NOTES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The following tables set forth information related to Farmer Mac's borrowings as of March 31, 2024 and December 31, 2023:

Table 7.1

	March 31, 2024
	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	$	1,898,810	5.23	%	$	1,662,014	5.25	%
Medium-term notes	366,953		5.28	%	272,528		5.23	%
Current portion of medium-term notes	6,604,250		3.08	%
Total due within one year	$	8,870,013	3.63	%
Due after one year:
Medium-term notes due in:
Two years	$	4,972,023	2.95	%
Three years	4,064,733		2.60	%
Four years	2,568,251		3.84	%
Five years	2,941,652		4.45	%
Thereafter	3,398,246		2.76	%
Total due after one year	$	17,944,905	3.21	%
Total principal net of discounts	$	26,814,918	3.35	%
Hedging adjustments	(305,907)
Total	$	26,509,011

	December 31, 2023
	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	$	1,734,387	5.32	%	$	1,097,300	5.08	%
Medium-term notes	384,970		5.07	%	1,731,308		4.09	%
Current portion of medium-term notes	5,967,811		2.90	%
Total due within one year	$	8,087,168	3.52	%
Due after one year:
Medium-term notes due in:
Two years	$	5,523,671	3.27	%
Three years	3,825,702		2.27	%
Four years	3,038,229		3.44	%
Five years	2,623,202		4.37	%
Thereafter	3,488,987		2.80	%
Total due after one year	$	18,499,791	3.16	%
Total principal net of discounts	$	26,586,959	3.27	%
Hedging adjustments	(250,417)
Total	$	26,336,542

The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2024 as of March 31, 2024:

Table 7.2

Debt Callable in 2024 as of March 31, 2024, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2025	$	1,090,521	3.12	%
2026	1,378,822		2.00	%
2027	884,005		2.80	%
2028	567,953		4.22	%
Thereafter	1,775,587		2.48	%
Total	$	5,696,888	2.71	%

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, 2024, 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:
2024	$	8,789,318	4.06	%
2025	5,180,648		3.03	%
2026	3,750,964		2.15	%
2027	2,972,357		3.29	%
2028	2,584,403		4.24	%
Thereafter	3,537,228		2.71	%
Total principal net of discounts	$	26,814,918	3.35	%