Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 214

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 214
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 We are uniquely positioned to facilitate competitive access to financing that fuels growth, innovation, and prosperity in America's rural and agricultural communities. Farmer Mac also serves as a critical investment tool for a number of entities – such as states, counties, municipalities, pension funds, banks, public trust funds, and credit unions – by offering investment opportunities that may diversify their investment portfolios and provide possibilities to earn a competitive return on their investment dollars. 

During third quarter 2025, Farmer Mac:

•provided $2.5 billion in liquidity and lending capacity to lenders serving rural America;

•added $96.9 million in equity through the issuance of 4.0 million shares of 6.500% non-cumulative perpetual Series H preferred stock;

•maintained strong liquidity in our investment portfolio well above regulatory requirements; and

•increased our strong capital position, well above regulatory requirements, and maintained uninterrupted access to the debt capital markets.

On August 5, 2025, Farmer Mac's board of directors revised the terms of the company's share repurchase program to increase the total authorized amount of repurchases from $9.8 million to $50 million and to extend the expiration date of the program to August 5, 2027. During fourth quarter 2025 to date, Farmer Mac repurchased 30,395 shares of Class C non-voting common stock at a cost of approximately $5.0 million.

The discussion below of Farmer Mac's financial information includes "non-GAAP measures," which are measures of financial performance not presented in accordance with generally accepted accounting principles in the United States ("GAAP"). For more information about the non-GAAP measures Farmer Mac uses, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures."

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Net Income and Core Earnings

The following table shows our net income attributable to common stockholders and core earnings for the periods presented. Core earnings is a non-GAAP measure that differs from net income attributable to common stockholders by excluding the effects of fair value fluctuations and specified infrequent or unusual transactions.

Table 1For the Three Months EndedSeptember 30, 2025June 30, 2025September 30, 2024(in thousands)Net income attributable to common stockholders$48,700 $49,170 $42,312 Core earnings49,622 47,365 44,907 

The $0.5 million sequential decrease in net income