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BUSINESS SEGMENT REPORTING
 9 Months Ended
Sep. 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. The Funding segment reflects the benefits and costs from Farmer Mac's funding and hedging strategies.

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 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 nine months ended September 30, 2025 and 2024.

Table 10.1
Core Earnings by Business Segment
For the Three Months Ended September 30, 2025
Agricultural FinanceInfrastructure FinanceTreasury
Farm & RanchCorporate AgFinance
Power &
Utilities
Broadband Infrastructure
Renewable EnergyFundingInvestments
Total
 (in thousands)
Interest income
$154,020 $26,662 $69,746 $13,375 $28,616 $36,139 $86,783 $415,341 
Interest expense(1)
(118,081)(17,615)(63,810)(8,996)(20,886)(1,686)(85,790)(316,864)
Less: reconciling adjustments(2)(3)
(1,099)— (26)— — 324 93 (708)
Net effective spread34,840 9,047 5,910 4,379 7,730 34,777 1,086 97,769 
Guarantee and commitment fees(3)
4,572 218 212 701 429 — — 6,132 
Other income/(expense)
1,080 111 (7)— — — (1)1,183 
(Provision for)/release of losses
(4,050)(2,787)424 (410)(616)— 6 (7,433)
Operating expenses(1)
(6,721)(3,131)(1,122)(1,362)(1,649)(2,712)(760)(17,457)
Income tax (expense)/benefit(6,240)(727)(1,137)(695)(1,238)(6,734)(70)(16,841)
Segment core earnings
$23,481 $2,731 $4,280 $2,613 $4,656 $25,331 $261 $63,353 
Reconciliation to net income:
Net effects of derivatives and trading securities
$(1,193)
Unallocated (expenses)/income
(12,311)
Income tax effect related to reconciling items5,154 
 Net income
$55,003 
Total Assets:
Total on- and off-balance sheet segment assets at principal balance
$18,218,755 $1,891,228 $7,426,517 $1,299,097 $2,283,565 $— $— $31,119,162 
Off-balance sheet assets under management
(5,264,616)
Unallocated assets
7,525,014 
Total assets on the Consolidated Balance Sheets
$33,379,560 
(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 "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 September 30, 2024
Agricultural FinanceInfrastructure FinanceTreasury
Farm & RanchCorporate AgFinancePower &
Utilities		Broadband InfrastructureRenewable EnergyFundingInvestmentsTotal
 (in thousands)
Interest income
$155,634 $24,834 $64,345 $9,955 $15,679 $58,095 $79,186 $407,728 
Interest expense(1)
(118,818)(18,437)(59,531)(7,161)(11,869)(26,878)(78,243)(320,937)
Less: reconciling adjustments(2)(3)
(1,061)— (29)— — (305)— (1,395)
Net effective spread35,755 6,397 4,785 2,794 3,810 30,912 943 85,396 
Guarantee and commitment fees(3)
4,304 168 232 106 187 — — 4,997 
Other income/(expense)
1,176 39 — — — — 10 1,225 
Release of/(provision for) losses
10 (1,779)(196)(955)(337)— (1)(3,258)
Operating expenses(1)
(6,180)(1,893)(1,009)(887)(1,204)(2,354)(638)(14,165)
Income tax (expense)/benefit(7,364)(616)(801)(222)(515)(5,997)(66)(15,581)
Segment core earnings
$27,701 $2,316 $3,011 $836 $1,941 $22,561 $248 $58,614 
Reconciliation to net income:
Net effects of derivatives and trading securities$(1,263)
Unallocated (expense)/income
(10,683)
Income tax effect related to reconciling items3,160 
Net income
$49,828 
Total Assets:
Total on- and off-balance sheet segment assets at principal balance
$18,090,374 $1,842,780 $6,794,435 $645,706 $1,095,008 $— $— $28,468,303 
Off-balance sheet assets under management
(4,562,819)
Unallocated assets
6,709,737 
Total assets on the Consolidated Balance Sheets
$30,615,221 
(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 "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 Nine Months Ended September 30, 2025
Agricultural FinanceInfrastructure FinanceTreasury
Farm & RanchCorporate AgFinance
Power &
Utilities
Broadband Infrastructure
Renewable EnergyFundingInvestments
Total
 (in thousands)
Interest income
$455,919 $77,268 $202,188 $36,367 $72,425 $104,736 $246,874 $1,195,777 
Interest expense(1)
(348,394)(50,972)(185,234)(24,490)(53,356)(5,066)(242,052)(909,564)
Less: reconciling adjustments(2)(3)
(3,090)— (79)— — (1,621)229 (4,561)
Net effective spread104,435 26,296 16,875 11,877 19,069 98,049 5,051 281,652 
Guarantee and commitment fees(3)
13,674 639 648 1,601 932 — — 17,494 
Other income/(expense)
2,615 456 (7)— 8 — 35 3,107 
(Provision for)/release of losses
(8,351)(4,229)274 (847)(3,680)— 5 (16,828)
Operating expenses(1)
(20,336)(7,642)(3,401)(3,688)(4,917)(8,515)(2,471)(50,970)
Income tax (expense)/benefit(19,323)(3,262)(3,020)(1,879)(2,397)(18,803)(551)(49,235)
Segment core earnings
$72,714 $12,258 $11,369 $7,064 $9,015 $70,731 $2,069 $185,220 
Reconciliation to net income:
Net effects of derivatives and trading securities
$(1,468)
Unallocated (expenses)/income
(37,741)
Income tax effect related to reconciling items13,480 
 Net income
$159,491 
Total Assets:
Total on- and off-balance sheet segment assets at principal balance
$18,218,755 $1,891,228 $7,426,517 $1,299,097 $2,283,565 $— $— $31,119,162 
Off-balance sheet assets under management
(5,264,616)
Unallocated assets
7,525,014 
Total assets on the Consolidated Balance Sheets
$33,379,560 
(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 "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 Nine Months Ended September 30, 2024
Agricultural FinanceInfrastructure FinanceTreasury
Farm & RanchCorporate AgFinancePower &
Utilities		Broadband InfrastructureRenewable EnergyFundingInvestmentsTotal
 (in thousands)
Interest income
$465,155 $75,758 $198,026 $27,378 $35,428 $175,179 $230,827 $1,207,751 
Interest expense(1)
(358,928)(53,524)(183,010)(19,849)(26,570)(76,623)(228,748)(947,252)
Less: reconciling adjustments(2)(3)
(3,473)— (88)— — (4,902)— (8,463)
Net effective spread102,754 22,234 14,928 7,529 8,858 93,654 2,079 252,036 
Guarantee and commitment fees(3)
13,400 382 733 255 465 — — 15,235 
Other income/(expense)
2,688 (1,101)— — — — 1,073 2,660 
(Provision for)/release of losses
(734)(6,755)94 2,252 (2,476)— 1 (7,618)
Operating expenses(1)
(18,175)(5,648)(3,156)(2,607)(3,458)(7,236)(2,021)(42,301)
Income tax (expense)/benefit(20,987)(1,914)(2,647)(1,560)(711)(18,148)(238)(46,205)
Segment core earnings
$78,946 $7,198 $9,952 $5,869 $2,678 $68,270 $894 $173,807 
Reconciliation to net income:
Net effects of derivatives and trading securities$3,869 
Unallocated (expense)/income
(34,168)
Income tax effect related to reconciling items7,171 
Net income
$150,679 
Total Assets:
Total on- and off-balance sheet segment assets at principal balance
$18,090,374 $1,842,780 $6,794,435 $645,706 $1,095,008 $— $— $28,468,303 
Off-balance sheet assets under management
(4,562,819)
Unallocated assets
6,709,737 
Total assets on the Consolidated Balance Sheets
$30,615,221 
(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 "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.