Notes Payable (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following tables set forth information related to Farmer Mac's borrowings as of March 31, 2023 and December 31, 2022:

Table 7.1

	March 31, 2023
	Outstanding as of March 31				Average Outstanding During the Quarter
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	854,937	4.68	%	$	622,185	4.40	%
Medium-term notes	2,519,784		3.80	%	2,584,922		3.71	%
Current portion of medium-term notes	5,049,859		1.81	%
Total due within one year	$	8,424,580	2.69	%
Due after one year:
Medium-term notes due in:
Two years	$	4,488,583	2.04	%
Three years	3,373,635		1.92	%
Four years	3,071,804		1.87	%
Five years	1,986,249		3.66	%
Thereafter	3,900,927		2.67	%
Total due after one year	$	16,821,198	2.32	%
Total principal net of discounts	$	25,245,778	2.45	%
Hedging adjustments	(408,387)
Total	$	24,837,391

	December 31, 2022
	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	$	565,578	3.91	%	$	1,325,026	0.96	%
Medium-term notes	2,547,733		3.54	%	1,442,932		2.11	%
Current portion of medium-term notes	4,920,864		1.49	%
Total due within one year	$	8,034,175	2.31	%
Due after one year:
Medium-term notes due in:
Two years	$	4,072,740	1.71	%
Three years	3,506,480		2.10	%
Four years	2,967,625		1.44	%
Five years	2,361,197		3.12	%
Thereafter	4,057,982		2.60	%
Total due after one year	$	16,966,024	2.15	%
Total principal net of discounts	$	25,000,199	2.20	%
Hedging adjustments	(531,086)
Total	$	24,469,113

The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2023 as of March 31, 2023:Table 7.2

Debt Callable in 2023 as of March 31, 2023, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2024	$	608,309	2.39	%
2025	765,897		2.07	%
2026	1,184,753		1.46	%
2027	650,044		2.30	%
Thereafter	1,698,054		2.21	%
Total	$	4,907,057	2.04	%

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 March 31, 2023, 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:
2023	$	8,593,722	3.10	%
2024	4,363,936		1.94	%
2025	3,435,194		2.06	%
2026	3,004,738		1.49	%
2027	2,324,379		3.02	%
Thereafter	3,523,809		2.30	%
Total principal net of discounts	$	25,245,778	2.45	%