CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Interest income:
Investments and cash equivalents	$ 4,121	$ 7,096	$ 14,107	$ 35,236
Farmer Mac Guaranteed Securities and USDA Securities	38,428	45,335	123,246	178,644
Loans	61,923	56,204	181,631	172,230
Total interest income	104,472	108,635	318,984	386,110
Total interest expense	49,467	63,974	155,599	251,789
Net interest income	55,005	44,661	163,385	134,321
Provision for losses	(366)	(653)	(518)	(4,542)
Net interest income after provision for losses	54,639	44,008	162,867	129,779
Non-interest income/(expense):
Guarantee and commitment fees	3,155	3,159	9,182	9,495
Losses on financial derivatives	(2,347)	(564)	(1,120)	(3,339)
Gains/(losses) on trading securities	37	(258)	(38)	(173)
Gains on sale of available-for-sale investment securities	253	0	253	0
Gains on sale of real estate owned	0	0	0	485
Release of reserve for losses	111	(547)	1,277	(540)
Other income	582	594	1,600	2,639
Non-interest income	1,791	2,384	11,154	8,567
Operating expenses:
Compensation and employee benefits	10,027	8,791	31,601	27,005
General and administrative	6,330	5,044	19,015	15,702
Regulatory fees	750	725	2,250	2,175
Operating expenses	17,107	14,560	52,866	44,882
Income before income taxes	39,323	31,832	121,155	93,464
Income tax expense	8,260	6,340	25,579	19,516
Net income	31,063	25,492	95,576	73,948
Preferred stock dividends	(6,774)	(5,166)	(17,885)	(12,536)
Loss on retirement of preferred stock	0	(1,667)	0	(1,667)
Net income attributable to common stockholders	$ 24,289	$ 18,659	$ 77,691	$ 59,745
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 2.26	$ 1.74	$ 7.22	$ 5.57
Diluted earnings per common share (in dollars per share)	$ 2.24	$ 1.73	$ 7.17	$ 5.54