NOTES PAYABLE (Tables)

9 Months Ended

Sep. 30, 2025

Debt Disclosure [Abstract]

Schedule of Debt

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

Table 7.1

	September 30, 2025
	Outstanding as of September 30				Average Outstanding During the Quarter
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	1,697,407	4.02	%	$	1,652,951	4.24	%
Medium-term notes	3,229,398		4.20	%	3,312,239		4.30	%
Current portion of medium-term notes	5,219,770		2.94	%
Total due within one year	$	10,146,575	3.52	%
Due after one year:
Medium-term notes due in:
Two years	$	6,426,273	3.42	%
Three years	3,903,276		3.91	%
Four years	2,540,026		4.40	%
Five years	3,545,517		3.97	%
Thereafter	2,642,823		2.80	%
Total due after one year	$	19,057,915	3.67	%
Total principal net of discounts	$	29,204,490	3.61	%
Hedging adjustments	(7,710)
Total	$	29,196,780

	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 September 30, 2025:

Table 7.2

Debt Callable in 2025 as of September 30, 2025, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2026	$	1,083,332	1.58	%
2027	659,736		2.37	%
2028	309,478		3.74	%
2029	205,731		3.81	%
Thereafter	1,318,391		2.48	%
Total	$	3,576,668	2.37	%

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 September 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	$	8,025,013	4.11	%
2026	6,377,935		2.91	%
2027	3,983,848		3.35	%
2028	3,382,518		4.04	%
2029	2,547,171		4.30	%
Thereafter	4,888,005		3.23	%
Total principal net of discounts	$	29,204,490	3.61	%