v3.26.1
NOTES PAYABLE (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The following tables set forth information related to Farmer Mac's borrowings as of June 30, 2026 and December 31, 2025:

Table 6.1
June 30, 2026
Outstanding as of June 30Average Outstanding During the Quarter
AmountWeighted-Average RateAmountWeighted-Average Rate
(dollars in thousands)
Due within one year:
Discount notes$2,121,771 3.72 %$1,963,155 3.72 %
Medium-term notes2,910,330 3.76 %2,832,154 3.75 %
Current portion of medium-term notes7,887,370 3.19 %
Total due within one year$12,919,471 3.41 %
Due after one year:
Medium-term notes due in:
Two years$6,176,103 3.74 %
Three years4,170,515 3.98 %
Four years3,643,833 4.02 %
Five years5,998,251 3.67 %
Thereafter1,871,732 3.07 %
Total due after one year$21,860,433 3.75 %
Total principal net of discounts$34,779,904 3.63 %
Hedging adjustments(85,983)
Total$34,693,922 

 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 weighted average interest rate for Farmer Mac debt callable in 2026 as of June 30, 2026:
Table 6.2
Debt Callable in 2026 as of June 30, 2026, by Maturity
AmountWeighted-Average Rate
(dollars in thousands)
Maturity:
2027$1,063,769 2.80 %
20281,003,567 3.79 %
2029912,969 4.26 %
20301,206,079 2.98 %
Thereafter1,441,761 2.51 %
Total$5,628,145 3.18 %
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 June 30, 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$12,374,746 3.52 %
20276,228,638 3.52 %
20283,553,530 3.89 %
20293,166,575 4.05 %
20304,141,087 3.67 %
Thereafter5,315,328 3.52 %
Total principal net of discounts$34,779,904 3.63 %