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

Supplemental Information

The following tables present quarterly and annual information about new business volume, repayments, and outstanding business volume:

Table 36

New Business Volume
Agricultural Finance · Infrastructure Finance
	Farm & Ranch	Corporate AgFinance	Power & Utilities	Broadband Infrastructure	Renewable Energy	Total
(in thousands)
For the quarter ended:
March 31, 2025	$548,509	$270,966	$486,961	$229,649	$301,315	$1,837,400
December 31, 2024	1,034,489	313,123	78,018	209,729	496,437	2,131,796
September 30, 2024	776,023	307,325	360,950	187,021	357,659	1,988,978
June 30, 2024	698,787	288,740	132,958	102,075	271,890	1,494,450
March 31, 2024	665,916	290,525	113,545	2,250	347,898	1,420,134
December 31, 2023	1,282,045	188,272	404,908	29,603	225,986	2,130,814
September 30, 2023	1,384,273	275,932	557,043	50,936	17,390	2,285,574
June 30, 2023	1,574,169	218,136	205,236	89,056	71,611	2,158,208
March 31, 2023	469,013	203,211	590,412	92,819	89,747	1,445,202
For the year ended:
December 31, 2024	$3,175,215	$1,199,713	$685,471	$501,075	$1,473,884	$7,035,358
December 31, 2023	4,709,500	885,551	1,757,599	262,414	404,734	8,019,798

Table 37

Repayments of Assets
Agricultural Finance · Infrastructure Finance
	Farm & Ranch	Corporate AgFinance	Power & Utilities	Broadband Infrastructure	Renewable Energy	Total
(in thousands)
For the quarter ended:
Scheduled	$786,956	$169,532	$77,976	$57,279	$109,176	$1,200,919
Unscheduled	258,599	99,776	30,385	—	—	388,760
March 31, 2025	$1,045,555	$269,308	$108,361	$57,279	$109,176	$1,589,679
Scheduled	$41,265	$231,672	$38,003	$52,970	$174,920	$538,830
Unscheduled	120,505	36,526	25,084	—	—	182,115
December 31, 2024	$161,770	$268,198	$63,087	$52,970	$174,920	$720,945
Scheduled	$1,079,136	$239,596	$548,161	$94,513	$138,123	$2,099,529
Unscheduled	117,538	41,842	26,629	—	—	186,009
September 30, 2024	$1,196,674	$281,438	$574,790	$94,513	$138,123	$2,285,538
Scheduled	$752,473	$141,565	$62,237	$16,062	$138,725	$1,111,062
Unscheduled	342,594	89,576	32,984	—	—	465,154
June 30, 2024	$1,095,067	$231,141	$95,221	$16,062	$138,725	$1,576,216
Scheduled	$402,088	$118,885	$90,096	$36,218	$93,112	$740,399
Unscheduled	150,903	99,325	32,481	—	—	282,709
March 31, 2024	$552,991	$218,210	$122,577	$36,218	$93,112	$1,023,108
Scheduled	$827,122	$133,468	$40,122	$13,492	$69,040	$1,083,244
Unscheduled	106,041	102,131	18,469	—	—	226,641
December 31, 2023	$933,163	$235,599	$58,591	$13,492	$69,040	$1,309,885
Scheduled	$922,223	$110,383	$75,031	$5,967	$14,716	$1,128,320
Unscheduled	108,960	104,999	20,578	—	—	234,537
September 30, 2023	$1,031,183	$215,382	$95,609	$5,967	$14,716	$1,362,857
Scheduled	$1,050,480	$81,386	$553,860	$5,084	$52,203	$1,743,013
Unscheduled	96,507	55,976	13,138	—	—	165,621
June 30, 2023	$1,146,987	$137,362	$566,998	$5,084	$52,203	$1,908,634
Scheduled	$279,676	$78,482	$42,475	$53,334	$11,424	$465,391
Unscheduled	231,288	128,254	57,354	—	—	416,896
March 31, 2023	$510,964	$206,736	$99,829	$53,334	$11,424	$882,287
For the year ended:
Scheduled	$2,274,962	$731,718	$738,497	$199,763	$544,880	$4,489,820
Unscheduled	731,540	267,269	117,178	—	—	1,115,987
December 31, 2024	$3,006,502	$998,987	$855,675	$199,763	$544,880	$5,605,807
Scheduled	$3,079,501	$403,719	$711,488	$77,877	$147,383	$4,419,968
Unscheduled	542,796	391,360	109,539	—	—	1,043,695
December 31, 2023	$3,622,297	$795,079	$821,027	$77,877	$147,383	$5,463,663

Table 38

Outstanding Business Volume
Agricultural Finance · Infrastructure Finance
	Farm & Ranch	Corporate AgFinance	Power & Utilities	Broadband Infrastructure	Renewable Energy	Total
(in thousands)
As of:
March 31, 2025	$18,094,515	$1,889,363	$7,187,966	$974,835	$1,608,664	$29,755,343
December 31, 2024	18,606,968	1,887,705	6,809,366	802,465	1,416,525	29,523,029
September 30, 2024	18,090,374	1,842,780	6,794,435	645,706	1,095,008	28,468,303
June 30, 2024	18,504,501	1,816,893	7,008,276	553,197	875,472	28,758,339
March 31, 2024	18,900,906	1,766,294	6,970,537	467,186	742,307	28,847,230
December 31, 2023	18,808,801	1,693,979	6,979,570	501,153	487,521	28,471,024
September 30, 2023	18,461,835	1,741,306	6,633,252	485,043	330,575	27,652,011
June 30, 2023	18,116,503	1,680,756	6,171,818	440,074	327,901	26,737,052
March 31, 2023	17,685,961	1,599,982	6,533,581	356,101	308,493	26,484,118

Table 39

On-Balance Sheet Outstanding Business Volume
	Fixed Rate	5- to 10-Year ARMs & Resets	1-Month to 3-Year ARMs	Total Held in Portfolio
(in thousands)
As of:
March 31, 2025	$14,397,557	$3,393,642	$6,892,411	$24,683,610
December 31, 2024	14,356,171	3,370,540	6,815,034	24,541,745
September 30, 2024	14,328,691	3,311,001	6,265,792	23,905,484
June 30, 2024	14,064,831	3,273,764	6,850,137	24,188,732
March 31, 2024	14,166,500	3,194,246	6,849,237	24,209,983
December 31, 2023	14,133,794	3,171,672	6,455,359	23,760,825
September 30, 2023	13,727,280	3,019,317	6,255,690	23,002,287
June 30, 2023	13,721,129	3,003,560	5,493,104	22,217,793
March 31, 2023	13,607,740	3,020,229	5,924,032	22,552,001

The following table presents the quarterly net effective spread (a non-GAAP measure) by segment:

Table 40

	Net Effective Spread
Agricultural Finance · Infrastructure Finance · Treasury
	Farm & Ranch	Corporate AgFinance	Power & Utilities	Broadband Infrastructure	Renewable Energy	Funding	Investments	Net Effective Spread
	DollarsYield	DollarsYield	DollarsYield	DollarsYield	DollarsYield	DollarsYield	DollarsYield	DollarsYield
(dollars in thousands)
For the quarter ended:
March 31, 2025	$33,885	$8,640	$5,329	$3,566	$5,112	$31,604	$1,854	$89,990
	1.01%	2.09%	0.32%	2.27%	1.55%	0.41%	0.10%	1.17%
December 31, 2024	32,556	7,891	5,059	3,414	4,859	31,242	2,507	87,528
	0.96%	1.95%	0.32%	2.34%	1.76%	0.42%	0.15%	1.16%
September 30, 2024	35,755	6,397	4,785	2,794	3,810	30,912	943	85,396
	1.05%	1.56%	0.30%	2.21%	1.78%	0.42%	0.05%	1.16%
June 30, 2024	34,156	7,866	5,253	2,393	2,999	30,268	661	83,596
	0.98%	1.91%	0.32%	2.16%	1.86%	0.41%	0.04%	1.14%
March 31, 2024	32,843	7,971	4,890	2,342	2,049	32,474	475	83,044
	0.95%	2.05%	0.30%	2.08%	1.75%	0.45%	0.03%	1.14%
December 31, 2023	33,329	8,382	4,916	2,426	1,540	33,361	597	84,551
	0.98%	2.06%	0.31%	2.06%	1.69%	0.47%	0.04%	1.19%
September 30, 2023	32,718	8,250	3,979	2,383	1,150	34,412	532	83,424
	0.97%	2.05%	0.26%	2.15%	1.46%	0.49%	0.04%	1.20%
June 30, 2023	34,388	7,444	3,681	2,127	1,100	32,498	594	81,832
	1.03%	1.92%	0.25%	2.25%	1.47%	0.48%	0.04%	1.20%
March 31, 2023	32,465	7,148	3,599	1,908	858	31,738	(543)	77,173
	0.97%	1.94%	0.24%	2.53%	1.53%	0.47%	(0.04)%	1.15%

The following table presents quarterly core earnings (a non-GAAP measure) reconciled to net income attributable to common stockholders:

Table 41

	Core Earnings by Quarter End
	March 2025	December 2024	September 2024	June 2024	March 2024	December 2023	September 2023	June 2023	March 2023
(in thousands)
Revenues:
Net effective spread	$89,990	$87,528	$85,396	$83,596	$83,044	$84,551	$83,424	$81,832	$77,173
Guarantee and commitment fees	5,488	5,086	4,997	5,256	4,982	4,865	4,828	4,581	4,654
Gain on sale of investment securities	—	—	—	1,052	—	—	—	—	—
Loss on sale of mortgage loan	—	—	—	(1,147)	—	—	—	—	—
Other	1,315	(491)	1,133	481	1,077	767	1,056	409	1,067
Total revenues	96,793	92,123	91,526	89,238	89,103	90,183	89,308	86,822	82,894
Credit related expense/(income):
Provision for/(release of) losses	1,583	3,872	3,258	6,230	(1,870)	(575)	(181)	1,142	750
REO operating expenses	—	—	196	—	—	—	—	—	—
Losses on sale of REO	68	—	—	—	—	—	—	—	—
Total credit related expense/(income)	1,651	3,872	3,454	6,230	(1,870)	(575)	(181)	1,142	750
Operating expenses:
Compensation and employee benefits	17,752	15,641	15,237	14,840	18,257	15,523	14,103	13,937	15,351
General and administrative	10,758	12,452	8,625	8,904	8,255	8,916	9,100	9,420	7,527
Regulatory fees	1,000	1,000	725	725	725	725	831	831	835
Total operating expenses	29,510	29,093	24,587	24,469	27,237	25,164	24,034	24,188	23,713
Net earnings	65,632	59,158	63,485	58,539	63,736	65,594	65,455	61,492	58,431
Income tax expense	14,000	9,938	12,681	11,970	13,553	13,881	13,475	12,539	12,756
Preferred stock dividends	5,666	5,666	5,897	6,792	6,791	6,791	6,792	6,791	6,791
Core earnings	$45,966	$43,554	$44,907	$39,777	$43,392	$44,922	$45,188	$42,162	$38,884
Reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes	$(2,573)	$3,084	$(1,064)	$(359)	$1,683	$(836)	$2,921	$2,141	$916
Gains/(losses) on hedging activities due to fair value changes	1,099	5,737	205	2,604	3,002	(3,598)	3,210	(4,901)	(105)
Unrealized gains/(losses) on trading assets	9	(83)	99	(87)	(14)	(37)	1,714	(57)	359
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	28	(39)	27	26	31	88	29	29	29
Net effects of terminations or net settlements on financial derivatives	(1,070)	534	(503)	(1,505)	(192)	(800)	(79)	583	523
Issuance costs on the retirement of preferred stock	—	—	(1,619)	—	—	—	—	—	—
Income tax effect related to reconciling items	526	(1,939)	260	(143)	(947)	1,089	(1,638)	464	(362)
Net income attributable to common stockholders	$43,985	$50,848	$42,312	$40,313	$46,955	$40,828	$51,345	$40,421	$40,244

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