BUSINESS SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following tables present segment core earnings and assets for the years ended December 31, 2024, 2023, and 2022.

Table 14.1

Core Earnings by Business Segment
For the Year Ended December 31, 2024
	Agricultural Finance				Rural Infrastructure						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(in thousands)
Interest income	$	615,016	$	100,820	$	260,636	$	38,225	$	54,188	$	224,390	$	310,241	$	1,603,516
Interest expense(1)	(475,248)		(70,695)		(240,600)		(27,282)		(40,471)		(89,698)		(305,655)		(1,249,649)
Less: reconciling adjustments(2)(3)	(4,458)		—		(49)		—		—		(9,796)		—		(14,303)
Net effective spread	135,310		30,125		19,987		10,943		13,717		124,896		4,586		339,564
Guarantee and commitment fees(3)	17,695		571		966		464		625		—		—		20,321
Other income/(expense)	3,167		(2,055)		—		—		—		—		1,076		2,188
(Provision for)/release of losses	(1,147)		(6,850)		274		1,469		(5,236)		—		—		(11,490)
Operating expenses(1)	(24,741)		(7,905)		(4,281)		(3,666)		(4,848)		(10,855)		(3,108)		(59,404)
Income tax (expense)/benefit	(27,360)		(2,916)		(3,559)		(1,934)		(894)		(23,949)		(536)		(61,148)
Segment core earnings	$	102,924	$	10,970	$	13,387	$	7,276	$	3,364	$	90,092	$	2,018	$	230,031
Reconciliation to net income:
Net effects of derivatives and trading securities															$	13,141
Unallocated (expenses)/income															(46,217)
Income tax effect related to reconciling items															10,238
Net income															$	207,193
Total Assets:
Total on- and off-balance sheet segment assets at principal balance	$	18,606,968	$	1,887,705	$	6,809,366	$	802,466	$	1,416,525	$	—	$	—	$	29,523,030
Off-balance sheet assets under management															(4,981,285)
Unallocated assets															6,782,997
Total assets on the consolidated balance sheets															$	31,324,742

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships.

(3)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.

Core Earnings by Business Segment
For the Year Ended December 31, 2023
	Agricultural Finance				Rural Infrastructure						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(in thousands)
Interest income	$	559,730	$	92,335	$	232,106	$	30,299	$	18,923	$	200,264	$	258,631	$	1,392,288
Interest expense(1)	(422,651)		(61,111)		(215,763)		(21,455)		(14,275)		(71,849)		(257,637)		(1,064,741)
Less: reconciling adjustments(2)(3)	(4,179)		—		(168)		—		—		3,594		186		(567)
Net effective spread	132,900		31,224		16,175		8,844		4,648		132,009		1,180		326,980
Guarantee and commitment fees(3)	17,415		283		1,090		43		97		—		—		18,928
Other income/(expense)	2,952		35		—		—		—		3		29		3,019
(Provision for)/release of losses	(507)		(207)		4,117		(4,324)		(219)		—		4		(1,136)
Operating expenses(1)	(23,306)		(5,540)		(3,553)		(2,415)		(3,382)		(11,037)		(3,184)		(52,417)
Income tax (expense)/benefit	(27,183)		(5,418)		(3,746)		(453)		(238)		(25,405)		414		(62,029)
Segment core earnings	$	102,271	$	20,377	$	14,083	$	1,695	$	906	$	95,570	$	(1,557)	$	233,345
Reconciliation to net income:
Net effects of derivatives and trading securities															$	1,954
Unallocated (expense)/income															(44,227)
Income tax effect related to reconciling items															8,931
Net income															$	200,003
Total Assets:
Total on- and off-balance sheet segment assets at principal balance	$	18,808,801	$	1,693,979	$	6,979,570	$	501,153	$	487,521	$	—	$	—	$	28,471,024
Off-balance sheet assets under management															(4,710,199)
Unallocated assets															5,763,557
Total assets on the consolidated balance sheets															$	29,524,382

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships.

(3)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.

Core Earnings by Business Segment
For the Year Ended December 31, 2022
	Agricultural Finance				Rural Infrastructure						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(in thousands)
Interest income	$	421,139	$	55,311	$	152,990	$	8,832	$	5,811	$	(8,334)	$	81,099	$	716,848
Interest expense(1)	(287,921)		(26,102)		(141,176)		(4,471)		(3,328)		104,947		(87,857)		(445,908)
Less: reconciling adjustments(2)(3)	(4,161)		—		(103)		—		—		(11,147)		—		(15,411)
Net effective spread	129,057		29,209		11,711		4,361		2,483		85,466		(6,758)		255,529
Guarantee and commitment fees(3)	16,718		139		1,187		51		49		—		—		18,144
Other income/(expense)	1,420		261		—		—		—		—		—		1,681
(Provision for)/release of losses	(1,216)		(2,136)		3,726		(705)		(494)		—		19		(806)
Operating expenses(1)	(23,332)		(5,629)		(3,198)		(2,009)		(1,690)		(6,798)		(1,950)		(44,606)
Income tax (expense)/benefit	(25,756)		(4,587)		(2,819)		(357)		(73)		(16,521)		1,825		(48,288)
Segment core earnings	$	96,891	$	17,257	$	10,607	$	1,341	$	275	$	62,147	$	(6,864)	$	181,654
Reconciliation to net income:
Net effects of derivatives and trading securities															$	33,715
Unallocated (expense)/income															(37,978)
Income tax effect related to reconciling items															753
Net income															$	178,144
Total Assets:
Total on- and off-balance sheet segment assets at principal balance	$	17,728,792	$	1,603,507	$	6,042,996	$	316,617	$	230,170	$	—	$	—	$	25,922,082
Off-balance sheet assets under management															(3,945,557)
Unallocated assets															5,356,585
Total assets on the consolidated balance sheets															$	27,333,110

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(2)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships.

(3)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.