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EQUITY (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
Schedule of Stock by Class | The following table presents 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, 2024: Table 9.1
Name |  | Issuance Date |  | Issuance Cost |  | Shares Issued |  | Annual Dividend Rate(1) |  | Liquidation Value Per Share |  | First Possible Redemption Date(2)
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)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. (2)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 stock during the years ended December 31, 2024, 2023, and 2022: Table 9.2
| For the Year Ended December 31, 2024
| 1st Quarter |  | 2nd Quarter |  | 3rd Quarter |  | 4th Quarter
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C | $ | 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
| For the Year Ended December 31, 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
| For the Year Ended December 31, 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
Share-based Payment Arrangement, Option, Activity | The following tables summarize SARs and non-vested restricted stock unit activity for the years ended December 31, 2024, 2023, and 2022: Table 9.3
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| SARs |  | Weighted- Average Exercise Price |  | SARs |  | Weighted- Average Exercise Price |  | SARs |  | Weighted- Average Exercise Price
Outstanding, beginning of year | 125,952 |  |  | $ | 87.18 |  |  | 132,163 |  |  | $ | 75.82 |  |  | 130,409 |  |  | $ | 66.10 |
Granted | 15,465 |  |  | 198.54 |  |  | 16,761 |  |  | 135.12 |  |  | 18,432 |  |  | 120.38 |
Exercised | (34,728) |  |  | 65.59 |  |  | (22,972) |  |  | 56.82 |  |  | (16,678) |  |  | 49.04 |
Canceled | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Outstanding, end of year | 106,689 |  |  | 110.35 |  |  | 125,952 |  |  | 87.18 |  |  | 132,163 |  |  | 75.82 |
Exercisable at end of year | 73,906 |  |  | 87.31 |  |  | 87,378 |  |  | 73.15 |  |  | 83,054 |  |  | 63.12 |
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| 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 | 114,353 |  |  | $ | 120.13 |  |  | 100,025 |  |  | $ | 91.84 |  |  | 103,891 |  |  | $ | 78.55 |
Granted | 39,333 |  |  | 197.52 |  |  | 59,745 |  |  | 135.56 |  |  | 38,668 |  |  | 120.14 |
Canceled | (4,854) |  |  | 160.27 |  |  | (62) |  |  | 88.68 |  |  | (2,711) |  |  | 97.44 |
Vested and issued | (51,893) |  |  | 107.33 |  |  | (45,355) |  |  | 78.12 |  |  | (39,823) |  |  | 84.25 |
Outstanding, end of year | 96,939 |  |  | 156.37 |  |  | 114,353 |  |  | 120.13 |  |  | 100,025 |  |  | 91.84 |
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, 2024: 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 |  | 4,000 |  |  | 0.2 years |  | 4,000 |  |  | 0.2 years |  | 4,000 |  |  | 0.2 years
40.00 - 54.99 |  | — |  |  | 0.0 years |  | — |  |  | 0.0 years |  | — |  |  | 0.0 years
55.00 - 69.99 |  | 3,381 |  |  | 2.2 years |  | 3,381 |  |  | 2.2 years |  | 3,381 |  |  | 2.2 years
70.00 - 84.99 |  | 30,942 |  |  | 4.8 years |  | 30,942 |  |  | 4.8 years |  | 30,942 |  |  | 4.8 years
85.00 - 99.99 |  | 21,162 |  |  | 5.8 years |  | 21,162 |  |  | 5.8 years |  | 21,162 |  |  | 5.8 years
100.00 - 114.99 |  | — |  |  | 0.0 years |  | — |  |  | 0.0 years |  | — |  |  | 0.0 years
115.00 - 129.99 |  | 14,978 |  |  | 7.2 years |  | 8,834 |  |  | 7.2 years |  | 14,978 |  |  | 7.2 years
130.00 - 144.99 |  | 16,761 |  |  | 8.3 years |  | 5,587 |  |  | 8.3 years |  | 16,761 |  |  | 8.3 years
145.00 - 159.99 |  | — |  |  | 0.0 years |  | — |  |  | 0.0 years |  | — |  |  | 0.0 years
160.00 - 174.99 |  | — |  |  | 0.0 years |  | — |  |  | 0.0 years |  | — |  |  | 0.0 years
175.00 - 189.99 |  | — |  |  | 0.0 years |  | — |  |  | 0.0 years |  | — |  |  | 0.0 years
190.00 - 204.99 |  | 15,465 |  |  | 2.3 years |  | — |  |  | 0.0 years |  | 15,465 |  |  | 2.3 years
|  | 106,689 |  |  |  |  | 73,906 |  |  |  |  | 106,689 |  |  |
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 |  |  |  |
$110.00 - $124.99 |  | 20,087 |  |  | 0.3 years |  | 20,087 |  |  | 0.3 years |  |  |  |
125.00 - 139.99 |  | 38,272 |  |  | 1.3 years |  | 38,272 |  |  | 1.3 years |  |  |  |
140.00 - 154.99 |  | 1,860 |  |  | 1.3 years |  | 1,860 |  |  | 1.3 years |  |  |  |
155.00 - 169.99 |  | — |  |  | 0.0 years |  | — |  |  | 0.0 years |  |  |  |
170.00 - 184.99 |  | 610 |  |  | 2.3 years |  | 610 |  |  | 2.3 years |  |  |  |
185.00 - 199.99 |  | 36,110 |  |  | 2.3 years |  | 36,110 |  |  | 2.3 years |  |  |  |
|  | 96,939 |  |  |  |  | 96,939 |  |  |  |  |  |  |
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 Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Risk-free interest rate | 4.1% |  | 4.1% |  | 1.9%
Expected years until exercise | 6 years |  | 6 years |  | 6 years
Expected stock volatility | 36.0% |  | 36.6% |  | 37.4%
Dividend yield | 2.8% |  | 3.3% |  | 3.2%

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