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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net Income $ 159,491,000 $ 150,679,000
Adjustments to reconcile net income to net cash provided by operating activities:    
Net amortization of deferred gains, premiums, and discounts on loans, investments, Farmer Mac Guaranteed Securities, and USDA Securities (16,580,000) (19,100,000)
Net amortization of debt premiums, discounts, and issuance costs 7,777,000 29,661,000
Net change in fair value of trading securities, loans held for sale, hedged items, and financial derivatives (192,971,000) (62,797,000)
(Gains)/losses on sale of mortgage loans (9,000) 1,147,000
Gains on the sale of available-for-sale investment securities 0 (1,052,000)
Losses on sale of real estate owned 69,000 0
Total provision for/(release of) allowance for losses 16,828,000 7,618,000
Excess tax benefits related to stock-based awards (624,000) 447,000
Deferred income taxes (3,466,000) (768,000)
Stock-based compensation expense 6,634,000 6,528,000
Purchases of loans held for sale (7,770,000) 0
Proceeds from sale of loans held for sale 7,779,000 0
Proceeds from repayment of loans purchased as held for sale 38,991,000 28,302,000
Net change in:    
Interest receivable 16,271,000 27,320,000
Guarantee and commitment fees receivable (176,000) 131,000
Other assets 25,193,000 50,121,000
Accrued interest payable 43,469,000 32,803,000
Custodial deposit liability (138,856,000) (18,085,000)
Other liabilities 14,602,000 12,160,000
Net cash (used in)/provided by operating activities (23,348,000) 245,115,000
Cash flows from investing activities:    
Purchases of equipment and leasehold improvements 0 (5,272,000)
Purchases of other investment securities (3,326,000) (1,770,000)
Purchases of loans held for investment (3,750,840,000) (2,580,492,000)
Purchases of defaulted loans (2,544,000) (317,000)
Proceeds from repayment of loans purchased as held for investment 1,640,603,000 1,282,579,000
Proceeds from sale of real estate owned 725,000 0
Proceeds from sale of available-for-sale investment securities 0 115,247,000
Proceeds from sale of loans previously classified as held for investment 6,045,000 5,775,000
Proceeds from sale of Farmer Mac Guaranteed Securities 0 60,192,000
Net cash used in investing activities (1,910,675,000) (899,528,000)
Cash flows from financing activities:    
Proceeds from issuance of discount notes 56,282,365,000 42,829,487,000
Proceeds from issuance of medium-term notes 10,019,083,000 5,721,174,000
Proceeds from issuance of debt securities of consolidated trusts 286,511,000 283,462,000
Payments to redeem discount notes (56,746,196,000) (42,371,640,000)
Payments to redeem medium-term notes (7,870,320,000) (5,593,883,000)
Payments to third parties on debt securities of consolidated trusts (186,257,000) (115,609,000)
Proceeds from common stock issuance 225,000 209,000
Proceeds from preferred stock issuance, net of stock issuance costs 96,889,000 0
Tax payments related to share-based awards (5,108,000) (4,388,000)
Retirement of preferred stock 0 (75,000,000)
Dividends paid on common and preferred stock (66,153,000) (66,050,000)
Net cash provided by financing activities 1,811,039,000 607,762,000
Net change in cash and cash equivalents (122,984,000) (46,651,000)
Cash, cash equivalents, and restricted cash at beginning of period 1,024,007,000 888,707,000
Cash, cash equivalents, and restricted cash at end of period 901,023,000 842,056,000
Non-cash activity:    
Loans securitized as Farmer Mac Guaranteed Securities 41,156,000 85,114,000
Loans held for investment transferred to consolidated trusts 299,270,000 305,559,000
Available-for-sale securities    
Cash flows from investing activities:    
Purchases of available-for-sale and held-to-maturity investment securities (1,415,336,000) (1,971,974,000)
Proceeds from repayment of available-for-sale and held-to-maturity investment securities 815,370,000 1,049,268,000
Farmer Mac Guaranteed Securities and USDA Securities    
Cash flows from investing activities:    
Purchases of Farmer Mac Guaranteed Securities and USDA Securities (1,021,065,000) (1,522,510,000)
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities $ 1,819,693,000 $ 2,669,746,000