FEDERAL AGRICULTURAL MORTGAGE CORP

Listed Company

AGM-PECIK 0000845877NYSELarge AcceleratedFederal & Federally-Sponsored Credit AgenciesFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$207.41M

Total Assets

$35.37B

Equity

$1.72B

Shares Out

—

Op. Cash Flow

$80.06M

Business

FEDERAL AGRICULTURAL MORTGAGE CORP provides a secondary market to increase accessibility of financing for U.S. agricultural and rural infrastructure borrowers by combining private capital with public sponsorship. It purchases eligible loans, guarantees and issues Farmer Mac Guaranteed and AgVantage securities, services loans (including master servicing), and issues long‑term standby purchase commitments. The company operates two lines of business—Agricultural Finance and Infrastructure Finance—across segments such as Farm & Ranch, Corporate AgFinance, Power & Utilities, Broadband Infrastructure, and Renewable Energy. Farmer Mac distributes products through approved lenders and cooperative issuers, sells guaranteed securities to third‑party investors, and funds activities via public capital markets and lender relationships within the United States.

Summary from filing dated 2025-02-21

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Investment securities and cash equivalents	846	974	877	83	19
Loans	766	629	515	350	243
Total interest income	1,612	1,604	1,392	717	426
Total interest expense	1,222	1,250	1,065	446	—
Net interest income	391	354	328	271	222
Provision for losses	−33	−12	−858,000	−1	860,000
Net interest income after provision for losses	358	342	327	270	223
Guarantee and commitment fees	20	16	17	13	13
(Losses)/gains on financial derivatives	−5	3	3	23	324,000
Other income	3	3	4	3	2
Non-interest income	18	21	24	39	23
Compensation and employee benefits	71	64	59	49	43
General and administrative	45	38	35	30	28
Regulatory fees	4	3	3	3	3
Operating expenses	120	105	97	83	73
Income before income taxes	256	258	253	226	172
Income tax expense	48	51	53	48	36
Net income	207	207	200	178	136
Preferred stock dividends	−25	−25	−27	−27	−25
Loss on retirement of preferred stock	0	−2	0	0	—
Net income attributable to common stockholders	182	180	173	151	111
Basic earnings per common share (in dollars per share)	16.73	16.59	15.97	14	10.36
Diluted earnings per common share (in dollars per share)	16.62	16.44	15.81	13.87	10.27

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents (includes restricted cash of $24,475 and $16,190, respectively)	931	1,024	889	861	909
Available-for-sale, at fair value (amortized cost of $13,813,551 and $11,940,774, respectively)	13,580	11,468	—	—	—
Held-to-maturity, at amortized cost	3,954	5,097	—	—	—
Other investments	16	12	—	—	—
Total Investment Securities	17,550	16,577	—	—	—
Loans held for sale, at lower of cost or fair value	0	6	0	—	—
Loans held for investment, at amortized cost	13,877	11,183	9,623	9,009	8,314
Loans held for investment in consolidated trusts, at amortized cost	2,482	2,038	1,432	1,212	949
Allowance for losses	−38	−23	−16	−15	−14
Total loans, net of allowance	16,321	13,205	11,039	10,205	9,249
Financial derivatives, at fair value	45	28	37	37	6
Accrued interest receivable (includes $40,945 and $28,563, respectively, related to consolidated trusts)	357	311	287	229	166
Guarantee and commitment fees receivable	57	50	50	47	46
Deferred tax asset, net	173,000	2	8	18	16
Prepaid expenses and other assets	108	129	133	267	45
Total Assets	35,370	31,325	29,524	27,333	25,121
Notes payable	30,823	27,371	26,337	24,469	22,714
Debt securities of consolidated trusts held by third parties	2,365	1,930	1,351	1,182	981
Financial derivatives, at fair value	22	77	117	175	36
Accrued interest payable (includes $15,795 and $12,387, respectively, related to consolidated trusts)	234	195	182	118	59
Guarantee and commitment obligation	55	48	48	47	44
Other liabilities	153	214	77	69	72
Total Liabilities	33,651	29,836	28,113	26,061	23,907
Commitments and Contingencies (Note 10)	—	—	—	—	—
Additional paid-in capital	139	136	133	129	126
Accumulated other comprehensive income/(loss), net of tax	13	−12	−40	−51	4
Retained earnings	1,047	943	824	699	589
Total Equity	1,719	1,489	1,412	1,272	1,214
Total Liabilities and Equity	35,370	31,325	29,524	27,333	25,121

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net amortization of deferred gains, premiums, and discounts on loans, investments, Farmer Mac Guaranteed Securities, and USDA Securities	−22	−24	−17	720,000	17
Net amortization of debt premiums, discounts, and issuance costs	23	21	31	20	7
Net change in fair value of hedged items, financial derivatives, loans held sale, and trading securities	−166	214	78	690	206
Total provision for allowance for losses	33	11	1	806,000	−2
Stock-based compensation expense	8	8	7	5	4
Proceeds from repayment of loans purchased as held for sale	40	29	24	33	47
Purchases of tax credits	−61	−29	0	—	—
Other	−6	410,000	7	—	0
Interest receivable	−59	−32	−64	−64	4
Guarantee and commitment fees receivable	−271,000	96,000	−2	1	−34,000
Other assets	106	48	54	−126	−10
Accrued interest payable	39	13	64	59	−10
Custodial deposit liability	−97	131	−11	−8	45
Other liabilities	35	14	2	7	−445,000
Net cash provided by operating activities	80	613	376	809	436
Purchases of equipment and leasehold improvements	0	−5	0	0	—
Purchases of other investment securities	−4	−3	−3	−2	−1
Purchases of loans held for investment	−5,345	−3,871	−2,164	−2,593	−2,916
Purchases of defaulted loans	−3	−4	0	0	−9
Proceeds from repayment of loans purchased as held for investment	2,249	1,656	1,364	1,322	1,889
Proceeds from sale of real estate owned	1	0	0	—	—
Proceeds from sale of available-for-sale investment securities	20	115	0	0	258
Proceeds from sale of loans previously classified as held for investment	6	6	0	9	301
Proceeds from sale of Farmer Mac Guaranteed Securities	0	60	0	100	0
Net cash used in investing activities	−3,813	−1,682	−1,955	−3,043	−1,096
Proceeds from issuance of notes payable	90,082	68,283	57,566	—	—
Proceeds from issuance of debt securities of consolidated trusts	593	588	222	258	0
Payments to redeem notes payable	−86,798	−67,361	−56,001	—	—
Payments to third parties on debt securities of consolidated trusts	−227	−139	−102	−226	−480
Purchases of common stock	−13	0	0	0	0
Proceeds from common stock issuance	288,000	287,000	233,000	192,000	117,000
Proceeds from preferred stock issuance, net of stock issuance costs	97	0	0	0	121
Tax payments related to share-based awards	−5	−5	−3	−2	−1
Retirement of preferred stock	0	−75	0	0	0
Dividends paid on common and preferred stock	−89	−86	−75	−68	−61
Net cash provided by financing activities	3,640	1,205	1,607	2,186	535
Net change in cash and cash equivalents	−93	135	28	−48	−125
Interest	911	820	583	269	199
Federal income taxes	0	39	48	34	36
Loans securitized as Farmer Mac Guaranteed Securities	48	110	36	163	113
Loans held for investment transferred to consolidated trusts	612	624	281	298	0

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