FEDERAL AGRICULTURAL MORTGAGE CORP
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
View on SEC.govAbout this filing
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
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Supplemental Information
The following tables present quarterly and annual information about new business volume, repayments, and outstanding business volume:
Table 31
| New Business Volume | ||||||
|---|---|---|---|---|---|---|
| Agricultural Finance · Infrastructure Finance | ||||||
| Farm & Ranch | Corporate AgFinance | Power & Utilities | Broadband Infrastructure | Renewable Energy | Total | |
| (in thousands) | ||||||
| For the quarter ended: | ||||||
| December 31, 2025 | $2,204,717 | $271,100 | $514,897 | $560,027 | $461,613 | $4,012,354 |
| September 30, 2025 | 1,069,422 | 236,940 | 225,017 | 262,322 | 732,888 | 2,526,589 |
| June 30, 2025 | 896,499 | 280,331 | 185,563 | 280,350 | 482,276 | 2,125,019 |
| 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 |
| For the year ended: | ||||||
| December 31, 2025 | $4,719,147 | $1,059,337 | $1,412,438 | $1,332,348 | $1,978,092 | $10,501,362 |
| December 31, 2024 | 3,175,215 | 1,199,713 | 685,471 | 501,075 | 1,473,884 | 7,035,358 |
Table 32
| 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 | $622,740 | $167,492 | $46,628 | $326,918 | $301,889 | $1,465,667 |
| Unscheduled | 206,690 | 44,300 | 34,164 | — | — | 285,154 |
| December 31, 2025 | $829,430 | $211,792 | $80,792 | $326,918 | $301,889 | $1,750,821 |
| Scheduled | $816,531 | $202,391 | $66,715 | $137,666 | $390,359 | $1,613,662 |
| Unscheduled | 216,005 | 89,015 | 32,139 | — | — | 337,159 |
| September 30, 2025 | $1,032,536 | $291,406 | $98,854 | $137,666 | $390,359 | $1,950,821 |
| Scheduled | $513,179 | $135,868 | $32,388 | $80,744 | $149,904 | $912,083 |
| Unscheduled | 190,374 | 80,303 | 40,787 | — | — | 311,464 |
| June 30, 2025 | $703,553 | $216,171 | $73,175 | $80,744 | $149,904 | $1,223,547 |
| 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 |
| For the year ended: | ||||||
| Scheduled | $2,739,406 | $675,283 | $223,707 | $602,607 | $951,328 | $5,192,331 |
| Unscheduled | 871,668 | 313,394 | 137,475 | — | — | 1,322,537 |
| December 31, 2025 | $3,611,074 | $988,677 | $361,182 | $602,607 | $951,328 | $6,514,868 |
| 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 |
Table 33
| Outstanding Business Volume | ||||||
|---|---|---|---|---|---|---|
| Agricultural Finance · Infrastructure Finance | ||||||
| Farm & Ranch | Corporate AgFinance | Power & Utilities | Broadband Infrastructure | Renewable Energy | Total | |
| (in thousands) | ||||||
| As of: | ||||||
| December 31, 2025 | $19,564,916 | $1,950,536 | $7,860,622 | $1,532,206 | $2,443,289 | $33,351,569 |
| September 30, 2025 | 18,218,755 | 1,891,228 | 7,426,517 | 1,299,097 | 2,283,565 | 31,119,162 |
| June 30, 2025 | 18,217,905 | 1,953,523 | 7,300,354 | 1,174,441 | 1,941,036 | 30,587,259 |
| 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 |
Table 34
| 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: | ||||
| December 31, 2025 | $14,713,472 | $3,623,574 | $9,249,077 | $27,586,123 |
| September 30, 2025 | 14,600,861 | 3,529,567 | 7,724,118 | 25,854,546 |
| June 30, 2025 | 14,644,420 | 3,488,344 | 7,197,147 | 25,329,911 |
| 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 |
The following table presents outstanding Agricultural Finance mortgage loans and 90-day delinquencies as of December 31, 2025 by year of origination, geographic region, commodity/collateral type, original LTV ratio, and range in the size of borrower exposure:
Table 35
| Agricultural Finance Mortgage Loans 90-Day Delinquencies as of December 31, 2025 | ||||
|---|---|---|---|---|
| Distribution of Agricultural Loans · Agricultural Loans · 90-Day Delinquencies(1) · Percentage | ||||
| (dollars in thousands) | ||||
| By year of origination: | ||||
| 2015 and prior | 7% | $919,129 | $4,182 | 0.45% |
| 2016 | 3% | 373,225 | 6,729 | 1.80% |
| 2017 | 3% | 454,766 | 5,450 | 1.20% |
| 2018 | 4% | 544,107 | 8,220 | 1.51% |
| 2019 | 5% | 708,787 | 21,062 | 2.97% |
| 2020 | 13% | 1,887,850 | 23,194 | 1.23% |
| 2021 | 17% | 2,406,658 | 1,193 | 0.05% |
| 2022 | 11% | 1,548,932 | 33,142 | 2.14% |
| 2023 | 7% | 995,019 | 18,445 | 1.85% |
| 2024 | 12% | 1,646,543 | 8,229 | 0.50% |
| 2025 | 18% | 2,560,040 | 2,704 | 0.11% |
| Total | 100% | $14,045,056 | $132,550 | 0.94% |
| By geographic region(2): | ||||
| Northwest | 11% | $1,552,524 | $11,703 | 0.75% |
| Southwest | 27% | 3,732,092 | 79,193 | 2.12% |
| Mid-North | 26% | 3,692,728 | 33,564 | 0.91% |
| Mid-South | 20% | 2,837,928 | 3,804 | 0.13% |
| Northeast | 4% | 577,707 | 1,650 | 0.29% |
| Southeast | 12% | 1,652,077 | 2,636 | 0.16% |
| Total | 100% | $14,045,056 | $132,550 | 0.94% |
| By commodity/collateral type: | ||||
| Crops | 50% | $6,966,069 | $53,130 | 0.76% |
| Permanent plantings | 19% | 2,618,368 | 57,788 | 2.21% |
| Livestock | 21% | 2,904,254 | 10,838 | 0.37% |
| Part-time farm | 3% | 503,107 | 10,480 | 2.08% |
| Ag. Storage and Processing | 7% | 1,046,945 | 314 | 0.03% |
| Other | —% | 6,313 | — | —% |
| Total | 100% | $14,045,056 | $132,550 | 0.94% |
| By original LTV ratio: | ||||
| Less than 40.00% | 16% | $2,296,964 | $10,897 | 0.47% |
| 40.00% to 60.00% | 53% | 7,423,672 | 101,968 | 1.37% |
| 60.01% to 80.00% | 24% | 3,365,464 | 19,685 | 0.58% |
| 80.01% to 100% | —% | 23,326 | — | —% |
| Greater than 100% | —% | 3,180 | — | —% |
| Enterprise Value(3) | 7% | 932,450 | — | —% |
| Total | 100% | $14,045,056 | $132,550 | 0.94% |
| By size of borrower exposure(4): | ||||
| Less than $1,000,000 | 25% | $3,531,231 | $13,158 | 0.37% |
| $1,000,000 to $4,999,999 | 41% | 5,786,626 | 61,929 | 1.07% |
| $5,000,000 to $9,999,999 | 15% | 2,071,503 | 28,363 | 1.37% |
| $10,000,000 to $24,999,999 | 11% | 1,504,028 | — | —% |
| $25,000,000 and greater | 8% | 1,151,668 | 29,100 | 2.53% |
| Total | 100% | $14,045,056 | $132,550 | 0.94% |
(1)Includes loans held and loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.
(2)Geographic regions: Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN).
(3)"Enterprise Value" loans are generally secured by all business assets and common stock (in addition to first lien mortgages) of the borrower and the value of the borrowing entity depends on its ability to generate recurring positive cash flow.
(4)Includes aggregated loans to single borrowers or borrower-related entities.
The following table presents our cumulative net credit losses relative to the cumulative original balance for all Agricultural Finance mortgage loans as of December 31, 2025 by year of origination, geographic region, and commodity/collateral type. The purpose of this table is to present information about realized credit losses relative to original Agricultural Finance purchases, guarantees, and commitments.
Table 36
| Agricultural Finance Mortgage Loans Credit Losses Relative to Cumulative | |||
|---|---|---|---|
| Original Loans, Guarantees, and LTSPCs as of December 31, 2025 | |||
| Cumulative Original Loans, Guarantees and LTSPCs · Cumulative Net Credit Losses/(Recoveries) · Cumulative Loss Rate | |||
| (dollars in thousands) | |||
| By year of origination: | |||
| 2015 and prior | $21,265,999 | $33,270 | 0.16% |
| 2016 | 1,657,289 | 1,631 | 0.10% |
| 2017 | 1,774,889 | 4,310 | 0.24% |
| 2018 | 1,520,984 | — | —% |
| 2019 | 1,746,347 | 1,687 | 0.10% |
| 2020 | 3,323,437 | (87) | —% |
| 2021 | 3,630,198 | 17,149 | 0.47% |
| 2022 | 2,179,751 | 1,776 | 0.08% |
| 2023 | 1,523,032 | 3,265 | 0.21% |
| 2024 | 1,924,745 | — | —% |
| 2025 | 2,772,868 | — | —% |
| Total | $43,319,539 | $63,001 | 0.15% |
| By geographic region(1): | |||
| Northwest | $5,179,733 | $16,885 | 0.33% |
| Southwest | 13,581,523 | 17,272 | 0.13% |
| Mid-North | 10,719,372 | 27,262 | 0.25% |
| Mid-South | 7,031,066 | (613) | (0.01)% |
| Northeast | 2,225,838 | 1,223 | 0.05% |
| Southeast | 4,582,007 | 972 | 0.02% |
| Total | $43,319,539 | $63,001 | 0.15% |
| By commodity/collateral type: | |||
| Crops | $19,939,404 | $6,800 | 0.03% |
| Permanent plantings | 8,810,272 | 16,039 | 0.18% |
| Livestock | 9,668,879 | 3,814 | 0.04% |
| Part-time farm | 2,031,680 | 1,090 | 0.05% |
| Ag. Storage and Processing | 2,712,353 | 35,258 | 1.30% |
| Other | 156,951 | — | —% |
| Total | $43,319,539 | $63,001 | 0.15% |
(1)Geographic regions: Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN).
The following table presents the quarterly net effective spread (a non-GAAP measure) by segment:
Table 37
| 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: | ||||||||
| December 31, 2025 | $36,180 | $8,601 | $6,159 | $5,610 | $8,995 | $33,694 | $2,150 | $101,389 |
| 1.06% | 2.07% | 0.34% | 2.42% | 1.74% | 0.41% | 0.11% | 1.22% | |
| September 30, 2025 | 34,840 | 9,047 | 5,910 | 4,379 | 7,730 | 34,777 | 1,086 | 97,769 |
| 1.04% | 2.16% | 0.34% | 2.30% | 1.75% | 0.43% | 0.05% | 1.20% | |
| June 30, 2025 | 35,710 | 8,609 | 5,636 | 3,932 | 6,227 | 31,668 | 2,111 | 93,893 |
| 1.07% | 2.07% | 0.33% | 2.24% | 1.68% | 0.40% | 0.11% | 1.19% | |
| 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% | |
The following table presents quarterly core earnings (a non-GAAP measure) reconciled to net income attributable to common stockholders:
Table 38
| Core Earnings by Quarter End | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| December 2025 | September 2025 | June 2025 | March 2025 | December 2024 | September 2024 | June 2024 | March 2024 | December 2023 | |
| (in thousands) | |||||||||
| Revenues: | |||||||||
| Net effective spread | $101,389 | $97,769 | $93,893 | $89,990 | $87,528 | $85,396 | $83,596 | $83,044 | $84,551 |
| Guarantee and commitment fees | 6,298 | 6,132 | 5,874 | 5,488 | 5,086 | 4,997 | 5,256 | 4,982 | 4,865 |
| Other | 224 | 1,185 | 742 | 1,315 | (491) | 1,133 | 386 | 1,077 | 767 |
| Total revenues | 107,911 | 105,086 | 100,509 | 96,793 | 92,123 | 91,526 | 89,238 | 89,103 | 90,183 |
| Credit related expense/(income): | |||||||||
| Provision for/(release of) losses | 15,986 | 7,477 | 7,713 | 1,684 | 3,773 | 3,428 | 6,179 | (1,801) | (626) |
| Other credit related expense/(income) | 1,267 | (44) | 160 | (33) | 99 | 26 | 51 | (69) | 51 |
| Total credit related expense/(income) | 17,253 | 7,433 | 7,873 | 1,651 | 3,872 | 3,454 | 6,230 | (1,870) | (575) |
| Operating expenses: | |||||||||
| Compensation and employee benefits | 18,199 | 17,743 | 17,631 | 17,752 | 15,641 | 15,237 | 14,840 | 18,257 | 15,523 |
| General and administrative | 11,944 | 11,052 | 10,859 | 10,758 | 12,452 | 8,625 | 8,904 | 8,255 | 8,916 |
| Regulatory fees | 863 | 1,000 | 1,000 | 1,000 | 1,000 | 725 | 725 | 725 | 725 |
| Total operating expenses | 31,006 | 29,795 | 29,490 | 29,510 | 29,093 | 24,587 | 24,469 | 27,237 | 25,164 |
| Net earnings | 59,652 | 67,858 | 63,146 | 65,632 | 59,158 | 63,485 | 58,539 | 63,736 | 65,594 |
| Income tax expense | 12,370 | 11,933 | 10,114 | 14,000 | 9,938 | 12,681 | 11,970 | 13,553 | 13,881 |
| Preferred stock dividends | 7,286 | 6,303 | 5,667 | 5,666 | 5,666 | 5,897 | 6,792 | 6,791 | 6,791 |
| Core earnings | $39,996 | $49,622 | $47,365 | $45,966 | $43,554 | $44,907 | $39,777 | $43,392 | $44,922 |
| Reconciling items: | |||||||||
| Gains/(losses) on undesignated financial derivatives due to fair value changes | $447 | $882 | $(639) | $(2,573) | $3,084 | $(1,064) | $(359) | $1,683 | $(836) |
| Gains/(losses) on hedging activities due to fair value changes | 3,107 | (137) | 2,709 | 1,099 | 5,737 | 205 | 2,604 | 3,002 | (3,598) |
| Unrealized (losses)/gains on trading assets | (66) | (4) | (65) | 9 | (83) | 99 | (87) | (14) | (37) |
| Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | 24 | 26 | 25 | 28 | (39) | 27 | 26 | 31 | 88 |
| Net effects of terminations or net settlements on financial derivatives | (2,699) | (1,934) | 255 | (1,070) | 534 | (503) | (1,505) | (192) | (800) |
| Issuance costs on the retirement of preferred stock | — | — | — | — | — | (1,619) | — | — | — |
| Income tax effect related to reconciling items | (171) | 245 | (480) | 526 | (1,939) | 260 | (143) | (947) | 1,089 |
| Net income attributable to common stockholders | $40,638 | $48,700 | $49,170 | $43,985 | $50,848 | $42,312 | $40,313 | $46,955 | $40,828 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.