FEDERAL AGRICULTURAL MORTGAGE CORP
For the period ended Mar 31, 2025. Filed May 9, 2025.
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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.
Mar 31, 2025 · Filed May 9, 2025
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As filed with the Securities and Exchange Commission on May 9, 2025
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended March 31, 2025
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from _____ to _____.
Commission File Number 001-14951
FEDERAL AGRICULTURAL MORTGAGE CORPORATION
(Exact name of registrant as specified in its charter)
| Federally chartered instrumentalityof the United States | 52-1578738 | ||
|---|---|---|---|
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. employer identification number) | ||
| 2100 Pennsylvania Avenue N.W., Suite 450 N, | |||
| Washington, | DC | 20037 | |
| (Address of principal executive offices) | (Zip code) | ||
| (202) | 872-7700 |
| (Registrant's telephone number, including area code) | |
|---|---|
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Exchange on which registered |
|---|---|---|
| Class A voting common stock | AGM.A | New York Stock Exchange |
| Class C non-voting common stock | AGM | New York Stock Exchange |
| 5.700% Non-Cumulative Preferred Stock, Series D | AGM.PRD | New York Stock Exchange |
| 5.750% Non-Cumulative Preferred Stock, Series E | AGM.PRE | New York Stock Exchange |
| 5.250% Non-Cumulative Preferred Stock, Series F | AGM.PRF | New York Stock Exchange |
| 4.875% Non-Cumulative Preferred Stock, Series G | AGM.PRG | New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act: Class B voting common stock
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐ No☒
As of May 2, 2025, the registrant had outstanding 1,030,780 shares of Class A voting common stock,500,301 shares of Class B voting common stock, and 9,402,081 shares of Class C non-voting common stock.
Table of Contents
| PART I | ||
|---|---|---|
| Item 1. | Financial Statements | 3 |
| Consolidated Balance Sheets | 3 | |
| Consolidated Statements of Operations | 4 | |
| Consolidated Statements of Comprehensive Income | 5 | |
| Consolidated Statements of Equity | 6 | |
| Consolidated Statements of Cash Flows | 7 | |
| Notes to Consolidated Financial Statements | 8 | |
| Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 49 |
| Forward-Looking Statements | 49 | |
| Overview | 51 | |
| Use of Non-GAAP Measures | 55 | |
| Results of Operations | 56 | |
| Outlook | 70 | |
| Balance Sheet Review | 78 | |
| Risk Management | 78 | |
| Liquidity and Capital Resources | 95 | |
| Other Matters | 96 | |
| Supplemental Information | 97 | |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 101 |
| Item 4. | Controls and Procedures | 102 |
| PART II | 103 | |
| Item 1. | Legal Proceedings | 103 |
| Item 1A. | Risk Factors | 103 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 103 |
| Item 3. | Defaults Upon Senior Securities | 104 |
| Item 4. | Mine Safety Disclosures | 104 |
| Item 5. | Other Information | 104 |
| Item 6. | Exhibits | 104 |
| Signatures | 106 | |
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