NOTES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Debt

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

Table 7.1

	December 31, 2024
	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	$	2,167,258	4.42	%	$	1,928,884	5.11	%
Medium-term notes	2,343,264		4.64	%	1,000,290		5.28	%
Current portion of medium-term notes	5,927,101		3.20	%
Total due within one year	$	10,437,623	3.77	%
Due after one year:
Medium-term notes due in:
Two years	$	4,844,538	2.66	%
Three years	3,822,999		3.53	%
Four years	2,732,980		4.13	%
Five years	2,491,831		4.41	%
Thereafter	3,190,202		2.63	%
Total due after one year	$	17,082,550	3.34	%
Total principal net of discounts	$	27,520,173	3.51	%
Hedging adjustments	(148,999)
Total	$	27,371,174

	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 2025 as of December 31, 2024:

Table 7.2

Debt Callable in 2025 as of December 31, 2024, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2026	$	1,522,550	2.20	%
2027	909,401		2.94	%
2028	588,198		3.80	%
2029	415,862		4.42	%
Thereafter	1,827,209		2.25	%
Total	$	5,263,220	2.70	%

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 December 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:
2025	$	11,933,596	3.91	%
2026	4,366,691		2.43	%
2027	3,494,164		3.41	%
2028	2,490,159		4.06	%
2029	2,324,985		4.38	%
Thereafter	2,910,578		2.42	%
Total principal net of discounts	$	27,520,173	3.51	%