FEDERAL AGRICULTURAL MORTGAGE CORP
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
AGM$173.58-4.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in thousands) | |||
| Cash flows from operating activities: | |||
| Net income | $207,415 | $207,193 | $200,003 |
| 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 | (21,545) | (23,879) | (17,025) |
| Net amortization of debt premiums, discounts, and issuance costs | 23,278 | 21,242 | 31,421 |
| Net change in fair value of hedged items, financial derivatives, loans held sale, and trading securities | (165,736) | 214,319 | 78,249 |
| Total provision for allowance for losses | 32,913 | 11,490 | 1,136 |
| Stock-based compensation expense | 8,340 | 8,088 | 6,801 |
| Proceeds from repayment of loans purchased as held for sale | 40,266 | 29,216 | 24,378 |
| Purchases of tax credits | (61,459) | (29,186) | — |
| Other | (5,803) | 410 | 7,213 |
| Net change in: | |||
| Interest receivable | (59,127) | (31,885) | (63,944) |
| Guarantee and commitment fees receivable | (271) | 96 | (1,700) |
| Other assets | 105,739 | 47,776 | 54,369 |
| Accrued interest payable | 38,601 | 13,272 | 63,954 |
| Custodial deposit liability | (97,244) | 130,643 | (10,778) |
| Other liabilities | 34,695 | 13,851 | 1,721 |
| Net cash provided by operating activities | 80,062 | 612,646 | 375,798 |
| Cash flows from investing activities: | |||
| Purchases of equipment and leasehold improvements | — | (5,272) | — |
| Purchases of available-for-sale investment securities | (3,744,720) | (3,109,301) | (3,649,087) |
| Purchases of held-to-maturity investment securities | (354,413) | (922,743) | (2,377,904) |
| Purchases of other investment securities | (4,420) | (3,293) | (3,145) |
| Purchases of loans held for investment | (5,345,105) | (3,870,628) | (2,164,053) |
| Purchases of defaulted loans | (2,544) | (4,447) | — |
| Proceeds from repayment of available-for-sale investment securities | 1,865,144 | 1,951,127 | 2,958,508 |
| Proceeds from repayment of held-to-maturity investment securities | 1,497,209 | 2,445,086 | 1,916,712 |
| Proceeds from repayment of loans purchased as held for investment | 2,249,450 | 1,655,784 | 1,363,588 |
| Proceeds from sale of real estate owned | 1,045 | — | — |
| Proceeds from sale of available-for-sale investment securities | 19,537 | 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 | (3,812,772) | (1,682,473) | (1,955,381) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of notes payable | 90,081,802 | 68,283,121 | 57,565,783 |
| Proceeds from issuance of debt securities of consolidated trusts | 592,777 | 588,250 | 222,188 |
| Payments to redeem notes payable | (86,798,052) | (67,361,321) | (56,001,041) |
| Payments to third parties on debt securities of consolidated trusts | (226,843) | (138,807) | (102,045) |
| Purchases of common stock | (12,894) | — | — |
| Proceeds from common stock issuance | 288 | 287 | 233 |
| Proceeds from preferred stock issuance, net of stock issuance costs | 96,844 | — | — |
| Tax payments related to share-based awards | (5,109) | (5,351) | (3,013) |
| Retirement of preferred stock | — | (75,000) | — |
| Dividends paid on common and preferred stock | (89,043) | (86,052) | (74,817) |
| Net cash provided by financing activities | 3,639,770 | 1,205,127 | 1,607,288 |
| Net change in cash and cash equivalents | (92,940) | 135,300 | 27,705 |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,024,007 | 888,707 | 861,002 |
| Cash, cash equivalents, and restricted cash at end of period | $931,067 | $1,024,007 | $888,707 |
| Cash paid during the period for: | |||
|---|---|---|---|
| Interest | 910,556 | 819,959 | 582,960 |
| Federal income taxes | — | 39,200 | 48,000 |
| Non-cash activity: | |||
| Loans securitized as Farmer Mac Guaranteed Securities | 48,067 | 109,546 | 36,497 |
| Loans held for investment transferred to consolidated trusts | 611,615 | 624,097 | 281,027 |
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