NOTES PAYABLE (Tables)

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following tables set forth information related to Farmer Mac's borrowings as of March 31, 2025 and December 31, 2024:

Table 7.1

	March 31, 2025
	Outstanding as of March 31				Average Outstanding During the Quarter
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	1,874,562	4.24	%	$	2,015,154	4.32	%
Medium-term notes	2,813,359		4.45	%	2,339,633		5.37	%
Current portion of medium-term notes	5,420,306		2.91	%
Total due within one year	$	10,108,227	3.59	%
Due after one year:
Medium-term notes due in:
Two years	$	5,703,854	3.05	%
Three years	3,420,124		3.83	%
Four years	2,957,557		4.20	%
Five years	2,845,939		4.31	%
Thereafter	3,014,065		2.67	%
Total due after one year	$	17,941,539	3.52	%
Total principal net of discounts	$	28,049,766	3.55	%
Hedging adjustments	(74,570)
Total	$	27,975,196

	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

The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2025 as of March 31, 2025:

Table 7.2

Debt Callable in 2025 as of March 31, 2025, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2026	$	1,512,624	2.16	%
2027	853,491		2.78	%
2028	573,260		3.75	%
2029	353,497		4.25	%
Thereafter	1,797,394		2.19	%
Total	$	5,090,266	2.60	%

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 March 31, 2025, 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	$	10,388,191	3.66	%
2026	5,224,255		2.94	%
2027	3,813,258		3.69	%
2028	2,727,135		4.10	%
2029	2,354,686		4.38	%
Thereafter	3,542,241		2.98	%
Total principal net of discounts	$	28,049,766	3.55	%