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

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