INCOME TAXES

9 Months Ended

Sep. 30, 2026

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES

During the three and nine months ended September 30, 2026, Farmer Mac purchased $11.0 million and $77.4 million, respectively, of renewable energy investment tax credits at prices ranging from approximately $0.91 to $0.93 per $1.00 of credit, resulting in a benefit of $1.0 million and $7.3 million, respectively. During the three and nine months ended September 30, 2025, Farmer Mac purchased $24.2 million and $59.8 million, respectively, in renewable energy investment tax credits at prices that range from approximately $0.91 to $0.94 per $1.00 of credit. All of the renewable energy investment tax credits purchased are with projects that have been placed into service. As a result of these purchases, Farmer Mac recognized a tax benefit of $1.5 million and $4.7 million, respectively, for the three and nine months ended September 30, 2025.