FEDERAL AGRICULTURAL MORTGAGE CORP
For the period ended Sep 30, 2024. Filed Nov 4, 2024.
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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
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Balance Sheet Review
The following table summarizes Farmer Mac's balance sheet as of the periods indicated:
Table 21
| As of · Change | ||||
|---|---|---|---|---|
| September 30, 2024 | December 31, 2023 | $ | % | |
| (in thousands) | ||||
| Assets | ||||
| Cash and cash equivalents | $842,056 | $888,707 | $(46,651) | (5)% |
| Investment securities | 5,895,793 | 4,979,504 | 916,289 | 18% |
| Farmer Mac Guaranteed Securities | 8,722,762 | 9,745,548 | (1,022,786) | (10)% |
| USDA Securities | 2,344,715 | 2,355,412 | (10,697) | —% |
| Loans, net of allowance | 10,649,530 | 9,607,531 | 1,041,999 | 11% |
| Loans held in trusts | 1,717,803 | 1,431,818 | 285,985 | 20% |
| Other | 442,562 | 515,862 | (73,300) | (14)% |
| Total assets | $30,615,221 | $29,524,382 | $1,090,839 | 4% |
| Liabilities | ||||
| Notes Payable | $27,129,456 | $26,336,542 | $792,914 | 3% |
| Debt securities of consolidated trusts held by third parties | 1,616,513 | 1,351,069 | 265,444 | 20% |
| Other | 406,908 | 424,908 | (18,000) | (4)% |
| Total liabilities | $29,152,877 | $28,112,519 | $1,040,358 | 4% |
| Total equity | 1,462,344 | 1,411,863 | 50,481 | 4% |
| Total liabilities and equity | $30,615,221 | $29,524,382 | $1,090,839 | 4% |
Assets. The increase in total assets was primarily attributable to new loan volume, including those held in consolidated trusts, and a larger investment portfolio.
Liabilities. The increase in total liabilities was primarily due to an increase in total notes payable to fund the acquisition of loan volume, including those held in consolidated trusts.
Equity. The increase in total equity was primarily due to an increase in retained earnings and an increase in accumulated other comprehensive income, and was partially offset by the redemption of the Series C Preferred Stock.
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