FEDERAL AGRICULTURAL MORTGAGE CORP

For the period ended Mar 31, 2025. Filed May 9, 2025.

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, 2025 · Filed May 9, 2025

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

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Contents

Balance Sheet Review

The following table summarizes Farmer Mac's balance sheet as of the periods indicated:

Table 22

As of · Change
	March 31, 2025	December 31, 2024	$	%
(in thousands)
Assets
Cash and cash equivalents	$1,048,135	$1,024,007	$24,128	2%
Investment securities	6,252,486	5,973,301	279,185	5%
Farmer Mac Guaranteed Securities	8,074,791	8,232,234	(157,443)	(2)%
USDA Securities	2,377,341	2,371,352	5,989	—%
Loans, net of allowance	11,618,504	11,166,984	451,520	4%
Loans held in trusts	2,004,980	2,037,654	(32,674)	(2)%
Other	427,702	519,210	(91,508)	(18)%
Total assets	$31,803,939	$31,324,742	$479,197	2%
Liabilities
Notes Payable	$27,975,196	$27,371,174	$604,022	2%
Debt securities of consolidated trusts held by third parties	1,894,920	1,929,628	(34,708)	(2)%
Other	408,177	534,914	(126,737)	(24)%
Total liabilities	$30,278,293	$29,835,716	$442,577	1%
Total equity	1,525,646	1,489,026	36,620	2%
Total liabilities and equity	$31,803,939	$31,324,742	$479,197	2%

Assets. The increase in total assets was primarily attributable to new loan volume 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.

Equity. The increase in total equity was primarily due to an increase in retained earnings.

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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.