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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended
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Sep. 30, 2024
Accounting Policies [Abstract] |
Schedule of Consolidation of Variable Interest Entities | Table 1.1
| Consolidation of Variable Interest Entities
| As of September 30, 2024
| Agricultural Finance |  | Treasury |  | Total
| (in thousands)
On-Balance Sheet: |  |  |  |  |
Consolidated VIEs: |  |  |  |  |
Loans held for investment in consolidated trusts, at amortized cost | $ | 1,718,440 |  |  | $ | — |  |  | $ | 1,718,440 |
Debt securities of consolidated trusts held by third parties (1)(2) | 1,616,513 |  |  | — |  |  | 1,616,513 |
Unconsolidated VIEs: |  |  |  |  |
Farmer Mac Guaranteed Securities: |  |  |  |  |
Carrying value | 57,951 |  |  | — |  |  | 57,951 |
Maximum exposure to loss (3) | 57,502 |  |  | — |  |  | 57,502 |
Investment securities: |  |  |  |  |
Carrying value (4) | — |  |  | 4,289,450 |  |  | 4,289,450 |
Maximum exposure to loss (3)(4) | — |  |  | 4,423,837 |  |  | 4,423,837 |
Off-Balance Sheet: |  |  |  |  |
Unconsolidated VIEs: |  |  |  |  |
Farmer Mac Guaranteed Securities: |  |  |  |  |
Maximum exposure to loss (3)(5) | 430,628 |  |  | — |  |  | 430,628 |
(1)Includes borrower remittances of $0.2 million. The borrower remittances had not been passed through to third-party investors as of September 30, 2024. (2)Includes $102.0 million in unamortized discount related to structured securitization transactions. (3)Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (4)Includes auction-rate certificates, government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, and other mission related investments. (5)The amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause.
| Consolidation of Variable Interest Entities
| As of December 31, 2023
| Agricultural Finance |  | Treasury |  | Total
| (in thousands)
On-Balance Sheet: |  |  |  |  |
Consolidated VIEs: |  |  |  |  |
Loans held for investment in consolidated trusts, at amortized cost | $ | 1,432,261 |  |  | $ | — |  |  | $ | 1,432,261 |
Debt securities of consolidated trusts held by third parties (1)(2) | 1,351,069 |  |  | — |  |  | 1,351,069 |
Unconsolidated VIEs: |  |  |  |  |
Farmer Mac Guaranteed Securities: |  |  |  |  |
Carrying value | 46,343 |  |  | — |  |  | 46,343 |
Maximum exposure to loss (3) | 45,952 |  |  | — |  |  | 45,952 |
Investment securities: |  |  |  |  |
Carrying value (4) | — |  |  | 3,676,555 |  |  | 3,676,555 |
Maximum exposure to loss (3)(4) | — |  |  | 3,862,006 |  |  | 3,862,006 |
Off-Balance Sheet: |  |  |  |  |
Unconsolidated VIEs: |  |  |  |  |
Farmer Mac Guaranteed Securities: |  |  |  |  |
Maximum exposure to loss (3)(5) | 452,602 |  |  | — |  |  | 452,602 |
(1)Includes borrower remittances of $6.0 million. The borrower remittances had not been passed through to third-party investors as of December 31, 2023. (2)Includes $87.1 million in unamortized discount related to a structured securitization transaction. (3)Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss. (4)Includes auction-rate certificates, government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, and other mission related investments. (5)The amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause.
Schedule of Basic and Diluted EPS | The following schedule reconciles basic and diluted EPS for the three and nine months ended September 30, 2024 and 2023: Table 1.2
| For the Three Months Ended
| September 30, 2024 |  | September 30, 2023 |  |
| Net Income |  | Weighted-Average Shares |  | $ per Share |  | Net Income |  | Weighted-Average Shares |  | $ per Share |  |  |  |  |  |
| (in thousands, except per share amounts)
Basic EPS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 42,312 |  |  | 10,883 |  |  | $ | 3.89 |  |  | $ | 51,345 |  |  | 10,839 |  |  | $ | 4.74 |  |  |  |  |  |  |
Effect of dilutive securities(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SARs and restricted stock units | — |  |  | 83 |  |  | (0.03) |  |  | — |  |  | 99 |  |  | (0.05) |  |  |  |  |  |  |
Diluted EPS | $ | 42,312 |  |  | 10,966 |  |  | $ | 3.86 |  |  | $ | 51,345 |  |  | 10,938 |  |  | $ | 4.69 |  |  |  |  |  |  |
(1)For the three months ended September 30, 2024 and 2023, SARs and restricted stock units of 15,465 and 16,761 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the three months ended September 30, 2024 and 2023, contingent shares of unvested restricted stock units of 29,918 and 32,469 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met.
| For the Nine Months Ended
| September 30, 2024 |  | September 30, 2023 |  |
| Net Income |  | Weighted-Average Shares |  | $ per Share |  | Net Income |  | Weighted-Average Shares |  | $ per Share |  |  |  |  |  |
| (in thousands, except per share amounts)
Basic EPS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common stockholders | $ | 129,580 |  |  | 10,869 |  |  | $ | 11.93 |  |  | $ | 132,010 |  |  | 10,825 |  |  | $ | 12.20 |  |  |  |  |  |  |
Effect of dilutive securities(1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
SARs and restricted stock units | — |  |  | 99 |  |  | (0.11) |  |  | — |  |  | 99 |  |  | (0.12) |  |  |  |  |  |  |
Diluted EPS | $ | 129,580 |  |  | 10,968 |  |  | $ | 11.82 |  |  | $ | 132,010 |  |  | 10,924 |  |  | $ | 12.08 |  |  |  |  |  |  |
(1)For the nine months ended September 30, 2024 and 2023, SARs and restricted stock units of 36,033 and 37,990 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the nine months ended September 30, 2024 and 2023, contingent shares of unvested restricted stock units of 29,918 and 32,407 respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met.
Schedule of Accumulated Other Comprehensive Income, Net of Tax | The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the three and nine months ended September 30, 2024 and 2023. Table 1.3
| As of September 30, 2024 |  | As of September 30, 2023
| Available-for-Sale Securities |  | Held-to-Maturity Securities |  | Cash Flow Hedges |  | Total |  | Available-for-Sale Securities |  | Held-to-Maturity Securities |  | Cash Flow Hedges |  | Total
| (in thousands)
For the Three Months Ended: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | (41,062) |  |  | $ | (8,972) |  |  | $ | 40,893 |  |  | $ | (9,141) |  |  | $ | (96,607) |  |  | $ | 15,486 |  |  | $ | 46,770 |  |  | $ | (34,351) |
Other comprehensive income/(loss) before reclassifications | 20,820 |  |  | — |  |  | (9,663) |  |  | 11,157 |  |  | 17,443 |  |  | (25,199) |  |  | 10,376 |  |  | 2,620 |
Amounts reclassified from AOCI | (3) |  |  | (350) |  |  | (4,217) |  |  | (4,570) |  |  | (4) |  |  | 294 |  |  | (4,398) |  |  | (4,108) |
Net comprehensive income/(loss) | 20,817 |  |  | (350) |  |  | (13,880) |  |  | 6,587 |  |  | 17,439 |  |  | (24,905) |  |  | 5,978 |  |  | (1,488) |
Ending Balance | $ | (20,245) |  |  | $ | (9,322) |  |  | $ | 27,013 |  |  | $ | (2,554) |  |  | $ | (79,168) |  |  | $ | (9,419) |  |  | $ | 52,748 |  |  | $ | (35,839) |
For the Nine Months Ended: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Beginning Balance | $ | (68,447) |  |  | $ | (8,724) |  |  | $ | 37,026 |  |  | $ | (40,145) |  |  | $ | (115,561) |  |  | $ | 16,357 |  |  | $ | 48,361 |  |  | $ | (50,843) |
Other comprehensive income/(loss) before reclassifications | 49,042 |  |  | — |  |  | 2,755 |  |  | 51,797 |  |  | 36,406 |  |  | (25,199) |  |  | 16,277 |  |  | 27,484 |
Amounts reclassified from AOCI | (840) |  |  | (598) |  |  | (12,768) |  |  | (14,206) |  |  | (13) |  |  | (577) |  |  | (11,890) |  |  | (12,480) |
Net comprehensive income/(loss) | 48,202 |  |  | (598) |  |  | (10,013) |  |  | 37,591 |  |  | 36,393 |  |  | (25,776) |  |  | 4,387 |  |  | 15,004 |
Ending Balance | $ | (20,245) |  |  | $ | (9,322) |  |  | $ | 27,013 |  |  | $ | (2,554) |  |  | $ | (79,168) |  |  | $ | (9,419) |  |  | $ | 52,748 |  |  | $ | (35,839) |
Schedule of Reclassification out of Accumulated Other Comprehensive Income | The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the three and nine months ended September 30, 2024 and 2023: Table 1.4
| For the Three Months Ended
| September 30, 2024 |  | September 30, 2023 |  |
| Before Tax |  | Provision (Benefit) |  | After Tax |  | Before Tax |  | Provision (Benefit) |  | After Tax |  |  |  |  |  |
| (in thousands)
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale-securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains on available-for-sale securities | $ | 26,354 |  |  | $ | 5,534 |  |  | $ | 20,820 |  |  | $ | 22,081 |  |  | $ | 4,638 |  |  | $ | 17,443 |  |  |  |  |  |  |
Less reclassification adjustments included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains on sale of available-for-sale investment securities(1) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |
Other income(2) | (4) |  |  | (1) |  |  | (3) |  |  | (5) |  |  | (1) |  |  | (4) |  |  |  |  |  |  |
Total | $ | 26,350 |  |  | $ | 5,533 |  |  | $ | 20,817 |  |  | $ | 22,076 |  |  | $ | 4,637 |  |  | $ | 17,439 |  |  |  |  |  |  |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value(3) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (31,898) |  |  | $ | (6,699) |  |  | $ | (25,199) |  |  |  |  |  |  |
Less reclassification adjustments included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income(4) | (443) |  |  | (93) |  |  | (350) |  |  | 373 |  |  | 79 |  |  | 294 |  |  |  |  |  |  |
Total | $ | (443) |  |  | $ | (93) |  |  | $ | (350) |  |  | $ | (31,525) |  |  | $ | (6,620) |  |  | $ | (24,905) |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized (losses)/gains on cash flow hedges | $ | (12,232) |  |  | $ | (2,569) |  |  | $ | (9,663) |  |  | $ | 13,135 |  |  | $ | 2,759 |  |  | $ | 10,376 |  |  |  |  |  |  |
Less reclassification adjustments included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income(5) | (5,337) |  |  | (1,120) |  |  | (4,217) |  |  | (5,569) |  |  | (1,171) |  |  | (4,398) |  |  |  |  |  |  |
Total | $ | (17,569) |  |  | $ | (3,689) |  |  | $ | (13,880) |  |  | $ | 7,566 |  |  | $ | 1,588 |  |  | $ | 5,978 |  |  |  |  |  |  |
Other comprehensive income/(loss) | $ | 8,338 |  |  | $ | 1,751 |  |  | $ | 6,587 |  |  | $ | (1,883) |  |  | $ | (395) |  |  | $ | (1,488) |  |  |  |  |  |  |
(1)Represents realized gains and losses on sales of available-for-sale securities. (2)Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (3)Represents the accumulated unrealized loss on the AgVantage Securities transferred from available-for-sale to held-to-maturity. (4)Relates to the amortization of unrealized gains or losses prior to the reclassification of these securities from available-for-sale to held-to-maturity. The amortization of unrealized gains or losses reported in AOCI for held-to-maturity securities will be offset by the amortization of the premium or discount created from the transfer into held-to-maturity securities, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income. (5)Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI.
| For the Nine Months Ended
| September 30, 2024 |  | September 30, 2023 |  |
| Before Tax |  | Provision (Benefit) |  | After Tax |  | Before Tax |  | Provision (Benefit) |  | After Tax |  |  |  |  |  |
| (in thousands)
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale-securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized holding gains on available-for-sale securities | $ | 62,079 |  |  | $ | 13,037 |  |  | $ | 49,042 |  |  | $ | 46,084 |  |  | $ | 9,678 |  |  | $ | 36,406 |  |  |  |  |  |  |
Less reclassification adjustments included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains on sale of available-for-sale investment securities(1) | (1,052) |  |  | (221) |  |  | (831) |  |  | — |  |  | — |  |  | — |  |  |  |  |  |  |
Other income(2) | (12) |  |  | (3) |  |  | (9) |  |  | (16) |  |  | (3) |  |  | (13) |  |  |  |  |  |  |
Total | $ | 61,015 |  |  | $ | 12,813 |  |  | $ | 48,202 |  |  | $ | 46,068 |  |  | $ | 9,675 |  |  | $ | 36,393 |  |  |  |  |  |  |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value(3) | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | (31,898) |  |  | $ | (6,699) |  |  | $ | (25,199) |  |  |  |  |  |  |
Less reclassification adjustments included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income(4) | (757) |  |  | (159) |  |  | (598) |  |  | (730) |  |  | (153) |  |  | (577) |  |  |  |  |  |  |
Total | $ | (757) |  |  | $ | (159) |  |  | $ | (598) |  |  | $ | (32,628) |  |  | $ | (6,852) |  |  | $ | (25,776) |  |  |  |  |  |  |
Cash flow hedges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains on cash flow hedges | $ | 3,488 |  |  | $ | 733 |  |  | $ | 2,755 |  |  | $ | 20,604 |  |  | $ | 4,327 |  |  | $ | 16,277 |  |  |  |  |  |  |
Less reclassification adjustments included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net interest income(5) | (16,163) |  |  | (3,395) |  |  | (12,768) |  |  | (15,051) |  |  | (3,161) |  |  | (11,890) |  |  |  |  |  |  |
Total | $ | (12,675) |  |  | $ | (2,662) |  |  | $ | (10,013) |  |  | $ | 5,553 |  |  | $ | 1,166 |  |  | $ | 4,387 |  |  |  |  |  |  |
Other comprehensive income | $ | 47,583 |  |  | $ | 9,992 |  |  | $ | 37,591 |  |  | $ | 18,993 |  |  | $ | 3,989 |  |  | $ | 15,004 |  |  |  |  |  |  |
(1)Represents realized gains and losses on sales of available-for-sale securities. (2)Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities. (3)Represents the accumulated unrealized loss on the AgVantage Securities transferred from available-for-sale to held-to-maturity. (4)Relates to the amortization of unrealized gains or losses prior to the reclassification of these securities from available-for-sale to held-to-maturity. The amortization of unrealized gains or losses reported in AOCI for held-to-maturity securities will be offset by the amortization of the premium or discount created from the transfer into held-to-maturity securities, which occurred at fair value. These unrealized gains or losses will be recorded over the remaining life of the security with no impact on future net income. (5)Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI.
Schedule of Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance
Standard | Description | Date of Adoption | Effect on Consolidated Financial Statements
ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method | The amendments in this Update permit an entity to elect to account for their tax equity investments using the proportional amortization method if certain conditions are met, regardless of the tax credit program from which the income tax credits are received. | January 1, 2024 | The adoption of this Update did not have a material effect on Farmer Mac's financial position, results of operations, or cash flows.
Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements
Standard | Description | Effect on Consolidated Financial Statements
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures | The amendments in this Update require disclosures, on an annual and interim basis, of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM"), as well as the aggregate amount of other segment items included in the reported measure of segment profit or loss. This Update also requires that a public entity disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss. Public entities will be required to provide all annual disclosures currently required by Topic 280 in interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively. Early adoption is permitted. | Farmer Mac does not expect the adoption of this Update to have a material impact on Farmer Mac's financial position, results of operations, or cash flows.
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures | The Update provides guidance on improvements to annual income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Additionally, public entities must provide a separate disclosure for any reconciling item that meets a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The amendments should be applied on a prospective basis. Early adoption is permitted. | Farmer Mac is still assessing the impact of the new accounting standard but does not expect that adoption of the new guidance will have a material impact on Farmer Mac's financial position, results of operations, or cash flows.

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- Definition Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-5A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-9 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-4 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481203/810-10-50-6 + Details
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