FEDERAL AGRICULTURAL MORTGAGE CORP

For the period ended Dec 31, 2023. Filed Feb 23, 2024.

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FY2023 · Filed Feb 23, 2024

AGM$181.57+0.8%Stored close · as of Nov 9, 2026

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Contents

Consolidated Balance Sheets

	As of
	December 31, 2023	December 31, 2022
(in thousands)
Assets:
Cash and cash equivalents	$888,707	$861,002
Investment securities:
Available-for-sale, at fair value (amortized cost of $5,060,135 and $4,769,426, respectively)	4,918,931	4,579,564
Held-to-maturity, at amortized cost	53,756	45,032
Other investments	6,817	3,672
Total Investment Securities	4,979,504	4,628,268
Farmer Mac Guaranteed Securities:
Available-for-sale, at fair value (amortized cost of $5,825,433 and $8,019,495, respectively)	5,532,479	7,607,226
Held-to-maturity, at amortized cost	4,213,069	1,021,154
Total Farmer Mac Guaranteed Securities	9,745,548	8,628,380
USDA Securities:
Trading, at fair value	1,241	1,767
Held-to-maturity, at amortized cost	2,354,171	2,409,834
Total USDA Securities	2,355,412	2,411,601
Loans:
Loans held for investment, at amortized cost	9,623,119	9,008,979
Loans held for investment in consolidated trusts, at amortized cost	1,432,261	1,211,576
Allowance for losses	(16,031)	(15,089)
Total loans, net of allowance	11,039,349	10,205,466
Financial derivatives, at fair value	37,478	37,409
Accrued interest receivable (includes $16,764 and $12,514, respectively, related to consolidated trusts)	287,128	229,061
Guarantee and commitment fees receivable	49,832	47,151
Deferred tax asset, net	8,470	18,004
Prepaid expenses and other assets	132,954	266,768
Total Assets	$29,524,382	$27,333,110
Liabilities and Equity:
Liabilities:
Notes payable	$26,336,542	$24,469,113
Debt securities of consolidated trusts held by third parties	1,351,069	1,181,948
Financial derivatives, at fair value	117,131	175,326
Accrued interest payable (includes $9,407 and $8,081, respectively, related to consolidated trusts)	181,841	117,887
Guarantee and commitment obligation	47,563	46,582
Accounts payable and accrued expenses	76,662	68,863
Reserve for losses	1,711	1,433
Total Liabilities	28,112,519	26,061,152
Commitments and Contingencies (Note 12)
Equity:
Preferred stock:
Series C, par value $25 per share, 3,000,000 shares authorized, issued and outstanding	73,382	73,382
Series D, par value $25 per share, 4,000,000 shares authorized, issued and outstanding	96,659	96,659
Series E, par value $25 per share, 3,180,000 shares authorized, issued and outstanding	77,003	77,003
Series F, par value $25 per share, 4,800,000 shares authorized, issued and outstanding	116,160	116,160
Series G, par value $25 per share, 5,000,000 shares authorized, issued and outstanding	121,327	121,327
Common stock:
Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding	1,031	1,031
Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding	500	500
Class C Non-Voting, $1 par value, no maximum authorization, 9,310,872 shares and 9,270,265 shares outstanding, respectively	9,311	9,270
Additional paid-in capital	132,919	128,939
Accumulated other comprehensive loss, net of tax	(40,145)	(50,843)
Retained earnings	823,716	698,530
Total Equity	1,411,863	1,271,958
Total Liabilities and Equity	$29,524,382	$27,333,110

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