BUSINESS SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

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 Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		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 spread	34,840		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 items															5,154
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 Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(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 spread	35,755		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 items															3,160
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 Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		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 spread	104,435		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 items															13,480
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 Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(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 spread	102,754		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 items															7,171
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.