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FINANCIAL DERIVATIVES - Schedule of Net Income/(Expense) Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Investments and cash equivalents | $ 84,538 | $ 69,779 | $ 169,462 | $ 129,482
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | 166,063 |  |  |
Interest Income Loans | 153,105 | 129,292 | 297,685 | 248,324
Total interest expense | (316,366) | (265,155) | (626,315) | (501,369)
(Losses)/gains on financial derivatives | (1,799) | 1,693 | 280 | 2,092
Total | 85,541 |  |  |
Interest expense on interest rate swaps | 2,526 | 5,871 | 9,840 | 11,226
Designated as hedge |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Investments and cash equivalents |  | 69,779 | 169,462 | 129,482
Interest Income Farmer Mac Guaranteed Securities and USDA Securities |  | 144,761 | 332,876 | 281,298
Interest Income Loans |  | 129,292 | 297,685 | 248,324
Total interest expense |  | (265,155) | (626,315) | (501,369)
(Losses)/gains on financial derivatives |  | 1,693 | 280 | 2,092
Total |  | 80,370 | 173,988 | 159,827
Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | (27,625) | (11,084) | (55,808) | (17,919)
Premium/discount amortization recognized on hedged items | (234) | (205) | (535) | (628)
Recognized on hedged items | (51,842) | (102,251) | (151,678) | (47,269)
Gains/(losses) on fair value hedging relationships | 2,604 | (4,901) | 5,606 | (5,006)
Designated as hedge | Cash flow hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Premium/discount amortization recognized on hedged items | (14) | (14) | (27) | (27)
Interest settlements reclassified from AOCI into net income on derivatives | 5,393 | 5,091 | 10,824 | 9,482
Recognized on hedged items | (8,014) | (7,848) | (16,105) | (15,038)
Expense recognized on cash flow hedges | (2,635) | (2,771) | (5,308) | (5,583)
No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | (1,799) | 1,693 | 280 | 2,092
Interest Income Investments and Cash Equivalents | Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | 10,309 | 7,898 | 20,257 | 14,859
Premium/discount amortization recognized on hedged items | 487 | 508 | 933 | 776
Recognized on hedged items | (3,361) | (31,969) | (30,882) | (4,541)
Gains/(losses) on fair value hedging relationships | 99 | (1,145) | 368 | (870)
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 | 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 Investments and Cash Equivalents | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | 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 | 52,651 | 45,722 | 104,356 | 87,693
Premium/discount amortization recognized on hedged items | 0 | 0 | 0 | 0
Recognized on hedged items | (6,508) | (101,921) | (87,251) | (8,625)
Gains/(losses) on fair value hedging relationships | 418 | (1,059) | 1,261 | (1,555)
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 | 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 | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0
Interest Income Loans | Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | 16,705 | 15,848 | 33,302 | 31,056
Premium/discount amortization recognized on hedged items | 0 | 0 | 0 | 0
Recognized on hedged items | (12,112) | (49,381) | (59,173) | 7,576
Gains/(losses) on fair value hedging relationships | 1,076 | (2,619) | 2,195 | (2,343)
Interest Income Loans | Designated as hedge | Cash flow hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Premium/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 | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | 0 | 0 | 0 | 0
Total Interest Expense | Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | (107,290) | (80,552) | (213,723) | (151,527)
Premium/discount amortization recognized on hedged items | (721) | (713) | (1,468) | (1,404)
Recognized on hedged items | (29,861) | 81,020 | 25,628 | (41,679)
Gains/(losses) on fair value hedging relationships | 1,011 | (78) | 1,782 | (238)
Total Interest Expense | Designated as hedge | Cash flow hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Premium/discount amortization recognized on hedged items | (14) | (14) | (27) | (27)
Interest settlements reclassified from AOCI into net income on derivatives | 5,393 | 5,091 | 10,824 | 9,482
Recognized on hedged items | (8,014) | (7,848) | (16,105) | (15,038)
Expense recognized on cash flow hedges | (2,635) | (2,771) | (5,308) | (5,583)
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 | Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | 0 | 0 | 0 | 0
Premium/discount amortization recognized on hedged items | 0 | 0 | 0 | 0
Recognized on hedged items | 0 | 0 | 0 | 0
Gains/(losses) on fair value hedging relationships | 0 | 0 | 0 | 0
Losses on financial derivatives | Designated as hedge | Cash flow hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Premium/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 | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | (1,799) | 1,693 | 280 | 2,092
Interest Rate Swap | Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on derivatives | (9,290) | (29,023) | (24,362) | (57,852)
Income/(expense) related to interest settlements on fair value hedging relationships | (37,149) | (40,312) | (80,705) | (76,399)
Recognized on derivatives | 54,446 | 97,350 | 157,284 | 42,263
Interest Rate Swap | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | (26) | 2,458 | 729 | 2,490
Interest expense on interest rate swaps | (486) | (1,568) | (521) | (3,193)
Interest Rate Swap | Interest Income Investments and Cash Equivalents | Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on derivatives | 10,408 | 8,452 | 20,705 | 15,001
Income/(expense) related to interest settlements on fair value hedging relationships | 21,204 | 16,858 | 41,895 | 30,636
Recognized on derivatives | 3,460 | 30,824 | 31,250 | 3,671
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 | 0 | 0
Interest expense on interest rate swaps | 0 | 0 | 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 | 39,134 | 34,999 | 79,467 | 63,909
Income/(expense) related to interest settlements on fair value hedging relationships | 91,785 | 80,721 | 183,823 | 151,602
Recognized on derivatives | 6,926 | 100,862 | 88,512 | 7,070
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 | Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on derivatives | 17,827 | 15,754 | 35,676 | 28,933
Income/(expense) related to interest settlements on fair value hedging relationships | 34,532 | 31,602 | 68,978 | 59,989
Recognized on derivatives | 13,188 | 46,762 | 61,368 | (9,919)
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 | Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on derivatives | (76,659) | (88,228) | (160,210) | (165,695)
Income/(expense) related to interest settlements on fair value hedging relationships | (184,670) | (169,493) | (375,401) | (318,626)
Recognized on derivatives | 30,872 | (81,098) | (23,846) | 41,441
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 | Designated as hedge | 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 | (26) | 2,458 | 729 | 2,490
Interest expense on interest rate swaps | (486) | (1,568) | (521) | (3,193)
Treasury futures | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | (1,287) | 803 | 72 | 2,795
Treasury futures | Interest Income Investments and Cash Equivalents | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | 0 | 0 | 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 | $ (1,287) | $ 803 | $ 72 | $ 2,795

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