CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Interest income:
Investments and cash equivalents	$ 93,398	$ 88,879	$ 265,691	$ 258,341
Farmer Mac Guaranteed Securities and USDA Securities	123,484	156,602	374,824	489,478
Loans	198,459	162,247	555,262	459,932
Total interest income	415,341	407,728	1,195,777	1,207,751
Total interest expense	316,864	320,937	909,564	947,252
Net interest income	98,477	86,791	286,213	260,499
Provision for losses	(7,477)	(3,428)	(16,874)	(7,806)
Net interest income after provision for losses	91,000	83,363	269,339	252,693
Non-interest income/(expense):
Guarantee and commitment fees	5,021	4,015	14,316	11,729
Losses on financial derivatives	(1,062)	(1,934)	(3,618)	(1,654)
Losses on sale of mortgage loans	0	0	0	(1,147)
Gains on sale of available-for-sale investment securities	0	0	0	1,052
Release of reserve for losses	44	170	46	188
Other income	1,482	1,222	3,958	3,145
Non-interest income	5,485	3,473	14,702	13,313
Operating expenses:
Compensation and employee benefits	17,743	15,237	53,126	48,334
General and administrative	11,052	8,625	32,669	25,784
Regulatory fees	1,000	725	3,000	2,175
Operating expenses	29,795	24,587	88,795	76,293
Income before income taxes	66,690	62,249	195,246	189,713
Income tax expense	11,687	12,421	35,755	39,034
Net income	55,003	49,828	159,491	150,679
Preferred stock dividends	(6,303)	(5,897)	(17,636)	(19,480)
Loss on retirement of preferred stock	0	(1,619)	0	(1,619)
Net income attributable to common stockholders	$ 48,700	$ 42,312	$ 141,855	$ 129,580
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 4.45	$ 3.89	$ 12.99	$ 11.93
Diluted earnings per common share (in dollars per share)	$ 4.44	$ 3.86	$ 12.93	$ 11.82