v3.26.1
BUSINESS SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
BUSINESS SEGMENT REPORTING BUSINESS SEGMENT REPORTING
The following table presents Farmer Mac's seven segments:

Agricultural Finance Infrastructure FinanceTreasury
Farm & RanchCorporate AgFinancePower & UtilitiesBroadband InfrastructureRenewable EnergyFundingInvestments

The Chief Executive Officer serves as the Chief Operating Decision Maker ("CODM"). The CODM reviews segment core earnings to make decisions about allocating resources and to assess the financial performance of the segments. The main difference between core earnings and net income is the exclusion of the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Another difference is that core earnings excludes specified infrequent or unusual transactions that are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. The CODM also looks at changes in the segments' on- and off-balance sheet unpaid principal balances to assess the performance of the segments.
The following tables present segment core earnings and assets for the three months ended March 31, 2026 and 2025.

Table 9.1
Core Earnings by Business Segment
For the Three Months Ended March 31, 2026
Agricultural FinanceInfrastructure FinanceTreasury
Farm & RanchCorporate AgFinance
Power &
Utilities
Broadband Infrastructure
Renewable EnergyFundingInvestments
Total
 (in thousands)
Interest income
$168,992 $25,169 $73,864 $16,124 $31,959 $19,203 $80,650 $415,961 
Interest expense(1)
(130,391)(16,230)(67,330)(10,296)(22,880)12,112 (79,550)(314,565)
Less: reconciling adjustments(2)(3)
(928)— (43)— — 1,332 242 603 
Net effective spread37,673 8,939 6,491 5,828 9,079 32,647 1,342 101,999 
Guarantee and commitment fees(3)
4,952 267 200 875 421 — — 6,715 
Other income/(expense)
875 — — (56)— — — 819 
(Provision for)/release of losses
(2,859)(2,020)61 47 (56)— — (4,827)
Operating expenses(1)
(8,165)(2,480)(1,097)(1,705)(1,890)(2,422)(824)(18,583)
Income tax expense
(6,620)(988)(1,188)(1,048)(1,586)(6,347)(109)(17,886)
Segment core earnings
$25,856 $3,718 $4,467 $3,941 $5,968 $23,878 $409 $68,237 
Reconciliation to net income:
Net effects of derivatives and trading securities
$71 
Unallocated (expenses)/income
(14,759)
Income tax effect related to reconciling items5,574 
Net income
$59,123 
Total Assets:
Total on- and off-balance sheet segment assets at principal balance
$20,240,198 $2,052,309 $7,975,632 $1,690,148 $2,887,767 $— $— $34,846,054 
Off-balance sheet assets under management
(5,902,319)
Unallocated assets
7,785,511 
Total assets on the Consolidated Balance Sheets
$36,729,246 
(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 March 31, 2025
Agricultural FinanceInfrastructure FinanceTreasury
Farm & RanchCorporate AgFinancePower &
Utilities		Broadband InfrastructureRenewable EnergyFundingInvestmentsTotal
 (in thousands)
Interest income
$149,681 $25,122 $64,995 $10,833 $20,315 $32,978 $77,490 $381,414 
Interest expense(1)
(114,789)(16,482)(59,638)(7,267)(15,203)(1,460)(75,636)(290,475)
Less: reconciling adjustments(2)(3)
(1,007)— (28)— — 86 — (949)
Net effective spread33,885 8,640 5,329 3,566 5,112 31,604 1,854 89,990 
Guarantee and commitment fees(3)
4,551 197 221 336 183 — — 5,488 
Other income/(expense)
1,222 — — — — — 22 1,244 
Release of/(provision for) losses
193 (828)(77)229 (1,100)— — (1,583)
Operating expenses(1)
(6,595)(2,133)(1,123)(1,052)(1,708)(2,800)(823)(16,234)
Income tax expense
(6,982)(1,235)(913)(647)(522)(6,049)(221)(16,569)
Segment core earnings
$26,274 $4,641 $3,437 $2,432 $1,965 $22,755 $832 $62,336 
Reconciliation to net income:
Net effects of derivatives and trading securities$(2,535)
Unallocated (expense)/income
(13,245)
Income tax effect related to reconciling items3,095 
Net income$49,651 
Total Assets:
Total on- and off-balance sheet segment assets at principal balance
$18,094,515 $1,889,363 $7,187,966 $974,835 $1,608,664 $— $— $29,755,343 
Off-balance sheet assets under management
(5,071,733)
Unallocated assets
7,120,329 
Total assets on the Consolidated Balance Sheets
$31,803,939 
(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.