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NOTES PAYABLE (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The following tables set forth information related to Farmer Mac's borrowings as of June 30, 2024 and December 31, 2023: Table 7.1
| June 30, 2024
| Outstanding as of June 30 |  | Average Outstanding During the Quarter
| Amount |  | Weighted- Average Rate |  | Amount |  | Weighted- Average Rate
| (dollars in thousands)
Due within one year: |  |  |  |  |  |  |
Discount notes | $ | 2,277,122 |  |  | 5.21 | % |  | $ | 1,819,293 |  |  | 5.24 | %
Medium-term notes | 643,430 |  |  | 5.25 | % |  | 381,667 |  |  | 5.26 | %
Current portion of medium-term notes | 6,128,319 |  |  | 3.35 | % |  |  |  |
Total due within one year | $ | 9,048,871 |  |  | 3.95 | % |  |  |  |
Due after one year: |  |  |  |  |  |  |
Medium-term notes due in: |  |  |  |  |  |  |
Two years | $ | 4,729,447 |  |  | 2.92 | % |  |  |  |
Three years | 4,206,620 |  |  | 2.89 | % |  |  |  |
Four years | 2,679,370 |  |  | 3.96 | % |  |  |  |
Five years | 2,710,065 |  |  | 4.63 | % |  |  |  |
Thereafter | 3,444,344 |  |  | 2.84 | % |  |  |  |
Total due after one year | $ | 17,769,846 |  |  | 3.31 | % |  |  |  |
Total principal net of discounts | $ | 26,818,717 |  |  | 3.53 | % |  |  |  |
Hedging adjustments | (276,046) |  |  |  |  |  |  |
Total | $ | 26,542,671 |  |  |  |  |  |  |
| 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 following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2024 as of June 30, 2024: Table 7.2
Debt Callable in 2024 as of June 30, 2024, by Maturity
| Amount |  | Weighted-Average Rate
| (dollars in thousands)
Maturity: |  |  |
2025 | $ | 1,090,587 |  |  | 3.11 | %
2026 | 1,378,895 |  |  | 2.00 | %
2027 | 869,065 |  |  | 2.83 | %
2028 | 548,013 |  |  | 4.16 | %
Thereafter | 1,790,661 |  |  | 2.51 | %
Total | $ | 5,677,221 |  |  | 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 June 30, 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 | $ | 7,431,079 |  |  | 4.54 | %
2025 | 5,542,427 |  |  | 3.17 | %
2026 | 4,066,181 |  |  | 2.36 | %
2027 | 3,168,266 |  |  | 3.39 | %
2028 | 2,564,571 |  |  | 4.22 | %
Thereafter | 4,046,193 |  |  | 3.01 | %
Total principal net of discounts | $ | 26,818,717 |  |  | 3.53 | %

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