BUSINESS SEGMENT REPORTING (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

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 Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		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 spread	35,710		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 items															5,231
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 Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(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 spread	34,156		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 items															2,423
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 Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		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 spread	69,595		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 items															8,326
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 Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(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 spread	66,999		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 items															4,011
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.