BUSINESS SEGMENT REPORTING (Tables)

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

The following tables present segment core earnings and assets for the three months ended March 31, 2025 and 2024.

Table 10.1

Core Earnings by Business Segment
For the Three Months Ended March 31, 2025
	Agricultural Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(in thousands)
Interest income	$	149,681	$	25,122	$	64,995	$	10,833	$	20,315	$	32,978	$	77,490	$	381,414
Interest expense(1)	(114,789)		(16,482)		(59,638)		(7,267)		(15,203)		(1,460)		(75,636)		(290,475)
Less: reconciling adjustments(2)(3)	(1,007)		—		(28)		—		—		86		—		(949)
Net effective spread	33,885		8,640		5,329		3,566		5,112		31,604		1,854		89,990
Guarantee and commitment fees(3)	4,551		197		221		336		183		—		—		5,488
Other income/(expense)	1,222		—		—		—		—		—		22		1,244
Release of/(provision for) losses	193		(828)		(77)		229		(1,100)		—		—		(1,583)
Operating expenses(1)	(6,595)		(2,133)		(1,123)		(1,052)		(1,708)		(2,800)		(823)		(16,234)
Income tax (expense)/benefit	(6,982)		(1,235)		(913)		(647)		(522)		(6,049)		(221)		(16,569)
Segment core earnings	$	26,274	$	4,641	$	3,437	$	2,432	$	1,965	$	22,755	$	832	$	62,336
Reconciliation to net income:
Net effects of derivatives and trading securities															$	(2,535)
Unallocated (expenses)/income															(13,245)
Income tax effect related to reconciling items															3,095
Net income															$	49,651
Total Assets:
Total on- and off-balance sheet segment assets at principal balance	$	18,094,515	$	1,889,363	$	7,187,966	$	974,835	$	1,608,664	$	—	$	—	$	29,755,343
Off-balance sheet assets under management															(5,071,733)
Unallocated assets															7,120,329
Total assets on the consolidated balance sheets															$	31,803,939

(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 "(Losses)/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 Three Months Ended March 31, 2024
	Agricultural Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(in thousands)
Interest income	$	152,204	$	24,888	$	66,306	$	8,695	$	8,149	$	60,239	$	75,836	$	396,317
Interest expense(1)	(118,315)		(16,917)		(61,383)		(6,353)		(6,100)		(25,520)		(75,361)		(309,949)
Less: reconciling adjustments(2)(3)	(1,046)		—		(33)		—		—		(2,245)		—		(3,324)
Net effective spread	32,843		7,971		4,890		2,342		2,049		32,474		475		83,044
Guarantee and commitment fees(3)	4,484		87		256		93		62		—		—		4,982
Other income/(expense)	995		12		—		—		—		—		4		1,011
(Provision for)/release of losses	(497)		378		174		2,836		(1,022)		—		1		1,870
Operating expenses(1)	(6,129)		(1,850)		(1,131)		(827)		(1,068)		(2,564)		(729)		(14,298)
Income tax (expense)/benefit	(6,656)		(1,386)		(880)		(933)		(4)		(6,281)		52		(16,088)
Segment core earnings	$	25,040	$	5,212	$	3,309	$	3,511	$	17	$	23,629	$	(197)	$	60,521
Reconciliation to net income:
Net effects of derivatives and trading securities															$	4,479
Unallocated (expense)/income															(12,842)
Income tax effect related to reconciling items															1,588
Net income															$	53,746
Total Assets:
Total on- and off-balance sheet segment assets at principal balance	$	18,900,906	$	1,766,294	$	6,970,538	$	467,185	$	742,307	$	—	$	—	$	28,847,230
Off-balance sheet assets under management															(4,637,247)
Unallocated assets															5,562,208
Total assets on the consolidated balance sheets															$	29,772,191

(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 "(Losses)/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.