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Financial Derivatives - Schedule of Net Income/(Expense) Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Investments and cash equivalents | $ 4,457 | $ 10,399 | $ 9,986 | $ 28,140
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | 42,414 | 61,792 | 84,818 | 133,309
Interest Income Loans | 60,214 | 55,430 | 119,708 | 116,026
Total interest expense | (51,956) | (79,273) | (106,132) | (187,815)
(Losses)/gains on financial derivatives | (3,066) | 6,523 | 1,227 | (2,775)
Total amounts presented in the consolidated statement of operations | 52,063 | 44,472 | 109,607 | 58,745
Interest expense on interest rate swaps | 526 | 11,271 | 9,363 | 6,183
Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | 114,935 | 9,739 | (169,112) | 384,962
Gains/(losses) on fair value hedging relationships | (1,725) | (2,381) | (1,379) | (8,062)
Cash flow hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Discount amortization recognized on hedged items | (8) | (2) | (15) | (2)
Interest settlements reclassified from AOCI into net income on derivatives | (1,776) | (1,563) | (3,523) | (2,002)
Recognized on hedged items | (643) | (1,029) | (1,298) | (3,152)
Expense recognized on cash flow hedges | (2,427) | (2,594) | (4,836) | (5,156)
Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | 30,126 | 29,193 | 60,581 | 55,419
Discount amortization recognized on hedged items | (257) | (181) | (478) | (361)
No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | (3,066) | 6,523 | 1,227 | (2,775)
Interest Income Investments and Cash Equivalents | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | 188 |  | 188 |
Gains/(losses) on fair value hedging relationships | 12 |  | 12 |
Interest Income Investments and Cash Equivalents | Cash flow hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
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 | Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | 67 |  | 67 |
Discount amortization recognized on hedged items | 0 |  | 0 |
Interest Income Investments and Cash Equivalents | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | 0 |  | 0 |
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | 49,878 | 9,050 | (118,922) | 299,430
Gains/(losses) on fair value hedging relationships | 1,198 | (176) | 474 | (3,729)
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Cash flow hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | 0 | 0
Recognized on hedged items | 0 | 0 | 0 | 0
Expense recognized on cash flow hedges | 0 | 0 | 0 | 0
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | 30,565 | 32,102 | 61,341 | 63,927
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0
Interest Income Loans | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | 63,978 | 3,037 | (80,770) | 148,445
Gains/(losses) on fair value hedging relationships | (1,169) | (3,579) | (146) | (4,076)
Interest Income Loans | Cash flow hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | 0 | 0
Recognized on hedged items | 0 | 0 | 0 | 0
Expense recognized on cash flow hedges | 0 | 0 | 0 | 0
Interest Income Loans | Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | 11,635 | 9,812 | 23,122 | 18,489
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0
Interest Income Loans | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0
Total Interest Expense | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | 891 | (2,348) | 30,392 | (62,913)
Gains/(losses) on fair value hedging relationships | (1,766) | 1,374 | (1,719) | (257)
Total Interest Expense | Cash flow hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Discount amortization recognized on hedged items | (8) | (2) | (15) | (2)
Interest settlements reclassified from AOCI into net income on derivatives | (1,776) | (1,563) | (3,523) | (2,002)
Recognized on hedged items | (643) | (1,029) | (1,298) | (3,152)
Expense recognized on cash flow hedges | (2,427) | (2,594) | (4,836) | (5,156)
Total Interest Expense | Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | (12,141) | (12,721) | (23,949) | (26,997)
Discount amortization recognized on hedged items | (257) | (181) | (478) | (361)
Total Interest Expense | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0
Losses on financial derivatives | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | 0 | 0 | 0 | 0
Gains/(losses) on fair value hedging relationships | 0 | 0 | 0 | 0
Losses on financial derivatives | Cash flow hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0
Interest settlements reclassified from AOCI into net income on derivatives | 0 | 0 | 0 | 0
Recognized on hedged items | 0 | 0 | 0 | 0
Expense recognized on cash flow hedges | 0 | 0 | 0 | 0
Losses on financial derivatives | Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | 0 | 0 | 0 | 0
Discount amortization recognized on hedged items | 0 | 0 | 0 | 0
Losses on financial derivatives | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | (3,066) | 6,523 | 1,227 | (2,775)
Interest Rate Swap | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on derivatives | (18,532) | (11,360) | (37,059) | (17,754)
Income/(expense) related to interest settlements on fair value hedging relationships | 11,337 | 17,652 | 23,044 | 37,304
Recognized on derivatives | (116,660) | (12,120) | 167,733 | (393,024)
Interest Rate Swap | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | (3,739) | 8,427 | (2,271) | 1,878
Interest expense on interest rate swaps | 1,098 | (1,795) | 3,322 | (2,657)
Interest Rate Swap | Interest Income Investments and Cash Equivalents | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on derivatives | (35) |  | (35) |
Income/(expense) related to interest settlements on fair value hedging relationships | 32 |  | 32 |
Recognized on derivatives | (176) |  | (176) |
Interest Rate Swap | Interest Income Investments and Cash Equivalents | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/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 | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on derivatives | (21,604) | (12,257) | (43,041) | (18,408)
Income/(expense) related to interest settlements on fair value hedging relationships | 8,961 | 19,845 | 18,300 | 45,519
Recognized on derivatives | (48,680) | (9,226) | 119,396 | (303,159)
Interest Rate Swap | Interest Income Farmer Mac Guaranteed Securities and USDA Securities | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0
Interest expense on interest rate swaps | 0 | 0 | 0 | 0
Interest Rate Swap | Interest Income Loans | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on derivatives | (6,704) | (4,535) | (13,275) | (6,412)
Income/(expense) related to interest settlements on fair value hedging relationships | 4,931 | 5,277 | 9,847 | 12,077
Recognized on derivatives | (65,147) | (6,616) | 80,624 | (152,521)
Interest Rate Swap | Interest Income Loans | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0
Interest expense on interest rate swaps | 0 | 0 | 0 | 0
Interest Rate Swap | Total Interest Expense | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on derivatives | 9,811 | 5,432 | 19,292 | 7,066
Income/(expense) related to interest settlements on fair value hedging relationships | (2,587) | (7,470) | (5,135) | (20,292)
Recognized on derivatives | (2,657) | 3,722 | (32,111) | 62,656
Interest Rate Swap | Total Interest Expense | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0
Interest expense on interest rate swaps | 0 | 0 | 0 | 0
Interest Rate Swap | Losses on financial derivatives | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on derivatives | 0 | 0 | 0 | 0
Income/(expense) related to interest settlements on fair value hedging relationships | 0 | 0 | 0 | 0
Recognized on derivatives | 0 | 0 | 0 | 0
Interest Rate Swap | Losses on financial derivatives | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | (3,739) | 8,427 | (2,271) | 1,878
Interest expense on interest rate swaps | 1,098 | (1,795) | 3,322 | (2,657)
Treasury futures | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | (425) | (109) | 176 | (1,996)
Treasury futures | Interest Income Investments and Cash Equivalents | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/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] |  |  |  |
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0
Treasury futures | Interest Income Loans | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0
Treasury futures | Total Interest Expense | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0
Treasury futures | Losses on financial derivatives | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | $ (425) | $ (109) | $ 176 | $ (1,996)

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