Federal Agricultural Mortgage (AGM) 10-K23 Feb 242023 FY Annual reportFinancial data

Company Profile

COVER PAGE

COVER PAGE - USD ($)	12 Months Ended
COVER PAGE - USD ($)	Dec. 31, 2023	Feb. 09, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date:	--12-31
Document Transition Report	false
Entity File Number	001-14951
Entity Registrant Name	FEDERAL AGRICULTURAL MORTGAGE CORPORATION
Entity Incorporation, State or Country Code	X1
Entity Tax Identification Number	52-1578738
Entity Address, Address Line One	1999 K Street, N.W.
Entity Address, Address Line Two	4th Floor,
Entity Address, City or Town	Washington,
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20006
City Area Code	(202)
Local Phone Number	872-7700
Title of 12(g) Security	Class B voting common stock
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 1,402,769,072
Documents Incorporated by Reference	Certain information contained in the registrant's Proxy Statement for the 2024 Annual Meeting of Stockholders is incorporated herein by reference in Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant's fiscal year to which this report relates.
Entity Central Index Key	0000845877
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Class A voting common stock
Entity Information [Line Items]
Title of 12(b) Security	Class A voting common stock
Trading Symbol	AGM.A
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		1,030,780
Class C non-voting common stock
Entity Information [Line Items]
Title of 12(b) Security	Class C non-voting common stock
Trading Symbol	AGM
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		9,315,397
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C
Entity Information [Line Items]
Title of 12(b) Security	6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C
Trading Symbol	AGM.PRC
Security Exchange Name	NYSE
5.700% Non-Cumulative Preferred Stock, Series D
Entity Information [Line Items]
Title of 12(b) Security	5.700% Non-Cumulative Preferred Stock, Series D
Trading Symbol	AGM.PRD
Security Exchange Name	NYSE
5.750% Non-Cumulative Preferred Stock, Series E
Entity Information [Line Items]
Title of 12(b) Security	5.750% Non-Cumulative Preferred Stock, Series E
Trading Symbol	AGM.PRE
Security Exchange Name	NYSE
5.250% Non-Cumulative Preferred Stock, Series F
Entity Information [Line Items]
Title of 12(b) Security	5.250% Non-Cumulative Preferred Stock, Series F
Trading Symbol	AGM.PRF
Security Exchange Name	NYSE
4.875% Non-Cumulative Preferred Stock, Series G
Entity Information [Line Items]
Title of 12(b) Security	4.875% Non-Cumulative Preferred Stock, Series G
Trading Symbol	AGM.PRG
Security Exchange Name	NYSE
Class B voting common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		500,301

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	238
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Washington DC, USA

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 888,707	$ 861,002
Loans:
Loans held for investment, at amortized cost	9,623,119	9,008,979
Loans held for investment in consolidated trusts, at amortized cost	1,432,261	1,211,576
Allowance for losses	(16,031)	(15,089)
Total loans, net of allowance	11,039,349	10,205,466
Financial derivatives, at fair value	37,478	37,409
Accrued interest receivable (includes $16,764 and $12,514, respectively, related to consolidated trusts)	287,128	229,061
Guarantee and commitment fees receivable	49,832	47,151
Deferred tax asset, net	8,470	18,004
Prepaid expenses and other assets	132,954	266,768
Total Assets	29,524,382	27,333,110
Liabilities:
Notes payable	26,336,542	24,469,113
Debt securities of consolidated trusts held by third parties	1,351,069	1,181,948
Financial derivatives, at fair value	117,131	175,326
Accrued interest payable (includes $9,407 and $8,081, respectively, related to consolidated trusts)	181,841	117,887
Guarantee and commitment obligation	47,563	46,582
Accounts payable and accrued expenses	76,662	68,863
Reserve for losses	1,711	1,433
Total Liabilities	28,112,519	26,061,152
Commitments and Contingencies (Note 12)
Common stock:
Additional paid-in capital	132,919	128,939
Accumulated other comprehensive loss, net of tax	(40,145)	(50,843)
Retained earnings	823,716	698,530
Total Equity	1,411,863	1,271,958
Total Liabilities and Equity	29,524,382	27,333,110
Series C
Preferred stock:
Preferred stock	73,382	73,382
Series D
Preferred stock:
Preferred stock	96,659	96,659
Series E
Preferred stock:
Preferred stock	77,003	77,003
Series F
Preferred stock:
Preferred stock	116,160	116,160
Series G
Preferred stock:
Preferred stock	121,327	121,327
Class A voting common stock
Common stock:
Common stock	1,031	1,031
Class B voting common stock
Common stock:
Common stock	500	500
Class C non-voting common stock
Common stock:
Common stock	9,311	9,270
Investment securities
Assets:
Available-for-sale	4,918,931	4,579,564
Held-to-maturity, at amortized cost	53,756	45,032
Other investments	6,817	3,672
Total Securities	4,979,504	4,628,268
Farmer Mac Guaranteed Securities
Assets:
Available-for-sale	5,532,479	7,607,226
Held-to-maturity, at amortized cost	4,213,069	1,021,154
Total Securities	9,745,548	8,628,380
USDA Securities:
Assets:
Trading, at fair value	1,241	1,767
Held-to-maturity, at amortized cost	2,354,171	2,409,834
Total Securities	$ 2,355,412	$ 2,411,601

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Interest receivable	$ 287,128	$ 229,061
Accrued interest payable - consolidated trusts amount	$ 181,841	$ 117,887
Series C
Preferred stock, par value (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	3,000,000	3,000,000
Preferred stock, shares issued (in shares)	3,000,000	3,000,000
Preferred stock, shares outstanding (in shares)	3,000,000	3,000,000
Series D
Preferred stock, par value (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	4,000,000	4,000,000
Preferred stock, shares issued (in shares)	4,000,000	4,000,000
Preferred stock, shares outstanding (in shares)	4,000,000	4,000,000
Series E
Preferred stock, par value (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	3,180,000	3,180,000
Preferred stock, shares issued (in shares)	3,180,000	3,180,000
Preferred stock, shares outstanding (in shares)	3,180,000	3,180,000
Series F
Preferred stock, par value (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	4,800,000	4,800,000
Preferred stock, shares issued (in shares)	4,800,000	4,800,000
Preferred stock, shares outstanding (in shares)	4,800,000	4,800,000
Series G
Preferred stock, par value (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	5,000,000	5,000,000
Class A voting common stock
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares outstanding (in shares)	1,030,780	1,030,780
Class B voting common stock
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares outstanding (in shares)	500,301	500,301
Class C non-voting common stock
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares outstanding (in shares)	9,310,872	9,270,265
Consolidated VIE
Interest receivable	$ 16,764	$ 12,514
Accrued interest payable - consolidated trusts amount	9,407	8,081
Available-for-Sale Securities
Amortized cost of available-for-sale investment securities	5,060,135	4,769,426
Farmer Mac Guaranteed Securities
Amortized cost of available-for-sale investment securities	$ 5,825,433	$ 8,019,495

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest income:
Investments and cash equivalents	$ 287,144	$ 82,659	$ 18,660
Farmer Mac Guaranteed Securities and USDA Securities	590,250	283,769	164,723
Loans	514,894	350,420	242,582
Total interest income	1,392,288	716,848	425,965
Total interest expense	1,064,741	445,908	204,014
Net interest income	327,547	270,940	221,951
(Provision for)/release of losses	(858)	(1,323)	860
Net interest income after (provision for)/release of losses	326,689	269,617	222,811
Non-interest income/(expense):
Guarantee and commitment fees	16,712	13,040	12,669
Gains on financial derivatives	2,882	22,631	324
Gains on sale of mortgage loans	0	0	6,539
Gains/(losses) on trading securities	24	(51)	(115)
Gains on sale of available-for-sale investment securities	0	0	253
(Provision for)/release of reserve for losses	(278)	517	1,327
Other income	4,171	2,551	2,069
Non-interest income	23,511	38,688	23,066
Operating expenses:
Compensation and employee benefits	58,914	48,766	42,847
General and administrative	34,963	29,772	27,507
Regulatory fees	3,222	3,269	3,062
Real estate owned operating costs, net	0	819	0
Operating expenses	97,099	82,626	73,416
Income before income taxes	253,101	225,679	172,461
Income tax expense	53,098	47,535	36,372
Net income	200,003	178,144	136,089
Preferred stock dividends	(27,165)	(27,165)	(24,677)
Net income attributable to common stockholders	$ 172,838	$ 150,979	$ 111,412
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 15.97	$ 14	$ 10.36
Diluted earnings per common share (in dollars per share)	$ 15.81	$ 13.87	$ 10.27

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 200,003	$ 178,144	$ 136,089
Other comprehensive income/(loss):
Net unrealized gains/(losses) on available-for-sale securities	59,640	(137,506)	8,867
Net changes in held-to-maturity securities	(31,750)	259	(8,451)
Net unrealized (losses)/gains on cash flow hedges	(14,348)	68,012	22,084
Other comprehensive income/(loss) before tax	13,542	(69,235)	22,500
Income tax (expense)/benefit related to other comprehensive income/(loss)	(2,844)	14,539	(4,724)
Other comprehensive income/(loss) net of tax	10,698	(54,696)	17,776
Comprehensive income	$ 210,701	$ 123,448	$ 153,865

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Series G	Preferred Stock	Preferred Stock Series G	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance ( in shares) at Dec. 31, 2020			14,980		10,737
Beginning balance at Dec. 31, 2020	$ 997,935		$ 363,204		$ 10,737	$ 122,899	$ (13,923)	$ 515,018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	136,089							136,089
Other comprehensive income (loss) net of tax	17,776						17,776
Cash dividends, preferred stock	(24,677)							(24,677)
Cash dividends, common stock	(37,873)							(37,873)
Issuance of stock (in shares)				5,000	29
Issuance of stock	145	$ 121,327		$ 121,327	$ 29	116
Stock-based compensation cost	4,310					4,310
Other stock-based award activity	(1,332)					(1,332)
Ending balance (in shares) at Dec. 31, 2021			19,980		10,766
Ending balance at Dec. 31, 2021	1,213,700		$ 484,531		$ 10,766	125,993	3,853	588,557
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	178,144							178,144
Other comprehensive income (loss) net of tax	(54,696)						(54,696)
Cash dividends, preferred stock	(27,165)							(27,165)
Cash dividends, common stock	(41,006)							(41,006)
Issuance of stock (in shares)					35
Issuance of stock	225				$ 35	190
Stock-based compensation cost	4,625					4,625
Other stock-based award activity	(1,869)					(1,869)
Ending balance (in shares) at Dec. 31, 2022			19,980		10,801
Ending balance at Dec. 31, 2022	1,271,958		$ 484,531		$ 10,801	128,939	(50,843)	698,530
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	200,003							200,003
Other comprehensive income (loss) net of tax	10,698						10,698
Cash dividends, preferred stock	(27,165)							(27,165)
Cash dividends, common stock	(47,652)							(47,652)
Issuance of stock (in shares)					41
Issuance of stock	274				$ 41	233
Stock-based compensation cost	6,801					6,801
Other stock-based award activity	(3,054)					(3,054)
Ending balance (in shares) at Dec. 31, 2023			19,980		10,842
Ending balance at Dec. 31, 2023	$ 1,411,863		$ 484,531		$ 10,842	$ 132,919	$ (40,145)	$ 823,716

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock dividends per common share (in dollars per share)	$ 1.10	$ 0.95	$ 0.88

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 200,003,000	$ 178,144,000	$ 136,089,000
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of deferred gains, premiums, and discounts on loans, investments, Farmer Mac Guaranteed Securities, and USDA Securities	(17,025,000)	720,000	17,314,000
Amortization of debt premiums, discounts, and issuance costs	31,421,000	19,656,000	6,780,000
Net change in fair value of trading securities, hedged items, and financial derivatives	78,249,000	689,998,000	205,701,000
Gain on the sale of available-for-sale investment securities	0	0	(253,000)
Gain on the sale of mortgage loans	0	0	(6,539,000)
Total provision for/(release of) allowance for losses	1,136,000	806,000	(2,187,000)
Excess tax benefits related to stock-based awards	523,000	101,000	292,000
Deferred income taxes	6,690,000	12,406,000	(1,630,000)
Stock-based compensation expense	6,801,000	4,624,000	4,311,000
Proceeds from repayment of loans purchased as held for sale	24,378,000	33,311,000	46,968,000
Net change in:
Interest receivable	(63,944,000)	(63,777,000)	4,446,000
Guarantee and commitment fees receivable	(1,700,000)	1,043,000	(34,000)
Other assets	54,369,000	(126,054,000)	(9,830,000)
Accrued interest payable	63,954,000	58,884,000	(9,526,000)
Custodial deposit liability	(10,778,000)	(7,666,000)	44,955,000
Other liabilities	1,721,000	7,075,000	(445,000)
Net cash provided by operating activities	375,798,000	809,271,000	436,412,000
Cash flows from investing activities:
Purchases of other investment securities	(3,145,000)	(2,443,000)	(1,229,000)
Purchases of loans held for investment	(2,164,053,000)	(2,592,924,000)	(2,916,493,000)
Purchases of defaulted loans	0	0	(8,713,000)
Proceeds from repayment of loans purchased as held for investment	1,363,588,000	1,321,989,000	1,889,408,000
Proceeds from sale of loans previously classified as held for investment	0	9,000,000	301,393,000
Proceeds from sale of available-for-sale investment securities	0	0	257,524,000
Proceeds from sale of Farmer Mac Guaranteed Securities	0	99,643,000	0
Net cash used in investing activities	(1,955,381,000)	(3,042,959,000)	(1,096,196,000)
Cash flows from financing activities:
Proceeds from issuance of discount notes	49,291,165,000	52,470,273,000	61,112,365,000
Proceeds from issuance of medium-term notes	8,274,618,000	9,031,116,000	11,173,147,000
Proceeds from third parties from issuance of debt securities of consolidated trusts	222,188,000	258,198,000	0
Payments to redeem discount notes	(48,138,591,000)	(54,085,418,000)	(60,743,066,000)
Payments to redeem medium-term notes	(7,862,450,000)	(5,192,159,000)	(10,586,370,000)
Payments to third parties on debt securities of consolidated trusts	(102,045,000)	(226,291,000)	(480,272,000)
Proceeds from common stock issuance	233,000	192,000	117,000
Proceeds from preferred stock issuance, net of stock issuance costs	0	0	121,327,000
Tax payments related to share-based awards	(3,013,000)	(1,835,000)	(1,305,000)
Dividends paid on common and preferred stock	(74,817,000)	(68,171,000)	(61,315,000)
Net cash provided by financing activities	1,607,288,000	2,185,905,000	534,628,000
Net change in cash and cash equivalents	27,705,000	(47,783,000)	(125,156,000)
Cash and cash equivalents at beginning of period	861,002,000	908,785,000	1,033,941,000
Cash and cash equivalents at end of period	888,707,000	861,002,000	908,785,000
Cash paid during the period for:
Interest	582,960,000	269,327,000	198,593,000
Income taxes	48,000,000	33,800,000	36,300,000
Non-cash activity:
Loans securitized as Farmer Mac Guaranteed Securities	36,497,000	162,875,000	113,175,000
Loans held for investment transferred to consolidated trusts	281,027,000	297,713,000	0
Reclassification of loans held for investment to loans held for sale	0	0	301,551,000
Available-for-sale securities
Cash flows from investing activities:
Purchases of available-for-sale and held-to-maturity investment securities	(1,573,707,000)	(2,472,056,000)	(2,004,911,000)
Proceeds from repayment of available-for-sale and held-to-maturity investment securities	1,397,096,000	1,440,201,000	1,740,000,000
Farmer Mac Guaranteed Securities and USDA Securities
Cash flows from investing activities:
Purchases of Farmer Mac Guaranteed Securities and USDA Securities	(4,453,284,000)	(5,275,733,000)	(4,380,901,000)
Proceeds from repayment of securities	$ 3,478,124,000	$ 4,429,364,000	$ 4,027,726,000

ORGANIZATION

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION The Federal Agricultural Mortgage Corporation ("Farmer Mac") is a stockholder-owned, federally chartered instrumentality of the United States established under Title VIII of the Farm Credit Act of 1971, as amended (12 U.S.C. §§ 2279aa et seq.), which is sometimes referred to as Farmer Mac's charter. Farmer Mac was originally created by the United States Congress to provide a secondary market for a variety of loans made to borrowers in rural America. This secondary market is designed to increase the availability of long-term credit at stable interest rates to America's rural communities and to provide rural borrowers with the benefits of capital markets pricing and product innovation. Farmer Mac's secondary market activities include: • purchasing eligible loans directly from lenders (including participation interests, syndicated notes, revolving and non-revolving credit facilities, and unfunded commitments to make advances on loans); • guaranteeing and purchasing securities issued by lenders and other financial institutions that are secured by pools of eligible loans (Farmer Mac refers to these securities as "AgVantage," a registered trademark of Farmer Mac); • issuing and guaranteeing securities that represent interests in, or obligations secured by, pools of eligible loans (together with AgVantage, Farmer Mac refers to these securities as "Farmer Mac Guaranteed Securities"); • servicing (including as master servicer) eligible loans purchased or securitized by Farmer Mac; and • providing long-term standby purchase commitments ("LTSPCs") for eligible loans. Farmer Mac conducts its secondary market activities through two lines of business — Agricultural Finance and Rural Infrastructure Finance. For more information about those lines of business and the segments within them, see Note 14 - Business Segments.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting and reporting policies of Farmer Mac conform with accounting principles generally accepted in the United States of America ("generally accepted accounting principles" or "GAAP"). The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. The following are the significant accounting policies that Farmer Mac follows in preparing and presenting its consolidated financial statements: The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries during the year: (1) Farmer Mac Mortgage Securities Corporation, whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; and (2) Farmer Mac II LLC, whose principal activity is the operation of substantially all of the business related to the USDA Securities included in the Agricultural Finance line of business. The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary. Cash and Cash Equivalents Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities Securities for which Farmer Mac has the intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Securities for which Farmer Mac does not have the positive intent and ability to hold to maturity are classified as available-for-sale or trading and are carried at estimated fair value. Unrealized gains and losses on available-for-sale securities are reported as a component of accumulated other comprehensive income in stockholders' equity. For securities classified as trading, unrealized gains and losses are included in earnings. Gains and losses on the sale of available-for-sale and trading securities are determined using the specific identification cost method. Farmer Mac determines the fair value of investment securities using quoted market prices, when available. Farmer Mac determines the fair values of certain investment securities for which quoted market prices are not available, Farmer Mac Guaranteed Securities, and USDA Securities based on the present value of the associated expected future cash flows. In estimating the present value of the expected future cash flows, management is required to make estimates and assumptions. The key estimates and assumptions include discount rates and collateral repayment rates. Premiums, discounts, and other deferred costs are amortized to interest income using the effective interest method. Farmer Mac generally receives compensation when loans with yield maintenance provisions underlying Farmer Mac Guaranteed Securities prepay. These yield maintenance payments mitigate Farmer Mac's exposure to reinvestment risk and are calculated such that, when reinvested with the prepaid principal, they should generate substantially the same cash flows that would have been generated had the loans not prepaid. Yield maintenance payments are recognized as interest income in the consolidated statements of operations upon receipt. Interest Income Recognition on Interest-Only Farmer Mac Guaranteed Securities ("IO-FMGS") Farmer Mac recognizes interest income for its IO-FMGS by applying the effective yield methodology required by GAAP for financial assets that are either not of high credit quality at the time of acquisition or can be contractually prepaid or otherwise settled in such a way that Farmer Mac would not recover substantially all of its recorded investment. The amount of periodic interest income recognized is determined by applying the IO-FMGS effective interest rate to its amortized cost basis (or “reference amount”). At the time of acquisition, the effective interest rate is calculated by solving for the single discount rate that equates the present value of Farmer Mac's best estimate of the amount and timing of the cash flows expected to be collected from the IO-FMGS to its purchase cost. To prepare its best estimate of cash flows expected to be collected, Farmer Mac develops a number of assumptions about the future performance of the pool of mortgage loans that serve as collateral, including assumptions about the timing and amount of prepayments and credit losses. In each subsequent quarterly reporting period, the amount and timing of cash flows expected to be collected from the IO-FMGS are re-estimated based upon current information and events. Loans Loans for which Farmer Mac has the positive intent and ability to hold for the foreseeable future are classified as held for investment and reported at their unpaid principal balance, net of unamortized purchase discounts or premiums. Loans for which Farmer Mac does not have the positive intent and ability to hold for the foreseeable future are classified as held for sale and reported at the lower of cost or fair value determined on a pooled basis. Farmer Mac de-recognizes sold loans, and recognizes any associated gain or loss, when they have been legally isolated from Farmer Mac, the buyer has the right to pledge or exchange them, and Farmer Mac does not maintain effective control over them. When Farmer Mac consolidates a trust, it recognizes the loans underlying the trust in the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost." See Note 2(o) for more information on the accounting policy related to consolidation. Non-accrual Loans Non-accrual loans are loans for which it is probable that Farmer Mac will be unable to collect all amounts due according to the contractual terms of the loan agreement and include all loans 90 days or more past due. When a loan becomes 90 days past due, interest accrual on the loan is discontinued and interest previously accrued is reversed against interest income in the current period. The interest on such loans is accounted for on the cash basis until a loan qualifies for return to accrual status. Loans are returned to accrual status when all the principal and interest payments contractually due are collected and certain performance criteria are met. Securitization Securitization involves the transfer of financial assets to another entity in exchange for cash and/or beneficial interests in the assets transferred. Farmer Mac or third parties transfer agricultural mortgage loans, Rural Infrastructure loans, or USDA securities into trusts that are used as vehicles for the securitization of the transferred financial assets. The trusts issue Farmer Mac Guaranteed Securities that are beneficial interests in the assets of the trusts, to either Farmer Mac or third-party investors. Farmer Mac guarantees principal and interest payments on the securities issued by the trusts and receives guarantee fees as compensation for its guarantee. Farmer Mac recognizes guarantee fees on the accrual basis over the terms of the Farmer Mac Guaranteed Securities, which generally coincide with the terms of the underlying loans. As such, no guarantee fees are unearned at the end of any reporting period. Farmer Mac is required to perform under its guarantee obligation when the underlying loans for the off-balance sheet Farmer Mac Guaranteed Securities do not make their scheduled installment payments. When a loan underlying a Farmer Mac Guaranteed Security (other than Farmer Mac Guaranteed Securities structured as real estate mortgage investment conduits under 26 U.S.C. §§ 860A-860G) becomes 90 days or more past due, Farmer Mac may, in its sole discretion, repurchase the loan from the trust and generally does repurchase such loans, thereby reducing the principal balance of the outstanding Farm & Ranch Guaranteed Security. When Farmer Mac purchases a delinquent loan underlying a Farmer Mac Guaranteed Security, Farmer Mac stops accruing the guarantee fee upon loan purchase. If Farmer Mac repurchases a loan that is collateral for a Farmer Mac Guaranteed Security, Farmer Mac would have the right to enforce the terms of the loan, and in the event of a default, would have access to the underlying collateral. Farmer Mac typically recovers its investment in the defaulted loans purchased either through borrower payments, loan payoffs, payments by third parties, or foreclosure and sale of the collateral securing the loans. Farmer Mac has recourse to the USDA for any amounts advanced for the timely payment of principal and interest on Farmer Mac Guaranteed USDA Securities. That recourse is the USDA guarantee, a full-faith-and-credit obligation of the United States that becomes enforceable if a lender fails to repurchase the USDA-guaranteed portion from its owner within 30 days after written demand from the owner when (a) the borrower under the guaranteed loan is in default not less than 60 days in the payment of any principal or interest due on the USDA-guaranteed portion, or (b) the lender has failed to remit to the owner the payment made by the borrower on the USDA-guaranteed portion or any related loan subsidy within 30 days after the lender's receipt of the payment. Transfers of Financial Assets Farmer Mac accounts for transfers of financial assets as sales when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of Farmer Mac's continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are included in “Gain on sale of mortgage loans” in the accompanying consolidated statements of operations. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the consolidated balance sheets at fair value. In fourth quarter 2021, Farmer Mac executed a structured securitization of a $299.4 million pool of Farm & Ranch loans. The securitization consisted of two classes of securities, Class A and Class B. The Class A securities are backed by 92.5% of the pool and is guaranteed by Farmer Mac. The Class B Tranche is backed by the remaining 7.5% of the pool. Credit losses on the entire pool are first allocated to the Class B securities. As a result of the transaction, Farmer Mac recognized the following: 1. A guarantee asset and liability related to the guarantee fees and the obligation to stand ready to perform on the guarantee to the Class A security holders. 2. A servicing asset related to Farmer Mac’s role as Master and Central Servicer. Farmer Mac will earn a related servicing fee. 3. A retained interest-only strip of a Farmer Mac Guaranteed Security (IO-FMGS) security. The above assets and liabilities were initially recorded on the consolidated balance sheets at fair value. For more information on fair value measurement see Footnote 13. The securitization trust used to effect this transaction was a variable interest entity that Farmer Mac does not consolidate. See Table 2.4 below for more information about these trusts. Gains or losses arising from securitization are recorded as the difference between the transferred loans’ carrying values and the sum of (a) the initial fair value of the assets or liabilities received and (b) net cash proceeds. For the year ended December 31, 2021, Farmer Mac recorded $6.5 million in gains attributable to securitization activity. These gains were reported in “Gains on sale of mortgage loans” in the consolidated statements of operations. Farmer Mac recorded no gains attributable to securitization activity for both the years ended December 31, 2023 and 2022. Financial Derivatives Farmer Mac enters into financial derivative transactions principally to protect against risk from the effects of market price or interest rate movements on the value of certain assets, future cash flows or debt issuance, not for trading or speculative purposes. Farmer Mac enters into interest rate swap contracts to adjust the characteristics of its short-term debt to match more closely the cash flow and duration characteristics of its longer-term loans and other assets, and also to adjust the characteristics of its long-term debt to match more closely the cash flow and duration characteristics of its short-term assets, thereby reducing interest rate risk and, often times, deriving an overall lower effective cost of borrowing than would otherwise be available to Farmer Mac in the conventional debt market. Accounting for financial derivatives differs depending on whether a derivative is designated in a hedge accounting relationship. Derivative instruments designated in fair value hedge accounting relationships mitigate exposure to changes in the fair value of assets or liabilities. Derivative instruments designated in cash flow hedge accounting relationships mitigate exposure to the variability in expected future cash flows or other forecasted transactions. In order to qualify for fair value or cash flow hedge accounting treatment, documentation must indicate the intention to designate the derivative as a hedge of a specific asset, or liability, or a future cash flow. Effectiveness of the hedge is assessed before the end of the quarter of inception and monitored over the life of the hedging relationship. Changes in the fair values of financial derivatives not designated as cash flow or fair value hedges were reported in "Gains on financial derivatives" in the consolidated statements of operations. For financial derivatives designated in fair value hedge accounting relationships, changes in the fair values of hedged items related to the risk being hedged are reported in the same interest income or expense line item as income or expense from the hedged financial asset or liability in the consolidated statements of operations. Interest accruals on derivatives designated in fair value hedge relationships are also recorded in "Net interest income" in the consolidated statements of operations. For financial derivatives designated in cash flow hedge relationships, the unrealized gain or loss on the derivative is recorded in other comprehensive income. Because the hedging instrument is an interest rate swap and the hedged forecasted transactions are future interest payments on variable rate debt, amounts recorded in accumulated other comprehensive income are reclassified to "Total interest expense" in conjunction with the recognition of interest expense on the debt. Collateralized Agreements and Offsetting Arrangements Over-the-Counter Derivatives Farmer Mac uses master netting and collateral agreements to reduce our credit risk exposure to our over-the-counter derivative ("OTC") counterparties for interest-rate swap derivatives. Master netting agreements provide for the netting of amounts receivable and payable from an individual counterparty, as well as posting of collateral in the form of cash depending on which party is in a liability position. Farmer Mac has master netting agreements in place with most of our OTC derivative counterparties. The market value of each counterparty's derivatives outstanding is calculated to determine the amount of our net credit exposure, which is equal to the market value of derivatives in net gain position by counterparty after giving consideration to collateral posted. In the event a counterparty defaults on its obligation under the derivatives agreement and the default is not remedied in the manner prescribed by the agreement, Farmer Mac has a right under the agreement to sell the collateral. As a result, Farmer Mac's use of master netting and collateral agreements reduce our exposure to our counterparties in the event of default. Cleared Derivatives The majority of Farmer Mac's interest-rate swaps are subject to the central clearing requirement. Changes in the value of cleared derivatives are settled daily via payments made through the clearinghouse. Farmer Mac nets the exposure by clearinghouse and clearing member. See Notes 6 and 13 for more information on financial derivatives. Notes Payable Debt issuance costs and premiums and discounts are deferred and amortized to interest expense using the effective interest method over the contractual life of the related debt. Allowance for Losses and Reserve for Losses Farmer Mac's allowance for credit losses represents the difference between the carrying amount of the related financial instruments and the present value of their expected cash flows discounted at their effective interest rates, as of the respective balance sheet date. Farmer Mac's reserve for credit losses represents the difference between the outstanding amount of off-balance sheet credit exposures and the present value of their expected cash flows discounted at their effective interest rates. Farmer Mac maintains an allowance for credit losses to cover current expected credit losses as of the balance sheet date for on-balance sheet investment securities, loans held for investment, and Farmer Mac Guaranteed Securities (collectively referred to as "allowance for losses"). Farmer Mac also maintains a reserve for credit losses to cover current expected credit losses as of the balance sheet date for off-balance sheet loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities (collectively referred to as "reserve for losses"). Both the allowance for losses and reserve for losses are based on historical information and reasonable and supportable forecasts. Farmer Mac has never experienced a credit loss in its Rural Infrastructure Finance line of business. Farmer Mac measures its expected credit losses for the expected life of all financial instruments, including its Rural Infrastructure Finance loans. To estimate expected credit losses on these loans, Farmer Mac relies upon industry historical credit loss data from ratings agencies and publicly available information as disclosed in the securities filings of other major lenders who serve the utilities and renewable industries. The allowance for losses increases through periodic provisions for loan losses that are charged against net interest income and the reserve for losses increases through provisions for losses that are charged to non-interest expense. Both the allowance for losses and reserve for losses are decreased by charge-offs for realized losses, net of recoveries. Releases from the allowance for losses or reserve for losses occur when the estimate of expected credit losses as of the end of a period is less than the estimate at the beginning of the period. The total allowance for losses consists of the allowance for losses and the reserve for losses. Charge-offs Farmer Mac records a charge-off from the allowance for losses when either a) a loan, or a portion of a loan, is deemed uncollectible; or b) a loss has been confirmed through the receipt of assets, generally the underlying collateral, in full satisfaction of the loan. The charge-off equals the excess of the recorded investment in the loan over the fair value of the collateral less estimated selling costs. Estimation Methodology Farmer Mac bases its methodology for determining its current estimate of expected losses on a statistical model, which incorporates credit loss history and reasonable and supportable forecasts. Farmer Mac's estimation methodology includes the following key components: • An economic model for each portfolio, including Agricultural Finance loans (Corporate AgFinance and Farm & Ranch), Rural Infrastructure Finance loans (Rural Utilities and Renewable Energy), and AgVantage Securities; • A migration matrix for each portfolio that reasonably predicts the movement of each financial asset among various risk categories over the course of each asset's expected life (the migration matrix forms the basis for our estimate of the probability of default of each financial asset); • A loss-given-default ("LGD") model that reasonably predicts the amount of loss that Farmer Mac would incur upon the default of each financial asset; • An economic factor forecast that updates the migration matrix model and the LGD model with current assumptions for the economic indicators that Farmer Mac has determined are most correlated with or relevant to the performance of each portfolio of assets (including Gross Domestic Product ("GDP"), credit spreads, unemployment rates, land values, and commodity prices); and • A discounted cash flow analysis, which relies upon each of the above model outputs, plus the contractual terms of each financial asset, and the effective interest rate of each financial asset. Management evaluates these assumptions by considering many relevant factors, including: • economic conditions; • geographic and agricultural commodity/product concentrations in the portfolio; • the credit profile of the portfolio, including risk ratings and financial metrics; • delinquency trends of the portfolio; • historical charge-off and recovery activities of the portfolio; and • other factors to capture current portfolio trends and characteristics that differ from historical experience. Management believes that its methodology produces a reasonable estimate of expected credit losses, as of the balance sheet date, for the expected life of all of its financial assets. Allowance for Loss on Available-for-Sale (AFS) Securities To measure current expected credit losses on impaired AFS securities, Farmer Mac first considers those impaired securities that: 1) Farmer Mac does not intend to sell, and 2) it is not more likely than not that Farmer Mac will be required to sell before recovering its amortized cost basis. In assessing whether a credit loss exists, Farmer Mac compares the present value, discounted at the security's effective interest rate, of cash flows expected to be collected from an impaired AFS debt security to its amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis of the impaired security, a credit loss exists and Farmer Mac records an allowance for loss for that credit loss. However, the amount of that allowance is limited by the amount that the security’s fair value is less than its amortized cost basis. Accrued interest receivable is recorded separately on the Consolidated Balance Sheet, and the allowance for credit losses excludes uncollectible accrued interest receivable. Collateral Dependent Assets ("CDAs") CDAs are loans, loans underlying LTSPCs, or off-balance sheet credit exposures in which the borrower is either in foreclosure or is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral by Farmer Mac. Farmer Mac estimates the current expected credit loss on CDAs based upon the appraised value of the collateral, the costs to sell it, and any applicable credit protection such as a guarantee. Earnings Per Common Share Basic earnings per common share ("EPS") is based on the daily weighted-average number of shares of common stock outstanding. Diluted earnings per common share is based on the daily weighted-average number of shares of common stock outstanding adjusted to include all potentially dilutive stock appreciation rights ("SARs") and unvested restricted stock unit awards. The following schedule reconciles basic and diluted EPS for the years ended December 31, 2023, 2022 and 2021: Table 2.1 For the Years Ended December 31, 2023 2022 2021 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 172,838 10,829 $ 15.97 $ 150,979 10,791 $ 14.00 $ 111,412 10,758 $ 10.36 Effect of dilutive securities (1) SARs and restricted stock units — 108 (0.16) — 92 (0.13) — 88 (0.09) Diluted EPS $ 172,838 10,937 $ 15.81 $ 150,979 10,883 $ 13.87 $ 111,412 10,846 $ 10.27 (1) For years ended December 31, 2023, 2022 and 2021, SARs and restricted stock units of 32,683, 32,448, and 39,326 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the years ended December 31, 2023, 2022 and 2021, contingent shares of unvested restricted stock units of 30,648, 18,535, and 18,183 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met. Income Taxes Deferred federal income tax assets and liabilities are established for temporary differences between financial and taxable income and are measured using the current enacted statutory tax rate. Income tax expense is equal to the income taxes payable in the current year plus the net change in the deferred tax asset or liability balance. Deferred tax assets are measured at rates enacted for the periods in which they are expected to be realized. To the extent rates change, the deferred tax asset will be adjusted to reflect the new rate. A increase in corporate tax rates would result in an increase in the value of the deferred tax asset. Farmer Mac evaluates its tax positions quarterly to identify and recognize any liabilities related to uncertain tax positions in its federal income tax returns. Farmer Mac uses a two-step approach in which income tax benefits are recognized if, based on the technical merits of a tax position, it is more likely than not (a probability of greater than 50%) that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation process. The amount of tax benefit recognized is then measured at the largest amount of tax benefit that is greater than 50% likely to be realized upon settlement with the taxing authority, considering all information available at the reporting date. Farmer Mac's policy for recording interest and penalties associated with uncertain tax positions is to record them as a component of income tax expense. Farmer Mac establishes a valuation allowance for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining its deferred tax asset valuation allowance, Farmer Mac considered its taxable income of the appropriate character (for example, ordinary income or capital gain) within the carryback and carryforward periods available under the tax law and the impact of possible tax planning strategies. Stock-Based Compensation Farmer Mac accounts for its stock-based employee compensation plans using the grant date fair value method of accounting. Farmer Mac measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award determined using the Black-Scholes option pricing model. The cost is recognized over the period during which an employee is required to provide service in exchange for the award. For performance-based grants, Farmer Mac recognizes the grant-date fair value over the vesting period as long as it remains probable that the performance conditions will be met. If the service or performance conditions are not met, Farmer Mac reverses previously recognized compensation expense upon forfeiture. Farmer Mac recognized $6.8 million, $4.6 million, and $4.3 million of compensation expense related to SARs and non-vested restricted stock unit awards for 2023, 2022, and 2021, respectively. Comprehensive Income Comprehensive income represents all changes in stockholders' equity except those resulting from investments by or distributions to stockholders, and is comprised of net income and unrealized gains and losses on available-for-sale securities, certain held-to-maturity securities transferred from the available-for-sale classification, and cash flow hedges, net of related taxes. The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the years ended December 31, 2023, 2022, and 2021. Table 2.2 Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total (in thousands) Balance as of January 1, 2021 $ (13,937) $ 22,829 $ (22,815) (13,923) Other comprehensive income before reclassifications 9,114 — 11,602 20,716 Amounts reclassified from AOCI (2,109) (6,676) 5,845 (2,940) Net comprehensive income/(loss) 7,005 (6,676) 17,447 17,776 Balance as of December 31, 2021 $ (6,932) $ 16,153 $ (5,368) $ 3,853 Other comprehensive (loss)/income before reclassifications (108,624) — 54,688 (53,936) Amounts reclassified from AOCI (5) 204 (959) (760) Net comprehensive (loss)/income (108,629) 204 53,729 (54,696) Balance as of December 31, 2022 $ (115,561) $ 16,357 $ 48,361 $ (50,843) Other comprehensive income/(loss) before reclassifications 47,114 (25,199) 4,973 26,888 Amounts reclassified from AOCI — 118 (16,308) (16,190) Net comprehensive income/(loss) 47,114 (25,081) (11,335) 10,698 Balance as of December 31, 2023 $ (68,447) $ (8,724) $ 37,026 $ (40,145) The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the years ended December 31, 2023, 2022, and 2021: Table 2.3 For the Years Ended December 31, 2023 2022 2021 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding gains/(losses) on available-for-sale securities $ 59,640 $ 12,526 $ 47,114 $ (137,500) $ (28,876) $ (108,624) $ 11,537 $ 2,423 $ 9,114 Less reclassification adjustments included in: Net interest income (1) — — — — — — (2,333) (490) (1,843) Gains on sale of available-for-sale investment securities (2) — — — — — — (253) (53) (200) Other income (2) — — — (6) (1) (5) (84) (18) (66) Total $ 59,640 $ 12,526 $ 47,114 $ (137,506) $ (28,877) $ (108,629) $ 8,867 $ 1,862 $ 7,005 Held-to-maturity securities: Change in fair value (3) $ (31,898) $ (6,699) $ (25,199) $ — $ — $ — $ — $ — $ — Less reclassification adjustments included in: Net interest income (4) 148 30 118 259 55 204 (8,451) (1,775) (6,676) Total $ (31,750) $ (6,669) $ (25,081) $ 259 $ 55 $ 204 $ (8,451) $ (1,775) $ (6,676) Cash flow hedges Unrealized gains on cash flow hedges $ 6,295 $ 1,322 $ 4,973 $ 69,225 $ 14,537 $ 54,688 $ 14,685 $ 3,083 $ 11,602 Less reclassification adjustments included in: Net interest income (5) (20,643) (4,335) (16,308) (1,213) (254) (959) 7,399 1,554 5,845 Total $ (14,348) $ (3,013) $ (11,335) $ 68,012 $ 14,283 $ 53,729 $ 22,084 $ 4,637 $ 17,447 Other comprehensive income/(loss) $ 13,542 $ 2,844 $ 10,698 $ (69,235) $ (14,539) $ (54,696) $ 22,500 $ 4,724 $ 17,776 (1) Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting. (2) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (3) Represents the accumulated unrealized loss on the AgVantage Securities transferred from available-for-sale to held-to-maturity. (4) Relates to the amortization of unrealized gains or losses prior to the reclassification of these securities from available-for-sale to held-to-maturity. The amortization of unrealized gains or losses reported in AOCI for held-to-maturity securities will be offset by the amortization of the premium or discount created from the transfer into held-to-maturity securities, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income. (5) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. Farmer Mac accounts for its LTSPCs as guarantees. LTSPCs and securitization trusts where Farmer Mac is not the primary beneficiary result in the creation of guarantee obligations for Farmer Mac. Farmer Mac records, at the inception of a guarantee or LTSPC, a liability for the fair value of its obligation to stand ready to perform under the terms of each guarantee or LTSPC and an asset that is equal to the fair value of the fees that will be received over the life of each guarantee or LTSPC. The fair values of the guarantee obligation and asset a

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Farmer Mac considers an entity to be a related party if (1) the entity holds at least 5% of a class of Farmer Mac voting common stock or (2) the institution has an affiliation with a Farmer Mac director and conducts material business with Farmer Mac. As provided by Farmer Mac's statutory charter, only banks, insurance companies, and other financial institutions or similar entities may hold Farmer Mac's Class A voting common stock and only institutions of the Farm Credit System may hold Farmer Mac's Class B voting common stock. Farmer Mac's statutory charter also provides that Class A stockholders elect 5 members of Farmer Mac's 15-member board of directors and that Class B stockholders elect 5 members of the board of directors. Farmer Mac generally requires financial institutions to own a requisite amount of common stock, based on the size and type of institution, to participate in the Agricultural Finance line of business. As a result of these requirements, Farmer Mac conducts business with related parties in the normal course of Farmer Mac's business. All related party transactions were conducted with terms and conditions comparable to those available to any other participant in Farmer Mac's lines of business not related to Farmer Mac. Zions Bancorporation, National Association : Farmer Mac considers Zions Bancorporation, National Association and its affiliates ("Zions") a related party because Zions owns approximately 31.2% of Farmer Mac's Class A voting common stock. The following transactions occurred between Farmer Mac and Zions during 2023, 2022, and 2021: Table 3.1 For the Years Ended December 31, 2023 2022 2021 (in thousands) Unpaid Principal Balance: Purchases: Loans $ 160,079 $ 274,517 $ 214,319 USDA Securities 231 4,171 9,565 Sales of Farmer Mac Guaranteed Securities — 99,643 — The purchases of loans from Zions under the Agricultural Finance line of business represented approximately 9.5%, 12.9%, and 8.0% of Agricultural Finance mortgage loan purchases for the years ended December 31, 2023, 2022, and 2021, respectively, and 6.9%, 9.6% and 5.6%, respectively, of total Agricultural Finance mortgage loan business volume (excluding AgVantage and USDA Securities). The purchases of USDA Securities from Zions represented approximately 0.1%, 1.5%, and 2.1% of total purchases of USDA Securities for the years ended December 31, 2023, 2022, and 2021, respectively. Outstanding Agricultural Finance mortgage loans purchased and USDA Securities purchased from Zions represented 3.1% and 3.5%, respectively, of Farmer Mac's outstanding business volume (excluding loans serviced for others) as of December 31, 2023 and 2022. Zions retained servicing fees of $11.2 million, $10.4 million, and $11.0 million in 2023, 2022, and 2021, respectively, for its work as a Farmer Mac servicer. National Rural Utilities Cooperative Financial Corporation : Farmer Mac considers the National Rural Utilities Cooperative Financial Corporation ("CFC") a related party because CFC owns approximately 7.91% of Farmer Mac's Class A voting common stock and because a member of Farmer Mac's board of directors had an affiliation with CFC through June 2021. The following transactions occurred between Farmer Mac and CFC during 2023, 2022, and 2021: Table 3.2 Farmer Mac Loan Purchases and Guarantees For the Years Ended December 31, 2023 2022 2021 (in thousands) Unpaid Principal Balance: Loans $ 298,254 $ 386,998 $ 127,117 LTSPCs — 30,421 — AgVantage Securities 1,450,000 670,000 1,450,000 Total purchases and guarantees $ 1,748,254 $ 1,087,419 $ 1,577,117 The transactions with CFC represented 37.1% of Farmer Mac's loan purchase volume under the Rural Infrastructure Finance line of business for 2023, compared to 46.7% of Rural Infrastructure Finance loan purchase volume for 2022 and 36.9% for 2021. These transactions represented 33.8%, 13.4%, and 37.0% of AgVantage securities volume for 2023, 2022, and 2021, respectively, and represented 22.6%, 12.0%, and 18.4% of new business volume for 2023, 2022, and 2021, respectively. Of Farmer Mac's total outstanding business volume (excluding loans serviced for others) as of December 31, 2023 and 2022, Rural Utilities loans, loans under LTSPCs, and AgVantage securities issued by CFC represented 20.4% and 18.7%, respectively. Farmer Mac had interest receivable of $27.0 million and $18.2 million as of December 31, 2023 and 2022, respectively, and earned interest income of $143.5 million, $79.4 million, and $50.0 million during 2023, 2022, and 2021, respectively, related to its AgVantage transactions with CFC. As of both December 31, 2023 and 2022, Farmer Mac had $0.1 million of commitment fees receivable from CFC and earned commitment fees of $1.0 million , $1.1 million, and $1.2 million, respectively for 2023, 2022, and 2021. CFC retained servicing fees of $3.7 million, $3.4 million, and $3.3 million in 2023, 2022, and 2021, respectively, for its work as a Farmer Mac central servicer. CoBank : Farmer Mac considers CoBank a related party because CoBank owns approximately 32.6% of Farmer Mac's Class B voting common stock. Farmer Mac purchased $438.8 million, $376.0 million, and $207.5 million of loans and participations from CoBank, under the Rural Infrastructure Finance and Agricultural Finance lines of business in 2023, 2022, and 2021, respectively. Of Farmer Mac's total outstanding business volume as of December 31, 2023 and 2022, CoBank's loans, participations, and unfunded commitments represented 6.7% and 6.3%, respectively, of total outstanding volume (excluding loans serviced for others). CoBank retained servicing fees of $3.6 million, $3.5 million, and $3.2 million in 2023, 2022, and 2021, respectively, for its work as a Farmer Mac central servicer. AgFirst Farm Credit Bank : Farmer Mac considers AgFirst Farm Credit Bank ("AgFirst") a related party because AgFirst owns approximately 16.8% of Farmer Mac's Class B voting common stock. AgFirst entered into no Agricultural Finance LTSPC transactions in either 2023 or 2022, and entered into $11.0 million of Agricultural Finance LTSPC transactions in 2021. The aggregate balance of Agricultural Finance LTSPCs outstanding as of December 31, 2023 and 2022 was $447.3 million and $387.1 million, respectively. In 2023, 2022, and 2021, Farmer Mac received $1.4 million, $1.2 million, and $1.2 million, respectively, in commitment fees from AgFirst, and had $0.1 million of commitment fees receivable as of both December 31, 2023 and 2022. AgFirst owns certain securities backed by rural housing loans. Farmer Mac guarantees the last ten percent of losses (based on the original principal balance at the time of pooling) from each loan in the pool backing those securities. As of December 31, 2023 and 2022, the outstanding balance of those securities owned by AgFirst was $1.8 million and $2.2 million, respectively. Farmer Mac received guarantee fees of $12,000, $15,000, and $19,000 in 2023, 2022, and 2021, respectively, on those securities. Farm Credit Bank of Texas : Farmer Mac considers Farm Credit Bank of Texas a related party because the bank owns approximately 7.7% of Farmer Mac's Class B voting common stock. Farmer Mac received from Farm Credit Bank of Texas commitment fees of $3.4 million, $2.9 million, and $1.9 million in 2023, 2022, and 2021, respectively. The aggregate amount of Agricultural Finance LTSPCs outstanding with Farm Credit Bank of Texas as of December 31, 2023 and 2022 was $923.9 million and $881.6 million, respectively. In each of 2023, 2022, and 2021, Farm Credit Bank of Texas retained $0.1 million in servicing fees for its work as a Farmer Mac central servicer.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	12 Months Ended
INVESTMENT SECURITIES	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
INVESTMENT SECURITIES	INVESTMENT SECURITIES The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of December 31, 2023 and 2022: Table 4.1 As of December 31, 2023 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (27) $ — $ (591) $ 19,082 Floating rate Government/GSE guaranteed mortgage-backed securities 2,454,009 (1,138) 2,452,871 — 1,212 (29,649) 2,424,434 Fixed rate GSE guaranteed mortgage-backed securities 1,727,669 (46,788) 1,680,881 — 6,558 (117,824) 1,569,615 Floating rate U.S. Treasuries 50,000 (17) 49,983 — — (15) 49,968 Fixed rate U.S. Treasuries 869,585 (12,885) 856,700 — 2,074 (2,942) 855,832 Total available-for-sale 5,120,963 (60,828) 5,060,135 (27) 9,844 (151,021) 4,918,931 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 53,756 — 53,756 — 1,745 — 55,501 Total held-to-maturity $ 53,756 $ — $ 53,756 $ — $ 1,745 $ — $ 55,501 (1) Amounts presented exclude $15.9 million of accrued interest receivable on investment securities as of December 31, 2023. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 6.7% as of December 31, 2023. As of December 31, 2022 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (33) $ — $ (640) $ 19,027 Floating rate Government/GSE guaranteed mortgage-backed securities 2,433,696 (200) 2,433,496 — 1,954 (42,910) 2,392,540 Fixed rate GSE guaranteed mortgage-backed securities 1,207,416 (30,321) 1,177,095 — 2,128 (130,837) 1,048,386 Fixed rate U.S. Treasuries 1,145,915 (6,780) 1,139,135 — 621 (20,145) 1,119,611 Total available-for-sale 4,806,727 (37,301) 4,769,426 (33) 4,703 (194,532) 4,579,564 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — 2,433 — 47,465 Total held-to-maturity $ 45,032 $ — $ 45,032 $ — $ 2,433 $ — $ 47,465 (1) Amounts presented exclude $10.6 million of accrued interest receivable on investment securities as of December 31, 2022. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 4.5% as of December 31, 2022. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the years ended December 31, 2023 and 2022. During the year ended December 31, 2021, Farmer Mac received proceeds of $257.5 million, from the sale of securities from its available-for-sale investment portfolio, resulting in gains of $0.3 million. As of December 31, 2023 and 2022, unrealized losses on available-for-sale investment securities were as follows: Table 4.2 As of December 31, 2023 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,082 $ (591) Floating rate Government/GSE guaranteed mortgage-backed securities 568,759 (4,395) 1,449,122 (25,254) Fixed rate Government/GSE guaranteed mortgage-backed securities 384,305 (4,262) 905,759 (113,562) Floating rate U.S. Treasuries 49,969 (15) — — Fixed rate U.S. Treasuries 140,435 (606) 237,192 (2,336) Total $ 1,143,468 $ (9,278) $ 2,611,155 $ (141,743) Number of securities in loss position 91 162 As of December 31, 2022 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,027 $ (640) Floating rate Government/GSE guaranteed mortgage-backed securities 1,884,146 (36,976) 193,964 (5,934) Fixed rate Government/GSE guaranteed mortgage-backed securities 621,215 (56,434) 336,782 (74,403) Fixed rate U.S. Treasuries 314,524 (2,842) 704,780 (17,303) Total $ 2,819,885 $ (96,252) $ 1,254,553 $ (98,280) Number of securities in loss position 174 51 The unrealized losses presented above are principally due to a general widening of market spreads and changes in the levels of interest rates from the dates of acquisition to December 31, 2023 and December 31, 2022, as applicable. The resulting decrease in fair values reflects an increase in the perceived risk by the financial markets related to those securities. As of both December 31, 2023 and 2022, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government, a U.S. government sponsored enterprise, or had credit ratings of at least "AA+." Securities in unrealized loss positions for 12 months or longer have a fair value as of December 31, 2023 that is, on average, approximately 94.9% of their amortized cost basis. Farmer Mac believes that all of these unrealized losses are recoverable within a reasonable period of time by way of maturity, changes in credit spread, and changes in levels of interest rates. The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of December 31, 2023 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 4.3 As of December 31, 2023 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 567,615 $ 565,976 1.75% Due after one year through five years 1,191,428 1,173,923 4.25% Due after five years through ten years 2,489,410 2,386,411 4.39% Due after ten years 811,682 792,621 5.72% Total $ 5,060,135 $ 4,918,931 4.27% FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2023 and 2022: Table 5.1 As of December 31, 2023 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 4,206,324 $ (29,622) $ 4,176,702 $ (209) $ 4,676 $ (39,451) $ 4,141,718 Farmer Mac Guaranteed USDA Securities 36,543 33 36,576 — 107 (806) 35,877 Total Farmer Mac Guaranteed Securities 4,242,867 (29,589) 4,213,278 (209) 4,783 (40,257) 4,177,595 USDA Securities 2,331,093 23,078 2,354,171 — 417 (319,783) 2,034,805 Total held-to-maturity $ 6,573,960 $ (6,511) $ 6,567,449 $ (209) $ 5,200 $ (360,040) $ 6,212,400 Available-for-sale: AgVantage $ 5,816,024 $ — $ 5,816,024 $ (317) $ 16,416 $ (309,411) $ 5,522,712 Farmer Mac Guaranteed Securities (3) — 9,409 9,409 — 358 — 9,767 Total available-for-sale $ 5,816,024 $ 9,409 $ 5,825,433 $ (317) $ 16,774 $ (309,411) $ 5,532,479 Trading: USDA Securities (4) $ 1,236 $ 64 $ 1,300 $ — $ — $ (59) $ 1,241 (1) Amounts presented exclude $47.2 million, $67.4 million, and $42,000 of accrued interest receivable (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) Fair value includes $9.8 million of an interest-only security with a notional amount of $238.4 million. (4) The trading USDA securities had a weighted average yield of 5.46% as of December 31, 2023. As of December 31, 2022 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,000,689 $ (95) $ 1,000,594 $ (59) $ 353 $ (54,098) $ 946,790 Farmer Mac Guaranteed USDA Securities 20,586 33 20,619 — 2 (856) 19,765 Total Farmer Mac Guaranteed Securities 1,021,275 (62) 1,021,213 (59) 355 (54,954) 966,555 USDA Securities 2,384,946 24,888 2,409,834 — 668 (312,824) 2,097,678 Total held-to-maturity $ 3,406,221 $ 24,826 $ 3,431,047 $ (59) $ 1,023 $ (367,778) $ 3,064,233 Available-for-sale: AgVantage $ 8,008,067 $ 806 $ 8,008,873 $ (546) $ 2,061 $ (411,009) $ 7,599,379 Farmer Mac Guaranteed Securities (3) — 10,622 10,622 — — (2,775) 7,847 Total available-for-sale $ 8,008,067 $ 11,428 $ 8,019,495 $ (546) $ 2,061 $ (413,784) $ 7,607,226 Trading: USDA Securities (4) $ 1,770 $ 80 $ 1,850 $ — $ — $ (83) $ 1,767 (1) Amounts presented exclude $51.5 million, $44.4 million, and $47,000 of accrued interest receivable (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) Fair value includes $7.8 million of an interest-only security with a notional amount of $250.1 million. (4) The trading USDA securities had a weighted average yield of 4.84% as of December 31, 2022. On July 1, 2023, Farmer Mac transferred $2.7 billion of AgVantage Securities from available-for-sale to held-to-maturity to reflect Farmer Mac's positive intent and ability to hold these securities until maturity or payoff. Farmer Mac transferred these securities at fair value as of the date of the transfer, which included a cost basis adjustment of unrealized losses of $31.9 million. The accumulated unrealized losses were retained in accumulated other comprehensive income in the amount of $31.9 million. Both the cost basis adjustment and accumulated unrealized depreciation will be amortized as an adjustment to the yield on the held-to-maturity AgVantage Securities over the remaining term of the transferred securities. As of December 31, 2023 and 2022, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2 As of December 31, 2023 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 2,070,770 $ (6,705) $ 725,347 $ (32,746) Farmer Mac Guaranteed USDA Securities — — 8,393 (806) USDA Securities — — 2,023,801 (319,783) Total held-to-maturity $ 2,070,770 $ (6,705) $ 2,757,541 $ (353,335) Available-for-sale: AgVantage $ 508,182 $ (5,716) $ 4,043,431 $ (303,695) Farmer Mac Guaranteed Securities — — — — Total available-for-sale $ 508,182 $ (5,716) $ 4,043,431 $ (303,695) As of December 31, 2022 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 548,634 $ (11,455) $ 382,358 $ (42,643) Farmer Mac Guaranteed USDA Securities 19,790 (856) — — USDA Securities 2,086,108 (312,824) — — Total held-to-maturity $ 2,654,532 $ (325,135) $ 382,358 $ (42,643) Available-for-sale: AgVantage $ 4,642,096 $ (267,886) $ 1,548,551 $ (143,123) Farmer Mac Guaranteed Securities 7,847 (2,775) — — Total available-for-sale $ 4,649,943 $ (270,661) $ 1,548,551 $ (143,123) The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to December 31, 2023 and 2022, as applicable. The credit exposure related to Farmer Mac's USDA Securities in the Agricultural Finance line of business is covered by the full faith and credit guarantee of the United States of America. The unrealized losses from AgVantage securities were on 68 and 95 available-for-sale securities as of December 31, 2023 and 2022, respectively. There were 53 and 37 held-to-maturity AgVantage securities with an unrealized loss as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, 62 and 13 available-for-sale AgVantage securities, respectively, had been in a loss position for more than 12 months. As of December 31, 2023 and 2022, there were 22 and 4 held-to-maturity AgVantage securities, respectively, in a loss position for more than 12 months. During the three years ended December 31, 2023, 2022, and 2021 Farmer Mac had no sales of AgVantage Farmer Mac Guaranteed Securities, USDA Farmer Mac Guaranteed Securities or USDA Trading Securities and, therefore, Farmer Mac realized no gains or losses. The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of December 31, 2023 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 5.3 As of December 31, 2023 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 643,100 $ 636,408 3.31 % Due after one year through five years 2,801,674 2,706,830 3.54 % Due after five years through ten years 1,425,000 1,343,146 3.75 % Due after ten years 955,659 846,095 3.55 % Total $ 5,825,433 $ 5,532,479 3.56 % (1) Amounts presented exclude $47.2 million of accrued interest receivable. As of December 31, 2023 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,862,524 $ 1,860,072 5.69 % Due after one year through five years 1,755,763 1,716,466 4.62 % Due after five years through ten years 279,166 244,568 3.57 % Due after ten years 2,669,996 2,391,294 4.27 % Total $ 6,567,449 $ 6,212,400 4.76 % (1) Amounts presented exclude $67.4 million of accrued interest receivable.

FARMER MAC GUARANTEED SECURITIE

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES	12 Months Ended
FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES	INVESTMENT SECURITIES The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of December 31, 2023 and 2022: Table 4.1 As of December 31, 2023 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (27) $ — $ (591) $ 19,082 Floating rate Government/GSE guaranteed mortgage-backed securities 2,454,009 (1,138) 2,452,871 — 1,212 (29,649) 2,424,434 Fixed rate GSE guaranteed mortgage-backed securities 1,727,669 (46,788) 1,680,881 — 6,558 (117,824) 1,569,615 Floating rate U.S. Treasuries 50,000 (17) 49,983 — — (15) 49,968 Fixed rate U.S. Treasuries 869,585 (12,885) 856,700 — 2,074 (2,942) 855,832 Total available-for-sale 5,120,963 (60,828) 5,060,135 (27) 9,844 (151,021) 4,918,931 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 53,756 — 53,756 — 1,745 — 55,501 Total held-to-maturity $ 53,756 $ — $ 53,756 $ — $ 1,745 $ — $ 55,501 (1) Amounts presented exclude $15.9 million of accrued interest receivable on investment securities as of December 31, 2023. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 6.7% as of December 31, 2023. As of December 31, 2022 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (33) $ — $ (640) $ 19,027 Floating rate Government/GSE guaranteed mortgage-backed securities 2,433,696 (200) 2,433,496 — 1,954 (42,910) 2,392,540 Fixed rate GSE guaranteed mortgage-backed securities 1,207,416 (30,321) 1,177,095 — 2,128 (130,837) 1,048,386 Fixed rate U.S. Treasuries 1,145,915 (6,780) 1,139,135 — 621 (20,145) 1,119,611 Total available-for-sale 4,806,727 (37,301) 4,769,426 (33) 4,703 (194,532) 4,579,564 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — 2,433 — 47,465 Total held-to-maturity $ 45,032 $ — $ 45,032 $ — $ 2,433 $ — $ 47,465 (1) Amounts presented exclude $10.6 million of accrued interest receivable on investment securities as of December 31, 2022. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 4.5% as of December 31, 2022. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the years ended December 31, 2023 and 2022. During the year ended December 31, 2021, Farmer Mac received proceeds of $257.5 million, from the sale of securities from its available-for-sale investment portfolio, resulting in gains of $0.3 million. As of December 31, 2023 and 2022, unrealized losses on available-for-sale investment securities were as follows: Table 4.2 As of December 31, 2023 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,082 $ (591) Floating rate Government/GSE guaranteed mortgage-backed securities 568,759 (4,395) 1,449,122 (25,254) Fixed rate Government/GSE guaranteed mortgage-backed securities 384,305 (4,262) 905,759 (113,562) Floating rate U.S. Treasuries 49,969 (15) — — Fixed rate U.S. Treasuries 140,435 (606) 237,192 (2,336) Total $ 1,143,468 $ (9,278) $ 2,611,155 $ (141,743) Number of securities in loss position 91 162 As of December 31, 2022 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,027 $ (640) Floating rate Government/GSE guaranteed mortgage-backed securities 1,884,146 (36,976) 193,964 (5,934) Fixed rate Government/GSE guaranteed mortgage-backed securities 621,215 (56,434) 336,782 (74,403) Fixed rate U.S. Treasuries 314,524 (2,842) 704,780 (17,303) Total $ 2,819,885 $ (96,252) $ 1,254,553 $ (98,280) Number of securities in loss position 174 51 The unrealized losses presented above are principally due to a general widening of market spreads and changes in the levels of interest rates from the dates of acquisition to December 31, 2023 and December 31, 2022, as applicable. The resulting decrease in fair values reflects an increase in the perceived risk by the financial markets related to those securities. As of both December 31, 2023 and 2022, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government, a U.S. government sponsored enterprise, or had credit ratings of at least "AA+." Securities in unrealized loss positions for 12 months or longer have a fair value as of December 31, 2023 that is, on average, approximately 94.9% of their amortized cost basis. Farmer Mac believes that all of these unrealized losses are recoverable within a reasonable period of time by way of maturity, changes in credit spread, and changes in levels of interest rates. The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of December 31, 2023 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 4.3 As of December 31, 2023 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 567,615 $ 565,976 1.75% Due after one year through five years 1,191,428 1,173,923 4.25% Due after five years through ten years 2,489,410 2,386,411 4.39% Due after ten years 811,682 792,621 5.72% Total $ 5,060,135 $ 4,918,931 4.27% FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2023 and 2022: Table 5.1 As of December 31, 2023 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 4,206,324 $ (29,622) $ 4,176,702 $ (209) $ 4,676 $ (39,451) $ 4,141,718 Farmer Mac Guaranteed USDA Securities 36,543 33 36,576 — 107 (806) 35,877 Total Farmer Mac Guaranteed Securities 4,242,867 (29,589) 4,213,278 (209) 4,783 (40,257) 4,177,595 USDA Securities 2,331,093 23,078 2,354,171 — 417 (319,783) 2,034,805 Total held-to-maturity $ 6,573,960 $ (6,511) $ 6,567,449 $ (209) $ 5,200 $ (360,040) $ 6,212,400 Available-for-sale: AgVantage $ 5,816,024 $ — $ 5,816,024 $ (317) $ 16,416 $ (309,411) $ 5,522,712 Farmer Mac Guaranteed Securities (3) — 9,409 9,409 — 358 — 9,767 Total available-for-sale $ 5,816,024 $ 9,409 $ 5,825,433 $ (317) $ 16,774 $ (309,411) $ 5,532,479 Trading: USDA Securities (4) $ 1,236 $ 64 $ 1,300 $ — $ — $ (59) $ 1,241 (1) Amounts presented exclude $47.2 million, $67.4 million, and $42,000 of accrued interest receivable (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) Fair value includes $9.8 million of an interest-only security with a notional amount of $238.4 million. (4) The trading USDA securities had a weighted average yield of 5.46% as of December 31, 2023. As of December 31, 2022 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,000,689 $ (95) $ 1,000,594 $ (59) $ 353 $ (54,098) $ 946,790 Farmer Mac Guaranteed USDA Securities 20,586 33 20,619 — 2 (856) 19,765 Total Farmer Mac Guaranteed Securities 1,021,275 (62) 1,021,213 (59) 355 (54,954) 966,555 USDA Securities 2,384,946 24,888 2,409,834 — 668 (312,824) 2,097,678 Total held-to-maturity $ 3,406,221 $ 24,826 $ 3,431,047 $ (59) $ 1,023 $ (367,778) $ 3,064,233 Available-for-sale: AgVantage $ 8,008,067 $ 806 $ 8,008,873 $ (546) $ 2,061 $ (411,009) $ 7,599,379 Farmer Mac Guaranteed Securities (3) — 10,622 10,622 — — (2,775) 7,847 Total available-for-sale $ 8,008,067 $ 11,428 $ 8,019,495 $ (546) $ 2,061 $ (413,784) $ 7,607,226 Trading: USDA Securities (4) $ 1,770 $ 80 $ 1,850 $ — $ — $ (83) $ 1,767 (1) Amounts presented exclude $51.5 million, $44.4 million, and $47,000 of accrued interest receivable (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) Fair value includes $7.8 million of an interest-only security with a notional amount of $250.1 million. (4) The trading USDA securities had a weighted average yield of 4.84% as of December 31, 2022. On July 1, 2023, Farmer Mac transferred $2.7 billion of AgVantage Securities from available-for-sale to held-to-maturity to reflect Farmer Mac's positive intent and ability to hold these securities until maturity or payoff. Farmer Mac transferred these securities at fair value as of the date of the transfer, which included a cost basis adjustment of unrealized losses of $31.9 million. The accumulated unrealized losses were retained in accumulated other comprehensive income in the amount of $31.9 million. Both the cost basis adjustment and accumulated unrealized depreciation will be amortized as an adjustment to the yield on the held-to-maturity AgVantage Securities over the remaining term of the transferred securities. As of December 31, 2023 and 2022, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2 As of December 31, 2023 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 2,070,770 $ (6,705) $ 725,347 $ (32,746) Farmer Mac Guaranteed USDA Securities — — 8,393 (806) USDA Securities — — 2,023,801 (319,783) Total held-to-maturity $ 2,070,770 $ (6,705) $ 2,757,541 $ (353,335) Available-for-sale: AgVantage $ 508,182 $ (5,716) $ 4,043,431 $ (303,695) Farmer Mac Guaranteed Securities — — — — Total available-for-sale $ 508,182 $ (5,716) $ 4,043,431 $ (303,695) As of December 31, 2022 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 548,634 $ (11,455) $ 382,358 $ (42,643) Farmer Mac Guaranteed USDA Securities 19,790 (856) — — USDA Securities 2,086,108 (312,824) — — Total held-to-maturity $ 2,654,532 $ (325,135) $ 382,358 $ (42,643) Available-for-sale: AgVantage $ 4,642,096 $ (267,886) $ 1,548,551 $ (143,123) Farmer Mac Guaranteed Securities 7,847 (2,775) — — Total available-for-sale $ 4,649,943 $ (270,661) $ 1,548,551 $ (143,123) The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to December 31, 2023 and 2022, as applicable. The credit exposure related to Farmer Mac's USDA Securities in the Agricultural Finance line of business is covered by the full faith and credit guarantee of the United States of America. The unrealized losses from AgVantage securities were on 68 and 95 available-for-sale securities as of December 31, 2023 and 2022, respectively. There were 53 and 37 held-to-maturity AgVantage securities with an unrealized loss as of December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, 62 and 13 available-for-sale AgVantage securities, respectively, had been in a loss position for more than 12 months. As of December 31, 2023 and 2022, there were 22 and 4 held-to-maturity AgVantage securities, respectively, in a loss position for more than 12 months. During the three years ended December 31, 2023, 2022, and 2021 Farmer Mac had no sales of AgVantage Farmer Mac Guaranteed Securities, USDA Farmer Mac Guaranteed Securities or USDA Trading Securities and, therefore, Farmer Mac realized no gains or losses. The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of December 31, 2023 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 5.3 As of December 31, 2023 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 643,100 $ 636,408 3.31 % Due after one year through five years 2,801,674 2,706,830 3.54 % Due after five years through ten years 1,425,000 1,343,146 3.75 % Due after ten years 955,659 846,095 3.55 % Total $ 5,825,433 $ 5,532,479 3.56 % (1) Amounts presented exclude $47.2 million of accrued interest receivable. As of December 31, 2023 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,862,524 $ 1,860,072 5.69 % Due after one year through five years 1,755,763 1,716,466 4.62 % Due after five years through ten years 279,166 244,568 3.57 % Due after ten years 2,669,996 2,391,294 4.27 % Total $ 6,567,449 $ 6,212,400 4.76 % (1) Amounts presented exclude $67.4 million of accrued interest receivable.

FINANCIAL DERIVATIVES

FINANCIAL DERIVATIVES	12 Months Ended
FINANCIAL DERIVATIVES	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL DERIVATIVES	FINANCIAL DERIVATIVES Farmer Mac enters into financial derivative transactions to protect against risk from the effects of market price, or interest rate movements, on the value of certain assets, future cash flows, or debt issuance, and not for trading or speculative purposes. Certain financial derivatives are designated as fair value hedges of fixed rate assets, classified as available-for-sale, to protect against fair value changes in the assets related to changes in a benchmark interest rate (e.g., SOFR). Certain other financial derivatives are designated as cash flow hedges to mitigate the volatility of future interest rate payments on floating rate debt. Certain financial derivatives are not designated in hedge accounting relationships. Farmer Mac manages the interest rate risk related to loans it has committed to acquire, but has not yet permanently funded, primarily through the use of futures contracts involving U.S. Treasury securities. Farmer Mac aims to achieve a duration-matched hedge ratio between the hedged item and the hedge instrument. Gains or losses generated by these hedge transactions are expected to offset changes in funding costs. All financial derivatives are recorded on the balance sheet at fair value as a freestanding asset or liability. The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements. The table below includes accrued interest on cleared swaps, but excludes $16.4 million and $6.1 million of accrued interest receivable and $6.5 million and $3.6 million of accrued interest payable on uncleared swaps as of December 31, 2023 and 2022, respectively. The aforementioned accrued interest on uncleared swaps is included within Accrued Interest Receivable Table 6.1 As of December 31, 2023 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Receive fixed non-callable $ 9,776,685 $ 2,350 $ (20,390) 5.57% 2.94% 1.78 Pay fixed non-callable 9,174,253 7,767 (1,081) 2.50% 5.47% 9.57 Receive fixed callable 3,879,827 7,374 (95,984) 5.40% 3.40% 2.48 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 558,000 20,234 (43) 1.94% 5.82% 4.30 No hedge designation: Interest rate swaps: Pay fixed non-callable 160,623 676 (29) 2.92% 5.64% 4.34 Receive fixed non-callable 1,358,396 263 (3) 5.44% 4.87% 0.64 Basis swaps 850,384 39 (746) 5.52% 5.48% 3.83 Treasury futures 21,300 11 (91) 112.51 Netting adjustments (1) (1,236) 1,236 Total financial derivatives $ 25,779,468 $ 37,478 $ (117,131) (1) Amounts represent the application of the netting requirements that allow Farmer Mac to settle positive and negative positions, including accrued interest, held or placed with the same clearing agent. As of December 31, 2022 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Receive fixed non-callable $ 10,033,750 $ 19 $ (4,686) 4.31% 2.03% 1.64 Pay fixed non-callable 8,149,871 13,689 (366) 2.23% 4.33% 10.76 Receive fixed callable 2,764,577 461 (174,757) 4.21% 1.98% 3.18 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 588,000 27,275 — 1.93% 4.72% 5.05 No hedge designation: Interest rate swaps: Pay fixed non-callable 187,479 1,065 (1) 3.05% 4.09% 4.52 Receive fixed non-callable 287,750 — (130) 4.31% 1.16% 1.76 Basis swaps 1,860,384 112 (456) 4.40% 4.42% 2.46 Treasury futures 6,800 — (142) 114.38 Netting adjustments (1) (5,212) 5,212 Total financial derivatives $ 23,878,611 $ 37,409 $ (175,326) (1) Amounts represent the application of the netting requirements that allow Farmer Mac to settle positive and negative positions, including accrued interest, held or placed with the same clearing agent. As of December 31, 2023, Farmer Mac expects to reclassify $13.6 million after-tax from accumulated other comprehensive income to earnings over the next twelve months related to cash flow hedges. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges after December 31, 2023. During the years ended December 31, 2023, 2022, and 2021, there were no gains or losses from interest rate swaps designated as cash flow hedges reclassified to earnings because it was probable that the originally forecasted transactions would occur. The following tables summarize the net income/(expense) recognized in the consolidated statements of operations related to derivatives for the years ended December 31, 2023, 2022, and 2021: Table 6.2 For the Year Ended December 31, 2023 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 287,144 $ 590,250 $ 514,894 $ (1,064,741) $ 2,882 $ 330,429 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 35,377 146,027 64,648 (345,852) — (99,800) Recognized on hedged items 33,488 183,396 63,133 (341,523) — (61,506) Premium/discount amortization recognized on hedged items 1,860 — — (2,865) — (1,005) Income/(expense) related to interest settlements on fair value hedging relationships $ 70,725 $ 329,423 $ 127,781 $ (690,240) $ — $ (162,311) (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ (19,445) $ (91,151) $ (23,528) $ 279,803 $ — $ 145,679 Recognized on hedged items 18,472 89,437 21,686 (280,668) — (151,073) (Losses)/gains on fair value hedging relationships $ (973) $ (1,714) $ (1,842) $ (865) $ — $ (5,394) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 20,643 $ — $ 20,643 Recognized on hedged items — — — (31,610) — (31,610) Discount amortization recognized on hedged items — — — (55) — (55) Expense recognized on cash flow hedges $ — $ — $ — $ (11,022) $ — $ (11,022) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 4,395 $ 4,395 Interest expense on interest rate swaps — — — — (4,845) (4,845) Treasury futures — — — — 3,332 3,332 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 2,882 $ 2,882 For the Year Ended December 31, 2022 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations: $ 82,659 $ 283,769 $ 350,420 $ (445,908) $ 22,631 $ 293,571 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 2,727 (19,486) (501) (61,941) — (79,201) Recognized on hedged items 16,199 142,809 56,141 (132,406) — 82,743 Discount amortization recognized on hedged items (754) — — (2,116) — (2,870) Income/(expense) related to interest settlements on fair value hedging relationships $ 18,172 $ 123,323 $ 55,640 $ (196,463) $ — $ 672 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ 104,722 $ 553,530 $ 351,116 $ (489,445) $ — $ 519,923 Recognized on hedged items (105,889) (553,393) (341,162) 486,323 — (514,121) (Losses)/gains on fair value hedging relationships $ (1,167) $ 137 $ 9,954 $ (3,122) $ — $ 5,802 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 1,213 $ — $ 1,213 Recognized on hedged items — — — (12,847) — (12,847) Discount amortization recognized on hedged items — — — (57) — (57) Expense recognized on cash flow hedges $ — $ — $ — $ (11,691) $ — $ (11,691) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 13,012 $ 13,012 Interest expense on interest rate swaps — — — — (7,619) (7,619) Treasury futures — — — — 17,238 17,238 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 22,631 $ 22,631 For the Year Ended December 31, 2021 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations: $ 18,660 $ 164,723 $ 242,582 $ (204,014) $ 324 $ 222,275 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives (1,002) (85,302) (27,167) 42,591 — (70,880) Recognized on hedged items 1,792 119,896 46,842 (51,484) — 117,046 Discount amortization recognized on hedged items — — — (1,118) — (1,118) Income/(expense) related to interest settlements on fair value hedging relationships $ 790 $ 34,594 $ 19,675 $ (10,011) $ — $ 45,048 Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 1,688 $ 178,252 $ 97,459 $ (98,332) $ — $ 179,067 Recognized on hedged items (1,218) (176,304) (97,502) 95,617 — (179,407) Gains/(losses) on fair value hedging relationships $ 470 $ 1,948 $ (43) $ (2,715) $ — $ (340) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ (7,399) $ — $ (7,399) Recognized on hedged items — — — (2,657) — (2,657) Discount amortization recognized on hedged items — — — (37) — (37) Expense recognized on cash flow hedges $ — $ — $ — $ (10,093) $ — $ (10,093) Gains on financial derivatives not designated in hedge relationships: Losses on interest rate swaps $ — $ — $ — $ — $ (2,144) $ (2,144) Interest expense on interest rate swaps — — — — 3,259 3,259 Treasury futures — — — — (791) (791) Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 324 $ 324 The following table shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships as of December 31, 2023 and 2022: Table 6.3 Hedged Items in Fair Value Relationship Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 (in thousands) Investment securities, Available-for-Sale, at fair value $ 1,251,386 $ 876,063 $ (88,635) $ (107,107) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value 5,497,948 4,814,784 (257,436) (346,873) Loans held for investment, at amortized cost 1,699,361 1,623,301 (305,592) (327,278) Notes Payable (1) (13,350,111) (12,151,382) 250,418 531,086 (1) Carrying amount represents amortized cost. The following tables present the fair value of financial assets and liabilities, based on the terms of Farmer Mac's master netting arrangements as of December 31, 2023 and 2022: Table 6.4 December 31, 2023 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (3) (in thousands) Assets: Uncleared derivatives $ 25,751 $ — $ 25,751 $ (25,727) $ — $ — $ 24 Cleared derivatives 10,388 (1,236) 9,152 — — — 9,152 Total $ 36,139 $ (1,236) $ 34,903 $ (25,727) $ — $ — $ 9,176 Liabilities: Uncleared derivatives $ (100,114) $ — $ (100,114) $ 25,727 $ — $ 69,360 $ (5,027) Cleared derivatives (1,236) 1,236 — — — — — Total $ (101,350) $ 1,236 $ (100,114) $ 25,727 $ — $ 69,360 $ (5,027) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $15.2 million of collateral posted and $2.0 million of collateral received related to counterparties not subject to master netting agreements. (3) Any over-collateralization at an individual clearing agent and/or counterparty level is not included in the determination of the net amount. As of December 31, 2023, Farmer Mac had additional net exposure of $207.2 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position. December 31, 2022 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (3) (in thousands) Assets: Uncleared derivatives $ 27,132 $ — $ 27,132 $ (27,132) $ — $ — $ — Cleared derivatives 14,450 (5,212) 9,238 — — — 9,238 Total $ 41,582 $ (5,212) $ 36,370 $ (27,132) $ — $ — $ 9,238 Liabilities: Uncleared derivatives $ (149,864) $ — $ (149,864) $ 27,132 $ — $ 121,065 $ (1,667) Cleared derivatives (5,212) 5,212 — — — — — Total $ (155,076) $ 5,212 $ (149,864) $ 27,132 $ — $ 121,065 $ (1,667) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $23.7 million of collateral posted related to counterparties not subject to master netting agreements. (3) Any over-collateralization at an individual clearing agent and/or counterparty level is not included in the determination of the net amount. As of December 31, 2022, Farmer Mac had additional net exposure of $204.0 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position. Farmer Mac records posted cash as a reduction in the outstanding balance of cash and cash equivalents and an increase in the balance of prepaid expenses and other assets. Any investment securities posted as collateral are included in the investment securities balances on the consolidated balance sheets. If Farmer Mac had breached certain provisions of the derivative contracts as of December 31, 2023 or 2022, it could have been required to settle its obligations under the agreements, but would not have been required to post additional collateral. As of December 31, 2023 and 2022, there were no financial derivatives in a net payable position where Farmer Mac was required to pledge collateral which the counterparty had the right to sell or repledge. Of Farmer Mac's $25.8 billion notional amount of interest rate swaps outstanding as of December 31, 2023, $20.5 billion were cleared through the swap clearinghouse, the Chicago Mercantile Exchange ("CME"). Of Farmer Mac's $23.9 billion notional amount of interest rate swaps outstanding as of December 31, 2022, $19.5 billion were cleared through the CME. During 2023 and throughout 2022, Farmer Mac continued the use of non-cleared basis swaps to prepare for the transition away from the use of LIBOR as a reference rate, which was completed as of the end of the second quarter of 2023.

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
NOTES PAYABLE	Dec. 31, 2023
Debt Disclosure [Abstract]
NOTES PAYABLE	NOTES PAYABLE Farmer Mac's borrowings consist of discount notes and medium-term notes, both of which are unsecured general obligations of Farmer Mac. Discount notes generally have original maturities of 1 year or less, whereas medium-term notes generally have maturities of 0.5 years to 25.0 years. The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2023 and 2022: Table 7.1 December 31, 2023 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 $ 1,734,387 5.32 % $ 1,097,300 5.08 % Medium-term notes 384,970 5.07 % 1,731,308 4.09 % Current portion of medium-term notes 5,967,811 2.90 % Total due within one year $ 8,087,168 3.52 % Due after one year: Medium-term notes due in: Two years $ 5,523,671 3.27 % Three years 3,825,702 2.27 % Four years 3,038,229 3.44 % Five years 2,623,202 4.37 % Thereafter 3,488,987 2.80 % Total due after one year $ 18,499,791 3.16 % Total principal net of discounts $ 26,586,959 3.27 % Hedging adjustments (250,417) Total $ 26,336,542 December 31, 2022 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 $ 565,578 3.91 % $ 1,325,026 0.96 % Medium-term notes 2,547,733 3.54 % 1,442,932 2.11 % Current portion of medium-term notes 4,920,864 1.49 % Total due within one year $ 8,034,175 2.31 % Due after one year: Medium-term notes due in: Two years $ 4,072,740 1.71 % Three years 3,506,480 2.10 % Four years 2,967,625 1.44 % Five years 2,361,197 3.12 % Thereafter 4,057,982 2.60 % Total due after one year $ 16,966,024 2.15 % Total principal net of discounts $ 25,000,199 2.20 % Hedging adjustments (531,086) Total $ 24,469,113 The maximum amount of Farmer Mac's discount notes outstanding at any month end during the years ended December 31, 2023 and 2022 was $1.8 billion and $2.2 billion, respectively. Callable medium-term notes give Farmer Mac the option to redeem the debt at par value on a specified call date or at any time on or after a specified call date. The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2024 as of December 31, 2023: Table 7.2 Debt Callable in 2024 as of December 31, 2023, by Maturity Amount Weighted-Average Rate (dollars in thousands) Maturity: 2025 $ 970,468 2.88 % 2026 1,398,727 2.05 % 2027 883,962 2.80 % 2028 582,892 4.27 % Thereafter 1,805,423 2.54 % Total $ 5,641,472 2.70 % The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of December 31, 2023, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date: Table 7.3 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: 2024 $ 10,125,494 3.95 % 2025 4,568,438 2.79 % 2026 3,622,798 2.07 % 2027 2,747,407 3.20 % 2028 2,380,412 4.24 % Thereafter 3,142,410 2.47 % Total principal net of discounts $ 26,586,959 3.27 % During the years ended December 31, 2023 and 2022, Farmer Mac called $233.0 million and $26.0 million of callable medium-term notes, respectively. Authority to Borrow from the U.S. Treasury Farmer Mac's statutory charter authorizes it, upon satisfying certain conditions, to borrow up to $1.5 billion from the U.S. Treasury through the issuance of debt obligations to the U.S. Treasury. Any funds borrowed from the U.S. Treasury may be used solely to fulfill Farmer Mac's guarantee obligations. Any debt obligations issued by Farmer Mac under this authority would bear interest at a rate determined by the U.S. Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States as of the last day of the last calendar month ending before the date of the purchase of the obligations from Farmer Mac. The charter requires Farmer Mac to repurchase any of its debt obligations held by the U.S. Treasury within a reasonable time. As of December 31, 2023, Farmer Mac had not used this borrowing authority. Gains on Repurchases of Outstanding Debt No outstanding debt repurchases were made in the year ended December 31, 2023. During the years ended December 31, 2022 and 2021, Farmer Mac repurchased $27.0 million and $23.0 million of outstanding debt at a gain of $0.2 million and $0.0 million, respectively.

LOANS

LOANS	12 Months Ended
LOANS	Dec. 31, 2023
Receivables [Abstract]
LOANS	LOANS Farmer Mac classifies loans as either held for investment or held for sale. Loans held for investment are recorded at the unpaid principal balance, net of unamortized premium or discount and other cost basis adjustments. Loans held for sale are reported at the lower of cost or fair value determined on a pooled basis. As of both December 31, 2023 and 2022, Farmer Mac had no loans held for sale. Under the Agricultural Finance line of business, Farmer Mac has two segments – Farm & Ranch and Corporate AgFinance. The segments are characterized by similarities in risk attributes and the manner in which Farmer Mac monitors and assesses credit risk. The following table includes loans held for investment and displays the composition of the loan balances as of December 31, 2023 and 2022: Table 8.1 As of December 31, 2023 As of December 31, 2022 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Agricultural Finance loans Farm & Ranch $ 5,133,450 $ 1,432,261 $ 6,565,711 $ 5,150,750 $ 1,211,576 $ 6,362,326 Corporate AgFinance 1,259,723 — 1,259,723 1,166,253 — 1,166,253 Total Agricultural Finance loans 6,393,173 1,432,261 7,825,434 6,317,003 1,211,576 7,528,579 Rural Infrastructure Finance loans 3,534,763 — 3,534,763 3,021,266 — 3,021,266 Total unpaid principal balance (1) 9,927,936 1,432,261 11,360,197 9,338,269 1,211,576 10,549,845 Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments (304,817) — (304,817) (329,290) — (329,290) Total loans 9,623,119 1,432,261 11,055,380 9,008,979 1,211,576 10,220,555 Allowance for losses (15,588) (443) (16,031) (14,629) (460) (15,089) Total loans, net of allowance $ 9,607,531 $ 1,431,818 $ 11,039,349 $ 8,994,350 $ 1,211,116 $ 10,205,466 (1) Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business. Allowance for Losses The following table is a summary, by asset type, of the allowance for losses as of December 31, 2023 and 2022: Table 8.2 December 31, 2023 December 31, 2022 Allowance for Losses Allowance for Losses (in thousands) Loans: Agricultural Finance loans Farm & Ranch $ 3,936 $ 4,044 Corporate AgFinance 2,948 2,731 Total Agricultural Finance Loans 6,884 6,775 Rural Infrastructure Finance loans 9,147 8,314 Total $ 16,031 $ 15,089 The following is a summary of the changes in the allowance for losses for each year in the three-year period ended December 31, 2023: Table 8.3 Agricultural Finance loans Rural Infrastructure Finance loans (3) Farm & Ranch (1) Corporate AgFinance (2) Total (in thousands) Balance as of December 31, 2020 $ 3,404 $ 341 $ 3,745 $ 10,087 (Release of)/provision for losses (1,576) 219 (1,357) 512 Recovery 1,054 — 1,054 — Balance as of December 31, 2021 $ 2,882 $ 560 $ 3,442 $ 10,599 Provision for/(release of) losses 1,246 2,171 3,417 (2,285) Charge-offs (84) — (84) — Balance as of December 31, 2022 $ 4,044 $ 2,731 $ 6,775 $ 8,314 (Release of)/provision for losses (108) 217 109 833 Charge-offs — — — — Balance as of December 31, 2023 $ 3,936 $ 2,948 $ 6,884 $ 9,147 (1) As of December 31, 2023 and 2022, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $1.0 million and $1.9 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (2) As of December 31, 2023 and 2022, the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $0.0 million and $2.4 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (3) As of December 31, 2023 and 2022, the allowance for losses for Rural Infrastructure Finance loans includes no allowance for collateral dependent assets. The $0.8 million net provision to the allowance for the Rural Infrastructure Finance portfolio during the year ended December 31, 2023 was primarily attributable to a single telecommunications loan that was downgraded to substandard during the year. The $0.1 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the year ended December 31, 2023 was primarily attributable to increased loan volume. The $2.3 million net release from the allowance for the Rural Infrastructure Finance portfolio during the year ended December 31, 2022 was primarily attributable to a risk rating upgrade on a single loan and improvements in forecasts of future economic conditions. The risk rating upgrade on that loan reflected that borrower's successful securitization of its large payable that arose during the arctic freeze that struck Texas in February 2021. The $3.4 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the year ended December 31, 2022 was primarily attributable to a risk rating downgrade on a single agricultural storage and processing loan, due to its ongoing bankruptcy proceedings. The provision to the allowance for Rural Infrastructure Finance loan losses of $0.5 million recorded during the year ended 2021 was primarily attributable to the impact of the Texas Arctic Freeze, partially offset by the impact of improving economic factor forecasts. The $1.4 million release from the allowance for the Agricultural Finance mortgage loan portfolio during the year ended 2021 was primarily attributable to a recovery on the payoff of the agricultural storage and processing loan secured by a specialized poultry facility that had been partially charged off in 2020 and improving economic factor forecasts. The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of December 31, 2023 and 2022: Table 8.4 As of December 31, 2023 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 6,470,205 $ 15,326 $ 3,953 $ 10,991 $ 30,270 $ 65,236 $ 6,565,711 Corporate AgFinance 1,259,723 — — — — — 1,259,723 Total Agricultural Finance loans 7,729,928 15,326 3,953 10,991 30,270 65,236 7,825,434 Rural Infrastructure Finance loans 3,534,763 — — — — — 3,534,763 Total $ 11,264,691 $ 15,326 $ 3,953 $ 10,991 $ 30,270 $ 65,236 $ 11,360,197 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Includes loans in consolidated trusts with beneficial interests owned by third parties (single-class) that are 90 days or more past due. (3) Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. (4) Includes $25.7 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2023, Farmer Mac received $2.6 million in interest on nonaccrual loans. As of December 31, 2022 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 6,287,326 $ 10,066 $ 392 $ 1,140 $ 11,598 $ 63,402 $ 6,362,326 Corporate AgFinance 1,150,690 — — — — 15,563 1,166,253 Total Agricultural Finance loans 7,438,016 10,066 392 1,140 11,598 78,965 7,528,579 Rural Infrastructure Finance loans 3,021,266 — — — — — 3,021,266 Total $ 10,459,282 $ 10,066 $ 392 $ 1,140 $ 11,598 $ 78,965 $ 10,549,845 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Includes loans in consolidated trusts with beneficial interests owned (single-class) by third parties that are 90 days or more past due. (3) Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. (4) Includes $22.0 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2022, Farmer Mac received $5.6 million in interest on nonaccrual loans. Credit Quality Indicators The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Rural Infrastructure Finance loans held as of December 31, 2023 and 2022, by year of origination: Table 8.5 As of December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 530,956 $ 1,137,226 $ 1,653,780 $ 1,120,917 $ 323,922 $ 1,068,862 $ 385,766 $ 6,221,429 Special mention (2) 70,524 46,529 27,957 11,591 4,782 21,257 8,777 191,417 Substandard (3) 3,357 23,987 10,164 17,395 28,942 58,606 10,414 152,865 Total $ 604,837 $ 1,207,742 $ 1,691,901 $ 1,149,903 $ 357,646 $ 1,148,725 $ 404,957 $ 6,565,711 For the Year Ended December 31, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance (1) : Internally Assigned Risk Rating: Acceptable $ 207,279 $ 97,922 $ 261,992 $ 123,158 $ 99,352 $ 112,947 $ 254,325 $ 1,156,975 Special mention (2) — 14,522 15,408 50,822 20,333 — 1,663 102,748 Substandard (3) — — — — — — — — Total $ 207,279 $ 112,444 $ 277,400 $ 173,980 $ 119,685 $ 112,947 $ 255,988 $ 1,259,723 For the Year Ended December 31, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 618,946 $ 681,272 $ 187,746 $ 593,841 $ 701,937 $ 611,548 $ 100,223 $ 3,495,513 Special mention (2) — 9,850 — — — — — 9,850 Substandard (3) — 29,400 — — — — — 29,400 Total $ 618,946 $ 720,522 $ 187,746 $ 593,841 $ 701,937 $ 611,548 $ 100,223 $ 3,534,763 For the Year Ended December 31, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 1,157,829 $ 1,704,547 $ 1,187,474 $ 360,704 $ 242,491 $ 947,535 $ 385,503 $ 5,986,083 Special mention (2) 91,099 68,260 25,629 11,254 5,325 17,797 2,452 221,816 Substandard (3) 3,094 8,814 22,976 23,937 17,845 67,654 10,107 154,427 Total $ 1,252,022 $ 1,781,621 $ 1,236,079 $ 395,895 $ 265,661 $ 1,032,986 $ 398,062 $ 6,362,326 For the Year Ended December 31, 2022: Current period charge-offs $ — $ — $ — $ — $ — $ (84) $ — $ (84) (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance loans (1) : Internally Assigned Risk Rating: Acceptable $ 145,263 $ 299,729 $ 221,560 $ 108,230 $ 76,454 $ 44,827 $ 232,107 $ 1,128,170 Special mention (2) — — — 20,698 — — 2,145 22,843 Substandard (3) — — 4,598 — — — 10,642 15,240 Total $ 145,263 $ 299,729 $ 226,158 $ 128,928 $ 76,454 $ 44,827 $ 244,894 $ 1,166,253 For the Year Ended December 31, 2022: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 741,021 $ 220,420 $ 629,223 $ 739,270 $ 7,932 $ 649,830 $ 33,570 $ 3,021,266 Special mention (2) — — — — — — — — Substandard (3) — — — — — — — — Total $ 741,021 $ 220,420 $ 629,223 $ 739,270 $ 7,932 $ 649,830 $ 33,570 $ 3,021,266 For the Year Ended December 31, 2022: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

EQUITY

EQUITY	12 Months Ended
EQUITY	Dec. 31, 2023
Equity [Abstract]
EQUITY	EQUITY Common Stock Farmer Mac has three classes of common stock outstanding: • Class A voting common stock, which may be held only by banks, insurance companies, and other financial institutions or similar entities that are not institutions of the Farm Credit System. By federal statute, no holder of Class A voting common stock may directly or indirectly be a beneficial owner of more than 33% of the outstanding shares of Class A voting common stock. • Class B voting common stock, which may be held only by institutions of the Farm Credit System. There are no restrictions on the maximum holdings of Class B voting common stock. • Class C non-voting common stock, which has no ownership restrictions. During 2023, 2022, and 2021, Farmer Mac paid a quarterly dividend of $1.10, $0.95, and $0.88 per share on all classes of its common stock. Farmer Mac's ability to declare and pay dividends on its common stock could be restricted if it fails to comply with applicable capital requirements. Except for the period from March 16, 2020 to March 10, 2021, Farmer Mac has had a common stock repurchase program in place since third quarter 2015. On March 10, 2021, Farmer Mac's board of directors reinstated the share repurchase program on its previous terms (with a remaining authorization of up to $9.8 million in stock repurchases) and extended the expiration date of the program to March 2023. Farmer Mac did not repurchase any shares of its Class C non-voting common stock during that two-year period. In March 2023, Farmer Mac's board of directors renewed the share repurchase program on its previous terms (with a remaining authorization of up to $9.8 million in stock repurchases) and extended the expiration date of the program to March 2025. Farmer Mac did not repurchase any shares of its Class C non-voting common stock during 2023. As of December 31, 2023, Farmer Mac had repurchased approximately 673,000 shares of Class C non-voting common stock at a cost of approximately $19.8 million under the share repurchase program since 2015. Preferred Stock The following table presents the Series C Preferred Stock, the Series D Preferred Stock, the Series E Preferred Stock, the Series F Preferred Stock, and the Series G Preferred Stock (collectively referred to as the "Outstanding Preferred Stock") as of December 31, 2023: Table 9.1 Name Issuance Date Issuance Cost Shares Issued Annual Dividend Rate (2) Liquidation Value Per Share First Possible Redemption Date (3) Series C (1) June 20, 2014 $ 1,618,583 3,000,000 6.000 % $ 25.00 July 18, 2024 Series D May 13, 2019 $ 3,340,456 4,000,000 5.700 % $ 25.00 July 17, 2024 Series E May 20, 2020 $ 2,496,750 3,180,000 5.750 % $ 25.00 July 17, 2025 Series F August 20, 2020 $ 3,839,902 4,800,000 5.250 % $ 25.00 October 17, 2025 Series G May 27, 2021 $ 3,661,677 5,000,000 4.875 % $ 25.00 July 17, 2026 (1) The Series C Preferred Stock pays an annual dividend rate of 6.00% from the date of issuance to and including the quarterly payment date occurring on July 17, 2024, and thereafter, at a floating rate equal to three-month LIBOR plus 3.26%, which Farmer Mac expects will be converted to the Term Loan Secured Overnight Financing Rate published by CME Group Benchmark Administration, Ltd., plus a spread adjustment based on the tenor of the securities, if not redeemed prior to that payment date. (2) Dividends on all series of Outstanding Preferred Stock are non-cumulative, which means that if Farmer Mac's board of directors has not declared a dividend before the applicable dividend payment date for any dividend period, such dividend will not be paid or cumulate, and Farmer Mac will have no obligation to pay dividends for such dividend period, whether or not dividends on any series of Outstanding Preferred Stock are declared for any future dividend period. (3) Farmer Mac has the right but not the obligation to redeem. The following tables present the quarterly dividends paid by Farmer Mac on its outstanding preferred during 2023, 2022, and 2021: Table 9.2 2023 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C $ 0.3750 $ 0.3750 $ 0.3750 $ 0.3750 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E 0.3594 0.3594 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F 0.3281 0.3281 0.3281 0.3281 4.875% Non-Cumulative Preferred Stock, Series G 0.3047 0.3047 0.3047 0.3047 2022 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C $ 0.3750 $ 0.3750 $ 0.3750 $ 0.3750 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E 0.3594 0.3594 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F 0.3281 0.3281 0.3281 0.3281 4.875% Non-Cumulative Preferred Stock, Series G 0.3047 0.3047 0.3047 0.3047 2021 1st Quarter 2nd Quarter (1) 3rd Quarter 4th Quarter 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C $ 0.3750 $ 0.3750 $ 0.3750 $ 0.3750 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E 0.3594 0.3594 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F 0.3281 0.3281 0.3281 0.3281 4.875% Non-Cumulative Preferred Stock, Series G — 0.1693 0.3047 0.3047 (1) For second quarter 2021, dividend payment includes $0.1693 per share on the Series G Preferred Stock for the period from but not including May 27, 2021 (issuance date) to and including July 17, 2021. Equity-Based Incentive Compensation Plans Farmer Mac's Amended and Restated 2008 Omnibus Incentive Compensation Plan authorizes the grant of restricted stock units and SARs, among other alternative forms of equity-based compensation, to Farmer Mac's directors, officers, and employees. SARs awarded to officers and employees vest annually in thirds. Farmer Mac has not granted SARs to directors since 2008. If not exercised or cancelled earlier due to the termination of employment, SARs granted to officers or employees expire after 10 years from the grant date. For all SARs granted, the exercise price is equal to the closing price of Farmer Mac's Class C non-voting common stock on the date of grant. SARs granted during 2023, 2022, and 2021 have a weighted average exercise price per share of $135.12, $120.38 and $88.68, respectively. During 2023, 2022, and 2021, restricted stock unit awards were granted to employees, officers, and directors with vesting periods of one The following tables summarize SARs and non-vested restricted stock unit activity for the years ended December 31, 2023, 2022, and 2021: Table 9.3 For the Years Ended December 31, 2023 2022 2021 SARs Weighted- SARs Weighted- SARs Weighted- Outstanding, beginning of year 132,163 $ 75.82 130,409 $ 66.10 116,417 $ 57.16 Granted 16,761 135.12 18,432 120.38 28,575 88.68 Exercised (22,972) 56.82 (16,678) 49.04 (14,583) 38.99 Canceled — — — — — — Outstanding, end of year 125,952 87.18 132,163 75.82 130,409 66.10 Exercisable at end of year 87,378 73.15 83,054 63.12 72,106 52.85 For the Years Ended December 31, 2023 2022 2021 Non-vested Restricted Stock Units Weighted- Non-vested Restricted Stock Units Weighted- Non-vested Restricted Stock Units Weighted- Outstanding, beginning of year 100,025 $ 91.84 103,891 $ 78.55 83,956 $ 71.76 Granted 59,745 135.56 38,668 120.14 53,358 88.92 Canceled (62) 88.68 (2,711) 97.44 (1,184) 79.82 Vested and issued (45,355) 78.12 (39,823) 84.25 (32,239) 77.98 Outstanding, end of year 114,353 120.13 100,025 91.84 103,891 78.55 The cancellations of SARs and non-vested restricted stock units during 2023, 2022, and 2021 were due to unvested awards terminating in accordance with the provisions of the applicable equity compensation plans or award agreements upon directors' or employees' departures from Farmer Mac. Cash is not received from exercises of SARs or the vesting and issuance of restricted stock units. During 2023, 2022, and 2021, the reduction of income taxes payable as a result of the deduction for the exercise of SARs and the vesting of restricted stock units was $1.7 million, $1.2 million, and $0.9 million, respectively. During 2023, 2022, and 2021 , Farmer Mac recorded a net decrease to additional paid-in capital of $3.1 million, $1.9 million, and $1.3 million, respectively, related to stock-based compensation awards. As of December 31, 2023, Farmer Mac had no stock options outstanding. The following tables summarize information about SARs and non-vested restricted stock units outstanding as of December 31, 2023: Table 9.4 SARs: Outstanding Exercisable Vested or Expected to Vest Range of SARs Weighted- SARs Weighted- SARs Weighted- $25.00 - $39.99 18,735 1.6 years 18,735 1.6 years 18,735 1.6 years 40.00 - 54.99 — 0.0 years — 0.0 years — 0.0 years 55.00 - 69.99 3,381 3.3 years 3,381 3.3 years 3,381 3.3 years 70.00 - 84.99 39,642 5.8 years 39,642 5.8 years 39,642 5.8 years 85.00 - 99.99 29,001 6.6 years 19,476 6.3 years 29,001 6.6 years 100.00 - 114.99 — 0.0 years — 0.0 years — 0.0 years 115.00 - 129.99 18,432 8.2 years 6,144 8.2 years 18,432 8.2 years 130.00 - 144.99 16,761 9.3 years — 0.0 years 16,761 9.3 years 125,952 87,378 125,952 Non-vested Restricted Stock Units: Outstanding Expected to Vest Weighted- Non-vested Restricted Stock Units Weighted-Average Remaining Contractual Non-vested Restricted Stock Units Weighted-Average Remaining Contractual $80.00 - $94.99 30,182 0.3 years 30,450 0.1 years 95.00 - 109.99 219 0.3 years 219 0.3 years 110.00 - 124.99 24,779 1.3 years 24,779 1.3 years 125.00 - 139.99 56,194 2.3 years 56,194 2.3 years 140.00 - 154.99 2,979 2.3 years 2,979 2.3 years 114,353 114,621 As of December 31, 2023 and 2022, the intrinsic value of SARs, and non-vested restricted stock units outstanding, exercisable, and vested or expected to vest was $35.0 million and $16.3 million, respectively. During 2023, 2022, and 2021, the total intrinsic value of SARs exercised was $2.4 million, $1.1 million, and $0.9 million, respectively. As of December 31, 2023, there was $7.7 million of total unrecognized compensation cost related to non-vested SARs and restricted stock unit awards. This cost is expected to be recognized over a weighted-average period of 1.9 years. The weighted-average grant date fair values of SARs and restricted stock unit awards granted in 2023, 2022, and 2021 were $114.68, $91.94, and $65.48 per share, respectively. Under the fair value-based method of accounting for stock-based compensation cost, Farmer Mac recognized compensation expense of $6.8 million, $4.6 million, and $4.3 million during 2023, 2022, and 2021, respectively. The fair value of SARs was estimated using the Black-Scholes option pricing model based on the following assumptions: Table 9.5 For the Year Ended December 31, 2023 2022 2021 Risk-free interest rate 4.1% 1.9% 0.9% Expected years until exercise 6 years 6 years 6 years Expected stock volatility 36.6% 37.4% 39.1% Dividend yield 3.3% 3.2% 4.0% The risk-free interest rates used in the model were based on the U.S. Treasury yield curve in effect at the grant date. Farmer Mac used historical data to estimate the timing of option exercises and stock option cancellation rates used in the model. Expected volatilities were based on historical volatility of Farmer Mac's Class C non-voting common stock. The dividend yields were based on the expected dividends as a percentage of the value of Farmer Mac's Class C non-voting common stock on the grant date. Because stock will be issued upon the vesting of restricted stock units regardless of the stock price, expected stock volatility is not considered in determining grant date fair value. Restricted stock unit awards also accrue dividends which are paid at vesting. The weighted-average grant date fair value of the restricted stock units awarded in 2023, 2022, and 2021 was $135.56, $120.14, and $88.92 per unit, respectively, which is based on the closing price of Farmer Mac's Class C non-voting stock on the date granted. Capital Requirements Farmer Mac is required to comply with the higher of the minimum capital requirement and the risk-based capital requirement. As of both December 31, 2023 and 2022, the minimum capital requirement was greater than the risk-based capital requirement. Farmer Mac's ability to declare and pay dividends could be restricted if it fails to comply with applicable capital requirements. As of December 31, 2023, Farmer Mac's minimum capital requirement was $862.6 million and its core capital level was $1.5 billion, which was $589.4 million above the minimum capital requirement as of that date. As of December 31, 2022, Farmer Mac's minimum capital requirement was $805.9 million and its core capital level was $1.3 billion, which was $516.9 million above the minimum capital requirement as of that date.

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Farmer Mac is subject to federal corporate income taxes but is exempt from state and local corporate income taxes. The components of the federal corporate income tax expense for the years ended December 31, 2023, 2022, and 2021 were as follows: Table 10.1 For the Year Ended December 31, 2023 2022 2021 (in thousands) Current income tax expense $ 46,712 $ 35,609 $ 38,645 Deferred income tax expense 6,386 11,926 (2,273) Income tax expense $ 53,098 $ 47,535 $ 36,372 A reconciliation of income tax at the statutory federal corporate income tax rate to the income tax expense for the years ended December 31, 2023, 2022, and 2021 is as follows: Table 10.2 For the Year Ended December 31, 2023 2022 2021 (dollars in thousands) Tax expense at statutory rate $ 53,151 $ 47,393 $ 36,217 Excess tax benefits related to stock-based awards (924) (401) (300) Other 871 543 455 Income tax expense $ 53,098 $ 47,535 $ 36,372 Statutory tax rate 21.0 % 21.0 % 21.0 % The components of the deferred tax assets and liabilities as of December 31, 2023 and 2022 were as follows: Table 10.3 As of December 31, 2023 2022 (in thousands) Deferred tax assets: Basis difference related to hedge items $ 84,922 $ 53,360 Unrealized losses on available-for-sale securities 20,514 26,371 Allowance for losses 3,842 3,603 Compensation and Benefits 2,127 1,639 Stock-based compensation 2,481 1,755 Capital loss carryforwards 35 32 Valuation allowance (35) (32) Other 2,051 1,444 Total deferred tax assets $ 115,937 $ 88,172 Deferred tax liability: Basis differences related to financial derivatives $ 80,887 $ 49,526 Unrealized gains on cash flow hedges 9,843 12,855 Basis difference related to structured securitizations 16,647 7,782 Other 90 5 Total deferred tax liability $ 107,467 $ 70,168 Net deferred tax asset $ 8,470 $ 18,004 After the evaluation of both positive and negative objective evidence regarding the likelihood that its deferred tax assets will be realized, Farmer Mac established a valuation allowance of $35,000 and $32,000, as of December 31, 2023 and 2022, respectively, which was attributable to capital loss carryforwards on investment securities. Farmer Mac did not establish a valuation allowance for the remainder of its deferred tax assets because it believes it is more likely than not that those deferred tax assets will be realized. As of December 31, 2023, no capital loss carryforwards expired. As of December 31, 2023, the amount of capital loss carryforwards was $0.2 million. These capital loss carryforwards will expire beginning in 2024 . As of December 31, 2023 and 2022, Farmer Mac did not identify any uncertain tax positions. Farmer Mac did not have any unrecognized tax benefits for the years ended December 31, 2023, 2022, and 2021. Tax years 2020 through 2023 remain subject to examination.

EMPLOYEE BENEFITS

EMPLOYEE BENEFITS	12 Months Ended
EMPLOYEE BENEFITS	Dec. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFITS	EMPLOYEE BENEFITS Farmer Mac makes contributions to a defined contribution retirement plan for all of its employees. Farmer Mac contributed 13.2% of the lesser of an employee's gross salary and the maximum compensation permitted under the Economic Growth and Tax Relief Reconciliation Act of 2001 ("EGTRRA") ($330,000 for 2023, $305,000 for 2022, and $290,000 for 2021), plus 5.7% of the difference between: (1) the lesser of the gross salary and the amount established under EGTRRA and (2) the Social Security Taxable Wage Base. Employees are fully vested after having been employed for approximately 3 years. Expenses for this plan for the years ended December 31, 2023, 2022, and 2021 were $3.6 million, $3.1 million, and $2.7 million, respectively.

GUARANTEES AND COMMITMENTS

GUARANTEES AND COMMITMENTS	12 Months Ended
GUARANTEES AND COMMITMENTS	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
GUARANTEES AND COMMITMENTS	GUARANTEES AND COMMITMENTS Farmer Mac offers two credit enhancement alternatives to direct loan purchases that allow approved lenders the ability to retain the cash flow benefits of their loans and increase their liquidity and lending capacity: (1) Farmer Mac Guaranteed Securities and (2) LTSPCs, both of which are available through each of the Agricultural Finance and Rural Infrastructure Finance lines of business. The contractual terms of Farmer Mac's off-balance sheet guarantees and LTSPCs range from less than 1 year to 30 years. However, the actual term of each guarantee or LTSPC may be significantly less than the contractual term based on the prepayment characteristics of the related loans. Farmer Mac's maximum potential exposure under these off-balance sheet guarantees and LTSPCs is the unpaid principal balance of the underlying loans. Farmer Mac's maximum potential exposure was $4.1 billion and $3.9 billion as of December 31, 2023 and 2022, respectively. The maximum exposure from these guarantees and LTSPCs is not representative of the actual loss Farmer Mac is likely to incur, based on historical loss experience. In the event Farmer Mac was required to make payments under its guarantees or LTSPCs, Farmer Mac would have the right to enforce the terms of the loans, and in the event of default, would have access to the underlying collateral. For information on Farmer Mac's methodology for determining the reserve for losses for its financial guarantees, see Note 2(h). The following table presents changes in Farmer Mac's guarantee and commitment obligations in the consolidated balance sheets for the years ended December 31, 2023, 2022, and 2021: Table 12.1 For the Years Ended December 31, 2023 2022 2021 (in thousands) Beginning balance, January 1 $ 46,582 $ 43,926 $ 35,535 Additions to the guarantee and commitment obligation (1) 5,312 8,569 15,648 Amortization of the guarantee and commitment obligation (4,331) (5,913) (7,257) Ending balance, December 31 $ 47,563 $ 46,582 $ 43,926 (1) Represents the fair value of the guarantee and commitment obligation at inception. Off-Balance Sheet Farmer Mac Guaranteed Securities The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of December 31, 2023 and 2022, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 12.2 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of December 31, 2023 As of December 31, 2022 (in thousands) Agricultural Finance Farmer Mac Guaranteed Securities $ 452,602 $ 500,953 Rural Infrastructure Finance Farmer Mac Guaranteed Securities — 1,169 Total off-balance sheet Farmer Mac Guaranteed Securities $ 452,602 $ 502,122 Eligible loans and other eligible assets may be placed into trusts that are used as vehicles for the securitization of the transferred assets and the Farmer Mac-guaranteed beneficial interests in the trusts are sold to investors. The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations: Table 12.3 For the Year Ended December 31, 2023 2022 2021 (in thousands) Proceeds from new securitizations $ 222,188 $ 357,841 $ 291,393 Guarantee fees received 1,620 1,852 1,029 Farmer Mac presents a liability for its obligation to stand ready under its guarantee in "Guarantee and commitment obligation" on the consolidated balance sheets. The following table presents the liability and the weighted-average remaining maturity of all loans underlying off-balance sheet Farmer Mac Guaranteed Securities: Table 12.4 As of December 31, 2023 As of December 31, 2022 (dollars in thousands) Guarantee and commitment obligation $ 5,969 $ 6,461 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 21.9 years 21.4 years AgVantage Securities 0.0 years 2.0 years Long-Term Standby Purchase Commitments Farmer Mac has recorded a liability for its obligation to stand ready under the commitment in the guarantee and commitment obligation on the consolidated balance sheets. The following table presents the liability, the maximum principal amount of potential undiscounted future payments that Farmer Mac could be requested to make under all LTSPCs, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans, as well as the weighted-average remaining maturity of all loans underlying LTSPCs: Table 12.5 As of December 31, 2023 As of December 31, 2022 (dollars in thousands) Guarantee and commitment obligation (1) $ 41,594 $ 40,121 Maximum principal amount 3,680,333 3,423,155 Weighted-average remaining maturity 14.5 years 15.3 years (1) Relates to LTSPCs issued or modified on or after January 1, 2003. Commitments Farmer Mac enters into mandatory and optional delivery commitments to purchase loans. Most loan purchase commitments entered into by Farmer Mac are mandatory commitments, in which Farmer Mac charges a fee to extend or cancel the commitment. As of December 31, 2023 and 2022, commitments to purchase Agricultural Finance loans and USDA Guarantees totaled $31.0 million and $9.9 million, respectively, all of which were mandatory commitments. Farmer Mac also has unfunded commitments and letters of credit under which Farmer Mac earns a nominal fee for the obligation to provide funding at a future date. As of December 31, 2023 and 2022, Farmer Mac had $261.2 million and $130.2 million of these unfunded commitments and letters of credit under the Agricultural Finance and Rural Infrastructure lines of business. Any optional loan purchase commitments are sold forward under optional commitments to deliver Farmer Mac Guaranteed Securities that may be canceled by Farmer Mac without penalty. Reserve for Losses - LTSPCs and Farmer Mac Guaranteed Securities The following table is a summary, by asset type, of the reserve for losses as of December 31, 2023 and 2022: Table 12.6 December 31, 2023 December 31, 2022 Reserve for Losses Reserve for Losses (in thousands) Agricultural Finance $ 1,471 $ 819 Rural Infrastructure Finance 240 614 Total $ 1,711 $ 1,433 The following is a summary of the changes in the reserve for losses for the three-year period ended December 31, 2023: Table 12.7 Agricultural Finance loans Rural Infrastructure Finance loans Reserve for Losses Reserve for Losses (in thousands) Balance as of December 31, 2020 (1) $ 2,097 $ 1,180 Release of losses (1,029) (298) Balance as of December 31, 2021 $ 1,068 $ 882 Release of losses (249) (268) Balance as of December 31, 2022 $ 819 $ 614 Release of losses 652 (374) Balance as of December 31, 2023 $ 1,471 $ 240 (1) Reserve for losses reflects the adoption of ASU 2016-13, "Financial Instruments - Credit Losses," in first quarter 2020. The provision for the reserve for losses in the Agricultural Finance LTSPC portfolio recorded during the year ended December 31, 2023 was primarily due to an updated estimate of expected losses based on additional available industry data. The release from the reserve for losses in the Rural Infrastructure Finance LTSPC portfolio recorded during the year ended December 31, 2023 was primarily due to an updated estimate of expected losses based on additional available loss-given-default industry data. The release from the reserve for losses in the Rural Infrastructure Finance LTSPC portfolio recorded during the year ended December 31, 2022 was primarily due to decreased volume and ratings upgrades. The release from the reserve for losses in the Agricultural Finance LTSPC portfolio was primarily due to ratings upgrades. The release from the reserve for losses in both the Agricultural Finance and Rural Infrastructure Finance LTSPC and Farmer Mac Guaranteed portfolios recorded during the year ended December 31, 2021 was primarily due to improving economic factor forecasts and ratings upgrades. The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2023 and 2022: Table 12.8 As of December 31, 2023 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,390,918 $ 2,776 $ 2,366 $ 1,784 $ 6,926 $ 3,397,844 Rural Infrastructure Finance: 535,013 — — — — 535,013 Total $ 3,925,931 $ 2,776 $ 2,366 $ 1,784 $ 6,926 $ 3,932,857 (1) Includes loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs that are 90 days of more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. As of December 31, 2022 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,174,939 $ 11,614 $ 622 $ 3,817 $ 16,053 $ 3,190,992 Rural Infrastructure Finance: 523,192 — — — — 523,192 Total $ 3,698,131 $ 11,614 $ 622 $ 3,817 $ 16,053 $ 3,714,184 (1) Includes loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs that are 90 days of more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. Credit Quality Indicators The following tables present credit quality indicators related to Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2023 and 2022, by year of origination: Table 12.9 As of December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 169,429 $ 246,441 $ 515,396 $ 534,395 $ 264,815 $ 1,185,811 $ 391,335 $ 3,307,622 Special mention (1) — 71 2,466 872 531 44,631 8,565 57,136 Substandard (2) — — — 131 1,536 26,328 5,091 33,086 Total $ 169,429 $ 246,512 $ 517,862 $ 535,398 $ 266,882 $ 1,256,770 $ 404,991 $ 3,397,844 For the Year Ended December 31, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 419,190 $ 115,823 $ 535,013 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 419,190 $ 115,823 $ 535,013 For the Year Ended December 31, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 202,998 $ 496,269 $ 535,798 $ 254,293 $ 207,379 $ 1,107,834 $ 296,508 $ 3,101,079 Special mention (1) — 1,319 1,778 — 1,198 42,680 3,205 50,180 Substandard (2) — — 176 — 3,588 32,597 3,372 39,733 Total $ 202,998 $ 497,588 $ 537,752 $ 254,293 $ 212,165 $ 1,183,111 $ 303,085 $ 3,190,992 For the Year Ended December 31, 2022: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 470,659 $ 52,533 $ 523,192 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 470,659 $ 52,533 $ 523,192 For the Year Ended December 31, 2022: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	12 Months Ended
FAIR VALUE DISCLOSURES	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE DISCLOSURES	FAIR VALUE DISCLOSURES Fair Value Classification and Transfers The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 13.1 Assets and Liabilities Measured at Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,082 $ 19,082 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,424,434 — 2,424,434 Fixed rate GSE guaranteed mortgage-backed securities — 1,569,615 — 1,569,615 Floating rate U.S. Treasuries 49,968 — — 49,968 Fixed rate U.S. Treasuries 855,832 — — 855,832 Total Available-for-sale Investment Securities 905,800 3,994,049 19,082 4,918,931 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,522,712 5,522,712 Farmer Mac Guaranteed Securities — — 9,767 9,767 Total Farmer Mac Guaranteed Securities — — 5,532,479 5,532,479 USDA Securities: Trading — — 1,241 1,241 Total USDA Securities — — 1,241 1,241 Financial derivatives 11 37,467 — 37,478 Guarantee Asset — — 5,831 5,831 Total Assets at fair value $ 905,811 $ 4,031,516 $ 5,558,633 $ 10,495,960 Liabilities: Financial derivatives $ 91 $ 117,040 $ — $ 117,131 Total Liabilities at fair value $ 91 $ 117,040 $ — $ 117,131 (1) Level 3 assets represent 19% of total assets and 52% of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value as of December 31, 2022 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,027 $ 19,027 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,392,540 — 2,392,540 Fixed rate GSE guaranteed mortgage-backed securities — 1,048,386 — 1,048,386 Fixed rate U.S. Treasuries 1,119,611 — — 1,119,611 Total Available-for-sale Investment Securities 1,119,611 3,440,926 19,027 4,579,564 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 7,599,379 7,599,379 Farmer Mac Guaranteed Securities — — 7,847 7,847 Total Farmer Mac Guaranteed Securities — — 7,607,226 7,607,226 USDA Securities: Trading — — 1,767 1,767 Total USDA Securities — — 1,767 1,767 Financial derivatives — 37,409 — 37,409 Guarantee Asset — — 4,467 4,467 Total Assets at fair value $ 1,119,611 $ 3,478,335 $ 7,632,487 $ 12,230,433 Liabilities: Financial derivatives $ 142 $ 175,184 $ — $ 175,326 Total Liabilities at fair value $ 142 $ 175,184 $ — $ 175,326 (1) Level 3 assets represent 28% of total assets and 62% of financial instruments measured at fair value. There were no material assets or liabilities measured at fair value on a non-recurring basis as of December 31, 2023 or 2022. Transfers in and/or out of the different levels within the fair value hierarchy are based on the fair values of the assets and liabilities as of the beginning of the reporting period. During the years ended December 31, 2023 and 2022, there were no transfers within the fair value hierarchy. The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value. Net transfers in and/or out of Level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period. There were no liabilities measured at fair value using significant unobservable inputs during the years ended December 31, 2023, 2022, and 2021. Table 13.2 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2023 Beginning Balance Purchases Settlements Allowance for Losses Realized and Unrealized gains Transfers Out (1) Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,027 $ — $ — $ 6 $ — $ 49 $ — $ 19,082 Total available-for-sale 19,027 — — 6 — 49 — 19,082 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,599,379 2,084,650 (1,561,507) 230 89,629 (5,573) (2,684,096) 5,522,712 Farmer Mac Guaranteed Securities 7,847 — (1,213) — — 3,133 — 9,767 Total available-for-sale 7,607,226 2,084,650 (1,562,720) 230 89,629 (2,440) (2,684,096) 5,532,479 USDA Securities: Trading 1,767 — (550) — 24 — — 1,241 Total USDA Securities 1,767 — (550) — 24 — — 1,241 Guarantee and commitment obligations: Guarantee Asset 4,467 — (590) — 1,954 — — 5,831 Total Guarantee and commitment obligations 4,467 — (590) — 1,954 — — 5,831 Total Assets at fair value $ 7,632,487 $ 2,084,650 $ (1,563,860) $ 236 $ 91,607 $ (2,391) $ (2,684,096) $ 5,558,633 (1) Includes $2.7 billion of AgVantage Securities transferred from available-for-sale to held-to-maturity on July 1, 2023. Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2022 Beginning Balance Purchases Settlements Allowance for Losses Realized and Unrealized losses Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,254 $ — $ — $ 19 $ — $ (246) $ 19,027 Total available-for-sale 19,254 — — 19 — (246) 19,027 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,316,145 3,411,665 (1,526,303) (283) (552,907) (48,938) 7,599,379 Farmer Mac Guaranteed 12,414 — (1,675) — — (2,892) 7,847 Total available-for-sale 6,328,559 3,411,665 (1,527,978) (283) (552,907) (51,830) 7,607,226 USDA Securities: Trading 4,401 — (2,583) — (51) — 1,767 Total USDA Securities 4,401 — (2,583) — (51) — 1,767 Guarantee and commitment obligations: Guarantee Asset 6,237 — (903) — (867) — 4,467 Total Guarantee and commitment obligations 6,237 — (903) — (867) — 4,467 Total Assets at fair value $ 6,358,451 $ 3,411,665 $ (1,531,464) $ (264) $ (553,825) $ (52,076) $ 7,632,487 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2021 Beginning Balance Purchases Settlements Allowance for Losses Realized and unrealized losses included in Income Unrealized gains Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,171 $ — $ — $ (16) $ — $ 99 $ 19,254 Total available-for-sale 19,171 — — (16) — 99 19,254 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,947,701 1,143,115 (1,614,598) 47 (176,064) 15,944 6,316,145 Farmer Mac Guaranteed — 12,560 (263) — — 117 12,414 Total available-for-sale 6,947,701 1,155,675 (1,614,861) 47 (176,064) 16,061 6,328,559 USDA Securities: Trading 6,695 — (2,178) — (116) — 4,401 Total USDA Securities 6,695 — (2,178) — (116) — 4,401 Guarantee and commitment obligations: Guarantee Asset — 6,237 — — — — 6,237 Total Guarantee and commitment obligations — 6,237 — — — — 6,237 Total Assets at fair value $ 6,973,567 $ 1,161,912 $ (1,617,039) $ 31 $ (176,180) $ 16,160 $ 6,358,451 The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in Level 3 of the fair value hierarchy as of December 31, 2023 and 2022: Table 13.3 As of December 31, 2023 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,082 Indicative bids Range of broker quotes 97.0% - 97.0% (97.0%) Farmer Mac Guaranteed Securities: AgVantage $ 5,522,712 Discounted cash flow Discount rate 4.7% - 5.4% (5.0%) Farmer Mac Guaranteed Securities $ 9,767 Discounted cash flow Discount rate 8.3% CPR 3% USDA Securities $ 1,241 Discounted cash flow Discount rate 5.4% - 5.4% (5.4%) CPR 12% - 12% (12%) Guarantee Asset $ 5,831 Discounted cash flow Discount rate 8.3% CPR 3% As of December 31, 2022 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,027 Indicative bids Range of broker quotes 96.8% - 96.8% (96.8%) Farmer Mac Guaranteed Securities: AgVantage $ 7,599,379 Discounted cash flow Discount rate 4.7% - 6.1% (5.1%) Farmer Mac Guaranteed Securities $ 7,847 Discounted cash flow Discount rate 4.8% - 5.3% (5.1%) CPR 8% USDA Securities $ 1,767 Discounted cash flow Discount rate 5.1% - 5.7% (5.3%) CPR 19% - 27% (25%) Guarantee Asset $ 4,467 Discounted cash flow Discount rate 5.4% - 5.9% (5.7%) CPR 8% The significant unobservable input used in the fair value measurements of AgVantage Farmer Mac Guaranteed Securities is the discount rate commensurate with the risks involved. Typically, significant increases (decreases) in this input in isolation may result in materially lower (higher) fair value measurements. Generally, in a rising interest rate environment, Farmer Mac would expect average discount rates to increase. Conversely, in a declining interest rate environment, Farmer Mac would expect average discount rates to decrease. CPR are not presented in the table above for AgVantage securities because they generally have fixed maturity dates when the secured general obligations are due and do not prepay. The significant unobservable inputs used in the fair value measurements of USDA Securities are the prepayment rate and discount rate commensurate with the risks involved. Typically, significant increases (decreases) in any of these inputs in isolation may result in materially lower (higher) fair value measurements. Generally, in a rising interest rate environment, Farmer Mac would expect average discount rates to increase and would likely expect a corresponding decrease in forecasted prepayment rates. Conversely, in a declining interest rate environment, Farmer Mac would expect average discount rates to decrease and would likely expect a corresponding increase in forecasted prepayment rates. Disclosures on Fair Value of Financial Instruments The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of December 31, 2023 and 2022: Table 13.4 As of December 31, 2023 As of December 31, 2022 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 888,707 $ 888,707 $ 861,002 $ 861,002 Investment securities 4,981,249 4,979,504 4,630,701 4,628,268 Farmer Mac Guaranteed Securities 9,710,074 9,745,548 8,573,781 8,628,380 USDA Securities 2,036,046 2,355,412 2,099,445 2,411,601 Loans 10,426,021 11,039,349 9,666,710 10,205,466 Financial derivatives 37,478 37,478 37,409 37,409 Guarantee and commitment fees receivable 58,465 49,832 50,653 47,151 Financial liabilities: Notes payable 25,670,971 26,336,542 23,591,330 24,469,113 Debt securities of consolidated trusts held by third parties 1,268,563 1,351,069 1,106,837 1,181,948 Financial derivatives 117,131 117,131 175,326 175,326 Guarantee and commitment obligations 56,195 47,563 50,083 46,582 The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value and is classified as Level 1. The fair value of investments in U.S. Treasuries are valued based on unadjusted quoted prices in active markets and are classified as Level 1. A significant portion of Farmer Mac's investment portfolio is valued using a reputable nationally recognized third-party pricing service. The prices obtained are non-binding and generally representative of recent market trades and are classified as Level 2. Farmer Mac internally models the fair value of its loan portfolio, including loans held for investment and loans held for investment in consolidated trusts, Farmer Mac Guaranteed Securities, and USDA Securities by discounting the projected cash flows of these instruments at projected interest rates. The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves and discount rates commensurate with the risks involved. These fair value measurements do not take into consideration the fair value of the underlying property and are classified as Level 3. Financial derivatives primarily are valued using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments) and are classified as Level 2. The fair value of the guarantee fees receivable/obligation and debt securities of consolidated trusts are estimated based on the present value of expected future cash flows of the underlying mortgage assets using management's best estimate of certain key assumptions, which include prepayments speeds, forward yield curves, and discount rates commensurate with the risks involved and are classified as Level 3. Notes payable are valued by discounting the expected cash flows of these instruments using a yield curve derived from market prices observed for similar agency securities and are also classified as Level 3. Because the cash flows of Farmer Mac's financial instruments may be interest rate path dependent, estimated fair values and projected discount rates for Level 3 financial instruments are derived using a Monte Carlo simulation model. Different market assumptions and estimation methodologies could significantly affect estimated fair value amounts.

BUSINESS SEGMENT REPORTING

BUSINESS SEGMENT REPORTING	12 Months Ended
BUSINESS SEGMENT REPORTING	Dec. 31, 2023
Segment Reporting [Abstract]
BUSINESS SEGMENT REPORTING	BUSINESS SEGMENT REPORTING The following table presents the alignment of the Farmer Mac's seven segments: Agricultural Finance Rural Infrastructure Finance Treasury Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Corporate The financial information presented below reflects the accounts of Farmer Mac and its subsidiaries on a consolidated basis. Accordingly, the core earnings for Farmer Mac's segments would differ from any stand-alone financial statements of Farmer Mac's subsidiaries. These differences would be due to various factors, including the exclusion of unrealized gains and losses related to fair value changes of trading assets and financial derivatives, as well as the allocation of certain expenses such as operating expenses, dividends and interest expense related to the issuance of capital and the issuance of indebtedness managed at the corporate level. The following tables present core earnings for Farmer Mac's segments and a reconciliation to consolidated net income for the years ended December 31, 2023, 2022, and 2021. Table 14.1 Core Earnings by Business Segment For the Year Ended December 31, 2023 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 137,079 $ 31,224 $ 25,187 $ 4,648 $ 128,415 $ 994 $ — $ — $ 327,547 Less: reconciling adjustments (1)(2)(3) (4,179) — (168) — 3,594 186 — 567 — Net effective spread 132,900 31,224 25,019 4,648 132,009 1,180 — 567 — Guarantee and commitment fees 17,415 283 1,133 97 — — — (2,216) 16,712 Other income/(expense) (3) 2,952 35 — — 3 29 280 3,778 7,077 Total revenues 153,267 31,542 26,152 4,745 132,012 1,209 280 2,129 351,336 Release of/(provision for) losses 145 (207) (581) (219) — 4 — — (858) (Provision for)/release of reserve for losses (652) — 374 — — — — — (278) Operating expenses — — — — — — (97,099) — (97,099) Total non-interest expense (652) — 374 — — — (97,099) — (97,377) Core earnings before income taxes 152,760 31,335 25,945 4,526 132,012 1,213 (96,819) 2,129 (4) 253,101 Income tax (expense)/benefit (32,079) (6,581) (5,449) (951) (27,721) (255) 20,385 (447) (53,098) Core earnings before preferred stock dividends 120,681 24,754 20,496 3,575 104,291 958 (76,434) 1,682 (4) 200,003 Preferred stock dividends — — — — — — (27,165) — (27,165) Segment core earnings/(losses) $ 120,681 $ 24,754 $ 20,496 $ 3,575 $ 104,291 $ 958 $ (103,599) $ 1,682 (4) $ 172,838 Total Assets $ 15,052,606 $ 1,566,906 $ 7,002,620 $ 443,772 $ — $ 5,342,089 $ 116,389 $ — $ 29,524,382 Total on- and off-balance sheet program assets at principal balance $ 18,808,801 $ 1,693,979 $ 7,480,723 $ 487,521 $ — $ — $ — $ — $ 28,471,024 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) 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. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Year Ended December 31, 2022 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 133,218 $ 29,209 $ 16,175 $ 2,483 $ 96,613 $ (6,758) $ — $ — $ 270,940 Less: reconciling adjustments (1)(2)(3) (4,161) — (103) — (11,147) — — 15,411 — Net effective spread 129,057 29,209 16,072 2,483 85,466 (6,758) — 15,411 — Guarantee and commitment fees 16,718 139 1,238 49 — — — (5,104) 13,040 Other income/(expense) (3) 1,420 261 — — — — 3 23,447 25,131 Total revenues 147,195 29,609 17,310 2,532 85,466 (6,758) 3 33,754 309,111 (Provision for)/release of losses (1,463) (2,136) 2,751 (494) — 19 — — (1,323) Release of reserve for losses 247 — 270 — — — — — 517 Operating expenses (819) — — — — — (81,807) — (82,626) Total non-interest expense (572) — 270 — — — (81,807) — (82,109) Core earnings before income taxes 145,160 27,473 20,331 2,038 85,466 (6,739) (81,804) 33,754 (4) 225,679 Income tax (expense)/benefit (30,482) (5,768) (4,268) (428) (17,949) 1,416 17,033 (7,089) (47,535) Core earnings before preferred stock dividends 114,678 21,705 16,063 1,610 67,517 (5,323) (64,771) 26,665 (4) 178,144 Preferred stock dividends — — — — — — (27,165) — (27,165) Segment core earnings/(losses) $ 114,678 $ 21,705 $ 16,063 $ 1,610 $ 67,517 $ (5,323) $ (91,936) $ 26,665 (4) $ 150,979 Total Assets $ 14,623,596 $ 1,541,151 $ 5,867,517 $ 219,609 $ — $ 4,806,010 $ 275,227 $ — $ 27,333,110 Total on- and off-balance sheet program assets at principal balance $ 17,728,792 $ 1,603,507 $ 6,359,613 $ 230,170 $ — $ — $ — $ — $ 25,922,082 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) 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. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Year Ended December 31, 2021 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 118,289 $ 27,081 $ 8,224 $ 1,219 $ 66,581 $ 557 $ — $ — $ 221,951 Less: reconciling adjustments (1)(2)(3) (4,753) — (157) — 3,627 — — 1,283 — Net effective spread 113,536 27,081 8,067 1,219 70,208 557 — 1,283 — Guarantee and commitment fees 16,178 48 1,287 20 — — — (4,864) 12,669 Gain on sale of 6,539 — — — — — — — 6,539 Other income/(expense) (3) 1,966 — 5 — — — (291) 851 2,531 Total revenues 138,219 27,129 9,359 1,239 70,208 557 (291) (2,730) 243,690 Release of/(provision for) losses 1,574 (210) (291) (198) — (15) — — 860 Release of reserve for losses 1,034 — 293 — — — — — 1,327 Operating expenses — — — — — — (73,416) — (73,416) Total non-interest expense 1,034 — 293 — — — (73,416) — (72,089) Core earnings before income taxes 140,827 26,919 9,361 1,041 70,208 542 (73,707) (2,730) (4) 172,461 Income tax (expense)/benefit (29,574) (5,653) (1,965) (219) (14,744) (114) 15,325 572 (36,372) Core earnings before preferred stock dividends 111,253 21,266 7,396 822 55,464 428 (58,382) (2,158) (4) 136,089 Preferred stock dividends — — — — — — (24,677) — (24,677) Segment core earnings/(losses) $ 111,253 $ 21,266 $ 7,396 $ 822 $ 55,464 $ 428 $ (83,059) $ (2,158) (4) $ 111,412 Total Assets $ 13,112,193 $ 1,507,848 $ 5,344,707 $ 87,553 $ — $ 5,012,827 $ 55,881 $ — $ 25,121,009 Total on- and off-balance sheet program assets at principal balance $ 16,094,640 $ 1,537,834 $ 5,895,226 $ 86,763 $ — $ — $ — $ — $ 23,614,463 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) 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. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income	$ 200,003	$ 178,144	$ 136,089

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries during the year: (1) Farmer Mac Mortgage Securities Corporation, whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; and (2) Farmer Mac II LLC, whose principal activity is the operation of substantially all of the business related to the USDA Securities included in the Agricultural Finance line of business. The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary.
Cash and Cash Equivalents	Cash and Cash Equivalents Farmer Mac considers cash on hand and highly liquid investment securities with maturities at the time of purchase of three months or less to be cash equivalents.
Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities	Investment Securities, Farmer Mac Guaranteed Securities, and USDA Securities Securities for which Farmer Mac has the intent and ability to hold to maturity are classified as held-to-maturity and are carried at amortized cost. Securities for which Farmer Mac does not have the positive intent and ability to hold to maturity are classified as available-for-sale or trading and are carried at estimated fair value. Unrealized gains and losses on available-for-sale securities are reported as a component of accumulated other comprehensive income in stockholders' equity. For securities classified as trading, unrealized gains and losses are included in earnings. Gains and losses on the sale of available-for-sale and trading securities are determined using the specific identification cost method. Farmer Mac determines the fair value of investment securities using quoted market prices, when available. Farmer Mac determines the fair values of certain investment securities for which quoted market prices are not available, Farmer Mac Guaranteed Securities, and USDA Securities based on the present value of the associated expected future cash flows. In estimating the present value of the expected future cash flows, management is required to make estimates and assumptions. The key estimates and assumptions include discount rates and collateral repayment rates. Premiums, discounts, and other deferred costs are amortized to interest income using the effective interest method. Farmer Mac generally receives compensation when loans with yield maintenance provisions underlying Farmer Mac Guaranteed Securities prepay. These yield maintenance payments mitigate Farmer Mac's exposure to reinvestment risk and are calculated such that, when reinvested with the prepaid principal, they should generate substantially the same cash flows that would have been generated had the loans not prepaid. Yield maintenance payments are recognized as interest income in the consolidated statements of operations upon receipt. Interest Income Recognition on Interest-Only Farmer Mac Guaranteed Securities ("IO-FMGS")
Loans	Loans Loans for which Farmer Mac has the positive intent and ability to hold for the foreseeable future are classified as held for investment and reported at their unpaid principal balance, net of unamortized purchase discounts or premiums. Loans for which Farmer Mac does not have the positive intent and ability to hold for the foreseeable future are classified as held for sale and reported at the lower of cost or fair value determined on a pooled basis. Farmer Mac de-recognizes sold loans, and recognizes any associated gain or loss, when they have been legally isolated from Farmer Mac, the buyer has the right to pledge or exchange them, and Farmer Mac does not maintain effective control over them. When Farmer Mac consolidates a trust, it recognizes the loans underlying the trust in the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost." See Note 2(o) for more information on the accounting policy related to consolidation. Non-accrual Loans Non-accrual loans are loans for which it is probable that Farmer Mac will be unable to collect all amounts due according to the contractual terms of the loan agreement and include all loans 90 days or more past due. When a loan becomes 90 days past due, interest accrual on the loan is discontinued and interest previously accrued is reversed against interest income in the current period. The interest on such loans is accounted for on the cash basis until a loan qualifies for return to accrual status. Loans are returned to accrual status when all the principal and interest payments contractually due are collected and certain performance criteria are met.
Securitization	Securitization Securitization involves the transfer of financial assets to another entity in exchange for cash and/or beneficial interests in the assets transferred. Farmer Mac or third parties transfer agricultural mortgage loans, Rural Infrastructure loans, or USDA securities into trusts that are used as vehicles for the securitization of the transferred financial assets. The trusts issue Farmer Mac Guaranteed Securities that are beneficial interests in the assets of the trusts, to either Farmer Mac or third-party investors. Farmer Mac guarantees principal and interest payments on the securities issued by the trusts and receives guarantee fees as compensation for its guarantee. Farmer Mac recognizes guarantee fees on the accrual basis over the terms of the Farmer Mac Guaranteed Securities, which generally coincide with the terms of the underlying loans. As such, no guarantee fees are unearned at the end of any reporting period. Farmer Mac is required to perform under its guarantee obligation when the underlying loans for the off-balance sheet Farmer Mac Guaranteed Securities do not make their scheduled installment payments. When a loan underlying a Farmer Mac Guaranteed Security (other than Farmer Mac Guaranteed Securities structured as real estate mortgage investment conduits under 26 U.S.C. §§ 860A-860G) becomes 90 days or more past due, Farmer Mac may, in its sole discretion, repurchase the loan from the trust and generally does repurchase such loans, thereby reducing the principal balance of the outstanding Farm & Ranch Guaranteed Security. When Farmer Mac purchases a delinquent loan underlying a Farmer Mac Guaranteed Security, Farmer Mac stops accruing the guarantee fee upon loan purchase. If Farmer Mac repurchases a loan that is collateral for a Farmer Mac Guaranteed Security, Farmer Mac would have the right to enforce the terms of the loan, and in the event of a default, would have access to the underlying collateral. Farmer Mac typically recovers its investment in the defaulted loans purchased either through borrower payments, loan payoffs, payments by third parties, or foreclosure and sale of the collateral securing the loans. Farmer Mac has recourse to the USDA for any amounts advanced for the timely payment of principal and interest on Farmer Mac Guaranteed USDA Securities. That recourse is the USDA guarantee, a full-faith-and-credit obligation of the United States that becomes enforceable if a lender fails to repurchase the USDA-guaranteed portion from its owner within 30 days after written demand from the owner when (a) the borrower under the guaranteed loan is in default not less than 60 days in the payment of any principal or interest due on the USDA-guaranteed portion, or (b) the lender has failed to remit to the owner the payment made by the borrower on the USDA-guaranteed portion or any related loan subsidy within 30 days after the lender's receipt of the payment. Transfers of Financial Assets Farmer Mac accounts for transfers of financial assets as sales when it has surrendered control over the related assets. Whether control has been relinquished requires, among other things, an evaluation of relevant legal considerations and an assessment of the nature and extent of Farmer Mac's continuing involvement with the assets transferred. Gains and losses stemming from transfers reported as sales are included in “Gain on sale of mortgage loans” in the accompanying consolidated statements of operations. Assets obtained and liabilities incurred in connection with transfers reported as sales are initially recognized in the consolidated balance sheets at fair value. In fourth quarter 2021, Farmer Mac executed a structured securitization of a $299.4 million pool of Farm & Ranch loans. The securitization consisted of two classes of securities, Class A and Class B. The Class A securities are backed by 92.5% of the pool and is guaranteed by Farmer Mac. The Class B Tranche is backed by the remaining 7.5% of the pool. Credit losses on the entire pool are first allocated to the Class B securities. As a result of the transaction, Farmer Mac recognized the following: 1. A guarantee asset and liability related to the guarantee fees and the obligation to stand ready to perform on the guarantee to the Class A security holders. 2. A servicing asset related to Farmer Mac’s role as Master and Central Servicer. Farmer Mac will earn a related servicing fee. 3. A retained interest-only strip of a Farmer Mac Guaranteed Security (IO-FMGS) security. The above assets and liabilities were initially recorded on the consolidated balance sheets at fair value. For more information on fair value measurement see Footnote 13. The securitization trust used to effect this transaction was a variable interest entity that Farmer Mac does not consolidate. See Table 2.4 below for more information about these trusts. Gains or losses arising from securitization are recorded as the difference between the transferred loans’ carrying values and the sum of (a) the initial fair value of the assets or liabilities received and (b) net cash proceeds. For the year ended December 31, 2021, Farmer Mac recorded $6.5 million in gains attributable to securitization activity. These gains were reported in “Gains on sale of mortgage loans” in the consolidated statements of operations. Farmer Mac recorded no gains attributable to securitization activity for both the years ended December 31, 2023 and 2022.
Financial Derivatives	Financial Derivatives Farmer Mac enters into financial derivative transactions principally to protect against risk from the effects of market price or interest rate movements on the value of certain assets, future cash flows or debt issuance, not for trading or speculative purposes. Farmer Mac enters into interest rate swap contracts to adjust the characteristics of its short-term debt to match more closely the cash flow and duration characteristics of its longer-term loans and other assets, and also to adjust the characteristics of its long-term debt to match more closely the cash flow and duration characteristics of its short-term assets, thereby reducing interest rate risk and, often times, deriving an overall lower effective cost of borrowing than would otherwise be available to Farmer Mac in the conventional debt market. Accounting for financial derivatives differs depending on whether a derivative is designated in a hedge accounting relationship. Derivative instruments designated in fair value hedge accounting relationships mitigate exposure to changes in the fair value of assets or liabilities. Derivative instruments designated in cash flow hedge accounting relationships mitigate exposure to the variability in expected future cash flows or other forecasted transactions. In order to qualify for fair value or cash flow hedge accounting treatment, documentation must indicate the intention to designate the derivative as a hedge of a specific asset, or liability, or a future cash flow. Effectiveness of the hedge is assessed before the end of the quarter of inception and monitored over the life of the hedging relationship. Changes in the fair values of financial derivatives not designated as cash flow or fair value hedges were reported in "Gains on financial derivatives" in the consolidated statements of operations. For financial derivatives designated in fair value hedge accounting relationships, changes in the fair values of hedged items related to the risk being hedged are reported in the same interest income or expense line item as income or expense from the hedged financial asset or liability in the consolidated statements of operations. Interest accruals on derivatives designated in fair value hedge relationships are also recorded in "Net interest income" in the consolidated statements of operations. For financial derivatives designated in cash flow hedge relationships, the unrealized gain or loss on the derivative is recorded in other comprehensive income. Because the hedging instrument is an interest rate swap and the hedged forecasted transactions are future interest payments on variable rate debt, amounts recorded in accumulated other comprehensive income are reclassified to "Total interest expense" in conjunction with the recognition of interest expense on the debt. Collateralized Agreements and Offsetting Arrangements Over-the-Counter Derivatives Farmer Mac uses master netting and collateral agreements to reduce our credit risk exposure to our over-the-counter derivative ("OTC") counterparties for interest-rate swap derivatives. Master netting agreements provide for the netting of amounts receivable and payable from an individual counterparty, as well as posting of collateral in the form of cash depending on which party is in a liability position. Farmer Mac has master netting agreements in place with most of our OTC derivative counterparties. The market value of each counterparty's derivatives outstanding is calculated to determine the amount of our net credit exposure, which is equal to the market value of derivatives in net gain position by counterparty after giving consideration to collateral posted. In the event a counterparty defaults on its obligation under the derivatives agreement and the default is not remedied in the manner prescribed by the agreement, Farmer Mac has a right under the agreement to sell the collateral. As a result, Farmer Mac's use of master netting and collateral agreements reduce our exposure to our counterparties in the event of default. Cleared Derivatives
Notes Payable	Notes Payable Debt issuance costs and premiums and discounts are deferred and amortized to interest expense using the effective interest method over the contractual life of the related debt.
Allowance for Losses and Reserve for Losses	Allowance for Losses and Reserve for Losses Farmer Mac's allowance for credit losses represents the difference between the carrying amount of the related financial instruments and the present value of their expected cash flows discounted at their effective interest rates, as of the respective balance sheet date. Farmer Mac's reserve for credit losses represents the difference between the outstanding amount of off-balance sheet credit exposures and the present value of their expected cash flows discounted at their effective interest rates. Farmer Mac maintains an allowance for credit losses to cover current expected credit losses as of the balance sheet date for on-balance sheet investment securities, loans held for investment, and Farmer Mac Guaranteed Securities (collectively referred to as "allowance for losses"). Farmer Mac also maintains a reserve for credit losses to cover current expected credit losses as of the balance sheet date for off-balance sheet loans underlying LTSPCs and off-balance sheet Farmer Mac Guaranteed Securities (collectively referred to as "reserve for losses"). Both the allowance for losses and reserve for losses are based on historical information and reasonable and supportable forecasts. Farmer Mac has never experienced a credit loss in its Rural Infrastructure Finance line of business. Farmer Mac measures its expected credit losses for the expected life of all financial instruments, including its Rural Infrastructure Finance loans. To estimate expected credit losses on these loans, Farmer Mac relies upon industry historical credit loss data from ratings agencies and publicly available information as disclosed in the securities filings of other major lenders who serve the utilities and renewable industries. The allowance for losses increases through periodic provisions for loan losses that are charged against net interest income and the reserve for losses increases through provisions for losses that are charged to non-interest expense. Both the allowance for losses and reserve for losses are decreased by charge-offs for realized losses, net of recoveries. Releases from the allowance for losses or reserve for losses occur when the estimate of expected credit losses as of the end of a period is less than the estimate at the beginning of the period. The total allowance for losses consists of the allowance for losses and the reserve for losses. Charge-offs Farmer Mac records a charge-off from the allowance for losses when either a) a loan, or a portion of a loan, is deemed uncollectible; or b) a loss has been confirmed through the receipt of assets, generally the underlying collateral, in full satisfaction of the loan. The charge-off equals the excess of the recorded investment in the loan over the fair value of the collateral less estimated selling costs. Estimation Methodology Farmer Mac bases its methodology for determining its current estimate of expected losses on a statistical model, which incorporates credit loss history and reasonable and supportable forecasts. Farmer Mac's estimation methodology includes the following key components: • An economic model for each portfolio, including Agricultural Finance loans (Corporate AgFinance and Farm & Ranch), Rural Infrastructure Finance loans (Rural Utilities and Renewable Energy), and AgVantage Securities; • A migration matrix for each portfolio that reasonably predicts the movement of each financial asset among various risk categories over the course of each asset's expected life (the migration matrix forms the basis for our estimate of the probability of default of each financial asset); • A loss-given-default ("LGD") model that reasonably predicts the amount of loss that Farmer Mac would incur upon the default of each financial asset; • An economic factor forecast that updates the migration matrix model and the LGD model with current assumptions for the economic indicators that Farmer Mac has determined are most correlated with or relevant to the performance of each portfolio of assets (including Gross Domestic Product ("GDP"), credit spreads, unemployment rates, land values, and commodity prices); and • A discounted cash flow analysis, which relies upon each of the above model outputs, plus the contractual terms of each financial asset, and the effective interest rate of each financial asset. Management evaluates these assumptions by considering many relevant factors, including: • economic conditions; • geographic and agricultural commodity/product concentrations in the portfolio; • the credit profile of the portfolio, including risk ratings and financial metrics; • delinquency trends of the portfolio; • historical charge-off and recovery activities of the portfolio; and • other factors to capture current portfolio trends and characteristics that differ from historical experience. Management believes that its methodology produces a reasonable estimate of expected credit losses, as of the balance sheet date, for the expected life of all of its financial assets. Allowance for Loss on Available-for-Sale (AFS) Securities To measure current expected credit losses on impaired AFS securities, Farmer Mac first considers those impaired securities that: 1) Farmer Mac does not intend to sell, and 2) it is not more likely than not that Farmer Mac will be required to sell before recovering its amortized cost basis. In assessing whether a credit loss exists, Farmer Mac compares the present value, discounted at the security's effective interest rate, of cash flows expected to be collected from an impaired AFS debt security to its amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis of the impaired security, a credit loss exists and Farmer Mac records an allowance for loss for that credit loss. However, the amount of that allowance is limited by the amount that the security’s fair value is less than its amortized cost basis. Accrued interest receivable is recorded separately on the Consolidated Balance Sheet, and the allowance for credit losses excludes uncollectible accrued interest receivable. Collateral Dependent Assets ("CDAs")
Earnings Per Common Share	Earnings Per Common Share
Income Taxes	Income Taxes Deferred federal income tax assets and liabilities are established for temporary differences between financial and taxable income and are measured using the current enacted statutory tax rate. Income tax expense is equal to the income taxes payable in the current year plus the net change in the deferred tax asset or liability balance. Deferred tax assets are measured at rates enacted for the periods in which they are expected to be realized. To the extent rates change, the deferred tax asset will be adjusted to reflect the new rate. A increase in corporate tax rates would result in an increase in the value of the deferred tax asset. Farmer Mac evaluates its tax positions quarterly to identify and recognize any liabilities related to uncertain tax positions in its federal income tax returns. Farmer Mac uses a two-step approach in which income tax benefits are recognized if, based on the technical merits of a tax position, it is more likely than not (a probability of greater than 50%) that the tax position would be sustained upon examination by the taxing authority, which includes all related appeals and litigation process. The amount of tax benefit recognized is then measured at the largest amount of tax benefit that is greater than 50% likely to be realized upon settlement with the taxing authority, considering all information available at the reporting date. Farmer Mac's policy for recording interest and penalties associated with uncertain tax positions is to record them as a component of income tax expense. Farmer Mac establishes a valuation allowance for deferred tax assets if it is more likely than not that some portion or all of the deferred tax assets will not be realized. In determining its deferred tax asset valuation allowance, Farmer Mac considered its taxable income of the appropriate character (for example, ordinary income or capital gain) within the carryback and carryforward periods available under the tax law and the impact of possible tax planning strategies.
Stock-based Compensation	Stock-Based Compensation Farmer Mac accounts for its stock-based employee compensation plans using the grant date fair value method of accounting. Farmer Mac measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award determined using the Black-Scholes option pricing model. The cost is recognized over the period during which an employee is required to provide service in exchange for the award. For performance-based grants, Farmer Mac recognizes the grant-date fair value over the vesting period as long as it remains probable that the performance conditions will be met. If the service or performance conditions are not met, Farmer Mac reverses previously recognized compensation expense upon forfeiture.
Comprehensive Income	Comprehensive Income
Guarantees	Guarantees Farmer Mac accounts for its LTSPCs as guarantees. LTSPCs and securitization trusts where Farmer Mac is not the primary beneficiary result in the creation of guarantee obligations for Farmer Mac. Farmer Mac records, at the inception of a guarantee or LTSPC, a liability for the fair value of its obligation to stand ready to perform under the terms of each guarantee or LTSPC and an asset that is equal to the fair value of the fees that will be received over the life of each guarantee or LTSPC. The fair values of the guarantee obligation and asset at inception are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves, and discount rates commensurate with the risks involved. Because the cash flows of these instruments may be interest rate path dependent, these values and projected discount rates are derived using a Monte Carlo simulation model. The guarantee obligation and corresponding asset are later amortized into guarantee and commitment fee income in relation to the decrease in the unpaid principal balance on the underlying Agricultural Finance real estate mortgage loans and Rural Infrastructure Finance loans.
Fair Value Measurement	Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, Farmer Mac uses various valuation approaches, including market and income based approaches. When available, the fair value of Farmer Mac's financial instruments is based on quoted market prices, valuation techniques that use observable market-based inputs, or unobservable inputs that are corroborated by market data. Pricing information obtained from third parties is internally validated for reasonableness before use in the consolidated financial statements. Fair value measurements related to financial instruments that are reported at fair value in the consolidated financial statements each period are referred to as recurring fair value measurements. Fair value measurements related to financial instruments that are not reported at fair value each period but are subject to fair value adjustments in certain circumstances are referred to as nonrecurring fair value measurements. Fair Value Classification and Transfers The fair value hierarchy ranks the quality and reliability of the information used to determine fair values. The hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The following three levels are used to classify fair value measurements: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly. Level 3 Prices or valuations that require unobservable inputs that are significant to the fair value measurement. Farmer Mac performs a detailed analysis of the assets and liabilities carried at fair value to determine the appropriate level based on the transparency of the inputs used in the valuation techniques. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. Farmer Mac's assessment of the significance of a particular input to the fair value measurement of an instrument requires judgment and consideration of factors specific to the instrument. While Farmer Mac believes its valuation methods are appropriate and consistent with those of other market participants, using different methodologies or assumptions to determine fair value could result in a materially different estimate of fair value for some financial instruments. The following is a description of the fair value techniques used for instruments measured at fair value as well as the general classification of those instruments under the valuation hierarchy described above. Recurring Fair Value Measurements and Classification Available-for-Sale and Trading Investment Securities The fair value of investments in U.S. Treasuries is based on unadjusted quoted prices for identical securities in active markets. Farmer Mac classifies these fair value measurements as "Level 1." For a significant portion of Farmer Mac's investment portfolio, including most asset-backed securities, senior agency debt securities, and Government/GSE guaranteed mortgage-backed securities, fair value is primarily determined using a reputable and nationally recognized third-party pricing service. The prices obtained are non-binding and generally representative of recent market trades on similar securities. The fair value of certain asset-backed and Government guaranteed mortgage-backed securities are estimated based on quotations from brokers or dealers. Farmer Mac corroborates its primary valuation source by obtaining a secondary price from another independent third-party pricing service. Farmer Mac classifies these fair value measurements as "Level 2." For certain investment securities that are thinly traded or not quoted, Farmer Mac estimates fair value using internally-developed models that employ a discounted cash flow approach. Farmer Mac maximizes the use of observable market data, including prices of financial instruments with similar maturities and characteristics, interest rate yield curves, measures of volatility, and prepayment rates. Farmer Mac generally considers a market to be thinly traded or not quoted if the following conditions exist: (1) there are few transactions for the financial instruments; (2) the prices in the market are not current; (3) the price quotes vary significantly either over time or among independent pricing services or dealers; or (4) there is limited availability of public market information. Farmer Mac classifies these fair value measurements as "Level 3." Available-for-Sale and Trading Farmer Mac Guaranteed Securities and USDA Securities Farmer Mac estimates the fair value of its Farmer Mac Guaranteed Securities and USDA Securities by discounting the projected cash flows of these instruments at discount rates commensurate with the risks involved. The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves, and discount rates commensurate with the risks involved. Farmer Mac classifies these fair value measurements as Level 3 because there is limited market activity and therefore require the use of significant unobservable inputs in estimating the fair value. Financial Derivatives The fair value of exchange-traded U.S. Treasury futures is based on unadjusted quoted prices for identical financial instruments. Farmer Mac classifies these fair value measurements as Level 1. Farmer Mac's derivative portfolio consists primarily of interest rate swaps and forward sales contracts on the debt of other GSEs. Farmer Mac estimates the fair value of these financial instruments primarily based upon a third-party accounting and valuation system. The third-party accounting and valuation system determines the fair value of the interest rate swaps using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). Farmer Mac also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements of its derivatives. The credit valuation adjustments associated with Farmer Mac’s derivatives utilize model-derived credit spreads, which are Level 3 inputs. As of December 31, 2023, Farmer Mac has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of these interest rate contracts and has determined that the credit valuation adjustments were not significant to the overall valuation of its derivative portfolio. As a result, Farmer Mac classifies these derivative instruments as Level 2 due to the observable nature of the significant inputs utilized. Farmer Mac also internally values its derivative portfolio using a discounted cash flow valuation technique and obtains counterparty valuations to corroborate management's estimate of fair value, which is based upon a third-party accounting and valuation system.
Consolidation of Variable Interest Entities	Consolidation of Variable Interest Entities Farmer Mac has interests in various entities that are considered to be VIEs. These interests include investments in securities issued by VIEs, such as Farmer Mac agricultural mortgage-backed securities created pursuant to Farmer Mac's securitization transactions and mortgage- and asset-backed trusts that Farmer Mac did not create. The consolidation model uses a qualitative evaluation that requires consolidation of an entity when the reporting enterprise both: (1) has the power to direct matters which significantly impact the activities and success of the entity, and (2) has exposure to benefits and/or losses that could potentially be significant to the entity. The reporting enterprise that meets both these conditions is deemed the primary beneficiary of the VIE. Upon consolidation of a VIE, Farmer Mac accounts for the incremental assets and liabilities initially at their carrying amounts. The VIEs in which Farmer Mac has a variable interest are limited to securitization trusts. Given the interests Farmer Mac holds, the major factor in determining if Farmer Mac is the primary beneficiary is whether Farmer Mac has the power to direct the activities of the trust that potentially have the most significant impact on the economic performance of the trust. Generally, the ability to make decisions regarding default mitigation is evidence of that power. Farmer Mac determined that it is the primary beneficiary for the securitization trusts related to most Agricultural Finance securitization transactions because of its rights as guarantor under both programs to control the default mitigation activities of the trusts. For certain securitization trusts created when loans subject to LTSPCs were converted to Farmer Mac Guaranteed Securities, Farmer Mac determined that it was not the primary beneficiary since the power to make decisions regarding default mitigation was shared among unrelated parties. For these trusts, the shared power provisions are substantive with respect to decision-making power and relate to the same activity (i.e., default mitigation). For similar securitization transactions where the power to make decisions regarding default mitigation was shared with a related party, Farmer Mac determined that it was the primary beneficiary because the applicable accounting guidance does not permit parties within a related party group to conclude that the power is shared. In the event that a related party status changes, consolidation or deconsolidation of these securitization trusts could occur. For those trusts that Farmer Mac is the primary beneficiary, the assets and liabilities are presented on the consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost" and "Debt securities of consolidated trusts held by third parties," respectively. These assets can only be used to satisfy the obligations of the related trust. For those trusts in which Farmer Mac has a variable interest but is not the primary beneficiary, Farmer Mac's interests are presented as either "Farmer Mac Guaranteed Securities," "USDA Securities," or "Investment securities" on the consolidated balance sheets. Farmer Mac's involvement in VIEs classified as Farmer Mac Guaranteed Securities or USDA Securities include securitization trusts under the Agricultural Finance line of business. In the case of USDA guaranteed trusts, Farmer Mac is not determined to be the primary beneficiary because it does not have the decision-making power over default mitigation activities. Based on the USDA's program authority over the servicing and default mitigation activities of the USDA guaranteed portions of loans, Farmer Mac believes that the USDA has the power to direct the activities that most significantly impact the trust's economic performance. Farmer Mac does not have exposure to losses that could be significant to the trust and there are no triggers that would result in Farmer Mac superseding the USDA's authority with regard to directing the activities of the trust. For VIEs classified as investment securities, which include auction-rate certificates, asset-backed securities, and government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, Farmer Mac is determined not to be the primary beneficiary because of the lack of voting rights or other powers to direct the activities of the trust. In 2021, Farmer Mac executed a structured securitization of a $299.4 million pool of Farm & Ranch loans. For more information about this securitization, see Note 2(e) - Securitization. The securitization trust used to effect this transaction was a variable interest entity that Farmer Mac has not consolidated. Farmer Mac determined that it was not the primary beneficiary of the securitization trust because the subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer with or without cause.
Custodial Deposit Liability	Custodial Deposit LiabilityFarmer Mac, as a servicer, collects cash from borrowers in advance of the borrower's contractual payment date. Farmer Mac's policy is to include the cash in the consolidated balance sheet as "Cash and cash equivalents" with an offsetting liability to "Accounts payable and accrued expenses" until the payment is contractually due, at which point the payment is applied to the loan. The net change in the amount of this custodial cash will also be disclosed in the consolidated statements of cash flows as "Custodial deposit liability."
Business Segments	Business Segments Farmer Mac's Chief Operating Decision Maker ("CODM") – its President and Chief Executive Officer – reviews financial information of seven operating segments, which are reportable segments. The CODM reviews the financial information of the seven segments to make decisions about allocating resources and to assess the financial performance of those segments. The seven reportable segments are: Farm & Ranch, Corporate AgFinance, Rural Utilities, Renewable Energy, Funding, Investments, and Corporate. The purpose of the alignment of the company's segments is for the CODM to review and analyze financial performance according to the type of customer and market rather than according to the type of product offerings. The financial information for the Funding and Investments segments allow the CODM to review the results of the company's Treasury activities. All operating expenses are managed at the enterprise level and are reported within the Corporate segment rather than allocated to any of the other segments. The operations and financial results of the Farm & Ranch and Corporate AgFinance segments are within our Agricultural Finance line of business. The Farm & Ranch segment includes the financial results of the USDA Securities portfolio and Farm & Ranch loans. The Corporate AgFinance segment includes loans and AgVantage securities to larger and more complex farming operations, agribusinesses focused on food and fiber processing, and other supply chain production. The Rural Utilities and Renewable Energy segments are within our Rural Infrastructure Finance line of business. The Rural Utilities segment includes loans to rural electric generation and transmission cooperatives, distribution cooperatives, and telecommunications providers, as well as AgVantage securities secured by those types of loans. The Renewable Energy segment includes loans to rural electric solar and wind energy projects. The Funding segment includes the financial results of the company's debt issuance, hedging, asset/liability management, and capital allocation strategies. The company allocates interest expense to each of the other segments (except Corporate) using a funds transfer pricing process. That process also allocates the benefits and costs from the company's funding and hedging strategies to the Funding segment. The Investments segment includes the financial results of the company's investment portfolio, which is held for liquidity purposes. Interest expense is allocated to the Investments segment using the same funds transfer pricing process that is used to allocate interest expense to the other segments. The Corporate segment includes all of the company's operating expenses, including compensation, general and administrative expenses, and regulatory fees. The Corporate segment also includes items of other income and preferred stock dividend expense. Farmer Mac uses the non-GAAP financial measure "core earnings" to measure corporate economic performance and develop financial plans because, in management's view, core earnings is a useful alternative measure in understanding Farmer Mac's economic performance, transaction economics, and business trends. The main difference between core earnings and net income attributable to common stockholders is that core earnings excludes the effects of fair value fluctuations, which are not expected to have a cumulative net impact on financial condition or results of operations reported in accordance with generally accepted accounting principles if the related financial instruments are held to maturity, as is generally expected. Core earnings also differs from net income attributable to common stockholders by excluding specified infrequent or unusual transactions that Farmer Mac believes are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. This corporate economic performance measure may not be comparable to similarly labeled measures disclosed by other companies. Farmer Mac uses net effective spread to measure the net spread Farmer Mac earns between its interest earning assets and the related net funding costs of these assets. Net effective spread differs from net interest income and net interest yield because it excludes: (1) the amortization of premiums and discounts on assets consolidated at fair value that are amortized as adjustments to yield in interest income over the contractual or estimated remaining lives of the underlying assets; (2) interest income and interest expense related to consolidated trusts with beneficial interests owned by third parties (single-class), which are presented on Farmer Mac's consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost"; and (3) the fair value changes of financial derivatives and the corresponding assets or liabilities designated in a fair value hedge accounting relationship.
New Accounting Standards	New Accounting Standards Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2020-04 and 2021-01 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this Update provide optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform on financial reporting. They provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. January 1, 2020 During the second quarter 2023, Farmer Mac adopted optional expedients including those relating to qualifying hedging relationships and contract modification relief and, since September 30, 2023, has no further exposure to LIBOR. To date, these elections did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. Farmer Mac does not expect to elect further expedients through the ending date of December 31, 2024. ASU 2022-06 , Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 The amendments in this Update deferred the sunset date in Topic 848 from December 31, 2022 to December 31, 2024. December 21, 2022 Farmer Mac does not expect to elect further expedients through the ending date of December 31, 2024. ASU 2022-02 , Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures The Update addresses and amends areas identified by the Financial Accounting Standards Board as part of its post-implementation review of the accounting standard that introduced the current expected credit losses (“CECL”) model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current-period gross write offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. January 1, 2023 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. ASU 2022-01 , Fair Value Hedging - Portfolio Layer Method The Update introduces the portfolio layer method, which expands the current single-layer method to allow multiple hedged layers of a single closed portfolio under the method (previously named, last-of-layer method). It also expands the scope of the portfolio layer method to include non-prepayable assets, specifies eligible hedging instruments in a single-layer hedge, provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method, specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio, and provides that an entity may reclassify HTM debt securities identified within 30 days of the date of adoption to AFS if the entity applies portfolio layer method hedging to those debt securities. January 1, 2023 Farmer Mac adopted this guidance as of January 1, 2023. Farmer Mac does not currently hedge interest rate risk for single closed portfolios of financial assets, so adoption of this guidance had no effect on Farmer Mac's financial condition, results of operations, cash flows, or disclosures given current strategies. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Effect on Consolidated Financial Statements ASU 2023-07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this Update require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This Update also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this Update and existing disclosures in Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively. Early adoption is permitted. Farmer Mac is still assessing the effect on our annual consolidated financial statement disclosures, however, adoption will not have a material impact on Farmer Mac's financial position, results of operations, or cash flows. ASU 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures The Update provides guidance on improvements to annual income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Additionally, public entities must provide a separate disclosure for any reconciling item that meets a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The amendments should be applied on a prospective basis. Early adoption is permitted. Farmer Mac is still assessing the impact of the new accounting standard but does not expect that adoption of the new guidance will have a material impact on Farmer Mac's financial position, results of operations, or cash flows.
Reclassifications	Reclassifications Certain reclassifications of prior period information were made to conform to the current period presentation. The reclassifications of prior period information were not material to the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Basic and Diluted EPS	The following schedule reconciles basic and diluted EPS for the years ended December 31, 2023, 2022 and 2021: Table 2.1 For the Years Ended December 31, 2023 2022 2021 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 172,838 10,829 $ 15.97 $ 150,979 10,791 $ 14.00 $ 111,412 10,758 $ 10.36 Effect of dilutive securities (1) SARs and restricted stock units — 108 (0.16) — 92 (0.13) — 88 (0.09) Diluted EPS $ 172,838 10,937 $ 15.81 $ 150,979 10,883 $ 13.87 $ 111,412 10,846 $ 10.27 (1) For years ended December 31, 2023, 2022 and 2021, SARs and restricted stock units of 32,683, 32,448, and 39,326 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the years ended December 31, 2023, 2022 and 2021, contingent shares of unvested restricted stock units of 30,648, 18,535, and 18,183 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met.
Schedule of Accumulated Other Comprehensive Income, Net of Tax	The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the years ended December 31, 2023, 2022, and 2021. Table 2.2 Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total (in thousands) Balance as of January 1, 2021 $ (13,937) $ 22,829 $ (22,815) (13,923) Other comprehensive income before reclassifications 9,114 — 11,602 20,716 Amounts reclassified from AOCI (2,109) (6,676) 5,845 (2,940) Net comprehensive income/(loss) 7,005 (6,676) 17,447 17,776 Balance as of December 31, 2021 $ (6,932) $ 16,153 $ (5,368) $ 3,853 Other comprehensive (loss)/income before reclassifications (108,624) — 54,688 (53,936) Amounts reclassified from AOCI (5) 204 (959) (760) Net comprehensive (loss)/income (108,629) 204 53,729 (54,696) Balance as of December 31, 2022 $ (115,561) $ 16,357 $ 48,361 $ (50,843) Other comprehensive income/(loss) before reclassifications 47,114 (25,199) 4,973 26,888 Amounts reclassified from AOCI — 118 (16,308) (16,190) Net comprehensive income/(loss) 47,114 (25,081) (11,335) 10,698 Balance as of December 31, 2023 $ (68,447) $ (8,724) $ 37,026 $ (40,145)
Schedule of Reclassification out of Accumulated Other Comprehensive Income	The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the years ended December 31, 2023, 2022, and 2021: Table 2.3 For the Years Ended December 31, 2023 2022 2021 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding gains/(losses) on available-for-sale securities $ 59,640 $ 12,526 $ 47,114 $ (137,500) $ (28,876) $ (108,624) $ 11,537 $ 2,423 $ 9,114 Less reclassification adjustments included in: Net interest income (1) — — — — — — (2,333) (490) (1,843) Gains on sale of available-for-sale investment securities (2) — — — — — — (253) (53) (200) Other income (2) — — — (6) (1) (5) (84) (18) (66) Total $ 59,640 $ 12,526 $ 47,114 $ (137,506) $ (28,877) $ (108,629) $ 8,867 $ 1,862 $ 7,005 Held-to-maturity securities: Change in fair value (3) $ (31,898) $ (6,699) $ (25,199) $ — $ — $ — $ — $ — $ — Less reclassification adjustments included in: Net interest income (4) 148 30 118 259 55 204 (8,451) (1,775) (6,676) Total $ (31,750) $ (6,669) $ (25,081) $ 259 $ 55 $ 204 $ (8,451) $ (1,775) $ (6,676) Cash flow hedges Unrealized gains on cash flow hedges $ 6,295 $ 1,322 $ 4,973 $ 69,225 $ 14,537 $ 54,688 $ 14,685 $ 3,083 $ 11,602 Less reclassification adjustments included in: Net interest income (5) (20,643) (4,335) (16,308) (1,213) (254) (959) 7,399 1,554 5,845 Total $ (14,348) $ (3,013) $ (11,335) $ 68,012 $ 14,283 $ 53,729 $ 22,084 $ 4,637 $ 17,447 Other comprehensive income/(loss) $ 13,542 $ 2,844 $ 10,698 $ (69,235) $ (14,539) $ (54,696) $ 22,500 $ 4,724 $ 17,776 (1) Relates to the amortization of unrealized gains on hedged items prior to the application of fair value hedge accounting. (2) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (3) Represents the accumulated unrealized loss on the AgVantage Securities transferred from available-for-sale to held-to-maturity. (4) Relates to the amortization of unrealized gains or losses prior to the reclassification of these securities from available-for-sale to held-to-maturity. The amortization of unrealized gains or losses reported in AOCI for held-to-maturity securities will be offset by the amortization of the premium or discount created from the transfer into held-to-maturity securities, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income. (5) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI.
Schedule of Consolidation of Variable Interest Entities	The following tables present, by segment, details about the consolidation of VIEs: Table 2.4 Consolidation of Variable Interest Entities As of December 31, 2023 Agricultural Finance Treasury Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,432,261 $ — $ 1,432,261 Debt securities of consolidated trusts held by third parties (1)(2) 1,351,069 — 1,351,069 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value 46,343 — 46,343 Maximum exposure to loss (3) 45,952 — 45,952 Investment securities: Carrying value (4) — 3,676,555 3,676,555 Maximum exposure to loss (3) (4) — 3,862,006 3,862,006 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 452,602 — 452,602 (1) Includes borrower remittances of $6.0 million. The borrower remittances had not been passed through to third-party investors as of December 31, 2023. (2) Includes $87.1 million in unamortized discount related to structured securitization transactions. (3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (4) Includes auction-rate certificates, government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities, and other mission related investments. (5) The amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause. Consolidation of Variable Interest Entities As of December 31, 2022 Agricultural Finance Treasury Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,211,576 $ — $ 1,211,576 Debt securities of consolidated trusts held by third parties (1)(2) 1,181,948 — 1,181,948 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value 28,466 — 28,466 Maximum exposure to loss (3) 31,208 — 31,208 Investment securities: Carrying value (4) — 3,138,619 3,138,619 Maximum exposure to loss (3) (4) — 3,341,427 3,341,427 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3) (5) 500,953 — 500,953 (1) Includes borrower remittances of $8.1 million. The borrower remittances had not been passed through to third-party investors as of December 31, 2022. (2) Includes $37.7 million in unamortized discount related to a structured securitization transaction. (3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (4) Includes auction-rate certificates, government-sponsored enterprise ("GSE")-guaranteed mortgage-backed securities, and other mission related investments. (5) The amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause.
Schedule of Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2020-04 and 2021-01 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The amendments in this Update provide optional guidance for a limited period of time to ease the potential burden in accounting for reference rate reform on financial reporting. They provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. January 1, 2020 During the second quarter 2023, Farmer Mac adopted optional expedients including those relating to qualifying hedging relationships and contract modification relief and, since September 30, 2023, has no further exposure to LIBOR. To date, these elections did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. Farmer Mac does not expect to elect further expedients through the ending date of December 31, 2024. ASU 2022-06 , Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 The amendments in this Update deferred the sunset date in Topic 848 from December 31, 2022 to December 31, 2024. December 21, 2022 Farmer Mac does not expect to elect further expedients through the ending date of December 31, 2024. ASU 2022-02 , Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures The Update addresses and amends areas identified by the Financial Accounting Standards Board as part of its post-implementation review of the accounting standard that introduced the current expected credit losses (“CECL”) model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require disclosure of current-period gross write offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. January 1, 2023 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. ASU 2022-01 , Fair Value Hedging - Portfolio Layer Method The Update introduces the portfolio layer method, which expands the current single-layer method to allow multiple hedged layers of a single closed portfolio under the method (previously named, last-of-layer method). It also expands the scope of the portfolio layer method to include non-prepayable assets, specifies eligible hedging instruments in a single-layer hedge, provides additional guidance on the accounting for and disclosure of hedge basis adjustments under the portfolio layer method, specifies how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio, and provides that an entity may reclassify HTM debt securities identified within 30 days of the date of adoption to AFS if the entity applies portfolio layer method hedging to those debt securities. January 1, 2023 Farmer Mac adopted this guidance as of January 1, 2023. Farmer Mac does not currently hedge interest rate risk for single closed portfolios of financial assets, so adoption of this guidance had no effect on Farmer Mac's financial condition, results of operations, cash flows, or disclosures given current strategies. Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements Standard Description Effect on Consolidated Financial Statements ASU 2023-07 , Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this Update require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This Update also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods, and entities with a single reportable segment are required to provide all the disclosures required by the amendments in this Update and existing disclosures in Topic 280. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively. Early adoption is permitted. Farmer Mac is still assessing the effect on our annual consolidated financial statement disclosures, however, adoption will not have a material impact on Farmer Mac's financial position, results of operations, or cash flows. ASU 2023-09 , Income Taxes (Topic 740): Improvements to Income Tax Disclosures The Update provides guidance on improvements to annual income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Additionally, public entities must provide a separate disclosure for any reconciling item that meets a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The amendments should be applied on a prospective basis. Early adoption is permitted. Farmer Mac is still assessing the impact of the new accounting standard but does not expect that adoption of the new guidance will have a material impact on Farmer Mac's financial position, results of operations, or cash flows.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following transactions occurred between Farmer Mac and Zions during 2023, 2022, and 2021: Table 3.1 For the Years Ended December 31, 2023 2022 2021 (in thousands) Unpaid Principal Balance: Purchases: Loans $ 160,079 $ 274,517 $ 214,319 USDA Securities 231 4,171 9,565 Sales of Farmer Mac Guaranteed Securities — 99,643 — Table 3.2 Farmer Mac Loan Purchases and Guarantees For the Years Ended December 31, 2023 2022 2021 (in thousands) Unpaid Principal Balance: Loans $ 298,254 $ 386,998 $ 127,117 LTSPCs — 30,421 — AgVantage Securities 1,450,000 670,000 1,450,000 Total purchases and guarantees $ 1,748,254 $ 1,087,419 $ 1,577,117

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	12 Months Ended
INVESTMENT SECURITIES (Tables)	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Farmer Mac Investment Securities	The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of December 31, 2023 and 2022: Table 4.1 As of December 31, 2023 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (27) $ — $ (591) $ 19,082 Floating rate Government/GSE guaranteed mortgage-backed securities 2,454,009 (1,138) 2,452,871 — 1,212 (29,649) 2,424,434 Fixed rate GSE guaranteed mortgage-backed securities 1,727,669 (46,788) 1,680,881 — 6,558 (117,824) 1,569,615 Floating rate U.S. Treasuries 50,000 (17) 49,983 — — (15) 49,968 Fixed rate U.S. Treasuries 869,585 (12,885) 856,700 — 2,074 (2,942) 855,832 Total available-for-sale 5,120,963 (60,828) 5,060,135 (27) 9,844 (151,021) 4,918,931 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 53,756 — 53,756 — 1,745 — 55,501 Total held-to-maturity $ 53,756 $ — $ 53,756 $ — $ 1,745 $ — $ 55,501 (1) Amounts presented exclude $15.9 million of accrued interest receivable on investment securities as of December 31, 2023. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 6.7% as of December 31, 2023. As of December 31, 2022 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (33) $ — $ (640) $ 19,027 Floating rate Government/GSE guaranteed mortgage-backed securities 2,433,696 (200) 2,433,496 — 1,954 (42,910) 2,392,540 Fixed rate GSE guaranteed mortgage-backed securities 1,207,416 (30,321) 1,177,095 — 2,128 (130,837) 1,048,386 Fixed rate U.S. Treasuries 1,145,915 (6,780) 1,139,135 — 621 (20,145) 1,119,611 Total available-for-sale 4,806,727 (37,301) 4,769,426 (33) 4,703 (194,532) 4,579,564 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — 2,433 — 47,465 Total held-to-maturity $ 45,032 $ — $ 45,032 $ — $ 2,433 $ — $ 47,465 (1) Amounts presented exclude $10.6 million of accrued interest receivable on investment securities as of December 31, 2022. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 4.5% as of December 31, 2022. The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2023 and 2022: Table 5.1 As of December 31, 2023 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 4,206,324 $ (29,622) $ 4,176,702 $ (209) $ 4,676 $ (39,451) $ 4,141,718 Farmer Mac Guaranteed USDA Securities 36,543 33 36,576 — 107 (806) 35,877 Total Farmer Mac Guaranteed Securities 4,242,867 (29,589) 4,213,278 (209) 4,783 (40,257) 4,177,595 USDA Securities 2,331,093 23,078 2,354,171 — 417 (319,783) 2,034,805 Total held-to-maturity $ 6,573,960 $ (6,511) $ 6,567,449 $ (209) $ 5,200 $ (360,040) $ 6,212,400 Available-for-sale: AgVantage $ 5,816,024 $ — $ 5,816,024 $ (317) $ 16,416 $ (309,411) $ 5,522,712 Farmer Mac Guaranteed Securities (3) — 9,409 9,409 — 358 — 9,767 Total available-for-sale $ 5,816,024 $ 9,409 $ 5,825,433 $ (317) $ 16,774 $ (309,411) $ 5,532,479 Trading: USDA Securities (4) $ 1,236 $ 64 $ 1,300 $ — $ — $ (59) $ 1,241 (1) Amounts presented exclude $47.2 million, $67.4 million, and $42,000 of accrued interest receivable (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) Fair value includes $9.8 million of an interest-only security with a notional amount of $238.4 million. (4) The trading USDA securities had a weighted average yield of 5.46% as of December 31, 2023. As of December 31, 2022 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,000,689 $ (95) $ 1,000,594 $ (59) $ 353 $ (54,098) $ 946,790 Farmer Mac Guaranteed USDA Securities 20,586 33 20,619 — 2 (856) 19,765 Total Farmer Mac Guaranteed Securities 1,021,275 (62) 1,021,213 (59) 355 (54,954) 966,555 USDA Securities 2,384,946 24,888 2,409,834 — 668 (312,824) 2,097,678 Total held-to-maturity $ 3,406,221 $ 24,826 $ 3,431,047 $ (59) $ 1,023 $ (367,778) $ 3,064,233 Available-for-sale: AgVantage $ 8,008,067 $ 806 $ 8,008,873 $ (546) $ 2,061 $ (411,009) $ 7,599,379 Farmer Mac Guaranteed Securities (3) — 10,622 10,622 — — (2,775) 7,847 Total available-for-sale $ 8,008,067 $ 11,428 $ 8,019,495 $ (546) $ 2,061 $ (413,784) $ 7,607,226 Trading: USDA Securities (4) $ 1,770 $ 80 $ 1,850 $ — $ — $ (83) $ 1,767 (1) Amounts presented exclude $51.5 million, $44.4 million, and $47,000 of accrued interest receivable (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) Fair value includes $7.8 million of an interest-only security with a notional amount of $250.1 million. (4) The trading USDA securities had a weighted average yield of 4.84% as of December 31, 2022.
Schedule of Unrealized Losses on Available-for-Sale Investment Securities	As of December 31, 2023 and 2022, unrealized losses on available-for-sale investment securities were as follows: Table 4.2 As of December 31, 2023 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,082 $ (591) Floating rate Government/GSE guaranteed mortgage-backed securities 568,759 (4,395) 1,449,122 (25,254) Fixed rate Government/GSE guaranteed mortgage-backed securities 384,305 (4,262) 905,759 (113,562) Floating rate U.S. Treasuries 49,969 (15) — — Fixed rate U.S. Treasuries 140,435 (606) 237,192 (2,336) Total $ 1,143,468 $ (9,278) $ 2,611,155 $ (141,743) Number of securities in loss position 91 162 As of December 31, 2022 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,027 $ (640) Floating rate Government/GSE guaranteed mortgage-backed securities 1,884,146 (36,976) 193,964 (5,934) Fixed rate Government/GSE guaranteed mortgage-backed securities 621,215 (56,434) 336,782 (74,403) Fixed rate U.S. Treasuries 314,524 (2,842) 704,780 (17,303) Total $ 2,819,885 $ (96,252) $ 1,254,553 $ (98,280) Number of securities in loss position 174 51 As of December 31, 2023 and 2022, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2 As of December 31, 2023 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 2,070,770 $ (6,705) $ 725,347 $ (32,746) Farmer Mac Guaranteed USDA Securities — — 8,393 (806) USDA Securities — — 2,023,801 (319,783) Total held-to-maturity $ 2,070,770 $ (6,705) $ 2,757,541 $ (353,335) Available-for-sale: AgVantage $ 508,182 $ (5,716) $ 4,043,431 $ (303,695) Farmer Mac Guaranteed Securities — — — — Total available-for-sale $ 508,182 $ (5,716) $ 4,043,431 $ (303,695) As of December 31, 2022 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 548,634 $ (11,455) $ 382,358 $ (42,643) Farmer Mac Guaranteed USDA Securities 19,790 (856) — — USDA Securities 2,086,108 (312,824) — — Total held-to-maturity $ 2,654,532 $ (325,135) $ 382,358 $ (42,643) Available-for-sale: AgVantage $ 4,642,096 $ (267,886) $ 1,548,551 $ (143,123) Farmer Mac Guaranteed Securities 7,847 (2,775) — — Total available-for-sale $ 4,649,943 $ (270,661) $ 1,548,551 $ (143,123)
Schedule of Available-for-Sale Securities Maturities	The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of December 31, 2023 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 4.3 As of December 31, 2023 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 567,615 $ 565,976 1.75% Due after one year through five years 1,191,428 1,173,923 4.25% Due after five years through ten years 2,489,410 2,386,411 4.39% Due after ten years 811,682 792,621 5.72% Total $ 5,060,135 $ 4,918,931 4.27% The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of December 31, 2023 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 5.3 As of December 31, 2023 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 643,100 $ 636,408 3.31 % Due after one year through five years 2,801,674 2,706,830 3.54 % Due after five years through ten years 1,425,000 1,343,146 3.75 % Due after ten years 955,659 846,095 3.55 % Total $ 5,825,433 $ 5,532,479 3.56 % (1) Amounts presented exclude $47.2 million of accrued interest receivable. As of December 31, 2023 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,862,524 $ 1,860,072 5.69 % Due after one year through five years 1,755,763 1,716,466 4.62 % Due after five years through ten years 279,166 244,568 3.57 % Due after ten years 2,669,996 2,391,294 4.27 % Total $ 6,567,449 $ 6,212,400 4.76 % (1) Amounts presented exclude $67.4 million of accrued interest receivable.

FARMER MAC GUARANTEED SECURIT_2

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Farmer Mac Guaranteed Securities and USDA Securities	The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of December 31, 2023 and 2022: Table 4.1 As of December 31, 2023 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (27) $ — $ (591) $ 19,082 Floating rate Government/GSE guaranteed mortgage-backed securities 2,454,009 (1,138) 2,452,871 — 1,212 (29,649) 2,424,434 Fixed rate GSE guaranteed mortgage-backed securities 1,727,669 (46,788) 1,680,881 — 6,558 (117,824) 1,569,615 Floating rate U.S. Treasuries 50,000 (17) 49,983 — — (15) 49,968 Fixed rate U.S. Treasuries 869,585 (12,885) 856,700 — 2,074 (2,942) 855,832 Total available-for-sale 5,120,963 (60,828) 5,060,135 (27) 9,844 (151,021) 4,918,931 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 53,756 — 53,756 — 1,745 — 55,501 Total held-to-maturity $ 53,756 $ — $ 53,756 $ — $ 1,745 $ — $ 55,501 (1) Amounts presented exclude $15.9 million of accrued interest receivable on investment securities as of December 31, 2023. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 6.7% as of December 31, 2023. As of December 31, 2022 Amount Outstanding Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ (33) $ — $ (640) $ 19,027 Floating rate Government/GSE guaranteed mortgage-backed securities 2,433,696 (200) 2,433,496 — 1,954 (42,910) 2,392,540 Fixed rate GSE guaranteed mortgage-backed securities 1,207,416 (30,321) 1,177,095 — 2,128 (130,837) 1,048,386 Fixed rate U.S. Treasuries 1,145,915 (6,780) 1,139,135 — 621 (20,145) 1,119,611 Total available-for-sale 4,806,727 (37,301) 4,769,426 (33) 4,703 (194,532) 4,579,564 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 45,032 — 45,032 — 2,433 — 47,465 Total held-to-maturity $ 45,032 $ — $ 45,032 $ — $ 2,433 $ — $ 47,465 (1) Amounts presented exclude $10.6 million of accrued interest receivable on investment securities as of December 31, 2022. (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the consolidated statement of operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) The held-to-maturity investment securities had a weighted average yield of 4.5% as of December 31, 2022. The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of December 31, 2023 and 2022: Table 5.1 As of December 31, 2023 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 4,206,324 $ (29,622) $ 4,176,702 $ (209) $ 4,676 $ (39,451) $ 4,141,718 Farmer Mac Guaranteed USDA Securities 36,543 33 36,576 — 107 (806) 35,877 Total Farmer Mac Guaranteed Securities 4,242,867 (29,589) 4,213,278 (209) 4,783 (40,257) 4,177,595 USDA Securities 2,331,093 23,078 2,354,171 — 417 (319,783) 2,034,805 Total held-to-maturity $ 6,573,960 $ (6,511) $ 6,567,449 $ (209) $ 5,200 $ (360,040) $ 6,212,400 Available-for-sale: AgVantage $ 5,816,024 $ — $ 5,816,024 $ (317) $ 16,416 $ (309,411) $ 5,522,712 Farmer Mac Guaranteed Securities (3) — 9,409 9,409 — 358 — 9,767 Total available-for-sale $ 5,816,024 $ 9,409 $ 5,825,433 $ (317) $ 16,774 $ (309,411) $ 5,532,479 Trading: USDA Securities (4) $ 1,236 $ 64 $ 1,300 $ — $ — $ (59) $ 1,241 (1) Amounts presented exclude $47.2 million, $67.4 million, and $42,000 of accrued interest receivable (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) Fair value includes $9.8 million of an interest-only security with a notional amount of $238.4 million. (4) The trading USDA securities had a weighted average yield of 5.46% as of December 31, 2023. As of December 31, 2022 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 1,000,689 $ (95) $ 1,000,594 $ (59) $ 353 $ (54,098) $ 946,790 Farmer Mac Guaranteed USDA Securities 20,586 33 20,619 — 2 (856) 19,765 Total Farmer Mac Guaranteed Securities 1,021,275 (62) 1,021,213 (59) 355 (54,954) 966,555 USDA Securities 2,384,946 24,888 2,409,834 — 668 (312,824) 2,097,678 Total held-to-maturity $ 3,406,221 $ 24,826 $ 3,431,047 $ (59) $ 1,023 $ (367,778) $ 3,064,233 Available-for-sale: AgVantage $ 8,008,067 $ 806 $ 8,008,873 $ (546) $ 2,061 $ (411,009) $ 7,599,379 Farmer Mac Guaranteed Securities (3) — 10,622 10,622 — — (2,775) 7,847 Total available-for-sale $ 8,008,067 $ 11,428 $ 8,019,495 $ (546) $ 2,061 $ (413,784) $ 7,607,226 Trading: USDA Securities (4) $ 1,770 $ 80 $ 1,850 $ — $ — $ (83) $ 1,767 (1) Amounts presented exclude $51.5 million, $44.4 million, and $47,000 of accrued interest receivable (2) Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the statement of financial operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors. (3) Fair value includes $7.8 million of an interest-only security with a notional amount of $250.1 million. (4) The trading USDA securities had a weighted average yield of 4.84% as of December 31, 2022.
Schedule of Unrealized Losses on Available-for-Sale Investment Securities	As of December 31, 2023 and 2022, unrealized losses on available-for-sale investment securities were as follows: Table 4.2 As of December 31, 2023 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,082 $ (591) Floating rate Government/GSE guaranteed mortgage-backed securities 568,759 (4,395) 1,449,122 (25,254) Fixed rate Government/GSE guaranteed mortgage-backed securities 384,305 (4,262) 905,759 (113,562) Floating rate U.S. Treasuries 49,969 (15) — — Fixed rate U.S. Treasuries 140,435 (606) 237,192 (2,336) Total $ 1,143,468 $ (9,278) $ 2,611,155 $ (141,743) Number of securities in loss position 91 162 As of December 31, 2022 Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (dollars in thousands) Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,027 $ (640) Floating rate Government/GSE guaranteed mortgage-backed securities 1,884,146 (36,976) 193,964 (5,934) Fixed rate Government/GSE guaranteed mortgage-backed securities 621,215 (56,434) 336,782 (74,403) Fixed rate U.S. Treasuries 314,524 (2,842) 704,780 (17,303) Total $ 2,819,885 $ (96,252) $ 1,254,553 $ (98,280) Number of securities in loss position 174 51 As of December 31, 2023 and 2022, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 5.2 As of December 31, 2023 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 2,070,770 $ (6,705) $ 725,347 $ (32,746) Farmer Mac Guaranteed USDA Securities — — 8,393 (806) USDA Securities — — 2,023,801 (319,783) Total held-to-maturity $ 2,070,770 $ (6,705) $ 2,757,541 $ (353,335) Available-for-sale: AgVantage $ 508,182 $ (5,716) $ 4,043,431 $ (303,695) Farmer Mac Guaranteed Securities — — — — Total available-for-sale $ 508,182 $ (5,716) $ 4,043,431 $ (303,695) As of December 31, 2022 Held-to-Maturity and Available-for-Sale Securities Unrealized loss position for Unrealized loss position for Fair Value Unrealized Fair Value Unrealized (in thousands) Held-to-maturity: AgVantage $ 548,634 $ (11,455) $ 382,358 $ (42,643) Farmer Mac Guaranteed USDA Securities 19,790 (856) — — USDA Securities 2,086,108 (312,824) — — Total held-to-maturity $ 2,654,532 $ (325,135) $ 382,358 $ (42,643) Available-for-sale: AgVantage $ 4,642,096 $ (267,886) $ 1,548,551 $ (143,123) Farmer Mac Guaranteed Securities 7,847 (2,775) — — Total available-for-sale $ 4,649,943 $ (270,661) $ 1,548,551 $ (143,123)
Schedule of Available-for-Sale and Held-to-Maturity Securities Maturities	The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of December 31, 2023 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 4.3 As of December 31, 2023 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 567,615 $ 565,976 1.75% Due after one year through five years 1,191,428 1,173,923 4.25% Due after five years through ten years 2,489,410 2,386,411 4.39% Due after ten years 811,682 792,621 5.72% Total $ 5,060,135 $ 4,918,931 4.27% The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity Farmer Mac Guaranteed Securities and USDA Securities by remaining contractual maturity as of December 31, 2023 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets. Table 5.3 As of December 31, 2023 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 643,100 $ 636,408 3.31 % Due after one year through five years 2,801,674 2,706,830 3.54 % Due after five years through ten years 1,425,000 1,343,146 3.75 % Due after ten years 955,659 846,095 3.55 % Total $ 5,825,433 $ 5,532,479 3.56 % (1) Amounts presented exclude $47.2 million of accrued interest receivable. As of December 31, 2023 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 1,862,524 $ 1,860,072 5.69 % Due after one year through five years 1,755,763 1,716,466 4.62 % Due after five years through ten years 279,166 244,568 3.57 % Due after ten years 2,669,996 2,391,294 4.27 % Total $ 6,567,449 $ 6,212,400 4.76 % (1) Amounts presented exclude $67.4 million of accrued interest receivable.

FINANCIAL DERIVATIVES (Tables)

FINANCIAL DERIVATIVES (Tables)	12 Months Ended
FINANCIAL DERIVATIVES (Tables)	Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position	The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements. The table below includes accrued interest on cleared swaps, but excludes $16.4 million and $6.1 million of accrued interest receivable and $6.5 million and $3.6 million of accrued interest payable on uncleared swaps as of December 31, 2023 and 2022, respectively. The aforementioned accrued interest on uncleared swaps is included within Accrued Interest Receivable Table 6.1 As of December 31, 2023 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Receive fixed non-callable $ 9,776,685 $ 2,350 $ (20,390) 5.57% 2.94% 1.78 Pay fixed non-callable 9,174,253 7,767 (1,081) 2.50% 5.47% 9.57 Receive fixed callable 3,879,827 7,374 (95,984) 5.40% 3.40% 2.48 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 558,000 20,234 (43) 1.94% 5.82% 4.30 No hedge designation: Interest rate swaps: Pay fixed non-callable 160,623 676 (29) 2.92% 5.64% 4.34 Receive fixed non-callable 1,358,396 263 (3) 5.44% 4.87% 0.64 Basis swaps 850,384 39 (746) 5.52% 5.48% 3.83 Treasury futures 21,300 11 (91) 112.51 Netting adjustments (1) (1,236) 1,236 Total financial derivatives $ 25,779,468 $ 37,478 $ (117,131) (1) Amounts represent the application of the netting requirements that allow Farmer Mac to settle positive and negative positions, including accrued interest, held or placed with the same clearing agent. As of December 31, 2022 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Receive fixed non-callable $ 10,033,750 $ 19 $ (4,686) 4.31% 2.03% 1.64 Pay fixed non-callable 8,149,871 13,689 (366) 2.23% 4.33% 10.76 Receive fixed callable 2,764,577 461 (174,757) 4.21% 1.98% 3.18 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 588,000 27,275 — 1.93% 4.72% 5.05 No hedge designation: Interest rate swaps: Pay fixed non-callable 187,479 1,065 (1) 3.05% 4.09% 4.52 Receive fixed non-callable 287,750 — (130) 4.31% 1.16% 1.76 Basis swaps 1,860,384 112 (456) 4.40% 4.42% 2.46 Treasury futures 6,800 — (142) 114.38 Netting adjustments (1) (5,212) 5,212 Total financial derivatives $ 23,878,611 $ 37,409 $ (175,326) (1)
Schedule of Net Income/(Expense) Recognized	The following tables summarize the net income/(expense) recognized in the consolidated statements of operations related to derivatives for the years ended December 31, 2023, 2022, and 2021: Table 6.2 For the Year Ended December 31, 2023 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations $ 287,144 $ 590,250 $ 514,894 $ (1,064,741) $ 2,882 $ 330,429 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 35,377 146,027 64,648 (345,852) — (99,800) Recognized on hedged items 33,488 183,396 63,133 (341,523) — (61,506) Premium/discount amortization recognized on hedged items 1,860 — — (2,865) — (1,005) Income/(expense) related to interest settlements on fair value hedging relationships $ 70,725 $ 329,423 $ 127,781 $ (690,240) $ — $ (162,311) (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ (19,445) $ (91,151) $ (23,528) $ 279,803 $ — $ 145,679 Recognized on hedged items 18,472 89,437 21,686 (280,668) — (151,073) (Losses)/gains on fair value hedging relationships $ (973) $ (1,714) $ (1,842) $ (865) $ — $ (5,394) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 20,643 $ — $ 20,643 Recognized on hedged items — — — (31,610) — (31,610) Discount amortization recognized on hedged items — — — (55) — (55) Expense recognized on cash flow hedges $ — $ — $ — $ (11,022) $ — $ (11,022) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 4,395 $ 4,395 Interest expense on interest rate swaps — — — — (4,845) (4,845) Treasury futures — — — — 3,332 3,332 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 2,882 $ 2,882 For the Year Ended December 31, 2022 Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives Net Interest Income Non-Interest Income Total Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Gains on financial derivatives (in thousands) Total amounts presented in the consolidated statement of operations: $ 82,659 $ 283,769 $ 350,420 $ (445,908) $ 22,631 $ 293,571 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 2,727 (19,486) (501) (61,941) — (79,201) Recognized on hedged items 16,199 142,809 56,141 (132,406) — 82,743 Discount amortization recognized on hedged items (754) — — (2,116) — (2,870) Income/(expense) related to interest settlements on fair value hedging relationships $ 18,172 $ 123,323 $ 55,640 $ (196,463) $ — $ 672 (Losses)/gains on fair value hedging relationships: Recognized on derivatives $ 104,722 $ 553,530 $ 351,116 $ (489,445) $ — $ 519,923 Recognized on hedged items (105,889) (553,393) (341,162) 486,323 — (514,121) (Losses)/gains on fair value hedging relationships $ (1,167) $ 137 $ 9,954 $ (3,122) $ — $ 5,802 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 1,213 $ — $ 1,213 Recognized on hedged items — — — (12,847) — (12,847) Discount amortization recognized on hedged items — — — (57) — (57) Expense recognized on cash flow hedges $ — $ — $ — $ (11,691) $ — $ (11,691) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 13,012 $ 13,012 Interest expense on interest rate swaps — — — — (7,619) (7,619) Treasury futures — — — — 17,238 17,238 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 22,631 $ 22,631
Schedule of Hedged Items in Fair Value Hedging Relationships	The following table shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships as of December 31, 2023 and 2022: Table 6.3 Hedged Items in Fair Value Relationship Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities) December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 (in thousands) Investment securities, Available-for-Sale, at fair value $ 1,251,386 $ 876,063 $ (88,635) $ (107,107) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value 5,497,948 4,814,784 (257,436) (346,873) Loans held for investment, at amortized cost 1,699,361 1,623,301 (305,592) (327,278) Notes Payable (1) (13,350,111) (12,151,382) 250,418 531,086 (1) Carrying amount represents amortized cost.
Offsetting Assets	The following tables present the fair value of financial assets and liabilities, based on the terms of Farmer Mac's master netting arrangements as of December 31, 2023 and 2022: Table 6.4 December 31, 2023 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (3) (in thousands) Assets: Uncleared derivatives $ 25,751 $ — $ 25,751 $ (25,727) $ — $ — $ 24 Cleared derivatives 10,388 (1,236) 9,152 — — — 9,152 Total $ 36,139 $ (1,236) $ 34,903 $ (25,727) $ — $ — $ 9,176 Liabilities: Uncleared derivatives $ (100,114) $ — $ (100,114) $ 25,727 $ — $ 69,360 $ (5,027) Cleared derivatives (1,236) 1,236 — — — — — Total $ (101,350) $ 1,236 $ (100,114) $ 25,727 $ — $ 69,360 $ (5,027) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $15.2 million of collateral posted and $2.0 million of collateral received related to counterparties not subject to master netting agreements. (3) Any over-collateralization at an individual clearing agent and/or counterparty level is not included in the determination of the net amount. As of December 31, 2023, Farmer Mac had additional net exposure of $207.2 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position. December 31, 2022 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (3) (in thousands) Assets: Uncleared derivatives $ 27,132 $ — $ 27,132 $ (27,132) $ — $ — $ — Cleared derivatives 14,450 (5,212) 9,238 — — — 9,238 Total $ 41,582 $ (5,212) $ 36,370 $ (27,132) $ — $ — $ 9,238 Liabilities: Uncleared derivatives $ (149,864) $ — $ (149,864) $ 27,132 $ — $ 121,065 $ (1,667) Cleared derivatives (5,212) 5,212 — — — — — Total $ (155,076) $ 5,212 $ (149,864) $ 27,132 $ — $ 121,065 $ (1,667) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $23.7 million of collateral posted related to counterparties not subject to master netting agreements. (3)
Offsetting Liabilities	The following tables present the fair value of financial assets and liabilities, based on the terms of Farmer Mac's master netting arrangements as of December 31, 2023 and 2022: Table 6.4 December 31, 2023 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (3) (in thousands) Assets: Uncleared derivatives $ 25,751 $ — $ 25,751 $ (25,727) $ — $ — $ 24 Cleared derivatives 10,388 (1,236) 9,152 — — — 9,152 Total $ 36,139 $ (1,236) $ 34,903 $ (25,727) $ — $ — $ 9,176 Liabilities: Uncleared derivatives $ (100,114) $ — $ (100,114) $ 25,727 $ — $ 69,360 $ (5,027) Cleared derivatives (1,236) 1,236 — — — — — Total $ (101,350) $ 1,236 $ (100,114) $ 25,727 $ — $ 69,360 $ (5,027) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $15.2 million of collateral posted and $2.0 million of collateral received related to counterparties not subject to master netting agreements. (3) Any over-collateralization at an individual clearing agent and/or counterparty level is not included in the determination of the net amount. As of December 31, 2023, Farmer Mac had additional net exposure of $207.2 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position. December 31, 2022 Gross Amounts Not Offset in the Consolidated Balance Sheet Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (3) (in thousands) Assets: Uncleared derivatives $ 27,132 $ — $ 27,132 $ (27,132) $ — $ — $ — Cleared derivatives 14,450 (5,212) 9,238 — — — 9,238 Total $ 41,582 $ (5,212) $ 36,370 $ (27,132) $ — $ — $ 9,238 Liabilities: Uncleared derivatives $ (149,864) $ — $ (149,864) $ 27,132 $ — $ 121,065 $ (1,667) Cleared derivatives (5,212) 5,212 — — — — — Total $ (155,076) $ 5,212 $ (149,864) $ 27,132 $ — $ 121,065 $ (1,667) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $23.7 million of collateral posted related to counterparties not subject to master netting agreements. (3)

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	12 Months Ended
NOTES PAYABLE (Tables)	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following tables set forth information related to Farmer Mac's borrowings as of December 31, 2023 and 2022: Table 7.1 December 31, 2023 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 $ 1,734,387 5.32 % $ 1,097,300 5.08 % Medium-term notes 384,970 5.07 % 1,731,308 4.09 % Current portion of medium-term notes 5,967,811 2.90 % Total due within one year $ 8,087,168 3.52 % Due after one year: Medium-term notes due in: Two years $ 5,523,671 3.27 % Three years 3,825,702 2.27 % Four years 3,038,229 3.44 % Five years 2,623,202 4.37 % Thereafter 3,488,987 2.80 % Total due after one year $ 18,499,791 3.16 % Total principal net of discounts $ 26,586,959 3.27 % Hedging adjustments (250,417) Total $ 26,336,542 December 31, 2022 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 $ 565,578 3.91 % $ 1,325,026 0.96 % Medium-term notes 2,547,733 3.54 % 1,442,932 2.11 % Current portion of medium-term notes 4,920,864 1.49 % Total due within one year $ 8,034,175 2.31 % Due after one year: Medium-term notes due in: Two years $ 4,072,740 1.71 % Three years 3,506,480 2.10 % Four years 2,967,625 1.44 % Five years 2,361,197 3.12 % Thereafter 4,057,982 2.60 % Total due after one year $ 16,966,024 2.15 % Total principal net of discounts $ 25,000,199 2.20 % Hedging adjustments (531,086) Total $ 24,469,113 Table 7.2 Debt Callable in 2024 as of December 31, 2023, by Maturity Amount Weighted-Average Rate (dollars in thousands) Maturity: 2025 $ 970,468 2.88 % 2026 1,398,727 2.05 % 2027 883,962 2.80 % 2028 582,892 4.27 % Thereafter 1,805,423 2.54 % Total $ 5,641,472 2.70 %
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 December 31, 2023, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date: Table 7.3 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: 2024 $ 10,125,494 3.95 % 2025 4,568,438 2.79 % 2026 3,622,798 2.07 % 2027 2,747,407 3.20 % 2028 2,380,412 4.24 % Thereafter 3,142,410 2.47 % Total principal net of discounts $ 26,586,959 3.27 %

LOANS (Tables)

LOANS (Tables)	12 Months Ended
LOANS (Tables)	Dec. 31, 2023
Receivables [Abstract]
Schedule of Composition of Loan Balances	The following table includes loans held for investment and displays the composition of the loan balances as of December 31, 2023 and 2022: Table 8.1 As of December 31, 2023 As of December 31, 2022 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Agricultural Finance loans Farm & Ranch $ 5,133,450 $ 1,432,261 $ 6,565,711 $ 5,150,750 $ 1,211,576 $ 6,362,326 Corporate AgFinance 1,259,723 — 1,259,723 1,166,253 — 1,166,253 Total Agricultural Finance loans 6,393,173 1,432,261 7,825,434 6,317,003 1,211,576 7,528,579 Rural Infrastructure Finance loans 3,534,763 — 3,534,763 3,021,266 — 3,021,266 Total unpaid principal balance (1) 9,927,936 1,432,261 11,360,197 9,338,269 1,211,576 10,549,845 Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments (304,817) — (304,817) (329,290) — (329,290) Total loans 9,623,119 1,432,261 11,055,380 9,008,979 1,211,576 10,220,555 Allowance for losses (15,588) (443) (16,031) (14,629) (460) (15,089) Total loans, net of allowance $ 9,607,531 $ 1,431,818 $ 11,039,349 $ 8,994,350 $ 1,211,116 $ 10,205,466 (1)
Schedule Allowance for Losses	The following table is a summary, by asset type, of the allowance for losses as of December 31, 2023 and 2022: Table 8.2 December 31, 2023 December 31, 2022 Allowance for Losses Allowance for Losses (in thousands) Loans: Agricultural Finance loans Farm & Ranch $ 3,936 $ 4,044 Corporate AgFinance 2,948 2,731 Total Agricultural Finance Loans 6,884 6,775 Rural Infrastructure Finance loans 9,147 8,314 Total $ 16,031 $ 15,089 The following is a summary of the changes in the allowance for losses for each year in the three-year period ended December 31, 2023: Table 8.3 Agricultural Finance loans Rural Infrastructure Finance loans (3) Farm & Ranch (1) Corporate AgFinance (2) Total (in thousands) Balance as of December 31, 2020 $ 3,404 $ 341 $ 3,745 $ 10,087 (Release of)/provision for losses (1,576) 219 (1,357) 512 Recovery 1,054 — 1,054 — Balance as of December 31, 2021 $ 2,882 $ 560 $ 3,442 $ 10,599 Provision for/(release of) losses 1,246 2,171 3,417 (2,285) Charge-offs (84) — (84) — Balance as of December 31, 2022 $ 4,044 $ 2,731 $ 6,775 $ 8,314 (Release of)/provision for losses (108) 217 109 833 Charge-offs — — — — Balance as of December 31, 2023 $ 3,936 $ 2,948 $ 6,884 $ 9,147 (1) As of December 31, 2023 and 2022, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $1.0 million and $1.9 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (2) As of December 31, 2023 and 2022, the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $0.0 million and $2.4 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (3)
Schedule of Past Due Financing Receivables	The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of December 31, 2023 and 2022: Table 8.4 As of December 31, 2023 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 6,470,205 $ 15,326 $ 3,953 $ 10,991 $ 30,270 $ 65,236 $ 6,565,711 Corporate AgFinance 1,259,723 — — — — — 1,259,723 Total Agricultural Finance loans 7,729,928 15,326 3,953 10,991 30,270 65,236 7,825,434 Rural Infrastructure Finance loans 3,534,763 — — — — — 3,534,763 Total $ 11,264,691 $ 15,326 $ 3,953 $ 10,991 $ 30,270 $ 65,236 $ 11,360,197 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Includes loans in consolidated trusts with beneficial interests owned by third parties (single-class) that are 90 days or more past due. (3) Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. (4) Includes $25.7 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2023, Farmer Mac received $2.6 million in interest on nonaccrual loans. As of December 31, 2022 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 6,287,326 $ 10,066 $ 392 $ 1,140 $ 11,598 $ 63,402 $ 6,362,326 Corporate AgFinance 1,150,690 — — — — 15,563 1,166,253 Total Agricultural Finance loans 7,438,016 10,066 392 1,140 11,598 78,965 7,528,579 Rural Infrastructure Finance loans 3,021,266 — — — — — 3,021,266 Total $ 10,459,282 $ 10,066 $ 392 $ 1,140 $ 11,598 $ 78,965 $ 10,549,845 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Includes loans in consolidated trusts with beneficial interests owned (single-class) by third parties that are 90 days or more past due. (3) Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. (4) Includes $22.0 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2022, Farmer Mac received $5.6 million in interest on nonaccrual loans. The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2023 and 2022: Table 12.8 As of December 31, 2023 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,390,918 $ 2,776 $ 2,366 $ 1,784 $ 6,926 $ 3,397,844 Rural Infrastructure Finance: 535,013 — — — — 535,013 Total $ 3,925,931 $ 2,776 $ 2,366 $ 1,784 $ 6,926 $ 3,932,857 (1) Includes loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs that are 90 days of more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. As of December 31, 2022 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,174,939 $ 11,614 $ 622 $ 3,817 $ 16,053 $ 3,190,992 Rural Infrastructure Finance: 523,192 — — — — 523,192 Total $ 3,698,131 $ 11,614 $ 622 $ 3,817 $ 16,053 $ 3,714,184 (1) Includes loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs that are 90 days of more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.
Schedule of Financing Receivable Credit Quality Indicators	The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Rural Infrastructure Finance loans held as of December 31, 2023 and 2022, by year of origination: Table 8.5 As of December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 530,956 $ 1,137,226 $ 1,653,780 $ 1,120,917 $ 323,922 $ 1,068,862 $ 385,766 $ 6,221,429 Special mention (2) 70,524 46,529 27,957 11,591 4,782 21,257 8,777 191,417 Substandard (3) 3,357 23,987 10,164 17,395 28,942 58,606 10,414 152,865 Total $ 604,837 $ 1,207,742 $ 1,691,901 $ 1,149,903 $ 357,646 $ 1,148,725 $ 404,957 $ 6,565,711 For the Year Ended December 31, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance (1) : Internally Assigned Risk Rating: Acceptable $ 207,279 $ 97,922 $ 261,992 $ 123,158 $ 99,352 $ 112,947 $ 254,325 $ 1,156,975 Special mention (2) — 14,522 15,408 50,822 20,333 — 1,663 102,748 Substandard (3) — — — — — — — — Total $ 207,279 $ 112,444 $ 277,400 $ 173,980 $ 119,685 $ 112,947 $ 255,988 $ 1,259,723 For the Year Ended December 31, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 618,946 $ 681,272 $ 187,746 $ 593,841 $ 701,937 $ 611,548 $ 100,223 $ 3,495,513 Special mention (2) — 9,850 — — — — — 9,850 Substandard (3) — 29,400 — — — — — 29,400 Total $ 618,946 $ 720,522 $ 187,746 $ 593,841 $ 701,937 $ 611,548 $ 100,223 $ 3,534,763 For the Year Ended December 31, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 1,157,829 $ 1,704,547 $ 1,187,474 $ 360,704 $ 242,491 $ 947,535 $ 385,503 $ 5,986,083 Special mention (2) 91,099 68,260 25,629 11,254 5,325 17,797 2,452 221,816 Substandard (3) 3,094 8,814 22,976 23,937 17,845 67,654 10,107 154,427 Total $ 1,252,022 $ 1,781,621 $ 1,236,079 $ 395,895 $ 265,661 $ 1,032,986 $ 398,062 $ 6,362,326 For the Year Ended December 31, 2022: Current period charge-offs $ — $ — $ — $ — $ — $ (84) $ — $ (84) (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance loans (1) : Internally Assigned Risk Rating: Acceptable $ 145,263 $ 299,729 $ 221,560 $ 108,230 $ 76,454 $ 44,827 $ 232,107 $ 1,128,170 Special mention (2) — — — 20,698 — — 2,145 22,843 Substandard (3) — — 4,598 — — — 10,642 15,240 Total $ 145,263 $ 299,729 $ 226,158 $ 128,928 $ 76,454 $ 44,827 $ 244,894 $ 1,166,253 For the Year Ended December 31, 2022: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 741,021 $ 220,420 $ 629,223 $ 739,270 $ 7,932 $ 649,830 $ 33,570 $ 3,021,266 Special mention (2) — — — — — — — — Substandard (3) — — — — — — — — Total $ 741,021 $ 220,420 $ 629,223 $ 739,270 $ 7,932 $ 649,830 $ 33,570 $ 3,021,266 For the Year Ended December 31, 2022: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. The following tables present credit quality indicators related to Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2023 and 2022, by year of origination: Table 12.9 As of December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 169,429 $ 246,441 $ 515,396 $ 534,395 $ 264,815 $ 1,185,811 $ 391,335 $ 3,307,622 Special mention (1) — 71 2,466 872 531 44,631 8,565 57,136 Substandard (2) — — — 131 1,536 26,328 5,091 33,086 Total $ 169,429 $ 246,512 $ 517,862 $ 535,398 $ 266,882 $ 1,256,770 $ 404,991 $ 3,397,844 For the Year Ended December 31, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 419,190 $ 115,823 $ 535,013 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 419,190 $ 115,823 $ 535,013 For the Year Ended December 31, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 202,998 $ 496,269 $ 535,798 $ 254,293 $ 207,379 $ 1,107,834 $ 296,508 $ 3,101,079 Special mention (1) — 1,319 1,778 — 1,198 42,680 3,205 50,180 Substandard (2) — — 176 — 3,588 32,597 3,372 39,733 Total $ 202,998 $ 497,588 $ 537,752 $ 254,293 $ 212,165 $ 1,183,111 $ 303,085 $ 3,190,992 For the Year Ended December 31, 2022: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 470,659 $ 52,533 $ 523,192 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 470,659 $ 52,533 $ 523,192 For the Year Ended December 31, 2022: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
EQUITY (Tables)	Dec. 31, 2023
Equity [Abstract]
Schedule of Stock by Class	The following table presents the Series C Preferred Stock, the Series D Preferred Stock, the Series E Preferred Stock, the Series F Preferred Stock, and the Series G Preferred Stock (collectively referred to as the "Outstanding Preferred Stock") as of December 31, 2023: Table 9.1 Name Issuance Date Issuance Cost Shares Issued Annual Dividend Rate (2) Liquidation Value Per Share First Possible Redemption Date (3) Series C (1) June 20, 2014 $ 1,618,583 3,000,000 6.000 % $ 25.00 July 18, 2024 Series D May 13, 2019 $ 3,340,456 4,000,000 5.700 % $ 25.00 July 17, 2024 Series E May 20, 2020 $ 2,496,750 3,180,000 5.750 % $ 25.00 July 17, 2025 Series F August 20, 2020 $ 3,839,902 4,800,000 5.250 % $ 25.00 October 17, 2025 Series G May 27, 2021 $ 3,661,677 5,000,000 4.875 % $ 25.00 July 17, 2026 (1) The Series C Preferred Stock pays an annual dividend rate of 6.00% from the date of issuance to and including the quarterly payment date occurring on July 17, 2024, and thereafter, at a floating rate equal to three-month LIBOR plus 3.26%, which Farmer Mac expects will be converted to the Term Loan Secured Overnight Financing Rate published by CME Group Benchmark Administration, Ltd., plus a spread adjustment based on the tenor of the securities, if not redeemed prior to that payment date. (2) Dividends on all series of Outstanding Preferred Stock are non-cumulative, which means that if Farmer Mac's board of directors has not declared a dividend before the applicable dividend payment date for any dividend period, such dividend will not be paid or cumulate, and Farmer Mac will have no obligation to pay dividends for such dividend period, whether or not dividends on any series of Outstanding Preferred Stock are declared for any future dividend period. (3)
Quarterly Dividends Paid by Farmers MAC	The following tables present the quarterly dividends paid by Farmer Mac on its outstanding preferred during 2023, 2022, and 2021: Table 9.2 2023 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C $ 0.3750 $ 0.3750 $ 0.3750 $ 0.3750 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E 0.3594 0.3594 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F 0.3281 0.3281 0.3281 0.3281 4.875% Non-Cumulative Preferred Stock, Series G 0.3047 0.3047 0.3047 0.3047 2022 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C $ 0.3750 $ 0.3750 $ 0.3750 $ 0.3750 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E 0.3594 0.3594 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F 0.3281 0.3281 0.3281 0.3281 4.875% Non-Cumulative Preferred Stock, Series G 0.3047 0.3047 0.3047 0.3047 2021 1st Quarter 2nd Quarter (1) 3rd Quarter 4th Quarter 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C $ 0.3750 $ 0.3750 $ 0.3750 $ 0.3750 5.700% Non-Cumulative Preferred Stock, Series D 0.3563 0.3563 0.3563 0.3563 5.750% Non-Cumulative Preferred Stock, Series E 0.3594 0.3594 0.3594 0.3594 5.250% Non-Cumulative Preferred Stock, Series F 0.3281 0.3281 0.3281 0.3281 4.875% Non-Cumulative Preferred Stock, Series G — 0.1693 0.3047 0.3047 (1) For second quarter 2021, dividend payment includes $0.1693 per share on the Series G Preferred Stock for the period from but not including May 27, 2021 (issuance date) to and including July 17, 2021.
Share-based Payment Arrangement, Option, Activity	The following tables summarize SARs and non-vested restricted stock unit activity for the years ended December 31, 2023, 2022, and 2021: Table 9.3 For the Years Ended December 31, 2023 2022 2021 SARs Weighted- SARs Weighted- SARs Weighted- Outstanding, beginning of year 132,163 $ 75.82 130,409 $ 66.10 116,417 $ 57.16 Granted 16,761 135.12 18,432 120.38 28,575 88.68 Exercised (22,972) 56.82 (16,678) 49.04 (14,583) 38.99 Canceled — — — — — — Outstanding, end of year 125,952 87.18 132,163 75.82 130,409 66.10 Exercisable at end of year 87,378 73.15 83,054 63.12 72,106 52.85 For the Years Ended December 31, 2023 2022 2021 Non-vested Restricted Stock Units Weighted- Non-vested Restricted Stock Units Weighted- Non-vested Restricted Stock Units Weighted- Outstanding, beginning of year 100,025 $ 91.84 103,891 $ 78.55 83,956 $ 71.76 Granted 59,745 135.56 38,668 120.14 53,358 88.92 Canceled (62) 88.68 (2,711) 97.44 (1,184) 79.82 Vested and issued (45,355) 78.12 (39,823) 84.25 (32,239) 77.98 Outstanding, end of year 114,353 120.13 100,025 91.84 103,891 78.55
Share-based Payment Arrangement, Option, Exercise Price Range	The following tables summarize information about SARs and non-vested restricted stock units outstanding as of December 31, 2023: Table 9.4 SARs: Outstanding Exercisable Vested or Expected to Vest Range of SARs Weighted- SARs Weighted- SARs Weighted- $25.00 - $39.99 18,735 1.6 years 18,735 1.6 years 18,735 1.6 years 40.00 - 54.99 — 0.0 years — 0.0 years — 0.0 years 55.00 - 69.99 3,381 3.3 years 3,381 3.3 years 3,381 3.3 years 70.00 - 84.99 39,642 5.8 years 39,642 5.8 years 39,642 5.8 years 85.00 - 99.99 29,001 6.6 years 19,476 6.3 years 29,001 6.6 years 100.00 - 114.99 — 0.0 years — 0.0 years — 0.0 years 115.00 - 129.99 18,432 8.2 years 6,144 8.2 years 18,432 8.2 years 130.00 - 144.99 16,761 9.3 years — 0.0 years 16,761 9.3 years 125,952 87,378 125,952 Non-vested Restricted Stock Units: Outstanding Expected to Vest Weighted- Non-vested Restricted Stock Units Weighted-Average Remaining Contractual Non-vested Restricted Stock Units Weighted-Average Remaining Contractual $80.00 - $94.99 30,182 0.3 years 30,450 0.1 years 95.00 - 109.99 219 0.3 years 219 0.3 years 110.00 - 124.99 24,779 1.3 years 24,779 1.3 years 125.00 - 139.99 56,194 2.3 years 56,194 2.3 years 140.00 - 154.99 2,979 2.3 years 2,979 2.3 years 114,353 114,621
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The fair value of SARs was estimated using the Black-Scholes option pricing model based on the following assumptions: Table 9.5 For the Year Ended December 31, 2023 2022 2021 Risk-free interest rate 4.1% 1.9% 0.9% Expected years until exercise 6 years 6 years 6 years Expected stock volatility 36.6% 37.4% 39.1% Dividend yield 3.3% 3.2% 4.0%

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Components of Federal Corporate Income Tax Expense	The components of the federal corporate income tax expense for the years ended December 31, 2023, 2022, and 2021 were as follows: Table 10.1 For the Year Ended December 31, 2023 2022 2021 (in thousands) Current income tax expense $ 46,712 $ 35,609 $ 38,645 Deferred income tax expense 6,386 11,926 (2,273) Income tax expense $ 53,098 $ 47,535 $ 36,372
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of income tax at the statutory federal corporate income tax rate to the income tax expense for the years ended December 31, 2023, 2022, and 2021 is as follows: Table 10.2 For the Year Ended December 31, 2023 2022 2021 (dollars in thousands) Tax expense at statutory rate $ 53,151 $ 47,393 $ 36,217 Excess tax benefits related to stock-based awards (924) (401) (300) Other 871 543 455 Income tax expense $ 53,098 $ 47,535 $ 36,372 Statutory tax rate 21.0 % 21.0 % 21.0 %
Components of Deferred Tax Assets and Liabilities	The components of the deferred tax assets and liabilities as of December 31, 2023 and 2022 were as follows: Table 10.3 As of December 31, 2023 2022 (in thousands) Deferred tax assets: Basis difference related to hedge items $ 84,922 $ 53,360 Unrealized losses on available-for-sale securities 20,514 26,371 Allowance for losses 3,842 3,603 Compensation and Benefits 2,127 1,639 Stock-based compensation 2,481 1,755 Capital loss carryforwards 35 32 Valuation allowance (35) (32) Other 2,051 1,444 Total deferred tax assets $ 115,937 $ 88,172 Deferred tax liability: Basis differences related to financial derivatives $ 80,887 $ 49,526 Unrealized gains on cash flow hedges 9,843 12,855 Basis difference related to structured securitizations 16,647 7,782 Other 90 5 Total deferred tax liability $ 107,467 $ 70,168 Net deferred tax asset $ 8,470 $ 18,004

GUARANTEES AND COMMITMENTS (Tab

GUARANTEES AND COMMITMENTS (Tables)	12 Months Ended
GUARANTEES AND COMMITMENTS (Tables)	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Guarantor Obligations	The following table presents changes in Farmer Mac's guarantee and commitment obligations in the consolidated balance sheets for the years ended December 31, 2023, 2022, and 2021: Table 12.1 For the Years Ended December 31, 2023 2022 2021 (in thousands) Beginning balance, January 1 $ 46,582 $ 43,926 $ 35,535 Additions to the guarantee and commitment obligation (1) 5,312 8,569 15,648 Amortization of the guarantee and commitment obligation (4,331) (5,913) (7,257) Ending balance, December 31 $ 47,563 $ 46,582 $ 43,926 (1) Represents the fair value of the guarantee and commitment obligation at inception. The following table presents the maximum principal amount of potential undiscounted future payments that Farmer Mac could be required to make under all off-balance sheet Farmer Mac Guaranteed Securities as of December 31, 2023 and 2022, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 12.2 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of December 31, 2023 As of December 31, 2022 (in thousands) Agricultural Finance Farmer Mac Guaranteed Securities $ 452,602 $ 500,953 Rural Infrastructure Finance Farmer Mac Guaranteed Securities — 1,169 Total off-balance sheet Farmer Mac Guaranteed Securities $ 452,602 $ 502,122 Table 12.4 As of December 31, 2023 As of December 31, 2022 (dollars in thousands) Guarantee and commitment obligation $ 5,969 $ 6,461 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 21.9 years 21.4 years AgVantage Securities 0.0 years 2.0 years
Schedule of Cash Flows Related To Transfer of Securitizations	The following table summarizes the significant cash flows received from and paid to trusts used for Farmer Mac securitizations: Table 12.3 For the Year Ended December 31, 2023 2022 2021 (in thousands) Proceeds from new securitizations $ 222,188 $ 357,841 $ 291,393 Guarantee fees received 1,620 1,852 1,029
Schedule of Long-Term Standby Purchase Commitments	The following table presents the liability, the maximum principal amount of potential undiscounted future payments that Farmer Mac could be requested to make under all LTSPCs, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans, as well as the weighted-average remaining maturity of all loans underlying LTSPCs: Table 12.5 As of December 31, 2023 As of December 31, 2022 (dollars in thousands) Guarantee and commitment obligation (1) $ 41,594 $ 40,121 Maximum principal amount 3,680,333 3,423,155 Weighted-average remaining maturity 14.5 years 15.3 years (1) Relates to LTSPCs issued or modified on or after January 1, 2003.
Schedule of Reserve for Losses	The following table is a summary, by asset type, of the reserve for losses as of December 31, 2023 and 2022: Table 12.6 December 31, 2023 December 31, 2022 Reserve for Losses Reserve for Losses (in thousands) Agricultural Finance $ 1,471 $ 819 Rural Infrastructure Finance 240 614 Total $ 1,711 $ 1,433 The following is a summary of the changes in the reserve for losses for the three-year period ended December 31, 2023: Table 12.7 Agricultural Finance loans Rural Infrastructure Finance loans Reserve for Losses Reserve for Losses (in thousands) Balance as of December 31, 2020 (1) $ 2,097 $ 1,180 Release of losses (1,029) (298) Balance as of December 31, 2021 $ 1,068 $ 882 Release of losses (249) (268) Balance as of December 31, 2022 $ 819 $ 614 Release of losses 652 (374) Balance as of December 31, 2023 $ 1,471 $ 240 (1)
Schedule of Past Due Financing Receivables	The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of December 31, 2023 and 2022: Table 8.4 As of December 31, 2023 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 6,470,205 $ 15,326 $ 3,953 $ 10,991 $ 30,270 $ 65,236 $ 6,565,711 Corporate AgFinance 1,259,723 — — — — — 1,259,723 Total Agricultural Finance loans 7,729,928 15,326 3,953 10,991 30,270 65,236 7,825,434 Rural Infrastructure Finance loans 3,534,763 — — — — — 3,534,763 Total $ 11,264,691 $ 15,326 $ 3,953 $ 10,991 $ 30,270 $ 65,236 $ 11,360,197 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Includes loans in consolidated trusts with beneficial interests owned by third parties (single-class) that are 90 days or more past due. (3) Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. (4) Includes $25.7 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2023, Farmer Mac received $2.6 million in interest on nonaccrual loans. As of December 31, 2022 Accruing Current 30-59 Days 60-89 Days 90 Days and Greater (2) Total Past Due Nonaccrual loans (3)(4) Total Loans (in thousands) Loans (1) : Agricultural Finance loans Farm & Ranch $ 6,287,326 $ 10,066 $ 392 $ 1,140 $ 11,598 $ 63,402 $ 6,362,326 Corporate AgFinance 1,150,690 — — — — 15,563 1,166,253 Total Agricultural Finance loans 7,438,016 10,066 392 1,140 11,598 78,965 7,528,579 Rural Infrastructure Finance loans 3,021,266 — — — — — 3,021,266 Total $ 10,459,282 $ 10,066 $ 392 $ 1,140 $ 11,598 $ 78,965 $ 10,549,845 (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Includes loans in consolidated trusts with beneficial interests owned (single-class) by third parties that are 90 days or more past due. (3) Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. (4) Includes $22.0 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2022, Farmer Mac received $5.6 million in interest on nonaccrual loans. The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2023 and 2022: Table 12.8 As of December 31, 2023 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,390,918 $ 2,776 $ 2,366 $ 1,784 $ 6,926 $ 3,397,844 Rural Infrastructure Finance: 535,013 — — — — 535,013 Total $ 3,925,931 $ 2,776 $ 2,366 $ 1,784 $ 6,926 $ 3,932,857 (1) Includes loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs that are 90 days of more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. As of December 31, 2022 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,174,939 $ 11,614 $ 622 $ 3,817 $ 16,053 $ 3,190,992 Rural Infrastructure Finance: 523,192 — — — — 523,192 Total $ 3,698,131 $ 11,614 $ 622 $ 3,817 $ 16,053 $ 3,714,184 (1) Includes loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs that are 90 days of more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.
Schedule of Financing Receivable Credit Quality Indicators	The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Rural Infrastructure Finance loans held as of December 31, 2023 and 2022, by year of origination: Table 8.5 As of December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 530,956 $ 1,137,226 $ 1,653,780 $ 1,120,917 $ 323,922 $ 1,068,862 $ 385,766 $ 6,221,429 Special mention (2) 70,524 46,529 27,957 11,591 4,782 21,257 8,777 191,417 Substandard (3) 3,357 23,987 10,164 17,395 28,942 58,606 10,414 152,865 Total $ 604,837 $ 1,207,742 $ 1,691,901 $ 1,149,903 $ 357,646 $ 1,148,725 $ 404,957 $ 6,565,711 For the Year Ended December 31, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance (1) : Internally Assigned Risk Rating: Acceptable $ 207,279 $ 97,922 $ 261,992 $ 123,158 $ 99,352 $ 112,947 $ 254,325 $ 1,156,975 Special mention (2) — 14,522 15,408 50,822 20,333 — 1,663 102,748 Substandard (3) — — — — — — — — Total $ 207,279 $ 112,444 $ 277,400 $ 173,980 $ 119,685 $ 112,947 $ 255,988 $ 1,259,723 For the Year Ended December 31, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 618,946 $ 681,272 $ 187,746 $ 593,841 $ 701,937 $ 611,548 $ 100,223 $ 3,495,513 Special mention (2) — 9,850 — — — — — 9,850 Substandard (3) — 29,400 — — — — — 29,400 Total $ 618,946 $ 720,522 $ 187,746 $ 593,841 $ 701,937 $ 611,548 $ 100,223 $ 3,534,763 For the Year Ended December 31, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 1,157,829 $ 1,704,547 $ 1,187,474 $ 360,704 $ 242,491 $ 947,535 $ 385,503 $ 5,986,083 Special mention (2) 91,099 68,260 25,629 11,254 5,325 17,797 2,452 221,816 Substandard (3) 3,094 8,814 22,976 23,937 17,845 67,654 10,107 154,427 Total $ 1,252,022 $ 1,781,621 $ 1,236,079 $ 395,895 $ 265,661 $ 1,032,986 $ 398,062 $ 6,362,326 For the Year Ended December 31, 2022: Current period charge-offs $ — $ — $ — $ — $ — $ (84) $ — $ (84) (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance loans (1) : Internally Assigned Risk Rating: Acceptable $ 145,263 $ 299,729 $ 221,560 $ 108,230 $ 76,454 $ 44,827 $ 232,107 $ 1,128,170 Special mention (2) — — — 20,698 — — 2,145 22,843 Substandard (3) — — 4,598 — — — 10,642 15,240 Total $ 145,263 $ 299,729 $ 226,158 $ 128,928 $ 76,454 $ 44,827 $ 244,894 $ 1,166,253 For the Year Ended December 31, 2022: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 741,021 $ 220,420 $ 629,223 $ 739,270 $ 7,932 $ 649,830 $ 33,570 $ 3,021,266 Special mention (2) — — — — — — — — Substandard (3) — — — — — — — — Total $ 741,021 $ 220,420 $ 629,223 $ 739,270 $ 7,932 $ 649,830 $ 33,570 $ 3,021,266 For the Year Ended December 31, 2022: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. The following tables present credit quality indicators related to Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of December 31, 2023 and 2022, by year of origination: Table 12.9 As of December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 169,429 $ 246,441 $ 515,396 $ 534,395 $ 264,815 $ 1,185,811 $ 391,335 $ 3,307,622 Special mention (1) — 71 2,466 872 531 44,631 8,565 57,136 Substandard (2) — — — 131 1,536 26,328 5,091 33,086 Total $ 169,429 $ 246,512 $ 517,862 $ 535,398 $ 266,882 $ 1,256,770 $ 404,991 $ 3,397,844 For the Year Ended December 31, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2023 Year of Origination: 2023 2022 2021 2020 2019 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 419,190 $ 115,823 $ 535,013 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 419,190 $ 115,823 $ 535,013 For the Year Ended December 31, 2023: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 202,998 $ 496,269 $ 535,798 $ 254,293 $ 207,379 $ 1,107,834 $ 296,508 $ 3,101,079 Special mention (1) — 1,319 1,778 — 1,198 42,680 3,205 50,180 Substandard (2) — — 176 — 3,588 32,597 3,372 39,733 Total $ 202,998 $ 497,588 $ 537,752 $ 254,293 $ 212,165 $ 1,183,111 $ 303,085 $ 3,190,992 For the Year Ended December 31, 2022: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. As of December 31, 2022 Year of Origination: 2022 2021 2020 2019 2018 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 470,659 $ 52,533 $ 523,192 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 470,659 $ 52,533 $ 523,192 For the Year Ended December 31, 2022: Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ — (1) Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	12 Months Ended
FAIR VALUE DISCLOSURES (Tables)	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements	The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 13.1 Assets and Liabilities Measured at Fair Value as of December 31, 2023 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,082 $ 19,082 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,424,434 — 2,424,434 Fixed rate GSE guaranteed mortgage-backed securities — 1,569,615 — 1,569,615 Floating rate U.S. Treasuries 49,968 — — 49,968 Fixed rate U.S. Treasuries 855,832 — — 855,832 Total Available-for-sale Investment Securities 905,800 3,994,049 19,082 4,918,931 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,522,712 5,522,712 Farmer Mac Guaranteed Securities — — 9,767 9,767 Total Farmer Mac Guaranteed Securities — — 5,532,479 5,532,479 USDA Securities: Trading — — 1,241 1,241 Total USDA Securities — — 1,241 1,241 Financial derivatives 11 37,467 — 37,478 Guarantee Asset — — 5,831 5,831 Total Assets at fair value $ 905,811 $ 4,031,516 $ 5,558,633 $ 10,495,960 Liabilities: Financial derivatives $ 91 $ 117,040 $ — $ 117,131 Total Liabilities at fair value $ 91 $ 117,040 $ — $ 117,131 (1) Level 3 assets represent 19% of total assets and 52% of financial instruments measured at fair value. Assets and Liabilities Measured at Fair Value as of December 31, 2022 Level 1 Level 2 Level 3 (1) Total (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,027 $ 19,027 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,392,540 — 2,392,540 Fixed rate GSE guaranteed mortgage-backed securities — 1,048,386 — 1,048,386 Fixed rate U.S. Treasuries 1,119,611 — — 1,119,611 Total Available-for-sale Investment Securities 1,119,611 3,440,926 19,027 4,579,564 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 7,599,379 7,599,379 Farmer Mac Guaranteed Securities — — 7,847 7,847 Total Farmer Mac Guaranteed Securities — — 7,607,226 7,607,226 USDA Securities: Trading — — 1,767 1,767 Total USDA Securities — — 1,767 1,767 Financial derivatives — 37,409 — 37,409 Guarantee Asset — — 4,467 4,467 Total Assets at fair value $ 1,119,611 $ 3,478,335 $ 7,632,487 $ 12,230,433 Liabilities: Financial derivatives $ 142 $ 175,184 $ — $ 175,326 Total Liabilities at fair value $ 142 $ 175,184 $ — $ 175,326 (1) Level 3 assets represent 28% of total assets and 62% of financial instruments measured at fair value.
Schedule of Unobservable Input Reconciliation	The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value. Net transfers in and/or out of Level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period. There were no liabilities measured at fair value using significant unobservable inputs during the years ended December 31, 2023, 2022, and 2021. Table 13.2 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2023 Beginning Balance Purchases Settlements Allowance for Losses Realized and Unrealized gains Transfers Out (1) Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,027 $ — $ — $ 6 $ — $ 49 $ — $ 19,082 Total available-for-sale 19,027 — — 6 — 49 — 19,082 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,599,379 2,084,650 (1,561,507) 230 89,629 (5,573) (2,684,096) 5,522,712 Farmer Mac Guaranteed Securities 7,847 — (1,213) — — 3,133 — 9,767 Total available-for-sale 7,607,226 2,084,650 (1,562,720) 230 89,629 (2,440) (2,684,096) 5,532,479 USDA Securities: Trading 1,767 — (550) — 24 — — 1,241 Total USDA Securities 1,767 — (550) — 24 — — 1,241 Guarantee and commitment obligations: Guarantee Asset 4,467 — (590) — 1,954 — — 5,831 Total Guarantee and commitment obligations 4,467 — (590) — 1,954 — — 5,831 Total Assets at fair value $ 7,632,487 $ 2,084,650 $ (1,563,860) $ 236 $ 91,607 $ (2,391) $ (2,684,096) $ 5,558,633 (1) Includes $2.7 billion of AgVantage Securities transferred from available-for-sale to held-to-maturity on July 1, 2023. Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2022 Beginning Balance Purchases Settlements Allowance for Losses Realized and Unrealized losses Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,254 $ — $ — $ 19 $ — $ (246) $ 19,027 Total available-for-sale 19,254 — — 19 — (246) 19,027 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,316,145 3,411,665 (1,526,303) (283) (552,907) (48,938) 7,599,379 Farmer Mac Guaranteed 12,414 — (1,675) — — (2,892) 7,847 Total available-for-sale 6,328,559 3,411,665 (1,527,978) (283) (552,907) (51,830) 7,607,226 USDA Securities: Trading 4,401 — (2,583) — (51) — 1,767 Total USDA Securities 4,401 — (2,583) — (51) — 1,767 Guarantee and commitment obligations: Guarantee Asset 6,237 — (903) — (867) — 4,467 Total Guarantee and commitment obligations 6,237 — (903) — (867) — 4,467 Total Assets at fair value $ 6,358,451 $ 3,411,665 $ (1,531,464) $ (264) $ (553,825) $ (52,076) $ 7,632,487 Level 3 Assets and Liabilities Measured at Fair Value for the Year Ended December 31, 2021 Beginning Balance Purchases Settlements Allowance for Losses Realized and unrealized losses included in Income Unrealized gains Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,171 $ — $ — $ (16) $ — $ 99 $ 19,254 Total available-for-sale 19,171 — — (16) — 99 19,254 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 6,947,701 1,143,115 (1,614,598) 47 (176,064) 15,944 6,316,145 Farmer Mac Guaranteed — 12,560 (263) — — 117 12,414 Total available-for-sale 6,947,701 1,155,675 (1,614,861) 47 (176,064) 16,061 6,328,559 USDA Securities: Trading 6,695 — (2,178) — (116) — 4,401 Total USDA Securities 6,695 — (2,178) — (116) — 4,401 Guarantee and commitment obligations: Guarantee Asset — 6,237 — — — — 6,237 Total Guarantee and commitment obligations — 6,237 — — — — 6,237 Total Assets at fair value $ 6,973,567 $ 1,161,912 $ (1,617,039) $ 31 $ (176,180) $ 16,160 $ 6,358,451
Schedule of Fair Value Inputs, Assets and Liabilities, Quantitative Information	The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in Level 3 of the fair value hierarchy as of December 31, 2023 and 2022: Table 13.3 As of December 31, 2023 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,082 Indicative bids Range of broker quotes 97.0% - 97.0% (97.0%) Farmer Mac Guaranteed Securities: AgVantage $ 5,522,712 Discounted cash flow Discount rate 4.7% - 5.4% (5.0%) Farmer Mac Guaranteed Securities $ 9,767 Discounted cash flow Discount rate 8.3% CPR 3% USDA Securities $ 1,241 Discounted cash flow Discount rate 5.4% - 5.4% (5.4%) CPR 12% - 12% (12%) Guarantee Asset $ 5,831 Discounted cash flow Discount rate 8.3% CPR 3% As of December 31, 2022 Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average) (in thousands) Assets: Investment securities: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,027 Indicative bids Range of broker quotes 96.8% - 96.8% (96.8%) Farmer Mac Guaranteed Securities: AgVantage $ 7,599,379 Discounted cash flow Discount rate 4.7% - 6.1% (5.1%) Farmer Mac Guaranteed Securities $ 7,847 Discounted cash flow Discount rate 4.8% - 5.3% (5.1%) CPR 8% USDA Securities $ 1,767 Discounted cash flow Discount rate 5.1% - 5.7% (5.3%) CPR 19% - 27% (25%) Guarantee Asset $ 4,467 Discounted cash flow Discount rate 5.4% - 5.9% (5.7%) CPR 8%
Schedule of Fair Value, by Balance Sheet Grouping	The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of December 31, 2023 and 2022: Table 13.4 As of December 31, 2023 As of December 31, 2022 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 888,707 $ 888,707 $ 861,002 $ 861,002 Investment securities 4,981,249 4,979,504 4,630,701 4,628,268 Farmer Mac Guaranteed Securities 9,710,074 9,745,548 8,573,781 8,628,380 USDA Securities 2,036,046 2,355,412 2,099,445 2,411,601 Loans 10,426,021 11,039,349 9,666,710 10,205,466 Financial derivatives 37,478 37,478 37,409 37,409 Guarantee and commitment fees receivable 58,465 49,832 50,653 47,151 Financial liabilities: Notes payable 25,670,971 26,336,542 23,591,330 24,469,113 Debt securities of consolidated trusts held by third parties 1,268,563 1,351,069 1,106,837 1,181,948 Financial derivatives 117,131 117,131 175,326 175,326 Guarantee and commitment obligations 56,195 47,563 50,083 46,582

BUSINESS SEGMENT REPORTING (Tab

BUSINESS SEGMENT REPORTING (Tables)	12 Months Ended
BUSINESS SEGMENT REPORTING (Tables)	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	The following tables present core earnings for Farmer Mac's segments and a reconciliation to consolidated net income for the years ended December 31, 2023, 2022, and 2021. Table 14.1 Core Earnings by Business Segment For the Year Ended December 31, 2023 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 137,079 $ 31,224 $ 25,187 $ 4,648 $ 128,415 $ 994 $ — $ — $ 327,547 Less: reconciling adjustments (1)(2)(3) (4,179) — (168) — 3,594 186 — 567 — Net effective spread 132,900 31,224 25,019 4,648 132,009 1,180 — 567 — Guarantee and commitment fees 17,415 283 1,133 97 — — — (2,216) 16,712 Other income/(expense) (3) 2,952 35 — — 3 29 280 3,778 7,077 Total revenues 153,267 31,542 26,152 4,745 132,012 1,209 280 2,129 351,336 Release of/(provision for) losses 145 (207) (581) (219) — 4 — — (858) (Provision for)/release of reserve for losses (652) — 374 — — — — — (278) Operating expenses — — — — — — (97,099) — (97,099) Total non-interest expense (652) — 374 — — — (97,099) — (97,377) Core earnings before income taxes 152,760 31,335 25,945 4,526 132,012 1,213 (96,819) 2,129 (4) 253,101 Income tax (expense)/benefit (32,079) (6,581) (5,449) (951) (27,721) (255) 20,385 (447) (53,098) Core earnings before preferred stock dividends 120,681 24,754 20,496 3,575 104,291 958 (76,434) 1,682 (4) 200,003 Preferred stock dividends — — — — — — (27,165) — (27,165) Segment core earnings/(losses) $ 120,681 $ 24,754 $ 20,496 $ 3,575 $ 104,291 $ 958 $ (103,599) $ 1,682 (4) $ 172,838 Total Assets $ 15,052,606 $ 1,566,906 $ 7,002,620 $ 443,772 $ — $ 5,342,089 $ 116,389 $ — $ 29,524,382 Total on- and off-balance sheet program assets at principal balance $ 18,808,801 $ 1,693,979 $ 7,480,723 $ 487,521 $ — $ — $ — $ — $ 28,471,024 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) 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. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Year Ended December 31, 2022 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 133,218 $ 29,209 $ 16,175 $ 2,483 $ 96,613 $ (6,758) $ — $ — $ 270,940 Less: reconciling adjustments (1)(2)(3) (4,161) — (103) — (11,147) — — 15,411 — Net effective spread 129,057 29,209 16,072 2,483 85,466 (6,758) — 15,411 — Guarantee and commitment fees 16,718 139 1,238 49 — — — (5,104) 13,040 Other income/(expense) (3) 1,420 261 — — — — 3 23,447 25,131 Total revenues 147,195 29,609 17,310 2,532 85,466 (6,758) 3 33,754 309,111 (Provision for)/release of losses (1,463) (2,136) 2,751 (494) — 19 — — (1,323) Release of reserve for losses 247 — 270 — — — — — 517 Operating expenses (819) — — — — — (81,807) — (82,626) Total non-interest expense (572) — 270 — — — (81,807) — (82,109) Core earnings before income taxes 145,160 27,473 20,331 2,038 85,466 (6,739) (81,804) 33,754 (4) 225,679 Income tax (expense)/benefit (30,482) (5,768) (4,268) (428) (17,949) 1,416 17,033 (7,089) (47,535) Core earnings before preferred stock dividends 114,678 21,705 16,063 1,610 67,517 (5,323) (64,771) 26,665 (4) 178,144 Preferred stock dividends — — — — — — (27,165) — (27,165) Segment core earnings/(losses) $ 114,678 $ 21,705 $ 16,063 $ 1,610 $ 67,517 $ (5,323) $ (91,936) $ 26,665 (4) $ 150,979 Total Assets $ 14,623,596 $ 1,541,151 $ 5,867,517 $ 219,609 $ — $ 4,806,010 $ 275,227 $ — $ 27,333,110 Total on- and off-balance sheet program assets at principal balance $ 17,728,792 $ 1,603,507 $ 6,359,613 $ 230,170 $ — $ — $ — $ — $ 25,922,082 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) 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. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders. Core Earnings by Business Segment For the Year Ended December 31, 2021 Agricultural Finance Rural Infrastructure Treasury Corporate Farm & Ranch Corporate AgFinance Rural Utilities Renewable Energy Funding Investments Reconciling Consolidated Net Income (in thousands) Net interest income $ 118,289 $ 27,081 $ 8,224 $ 1,219 $ 66,581 $ 557 $ — $ — $ 221,951 Less: reconciling adjustments (1)(2)(3) (4,753) — (157) — 3,627 — — 1,283 — Net effective spread 113,536 27,081 8,067 1,219 70,208 557 — 1,283 — Guarantee and commitment fees 16,178 48 1,287 20 — — — (4,864) 12,669 Gain on sale of 6,539 — — — — — — — 6,539 Other income/(expense) (3) 1,966 — 5 — — — (291) 851 2,531 Total revenues 138,219 27,129 9,359 1,239 70,208 557 (291) (2,730) 243,690 Release of/(provision for) losses 1,574 (210) (291) (198) — (15) — — 860 Release of reserve for losses 1,034 — 293 — — — — — 1,327 Operating expenses — — — — — — (73,416) — (73,416) Total non-interest expense 1,034 — 293 — — — (73,416) — (72,089) Core earnings before income taxes 140,827 26,919 9,361 1,041 70,208 542 (73,707) (2,730) (4) 172,461 Income tax (expense)/benefit (29,574) (5,653) (1,965) (219) (14,744) (114) 15,325 572 (36,372) Core earnings before preferred stock dividends 111,253 21,266 7,396 822 55,464 428 (58,382) (2,158) (4) 136,089 Preferred stock dividends — — — — — — (24,677) — (24,677) Segment core earnings/(losses) $ 111,253 $ 21,266 $ 7,396 $ 822 $ 55,464 $ 428 $ (83,059) $ (2,158) (4) $ 111,412 Total Assets $ 13,112,193 $ 1,507,848 $ 5,344,707 $ 87,553 $ — $ 5,012,827 $ 55,881 $ — $ 25,121,009 Total on- and off-balance sheet program assets at principal balance $ 16,094,640 $ 1,537,834 $ 5,895,226 $ 86,763 $ — $ — $ — $ — $ 23,614,463 (1) Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts. (2) 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. (3) Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment. (4) Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders.

ORGANIZATION (Details)

ORGANIZATION (Details)	12 Months Ended
ORGANIZATION (Details)	Dec. 31, 2023 line_of_business
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of lines of business	2

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) segment subsidiary	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounting Policies [Abstract]
Number of subsidiaries \| subsidiary	2
Mortgage loans with an aggregate outstanding principal balance			$ 299,400,000
Percentage of class A securities back by pool in structured securitization			92.50%
Percentage of class B securities back by pool in structured securitization			7.50%
Gain on securitization of financial assets	$ 0	$ 0	$ 6,500,000
Compensation expense	$ 6,800,000	$ 4,600,000	$ 4,300,000
Number of operating segments \| segment	7

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic EPS
Net income attributable to common stockholders	$ 172,838	$ 150,979	$ 111,412
Net income attributable to common stockholders (in shares)	10,829,000	10,791,000	10,758,000
Net income attributable to common stockholders (in dollars per share)	$ 15.97	$ 14	$ 10.36
Effect of dilutive securities
SARs and restricted stock units (in shares)	108,000	92,000	88,000
SARs and restricted stock units (in dollars per share)	$ (0.16)	$ (0.13)	$ (0.09)
Net income, diluted EPS	$ 172,838	$ 150,979	$ 111,412
Weighted-Average Shares, diluted EPS (in shares)	10,937,000	10,883,000	10,846,000
Diluted EPS (in dollars per share)	$ 15.81	$ 13.87	$ 10.27
Stock Appreciation Rights and Restricted Stock
Effect of dilutive securities
Antidilutive securities excluded from earnings per share (in shares)	32,683	32,448	39,326
Performance Shares
Effect of dilutive securities
Antidilutive securities excluded from earnings per share (in shares)	30,648	18,535	18,183

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,271,958	$ 1,213,700	$ 997,935
Other comprehensive income/(loss) before reclassifications	26,888	(53,936)	20,716
Amounts reclassified from AOCI	(16,190)	(760)	(2,940)
Other comprehensive income/(loss) net of tax	10,698	(54,696)	17,776
Ending balance	1,411,863	1,271,958	1,213,700
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(50,843)	3,853	(13,923)
Other comprehensive income/(loss) net of tax	10,698	(54,696)	17,776
Ending balance	(40,145)	(50,843)	3,853
AOCI, Securities \| Available-for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(115,561)	(6,932)	(13,937)
Other comprehensive income/(loss) before reclassifications	47,114	(108,624)	9,114
Amounts reclassified from AOCI	0	(5)	(2,109)
Other comprehensive income/(loss) net of tax	47,114	(108,629)	7,005
Ending balance	(68,447)	(115,561)	(6,932)
AOCI, Securities \| Held-to-Maturity Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	16,357	16,153	22,829
Other comprehensive income/(loss) before reclassifications	(25,199)	0	0
Amounts reclassified from AOCI	118	204	(6,676)
Other comprehensive income/(loss) net of tax	(25,081)	204	(6,676)
Ending balance	(8,724)	16,357	16,153
AOCI, Cash Flow Hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	48,361	(5,368)	(22,815)
Other comprehensive income/(loss) before reclassifications	4,973	54,688	11,602
Amounts reclassified from AOCI	(16,308)	(959)	5,845
Other comprehensive income/(loss) net of tax	(11,335)	53,729	17,447
Ending balance	$ 37,026	$ 48,361	$ (5,368)

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other comprehensive income/(loss):
Other comprehensive income/(loss) before tax	$ 13,542	$ (69,235)	$ 22,500
Provision (Benefit)
Other comprehensive income/(loss), Provision (Benefit)	2,844	(14,539)	4,724
After Tax
Unrealized gains/(losses), after tax	26,888	(53,936)	20,716
Less reclassification adjustments, provision (benefit)	(16,190)	(760)	(2,940)
Other comprehensive income/(loss) net of tax	10,698	(54,696)	17,776
Securities \| Available-for-Sale Securities
Other comprehensive income/(loss):
Unrealized gain/(losses), before tax	59,640	(137,500)	11,537
Other comprehensive income/(loss) before tax	59,640	(137,506)	8,867
Provision (Benefit)
Unrealized gains/(losses), provision (benefit)	12,526	(28,876)	2,423
Other comprehensive income/(loss), Provision (Benefit)	12,526	(28,877)	1,862
After Tax
Unrealized gains/(losses), after tax	47,114	(108,624)	9,114
Other comprehensive income/(loss) net of tax	47,114	(108,629)	7,005
Securities \| Held-to-Maturity Securities
Other comprehensive income/(loss):
Unrealized gain/(losses), before tax	(31,898)	0	0
Less reclassification adjustments, before tax	148	259	(8,451)
Other comprehensive income/(loss) before tax	(31,750)	259	(8,451)
Provision (Benefit)
Unrealized gains/(losses), provision (benefit)	(6,699)	0	0
Less reclassification adjustments, Provision (Benefit)	30	55	(1,775)
Other comprehensive income/(loss), Provision (Benefit)	(6,669)	55	(1,775)
After Tax
Unrealized gains/(losses), after tax	(25,199)	0	0
Less reclassification adjustments, provision (benefit)	118	204	(6,676)
Other comprehensive income/(loss) net of tax	(25,081)	204	(6,676)
Securities \| Net interest income \| Available-for-Sale Securities
Other comprehensive income/(loss):
Less reclassification adjustments, before tax	0	0	(2,333)
Provision (Benefit)
Less reclassification adjustments, Provision (Benefit)	0	0	(490)
After Tax
Less reclassification adjustments, provision (benefit)	0	0	(1,843)
Securities \| Gain on sale of available-for sale investment securities \| Available-for-Sale Securities
Other comprehensive income/(loss):
Less reclassification adjustments, before tax	0	0	(253)
Provision (Benefit)
Less reclassification adjustments, Provision (Benefit)	0	0	(53)
After Tax
Less reclassification adjustments, provision (benefit)	0	0	(200)
Securities \| Other income \| Available-for-Sale Securities
Other comprehensive income/(loss):
Less reclassification adjustments, before tax	0	(6)	(84)
Provision (Benefit)
Less reclassification adjustments, Provision (Benefit)	0	(1)	(18)
After Tax
Less reclassification adjustments, provision (benefit)	0	(5)	(66)
Cash Flow Hedges
Other comprehensive income/(loss):
Unrealized gain/(losses), before tax	6,295	69,225	14,685
Less reclassification adjustments, before tax	(20,643)	(1,213)	7,399
Other comprehensive income/(loss) before tax	(14,348)	68,012	22,084
Provision (Benefit)
Unrealized gains/(losses), provision (benefit)	1,322	14,537	3,083
Less reclassification adjustments, Provision (Benefit)	(4,335)	(254)	1,554
Other comprehensive income/(loss), Provision (Benefit)	(3,013)	14,283	4,637
After Tax
Unrealized gains/(losses), after tax	4,973	54,688	11,602
Less reclassification adjustments, provision (benefit)	(16,308)	(959)	5,845
Other comprehensive income/(loss) net of tax	(11,335)	53,729	17,447
Accumulated Other Comprehensive Income (Loss)
Other comprehensive income/(loss):
Other comprehensive income/(loss) before tax	13,542	(69,235)	22,500
Provision (Benefit)
Other comprehensive income/(loss), Provision (Benefit)	2,844	(14,539)	4,724
After Tax
Other comprehensive income/(loss) net of tax	$ 10,698	$ (54,696)	$ 17,776

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Consolidation of Variable Interest Entities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	$ 9,623,119	$ 9,008,979
Debt securities of consolidated trusts held by third parties	26,586,959	25,000,199
Farmer Mac Guaranteed Securities
Variable Interest Entity [Line Items]
Carrying value	5,532,479	7,607,226
Investment securities
Variable Interest Entity [Line Items]
Carrying value	4,918,931	4,579,564
Agricultural Finance
Variable Interest Entity [Line Items]
Borrower remittances	6,000	8,100
Unamortized discount	87,100	37,700
Consolidated VIE \| On-balance sheet
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	1,432,261	1,211,576
Debt securities of consolidated trusts held by third parties	1,351,069	1,181,948
Consolidated VIE \| On-balance sheet \| Agricultural Finance
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost		1,211,576
Debt securities of consolidated trusts held by third parties		1,181,948
Consolidated VIE \| On-balance sheet \| Treasury
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost		0
Debt securities of consolidated trusts held by third parties		0
Consolidated VIE \| Operating Segments \| On-balance sheet \| Agricultural Finance
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	1,432,261
Debt securities of consolidated trusts held by third parties	1,351,069
Consolidated VIE \| Corporate, non-segment \| On-balance sheet
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	0
Debt securities of consolidated trusts held by third parties	0
Unconsolidated VIE \| On-balance sheet \| Farmer Mac Guaranteed Securities
Variable Interest Entity [Line Items]
Carrying value	46,343	28,466
Maximum exposure to loss	45,952	31,208
Unconsolidated VIE \| On-balance sheet \| Investment securities
Variable Interest Entity [Line Items]
Carrying value	3,676,555	3,138,619
Maximum exposure to loss	3,862,006	3,341,427
Unconsolidated VIE \| On-balance sheet \| Agricultural Finance \| Farmer Mac Guaranteed Securities
Variable Interest Entity [Line Items]
Carrying value		28,466
Maximum exposure to loss		31,208
Unconsolidated VIE \| On-balance sheet \| Agricultural Finance \| Investment securities
Variable Interest Entity [Line Items]
Carrying value		0
Maximum exposure to loss		0
Unconsolidated VIE \| On-balance sheet \| Treasury \| Farmer Mac Guaranteed Securities
Variable Interest Entity [Line Items]
Carrying value		0
Maximum exposure to loss		0
Unconsolidated VIE \| On-balance sheet \| Treasury \| Investment securities
Variable Interest Entity [Line Items]
Carrying value		3,138,619
Maximum exposure to loss		3,341,427
Unconsolidated VIE \| Off-balance sheet
Variable Interest Entity [Line Items]
Maximum exposure to loss	452,602	500,953
Unconsolidated VIE \| Off-balance sheet \| Agricultural Finance
Variable Interest Entity [Line Items]
Maximum exposure to loss		500,953
Unconsolidated VIE \| Off-balance sheet \| Treasury
Variable Interest Entity [Line Items]
Maximum exposure to loss		$ 0
Unconsolidated VIE \| Operating Segments \| On-balance sheet \| Agricultural Finance \| Farmer Mac Guaranteed Securities
Variable Interest Entity [Line Items]
Carrying value	46,343
Maximum exposure to loss	45,952
Unconsolidated VIE \| Operating Segments \| On-balance sheet \| Agricultural Finance \| Investment securities
Variable Interest Entity [Line Items]
Carrying value	0
Maximum exposure to loss	0
Unconsolidated VIE \| Operating Segments \| Off-balance sheet \| Agricultural Finance
Variable Interest Entity [Line Items]
Maximum exposure to loss	452,602
Unconsolidated VIE \| Corporate, non-segment \| On-balance sheet \| Farmer Mac Guaranteed Securities
Variable Interest Entity [Line Items]
Carrying value	0
Maximum exposure to loss	0
Unconsolidated VIE \| Corporate, non-segment \| On-balance sheet \| Investment securities
Variable Interest Entity [Line Items]
Carrying value	3,676,555
Maximum exposure to loss	3,862,006
Unconsolidated VIE \| Corporate, non-segment \| Off-balance sheet
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 0

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details)	12 Months Ended
RELATED PARTY TRANSACTIONS - Narrative (Details)	Dec. 31, 2023 USD ($) member	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Related party, ownership threshold (at least)	5%
Number of board members \| member	15
Interest receivable	$ 287,128,000	$ 229,061,000
Interest income	$ 1,392,288,000	716,848,000	$ 425,965,000
Guarantees of losses, percentage	10%
Zions
Related Party Transaction [Line Items]
Related party transaction amount	$ 11,200,000	10,400,000	11,000,000
CFC
Related Party Transaction [Line Items]
Related party transaction amount	1,748,254,000	1,087,419,000	1,577,117,000
CoBank
Related Party Transaction [Line Items]
Purchases	$ 438,800,000	376,000,000	207,500,000
CoBank \| Volume of Activity \| Outstanding Business Volume
Related Party Transaction [Line Items]
Concentration risk percentage	6.70%
AgFirst Farm Credit Bank
Related Party Transaction [Line Items]
Outstanding balance	$ 447,300,000	387,100,000
Farm Credit Bank of Texas
Related Party Transaction [Line Items]
Outstanding balance	923,900,000	881,600,000
Commitment fees \| CFC
Related Party Transaction [Line Items]
Related party transaction amount	1,000,000	1,100,000	1,200,000
Commitment fees \| AgFirst Farm Credit Bank
Related Party Transaction [Line Items]
Related party transaction amount	1,400,000	1,200,000	1,200,000
Commitment fees \| Farm Credit Bank of Texas
Related Party Transaction [Line Items]
Related party transaction amount	3,400,000	2,900,000	1,900,000
Servicing fees \| CFC
Related Party Transaction [Line Items]
Related party transaction amount	3,700,000	3,400,000	3,300,000
Servicing fees \| CoBank
Related Party Transaction [Line Items]
Related party transaction amount	3,600,000	3,500,000	3,200,000
Servicing fees \| Farm Credit Bank of Texas
Related Party Transaction [Line Items]
Related party transaction amount	100,000	100,000	100,000
LTSPCs \| CFC
Related Party Transaction [Line Items]
Related party transaction amount	0	30,421,000	0
LTSPCs \| AgFirst Farm Credit Bank
Related Party Transaction [Line Items]
Related party transaction amount	0	0	11,000,000
Guarantee fees \| AgFirst Farm Credit Bank
Related Party Transaction [Line Items]
Related party transaction amount	12,000	15,000	$ 19,000
Outstanding balance	$ 1,800,000	$ 2,200,000
Agricultural Finance \| Zions \| Volume of Activity \| Loan Purchase Volume
Related Party Transaction [Line Items]
Concentration risk percentage	9.50%	12.90%	8%
Agricultural Finance \| Zions \| Volume of Activity \| Loan Business Volume
Related Party Transaction [Line Items]
Concentration risk percentage	6.90%	9.60%	5.60%
Agricultural Finance \| Zions \| Volume of Activity \| Securities Volume
Related Party Transaction [Line Items]
Concentration risk percentage	0.10%	1.50%	2.10%
Agricultural Finance \| Zions \| Volume of Activity \| Outstanding Business Volume
Related Party Transaction [Line Items]
Concentration risk percentage	3.10%	3.50%
Rural Utilities \| CFC \| Volume of Activity \| Loan Purchase Volume
Related Party Transaction [Line Items]
Concentration risk percentage	37.10%	46.70%	36.90%
Rural Utilities \| CFC \| Volume of Activity \| Loan Business Volume
Related Party Transaction [Line Items]
Concentration risk percentage	22.60%	12%	18.40%
Rural Utilities \| CFC \| Volume of Activity \| Securities Volume
Related Party Transaction [Line Items]
Concentration risk percentage	33.80%	13.40%	37%
Rural Utilities \| CFC \| Volume of Activity \| Outstanding Business Volume
Related Party Transaction [Line Items]
Concentration risk percentage	20.40%	18.70%
Rural Utilities \| CoBank \| Volume of Activity \| Outstanding Business Volume
Related Party Transaction [Line Items]
Concentration risk percentage		6.30%
Class A common stock
Related Party Transaction [Line Items]
Number of board members, threshold \| member	5
Class A common stock \| Zions
Related Party Transaction [Line Items]
Ownership by a related party	31.20%
Class A common stock \| CFC
Related Party Transaction [Line Items]
Ownership by a related party	7.91%
Class B voting common stock
Related Party Transaction [Line Items]
Number of board members, threshold \| member	5
Class B voting common stock \| CoBank
Related Party Transaction [Line Items]
Ownership by a related party	32.60%
Class B voting common stock \| AgFirst Farm Credit Bank
Related Party Transaction [Line Items]
Ownership by a related party	16.80%
Class B voting common stock \| Farm Credit Bank of Texas
Related Party Transaction [Line Items]
Ownership by a related party	7.70%
Related party \| CFC
Related Party Transaction [Line Items]
Interest receivable	$ 27,000,000	$ 18,200,000
Interest income	143,500,000	79,400,000	$ 50,000,000
Other receivables	100,000	100,000
Related party \| Commitment fees \| AgFirst Farm Credit Bank
Related Party Transaction [Line Items]
Other receivables	$ 100,000	$ 100,000

RELATED PARTY TRANSACTIONS - Sc

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Zions
Related Party Transaction [Line Items]
Related party, transaction amount	$ 11,200	$ 10,400	$ 11,000
CFC
Related Party Transaction [Line Items]
Related party, transaction amount	1,748,254	1,087,419	1,577,117
Loans \| Zions
Related Party Transaction [Line Items]
Related party, transaction amount	160,079	274,517	214,319
Loans \| CFC
Related Party Transaction [Line Items]
Related party, transaction amount	298,254	386,998	127,117
USDA Securities \| Zions
Related Party Transaction [Line Items]
Related party, transaction amount	231	4,171	9,565
Sales of Farmer Mac Guaranteed Securities \| Zions
Related Party Transaction [Line Items]
Related party, transaction amount	0	99,643	0
LTSPCs \| CFC
Related Party Transaction [Line Items]
Related party, transaction amount	0	30,421	0
AgVantage Securities \| CFC
Related Party Transaction [Line Items]
Related party, transaction amount	$ 1,450,000	$ 670,000	$ 1,450,000

INVESTMENT SECURITIES - Schedul

INVESTMENT SECURITIES - Schedule of Investment Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investment securities
Available-for-sale:
Amount Outstanding	$ 5,120,963	$ 4,806,727
Unamortized Premium/(Discount)	0	0
Amortized cost	5,060,135	4,769,426
Allowance for losses	(27)	(33)
Unrealized Gains	9,844	4,703
Unrealized Losses	(151,021)	(194,532)
Fair Value	4,918,931	4,579,564
Held-to-maturity:
Amount Outstanding	53,756	45,032
Unamortized Premium/(Discount)	0	0
Amortized Cost	53,756	45,032
Allowance for losses	0	0
Unrealized Gains	1,745	2,433
Unrealized Losses	0	0
Fair Value	55,501	47,465
Available-for-sale, accrued interest excluded	15,900	10,600
Available-for-Sale Securities \| Investment securities
Available-for-sale:
Unamortized Premium/(Discount)	(60,828)	(37,301)
Held-to-maturity:
Unamortized Premium/(Discount)	(60,828)	(37,301)
Floating interest rate \| Floating rate auction-rate certificates backed by Government guaranteed student loans
Available-for-sale:
Amount Outstanding	19,700	19,700
Amortized cost	19,700	19,700
Allowance for losses	(27)	(33)
Unrealized Gains	0	0
Unrealized Losses	(591)	(640)
Fair Value	19,082	19,027
Floating interest rate \| Guaranteed mortgage-backed securities
Available-for-sale:
Amount Outstanding	2,454,009	2,433,696
Amortized cost	2,452,871	2,433,496
Allowance for losses	0	0
Unrealized Gains	1,212	1,954
Unrealized Losses	(29,649)	(42,910)
Fair Value	2,424,434	2,392,540
Floating interest rate \| Fixed rate U.S. Treasuries
Available-for-sale:
Amount Outstanding	50,000
Amortized cost	49,983
Allowance for losses	0
Unrealized Gains	0
Unrealized Losses	(15)
Fair Value	49,968
Floating interest rate \| Available-for-Sale Securities \| Floating rate auction-rate certificates backed by Government guaranteed student loans
Available-for-sale:
Unamortized Premium/(Discount)	0	0
Held-to-maturity:
Unamortized Premium/(Discount)	0	0
Floating interest rate \| Available-for-Sale Securities \| Guaranteed mortgage-backed securities
Available-for-sale:
Unamortized Premium/(Discount)	(1,138)	(200)
Held-to-maturity:
Unamortized Premium/(Discount)	(1,138)	(200)
Floating interest rate \| Available-for-Sale Securities \| Fixed rate U.S. Treasuries
Available-for-sale:
Unamortized Premium/(Discount)	(17)
Held-to-maturity:
Unamortized Premium/(Discount)	(17)
Fixed Interest Rate \| Guaranteed mortgage-backed securities
Available-for-sale:
Amount Outstanding	1,727,669	1,207,416
Amortized cost	1,680,881	1,177,095
Allowance for losses	0	0
Unrealized Gains	6,558	2,128
Unrealized Losses	(117,824)	(130,837)
Fair Value	1,569,615	1,048,386
Held-to-maturity:
Amount Outstanding	53,756	45,032
Amortized Cost	53,756	45,032
Allowance for losses	0	0
Unrealized Gains	1,745	2,433
Unrealized Losses	0	0
Fair Value	$ 55,501	$ 47,465
Held-to-maturity investment securities weighted average yield	6.70%	4.50%
Fixed Interest Rate \| Fixed rate U.S. Treasuries
Available-for-sale:
Amount Outstanding	$ 869,585	$ 1,145,915
Amortized cost	856,700	1,139,135
Allowance for losses	0	0
Unrealized Gains	2,074	621
Unrealized Losses	(2,942)	(20,145)
Fair Value	855,832	1,119,611
Fixed Interest Rate \| Available-for-Sale Securities \| Guaranteed mortgage-backed securities
Available-for-sale:
Unamortized Premium/(Discount)	(46,788)	(30,321)
Held-to-maturity:
Unamortized Premium/(Discount)	(46,788)	(30,321)
Fixed Interest Rate \| Available-for-Sale Securities \| Fixed rate U.S. Treasuries
Available-for-sale:
Unamortized Premium/(Discount)	(12,885)	(6,780)
Held-to-maturity:
Unamortized Premium/(Discount)	(12,885)	(6,780)
Fixed Interest Rate \| Held-to-Maturity Securities \| Guaranteed mortgage-backed securities
Available-for-sale:
Unamortized Premium/(Discount)	0	0
Held-to-maturity:
Unamortized Premium/(Discount)	$ 0	$ 0

INVESTMENT SECURITIES - Narrati

INVESTMENT SECURITIES - Narrative (Details) - USD ($)	12 Months Ended
INVESTMENT SECURITIES - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of available-for-sale investment securities	$ 0	$ 0	$ 257,524,000
Gain on the sale of available-for-sale investment securities	$ 0	$ 0	$ 253,000
Investment securities
Debt Securities, Available-for-sale [Line Items]
Average percent of amortized cost for securities in unrealized loss positions for more than 12 months	94.90%

INVESTMENT SECURITIES - Unreali

INVESTMENT SECURITIES - Unrealized Loss Position (Details) $ in Thousands	Dec. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, Fair Value	$ 1,143,468	$ 2,819,885
Unrealized loss position for less than 12 months, Unrealized Loss	(9,278)	(96,252)
Unrealized loss position for more than 12 months, Fair Value	2,611,155	1,254,553
Unrealized loss position for more than 12 months, Unrealized Loss	$ (141,743)	$ (98,280)
Investment securities
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, Number of securities in loss position \| security	91	174
Unrealized loss position for more than 12 months, Number of securities in loss position \| security	162	51
Floating interest rate \| Floating rate auction-rate certificates backed by Government guaranteed student loans
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, Fair Value	$ 0	$ 0
Unrealized loss position for less than 12 months, Unrealized Loss	0	0
Unrealized loss position for more than 12 months, Fair Value	19,082	19,027
Unrealized loss position for more than 12 months, Unrealized Loss	(591)	(640)
Floating interest rate \| Guaranteed mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, Fair Value	568,759	1,884,146
Unrealized loss position for less than 12 months, Unrealized Loss	(4,395)	(36,976)
Unrealized loss position for more than 12 months, Fair Value	1,449,122	193,964
Unrealized loss position for more than 12 months, Unrealized Loss	(25,254)	(5,934)
Floating interest rate \| Fixed rate U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, Fair Value	49,969
Unrealized loss position for less than 12 months, Unrealized Loss	(15)
Unrealized loss position for more than 12 months, Fair Value	0
Unrealized loss position for more than 12 months, Unrealized Loss	0
Fixed Interest Rate \| Guaranteed mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, Fair Value	384,305	621,215
Unrealized loss position for less than 12 months, Unrealized Loss	(4,262)	(56,434)
Unrealized loss position for more than 12 months, Fair Value	905,759	336,782
Unrealized loss position for more than 12 months, Unrealized Loss	(113,562)	(74,403)
Fixed Interest Rate \| Fixed rate U.S. Treasuries
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, Fair Value	140,435	314,524
Unrealized loss position for less than 12 months, Unrealized Loss	(606)	(2,842)
Unrealized loss position for more than 12 months, Fair Value	237,192	704,780
Unrealized loss position for more than 12 months, Unrealized Loss	$ (2,336)	$ (17,303)

INVESTMENT SECURITIES - Debt Ma

INVESTMENT SECURITIES - Debt Maturities (Details) - Investment securities - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Amortized Cost
Due within one year	$ 567,615
Due after one year through five years	1,191,428
Due after five years through ten years	2,489,410
Due after ten years	811,682
Available-for-sale, amortized cost	5,060,135	$ 4,769,426
Fair Value
Due within one year	565,976
Due after one year through five years	1,173,923
Due after five years through ten years	2,386,411
Due after ten years	792,621
Total fair value	$ 4,918,931	$ 4,579,564
Weighted- Average Yield
Due within one year	1.75%
Due after one year through five years	4.25%
Due after five years through ten years	4.39%
Due after ten years	5.72%
Weighted-average yield	4.27%

FARMER MAC GUARANTEED SECURIT_3

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Schedule of On-Balance Sheet Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Trading:
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Accrued interest receivable (includes $16,764 and $12,514, respectively, related to consolidated trusts)	Accrued interest receivable (includes $16,764 and $12,514, respectively, related to consolidated trusts)
Farmer Mac Guaranteed Securities
Held-to-maturity:
Unpaid Principal Balance	$ 4,242,867	$ 1,021,275
Amortized Cost	4,213,278	1,021,213
Allowance for losses	(209)	(59)
Unrealized Gains	4,783	355
Unrealized Losses	(40,257)	(54,954)
Fair Value	4,177,595	966,555
Available-for-sale:
Amortized cost	5,825,433
Fair Value	5,532,479
USDA Securities
Held-to-maturity:
Unpaid Principal Balance	2,331,093	2,384,946
Amortized Cost	2,354,171	2,409,834
Allowance for losses	0	0
Unrealized Gains	417	668
Unrealized Losses	(319,783)	(312,824)
Fair Value	2,034,805	2,097,678
Trading:
Unpaid Principal Balance	1,236	1,770
Amortized Cost	1,300	1,850
Allowance for losses	0	0
Unrealized Gains	0	0
Unrealized Losses	(59)	(83)
Fair Value	1,241	$ 1,767
Trading securities, weighted-average yield		4.84%
Farmer Mac Guaranteed Securities and USDA Securities
Held-to-maturity:
Unpaid Principal Balance	6,573,960	$ 3,406,221
Amortized Cost	6,567,449	3,431,047
Allowance for losses	(209)	(59)
Unrealized Gains	5,200	1,023
Unrealized Losses	(360,040)	(367,778)
Fair Value	6,212,400	3,064,233
Farmer Mac Guaranteed Securities
Held-to-maturity:
Amortized Cost	4,213,069	1,021,154
Available-for-sale:
Unpaid Principal Balance	5,816,024	8,008,067
Amortized cost	5,825,433	8,019,495
Allowance for losses	(317)	(546)
Unrealized Gains	16,774	2,061
Unrealized Losses	(309,411)	(413,784)
Fair Value	5,532,479	7,607,226
Held-to-Maturity Securities \| Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	(29,589)	(62)
Available-for-sale:
Unamortized Premium/(Discount)	(29,589)	(62)
Trading:
Unamortized Premium/(Discount)	(29,589)	(62)
Held-to-Maturity Securities \| USDA Securities
Held-to-maturity:
Unamortized Premium/(Discount)	23,078	24,888
Available-for-sale:
Unamortized Premium/(Discount)	23,078	24,888
Trading:
Unamortized Premium/(Discount)	23,078	24,888
Held-to-Maturity Securities \| Farmer Mac Guaranteed Securities and USDA Securities
Held-to-maturity:
Unamortized Premium/(Discount)	(6,511)	24,826
Available-for-sale:
Unamortized Premium/(Discount)	(6,511)	24,826
Trading:
Unamortized Premium/(Discount)	(6,511)	24,826
Available-for-Sale Securities \| Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	9,409	11,428
Available-for-sale:
Unamortized Premium/(Discount)	9,409	11,428
Trading:
Unamortized Premium/(Discount)	9,409	11,428
Trading Securities \| USDA Securities
Held-to-maturity:
Unamortized Premium/(Discount)	64	80
Available-for-sale:
Unamortized Premium/(Discount)	64	80
Trading:
Unamortized Premium/(Discount)	64	80
Farmer Mac Guaranteed Securities \| Farmer Mac Guaranteed Securities
Available-for-sale:
Fair Value	9,800	7,800
Trading:
Derivative, notional amount	238,400	250,100
Farmer Mac Guaranteed Securities \| Farmer Mac Guaranteed Securities
Available-for-sale:
Unpaid Principal Balance	0	0
Amortized cost	9,409	10,622
Allowance for losses	0	0
Unrealized Gains	358	0
Unrealized Losses	0	(2,775)
Fair Value	9,767	7,847
Farmer Mac Guaranteed Securities \| Available-for-Sale Securities \| Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	9,409	10,622
Available-for-sale:
Unamortized Premium/(Discount)	9,409	10,622
Trading:
Unamortized Premium/(Discount)	9,409	10,622
AgVantage
Trading:
Available-for-sale, accrued interest excluded	47,200	51,500
Held-to-maturity, accrued interest excluded	67,400	44,400
Trading securities, accrued interest excluded	42	47
AgVantage \| Farmer Mac Guaranteed Securities
Held-to-maturity:
Unpaid Principal Balance	4,206,324	1,000,689
Amortized Cost	4,176,702	1,000,594
Allowance for losses	(209)	(59)
Unrealized Gains	4,676	353
Unrealized Losses	(39,451)	(54,098)
Fair Value	4,141,718	946,790
AgVantage \| Farmer Mac Guaranteed Securities
Available-for-sale:
Unpaid Principal Balance	5,816,024	8,008,067
Amortized cost	5,816,024	8,008,873
Allowance for losses	(317)	(546)
Unrealized Gains	16,416	2,061
Unrealized Losses	(309,411)	(411,009)
Fair Value	5,522,712	7,599,379
AgVantage \| Held-to-Maturity Securities \| Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	(29,622)	(95)
Available-for-sale:
Unamortized Premium/(Discount)	(29,622)	(95)
Trading:
Unamortized Premium/(Discount)	(29,622)	(95)
AgVantage \| Available-for-Sale Securities \| Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	0	806
Available-for-sale:
Unamortized Premium/(Discount)	0	806
Trading:
Unamortized Premium/(Discount)	0	806
Farmer Mac Guaranteed USDA Securities \| Farmer Mac Guaranteed Securities
Held-to-maturity:
Unpaid Principal Balance	36,543	20,586
Amortized Cost	36,576	20,619
Allowance for losses	0	0
Unrealized Gains	107	2
Unrealized Losses	(806)	(856)
Fair Value	$ 35,877	19,765
Farmer Mac Guaranteed USDA Securities \| USDA Securities
Trading:
Trading securities, weighted-average yield	5.46%
Farmer Mac Guaranteed USDA Securities \| Held-to-Maturity Securities \| Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	$ 33	33
Available-for-sale:
Unamortized Premium/(Discount)	33	33
Trading:
Unamortized Premium/(Discount)	$ 33	$ 33

FARMER MAC GUARANTEED SECURIT_4

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Narrative (Details) - AgVantage $ in Millions	Jul. 01, 2023 USD ($)	Dec. 31, 2023 security	Dec. 31, 2022 security
Debt Securities, Available-for-sale [Line Items]
Held-to-maturity, transfer in \| $	$ 2,700
Held-to-maturity, transfer in, unrealized loss \| $	31.9
Held-to-maturity, transfer in, accumulated unrealized loss \| $	$ 31.9
Farmer Mac Guaranteed Securities
Debt Securities, Available-for-sale [Line Items]
Available-for-sale, securities in unrealized loss positions		68	95
Held-to-maturity, securities in unrealized loss positions		53	37
Unrealized loss position for more than 12 months, Number of securities in loss position		62	13
Debt securities, held-to-maturity, unrealized loss position for more than 12 months, Number of securities in loss position		22	4

FARMER MAC GUARANTEED SECURIT_5

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Unrealized loss position for less than 12 months
Unrealized loss position for less than 12 months, Fair Value	$ 1,143,468	$ 2,819,885
Unrealized loss position for less than 12 months, Unrealized Loss	(9,278)	(96,252)
Unrealized loss position for more than 12 months
Unrealized loss position for more than 12 months, Fair Value	2,611,155	1,254,553
Unrealized loss position for more than 12 months, Unrealized Loss	(141,743)	(98,280)
Operating Segments
Unrealized loss position for less than 12 months
Unrealized loss position for less than 12 months, Fair Value	508,182	4,649,943
Unrealized loss position for less than 12 months, Unrealized Loss	(5,716)	(270,661)
Unrealized loss position for more than 12 months
Unrealized loss position for more than 12 months, Fair Value	4,043,431	1,548,551
Unrealized loss position for more than 12 months, Unrealized Loss	(303,695)	(143,123)
USDA Securities
Unrealized loss position for less than 12 months
Fair Value	0	2,086,108
Unrealized Loss	0	(312,824)
Unrealized loss position for more than 12 months
Fair Value	2,023,801	0
Unrealized Loss	(319,783)	0
Farmer Mac Guaranteed Securities and USDA Securities
Unrealized loss position for less than 12 months
Fair Value	2,070,770	2,654,532
Unrealized Loss	(6,705)	(325,135)
Unrealized loss position for more than 12 months
Fair Value	2,757,541	382,358
Unrealized Loss	(353,335)	(42,643)
AgVantage \| Farmer Mac Guaranteed Securities
Unrealized loss position for less than 12 months
Fair Value	2,070,770	548,634
Unrealized Loss	(6,705)	(11,455)
Unrealized loss position for more than 12 months
Fair Value	725,347	382,358
Unrealized Loss	(32,746)	(42,643)
Unrealized loss position for less than 12 months
Unrealized loss position for less than 12 months, Fair Value		4,642,096
Unrealized loss position for less than 12 months, Unrealized Loss		(267,886)
Unrealized loss position for more than 12 months
Unrealized loss position for more than 12 months, Fair Value		1,548,551
Unrealized loss position for more than 12 months, Unrealized Loss		(143,123)
AgVantage \| Farmer Mac Guaranteed Securities \| Operating Segments
Unrealized loss position for less than 12 months
Unrealized loss position for less than 12 months, Fair Value	508,182
Unrealized loss position for less than 12 months, Unrealized Loss	(5,716)
Unrealized loss position for more than 12 months
Unrealized loss position for more than 12 months, Fair Value	4,043,431
Unrealized loss position for more than 12 months, Unrealized Loss	(303,695)
USDA Securities \| Farmer Mac Guaranteed Securities
Unrealized loss position for less than 12 months
Fair Value	0	19,790
Unrealized Loss	0	(856)
Unrealized loss position for more than 12 months
Fair Value	8,393	0
Unrealized Loss	(806)	0
USDA Securities \| Farmer Mac Guaranteed Securities \| Operating Segments
Unrealized loss position for less than 12 months
Unrealized loss position for less than 12 months, Fair Value	0	7,847
Unrealized loss position for less than 12 months, Unrealized Loss	0	(2,775)
Unrealized loss position for more than 12 months
Unrealized loss position for more than 12 months, Fair Value	0	0
Unrealized loss position for more than 12 months, Unrealized Loss	$ 0	$ 0

FARMER MAC GUARANTEED SECURIT_6

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
AgVantage
Weighted- Average Yield
Available-for-sale, accrued interest excluded	$ 47,200	$ 51,500
Farmer Mac Guaranteed Securities
Amortized Cost
Due within one year	643,100
Due after one year through five years	2,801,674
Due after five years through ten years	1,425,000
Due after ten years	955,659
Available-for-sale, amortized cost	5,825,433
Fair Value
Due within one year	636,408
Due after one year through five years	2,706,830
Due after five years through ten years	1,343,146
Due after ten years	846,095
Total fair value	$ 5,532,479
Weighted- Average Yield
Due within one year	3.31%
Due after one year through five years	3.54%
Due after five years through ten years	3.75%
Due after ten years	3.55%
Weighted-average yield	3.56%

FARMER MAC GUARANTEED SECURIT_7

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Schedule of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
AgVantage
Weighted- Average Yield
Held-to-maturity, accrued interest excluded	$ 67,400	$ 44,400
Farmer Mac Guaranteed Securities and USDA Securities
Amortized Cost
Due within one year	1,862,524
Due after one year through five years	1,755,763
Due after five years through ten years	279,166
Due after ten years	2,669,996
Total, Amortized Cost	6,567,449
Fair Value
Due within one year	1,860,072
Due after one year through five years	1,716,466
Due after five years through ten years	244,568
Due after ten years	2,391,294
Total, Fair Value	$ 6,212,400
Weighted- Average Yield
Due within one year	5.69%
Due after one year through five years	4.62%
Due after five years through ten years	3.57%
Due after ten years	4.27%
Total, Weighted- Average Yield	4.76%

FINANCIAL DERIVATIVES - Narrati

FINANCIAL DERIVATIVES - Narrative (Details) - USD ($)	12 Months Ended
FINANCIAL DERIVATIVES - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Accrued interest receivable (includes $16,764 and $12,514, respectively, related to consolidated trusts)	Accrued interest receivable (includes $16,764 and $12,514, respectively, related to consolidated trusts)
Gain expected to be reclassified from AOCI to earnings over next 12 months	$ 13,600,000
Gain (loss) from interest rate swaps designated as cash flow hedges reclassified to earnings	0	$ 0	$ 0
Financial derivatives, net payable position	0	0
Notional amount	25,779,468,000	23,878,611,000
Exchange Cleared
Derivative [Line Items]
Notional amount	20,500,000,000	19,500,000,000
Interest Rate Swap
Derivative [Line Items]
Notional amount	25,800,000,000	23,900,000,000
Cleared Swaps
Derivative [Line Items]
Accrued interest on cleared swaps	16,400,000	6,100,000
Uncleared Swaps
Derivative [Line Items]
Accrued interest payable	$ 6,500,000	$ 3,600,000

FINANCIAL DERIVATIVES - Schedul

FINANCIAL DERIVATIVES - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Notional Disclosures [Abstract]
Notional Amount	$ 25,779,468	$ 23,878,611
Asset
Fair value, asset	37,478	37,409
Netting adjustments	(1,236)	(5,212)
(Liability)
Fair value, liability	(117,131)	(175,326)
Netting adjustments	1,236	5,212
Designated as hedge \| Fair value hedges: \| Receive fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	9,776,685	8,149,871
Asset
Fair value, asset	2,350	13,689
(Liability)
Fair value, liability	$ (20,390)	$ (366)
Weighted- Average Pay Rate	5.57%	2.23%
Weighted- Average Receive Rate	2.94%	4.33%
Weighted- Average Remaining Term (in years)	1 year 9 months 10 days	10 years 9 months 3 days
Designated as hedge \| Fair value hedges: \| Pay fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	$ 9,174,253	$ 10,033,750
Asset
Fair value, asset	7,767	19
(Liability)
Fair value, liability	$ (1,081)	$ (4,686)
Weighted- Average Pay Rate	2.50%	4.31%
Weighted- Average Receive Rate	5.47%	2.03%
Weighted- Average Remaining Term (in years)	9 years 6 months 25 days	1 year 7 months 20 days
Designated as hedge \| Fair value hedges: \| Receive fixed callable
Notional Disclosures [Abstract]
Notional Amount	$ 3,879,827	$ 2,764,577
Asset
Fair value, asset	7,374	461
(Liability)
Fair value, liability	$ (95,984)	$ (174,757)
Weighted- Average Pay Rate	5.40%	4.21%
Weighted- Average Receive Rate	3.40%	1.98%
Weighted- Average Remaining Term (in years)	2 years 5 months 23 days	3 years 2 months 4 days
Designated as hedge \| Cash flow hedges: \| Pay fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	$ 558,000	$ 588,000
Asset
Fair value, asset	20,234	27,275
(Liability)
Fair value, liability	$ (43)	$ 0
Weighted- Average Pay Rate	1.94%	1.93%
Weighted- Average Receive Rate	5.82%	4.72%
Weighted- Average Remaining Term (in years)	4 years 3 months 18 days	5 years 18 days
No hedge designation \| Receive fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	$ 1,358,396	$ 287,750
Asset
Fair value, asset	263	0
(Liability)
Fair value, liability	$ (3)	$ (130)
Weighted- Average Pay Rate	5.44%	4.31%
Weighted- Average Receive Rate	4.87%	1.16%
Weighted- Average Remaining Term (in years)	7 months 20 days	1 year 9 months 3 days
No hedge designation \| Pay fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	$ 160,623	$ 187,479
Asset
Fair value, asset	676	1,065
(Liability)
Fair value, liability	$ (29)	$ (1)
Weighted- Average Pay Rate	2.92%	3.05%
Weighted- Average Receive Rate	5.64%	4.09%
Weighted- Average Remaining Term (in years)	4 years 4 months 2 days	4 years 6 months 7 days
No hedge designation \| Basis swaps
Notional Disclosures [Abstract]
Notional Amount	$ 850,384	$ 1,860,384
Asset
Fair value, asset	39	112
(Liability)
Fair value, liability	$ (746)	$ (456)
Weighted- Average Pay Rate	5.52%	4.40%
Weighted- Average Receive Rate	5.48%	4.42%
Weighted- Average Remaining Term (in years)	3 years 9 months 29 days	2 years 5 months 15 days
No hedge designation \| Treasury futures
Notional Disclosures [Abstract]
Notional Amount	$ 21,300	$ 6,800
Asset
Fair value, asset	11	0
Netting adjustments	(1,236)	(5,212)
(Liability)
Fair value, liability	(91)	(142)
Netting adjustments	$ 1,236	$ 5,212
Weighted- Average Forward Price (in dollars per share)	$ 112.51	$ 114.38

FINANCIAL DERIVATIVES - Sched_2

FINANCIAL DERIVATIVES - Schedule of Net Income/(Expense) Recognized (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Investments and cash equivalents	$ 287,144	$ 82,659	$ 18,660
Interest Income Farmer Mac Guaranteed Securities and USDA Securities	590,250	283,769	164,723
Interest Income Loans	514,894	350,420	242,582
Total interest expense	(1,064,741)	(445,908)	(204,014)
Gains on financial derivatives	2,882	22,631	324
Total	330,429	293,571	222,275
Interest expense on interest rate swaps	23,511	38,688	23,066
Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	(151,073)	(514,121)	(179,407)
(Losses)/gains on fair value hedging relationships	(5,394)	5,802	(340)
Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	(55)	(57)	(37)
Interest settlements reclassified from AOCI into net income on derivatives	20,643	1,213	(7,399)
Recognized on hedged items	(31,610)	(12,847)	(2,657)
Expense recognized on cash flow hedges	(11,022)	(11,691)	(10,093)
Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	(61,506)	82,743	117,046
Premium/discount amortization recognized on hedged items	(1,005)	(2,870)	(1,118)
No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	2,882	22,631	324
Interest Income Investments and Cash Equivalents \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	18,472	(105,889)	(1,218)
(Losses)/gains on fair value hedging relationships	(973)	(1,167)	470
Interest Income Investments and Cash Equivalents \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	0	0	0
Interest settlements reclassified from AOCI into net income on derivatives	0	0	0
Recognized on hedged items	0	0	0
Expense recognized on cash flow hedges	0	0	0
Interest Income Investments and Cash Equivalents \| Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	33,488	16,199	1,792
Premium/discount amortization recognized on hedged items	1,860	(754)	0
Interest Income Investments and Cash Equivalents \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Interest Income Farmer Mac Guaranteed Securities and USDA Securities \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	89,437	(553,393)	(176,304)
(Losses)/gains on fair value hedging relationships	(1,714)	137	1,948
Interest Income Farmer Mac Guaranteed Securities and USDA Securities \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	0	0	0
Interest settlements reclassified from AOCI into net income on derivatives	0	0	0
Recognized on hedged items	0	0	0
Expense recognized on cash flow hedges	0	0	0
Interest Income Farmer Mac Guaranteed Securities and USDA Securities \| Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	183,396	142,809	119,896
Premium/discount amortization recognized on hedged items	0	0	0
Interest Income Farmer Mac Guaranteed Securities and USDA Securities \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Interest Income Loans \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	21,686	(341,162)	(97,502)
(Losses)/gains on fair value hedging relationships	(1,842)	9,954	(43)
Interest Income Loans \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	0	0	0
Interest settlements reclassified from AOCI into net income on derivatives	0	0	0
Recognized on hedged items	0	0	0
Expense recognized on cash flow hedges	0	0	0
Interest Income Loans \| Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	63,133	56,141	46,842
Premium/discount amortization recognized on hedged items	0	0	0
Interest Income Loans \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Total Interest Expense \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	(280,668)	486,323	95,617
(Losses)/gains on fair value hedging relationships	(865)	(3,122)	(2,715)
Total Interest Expense \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	(55)	(57)	(37)
Interest settlements reclassified from AOCI into net income on derivatives	20,643	1,213	(7,399)
Recognized on hedged items	(31,610)	(12,847)	(2,657)
Expense recognized on cash flow hedges	(11,022)	(11,691)	(10,093)
Total Interest Expense \| Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	(341,523)	(132,406)	(51,484)
Premium/discount amortization recognized on hedged items	(2,865)	(2,116)	(1,118)
Total Interest Expense \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Gains on financial derivatives \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	0	0	0
(Losses)/gains on fair value hedging relationships	0	0	0
Gains on financial derivatives \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	0	0	0
Interest settlements reclassified from AOCI into net income on derivatives	0	0	0
Recognized on hedged items	0	0	0
Expense recognized on cash flow hedges	0	0	0
Gains on financial derivatives \| Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	0	0	0
Premium/discount amortization recognized on hedged items	0	0	0
Gains on financial derivatives \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	2,882	22,631	324
Interest Rate Swap \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	(99,800)	(79,201)	(70,880)
Income/(expense) related to interest settlements on fair value hedging relationships	(162,311)	672	45,048
Recognized on derivatives	145,679	519,923	179,067
Interest Rate Swap \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	4,395	13,012	(2,144)
Interest expense on interest rate swaps	(4,845)	(7,619)	3,259
Interest Rate Swap \| Interest Income Investments and Cash Equivalents \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	35,377	2,727	(1,002)
Income/(expense) related to interest settlements on fair value hedging relationships	70,725	18,172	790
Recognized on derivatives	(19,445)	104,722	1,688
Interest Rate Swap \| Interest Income Investments and Cash Equivalents \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Interest expense on interest rate swaps	0	0	0
Interest Rate Swap \| Interest Income Farmer Mac Guaranteed Securities and USDA Securities \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	146,027	(19,486)	(85,302)
Income/(expense) related to interest settlements on fair value hedging relationships	329,423	123,323	34,594
Recognized on derivatives	(91,151)	553,530	178,252
Interest Rate Swap \| Interest Income Farmer Mac Guaranteed Securities and USDA Securities \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Interest expense on interest rate swaps	0	0	0
Interest Rate Swap \| Interest Income Loans \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	64,648	(501)	(27,167)
Income/(expense) related to interest settlements on fair value hedging relationships	127,781	55,640	19,675
Recognized on derivatives	(23,528)	351,116	97,459
Interest Rate Swap \| Interest Income Loans \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Interest expense on interest rate swaps	0	0	0
Interest Rate Swap \| Total Interest Expense \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	(345,852)	(61,941)	42,591
Income/(expense) related to interest settlements on fair value hedging relationships	(690,240)	(196,463)	(10,011)
Recognized on derivatives	279,803	(489,445)	(98,332)
Interest Rate Swap \| Total Interest Expense \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Interest expense on interest rate swaps	0	0	0
Interest Rate Swap \| Gains on financial derivatives \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	0	0	0
Income/(expense) related to interest settlements on fair value hedging relationships	0	0	0
Recognized on derivatives	0	0	0
Interest Rate Swap \| Gains on financial derivatives \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	4,395	13,012	(2,144)
Interest expense on interest rate swaps	(4,845)	(7,619)	3,259
Treasury futures \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	3,332	17,238	(791)
Treasury futures \| Interest Income Investments and Cash Equivalents \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Treasury futures \| Interest Income Farmer Mac Guaranteed Securities and USDA Securities \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Treasury futures \| Interest Income Loans \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Treasury futures \| Total Interest Expense \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0	0
Treasury futures \| Gains on financial derivatives \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	$ 3,332	$ 17,238	$ (791)

FINANCIAL DERIVATIVES - Hedged

FINANCIAL DERIVATIVES - Hedged Items in Fair Value Hedging Relationships (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Available-for-Sale Securities
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	$ 1,251,386	$ 876,063
Hedged Asset	(88,635)	(107,107)
Loans
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	1,699,361	1,623,301
Hedged Asset	(305,592)	(327,278)
Long-term Debt
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	(13,350,111)	(12,151,382)
Hedged Liability	250,418	531,086
Farmer Mac Guaranteed Securities
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	5,497,948	4,814,784
Hedged Asset	$ (257,436)	$ (346,873)

FINANCIAL DERIVATIVES - Sched_3

FINANCIAL DERIVATIVES - Schedule of Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Gross Amount Recognized	$ 36,139	$ 41,582
Gross Amounts offset in the Consolidated Balance Sheet	(1,236)	(5,212)
Net Amount Presented in the Consolidated Balance Sheet	34,903	36,370
Netting Adjustments	(25,727)	(27,132)
Financial instruments pledged	0	0
Cash collateral	0	0
Net amount	9,176	9,238
Liabilities:
Gross Amount Recognized	(101,350)	(155,076)
Gross Amounts offset in the Consolidated Balance Sheet	1,236	5,212
Net Amount Presented in the Consolidated Balance Sheet	(100,114)	(149,864)
Netting Adjustments	25,727	27,132
Financial instruments pledged	0	0
Cash collateral	69,360	121,065
Net amount	(5,027)	(1,667)
Derivative liability, not subject to master netting arrangement	15,200	23,700
Collateral received	2,000
Derivative, additional net exposure	207,200	204,000
Uncleared derivatives
Assets:
Gross Amount Recognized	25,751	27,132
Gross Amounts offset in the Consolidated Balance Sheet	0	0
Net Amount Presented in the Consolidated Balance Sheet	25,751	27,132
Netting Adjustments	(25,727)	(27,132)
Financial instruments pledged	0	0
Cash collateral	0	0
Net amount	24	0
Liabilities:
Gross Amount Recognized	(100,114)	(149,864)
Gross Amounts offset in the Consolidated Balance Sheet	0	0
Net Amount Presented in the Consolidated Balance Sheet	(100,114)	(149,864)
Netting Adjustments	25,727	27,132
Financial instruments pledged	0	0
Cash collateral	69,360	121,065
Net amount	(5,027)	(1,667)
Cleared derivatives
Assets:
Gross Amount Recognized	10,388	14,450
Gross Amounts offset in the Consolidated Balance Sheet	(1,236)	(5,212)
Net Amount Presented in the Consolidated Balance Sheet	9,152	9,238
Netting Adjustments	0	0
Financial instruments pledged	0	0
Cash collateral	0	0
Net amount	9,152	9,238
Liabilities:
Gross Amount Recognized	(1,236)	(5,212)
Gross Amounts offset in the Consolidated Balance Sheet	1,236	5,212
Net Amount Presented in the Consolidated Balance Sheet	0	0
Netting Adjustments	0	0
Financial instruments pledged	0	0
Cash collateral	0	0
Net amount	$ 0	$ 0

NOTES PAYABLE - Narrative (Deta

NOTES PAYABLE - Narrative (Details) - USD ($)	12 Months Ended
NOTES PAYABLE - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Medium term notes called during the period	$ 233,000,000	$ 26,000,000
Maximum borrowing capacity from U.S. Treasury	1,500,000,000
Outstanding debt repurchases	$ 0	27,000,000	$ 23,000,000
Gain on extinguishment of debt		200,000	$ 0
Discount Notes
Debt Instrument [Line Items]
Maturities of notes	1 year
Medium-term notes \| Minimum
Debt Instrument [Line Items]
Maturities of notes	6 months
Medium-term notes \| Maximum
Debt Instrument [Line Items]
Maturities of notes	25 years
Discount notes
Debt Instrument [Line Items]
Maximum amount of discount notes outstanding at any month end	$ 1,800,000,000	$ 2,200,000,000

NOTES PAYABLE - Borrowings (Det

NOTES PAYABLE - Borrowings (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Due within one year:
Outstanding, Amount	$ 8,087,168	$ 8,034,175
Outstanding, Weighted - average rate	3.52%	2.31%
Medium-term notes due in:
Two years	$ 5,523,671
Three years	3,825,702
Four years	3,038,229
Five years	2,623,202
Thereafter	3,488,987
Total due after one year	18,499,791
Total principal net of discounts	26,586,959	$ 25,000,199
Hedging adjustments	(250,417)	(531,086)
Total	$ 26,336,542	24,469,113
Weighted - average rate	3.16%
Total weighted - average rate	3.27%
Two years
Medium-term notes due in:
Weighted - average rate	3.27%
Three years
Medium-term notes due in:
Weighted - average rate	2.27%
Four years
Medium-term notes due in:
Weighted - average rate	3.44%
Five years
Medium-term notes due in:
Weighted - average rate	4.37%
Thereafter
Medium-term notes due in:
Weighted - average rate	2.80%
Discount notes
Due within one year:
Outstanding, Amount	$ 1,734,387	$ 565,578
Outstanding, Weighted - average rate	5.32%	3.91%
Average Outstanding, Amount	$ 1,097,300	$ 1,325,026
Average Outstanding, Weighted - average rate (as a percent)	5.08%	0.96%
Medium-term notes
Due within one year:
Outstanding, Amount	$ 384,970	$ 2,547,733
Outstanding, Weighted - average rate	5.07%	3.54%
Average Outstanding, Amount	$ 1,731,308	$ 1,442,932
Average Outstanding, Weighted - average rate (as a percent)	4.09%	2.11%
Medium-term notes due in:
Two years		$ 4,072,740
Three years		3,506,480
Four years		2,967,625
Five years		2,361,197
Thereafter		4,057,982
Total due after one year		$ 16,966,024
Weighted - average rate		2.15%
Total weighted - average rate		2.20%
Medium-term notes \| Two years
Medium-term notes due in:
Weighted - average rate		1.71%
Medium-term notes \| Three years
Medium-term notes due in:
Weighted - average rate		2.10%
Medium-term notes \| Four years
Medium-term notes due in:
Weighted - average rate		1.44%
Medium-term notes \| Five years
Medium-term notes due in:
Weighted - average rate		3.12%
Medium-term notes \| Thereafter
Medium-term notes due in:
Weighted - average rate		2.60%
Current portion of medium-term notes
Due within one year:
Outstanding, Amount	$ 5,967,811	$ 4,920,864
Outstanding, Weighted - average rate	2.90%	1.49%

NOTES PAYABLE - Callable Medium

NOTES PAYABLE - Callable Medium-Term Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2026	$ 5,523,671
2027	3,825,702
2028	3,038,229
Total principal net of discounts	$ 26,586,959	$ 25,000,199
Weighted-Average Rate	3.16%
Year one
Debt Instrument [Line Items]
Weighted-Average Rate	2.79%
Year two
Debt Instrument [Line Items]
Weighted-Average Rate	2.07%
Year three
Debt Instrument [Line Items]
Weighted-Average Rate	3.20%
Year four
Debt Instrument [Line Items]
Weighted-Average Rate	4.24%
Call Option
Debt Instrument [Line Items]
2025	$ 970,468
2026	1,398,727
2027	883,962
2028	582,892
Thereafter	1,805,423
Total principal net of discounts	$ 5,641,472
Weighted-Average Rate	2.70%
Call Option \| Year one
Debt Instrument [Line Items]
Weighted-Average Rate	2.88%
Call Option \| Year two
Debt Instrument [Line Items]
Weighted-Average Rate	2.05%
Call Option \| Year three
Debt Instrument [Line Items]
Weighted-Average Rate	2.80%
Call Option \| Year four
Debt Instrument [Line Items]
Weighted-Average Rate	4.27%
Call Option \| Thereafter
Debt Instrument [Line Items]
Weighted-Average Rate	2.54%

NOTES PAYABLE - Earliest Intere

NOTES PAYABLE - Earliest Interest Reset Date of Borrowing Outstanding (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2024	$ 10,125,494
2025	4,568,438
2026	3,622,798
2027	2,747,407
2028	2,380,412
Thereafter	3,142,410
Total principal net of discounts	$ 26,586,959
Short-term debt, weighted average rate (as a percent)	3.52%	2.31%
Weighted - average rate	3.16%
Total weighted - average rate	3.27%
Due within one year
Debt Instrument [Line Items]
Short-term debt, weighted average rate (as a percent)	3.95%
Year one
Debt Instrument [Line Items]
Weighted - average rate	2.79%
Year two
Debt Instrument [Line Items]
Weighted - average rate	2.07%
Year three
Debt Instrument [Line Items]
Weighted - average rate	3.20%
Year four
Debt Instrument [Line Items]
Weighted - average rate	4.24%
Thereafter
Debt Instrument [Line Items]
Weighted - average rate	2.47%

LOANS - Narrative (Details)

LOANS - Narrative (Details)	12 Months Ended
LOANS - Narrative (Details)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for sale, at lower of cost or fair value	$ 0	$ 0
Number of operating segments \| segment	7
(Release of)/provision for losses	$ 858,000	1,323,000	$ (860,000)
Rural Infrastructure Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
(Release of)/provision for losses	$ 800,000	(2,300,000)	500,000
Agricultural Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of operating segments \| segment	2
(Release of)/provision for losses	$ 100,000	$ 3,400,000	$ (1,400,000)

LOANS - Schedule of Composition

LOANS - Schedule of Composition of Loan Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 11,360,197	$ 10,549,845
Allowance for losses	(16,031)	(15,089)
Total loans, net of allowance	11,039,349	10,205,466
Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	11,360,197	10,549,845
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	(304,817)	(329,290)
Total loans	11,055,380	10,220,555
Allowance for losses	(16,031)	(15,089)
Total loans, net of allowance	11,039,349	10,205,466
Agricultural Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	7,825,434	7,528,579
Agricultural Finance \| Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	7,825,434	7,528,579
Allowance for losses	(6,884)	(6,775)	$ (3,442)	$ (3,745)
Farm & Ranch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	6,565,711	6,362,326
Farm & Ranch \| Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	6,565,711	6,362,326
Allowance for losses	(3,936)	(4,044)	(2,882)	(3,404)
Corporate AgFinance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	1,259,723	1,166,253
Corporate AgFinance \| Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	1,259,723	1,166,253
Allowance for losses	(2,948)	(2,731)	(560)	(341)
Rural Infrastructure Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	3,534,763	3,021,266
Rural Infrastructure Finance \| Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	3,534,763	3,021,266
Allowance for losses	(9,147)	(8,314)	$ (10,599)	$ (10,087)
Unsecuritized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	9,927,936	9,338,269
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	(304,817)	(329,290)
Total loans	9,623,119	9,008,979
Allowance for losses	(15,588)	(14,629)
Total loans, net of allowance	9,607,531	8,994,350
Unsecuritized \| Agricultural Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	6,393,173	6,317,003
Unsecuritized \| Farm & Ranch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	5,133,450	5,150,750
Unsecuritized \| Corporate AgFinance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	1,259,723	1,166,253
Unsecuritized \| Rural Infrastructure Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	3,534,763	3,021,266
In Consolidated Trusts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	1,432,261	1,211,576
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	0	0
Total loans	1,432,261	1,211,576
Allowance for losses	(443)	(460)
Total loans, net of allowance	1,431,818	1,211,116
In Consolidated Trusts \| Agricultural Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	1,432,261	1,211,576
In Consolidated Trusts \| Farm & Ranch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	1,432,261	1,211,576
In Consolidated Trusts \| Corporate AgFinance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	0	0
In Consolidated Trusts \| Rural Infrastructure Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 0	$ 0

LOANS - Allowance for Losses (D

LOANS - Allowance for Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	$ 16,031	$ 15,089
Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	16,031	15,089
Agricultural Finance \| Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	6,884	6,775	$ 3,442	$ 3,745
Farm & Ranch \| Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	3,936	4,044	2,882	3,404
Corporate AgFinance \| Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	2,948	2,731	560	341
Rural Infrastructure Finance \| Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	$ 9,147	$ 8,314	$ 10,599	$ 10,087

LOANS - Changes in the Allowanc

LOANS - Changes in the Allowance for Losses (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 15,089,000
(Release of)/provision for losses	858,000	$ 1,323,000	$ (860,000)
Ending balance	16,031,000	15,089,000
Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	15,089,000
Ending balance	16,031,000	15,089,000
Agricultural Finance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
(Release of)/provision for losses	100,000	3,400,000	(1,400,000)
Agricultural Finance \| Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	6,775,000	3,442,000	3,745,000
(Release of)/provision for losses	109,000	3,417,000	(1,357,000)
Recovery			1,054,000
Charge-offs	0	(84,000)
Ending balance	6,884,000	6,775,000	3,442,000
Farm & Ranch
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Charge-offs	0	(84,000)
Farm & Ranch \| Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	4,044,000	2,882,000	3,404,000
(Release of)/provision for losses	(108,000)	1,246,000	(1,576,000)
Recovery			1,054,000
Charge-offs	0	(84,000)
Ending balance	3,936,000	4,044,000	2,882,000
Farm & Ranch \| Operating Segments
Financing Receivable, Allowance for Credit Losses [Roll Forward]
(Release of)/provision for losses	(145,000)	1,463,000	(1,574,000)
Farm & Ranch \| Commercial Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
(Release of)/provision for losses	1,000,000	1,900,000
Corporate AgFinance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Charge-offs	0	0
Corporate AgFinance \| Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	2,731,000	560,000	341,000
(Release of)/provision for losses	217,000	2,171,000	219,000
Recovery			0
Charge-offs	0	0
Ending balance	2,948,000	2,731,000	560,000
Corporate AgFinance \| Operating Segments
Financing Receivable, Allowance for Credit Losses [Roll Forward]
(Release of)/provision for losses	207,000	2,136,000	210,000
Corporate AgFinance \| Commercial Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
(Release of)/provision for losses	0	2,400,000
Rural Infrastructure Finance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
(Release of)/provision for losses	800,000	(2,300,000)	500,000
Charge-offs	0	0
Rural Infrastructure Finance \| Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	8,314,000	10,599,000	10,087,000
(Release of)/provision for losses	833,000	(2,285,000)	512,000
Recovery			0
Charge-offs	0	0
Ending balance	9,147,000	8,314,000	$ 10,599,000
Rural Infrastructure Finance \| Collateral Pledged
Financing Receivable, Allowance for Credit Losses [Roll Forward]
(Release of)/provision for losses	$ 0	$ 0

LOANS - Unpaid Principal Balanc

LOANS - Unpaid Principal Balances by Delinquency Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	$ 9,623,119	$ 9,008,979
Nonaccrual loans	65,236	78,965
Total loans	11,360,197	10,549,845
Nonaccrual loans with no associated allowance	25,700	22,000
Interest received on nonaccrual loans	2,600	5,600
Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loans	65,236	78,965
Total loans	7,825,434	7,528,579
Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	6,565,711	6,362,326
Nonaccrual loans	65,236	63,402
Total loans	6,565,711	6,362,326
Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	1,259,723	1,166,253
Nonaccrual loans	0	15,563
Total loans	1,259,723	1,166,253
Rural Infrastructure Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	3,534,763	3,021,266
Nonaccrual loans	0	0
Total loans	3,534,763	3,021,266
Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	11,264,691	10,459,282
Current \| Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	7,729,928	7,438,016
Current \| Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	6,470,205	6,287,326
Current \| Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	1,259,723	1,150,690
Current \| Rural Infrastructure Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	3,534,763	3,021,266
Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	30,270	11,598
Total Past Due \| Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	30,270	11,598
Total Past Due \| Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	30,270	11,598
Total Past Due \| Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0
Total Past Due \| Rural Infrastructure Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0
30-59 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	15,326	10,066
30-59 Days \| Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	15,326	10,066
30-59 Days \| Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	15,326	10,066
30-59 Days \| Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0
30-59 Days \| Rural Infrastructure Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0
60-89 Days
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	3,953	392
60-89 Days \| Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	3,953	392
60-89 Days \| Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	3,953	392
60-89 Days \| Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0
60-89 Days \| Rural Infrastructure Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0
90 Days and Greater
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	10,991	1,140
90 Days and Greater \| Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	10,991	1,140
90 Days and Greater \| Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	10,991	1,140
90 Days and Greater \| Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	0	0
90 Days and Greater \| Rural Infrastructure Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	$ 0	$ 0

LOANS - Schedule of Financing R

LOANS - Schedule of Financing Receivables Credit Quality Indicators (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Total
Total	$ 9,623,119	$ 9,008,979
Farm & Ranch
Year One
Total	604,837	1,252,022
Current period charge-offs	0	0
Year Two
Total	1,207,742	1,781,621
Current period charge-offs	0	0
Year Three
Total	1,691,901	1,236,079
Current period charge-offs	0	0
Year Four
Total	1,149,903	395,895
Current period charge-offs	0	0
Year Five
Total	357,646	265,661
Current period charge-offs	0	0
Prior
Total	1,148,725	1,032,986
Current period charge-offs	0	(84)
Revolving Loans - Amortized Cost Basis
Total	404,957	398,062
Current period charge-offs	0	0
Total
Total	6,565,711	6,362,326
Current period charge-offs	0	(84)
Corporate AgFinance
Year One
Total	207,279	145,263
Current period charge-offs	0	0
Year Two
Total	112,444	299,729
Current period charge-offs	0	0
Year Three
Total	277,400	226,158
Current period charge-offs	0	0
Year Four
Total	173,980	128,928
Current period charge-offs	0	0
Year Five
Total	119,685	76,454
Current period charge-offs	0	0
Prior
Total	112,947	44,827
Current period charge-offs	0	0
Revolving Loans - Amortized Cost Basis
Total	255,988	244,894
Current period charge-offs	0	0
Total
Total	1,259,723	1,166,253
Current period charge-offs	0	0
Rural Infrastructure Finance
Year One
Total	618,946	741,021
Current period charge-offs	0	0
Year Two
Total	720,522	220,420
Current period charge-offs	0	0
Year Three
Total	187,746	629,223
Current period charge-offs	0	0
Year Four
Total	593,841	739,270
Current period charge-offs	0	0
Year Five
Total	701,937	7,932
Current period charge-offs	0	0
Prior
Total	611,548	649,830
Current period charge-offs	0	0
Revolving Loans - Amortized Cost Basis
Total	100,223	33,570
Current period charge-offs	0	0
Total
Total	3,534,763	3,021,266
Current period charge-offs	0	0
Acceptable \| Farm & Ranch
Year One
Total	530,956	1,157,829
Year Two
Total	1,137,226	1,704,547
Year Three
Total	1,653,780	1,187,474
Year Four
Total	1,120,917	360,704
Year Five
Total	323,922	242,491
Prior
Total	1,068,862	947,535
Revolving Loans - Amortized Cost Basis
Total	385,766	385,503
Total
Total	6,221,429	5,986,083
Acceptable \| Corporate AgFinance
Year One
Total	207,279	145,263
Year Two
Total	97,922	299,729
Year Three
Total	261,992	221,560
Year Four
Total	123,158	108,230
Year Five
Total	99,352	76,454
Prior
Total	112,947	44,827
Revolving Loans - Amortized Cost Basis
Total	254,325	232,107
Total
Total	1,156,975	1,128,170
Acceptable \| Rural Infrastructure Finance
Year One
Total	618,946	741,021
Year Two
Total	681,272	220,420
Year Three
Total	187,746	629,223
Year Four
Total	593,841	739,270
Year Five
Total	701,937	7,932
Prior
Total	611,548	649,830
Revolving Loans - Amortized Cost Basis
Total	100,223	33,570
Total
Total	3,495,513	3,021,266
Special mention \| Farm & Ranch
Year One
Total	70,524	91,099
Year Two
Total	46,529	68,260
Year Three
Total	27,957	25,629
Year Four
Total	11,591	11,254
Year Five
Total	4,782	5,325
Prior
Total	21,257	17,797
Revolving Loans - Amortized Cost Basis
Total	8,777	2,452
Total
Total	191,417	221,816
Special mention \| Corporate AgFinance
Year One
Total	0	0
Year Two
Total	14,522	0
Year Three
Total	15,408	0
Year Four
Total	50,822	20,698
Year Five
Total	20,333	0
Prior
Total	0	0
Revolving Loans - Amortized Cost Basis
Total	1,663	2,145
Total
Total	102,748	22,843
Special mention \| Rural Infrastructure Finance
Year One
Total	0	0
Year Two
Total	9,850	0
Year Three
Total	0	0
Year Four
Total	0	0
Year Five
Total	0	0
Prior
Total	0	0
Revolving Loans - Amortized Cost Basis
Total	0	0
Total
Total	9,850	0
Substandard \| Farm & Ranch
Year One
Total	3,357	3,094
Year Two
Total	23,987	8,814
Year Three
Total	10,164	22,976
Year Four
Total	17,395	23,937
Year Five
Total	28,942	17,845
Prior
Total	58,606	67,654
Revolving Loans - Amortized Cost Basis
Total	10,414	10,107
Total
Total	152,865	154,427
Substandard \| Corporate AgFinance
Year One
Total	0	0
Year Two
Total	0	0
Year Three
Total	0	4,598
Year Four
Total	0	0
Year Five
Total	0	0
Prior
Total	0	0
Revolving Loans - Amortized Cost Basis
Total	0	10,642
Total
Total	0	15,240
Substandard \| Rural Infrastructure Finance
Year One
Total	0	0
Year Two
Total	29,400	0
Year Three
Total	0	0
Year Four
Total	0	0
Year Five
Total	0	0
Prior
Total	0	0
Revolving Loans - Amortized Cost Basis
Total	0	0
Total
Total	$ 29,400	$ 0

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) $ / shares in Units, $ in Millions		12 Months Ended			24 Months Ended
	Dec. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($) classOfCommonStockOutstanding $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Mar. 10, 2023 shares	Mar. 31, 2023 USD ($)	Mar. 10, 2021 USD ($)	Dec. 31, 2020 shares
Class of Stock [Line Items]
Number of classes of common stock outstanding \| classOfCommonStockOutstanding		3
Quarterly dividend on all classes of common stock (in dollars per share) \| $ / shares		$ 1.10	$ 0.95	$ 0.88
Share expiration period		10 years
SARs exercise price (in dollars per share) \| $ / shares		$ 135.12	$ 120.38	$ 88.68
Decrease in additional paid-in capital		$ 3.1	$ 1.9	$ 1.3
Intrinsic value of outstanding, exercisable and vested or excepted to vest restricted stock	$ 35	35	16.3
Intrinsic value of shares exercised		2.4	$ 1.1	$ 0.9
Unrecognized compensation cost	7.7	$ 7.7
Weighted-average period of recognition		1 year 10 months 24 days
Weighted-average grant date fair value (in dollars per share) \| $ / shares		$ 114.68	$ 91.94	$ 65.48
Compensation expense		$ 6.8	$ 4.6	$ 4.3
Granted (in dollars per share) \| $ / shares		$ 135.56	$ 120.14	$ 88.92
Capital required for capital adequacy	862.6	$ 862.6	$ 805.9
Capital	1,500	1,500	1,300
Excess capital	$ 589.4	589.4	516.9
SARs
Class of Stock [Line Items]
Tax benefit from exercise of SARs		$ 1.7	$ 1.2	$ 0.9
Outstanding, SARs (in shares) \| shares	125,952	125,952	132,163	130,409				116,417
Stock option
Class of Stock [Line Items]
Outstanding, SARs (in shares) \| shares	0	0
Minimum \| Restricted Stock
Class of Stock [Line Items]
Vesting period		1 year	1 year	1 year
Maximum \| Restricted Stock
Class of Stock [Line Items]
Vesting period		3 years	3 years	3 years
Class C non-voting common stock
Class of Stock [Line Items]
Shares repurchased (in shares) \| shares	673,000	0			0
Shares repurchased	$ 19.8
Remaining authorized amount for repurchase						$ 9.8	$ 9.8
Stock repurchase, period					2 years

EQUITY - Schedule of Stock by C

EQUITY - Schedule of Stock by Class (Details) - USD ($)						12 Months Ended
EQUITY - Schedule of Stock by Class (Details) - USD ($)	May 27, 2021	Aug. 20, 2020	May 20, 2020	May 13, 2019	Jun. 20, 2014	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Series C
Class of Stock [Line Items]
Issuance Cost					$ 1,618,583
Shares issued (in shares)					3,000,000	3,000,000	3,000,000
Annual dividend rate					6%	6%	6%	6%
Liquidation Value (in dollars per share)					$ 25
Series C \| July 17, 2024, thereafter
Class of Stock [Line Items]
Dividend variable rate						3.26%
Series D
Class of Stock [Line Items]
Issuance Cost				$ 3,340,456
Shares issued (in shares)				4,000,000		4,000,000	4,000,000
Annual dividend rate				5.70%		5.70%	5.70%	5.70%
Liquidation Value (in dollars per share)				$ 25
Series E
Class of Stock [Line Items]
Issuance Cost			$ 2,496,750
Shares issued (in shares)			3,180,000			3,180,000	3,180,000
Annual dividend rate			5.75%			5.75%	5.75%	5.75%
Liquidation Value (in dollars per share)			$ 25
Series F
Class of Stock [Line Items]
Issuance Cost		$ 3,839,902
Shares issued (in shares)		4,800,000				4,800,000	4,800,000
Annual dividend rate		5.25%				5.25%	5.25%	5.25%
Liquidation Value (in dollars per share)		$ 25
Series G
Class of Stock [Line Items]
Issuance Cost	$ 3,661,677
Shares issued (in shares)	5,000,000					5,000,000	5,000,000
Annual dividend rate	4.875%					4.875%	4.875%	4.875%
Liquidation Value (in dollars per share)	$ 25

EQUITY - Quarterly Dividends Pa

EQUITY - Quarterly Dividends Paid by Farmer Mac (Details) - $ / shares						3 Months Ended												12 Months Ended
	May 27, 2021	Aug. 20, 2020	May 20, 2020	May 13, 2019	Jun. 20, 2014	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Series C
Class of Stock [Line Items]
Preferred stock, dividend rate					6%													6%	6%	6%
Preferred stock dividends (in dollars per share)						$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750	$ 0.3750
Series D
Class of Stock [Line Items]
Preferred stock, dividend rate				5.70%														5.70%	5.70%	5.70%
Preferred stock dividends (in dollars per share)						0.3563	0.3563	0.3563	0.3563	0.3563	0.3563	0.3563	0.3563	0.3563	0.3563	0.3563	0.3563
Series E
Class of Stock [Line Items]
Preferred stock, dividend rate			5.75%															5.75%	5.75%	5.75%
Preferred stock dividends (in dollars per share)						0.3594	0.3594	0.3594	0.3594	0.3594	0.3594	0.3594	0.3594	0.3594	0.3594	0.3594	0.3594
Series F
Class of Stock [Line Items]
Preferred stock, dividend rate		5.25%																5.25%	5.25%	5.25%
Preferred stock dividends (in dollars per share)						0.3281	0.3281	0.3281	0.3281	0.3281	0.3281	0.3281	0.3281	0.3281	0.3281	0.3281	0.3281
Series G
Class of Stock [Line Items]
Preferred stock, dividend rate	4.875%																	4.875%	4.875%	4.875%
Preferred stock dividends (in dollars per share)						$ 0.3047	$ 0.3047	$ 0.3047	$ 0.3047	$ 0.3047	$ 0.3047	$ 0.3047	$ 0.3047	$ 0.3047	$ 0.3047	$ 0.1693	$ 0

EQUITY - Schedule of Stock Opti

EQUITY - Schedule of Stock Options, SARS, and Non-vested Restricted Stock (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Non-vested Restricted Stock
Outstanding, beginning of year (in shares)	100,025	103,891	83,956
Granted (in shares)	59,745	38,668	53,358
Canceled (in shares)	(62)	(2,711)	(1,184)
Vested and issued (in shares)	(45,355)	(39,823)	(32,239)
Outstanding, end of year (in shares)	114,353	100,025	103,891
Weighted- Average Grant Date Fair Value
Outstanding, beginning of year (in dollars per share)	$ 91.84	$ 78.55	$ 71.76
Granted (in dollars per share)	135.56	120.14	88.92
Canceled (in dollars per share)	88.68	97.44	79.82
Vested and issued (in dollars per share)	78.12	84.25	77.98
Outstanding, end of year (in dollars per share)	$ 120.13	$ 91.84	$ 78.55
SARs
Stock Options and SARs
Outstanding, beginning of year (in shares)	132,163	130,409	116,417
Granted (in shares)	16,761	18,432	28,575
Exercised (in shares)	(22,972)	(16,678)	(14,583)
Canceled (in shares)	0	0	0
Outstanding, end of year (in shares)	125,952	132,163	130,409
Exercisable at end of year (in shares)	87,378	83,054	72,106
Weighted- Average Exercise Price
Outstanding, beginning of year (in dollars per share)	$ 75.82	$ 66.10	$ 57.16
Granted (in dollars per share)	135.12	120.38	88.68
Exercised (in dollars per share)	56.82	49.04	38.99
Canceled (in dollars per share)	0	0	0
Outstanding, end of year (in dollars per share)	87.18	75.82	66.10
Exercisable at end of year (in dollars per share)	$ 73.15	$ 63.12	$ 52.85

EQUITY - Schedule of SARs and N

EQUITY - Schedule of SARs and Non-Vested Restricted Stock Outstanding (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 135.12	$ 120.38	$ 88.68
Weighted-average grant-date fair value (in dollars per share)	$ 120.13	$ 91.84	$ 78.55	$ 71.76
Outstanding, non-vested restricted stock (in shares)	114,353	100,025	103,891	83,956
Expected to vest, non-vested restricted stock (in shares)	114,621
SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, SARs (in shares)	125,952	132,163	130,409	116,417
Exercisable, SARs (in shares)	87,378	83,054	72,106
Vested or expected to vest, SARs (in shares)	125,952
$25.00 - $39.99 \| SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 25
SARs exercise price, upper range limit (in dollars per share)	$ 39.99
Outstanding, SARs (in shares)	18,735
Outstanding, weighted-average remaining contractual life	1 year 7 months 6 days
Exercisable, SARs (in shares)	18,735
Exercisable, weighted-average remaining contractual life	1 year 7 months 6 days
Vested or expected to vest, SARs (in shares)	18,735
Vested or expected to vest, weighted-average remaining contractual life	1 year 7 months 6 days
40.00 - 54.99 \| SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 40
SARs exercise price, upper range limit (in dollars per share)	$ 54.99
Outstanding, SARs (in shares)	0
Outstanding, weighted-average remaining contractual life	0 years
Exercisable, SARs (in shares)	0
Exercisable, weighted-average remaining contractual life	0 years
Vested or expected to vest, SARs (in shares)	0
Vested or expected to vest, weighted-average remaining contractual life	0 years
55.00 - 69.99 \| SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 55
SARs exercise price, upper range limit (in dollars per share)	$ 69.99
Outstanding, SARs (in shares)	3,381
Outstanding, weighted-average remaining contractual life	3 years 3 months 18 days
Exercisable, SARs (in shares)	3,381
Exercisable, weighted-average remaining contractual life	3 years 3 months 18 days
Vested or expected to vest, SARs (in shares)	3,381
Vested or expected to vest, weighted-average remaining contractual life	3 years 3 months 18 days
70.00 - 84.99 \| SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 70
SARs exercise price, upper range limit (in dollars per share)	$ 84.99
Outstanding, SARs (in shares)	39,642
Outstanding, weighted-average remaining contractual life	5 years 9 months 18 days
Exercisable, SARs (in shares)	39,642
Exercisable, weighted-average remaining contractual life	5 years 9 months 18 days
Vested or expected to vest, SARs (in shares)	39,642
Vested or expected to vest, weighted-average remaining contractual life	5 years 9 months 18 days
85.00 - 99.99 \| SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 85
SARs exercise price, upper range limit (in dollars per share)	$ 99.99
Outstanding, SARs (in shares)	29,001
Outstanding, weighted-average remaining contractual life	6 years 7 months 6 days
Exercisable, SARs (in shares)	19,476
Exercisable, weighted-average remaining contractual life	6 years 3 months 18 days
Vested or expected to vest, SARs (in shares)	29,001
Vested or expected to vest, weighted-average remaining contractual life	6 years 7 months 6 days
100.00 - 114.99 \| SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 100
SARs exercise price, upper range limit (in dollars per share)	$ 114.99
Outstanding, SARs (in shares)	0
Outstanding, weighted-average remaining contractual life	0 years
Exercisable, SARs (in shares)	0
Exercisable, weighted-average remaining contractual life	0 years
Vested or expected to vest, SARs (in shares)	0
Vested or expected to vest, weighted-average remaining contractual life	0 years
115.00 - 129.99 \| SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 115
SARs exercise price, upper range limit (in dollars per share)	$ 129.99
Outstanding, SARs (in shares)	18,432
Outstanding, weighted-average remaining contractual life	8 years 2 months 12 days
Exercisable, SARs (in shares)	6,144
Exercisable, weighted-average remaining contractual life	8 years 2 months 12 days
Vested or expected to vest, SARs (in shares)	18,432
Vested or expected to vest, weighted-average remaining contractual life	8 years 2 months 12 days
130.00 - 144.99 \| SARs
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
SARs exercise price, lower range limit (in dollars per share)	$ 130
SARs exercise price, upper range limit (in dollars per share)	$ 144.99
Outstanding, SARs (in shares)	16,761
Outstanding, weighted-average remaining contractual life	9 years 3 months 18 days
Exercisable, SARs (in shares)	0
Exercisable, weighted-average remaining contractual life	0 years
Vested or expected to vest, SARs (in shares)	16,761
Vested or expected to vest, weighted-average remaining contractual life	9 years 3 months 18 days
$80.00 - $94.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, non-vested restricted stock (in shares)	30,182
Outstanding, weighted-average remaining contractual life	3 months 18 days
Expected to vest, non-vested restricted stock (in shares)	30,450
Expected to vest, weighted-average remaining contractual life	1 month 6 days
$80.00 - $94.99 \| Minimum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 80
$80.00 - $94.99 \| Maximum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 94.99
95.00 - 109.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, non-vested restricted stock (in shares)	219
Outstanding, weighted-average remaining contractual life	3 months 18 days
Expected to vest, non-vested restricted stock (in shares)	219
Expected to vest, weighted-average remaining contractual life	3 months 18 days
95.00 - 109.99 \| Minimum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 95
95.00 - 109.99 \| Maximum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 109.99
110.00 - 124.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, non-vested restricted stock (in shares)	24,779
Outstanding, weighted-average remaining contractual life	1 year 3 months 18 days
Expected to vest, non-vested restricted stock (in shares)	24,779
Expected to vest, weighted-average remaining contractual life	1 year 3 months 18 days
110.00 - 124.99 \| Minimum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 110
110.00 - 124.99 \| Maximum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 124.99
125.00 - 139.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, non-vested restricted stock (in shares)	56,194
Outstanding, weighted-average remaining contractual life	2 years 3 months 18 days
Expected to vest, non-vested restricted stock (in shares)	56,194
Expected to vest, weighted-average remaining contractual life	2 years 3 months 18 days
125.00 - 139.99 \| Minimum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 125
125.00 - 139.99 \| Maximum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 139.99
140.00 - 154.99
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Outstanding, non-vested restricted stock (in shares)	2,979
Outstanding, weighted-average remaining contractual life	2 years 3 months 18 days
Expected to vest, non-vested restricted stock (in shares)	2,979
Expected to vest, weighted-average remaining contractual life	2 years 3 months 18 days
140.00 - 154.99 \| Minimum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 140
140.00 - 154.99 \| Maximum
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Weighted-average grant-date fair value (in dollars per share)	$ 154.99

EQUITY - Assumptions for Estima

EQUITY - Assumptions for Estimating Fair Value of Stock Options and SARs (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Risk-free interest rate	4.10%	1.90%	0.90%
Expected years until exercise	6 years	6 years	6 years
Expected stock volatility	36.60%	37.40%	39.10%
Dividend yield	3.30%	3.20%	4%

INCOME TAXES - Components of Fe

INCOME TAXES - Components of Federal Corporate Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current income tax expense	$ 46,712	$ 35,609	$ 38,645
Deferred income tax expense	6,386	11,926	(2,273)
Income tax expense	$ 53,098	$ 47,535	$ 36,372

INCOME TAXES - Schedule of Effe

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Tax expense at statutory rate	$ 53,151	$ 47,393	$ 36,217
Excess tax benefits related to stock-based awards	(924)	(401)	(300)
Other	871	543	455
Income tax expense	$ 53,098	$ 47,535	$ 36,372
Statutory tax rate	21%	21%	21%

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Basis difference related to hedge items	$ 84,922	$ 53,360
Unrealized losses on available-for-sale securities	20,514	26,371
Allowance for losses	3,842	3,603
Compensation and Benefits	2,127	1,639
Stock-based compensation	2,481	1,755
Capital loss carryforwards	35	32
Valuation allowance	(35)	(32)
Other	2,051	1,444
Total deferred tax assets	115,937	88,172
Deferred tax liability:
Basis differences related to financial derivatives	80,887	49,526
Unrealized gains on cash flow hedges	9,843	12,855
Basis difference related to structured securitizations	16,647	7,782
Other	90	5
Total deferred tax liability	107,467	70,168
Net deferred tax asset	$ 8,470	$ 18,004

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Allowance [Line Items]
Deferred tax assets, valuation allowance	$ 35,000	$ 32,000
Capital loss carryforwards	200,000
Unrecognized tax benefits	0	$ 0	$ 0
Expired capital loss carryforward
Valuation Allowance [Line Items]
Capital loss carryforwards	$ 0

EMPLOYEE BENEFITS (Details)

EMPLOYEE BENEFITS (Details) - USD ($)	12 Months Ended
EMPLOYEE BENEFITS (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Employer contribution percentage to retirement plan	18.90%
Defined contribution plan wage base	$ 330,000	$ 305,000	$ 290,000
Requisite service period	3 years
Expenses under defined contribution plan	$ 3,600,000	3,100,000	2,700,000
Maximum gross annual base salary under plan	750,000
Expenses for NQDC plan	$ 100,000	$ 200,000	$ 200,000
Base percentage
Defined Benefit Plan Disclosure [Line Items]
Employer contribution percentage to retirement plan	13.20%
Excess percentage
Defined Benefit Plan Disclosure [Line Items]
Employer contribution percentage to retirement plan	5.70%

GUARANTEES AND COMMITMENTS - Na

GUARANTEES AND COMMITMENTS - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) creditEnhancementAlternative	Dec. 31, 2022 USD ($)
Guarantor Obligations [Line Items]
Number of credit enhancement alternatives \| creditEnhancementAlternative	2
Minimum term of guarantees	1 year
Maximum term of guarantees	30 years
Unfunded commitments and letter of credit
Guarantor Obligations [Line Items]
Other commitment	$ 261.2	$ 130.2
Farm & Ranch Loans and USDA Guarantees
Guarantor Obligations [Line Items]
Commitments to purchase	31	9.9
Guarantee and commitment obligation
Guarantor Obligations [Line Items]
Maximum principal amount	$ 4,100	$ 3,900

GUARANTEES AND COMMITMENTS - Gu

GUARANTEES AND COMMITMENTS - Guarantee and Commitment Obligations in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Beginning balance, January 1	$ 46,582	$ 43,926	$ 35,535
Additions to the guarantee and commitment obligation	5,312	8,569	15,648
Amortization of the guarantee and commitment obligation	(4,331)	(5,913)	(7,257)
Ending balance, December 31	$ 47,563	$ 46,582	$ 43,926

GUARANTEES AND COMMITMENTS - Of

GUARANTEES AND COMMITMENTS - Off-Balance Sheet Guaranteed Securities (Details) - Farmer Mac Guaranteed USDA Securities - Unconsolidated VIE - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	$ 452,602	$ 502,122
Agricultural Finance
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	452,602	500,953
Rural Infrastructure Finance
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	$ 0	$ 1,169

GUARANTEES AND COMMITMENTS - Si

GUARANTEES AND COMMITMENTS - Significant Cash Flows Received From and Paid to Trusts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Proceeds from new securitizations	$ 222,188	$ 357,841	$ 291,393
Guarantee fees received	$ 1,620	$ 1,852	$ 1,029

GUARANTEES AND COMMITMENTS - Sc

GUARANTEES AND COMMITMENTS - Schedule of Underlying Off-Balance Sheet Guaranteed Securities (Details) - Farmer Mac Guaranteed USDA Securities - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Guarantee and commitment obligation	$ 5,969	$ 6,461
Weighted-average remaining maturity	21 years 10 months 24 days	21 years 4 months 24 days
AgVantage Securities
Guarantor Obligations [Line Items]
Weighted-average remaining maturity	0 years	2 years

GUARANTEES AND COMMITMENTS - _2

GUARANTEES AND COMMITMENTS - Schedule of Long-Term Standby Purchase Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Long-Term Standby Purchase Commitments
Guarantor Obligations [Line Items]
Maximum principal amount	$ 3,680,333	$ 3,423,155
Weighted-average remaining maturity	14 years 6 months	15 years 3 months 18 days
Guarantee and commitment obligation
Guarantor Obligations [Line Items]
Maximum principal amount	$ 4,100,000	$ 3,900,000
Guarantee and commitment obligation \| Long-Term Standby Purchase Commitments
Guarantor Obligations [Line Items]
Guarantee and commitment obligation	$ 41,594	$ 40,121

GUARANTEES AND COMMITMENTS - Re

GUARANTEES AND COMMITMENTS - Reserve For Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Guarantor Obligations [Line Items]
Reserve for losses	$ 1,711	$ 1,433
Agricultural Finance
Guarantor Obligations [Line Items]
Reserve for losses	1,471	819	$ 1,068	$ 2,097
Rural Infrastructure Finance
Guarantor Obligations [Line Items]
Reserve for losses	$ 240	$ 614	$ 882	$ 1,180

GUARANTEES AND COMMITMENTS - Ch

GUARANTEES AND COMMITMENTS - Changes in Reserve for Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 1,433
Release of losses	278	$ (517)	$ (1,327)
Ending balance	1,711	1,433
Agricultural Finance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	819	1,068	2,097
Release of losses	652	(249)	(1,029)
Ending balance	1,471	819	1,068
Rural Infrastructure Finance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	614	882	1,180
Release of losses	(374)	(268)	(298)
Ending balance	$ 240	$ 614	$ 882

GUARANTEES AND COMMITMENTS - Un

GUARANTEES AND COMMITMENTS - Unpaid Principal Balances by Delinquency Status (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Total Loans	$ 9,623,119	$ 9,008,979
Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	3,932,857	3,714,184
Current
Guarantor Obligations [Line Items]
Total Loans	11,264,691	10,459,282
Current \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	3,925,931	3,698,131
Total Past Due
Guarantor Obligations [Line Items]
Total Loans	30,270	11,598
Total Past Due \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	6,926	16,053
30-59 Days
Guarantor Obligations [Line Items]
Total Loans	15,326	10,066
30-59 Days \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	2,776	11,614
60-89 Days
Guarantor Obligations [Line Items]
Total Loans	3,953	392
60-89 Days \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	2,366	622
90 Days and Greater
Guarantor Obligations [Line Items]
Total Loans	10,991	1,140
90 Days and Greater \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	1,784	3,817
Agricultural Finance \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	3,397,844	3,190,992
Agricultural Finance \| Current
Guarantor Obligations [Line Items]
Total Loans	7,729,928	7,438,016
Agricultural Finance \| Current \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	3,390,918	3,174,939
Agricultural Finance \| Total Past Due
Guarantor Obligations [Line Items]
Total Loans	30,270	11,598
Agricultural Finance \| Total Past Due \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	6,926	16,053
Agricultural Finance \| 30-59 Days
Guarantor Obligations [Line Items]
Total Loans	15,326	10,066
Agricultural Finance \| 30-59 Days \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	2,776	11,614
Agricultural Finance \| 60-89 Days
Guarantor Obligations [Line Items]
Total Loans	3,953	392
Agricultural Finance \| 60-89 Days \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	2,366	622
Agricultural Finance \| 90 Days and Greater
Guarantor Obligations [Line Items]
Total Loans	10,991	1,140
Agricultural Finance \| 90 Days and Greater \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	1,784	3,817
Rural Infrastructure Finance
Guarantor Obligations [Line Items]
Total Loans	3,534,763	3,021,266
Rural Infrastructure Finance \| Rural Infrastructure Finance
Guarantor Obligations [Line Items]
Total Loans	535,013	523,192
Rural Infrastructure Finance \| Current
Guarantor Obligations [Line Items]
Total Loans	3,534,763	3,021,266
Rural Infrastructure Finance \| Current \| Rural Infrastructure Finance
Guarantor Obligations [Line Items]
Total Loans	535,013	523,192
Rural Infrastructure Finance \| Total Past Due
Guarantor Obligations [Line Items]
Total Loans	0	0
Rural Infrastructure Finance \| Total Past Due \| Rural Infrastructure Finance
Guarantor Obligations [Line Items]
Total Loans	0	0
Rural Infrastructure Finance \| 30-59 Days
Guarantor Obligations [Line Items]
Total Loans	0	0
Rural Infrastructure Finance \| 30-59 Days \| Rural Infrastructure Finance
Guarantor Obligations [Line Items]
Total Loans	0	0
Rural Infrastructure Finance \| 60-89 Days
Guarantor Obligations [Line Items]
Total Loans	0	0
Rural Infrastructure Finance \| 60-89 Days \| Rural Infrastructure Finance
Guarantor Obligations [Line Items]
Total Loans	0	0
Rural Infrastructure Finance \| 90 Days and Greater
Guarantor Obligations [Line Items]
Total Loans	0	0
Rural Infrastructure Finance \| 90 Days and Greater \| Rural Infrastructure Finance
Guarantor Obligations [Line Items]
Total Loans	$ 0	$ 0

GUARANTEES AND COMMITMENTS - Cr

GUARANTEES AND COMMITMENTS - Credit Quality Indicators (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Total
Total	$ 9,623,119	$ 9,008,979
Rural Infrastructure Finance
Year One
Total	618,946	741,021
Current period charge-offs	0	0
Year Two
Total	720,522	220,420
Current period charge-offs	0	0
Year Three
Total	187,746	629,223
Current period charge-offs	0	0
Year Four
Total	593,841	739,270
Current period charge-offs	0	0
Year Five
Total	701,937	7,932
Current period charge-offs	0	0
Prior
Total	611,548	649,830
Current period charge-offs	0	0
Revolving Loans - Amortized Cost Basis
Total	100,223	33,570
Current period charge-offs	0	0
Total
Total	3,534,763	3,021,266
Current period charge-offs	0	0
Acceptable \| Rural Infrastructure Finance
Year One
Total	618,946	741,021
Year Two
Total	681,272	220,420
Year Three
Total	187,746	629,223
Year Four
Total	593,841	739,270
Year Five
Total	701,937	7,932
Prior
Total	611,548	649,830
Revolving Loans - Amortized Cost Basis
Total	100,223	33,570
Total
Total	3,495,513	3,021,266
Special mention \| Rural Infrastructure Finance
Year One
Total	0	0
Year Two
Total	9,850	0
Year Three
Total	0	0
Year Four
Total	0	0
Year Five
Total	0	0
Prior
Total	0	0
Revolving Loans - Amortized Cost Basis
Total	0	0
Total
Total	9,850	0
Substandard \| Rural Infrastructure Finance
Year One
Total	0	0
Year Two
Total	29,400	0
Year Three
Total	0	0
Year Four
Total	0	0
Year Five
Total	0	0
Prior
Total	0	0
Revolving Loans - Amortized Cost Basis
Total	0	0
Total
Total	29,400	0
Rural Infrastructure Finance:
Total
Total	3,932,857	3,714,184
Rural Infrastructure Finance: \| Agricultural Finance
Year One
Total	169,429	202,998
Current period charge-offs	0	0
Year Two
Total	246,512	497,588
Current period charge-offs	0	0
Year Three
Total	517,862	537,752
Current period charge-offs	0	0
Year Four
Total	535,398	254,293
Current period charge-offs	0	0
Year Five
Total	266,882	212,165
Current period charge-offs	0	0
Prior
Total	1,256,770	1,183,111
Current period charge-offs	0	0
Revolving Loans - Amortized Cost Basis
Total	404,991	303,085
Current period charge-offs	0	0
Total
Total	3,397,844	3,190,992
Current period charge-offs	0	0
Rural Infrastructure Finance: \| Acceptable \| Agricultural Finance
Year One
Total	169,429	202,998
Year Two
Total	246,441	496,269
Year Three
Total	515,396	535,798
Year Four
Total	534,395	254,293
Year Five
Total	264,815	207,379
Prior
Total	1,185,811	1,107,834
Revolving Loans - Amortized Cost Basis
Total	391,335	296,508
Total
Total	3,307,622	3,101,079
Rural Infrastructure Finance: \| Special mention \| Agricultural Finance
Year One
Total	0	0
Year Two
Total	71	1,319
Year Three
Total	2,466	1,778
Year Four
Total	872	0
Year Five
Total	531	1,198
Prior
Total	44,631	42,680
Revolving Loans - Amortized Cost Basis
Total	8,565	3,205
Total
Total	57,136	50,180
Rural Infrastructure Finance: \| Substandard \| Agricultural Finance
Year One
Total	0	0
Year Two
Total	0	0
Year Three
Total	0	176
Year Four
Total	131	0
Year Five
Total	1,536	3,588
Prior
Total	26,328	32,597
Revolving Loans - Amortized Cost Basis
Total	5,091	3,372
Total
Total	33,086	39,733
Long-Term Standby Purchase Commitments \| Rural Infrastructure Finance
Year One
Total	0	0
Current period charge-offs	0	0
Year Two
Total	0	0
Current period charge-offs	0	0
Year Three
Total	0	0
Current period charge-offs	0	0
Year Four
Total	0	0
Current period charge-offs	0	0
Year Five
Total	0	0
Current period charge-offs	0	0
Prior
Total	419,190	470,659
Current period charge-offs	0	0
Revolving Loans - Amortized Cost Basis
Total	115,823	52,533
Current period charge-offs	0	0
Total
Total	535,013	523,192
Current period charge-offs	0	0
Long-Term Standby Purchase Commitments \| Acceptable \| Rural Infrastructure Finance
Year One
Total	0	0
Year Two
Total	0	0
Year Three
Total	0	0
Year Four
Total	0	0
Year Five
Total	0	0
Prior
Total	419,190	470,659
Revolving Loans - Amortized Cost Basis
Total	115,823	52,533
Total
Total	535,013	523,192
Long-Term Standby Purchase Commitments \| Special mention \| Rural Infrastructure Finance
Year One
Total	0	0
Year Two
Total	0	0
Year Three
Total	0	0
Year Four
Total	0	0
Year Five
Total	0	0
Prior
Total	0	0
Revolving Loans - Amortized Cost Basis
Total	0	0
Total
Total	0	0
Long-Term Standby Purchase Commitments \| Substandard \| Rural Infrastructure Finance
Year One
Total	0	0
Year Two
Total	0	0
Year Three
Total	0	0
Year Four
Total	0	0
Year Five
Total	0	0
Prior
Total	0	0
Revolving Loans - Amortized Cost Basis
Total	0	0
Total
Total	$ 0	$ 0

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Financial derivatives	$ 37,478	$ 37,409
Liabilities:
Financial derivatives	117,131	175,326
Investment securities
Assets:
Available-for-sale	4,918,931	$ 4,579,564
Farmer Mac Guaranteed Securities
Assets:
Available-for-sale	$ 5,532,479
Level 3
Liabilities:
Percent of level three fair value assets and liabilities	19%	28%
Financial instruments level three percent	52%	62%
Recurring
Assets:
Financial derivatives	$ 37,478	$ 37,409
Guarantee Asset	5,831	4,467
Total Assets at fair value	10,495,960	12,230,433
Liabilities:
Financial derivatives	117,131	175,326
Total Liabilities at fair value	117,131	175,326
Recurring \| USDA Securities:
Assets:
Trading	1,241	1,767
Recurring \| Investment securities
Assets:
Available-for-sale	4,918,931	4,579,564
Recurring \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale	5,532,479	7,607,226
Recurring \| Level 1
Assets:
Financial derivatives	11	0
Guarantee Asset	0	0
Total Assets at fair value	905,811	1,119,611
Liabilities:
Financial derivatives	91	142
Total Liabilities at fair value	91	142
Recurring \| Level 1 \| USDA Securities:
Assets:
Trading	0	0
Recurring \| Level 1 \| Investment securities
Assets:
Available-for-sale	905,800	1,119,611
Recurring \| Level 1 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale	0	0
Recurring \| Level 2
Assets:
Financial derivatives	37,467	37,409
Guarantee Asset	0	0
Total Assets at fair value	4,031,516	3,478,335
Liabilities:
Financial derivatives	117,040	175,184
Total Liabilities at fair value	117,040	175,184
Recurring \| Level 2 \| USDA Securities:
Assets:
Trading	0	0
Recurring \| Level 2 \| Investment securities
Assets:
Available-for-sale	3,994,049	3,440,926
Recurring \| Level 2 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale	0	0
Recurring \| Level 3
Assets:
Financial derivatives	0	0
Guarantee Asset	5,831	4,467
Total Assets at fair value	5,558,633	7,632,487
Liabilities:
Financial derivatives	0	0
Total Liabilities at fair value	0	0
Recurring \| Level 3 \| USDA Securities:
Assets:
Trading	1,241	1,767
Recurring \| Level 3 \| Investment securities
Assets:
Available-for-sale	19,082	19,027
Recurring \| Level 3 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale	5,532,479	7,607,226
AgVantage \| Recurring \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale	5,522,712	7,599,379
AgVantage \| Recurring \| Level 1 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale	0	0
AgVantage \| Recurring \| Level 2 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale	0	0
AgVantage \| Recurring \| Level 3 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale	5,522,712	7,599,379
Farmer Mac Guaranteed USDA Securities \| Recurring \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale	9,767	7,847
Farmer Mac Guaranteed USDA Securities \| Recurring \| Level 1 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale	0	0
Farmer Mac Guaranteed USDA Securities \| Recurring \| Level 2 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale	0	0
Farmer Mac Guaranteed USDA Securities \| Recurring \| Level 3 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale	9,767	7,847
USDA Securities \| Recurring \| USDA Securities:
Assets:
Trading	1,241	1,767
USDA Securities \| Recurring \| Level 1 \| USDA Securities:
Assets:
Trading	0	0
USDA Securities \| Recurring \| Level 2 \| USDA Securities:
Assets:
Trading	0	0
USDA Securities \| Recurring \| Level 3 \| USDA Securities:
Assets:
Trading	1,241	1,767
Floating interest rate \| Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale	19,082	19,027
Floating interest rate \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale	2,424,434	2,392,540
Floating interest rate \| Fixed rate U.S. Treasuries
Assets:
Available-for-sale	49,968
Floating interest rate \| Recurring \| Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale	19,082	19,027
Floating interest rate \| Recurring \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale	2,424,434	2,392,540
Floating interest rate \| Recurring \| Floating rate U.S. Treasuries
Assets:
Available-for-sale	49,968
Floating interest rate \| Recurring \| Level 1 \| Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale	0	0
Floating interest rate \| Recurring \| Level 1 \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale	0	0
Floating interest rate \| Recurring \| Level 1 \| Floating rate U.S. Treasuries
Assets:
Available-for-sale	49,968
Floating interest rate \| Recurring \| Level 2 \| Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale	0	0
Floating interest rate \| Recurring \| Level 2 \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale	2,424,434	2,392,540
Floating interest rate \| Recurring \| Level 2 \| Floating rate U.S. Treasuries
Assets:
Available-for-sale	0
Floating interest rate \| Recurring \| Level 3 \| Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale	19,082	19,027
Floating interest rate \| Recurring \| Level 3 \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale	0	0
Floating interest rate \| Recurring \| Level 3 \| Floating rate U.S. Treasuries
Assets:
Available-for-sale	0
Fixed Interest Rate \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale	1,569,615	1,048,386
Fixed Interest Rate \| Fixed rate U.S. Treasuries
Assets:
Available-for-sale	855,832	1,119,611
Fixed Interest Rate \| Recurring \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale	1,569,615	1,048,386
Fixed Interest Rate \| Recurring \| Fixed rate U.S. Treasuries
Assets:
Available-for-sale	855,832	1,119,611
Fixed Interest Rate \| Recurring \| Level 1 \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale	0	0
Fixed Interest Rate \| Recurring \| Level 1 \| Fixed rate U.S. Treasuries
Assets:
Available-for-sale	855,832	1,119,611
Fixed Interest Rate \| Recurring \| Level 2 \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale	1,569,615	1,048,386
Fixed Interest Rate \| Recurring \| Level 2 \| Fixed rate U.S. Treasuries
Assets:
Available-for-sale	0	0
Fixed Interest Rate \| Recurring \| Level 3 \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale	0	0
Fixed Interest Rate \| Recurring \| Level 3 \| Fixed rate U.S. Treasuries
Assets:
Available-for-sale	$ 0	$ 0

FAIR VALUE DISCLOSURES - Sche_2

FAIR VALUE DISCLOSURES - Schedule of Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands		12 Months Ended
	Jul. 01, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Net Income	Net Income	Net Income
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]		Comprehensive Income (Loss), Net of Tax, Attributable to Parent	Comprehensive Income (Loss), Net of Tax, Attributable to Parent	Comprehensive Income (Loss), Net of Tax, Attributable to Parent
Level 3 \| Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		$ 7,632,487	$ 6,358,451	$ 6,973,567
Purchases		2,084,650	3,411,665	1,161,912
Settlements		(1,563,860)	(1,531,464)	(1,617,039)
Allowance for Losses		236	(264)	31
Realized and unrealized (losses)/gains included in Income		91,607	(553,825)	(176,180)
Unrealized gains included in Other Comprehensive Income		(2,391)	(52,076)	16,160
Transfers Out		(2,684,096)
Ending Balance		5,558,633	7,632,487	6,358,451
Available-for-sale securities \| Level 3 \| Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		19,027	19,254	19,171
Purchases		0	0	0
Settlements		0	0	0
Allowance for Losses		6	19	(16)
Realized and unrealized (losses)/gains included in Income		0	0	0
Unrealized gains included in Other Comprehensive Income		49	(246)	99
Transfers Out		0
Ending Balance		19,082	19,027	19,254
Floating rate auction-rate certificates backed by Government guaranteed student loans \| Floating interest rate \| Level 3 \| Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		19,027	19,254	19,171
Purchases		0	0	0
Settlements		0	0	0
Allowance for Losses		6	19	(16)
Realized and unrealized (losses)/gains included in Income		0	0	0
Unrealized gains included in Other Comprehensive Income		49	(246)	99
Transfers Out		0
Ending Balance		19,082	19,027	19,254
Farmer Mac Guaranteed Securities \| Level 3 \| Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		7,607,226	6,328,559	6,947,701
Purchases		2,084,650	3,411,665	1,155,675
Settlements		(1,562,720)	(1,527,978)	(1,614,861)
Allowance for Losses		230	(283)	47
Realized and unrealized (losses)/gains included in Income		89,629	(552,907)	(176,064)
Unrealized gains included in Other Comprehensive Income		(2,440)	(51,830)	16,061
Transfers Out		(2,684,096)
Ending Balance		5,532,479	7,607,226	6,328,559
Farmer Mac Guaranteed Securities \| Level 3 \| Recurring \| AgVantage Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		7,599,379	6,316,145	6,947,701
Purchases		2,084,650	3,411,665	1,143,115
Settlements		(1,561,507)	(1,526,303)	(1,614,598)
Allowance for Losses		230	(283)	47
Realized and unrealized (losses)/gains included in Income		89,629	(552,907)	(176,064)
Unrealized gains included in Other Comprehensive Income		(5,573)	(48,938)	15,944
Transfers Out	$ (2,700,000)	(2,684,096)
Ending Balance		5,522,712	7,599,379	6,316,145
Farmer Mac Guaranteed Securities \| Level 3 \| Recurring \| Farmer Mac Guaranteed USDA Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		7,847	12,414	0
Purchases		0	0	12,560
Settlements		(1,213)	(1,675)	(263)
Allowance for Losses		0	0	0
Realized and unrealized (losses)/gains included in Income		0	0	0
Unrealized gains included in Other Comprehensive Income		3,133	(2,892)	117
Transfers Out		0
Ending Balance		9,767	7,847	12,414
USDA Securities: \| Level 3 \| Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		1,767	4,401	6,695
Purchases		0	0	0
Settlements		(550)	(2,583)	(2,178)
Allowance for Losses		0	0	0
Realized and unrealized (losses)/gains included in Income		24	(51)	(116)
Unrealized gains included in Other Comprehensive Income		0	0	0
Transfers Out		0
Ending Balance		1,241	1,767	4,401
Guarantee and commitment obligations: \| Level 3 \| Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		4,467	6,237	0
Purchases		0	0	6,237
Settlements		(590)	(903)	0
Allowance for Losses		0	0	0
Realized and unrealized (losses)/gains included in Income		1,954	(867)	0
Unrealized gains included in Other Comprehensive Income		0	0	0
Transfers Out		0
Ending Balance		5,831	4,467	6,237
Guarantee and commitment obligations: \| Level 3 \| Recurring \| Guarantee Asset
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance		4,467	6,237	0
Purchases		0	0	6,237
Settlements		(590)	(903)	0
Allowance for Losses		0	0	0
Realized and unrealized (losses)/gains included in Income		1,954	(867)	0
Unrealized gains included in Other Comprehensive Income		0	0	0
Transfers Out		0
Ending Balance		$ 5,831	$ 4,467	$ 6,237

FAIR VALUE DISCLOSURES - Quanti

FAIR VALUE DISCLOSURES - Quantitative Information (Details) $ in Thousands	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale	$ 5,532,479
Floating interest rate \| Floating rate auction-rate certificates backed by Government guaranteed student loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale	19,082	$ 19,027
Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee Asset	5,831	4,467
Recurring \| Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale	5,532,479	7,607,226
Recurring \| Floating interest rate \| Floating rate auction-rate certificates backed by Government guaranteed student loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale	19,082	19,027
Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee Asset	5,831	4,467
Recurring \| Level 3 \| Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale	5,532,479	7,607,226
Recurring \| Level 3 \| Floating interest rate \| Floating rate auction-rate certificates backed by Government guaranteed student loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale	19,082	19,027
Farmer Mac Guaranteed Securities \| Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale	9,800	7,800
USDA Securities: \| Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading	1,241	1,767
USDA Securities: \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading	1,241	1,767
AgVantage Securities \| Recurring \| Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale	5,522,712	7,599,379
AgVantage Securities \| Recurring \| Level 3 \| Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale	5,522,712	7,599,379
Farmer Mac Guaranteed USDA Securities \| Recurring \| Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale	9,767	7,847
Farmer Mac Guaranteed USDA Securities \| Recurring \| Level 3 \| Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale	9,767	7,847
USDA Securities \| USDA Securities: \| Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading	1,241	1,767
USDA Securities \| USDA Securities: \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading	$ 1,241	$ 1,767
Range of broker quotes \| Minimum \| Floating rate auction-rate certificates backed by Government guaranteed student loans \| Indicative bids \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.970	0.968
Range of broker quotes \| Maximum \| Floating rate auction-rate certificates backed by Government guaranteed student loans \| Indicative bids \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.970	0.968
Range of broker quotes \| Weighted Average \| Floating rate auction-rate certificates backed by Government guaranteed student loans \| Indicative bids \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.970	0.968
Discount rate \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee asset, measurement input	0.083
Discount rate \| Farmer Mac Guaranteed USDA Securities \| Farmer Mac Guaranteed Securities \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.083
Discount rate \| Minimum \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee asset, measurement input		0.054
Discount rate \| Minimum \| AgVantage Securities \| Farmer Mac Guaranteed Securities \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.047	0.047
Discount rate \| Minimum \| Farmer Mac Guaranteed USDA Securities \| Farmer Mac Guaranteed Securities \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input		0.048
Discount rate \| Minimum \| USDA Securities \| USDA Securities: \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.054	0.051
Discount rate \| Maximum \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee asset, measurement input		0.059
Discount rate \| Maximum \| AgVantage Securities \| Farmer Mac Guaranteed Securities \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.054	0.061
Discount rate \| Maximum \| Farmer Mac Guaranteed USDA Securities \| Farmer Mac Guaranteed Securities \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input		0.053
Discount rate \| Maximum \| USDA Securities \| USDA Securities: \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.054	0.057
Discount rate \| Weighted Average \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee asset, measurement input		0.057
Discount rate \| Weighted Average \| AgVantage Securities \| Farmer Mac Guaranteed Securities \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.050	0.051
Discount rate \| Weighted Average \| Farmer Mac Guaranteed USDA Securities \| Farmer Mac Guaranteed Securities \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input		0.051
Discount rate \| Weighted Average \| USDA Securities \| USDA Securities: \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.054	0.053
CPR \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee asset, measurement input	0.03	0.08
CPR \| Farmer Mac Guaranteed USDA Securities \| Farmer Mac Guaranteed Securities \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Investment securities, measurement input	0.03	0.08
CPR \| Minimum \| USDA Securities \| USDA Securities: \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.12	0.19
CPR \| Maximum \| USDA Securities \| USDA Securities: \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.12	0.27
CPR \| Weighted Average \| USDA Securities \| USDA Securities: \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
USDA securities, measurement input	0.12	0.25

FAIR VALUE DISCLOSURES - Summar

FAIR VALUE DISCLOSURES - Summary of Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial assets:
Financial derivatives	$ 37,478	$ 37,409
Guarantee and commitment fees receivable	49,832	47,151
Financial liabilities:
Financial derivatives	117,131	175,326
Guarantee and commitment obligation	47,563	46,582	$ 43,926	$ 35,535
Fair Value
Financial assets:
Cash and cash equivalents	888,707	861,002
Loans	10,426,021	9,666,710
Financial derivatives	37,478	37,409
Guarantee and commitment fees receivable	58,465	50,653
Financial liabilities:
Notes payable	25,670,971	23,591,330
Debt securities of consolidated trusts held by third parties	1,268,563	1,106,837
Financial derivatives	117,131	175,326
Guarantee and commitment obligation	56,195	50,083
Fair Value \| Investment securities
Financial assets:
Marketable securities	4,981,249	4,630,701
Fair Value \| Farmer Mac Guaranteed Securities
Financial assets:
Marketable securities	9,710,074	8,573,781
Fair Value \| USDA Securities
Financial assets:
Marketable securities	2,036,046	2,099,445
Carrying Amount
Financial assets:
Cash and cash equivalents	888,707	861,002
Loans	11,039,349	10,205,466
Financial derivatives	37,478	37,409
Guarantee and commitment fees receivable	49,832	47,151
Financial liabilities:
Notes payable	26,336,542	24,469,113
Debt securities of consolidated trusts held by third parties	1,351,069	1,181,948
Financial derivatives	117,131	175,326
Guarantee and commitment obligation	47,563	46,582
Carrying Amount \| Investment securities
Financial assets:
Marketable securities	4,979,504	4,628,268
Carrying Amount \| Farmer Mac Guaranteed Securities
Financial assets:
Marketable securities	9,745,548	8,628,380
Carrying Amount \| USDA Securities
Financial assets:
Marketable securities	$ 2,355,412	$ 2,411,601

BUSINESS SEGMENT REPORTING (Det

BUSINESS SEGMENT REPORTING (Details) $ in Thousands	12 Months Ended
BUSINESS SEGMENT REPORTING (Details) $ in Thousands	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	7
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	$ 327,547	$ 270,940	$ 221,951
Guarantee and commitment fees	16,712	13,040	12,669
Gains on sale of mortgage loans	0	0	6,539
Other income/(expense)	7,077	25,131	2,531
Total revenues	351,336	309,111	243,690
Release of/(provision for) losses	(858)	(1,323)	860
(Provision for)/release of reserve for losses	(278)	517	1,327
Operating expenses	(97,099)	(82,626)	(73,416)
Total non-interest expense	(97,377)	(82,109)	(72,089)
Core earnings before income taxes	253,101	225,679	172,461
Income tax (expense)/benefit	(53,098)	(47,535)	(36,372)
Core earnings before preferred stock dividends	200,003	178,144	136,089
Preferred stock dividends	(27,165)	(27,165)	(24,677)
Segment core earnings/(losses)	172,838	150,979	111,412
Total Assets	29,524,382	27,333,110	25,121,009
Total on- and off-balance sheet program assets at principal balance	28,471,024	25,922,082	23,614,463
Reconciling Adjustments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	0	0	0
Less: reconciling adjustments	567	15,411	1,283
Net effective spread	567	15,411	1,283
Guarantee and commitment fees	(2,216)	(5,104)	(4,864)
Gains on sale of mortgage loans			0
Other income/(expense)	3,778	23,447	851
Total revenues	2,129	33,754	(2,730)
Release of/(provision for) losses	0	0	0
(Provision for)/release of reserve for losses	0	0	0
Operating expenses	0	0	0
Total non-interest expense	0	0	0
Core earnings before income taxes	2,129	33,754	(2,730)
Income tax (expense)/benefit	(447)	(7,089)	572
Core earnings before preferred stock dividends	1,682	26,665	(2,158)
Preferred stock dividends	0	0	0
Segment core earnings/(losses)	1,682	26,665	(2,158)
Total Assets	0	0	0
Total on- and off-balance sheet program assets at principal balance	$ 0	0	0
Agricultural Finance
Segment Reporting [Abstract]
Number of operating segments \| segment	2
Segment Reporting Information, Profit (Loss) [Abstract]
Release of/(provision for) losses	$ (100)	(3,400)	1,400
(Provision for)/release of reserve for losses	(652)	249	1,029
Farm & Ranch \| Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	137,079	133,218	118,289
Less: reconciling adjustments	(4,179)	(4,161)	(4,753)
Net effective spread	132,900	129,057	113,536
Guarantee and commitment fees	17,415	16,718	16,178
Gains on sale of mortgage loans			6,539
Other income/(expense)	2,952	1,420	1,966
Total revenues	153,267	147,195	138,219
Release of/(provision for) losses	145	(1,463)	1,574
(Provision for)/release of reserve for losses	(652)	247	1,034
Operating expenses	0	(819)	0
Total non-interest expense	(652)	(572)	1,034
Core earnings before income taxes	152,760	145,160	140,827
Income tax (expense)/benefit	(32,079)	(30,482)	(29,574)
Core earnings before preferred stock dividends	120,681	114,678	111,253
Preferred stock dividends	0	0	0
Segment core earnings/(losses)	120,681	114,678	111,253
Total Assets	15,052,606	14,623,596	13,112,193
Total on- and off-balance sheet program assets at principal balance	18,808,801	17,728,792	16,094,640
Corporate AgFinance \| Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	31,224	29,209	27,081
Less: reconciling adjustments	0	0	0
Net effective spread	31,224	29,209	27,081
Guarantee and commitment fees	283	139	48
Gains on sale of mortgage loans			0
Other income/(expense)	35	261	0
Total revenues	31,542	29,609	27,129
Release of/(provision for) losses	(207)	(2,136)	(210)
(Provision for)/release of reserve for losses	0	0	0
Operating expenses	0	0	0
Total non-interest expense	0	0	0
Core earnings before income taxes	31,335	27,473	26,919
Income tax (expense)/benefit	(6,581)	(5,768)	(5,653)
Core earnings before preferred stock dividends	24,754	21,705	21,266
Preferred stock dividends	0	0	0
Segment core earnings/(losses)	24,754	21,705	21,266
Total Assets	1,566,906	1,541,151	1,507,848
Total on- and off-balance sheet program assets at principal balance	1,693,979	1,603,507	1,537,834
Rural Infrastructure Finance
Segment Reporting Information, Profit (Loss) [Abstract]
Release of/(provision for) losses	(800)	2,300	(500)
(Provision for)/release of reserve for losses	374	268	298
Rural Utilities \| Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	25,187	16,175	8,224
Less: reconciling adjustments	(168)	(103)	(157)
Net effective spread	25,019	16,072	8,067
Guarantee and commitment fees	1,133	1,238	1,287
Gains on sale of mortgage loans			0
Other income/(expense)	0	0	5
Total revenues	26,152	17,310	9,359
Release of/(provision for) losses	(581)	2,751	(291)
(Provision for)/release of reserve for losses	374	270	293
Operating expenses	0	0	0
Total non-interest expense	374	270	293
Core earnings before income taxes	25,945	20,331	9,361
Income tax (expense)/benefit	(5,449)	(4,268)	(1,965)
Core earnings before preferred stock dividends	20,496	16,063	7,396
Preferred stock dividends	0	0	0
Segment core earnings/(losses)	20,496	16,063	7,396
Total Assets	7,002,620	5,867,517	5,344,707
Total on- and off-balance sheet program assets at principal balance	7,480,723	6,359,613	5,895,226
Renewable Energy \| Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	4,648	2,483	1,219
Less: reconciling adjustments	0	0	0
Net effective spread	4,648	2,483	1,219
Guarantee and commitment fees	97	49	20
Gains on sale of mortgage loans			0
Other income/(expense)	0	0	0
Total revenues	4,745	2,532	1,239
Release of/(provision for) losses	(219)	(494)	(198)
(Provision for)/release of reserve for losses	0	0	0
Operating expenses	0	0	0
Total non-interest expense	0	0	0
Core earnings before income taxes	4,526	2,038	1,041
Income tax (expense)/benefit	(951)	(428)	(219)
Core earnings before preferred stock dividends	3,575	1,610	822
Preferred stock dividends	0	0	0
Segment core earnings/(losses)	3,575	1,610	822
Total Assets	443,772	219,609	87,553
Total on- and off-balance sheet program assets at principal balance	487,521	230,170	86,763
Funding \| Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	128,415	96,613	66,581
Less: reconciling adjustments	3,594	(11,147)	3,627
Net effective spread	132,009	85,466	70,208
Guarantee and commitment fees	0	0	0
Gains on sale of mortgage loans			0
Other income/(expense)	3	0	0
Total revenues	132,012	85,466	70,208
Release of/(provision for) losses	0	0	0
(Provision for)/release of reserve for losses	0	0	0
Operating expenses	0	0	0
Total non-interest expense	0	0	0
Core earnings before income taxes	132,012	85,466	70,208
Income tax (expense)/benefit	(27,721)	(17,949)	(14,744)
Core earnings before preferred stock dividends	104,291	67,517	55,464
Preferred stock dividends	0	0	0
Segment core earnings/(losses)	104,291	67,517	55,464
Total Assets	0	0	0
Total on- and off-balance sheet program assets at principal balance	0	0	0
Investments \| Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	994	(6,758)	557
Less: reconciling adjustments	186	0	0
Net effective spread	1,180	(6,758)	557
Guarantee and commitment fees	0	0	0
Gains on sale of mortgage loans			0
Other income/(expense)	29	0	0
Total revenues	1,209	(6,758)	557
Release of/(provision for) losses	4	19	(15)
(Provision for)/release of reserve for losses	0	0	0
Operating expenses	0	0	0
Total non-interest expense	0	0	0
Core earnings before income taxes	1,213	(6,739)	542
Income tax (expense)/benefit	(255)	1,416	(114)
Core earnings before preferred stock dividends	958	(5,323)	428
Preferred stock dividends	0	0	0
Segment core earnings/(losses)	958	(5,323)	428
Total Assets	5,342,089	4,806,010	5,012,827
Total on- and off-balance sheet program assets at principal balance	0	0	0
Corporate \| Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	0	0	0
Less: reconciling adjustments	0	0	0
Net effective spread	0	0	0
Guarantee and commitment fees	0	0	0
Gains on sale of mortgage loans			0
Other income/(expense)	280	3	(291)
Total revenues	280	3	(291)
Release of/(provision for) losses	0	0	0
(Provision for)/release of reserve for losses	0	0	0
Operating expenses	(97,099)	(81,807)	(73,416)
Total non-interest expense	(97,099)	(81,807)	(73,416)
Core earnings before income taxes	(96,819)	(81,804)	(73,707)
Income tax (expense)/benefit	20,385	17,033	15,325
Core earnings before preferred stock dividends	(76,434)	(64,771)	(58,382)
Preferred stock dividends	(27,165)	(27,165)	(24,677)
Segment core earnings/(losses)	(103,599)	(91,936)	(83,059)
Total Assets	116,389	275,227	55,881
Total on- and off-balance sheet program assets at principal balance	$ 0	$ 0	$ 0