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v3.25.2

NOTES PAYABLE - Borrowings (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2025 | Dec. 31, 2024
Due within one year: |  |
Outstanding, Amount | $ 10,283,707 | $ 10,437,623
Outstanding, Weighted - average rate | 3.55% | 3.77%
Medium-term notes due in: |  |
Two years | $ 6,235,077 |
Three years | 3,464,128 |
Four years | 2,953,903 |
Five years | 3,036,068 |
Thereafter | 2,904,357 |
Total due after one year | 18,593,533 |
Total principal net of discounts | 28,877,240 | $ 27,520,173
Hedging adjustments | (33,909) | (148,999)
Total | $ 28,843,331 | 27,371,174
Weighted - average rate | 3.60% |
Total weighted - average rate | 3.58% |
Two years |  |
Medium-term notes due in: |  |
Weighted - average rate | 3.25% |
Three years |  |
Medium-term notes due in: |  |
Weighted - average rate | 3.85% |
Four years |  |
Medium-term notes due in: |  |
Weighted - average rate | 4.33% |
Five years |  |
Medium-term notes due in: |  |
Weighted - average rate | 4.15% |
Thereafter |  |
Medium-term notes due in: |  |
Weighted - average rate | 2.75% |
Discount notes |  |
Due within one year: |  |
Outstanding, Amount | $ 1,972,497 | $ 2,167,258
Outstanding, Weighted - average rate | 4.13% | 4.42%
Average Outstanding, Amount | $ 1,796,150 | $ 1,928,884
Average Outstanding, Weighted - average rate (as a percent) | 4.29% | 5.11%
Medium-term notes |  |
Due within one year: |  |
Outstanding, Amount | $ 3,260,919 | $ 2,343,264
Outstanding, Weighted - average rate | 4.33% | 4.64%
Average Outstanding, Amount | $ 2,990,808 | $ 1,000,290
Average Outstanding, Weighted - average rate (as a percent) | 4.41% | 5.28%
Medium-term notes due in: |  |
Two years |  | $ 4,844,538
Three years |  | 3,822,999
Four years |  | 2,732,980
Five years |  | 2,491,831
Thereafter |  | 3,190,202
Total due after one year |  | $ 17,082,550
Weighted - average rate |  | 3.34%
Total weighted - average rate |  | 3.51%
Medium-term notes | Two years |  |
Medium-term notes due in: |  |
Weighted - average rate |  | 2.66%
Medium-term notes | Three years |  |
Medium-term notes due in: |  |
Weighted - average rate |  | 3.53%
Medium-term notes | Four years |  |
Medium-term notes due in: |  |
Weighted - average rate |  | 4.13%
Medium-term notes | Five years |  |
Medium-term notes due in: |  |
Weighted - average rate |  | 4.41%
Medium-term notes | Thereafter |  |
Medium-term notes due in: |  |
Weighted - average rate |  | 2.63%
Current portion of medium-term notes |  |
Due within one year: |  |
Outstanding, Amount | $ 5,050,291 | $ 5,927,101
Outstanding, Weighted - average rate | 2.82% | 3.20%

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