CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Interest income:
Investments and cash equivalents	$ 88,985	$ 84,538	$ 172,293	$ 169,462
Farmer Mac Guaranteed Securities and USDA Securities	124,998	166,063	251,340	332,876
Loans	185,039	153,105	356,803	297,685
Total interest income	399,022	403,706	780,436	800,023
Total interest expense	302,225	316,366	592,700	626,315
Net interest income	96,797	87,340	187,736	173,708
Provision for losses	(7,713)	(6,179)	(9,397)	(4,378)
Net interest income after provision for losses	89,084	81,161	178,339	169,330
Non-interest income/(expense):
Guarantee and commitment fees	4,816	3,797	9,295	7,714
Gains/(losses) on financial derivatives	80	(1,799)	(2,556)	280
Losses on sale of mortgage loans	0	(1,147)	0	(1,147)
Gains on sale of available-for-sale investment securities	0	1,052	0	1,052
(Provision for)/release of reserve for losses	(99)	(51)	2	18
Other income	1,040	674	2,476	1,923
Non-interest income	5,837	2,526	9,217	9,840
Operating expenses:
Compensation and employee benefits	17,631	14,840	35,383	33,097
General and administrative	10,859	8,904	21,617	17,159
Regulatory fees	1,000	725	2,000	1,450
Operating expenses	29,490	24,469	59,000	51,706
Income before income taxes	65,431	59,218	128,556	127,464
Income tax expense	10,594	12,113	24,068	26,613
Net income	54,837	47,105	104,488	100,851
Preferred stock dividends	(5,667)	(6,792)	(11,333)	(13,583)
Net income attributable to common stockholders	$ 49,170	$ 40,313	$ 93,155	$ 87,268
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 4.50	$ 3.71	$ 8.53	$ 8.04
Diluted earnings per common share (in dollars per share)	$ 4.48	$ 3.68	$ 8.49	$ 7.96