BUSINESS SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

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

Table 9.1

Core Earnings by Business Segment
For the Three Months Ended September 30, 2026
	Agricultural Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(in thousands)
Interest income	$	198,694	$	28,469	$	79,943	$	19,735	$	39,124	$	20,481	$	86,046	$	472,492
Interest (expense)/benefit(1)	(158,086)		(17,541)		(73,053)		(12,588)		(28,010)		17,807		(85,097)		(356,568)
Less: reconciling adjustments(2)(3)	(778)		—		(25)		—		—		(1,235)		—		(2,038)
Net effective spread	39,830		10,928		6,865		7,147		11,114		37,053		949		113,886
Guarantee and commitment fees(3)	4,782		252		195		1,088		681		—		—		6,998
Other income/(expense)	1,520		44		—		—		(100)		—		—		1,464
Provision for losses	(430)		(1,385)		(219)		(7,027)		(2,008)		—		—		(11,069)
Operating expenses(1)	(7,838)		(2,487)		(1,228)		(1,813)		(2,084)		(2,888)		(993)		(19,331)
Income tax (expense)/benefit	(7,951)		(1,544)		(1,179)		128		(1,597)		(7,175)		9		(19,309)
Segment core earnings	$	29,913	$	5,808	$	4,434	$	(477)	$	6,006	$	26,990	$	(35)	$	72,639
Reconciliation to net income:
Net effects of derivatives and trading securities															$	2,879
Unallocated (expenses)/income															(15,272)
Income tax effect related to reconciling items															3,965
Net income															$	64,211
Total Assets:
Total on- and off-balance sheet segment assets at principal balance	$	22,285,578	$	2,143,737	$	8,431,244	$	2,020,729	$	3,594,450	$	—	$	—	$	38,475,738
Off-balance sheet assets under management															(6,525,042)
Unallocated assets															8,070,690
Total assets on the Consolidated Balance Sheets															$	40,021,386

(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 September 30, 2025
	Agricultural Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(in thousands)
Interest income	$	154,020	$	26,662	$	69,746	$	13,375	$	28,616	$	36,139	$	86,783	$	415,341
Interest expense(1)	(118,081)		(17,615)		(63,810)		(8,996)		(20,886)		(1,686)		(85,790)		(316,864)
Less: reconciling adjustments(2)(3)	(1,099)		—		(26)		—		—		324		93		(708)
Net effective spread	34,840		9,047		5,910		4,379		7,730		34,777		1,086		97,769
Guarantee and commitment fees(3)	4,572		218		212		701		429		—		—		6,132
Other income/(expense)	1,080		111		(7)		—		—		—		(1)		1,183
(Provision for)/release of losses	(4,050)		(2,787)		424		(410)		(616)		—		6		(7,433)
Operating expenses(1)	(6,721)		(3,131)		(1,122)		(1,362)		(1,649)		(2,712)		(760)		(17,457)
Income tax expense	(6,240)		(727)		(1,137)		(695)		(1,238)		(6,734)		(70)		(16,841)
Segment core earnings	$	23,481	$	2,731	$	4,280	$	2,613	$	4,656	$	25,331	$	261	$	63,353
Reconciliation to net income:
Net effects of derivatives and trading securities															$	(1,193)
Unallocated (expenses)/income															(12,311)
Income tax effect related to reconciling items															5,154
Net income															$	55,003
Total Assets:
Total on- and off-balance sheet segment assets at principal balance	$	18,218,755	$	1,891,228	$	7,426,517	$	1,299,097	$	2,283,565	$	—	$	—	$	31,119,162
Off-balance sheet assets under management															(5,264,616)
Unallocated assets															7,525,014
Total assets on the Consolidated Balance Sheets															$	33,379,560

(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 Nine Months Ended September 30, 2026
	Agricultural Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(in thousands)
Interest income	$	554,055	$	86,982	$	230,169	$	53,865	$	106,976	$	57,652	$	249,014	$	1,338,713
Interest (expense)/benefit(1)	(433,763)		(50,346)		(209,760)		(34,312)		(76,010)		46,774		(245,901)		(1,003,318)
Less: reconciling adjustments(2)(3)	(2,726)		—		(91)		—		—		503		242		(2,072)
Net effective spread	117,566		36,636		20,318		19,553		30,966		104,929		3,355		333,323
Guarantee and commitment fees(3)	14,702		762		591		3,044		1,658		—		—		20,757
Other income/(expense)	3,323		59		—		(81)		(122)		—		—		3,179
Provision for losses	(6,622)		(3,929)		(526)		(8,967)		(3,221)		—		—		(23,265)
Operating expenses(1)	(25,289)		(7,323)		(3,583)		(5,399)		(6,195)		(8,279)		(2,830)		(58,898)
Income tax expense	(21,572)		(5,503)		(3,529)		(1,710)		(4,848)		(20,298)		(111)		(57,571)
Segment core earnings	$	82,108	$	20,702	$	13,271	$	6,440	$	18,238	$	76,352	$	414	$	217,525
Reconciliation to net income:
Net effects of derivatives and trading securities															$	3,065
Unallocated (expense)/income															(45,335)
Income tax effect related to reconciling items															15,030
Net income															$	190,285
Total Assets:
Total on- and off-balance sheet segment assets at principal balance	$	22,285,578	$	2,143,737	$	8,431,244	$	2,020,729	$	3,594,450	$	—	$	—	$	38,475,738
Off-balance sheet assets under management															(6,525,042)
Unallocated assets															8,070,690
Total assets on the Consolidated Balance Sheets															$	40,021,386

(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 Nine Months Ended September 30, 2025
	Agricultural Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(in thousands)
Interest income	$	455,919	$	77,268	$	202,188	$	36,367	$	72,425	$	104,736	$	246,874	$	1,195,777
Interest expense(1)	(348,394)		(50,972)		(185,234)		(24,490)		(53,356)		(5,066)		(242,052)		(909,564)
Less: reconciling adjustments(2)(3)	(3,090)		—		(79)		—		—		(1,621)		229		(4,561)
Net effective spread	104,435		26,296		16,875		11,877		19,069		98,049		5,051		281,652
Guarantee and commitment fees(3)	13,674		639		648		1,601		932		—		—		17,494
Other income/(expense)	2,615		456		(7)		—		8		—		35		3,107
(Provision for)/release of losses	(8,351)		(4,229)		274		(847)		(3,680)		—		5		(16,828)
Operating expenses(1)	(20,336)		(7,642)		(3,401)		(3,688)		(4,917)		(8,515)		(2,471)		(50,970)
Income tax expense	(19,323)		(3,262)		(3,020)		(1,879)		(2,397)		(18,803)		(551)		(49,235)
Segment core earnings	$	72,714	$	12,258	$	11,369	$	7,064	$	9,015	$	70,731	$	2,069	$	185,220
Reconciliation to net income:
Net effects of derivatives and trading securities															$	(1,468)
Unallocated (expense)/income															(37,741)
Income tax effect related to reconciling items															13,480
Net income															$	159,491
Total Assets:
Total on- and off-balance sheet segment assets at principal balance	$	18,218,755	$	1,891,228	$	7,426,517	$	1,299,097	$	2,283,565	$	—	$	—	$	31,119,162
Off-balance sheet assets under management															(5,264,616)
Unallocated assets															7,525,014
Total assets on the Consolidated Balance Sheets															$	33,379,560

(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.