LOANS (Tables)

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Schedule of Composition of Loan Balances

The following table includes loans held for investment and loans held for sale and displays the composition of the loan balances as of December 31, 2024 and 2023:

Table 8.1

	As of December 31, 2024						As of December 31, 2023
	Unsecuritized		In Consolidated Trusts		Total		Unsecuritized		In Consolidated Trusts		Total
	(in thousands)
Agricultural Finance loans
Farm & Ranch	$	5,414,732	$	2,038,283	$	7,453,015	$	5,133,450	$	1,432,261	$	6,565,711
Corporate AgFinance	1,381,674		—		1,381,674		1,259,723		—		1,259,723
Total Agricultural Finance loans	6,796,406		2,038,283		8,834,689		6,393,173		1,432,261		7,825,434
Infrastructure Finance loans	4,774,483		—		4,774,483		3,534,763		—		3,534,763
Total unpaid principal balance(1)	11,570,889		2,038,283		13,609,172		9,927,936		1,432,261		11,360,197
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	(381,311)		—		(381,311)		(304,817)		—		(304,817)
Total loans	11,189,578		2,038,283		13,227,861		9,623,119		1,432,261		11,055,380
Allowance for losses	(22,594)		(629)		(23,223)		(15,588)		(443)		(16,031)
Total loans, net of allowance	$	11,166,984	$	2,037,654	$	13,204,638	$	9,607,531	$	1,431,818	$	11,039,349

(1)Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business.

Schedule Allowance for Losses

The following table is a summary, by asset type, of the allowance for losses as of December 31, 2024 and 2023:

Table 8.2

	December 31, 2024		December 31, 2023
	Allowance for Losses		Allowance for Losses
	(in thousands)
Loans:
Agricultural Finance loans
Farm & Ranch	$	5,132	$	3,936
Corporate AgFinance	5,379		2,948
Total Agricultural Finance loans	10,511		6,884
Infrastructure Finance loans	12,712		9,147
Total	$	23,223	$	16,031

The following is a summary of the changes in the allowance for losses for each year in the three-year

period ended December 31, 2024:

Table 8.3

	Agricultural Finance loans						Infrastructure Finance loans(3)
	Farm & Ranch(1)		Corporate AgFinance(2)		Total
	(in thousands)
Balance as of December 31, 2021	$	2,882	$	560	$	3,442	$	10,599
Provision for/(release of) losses	1,246		2,171		3,417		(2,285)
Charge-offs	(84)		—		(84)		—
Balance as of December 31, 2022	$	4,044	$	2,731	$	6,775	$	8,314
(Release of)/provision for losses	(108)		217		109		833
Charge-offs	—		—		—		—
Balance as of December 31, 2023	$	3,936	$	2,948	$	6,884	$	9,147
Provision for losses	1,297		6,828		8,125		3,565
Charge-offs	(101)		(4,397)		(4,498)		—
Balance as of December 31, 2024	$	5,132	$	5,379	$	10,511	$	12,712

(1)As of December 31, 2024, 2023, and 2022, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $1.2 million, $1.0 million, and $1.9 million allowance for collateral dependent assets secured by agricultural real estate, respectively.

(2)As of December 31, 2024, 2023, and 2022, the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $1.0 million, $0.0 million, and $2.4 million allowance for collateral dependent assets secured by agricultural real estate, respectively.

(3)As of December 31, 2024, 2023, and 2022, the allowance for losses for Infrastructure Finance loans includes no allowance for collateral dependent assets.

Schedule of Past Due Financing Receivables

The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of December 31, 2024 and 2023:

Table 8.4

	As of December 31, 2024
	Accruing
	Current		30-59 Days		60-89 Days		90 Days and Greater(2)		Total Past Due		Nonaccrual loans(3)(4)		Total Loans
	(in thousands)
Loans(1):
Agricultural Finance loans
Farm & Ranch	$	7,299,364	$	16,478	$	7,268	$	6,359	$	30,105	$	123,546	$	7,453,015
Corporate AgFinance	1,336,305		—		—		—		—		45,369		1,381,674
Total Agricultural Finance loans	8,635,669		16,478		7,268		6,359		30,105		168,915		8,834,689
Infrastructure Finance loans	4,774,483		—		—		—		—		—		4,774,483
Total	$	13,410,152	$	16,478	$	7,268	$	6,359	$	30,105	$	168,915	$	13,609,172

(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.

(2)Includes loans in consolidated trusts with beneficial interests owned by third parties (single-class) that are 90 days or more past due.

(3)Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

(4)Includes $41.5 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2024, Farmer Mac received $4.9 million in interest on nonaccrual loans.

	As of December 31, 2023
	Accruing
	Current		30-59 Days		60-89 Days		90 Days and Greater(2)		Total Past Due		Nonaccrual loans(3)(4)		Total Loans
	(in thousands)
Loans(1):
Agricultural Finance loans
Farm & Ranch	$	6,470,205	$	15,326	$	3,953	$	10,991	$	30,270	$	65,236	$	6,565,711
Corporate AgFinance	1,259,723		—		—		—		—		—		1,259,723
Total Agricultural Finance loans	7,729,928		15,326		3,953		10,991		30,270		65,236		7,825,434
Infrastructure Finance loans	3,534,763		—		—		—		—		—		3,534,763
Total	$	11,264,691	$	15,326	$	3,953	$	10,991	$	30,270	$	65,236	$	11,360,197

(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.

(2)Includes loans in consolidated trusts with beneficial interests owned (single-class) by third parties that are 90 days or more past due.

(3)Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

(4)Includes $25.7 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2023, Farmer Mac received $2.6 million in interest on nonaccrual loans.

The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Infrastructure Finance loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2024 and 2023:

Table 12.8

	As of December 31, 2024
	Current		30-59 Days		60-89 Days		90 Days and Greater(1)		Total Past Due		Total Loans
	(in thousands)
Agricultural Finance:	$	3,524,406	$	1,421	$	1,358	$	7,603	$	10,382	$	3,534,788
Infrastructure Finance:	732,731		—		—		—		—		732,731
Total	$	4,257,137	$	1,421	$	1,358	$	7,603	$	10,382	$	4,267,519

(1)Includes loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

	As of December 31, 2023
	Current		30-59 Days		60-89 Days		90 Days and Greater(1)		Total Past Due		Total Loans
	(in thousands)
Agricultural Finance:	$	3,390,918	$	2,776	$	2,366	$	1,784	$	6,926	$	3,397,844
Infrastructure Finance:	535,013		—		—		—		—		535,013
Total	$	3,925,931	$	2,776	$	2,366	$	1,784	$	6,926	$	3,932,857

(1)Includes loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

Schedule of Financing Receivable Credit Quality Indicators

The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Infrastructure Finance loans held as of December 31, 2024 and 2023, by year of origination:

Table 8.5

	As of December 31, 2024
	Year of Origination:
	2024		2023		2022		2021		2020		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance - Farm & Ranch loans(1):
Internally Assigned Risk Rating:
Acceptable	$	987,444	$	525,559	$	1,079,933	$	1,577,305	$	1,019,779	$	1,287,334	$	404,950	$	6,882,304
Special mention(2)	139,297		34,290		32,886		24,204		7,533		23,099		22,087		283,396
Substandard(3)	8,077		28,790		52,350		24,733		60,418		92,594		20,353		287,315
Total	$	1,134,818	$	588,639	$	1,165,169	$	1,626,242	$	1,087,730	$	1,403,027	$	447,390	$	7,453,015
For the Year Ended December 31, 2024:
Current period charge-offs	$	—	$	—	$	—	$	101	$	—	$	—	$	—	$	101

(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.

(2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  

(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

	As of December 31, 2024
	Year of Origination:
	2024		2023		2022		2021		2020		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance - Corporate AgFinance(1):
Internally Assigned Risk Rating:
Acceptable	$	210,807	$	152,918	$	64,860	$	235,493	$	80,085	$	161,354	$	262,295	$	1,167,812
Special mention(2)	—		37,010		—		14,557		75,440		—		7,158		134,165
Substandard(3)	—		7,309		7,652		—		14,335		33,479		16,922		79,697
Total	$	210,807	$	197,237	$	72,512	$	250,050	$	169,860	$	194,833	$	286,375	$	1,381,674
For the Year Ended December 31, 2024:
Current period charge-offs	$	—	$	—	$	455	$	—	$	—	$	—	$	3,942	$	4,397

(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.

(2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  

(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

	As of December 31, 2024
	Year of Origination:
	2024		2023		2022		2021		2020		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Infrastructure Finance loans(1):
Internally Assigned Risk Rating:
Acceptable	$	1,158,427	$	521,143	$	578,882	$	174,232	$	574,135	$	1,229,626	$	461,162	$	4,697,607
Special mention(2)	—		—		34,388		—		—		—		—		34,388
Substandard(3)	—		13,356		29,132		—		—		—		—		42,488
Total	$	1,158,427	$	534,499	$	642,402	$	174,232	$	574,135	$	1,229,626	$	461,162	$	4,774,483
For the Year Ended December 31, 2024:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.

(2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  

(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

	As of December 31, 2023
	Year of Origination:
	2023		2022		2021		2020		2019		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance - Farm & Ranch loans(1):
Internally Assigned Risk Rating:
Acceptable	$	530,956	$	1,137,226	$	1,653,780	$	1,120,917	$	323,922	$	1,068,862	$	385,766	$	6,221,429
Special mention(2)	70,524		46,529		27,957		11,591		4,782		21,257		8,777		191,417
Substandard(3)	3,357		23,987		10,164		17,395		28,942		58,606		10,414		152,865
Total	$	604,837	$	1,207,742	$	1,691,901	$	1,149,903	$	357,646	$	1,148,725	$	404,957	$	6,565,711
For the Year Ended December 31, 2023:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.

(2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  

(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

	As of December 31, 2023
	Year of Origination:
	2023		2022		2021		2020		2019		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance - Corporate AgFinance loans(1):
Internally Assigned Risk Rating:
Acceptable	$	207,279	$	97,922	$	261,992	$	123,158	$	99,352	$	112,947	$	254,325	$	1,156,975
Special mention(2)	—		14,522		15,408		50,822		20,333		—		1,663		102,748
Substandard(3)	—		—		—		—		—		—		—		—
Total	$	207,279	$	112,444	$	277,400	$	173,980	$	119,685	$	112,947	$	255,988	$	1,259,723
For the Year Ended December 31, 2023:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.

(2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  

(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

	As of December 31, 2023
	Year of Origination:
	2023		2022		2021		2020		2019		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Infrastructure Finance loans(1):
Internally Assigned Risk Rating:
Acceptable	$	618,946	$	681,272	$	187,746	$	593,841	$	701,937	$	611,548	$	100,223	$	3,495,513
Special mention(2)	—		9,850		—		—		—		—		—		9,850
Substandard(3)	—		29,400		—		—		—		—		—		29,400
Total	$	618,946	$	720,522	$	187,746	$	593,841	$	701,937	$	611,548	$	100,223	$	3,534,763
For the Year Ended December 31, 2023:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.

(2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  

(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

The following tables present credit quality indicators related to Agricultural Finance and Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2024 and 2023, by year of origination:

Table 12.9

	As of December 31, 2024
	Year of Origination:
	2024		2023		2022		2021		2020		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance:
Internally Assigned Risk Rating:
Acceptable	$	70,757	$	163,646	$	267,551	$	563,747	$	583,598	$	1,312,988	$	452,909	$	3,415,196
Special mention(1)	—		5,963		4,920		15,954		4,354		44,964		12,197		88,352
Substandard(2)	—		—		1,246		1,135		6,345		21,297		1,217		31,240
Total	$	70,757	$	169,609	$	273,717	$	580,836	$	594,297	$	1,379,249	$	466,323	$	3,534,788
For the Year Ended December 31, 2024:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  

(2)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

	As of December 31, 2024
	Year of Origination:
	2024		2023		2022		2021		2020		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Infrastructure Finance:
Internally Assigned Risk Rating:
Acceptable	$	—	$	—	$	—	$	—	$	—	$	355,848	$	376,883	$	732,731
Special mention(1)	—		—		—		—		—		—		—		—
Substandard(2)	—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	355,848	$	376,883	$	732,731
For the Year Ended December 31, 2024:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  

(2)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

	As of December 31, 2023
	Year of Origination:
	2023		2022		2021		2020		2019		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance:
Internally Assigned Risk Rating:
Acceptable	$	169,429	$	246,441	$	515,396	$	534,395	$	264,815	$	1,185,811	$	391,335	$	3,307,622
Special mention(1)	—		71		2,466		872		531		44,631		8,565		57,136
Substandard(2)	—		—		—		131		1,536		26,328		5,091		33,086
Total	$	169,429	$	246,512	$	517,862	$	535,398	$	266,882	$	1,256,770	$	404,991	$	3,397,844
For the Year Ended December 31, 2023:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  

(2)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

	As of December 31, 2023
	Year of Origination:
	2023		2022		2021		2020		2019		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Infrastructure Finance:
Internally Assigned Risk Rating:
Acceptable	$	—	$	—	$	—	$	—	$	—	$	419,190	$	115,823	$	535,013
Special mention(1)	—		—		—		—		—		—		—		—
Substandard(2)	—		—		—		—		—		—		—		—
Total	$	—	$	—	$	—	$	—	$	—	$	419,190	$	115,823	$	535,013
For the Year Ended December 31, 2023:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  

(2)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.