NOTES PAYABLE (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt

The following tables set forth information related to Farmer Mac's borrowings as of June 30, 2026 and December 31, 2025:

Table 6.1

	June 30, 2026
	Outstanding as of June 30				Average Outstanding During the Quarter
	Amount		Weighted-Average Rate		Amount		Weighted-Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	2,121,771	3.72	%	$	1,963,155	3.72	%
Medium-term notes	2,910,330		3.76	%	2,832,154		3.75	%
Current portion of medium-term notes	7,887,370		3.19	%
Total due within one year	$	12,919,471	3.41	%
Due after one year:
Medium-term notes due in:
Two years	$	6,176,103	3.74	%
Three years	4,170,515		3.98	%
Four years	3,643,833		4.02	%
Five years	5,998,251		3.67	%
Thereafter	1,871,732		3.07	%
Total due after one year	$	21,860,433	3.75	%
Total principal net of discounts	$	34,779,904	3.63	%
Hedging adjustments	(85,983)
Total	$	34,693,922

	December 31, 2025
	Outstanding as of December 31				Average Outstanding During the Year
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	2,614,571	3.87	%	$	1,854,488	4.22	%
Medium-term notes	2,822,454		4.02	%	2,901,863		4.35	%
Current portion of medium-term notes	5,834,657		2.77	%
Total due within one year	$	11,271,682	3.34	%
Due after one year:
Medium-term notes due in:
Two years	$	6,641,397	3.65	%
Three years	3,740,471		3.97	%
Four years	2,836,656		4.24	%
Five years	3,889,804		3.71	%
Thereafter	2,435,870		2.88	%
Total due after one year	$	19,544,198	3.71	%
Total principal net of discounts	$	30,815,880	3.58	%
Hedging adjustments	6,690
Total	$	30,822,570

The following table summarizes by maturity date the amounts and weighted average interest rate for Farmer Mac debt callable in 2026 as of June 30, 2026:

Table 6.2

Debt Callable in 2026 as of June 30, 2026, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2027	$	1,063,769	2.80	%
2028	1,003,567		3.79	%
2029	912,969		4.26	%
2030	1,206,079		2.98	%
Thereafter	1,441,761		2.51	%
Total	$	5,628,145	3.18	%

Schedule of Long-Term Debt Instruments

The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of June 30, 2026, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date:

Table 6.3

	Earliest Interest Rate Reset Date, or Debt Maturities, of Borrowings Outstanding
	Amount		Weighted-Average Rate
	(dollars in thousands)
Debt with interest rate resets, or debt maturities in:
2026	$	12,374,746	3.52	%
2027	6,228,638		3.52	%
2028	3,553,530		3.89	%
2029	3,166,575		4.05	%
2030	4,141,087		3.67	%
Thereafter	5,315,328		3.52	%
Total principal net of discounts	$	34,779,904	3.63	%