v3.26.1
BUSINESS SEGMENT REPORTING
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 2026 and 2025.

Table 9.1
Core Earnings by Business Segment
For the Three Months Ended June 30, 2026
Agricultural FinanceInfrastructure FinanceTreasury
Farm & RanchCorporate AgFinance
Power &
Utilities
Broadband Infrastructure
Renewable EnergyFundingInvestments
Total
 (in thousands)
Interest income
$186,369 $33,344 $76,362 $18,006 $35,893 $17,968 $82,318 $450,260 
(Interest expense)/benefit(1)
(145,286)(16,575)(69,377)(11,428)(25,120)16,855 (81,254)(332,185)
Less: reconciling adjustments(2)(3)
(1,020)— (23)— — 406 — (637)
Net effective spread40,063 16,769 6,962 6,578 10,773 35,229 1,064 117,438 
Guarantee and commitment fees(3)
4,968 243 196 1,081 556 — — 7,044 
Other income/(expense)
928 15 — (25)(22)— — 896 
Provision for losses(3,333)(524)(368)(1,987)(1,157)— — (7,369)
Operating expenses(1)
(9,286)(2,356)(1,258)(1,881)(2,221)(2,969)(1,013)(20,984)
Income tax expense
(7,001)(2,971)(1,162)(790)(1,665)(6,776)(11)(20,376)
Segment core earnings
$26,339 $11,176 $4,370 $2,976 $6,264 $25,484 $40 $76,649 
Reconciliation to net income:
Net effects of derivatives and trading securities
$115 
Unallocated (expenses)/income
(15,304)
Income tax effect related to reconciling items5,491 
Net income
$66,951 
Total Assets:
Total on- and off-balance sheet segment assets at principal balance
$21,987,822 $2,082,762 $8,266,639 $1,851,902 $3,008,013 $— $— $37,197,138 
Off-balance sheet assets under management
(6,026,228)
Unallocated assets
8,119,282 
Total assets on the Consolidated Balance Sheets
$39,290,192 
(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, 2025
Agricultural FinanceInfrastructure FinanceTreasury
Farm & RanchCorporate AgFinance
Power &
Utilities
Broadband Infrastructure
Renewable EnergyFundingInvestments
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 spread35,710 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 income313 345 — — 8 — 14 680 
Provision for 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
(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 items5,231 
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 Six Months Ended June 30, 2026
Agricultural FinanceInfrastructure FinanceTreasury
Farm & RanchCorporate AgFinancePower &
Utilities		Broadband InfrastructureRenewable EnergyFundingInvestmentsTotal
 (in thousands)
Interest income
$355,361 $58,513 $150,226 $34,130 $67,852 $37,171 $162,968 $866,221 
Interest (expense)/benefit(1)
(275,677)(32,805)(136,707)(21,724)(48,000)28,967 (160,804)(646,750)
Less: reconciling adjustments(2)(3)
(1,948)— (66)— — 1,738 242 (34)
Net effective spread77,736 25,708 13,453 12,406 19,852 67,876 2,406 219,437 
Guarantee and commitment fees(3)
9,920 510 396 1,956 977 — — 13,759 
Other income/(expense)
1,803 15 — (81)(22)— — 1,715 
Provision for losses(6,192)(2,544)(307)(1,940)(1,213)— — (12,196)
Operating expenses(1)
(17,451)(4,836)(2,355)(3,586)(4,111)(5,391)(1,837)(39,567)
Income tax expense
(13,621)(3,959)(2,350)(1,838)(3,251)(13,123)(120)(38,262)
Segment core earnings
$52,195 $14,894 $8,837 $6,917 $12,232 $49,362 $449 $144,886 
Reconciliation to net income:
Net effects of derivatives and trading securities$186 
Unallocated (expense)/income
(30,063)
Income tax effect related to reconciling items11,065 
Net income$126,074 
Total Assets:
Total on- and off-balance sheet segment assets at principal balance
$21,987,822 $2,082,762 $8,266,639 $1,851,902 $3,008,013 $— $— $37,197,138 
Off-balance sheet assets under management
(6,026,228)
Unallocated assets
8,119,282 
Total assets on the Consolidated Balance Sheets
$39,290,192 
(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.