Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 250

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 250
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 and remaining sections of the farm bill as part of a package later this year.

Farmer Mac will continue to monitor and assess the impacts of H.R. 1 on Farmer Mac and the industries we serve in the coming quarters.

85

Balance Sheet Review

The following table summarizes Farmer Mac's balance sheet as of the periods indicated:

Table 20As ofChangeSeptember 30, 2025December 31, 2024$%(in thousands)AssetsCash and cash equivalents$901,023 $1,024,007 $(122,984)(12)%Investment securities6,679,104 5,973,301 705,803 12 %Farmer Mac Guaranteed Securities7,546,699 8,232,234 (685,535)(8)%USDA Securities2,389,636 2,371,352 18,284 1 %Loans, net of allowance13,157,600 11,166,984 1,990,616 18 %Loans held in trusts2,204,390 2,037,654 166,736 8 %Other501,108 519,210 (18,102)(3)%Total assets$33,379,560 $31,324,742 $2,054,818 7 %LiabilitiesNotes Payable$29,196,780 $27,371,174 $1,825,606 7 %Debt securities of consolidated trusts held by third parties2,089,042 1,929,628 159,414 8 %Other406,655 534,914 (128,259)(24)%Total liabilities$31,692,477 $29,835,716 $1,856,761 6 %Total equity1,687,083 1,489,026 198,057 13 %Total liabilities and equity$33,379,560 $31,324,742 $2,054,818 7 %

Assets. The increase in total assets was primarily attributable to new loan volume and a larger investment portfolio.

Liabilities. The increase in total liabilities was primarily due to an increase in total notes payable to fund the acquisition of loan volume. 

Equity. The increase in total equity was primarily due to an increase of $96.9 million related to the issuance of 4.0 million shares of 6.500% non-c