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

Consolidated Balance Sheets

	As of
	March 31, 2025	December 31, 2024
(in thousands)
Assets:
Cash and cash equivalents (includes restricted cash of $16,346 and $16,190, respectively)	$1,048,135	$1,024,007
Investment securities:
Available-for-sale, at fair value (amortized cost of $6,329,188 and $6,105,116, respectively)	6,230,080	5,953,014
Held-to-maturity, at amortized cost	9,125	9,270
Other investments	13,281	11,017
Total Investment Securities	6,252,486	5,973,301
Farmer Mac Guaranteed Securities:
Available-for-sale, at fair value (amortized cost of $5,859,630 and $5,835,658, respectively)	5,623,384	5,514,546
Held-to-maturity, at amortized cost	2,451,407	2,717,688
Total Farmer Mac Guaranteed Securities	8,074,791	8,232,234
USDA Securities:
Trading, at fair value	651	818
Held-to-maturity, at amortized cost	2,376,690	2,370,534
Total USDA Securities	2,377,341	2,371,352
Loans:
Loans held for sale, at lower of cost or fair value	6,045	6,170
Loans held for investment, at amortized cost	11,636,815	11,183,408
Loans held for investment in consolidated trusts, at amortized cost	2,005,680	2,038,283
Allowance for losses	(25,056)	(23,223)
Total loans, net of allowance	13,623,484	13,204,638
Financial derivatives, at fair value	27,867	27,789
Accrued interest receivable (includes $16,524 and $28,563, respectively, related to consolidated trusts)	262,809	310,592
Guarantee and commitment fees receivable	49,888	50,499
Deferred tax asset, net	—	1,544
Prepaid expenses and other assets	87,138	128,786
Total Assets	$31,803,939	$31,324,742
Liabilities and Equity:
Liabilities:
Notes payable	$27,975,196	$27,371,174
Debt securities of consolidated trusts held by third parties	1,894,920	1,929,628
Financial derivatives, at fair value	63,389	77,326
Accrued interest payable (includes $9,281 and $12,387, respectively, related to consolidated trusts)	221,954	195,113
Guarantee and commitment obligation	47,679	48,326
Accounts payable and accrued expenses	71,232	212,527
Deferred tax liability, net	2,402	—
Reserve for losses	1,521	1,622
Total Liabilities	30,278,293	29,835,716
Commitments and Contingencies (Note 6)
Equity:
Preferred stock:
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, 9,401,649 shares and 9,360,083 shares outstanding, respectively	9,402	9,360
Additional paid-in capital	134,500	135,894
Accumulated other comprehensive loss, net of tax	(1,808)	(12,147)
Retained earnings	970,872	943,239
Total Equity	1,525,646	1,489,026
Total Liabilities and Equity	$31,803,939	$31,324,742

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