v3.26.1
NOTES PAYABLE
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
NOTES PAYABLE NOTES PAYABLE
Farmer Mac's borrowings consist of discount notes and medium-term notes, both of which are unsecured general obligations of Farmer Mac. Discount notes generally have original maturities of 1 year or less, whereas medium-term notes generally have original maturities of 0.5 years to 25.0 years.
The following tables set forth information related to Farmer Mac's borrowings as of March 31, 2026 and December 31, 2025:

Table 6.1
 March 31, 2026
 Outstanding as of March 31
Average Outstanding During the Quarter
  AmountWeighted- Average RateAmountWeighted- Average Rate
  (dollars in thousands)
Due within one year:    
Discount notes$2,064,121 3.78 %$2,275,725 3.78 %
Medium-term notes2,640,399 3.84 %2,731,521 3.86 %
Current portion of medium-term notes6,798,600 3.00 %
 Total due within one year$11,503,120 3.33 %  
Due after one year:   
Medium-term notes due in:   
Two years$6,207,456 3.71 %  
Three years3,807,152 3.94 %  
Four years3,379,599 4.15 %  
Five years5,242,070 3.60 %
Thereafter2,138,135 3.04 %  
Total due after one year$20,774,412 3.73 %  
Total principal net of discounts$32,277,532 3.59 %  
Hedging adjustments(41,224)
Total$32,236,308 

 December 31, 2025
 Outstanding as of December 31Average Outstanding During the Year
AmountWeighted- Average RateAmountWeighted- Average Rate
  (dollars in thousands)
Due within one year:    
Discount notes$2,614,571 3.87 %$1,854,488 4.22 %
Medium-term notes2,822,454 4.02 %2,901,863 4.35 %
Current portion of medium-term notes5,834,657 2.77 %
 Total due within one year$11,271,682 3.34 %  
Due after one year:    
Medium-term notes due in:    
Two years$6,641,397 3.65 %  
Three years3,740,471 3.97 %  
Four years2,836,656 4.24 %  
Five years3,889,804 3.71 %
Thereafter2,435,870 2.88 %  
Total due after one year$19,544,198 3.71 %  
Total principal net of discounts$30,815,880 3.58 %  
Hedging adjustments6,690 
Total$30,822,570 
The maximum amount of Farmer Mac's discount notes outstanding at any month end during the three months ended March 31, 2026 and 2025 was $2.2 billion and $2.1 billion, respectively.

Callable medium‑term notes give Farmer Mac the option to redeem the debt at par value on specified call dates or, depending on the instrument, periodically on or after a specified call date. The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2026 as of March 31, 2026:

Table 6.2
Debt Callable in 2026 as of March 31, 2026, by Maturity
AmountWeighted-Average Rate
(dollars in thousands)
Maturity:
2027$933,756 2.64 %
20281,241,374 3.95 %
20291,324,124 4.42 %
20301,220,984 3.00 %
Thereafter1,504,548 2.64 %
 Total$6,224,786 3.35 %

The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of March 31, 2026, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date:

Table 6.3
Earliest Interest Rate Reset Date, or Debt Maturities, of Borrowings Outstanding
AmountWeighted-Average Rate
  (dollars in thousands)
Debt with interest rate resets, or debt maturities in:  
2026$13,199,515 3.51 %
20274,645,344 3.40 %
20283,417,858 3.92 %
20292,970,135 4.14 %
20304,088,892 3.67 %
Thereafter3,955,788 3.28 %
Total principal net of discounts$32,277,532 3.59 %

During the three months ended March 31, 2026 and 2025, Farmer Mac called $843.1 million and $488.5 million of callable medium-term notes, respectively.

Authority to Borrow from the U.S. Treasury

Farmer Mac's statutory Charter authorizes it to borrow up to $1.5 billion from the U.S. Treasury through the issuance of debt obligations to the U.S. Treasury. Any funds borrowed from the U.S. Treasury may be used solely to fulfill Farmer Mac's guarantee obligations. The Charter provides that the U.S. Treasury is required to purchase debt obligations up to the authorized limit if Farmer Mac certifies that:
 
•a portion of the guarantee fees have been set aside as a reserve against losses arising from guarantee activities in an amount determined by Farmer Mac's board of directors to be necessary and such reserve has been exhausted; and
•the proceeds of the purchase of such obligations are needed to fulfill Farmer Mac's guarantee obligations.
Any debt obligations issued by Farmer Mac under this authority would bear interest at a rate determined by the U.S. Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States as of the last day of the last calendar month ending before the date of the purchase of the obligations from Farmer Mac. The Charter requires Farmer Mac to repurchase any of its debt obligations held by the U.S. Treasury within a reasonable time. As of March 31, 2026, Farmer Mac had not used this borrowing authority.