The Federal Agricultural Mortgage Corporation, also known as Farmer Mac, is a stockholder-owned, federally chartered corporation established by the U.S. Congress in 1988 under the Agricultural Credit Act of 1987. It was created to establish a secondary market for agricultural real estate and housing mortgage loans, to increase liquidity and the availability of long-term, stable credit for farmers, ranchers, and rural communities.3 Its shares trade on NYSE under the symbol AGM.1Wikipedia text CC BY-SA 4.0
The Federal Agricultural Mortgage Corporation, also known as Farmer Mac, is a stockholder-owned, federally chartered corporation established by the U.S. Congress in 1988 under the Agricultural Credit Act of 1987. It was created to establish a secondary market for agricultural real estate and housing mortgage loans, to increase liquidity and the availability of long-term, stable credit for farmers, ranchers, and rural communities.3
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Net income9101112135$207.4M in 2025+92% since 2018
Net income141516$67.0M in Q2 FY2026+22% since Q3 FY2025
Every line of the income statement as filed: the last 3 fiscal years, latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
Investment securities and cash equivalents
$846.4M
$974.3M
$877.4M
Loans
$765.8M
$629.2M
$514.9M
Total interest income
$1.6B
$1.6B
$1.4B
Total interest expense
$1.2B
$1.2B
$1.1B
Net interest income
$390.7M
$353.9M
$327.5M
Provision for losses
-$32.9M
-$11.6M
-$858.0K
Net interest income after provision for losses
$357.9M
$342.3M
$326.7M
Guarantee and commitment fees
$19.6M
$15.7M
$16.7M
(Losses)/gains on financial derivatives
-$5.1M
$2.6M
$2.9M
Other income
$3.2M
$2.8M
$3.9M
Non-interest income
$17.6M
$21.2M
$23.5M
Compensation and employee benefits
$71.3M
$64.0M
$58.9M
General and administrative
$44.6M
$38.2M
$35.0M
Regulatory fees
$3.9M
$3.2M
$3.2M
Operating expenses
$119.8M
$105.4M
$97.1M
Income before income taxes
$255.7M
$258.1M
$253.1M
Income tax expense
$48.3M
$50.9M
$53.1M
Net income
$207.4M
$207.2M
$200.0M
Preferred stock dividends
-$24.9M
-$25.1M
-$27.2M
Loss on retirement of preferred stock
$0
-$1.6M
$0
Net income attributable to common stockholders
$182.5M
$180.4M
$172.8M
Basic earnings per common share (in dollars per share)
$16.73
$16.59
$15.97
Diluted earnings per common share (in dollars per share)
$16.62
$16.44
$15.81
No quarter-by-quarter statement was filed.
Total assets9101112135$35.4B in 2025+89% since 2018Total liabilities179101112135$33.7B in 2025+88% since 2018Shareholders’ equity101112135$1.7B in 2025+128% since 2018Cash1791011125$931.1M in 2025+119% since 2018Long-term debt179101112135$19.5B in 2025+130% since 2018
Total assets141516$39.3B in Q2 FY2026+18% since Q3 FY2025Total liabilities141516$37.4B in Q2 FY2026+18% since Q3 FY2025Shareholders’ equity141516$1.9B in Q2 FY2026+10% since Q3 FY2025Cash141516$1.0B in Q2 FY2026+15% since Q3 FY2025Long-term debt141516$21.9B in Q2 FY2026+15% since Q3 FY2025
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.5
Period ending
2025-12-31
2024-12-31
2023-12-31
2022-12-31
Cash and cash equivalents (includes restricted cash of $24,475 and $16,190, respectively)
$931.1M
$1.0B
$888.7M
$861.0M
Available-for-sale, at fair value (amortized cost of $13,813,551 and $11,940,774, respectively)
$13.6B
$11.5B
Held-to-maturity, at amortized cost
$4.0B
$5.1B
Other investments
$15.9M
$11.8M
Total Investment Securities
$17.6B
$16.6B
Loans held for sale, at lower of cost or fair value
$0
$6.2M
Loans held for investment, at amortized cost
$13.9B
$11.2B
Loans held for investment in consolidated trusts, at amortized cost
$2.5B
$2.0B
Allowance for losses
-$37.8M
-$23.2M
Total loans, net of allowance
$16.3B
$13.2B
Financial derivatives, at fair value
$44.9M
$27.8M
Accrued interest receivable (includes $40,945 and $28,563, respectively, related to consolidated trusts)
$357.2M
$310.6M
Guarantee and commitment fees receivable
$57.2M
$50.5M
Deferred tax asset, net
$173.0K
$1.5M
Prepaid expenses and other assets
$108.0M
$128.8M
Total Assets
$35.4B
$31.3B
$29.5B
Notes payable
$30.8B
$27.4B
Debt securities of consolidated trusts held by third parties
$2.4B
$1.9B
Financial derivatives, at fair value
$21.6M
$77.3M
Guarantee and commitment obligation
$54.8M
$48.3M
Other liabilities
$153.1M
$214.1M
Total Liabilities
$33.7B
$29.8B
Additional paid-in capital
$139.4M
$135.9M
Accumulated other comprehensive income/(loss), net of tax
$13.4M
-$12.1M
Retained earnings
$1.0B
$943.2M
Total Equity
$1.7B
$1.5B
$1.4B
$1.3B
Total Liabilities and Equity
$35.4B
$31.3B
Restricted cash
$24.5M
$16.2M
Amortized cost of available-for-sale investment securities
Federal Agricultural Mortgage Corporation sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Federal Agricultural Mortgage Corporation
Matthew 25 Management CorpFiled SCHEDULE 13G on Federal Agricultural Mortgage Corporation, latest Oct 5, 2026 (6 filings since Feb 15, 2022)
VANGUARD GROUP INCFiled SCHEDULE 13G/A on Federal Agricultural Mortgage Corporation, latest Mar 26, 2026 (9 filings since Feb 10, 2022)
FMR LLCFiled SCHEDULE 13G/A on Federal Agricultural Mortgage Corporation, latest Feb 5, 2026 (5 filings since Feb 9, 2024)
BlackRockFiled SC 13G/A on Federal Agricultural Mortgage Corporation, latest Nov 8, 2024 (8 filings since Jan 25, 2022)
Federal Agricultural Mortgage CorporationWashington, the District of Columbia, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Federal Agricultural Mortgage Corporation reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
We maintain our principal office at 2100 Pennsylvania Avenue, N.W., Washington, D.C. 20037, under a lease that began on September 1, 2024 and ends on April 30, 2036. We also maintain another office location at 9169 Northpark Drive, Johnston, Iowa 50131, under an amended lease that began on October 1, 2017 and ends on August 31, 2027. We believe that our offices are suitable and adequate for our current and anticipated needs for the near future.
The Federal Agricultural Mortgage Corporation was created by the Agricultural Credit Act of 1987 (Pub. L. 100–233) as a federally chartered, private corporation responsible for guaranteeing the timely repayment of principal and interest to investors in a new agricultural secondary market. The secondary market allows a lending institution to sell a qualified farm real estate loan to an agricultural mortgage marketing facility, or pooler, which packages these loans, and sells to investors securities that are backed by, or represent interests in, the pooled loans. Farmer Mac guarantees the timely repayment of principal and interest on these securities and, under authorities granted in 1995, can also serve as a loan pooler.
The company was founded during a $4 billion bailout of the Farm Credit System, hoping to provide an alternative source of credit to farmers following the models of Fannie Mae and Ginnie Mae.
2008 financial crisis
Farmer Mac had $47.2 million invested in Fannie Mae shares in June of the 2008 financial crisis. Over the next few months, during the Federal takeover of Fannie Mae and Freddie Mac, the investments lost about $44 million in value. The company also had significant investments in Lehman Brothers. In response, the Farm Credit System bailed the company out by purchasing $60 million in Farmer Mac stock, and Zions Bancorporation of Salt Lake City purchased another $5 million in stock.
Farmer Mac operates by purchasing eligible loans from agricultural and rural infrastructure lenders, guaranteeing securities backed by those loans, and providing loan funding and risk management solutions to rural financing institutions. This structure allows lenders to replenish capital and continue issuing loans, thereby contributing to liquidity in the agricultural and rural infrastructure sectors. Over time, its statutory authority has expanded to include loans for rural utilities, renewable energy, and other infrastructure projects.
Regulated by the Farm Credit Administration, Farmer Mac is one of the government-sponsored enterprises (GSEs) tasked with supporting targeted credit markets. According to the Congressional Research Service, the creation of Farmer Mac was intended to stabilize rural credit markets and attract investment into agriculture through securitization and secondary market mechanisms.
Farmer Mac supports markets such as including agriculture, agribusiness, rural broadband, power and utilities, and infrastructure financing, with the aim of enhancing the availability of long-term credit and providing greater liquidity and lending capacity for lenders to agriculture and infrastructure borrowers.
Jan 6, 1988Founded Federal Agricultural Mortgage Corporation is founded4
Calendar
Coming up
Nov 2, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $4.52 a share, on Nov 3, 2025.106
When it reported results
Jul 30, 2026Reported quarterly or annual results96
May 5, 2026Reported quarterly or annual results104
Feb 19, 2026Reported quarterly or annual results107
Nov 3, 2025Reported quarterly or annual results108
Aug 7, 2025Reported quarterly or annual results109
May 9, 2025Reported quarterly or annual results110
Feb 21, 2025Reported quarterly or annual results111
Nov 4, 2024Reported quarterly or annual results112
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
569 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 111 major events, 390 insider forms, 28 large holders, 20 other. The latest 20:
68 open-market trades by officers, directors and large owners since October 2021: 17 buys and 51 sales. Grants, option exercises and gifts are left out.
FMR LLCSCHEDULE 13G/A, 5 filings Feb 9, 2024 to Feb 5, 2026115
BlackRockSC 13G/A, 8 filings Jan 25, 2022 to Nov 8, 2024116
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Federal Agricultural Mortgage Corporation is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
From the cover page of the 10-K filed Feb 19, 2026 (Section 12(b) of the Exchange Act).18
Risk factors and legal proceedings
The risks Federal Agricultural Mortgage Corporation names in Item 1A of its 10-K filed Feb 19, 2026: 26 risks under these headings, as written.18
Credit and Counterparty Risk
Economic stress caused by disruptive global events, such as geopolitical instability, and natural or human-caused disasters, may materially and adversely affect our business, operations, operating results, financial condition, liquidity, or capital levels and may heighten other risk factors in this report.
Weather-related events or other natural or environmental disasters could have a material adverse effect on our business, operating results, or financial condition.
Political and other external factors outside of our or borrowers' control may impair borrowers' profitability and ability to repay their loans in our portfolio, which could have a material adverse effect on our financial condition, results of operations, liquidity, or capital levels.
A decline in the value of collateral securing loans in our portfolio or a decline in the value of our borrowers could increase the probability of loss in the event of default, which could have a material adverse effect on our financial condition, results of operations, liquidity, or capital levels.
Concentrations in our loan or investment portfolios, or to one or more borrowers or counterparties, may increase our exposure to credit risk, which could materially and adversely affect our business, operating results, and financial condition.
Our Guaranteed Securities and LTSPCs expose us to significant contingent liabilities, and our ability to fulfill our obligations under our guarantees and LTSPCs may be limited.
We are exposed to counterparty risk on both our cleared and non-cleared swaps transactions that could materially and adversely affect our business, operating results, and financial condition.
Strategic and Business Risk
Our business, operating results, financial condition, and capital levels may be materially and adversely affected by external factors that may affect the demand for our secondary market, the price or marketability of our products, or our ability to offer our products and services.
An inability to access the equity and debt capital markets could have a material adverse effect on our business, operating results, financial condition, liquidity, and capital levels.
The loss of business from key business counterparties or customers, including AgVantage counterparties, could weaken our business and decrease our revenues and profits.
The other 16 risks
Our efforts to expand product offerings and services to our customers expose us to business, operational and other risks that could materially and adversely affect our business, operating results, or financial condition.
Operational Risk
The inadequacy or failure of our operational systems, cybersecurity program, internal controls or processes, or infrastructure, or those of third parties, could have a material adverse effect on our business, operating results, or financial condition.
Our internal loan servicing function and reliance on third-party servicers exposes us to operational risks that could adversely affect our business, operating results, or financial condition.
A deficiency, failure, interruption, or breach in our or our service providers' technology and information systems, infrastructure, or cybersecurity program, including the occurrence of a cybersecurity incident, could adversely affect our business, operating results, or financial condition.
Failure by our third-party loan servicers, third-party applications, information systems providers (including artificial intelligence systems), and other service providers to protect confidential
information from unauthorized access and dissemination could have a negative effect on our business, operating results, or financial condition.
If our management of risk based on model assumptions and output is not effective, our business, operating results, financial condition, or capital levels could be materially adversely affected.
We are exposed to interest rate risk that could materially and adversely affect our operating results or financial condition.
Changes in interest rates relative to our management of interest rate risk through derivatives may cause volatility in financial results and capital levels and may adversely affect our net income, liquidity position, or operating results.
Financial Risk
Incorrect estimates and assumptions by management in preparing financial statements could adversely affect our business, operating results, reported assets and liabilities, financial condition, reputation, or capital levels.
Changes in the value or composition of our investment securities could adversely affect our business, operating results, financial condition, liquidity or capital levels.
The trading price for our Class C non-voting common stock may be volatile due to market influences, trading volume, the effects of equity awards for our officers, directors, and employees, or sales of significant amounts of the stock by large holders.
Regulatory and Compliance Risk
We are a GSE that may be materially and adversely affected by legislative or political developments.
We and many of our business counterparties are subject to comprehensive government regulation, and changes to those laws and regulations could adversely affect our business, operating results, reputation, or financial condition.
Our capital requirements may change, and failure to meet those requirements could result in supervisory measures or our inability to declare dividends, or otherwise materially and adversely affect our business, operating results, or financial condition.
Our ability to attract and retain motivated and qualified employees is critical to the success of our business, and significant or sustained disruption in the continuity of our employees or executive leaders may materially adversely affect our business performance, operations, financial condition, or reputation.
