Notes Payable (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following tables set forth information related to Farmer Mac's borrowings as of June 30, 2023 and December 31, 2022:

Table 7.1

	June 30, 2023
	Outstanding as of June 30				Average Outstanding During the Quarter
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	954,611	4.91	%	$	802,684	4.67	%
Medium-term notes	1,921,890		4.21	%	2,371,610		3.86	%
Current portion of medium-term notes	5,454,397		2.05	%
Total due within one year	$	8,330,898	2.87	%
Due after one year:
Medium-term notes due in:
Two years	$	4,377,382	2.58	%
Three years	3,346,872		2.00	%
Four years	3,109,837		2.18	%
Five years	2,096,324		3.81	%
Thereafter	3,738,098		2.73	%
Total due after one year	$	16,668,513	2.58	%
Total principal net of discounts	$	24,999,411	2.68	%
Hedging adjustments	(489,407)
Total	$	24,510,004

	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 June 30, 2023:Table 7.2

Debt Callable in 2023 as of June 30, 2023, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2024	$	1,038,243	3.61	%
2025	771,937		2.10	%
2026	1,184,809		1.46	%
2027	650,076		2.30	%
Thereafter	1,698,156		2.21	%
Total	$	5,343,221	2.31	%

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 June 30, 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	$	6,635,570	3.56	%
2024	5,058,851		2.38	%
2025	3,817,242		2.32	%
2026	3,133,807		1.61	%
2027	2,433,415		3.06	%
Thereafter	3,920,526		2.51	%
Total principal net of discounts	$	24,999,411	2.68	%