FEDERAL AGRICULTURAL MORTGAGE CORP
For the period ended Sep 30, 2025. Filed Nov 3, 2025.
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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.
Sep 30, 2025 · Filed Nov 3, 2025
AGM$173.58-4.4%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows
| For the Nine Months Ended | ||
|---|---|---|
| September 30, 2025 | September 30, 2024 | |
| (in thousands) | ||
| Cash flows from operating activities: | ||
| Net income | $159,491 | $150,679 |
| 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 | (16,580) | (19,100) |
| Net amortization of debt premiums, discounts, and issuance costs | 7,777 | 29,661 |
| Net change in fair value of trading securities, loans held for sale, hedged items, and financial derivatives | (192,971) | (62,797) |
| (Gains)/losses on sale of mortgage loans | (9) | 1,147 |
| Gains on the sale of available-for-sale investment securities | — | (1,052) |
| Losses on sale of real estate owned | 69 | — |
| Total provision for/(release of) allowance for losses | 16,828 | 7,618 |
| Excess tax benefits related to stock-based awards | (624) | 447 |
| Deferred income taxes | (3,466) | (768) |
| Stock-based compensation expense | 6,634 | 6,528 |
| Purchases of loans held for sale | (7,770) | — |
| Proceeds from sale of loans held for sale | 7,779 | — |
| Proceeds from repayment of loans purchased as held for sale | 38,991 | 28,302 |
| Net change in: | ||
| Interest receivable | 16,271 | 27,320 |
| Guarantee and commitment fees receivable | (176) | 131 |
| Other assets | 25,193 | 50,121 |
| Accrued interest payable | 43,469 | 32,803 |
| Custodial deposit liability | (138,856) | (18,085) |
| Other liabilities | 14,602 | 12,160 |
| Net cash (used in)/provided by operating activities | (23,348) | 245,115 |
| Cash flows from investing activities: | ||
| Purchases of equipment and leasehold improvements | — | (5,272) |
| Purchases of available-for-sale and held-to-maturity investment securities | (1,415,336) | (1,971,974) |
| Purchases of other investment securities | (3,326) | (1,770) |
| Purchases of Farmer Mac Guaranteed Securities and USDA Securities | (1,021,065) | (1,522,510) |
| Purchases of loans held for investment | (3,750,840) | (2,580,492) |
| Purchases of defaulted loans | (2,544) | (317) |
| Proceeds from repayment of available-for-sale and held-to-maturity investment securities | 815,370 | 1,049,268 |
| Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities | 1,819,693 | 2,669,746 |
| Proceeds from repayment of loans purchased as held for investment | 1,640,603 | 1,282,579 |
| Proceeds from sale of real estate owned | 725 | — |
| Proceeds from sale of available-for-sale investment securities | — | 115,247 |
| Proceeds from sale of loans previously classified as held for investment | 6,045 | 5,775 |
| Proceeds from sale of Farmer Mac Guaranteed Securities | — | 60,192 |
| Net cash used in investing activities | (1,910,675) | (899,528) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of discount notes | 56,282,365 | 42,829,487 |
| Proceeds from issuance of medium-term notes | 10,019,083 | 5,721,174 |
| Proceeds from issuance of debt securities of consolidated trusts | 286,511 | 283,462 |
| Payments to redeem discount notes | (56,746,196) | (42,371,640) |
| Payments to redeem medium-term notes | (7,870,320) | (5,593,883) |
| Payments to third parties on debt securities of consolidated trusts | (186,257) | (115,609) |
| Proceeds from common stock issuance | 225 | 209 |
| Proceeds from preferred stock issuance, net of stock issuance costs | 96,889 | — |
| Tax payments related to share-based awards | (5,108) | (4,388) |
| Retirement of preferred stock | — | (75,000) |
| Dividends paid on common and preferred stock | (66,153) | (66,050) |
| Net cash provided by financing activities | 1,811,039 | 607,762 |
| Net change in cash and cash equivalents | (122,984) | (46,651) |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,024,007 | 888,707 |
| Cash, cash equivalents, and restricted cash at end of period | $901,023 | $842,056 |
| Non-cash activity: | ||
|---|---|---|
| Loans securitized as Farmer Mac Guaranteed Securities | 41,156 | 85,114 |
| Loans held for investment transferred to consolidated trusts | 299,270 | 305,559 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.