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LOANS (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Composition of Loan Balances

The following table includes loans held for investment and loans held for sale and displays the composition of the loan balances as of December 31, 2025 and 2024:

Table 7.1


	As of December 31, 2025						As of December 31, 2024
	Unsecuritized		In Consolidated Trusts		Total		Unsecuritized		In Consolidated Trusts		Total
	(in thousands)
Agricultural Finance loans
Farm & Ranch	$	6,002,738	$	2,482,010	$	8,484,748	$	5,414,732	$	2,038,283	$	7,453,015
Corporate AgFinance	1,460,691		—		1,460,691		1,381,674		—		1,381,674
Total Agricultural Finance loans	7,463,429		2,482,010		9,945,439		6,796,406		2,038,283		8,834,689
Infrastructure Finance loans	6,761,081		—		6,761,081		4,774,483		—		4,774,483
Total unpaid principal balance(1)	14,224,510		2,482,010		16,706,520		11,570,889		2,038,283		13,609,172
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	(347,459)		—		(347,459)		(381,311)		—		(381,311)
Total loans	13,877,051		2,482,010		16,359,061		11,189,578		2,038,283		13,227,861
Allowance for losses	(36,673)		(1,112)		(37,785)		(22,594)		(629)		(23,223)
Total loans, net of allowance	$	13,840,378	$	2,480,898	$	16,321,276	$	11,166,984	$	2,037,654	$	13,204,638

(1)Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business.

Schedule Allowance for Losses

The following table is a summary, by asset type, of the allowance for losses as of December 31, 2025 and 2024:

Table 7.2


	December 31, 2025		December 31, 2024
	Allowance for Losses		Allowance for Losses
	(in thousands)
Loans:
Agricultural Finance loans
Farm & Ranch	$	9,400	$	5,132
Corporate AgFinance	6,631		5,379
Total Agricultural Finance loans	16,031		10,511
Infrastructure Finance loans	21,754		12,712
Total	$	37,785	$	23,223

The following is a summary of the changes in the allowance for losses for each year in the three-year period ended December 31, 2025:

Table 7.3




	Agricultural Finance loans						Infrastructure Finance loans(3)
	Farm & Ranch(1)		Corporate AgFinance(2)		Total
	(in thousands)
Balance as of December 31, 2022	$	4,044	$	2,731	$	6,775	$	8,314
(Release of)/provision for losses	(108)		217		109		833
Charge-offs	—		—		—		—
Balance as of December 31, 2023	$	3,936	$	2,948	$	6,884	$	9,147
Provision for losses	1,297		6,828		8,125		3,565
Charge-offs	(101)		(4,397)		(4,498)		—
Balance as of December 31, 2024	$	5,132	$	5,379	$	10,511	$	12,712
Provision for losses	8,657		15,394		24,051		9,042
Charge-offs	(6,064)		(14,819)		(20,883)		—
Recovery	1,675		677		2,352		—

Balance as of December 31, 2025	$	9,400	$	6,631	$	16,031	$	21,754

(1)As of December 31, 2025, 2024, and 2023, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $1.6 million, $1.2 million, and $1.0 million allowance for collateral dependent assets secured by agricultural real estate, respectively.

(2)As of December 31, 2025, 2024, and 2023, the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $1.0 million, $1.0 million, and $0.0 million allowance for collateral dependent assets secured by agricultural real estate, respectively.

(3)As of December 31, 2025, the allowance for losses for Infrastructure Finance loans includes $5.2 million allowance for collateral dependent assets. As of December 31, 2024 and 2023 there was no allowance for collateral dependent assets.

Schedule of Past Due Financing Receivables

The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of December 31, 2025 and 2024:

Table 7.4


	As of December 31, 2025
	Accruing
	Current		30-59 Days		60-89 Days		90 Days and Greater		Total Past Due		Nonaccrual Loans(2)(3)		Total Loans
	(in thousands)
Loans(1):
Agricultural Finance loans
Farm & Ranch	$	8,271,176	$	21,209	$	8,595	$	4,290	$	34,094	$	179,478	$	8,484,748
Corporate AgFinance	1,415,507		—		—		—		—		45,184		1,460,691
Total Agricultural Finance loans	9,686,683		21,209		8,595		4,290		34,094		224,662		9,945,439
Infrastructure Finance loans	6,747,694		—		—		—		—		13,387		6,761,081
Total	$	16,434,377	$	21,209	$	8,595	$	4,290	$	34,094	$	238,049	$	16,706,520

(1)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on the recorded investment of the loan.

(2)Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

(3)Includes $59.2 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2025, Farmer Mac received $6.5 million in interest on nonaccrual loans, respectively.


	As of December 31, 2024
	Accruing
	Current		30-59 Days		60-89 Days		90 Days and Greater		Total Past Due		Nonaccrual Loans(2)(3)		Total Loans
	(in thousands)
Loans(1):
Agricultural Finance loans
Farm & Ranch	$	7,299,364	$	16,478	$	7,268	$	6,359	$	30,105	$	123,546	$	7,453,015
Corporate AgFinance	1,336,305		—		—		—		—		45,369		1,381,674
Total Agricultural Finance loans	8,635,669		16,478		7,268		6,359		30,105		168,915		8,834,689
Infrastructure Finance loans	4,774,483		—		—		—		—		—		4,774,483
Total	$	13,410,152	$	16,478	$	7,268	$	6,359	$	30,105	$	168,915	$	13,609,172

(1)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on the recorded investment of the loan.

(2)Primarily consists of loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

(3)Includes $41.5 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2024, Farmer Mac received $4.9 million in interest on nonaccrual loans.

Schedule of Financing Receivable Credit Quality Indicators

The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Infrastructure Finance loans held as of December 31, 2025 and 2024, by year of origination:

Table 7.5


	As of December 31, 2025
	Year of Origination:
	2025		2024		2023		2022		2021		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance - Farm & Ranch loans(1):
Internally Assigned Risk Rating:
Acceptable	$	1,474,950	$	938,955	$	451,188	$	921,048	$	1,447,158	$	1,964,423	$	418,798	$	7,616,520
Special mention(2)	260,579		95,950		28,693		37,269		25,928		35,505		22,958		506,882
Substandard(3)	17,583		40,618		35,538		71,201		33,835		140,445		22,126		361,346
Total	$	1,753,112	$	1,075,523	$	515,419	$	1,029,518	$	1,506,921	$	2,140,373	$	463,882	$	8,484,748




For the Year Ended December 31, 2025:
Current period charge-offs	$	—	$	—	$	—	$	1,321	$	721	$	2,347	$	1,675	$	6,064

(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.

(2)Special mention assets generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.

(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.


	As of December 31, 2025
	Year of Origination:
	2025		2024		2023		2022		2021		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance - Corporate AgFinance(1):
Internally Assigned Risk Rating:
Acceptable	$	364,140	$	177,260	$	120,428	$	58,073	$	131,421	$	232,710	$	212,487	$	1,296,519
Special mention(2)	—		16,514		7,273		—		—		45,753		17,954		87,494
Substandard(3)	—		—		5,658		—		9,870		41,933		19,217		76,678
Total	$	364,140	$	193,774	$	133,359	$	58,073	$	141,291	$	320,396	$	249,658	$	1,460,691




For the Year Ended December 31, 2025:
Current period charge-offs	$	—	$	—	$	—	$	—	$	13,210	$	—	$	1,609	$	14,819

(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.

(2)Special mention assets generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.

(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.


	As of December 31, 2025
	Year of Origination:
	2025		2024		2023		2022		2021		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Infrastructure Finance loans(1):
Internally Assigned Risk Rating:
Acceptable	$	1,652,127	$	1,238,560	$	578,518	$	488,572	$	175,962	$	1,668,596	$	829,382	$	6,631,717
Special mention(2)	—		—		18,863		37,244		—		—		—		56,107
Substandard(3)	—		—		27,903		45,354		—		—		—		73,257
Total	$	1,652,127	$	1,238,560	$	625,284	$	571,170	$	175,962	$	1,668,596	$	829,382	$	6,761,081




For the Year Ended December 31, 2025:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.

(2)Special mention assets generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.

(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.


	As of December 31, 2024
	Year of Origination:
	2024		2023		2022		2021		2020		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance - Farm & Ranch loans(1):
Internally Assigned Risk Rating:
Acceptable	$	987,444	$	525,559	$	1,079,933	$	1,577,305	$	1,019,779	$	1,287,334	$	404,950	$	6,882,304
Special mention(2)	139,297		34,290		32,886		24,204		7,533		23,099		22,087		283,396
Substandard(3)	8,077		28,790		52,350		24,733		60,418		92,594		20,353		287,315
Total	$	1,134,818	$	588,639	$	1,165,169	$	1,626,242	$	1,087,730	$	1,403,027	$	447,390	$	7,453,015




For the Year Ended December 31, 2024:
Current period charge-offs	$	—	$	—	$	—	$	101	$	—	$	—	$	—	$	101

(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.

(2)Special mention assets generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.

(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.


	As of December 31, 2024
	Year of Origination:
	2024		2023		2022		2021		2020		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Agricultural Finance - Corporate AgFinance loans(1):
Internally Assigned Risk Rating:
Acceptable	$	210,807	$	152,918	$	64,860	$	235,493	$	80,085	$	161,354	$	262,295	$	1,167,812
Special mention(2)	—		37,010		—		14,557		75,440		—		7,158		134,165
Substandard(3)	—		7,309		7,652		—		14,335		33,479		16,922		79,697
Total	$	210,807	$	197,237	$	72,512	$	250,050	$	169,860	$	194,833	$	286,375	$	1,381,674




For the Year Ended December 31, 2024:
Current period charge-offs	$	—	$	—	$	455	$	—	$	—	$	—	$	3,942	$	4,397

(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.

(2)Special mention assets generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.

(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.


	As of December 31, 2024
	Year of Origination:
	2024		2023		2022		2021		2020		Prior		Revolving Loans - Amortized Cost Basis		Total
	(in thousands)
Infrastructure Finance loans(1):
Internally Assigned Risk Rating:
Acceptable	$	1,158,427	$	521,143	$	578,882	$	174,232	$	574,135	$	1,229,626	$	461,162	$	4,697,607
Special mention(2)	—		—		34,388		—		—		—		—		34,388
Substandard(3)	—		13,356		29,132		—		—		—		—		42,488
Total	$	1,158,427	$	534,499	$	642,402	$	174,232	$	574,135	$	1,229,626	$	461,162	$	4,774,483




For the Year Ended December 31, 2024:
Current period charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans.

(2)Special mention assets generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.

(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.