BUSINESS SEGMENT REPORTING

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

BUSINESS SEGMENT REPORTING

BUSINESS SEGMENT REPORTING

The following table presents Farmer Mac's seven segments:

Agricultural Finance		Infrastructure Finance			Treasury
Farm & Ranch	Corporate AgFinance	Power & Utilities	Broadband Infrastructure	Renewable Energy	Funding	Investments

The Chief Executive Officer serves as the Chief Operating Decision Maker ("CODM"). The CODM reviews segment core earnings to make decisions about allocating resources and to assess the financial performance of the segments. The main difference between core earnings and net income is the exclusion of the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Another difference is that core earnings excludes specified infrequent or unusual transactions that are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. The CODM also looks at changes in the segments' on- and off-balance sheet unpaid principal balances to assess the performance of the segments.

The following tables present segment core earnings and assets for the three and six months ended June 30, 2026 and 2025.

Table 9.1

Core Earnings by Business Segment
For the Three Months Ended June 30, 2026
	Agricultural Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(in thousands)
Interest income	$	186,369	$	33,344	$	76,362	$	18,006	$	35,893	$	17,968	$	82,318	$	450,260
(Interest expense)/benefit(1)	(145,286)		(16,575)		(69,377)		(11,428)		(25,120)		16,855		(81,254)		(332,185)
Less: reconciling adjustments(2)(3)	(1,020)		—		(23)		—		—		406		—		(637)
Net effective spread	40,063		16,769		6,962		6,578		10,773		35,229		1,064		117,438
Guarantee and commitment fees(3)	4,968		243		196		1,081		556		—		—		7,044
Other income/(expense)	928		15		—		(25)		(22)		—		—		896
Provision for losses	(3,333)		(524)		(368)		(1,987)		(1,157)		—		—		(7,369)
Operating expenses(1)	(9,286)		(2,356)		(1,258)		(1,881)		(2,221)		(2,969)		(1,013)		(20,984)
Income tax expense	(7,001)		(2,971)		(1,162)		(790)		(1,665)		(6,776)		(11)		(20,376)
Segment core earnings	$	26,339	$	11,176	$	4,370	$	2,976	$	6,264	$	25,484	$	40	$	76,649
Reconciliation to net income:
Net effects of derivatives and trading securities															$	115
Unallocated (expenses)/income															(15,304)
Income tax effect related to reconciling items															5,491
Net income															$	66,951
Total Assets:
Total on- and off-balance sheet segment assets at principal balance	$	21,987,822	$	2,082,762	$	8,266,639	$	1,851,902	$	3,008,013	$	—	$	—	$	37,197,138
Off-balance sheet assets under management															(6,026,228)
Unallocated assets															8,119,282
Total assets on the Consolidated Balance Sheets															$	39,290,192

(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 "Gains/(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 June 30, 2025
	Agricultural Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(in thousands)
Interest income	$	152,218	$	25,484	$	67,447	$	12,159	$	23,494	$	35,619	$	82,601	$	399,022
Interest expense(1)	(115,524)		(16,875)		(61,786)		(8,227)		(17,267)		(1,920)		(80,626)		(302,225)
Less: reconciling adjustments(2)(3)	(984)		—		(25)		—		—		(2,031)		136		(2,904)
Net effective spread	35,710		8,609		5,636		3,932		6,227		31,668		2,111		93,893
Guarantee and commitment fees(3)	4,551		224		215		564		320		—		—		5,874
Other income	313		345		—		—		8		—		14		680
Provision for losses	(4,494)		(614)		(73)		(666)		(1,964)		—		(1)		(7,812)
Operating expenses(1)	(7,020)		(2,378)		(1,156)		(1,274)		(1,560)		(3,003)		(888)		(17,279)
Income tax expense	(6,101)		(1,300)		(970)		(537)		(637)		(6,020)		(260)		(15,825)
Segment core earnings	$	22,959	$	4,886	$	3,652	$	2,019	$	2,394	$	22,645	$	976	$	59,531
Reconciliation to net income:
Net effects of derivatives and trading securities															$	2,260
Unallocated (expenses)/income															(12,185)
Income tax effect related to reconciling items															5,231
Net income															$	54,837
Total Assets:
Total on- and off-balance sheet segment assets at principal balance	$	18,217,905	$	1,953,523	$	7,300,354	$	1,174,441	$	1,941,036	$	—	$	—	$	30,587,259
Off-balance sheet assets under management															(5,257,348)
Unallocated assets															7,665,998
Total assets on the Consolidated Balance Sheets															$	32,995,909

(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 "Gains/(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 Six Months Ended June 30, 2026
	Agricultural Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(in thousands)
Interest income	$	355,361	$	58,513	$	150,226	$	34,130	$	67,852	$	37,171	$	162,968	$	866,221
Interest (expense)/benefit(1)	(275,677)		(32,805)		(136,707)		(21,724)		(48,000)		28,967		(160,804)		(646,750)
Less: reconciling adjustments(2)(3)	(1,948)		—		(66)		—		—		1,738		242		(34)
Net effective spread	77,736		25,708		13,453		12,406		19,852		67,876		2,406		219,437
Guarantee and commitment fees(3)	9,920		510		396		1,956		977		—		—		13,759
Other income/(expense)	1,803		15		—		(81)		(22)		—		—		1,715
Provision for losses	(6,192)		(2,544)		(307)		(1,940)		(1,213)		—		—		(12,196)
Operating expenses(1)	(17,451)		(4,836)		(2,355)		(3,586)		(4,111)		(5,391)		(1,837)		(39,567)
Income tax expense	(13,621)		(3,959)		(2,350)		(1,838)		(3,251)		(13,123)		(120)		(38,262)
Segment core earnings	$	52,195	$	14,894	$	8,837	$	6,917	$	12,232	$	49,362	$	449	$	144,886
Reconciliation to net income:
Net effects of derivatives and trading securities															$	186
Unallocated (expense)/income															(30,063)
Income tax effect related to reconciling items															11,065
Net income															$	126,074
Total Assets:
Total on- and off-balance sheet segment assets at principal balance	$	21,987,822	$	2,082,762	$	8,266,639	$	1,851,902	$	3,008,013	$	—	$	—	$	37,197,138
Off-balance sheet assets under management															(6,026,228)
Unallocated assets															8,119,282
Total assets on the Consolidated Balance Sheets															$	39,290,192

(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 "Gains/(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.