NOTES PAYABLE (Tables)

9 Months Ended

Sep. 30, 2026

Debt Disclosure [Abstract]

Schedule of Debt

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

Table 6.1

	September 30, 2026
	Outstanding as of September 30				Average Outstanding During the Quarter
	Amount		Weighted-Average Rate		Amount		Weighted-Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	1,707,321	3.73	%	$	2,025,074	3.76	%
Medium-term notes	2,734,756		3.85	%	2,788,767		3.79	%
Current portion of medium-term notes	8,721,862		3.41	%
Total due within one year	$	13,163,939	3.55	%
Due after one year:
Medium-term notes due in:
Two years	$	6,567,192	3.92	%
Three years	3,811,393		4.07	%
Four years	4,173,183		3.90	%
Five years	6,263,490		3.79	%
Thereafter	1,696,982		3.37	%
Total due after one year	$	22,512,240	3.86	%
Total principal net of discounts	$	35,676,179	3.75	%
Hedging adjustments	(260,078)
Total	$	35,416,101

	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 September 30, 2026:

Table 6.2

Debt Callable in 2026 as of September 30, 2026, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2027	$	998,842	2.87	%
2028	660,824		3.81	%
2029	800,092		4.25	%
2030	813,532		3.11	%
Thereafter	1,051,442		2.80	%
Total	$	4,324,732	3.30	%

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 September 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	$	10,099,421	3.66	%
2027	7,398,732		3.65	%
2028	4,118,332		3.95	%
2029	3,379,589		4.06	%
2030	4,260,950		3.69	%
Thereafter	6,419,155		3.73	%
Total principal net of discounts	$	35,676,179	3.75	%