NOTES PAYABLE (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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

Table 7.1

	September 30, 2024
	Outstanding as of September 30				Average Outstanding During the Quarter
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	2,209,572	4.82	%	$	1,884,228	5.22	%
Medium-term notes	1,533,369		5.05	%	625,746		5.28	%
Current portion of medium-term notes	6,202,504		3.29	%
Total due within one year	$	9,945,445	3.90	%
Due after one year:
Medium-term notes due in:
Two years	$	4,552,685	2.90	%
Three years	4,322,588		3.09	%
Four years	2,731,158		3.97	%
Five years	2,286,867		4.62	%
Thereafter	3,355,828		2.73	%
Total due after one year	$	17,249,126	3.31	%
Total principal net of discounts	$	27,194,571	3.53	%
Hedging adjustments	(65,115)
Total	$	27,129,456

	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 September 30, 2024:

Table 7.2

Debt Callable in 2024 as of September 30, 2024, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2025	$	703,213	2.48	%
2026	1,102,104		1.85	%
2027	747,096		2.79	%
2028	281,393		3.92	%
Thereafter	1,215,130		2.62	%
Total	$	4,048,936	2.51	%

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 September 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	$	6,127,512	4.53	%
2025	6,369,714		3.39	%
2026	4,490,285		2.54	%
2027	3,366,626		3.44	%
2028	2,414,941		4.10	%
Thereafter	4,425,493		3.10	%
Total principal net of discounts	$	27,194,571	3.53	%