CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2025	Dec. 31, 2024
Assets:
Cash and cash equivalents (includes restricted cash of $16,346 and $16,190, respectively)	$ 1,048,135	$ 1,024,007
Loans:
Loans held for sale, at lower of cost or fair value	6,045	6,170
Loans held for investment, at amortized cost	11,636,815	11,183,408
Loans held for investment in consolidated trusts, at amortized cost	2,005,680	2,038,283
Allowance for losses	(25,056)	(23,223)
Total loans, net of allowance	13,623,484	13,204,638
Financial derivatives, at fair value	27,867	27,789
Accrued interest receivable (includes $16,524 and $28,563, respectively, related to consolidated trusts)	262,809	310,592
Guarantee and commitment fees receivable	49,888	50,499
Deferred tax asset, net	0	1,544
Prepaid expenses and other assets	87,138	128,786
Total Assets	31,803,939	31,324,742
Liabilities:
Notes payable	27,975,196	27,371,174
Debt securities of consolidated trusts held by third parties	1,894,920	1,929,628
Financial derivatives, at fair value	63,389	77,326
Accrued interest payable (includes $9,281 and $12,387, respectively, related to consolidated trusts)	221,954	195,113
Guarantee and commitment obligation	47,679	48,326
Accounts payable and accrued expenses	71,232	212,527
Deferred tax liability, net	2,402	0
Reserve for losses	1,521	1,622
Total Liabilities	30,278,293	29,835,716
Commitments and Contingencies (Note 6)
Common stock:
Additional paid-in capital	134,500	135,894
Accumulated other comprehensive loss, net of tax	(1,808)	(12,147)
Retained earnings	970,872	943,239
Total Equity	1,525,646	1,489,026
Total Liabilities and Equity	31,803,939	31,324,742
Series D
Preferred stock:
Preferred stock	96,659	96,659
Series E
Preferred stock:
Preferred stock	77,003	77,003
Series F
Preferred stock:
Preferred stock	116,160	116,160
Series G
Preferred stock:
Preferred stock	121,327	121,327
Class A voting common stock
Common stock:
Common stock	1,031	1,031
Class B voting common stock
Common stock:
Common stock	500	500
Class C non-voting common stock
Common stock:
Common stock	9,402	9,360
Investment securities
Assets:
Available-for-sale, at fair value	6,230,080	5,953,014
Held-to-maturity, at amortized cost	9,125	9,270
Other investments	13,281	11,017
Total Securities	6,252,486	5,973,301
Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	5,623,384	5,514,546
Held-to-maturity, at amortized cost	2,451,407	2,717,688
Total Securities	8,074,791	8,232,234
USDA Securities
Assets:
Trading, at fair value	651	818
Held-to-maturity, at amortized cost	2,376,690	2,370,534
Total Securities	$ 2,377,341	$ 2,371,352