NOTES PAYABLE (Tables)

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt

The following tables set forth information related to Farmer Mac's borrowings as of June 30, 2025 and December 31, 2024:

Table 7.1

	June 30, 2025
	Outstanding as of June 30				Average Outstanding During the Quarter
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	1,972,497	4.13	%	$	1,796,150	4.29	%
Medium-term notes	3,260,919		4.33	%	2,990,808		4.41	%
Current portion of medium-term notes	5,050,291		2.82	%
Total due within one year	$	10,283,707	3.55	%
Due after one year:
Medium-term notes due in:
Two years	$	6,235,077	3.25	%
Three years	3,464,128		3.85	%
Four years	2,953,903		4.33	%
Five years	3,036,068		4.15	%
Thereafter	2,904,357		2.75	%
Total due after one year	$	18,593,533	3.60	%
Total principal net of discounts	$	28,877,240	3.58	%
Hedging adjustments	(33,909)
Total	$	28,843,331

	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 June 30, 2025:

Table 7.2

Debt Callable in 2025 as of June 30, 2025, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2026	$	1,390,218	1.90	%
2027	769,600		2.55	%
2028	381,423		3.29	%
2029	268,631		3.85	%
Thereafter	1,792,514		2.18	%
Total	$	4,602,386	2.35	%

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 June 30, 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	$	9,702,818	3.99	%
2026	5,683,172		2.80	%
2027	3,739,710		3.41	%
2028	3,111,646		4.06	%
2029	2,490,082		4.31	%
Thereafter	4,149,812		3.07	%
Total principal net of discounts	$	28,877,240	3.58	%