FEDERAL AGRICULTURAL MORTGAGE CORP

For the period ended Sep 30, 2024. Filed Nov 4, 2024.

About this filing

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.

Sep 30, 2024 · Filed Nov 4, 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 Nine Months Ended
	September 30, 2024	September 30, 2023
(in thousands)
Cash flows from operating activities:
Net income	$150,679	$152,384
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	(19,100)	(11,456)
Amortization of debt premiums, discounts, and issuance costs	29,661	22,851
Net change in fair value of trading securities, hedged items, and financial derivatives	(62,797)	340,035
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	7,618	1,711
Excess tax benefits related to stock-based awards	447	470
Deferred income taxes	(768)	9,304
Stock-based compensation expense	6,528	4,699
Proceeds from repayment of loans purchased as held for sale	28,302	19,364
Net change in:
Interest receivable	27,320	(7,116)
Guarantee and commitment fees receivable	131	(1,633)
Other assets	50,121	(7,903)
Accrued interest payable	32,803	54,263
Custodial deposit liability	(18,085)	(31,489)
Other liabilities	12,160	(2,836)
Net cash provided by operating activities	245,115	542,648
Cash flows from investing activities:
Purchases of equipment and leasehold improvements	(5,272)	—
Purchases of available-for-sale and held-to-maturity investment securities	(1,971,974)	(1,381,795)
Purchases of other investment securities	(1,770)	(2,135)
Purchases of Farmer Mac Guaranteed Securities and USDA Securities	(1,522,510)	(3,182,678)
Purchases of loans held for investment	(2,580,492)	(1,520,116)
Purchases of defaulted loans	(317)	—
Proceeds from repayment of available-for-sale and held-to-maturity investment securities	1,049,268	1,146,861
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities	2,669,746	2,578,193
Proceeds from repayment of loans purchased as held for investment	1,282,579	1,081,265
Proceeds from sale of available-for-sale investment securities	115,247	—
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	(899,528)	(1,280,405)
Cash flows from financing activities:
Proceeds from issuance of discount notes	42,829,487	36,018,319
Proceeds from issuance of medium-term notes	5,721,174	5,559,198
Proceeds from issuance of debt securities of consolidated trusts	283,462	222,188
Payments to redeem discount notes	(42,371,640)	(35,059,286)
Payments to redeem medium-term notes	(5,593,883)	(5,931,450)
Payments to third parties on debt securities of consolidated trusts	(115,609)	(91,118)
Proceeds from common stock issuance	209	169
Tax payments related to share-based awards	(4,388)	(2,847)
Retirement of preferred stock	(75,000)	—
Dividends paid on common and preferred stock	(66,050)	(56,100)
Net cash provided by financing activities	607,762	659,073
Net change in cash and cash equivalents	(46,651)	(78,684)
Cash and cash equivalents at beginning of period	888,707	861,002
Cash and cash equivalents at end of period	$842,056	$782,318

Non-cash activity:
Loans securitized as Farmer Mac Guaranteed Securities	85,114	10,573
Loans held for investment transferred to consolidated trusts	305,559	281,027

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