FEDERAL AGRICULTURAL MORTGAGE CORP

For the period ended Sep 30, 2026. Filed Nov 6, 2026.

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, 2026 · Filed Nov 6, 2026

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, 2026	September 30, 2025
(in thousands)
Cash flows from operating activities:
Net income	$190,285	$159,491
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	(15,749)	(16,580)
Net amortization of debt premiums, discounts, and issuance costs	9,204	7,777
Net change in fair value of hedged items, financial derivatives, loans held for sale, and trading securities	478,159	(192,971)
Total provision for allowance for losses	23,265	16,828
Stock-based compensation expense	7,255	6,634
Purchases of loans held for sale	—	(7,770)
Proceeds from the sale of loans held for sale	—	7,779
Proceeds from repayment of loans purchased as held for sale	14,419	38,991
Purchases of tax credits	(70,075)	(55,132)
Other	(1,441)	(4,030)
Net change in:
Interest receivable	810	16,271
Guarantee and commitment fees receivable	611	(176)
Other assets	(124,312)	80,325
Accrued interest payable	61,600	43,469
Custodial deposit liability	(51,869)	(138,856)
Other liabilities	(27,010)	14,602
Net cash provided by/(used in) operating activities	495,152	(23,348)
Cash flows from investing activities:
Purchases of available-for-sale investment securities	(3,110,276)	(2,165,336)
Purchases of held-to-maturity investment securities	(1,302,945)	(271,065)
Purchases of other investment securities	(3,803)	(3,326)
Purchases of loans held for investment	(4,865,185)	(3,750,840)
Proceeds from repayment of available-for-sale investment securities	1,374,566	1,357,649
Proceeds from repayment of held-to-maturity investment securities	781,413	1,277,414
Proceeds from repayment of loans purchased as held for investment	2,133,983	1,640,603
Advances for loan purchases	(16,000)	—
Acquisition of servicing rights	(14,665)	—
Other	81	4,226
Net cash used in investing activities	(5,022,831)	(1,910,675)
Cash flows from financing activities:
Proceeds from issuance of notes payable	74,083,295	66,301,448
Proceeds from issuance of debt securities of consolidated trusts	—	286,511
Payments to redeem notes payable	(69,223,943)	(64,616,516)
Payments to third parties on debt securities of consolidated trusts	(280,889)	(186,257)
Purchases of common stock	(7,106)	—
Proceeds from common stock issuance	185	225
Proceeds from preferred stock issuance, net of stock issuance costs	96,764	96,889
Tax payments related to share-based awards	(5,201)	(5,108)
Dividends paid on common and preferred stock	(75,048)	(66,153)
Net cash provided by financing activities	4,588,057	1,811,039
Net change in cash and cash equivalents	60,378	(122,984)
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	$991,445	$901,023

Non-cash activity:
Loans acquired through non-cash transactions	14,972	41,156
Loans held for investment transferred to consolidated trusts	—	299,270

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