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BUSINESS SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
BUSINESS SEGMENT REPORTING BUSINESS SEGMENT REPORTING
Farmer Mac has seven reportable segments: Farm & Ranch, Corporate AgFinance, Power & Utilities, Broadband Infrastructure, Renewable Energy, Funding, and Investments.

The Farm & Ranch segment includes the financial results of the USDA Securities portfolio, Farm & Ranch loans, and AgVantage securities secured by Farm & Ranch loans. The Corporate AgFinance segment includes loans and AgVantage securities to larger and more complex farming operations, agribusinesses focused on food and fiber processing, and other supply chain production.

The Power & Utilities segment includes loans to rural electric generation and transmission cooperatives and distribution cooperatives, as well as AgVantage securities secured by those types of loans. The Broadband Infrastructure segment includes loans to rural fiber, cable/broadband, tower, wireless, local exchange carrier, and data center projects. The Renewable Energy segment includes rural electric solar, wind, and gas projects.

The Funding segment includes the financial results of Farmer Mac's debt issuance, hedging, asset/liability management, and capital allocation strategies. Farmer Mac allocates interest expense to each of the other segments using a funds transfer pricing process. That process also allocates the benefits and costs from Farmer Mac's funding and hedging strategies to the Funding segment.

The Investments segment includes the financial results of Farmer Mac's investment portfolio, which is held for liquidity purposes. Interest expense is allocated to the Investments segment using the same funds transfer pricing process that is used to allocate interest expense to the other segments.

The following table presents Farmer Mac's seven segments:

Agricultural Finance Infrastructure FinanceTreasury
Farm & RanchCorporate AgFinancePower & UtilitiesBroadband InfrastructureRenewable EnergyFundingInvestments

The President and Chief Executive Officer serves as the Chief Operating Decision Maker ("CODM"). The CODM reviews segment core earnings to make decisions about allocating resources and to assess the financial performance of the segments. The main difference between core earnings and net income is the exclusion of the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Another difference is that core earnings excludes specified infrequent or unusual transactions that are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. The CODM also looks at changes in the segments' on- and off-balance sheet unpaid paid principal balances to assess the performance of the segments.
The following tables present segment core earnings and assets for the three and six months ended June 30, 2025 and 2024.

Table 10.1
Core Earnings by Business Segment
For the Three Months Ended June 30, 2025
Agricultural FinanceInfrastructure FinanceTreasury
Farm & RanchCorporate AgFinance
Power &
Utilities
Broadband Infrastructure
Renewable EnergyFundingInvestments
Total
 (in thousands)
Interest income
$152,218 $25,484 $67,447 $12,159 $23,494 $35,619 $82,601 $399,022 
Interest expense(1)
(115,524)(16,875)(61,786)(8,227)(17,267)(1,920)(80,626)(302,225)
Less: reconciling adjustments(2)(3)
(984)— (25)— — (2,031)136 (2,904)
Net effective spread35,710 8,609 5,636 3,932 6,227 31,668 2,111 93,893 
Guarantee and commitment fees(3)
4,551 224 215 564 320 — — 5,874 
Other income/(expense)
313 345 — — 8 — 14 680 
(Provision for)/release of losses
(4,494)(614)(73)(666)(1,964)— (1)(7,812)
Operating expenses(1)
(7,020)(2,378)(1,156)(1,274)(1,560)(3,003)(888)(17,279)
Income tax (expense)/benefit(6,101)(1,300)(970)(537)(637)(6,020)(260)(15,825)
Segment core earnings
$22,959 $4,886 $3,652 $2,019 $2,394 $22,645 $976 $59,531 
Reconciliation to net income:
Net effects of derivatives and trading securities
$2,260 
Unallocated (expenses)/income
(12,185)
Income tax effect related to reconciling items5,231 
 Net income
$54,837 
Total Assets:
Total on- and off-balance sheet segment assets at principal balance
$18,217,905 $1,953,523 $7,300,354 $1,174,441 $1,941,036 $— $— $30,587,259 
Off-balance sheet assets under management
(5,257,348)
Unallocated assets
7,665,998 
Total assets on the Consolidated Balance Sheets
$32,995,909 
(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/(losses) 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 June 30, 2024
Agricultural FinanceInfrastructure FinanceTreasury
Farm & RanchCorporate AgFinancePower &
Utilities		Broadband InfrastructureRenewable EnergyFundingInvestmentsTotal
 (in thousands)
Interest income
$157,317 $26,036 $67,375 $8,728 $11,600 $56,845 $75,805 $403,706 
Interest expense(1)
(121,795)(18,170)(62,096)(6,335)(8,601)(24,225)(75,144)(316,366)
Less: reconciling adjustments(2)(3)
(1,366)— (26)— — (2,352)— (3,744)
Net effective spread34,156 7,866 5,253 2,393 2,999 30,268 661 83,596 
Guarantee and commitment fees(3)
4,612 127 245 56 216 — — 5,256 
Other income/(expense)
517 (1,152)— — — — 1,059 424 
(Provision for)/release of losses
(247)(5,354)116 371 (1,117)— 1 (6,230)
Operating expenses(1)
(5,866)(1,905)(1,016)(893)(1,186)(2,318)(654)(13,838)
Income tax (expense)/benefit(6,967)88 (966)(405)(192)(5,870)(224)(14,536)
Segment core earnings
$26,205 $(330)$3,632 $1,522 $720 $22,080 $843 $54,672 
Reconciliation to net income:
Net effects of derivatives and trading securities$653 
Unallocated (expense)/income
(10,643)
Income tax effect related to reconciling items2,423 
Net income
$47,105 
Total Assets:
Total on- and off-balance sheet segment assets at principal balance
$18,504,501 $1,816,893 $7,008,275 $553,198 $875,472 $— $— $28,758,339 
Off-balance sheet assets under management
(4,569,607)
Unallocated assets
6,005,582 
Total assets on the Consolidated Balance Sheets
$30,194,314 
(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/(losses) 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 Six Months Ended June 30, 2025
Agricultural FinanceInfrastructure FinanceTreasury
Farm & RanchCorporate AgFinance
Power &
Utilities
Broadband Infrastructure
Renewable EnergyFundingInvestments
Total
 (in thousands)
Interest income
$301,899 $50,606 $132,442 $22,992 $43,809 $68,597 $160,091 $780,436 
Interest expense(1)
(230,313)(33,357)(121,424)(15,494)(32,470)(3,380)(156,262)(592,700)
Less: reconciling adjustments(2)(3)
(1,991)— (53)— — (1,945)136 (3,853)
Net effective spread69,595 17,249 10,965 7,498 11,339 63,272 3,965 183,883 
Guarantee and commitment fees(3)
9,102 421 436 900 503 — — 11,362 
Other income/(expense)
1,535 345 — — 8 — 36 1,924 
(Provision for)/release of losses
(4,301)(1,442)(150)(437)(3,064)— (1)(9,395)
Operating expenses(1)
(13,615)(4,511)(2,279)(2,326)(3,268)(5,803)(1,711)(33,513)
Income tax (expense)/benefit(13,083)(2,535)(1,883)(1,184)(1,159)(12,069)(481)(32,394)
Segment core earnings
$49,233 $9,527 $7,089 $4,451 $4,359 $45,400 $1,808 $121,867 
Reconciliation to net income:
Net effects of derivatives and trading securities
$(275)
Unallocated (expenses)/income
(25,430)
Income tax effect related to reconciling items8,326 
 Net income
$104,488 
Total Assets:
Total on- and off-balance sheet segment assets at principal balance
$18,217,905 $1,953,523 $7,300,354 $1,174,441 $1,941,036 $— $— $30,587,259 
Off-balance sheet assets under management
(5,257,348)
Unallocated assets
7,665,998 
Total assets on the Consolidated Balance Sheets
$32,995,909 
(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/(losses) 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 Six Months Ended June 30, 2024
Agricultural FinanceInfrastructure FinanceTreasury
Farm & RanchCorporate AgFinancePower &
Utilities		Broadband InfrastructureRenewable EnergyFundingInvestmentsTotal
 (in thousands)
Interest income
$309,521 $50,924 $133,681 $17,423 $19,749 $117,084 $151,641 $800,023 
Interest expense(1)
(240,110)(35,087)(123,479)(12,688)(14,701)(49,745)(150,505)(626,315)
Less: reconciling adjustments(2)(3)
(2,412)— (60)— — (4,596)— (7,068)
Net effective spread66,999 15,837 10,142 4,735 5,048 62,743 1,136 166,640 
Guarantee and commitment fees(3)
9,096 214 501 149 278 — — 10,238 
Other income/(expense)
1,512 (1,140)— — — — 1,063 1,435 
(Provision for)/release of losses
(744)(4,976)290 3,207 (2,139)— 2 (4,360)
Operating expenses(1)
(11,995)(3,755)(2,147)(1,720)(2,254)(4,882)(1,383)(28,136)
Income tax (expense)/benefit(13,623)(1,298)(1,846)(1,338)(196)(12,151)(172)(30,624)
Segment core earnings
$51,245 $4,882 $6,940 $5,033 $737 $45,710 $646 $115,193 
Reconciliation to net income:
Net effects of derivatives and trading securities$5,132 
Unallocated (expense)/income
(23,485)
Income tax effect related to reconciling items4,011 
Net income
$100,851 
Total Assets:
Total on- and off-balance sheet segment assets at principal balance
$18,504,501 $1,816,893 $7,008,275 $553,198 $875,472 $— $— $28,758,339 
Off-balance sheet assets under management
(4,569,607)
Unallocated assets
6,005,582 
Total assets on the Consolidated Balance Sheets
$30,194,314 
(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/(losses) 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.