RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2025

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

As provided by Farmer Mac's statutory Charter, only banks, insurance companies, and other financial institutions or similar entities may hold Farmer Mac's Class A voting common stock and only institutions of the Farm Credit System may hold Farmer Mac's Class B voting common stock. Farmer Mac's statutory Charter also provides that Class A stockholders elect 5 members of Farmer Mac's 15-member board of directors and that Class B stockholders elect 5 members of the board of directors. Farmer Mac generally requires financial institutions to own a requisite amount of common stock, based on the size and type of institution, to participate in the Agricultural Finance line of business. As a result of these requirements, Farmer Mac conducts business with related parties in the normal course of Farmer Mac's business. All related party transactions were conducted with terms and conditions comparable to those available to any other participant in Farmer Mac's lines of business not related to Farmer Mac.

In general, Farmer Mac's related parties include entities that hold more than 10% of total Farmer Mac voting common stock outstanding. Material related party transactions during 2025, 2024, and 2023 are disclosed below.

Zions Bancorporation, National Association:

Zions Bancorporation, National Association and its affiliates ("Zions") is a related party as they own approximately 21.0% of Farmer Mac's total voting common stock outstanding. The following transactions occurred between Farmer Mac and Zions during 2025, 2024, and 2023:

Table 3.1

	For the Years Ended December 31,
	2025		2024		2023
	(in thousands)
Unpaid Principal Balance:
Purchases:
Loans	$	148,118	$	173,928	$	160,079
USDA Securities	—		363		231
Sales of Farmer Mac Guaranteed Securities	—		60,192		—

As of December 31, 2025, Farmer Mac had entered into mandatory purchase commitments with Zions of $4.6 million.

Zions retained servicing fees of $11.6 million, $11.2 million, and $11.2 million in 2025, 2024, and 2023, respectively, for its work as a Farmer Mac servicer.

CoBank:

CoBank is a related party as they own approximately 10.7% of Farmer Mac's total voting common stock outstanding. The following transactions occurred between Farmer Mac and CoBank during 2025, 2024, and 2023:

Table 3.2

	For the Years Ended December 31,
	2025		2024		2023
	(in thousands)
Unpaid Principal Balance:
Purchases:
Loans	$	529,156	$	442,749	$	438,821

CoBank retained servicing fees of $4.1 million, $4.0 million, and $3.6 million in 2025, 2024, and 2023, respectively, for its work as a Farmer Mac central servicer.