Federal Agricultural Mortgage (AGM) 10-Q6 May 242024 Q1 Quarterly reportFinancial data

Company Profile

COVER PAGE

COVER PAGE - shares	3 Months Ended
COVER PAGE - shares	Mar. 31, 2024	Apr. 29, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Annual Report	true
Document Period End Date	Mar. 31, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000845877
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date:	--12-31
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		9,349,760
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

CONSOLIDATED BALANCE SHEETS (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents	$ 745,105	$ 888,707
Loans:
Loans held for investment, at amortized cost	9,837,962	9,623,119
Loans held for investment in consolidated trusts, at amortized cost	1,409,397	1,432,261
Allowance for losses	(14,288)	(16,031)
Total loans, net of allowance	11,233,071	11,039,349
Financial derivatives, at fair value	31,433	37,478
Accrued interest receivable (includes $9,963 and $16,764, respectively, related to consolidated trusts)	245,202	287,128
Guarantee and commitment fees receivable	48,130	49,832
Deferred tax asset, net	0	8,470
Prepaid expenses and other assets	145,094	132,954
Total Assets	29,772,191	29,524,382
Liabilities:
Notes payable	26,509,011	26,336,542
Debt securities of consolidated trusts held by third parties	1,325,289	1,351,069
Financial derivatives, at fair value	128,530	117,131
Accrued interest payable (includes $6,338 and $9,407, respectively, related to consolidated trusts)	202,894	181,841
Guarantee and commitment obligation	45,866	47,563
Accounts payable and accrued expenses	74,821	76,662
Deferred tax liability, net	3,795	0
Reserve for losses	1,642	1,711
Total Liabilities	28,291,848	28,112,519
Commitments and Contingencies (Note 6)
Common stock:
Additional paid-in capital	133,576	132,919
Accumulated other comprehensive loss, net of tax	(4,118)	(40,145)
Retained earnings	855,485	823,716
Total Equity	1,480,343	1,411,863
Total Liabilities and Equity	29,772,191	29,524,382
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	9,338	9,311
Investment Securities
Assets:
Available-for-sale, at fair value	5,007,787	4,918,931
Held-to-maturity, at amortized cost	53,756	53,756
Other investments	6,900	6,817
Total Securities	5,068,443	4,979,504
Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	5,466,688	5,532,479
Held-to-maturity, at amortized cost	4,454,932	4,213,069
Total Securities	9,921,620	9,745,548
USDA Securities:
Assets:
Trading, at fair value	1,066	1,241
Held-to-maturity, at amortized cost	2,333,027	2,354,171
Total Securities	$ 2,334,093	$ 2,355,412

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Interest receivable	$ 245,202	$ 287,128
Accrued interest payable - consolidated trusts amount	$ 202,894	$ 181,841
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)	9,337,894	9,310,872
Consolidated VIE
Interest receivable	$ 9,963	$ 16,764
Accrued interest payable - consolidated trusts amount	6,338	9,407
Available-for-Sale Securities
Amortized cost of available-for-sale investment securities	5,165,562	5,060,135
Farmer Mac Guaranteed Securities
Amortized cost of available-for-sale investment securities	$ 5,811,302	$ 5,825,433

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest income:
Investments and cash equivalents	$ 84,924	$ 59,703
Farmer Mac Guaranteed Securities and USDA Securities	166,813	136,537
Loans	144,580	119,032
Total interest income	396,317	315,272
Total interest expense	309,949	236,214
Net interest income	86,368	79,058
Release of/(provision for) losses	1,801	(547)
Net interest income after release of/(provision for) losses	88,169	78,511
Non-interest income/(expense):
Guarantee and commitment fees	3,917	3,933
Gains on financial derivatives	2,079	399
Release of/(provision for) reserve for losses	69	(203)
Other income	1,249	1,226
Non-interest income	7,314	5,355
Operating expenses:
Compensation and employee benefits	18,257	15,351
General and administrative	8,255	7,527
Regulatory fees	725	835
Operating expenses	27,237	23,713
Income before income taxes	68,246	60,153
Income tax expense	14,500	13,118
Net income	53,746	47,035
Preferred stock dividends	(6,791)	(6,791)
Net income attributable to common stockholders	$ 46,955	$ 40,244
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 4.33	$ 3.73
Diluted earnings per common share (in dollars per share)	$ 4.28	$ 3.69

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 53,746	$ 47,035
Other comprehensive income/(loss):
Net unrealized gains on available-for-sale securities	39,952	658
Net changes in held-to-maturity securities	(634)	(782)
Net unrealized gains/(losses) on cash flow hedges	6,286	(11,292)
Other comprehensive income/(loss) before tax	45,604	(11,416)
Income tax (expense)/benefit related to other comprehensive income/(loss)	(9,577)	2,397
Other comprehensive income/(loss) net of tax	36,027	(9,019)
Comprehensive income	$ 89,773	$ 38,016

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings
Beginning balance ( in shares) at Dec. 31, 2022		19,980	10,801
Beginning 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	47,035					47,035
Other comprehensive income (loss) net of tax	(9,019)				(9,019)
Cash dividends, preferred stock	(6,791)					(6,791)
Cash dividends, common stock	(11,882)					(11,882)
Issuance of Class C Common Stock (in shares)			19
Issuance of Class C Common Stock	70		$ 19	51
Stock-based compensation cost	2,254			2,254
Other stock-based award activity	(1,240)			(1,240)
Ending balance (in shares) at Mar. 31, 2023		19,980	10,820
Ending balance at Mar. 31, 2023	1,292,385	$ 484,531	$ 10,820	130,004	(59,862)	726,892
Beginning balance ( in shares) at Dec. 31, 2023		19,980	10,842
Beginning balance at Dec. 31, 2023	1,411,863	$ 484,531	$ 10,842	132,919	(40,145)	823,716
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	53,746					53,746
Other comprehensive income (loss) net of tax	36,027				36,027
Cash dividends, preferred stock	(6,791)					(6,791)
Cash dividends, common stock	(15,186)					(15,186)
Issuance of Class C Common Stock (in shares)			27
Issuance of Class C Common Stock	91		$ 27	64
Stock-based compensation cost	3,483			3,483
Other stock-based award activity	(2,890)			(2,890)
Ending balance (in shares) at Mar. 31, 2024		19,980	10,869
Ending balance at Mar. 31, 2024	$ 1,480,343	$ 484,531	$ 10,869	$ 133,576	$ (4,118)	$ 855,485

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Common stock dividends per common share (in dollars per share)	$ 1.40	$ 1.10

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 53,746	$ 47,035
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	(7,295)	(2,337)
Amortization of debt premiums, discounts, and issuance costs	11,586	10,217
Net change in fair value of trading securities, hedged items, and financial derivatives	123,519	(62,398)
Total provision for/(release of) allowance for losses	(1,870)	750
Excess tax benefits related to stock-based awards	(120)	(201)
Deferred income taxes	2,688	12,440
Stock-based compensation expense	3,483	2,255
Proceeds from repayment of loans purchased as held for sale	12,769	17,360
Net change in:
Interest receivable	40,273	29,510
Guarantee and commitment fees receivable	5	13
Other assets	(12,471)	22,195
Accrued interest payable	21,053	24,051
Custodial deposit liability	(18,632)	(32,102)
Other liabilities	4,601	(8,227)
Net cash provided by operating activities	233,335	60,561
Cash flows from investing activities:
Purchases of equipment and leasehold improvements	(1,638)	0
Purchases of other investment securities	(83)	0
Purchases of loans held for investment	(690,986)	(554,787)
Proceeds from repayment of loans purchased as held for investment	461,071	431,483
Net cash used in investing activities	(525,473)	(461,315)
Cash flows from financing activities:
Proceeds from issuance of discount notes	12,851,600	11,196,195
Proceeds from issuance of medium-term notes	1,774,926	1,383,319
Proceeds from issuance of debt securities of consolidated trusts	0	222,188
Payments to redeem discount notes	(12,695,146)	(10,913,679)
Payments to redeem medium-term notes	(1,713,000)	(1,428,500)
Payments to third parties on debt securities of consolidated trusts	(45,068)	(36,573)
Proceeds from common stock issuance	64	51
Tax payments related to share-based awards	(2,863)
Tax payments related to share-based awards		18
Dividends paid on common and preferred stock	(21,977)	(18,673)
Net cash provided by financing activities	148,536	404,346
Net change in cash and cash equivalents	(143,602)	3,592
Cash and cash equivalents at beginning of period	888,707	861,002
Cash and cash equivalents at end of period	745,105	864,594
Non-cash activity:
Loans securitized as Farmer Mac Guaranteed Securities	15,936	4,174
Loans held for investment transferred to consolidated trusts	0	281,027
Available-for-sale securities
Cash flows from investing activities:
Purchases of available-for-sale and held-to-maturity investment securities	(606,698)	(375,153)
Proceeds from repayment of available-for-sale and held-to-maturity investment securities	520,194	505,848
Farmer Mac Guaranteed Securities and USDA Securities
Cash flows from investing activities:
Purchases of Farmer Mac Guaranteed Securities and USDA Securities	(462,055)	(716,412)
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities	$ 254,722	$ 247,706

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The interim unaudited consolidated financial statements of the Federal Agricultural Mortgage Corporation ("Farmer Mac") and subsidiaries have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Farmer Mac and subsidiaries for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted as permitted by SEC rules and regulations. The December 31, 2023 consolidated balance sheet presented in this report has been derived from Farmer Mac's audited 2023 consolidated financial statements. Management believes that the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the 2023 consolidated financial statements of Farmer Mac and subsidiaries included in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 23, 2024. Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year. Presented below are Farmer Mac's significant accounting policies that contain updated information for the three months ended March 31, 2024. Principles of Consolidation The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries: (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. Table 1.1 Consolidation of Variable Interest Entities As of March 31, 2024 Agricultural Finance Treasury Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,409,397 $ — $ 1,409,397 Debt securities of consolidated trusts held by third parties (1)(2) 1,325,289 — 1,325,289 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value 51,906 — 51,906 Maximum exposure to loss (3) 51,616 — 51,616 Investment securities: Carrying value (4) — 3,735,413 3,735,413 Maximum exposure to loss (3)(4) — 3,936,368 3,936,368 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3)(5) 443,843 — 443,843 (1) Includes borrower remittances of $1.1 million. The borrower remittances had not been passed through to third-party investors as of March 31, 2024. (2) Includes $85.1 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, 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 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. 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 three months ended March 31, 2024 and 2023: Table 1.2 For the Three Months Ended March 31, 2024 March 31, 2023 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 46,955 10,847 $ 4.33 $ 40,244 10,802 $ 3.73 Effect of dilutive securities (1) SARs and restricted stock units — 122 (0.05) — 116 (0.04) Diluted EPS $ 46,955 10,969 $ 4.28 $ 40,244 10,918 $ 3.69 (1) For the three months ended March 31, 2024 and 2023, SARs and restricted stock units of 49,371 and 62,709 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the three months ended March 31, 2024 and 2023, contingent shares of unvested restricted stock units of 29,918 and 32,282 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. 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 three months ended March 31, 2024 and 2023. Table 1.3 As of March 31, 2024 As of March 31, 2023 Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total (in thousands) For the Three Months Ended: Beginning Balance $ (68,447) $ (8,724) $ 37,026 $ (40,145) $ (115,561) $ 16,357 $ 48,361 $ (50,843) Other comprehensive income/(loss) before reclassifications 31,565 — 9,256 40,821 525 — (5,452) (4,927) Amounts reclassified from AOCI (4) (500) (4,290) (4,794) (5) (618) (3,469) (4,092) Net comprehensive income/(loss) 31,561 (500) 4,966 36,027 520 (618) (8,921) (9,019) Ending Balance $ (36,886) $ (9,224) $ 41,992 $ (4,118) $ (115,041) $ 15,739 $ 39,440 $ (59,862) 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 three months ended March 31, 2024 and 2023: Table 1.4 For the Three Months Ended March 31, 2024 March 31, 2023 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding gains on available-for-sale securities $ 39,957 $ 8,392 $ 31,565 $ 664 $ 139 $ 525 Less reclassification adjustments included in: Other income (1) (5) (1) (4) (6) (1) (5) Total $ 39,952 $ 8,391 $ 31,561 $ 658 $ 138 $ 520 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (2) $ (634) $ (134) $ (500) $ (782) $ (164) $ (618) Total $ (634) $ (134) $ (500) $ (782) $ (164) $ (618) Cash flow hedges Unrealized gains/(losses) on cash flow hedges $ 11,717 $ 2,461 $ 9,256 $ (6,901) $ (1,449) $ (5,452) Less reclassification adjustments included in: Net interest income (3) (5,431) (1,141) (4,290) (4,391) (922) (3,469) Total $ 6,286 $ 1,320 $ 4,966 $ (11,292) $ (2,371) $ (8,921) Other comprehensive income/(loss) $ 45,604 $ 9,577 $ 36,027 $ (11,416) $ (2,397) $ (9,019) (1) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (2) 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. (3) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI. New Accounting Standards Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2023-02 , Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method The amendments in this Update permit an entity to elect to account for their tax equity investments using the proportional amortization method if certain conditions are met, regardless of the tax credit program from which the income tax credits are received. January 1, 2024 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. 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. 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 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.

INVESTMENT SECURITIES

INVESTMENT SECURITIES	3 Months Ended
INVESTMENT SECURITIES	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: Table 2.1 As of March 31, 2024 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 $ (25) $ — $ (394) $ 19,281 Floating rate Government/GSE guaranteed mortgage-backed securities 2,402,850 (1,306) 2,401,544 — 2,608 (24,086) 2,380,066 Fixed rate GSE guaranteed mortgage-backed securities 1,851,641 (47,448) 1,804,193 — 2,746 (134,551) 1,672,388 Floating rate U.S. Treasuries 50,000 (10) 49,990 — 6 — 49,996 Fixed rate U.S. Treasuries 905,255 (15,120) 890,135 — 81 (4,160) 886,056 Total available-for-sale 5,229,446 (63,884) 5,165,562 (25) 5,441 (163,191) 5,007,787 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 53,756 — 53,756 — 1,104 — 54,860 Total held-to-maturity $ 53,756 $ — $ 53,756 $ — $ 1,104 $ — $ 54,860 (1) Amounts presented exclude $22.2 million of accrued interest receivable on investment securities as of March 31, 2024. (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 March 31, 2024. 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. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the three months ended March 31, 2024 and 2023. As of March 31, 2024 and December 31, 2023, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of March 31, 2024 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 $ — $ — $ 19,281 $ (394) Floating rate Government/GSE guaranteed mortgage-backed securities 414,299 (2,066) 1,293,103 (22,020) Fixed rate Government/GSE guaranteed mortgage-backed securities 458,047 (7,183) 991,514 (127,368) Fixed rate U.S. Treasuries 557,405 (3,093) 101,646 (1,067) Total $ 1,429,751 $ (12,342) $ 2,405,544 $ (150,849) Number of securities in loss position 107 158 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 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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 that is, on average, approximately 94.1% 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, or 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 March 31, 2024 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 2.3 As of March 31, 2024 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 431,353 $ 430,225 2.32% Due after one year through five years 1,578,453 1,552,380 4.19% Due after five years through ten years 2,375,052 2,260,716 4.35% Due after ten years 780,704 764,466 5.70% Total $ 5,165,562 $ 5,007,787 4.33% 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 March 31, 2024 and December 31, 2023: Table 3.1 As of March 31, 2024 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 4,441,588 $ (28,891) $ 4,412,697 $ (179) $ 3,829 $ (35,130) $ 4,381,217 Farmer Mac Guaranteed USDA Securities 42,383 31 42,414 — 59 (883) 41,590 Total Farmer Mac Guaranteed Securities 4,483,971 (28,860) 4,455,111 (179) 3,888 (36,013) 4,422,807 USDA Securities 2,311,442 21,585 2,333,027 — 303 (318,319) 2,015,011 Total held-to-maturity $ 6,795,413 $ (7,275) $ 6,788,138 $ (179) $ 4,191 $ (354,332) $ 6,437,818 Available-for-sale: AgVantage $ 5,802,070 $ — $ 5,802,070 $ (291) $ 8,364 $ (352,946) $ 5,457,197 Farmer Mac Guaranteed Securities (3) — 9,232 9,232 — 259 — 9,491 Total available-for-sale $ 5,802,070 $ 9,232 $ 5,811,302 $ (291) $ 8,623 $ (352,946) $ 5,466,688 Trading: USDA Securities (4) $ 1,069 $ 57 $ 1,126 $ — $ — $ (60) $ 1,066 (1) Amounts presented exclude $57.9 million, $59.4 million, and $27,610 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 $9.5 million of an interest-only security with a notional amount of $233.5 million. (4) The trading USDA securities had a weighted average yield of 5.58% as of March 31, 2024. 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. 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 due to unrealized losses of $31.9 million. The accumulated unrealized losses were recorded 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 March 31, 2024 and December 31, 2023, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 3.2 As of March 31, 2024 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 $ 2,757,735 $ (3,858) $ 699,786 $ (31,272) Farmer Mac Guaranteed USDA Securities 27,029 (55) 8,258 (828) USDA Securities 3,025 (9) 2,004,512 (318,310) Total held-to-maturity $ 2,787,789 $ (3,922) $ 2,712,556 $ (350,410) Available-for-sale: AgVantage $ 1,133,776 $ (15,100) $ 3,945,347 $ (337,846) Total available-for-sale $ 1,133,776 $ (15,100) $ 3,945,347 $ (337,846) 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) Total available-for-sale $ 508,182 $ (5,716) $ 4,043,431 $ (303,695) The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to March 31, 2024 and December 31, 2023, 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 73 and 68 available-for-sale securities as of March 31, 2024 and December 31, 2023, respectively. There were 63 and 53 held-to-maturity AgVantage securities with an unrealized loss as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, 60 and 62 available-for-sale AgVantage securities, respectively, had been in a loss position for more than 12 months. As of March 31, 2024 and December 31, 2023, there were 19 and 22 held-to-maturity AgVantage securities, respectively, in a loss position for more than 12 months. During the three three months ended March 31, 2024 and 2023 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 March 31, 2024 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 3.3 As of March 31, 2024 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 850,000 $ 838,515 3.05 % Due after one year through five years 2,811,653 2,701,597 3.74 % Due after five years through ten years 1,200,000 1,105,537 3.61 % Due after ten years 949,649 821,039 3.55 % Total $ 5,811,302 $ 5,466,688 3.58 % (1) Amounts presented exclude $57.9 million of accrued interest receivable. As of March 31, 2024 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 2,141,438 $ 2,139,182 5.72 % Due after one year through five years 1,692,904 1,657,244 4.63 % Due after five years through ten years 249,080 217,955 3.58 % Due after ten years 2,704,716 2,423,437 4.32 % Total $ 6,788,138 $ 6,437,818 4.85 % (1) Amounts presented exclude $59.4 million of accrued interest receivable.

FARMER MAC GUARANTEED SECURITIE

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES	3 Months Ended
FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: Table 2.1 As of March 31, 2024 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 $ (25) $ — $ (394) $ 19,281 Floating rate Government/GSE guaranteed mortgage-backed securities 2,402,850 (1,306) 2,401,544 — 2,608 (24,086) 2,380,066 Fixed rate GSE guaranteed mortgage-backed securities 1,851,641 (47,448) 1,804,193 — 2,746 (134,551) 1,672,388 Floating rate U.S. Treasuries 50,000 (10) 49,990 — 6 — 49,996 Fixed rate U.S. Treasuries 905,255 (15,120) 890,135 — 81 (4,160) 886,056 Total available-for-sale 5,229,446 (63,884) 5,165,562 (25) 5,441 (163,191) 5,007,787 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 53,756 — 53,756 — 1,104 — 54,860 Total held-to-maturity $ 53,756 $ — $ 53,756 $ — $ 1,104 $ — $ 54,860 (1) Amounts presented exclude $22.2 million of accrued interest receivable on investment securities as of March 31, 2024. (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 March 31, 2024. 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. Farmer Mac did not sell any securities from its available-for-sale investment portfolio during the three months ended March 31, 2024 and 2023. As of March 31, 2024 and December 31, 2023, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of March 31, 2024 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 $ — $ — $ 19,281 $ (394) Floating rate Government/GSE guaranteed mortgage-backed securities 414,299 (2,066) 1,293,103 (22,020) Fixed rate Government/GSE guaranteed mortgage-backed securities 458,047 (7,183) 991,514 (127,368) Fixed rate U.S. Treasuries 557,405 (3,093) 101,646 (1,067) Total $ 1,429,751 $ (12,342) $ 2,405,544 $ (150,849) Number of securities in loss position 107 158 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 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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 that is, on average, approximately 94.1% 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, or 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 March 31, 2024 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 2.3 As of March 31, 2024 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 431,353 $ 430,225 2.32% Due after one year through five years 1,578,453 1,552,380 4.19% Due after five years through ten years 2,375,052 2,260,716 4.35% Due after ten years 780,704 764,466 5.70% Total $ 5,165,562 $ 5,007,787 4.33% 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 March 31, 2024 and December 31, 2023: Table 3.1 As of March 31, 2024 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 4,441,588 $ (28,891) $ 4,412,697 $ (179) $ 3,829 $ (35,130) $ 4,381,217 Farmer Mac Guaranteed USDA Securities 42,383 31 42,414 — 59 (883) 41,590 Total Farmer Mac Guaranteed Securities 4,483,971 (28,860) 4,455,111 (179) 3,888 (36,013) 4,422,807 USDA Securities 2,311,442 21,585 2,333,027 — 303 (318,319) 2,015,011 Total held-to-maturity $ 6,795,413 $ (7,275) $ 6,788,138 $ (179) $ 4,191 $ (354,332) $ 6,437,818 Available-for-sale: AgVantage $ 5,802,070 $ — $ 5,802,070 $ (291) $ 8,364 $ (352,946) $ 5,457,197 Farmer Mac Guaranteed Securities (3) — 9,232 9,232 — 259 — 9,491 Total available-for-sale $ 5,802,070 $ 9,232 $ 5,811,302 $ (291) $ 8,623 $ (352,946) $ 5,466,688 Trading: USDA Securities (4) $ 1,069 $ 57 $ 1,126 $ — $ — $ (60) $ 1,066 (1) Amounts presented exclude $57.9 million, $59.4 million, and $27,610 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 $9.5 million of an interest-only security with a notional amount of $233.5 million. (4) The trading USDA securities had a weighted average yield of 5.58% as of March 31, 2024. 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. 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 due to unrealized losses of $31.9 million. The accumulated unrealized losses were recorded 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 March 31, 2024 and December 31, 2023, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 3.2 As of March 31, 2024 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 $ 2,757,735 $ (3,858) $ 699,786 $ (31,272) Farmer Mac Guaranteed USDA Securities 27,029 (55) 8,258 (828) USDA Securities 3,025 (9) 2,004,512 (318,310) Total held-to-maturity $ 2,787,789 $ (3,922) $ 2,712,556 $ (350,410) Available-for-sale: AgVantage $ 1,133,776 $ (15,100) $ 3,945,347 $ (337,846) Total available-for-sale $ 1,133,776 $ (15,100) $ 3,945,347 $ (337,846) 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) Total available-for-sale $ 508,182 $ (5,716) $ 4,043,431 $ (303,695) The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to March 31, 2024 and December 31, 2023, 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 73 and 68 available-for-sale securities as of March 31, 2024 and December 31, 2023, respectively. There were 63 and 53 held-to-maturity AgVantage securities with an unrealized loss as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, 60 and 62 available-for-sale AgVantage securities, respectively, had been in a loss position for more than 12 months. As of March 31, 2024 and December 31, 2023, there were 19 and 22 held-to-maturity AgVantage securities, respectively, in a loss position for more than 12 months. During the three three months ended March 31, 2024 and 2023 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 March 31, 2024 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 3.3 As of March 31, 2024 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 850,000 $ 838,515 3.05 % Due after one year through five years 2,811,653 2,701,597 3.74 % Due after five years through ten years 1,200,000 1,105,537 3.61 % Due after ten years 949,649 821,039 3.55 % Total $ 5,811,302 $ 5,466,688 3.58 % (1) Amounts presented exclude $57.9 million of accrued interest receivable. As of March 31, 2024 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 2,141,438 $ 2,139,182 5.72 % Due after one year through five years 1,692,904 1,657,244 4.63 % Due after five years through ten years 249,080 217,955 3.58 % Due after ten years 2,704,716 2,423,437 4.32 % Total $ 6,788,138 $ 6,437,818 4.85 % (1) Amounts presented exclude $59.4 million of accrued interest receivable.

FINANCIAL DERIVATIVES

FINANCIAL DERIVATIVES	3 Months Ended
FINANCIAL DERIVATIVES	Mar. 31, 2024
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 $17.6 million and $16.4 million of accrued interest receivable and $6.2 million and $6.5 million of accrued interest payable on uncleared swaps as of March 31, 2024 and December 31, 2023, respectively. The aforementioned accrued interest on uncleared swaps is included within Accrued Interest Receivable Table 4.1 As of March 31, 2024 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Receive fixed non-callable $ 9,705,185 $ 230 $ (25,315) 5.54% 3.03% 1.70 Pay fixed non-callable 9,226,082 7,675 (68) 2.52% 5.43% 9.37 Receive fixed callable 3,963,827 2,892 (105,971) 5.36% 3.46% 2.56 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 552,000 22,270 — 1.93% 5.80% 4.09 No hedge designation: Interest rate swaps: Pay fixed non-callable 157,933 992 — 2.92% 5.60% 4.15 Receive fixed non-callable 1,638,958 34 (9) 5.38% 5.11% 0.47 Basis swaps 850,384 15 (522) 5.49% 5.47% 3.58 Treasury futures 125 680 — 110.25 Netting adjustments (1) (3,355) 3,355 Total financial derivatives $ 26,094,494 $ 31,433 $ (128,530) (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 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 March 31, 2024, Farmer Mac expects to reclassify $14.5 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 March 31, 2024. During the three months ended March 31, 2024 and 2023, 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 three months ended March 31, 2024 and 2023: Table 4.2 For the Three Months Ended March 31, 2024 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 $ 84,924 $ 166,813 $ 144,580 $ (309,949) $ 2,079 $ 88,447 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 10,297 40,332 17,849 (83,551) — (15,073) Recognized on hedged items 9,948 51,705 16,598 (106,433) — (28,182) Premium/discount amortization recognized on hedged items 445 — — (747) — (302) Income/(expense) related to interest settlements on fair value hedging relationships $ 20,690 $ 92,037 $ 34,447 $ (190,731) $ — $ (43,557) Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 27,789 $ 81,586 $ 48,180 $ (54,717) $ — $ 102,838 Recognized on hedged items (27,521) (80,743) (47,061) 55,489 — (99,836) Gains/(losses) on fair value hedging relationships $ 268 $ 843 $ 1,119 $ 772 $ — $ 3,002 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 5,431 $ — $ 5,431 Recognized on hedged items — — — (8,091) — (8,091) Discount amortization recognized on hedged items — — — (14) — (14) Expense recognized on cash flow hedges $ — $ — $ — $ (2,674) $ — $ (2,674) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 754 $ 754 Interest expense on interest rate swaps — — — — (34) (34) Treasury futures — — — — 1,359 1,359 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 2,079 $ 2,079 For the Three Months Ended March 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: $ 59,703 $ 136,537 $ 119,032 $ (236,214) $ 399 $ 79,457 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 6,549 28,909 13,180 (77,467) — (28,829) Recognized on hedged items 6,961 41,971 15,208 (70,975) — (6,835) Premium/discount amortization recognized on hedged items 268 — — (691) — (423) Income/(expense) related to interest settlements on fair value hedging relationships $ 13,778 $ 70,880 $ 28,388 $ (149,133) $ — $ (36,087) Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (27,153) $ (93,792) $ (56,681) $ 122,540 $ — $ (55,086) Recognized on hedged items 27,428 93,295 56,957 (122,699) — 54,981 Gains/(losses) on fair value hedging relationships $ 275 $ (497) $ 276 $ (159) $ — $ (105) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 4,391 $ — $ 4,391 Recognized on hedged items — — — (7,190) — (7,190) Discount amortization recognized on hedged items — — — (14) — (14) Expense recognized on cash flow hedges $ — $ — $ — $ (2,813) $ — $ (2,813) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 33 $ 33 Interest expense on interest rate swaps — — — — (1,625) (1,625) Treasury futures — — — — 1,991 1,991 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 399 $ 399 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 March 31, 2024 and December 31, 2023: Table 4.3 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) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (in thousands) Investment securities, Available-for-Sale, at fair value $ 1,261,144 $ 1,251,386 $ (116,156) $ (88,635) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value 5,432,676 5,497,948 (338,180) (257,436) Loans held for investment, at amortized cost 1,692,131 1,699,361 (352,653) (305,592) Notes Payable (1) (13,327,828) (13,350,111) 305,907 250,418 (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 March 31, 2024 and December 31, 2023: Table 4.4 March 31, 2024 Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Gross Amounts Not Offset in the Consolidated Balance Sheet Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (3) (in thousands) Assets: Uncleared derivatives $ 25,354 $ — $ 25,354 $ (24,674) $ — $ — $ 680 Cleared derivatives 8,240 (3,355) 4,885 — — — 4,885 Total $ 33,594 $ (3,355) $ 30,239 $ (24,674) $ — $ — $ 5,565 Liabilities: Uncleared derivatives $ (106,733) $ — $ (106,733) $ 24,674 $ — $ 76,472 $ (5,587) Cleared derivatives (3,355) 3,355 — — — — — Total $ (110,088) $ 3,355 $ (106,733) $ 24,674 $ — $ 76,472 $ (5,587) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $15.6 million of collateral posted and $0.0 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 March 31, 2024, Farmer Mac had additional net exposure of $197.9 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position. December 31, 2023 Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Gross Amounts Not Offset in the Consolidated Balance Sheet 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. 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 March 31, 2024 or December 31, 2023, it could have been required to settle its obligations under the agreements, but would not have been required to post additional collateral. As of March 31, 2024 and December 31, 2023, 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.

LOANS

LOANS	3 Months Ended
LOANS	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023: Table 5.1 As of March 31, 2024 As of December 31, 2023 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Agricultural Finance loans Farm & Ranch $ 5,247,543 $ 1,409,397 $ 6,656,940 $ 5,133,450 $ 1,432,261 $ 6,565,711 Corporate AgFinance 1,258,506 — 1,258,506 1,259,723 — 1,259,723 Total Agricultural Finance loans 6,506,049 1,409,397 7,915,446 6,393,173 1,432,261 7,825,434 Rural Infrastructure Finance loans 3,686,753 — 3,686,753 3,534,763 — 3,534,763 Total unpaid principal balance (1) 10,192,802 1,409,397 11,602,199 9,927,936 1,432,261 11,360,197 Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments (354,840) — (354,840) (304,817) — (304,817) Total loans 9,837,962 1,409,397 11,247,359 9,623,119 1,432,261 11,055,380 Allowance for losses (13,836) (452) (14,288) (15,588) (443) (16,031) Total loans, net of allowance $ 9,824,126 $ 1,408,945 $ 11,233,071 $ 9,607,531 $ 1,431,818 $ 11,039,349 (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 March 31, 2024 and December 31, 2023: Table 5.2 March 31, 2024 December 31, 2023 Allowance for Losses Allowance for Losses (in thousands) Loans: Agricultural Finance loans Farm & Ranch $ 4,535 $ 3,936 Corporate AgFinance 2,569 2,948 Total Agricultural Finance Loans 7,104 6,884 Rural Infrastructure Finance loans 7,184 9,147 Total $ 14,288 $ 16,031 The following is a summary of the changes in the allowance for losses for the three months ended March 31, 2024 and 2023: Table 5.3 For the Three Months Ended March 31, 2024 March 31, 2023 Agricultural Finance loans Rural Infrastructure Finance loans (3) Agricultural Finance loans Rural Infrastructure Finance loans (3) Farm & Ranch (1) Corporate AgFinance (2) Total Farm & Ranch (1) Corporate AgFinance (2) Total (in thousands) Beginning Balance $ 3,936 $ 2,948 $ 6,884 $ 9,147 $ 4,044 $ 2,731 $ 6,775 $ 8,314 Provision for/(release of) losses 599 (379) 220 (1,963) (111) 4,308 4,197 (3,613) Charge-offs — — — — — — — — Ending Balance $ 4,535 $ 2,569 $ 7,104 $ 7,184 $ 3,933 $ 7,039 $ 10,972 $ 4,701 (1) As of March 31, 2024 and 2023, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $1.4 million and $1.1 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (2) As of March 31, 2024 and 2023, the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $0.0 million and $4.6 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (3) As of both March 31, 2024 and 2023, the allowance for losses for Rural Infrastructure Finance loans includes no allowance for collateral dependent assets. The $2.0 million net release from the allowance for the Rural Infrastructure Finance portfolio during the quarter ended March 31, 2024 was primarily attributable to a single telecommunications loan that completed a restructuring, which resulted in an improved collateral position and a paydown of approximately 15% of its previously unpaid principal balance. The $0.2 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the quarter ended March 31, 2024 was primarily attributable to increased loan volume. Although substandard Agricultural Finance loans increased $73.0 million from December 31, 2023, there was not a significant provision for loss associated with that increase because of the net realizable value of those loans. The $3.6 million net release from the allowance for the Rural Infrastructure Finance portfolio during the quarter ended March 31, 2023 was primarily attributable to an updated estimate of expected losses based on newly available industry data. The $4.2 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the quarter ended March 31, 2023 was primarily attributable to declining valuation of a single agricultural storage and processing loan, due to its ongoing bankruptcy proceedings and an updated estimate of expected losses based on additional availability of industry data. The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of March 31, 2024 and December 31, 2023: Table 5.4 As of March 31, 2024 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 $ 6,538,806 $ 13,764 $ 3,954 $ 15,623 $ 33,341 $ 84,793 $ 6,656,940 Corporate AgFinance 1,247,059 — — — — 11,447 1,258,506 Total Agricultural Finance loans 7,785,865 13,764 3,954 15,623 33,341 96,240 7,915,446 Rural Infrastructure Finance loans 3,686,753 — — — — — 3,686,753 Total $ 11,472,618 $ 13,764 $ 3,954 $ 15,623 $ 33,341 $ 96,240 $ 11,602,199 (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 $45.9 million of nonaccrual loans for which there was no associated allowance. During the three months ended March 31, 2024, Farmer Mac received $0.6 million in interest on nonaccrual loans. 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 (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 $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. Credit Quality Indicators The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Rural Infrastructure Finance loans held as of March 31, 2024 and December 31, 2023, by year of origination: Table 5.5 As of March 31, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 190,820 $ 509,485 $ 1,135,915 $ 1,601,660 $ 1,082,703 $ 1,349,086 $ 354,735 $ 6,224,404 Special mention (2) 16,452 90,681 29,227 36,893 4,387 31,355 9,093 218,088 Substandard (3) — 11,266 27,515 28,603 34,970 94,835 17,259 214,448 Total $ 207,272 $ 611,432 $ 1,192,657 $ 1,667,156 $ 1,122,060 $ 1,475,276 $ 381,087 $ 6,656,940 For the Three Months Ended March 31, 2024: 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 March 31, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance (1) : Internally Assigned Risk Rating: Acceptable $ 34,521 $ 204,717 $ 77,402 $ 257,391 $ 122,517 $ 209,987 $ 242,494 $ 1,149,029 Special mention (2) — — 14,437 15,204 49,967 16,350 2,072 98,030 Substandard (3) — — — — — — 11,447 11,447 Total $ 34,521 $ 204,717 $ 91,839 $ 272,595 $ 172,484 $ 226,337 $ 256,013 $ 1,258,506 For the Three Months Ended March 31, 2024: 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 March 31, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 192,160 $ 572,095 $ 665,560 $ 189,652 $ 585,661 $ 1,283,649 $ 163,162 $ 3,651,939 Special mention (2) — — 34,814 — — — — 34,814 Substandard (3) — — — — — — — — Total $ 192,160 $ 572,095 $ 700,374 $ 189,652 $ 585,661 $ 1,283,649 $ 163,162 $ 3,686,753 For the Three Months Ended March 31, 2024: 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 - 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 Three Months Ended March 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 loans (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 Three Months Ended March 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 Three Months Ended March 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.

GUARANTEES AND COMMITMENTS

GUARANTEES AND COMMITMENTS	3 Months Ended
GUARANTEES AND COMMITMENTS	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
GUARANTEES AND COMMITMENTS	GUARANTEES AND COMMITMENTS 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 March 31, 2024 and December 31, 2023, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 6.1 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of March 31, 2024 As of December 31, 2023 (in thousands) Agricultural Finance Farmer Mac Guaranteed Securities $ 443,843 $ 452,602 Total off-balance sheet Farmer Mac Guaranteed Securities $ 443,843 $ 452,602 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 6.2 For the Three Months Ended March 31, 2024 March 31, 2023 (in thousands) Proceeds from new securitizations $ — $ 222,188 Guarantee fees received 449 487 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 6.3 As of March 31, 2024 As of December 31, 2023 (dollars in thousands) Guarantee and commitment obligation $ 5,808 $ 5,969 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 21.6 years 21.9 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 6.4 As of March 31, 2024 As of December 31, 2023 (dollars in thousands) Guarantee and commitment obligation (1) $ 40,057 $ 41,594 Maximum principal amount 3,636,782 3,680,333 Weighted-average remaining maturity 14.3 years 14.5 years (1) Relates to LTSPCs issued or modified on or after January 1, 2003. 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 March 31, 2024 and December 31, 2023: Table 6.5 March 31, 2024 December 31, 2023 Reserve for Losses Reserve for Losses (in thousands) Agricultural Finance $ 1,407 $ 1,471 Rural Infrastructure Finance 235 240 Total $ 1,642 $ 1,711 The following is a summary of the changes in the reserve for losses for the three month period ended March 31, 2024 and 2023: Table 6.6 For the Three Months Ended March 31, 2024 March 31, 2023 Reserve for Losses Reserve for Losses (in thousands) Agricultural Finance Beginning Balance $ 1,471 $ 819 (Release of)/provision for losses (64) 577 Ending Balance $ 1,407 $ 1,396 Rural Infrastructure Finance Beginning Balance $ 240 $ 614 Release of losses (5) (374) Ending Balance $ 235 $ 240 The release from the reserve for losses in the Rural Infrastructure Finance LTSPC portfolio recorded during first quarter 2023 was primarily due to an updated estimate of expected losses based on additional available industry data. The provision to the reserve for losses in the Agricultural Finance LTSPC portfolio recorded during first quarter 2023 was primarily due to an updated estimate of expected losses based on additional available industry data. 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 March 31, 2024 and December 31, 2023: Table 6.7 As of March 31, 2024 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,254,483 $ 4,791 $ 528 $ 9,569 $ 14,888 $ 3,269,371 Rural Infrastructure Finance: 613,984 — — — — 613,984 Total $ 3,868,467 $ 4,791 $ 528 $ 9,569 $ 14,888 $ 3,883,355 (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, 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. 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 March 31, 2024 and 2023, by year of origination: Table 6.8 As of March 31, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 686 $ 167,655 $ 236,692 $ 503,681 $ 520,556 $ 1,380,938 $ 362,500 $ 3,172,708 Special mention (1) — — 71 2,456 4,817 51,388 8,612 67,344 Substandard (2) — — 1,202 — 109 26,754 1,254 29,319 Total $ 686 $ 167,655 $ 237,965 $ 506,137 $ 525,482 $ 1,459,080 $ 372,366 $ 3,269,371 For the Three Months Ended March 31, 2024: 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 March 31, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 391,099 $ 222,885 $ 613,984 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 391,099 $ 222,885 $ 613,984 For the Three Months Ended March 31, 2024: 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) 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 Three Months Ended March 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 Three Months Ended March 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.

NOTES PAYABLE

NOTES PAYABLE	3 Months Ended
NOTES PAYABLE	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: Table 7.1 March 31, 2024 Outstanding as of March 31 Average Outstanding During the Quarter Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 1,898,810 5.23 % $ 1,662,014 5.25 % Medium-term notes 366,953 5.28 % 272,528 5.23 % Current portion of medium-term notes 6,604,250 3.08 % Total due within one year $ 8,870,013 3.63 % Due after one year: Medium-term notes due in: Two years $ 4,972,023 2.95 % Three years 4,064,733 2.60 % Four years 2,568,251 3.84 % Five years 2,941,652 4.45 % Thereafter 3,398,246 2.76 % Total due after one year $ 17,944,905 3.21 % Total principal net of discounts $ 26,814,918 3.35 % Hedging adjustments (305,907) Total $ 26,509,011 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 The maximum amount of Farmer Mac's discount notes outstanding at any month end during each of the three months ended March 31, 2024 and 2023 was $1.9 billion and $0.9 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 March 31, 2024: Table 7.2 Debt Callable in 2024 as of March 31, 2024, by Maturity Amount Weighted-Average Rate (dollars in thousands) Maturity: 2025 $ 1,090,521 3.12 % 2026 1,378,822 2.00 % 2027 884,005 2.80 % 2028 567,953 4.22 % Thereafter 1,775,587 2.48 % Total $ 5,696,888 2.71 % The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of March 31, 2024, 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 $ 8,789,318 4.06 % 2025 5,180,648 3.03 % 2026 3,750,964 2.15 % 2027 2,972,357 3.29 % 2028 2,584,403 4.24 % Thereafter 3,537,228 2.71 % Total principal net of discounts $ 26,814,918 3.35 % During the the three months ended March 31, 2024 and 2023, Farmer Mac called $354.5 million and $0.0 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 March 31, 2024, Farmer Mac had not used this borrowing authority. Gains on Repurchases of Outstanding Debt

EQUITY

EQUITY	3 Months Ended
EQUITY	Mar. 31, 2024
Equity [Abstract]
EQUITY	EQUITY Common Stock During first quarter 2024, Farmer Mac paid a quarterly dividend of $1.40 per share on all classes of its common stock. For each quarter in 2023, Farmer Mac paid a quarterly dividend of $1.10 per share on all classes of its common stock. 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 and extended the expiration date of the program to March 2023. In February 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 February 2025. Farmer Mac has not repurchased any shares of its Class C non-voting common stock since the repurchase program was reinstated in March 2021. As of March 31, 2024, 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. 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 March 31, 2024 and December 31, 2023, 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 March 31, 2024, Farmer Mac's minimum capital requirement was $872.3 million and its core capital level was $1.5 billion, which was $612.1 million above the minimum capital requirement as of that date. 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.

FAIR VALUE DISCLOSURES

FAIR VALUE DISCLOSURES	3 Months Ended
FAIR VALUE DISCLOSURES	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 9.1 Assets and Liabilities Measured at Fair Value as of March 31, 2024 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 $ — $ — $ 19,281 $ 19,281 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,380,066 — 2,380,066 Fixed rate GSE guaranteed mortgage-backed securities — 1,672,388 — 1,672,388 Floating rate U.S. Treasuries 49,996 — — 49,996 Fixed rate U.S. Treasuries 886,056 — — 886,056 Total Available-for-sale Investment Securities 936,052 4,052,454 19,281 5,007,787 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,457,197 5,457,197 Farmer Mac Guaranteed Securities — — 9,491 9,491 Total Farmer Mac Guaranteed Securities — — 5,466,688 5,466,688 USDA Securities: Trading — — 1,066 1,066 Total USDA Securities — — 1,066 1,066 Financial derivatives 680 30,753 — 31,433 Guarantee Asset — — 5,733 5,733 Total Assets at fair value $ 936,732 $ 4,083,207 $ 5,492,768 $ 10,512,707 Liabilities: Financial derivatives $ — $ 128,530 $ — $ 128,530 Total Liabilities at fair value $ — $ 128,530 $ — $ 128,530 (1) Level 3 assets represent 18% of total assets and 52% of financial instruments measured at fair value. 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. There were no material assets or liabilities measured at fair value on a non-recurring basis as of March 31, 2024 or December 31, 2023. 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 three months ended March 31, 2024 and 2023, 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 three months ended March 31, 2024 and 2023. Table 9.2 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended March 31, 2024 Beginning Balance Purchases Settlements Allowance for Losses Realized and unrealized losses included in Income Unrealized gains/(losses) included in Other Comprehensive Income Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,082 $ — $ — $ 1 $ — $ 198 $ 19,281 Total available-for-sale 19,082 — — 1 — 198 19,281 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,522,712 50,000 (63,955) 27 (80,694) 29,107 5,457,197 Farmer Mac Guaranteed Securities 9,767 — (177) — — (99) 9,491 Total available-for-sale 5,532,479 50,000 (64,132) 27 (80,694) 29,008 5,466,688 USDA Securities: Trading 1,241 — (174) — (1) — 1,066 Total USDA Securities 1,241 — (174) — (1) — 1,066 Guarantee and commitment obligations: Guarantee Asset 5,831 — (85) — (13) — 5,733 Total Guarantee and commitment obligations 5,831 — (85) — (13) — 5,733 Total Assets at fair value $ 5,558,633 $ 50,000 $ (64,391) $ 28 $ (80,708) $ 29,206 $ 5,492,768 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended March 31, 2023 Beginning Balance Purchases Settlements Allowance for Losses Realized and unrealized gains included in Income Unrealized (losses)/gains included in Other Comprehensive Income Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,027 $ — $ — $ 4 $ — $ — $ 19,031 Total available-for-sale 19,027 — — 4 — — 19,031 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,599,379 687,650 (141,386) 32 93,342 (21,597) 8,217,420 Farmer Mac Guaranteed 7,847 — (433) — — 620 8,034 Total available-for-sale 7,607,226 687,650 (141,819) 32 93,342 (20,977) 8,225,454 USDA Securities: Trading 1,767 — (387) — 25 — 1,405 Total USDA Securities 1,767 — (387) — 25 — 1,405 Guarantee and commitment obligations: Guarantee Asset 4,467 — (231) — 334 — 4,570 Total Guarantee and commitment obligations 4,467 — (231) — 334 — 4,570 Total Assets at fair value $ 7,632,487 $ 687,650 $ (142,437) $ 36 $ 93,701 $ (20,977) $ 8,250,460 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 March 31, 2024 and December 31, 2023: Table 9.3 As of March 31, 2024 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 $ 19,281 Indicative bids Range of broker quotes 98.0% - 98.0% (98.0%) Farmer Mac Guaranteed Securities: AgVantage $ 5,457,197 Discounted cash flow Discount rate 5.0% - 5.8% (5.3%) Farmer Mac Guaranteed Securities $ 9,491 Discounted cash flow Discount rate 8.0% CPR 3% USDA Securities $ 1,066 Discounted cash flow Discount rate 5.7% - 5.8% (5.7%) CPR 12% - 12% (12%) Guarantee Asset $ 5,733 Discounted cash flow Discount rate 8.0% CPR 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% 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. 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 March 31, 2024 and December 31, 2023: Table 9.4 As of March 31, 2024 As of December 31, 2023 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 745,105 $ 745,105 $ 888,707 $ 888,707 Investment securities 5,069,547 5,068,443 4,981,249 4,979,504 Farmer Mac Guaranteed Securities 9,889,495 9,921,620 9,710,074 9,745,548 USDA Securities 2,016,076 2,334,093 2,036,046 2,355,412 Loans 10,632,530 11,233,071 10,426,021 11,039,349 Financial derivatives 31,433 31,433 37,478 37,478 Guarantee and commitment fees receivable 55,856 48,130 58,465 49,832 Financial liabilities: Notes payable 25,825,161 26,509,011 25,670,971 26,336,542 Debt securities of consolidated trusts held by third parties 1,244,879 1,325,289 1,268,563 1,351,069 Financial derivatives 128,530 128,530 117,131 117,131 Guarantee and commitment obligations 53,591 45,866 56,195 47,563 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	3 Months Ended
BUSINESS SEGMENT REPORTING	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023. Table 10.1 Core Earnings by Business Segment For the Three Months Ended March 31, 2024 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 $ 33,889 $ 7,971 $ 7,265 $ 2,049 $ 34,719 $ 475 $ — $ — $ 86,368 Less: reconciling adjustments (1)(2)(3) (1,046) — (33) — (2,245) — — 3,324 — Net effective spread 32,843 7,971 7,232 2,049 32,474 475 — 3,324 — Guarantee and commitment fees 4,484 87 349 62 — — — (1,065) 3,917 Other income (3) 995 12 — — — 4 66 2,251 3,328 Total revenues 38,322 8,070 7,581 2,111 32,474 479 66 4,510 93,613 (Provision for)/release of losses (561) 378 3,017 (1,034) — 1 — — 1,801 Release of reserve for losses 64 — 5 — — — — — 69 Operating expenses — — — — — — (27,237) — (27,237) Total non-interest expense 64 — 5 — — — (27,237) — (27,168) Core earnings before income taxes 37,825 8,448 10,603 1,077 32,474 480 (27,171) 4,510 (4) 68,246 Income tax (expense)/benefit (7,943) (1,774) (2,227) (226) (6,819) (101) 5,537 (947) (14,500) Core earnings before preferred stock dividends 29,882 6,674 8,376 851 25,655 379 (21,634) 3,563 (4) 53,746 Preferred stock dividends — — — — — — (6,791) — (6,791) Segment core earnings/(losses) $ 29,882 $ 6,674 $ 8,376 $ 851 $ 25,655 $ 379 $ (28,425) $ 3,563 (4) $ 46,955 Total Assets $ 15,240,436 $ 1,637,460 $ 7,003,165 $ 578,709 $ — $ 5,190,082 $ 122,339 $ — $ 29,772,191 Total on- and off-balance sheet program assets at principal balance $ 18,900,906 $ 1,766,294 $ 7,437,723 $ 742,307 $ — $ — $ — $ — $ 28,847,230 (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 Three Months Ended March 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 $ 33,511 $ 7,148 $ 5,540 $ 858 $ 32,544 $ (543) $ — $ — $ 79,058 Less: reconciling adjustments (1)(2)(3) (1,046) — (33) — (806) — — 1,885 — Net effective spread 32,465 7,148 5,507 858 31,738 (543) — 1,885 — Guarantee and commitment fees 4,292 53 281 28 — — — (721) 3,933 Other income/(expense) (3) 1,067 — — — — — — 558 1,625 Total revenues 37,824 7,201 5,788 886 31,738 (543) — 1,722 84,616 Release of/(provision for) losses 128 (4,301) 3,484 138 — 4 — — (547) (Provision for)/release of reserve for losses (577) — 374 — — — — — (203) Operating expenses — — — — — — (23,713) — (23,713) Total non-interest expense (577) — 374 — — — (23,713) — (23,916) Core earnings before income taxes 37,375 2,900 9,646 1,024 31,738 (539) (23,713) 1,722 (4) 60,153 Income tax (expense)/benefit (7,849) (609) (2,026) (215) (6,665) 113 4,495 (362) (13,118) Core earnings before preferred stock dividends 29,526 2,291 7,620 809 25,073 (426) (19,218) 1,360 (4) 47,035 Preferred stock dividends — — — — — — (6,791) — (6,791) Segment core earnings/(losses) $ 29,526 $ 2,291 $ 7,620 $ 809 $ 25,073 $ (426) $ (26,009) $ 1,360 (4) $ 40,244 Total Assets $ 14,549,275 $ 1,515,976 $ 6,444,264 $ 286,824 $ — $ 4,998,854 $ 144,754 $ — $ 27,939,947 Total on- and off-balance sheet program assets at principal balance $ 17,685,961 $ 1,599,982 $ 6,889,682 $ 308,493 $ — $ — $ — $ — $ 26,484,118 (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	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income	$ 53,746	$ 47,035

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries: (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.
Earnings Per Common Share	Earnings Per Common Share
Comprehensive Income	Comprehensive Income
New Accounting Standards	New Accounting Standards Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2023-02 , Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method The amendments in this Update permit an entity to elect to account for their tax equity investments using the proportional amortization method if certain conditions are met, regardless of the tax credit program from which the income tax credits are received. January 1, 2024 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. 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. 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)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Mar. 31, 2024
Accounting Policies [Abstract]
Schedule of Consolidation of Variable Interest Entities	Table 1.1 Consolidation of Variable Interest Entities As of March 31, 2024 Agricultural Finance Treasury Total (in thousands) On-Balance Sheet: Consolidated VIEs: Loans held for investment in consolidated trusts, at amortized cost $ 1,409,397 $ — $ 1,409,397 Debt securities of consolidated trusts held by third parties (1)(2) 1,325,289 — 1,325,289 Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Carrying value 51,906 — 51,906 Maximum exposure to loss (3) 51,616 — 51,616 Investment securities: Carrying value (4) — 3,735,413 3,735,413 Maximum exposure to loss (3)(4) — 3,936,368 3,936,368 Off-Balance Sheet: Unconsolidated VIEs: Farmer Mac Guaranteed Securities: Maximum exposure to loss (3)(5) 443,843 — 443,843 (1) Includes borrower remittances of $1.1 million. The borrower remittances had not been passed through to third-party investors as of March 31, 2024. (2) Includes $85.1 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, 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 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 Basic and Diluted EPS	The following schedule reconciles basic and diluted EPS for the three months ended March 31, 2024 and 2023: Table 1.2 For the Three Months Ended March 31, 2024 March 31, 2023 Net Weighted-Average Shares $ per Net Weighted-Average Shares $ per (in thousands, except per share amounts) Basic EPS Net income attributable to common stockholders $ 46,955 10,847 $ 4.33 $ 40,244 10,802 $ 3.73 Effect of dilutive securities (1) SARs and restricted stock units — 122 (0.05) — 116 (0.04) Diluted EPS $ 46,955 10,969 $ 4.28 $ 40,244 10,918 $ 3.69 (1) For the three months ended March 31, 2024 and 2023, SARs and restricted stock units of 49,371 and 62,709 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the three months ended March 31, 2024 and 2023, contingent shares of unvested restricted stock units of 29,918 and 32,282 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 three months ended March 31, 2024 and 2023. Table 1.3 As of March 31, 2024 As of March 31, 2023 Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total (in thousands) For the Three Months Ended: Beginning Balance $ (68,447) $ (8,724) $ 37,026 $ (40,145) $ (115,561) $ 16,357 $ 48,361 $ (50,843) Other comprehensive income/(loss) before reclassifications 31,565 — 9,256 40,821 525 — (5,452) (4,927) Amounts reclassified from AOCI (4) (500) (4,290) (4,794) (5) (618) (3,469) (4,092) Net comprehensive income/(loss) 31,561 (500) 4,966 36,027 520 (618) (8,921) (9,019) Ending Balance $ (36,886) $ (9,224) $ 41,992 $ (4,118) $ (115,041) $ 15,739 $ 39,440 $ (59,862)
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 three months ended March 31, 2024 and 2023: Table 1.4 For the Three Months Ended March 31, 2024 March 31, 2023 Before Tax Provision (Benefit) After Tax Before Tax Provision (Benefit) After Tax (in thousands) Other comprehensive income: Available-for-sale-securities: Unrealized holding gains on available-for-sale securities $ 39,957 $ 8,392 $ 31,565 $ 664 $ 139 $ 525 Less reclassification adjustments included in: Other income (1) (5) (1) (4) (6) (1) (5) Total $ 39,952 $ 8,391 $ 31,561 $ 658 $ 138 $ 520 Held-to-maturity securities: Less reclassification adjustments included in: Net interest income (2) $ (634) $ (134) $ (500) $ (782) $ (164) $ (618) Total $ (634) $ (134) $ (500) $ (782) $ (164) $ (618) Cash flow hedges Unrealized gains/(losses) on cash flow hedges $ 11,717 $ 2,461 $ 9,256 $ (6,901) $ (1,449) $ (5,452) Less reclassification adjustments included in: Net interest income (3) (5,431) (1,141) (4,290) (4,391) (922) (3,469) Total $ 6,286 $ 1,320 $ 4,966 $ (11,292) $ (2,371) $ (8,921) Other comprehensive income/(loss) $ 45,604 $ 9,577 $ 36,027 $ (11,416) $ (2,397) $ (9,019) (1) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (2) 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. (3) Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI.
Schedule of Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance Standard Description Date of Adoption Effect on Consolidated Financial Statements ASU 2023-02 , Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method The amendments in this Update permit an entity to elect to account for their tax equity investments using the proportional amortization method if certain conditions are met, regardless of the tax credit program from which the income tax credits are received. January 1, 2024 The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows. 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. 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.

INVESTMENT SECURITIES (Tables)

INVESTMENT SECURITIES (Tables)	3 Months Ended
INVESTMENT SECURITIES (Tables)	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: Table 2.1 As of March 31, 2024 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 $ (25) $ — $ (394) $ 19,281 Floating rate Government/GSE guaranteed mortgage-backed securities 2,402,850 (1,306) 2,401,544 — 2,608 (24,086) 2,380,066 Fixed rate GSE guaranteed mortgage-backed securities 1,851,641 (47,448) 1,804,193 — 2,746 (134,551) 1,672,388 Floating rate U.S. Treasuries 50,000 (10) 49,990 — 6 — 49,996 Fixed rate U.S. Treasuries 905,255 (15,120) 890,135 — 81 (4,160) 886,056 Total available-for-sale 5,229,446 (63,884) 5,165,562 (25) 5,441 (163,191) 5,007,787 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 53,756 — 53,756 — 1,104 — 54,860 Total held-to-maturity $ 53,756 $ — $ 53,756 $ — $ 1,104 $ — $ 54,860 (1) Amounts presented exclude $22.2 million of accrued interest receivable on investment securities as of March 31, 2024. (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 March 31, 2024. 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. The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of March 31, 2024 and December 31, 2023: Table 3.1 As of March 31, 2024 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 4,441,588 $ (28,891) $ 4,412,697 $ (179) $ 3,829 $ (35,130) $ 4,381,217 Farmer Mac Guaranteed USDA Securities 42,383 31 42,414 — 59 (883) 41,590 Total Farmer Mac Guaranteed Securities 4,483,971 (28,860) 4,455,111 (179) 3,888 (36,013) 4,422,807 USDA Securities 2,311,442 21,585 2,333,027 — 303 (318,319) 2,015,011 Total held-to-maturity $ 6,795,413 $ (7,275) $ 6,788,138 $ (179) $ 4,191 $ (354,332) $ 6,437,818 Available-for-sale: AgVantage $ 5,802,070 $ — $ 5,802,070 $ (291) $ 8,364 $ (352,946) $ 5,457,197 Farmer Mac Guaranteed Securities (3) — 9,232 9,232 — 259 — 9,491 Total available-for-sale $ 5,802,070 $ 9,232 $ 5,811,302 $ (291) $ 8,623 $ (352,946) $ 5,466,688 Trading: USDA Securities (4) $ 1,069 $ 57 $ 1,126 $ — $ — $ (60) $ 1,066 (1) Amounts presented exclude $57.9 million, $59.4 million, and $27,610 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 $9.5 million of an interest-only security with a notional amount of $233.5 million. (4) The trading USDA securities had a weighted average yield of 5.58% as of March 31, 2024. 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.
Schedule of Unrealized Losses on Available-for-Sale Investment Securities	As of March 31, 2024 and December 31, 2023, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of March 31, 2024 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 $ — $ — $ 19,281 $ (394) Floating rate Government/GSE guaranteed mortgage-backed securities 414,299 (2,066) 1,293,103 (22,020) Fixed rate Government/GSE guaranteed mortgage-backed securities 458,047 (7,183) 991,514 (127,368) Fixed rate U.S. Treasuries 557,405 (3,093) 101,646 (1,067) Total $ 1,429,751 $ (12,342) $ 2,405,544 $ (150,849) Number of securities in loss position 107 158 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 March 31, 2024 and December 31, 2023, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 3.2 As of March 31, 2024 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 $ 2,757,735 $ (3,858) $ 699,786 $ (31,272) Farmer Mac Guaranteed USDA Securities 27,029 (55) 8,258 (828) USDA Securities 3,025 (9) 2,004,512 (318,310) Total held-to-maturity $ 2,787,789 $ (3,922) $ 2,712,556 $ (350,410) Available-for-sale: AgVantage $ 1,133,776 $ (15,100) $ 3,945,347 $ (337,846) Total available-for-sale $ 1,133,776 $ (15,100) $ 3,945,347 $ (337,846) 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) Total available-for-sale $ 508,182 $ (5,716) $ 4,043,431 $ (303,695)
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 March 31, 2024 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 2.3 As of March 31, 2024 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 431,353 $ 430,225 2.32% Due after one year through five years 1,578,453 1,552,380 4.19% Due after five years through ten years 2,375,052 2,260,716 4.35% Due after ten years 780,704 764,466 5.70% Total $ 5,165,562 $ 5,007,787 4.33% 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 March 31, 2024 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 3.3 As of March 31, 2024 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 850,000 $ 838,515 3.05 % Due after one year through five years 2,811,653 2,701,597 3.74 % Due after five years through ten years 1,200,000 1,105,537 3.61 % Due after ten years 949,649 821,039 3.55 % Total $ 5,811,302 $ 5,466,688 3.58 % (1) Amounts presented exclude $57.9 million of accrued interest receivable. As of March 31, 2024 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 2,141,438 $ 2,139,182 5.72 % Due after one year through five years 1,692,904 1,657,244 4.63 % Due after five years through ten years 249,080 217,955 3.58 % Due after ten years 2,704,716 2,423,437 4.32 % Total $ 6,788,138 $ 6,437,818 4.85 % (1) Amounts presented exclude $59.4 million of accrued interest receivable.

FARMER MAC GUARANTEED SECURIT_2

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: Table 2.1 As of March 31, 2024 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 $ (25) $ — $ (394) $ 19,281 Floating rate Government/GSE guaranteed mortgage-backed securities 2,402,850 (1,306) 2,401,544 — 2,608 (24,086) 2,380,066 Fixed rate GSE guaranteed mortgage-backed securities 1,851,641 (47,448) 1,804,193 — 2,746 (134,551) 1,672,388 Floating rate U.S. Treasuries 50,000 (10) 49,990 — 6 — 49,996 Fixed rate U.S. Treasuries 905,255 (15,120) 890,135 — 81 (4,160) 886,056 Total available-for-sale 5,229,446 (63,884) 5,165,562 (25) 5,441 (163,191) 5,007,787 Held-to-maturity: Floating rate Government/GSE guaranteed mortgage-backed securities (3) 53,756 — 53,756 — 1,104 — 54,860 Total held-to-maturity $ 53,756 $ — $ 53,756 $ — $ 1,104 $ — $ 54,860 (1) Amounts presented exclude $22.2 million of accrued interest receivable on investment securities as of March 31, 2024. (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 March 31, 2024. 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. The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of March 31, 2024 and December 31, 2023: Table 3.1 As of March 31, 2024 Unpaid Principal Balance Unamortized Premium/(Discount) Amortized Cost (1) Allowance for losses (2) Unrealized Unrealized Fair Value (in thousands) Held-to-maturity: AgVantage $ 4,441,588 $ (28,891) $ 4,412,697 $ (179) $ 3,829 $ (35,130) $ 4,381,217 Farmer Mac Guaranteed USDA Securities 42,383 31 42,414 — 59 (883) 41,590 Total Farmer Mac Guaranteed Securities 4,483,971 (28,860) 4,455,111 (179) 3,888 (36,013) 4,422,807 USDA Securities 2,311,442 21,585 2,333,027 — 303 (318,319) 2,015,011 Total held-to-maturity $ 6,795,413 $ (7,275) $ 6,788,138 $ (179) $ 4,191 $ (354,332) $ 6,437,818 Available-for-sale: AgVantage $ 5,802,070 $ — $ 5,802,070 $ (291) $ 8,364 $ (352,946) $ 5,457,197 Farmer Mac Guaranteed Securities (3) — 9,232 9,232 — 259 — 9,491 Total available-for-sale $ 5,802,070 $ 9,232 $ 5,811,302 $ (291) $ 8,623 $ (352,946) $ 5,466,688 Trading: USDA Securities (4) $ 1,069 $ 57 $ 1,126 $ — $ — $ (60) $ 1,066 (1) Amounts presented exclude $57.9 million, $59.4 million, and $27,610 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 $9.5 million of an interest-only security with a notional amount of $233.5 million. (4) The trading USDA securities had a weighted average yield of 5.58% as of March 31, 2024. 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.
Schedule of Unrealized Losses on Available-for-Sale Investment Securities	As of March 31, 2024 and December 31, 2023, unrealized losses on available-for-sale investment securities were as follows: Table 2.2 As of March 31, 2024 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 $ — $ — $ 19,281 $ (394) Floating rate Government/GSE guaranteed mortgage-backed securities 414,299 (2,066) 1,293,103 (22,020) Fixed rate Government/GSE guaranteed mortgage-backed securities 458,047 (7,183) 991,514 (127,368) Fixed rate U.S. Treasuries 557,405 (3,093) 101,646 (1,067) Total $ 1,429,751 $ (12,342) $ 2,405,544 $ (150,849) Number of securities in loss position 107 158 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 March 31, 2024 and December 31, 2023, unrealized losses on held-to-maturity and available-for-sale on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows: Table 3.2 As of March 31, 2024 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 $ 2,757,735 $ (3,858) $ 699,786 $ (31,272) Farmer Mac Guaranteed USDA Securities 27,029 (55) 8,258 (828) USDA Securities 3,025 (9) 2,004,512 (318,310) Total held-to-maturity $ 2,787,789 $ (3,922) $ 2,712,556 $ (350,410) Available-for-sale: AgVantage $ 1,133,776 $ (15,100) $ 3,945,347 $ (337,846) Total available-for-sale $ 1,133,776 $ (15,100) $ 3,945,347 $ (337,846) 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) Total available-for-sale $ 508,182 $ (5,716) $ 4,043,431 $ (303,695)
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 March 31, 2024 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 2.3 As of March 31, 2024 Available-for-Sale Securities Amortized Fair Value Weighted- (dollars in thousands) Due within one year $ 431,353 $ 430,225 2.32% Due after one year through five years 1,578,453 1,552,380 4.19% Due after five years through ten years 2,375,052 2,260,716 4.35% Due after ten years 780,704 764,466 5.70% Total $ 5,165,562 $ 5,007,787 4.33% 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 March 31, 2024 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 3.3 As of March 31, 2024 Available-for-Sale Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 850,000 $ 838,515 3.05 % Due after one year through five years 2,811,653 2,701,597 3.74 % Due after five years through ten years 1,200,000 1,105,537 3.61 % Due after ten years 949,649 821,039 3.55 % Total $ 5,811,302 $ 5,466,688 3.58 % (1) Amounts presented exclude $57.9 million of accrued interest receivable. As of March 31, 2024 Held-to-Maturity Securities Amortized Cost (1) Fair Value Weighted- (dollars in thousands) Due within one year $ 2,141,438 $ 2,139,182 5.72 % Due after one year through five years 1,692,904 1,657,244 4.63 % Due after five years through ten years 249,080 217,955 3.58 % Due after ten years 2,704,716 2,423,437 4.32 % Total $ 6,788,138 $ 6,437,818 4.85 % (1) Amounts presented exclude $59.4 million of accrued interest receivable.

FINANCIAL DERIVATIVES (Tables)

FINANCIAL DERIVATIVES (Tables)	3 Months Ended
FINANCIAL DERIVATIVES (Tables)	Mar. 31, 2024
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 $17.6 million and $16.4 million of accrued interest receivable and $6.2 million and $6.5 million of accrued interest payable on uncleared swaps as of March 31, 2024 and December 31, 2023, respectively. The aforementioned accrued interest on uncleared swaps is included within Accrued Interest Receivable Table 4.1 As of March 31, 2024 Fair Value Weighted- Weighted- Weighted- Weighted- Notional Amount Asset (Liability) (dollars in thousands) Fair value hedges: Interest rate swaps: Receive fixed non-callable $ 9,705,185 $ 230 $ (25,315) 5.54% 3.03% 1.70 Pay fixed non-callable 9,226,082 7,675 (68) 2.52% 5.43% 9.37 Receive fixed callable 3,963,827 2,892 (105,971) 5.36% 3.46% 2.56 Cash flow hedges: Interest rate swaps: Pay fixed non-callable 552,000 22,270 — 1.93% 5.80% 4.09 No hedge designation: Interest rate swaps: Pay fixed non-callable 157,933 992 — 2.92% 5.60% 4.15 Receive fixed non-callable 1,638,958 34 (9) 5.38% 5.11% 0.47 Basis swaps 850,384 15 (522) 5.49% 5.47% 3.58 Treasury futures 125 680 — 110.25 Netting adjustments (1) (3,355) 3,355 Total financial derivatives $ 26,094,494 $ 31,433 $ (128,530) (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 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)
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 three months ended March 31, 2024 and 2023: Table 4.2 For the Three Months Ended March 31, 2024 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 $ 84,924 $ 166,813 $ 144,580 $ (309,949) $ 2,079 $ 88,447 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 10,297 40,332 17,849 (83,551) — (15,073) Recognized on hedged items 9,948 51,705 16,598 (106,433) — (28,182) Premium/discount amortization recognized on hedged items 445 — — (747) — (302) Income/(expense) related to interest settlements on fair value hedging relationships $ 20,690 $ 92,037 $ 34,447 $ (190,731) $ — $ (43,557) Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ 27,789 $ 81,586 $ 48,180 $ (54,717) $ — $ 102,838 Recognized on hedged items (27,521) (80,743) (47,061) 55,489 — (99,836) Gains/(losses) on fair value hedging relationships $ 268 $ 843 $ 1,119 $ 772 $ — $ 3,002 Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 5,431 $ — $ 5,431 Recognized on hedged items — — — (8,091) — (8,091) Discount amortization recognized on hedged items — — — (14) — (14) Expense recognized on cash flow hedges $ — $ — $ — $ (2,674) $ — $ (2,674) Gains on financial derivatives not designated in hedging relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 754 $ 754 Interest expense on interest rate swaps — — — — (34) (34) Treasury futures — — — — 1,359 1,359 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 2,079 $ 2,079 For the Three Months Ended March 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: $ 59,703 $ 136,537 $ 119,032 $ (236,214) $ 399 $ 79,457 Income/(expense) related to interest settlements on fair value hedging relationships: Recognized on derivatives 6,549 28,909 13,180 (77,467) — (28,829) Recognized on hedged items 6,961 41,971 15,208 (70,975) — (6,835) Premium/discount amortization recognized on hedged items 268 — — (691) — (423) Income/(expense) related to interest settlements on fair value hedging relationships $ 13,778 $ 70,880 $ 28,388 $ (149,133) $ — $ (36,087) Gains/(losses) on fair value hedging relationships: Recognized on derivatives $ (27,153) $ (93,792) $ (56,681) $ 122,540 $ — $ (55,086) Recognized on hedged items 27,428 93,295 56,957 (122,699) — 54,981 Gains/(losses) on fair value hedging relationships $ 275 $ (497) $ 276 $ (159) $ — $ (105) Expense related to interest settlements on cash flow hedging relationships: Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 4,391 $ — $ 4,391 Recognized on hedged items — — — (7,190) — (7,190) Discount amortization recognized on hedged items — — — (14) — (14) Expense recognized on cash flow hedges $ — $ — $ — $ (2,813) $ — $ (2,813) Gains on financial derivatives not designated in hedge relationships: Gains on interest rate swaps $ — $ — $ — $ — $ 33 $ 33 Interest expense on interest rate swaps — — — — (1,625) (1,625) Treasury futures — — — — 1,991 1,991 Gains on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ 399 $ 399
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 March 31, 2024 and December 31, 2023: Table 4.3 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) March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (in thousands) Investment securities, Available-for-Sale, at fair value $ 1,261,144 $ 1,251,386 $ (116,156) $ (88,635) Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value 5,432,676 5,497,948 (338,180) (257,436) Loans held for investment, at amortized cost 1,692,131 1,699,361 (352,653) (305,592) Notes Payable (1) (13,327,828) (13,350,111) 305,907 250,418 (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 March 31, 2024 and December 31, 2023: Table 4.4 March 31, 2024 Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Gross Amounts Not Offset in the Consolidated Balance Sheet Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (3) (in thousands) Assets: Uncleared derivatives $ 25,354 $ — $ 25,354 $ (24,674) $ — $ — $ 680 Cleared derivatives 8,240 (3,355) 4,885 — — — 4,885 Total $ 33,594 $ (3,355) $ 30,239 $ (24,674) $ — $ — $ 5,565 Liabilities: Uncleared derivatives $ (106,733) $ — $ (106,733) $ 24,674 $ — $ 76,472 $ (5,587) Cleared derivatives (3,355) 3,355 — — — — — Total $ (110,088) $ 3,355 $ (106,733) $ 24,674 $ — $ 76,472 $ (5,587) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $15.6 million of collateral posted and $0.0 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 March 31, 2024, Farmer Mac had additional net exposure of $197.9 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position. December 31, 2023 Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Gross Amounts Not Offset in the Consolidated Balance Sheet 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)
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 March 31, 2024 and December 31, 2023: Table 4.4 March 31, 2024 Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Gross Amounts Not Offset in the Consolidated Balance Sheet Netting Adjustments Financial instruments pledged Cash Collateral (2) Net Amount (3) (in thousands) Assets: Uncleared derivatives $ 25,354 $ — $ 25,354 $ (24,674) $ — $ — $ 680 Cleared derivatives 8,240 (3,355) 4,885 — — — 4,885 Total $ 33,594 $ (3,355) $ 30,239 $ (24,674) $ — $ — $ 5,565 Liabilities: Uncleared derivatives $ (106,733) $ — $ (106,733) $ 24,674 $ — $ 76,472 $ (5,587) Cleared derivatives (3,355) 3,355 — — — — — Total $ (110,088) $ 3,355 $ (106,733) $ 24,674 $ — $ 76,472 $ (5,587) (1) Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements. (2) Cash collateral excludes $15.6 million of collateral posted and $0.0 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 March 31, 2024, Farmer Mac had additional net exposure of $197.9 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position. December 31, 2023 Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1) Gross Amounts Not Offset in the Consolidated Balance Sheet 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)

LOANS (Tables)

LOANS (Tables)	3 Months Ended
LOANS (Tables)	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023: Table 5.1 As of March 31, 2024 As of December 31, 2023 Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total (in thousands) Agricultural Finance loans Farm & Ranch $ 5,247,543 $ 1,409,397 $ 6,656,940 $ 5,133,450 $ 1,432,261 $ 6,565,711 Corporate AgFinance 1,258,506 — 1,258,506 1,259,723 — 1,259,723 Total Agricultural Finance loans 6,506,049 1,409,397 7,915,446 6,393,173 1,432,261 7,825,434 Rural Infrastructure Finance loans 3,686,753 — 3,686,753 3,534,763 — 3,534,763 Total unpaid principal balance (1) 10,192,802 1,409,397 11,602,199 9,927,936 1,432,261 11,360,197 Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments (354,840) — (354,840) (304,817) — (304,817) Total loans 9,837,962 1,409,397 11,247,359 9,623,119 1,432,261 11,055,380 Allowance for losses (13,836) (452) (14,288) (15,588) (443) (16,031) Total loans, net of allowance $ 9,824,126 $ 1,408,945 $ 11,233,071 $ 9,607,531 $ 1,431,818 $ 11,039,349 (1)
Schedule Allowance for Losses	The following table is a summary, by asset type, of the allowance for losses as of March 31, 2024 and December 31, 2023: Table 5.2 March 31, 2024 December 31, 2023 Allowance for Losses Allowance for Losses (in thousands) Loans: Agricultural Finance loans Farm & Ranch $ 4,535 $ 3,936 Corporate AgFinance 2,569 2,948 Total Agricultural Finance Loans 7,104 6,884 Rural Infrastructure Finance loans 7,184 9,147 Total $ 14,288 $ 16,031 The following is a summary of the changes in the allowance for losses for the three months ended March 31, 2024 and 2023: Table 5.3 For the Three Months Ended March 31, 2024 March 31, 2023 Agricultural Finance loans Rural Infrastructure Finance loans (3) Agricultural Finance loans Rural Infrastructure Finance loans (3) Farm & Ranch (1) Corporate AgFinance (2) Total Farm & Ranch (1) Corporate AgFinance (2) Total (in thousands) Beginning Balance $ 3,936 $ 2,948 $ 6,884 $ 9,147 $ 4,044 $ 2,731 $ 6,775 $ 8,314 Provision for/(release of) losses 599 (379) 220 (1,963) (111) 4,308 4,197 (3,613) Charge-offs — — — — — — — — Ending Balance $ 4,535 $ 2,569 $ 7,104 $ 7,184 $ 3,933 $ 7,039 $ 10,972 $ 4,701 (1) As of March 31, 2024 and 2023, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $1.4 million and $1.1 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (2) As of March 31, 2024 and 2023, the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $0.0 million and $4.6 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 March 31, 2024 and December 31, 2023: Table 5.4 As of March 31, 2024 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 $ 6,538,806 $ 13,764 $ 3,954 $ 15,623 $ 33,341 $ 84,793 $ 6,656,940 Corporate AgFinance 1,247,059 — — — — 11,447 1,258,506 Total Agricultural Finance loans 7,785,865 13,764 3,954 15,623 33,341 96,240 7,915,446 Rural Infrastructure Finance loans 3,686,753 — — — — — 3,686,753 Total $ 11,472,618 $ 13,764 $ 3,954 $ 15,623 $ 33,341 $ 96,240 $ 11,602,199 (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 $45.9 million of nonaccrual loans for which there was no associated allowance. During the three months ended March 31, 2024, Farmer Mac received $0.6 million in interest on nonaccrual loans. 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 (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 $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. 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 March 31, 2024 and December 31, 2023: Table 6.7 As of March 31, 2024 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,254,483 $ 4,791 $ 528 $ 9,569 $ 14,888 $ 3,269,371 Rural Infrastructure Finance: 613,984 — — — — 613,984 Total $ 3,868,467 $ 4,791 $ 528 $ 9,569 $ 14,888 $ 3,883,355 (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, 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.
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 March 31, 2024 and December 31, 2023, by year of origination: Table 5.5 As of March 31, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 190,820 $ 509,485 $ 1,135,915 $ 1,601,660 $ 1,082,703 $ 1,349,086 $ 354,735 $ 6,224,404 Special mention (2) 16,452 90,681 29,227 36,893 4,387 31,355 9,093 218,088 Substandard (3) — 11,266 27,515 28,603 34,970 94,835 17,259 214,448 Total $ 207,272 $ 611,432 $ 1,192,657 $ 1,667,156 $ 1,122,060 $ 1,475,276 $ 381,087 $ 6,656,940 For the Three Months Ended March 31, 2024: 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 March 31, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance (1) : Internally Assigned Risk Rating: Acceptable $ 34,521 $ 204,717 $ 77,402 $ 257,391 $ 122,517 $ 209,987 $ 242,494 $ 1,149,029 Special mention (2) — — 14,437 15,204 49,967 16,350 2,072 98,030 Substandard (3) — — — — — — 11,447 11,447 Total $ 34,521 $ 204,717 $ 91,839 $ 272,595 $ 172,484 $ 226,337 $ 256,013 $ 1,258,506 For the Three Months Ended March 31, 2024: 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 March 31, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 192,160 $ 572,095 $ 665,560 $ 189,652 $ 585,661 $ 1,283,649 $ 163,162 $ 3,651,939 Special mention (2) — — 34,814 — — — — 34,814 Substandard (3) — — — — — — — — Total $ 192,160 $ 572,095 $ 700,374 $ 189,652 $ 585,661 $ 1,283,649 $ 163,162 $ 3,686,753 For the Three Months Ended March 31, 2024: 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 - 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 Three Months Ended March 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 loans (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 Three Months Ended March 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 Three Months Ended March 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. The following tables present credit quality indicators related to Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of March 31, 2024 and 2023, by year of origination: Table 6.8 As of March 31, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 686 $ 167,655 $ 236,692 $ 503,681 $ 520,556 $ 1,380,938 $ 362,500 $ 3,172,708 Special mention (1) — — 71 2,456 4,817 51,388 8,612 67,344 Substandard (2) — — 1,202 — 109 26,754 1,254 29,319 Total $ 686 $ 167,655 $ 237,965 $ 506,137 $ 525,482 $ 1,459,080 $ 372,366 $ 3,269,371 For the Three Months Ended March 31, 2024: 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 March 31, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 391,099 $ 222,885 $ 613,984 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 391,099 $ 222,885 $ 613,984 For the Three Months Ended March 31, 2024: 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) 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 Three Months Ended March 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 Three Months Ended March 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.

GUARANTEES AND COMMITMENTS (Tab

GUARANTEES AND COMMITMENTS (Tables)	3 Months Ended
GUARANTEES AND COMMITMENTS (Tables)	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Guarantor Obligations	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 March 31, 2024 and December 31, 2023, not including offsets provided by any recourse provisions, recoveries from third parties, or collateral for the underlying loans: Table 6.1 Outstanding Balance of Off-Balance Sheet Farmer Mac Guaranteed Securities As of March 31, 2024 As of December 31, 2023 (in thousands) Agricultural Finance Farmer Mac Guaranteed Securities $ 443,843 $ 452,602 Total off-balance sheet Farmer Mac Guaranteed Securities $ 443,843 $ 452,602 Table 6.3 As of March 31, 2024 As of December 31, 2023 (dollars in thousands) Guarantee and commitment obligation $ 5,808 $ 5,969 Weighted average remaining maturity: Farmer Mac Guaranteed Securities 21.6 years 21.9 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 6.2 For the Three Months Ended March 31, 2024 March 31, 2023 (in thousands) Proceeds from new securitizations $ — $ 222,188 Guarantee fees received 449 487
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 6.4 As of March 31, 2024 As of December 31, 2023 (dollars in thousands) Guarantee and commitment obligation (1) $ 40,057 $ 41,594 Maximum principal amount 3,636,782 3,680,333 Weighted-average remaining maturity 14.3 years 14.5 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 March 31, 2024 and December 31, 2023: Table 6.5 March 31, 2024 December 31, 2023 Reserve for Losses Reserve for Losses (in thousands) Agricultural Finance $ 1,407 $ 1,471 Rural Infrastructure Finance 235 240 Total $ 1,642 $ 1,711 The following is a summary of the changes in the reserve for losses for the three month period ended March 31, 2024 and 2023: Table 6.6 For the Three Months Ended March 31, 2024 March 31, 2023 Reserve for Losses Reserve for Losses (in thousands) Agricultural Finance Beginning Balance $ 1,471 $ 819 (Release of)/provision for losses (64) 577 Ending Balance $ 1,407 $ 1,396 Rural Infrastructure Finance Beginning Balance $ 240 $ 614 Release of losses (5) (374) Ending Balance $ 235 $ 240
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 March 31, 2024 and December 31, 2023: Table 5.4 As of March 31, 2024 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 $ 6,538,806 $ 13,764 $ 3,954 $ 15,623 $ 33,341 $ 84,793 $ 6,656,940 Corporate AgFinance 1,247,059 — — — — 11,447 1,258,506 Total Agricultural Finance loans 7,785,865 13,764 3,954 15,623 33,341 96,240 7,915,446 Rural Infrastructure Finance loans 3,686,753 — — — — — 3,686,753 Total $ 11,472,618 $ 13,764 $ 3,954 $ 15,623 $ 33,341 $ 96,240 $ 11,602,199 (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 $45.9 million of nonaccrual loans for which there was no associated allowance. During the three months ended March 31, 2024, Farmer Mac received $0.6 million in interest on nonaccrual loans. 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 (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 $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. 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 March 31, 2024 and December 31, 2023: Table 6.7 As of March 31, 2024 Current 30-59 Days 60-89 Days 90 Days and Greater (1) Total Past Due Total Loans (in thousands) Agricultural Finance: $ 3,254,483 $ 4,791 $ 528 $ 9,569 $ 14,888 $ 3,269,371 Rural Infrastructure Finance: 613,984 — — — — 613,984 Total $ 3,868,467 $ 4,791 $ 528 $ 9,569 $ 14,888 $ 3,883,355 (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, 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.
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 March 31, 2024 and December 31, 2023, by year of origination: Table 5.5 As of March 31, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Farm & Ranch loans (1) : Internally Assigned Risk Rating: Acceptable $ 190,820 $ 509,485 $ 1,135,915 $ 1,601,660 $ 1,082,703 $ 1,349,086 $ 354,735 $ 6,224,404 Special mention (2) 16,452 90,681 29,227 36,893 4,387 31,355 9,093 218,088 Substandard (3) — 11,266 27,515 28,603 34,970 94,835 17,259 214,448 Total $ 207,272 $ 611,432 $ 1,192,657 $ 1,667,156 $ 1,122,060 $ 1,475,276 $ 381,087 $ 6,656,940 For the Three Months Ended March 31, 2024: 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 March 31, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance - Corporate AgFinance (1) : Internally Assigned Risk Rating: Acceptable $ 34,521 $ 204,717 $ 77,402 $ 257,391 $ 122,517 $ 209,987 $ 242,494 $ 1,149,029 Special mention (2) — — 14,437 15,204 49,967 16,350 2,072 98,030 Substandard (3) — — — — — — 11,447 11,447 Total $ 34,521 $ 204,717 $ 91,839 $ 272,595 $ 172,484 $ 226,337 $ 256,013 $ 1,258,506 For the Three Months Ended March 31, 2024: 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 March 31, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance loans (1) : Internally Assigned Risk Rating: Acceptable $ 192,160 $ 572,095 $ 665,560 $ 189,652 $ 585,661 $ 1,283,649 $ 163,162 $ 3,651,939 Special mention (2) — — 34,814 — — — — 34,814 Substandard (3) — — — — — — — — Total $ 192,160 $ 572,095 $ 700,374 $ 189,652 $ 585,661 $ 1,283,649 $ 163,162 $ 3,686,753 For the Three Months Ended March 31, 2024: 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 - 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 Three Months Ended March 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 loans (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 Three Months Ended March 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 Three Months Ended March 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. The following tables present credit quality indicators related to Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of March 31, 2024 and 2023, by year of origination: Table 6.8 As of March 31, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Agricultural Finance: Internally Assigned Risk Rating: Acceptable $ 686 $ 167,655 $ 236,692 $ 503,681 $ 520,556 $ 1,380,938 $ 362,500 $ 3,172,708 Special mention (1) — — 71 2,456 4,817 51,388 8,612 67,344 Substandard (2) — — 1,202 — 109 26,754 1,254 29,319 Total $ 686 $ 167,655 $ 237,965 $ 506,137 $ 525,482 $ 1,459,080 $ 372,366 $ 3,269,371 For the Three Months Ended March 31, 2024: 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 March 31, 2024 Year of Origination: 2024 2023 2022 2021 2020 Prior Revolving Loans - Amortized Cost Basis Total (in thousands) Rural Infrastructure Finance: Internally Assigned Risk Rating: Acceptable $ — $ — $ — $ — $ — $ 391,099 $ 222,885 $ 613,984 Special mention (1) — — — — — — — — Substandard (2) — — — — — — — — Total $ — $ — $ — $ — $ — $ 391,099 $ 222,885 $ 613,984 For the Three Months Ended March 31, 2024: 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) 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 Three Months Ended March 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 Three Months Ended March 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.

NOTES PAYABLE (Tables)

NOTES PAYABLE (Tables)	3 Months Ended
NOTES PAYABLE (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following tables set forth information related to Farmer Mac's borrowings as of March 31, 2024 and December 31, 2023: Table 7.1 March 31, 2024 Outstanding as of March 31 Average Outstanding During the Quarter Amount Weighted- Average Rate Amount Weighted- Average Rate (dollars in thousands) Due within one year: Discount notes $ 1,898,810 5.23 % $ 1,662,014 5.25 % Medium-term notes 366,953 5.28 % 272,528 5.23 % Current portion of medium-term notes 6,604,250 3.08 % Total due within one year $ 8,870,013 3.63 % Due after one year: Medium-term notes due in: Two years $ 4,972,023 2.95 % Three years 4,064,733 2.60 % Four years 2,568,251 3.84 % Five years 2,941,652 4.45 % Thereafter 3,398,246 2.76 % Total due after one year $ 17,944,905 3.21 % Total principal net of discounts $ 26,814,918 3.35 % Hedging adjustments (305,907) Total $ 26,509,011 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 Table 7.2 Debt Callable in 2024 as of March 31, 2024, by Maturity Amount Weighted-Average Rate (dollars in thousands) Maturity: 2025 $ 1,090,521 3.12 % 2026 1,378,822 2.00 % 2027 884,005 2.80 % 2028 567,953 4.22 % Thereafter 1,775,587 2.48 % Total $ 5,696,888 2.71 %
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 March 31, 2024, 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 $ 8,789,318 4.06 % 2025 5,180,648 3.03 % 2026 3,750,964 2.15 % 2027 2,972,357 3.29 % 2028 2,584,403 4.24 % Thereafter 3,537,228 2.71 % Total principal net of discounts $ 26,814,918 3.35 %

FAIR VALUE DISCLOSURES (Tables)

FAIR VALUE DISCLOSURES (Tables)	3 Months Ended
FAIR VALUE DISCLOSURES (Tables)	Mar. 31, 2024
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 March 31, 2024 and December 31, 2023, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value: Table 9.1 Assets and Liabilities Measured at Fair Value as of March 31, 2024 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 $ — $ — $ 19,281 $ 19,281 Floating rate Government/GSE guaranteed mortgage-backed securities — 2,380,066 — 2,380,066 Fixed rate GSE guaranteed mortgage-backed securities — 1,672,388 — 1,672,388 Floating rate U.S. Treasuries 49,996 — — 49,996 Fixed rate U.S. Treasuries 886,056 — — 886,056 Total Available-for-sale Investment Securities 936,052 4,052,454 19,281 5,007,787 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage — — 5,457,197 5,457,197 Farmer Mac Guaranteed Securities — — 9,491 9,491 Total Farmer Mac Guaranteed Securities — — 5,466,688 5,466,688 USDA Securities: Trading — — 1,066 1,066 Total USDA Securities — — 1,066 1,066 Financial derivatives 680 30,753 — 31,433 Guarantee Asset — — 5,733 5,733 Total Assets at fair value $ 936,732 $ 4,083,207 $ 5,492,768 $ 10,512,707 Liabilities: Financial derivatives $ — $ 128,530 $ — $ 128,530 Total Liabilities at fair value $ — $ 128,530 $ — $ 128,530 (1) Level 3 assets represent 18% of total assets and 52% of financial instruments measured at fair value. 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.
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 three months ended March 31, 2024 and 2023. Table 9.2 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended March 31, 2024 Beginning Balance Purchases Settlements Allowance for Losses Realized and unrealized losses included in Income Unrealized gains/(losses) included in Other Comprehensive Income Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,082 $ — $ — $ 1 $ — $ 198 $ 19,281 Total available-for-sale 19,082 — — 1 — 198 19,281 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 5,522,712 50,000 (63,955) 27 (80,694) 29,107 5,457,197 Farmer Mac Guaranteed Securities 9,767 — (177) — — (99) 9,491 Total available-for-sale 5,532,479 50,000 (64,132) 27 (80,694) 29,008 5,466,688 USDA Securities: Trading 1,241 — (174) — (1) — 1,066 Total USDA Securities 1,241 — (174) — (1) — 1,066 Guarantee and commitment obligations: Guarantee Asset 5,831 — (85) — (13) — 5,733 Total Guarantee and commitment obligations 5,831 — (85) — (13) — 5,733 Total Assets at fair value $ 5,558,633 $ 50,000 $ (64,391) $ 28 $ (80,708) $ 29,206 $ 5,492,768 Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended March 31, 2023 Beginning Balance Purchases Settlements Allowance for Losses Realized and unrealized gains included in Income Unrealized (losses)/gains included in Other Comprehensive Income Ending Balance (in thousands) Recurring: Assets: Investment Securities: Available-for-sale: Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,027 $ — $ — $ 4 $ — $ — $ 19,031 Total available-for-sale 19,027 — — 4 — — 19,031 Farmer Mac Guaranteed Securities: Available-for-sale: AgVantage 7,599,379 687,650 (141,386) 32 93,342 (21,597) 8,217,420 Farmer Mac Guaranteed 7,847 — (433) — — 620 8,034 Total available-for-sale 7,607,226 687,650 (141,819) 32 93,342 (20,977) 8,225,454 USDA Securities: Trading 1,767 — (387) — 25 — 1,405 Total USDA Securities 1,767 — (387) — 25 — 1,405 Guarantee and commitment obligations: Guarantee Asset 4,467 — (231) — 334 — 4,570 Total Guarantee and commitment obligations 4,467 — (231) — 334 — 4,570 Total Assets at fair value $ 7,632,487 $ 687,650 $ (142,437) $ 36 $ 93,701 $ (20,977) $ 8,250,460
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 March 31, 2024 and December 31, 2023: Table 9.3 As of March 31, 2024 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 $ 19,281 Indicative bids Range of broker quotes 98.0% - 98.0% (98.0%) Farmer Mac Guaranteed Securities: AgVantage $ 5,457,197 Discounted cash flow Discount rate 5.0% - 5.8% (5.3%) Farmer Mac Guaranteed Securities $ 9,491 Discounted cash flow Discount rate 8.0% CPR 3% USDA Securities $ 1,066 Discounted cash flow Discount rate 5.7% - 5.8% (5.7%) CPR 12% - 12% (12%) Guarantee Asset $ 5,733 Discounted cash flow Discount rate 8.0% CPR 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%
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 March 31, 2024 and December 31, 2023: Table 9.4 As of March 31, 2024 As of December 31, 2023 Fair Value Carrying Fair Value Carrying (in thousands) Financial assets: Cash and cash equivalents $ 745,105 $ 745,105 $ 888,707 $ 888,707 Investment securities 5,069,547 5,068,443 4,981,249 4,979,504 Farmer Mac Guaranteed Securities 9,889,495 9,921,620 9,710,074 9,745,548 USDA Securities 2,016,076 2,334,093 2,036,046 2,355,412 Loans 10,632,530 11,233,071 10,426,021 11,039,349 Financial derivatives 31,433 31,433 37,478 37,478 Guarantee and commitment fees receivable 55,856 48,130 58,465 49,832 Financial liabilities: Notes payable 25,825,161 26,509,011 25,670,971 26,336,542 Debt securities of consolidated trusts held by third parties 1,244,879 1,325,289 1,268,563 1,351,069 Financial derivatives 128,530 128,530 117,131 117,131 Guarantee and commitment obligations 53,591 45,866 56,195 47,563

BUSINESS SEGMENT REPORTING (Tab

BUSINESS SEGMENT REPORTING (Tables)	3 Months Ended
BUSINESS SEGMENT REPORTING (Tables)	Mar. 31, 2024
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 three months ended March 31, 2024 and 2023. Table 10.1 Core Earnings by Business Segment For the Three Months Ended March 31, 2024 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 $ 33,889 $ 7,971 $ 7,265 $ 2,049 $ 34,719 $ 475 $ — $ — $ 86,368 Less: reconciling adjustments (1)(2)(3) (1,046) — (33) — (2,245) — — 3,324 — Net effective spread 32,843 7,971 7,232 2,049 32,474 475 — 3,324 — Guarantee and commitment fees 4,484 87 349 62 — — — (1,065) 3,917 Other income (3) 995 12 — — — 4 66 2,251 3,328 Total revenues 38,322 8,070 7,581 2,111 32,474 479 66 4,510 93,613 (Provision for)/release of losses (561) 378 3,017 (1,034) — 1 — — 1,801 Release of reserve for losses 64 — 5 — — — — — 69 Operating expenses — — — — — — (27,237) — (27,237) Total non-interest expense 64 — 5 — — — (27,237) — (27,168) Core earnings before income taxes 37,825 8,448 10,603 1,077 32,474 480 (27,171) 4,510 (4) 68,246 Income tax (expense)/benefit (7,943) (1,774) (2,227) (226) (6,819) (101) 5,537 (947) (14,500) Core earnings before preferred stock dividends 29,882 6,674 8,376 851 25,655 379 (21,634) 3,563 (4) 53,746 Preferred stock dividends — — — — — — (6,791) — (6,791) Segment core earnings/(losses) $ 29,882 $ 6,674 $ 8,376 $ 851 $ 25,655 $ 379 $ (28,425) $ 3,563 (4) $ 46,955 Total Assets $ 15,240,436 $ 1,637,460 $ 7,003,165 $ 578,709 $ — $ 5,190,082 $ 122,339 $ — $ 29,772,191 Total on- and off-balance sheet program assets at principal balance $ 18,900,906 $ 1,766,294 $ 7,437,723 $ 742,307 $ — $ — $ — $ — $ 28,847,230 (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 Three Months Ended March 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 $ 33,511 $ 7,148 $ 5,540 $ 858 $ 32,544 $ (543) $ — $ — $ 79,058 Less: reconciling adjustments (1)(2)(3) (1,046) — (33) — (806) — — 1,885 — Net effective spread 32,465 7,148 5,507 858 31,738 (543) — 1,885 — Guarantee and commitment fees 4,292 53 281 28 — — — (721) 3,933 Other income/(expense) (3) 1,067 — — — — — — 558 1,625 Total revenues 37,824 7,201 5,788 886 31,738 (543) — 1,722 84,616 Release of/(provision for) losses 128 (4,301) 3,484 138 — 4 — — (547) (Provision for)/release of reserve for losses (577) — 374 — — — — — (203) Operating expenses — — — — — — (23,713) — (23,713) Total non-interest expense (577) — 374 — — — (23,713) — (23,916) Core earnings before income taxes 37,375 2,900 9,646 1,024 31,738 (539) (23,713) 1,722 (4) 60,153 Income tax (expense)/benefit (7,849) (609) (2,026) (215) (6,665) 113 4,495 (362) (13,118) Core earnings before preferred stock dividends 29,526 2,291 7,620 809 25,073 (426) (19,218) 1,360 (4) 47,035 Preferred stock dividends — — — — — — (6,791) — (6,791) Segment core earnings/(losses) $ 29,526 $ 2,291 $ 7,620 $ 809 $ 25,073 $ (426) $ (26,009) $ 1,360 (4) $ 40,244 Total Assets $ 14,549,275 $ 1,515,976 $ 6,444,264 $ 286,824 $ — $ 4,998,854 $ 144,754 $ — $ 27,939,947 Total on- and off-balance sheet program assets at principal balance $ 17,685,961 $ 1,599,982 $ 6,889,682 $ 308,493 $ — $ — $ — $ — $ 26,484,118 (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.

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	Mar. 31, 2024 subsidiary
Accounting Policies [Abstract]
Number of subsidiaries	2

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Consolidation of Variable Interest Entities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	$ 9,837,962	$ 9,623,119
Debt securities of consolidated trusts held by third parties	26,814,918	26,586,959
Farmer Mac Guaranteed Securities
Variable Interest Entity [Line Items]
Carrying value	5,466,688	5,532,479
Investment Securities
Variable Interest Entity [Line Items]
Carrying value	5,007,787	4,918,931
Agricultural Finance
Variable Interest Entity [Line Items]
Borrower remittances	1,100	6,000
Unamortized discount	85,100	87,100
Consolidated VIE \| On-balance sheet
Variable Interest Entity [Line Items]
Loans held for investment in consolidated trusts, at amortized cost	1,409,397	1,432,261
Debt securities of consolidated trusts held by third parties	1,325,289	1,351,069
Consolidated VIE \| 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 \| 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	1,409,397
Debt securities of consolidated trusts held by third parties	1,325,289
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	51,906	46,343
Maximum exposure to loss	51,616	45,952
Unconsolidated VIE \| On-balance sheet \| Investment Securities
Variable Interest Entity [Line Items]
Carrying value	3,735,413	3,676,555
Maximum exposure to loss	3,936,368	3,862,006
Unconsolidated VIE \| 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 \| 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		3,676,555
Maximum exposure to loss		3,862,006
Unconsolidated VIE \| Off-balance sheet
Variable Interest Entity [Line Items]
Maximum exposure to loss	443,843	452,602
Unconsolidated VIE \| Off-balance sheet \| Agricultural Finance
Variable Interest Entity [Line Items]
Maximum exposure to loss		452,602
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	51,906
Maximum exposure to loss	51,616
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	443,843
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	3,735,413
Maximum exposure to loss	3,936,368
Unconsolidated VIE \| Corporate, non-segment \| Off-balance sheet
Variable Interest Entity [Line Items]
Maximum exposure to loss	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic EPS
Net income attributable to common stockholders	$ 46,955	$ 40,244
Net income attributable to common stockholders (in shares)	10,847,000	10,802,000
Net income attributable to common stockholders (in dollars per share)	$ 4.33	$ 3.73
Effect of dilutive securities
SARs and restricted stock units (in shares)	122,000	116,000
SARs and restricted stock units (in dollars per share)	$ (0.05)	$ (0.04)
Net income, diluted EPS	$ 46,955	$ 40,244
Weighted-Average Shares, diluted EPS (in shares)	10,969,000	10,918,000
Diluted EPS (in dollars per share)	$ 4.28	$ 3.69
Stock Appreciation Rights and Restricted Stock
Effect of dilutive securities
Antidilutive securities excluded from earnings per share (in shares)	49,371	62,709
Performance Shares
Effect of dilutive securities
Antidilutive securities excluded from earnings per share (in shares)	29,918	32,282

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accumulated Other Comprehensive Income, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,411,863	$ 1,271,958
Other comprehensive income/(loss) before reclassifications	40,821	(4,927)
Amounts reclassified from AOCI	(4,794)	(4,092)
Other comprehensive income/(loss) net of tax	36,027	(9,019)
Ending balance	1,480,343	1,292,385
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(40,145)	(50,843)
Other comprehensive income/(loss) net of tax	36,027	(9,019)
Ending balance	(4,118)	(59,862)
AOCI, Securities \| Available-for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(68,447)	(115,561)
Other comprehensive income/(loss) before reclassifications	31,565	525
Amounts reclassified from AOCI	(4)	(5)
Other comprehensive income/(loss) net of tax	31,561	520
Ending balance	(36,886)	(115,041)
AOCI, Securities \| Held-to-Maturity Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(8,724)	16,357
Other comprehensive income/(loss) before reclassifications	0	0
Amounts reclassified from AOCI	(500)	(618)
Other comprehensive income/(loss) net of tax	(500)	(618)
Ending balance	(9,224)	15,739
AOCI, Cash Flow Hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	37,026	48,361
Other comprehensive income/(loss) before reclassifications	9,256	(5,452)
Amounts reclassified from AOCI	(4,290)	(3,469)
Other comprehensive income/(loss) net of tax	4,966	(8,921)
Ending balance	$ 41,992	$ 39,440

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Reclassification out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other comprehensive income/(loss):
Other comprehensive income/(loss) before tax	$ 45,604	$ (11,416)
Provision (Benefit)
Other comprehensive income/(loss), Provision (Benefit)	9,577	(2,397)
After Tax
Unrealized gains/(losses), after tax	40,821	(4,927)
Less reclassification adjustments, provision (benefit)	(4,794)	(4,092)
Other comprehensive income/(loss) net of tax	36,027	(9,019)
Accumulated Other Comprehensive Income (Loss)
Other comprehensive income/(loss):
Other comprehensive income/(loss) before tax	45,604	(11,416)
Provision (Benefit)
Other comprehensive income/(loss), Provision (Benefit)	9,577	(2,397)
After Tax
Other comprehensive income/(loss) net of tax	36,027	(9,019)
Securities \| Available-for-Sale Securities
Other comprehensive income/(loss):
Unrealized gain/(losses), before tax	39,957	664
Other comprehensive income/(loss) before tax	39,952	658
Provision (Benefit)
Unrealized gains/(losses), provision (benefit)	8,392	139
Other comprehensive income/(loss), Provision (Benefit)	8,391	138
After Tax
Unrealized gains/(losses), after tax	31,565	525
Other comprehensive income/(loss) net of tax	31,561	520
Securities \| Held-to-Maturity Securities
Other comprehensive income/(loss):
Less reclassification adjustments, before tax	(634)	(782)
Other comprehensive income/(loss) before tax	(634)	(782)
Provision (Benefit)
Less reclassification adjustments, Provision (Benefit)	(134)	(164)
Other comprehensive income/(loss), Provision (Benefit)	(134)	(164)
After Tax
Less reclassification adjustments, provision (benefit)	(500)	(618)
Other comprehensive income/(loss) net of tax	(500)	(618)
Securities \| Other income \| Available-for-Sale Securities
Other comprehensive income/(loss):
Less reclassification adjustments, before tax	(5)	(6)
Provision (Benefit)
Less reclassification adjustments, Provision (Benefit)	(1)	(1)
After Tax
Less reclassification adjustments, provision (benefit)	(4)	(5)
Cash Flow Hedges
Other comprehensive income/(loss):
Unrealized gain/(losses), before tax	11,717	(6,901)
Less reclassification adjustments, before tax	(5,431)	(4,391)
Other comprehensive income/(loss) before tax	6,286	(11,292)
Provision (Benefit)
Unrealized gains/(losses), provision (benefit)	2,461	(1,449)
Less reclassification adjustments, Provision (Benefit)	(1,141)	(922)
Other comprehensive income/(loss), Provision (Benefit)	1,320	(2,371)
After Tax
Unrealized gains/(losses), after tax	9,256	(5,452)
Less reclassification adjustments, provision (benefit)	(4,290)	(3,469)
Other comprehensive income/(loss) net of tax	$ 4,966	$ (8,921)

INVESTMENT SECURITIES - Schedul

INVESTMENT SECURITIES - Schedule of Investment Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investment Securities
Available-for-sale:
Amount Outstanding	$ 5,229,446	$ 5,120,963
Amortized cost	5,165,562	5,060,135
Allowance for losses	(25)	(27)
Unrealized Gains	5,441	9,844
Unrealized Losses	(163,191)	(151,021)
Fair Value	5,007,787	4,918,931
Held-to-maturity:
Amount Outstanding	53,756	53,756
Amortized Cost	53,756	53,756
Allowance for losses	0	0
Unrealized Gains	1,104	1,745
Unrealized Losses	0	0
Fair Value	54,860	55,501
Available-for-sale, accrued interest excluded	22,200	15,900
Available-for-Sale Securities \| Investment Securities
Available-for-sale:
Unamortized Premium/(Discount)	(63,884)	(60,828)
Held-to-maturity:
Unamortized Premium/(Discount)	(63,884)	(60,828)
Held-to-Maturity Securities \| Investment Securities
Available-for-sale:
Unamortized Premium/(Discount)	0	0
Held-to-maturity:
Unamortized Premium/(Discount)	0	0
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	(25)	(27)
Unrealized Gains	0	0
Unrealized Losses	(394)	(591)
Fair Value	19,281	19,082
Floating interest rate \| Guaranteed mortgage-backed securities
Available-for-sale:
Amount Outstanding	2,402,850	2,454,009
Amortized cost	2,401,544	2,452,871
Allowance for losses	0	0
Unrealized Gains	2,608	1,212
Unrealized Losses	(24,086)	(29,649)
Fair Value	2,380,066	2,424,434
Floating interest rate \| US Treasuries
Available-for-sale:
Amount Outstanding	50,000	50,000
Amortized cost	49,990	49,983
Allowance for losses	0	0
Unrealized Gains	6	0
Unrealized Losses	0	(15)
Fair Value	49,996	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)	(1,306)	(1,138)
Held-to-maturity:
Unamortized Premium/(Discount)	(1,306)	(1,138)
Floating interest rate \| Available-for-Sale Securities \| US Treasuries
Available-for-sale:
Unamortized Premium/(Discount)	(10)	(17)
Held-to-maturity:
Unamortized Premium/(Discount)	(10)	(17)
Fixed Interest Rate \| Guaranteed mortgage-backed securities
Available-for-sale:
Amount Outstanding	1,851,641	1,727,669
Amortized cost	1,804,193	1,680,881
Allowance for losses	0	0
Unrealized Gains	2,746	6,558
Unrealized Losses	(134,551)	(117,824)
Fair Value	1,672,388	1,569,615
Held-to-maturity:
Amount Outstanding	53,756	53,756
Amortized Cost	53,756	53,756
Allowance for losses	0	0
Unrealized Gains	1,104	1,745
Unrealized Losses	0	0
Fair Value	$ 54,860	$ 55,501
Held-to-maturity investment securities weighted average yield	6.70%	6.70%
Fixed Interest Rate \| US Treasuries
Available-for-sale:
Amount Outstanding	$ 905,255	$ 869,585
Amortized cost	890,135	856,700
Allowance for losses	0	0
Unrealized Gains	81	2,074
Unrealized Losses	(4,160)	(2,942)
Fair Value	886,056	855,832
Fixed Interest Rate \| Available-for-Sale Securities \| Guaranteed mortgage-backed securities
Available-for-sale:
Unamortized Premium/(Discount)	(47,448)	(46,788)
Held-to-maturity:
Unamortized Premium/(Discount)	(47,448)	(46,788)
Fixed Interest Rate \| Available-for-Sale Securities \| US Treasuries
Available-for-sale:
Unamortized Premium/(Discount)	(15,120)	(12,885)
Held-to-maturity:
Unamortized Premium/(Discount)	(15,120)	(12,885)
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 ($)	3 Months Ended
INVESTMENT SECURITIES - Narrative (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Proceeds from sale of available-for-sale investment	$ 0	$ 0
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	94.10%

INVESTMENT SECURITIES - Unreali

INVESTMENT SECURITIES - Unrealized Loss Position (Details) $ in Thousands	Mar. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, Fair Value	$ 1,429,751	$ 1,143,468
Unrealized loss position for less than 12 months, Unrealized Loss	(12,342)	(9,278)
Unrealized loss position for more than 12 months, Fair Value	2,405,544	2,611,155
Unrealized loss position for more than 12 months, Unrealized Loss	$ (150,849)	$ (141,743)
Investment Securities
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, Number of securities in loss position \| security	107	91
Unrealized loss position for more than 12 months, Number of securities in loss position \| security	158	162
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	19,281	19,082
Unrealized loss position for more than 12 months, Unrealized Loss	(394)	(591)
Floating interest rate \| Guaranteed mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, Fair Value	414,299	568,759
Unrealized loss position for less than 12 months, Unrealized Loss	(2,066)	(4,395)
Unrealized loss position for more than 12 months, Fair Value	1,293,103	1,449,122
Unrealized loss position for more than 12 months, Unrealized Loss	(22,020)	(25,254)
Floating interest rate \| US 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	458,047	384,305
Unrealized loss position for less than 12 months, Unrealized Loss	(7,183)	(4,262)
Unrealized loss position for more than 12 months, Fair Value	991,514	905,759
Unrealized loss position for more than 12 months, Unrealized Loss	(127,368)	(113,562)
Fixed Interest Rate \| US Treasuries
Debt Securities, Available-for-sale [Line Items]
Unrealized loss position for less than 12 months, Fair Value	557,405	140,435
Unrealized loss position for less than 12 months, Unrealized Loss	(3,093)	(606)
Unrealized loss position for more than 12 months, Fair Value	101,646	237,192
Unrealized loss position for more than 12 months, Unrealized Loss	$ (1,067)	$ (2,336)

INVESTMENT SECURITIES - Debt Ma

INVESTMENT SECURITIES - Debt Maturities (Details) - Investment Securities - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Amortized Cost
Due within one year	$ 431,353
Due after one year through five years	1,578,453
Due after five years through ten years	2,375,052
Due after ten years	780,704
Available-for-sale, amortized cost	5,165,562	$ 5,060,135
Fair Value
Due within one year	430,225
Due after one year through five years	1,552,380
Due after five years through ten years	2,260,716
Due after ten years	764,466
Total fair value	$ 5,007,787	$ 4,918,931
Weighted- Average Yield
Due within one year	2.32%
Due after one year through five years	4.19%
Due after five years through ten years	4.35%
Due after ten years	5.70%
Weighted-average yield	4.33%

FARMER MAC GUARANTEED SECURIT_3

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Schedule of On-Balance Sheet Securities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Trading:
Debt Securities, Available-for-Sale, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Accrued interest receivable (includes $9,963 and $16,764, respectively, related to consolidated trusts)	Accrued interest receivable (includes $9,963 and $16,764, respectively, related to consolidated trusts)
Farmer Mac Guaranteed Securities
Held-to-maturity:
Unpaid Principal Balance	$ 4,483,971,000	$ 4,242,867,000
Amortized Cost	4,455,111,000	4,213,278,000
Allowance for losses	(179,000)	(209,000)
Unrealized Gains	3,888,000	4,783,000
Unrealized Losses	(36,013,000)	(40,257,000)
Fair Value	4,422,807,000	4,177,595,000
Available-for-sale:
Amortized cost	5,811,302,000
Fair Value	5,466,688,000
USDA Securities
Held-to-maturity:
Unpaid Principal Balance	2,311,442,000	2,331,093,000
Amortized Cost	2,333,027,000	2,354,171,000
Allowance for losses	0	0
Unrealized Gains	303,000	417,000
Unrealized Losses	(318,319,000)	(319,783,000)
Fair Value	2,015,011,000	2,034,805,000
Trading:
Unpaid Principal Balance	1,069,000	1,236,000
Amortized Cost	1,126,000	1,300,000
Allowance for losses	0	0
Unrealized Gains	0	0
Unrealized Losses	(60,000)	(59,000)
Fair Value	1,066,000	$ 1,241,000
Trading securities, weighted-average yield		5.46%
Farmer Mac Guaranteed Securities and USDA Securities
Held-to-maturity:
Unpaid Principal Balance	6,795,413,000	$ 6,573,960,000
Amortized Cost	6,788,138,000	6,567,449,000
Allowance for losses	(179,000)	(209,000)
Unrealized Gains	4,191,000	5,200,000
Unrealized Losses	(354,332,000)	(360,040,000)
Fair Value	6,437,818,000	6,212,400,000
Farmer Mac Guaranteed Securities
Held-to-maturity:
Amortized Cost	4,454,932,000	4,213,069,000
Available-for-sale:
Unpaid Principal Balance	5,802,070,000	5,816,024,000
Amortized cost	5,811,302,000	5,825,433,000
Allowance for losses	(291,000)	(317,000)
Unrealized Gains	8,623,000	16,774,000
Unrealized Losses	(352,946,000)	(309,411,000)
Fair Value	5,466,688,000	5,532,479,000
Held-to-Maturity Securities \| Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	(28,860,000)	(29,589,000)
Available-for-sale:
Unamortized Premium/(Discount)	(28,860,000)	(29,589,000)
Trading:
Unamortized Premium/(Discount)	(28,860,000)	(29,589,000)
Held-to-Maturity Securities \| USDA Securities
Held-to-maturity:
Unamortized Premium/(Discount)	21,585,000	23,078,000
Available-for-sale:
Unamortized Premium/(Discount)	21,585,000	23,078,000
Trading:
Unamortized Premium/(Discount)	21,585,000	23,078,000
Held-to-Maturity Securities \| Farmer Mac Guaranteed Securities and USDA Securities
Held-to-maturity:
Unamortized Premium/(Discount)	(7,275,000)	(6,511,000)
Available-for-sale:
Unamortized Premium/(Discount)	(7,275,000)	(6,511,000)
Trading:
Unamortized Premium/(Discount)	(7,275,000)	(6,511,000)
Available-for-Sale Securities \| Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	9,232,000	9,409,000
Available-for-sale:
Unamortized Premium/(Discount)	9,232,000	9,409,000
Trading:
Unamortized Premium/(Discount)	9,232,000	9,409,000
Trading Securities \| USDA Securities
Held-to-maturity:
Unamortized Premium/(Discount)	57,000	64,000
Available-for-sale:
Unamortized Premium/(Discount)	57,000	64,000
Trading:
Unamortized Premium/(Discount)	57,000	64,000
Farmer Mac Guaranteed Securities \| Farmer Mac Guaranteed Securities
Available-for-sale:
Fair Value	9,500,000	9,800,000
Trading:
Derivative, notional amount	233,500,000	238,400,000
Farmer Mac Guaranteed Securities \| Farmer Mac Guaranteed Securities
Available-for-sale:
Unpaid Principal Balance	0	0
Amortized cost	9,232,000	9,409,000
Allowance for losses	0	0
Unrealized Gains	259,000	358,000
Unrealized Losses	0	0
Fair Value	9,491,000	9,767,000
Farmer Mac Guaranteed Securities \| Available-for-Sale Securities \| Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	9,232,000	9,409,000
Available-for-sale:
Unamortized Premium/(Discount)	9,232,000	9,409,000
Trading:
Unamortized Premium/(Discount)	9,232,000	9,409,000
AgVantage
Trading:
Available-for-sale, accrued interest excluded	57,900,000	47,200,000
Held-to-maturity, accrued interest excluded	59,400,000	67,400,000
Trading securities, accrued interest excluded	27,610	42,000
AgVantage \| Farmer Mac Guaranteed Securities
Held-to-maturity:
Unpaid Principal Balance	4,441,588,000	4,206,324,000
Amortized Cost	4,412,697,000	4,176,702,000
Allowance for losses	(179,000)	(209,000)
Unrealized Gains	3,829,000	4,676,000
Unrealized Losses	(35,130,000)	(39,451,000)
Fair Value	4,381,217,000	4,141,718,000
AgVantage \| Farmer Mac Guaranteed Securities
Available-for-sale:
Unpaid Principal Balance	5,802,070,000	5,816,024,000
Amortized cost	5,802,070,000	5,816,024,000
Allowance for losses	(291,000)	(317,000)
Unrealized Gains	8,364,000	16,416,000
Unrealized Losses	(352,946,000)	(309,411,000)
Fair Value	5,457,197,000	5,522,712,000
AgVantage \| Held-to-Maturity Securities \| Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	(28,891,000)	(29,622,000)
Available-for-sale:
Unamortized Premium/(Discount)	(28,891,000)	(29,622,000)
Trading:
Unamortized Premium/(Discount)	(28,891,000)	(29,622,000)
AgVantage \| Available-for-Sale Securities \| Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	0	0
Available-for-sale:
Unamortized Premium/(Discount)	0	0
Trading:
Unamortized Premium/(Discount)	0	0
Farmer Mac Guaranteed USDA Securities \| Farmer Mac Guaranteed Securities
Held-to-maturity:
Unpaid Principal Balance	42,383,000	36,543,000
Amortized Cost	42,414,000	36,576,000
Allowance for losses	0	0
Unrealized Gains	59,000	107,000
Unrealized Losses	(883,000)	(806,000)
Fair Value	$ 41,590,000	35,877,000
Farmer Mac Guaranteed USDA Securities \| USDA Securities
Trading:
Trading securities, weighted-average yield	5.58%
Farmer Mac Guaranteed USDA Securities \| Held-to-Maturity Securities \| Farmer Mac Guaranteed Securities
Held-to-maturity:
Unamortized Premium/(Discount)	$ 31,000	33,000
Available-for-sale:
Unamortized Premium/(Discount)	31,000	33,000
Trading:
Unamortized Premium/(Discount)	$ 31,000	$ 33,000

FARMER MAC GUARANTEED SECURIT_4

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Narrative (Details) - AgVantage $ in Millions	Jul. 01, 2023 USD ($)	Mar. 31, 2024 security	Dec. 31, 2023 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		73	68
Held-to-maturity, securities in unrealized loss positions		63	53
Unrealized loss position for more than 12 months, Number of securities in loss position		60	62
Debt securities, held-to-maturity, unrealized loss position for more than 12 months, Number of securities in loss position		19	22

FARMER MAC GUARANTEED SECURIT_5

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Unrealized loss position for less than 12 months
Unrealized loss position for less than 12 months, Fair Value	$ 1,429,751	$ 1,143,468
Unrealized loss position for less than 12 months, Unrealized Loss	(12,342)	(9,278)
Unrealized loss position for more than 12 months
Unrealized loss position for more than 12 months, Fair Value	2,405,544	2,611,155
Unrealized loss position for more than 12 months, Unrealized Loss	(150,849)	(141,743)
Operating Segments
Unrealized loss position for less than 12 months
Unrealized loss position for less than 12 months, Fair Value	1,133,776	508,182
Unrealized loss position for less than 12 months, Unrealized Loss	(15,100)	(5,716)
Unrealized loss position for more than 12 months
Unrealized loss position for more than 12 months, Fair Value	3,945,347	4,043,431
Unrealized loss position for more than 12 months, Unrealized Loss	(337,846)	(303,695)
Farmer Mac Guaranteed Securities and USDA Securities
Unrealized loss position for less than 12 months
Fair Value	2,787,789	2,070,770
Unrealized Loss	(3,922)	(6,705)
Unrealized loss position for more than 12 months
Fair Value	2,712,556	2,757,541
Unrealized Loss	(350,410)	(353,335)
USDA Securities:
Unrealized loss position for less than 12 months
Fair Value	3,025	0
Unrealized Loss	(9)	0
Unrealized loss position for more than 12 months
Fair Value	2,004,512	2,023,801
Unrealized Loss	(318,310)	(319,783)
AgVantage \| Farmer Mac Guaranteed Securities
Unrealized loss position for less than 12 months
Fair Value	2,757,735	2,070,770
Unrealized Loss	(3,858)	(6,705)
Unrealized loss position for more than 12 months
Fair Value	699,786	725,347
Unrealized Loss	(31,272)	(32,746)
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)
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	1,133,776
Unrealized loss position for less than 12 months, Unrealized Loss	(15,100)
Unrealized loss position for more than 12 months
Unrealized loss position for more than 12 months, Fair Value	3,945,347
Unrealized loss position for more than 12 months, Unrealized Loss	(337,846)
USDA Securities \| Farmer Mac Guaranteed Securities
Unrealized loss position for less than 12 months
Fair Value	27,029	0
Unrealized Loss	(55)	0
Unrealized loss position for more than 12 months
Fair Value	8,258	8,393
Unrealized Loss	$ (828)	$ (806)

FARMER MAC GUARANTEED SECURIT_6

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Schedule of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
AgVantage
Weighted- Average Yield
Available-for-sale, accrued interest excluded	$ 57,900	$ 47,200
Farmer Mac Guaranteed Securities
Amortized Cost
Due within one year	850,000
Due after one year through five years	2,811,653
Due after five years through ten years	1,200,000
Due after ten years	949,649
Available-for-sale, amortized cost	5,811,302
Fair Value
Due within one year	838,515
Due after one year through five years	2,701,597
Due after five years through ten years	1,105,537
Due after ten years	821,039
Total fair value	$ 5,466,688
Weighted- Average Yield
Due within one year	3.05%
Due after one year through five years	3.74%
Due after five years through ten years	3.61%
Due after ten years	3.55%
Weighted-average yield	3.58%

FARMER MAC GUARANTEED SECURIT_7

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES - Schedule of Held-to-Maturity Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
AgVantage
Weighted- Average Yield
Held-to-maturity, accrued interest excluded	$ 59,400	$ 67,400
Farmer Mac Guaranteed Securities and USDA Securities
Amortized Cost
Due within one year	2,141,438
Due after one year through five years	1,692,904
Due after five years through ten years	249,080
Due after ten years	2,704,716
Total, Amortized Cost	6,788,138
Fair Value
Due within one year	2,139,182
Due after one year through five years	1,657,244
Due after five years through ten years	217,955
Due after ten years	2,423,437
Total, Fair Value	$ 6,437,818
Weighted- Average Yield
Due within one year	5.72%
Due after one year through five years	4.63%
Due after five years through ten years	3.58%
Due after ten years	4.32%
Total, Weighted- Average Yield	4.85%

FINANCIAL DERIVATIVES - Narrati

FINANCIAL DERIVATIVES - Narrative (Details) - USD ($)	3 Months Ended
FINANCIAL DERIVATIVES - Narrative (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative [Line Items]
Financing Receivable, Accrued Interest, after Allowance for Credit Loss, Statement of Financial Position [Extensible Enumeration]	Accrued interest receivable (includes $9,963 and $16,764, respectively, related to consolidated trusts)		Accrued interest receivable (includes $9,963 and $16,764, respectively, related to consolidated trusts)
Gain expected to be reclassified from AOCI to earnings over next 12 months	$ 14,500,000
Gain (loss) from interest rate swaps designated as cash flow hedges reclassified to earnings	0	$ 0
Financial derivatives, net payable position	0		$ 0
Notional amount	26,094,494,000		25,779,468,000
Exchange Cleared
Derivative [Line Items]
Notional amount	20,800,000,000		20,500,000,000
Interest Rate Swap
Derivative [Line Items]
Notional amount	26,100,000,000		25,800,000,000
Cleared Swaps
Derivative [Line Items]
Accrued interest on cleared swaps	17,600,000		16,400,000
Uncleared Swaps
Derivative [Line Items]
Accrued interest payable	$ 6,200,000		$ 6,500,000

FINANCIAL DERIVATIVES - Schedul

FINANCIAL DERIVATIVES - Schedule of Derivative Instruments in Statement of Financial Position (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Notional Disclosures [Abstract]
Notional Amount	$ 26,094,494	$ 25,779,468
Asset
Fair value, asset	31,433	37,478
Netting adjustments	(3,355)	(1,236)
(Liability)
Fair value, liability	(128,530)	(117,131)
Netting adjustments	3,355	1,236
Designated as hedge \| Fair value hedges: \| Receive fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	9,705,185	9,174,253
Asset
Fair value, asset	230	7,767
(Liability)
Fair value, liability	$ (25,315)	$ (1,081)
Weighted- Average Pay Rate	5.54%	2.50%
Weighted- Average Receive Rate	3.03%	5.47%
Weighted- Average Remaining Term (in years)	1 year 8 months 12 days	9 years 6 months 25 days
Designated as hedge \| Fair value hedges: \| Pay fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	$ 9,226,082	$ 9,776,685
Asset
Fair value, asset	7,675	2,350
(Liability)
Fair value, liability	$ (68)	$ (20,390)
Weighted- Average Pay Rate	2.52%	5.57%
Weighted- Average Receive Rate	5.43%	2.94%
Weighted- Average Remaining Term (in years)	9 years 4 months 13 days	1 year 9 months 10 days
Designated as hedge \| Fair value hedges: \| Receive fixed callable
Notional Disclosures [Abstract]
Notional Amount	$ 3,963,827	$ 3,879,827
Asset
Fair value, asset	2,892	7,374
(Liability)
Fair value, liability	$ (105,971)	$ (95,984)
Weighted- Average Pay Rate	5.36%	5.40%
Weighted- Average Receive Rate	3.46%	3.40%
Weighted- Average Remaining Term (in years)	2 years 6 months 21 days	2 years 5 months 23 days
Designated as hedge \| Cash flow hedges: \| Pay fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	$ 552,000	$ 558,000
Asset
Fair value, asset	22,270	20,234
(Liability)
Fair value, liability	$ 0	$ (43)
Weighted- Average Pay Rate	1.93%	1.94%
Weighted- Average Receive Rate	5.80%	5.82%
Weighted- Average Remaining Term (in years)	4 years 1 month 2 days	4 years 3 months 18 days
No hedge designation \| Receive fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	$ 1,638,958	$ 1,358,396
Asset
Fair value, asset	34	263
(Liability)
Fair value, liability	$ (9)	$ (3)
Weighted- Average Pay Rate	5.38%	5.44%
Weighted- Average Receive Rate	5.11%	4.87%
Weighted- Average Remaining Term (in years)	5 months 19 days	7 months 20 days
No hedge designation \| Pay fixed non-callable
Notional Disclosures [Abstract]
Notional Amount	$ 157,933	$ 160,623
Asset
Fair value, asset	992	676
(Liability)
Fair value, liability	$ 0	$ (29)
Weighted- Average Pay Rate	2.92%	2.92%
Weighted- Average Receive Rate	5.60%	5.64%
Weighted- Average Remaining Term (in years)	4 years 1 month 24 days	4 years 4 months 2 days
No hedge designation \| Basis swaps
Notional Disclosures [Abstract]
Notional Amount	$ 850,384	$ 850,384
Asset
Fair value, asset	15	39
(Liability)
Fair value, liability	$ (522)	$ (746)
Weighted- Average Pay Rate	5.49%	5.52%
Weighted- Average Receive Rate	5.47%	5.48%
Weighted- Average Remaining Term (in years)	3 years 6 months 29 days	3 years 9 months 29 days
No hedge designation \| Treasury futures
Notional Disclosures [Abstract]
Notional Amount	$ 125	$ 21,300
Asset
Fair value, asset	680	11
Netting adjustments	(3,355)	(1,236)
(Liability)
Fair value, liability	0	(91)
Netting adjustments	$ 3,355	$ 1,236
Weighted- Average Forward Price (in dollars per share)	$ 110.25	$ 112.51

FINANCIAL DERIVATIVES - Sched_2

FINANCIAL DERIVATIVES - Schedule of Net Income/(Expense) Recognized (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Investments and cash equivalents	$ 84,924	$ 59,703
Interest Income Farmer Mac Guaranteed Securities and USDA Securities	166,813
Interest Income Loans	144,580	119,032
Total interest expense	(309,949)	(236,214)
Gains on financial derivatives	2,079	399
Total	88,447
Interest expense on interest rate swaps	7,314	5,355
Designated as hedge
Derivative Instruments, Gain (Loss) [Line Items]
Investments and cash equivalents		59,703
Interest Income Farmer Mac Guaranteed Securities and USDA Securities		136,537
Interest Income Loans		119,032
Total interest expense		(236,214)
Gains on financial derivatives		399
Total		79,457
Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	(28,182)	(6,835)
Premium/discount amortization recognized on hedged items	(302)	(423)
Recognized on hedged items	(99,836)	54,981
Gains/(losses) on fair value hedging relationships	3,002	(105)
Designated as hedge \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	(14)	(14)
Interest settlements reclassified from AOCI into net income on derivatives	5,431	4,391
Recognized on hedged items	(8,091)	(7,190)
Expense recognized on cash flow hedges	(2,674)	(2,813)
No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	2,079	399
Interest Income Investments and Cash Equivalents \| Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	9,948	6,961
Premium/discount amortization recognized on hedged items	445	268
Recognized on hedged items	(27,521)	27,428
Gains/(losses) on fair value hedging relationships	268	275
Interest Income Investments and Cash Equivalents \| Designated as hedge \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	0	0
Interest settlements reclassified from AOCI into net income on derivatives	0	0
Recognized on hedged items	0	0
Expense recognized on cash flow hedges	0	0
Interest Income Investments and Cash Equivalents \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	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	51,705	41,971
Premium/discount amortization recognized on hedged items	0	0
Recognized on hedged items	(80,743)	93,295
Gains/(losses) on fair value hedging relationships	843	(497)
Interest Income Farmer Mac Guaranteed Securities and USDA Securities \| Designated as hedge \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	0	0
Interest settlements reclassified from AOCI into net income on derivatives	0	0
Recognized on hedged items	0	0
Expense recognized on cash flow hedges	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
Interest Income Loans \| Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	16,598	15,208
Premium/discount amortization recognized on hedged items	0	0
Recognized on hedged items	(47,061)	56,957
Gains/(losses) on fair value hedging relationships	1,119	276
Interest Income Loans \| Designated as hedge \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	0	0
Interest settlements reclassified from AOCI into net income on derivatives	0	0
Recognized on hedged items	0	0
Expense recognized on cash flow hedges	0	0
Interest Income Loans \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0
Total Interest Expense \| Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	(106,433)	(70,975)
Premium/discount amortization recognized on hedged items	(747)	(691)
Recognized on hedged items	55,489	(122,699)
Gains/(losses) on fair value hedging relationships	772	(159)
Total Interest Expense \| Designated as hedge \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	(14)	(14)
Interest settlements reclassified from AOCI into net income on derivatives	5,431	4,391
Recognized on hedged items	(8,091)	(7,190)
Expense recognized on cash flow hedges	(2,674)	(2,813)
Total Interest Expense \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0
Gains on financial derivatives \| Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on hedged items	0	0
Premium/discount amortization recognized on hedged items	0	0
Recognized on hedged items	0	0
Gains/(losses) on fair value hedging relationships	0	0
Gains on financial derivatives \| Designated as hedge \| Cash flow hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Premium/discount amortization recognized on hedged items	0	0
Interest settlements reclassified from AOCI into net income on derivatives	0	0
Recognized on hedged items	0	0
Expense recognized on cash flow hedges	0	0
Gains on financial derivatives \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	2,079	399
Interest Rate Swap \| Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	(15,073)	(28,829)
Income/(expense) related to interest settlements on fair value hedging relationships	(43,557)	(36,087)
Recognized on derivatives	102,838	(55,086)
Interest Rate Swap \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	754	33
Interest expense on interest rate swaps	(34)	(1,625)
Interest Rate Swap \| Interest Income Investments and Cash Equivalents \| Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	10,297	6,549
Income/(expense) related to interest settlements on fair value hedging relationships	20,690	13,778
Recognized on derivatives	27,789	(27,153)
Interest Rate Swap \| Interest Income Investments and Cash Equivalents \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0
Interest expense on interest rate swaps	0	0
Interest Rate Swap \| Interest Income Farmer Mac Guaranteed Securities and USDA Securities \| Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	40,332	28,909
Income/(expense) related to interest settlements on fair value hedging relationships	92,037	70,880
Recognized on derivatives	81,586	(93,792)
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
Interest expense on interest rate swaps	0	0
Interest Rate Swap \| Interest Income Loans \| Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	17,849	13,180
Income/(expense) related to interest settlements on fair value hedging relationships	34,447	28,388
Recognized on derivatives	48,180	(56,681)
Interest Rate Swap \| Interest Income Loans \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0
Interest expense on interest rate swaps	0	0
Interest Rate Swap \| Total Interest Expense \| Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	(83,551)	(77,467)
Income/(expense) related to interest settlements on fair value hedging relationships	(190,731)	(149,133)
Recognized on derivatives	(54,717)	122,540
Interest Rate Swap \| Total Interest Expense \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0
Interest expense on interest rate swaps	0	0
Interest Rate Swap \| Gains on financial derivatives \| Designated as hedge \| Fair value hedges:
Derivative Instruments, Gain (Loss) [Line Items]
Recognized on derivatives	0	0
Income/(expense) related to interest settlements on fair value hedging relationships	0	0
Recognized on derivatives	0	0
Interest Rate Swap \| Gains on financial derivatives \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	754	33
Interest expense on interest rate swaps	(34)	(1,625)
Treasury futures \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	1,359	1,991
Treasury futures \| Interest Income Investments and Cash Equivalents \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	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
Treasury futures \| Interest Income Loans \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0
Treasury futures \| Total Interest Expense \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	0	0
Treasury futures \| Gains on financial derivatives \| No hedge designation
Derivative Instruments, Gain (Loss) [Line Items]
Gains on financial derivatives	$ 1,359	$ 1,991

FINANCIAL DERIVATIVES - Hedged

FINANCIAL DERIVATIVES - Hedged Items in Fair Value Hedging Relationships (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Available-for-Sale Securities
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	$ 1,261,144	$ 1,251,386
Hedged Asset	(116,156)	(88,635)
Loans
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	1,692,131	1,699,361
Hedged Asset	(352,653)	(305,592)
Notes Payable
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	(13,327,828)	(13,350,111)
Hedged Liability	305,907	250,418
Farmer Mac Guaranteed Securities
HedgedItemsinFairValueHedgingRelationship [Line Items]
Carrying Amount of Hedged Assets/(Liabilities)	5,432,676	5,497,948
Hedged Asset	$ (338,180)	$ (257,436)

FINANCIAL DERIVATIVES - Sched_3

FINANCIAL DERIVATIVES - Schedule of Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Gross Amount Recognized	$ 33,594	$ 36,139
Gross Amounts offset in the Consolidated Balance Sheet	(3,355)	(1,236)
Net Amount Presented in the Consolidated Balance Sheet	30,239	34,903
Netting Adjustments	(24,674)	(25,727)
Financial instruments pledged	0	0
Cash collateral	0	0
Net amount	5,565	9,176
Liabilities:
Gross Amount Recognized	(110,088)	(101,350)
Gross Amounts offset in the Consolidated Balance Sheet	3,355	1,236
Net Amount Presented in the Consolidated Balance Sheet	(106,733)	(100,114)
Netting Adjustments	24,674	25,727
Financial instruments pledged	0	0
Cash collateral	76,472	69,360
Net amount	(5,587)	(5,027)
Derivative liability, not subject to master netting arrangement	15,600	15,200
Collateral received	0	2,000
Derivative, additional net exposure	197,900	207,200
Uncleared derivatives
Assets:
Gross Amount Recognized	25,354	25,751
Gross Amounts offset in the Consolidated Balance Sheet	0	0
Net Amount Presented in the Consolidated Balance Sheet	25,354	25,751
Netting Adjustments	(24,674)	(25,727)
Financial instruments pledged	0	0
Cash collateral	0	0
Net amount	680	24
Liabilities:
Gross Amount Recognized	(106,733)	(100,114)
Gross Amounts offset in the Consolidated Balance Sheet	0	0
Net Amount Presented in the Consolidated Balance Sheet	(106,733)	(100,114)
Netting Adjustments	24,674	25,727
Financial instruments pledged	0	0
Cash collateral	76,472	69,360
Net amount	(5,587)	(5,027)
Cleared derivatives
Assets:
Gross Amount Recognized	8,240	10,388
Gross Amounts offset in the Consolidated Balance Sheet	(3,355)	(1,236)
Net Amount Presented in the Consolidated Balance Sheet	4,885	9,152
Netting Adjustments	0	0
Financial instruments pledged	0	0
Cash collateral	0	0
Net amount	4,885	9,152
Liabilities:
Gross Amount Recognized	(3,355)	(1,236)
Gross Amounts offset in the Consolidated Balance Sheet	3,355	1,236
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

LOANS - Narrative (Details)

LOANS - Narrative (Details)	3 Months Ended
LOANS - Narrative (Details)	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 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
Rural Infrastructure Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for/(release of) losses	$ (1,963,000)	$ (3,613,000)
Principal balance paydown	15%
Agricultural Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of operating segments \| segment	2
Provision for/(release of) losses	$ 220,000	$ 4,197,000
Increase (decrease) in loan volume	$ 73,000,000

LOANS - Schedule of Composition

LOANS - Schedule of Composition of Loan Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	$ 11,602,199	$ 11,360,197
Allowance for losses	(14,288)	(16,031)
Total loans, net of allowance	11,233,071	11,039,349
Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	11,602,199	11,360,197
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	(354,840)	(304,817)
Total loans	11,247,359	11,055,380
Allowance for losses	(14,288)	(16,031)
Total loans, net of allowance	11,233,071	11,039,349
Agricultural Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	7,915,446	7,825,434
Allowance for losses	(7,104)	(6,884)	$ (10,972)	$ (6,775)
Agricultural Finance \| Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	7,915,446	7,825,434
Allowance for losses	(7,104)	(6,884)
Farm & Ranch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	6,656,940	6,565,711
Allowance for losses	(4,535)	(3,936)	(3,933)	(4,044)
Farm & Ranch \| Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	6,656,940	6,565,711
Allowance for losses	(4,535)	(3,936)
Corporate AgFinance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	1,258,506	1,259,723
Allowance for losses	(2,569)	(2,948)	(7,039)	(2,731)
Corporate AgFinance \| Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	1,258,506	1,259,723
Allowance for losses	(2,569)	(2,948)
Rural Infrastructure Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	3,686,753	3,534,763
Allowance for losses	(7,184)	(9,147)	$ (4,701)	$ (8,314)
Rural Infrastructure Finance \| Real Estate Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	3,686,753	3,534,763
Allowance for losses	(7,184)	(9,147)
Unsecuritized
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	10,192,802	9,927,936
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	(354,840)	(304,817)
Total loans	9,837,962	9,623,119
Allowance for losses	(13,836)	(15,588)
Total loans, net of allowance	9,824,126	9,607,531
Unsecuritized \| Agricultural Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	6,506,049	6,393,173
Unsecuritized \| Farm & Ranch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	5,247,543	5,133,450
Unsecuritized \| Corporate AgFinance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	1,258,506	1,259,723
Unsecuritized \| Rural Infrastructure Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	3,686,753	3,534,763
In Consolidated Trusts
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	1,409,397	1,432,261
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	0	0
Total loans	1,409,397	1,432,261
Allowance for losses	(452)	(443)
Total loans, net of allowance	1,408,945	1,431,818
In Consolidated Trusts \| Agricultural Finance
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	1,409,397	1,432,261
In Consolidated Trusts \| Farm & Ranch
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total loans	1,409,397	1,432,261
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	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	$ 14,288	$ 16,031
Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	14,288	16,031
Agricultural Finance
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	7,104	6,884	$ 10,972	$ 6,775
Agricultural Finance \| Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	7,104	6,884
Farm & Ranch
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	4,535	3,936	3,933	4,044
Farm & Ranch \| Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	4,535	3,936
Corporate AgFinance
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	2,569	2,948	7,039	2,731
Corporate AgFinance \| Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	2,569	2,948
Rural Infrastructure Finance
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	7,184	9,147	$ 4,701	$ 8,314
Rural Infrastructure Finance \| Real Estate Loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Total	$ 7,184	$ 9,147

LOANS - Changes in the Allowanc

LOANS - Changes in the Allowance for Losses (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 16,031,000
Ending balance	14,288,000
Agricultural Finance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	6,884,000	$ 6,775,000
Provision for/(release of) losses	220,000	4,197,000
Charge-offs	0	0
Ending balance	7,104,000	10,972,000
Farm & Ranch
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	3,936,000	4,044,000
Provision for/(release of) losses	599,000	(111,000)
Charge-offs	0	0
Ending balance	4,535,000	3,933,000
Farm & Ranch \| Commercial Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Provision for/(release of) losses	1,400,000	1,100,000
Corporate AgFinance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	2,948,000	2,731,000
Provision for/(release of) losses	(379,000)	4,308,000
Charge-offs	0	0
Ending balance	2,569,000	7,039,000
Corporate AgFinance \| Commercial Real Estate
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Provision for/(release of) losses	0	4,600,000
Rural Infrastructure Finance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	9,147,000	8,314,000
Provision for/(release of) losses	(1,963,000)	(3,613,000)
Charge-offs	0	0
Ending balance	7,184,000	4,701,000
Rural Infrastructure Finance \| Collateral Pledged
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Provision for/(release of) losses	$ 0	$ 0

LOANS - Unpaid Principal Balanc

LOANS - Unpaid Principal Balances by Delinquency Status (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	$ 9,837,962	$ 9,623,119
Nonaccrual loans	96,240	65,236
Total loans	11,602,199	11,360,197
Nonaccrual loans with no associated allowance	45,900	25,700
Interest received on nonaccrual loans	600	2,600
Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Nonaccrual loans	96,240	65,236
Total loans	7,915,446	7,825,434
Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	6,656,940	6,565,711
Nonaccrual loans	84,793	65,236
Total loans	6,656,940	6,565,711
Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	1,258,506	1,259,723
Nonaccrual loans	11,447	0
Total loans	1,258,506	1,259,723
Rural Infrastructure Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	3,686,753	3,534,763
Nonaccrual loans	0	0
Total loans	3,686,753	3,534,763
Current
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	11,472,618	11,264,691
Current \| Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	7,785,865	7,729,928
Current \| Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	6,538,806	6,470,205
Current \| Corporate AgFinance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	1,247,059	1,259,723
Current \| Rural Infrastructure Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	3,686,753	3,534,763
Total Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	33,341	30,270
Total Past Due \| Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	33,341	30,270
Total Past Due \| Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	33,341	30,270
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	13,764	15,326
30-59 Days \| Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	13,764	15,326
30-59 Days \| Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	13,764	15,326
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	3,954	3,953
60-89 Days \| Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	3,954	3,953
60-89 Days \| Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	3,954	3,953
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	15,623	10,991
90 Days and Greater \| Agricultural Finance
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	15,623	10,991
90 Days and Greater \| Farm & Ranch
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans held for investment, at amortized cost	15,623	10,991
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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Total
Total	$ 9,837,962		$ 9,623,119
Agricultural Finance
Total
Current period charge-offs	0	$ 0
Farm & Ranch
Year One
Total	207,272		604,837
Current period charge-offs	0	0
Year Two
Total	611,432		1,207,742
Current period charge-offs	0	0
Year Three
Total	1,192,657		1,691,901
Current period charge-offs	0	0
Year Four
Total	1,667,156		1,149,903
Current period charge-offs	0	0
Year Five
Total	1,122,060		357,646
Current period charge-offs	0	0
Prior
Total	1,475,276		1,148,725
Current period charge-offs	0	0
Revolving Loans - Amortized Cost Basis
Total	381,087		404,957
Current period charge-offs	0	0
Total
Total	6,656,940		6,565,711
Current period charge-offs	0	0
Corporate AgFinance
Year One
Total	34,521		207,279
Current period charge-offs	0	0
Year Two
Total	204,717		112,444
Current period charge-offs	0	0
Year Three
Total	91,839		277,400
Current period charge-offs	0	0
Year Four
Total	272,595		173,980
Current period charge-offs	0	0
Year Five
Total	172,484		119,685
Current period charge-offs	0	0
Prior
Total	226,337		112,947
Current period charge-offs	0	0
Revolving Loans - Amortized Cost Basis
Total	256,013		255,988
Current period charge-offs	0	0
Total
Total	1,258,506		1,259,723
Current period charge-offs	0	0
Rural Infrastructure Finance
Year One
Total	192,160		618,946
Current period charge-offs	0	0
Year Two
Total	572,095		720,522
Current period charge-offs	0	0
Year Three
Total	700,374		187,746
Current period charge-offs	0	0
Year Four
Total	189,652		593,841
Current period charge-offs	0	0
Year Five
Total	585,661		701,937
Current period charge-offs	0	0
Prior
Total	1,283,649		611,548
Current period charge-offs	0	0
Revolving Loans - Amortized Cost Basis
Total	163,162		100,223
Current period charge-offs	0	0
Total
Total	3,686,753		3,534,763
Current period charge-offs	0	$ 0
Acceptable \| Farm & Ranch
Year One
Total	190,820		530,956
Year Two
Total	509,485		1,137,226
Year Three
Total	1,135,915		1,653,780
Year Four
Total	1,601,660		1,120,917
Year Five
Total	1,082,703		323,922
Prior
Total	1,349,086		1,068,862
Revolving Loans - Amortized Cost Basis
Total	354,735		385,766
Total
Total	6,224,404		6,221,429
Acceptable \| Corporate AgFinance
Year One
Total	34,521		207,279
Year Two
Total	204,717		97,922
Year Three
Total	77,402		261,992
Year Four
Total	257,391		123,158
Year Five
Total	122,517		99,352
Prior
Total	209,987		112,947
Revolving Loans - Amortized Cost Basis
Total	242,494		254,325
Total
Total	1,149,029		1,156,975
Acceptable \| Rural Infrastructure Finance
Year One
Total	192,160		618,946
Year Two
Total	572,095		681,272
Year Three
Total	665,560		187,746
Year Four
Total	189,652		593,841
Year Five
Total	585,661		701,937
Prior
Total	1,283,649		611,548
Revolving Loans - Amortized Cost Basis
Total	163,162		100,223
Total
Total	3,651,939		3,495,513
Special mention \| Farm & Ranch
Year One
Total	16,452		70,524
Year Two
Total	90,681		46,529
Year Three
Total	29,227		27,957
Year Four
Total	36,893		11,591
Year Five
Total	4,387		4,782
Prior
Total	31,355		21,257
Revolving Loans - Amortized Cost Basis
Total	9,093		8,777
Total
Total	218,088		191,417
Special mention \| Corporate AgFinance
Year One
Total	0		0
Year Two
Total	0		14,522
Year Three
Total	14,437		15,408
Year Four
Total	15,204		50,822
Year Five
Total	49,967		20,333
Prior
Total	16,350		0
Revolving Loans - Amortized Cost Basis
Total	2,072		1,663
Total
Total	98,030		102,748
Special mention \| Rural Infrastructure Finance
Year One
Total	0		0
Year Two
Total	0		9,850
Year Three
Total	34,814		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	34,814		9,850
Substandard \| Farm & Ranch
Year One
Total	0		3,357
Year Two
Total	11,266		23,987
Year Three
Total	27,515		10,164
Year Four
Total	28,603		17,395
Year Five
Total	34,970		28,942
Prior
Total	94,835		58,606
Revolving Loans - Amortized Cost Basis
Total	17,259		10,414
Total
Total	214,448		152,865
Substandard \| Corporate AgFinance
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	11,447		0
Total
Total	11,447		0
Substandard \| Rural Infrastructure Finance
Year One
Total	0		0
Year Two
Total	0		29,400
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		$ 29,400

GUARANTEES AND COMMITMENTS - Of

GUARANTEES AND COMMITMENTS - Off-Balance Sheet Guaranteed Securities (Details) - Farmer Mac Guaranteed USDA Securities - Unconsolidated VIE - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	$ 443,843	$ 452,602
Agricultural Finance
Guarantor Obligations [Line Items]
Total off-balance sheet Farmer Mac Guaranteed Securities	$ 443,843	$ 452,602

GUARANTEES AND COMMITMENTS - Si

GUARANTEES AND COMMITMENTS - Significant Cash Flows Received From and Paid to Trusts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Proceeds from new securitizations	$ 0	$ 222,188
Guarantee fees received	$ 449	$ 487

GUARANTEES AND COMMITMENTS - Sc

GUARANTEES AND COMMITMENTS - Schedule of Underlying Off-Balance Sheet Guaranteed Securities (Details) - Farmer Mac Guaranteed USDA Securities - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Guarantee and commitment obligation	$ 5,808	$ 5,969
Weighted-average remaining maturity	21 years 7 months 6 days	21 years 10 months 24 days

GUARANTEES AND COMMITMENTS - _2

GUARANTEES AND COMMITMENTS - Schedule of Long-Term Standby Purchase Commitments (Details) - Long-Term Standby Purchase Commitments - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Maximum principal amount	$ 3,636,782	$ 3,680,333
Weighted-average remaining maturity	14 years 3 months 18 days	14 years 6 months
Guarantee and commitment obligation
Guarantor Obligations [Line Items]
Guarantee and commitment obligation	$ 40,057	$ 41,594

GUARANTEES AND COMMITMENTS - Re

GUARANTEES AND COMMITMENTS - Reserve For Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Reserve for losses	$ 1,642	$ 1,711
Agricultural Finance
Guarantor Obligations [Line Items]
Reserve for losses	1,407	1,471	$ 1,396	$ 819
Rural Infrastructure Finance
Guarantor Obligations [Line Items]
Reserve for losses	$ 235	$ 240	$ 240	$ 614

GUARANTEES AND COMMITMENTS - Ch

GUARANTEES AND COMMITMENTS - Changes in Reserve for Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	$ 1,711
Release of losses	(69)	$ 203
Ending balance	1,642
Agricultural Finance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	1,471	819
Release of losses	(64)	577
Ending balance	1,407	1,396
Rural Infrastructure Finance
Financing Receivable, Allowance for Credit Losses [Roll Forward]
Beginning balance	240	614
Release of losses	(5)	(374)
Ending balance	$ 235	$ 240

GUARANTEES AND COMMITMENTS - Un

GUARANTEES AND COMMITMENTS - Unpaid Principal Balances by Delinquency Status (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Guarantor Obligations [Line Items]
Total Loans	$ 9,837,962	$ 9,623,119
Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	3,883,355	3,932,857
Current
Guarantor Obligations [Line Items]
Total Loans	11,472,618	11,264,691
Current \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	3,868,467	3,925,931
Total Past Due
Guarantor Obligations [Line Items]
Total Loans	33,341	30,270
Total Past Due \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	14,888	6,926
30-59 Days
Guarantor Obligations [Line Items]
Total Loans	13,764	15,326
30-59 Days \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	4,791	2,776
60-89 Days
Guarantor Obligations [Line Items]
Total Loans	3,954	3,953
60-89 Days \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	528	2,366
90 Days and Greater
Guarantor Obligations [Line Items]
Total Loans	15,623	10,991
90 Days and Greater \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	9,569	1,784
Agricultural Finance \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	3,269,371	3,397,844
Agricultural Finance \| Current
Guarantor Obligations [Line Items]
Total Loans	7,785,865	7,729,928
Agricultural Finance \| Current \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	3,254,483	3,390,918
Agricultural Finance \| Total Past Due
Guarantor Obligations [Line Items]
Total Loans	33,341	30,270
Agricultural Finance \| Total Past Due \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	14,888	6,926
Agricultural Finance \| 30-59 Days
Guarantor Obligations [Line Items]
Total Loans	13,764	15,326
Agricultural Finance \| 30-59 Days \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	4,791	2,776
Agricultural Finance \| 60-89 Days
Guarantor Obligations [Line Items]
Total Loans	3,954	3,953
Agricultural Finance \| 60-89 Days \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	528	2,366
Agricultural Finance \| 90 Days and Greater
Guarantor Obligations [Line Items]
Total Loans	15,623	10,991
Agricultural Finance \| 90 Days and Greater \| Agricultural Finance
Guarantor Obligations [Line Items]
Total Loans	9,569	1,784
Rural Infrastructure Finance
Guarantor Obligations [Line Items]
Total Loans	3,686,753	3,534,763
Rural Infrastructure Finance \| Rural Infrastructure Finance
Guarantor Obligations [Line Items]
Total Loans	613,984	535,013
Rural Infrastructure Finance \| Current
Guarantor Obligations [Line Items]
Total Loans	3,686,753	3,534,763
Rural Infrastructure Finance \| Current \| Rural Infrastructure Finance
Guarantor Obligations [Line Items]
Total Loans	613,984	535,013
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	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Total
Total	$ 9,837,962		$ 9,623,119
Agricultural Finance
Total
Current period charge-offs	0	$ 0
Rural Infrastructure Finance
Year One
Total	192,160		618,946
Current period charge-offs	0	0
Year Two
Total	572,095		720,522
Current period charge-offs	0	0
Year Three
Total	700,374		187,746
Current period charge-offs	0	0
Year Four
Total	189,652		593,841
Current period charge-offs	0	0
Year Five
Total	585,661		701,937
Current period charge-offs	0	0
Prior
Total	1,283,649		611,548
Current period charge-offs	0	0
Revolving Loans - Amortized Cost Basis
Total	163,162		100,223
Current period charge-offs	0	0
Total
Total	3,686,753		3,534,763
Current period charge-offs	0	0
Acceptable \| Rural Infrastructure Finance
Year One
Total	192,160		618,946
Year Two
Total	572,095		681,272
Year Three
Total	665,560		187,746
Year Four
Total	189,652		593,841
Year Five
Total	585,661		701,937
Prior
Total	1,283,649		611,548
Revolving Loans - Amortized Cost Basis
Total	163,162		100,223
Total
Total	3,651,939		3,495,513
Special mention \| Rural Infrastructure Finance
Year One
Total	0		0
Year Two
Total	0		9,850
Year Three
Total	34,814		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	34,814		9,850
Substandard \| Rural Infrastructure Finance
Year One
Total	0		0
Year Two
Total	0		29,400
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		29,400
Rural Infrastructure Finance:
Total
Total	3,883,355		3,932,857
Rural Infrastructure Finance: \| Agricultural Finance
Year One
Total	686		169,429
Current period charge-offs	0
Year Two
Total	167,655		246,512
Current period charge-offs	0
Year Three
Total	237,965		517,862
Current period charge-offs	0
Year Four
Total	506,137		535,398
Current period charge-offs	0
Year Five
Total	525,482		266,882
Current period charge-offs	0
Prior
Total	1,459,080		1,256,770
Current period charge-offs	0
Revolving Loans - Amortized Cost Basis
Total	372,366		404,991
Current period charge-offs	0
Total
Total	3,269,371		3,397,844
Current period charge-offs	0
Rural Infrastructure Finance: \| Acceptable \| Agricultural Finance
Year One
Total	686		169,429
Year Two
Total	167,655		246,441
Year Three
Total	236,692		515,396
Year Four
Total	503,681		534,395
Year Five
Total	520,556		264,815
Prior
Total	1,380,938		1,185,811
Revolving Loans - Amortized Cost Basis
Total	362,500		391,335
Total
Total	3,172,708		3,307,622
Rural Infrastructure Finance: \| Special mention \| Agricultural Finance
Year One
Total	0		0
Year Two
Total	0		71
Year Three
Total	71		2,466
Year Four
Total	2,456		872
Year Five
Total	4,817		531
Prior
Total	51,388		44,631
Revolving Loans - Amortized Cost Basis
Total	8,612		8,565
Total
Total	67,344		57,136
Rural Infrastructure Finance: \| Substandard \| Agricultural Finance
Year One
Total	0		0
Year Two
Total	0		0
Year Three
Total	1,202		0
Year Four
Total	0		131
Year Five
Total	109		1,536
Prior
Total	26,754		26,328
Revolving Loans - Amortized Cost Basis
Total	1,254		5,091
Total
Total	29,319		33,086
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	391,099		419,190
Current period charge-offs	0	0
Revolving Loans - Amortized Cost Basis
Total	222,885		115,823
Current period charge-offs	0	0
Total
Total	613,984		535,013
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	391,099		419,190
Revolving Loans - Amortized Cost Basis
Total	222,885		115,823
Total
Total	613,984		535,013
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

NOTES PAYABLE - Narrative (Deta

NOTES PAYABLE - Narrative (Details) - USD ($)	3 Months Ended
NOTES PAYABLE - Narrative (Details) - USD ($)	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Medium term notes called during the period	$ 354,500,000	$ 0
Maximum borrowing capacity from U.S. Treasury	1,500,000,000
Outstanding debt repurchases	$ 0	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	$ 1,900,000,000	$ 900,000,000

NOTES PAYABLE - Borrowings (Det

NOTES PAYABLE - Borrowings (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Due within one year:
Outstanding, Amount	$ 8,870,013	$ 8,087,168
Outstanding, Weighted - average rate	3.63%	3.52%
Medium-term notes due in:
Two years	$ 4,972,023
Three years	4,064,733
Four years	2,568,251
Five years	2,941,652
Thereafter	3,398,246
Total due after one year	17,944,905
Total principal net of discounts	26,814,918	$ 26,586,959
Hedging adjustments	(305,907)	(250,417)
Total	$ 26,509,011	26,336,542
Weighted - average rate	3.21%
Total weighted - average rate	3.35%
Two years
Medium-term notes due in:
Weighted - average rate	2.95%
Three years
Medium-term notes due in:
Weighted - average rate	2.60%
Four years
Medium-term notes due in:
Weighted - average rate	3.84%
Five years
Medium-term notes due in:
Weighted - average rate	4.45%
Thereafter
Medium-term notes due in:
Weighted - average rate	2.76%
Discount notes
Due within one year:
Outstanding, Amount	$ 1,898,810	$ 1,734,387
Outstanding, Weighted - average rate	5.23%	5.32%
Average Outstanding, Amount	$ 1,662,014	$ 1,097,300
Average Outstanding, Weighted - average rate (as a percent)	5.25%	5.08%
Medium-term notes
Due within one year:
Outstanding, Amount	$ 366,953	$ 384,970
Outstanding, Weighted - average rate	5.28%	5.07%
Average Outstanding, Amount	$ 272,528	$ 1,731,308
Average Outstanding, Weighted - average rate (as a percent)	5.23%	4.09%
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
Weighted - average rate		3.16%
Total weighted - average rate		3.27%
Medium-term notes \| Two years
Medium-term notes due in:
Weighted - average rate		3.27%
Medium-term notes \| Three years
Medium-term notes due in:
Weighted - average rate		2.27%
Medium-term notes \| Four years
Medium-term notes due in:
Weighted - average rate		3.44%
Medium-term notes \| Five years
Medium-term notes due in:
Weighted - average rate		4.37%
Medium-term notes \| Thereafter
Medium-term notes due in:
Weighted - average rate		2.80%
Current portion of medium-term notes
Due within one year:
Outstanding, Amount	$ 6,604,250	$ 5,967,811
Outstanding, Weighted - average rate	3.08%	2.90%

NOTES PAYABLE - Callable Medium

NOTES PAYABLE - Callable Medium-Term Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2026	$ 4,972,023
2027	4,064,733
2028	2,568,251
Total principal net of discounts	$ 26,814,918	$ 26,586,959
Weighted-Average Rate	3.21%
Year one
Debt Instrument [Line Items]
Weighted-Average Rate	3.03%
Year two
Debt Instrument [Line Items]
Weighted-Average Rate	2.15%
Year three
Debt Instrument [Line Items]
Weighted-Average Rate	3.29%
Year four
Debt Instrument [Line Items]
Weighted-Average Rate	4.24%
Call Option
Debt Instrument [Line Items]
2025	$ 1,090,521
2026	1,378,822
2027	884,005
2028	567,953
Thereafter	1,775,587
Total principal net of discounts	$ 5,696,888
Weighted-Average Rate	2.71%
Call Option \| Year one
Debt Instrument [Line Items]
Weighted-Average Rate	3.12%
Call Option \| Year two
Debt Instrument [Line Items]
Weighted-Average Rate	2%
Call Option \| Year three
Debt Instrument [Line Items]
Weighted-Average Rate	2.80%
Call Option \| Year four
Debt Instrument [Line Items]
Weighted-Average Rate	4.22%
Call Option \| Thereafter
Debt Instrument [Line Items]
Weighted-Average Rate	2.48%

NOTES PAYABLE - Earliest Intere

NOTES PAYABLE - Earliest Interest Reset Date of Borrowing Outstanding (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
2024	$ 8,789,318
2025	5,180,648
2026	3,750,964
2027	2,972,357
2028	2,584,403
Thereafter	3,537,228
Total principal net of discounts	$ 26,814,918
Short-term debt, weighted average rate (as a percent)	3.63%	3.52%
Weighted - average rate	3.21%
Total weighted - average rate	3.35%
Due within one year
Debt Instrument [Line Items]
Short-term debt, weighted average rate (as a percent)	4.06%
Year one
Debt Instrument [Line Items]
Weighted - average rate	3.03%
Year two
Debt Instrument [Line Items]
Weighted - average rate	2.15%
Year three
Debt Instrument [Line Items]
Weighted - average rate	3.29%
Year four
Debt Instrument [Line Items]
Weighted - average rate	4.24%
Thereafter
Debt Instrument [Line Items]
Weighted - average rate	2.71%

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended					12 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023	Feb. 28, 2023
Class of Stock [Line Items]
Quarterly dividend on all classes of common stock (in dollars per share)		$ 1.40	$ 1.10	$ 1.10	$ 1.10	$ 1.10
Capital required for capital adequacy	$ 872.3	$ 872.3	$ 862.6				$ 862.6
Capital	1,500	1,500	1,500				1,500
Excess capital	$ 612.1	$ 612.1	$ 589.4				$ 589.4
Class C non-voting common stock
Class of Stock [Line Items]
Remaining authorized amount for repurchase								$ 9.8
Shares repurchased (in shares)	673,000						0
Shares repurchased	$ 19.8

FAIR VALUE DISCLOSURES - Schedu

FAIR VALUE DISCLOSURES - Schedule of Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Financial derivatives	$ 31,433	$ 37,478
Liabilities:
Financial derivatives	128,530	117,131
Investment Securities
Assets:
Available-for-sale, at fair value	5,007,787	$ 4,918,931
Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	$ 5,466,688
Level 3
Liabilities:
Percent of level three fair value assets and liabilities	18%	19%
Financial instruments level three percent	52%	52%
Recurring
Assets:
Financial derivatives	$ 31,433	$ 37,478
Guarantee Asset	5,733	5,831
Total Assets at fair value	10,512,707	10,495,960
Liabilities:
Financial derivatives	128,530	117,131
Total Liabilities at fair value	128,530	117,131
Recurring \| USDA Securities:
Assets:
Trading	1,066	1,241
Recurring \| Investment Securities
Assets:
Available-for-sale, at fair value	5,007,787	4,918,931
Recurring \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	5,466,688	5,532,479
Recurring \| Level 1
Assets:
Financial derivatives	680	11
Guarantee Asset	0	0
Total Assets at fair value	936,732	905,811
Liabilities:
Financial derivatives	0	91
Total Liabilities at fair value	0	91
Recurring \| Level 1 \| USDA Securities:
Assets:
Trading	0	0
Recurring \| Level 1 \| Investment Securities
Assets:
Available-for-sale, at fair value	936,052	905,800
Recurring \| Level 1 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
Recurring \| Level 2
Assets:
Financial derivatives	30,753	37,467
Guarantee Asset	0	0
Total Assets at fair value	4,083,207	4,031,516
Liabilities:
Financial derivatives	128,530	117,040
Total Liabilities at fair value	128,530	117,040
Recurring \| Level 2 \| USDA Securities:
Assets:
Trading	0	0
Recurring \| Level 2 \| Investment Securities
Assets:
Available-for-sale, at fair value	4,052,454	3,994,049
Recurring \| Level 2 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
Recurring \| Level 3
Assets:
Financial derivatives	0	0
Guarantee Asset	5,733	5,831
Total Assets at fair value	5,492,768	5,558,633
Liabilities:
Financial derivatives	0	0
Total Liabilities at fair value	0	0
Recurring \| Level 3 \| USDA Securities:
Assets:
Trading	1,066	1,241
Recurring \| Level 3 \| Investment Securities
Assets:
Available-for-sale, at fair value	19,281	19,082
Recurring \| Level 3 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	5,466,688	5,532,479
AgVantage \| Recurring \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	5,457,197	5,522,712
AgVantage \| Recurring \| Level 1 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
AgVantage \| Recurring \| Level 2 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
AgVantage \| Recurring \| Level 3 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	5,457,197	5,522,712
Farmer Mac Guaranteed USDA Securities \| Recurring \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	9,491	9,767
Farmer Mac Guaranteed USDA Securities \| Recurring \| Level 1 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
Farmer Mac Guaranteed USDA Securities \| Recurring \| Level 2 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	0	0
Farmer Mac Guaranteed USDA Securities \| Recurring \| Level 3 \| Farmer Mac Guaranteed Securities
Assets:
Available-for-sale, at fair value	9,491	9,767
USDA Securities \| Recurring \| USDA Securities:
Assets:
Trading	1,066	1,241
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	1,066	1,241
Floating interest rate \| Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale, at fair value	19,281	19,082
Floating interest rate \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	2,380,066	2,424,434
Floating interest rate \| US Treasuries
Assets:
Available-for-sale, at fair value	49,996	49,968
Floating interest rate \| Recurring \| Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale, at fair value	19,281	19,082
Floating interest rate \| Recurring \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	2,380,066	2,424,434
Floating interest rate \| Recurring \| Floating rate U.S. Treasuries
Assets:
Available-for-sale, at fair value	49,996	49,968
Floating interest rate \| Recurring \| Level 1 \| Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale, at fair value	0	0
Floating interest rate \| Recurring \| Level 1 \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	0	0
Floating interest rate \| Recurring \| Level 1 \| Floating rate U.S. Treasuries
Assets:
Available-for-sale, at fair value	49,996	49,968
Floating interest rate \| Recurring \| Level 2 \| Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale, at fair value	0	0
Floating interest rate \| Recurring \| Level 2 \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	2,380,066	2,424,434
Floating interest rate \| Recurring \| Level 2 \| Floating rate U.S. Treasuries
Assets:
Available-for-sale, at fair value	0	0
Floating interest rate \| Recurring \| Level 3 \| Floating rate auction-rate certificates backed by Government guaranteed student loans
Assets:
Available-for-sale, at fair value	19,281	19,082
Floating interest rate \| Recurring \| Level 3 \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	0	0
Floating interest rate \| Recurring \| Level 3 \| Floating rate U.S. Treasuries
Assets:
Available-for-sale, at fair value	0	0
Fixed Interest Rate \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	1,672,388	1,569,615
Fixed Interest Rate \| US Treasuries
Assets:
Available-for-sale, at fair value	886,056	855,832
Fixed Interest Rate \| Recurring \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	1,672,388	1,569,615
Fixed Interest Rate \| Recurring \| US Treasuries
Assets:
Available-for-sale, at fair value	886,056	855,832
Fixed Interest Rate \| Recurring \| Level 1 \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	0	0
Fixed Interest Rate \| Recurring \| Level 1 \| US Treasuries
Assets:
Available-for-sale, at fair value	886,056	855,832
Fixed Interest Rate \| Recurring \| Level 2 \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	1,672,388	1,569,615
Fixed Interest Rate \| Recurring \| Level 2 \| US Treasuries
Assets:
Available-for-sale, at fair value	0	0
Fixed Interest Rate \| Recurring \| Level 3 \| Guaranteed mortgage-backed securities
Assets:
Available-for-sale, at fair value	0	0
Fixed Interest Rate \| Recurring \| Level 3 \| US Treasuries
Assets:
Available-for-sale, at fair value	$ 0	$ 0

FAIR VALUE DISCLOSURES - Sche_2

FAIR VALUE DISCLOSURES - Schedule of Unobservable Input Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
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
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
Level 3 \| Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 5,558,633	$ 7,632,487
Purchases	50,000	687,650
Settlements	(64,391)	(142,437)
Allowance for Losses	28	36
Realized and unrealized losses included in Income	(80,708)	93,701
Unrealized gains/(losses) included in Other Comprehensive Income	29,206	(20,977)
Ending Balance	5,492,768	8,250,460
Available-for-sale securities \| Level 3 \| Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	19,082	19,027
Purchases	0	0
Settlements	0	0
Allowance for Losses	1	4
Realized and unrealized losses included in Income	0	0
Unrealized gains/(losses) included in Other Comprehensive Income	198	0
Ending Balance	19,281	19,031
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	19,082	19,027
Purchases	0	0
Settlements	0	0
Allowance for Losses	1	4
Realized and unrealized losses included in Income	0	0
Unrealized gains/(losses) included in Other Comprehensive Income	198	0
Ending Balance	19,281	19,031
Farmer Mac Guaranteed Securities \| Level 3 \| Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	5,532,479	7,607,226
Purchases	50,000	687,650
Settlements	(64,132)	(141,819)
Allowance for Losses	27	32
Realized and unrealized losses included in Income	(80,694)	93,342
Unrealized gains/(losses) included in Other Comprehensive Income	29,008	(20,977)
Ending Balance	5,466,688	8,225,454
Farmer Mac Guaranteed Securities \| Level 3 \| Recurring \| AgVantage Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	5,522,712	7,599,379
Purchases	50,000	687,650
Settlements	(63,955)	(141,386)
Allowance for Losses	27	32
Realized and unrealized losses included in Income	(80,694)	93,342
Unrealized gains/(losses) included in Other Comprehensive Income	29,107	(21,597)
Ending Balance	5,457,197	8,217,420
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	9,767	7,847
Purchases	0	0
Settlements	(177)	(433)
Allowance for Losses	0	0
Realized and unrealized losses included in Income	0	0
Unrealized gains/(losses) included in Other Comprehensive Income	(99)	620
Ending Balance	9,491	8,034
USDA Securities: \| Level 3 \| Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,241	1,767
Purchases	0	0
Settlements	(174)	(387)
Allowance for Losses	0	0
Realized and unrealized losses included in Income	(1)	25
Unrealized gains/(losses) included in Other Comprehensive Income	0	0
Ending Balance	1,066	1,405
Guarantee and commitment obligations: \| Level 3 \| Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	5,831	4,467
Purchases	0	0
Settlements	(85)	(231)
Allowance for Losses	0	0
Realized and unrealized losses included in Income	(13)	334
Unrealized gains/(losses) included in Other Comprehensive Income	0	0
Ending Balance	5,733	4,570
Guarantee and commitment obligations: \| Level 3 \| Recurring \| Guarantee Asset
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	5,831	4,467
Purchases	0	0
Settlements	(85)	(231)
Allowance for Losses	0	0
Realized and unrealized losses included in Income	(13)	334
Unrealized gains/(losses) included in Other Comprehensive Income	0	0
Ending Balance	$ 5,733	$ 4,570

FAIR VALUE DISCLOSURES - Quanti

FAIR VALUE DISCLOSURES - Quantitative Information (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	$ 5,466,688
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, at fair value	19,281	$ 19,082
Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee Asset	5,733	5,831
Recurring \| Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	5,466,688	5,532,479
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, at fair value	19,281	19,082
Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee Asset	5,733	5,831
Recurring \| Level 3 \| Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	5,466,688	5,532,479
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, at fair value	19,281	19,082
Farmer Mac Guaranteed Securities \| Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	9,500	9,800
USDA Securities: \| Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading	1,066	1,241
USDA Securities: \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading	1,066	1,241
AgVantage Securities \| Recurring \| Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	5,457,197	5,522,712
AgVantage Securities \| Recurring \| Level 3 \| Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	5,457,197	5,522,712
Farmer Mac Guaranteed USDA Securities \| Recurring \| Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	9,491	9,767
Farmer Mac Guaranteed USDA Securities \| Recurring \| Level 3 \| Farmer Mac Guaranteed Securities
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Available-for-sale, at fair value	9,491	9,767
USDA Securities \| USDA Securities: \| Recurring
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading	1,066	1,241
USDA Securities \| USDA Securities: \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Trading	$ 1,066	$ 1,241
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	0.980	0.970
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	0.980	0.970
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	0.980	0.970
Discount rate \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee asset, measurement input	0.080
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	0.080
Discount rate \| Minimum \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee asset, measurement input		0.083
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	0.050	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		0.083
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	0.057	0.054
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	0.058	0.054
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	0.058	0.054
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	0.053	0.050
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	0.057	0.054
CPR \| Discounted cash flow \| Recurring \| Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Guarantee asset, measurement input	0.03	0.03
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	0.03
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	0.12
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	0.12
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	0.12

FAIR VALUE DISCLOSURES - Summar

FAIR VALUE DISCLOSURES - Summary of Carrying Value and Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial assets:
Financial derivatives	$ 31,433	$ 37,478
Guarantee and commitment fees receivable	48,130	49,832
Financial liabilities:
Financial derivatives	128,530	117,131
Guarantee and commitment obligation	45,866	47,563
Fair Value
Financial assets:
Cash and cash equivalents	745,105	888,707
Loans	10,632,530	10,426,021
Financial derivatives	31,433	37,478
Guarantee and commitment fees receivable	55,856	58,465
Financial liabilities:
Notes payable	25,825,161	25,670,971
Debt securities of consolidated trusts held by third parties	1,244,879	1,268,563
Financial derivatives	128,530	117,131
Guarantee and commitment obligation	53,591	56,195
Fair Value \| Investment Securities
Financial assets:
Marketable securities	5,069,547	4,981,249
Fair Value \| Farmer Mac Guaranteed Securities
Financial assets:
Marketable securities	9,889,495	9,710,074
Fair Value \| USDA Securities
Financial assets:
Marketable securities	2,016,076	2,036,046
Carrying Amount
Financial assets:
Cash and cash equivalents	745,105	888,707
Loans	11,233,071	11,039,349
Financial derivatives	31,433	37,478
Guarantee and commitment fees receivable	48,130	49,832
Financial liabilities:
Notes payable	26,509,011	26,336,542
Debt securities of consolidated trusts held by third parties	1,325,289	1,351,069
Financial derivatives	128,530	117,131
Guarantee and commitment obligation	45,866	47,563
Carrying Amount \| Investment Securities
Financial assets:
Marketable securities	5,068,443	4,979,504
Carrying Amount \| Farmer Mac Guaranteed Securities
Financial assets:
Marketable securities	9,921,620	9,745,548
Carrying Amount \| USDA Securities
Financial assets:
Marketable securities	$ 2,334,093	$ 2,355,412

BUSINESS SEGMENT REPORTING (Det

BUSINESS SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended
BUSINESS SEGMENT REPORTING (Details) $ in Thousands	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of operating segments \| segment	7
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	$ 86,368	$ 79,058
Guarantee and commitment fees	3,917	3,933
Other income/(expense)	3,328	1,625
Total revenues	93,613	84,616
Release of/(provision for) losses	1,801	(547)
Release of/(provision for) reserve for losses	69	(203)
Operating expenses	(27,237)	(23,713)
Total non-interest expense	(27,168)	(23,916)
Core earnings before income taxes	68,246	60,153
Income tax (expense)/benefit	(14,500)	(13,118)
Core earnings before preferred stock dividends	53,746	47,035
Preferred stock dividends	(6,791)	(6,791)
Segment core earnings/(losses)	46,955	40,244
Total Assets	29,772,191	27,939,947	$ 29,524,382
Total on- and off-balance sheet program assets at principal balance	28,847,230	26,484,118
Reconciling Adjustments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	0	0
Less: reconciling adjustments	3,324	1,885
Net effective spread	3,324	1,885
Guarantee and commitment fees	(1,065)	(721)
Other income/(expense)	2,251	558
Total revenues	4,510	1,722
Release of/(provision for) losses	0	0
Release of/(provision for) reserve for losses	0	0
Operating expenses	0	0
Total non-interest expense	0	0
Core earnings before income taxes	4,510	1,722
Income tax (expense)/benefit	(947)	(362)
Core earnings before preferred stock dividends	3,563	1,360
Preferred stock dividends	0	0
Segment core earnings/(losses)	3,563	1,360
Total Assets	0	0
Total on- and off-balance sheet program assets at principal balance	$ 0	0
Agricultural Finance
Segment Reporting [Abstract]
Number of operating segments \| segment	2
Segment Reporting Information, Profit (Loss) [Abstract]
Release of/(provision for) reserve for losses	$ 64	(577)
Farm & Ranch \| Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	33,889	33,511
Less: reconciling adjustments	(1,046)	(1,046)
Net effective spread	32,843	32,465
Guarantee and commitment fees	4,484	4,292
Other income/(expense)	995	1,067
Total revenues	38,322	37,824
Release of/(provision for) losses	(561)	128
Release of/(provision for) reserve for losses	64	(577)
Operating expenses	0	0
Total non-interest expense	64	(577)
Core earnings before income taxes	37,825	37,375
Income tax (expense)/benefit	(7,943)	(7,849)
Core earnings before preferred stock dividends	29,882	29,526
Preferred stock dividends	0	0
Segment core earnings/(losses)	29,882	29,526
Total Assets	15,240,436	14,549,275
Total on- and off-balance sheet program assets at principal balance	18,900,906	17,685,961
Corporate AgFinance \| Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	7,971	7,148
Less: reconciling adjustments	0	0
Net effective spread	7,971	7,148
Guarantee and commitment fees	87	53
Other income/(expense)	12	0
Total revenues	8,070	7,201
Release of/(provision for) losses	378	(4,301)
Release of/(provision for) reserve for losses	0	0
Operating expenses	0	0
Total non-interest expense	0	0
Core earnings before income taxes	8,448	2,900
Income tax (expense)/benefit	(1,774)	(609)
Core earnings before preferred stock dividends	6,674	2,291
Preferred stock dividends	0	0
Segment core earnings/(losses)	6,674	2,291
Total Assets	1,637,460	1,515,976
Total on- and off-balance sheet program assets at principal balance	1,766,294	1,599,982
Rural Infrastructure Finance
Segment Reporting Information, Profit (Loss) [Abstract]
Release of/(provision for) reserve for losses	5	374
Rural Utilities \| Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	7,265	5,540
Less: reconciling adjustments	(33)	(33)
Net effective spread	7,232	5,507
Guarantee and commitment fees	349	281
Other income/(expense)	0	0
Total revenues	7,581	5,788
Release of/(provision for) losses	3,017	3,484
Release of/(provision for) reserve for losses	5	374
Operating expenses	0	0
Total non-interest expense	5	374
Core earnings before income taxes	10,603	9,646
Income tax (expense)/benefit	(2,227)	(2,026)
Core earnings before preferred stock dividends	8,376	7,620
Preferred stock dividends	0	0
Segment core earnings/(losses)	8,376	7,620
Total Assets	7,003,165	6,444,264
Total on- and off-balance sheet program assets at principal balance	7,437,723	6,889,682
Renewable Energy \| Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	2,049	858
Less: reconciling adjustments	0	0
Net effective spread	2,049	858
Guarantee and commitment fees	62	28
Other income/(expense)	0	0
Total revenues	2,111	886
Release of/(provision for) losses	(1,034)	138
Release of/(provision for) reserve for losses	0	0
Operating expenses	0	0
Total non-interest expense	0	0
Core earnings before income taxes	1,077	1,024
Income tax (expense)/benefit	(226)	(215)
Core earnings before preferred stock dividends	851	809
Preferred stock dividends	0	0
Segment core earnings/(losses)	851	809
Total Assets	578,709	286,824
Total on- and off-balance sheet program assets at principal balance	742,307	308,493
Funding \| Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	34,719	32,544
Less: reconciling adjustments	(2,245)	(806)
Net effective spread	32,474	31,738
Guarantee and commitment fees	0	0
Other income/(expense)	0	0
Total revenues	32,474	31,738
Release of/(provision for) losses	0	0
Release of/(provision for) reserve for losses	0	0
Operating expenses	0	0
Total non-interest expense	0	0
Core earnings before income taxes	32,474	31,738
Income tax (expense)/benefit	(6,819)	(6,665)
Core earnings before preferred stock dividends	25,655	25,073
Preferred stock dividends	0	0
Segment core earnings/(losses)	25,655	25,073
Total Assets	0	0
Total on- and off-balance sheet program assets at principal balance	0	0
Investments \| Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	475	(543)
Less: reconciling adjustments	0	0
Net effective spread	475	(543)
Guarantee and commitment fees	0	0
Other income/(expense)	4	0
Total revenues	479	(543)
Release of/(provision for) losses	1	4
Release of/(provision for) reserve for losses	0	0
Operating expenses	0	0
Total non-interest expense	0	0
Core earnings before income taxes	480	(539)
Income tax (expense)/benefit	(101)	113
Core earnings before preferred stock dividends	379	(426)
Preferred stock dividends	0	0
Segment core earnings/(losses)	379	(426)
Total Assets	5,190,082	4,998,854
Total on- and off-balance sheet program assets at principal balance	0	0
Corporate \| Operating Segments
Segment Reporting Information, Profit (Loss) [Abstract]
Net interest income	0	0
Less: reconciling adjustments	0	0
Net effective spread	0	0
Guarantee and commitment fees	0	0
Other income/(expense)	66	0
Total revenues	66	0
Release of/(provision for) losses	0	0
Release of/(provision for) reserve for losses	0	0
Operating expenses	(27,237)	(23,713)
Total non-interest expense	(27,237)	(23,713)
Core earnings before income taxes	(27,171)	(23,713)
Income tax (expense)/benefit	5,537	4,495
Core earnings before preferred stock dividends	(21,634)	(19,218)
Preferred stock dividends	(6,791)	(6,791)
Segment core earnings/(losses)	(28,425)	(26,009)
Total Assets	122,339	144,754
Total on- and off-balance sheet program assets at principal balance	$ 0	$ 0