FEDERAL AGRICULTURAL MORTGAGE CORP

For the period ended Jun 30, 2024. Filed Aug 5, 2024.

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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Jun 30, 2024 · Filed Aug 5, 2024

AGM$173.58-4.4%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Cash Flows

	For the Six Months Ended
	June 30, 2024	June 30, 2023
(in thousands)
Cash flows from operating activities:
Net income	$100,851	$94,247
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	(13,257)	(6,073)
Amortization of debt premiums, discounts, and issuance costs	29,553	13,514
Net change in fair value of trading securities, hedged items, and financial derivatives	141,556	69,056
Losses on sale of mortgage loans	1,147	—
Gains on the sale of available-for-sale investment securities	(1,052)	—
Total provision for/(release of) allowance for losses	4,360	1,892
Excess tax benefits related to stock-based awards	221	257
Deferred income taxes	4,033	10,318
Stock-based compensation expense	5,038	3,478
Proceeds from repayment of loans purchased as held for sale	13,564	18,114
Net change in:
Interest receivable	(1,189)	(10,549)
Guarantee and commitment fees receivable	273	261
Other assets	(13,176)	(8,627)
Accrued interest payable	12,330	26,090
Custodial deposit liability	11,872	(24,944)
Other liabilities	(6,658)	(7,371)
Net cash provided by operating activities	289,466	179,663
Cash flows from investing activities:
Purchases of equipment and leasehold improvements	(5,206)	—
Purchases of available-for-sale and held-to-maturity investment securities	(1,165,956)	(857,168)
Purchases of other investment securities	(581)	(1,492)
Purchases of Farmer Mac Guaranteed Securities and USDA Securities	(798,234)	(1,636,111)
Purchases of loans held for investment	(1,593,259)	(1,045,498)
Proceeds from repayment of available-for-sale and held-to-maturity investment securities	775,168	856,133
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities	1,175,360	1,739,248
Proceeds from repayment of loans purchased as held for investment	809,934	662,458
Proceeds from sale of available-for-sale investment securities	102,955	—
Proceeds from sale of loans previously classified as held for investment	5,775	—
Proceeds from sale of Farmer Mac Guaranteed Securities	60,192	—
Net cash used in investing activities	(633,852)	(282,430)
Cash flows from financing activities:
Proceeds from issuance of discount notes	26,245,284	22,223,928
Proceeds from issuance of medium-term notes	3,293,703	3,139,016
Proceeds from issuance of debt securities of consolidated trusts	283,462	222,188
Payments to redeem discount notes	(25,724,358)	(21,840,244)
Payments to redeem medium-term notes	(3,607,788)	(3,531,650)
Payments to third parties on debt securities of consolidated trusts	(63,886)	(57,763)
Proceeds from common stock issuance	131	105
Tax payments related to share-based awards	(3,906)	(2,340)
Dividends paid on common and preferred stock	(44,002)	(37,385)
Net cash provided by financing activities	378,640	115,855
Net change in cash and cash equivalents	34,254	13,088
Cash and cash equivalents at beginning of period	888,707	861,002
Cash and cash equivalents at end of period	$922,961	$874,090

Non-cash activity:
Loans securitized as Farmer Mac Guaranteed Securities	85,114	4,174
Loans held for investment transferred to consolidated trusts	305,559	281,027

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