CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest income:
Investments and cash equivalents	$ 4,457	$ 10,399	$ 9,986	$ 28,140
Farmer Mac Guaranteed Securities and USDA Securities	42,414	61,792	84,818	133,309
Loans	60,214	55,430	119,708	116,026
Total interest income	107,085	127,621	214,512	277,475
Total interest expense	51,956	79,273	106,132	187,815
Net interest income	55,129	48,348	108,380	89,660
Release of/(provision for) losses	761	(451)	(152)	(3,889)
Net interest income after provision for losses	55,890	47,897	108,228	85,771
Non-interest income/(expense):
Guarantee and commitment fees	2,997	3,140	6,027	6,336
(Losses)/gains on financial derivatives	(3,066)	6,523	1,227	(2,775)
(Losses)/gains on trading securities	(62)	(21)	(75)	85
Gains on sale of real estate owned	0	0	0	485
Release of reserve for losses	222	400	1,166	7
Other income	435	1,229	1,018	2,045
Non-interest income	526	11,271	9,363	6,183
Operating expenses:
Compensation and employee benefits	9,779	8,087	21,574	18,214
General and administrative	6,349	5,295	12,685	10,658
Regulatory fees	750	725	1,500	1,450
Operating expenses	16,878	14,107	35,759	30,322
Income before income taxes	39,538	45,061	81,832	61,632
Income tax expense	8,252	9,435	17,319	13,176
Net income	31,286	35,626	64,513	48,456
Preferred stock dividends	(5,842)	(3,939)	(11,111)	(7,370)
Net income attributable to common stockholders	$ 25,444	$ 31,687	$ 53,402	$ 41,086
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 2.36	$ 2.95	$ 4.96	$ 3.83
Diluted earnings per common share (in dollars per share)	$ 2.35	$ 2.94	$ 4.93	$ 3.81