XML 86 R75.htm IDEA: XBRL DOCUMENT v3.25.2
BUSINESS SEGMENT REPORTING - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Segment Reporting Information [Line Items]              
Interest income $ 399,022   $ 403,706   $ 780,436 $ 800,023  
Interest expense (302,225)   (316,366)   (592,700) (626,315)  
Less: reconciling adjustments (2,904)   (3,744)   (3,853) (7,068)  
Net effective spread 93,893   83,596   183,883 166,640  
Guarantee and commitment fees 5,874   5,256   11,362 10,238  
Other income/(expense) 680   424   1,924 1,435  
(Provision for)/release of losses (7,812)   (6,230)   (9,395) (4,360)  
Operating expenses (17,279)   (13,838)   (33,513) (28,136)  
Income tax (expense)/benefit (15,825)   (14,536)   (32,394) (30,624)  
Segment core earnings 59,531   54,672   121,867 115,193  
Reconciliation to net income:              
Net effects of derivatives and trading securities 2,260   653   (275) 5,132  
Unallocated (expenses)/income (12,185)   (10,643)   (25,430) (23,485)  
Income tax effect related to reconciling items 5,231   2,423   8,326 4,011  
Net income 54,837 $ 49,651 47,105 $ 53,746 104,488 100,851  
Total on- and off-balance sheet segment assets at principal balance 30,587,259   28,758,339   30,587,259 28,758,339  
Off-balance sheet assets under management (5,257,348)   (4,569,607)   (5,257,348) (4,569,607)  
Unallocated assets 7,665,998   6,005,582   7,665,998 6,005,582  
Total Assets 32,995,909   30,194,314   32,995,909 30,194,314 $ 31,324,742
Operating Segments | Farm & Ranch              
Segment Reporting Information [Line Items]              
Interest income 152,218   157,317   301,899 309,521  
Interest expense (115,524)   (121,795)   (230,313) (240,110)  
Net effective spread 35,710   34,156   69,595 66,999  
Guarantee and commitment fees 4,551   4,612   9,102 9,096  
Other income/(expense) 313   517   1,535 1,512  
(Provision for)/release of losses (4,494)   (247)   (4,301) (744)  
Operating expenses (7,020)   (5,866)   (13,615) (11,995)  
Income tax (expense)/benefit (6,101)   (6,967)   (13,083) (13,623)  
Segment core earnings 22,959   26,205   49,233 51,245  
Reconciliation to net income:              
Total on- and off-balance sheet segment assets at principal balance 18,217,905   18,504,501   18,217,905 18,504,501  
Operating Segments | Corporate AgFinance              
Segment Reporting Information [Line Items]              
Interest income 25,484   26,036   50,606 50,924  
Interest expense (16,875)   (18,170)   (33,357) (35,087)  
Net effective spread 8,609   7,866   17,249 15,837  
Guarantee and commitment fees 224   127   421 214  
Other income/(expense) 345   (1,152)   345 (1,140)  
(Provision for)/release of losses (614)   (5,354)   (1,442) (4,976)  
Operating expenses (2,378)   (1,905)   (4,511) (3,755)  
Income tax (expense)/benefit (1,300)   88   (2,535) (1,298)  
Segment core earnings 4,886   (330)   9,527 4,882  
Reconciliation to net income:              
Total on- and off-balance sheet segment assets at principal balance 1,953,523   1,816,893   1,953,523 1,816,893  
Operating Segments | Power & Utilities              
Segment Reporting Information [Line Items]              
Interest income 67,447   67,375   132,442 133,681  
Interest expense (61,786)   (62,096)   (121,424) (123,479)  
Net effective spread 5,636   5,253   10,965 10,142  
Guarantee and commitment fees 215   245   436 501  
Other income/(expense) 0   0   0 0  
(Provision for)/release of losses (73)   116   (150) 290  
Operating expenses (1,156)   (1,016)   (2,279) (2,147)  
Income tax (expense)/benefit (970)   (966)   (1,883) (1,846)  
Segment core earnings 3,652   3,632   7,089 6,940  
Reconciliation to net income:              
Total on- and off-balance sheet segment assets at principal balance 7,300,354   7,008,275   7,300,354 7,008,275  
Operating Segments | Broadband Infrastructure              
Segment Reporting Information [Line Items]              
Interest income 12,159   8,728   22,992 17,423  
Interest expense (8,227)   (6,335)   (15,494) (12,688)  
Net effective spread 3,932   2,393   7,498 4,735  
Guarantee and commitment fees 564   56   900 149  
Other income/(expense) 0   0   0 0  
(Provision for)/release of losses (666)   371   (437) 3,207  
Operating expenses (1,274)   (893)   (2,326) (1,720)  
Income tax (expense)/benefit (537)   (405)   (1,184) (1,338)  
Segment core earnings 2,019   1,522   4,451 5,033  
Reconciliation to net income:              
Total on- and off-balance sheet segment assets at principal balance 1,174,441   553,198   1,174,441 553,198  
Operating Segments | Renewable Energy              
Segment Reporting Information [Line Items]              
Interest income 23,494   11,600   43,809 19,749  
Interest expense (17,267)   (8,601)   (32,470) (14,701)  
Net effective spread 6,227   2,999   11,339 5,048  
Guarantee and commitment fees 320   216   503 278  
Other income/(expense) 8   0   8 0  
(Provision for)/release of losses (1,964)   (1,117)   (3,064) (2,139)  
Operating expenses (1,560)   (1,186)   (3,268) (2,254)  
Income tax (expense)/benefit (637)   (192)   (1,159) (196)  
Segment core earnings 2,394   720   4,359 737  
Reconciliation to net income:              
Total on- and off-balance sheet segment assets at principal balance 1,941,036   875,472   1,941,036 875,472  
Operating Segments | Funding              
Segment Reporting Information [Line Items]              
Interest income 35,619   56,845   68,597 117,084  
Interest expense (1,920)   (24,225)   (3,380) (49,745)  
Net effective spread 31,668   30,268   63,272 62,743  
Guarantee and commitment fees 0   0   0 0  
Other income/(expense) 0   0   0 0  
(Provision for)/release of losses 0   0   0 0  
Operating expenses (3,003)   (2,318)   (5,803) (4,882)  
Income tax (expense)/benefit (6,020)   (5,870)   (12,069) (12,151)  
Segment core earnings 22,645   22,080   45,400 45,710  
Reconciliation to net income:              
Total on- and off-balance sheet segment assets at principal balance 0   0   0 0  
Operating Segments | Investments              
Segment Reporting Information [Line Items]              
Interest income 82,601   75,805   160,091 151,641  
Interest expense (80,626)   (75,144)   (156,262) (150,505)  
Net effective spread 2,111   661   3,965 1,136  
Guarantee and commitment fees 0   0   0 0  
Other income/(expense) 14   1,059   36 1,063  
(Provision for)/release of losses (1)   1   (1) 2  
Operating expenses (888)   (654)   (1,711) (1,383)  
Income tax (expense)/benefit (260)   (224)   (481) (172)  
Segment core earnings 976   843   1,808 646  
Reconciliation to net income:              
Total on- and off-balance sheet segment assets at principal balance 0   0   0 0  
Reconciling Adjustments | Farm & Ranch              
Segment Reporting Information [Line Items]              
Less: reconciling adjustments (984)   (1,366)   (1,991) (2,412)  
Reconciling Adjustments | Corporate AgFinance              
Segment Reporting Information [Line Items]              
Less: reconciling adjustments 0   0   0 0  
Reconciling Adjustments | Power & Utilities              
Segment Reporting Information [Line Items]              
Less: reconciling adjustments (25)   (26)   (53) (60)  
Reconciling Adjustments | Broadband Infrastructure              
Segment Reporting Information [Line Items]              
Less: reconciling adjustments 0   0   0 0  
Reconciling Adjustments | Renewable Energy              
Segment Reporting Information [Line Items]              
Less: reconciling adjustments 0   0   0 0  
Reconciling Adjustments | Funding              
Segment Reporting Information [Line Items]              
Less: reconciling adjustments (2,031)   (2,352)   (1,945) (4,596)  
Reconciling Adjustments | Investments              
Segment Reporting Information [Line Items]              
Less: reconciling adjustments $ 136   $ 0   $ 136 $ 0