FEDERAL AGRICULTURAL MORTGAGE CORP

For the period ended Mar 31, 2024. Filed May 6, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 6, 2024

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

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Contents

Item 1. Consolidated Balance Sheets

CONSOLIDATED BALANCE SHEETS

	As of
	March 31, 2024	December 31, 2023
(in thousands)
Assets:
Cash and cash equivalents	$745,105	$888,707
Investment securities:
Available-for-sale, at fair value (amortized cost of $5,165,562 and $5,060,135, respectively)	5,007,787	4,918,931
Held-to-maturity, at amortized cost	53,756	53,756
Other investments	6,900	6,817
Total Investment Securities	5,068,443	4,979,504
Farmer Mac Guaranteed Securities:
Available-for-sale, at fair value (amortized cost of $5,811,302 and $5,825,433, respectively)	5,466,688	5,532,479
Held-to-maturity, at amortized cost	4,454,932	4,213,069
Total Farmer Mac Guaranteed Securities	9,921,620	9,745,548
USDA Securities:
Trading, at fair value	1,066	1,241
Held-to-maturity, at amortized cost	2,333,027	2,354,171
Total USDA Securities	2,334,093	2,355,412
Loans:
Loans held for investment, at amortized cost	9,837,962	9,623,119
Loans held for investment in consolidated trusts, at amortized cost	1,409,397	1,432,261
Allowance for losses	(14,288)	(16,031)
Total loans, net of allowance	11,233,071	11,039,349
Financial derivatives, at fair value	31,433	37,478
Accrued interest receivable (includes $9,963 and $16,764, respectively, related to consolidated trusts)	245,202	287,128
Guarantee and commitment fees receivable	48,130	49,832
Deferred tax asset, net	—	8,470
Prepaid expenses and other assets	145,094	132,954
Total Assets	$29,772,191	$29,524,382
Liabilities and Equity:
Liabilities:
Notes payable	$26,509,011	$26,336,542
Debt securities of consolidated trusts held by third parties	1,325,289	1,351,069
Financial derivatives, at fair value	128,530	117,131
Accrued interest payable (includes $6,338 and $9,407, respectively, related to consolidated trusts)	202,894	181,841
Guarantee and commitment obligation	45,866	47,563
Accounts payable and accrued expenses	74,821	76,662
Deferred tax liability, net	3,795	—
Reserve for losses	1,642	1,711
Total Liabilities	28,291,848	28,112,519
Commitments and Contingencies (Note 6)
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, 9,337,894 shares and 9,310,872 shares outstanding, respectively	9,338	9,311
Additional paid-in capital	133,576	132,919
Accumulated other comprehensive loss, net of tax	(4,118)	(40,145)
Retained earnings	855,485	823,716
Total Equity	1,480,343	1,411,863
Total Liabilities and Equity	$29,772,191	$29,524,382

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.