provision for)/release of losses	0	0	0
Operating expenses	(10,855)	(11,037)	(6,798)
Income tax (expense)/benefit	(23,949)	(25,405)	(16,521)
Segment core earnings	90,092	95,570	62,147
Reconciliation to net income:
Total on- and off-balance sheet segment assets at principal balance	0	0	0
Operating Segments | Investments
Segment Reporting Information [Line Items]
Interest income	310,241	258,631	81,099
Interest expense	(305,655)	(257,637)	(87,857)
Net effective spread	4,586	1,180	(6,758)
Guarantee and commitment fees	0	0	0
Other income/(expense)	1,076	29	0
(Provision for)/release of losses	0	4	19
Operating expenses	(3,108)	(3,184)	(1,950)
Income tax (expense)/benefit	(536)	414	1,825
Segment core earnings	2,018	(1,557)	(6,864)
Reconciliation to net income:
Total on- and off-balance sheet segment assets at principal balance	0	0	0
Reconciling Adjustments | Farm & Ranch
Segment Reporting Information [Line Items]
Less: reconciling adjustments	(4,458)	(4,179)	(4,161)
Reconciling Adjustments | Corporate AgFinance
Segment Reporting Information [Line Items]
Less: reconciling adjustments	0	0	0
Reconciling Adjustments | Power & Utilities
Segment Reporting Information [Line Items]
Less: reconciling adjustments	(49)	(168)	(103)
Reconciling Adjustments | Broadband Infrastructure
Segment Reporting Information [Line Items]
Less: reconciling adjustments	0	0	0
Reconciling Adjustments | Renewable Energy
Segment Reporting Information [Line Items]
Less: reconciling adjustments	0	0	0
Reconciling Adjustments | Funding
Segment Reporting Information [Line Items]
Less: reconciling adjustments	(9,796)	3,594	(11,147)
Reconciling Adjustments | Investments
Segment Reporting Information [Line Items]
Less: reconciling adjustments	$ 0	$ 186	$ 0