XML 42 R31.htm IDEA: XBRL DOCUMENT
v3.25.2

BUSINESS SEGMENT REPORTING (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | The following tables present segment core earnings and assets for the three and six months ended June 30, 2025 and 2024. Table 10.1
Core Earnings by Business Segment
For the Three Months Ended June 30, 2025
| Agricultural Finance |  | Infrastructure Finance |  | Treasury |  |
| Farm & Ranch |  | Corporate AgFinance |  | Power & Utilities |  | Broadband Infrastructure |  | Renewable Energy |  | Funding |  | Investments |  | Total
| (in thousands)
Interest income | $ | 152,218 |  |  | $ | 25,484 |  |  | $ | 67,447 |  |  | $ | 12,159 |  |  | $ | 23,494 |  |  | $ | 35,619 |  |  | $ | 82,601 |  |  | $ | 399,022 |
Interest expense(1) | (115,524) |  |  | (16,875) |  |  | (61,786) |  |  | (8,227) |  |  | (17,267) |  |  | (1,920) |  |  | (80,626) |  |  | (302,225) |
Less: reconciling adjustments(2)(3) | (984) |  |  | — |  |  | (25) |  |  | — |  |  | — |  |  | (2,031) |  |  | 136 |  |  | (2,904) |
Net effective spread | 35,710 |  |  | 8,609 |  |  | 5,636 |  |  | 3,932 |  |  | 6,227 |  |  | 31,668 |  |  | 2,111 |  |  | 93,893 |
Guarantee and commitment fees(3) | 4,551 |  |  | 224 |  |  | 215 |  |  | 564 |  |  | 320 |  |  | — |  |  | — |  |  | 5,874 |
Other income/(expense) | 313 |  |  | 345 |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 14 |  |  | 680 |
(Provision for)/release of losses | (4,494) |  |  | (614) |  |  | (73) |  |  | (666) |  |  | (1,964) |  |  | — |  |  | (1) |  |  | (7,812) |
Operating expenses(1) | (7,020) |  |  | (2,378) |  |  | (1,156) |  |  | (1,274) |  |  | (1,560) |  |  | (3,003) |  |  | (888) |  |  | (17,279) |
Income tax (expense)/benefit | (6,101) |  |  | (1,300) |  |  | (970) |  |  | (537) |  |  | (637) |  |  | (6,020) |  |  | (260) |  |  | (15,825) |
Segment core earnings | $ | 22,959 |  |  | $ | 4,886 |  |  | $ | 3,652 |  |  | $ | 2,019 |  |  | $ | 2,394 |  |  | $ | 22,645 |  |  | $ | 976 |  |  | $ | 59,531 |
Reconciliation to net income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net effects of derivatives and trading securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,260 |
Unallocated (expenses)/income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (12,185) |
Income tax effect related to reconciling items |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 5,231 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 54,837 |
Total Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total on- and off-balance sheet segment assets at principal balance | $ | 18,217,905 |  |  | $ | 1,953,523 |  |  | $ | 7,300,354 |  |  | $ | 1,174,441 |  |  | $ | 1,941,036 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,587,259 |
Off-balance sheet assets under management |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,257,348) |
Unallocated assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,665,998 |
Total assets on the Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 32,995,909 |
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains/(losses) on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships. (3)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.
Core Earnings by Business Segment
For the Three Months Ended June 30, 2024
| Agricultural Finance |  | Infrastructure Finance |  | Treasury |  |
| Farm & Ranch |  | Corporate AgFinance |  | Power & Utilities |  | Broadband Infrastructure |  | Renewable Energy |  | Funding |  | Investments |  | Total
| (in thousands)
Interest income | $ | 157,317 |  |  | $ | 26,036 |  |  | $ | 67,375 |  |  | $ | 8,728 |  |  | $ | 11,600 |  |  | $ | 56,845 |  |  | $ | 75,805 |  |  | $ | 403,706 |
Interest expense(1) | (121,795) |  |  | (18,170) |  |  | (62,096) |  |  | (6,335) |  |  | (8,601) |  |  | (24,225) |  |  | (75,144) |  |  | (316,366) |
Less: reconciling adjustments(2)(3) | (1,366) |  |  | — |  |  | (26) |  |  | — |  |  | — |  |  | (2,352) |  |  | — |  |  | (3,744) |
Net effective spread | 34,156 |  |  | 7,866 |  |  | 5,253 |  |  | 2,393 |  |  | 2,999 |  |  | 30,268 |  |  | 661 |  |  | 83,596 |
Guarantee and commitment fees(3) | 4,612 |  |  | 127 |  |  | 245 |  |  | 56 |  |  | 216 |  |  | — |  |  | — |  |  | 5,256 |
Other income/(expense) | 517 |  |  | (1,152) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,059 |  |  | 424 |
(Provision for)/release of losses | (247) |  |  | (5,354) |  |  | 116 |  |  | 371 |  |  | (1,117) |  |  | — |  |  | 1 |  |  | (6,230) |
Operating expenses(1) | (5,866) |  |  | (1,905) |  |  | (1,016) |  |  | (893) |  |  | (1,186) |  |  | (2,318) |  |  | (654) |  |  | (13,838) |
Income tax (expense)/benefit | (6,967) |  |  | 88 |  |  | (966) |  |  | (405) |  |  | (192) |  |  | (5,870) |  |  | (224) |  |  | (14,536) |
Segment core earnings | $ | 26,205 |  |  | $ | (330) |  |  | $ | 3,632 |  |  | $ | 1,522 |  |  | $ | 720 |  |  | $ | 22,080 |  |  | $ | 843 |  |  | $ | 54,672 |
Reconciliation to net income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net effects of derivatives and trading securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 653 |
Unallocated (expense)/income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (10,643) |
Income tax effect related to reconciling items |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,423 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 47,105 |
Total Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total on- and off-balance sheet segment assets at principal balance | $ | 18,504,501 |  |  | $ | 1,816,893 |  |  | $ | 7,008,275 |  |  | $ | 553,198 |  |  | $ | 875,472 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,758,339 |
Off-balance sheet assets under management |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,569,607) |
Unallocated assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,005,582 |
Total assets on the Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 30,194,314 |
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains/(losses) on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships. (3)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.
Core Earnings by Business Segment
For the Six Months Ended June 30, 2025
| Agricultural Finance |  | Infrastructure Finance |  | Treasury |  |
| Farm & Ranch |  | Corporate AgFinance |  | Power & Utilities |  | Broadband Infrastructure |  | Renewable Energy |  | Funding |  | Investments |  | Total
| (in thousands)
Interest income | $ | 301,899 |  |  | $ | 50,606 |  |  | $ | 132,442 |  |  | $ | 22,992 |  |  | $ | 43,809 |  |  | $ | 68,597 |  |  | $ | 160,091 |  |  | $ | 780,436 |
Interest expense(1) | (230,313) |  |  | (33,357) |  |  | (121,424) |  |  | (15,494) |  |  | (32,470) |  |  | (3,380) |  |  | (156,262) |  |  | (592,700) |
Less: reconciling adjustments(2)(3) | (1,991) |  |  | — |  |  | (53) |  |  | — |  |  | — |  |  | (1,945) |  |  | 136 |  |  | (3,853) |
Net effective spread | 69,595 |  |  | 17,249 |  |  | 10,965 |  |  | 7,498 |  |  | 11,339 |  |  | 63,272 |  |  | 3,965 |  |  | 183,883 |
Guarantee and commitment fees(3) | 9,102 |  |  | 421 |  |  | 436 |  |  | 900 |  |  | 503 |  |  | — |  |  | — |  |  | 11,362 |
Other income/(expense) | 1,535 |  |  | 345 |  |  | — |  |  | — |  |  | 8 |  |  | — |  |  | 36 |  |  | 1,924 |
(Provision for)/release of losses | (4,301) |  |  | (1,442) |  |  | (150) |  |  | (437) |  |  | (3,064) |  |  | — |  |  | (1) |  |  | (9,395) |
Operating expenses(1) | (13,615) |  |  | (4,511) |  |  | (2,279) |  |  | (2,326) |  |  | (3,268) |  |  | (5,803) |  |  | (1,711) |  |  | (33,513) |
Income tax (expense)/benefit | (13,083) |  |  | (2,535) |  |  | (1,883) |  |  | (1,184) |  |  | (1,159) |  |  | (12,069) |  |  | (481) |  |  | (32,394) |
Segment core earnings | $ | 49,233 |  |  | $ | 9,527 |  |  | $ | 7,089 |  |  | $ | 4,451 |  |  | $ | 4,359 |  |  | $ | 45,400 |  |  | $ | 1,808 |  |  | $ | 121,867 |
Reconciliation to net income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net effects of derivatives and trading securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | (275) |
Unallocated (expenses)/income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (25,430) |
Income tax effect related to reconciling items |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 8,326 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 104,488 |
Total Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total on- and off-balance sheet segment assets at principal balance | $ | 18,217,905 |  |  | $ | 1,953,523 |  |  | $ | 7,300,354 |  |  | $ | 1,174,441 |  |  | $ | 1,941,036 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,587,259 |
Off-balance sheet assets under management |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5,257,348) |
Unallocated assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,665,998 |
Total assets on the Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 32,995,909 |
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains/(losses) on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships. (3)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.
Core Earnings by Business Segment
For the Six Months Ended June 30, 2024
| Agricultural Finance |  | Infrastructure Finance |  | Treasury |  |
| Farm & Ranch |  | Corporate AgFinance |  | Power & Utilities |  | Broadband Infrastructure |  | Renewable Energy |  | Funding |  | Investments |  | Total
| (in thousands)
Interest income | $ | 309,521 |  |  | $ | 50,924 |  |  | $ | 133,681 |  |  | $ | 17,423 |  |  | $ | 19,749 |  |  | $ | 117,084 |  |  | $ | 151,641 |  |  | $ | 800,023 |
Interest expense(1) | (240,110) |  |  | (35,087) |  |  | (123,479) |  |  | (12,688) |  |  | (14,701) |  |  | (49,745) |  |  | (150,505) |  |  | (626,315) |
Less: reconciling adjustments(2)(3) | (2,412) |  |  | — |  |  | (60) |  |  | — |  |  | — |  |  | (4,596) |  |  | — |  |  | (7,068) |
Net effective spread | 66,999 |  |  | 15,837 |  |  | 10,142 |  |  | 4,735 |  |  | 5,048 |  |  | 62,743 |  |  | 1,136 |  |  | 166,640 |
Guarantee and commitment fees(3) | 9,096 |  |  | 214 |  |  | 501 |  |  | 149 |  |  | 278 |  |  | — |  |  | — |  |  | 10,238 |
Other income/(expense) | 1,512 |  |  | (1,140) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,063 |  |  | 1,435 |
(Provision for)/release of losses | (744) |  |  | (4,976) |  |  | 290 |  |  | 3,207 |  |  | (2,139) |  |  | — |  |  | 2 |  |  | (4,360) |
Operating expenses(1) | (11,995) |  |  | (3,755) |  |  | (2,147) |  |  | (1,720) |  |  | (2,254) |  |  | (4,882) |  |  | (1,383) |  |  | (28,136) |
Income tax (expense)/benefit | (13,623) |  |  | (1,298) |  |  | (1,846) |  |  | (1,338) |  |  | (196) |  |  | (12,151) |  |  | (172) |  |  | (30,624) |
Segment core earnings | $ | 51,245 |  |  | $ | 4,882 |  |  | $ | 6,940 |  |  | $ | 5,033 |  |  | $ | 737 |  |  | $ | 45,710 |  |  | $ | 646 |  |  | $ | 115,193 |
Reconciliation to net income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net effects of derivatives and trading securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 5,132 |
Unallocated (expense)/income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (23,485) |
Income tax effect related to reconciling items |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,011 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 100,851 |
Total Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total on- and off-balance sheet segment assets at principal balance | $ | 18,504,501 |  |  | $ | 1,816,893 |  |  | $ | 7,008,275 |  |  | $ | 553,198 |  |  | $ | 875,472 |  |  | $ | — |  |  | $ | — |  |  | $ | 28,758,339 |
Off-balance sheet assets under management |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,569,607) |
Unallocated assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6,005,582 |
Total assets on the Consolidated Balance Sheets |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 30,194,314 |
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains/(losses) on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships. (3)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration