CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Interest income:
Investments and cash equivalents	$ 10,399	$ 20,156	$ 28,140	$ 38,863
Farmer Mac Guaranteed Securities and USDA Securities	61,792	85,569	133,309	170,980
Loans	55,430	59,403	116,026	110,800
Total interest income	127,621	165,128	277,475	320,643
Total interest expense	79,273	122,074	187,815	236,990
Net interest income	48,348	43,054	89,660	83,653
Provision for losses	(451)	(578)	(3,889)	(314)
Net interest income after provision for losses	47,897	42,476	85,771	83,339
Non-interest income/(expense):
Guarantee and commitment fees	3,140	3,403	6,336	6,916
Gains/(losses) on financial derivatives	6,523	8,913	(2,775)	8,553
(Losses)/gains on trading securities	(21)	61	85	105
Gains on sale of real estate owned	0	0	485	0
Release of reserve for losses	400	158	7	287
Other income	1,229	355	2,045	848
Non-interest income	11,271	12,890	6,183	16,709
Operating expenses:
Compensation and employee benefits	8,087	6,770	18,214	14,376
General and administrative	5,295	4,689	10,658	9,285
Regulatory fees	725	687	1,450	1,375
Real estate owned operating costs, net	0	64	0	64
Operating expenses	14,107	12,210	30,322	25,100
Income before income taxes	45,061	43,156	61,632	74,948
Income tax expense	9,435	9,111	13,176	15,733
Net income attributable to Farmer Mac	35,626	34,045	48,456	59,215
Preferred stock dividends	(3,939)	(3,785)	(7,370)	(7,081)
Loss on retirement of preferred stock	0	(1,956)	0	(1,956)
Net income attributable to common stockholders	$ 31,687	$ 28,304	$ 41,086	$ 50,178
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 2.95	$ 2.65	$ 3.83	$ 4.70
Diluted earnings per common share (in dollars per share)	$ 2.94	$ 2.63	$ 3.81	$ 4.66