XML 36 R26.htm IDEA: XBRL DOCUMENT
v3.23.3

Loans (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Receivables [Abstract] |
Schedule of Composition of Loan Balances | The following table includes loans held for investment and displays the composition of the loan balances as of September 30, 2023 and December 31, 2022: Table 5.1
| As of September 30, 2023 |  | As of December 31, 2022
| Unsecuritized |  | In Consolidated Trusts |  | Total |  | Unsecuritized |  | In Consolidated Trusts |  | Total
| (in thousands)
Agricultural Finance loans |  |  |  |  |  |  |  |  |  |  |
Farm & Ranch | $ | 4,987,818 |  |  | $ | 1,422,854 |  |  | $ | 6,410,672 |  |  | $ | 5,150,750 |  |  | $ | 1,211,576 |  |  | $ | 6,362,326 |
Corporate AgFinance | 1,223,777 |  |  | — |  |  | 1,223,777 |  |  | 1,166,253 |  |  | — |  |  | 1,166,253 |
Total Agricultural Finance loans | 6,211,595 |  |  | 1,422,854 |  |  | 7,634,449 |  |  | 6,317,003 |  |  | 1,211,576 |  |  | 7,528,579 |
Rural Infrastructure Finance loans | 3,342,713 |  |  | — |  |  | 3,342,713 |  |  | 3,021,266 |  |  | — |  |  | 3,021,266 |
Total unpaid principal balance(1) | 9,554,308 |  |  | 1,422,854 |  |  | 10,977,162 |  |  | 9,338,269 |  |  | 1,211,576 |  |  | 10,549,845 |
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments | (423,375) |  |  | — |  |  | (423,375) |  |  | (329,290) |  |  | — |  |  | (329,290) |
Total loans | 9,130,933 |  |  | 1,422,854 |  |  | 10,553,787 |  |  | 9,008,979 |  |  | 1,211,576 |  |  | 10,220,555 |
Allowance for losses | (16,162) |  |  | (452) |  |  | (16,614) |  |  | (14,629) |  |  | (460) |  |  | (15,089) |
Total loans, net of allowance | $ | 9,114,771 |  |  | $ | 1,422,402 |  |  | $ | 10,537,173 |  |  | $ | 8,994,350 |  |  | $ | 1,211,116 |  |  | $ | 10,205,466 |
(1)Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business.
Schedule Allowance for Losses | The following table is a summary, by asset type, of the allowance for losses as of September 30, 2023 and December 31, 2022: Table 5.2
| September 30, 2023 |  | December 31, 2022
| Allowance for Losses |  | Allowance for Losses
| (in thousands)
Loans: |  |  |
Agricultural Finance loans |  |  |
Farm & Ranch | $ | 3,910 |  |  | $ | 4,044 |
Corporate AgFinance | 3,678 |  |  | 2,731 |
Total Agricultural Finance Loans | 7,588 |  |  | 6,775 |
Rural Infrastructure Finance loans | 9,026 |  |  | 8,314 |
Total | $ | 16,614 |  |  | $ | 15,089 |
The following is a summary of the changes in the allowance for losses for the three and nine months ended September 30, 2023 and 2022: Table 5.3
| September 30, 2023 |  | September 30, 2022
| 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)
For the Three Months Ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 3,935 |  |  | $ | 7,367 |  |  | $ | 11,302 |  |  | $ | 5,446 |  |  | $ | 2,265 |  |  | $ | 1,750 |  |  | $ | 4,015 |  |  | $ | 8,388 |
(Release of)/provision for losses | (25) |  |  | (3,689) |  |  | (3,714) |  |  | 3,580 |  |  | (153) |  |  | 334 |  |  | 181 |  |  | 418 |
Charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Ending Balance | $ | 3,910 |  |  | $ | 3,678 |  |  | $ | 7,588 |  |  | $ | 9,026 |  |  | $ | 2,112 |  |  | $ | 2,084 |  |  | $ | 4,196 |  |  | $ | 8,806 |
For the Nine Months Ended |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | 4,044 |  |  | $ | 2,731 |  |  | $ | 6,775 |  |  | $ | 8,314 |  |  | $ | 2,882 |  |  | $ | 560 |  |  | $ | 3,442 |  |  | $ | 10,599 |
(Release of)/provision for losses | (134) |  |  | 947 |  |  | 813 |  |  | 712 |  |  | (686) |  |  | 1,524 |  |  | 838 |  |  | (1,793) |
Charge-offs | — |  |  | — |  |  | — |  |  | — |  |  | (84) |  |  | — |  |  | (84) |  |  | — |
Ending Balance | $ | 3,910 |  |  | $ | 3,678 |  |  | $ | 7,588 |  |  | $ | 9,026 |  |  | $ | 2,112 |  |  | $ | 2,084 |  |  | $ | 4,196 |  |  | $ | 8,806 |
(1)As of September 30, 2023 and 2022, allowance for losses for Agricultural Finance Farm & Ranch loans includes $1.1 million and no allowance for collateral dependent assets secured by agricultural real estate, respectively. (2)As of September 30, 2023 and 2022, allowance for losses for Agricultural Finance Corporate AgFinance loans includes $0.0 million and $1.7 million allowance for collateral dependent assets secured by agricultural real estate, respectively. (3)As of both September 30, 2023 and 2022, allowance for losses for Rural Infrastructure Finance loans includes no allowance for collateral dependent assets.
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 September 30, 2023 and December 31, 2022: Table 5.4
| As of September 30, 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 | $ | 6,319,094 |  |  | $ | 15,652 |  |  | $ | 5,321 |  |  | $ | 6,739 |  |  | $ | 27,712 |  |  | $ | 63,866 |  |  | $ | 6,410,672 |
Corporate AgFinance | 1,223,777 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,223,777 |
Total Agricultural Finance loans | 7,542,871 |  |  | 15,652 |  |  | 5,321 |  |  | 6,739 |  |  | 27,712 |  |  | 63,866 |  |  | 7,634,449 |
Rural Infrastructure Finance loans | 3,342,713 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,342,713 |
Total | $ | 10,885,584 |  |  | $ | 15,652 |  |  | $ | 5,321 |  |  | $ | 6,739 |  |  | $ | 27,712 |  |  | $ | 63,866 |  |  | $ | 10,977,162 |
(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 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 $23.8 million of nonaccrual loans for which there was no associated allowance. During the three and nine months ended September 30, 2023, Farmer Mac received $0.4 million and $1.9 million in interest on nonaccrual loans, respectively.
| As of December 31, 2022
| Accruing |  |  |  |
| Current |  | 30-59 Days |  | 60-89 Days |  | 90 Days and Greater(2) |  | Total Past Due |  | Nonaccrual loans(3)(4) |  | Total Loans
| (in thousands)
Loans(1): |  |  |  |  |  |  |  |  |  |  |  |  |
Agricultural Finance loans |  |  |  |  |  |  |  |  |  |  |  |  |
Farm & Ranch | $ | 6,287,326 |  |  | $ | 10,066 |  |  | $ | 392 |  |  | $ | 1,140 |  |  | $ | 11,598 |  |  | $ | 63,402 |  |  | $ | 6,362,326 |
Corporate AgFinance | 1,150,690 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 15,563 |  |  | 1,166,253 |
Total Agricultural Finance loans | 7,438,016 |  |  | 10,066 |  |  | 392 |  |  | 1,140 |  |  | 11,598 |  |  | 78,965 |  |  | 7,528,579 |
Rural Infrastructure Finance loans | 3,021,266 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,021,266 |
Total | $ | 10,459,282 |  |  | $ | 10,066 |  |  | $ | 392 |  |  | $ | 1,140 |  |  | $ | 11,598 |  |  | $ | 78,965 |  |  | $ | 10,549,845 |
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2)Includes loans in consolidated trusts with beneficial interests owned by third parties that are 90 days or more past due. (3)Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. (4)Includes $22.0 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2022, Farmer Mac received $5.6 million in interest on nonaccrual loans. The following table presents the unpaid principal balances by delinquency status of Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of September 30, 2023 and December 31, 2022: Table 6.7
| As of September 30, 2023
| Current |  | 30-59 Days |  | 60-89 Days |  | 90 Days and Greater(1) |  | Total Past Due |  | Total Loans
| (in thousands)
Agricultural Finance: | $ | 3,368,620 |  |  | $ | 5,196 |  |  | $ | 3,573 |  |  | $ | 2,840 |  |  | $ | 11,609 |  |  | $ | 3,380,229 |
Rural Infrastructure Finance: | 487,517 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 487,517 |
Total | $ | 3,856,137 |  |  | $ | 5,196 |  |  | $ | 3,573 |  |  | $ | 2,840 |  |  | $ | 11,609 |  |  | $ | 3,867,746 |
(1)Includes loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs that are 90 days of more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.
| As of December 31, 2022
| Current |  | 30-59 Days |  | 60-89 Days |  | 90 Days and Greater(1) |  | Total Past Due |  | Total Loans
| (in thousands)
Agricultural Finance: | $ | 3,174,939 |  |  | $ | 11,614 |  |  | $ | 622 |  |  | $ | 3,817 |  |  | $ | 16,053 |  |  | $ | 3,190,992 |
Rural Infrastructure Finance: | 523,192 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 523,192 |
Total | $ | 3,698,131 |  |  | $ | 11,614 |  |  | $ | 622 |  |  | $ | 3,817 |  |  | $ | 16,053 |  |  | $ | 3,714,184 |
(1)Includes loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs that are 90 days of more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.
Schedule of Financing Receivable Credit Quality Indicators | The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Rural Infrastructure Finance loans held as of September 30, 2023 and December 31, 2022, by year of origination: Table 5.5
| As of September 30, 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 | $ | 346,745 |  |  | $ | 1,143,457 |  |  | $ | 1,633,550 |  |  | $ | 1,129,203 |  |  | $ | 317,213 |  |  | $ | 1,077,958 |  |  | $ | 379,009 |  |  | $ | 6,027,135 |
Special mention(2) | 49,039 |  |  | 48,891 |  |  | 61,030 |  |  | 12,530 |  |  | 19,164 |  |  | 29,464 |  |  | 13,430 |  |  | 233,548 |
Substandard(3) | 520 |  |  | 20,900 |  |  | 7,514 |  |  | 21,626 |  |  | 23,690 |  |  | 64,942 |  |  | 10,797 |  |  | 149,989 |
Total | $ | 396,304 |  |  | $ | 1,213,248 |  |  | $ | 1,702,094 |  |  | $ | 1,163,359 |  |  | $ | 360,067 |  |  | $ | 1,172,364 |  |  | $ | 403,236 |  |  | $ | 6,410,672 |
For the Three Months Ended September 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Nine Months Ended September 30, 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 September 30, 2023
| Year of Origination: |  |  |  |
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Agricultural Finance - Corporate AgFinance(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 180,030 |  |  | $ | 98,524 |  |  | $ | 262,572 |  |  | $ | 123,685 |  |  | $ | 99,696 |  |  | $ | 113,758 |  |  | $ | 240,977 |  |  | $ | 1,119,242 |
Special mention(2) | — |  |  | 14,625 |  |  | 15,632 |  |  | 50,856 |  |  | 20,347 |  |  | 1,021 |  |  | 2,054 |  |  | 104,535 |
Substandard(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 180,030 |  |  | $ | 113,149 |  |  | $ | 278,204 |  |  | $ | 174,541 |  |  | $ | 120,043 |  |  | $ | 114,779 |  |  | $ | 243,031 |  |  | $ | 1,223,777 |
For the Three Months Ended September 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Nine Months Ended September 30, 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 September 30, 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 | $ | 450,241 |  |  | $ | 694,635 |  |  | $ | 189,385 |  |  | $ | 598,689 |  |  | $ | 711,794 |  |  | $ | 610,062 |  |  | $ | 58,413 |  |  | $ | 3,313,219 |
Special mention(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard(3) | — |  |  | 29,494 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 29,494 |
Total | $ | 450,241 |  |  | $ | 724,129 |  |  | $ | 189,385 |  |  | $ | 598,689 |  |  | $ | 711,794 |  |  | $ | 610,062 |  |  | $ | 58,413 |  |  | $ | 3,342,713 |
For the Three Months Ended September 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Nine Months Ended September 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.
| As of December 31, 2022
| Year of Origination: |  |  |  |
| 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Agricultural Finance - Farm & Ranch loans(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 1,157,829 |  |  | $ | 1,704,547 |  |  | $ | 1,187,474 |  |  | $ | 360,704 |  |  | $ | 242,491 |  |  | $ | 947,535 |  |  | $ | 385,503 |  |  | $ | 5,986,083 |
Special mention(2) | 91,099 |  |  | 68,260 |  |  | 25,629 |  |  | 11,254 |  |  | 5,325 |  |  | 17,797 |  |  | 2,452 |  |  | 221,816 |
Substandard(3) | 3,094 |  |  | 8,814 |  |  | 22,976 |  |  | 23,937 |  |  | 17,845 |  |  | 67,654 |  |  | 10,107 |  |  | 154,427 |
Total | $ | 1,252,022 |  |  | $ | 1,781,621 |  |  | $ | 1,236,079 |  |  | $ | 395,895 |  |  | $ | 265,661 |  |  | $ | 1,032,986 |  |  | $ | 398,062 |  |  | $ | 6,362,326 |
For the Three Months Ended September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Nine Months Ended September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (84) |  |  | $ | — |  |  | $ | (84) |
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.
| As of December 31, 2022
| Year of Origination: |  |  |  |
| 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Agricultural Finance - Corporate AgFinance loans(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 145,263 |  |  | $ | 299,729 |  |  | $ | 221,560 |  |  | $ | 108,230 |  |  | $ | 76,454 |  |  | $ | 44,827 |  |  | $ | 232,107 |  |  | $ | 1,128,170 |
Special mention(2) | — |  |  | — |  |  | — |  |  | 20,698 |  |  | — |  |  | — |  |  | 2,145 |  |  | 22,843 |
Substandard(3) | — |  |  | — |  |  | 4,598 |  |  | — |  |  | — |  |  | — |  |  | 10,642 |  |  | 15,240 |
Total | $ | 145,263 |  |  | $ | 299,729 |  |  | $ | 226,158 |  |  | $ | 128,928 |  |  | $ | 76,454 |  |  | $ | 44,827 |  |  | $ | 244,894 |  |  | $ | 1,166,253 |
For the Three Months Ended September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Nine Months Ended September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.
| As of December 31, 2022
| Year of Origination: |  |  |  |
| 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Rural Infrastructure Finance loans(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 741,021 |  |  | $ | 220,420 |  |  | $ | 629,223 |  |  | $ | 739,270 |  |  | $ | 7,932 |  |  | $ | 649,830 |  |  | $ | 33,570 |  |  | $ | 3,021,266 |
Special mention(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard(3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 741,021 |  |  | $ | 220,420 |  |  | $ | 629,223 |  |  | $ | 739,270 |  |  | $ | 7,932 |  |  | $ | 649,830 |  |  | $ | 33,570 |  |  | $ | 3,021,266 |
For the Three Months Ended September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Nine Months Ended September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Amounts represent unpaid principal balance of risk-rated loans, which is the basis Farmer Mac uses to analyze its portfolio, and recorded investment of past due loans. (2)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. The following tables present credit quality indicators related to Agricultural Finance and Rural Infrastructure loans underlying LTSPCs and Farmer Mac Guaranteed Securities as of September 30, 2023 and December 31, 2022, by year of origination: Table 6.8
| As of September 30, 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 | $ | 148,802 |  |  | $ | 243,690 |  |  | $ | 513,841 |  |  | $ | 535,172 |  |  | $ | 272,257 |  |  | $ | 1,228,548 |  |  | $ | 362,825 |  |  | $ | 3,305,135 |
Special mention(1) | — |  |  | 2,568 |  |  | 1,294 |  |  | 877 |  |  | — |  |  | 39,657 |  |  | 527 |  |  | 44,923 |
Substandard(2) | — |  |  | — |  |  | — |  |  | 131 |  |  | 1,541 |  |  | 27,236 |  |  | 1,263 |  |  | 30,171 |
Total | $ | 148,802 |  |  | $ | 246,258 |  |  | $ | 515,135 |  |  | $ | 536,180 |  |  | $ | 273,798 |  |  | $ | 1,295,441 |  |  | $ | 364,615 |  |  | $ | 3,380,229 |
For the Three Months Ended September 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Nine Months Ended September 30, 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 September 30, 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 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 426,504 |  |  | $ | 61,013 |  |  | $ | 487,517 |
Special mention(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 426,504 |  |  | $ | 61,013 |  |  | $ | 487,517 |
For the Three Months Ended September 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Nine Months Ended September 30, 2023: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.
| As of December 31, 2022
| Year of Origination: |  |  |  |
| 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Agricultural Finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | 202,998 |  |  | $ | 496,269 |  |  | $ | 535,798 |  |  | $ | 254,293 |  |  | $ | 207,379 |  |  | $ | 1,107,834 |  |  | $ | 296,508 |  |  | $ | 3,101,079 |
Special mention(1) | — |  |  | 1,319 |  |  | 1,778 |  |  | — |  |  | 1,198 |  |  | 42,680 |  |  | 3,205 |  |  | 50,180 |
Substandard(2) | — |  |  | — |  |  | 176 |  |  | — |  |  | 3,588 |  |  | 32,597 |  |  | 3,372 |  |  | 39,733 |
Total | $ | 202,998 |  |  | $ | 497,588 |  |  | $ | 537,752 |  |  | $ | 254,293 |  |  | $ | 212,165 |  |  | $ | 1,183,111 |  |  | $ | 303,085 |  |  | $ | 3,190,992 |
For the Three Months Ended September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Nine Months Ended September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.
| As of December 31, 2022
| Year of Origination: |  |  |  |
| 2022 |  | 2021 |  | 2020 |  | 2019 |  | 2018 |  | Prior |  | Revolving Loans - Amortized Cost Basis |  | Total
| (in thousands)
Rural Infrastructure Finance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Internally Assigned Risk Rating: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acceptable | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 470,659 |  |  | $ | 52,533 |  |  | $ | 523,192 |
Special mention(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Substandard(2) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 470,659 |  |  | $ | 52,533 |  |  | $ | 523,192 |
For the Three Months Ended September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
For the Nine Months Ended September 30, 2022: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current period charge-offs | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
(1)Assets in the "Special mention" category generally have potential weaknesses due to performance issues but are currently considered to be adequately secured. (2)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

X
- Definition Tabular disclosure of allowance for credit loss on financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B + Details
Name: | us-gaap_AllowanceForCreditLossesOnFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 29 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-29 + Details
Name: | us-gaap_FinancingReceivableCreditQualityIndicatorsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of aging analysis for financing receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-14 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 80 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479294/326-20-55-80 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-7 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 7A -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-7A + Details
Name: | us-gaap_PastDueFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration