FEDERAL AGRICULTURAL MORTGAGE CORP
For the period ended Sep 30, 2025. Filed Nov 3, 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.
Sep 30, 2025 · Filed Nov 3, 2025
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Balance Sheet Review
The following table summarizes Farmer Mac's balance sheet as of the periods indicated:
Table 20
| As of · Change | ||||
|---|---|---|---|---|
| September 30, 2025 | December 31, 2024 | $ | % | |
| (in thousands) | ||||
| Assets | ||||
| Cash and cash equivalents | $901,023 | $1,024,007 | $(122,984) | (12)% |
| Investment securities | 6,679,104 | 5,973,301 | 705,803 | 12% |
| Farmer Mac Guaranteed Securities | 7,546,699 | 8,232,234 | (685,535) | (8)% |
| USDA Securities | 2,389,636 | 2,371,352 | 18,284 | 1% |
| Loans, net of allowance | 13,157,600 | 11,166,984 | 1,990,616 | 18% |
| Loans held in trusts | 2,204,390 | 2,037,654 | 166,736 | 8% |
| Other | 501,108 | 519,210 | (18,102) | (3)% |
| Total assets | $33,379,560 | $31,324,742 | $2,054,818 | 7% |
| Liabilities | ||||
| Notes Payable | $29,196,780 | $27,371,174 | $1,825,606 | 7% |
| Debt securities of consolidated trusts held by third parties | 2,089,042 | 1,929,628 | 159,414 | 8% |
| Other | 406,655 | 534,914 | (128,259) | (24)% |
| Total liabilities | $31,692,477 | $29,835,716 | $1,856,761 | 6% |
| Total equity | 1,687,083 | 1,489,026 | 198,057 | 13% |
| Total liabilities and equity | $33,379,560 | $31,324,742 | $2,054,818 | 7% |
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 of $96.9 million related to the issuance of 4.0 million shares of 6.500% non-cumulative perpetual Series H preferred stock in addition to an increase in retained earnings.
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