v3.26.1
NOTES PAYABLE (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
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 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 %
Schedule of Long-Term Debt Instruments
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 %