$AGM-PF

FEDERAL AGRICULTURAL MORTGAGE CORP

CIK:0000845877|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Investment securities and cash equivalents	$ 215,222	$ 213,983	$ 418,631	$ 423,633
Loans	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
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
Non-interest income/(expense):
Guarantee and commitment fees	6,079	4,816	11,916	9,295
Gains/(losses) on financial derivatives	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
Operating expenses:
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
Earnings per common share:
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

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net Income	$ 126,074	$ 104,488
Adjustments to reconcile net income to net cash provided by operating activities:
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	0	(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)
Net change in:
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)
Cash flows from investing activities:
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 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	0	6,045
Net cash used in investing activities	(3,859,775)	(1,382,439)
Cash flows from financing activities:
Proceeds from issuance of notes payable	49,857,993	42,960,075
Proceeds from issuance of debt securities of consolidated trusts	0	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)	0
Proceeds from common stock issuance	121	159
Proceeds from preferred stock issuance, net of stock issuance costs	96,764	0
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 beginning of period	931,067	1,024,007
Cash, cash equivalents, and restricted cash at end of period	1,038,091	1,030,329
Non-cash activity:
Loans acquired through non-cash transactions	28,957	41,156
Loans held for investment transferred to consolidated trusts	0	299,270
Available-for-sale securities
Cash flows from investing activities:
Purchases of available-for-sale investment securities	(2,411,274)	(1,695,092)
Proceeds from repayment of available-for-sale investment securities	980,876	945,283
Farmer Mac Guaranteed Securities and USDA Securities
Cash flows from investing activities:
Purchases of held-to-maturity investment securities	(1,172,334)	(213,730)
Proceeds from repayment of held-to-maturity investment securities	$ 611,845	$ 764,341

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets:
Cash and cash equivalents (includes restricted cash of $26,984 and $24,475, respectively)	$ 1,038,091	$ 931,067
Investment securities:
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:
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
Liabilities:
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)
Equity:
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
Series D
Equity:
Preferred stock	96,659	96,659
Series E
Equity:
Preferred stock	77,003	77,003
Series F
Equity:
Preferred stock	116,160	116,160
Series G
Equity:
Preferred stock	121,327	121,327
Series H
Equity:
Preferred stock	96,844	96,844
Series I
Equity:
Preferred stock	96,764	0
Class A voting common stock
Equity:
Common stock	1,031	1,031
Class B voting common stock
Equity:
Common stock	500	500
Class C non-voting common stock
Equity:
Common stock	$ 9,319	$ 9,326