v3.26.1
LOANS (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Composition of Loan Balances
The following table includes loans held for investment and displays the composition of the loan balances as of June 30, 2026 and December 31, 2025:

Table 4.1
As of June 30, 2026As of December 31, 2025
UnsecuritizedIn Consolidated TrustsTotalUnsecuritizedIn Consolidated TrustsTotal
(in thousands)
Agricultural Finance loans
Farm & Ranch$7,026,466 $2,325,798 $9,352,264 $6,002,738 $2,482,010 $8,484,748 
Corporate AgFinance1,512,959 — 1,512,959 1,460,691 — 1,460,691 
Total Agricultural Finance loans8,539,425 2,325,798 10,865,223 7,463,429 2,482,010 9,945,439 
Infrastructure Finance loans7,753,872 — 7,753,872 6,761,081 — 6,761,081 
Total unpaid principal balance(1)
16,293,297 2,325,798 18,619,095 14,224,510 2,482,010 16,706,520 
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments(391,084)— (391,084)(347,459)— (347,459)
Total loans15,902,213 2,325,798 18,228,011 13,877,051 2,482,010 16,359,061 
Allowance for losses(45,213)(1,954)(47,167)(36,673)(1,112)(37,785)
Total loans, net of allowance$15,857,000 $2,323,844 $18,180,844 $13,840,378 $2,480,898 $16,321,276 
(1)Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business.
Schedule of Allowance for Losses
The following table is a summary, by asset type, of the allowance for losses as of June 30, 2026 and December 31, 2025:

Table 4.2
June 30, 2026December 31, 2025
Allowance for LossesAllowance for Losses
(in thousands)
Loans:
Agricultural Finance loans
Farm & Ranch$15,472 $9,400 
Corporate AgFinance7,211 6,631 
Infrastructure Finance loans24,484 21,754 
Total$47,167 $37,785 

The following is a summary of the changes in the allowance for losses for the three and six months ended June 30, 2026 and 2025:

Table 4.3
June 30, 2026June 30, 2025
Agricultural Finance loans
Infrastructure
Finance loans(3)
TotalAgricultural Finance loans
Infrastructure
Finance loans(3)
Total
Farm & Ranch(1)
Corporate AgFinance(2)
Farm & Ranch(1)
Corporate AgFinance(2)
(in thousands)
For the Three Months Ended
Beginning Balance$12,324 $6,421 $21,175 $39,920 $5,071 $6,298 $13,687 $25,056 
Provision for losses
3,190 544 3,309 7,043 4,404 605 2,691 7,700 
Charge-offs(42)— — (42)(2,840)— — (2,840)
Recovery
— 246 — 246 — 40 — 40 
Ending Balance$15,472 $7,211 $24,484 $47,167 $6,635 $6,943 $16,378 $29,956 
For the Six Months Ended
Beginning Balance$9,400 $6,631 $21,754 $37,785 $5,132 $5,379 $12,712 $23,223 
Provision for losses 6,114 2,509 2,730 11,353 4,343 1,441 3,666 9,450 
Charge-offs(42)(2,175)— (2,217)(2,840)— — (2,840)
Recovery
— 246 — 246 — 123 — 123 
Ending Balance$15,472 $7,211 $24,484 $47,167 $6,635 $6,943 $16,378 $29,956 
(1)As of June 30, 2026 and 2025, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $7.6 million and $1.7 million allowance for collateral dependent assets ("CDA") secured by agricultural real estate, respectively.
(2)As of June 30, 2026 and 2025 the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $0.0 million and $1.0 million allowance for CDA secured by agricultural real estate, respectively.
(3)As of June 30, 2026 and 2025 the allowance for losses for Infrastructure Finance loans includes $5.2 million and $0.0 million allowance for CDA.
Schedule of Past Due Financing Receivables
The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans as of June 30, 2026 and December 31, 2025:

Table 4.4
As of June 30, 2026
Accruing
Current30-59 Days60-89 Days
90 Days and Greater
Total Past Due
Nonaccrual Loans(2)(3)
Total Loans
(in thousands)
Loans(1):
Agricultural Finance loans
Farm & Ranch$9,068,619 $35,846 $16,335 $13,023 $65,204 $218,441 $9,352,264 
Corporate AgFinance1,499,615 5,039 — — 5,039 8,305 1,512,959 
Total Agricultural Finance loans10,568,234 40,885 16,335 13,023 70,243 226,746 10,865,223 
Infrastructure Finance loans7,740,485 — — — — 13,387 7,753,872 
Total $18,308,719 $40,885 $16,335 $13,023 $70,243 $240,133 $18,619,095 
(1)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on unpaid principal less charge-offs.
(2)Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.
(3)Includes $52.4 million of nonaccrual loans for which there was no associated allowance. During the three and six months ended June 30, 2026, Farmer Mac received $12.2 million and $15.8 million, respectively, in interest on nonaccrual loans.

As of December 31, 2025
Accruing
Current30-59 Days60-89 Days
90 Days and Greater
Total Past Due
Nonaccrual Loans(2)(3)
Total Loans
(in thousands)
Loans(1):
Agricultural Finance loans
Farm & Ranch$8,271,176 $21,209 $8,595 $4,290 $34,094 $179,478 $8,484,748 
Corporate AgFinance1,415,507 — — — — 45,184 1,460,691 
Total Agricultural Finance loans9,686,683 21,209 8,595 4,290 34,094 224,662 9,945,439 
Infrastructure Finance loans6,747,694 — — — — 13,387 6,761,081 
Total $16,434,377 $21,209 $8,595 $4,290 $34,094 $238,049 $16,706,520 
(1)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on unpaid principal less charge-offs.
(2)Primarily consists of loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.
(3)Includes $59.2 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2025, Farmer Mac received $6.5 million in interest on nonaccrual loans.
Schedule of Financing Receivable Credit Quality Indicators
The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Infrastructure Finance loans held as of June 30, 2026 and December 31, 2025, by year of origination:

Table 4.5
As of June 30, 2026
Year of Origination:
20262025202420232022PriorRevolving Loans - Amortized Cost BasisTotal
(in thousands)
Agricultural Finance - Farm & Ranch loans(1):
Internally Assigned Risk Rating:
Acceptable$1,179,572 $1,382,760 $849,308 $415,481 $864,906 $3,190,091 $417,909 $8,300,027 
Special mention(2)
126,033 269,230 74,070 23,445 24,328 90,019 29,384 636,509 
Substandard(3)
2,778 34,091 65,733 37,569 72,498 178,924 24,135 415,728 
Total$1,308,383 $1,686,081 $989,111 $476,495 $961,732 $3,459,034 $471,428 $9,352,264 
For the Three Months Ended June 30, 2026:
Current period charge-offs$— $— $— $— $— $42 $— $42 
For the Six Months Ended June 30, 2026:
Current period charge-offs$— $— $— $— $— $42 $— $42 
(1)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on unpaid principal less charge-offs.
(2)Special mention assets generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  
(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.
As of June 30, 2026
Year of Origination:
20262025202420232022PriorRevolving Loans - Amortized Cost BasisTotal
(in thousands)
Agricultural Finance - Corporate AgFinance(1):
Internally Assigned Risk Rating:
Acceptable$101,157 $331,570 $164,404 $91,867 $57,269 $358,267 $261,805 $1,366,339 
Special mention(2)
16,250 — 11,360 — — 26,377 13,524 67,511 
Substandard(3)
— — 4,608 25,125 — 38,683 10,693 79,109 
Total$117,407 $331,570 $180,372 $116,992 $57,269 $423,327 $286,022 $1,512,959 
For the Three Months Ended June 30, 2026:
Current period charge-offs$— $— $— $— $— $— $— $— 
For the Six Months Ended June 30, 2026:
Current period charge-offs$— $— $— $— $— $1,828 $347 $2,175 
(1)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on unpaid principal less charge-offs.
(2)Special mention assets generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  
(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

As of June 30, 2026
Year of Origination:
20262025202420232022PriorRevolving Loans - Amortized Cost BasisTotal
(in thousands)
Infrastructure Finance loans(1):
Internally Assigned Risk Rating:
Acceptable$988,839 $1,667,565 $1,229,605 $531,090 $413,867 $1,749,838 $994,128 $7,574,932 
Special mention(2)
— — — 18,863 50,554 52,999 — 122,416 
Substandard(3)
— — — 27,830 28,694 — — 56,524 
Total $988,839 $1,667,565 $1,229,605 $577,783 $493,115 $1,802,837 $994,128 $7,753,872 
For the Three Months Ended June 30, 2026:
Current period charge-offs$— $— $— $— $— $— $— $— 
For the Six Months Ended June 30, 2026:
Current period charge-offs$— $— $— $— $— $— $— $— 
(1)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on unpaid principal less charge-offs.
(2)Special mention assets generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  
(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.
As of December 31, 2025
Year of Origination:
20252024202320222021PriorRevolving Loans - Amortized Cost BasisTotal
(in thousands)
Agricultural Finance - Farm & Ranch loans(1):
Internally Assigned Risk Rating:
Acceptable$1,474,950 $938,955 $451,188 $921,048 $1,447,158 $1,964,423 $418,798 $7,616,520 
Special mention(2)
260,579 95,950 28,693 37,269 25,928 35,505 22,958 506,882 
Substandard(3)
17,583 40,618 35,538 71,201 33,835 140,445 22,126 361,346 
Total$1,753,112 $1,075,523 $515,419 $1,029,518 $1,506,921 $2,140,373 $463,882 $8,484,748 
For the Three Months Ended June 30, 2025:
Current period charge-offs$— $— $— $— $— $1,165 $1,675 $2,840 
For the Six Months Ended June 30, 2025:
Current period charge-offs$— $— $— $— $— $1,165 $1,675 $2,840 
(1)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on unpaid principal less charge-offs.
(2)Special mention assets generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  
(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

As of December 31, 2025
Year of Origination:
20252024202320222021PriorRevolving Loans - Amortized Cost BasisTotal
(in thousands)
Agricultural Finance - Corporate AgFinance loans(1):
Internally Assigned Risk Rating:
Acceptable$364,140 $177,260 $120,428 $58,073 $131,421 $232,710 $212,487 $1,296,519 
Special mention(2)
— 16,514 7,273 — — 45,753 17,954 87,494 
Substandard(3)
— — 5,658 — 9,870 41,933 19,217 76,678 
Total$364,140 $193,774 $133,359 $58,073 $141,291 $320,396 $249,658 $1,460,691 
For the Three Months Ended June 30, 2025:
Current period charge-offs$— $— $— $— $— $— $— $— 
For the Six Months Ended June 30, 2025:
Current period charge-offs$— $— $— $— $— $— $— $— 
(1)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on unpaid principal less charge-offs.
(2)Special mention assets generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  
(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.
As of December 31, 2025
Year of Origination:
20252024202320222021PriorRevolving Loans - Amortized Cost BasisTotal
(in thousands)
Infrastructure Finance loans(1):
Internally Assigned Risk Rating:
Acceptable$1,652,127 $1,238,560 $578,518 $488,572 $175,962 $1,668,596 $829,382 $6,631,717 
Special mention(2)
— — 18,863 37,244 — — — 56,107 
Substandard(3)
— — 27,903 45,354 — — — 73,257 
Total $1,652,127 $1,238,560 $625,284 $571,170 $175,962 $1,668,596 $829,382 $6,761,081 
For the Three Months Ended June 30, 2025:
Current period charge-offs$— $— $— $— $— $— $— $— 
For the Six Months Ended June 30, 2025:
Current period charge-offs$— $— $— $— $— $— $— $— 
(1)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on unpaid principal less charge-offs.
(2)Special mention assets generally have potential weaknesses due to performance issues but are currently considered to be adequately secured.  
(3)Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.
Schedule of Financing Receivable, Modified
The following table presents the amortized cost and the weighted average financial effect of modifications, as of June 30, 2026 granted to Agricultural Finance and Infrastructure Finance borrowers experiencing financial difficulty during the three and six months ended June 30, 2026:
Table 4.6
June 30, 2026
Payment Deferrals(1)
Term Extensions(1)
Total(3)
Percentage of Total by Financing Class
Amount
Financial Effect(2)
Amount
Financial Effect(2)
(dollars in thousands)
For the Three Months Ended
Agricultural Finance(4):
Farm & Ranch$28,522 6 months$2,700 60 months$31,222 0.33 %
Infrastructure Finance$13,387 3 months$— — $13,387 0.17 %
For the Six Months Ended
Agricultural Finance:
Farm & Ranch
$30,500 
6 months
$2,700 60 months$33,200 0.35 %
Infrastructure Finance
$13,387 4 months$— — $13,387 0.17 %
(1)Amounts presented are the amortized cost of modified loans, excluding modified loans that were paid off, charged off, or otherwise liquidated as of June 30, 2026.
(2)Represents the weighted average of payment deferrals and term extensions, in months, as a result of the modification granted.
(3)The unfunded lending commitments on the modifications granted during the six months ended June 30, 2026 were $2.2 million.
(4)There were no modifications within the Corporate AgFinance segment during the periods presented above.
Schedule of Financing Receivable, Modified, Past Due
The following table presents the performance of the loans under the modified terms as of June 30, 2026, of loan modifications granted during the six months preceding June 30, 2026:

Table 4.7
As of June 30, 2026
Current30-59 Days60-89 Days90 Days and GreaterTotal Past DueTotal Loans
(in thousands)
Agricultural Finance(1)(2):
Farm & Ranch
$21,663 $567 $— $10,970 $11,537 $33,200 
Infrastructure Finance(1)(2)
$13,387 $— $— $— $— $13,387 
(1)Current loan amounts are presented based on contractual amortized cost, while past due loan amounts are presented at the contractual amortized cost less charge-offs.
(2)Amounts presented are the amortized cost of modified loans, excluding modified loans that were paid off, charged off, or otherwise liquidated as of June 30, 2026.