Notes Payable (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Debt

The following tables set forth information related to Farmer Mac's borrowings as of September 30, 2023 and December 31, 2022:

Table 7.1

	September 30, 2023
	Outstanding as of September 30				Average Outstanding During the Quarter
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	1,535,856	5.30	%	$	942,297	4.92	%
Medium-term notes	947,466		4.75	%	2,085,249		4.00	%
Current portion of medium-term notes	5,472,893		2.49	%
Total due within one year	$	7,956,215	3.30	%
Due after one year:
Medium-term notes due in:
Two years	$	5,231,168	3.05	%
Three years	3,243,230		2.21	%
Four years	3,297,724		2.64	%
Five years	2,306,430		4.07	%
Thereafter	3,567,720		2.80	%
Total due after one year	$	17,646,272	2.90	%
Total principal net of discounts	$	25,602,487	3.03	%
Hedging adjustments	(478,942)
Total	$	25,123,545

	December 31, 2022
	Outstanding as of December 31				Average Outstanding During the Year
	Amount		Weighted- Average Rate		Amount		Weighted- Average Rate
	(dollars in thousands)
Due within one year:
Discount notes	$	565,578	3.91	%	$	1,325,026	0.96	%
Medium-term notes	2,547,733		3.54	%	1,442,932		2.11	%
Current portion of medium-term notes	4,920,864		1.49	%
Total due within one year	$	8,034,175	2.31	%
Due after one year:
Medium-term notes due in:
Two years	$	4,072,740	1.71	%
Three years	3,506,480		2.10	%
Four years	2,967,625		1.44	%
Five years	2,361,197		3.12	%
Thereafter	4,057,982		2.60	%
Total due after one year	$	16,966,024	2.15	%
Total principal net of discounts	$	25,000,199	2.20	%
Hedging adjustments	(531,086)
Total	$	24,469,113

The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2023 as of September 30, 2023:Table 7.2

Debt Callable in 2023 as of September 30, 2023, by Maturity
	Amount		Weighted-Average Rate
	(dollars in thousands)
Maturity:
2024	$	816,830	3.66	%
2025	664,046		2.33	%
2026	1,012,989		1.57	%
2027	560,204		2.27	%
Thereafter	1,161,379		2.51	%
Total	$	4,215,448	2.45	%

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 September 30, 2023, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date:

Table 7.3

	Earliest Interest Rate Reset Date, or Debt Maturities, of Borrowings Outstanding
	Amount		Weighted-Average Rate
	(dollars in thousands)
Debt with interest rate resets, or debt maturities in:
2023	$	5,468,108	4.57	%
2024	5,454,586		2.62	%
2025	4,222,333		2.60	%
2026	3,319,847		1.81	%
2027	2,573,406		3.14	%
Thereafter	4,564,207		2.87	%
Total principal net of discounts	$	25,602,487	3.03	%