FEDERAL AGRICULTURAL MORTGAGE CORP (AGM)
Income Statement
Consolidated Statement of Income
FEDERAL AGRICULTURAL MORTGAGE CORPORATION (AGM.PRI)
Three and Six Months Ended (In thousands, except shares and per share data)
| Jun 30, 2026 (Q2) | Jun 30, 2025 (Q2) | Jun 30, 2026 (YTD) | Jun 30, 2025 (YTD) | |
|---|---|---|---|---|
| Investment securities and cash equivalents | $215,222 | $213,983 | $418,631 | $423,633 |
| Designated as hedge | $215,222 | $213,983 | $418,631 | $423,633 |
| Loans | $235,038 | $185,039 | $447,590 | $356,803 |
| Designated as hedge | $235,038 | $185,039 | $447,590 | $356,803 |
| Total interest income | $450,260 | $399,022 | $866,221 | $780,436 |
| Total interest expense | $332,185 | $302,225 | $646,750 | $592,700 |
| Designated as hedge | $332,185 | $302,225 | $646,750 | $592,700 |
| Net interest income | $118,075 | $96,797 | $219,471 | $187,736 |
| Provision for losses | $(7,017) | $(7,713) | $(11,325) | $(9,397) |
| Net interest income after provision for losses | $111,058 | $89,084 | $208,146 | $178,339 |
| Guarantee and commitment fees | $6,079 | $4,816 | $11,916 | $9,295 |
| Gains/(losses) on financial derivatives | $224 | $80 | $1,364 | $(2,556) |
| Designated as hedge | $224 | $80 | $1,364 | $(2,556) |
| Interest Rate Swap - No hedge designation - Investment securities and cash equivalents | ||||
| Interest Rate Swap - No hedge designation - Loans | ||||
| Interest Rate Swap - No hedge designation - Total interest expense | ||||
| Interest Rate Swap - No hedge designation - Gains/(losses) on financial derivatives | $139 | $(834) | $(822) | $(3,537) |
| Interest Rate Swap - No hedge designation | $139 | $(834) | $(822) | $(3,537) |
| Treasury futures - No hedge designation - Investment securities and cash equivalents | ||||
| Treasury futures - No hedge designation - Loans | ||||
| Treasury futures - No hedge designation - Total interest expense | ||||
| Treasury futures - No hedge designation - Gains/(losses) on financial derivatives | $(471) | $1,122 | $661 | $871 |
| Treasury futures - No hedge designation | $(471) | $1,122 | $661 | $871 |
| No hedge designation - Investment securities and cash equivalents | ||||
| No hedge designation - Loans | ||||
| No hedge designation - Total interest expense | ||||
| No hedge designation - Gains/(losses) on financial derivatives | $224 | $80 | $1,364 | $(2,556) |
| No hedge designation | $224 | $80 | $1,364 | $(2,556) |
| Other income | $634 | $941 | $1,386 | $2,478 |
| Non-interest income | $6,937 | $5,837 | $14,666 | $9,217 |
| Compensation and employee benefits | $23,706 | $17,631 | $44,963 | $35,383 |
| General and administrative | $11,591 | $10,859 | $22,853 | $21,617 |
| Regulatory fees | $862 | $1,000 | $1,725 | $2,000 |
| Operating expenses | $36,159 | $29,490 | $69,541 | $59,000 |
| Income before income taxes | $81,836 | $65,431 | $153,271 | $128,556 |
| Income tax expense | $14,885 | $10,594 | $27,197 | $24,068 |
| Net income | $66,951 | $54,837 | $126,074 | $104,488 |
| Preferred stock dividends | $(8,074) | $(5,667) | $(15,365) | $(11,333) |
| Net income attributable to common stockholders | $58,877 | $49,170 | $110,709 | $93,155 |
| Basic earnings per common share (in dollars per share) | 5.43 | 4.50 | 10.21 | 8.53 |
| Diluted earnings per common share (in dollars per share) | 5.41 | 4.48 | 10.15 | 8.49 |
Balance Sheet
Consolidated Balance Sheets
FEDERAL AGRICULTURAL MORTGAGE CORPORATION (AGM.PRI)
As of June 30, 2026 and December 31, 2025 (In thousands, except shares and per share data)
| Jun 30, 2026 | Dec 31, 2025 | |
|---|---|---|
| Cash and cash equivalents (includes restricted cash of $26,984 and $24,475, respectively) | $1,038,091 | $931,067 |
| Available-for-sale, at fair value (amortized cost of $15,249,174 and $13,813,551, respectively) | $14,891,506 | $13,580,285 |
| Held-to-maturity, at amortized cost | $4,514,893 | $3,954,223 |
| Other investments | $18,763 | $15,871 |
| Total Investment Securities | $19,425,162 | $17,550,379 |
| Loans held for investment, at amortized cost | $15,902,213 | $13,877,051 |
| Loans held for investment in consolidated trusts, at amortized cost | $2,325,798 | $2,482,010 |
| Allowance for losses | $(47,167) | $(37,785) |
| Total loans, net of allowance | $18,180,844 | $16,321,276 |
| Financial derivatives, at fair value | $42,411 | $44,875 |
| Accrued interest receivable (includes $37,189 and $40,945, respectively, related to consolidated trusts) | $374,120 | $357,155 |
| Guarantee and commitment fees receivable | $58,476 | $57,214 |
| Deferred tax asset, net | $10,599 | $173 |
| Prepaid expenses and other assets | $160,489 | $108,018 |
| Total Assets | $39,290,192 | $35,370,157 |
| Notes payable | $34,693,922 | $30,822,570 |
| Debt securities of consolidated trusts held by third parties | $2,217,532 | $2,365,435 |
| Financial derivatives, at fair value | $69,282 | $21,618 |
| Accrued interest payable (includes $14,696 and $15,795, respectively, related to consolidated trusts) | $268,428 | $233,714 |
| Guarantee and commitment obligation | $55,555 | $54,770 |
| Other liabilities | $131,039 | $153,101 |
| Total Liabilities | $37,435,758 | $33,651,208 |
| Commitments and Contingencies (Note 5) | ||
| Preferred stock | $604,757 | $507,993 |
| 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 | $96,844 |
| Series I | $96,764 | |
| Common stock | $10,850 | $10,857 |
| Class A voting common stock | $1,031 | $1,031 |
| Class B voting common stock | $500 | $500 |
| Class C non-voting common stock | $9,319 | $9,326 |
| Additional paid-in capital | $140,836 | $139,370 |
| Accumulated other comprehensive (loss)/income, net of tax | $(18,234) | $13,382 |
| Retained earnings | $1,116,225 | $1,047,347 |
| Total Equity | $1,854,434 | $1,718,949 |
| Total Liabilities and Equity | $39,290,192 | $35,370,157 |
Cash Flow
Consolidated Statement of Cash Flows
FEDERAL AGRICULTURAL MORTGAGE CORPORATION (AGM.PRI)
Six Months Ended (In thousands, except shares and per share data)
| Jun 30, 2026 (YTD) | Jun 30, 2025 (YTD) | |
|---|---|---|
| Net Income | $126,074 | $104,488 |
| Net amortization of deferred gains, premiums, and discounts on loans, investments, Farmer Mac Guaranteed Securities, and USDA Securities | $(10,491) | $(11,195) |
| Net amortization of debt premiums, discounts, and issuance costs | $(2,635) | $4,438 |
| Net change in fair value of hedged items, financial derivatives, loans held for sale, and trading securities | $62,464 | $(152,332) |
| Total provision for allowance for losses | $12,196 | $9,395 |
| Stock-based compensation expense | $5,327 | $5,274 |
| Purchases of loans held for sale | $(7,770) | |
| Proceeds from repayment of loans purchased as held for sale | $8,154 | $22,583 |
| Purchases of tax credits | $(60,144) | $(32,399) |
| Other | $(3,313) | $(1,272) |
| Interest receivable | $(20,524) | $(9,655) |
| Guarantee and commitment fees receivable | $(476) | $(57) |
| Other assets | $18,756 | $57,294 |
| Accrued interest payable | $34,714 | $15,497 |
| Custodial deposit liability | $(12,835) | $(107,428) |
| Other liabilities | $(24,812) | $5,598 |
| Net cash provided by operating activities | $132,455 | $(97,541) |
| Purchases of available-for-sale investment securities | $(2,411,274) | $(1,695,092) |
| Available-for-sale securities | $(2,411,274) | $(1,695,092) |
| Purchases of held-to-maturity investment securities | $(1,172,334) | $(213,730) |
| Farmer Mac Guaranteed Securities and USDA Securities | $(1,172,334) | $(213,730) |
| Purchases of other investment securities | $(3,104) | $(3,240) |
| Purchases of loans held for investment | $(3,269,691) | $(2,205,600) |
| Purchases of defaulted loans | $(5,173) | $(2,544) |
| Proceeds from repayment of available-for-sale investment securities | $980,876 | $945,283 |
| Available-for-sale securities | $980,876 | $945,283 |
| Proceeds from repayment of held-to-maturity investment securities | $611,845 | $764,341 |
| Farmer Mac Guaranteed Securities and USDA Securities | $611,845 | $764,341 |
| Proceeds from repayment of loans purchased as held for investment | $1,407,218 | $1,021,373 |
| Proceeds from sale of real estate owned | $1,862 | $725 |
| Proceeds from sale of loans previously classified as held for investment | $6,045 | |
| Net cash used in investing activities | $(3,859,775) | $(1,382,439) |
| Proceeds from issuance of notes payable | $49,857,993 | $42,960,075 |
| Proceeds from issuance of debt securities of consolidated trusts | $286,511 | |
| Payments to redeem notes payable | $(45,885,769) | $(41,601,968) |
| Payments to third parties on debt securities of consolidated trusts | $(174,434) | $(109,353) |
| Purchases of common stock | $(7,106) | |
| Proceeds from common stock issuance | $121 | $159 |
| Proceeds from preferred stock issuance, net of stock issuance costs | $96,764 | |
| Tax payments related to share-based awards | $(3,942) | $(5,036) |
| Dividends paid on common and preferred stock | $(49,283) | $(44,086) |
| Net cash provided by financing activities | $3,834,344 | $1,486,302 |
| Net change in cash and cash equivalents | $107,024 | $6,322 |
| Cash, cash equivalents, and restricted cash at end of period | ||
| Cash, cash equivalents, and restricted cash at end of period | ||
| Loans acquired through non-cash transactions | $28,957 | $41,156 |
| Loans held for investment transferred to consolidated trusts | $299,270 |