FEDERAL AGRICULTURAL MORTGAGE CORP
For the period ended Sep 30, 2024. Filed Nov 4, 2024.
View on SEC.govAbout 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.
Sep 30, 2024 · Filed Nov 4, 2024
AGM$180.20-9.0%Stored close · as of Nov 6, 2026
Contents
Consolidated Balance Sheets
| As of | ||
|---|---|---|
| September 30, 2024 | December 31, 2023 | |
| (in thousands) | ||
| Assets: | ||
| Cash and cash equivalents | $842,056 | $888,707 |
| Investment securities: | ||
| Available-for-sale, at fair value (amortized cost of $5,941,321 and $5,060,135, respectively) | 5,877,936 | 4,918,931 |
| Held-to-maturity, at amortized cost | 9,270 | 53,756 |
| Other investments | 8,587 | 6,817 |
| Total Investment Securities | 5,895,793 | 4,979,504 |
| Farmer Mac Guaranteed Securities: | ||
| Available-for-sale, at fair value (amortized cost of $5,939,268 and $5,825,433, respectively) | 5,761,691 | 5,532,479 |
| Held-to-maturity, at amortized cost | 2,961,071 | 4,213,069 |
| Total Farmer Mac Guaranteed Securities | 8,722,762 | 9,745,548 |
| USDA Securities: | ||
| Trading, at fair value | 842 | 1,241 |
| Held-to-maturity, at amortized cost | 2,343,873 | 2,354,171 |
| Total USDA Securities | 2,344,715 | 2,355,412 |
| Loans: | ||
| Loans held for investment, at amortized cost | 10,668,844 | 9,623,119 |
| Loans held for investment in consolidated trusts, at amortized cost | 1,718,440 | 1,432,261 |
| Allowance for losses | (19,951) | (16,031) |
| Total loans, net of allowance | 12,367,333 | 11,039,349 |
| Financial derivatives, at fair value | 49,197 | 37,478 |
| Accrued interest receivable (includes $14,781 and $16,764, respectively, related to consolidated trusts) | 253,102 | 287,128 |
| Guarantee and commitment fees receivable | 46,077 | 49,832 |
| Deferred tax asset, net | — | 8,470 |
| Prepaid expenses and other assets | 94,186 | 132,954 |
| Total Assets | $30,615,221 | $29,524,382 |
| Liabilities and Equity: | ||
| Liabilities: | ||
| Notes payable | $27,129,456 | $26,336,542 |
| Debt securities of consolidated trusts held by third parties | 1,616,513 | 1,351,069 |
| Financial derivatives, at fair value | 64,351 | 117,131 |
| Accrued interest payable (includes $8,236 and $9,407, respectively, related to consolidated trusts) | 214,644 | 181,841 |
| Guarantee and commitment obligation | 43,939 | 47,563 |
| Accounts payable and accrued expenses | 81,697 | 76,662 |
| Deferred tax liability, net | 754 | — |
| Reserve for losses | 1,523 | 1,711 |
| Total Liabilities | 29,152,877 | 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 as of December 31, 2023 (redemption value $75,000,000) | — | 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, 9,354,301 shares and 9,310,872 shares outstanding, respectively | 9,354 | 9,311 |
| Additional paid-in capital | 135,225 | 132,919 |
| Accumulated other comprehensive loss, net of tax | (2,554) | (40,145) |
| Retained earnings | 907,639 | 823,716 |
| Total Equity | 1,462,344 | 1,411,863 |
| Total Liabilities and Equity | $30,615,221 | $29,524,382 |
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