FEDERAL AGRICULTURAL MORTGAGE CORP

For the period ended Dec 31, 2025. Filed Feb 19, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 19, 2026

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

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Contents

Consolidated Statements of Operations

	For the Years Ended December 31,
	2025	2024	2023
(in thousands, except per share amounts)
Interest income:
Investment securities and cash equivalents	$846,441	$974,329	$877,394
Loans	765,806	629,187	514,894
Total interest income	1,612,247	1,603,516	1,392,288
Total interest expense	1,221,513	1,249,649	1,064,741
Net interest income	390,734	353,867	327,547
Provision for losses	(32,860)	(11,579)	(858)
Net interest income after provision for losses	357,874	342,288	326,689
Non-interest income/(expense):
Guarantee and commitment fees	19,575	15,738	16,712
(Losses)/gains on financial derivatives	(5,120)	2,636	2,882
Other income	3,183	2,827	3,917
Non-interest income	17,638	21,201	23,511
Operating expenses:
Compensation and employee benefits	71,325	63,975	58,914
General and administrative	44,613	38,236	34,963
Regulatory fees	3,863	3,175	3,222
Operating expenses	119,801	105,386	97,099
Income before income taxes	255,711	258,103	253,101
Income tax expense	48,296	50,910	53,098
Net income	207,415	207,193	200,003
Preferred stock dividends	(24,922)	(25,146)	(27,165)
Loss on retirement of preferred stock	—	(1,619)	—
Net income attributable to common stockholders	$182,493	$180,428	$172,838
Earnings per common share:
Basic earnings per common share	$16.73	$16.59	$15.97
Diluted earnings per common share	$16.62	$16.44	$15.81

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.