NOTES PAYABLE (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

The following tables set forth information related to Farmer Mac's borrowings as of June 30, 2024 and December 31, 2023:

Table 7.1

	June 30, 2024
	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	$	2,277,122	5.21	%	$	1,819,293	5.24	%
Medium-term notes	643,430		5.25	%	381,667		5.26	%
Current portion of medium-term notes	6,128,319		3.35	%
Total due within one year	$	9,048,871	3.95	%
Due after one year:
Medium-term notes due in:
Two years	$	4,729,447	2.92	%
Three years	4,206,620		2.89	%
Four years	2,679,370		3.96	%
Five years	2,710,065		4.63	%
Thereafter	3,444,344		2.84	%
Total due after one year	$	17,769,846	3.31	%
Total principal net of discounts	$	26,818,717	3.53	%
Hedging adjustments	(276,046)
Total	$	26,542,671

	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 June 30, 2024:

Table 7.2

Debt Callable in 2024 as of June 30, 2024, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2025	$	1,090,587	3.11	%
2026	1,378,895		2.00	%
2027	869,065		2.83	%
2028	548,013		4.16	%
Thereafter	1,790,661		2.51	%
Total	$	5,677,221	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 June 30, 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	$	7,431,079	4.54	%
2025	5,542,427		3.17	%
2026	4,066,181		2.36	%
2027	3,168,266		3.39	%
2028	2,564,571		4.22	%
Thereafter	4,046,193		3.01	%
Total principal net of discounts	$	26,818,717	3.53	%