FEDERAL AGRICULTURAL MORTGAGE CORP
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
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Balance Sheet Review
The following table summarizes our balance sheet as of the periods indicated:
Table 19
| As of · Change | ||||
|---|---|---|---|---|
| December 31, 2025 | December 31, 2024 | $ | % | |
| (in thousands) | ||||
| Assets | ||||
| Cash and cash equivalents | $931,067 | $1,024,007 | $(92,940) | (9)% |
| Investment securities | 17,550,379 | 16,576,887 | 973,492 | 6% |
| Loans, net of allowance | 13,840,378 | 11,166,984 | 2,673,394 | 24% |
| Loans held in trusts | 2,480,898 | 2,037,654 | 443,244 | 22% |
| Other | 567,435 | 519,210 | 48,225 | 9% |
| Total assets | $35,370,157 | $31,324,742 | $4,045,415 | 13% |
| Liabilities | ||||
| Notes Payable | $30,822,570 | $27,371,174 | $3,451,396 | 13% |
| Debt securities of consolidated trusts held by third parties | 2,365,435 | 1,929,628 | 435,807 | 23% |
| Other | 463,203 | 534,914 | (71,711) | (13)% |
| Total liabilities | $33,651,208 | $29,835,716 | $3,815,492 | 13% |
| Total equity | 1,718,949 | 1,489,026 | 229,923 | 15% |
| Total liabilities and equity | $35,370,157 | $31,324,742 | $4,045,415 | 13% |
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. During 2025, we executed two structured securitization transactions backed by Farm & Ranch loans for which $613.6 million of Farmer Mac Guaranteed Securities were issued. During 2025 and 2024, there were no realized gains or losses from the issuance of Farmer Mac Guaranteed Securities. We consolidate trusts and present the assets of the trust in "Loans held for investment in consolidated trusts, at amortized cost" and the liabilities of the trust in "Debt securities of consolidated trusts held by third parties" on the Consolidated Balance Sheets.
Equity. The increase in total equity was primarily due to an increase of $96.8 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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