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FINANCIAL DERIVATIVES - Schedule of Net Income/(Expense) Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2024 | Sep. 30, 2023 | Sep. 30, 2024 | Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Investments and cash equivalents | $ 88,879 | $ 79,947 | $ 258,341 | $ 209,429
Interest Income Farmer Mac Guaranteed Securities and USDA Securities | 156,602 |  |  |
Interest Income Loans | 162,247 | 140,513 | 459,932 | 388,837
Total interest expense | (320,937) | (294,168) | (947,252) | (795,537)
(Losses)/gains on financial derivatives | (1,934) | 2,671 | (1,654) | 4,763
Total | 84,857 |  |  |
Interest expense on interest rate swaps | 3,669 | 9,505 | 13,509 | 20,731
Designated as hedge |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Investments and cash equivalents |  | 79,947 | 258,341 | 209,429
Interest Income Farmer Mac Guaranteed Securities and USDA Securities |  | 161,351 | 489,478 | 442,649
Interest Income Loans |  | 140,513 | 459,932 | 388,837
Total interest expense |  | (294,168) | (947,252) | (795,537)
(Losses)/gains on financial derivatives |  | 2,671 | (1,654) | 4,763
Total |  | 90,314 | 258,845 | 250,141
Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | (22,621) | (20,127) | (78,426) | (38,049)
Premium/discount amortization recognized on hedged items | (65) | (109) | (601) | (738)
Recognized on hedged items | 137,139 | (265,777) | (14,540) | (313,047)
Gains/(losses) on fair value hedging relationships | 205 | 3,210 | 5,811 | (1,796)
Designated as hedge | Cash flow hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Premium/discount amortization recognized on hedged items | (14) | (14) | (42) | (41)
Interest settlements reclassified from AOCI into net income on derivatives | 5,338 | 5,569 | 16,162 | 15,051
Recognized on hedged items | (7,918) | (8,287) | (24,023) | (23,325)
Expense recognized on cash flow hedges | (2,594) | (2,732) | (7,903) | (8,315)
No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | (1,934) | 2,671 | (1,654) | 4,763
Interest Income Investments and Cash Equivalents | Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on hedged items | 11,476 | 9,006 | 31,734 | 23,865
Premium/discount amortization recognized on hedged items | 623 | 623 | 1,555 | 1,399
Recognized on hedged items | 60,915 | (41,944) | 30,032 | (46,485)
Gains/(losses) on fair value hedging relationships | 116 | 107 | 483 | (763)
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 | 54,513 | 46,303 | 158,869 | 133,995
Premium/discount amortization recognized on hedged items | 0 | 0 | 0 | 0
Recognized on hedged items | 189,141 | (107,965) | 101,890 | (116,591)
Gains/(losses) on fair value hedging relationships | (557) | 2,231 | 704 | 676
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 | 17,544 | 16,089 | 50,847 | 47,144
Premium/discount amortization recognized on hedged items | 0 | 0 | 0 | 0
Recognized on hedged items | 98,015 | (105,403) | 38,842 | (97,827)
Gains/(losses) on fair value hedging relationships | (449) | 1,862 | 1,746 | (481)
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 | (106,154) | (91,525) | (319,876) | (243,053)
Premium/discount amortization recognized on hedged items | (688) | (732) | (2,156) | (2,137)
Recognized on hedged items | (210,932) | (10,465) | (185,304) | (52,144)
Gains/(losses) on fair value hedging relationships | 1,095 | (990) | 2,878 | (1,228)
Total Interest Expense | Designated as hedge | Cash flow hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Premium/discount amortization recognized on hedged items | (14) | (14) | (42) | (41)
Interest settlements reclassified from AOCI into net income on derivatives | 5,338 | 5,569 | 16,162 | 15,051
Recognized on hedged items | (7,918) | (8,287) | (24,023) | (23,325)
Expense recognized on cash flow hedges | (2,594) | (2,732) | (7,903) | (8,315)
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 | (1,934) | 2,671 | (1,654) | 4,763
Interest Rate Swap | Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on derivatives | (1,654) | (24,907) | (26,016) | (82,758)
Income/(expense) related to interest settlements on fair value hedging relationships | (24,340) | (45,143) | (105,043) | (121,545)
Recognized on derivatives | (136,934) | 268,987 | 20,351 | 311,251
Interest Rate Swap | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | (1,310) | 2,772 | (581) | 5,263
Interest expense on interest rate swaps | (858) | (805) | (1,379) | (3,999)
Interest Rate Swap | Interest Income Investments and Cash Equivalents | Designated as hedge | Fair value hedges: |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
Recognized on derivatives | 10,774 | 9,950 | 31,479 | 24,952
Income/(expense) related to interest settlements on fair value hedging relationships | 22,873 | 19,579 | 64,768 | 50,216
Recognized on derivatives | (60,799) | 42,051 | (29,549) | 45,722
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 | 39,127 | 40,114 | 118,593 | 104,023
Income/(expense) related to interest settlements on fair value hedging relationships | 93,640 | 86,417 | 277,462 | 238,018
Recognized on derivatives | (189,698) | 110,196 | (101,186) | 117,267
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 | 17,878 | 17,692 | 53,554 | 46,625
Income/(expense) related to interest settlements on fair value hedging relationships | 35,422 | 33,781 | 104,401 | 93,769
Recognized on derivatives | (98,464) | 107,265 | (37,096) | 97,346
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 | (69,433) | (92,663) | (229,642) | (258,358)
Income/(expense) related to interest settlements on fair value hedging relationships | (176,275) | (184,920) | (551,674) | (503,548)
Recognized on derivatives | 212,027 | 9,475 | 188,182 | 50,916
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 | (1,310) | 2,772 | (581) | 5,263
Interest expense on interest rate swaps | (858) | (805) | (1,379) | (3,999)
Treasury futures | No hedge designation |  |  |  |
Derivative Instruments, Gain (Loss) [Line Items] |  |  |  |
(Losses)/gains on financial derivatives | 234 | 704 | 306 | 3,499
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 | $ 234 | $ 704 | $ 306 | $ 3,499

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