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BUSINESS SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
BUSINESS SEGMENT REPORTING BUSINESS SEGMENT REPORTING
The following table presents the alignment of the Farmer Mac's seven segments:

Agricultural FinanceRural Infrastructure FinanceTreasury
Farm & RanchCorporate AgFinanceRural UtilitiesRenewable EnergyFundingInvestmentsCorporate

The financial information presented below reflects the accounts of Farmer Mac and its subsidiaries on a
consolidated basis. Accordingly, the core earnings for Farmer Mac's segments would differ from any stand-alone financial statements of Farmer Mac's subsidiaries. These differences would be due to various factors, including the exclusion of unrealized gains and losses related to fair value changes of trading assets and financial derivatives, as well as the allocation of certain expenses such as operating expenses, dividends and interest expense related to the issuance of capital and the issuance of indebtedness managed at the corporate level.

The following tables present core earnings for Farmer Mac's segments and a reconciliation to consolidated net income for the three months ended March 31, 2024 and 2023.
Table 10.1
Core Earnings by Business Segment
For the Three Months Ended March 31, 2024
Agricultural FinanceRural InfrastructureTreasuryCorporate
Farm & RanchCorporate AgFinance
Rural 
Utilities
Renewable EnergyFundingInvestmentsReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$33,889 $7,971 $7,265 $2,049 $34,719 $475 $— $—  $86,368 
Less: reconciling adjustments(1)(2)(3)
(1,046)— (33)— (2,245)— — 3,324 — 
Net effective spread32,843 7,971 7,232 2,049 32,474 475 — 3,324 — 
Guarantee and commitment fees4,484 87 349 62 — — — (1,065)3,917 
Other income(3)
995 12 — — — 4 66 2,251 3,328 
Total revenues38,322 8,070 7,581 2,111 32,474 479 66 4,510 93,613 
(Provision for)/release of losses
(561)378 3,017 (1,034)— 1 — —  1,801 
Release of reserve for losses
64 — 5 — — — — — 69 
Operating expenses— — — — — — (27,237)—  (27,237)
Total non-interest expense64 — 5 — — — (27,237)—  (27,168)
Core earnings before income taxes37,825 8,448 10,603 1,077 32,474 480 (27,171)4,510 
(4)
68,246 
Income tax (expense)/benefit(7,943)(1,774)(2,227)(226)(6,819)(101)5,537 (947)(14,500)
Core earnings before preferred stock dividends 29,882 6,674 8,376 851 25,655 379 (21,634)3,563 
(4)
53,746 
Preferred stock dividends— — — — — — (6,791)—  (6,791)
Segment core earnings/(losses)$29,882 $6,674 $8,376 $851 $25,655 $379 $(28,425)$3,563 
(4)
$46,955 
Total Assets$15,240,436 $1,637,460 $7,003,165 $578,709 $— $5,190,082 $122,339 $—  $29,772,191 
Total on- and off-balance sheet program assets at principal balance$18,900,906 $1,766,294 $7,437,723 $742,307 $— $— $— $—  $28,847,230 
(1)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts.
(2)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.
(3)Includes 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.
(4)Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders.
Core Earnings by Business Segment
For the Three Months Ended March 31, 2023
Agricultural FinanceRural InfrastructureTreasuryCorporate
Farm & RanchCorporate AgFinance
Rural 
Utilities
Renewable EnergyFundingInvestmentsReconciling
Adjustments		Consolidated Net Income
 (in thousands)
Net interest income$33,511 $7,148 $5,540 $858 $32,544 $(543)$— $—  $79,058 
Less: reconciling adjustments(1)(2)(3)
(1,046)— (33)— (806)— — 1,885 — 
Net effective spread32,465 7,148 5,507 858 31,738 (543)— 1,885 — 
Guarantee and commitment fees4,292 53 281 28 — — — (721)3,933 
Other income/(expense)(3)
1,067 — — — — — — 558 1,625 
Total revenues37,824 7,201 5,788 886 31,738 (543)— 1,722 84,616 
Release of/(provision for) losses128 (4,301)3,484 138 — 4 — —  (547)
(Provision for)/release of reserve for losses(577)— 374 — — — — — (203)
Operating expenses— — — — — — (23,713)—  (23,713)
Total non-interest expense(577)— 374 — — — (23,713)—  (23,916)
Core earnings before income taxes37,375 2,900 9,646 1,024 31,738 (539)(23,713)1,722 
(4)
60,153 
Income tax (expense)/benefit(7,849)(609)(2,026)(215)(6,665)113 4,495 (362)(13,118)
Core earnings before preferred stock dividends 29,526 2,291 7,620 809 25,073 (426)(19,218)1,360 
(4)
47,035 
Preferred stock dividends— — — — — — (6,791)—  (6,791)
Segment core earnings/(losses)$29,526 $2,291 $7,620 $809 $25,073 $(426)$(26,009)$1,360 
(4)
$40,244 
Total Assets$14,549,275 $1,515,976 $6,444,264 $286,824 $— $4,998,854 $144,754 $—  $27,939,947 
Total on- and off-balance sheet program assets at principal balance$17,685,961 $1,599,982 $6,889,682 $308,493 $— $— $— $—  $26,484,118 
(1)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts.
(2)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.
(3)Includes 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.
(4)Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders.