FEDERAL AGRICULTURAL MORTGAGE CORP (AGM)
Income Statement
Consolidated Statement of Income
FEDERAL AGRICULTURAL MORTGAGE CORPORATION (AGM.PRH)
Year Ended (In thousands, except shares and per share data)
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | |
|---|---|---|---|
| Investment securities and cash equivalents | $846,441 | $974,329 | $877,394 |
| Designated as hedge | $846,441 | $974,329 | $877,394 |
| Loans | $765,806 | $629,187 | $514,894 |
| Designated as hedge | $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 |
| Designated as hedge | $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 |
| Guarantee and commitment fees | $19,575 | $15,738 | $16,712 |
| (Losses)/gains on financial derivatives | $(5,120) | $2,636 | $2,882 |
| Designated as hedge | $(5,120) | $2,636 | $2,882 |
| Interest Rate Swap - No hedge designation - Interest Income Investments and Cash Equivalents | |||
| Interest Rate Swap - No hedge designation - Interest Income Loans | |||
| Interest Rate Swap - No hedge designation - Total Interest Expense | |||
| Interest Rate Swap - No hedge designation - Losses on financial derivatives | $(2,784) | $2,424 | $4,395 |
| Interest Rate Swap - No hedge designation | $(2,784) | $2,424 | $4,395 |
| Treasury futures - No hedge designation - Interest Income Investments and Cash Equivalents | |||
| Treasury futures - No hedge designation - Interest Income Loans | |||
| Treasury futures - No hedge designation - Total Interest Expense | |||
| Treasury futures - No hedge designation - Losses on financial derivatives | $(1,895) | $1,589 | $3,332 |
| Treasury futures - No hedge designation | $(1,895) | $1,589 | $3,332 |
| No hedge designation - Interest Income Investments and Cash Equivalents | |||
| No hedge designation - Interest Income Loans | |||
| No hedge designation - Total Interest Expense | |||
| No hedge designation - Losses on financial derivatives | $(5,120) | $2,636 | $2,882 |
| No hedge designation | $(5,120) | $2,636 | $2,882 |
| Other income | $3,183 | $2,827 | $3,917 |
| Non-interest income | $17,638 | $21,201 | $23,511 |
| 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 |
| Basic earnings per common share (in dollars per share) | 16.73 | 16.59 | 15.97 |
| Diluted earnings per common share (in dollars per share) | 16.62 | 16.44 | 15.81 |
Balance Sheet
Consolidated Balance Sheets
FEDERAL AGRICULTURAL MORTGAGE CORPORATION (AGM.PRH)
As of December 31, 2025 and December 31, 2024 (In thousands, except shares and per share data)
| Dec 31, 2025 | Dec 31, 2024 | |
|---|---|---|
| Cash and cash equivalents (includes restricted cash of $24,475 and $16,190, respectively) | $931,067 | $1,024,007 |
| Available-for-sale, at fair value (amortized cost of $13,813,551 and $11,940,774, respectively) | $13,580,285 | $11,467,560 |
| Held-to-maturity, at amortized cost | $3,954,223 | $5,097,492 |
| Other investments | $15,871 | $11,835 |
| Total Investment Securities | $17,550,379 | $16,576,887 |
| Loans held for sale, at lower of cost or fair value | $6,170 | |
| Loans held for investment, at amortized cost | $13,877,051 | $11,183,408 |
| Loans held for investment in consolidated trusts, at amortized cost | $2,482,010 | $2,038,283 |
| Allowance for losses | $(37,785) | $(23,223) |
| Total loans, net of allowance | $16,321,276 | $13,204,638 |
| Financial derivatives, at fair value | $44,875 | $27,789 |
| Accrued interest receivable (includes $40,945 and $28,563, respectively, related to consolidated trusts) | $357,155 | $310,592 |
| Guarantee and commitment fees receivable | $57,214 | $50,499 |
| Deferred tax asset, net | $173 | $1,544 |
| Prepaid expenses and other assets | $108,018 | $128,786 |
| Total Assets | $35,370,157 | $31,324,742 |
| Notes payable | $30,822,570 | $27,371,174 |
| Debt securities of consolidated trusts held by third parties | $2,365,435 | $1,929,628 |
| Financial derivatives, at fair value | $21,618 | $77,326 |
| Accrued interest payable (includes $15,795 and $12,387, respectively, related to consolidated trusts) | $233,714 | $195,113 |
| Guarantee and commitment obligation | $54,770 | $48,326 |
| Other liabilities | $153,101 | $214,149 |
| Total Liabilities | $33,651,208 | $29,835,716 |
| Commitments and Contingencies (Note 10) | ||
| Preferred stock | $507,993 | $411,149 |
| Series D | $96,659 | $96,659 |
| 5.750% Non-Cumulative Preferred Stock, Series E | $77,003 | $77,003 |
| Series F | $116,160 | $116,160 |
| 4.875% Non-Cumulative Preferred Stock, Series G | $121,327 | $121,327 |
| Series H | $96,844 | |
| Common stock | $10,857 | $10,891 |
| Class A voting common stock | $1,031 | $1,031 |
| Class B voting common stock | $500 | $500 |
| Class C Common Stock | $9,326 | $9,360 |
| Additional paid-in capital | $139,370 | $135,894 |
| Accumulated other comprehensive income/(loss), net of tax | $13,382 | $(12,147) |
| Retained earnings | $1,047,347 | $943,239 |
| Total Equity | $1,718,949 | $1,489,026 |
| Total Liabilities and Equity | $35,370,157 | $31,324,742 |
Cash Flow
Consolidated Statement of Cash Flows
FEDERAL AGRICULTURAL MORTGAGE CORPORATION (AGM.PRH)
Year Ended (In thousands, except shares and per share data)
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | |
|---|---|---|---|
| Net Income | $207,415 | $207,193 | $200,003 |
| Net amortization of deferred gains, premiums, and discounts on loans, investments, Farmer Mac Guaranteed Securities, and USDA Securities | $(21,545) | $(23,879) | $(17,025) |
| Net amortization of debt premiums, discounts, and issuance costs | $23,278 | $21,242 | $31,421 |
| Net change in fair value of hedged items, financial derivatives, loans held sale, and trading securities | $(165,736) | $214,319 | $78,249 |
| Total provision for allowance for losses | $32,913 | $11,490 | $1,136 |
| Stock-based compensation expense | $8,340 | $8,088 | $6,801 |
| Proceeds from repayment of loans purchased as held for sale | $40,266 | $29,216 | $24,378 |
| Purchases of tax credits | $(61,459) | $(29,186) | |
| Other | $(5,803) | $410 | $7,213 |
| Interest receivable | $(59,127) | $(31,885) | $(63,944) |
| Guarantee and commitment fees receivable | $(271) | $96 | $(1,700) |
| Other assets | $105,739 | $47,776 | $54,369 |
| Accrued interest payable | $38,601 | $13,272 | $63,954 |
| Custodial deposit liability | $(97,244) | $130,643 | $(10,778) |
| Other liabilities | $34,695 | $13,851 | $1,721 |
| Net cash provided by operating activities | $80,062 | $612,646 | $375,798 |
| Purchases of equipment and leasehold improvements | $(5,272) | ||
| Purchases of available-for-sale investment securities | $(3,744,720) | $(3,109,301) | $(3,649,087) |
| Available-for-sale securities | $(3,744,720) | $(3,109,301) | $(3,649,087) |
| Purchases of held-to-maturity investment securities | $(354,413) | $(922,743) | $(2,377,904) |
| Farmer Mac Guaranteed Securities and USDA Securities | $(354,413) | $(922,743) | $(2,377,904) |
| Purchases of other investment securities | $(4,420) | $(3,293) | $(3,145) |
| Purchases of loans held for investment | $(5,345,105) | $(3,870,628) | $(2,164,053) |
| Purchases of defaulted loans | $(2,544) | $(4,447) | |
| Proceeds from repayment of available-for-sale investment securities | $1,865,144 | $1,951,127 | $2,958,508 |
| Available-for-sale securities | $1,865,144 | $1,951,127 | $2,958,508 |
| Proceeds from repayment of held-to-maturity investment securities | $1,497,209 | $2,445,086 | $1,916,712 |
| Farmer Mac Guaranteed Securities and USDA Securities | $1,497,209 | $2,445,086 | $1,916,712 |
| Proceeds from repayment of loans purchased as held for investment | $2,249,450 | $1,655,784 | $1,363,588 |
| Proceeds from sale of real estate owned | $1,045 | ||
| Proceeds from sale of available-for-sale investment securities | $19,537 | $115,247 | |
| Proceeds from sale of loans previously classified as held for investment | $6,045 | $5,775 | |
| Proceeds from sale of Farmer Mac Guaranteed Securities | $60,192 | ||
| Net cash used in investing activities | $(3,812,772) | $(1,682,473) | $(1,955,381) |
| Proceeds from issuance of notes payable | $90,081,802 | $68,283,121 | $57,565,783 |
| Proceeds from issuance of debt securities of consolidated trusts | $592,777 | $588,250 | $222,188 |
| Payments to redeem notes payable | $(86,798,052) | $(67,361,321) | $(56,001,041) |
| Payments to third parties on debt securities of consolidated trusts | $(226,843) | $(138,807) | $(102,045) |
| Purchases of common stock | $(12,894) | ||
| Proceeds from common stock issuance | $288 | $287 | $233 |
| Proceeds from preferred stock issuance, net of stock issuance costs | $96,844 | ||
| Tax payments related to share-based awards | $(5,109) | $(5,351) | $(3,013) |
| Retirement of preferred stock | $(75,000) | ||
| Dividends paid on common and preferred stock | $(89,043) | $(86,052) | $(74,817) |
| Net cash provided by financing activities | $3,639,770 | $1,205,127 | $1,607,288 |
| Net change in cash and cash equivalents | $(92,940) | $135,300 | $27,705 |
| Cash, cash equivalents, and restricted cash at end of period | |||
| Cash, cash equivalents, and restricted cash at end of period | |||
| Interest | $910,556 | $819,959 | $582,960 |
| Federal income taxes | $39,200 | $48,000 | |
| Loans securitized as Farmer Mac Guaranteed Securities | $48,067 | $109,546 | $36,497 |
| Loans held for investment transferred to consolidated trusts | $611,615 | $624,097 | $281,027 |