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As filed with the Securities and Exchange Commission on November 3, 2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____.

Commission File Number 001-14951


FEDERAL AGRICULTURAL MORTGAGE CORPORATION
(Exact name of registrant as specified in its charter)


Federally chartered instrumentality of the United States		52-1578738
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer identification number)

2100 Pennsylvania Avenue N.W., Suite 450 N,
Washington,	DC	20037
(Address of principal executive offices)		(Zip code)


(202)			872-7700
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Exchange on which registered

Class A voting common stock

AGM.A

New York Stock Exchange

Class C non-voting common stock

AGM

New York Stock Exchange

5.700% Non-Cumulative Preferred Stock, Series D

AGM.PRD

New York Stock Exchange

5.750% Non-Cumulative Preferred Stock, Series E

AGM.PRE

New York Stock Exchange

5.250% Non-Cumulative Preferred Stock, Series F

AGM.PRF

New York Stock Exchange

4.875% Non-Cumulative Preferred Stock, Series G

AGM.PRG

New York Stock Exchange

6.500% Non-Cumulative Preferred Stock, Series H

AGM.PRH

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: Class B voting common stock

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of October 27, 2025, the registrant had outstanding 1,030,780 shares of Class A voting common stock, 500,301 shares of Class B voting common stock, and 9,373,642 shares of Class C non-voting common stock.

Table of Contents



PART I
Item 1.	Financial Statements	3
	Consolidated Balance Sheets	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statements of Equity	6
	Consolidated Statements of Cash Flows	8
	Notes to Consolidated Financial Statements	9
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	54
	Forward-Looking Statements	54
	Overview	56
	Use of Non-GAAP Measures	60
	Results of Operations	62
	Outlook	78
	Balance Sheet Review	86
	Risk Management	87
	Liquidity and Capital Resources	103
	Other Matters	104
	Supplemental Information	105
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	110
Item 4.	Controls and Procedures	110
PART II		111
Item 1.	Legal Proceedings	111
Item 1A.	Risk Factors	111
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	111
Item 3.	Defaults Upon Senior Securities	111
Item 4.	Mine Safety Disclosures	112
Item 5.	Other Information	112
Item 6.	Exhibits	112
Signatures		115

PART I

Item 1.Financial Statements

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)


	As of
	September 30, 2025		December 31, 2024
	(in thousands)
Assets:
Cash and cash equivalents (includes restricted cash of $16,579 and $16,190, respectively)	$	901,023	$	1,024,007
Investment securities:
Available-for-sale, at fair value (amortized cost of $6,714,777 and $6,105,116, respectively)	6,655,946		5,953,014
Held-to-maturity, at amortized cost	8,815		9,270
Other investments	14,343		11,017
Total Investment Securities	6,679,104		5,973,301
Farmer Mac Guaranteed Securities:
Available-for-sale, at fair value (amortized cost of $6,042,789 and $5,835,658, respectively)	5,854,098		5,514,546
Held-to-maturity, at amortized cost	1,692,601		2,717,688
Total Farmer Mac Guaranteed Securities	7,546,699		8,232,234
USDA Securities:
Trading, at fair value	456		818
Held-to-maturity, at amortized cost	2,389,180		2,370,534
Total USDA Securities	2,389,636		2,371,352
Loans:
Loans held for sale, at lower of cost or fair value	—		6,170
Loans held for investment, at amortized cost	13,192,117		11,183,408
Loans held for investment in consolidated trusts, at amortized cost	2,205,213		2,038,283
Allowance for losses	(35,340)		(23,223)
Total loans, net of allowance	15,361,990		13,204,638

Financial derivatives, at fair value	32,667		27,789
Accrued interest receivable (includes $22,373 and $28,563, respectively, related to consolidated trusts)	284,786		310,592
Guarantee and commitment fees receivable	50,775		50,499
Deferred tax asset, net	3,225		1,544
Prepaid expenses and other assets	129,655		128,786
Total Assets	$	33,379,560	$	31,324,742

Liabilities and Equity:
Liabilities:
Notes payable	$	29,196,780	$	27,371,174
Debt securities of consolidated trusts held by third parties	2,089,042		1,929,628
Financial derivatives, at fair value	29,161		77,326
Accrued interest payable (includes $11,945 and $12,387, respectively, related to consolidated trusts)	238,582		195,113
Guarantee and commitment obligation	48,426		48,326
Accounts payable and accrued expenses	88,910		212,527

Reserve for losses	1,576		1,622
Total Liabilities	31,692,477		29,835,716
Commitments and Contingencies (Note 6)
Equity:
Preferred stock:
Series D, par value $25 per share, 4,000,000 shares authorized, issued and outstanding	96,659		96,659
Series E, par value $25 per share, 3,180,000 shares authorized, issued and outstanding	77,003		77,003
Series F, par value $25 per share, 4,800,000 shares authorized, issued and outstanding	116,160		116,160
Series G, par value $25 per share, 5,000,000 shares authorized, issued and outstanding	121,327		121,327
Series H, par value $25 per share, 4,000,000 shares authorized, issued and outstanding	96,889		—
Common stock:
Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding	1,031		1,031
Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding	500		500
Class C Non-Voting, $1 par value, no maximum authorization, 9,403,453 shares and 9,360,083 shares outstanding, respectively	9,403		9,360
Additional paid-in capital	137,602		135,894
Accumulated other comprehensive loss, net of tax	(5,431)		(12,147)
Retained earnings	1,035,940		943,239
Total Equity	1,687,083		1,489,026
Total Liabilities and Equity	$	33,379,560	$	31,324,742

The accompanying notes are an integral part of these consolidated financial statements.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	(in thousands, except per share amounts)
Interest income:
Investments and cash equivalents	$	93,398	$	88,879	$	265,691	$	258,341
Farmer Mac Guaranteed Securities and USDA Securities	123,484		156,602		374,824		489,478
Loans	198,459		162,247		555,262		459,932
Total interest income	415,341		407,728		1,195,777		1,207,751
Total interest expense	316,864		320,937		909,564		947,252
Net interest income	98,477		86,791		286,213		260,499
Provision for losses	(7,477)		(3,428)		(16,874)		(7,806)
Net interest income after provision for losses	91,000		83,363		269,339		252,693
Non-interest income/(expense):
Guarantee and commitment fees	5,021		4,015		14,316		11,729
Losses on financial derivatives	(1,062)		(1,934)		(3,618)		(1,654)
Losses on sale of mortgage loans	—		—		—		(1,147)
Gains on sale of available-for-sale investment securities	—		—		—		1,052
Release of reserve for losses	44		170		46		188
Other income	1,482		1,222		3,958		3,145
Non-interest income	5,485		3,473		14,702		13,313
Operating expenses:
Compensation and employee benefits	17,743		15,237		53,126		48,334
General and administrative	11,052		8,625		32,669		25,784
Regulatory fees	1,000		725		3,000		2,175

Operating expenses	29,795		24,587		88,795		76,293
Income before income taxes	66,690		62,249		195,246		189,713
Income tax expense	11,687		12,421		35,755		39,034
Net income	55,003		49,828		159,491		150,679
Preferred stock dividends	(6,303)		(5,897)		(17,636)		(19,480)
Loss on retirement of preferred stock	—		(1,619)		—		(1,619)
Net income attributable to common stockholders	$	48,700	$	42,312	$	141,855	$	129,580

Earnings per common share:
Basic earnings per common share	$	4.45	$	3.89	$	12.99	$	11.93
Diluted earnings per common share	$	4.44	$	3.86	$	12.93	$	11.82

The accompanying notes are an integral part of these consolidated financial statements.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
	(in thousands)
Net income	$	55,003	$	49,828	$	159,491	$	150,679
Other comprehensive income/(loss):
Net unrealized gains on available-for-sale securities	18,874		26,350		25,789		61,015
Net changes in held-to-maturity securities	(186)		(443)		(204)		(757)
Net unrealized losses on cash flow hedges	(3,202)		(17,569)		(17,083)		(12,675)
Other comprehensive income before tax	15,486		8,338		8,502		47,583
Income tax expense related to other comprehensive income	(3,252)		(1,751)		(1,786)		(9,992)
Other comprehensive income net of tax	12,234		6,587		6,716		37,591
Comprehensive income	$	67,237	$	56,415	$	166,207	$	188,270

The accompanying notes are an integral part of these consolidated financial statements.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(unaudited)


									Accumulated
							Additional		Other
	Preferred Stock			Common Stock			Paid-In		Comprehensive		Retained		Total
	Shares	Amount		Shares	Amount		Capital		Income/(Loss)		Earnings		Equity
	(in thousands)
Balance as of December 31, 2024	16,980	$	411,149	10,891	$	10,891	$	135,894	$	(12,147)	$	943,239	$	1,489,026
Net Income	—	—		—	—		—		—		49,651		49,651
Other comprehensive income, net of tax	—	—		—	—		—		10,339		—		10,339
Cash dividends:
Preferred stock	—	—		—	—		—		—		(5,666)		(5,666)
Common stock (cash dividend of $1.50 per share)	—	—		—	—		—		—		(16,352)		(16,352)
Issuance of Class C Common Stock	—	—		42	42		79		—		—		121
Stock-based compensation cost	—	—		—	—		3,529		—		—		3,529
Other stock-based award activity	—	—		—	—		(5,002)		—		—		(5,002)
Balance as of March 31, 2025	16,980	$	411,149	10,933	$	10,933	$	134,500	$	(1,808)	$	970,872	$	1,525,646
Net Income	—	—		—	—		—		—		54,837		54,837
Other comprehensive loss, net of tax	—	—		—	—		—		(15,857)		—		(15,857)
Cash dividends:
Preferred stock	—	—		—	—		—		—		(5,667)		(5,667)
Common stock (cash dividend of $1.50 per share)	—	—		—	—		—		—		(16,401)		(16,401)
Issuance of Class C Common Stock	—	—		1	1		80		—		—		81
Stock-based compensation cost	—	—		—	—		1,745		—		—		1,745
Other stock-based award activity	—	—		—	—		(77)		—		—		(77)
Balance as of June 30, 2025	16,980	$	411,149	10,934	$	10,934	$	136,248	$	(17,665)	$	1,003,641	$	1,544,307
Net Income	—	—		—	—		—		—		55,003		55,003
Other comprehensive income, net of tax	—	—		—	—		—		12,234		—		12,234
Cash dividends:
Preferred stock	—	—		—	—		—		—		(6,303)		(6,303)
Common stock (cash dividend of $1.50 per share)	—	—		—	—		—		—		(16,401)		(16,401)
Issuance of Series H Preferred Stock	4,000	96,889		—	—		—		—		—		96,889
Issuance of Class C Common Stock	—	—		—	—		65		—		—		65
Stock-based compensation cost	—	—		—	—		1,360		—		—		1,360
Other stock-based award activity	—	—		—	—		(71)		—		—		(71)
Balance as of September 30, 2025	20,980	$	508,038	10,934	$	10,934	$	137,602	$	(5,431)	$	1,035,940	$	1,687,083


									Accumulated
							Additional		Other
	Preferred Stock			Common Stock			Paid-In		Comprehensive		Retained		Total
	Shares	Amount		Shares	Amount		Capital		Income/(Loss)		Earnings		Equity
	(in thousands)
Balance as of December 31, 2023	19,980	$	484,531	10,842	$	10,842	$	132,919	$	(40,145)	$	823,716	$	1,411,863
Net Income	—	—		—	—		—		—		53,746		53,746
Other comprehensive income, net of tax	—	—		—	—		—		36,027		—		36,027
Cash dividends:
Preferred stock	—	—		—	—		—		—		(6,791)		(6,791)
Common stock (cash dividend of $1.40 per share)	—	—		—	—		—		—		(15,186)		(15,186)
Issuance of Class C Common Stock	—	—		27	27		64		—		—		91
Stock-based compensation cost	—	—		—	—		3,483		—		—		3,483
Other stock-based award activity	—	—		—	—		(2,890)		—		—		(2,890)
Balance as of March 31, 2024	19,980	$	484,531	10,869	$	10,869	$	133,576	$	(4,118)	$	855,485	$	1,480,343
Net Income	—	—		—	—		—		—		47,105		47,105
Other comprehensive loss, net of tax	—	—		—	—		—		(5,023)		—		(5,023)
Cash dividends:
Preferred stock	—	—		—	—		—		—		(6,792)		(6,792)
Common stock (cash dividend of $1.40 per share)	—	—		—	—		—		—		(15,233)		(15,233)
Issuance of Class C Common Stock	—	—		12	12		67		—		—		79
Stock-based compensation cost	—	—		—	—		1,555		—		—		1,555
Other stock-based award activity	—	—		—	—		(1,055)		—		—		(1,055)
Balance as of June 30, 2024	19,980	$	484,531	10,881	$	10,881	$	134,143	$	(9,141)	$	880,565	$	1,500,979
Net Income	—	—		—	—		—		—		49,828		49,828
Other comprehensive income, net of tax	—	—		—	—		—		6,587		—		6,587
Cash dividends:
Preferred stock	—	—		—	—		—		—		(5,897)		(5,897)
Common stock (cash dividend of $1.40 per share)	—	—		—	—		—		—		(15,238)		(15,238)
Redemption of Series C preferred stock	(3,000)	(73,382)		—	—		—		—		—		(73,382)
Loss on retirement of preferred stock	—	—		—	—		—		—		(1,619)		(1,619)
Issuance of Class C Common Stock	—	—		4	4		78		—		—		82
Stock-based compensation cost	—	—		—	—		1,490		—		—		1,490
Other stock-based award activity	—	—		—	—		(486)		—		—		(486)
Balance as of September 30, 2024	16,980	$	411,149	10,885	$	10,885	$	135,225	$	(2,554)	$	907,639	$	1,462,344

The accompanying notes are an integral part of these consolidated financial statements.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	For the Nine Months Ended
	September 30, 2025		September 30, 2024
	(in thousands)
Cash flows from operating activities:
Net income	$	159,491	$	150,679
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	(16,580)		(19,100)
Net amortization of debt premiums, discounts, and issuance costs	7,777		29,661
Net change in fair value of trading securities, loans held for sale, hedged items, and financial derivatives	(192,971)		(62,797)
(Gains)/losses on sale of mortgage loans	(9)		1,147
Gains on the sale of available-for-sale investment securities	—		(1,052)
Losses on sale of real estate owned	69		—
Total provision for/(release of) allowance for losses	16,828		7,618
Excess tax benefits related to stock-based awards	(624)		447
Deferred income taxes	(3,466)		(768)
Stock-based compensation expense	6,634		6,528
Purchases of loans held for sale	(7,770)		—
Proceeds from sale of loans held for sale	7,779		—
Proceeds from repayment of loans purchased as held for sale	38,991		28,302
Net change in:
Interest receivable	16,271		27,320
Guarantee and commitment fees receivable	(176)		131
Other assets	25,193		50,121
Accrued interest payable	43,469		32,803
Custodial deposit liability	(138,856)		(18,085)
Other liabilities	14,602		12,160
Net cash (used in)/provided by operating activities	(23,348)		245,115
Cash flows from investing activities:
Purchases of equipment and leasehold improvements	—		(5,272)
Purchases of available-for-sale and held-to-maturity investment securities	(1,415,336)		(1,971,974)
Purchases of other investment securities	(3,326)		(1,770)
Purchases of Farmer Mac Guaranteed Securities and USDA Securities	(1,021,065)		(1,522,510)
Purchases of loans held for investment	(3,750,840)		(2,580,492)
Purchases of defaulted loans	(2,544)		(317)
Proceeds from repayment of available-for-sale and held-to-maturity investment securities	815,370		1,049,268
Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities	1,819,693		2,669,746
Proceeds from repayment of loans purchased as held for investment	1,640,603		1,282,579
Proceeds from sale of real estate owned	725		—
Proceeds from sale of available-for-sale investment securities	—		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	(1,910,675)		(899,528)
Cash flows from financing activities:
Proceeds from issuance of discount notes	56,282,365		42,829,487
Proceeds from issuance of medium-term notes	10,019,083		5,721,174
Proceeds from issuance of debt securities of consolidated trusts	286,511		283,462
Payments to redeem discount notes	(56,746,196)		(42,371,640)
Payments to redeem medium-term notes	(7,870,320)		(5,593,883)
Payments to third parties on debt securities of consolidated trusts	(186,257)		(115,609)
Proceeds from common stock issuance	225		209
Proceeds from preferred stock issuance, net of stock issuance costs	96,889		—
Tax payments related to share-based awards	(5,108)		(4,388)
Retirement of preferred stock	—		(75,000)
Dividends paid on common and preferred stock	(66,153)		(66,050)
Net cash provided by financing activities	1,811,039		607,762
Net change in cash and cash equivalents	(122,984)		(46,651)
Cash, cash equivalents, and restricted cash at beginning of period	1,024,007		888,707
Cash, cash equivalents, and restricted cash at end of period	$	901,023	$	842,056





Non-cash activity:
Loans securitized as Farmer Mac Guaranteed Securities	41,156	85,114
Loans held for investment transferred to consolidated trusts	299,270	305,559

The accompanying notes are an integral part of these consolidated financial statements.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The interim unaudited consolidated financial statements of the Federal Agricultural Mortgage Corporation ("Farmer Mac") and subsidiaries have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Farmer Mac and subsidiaries for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted as permitted by SEC rules and regulations. The December 31, 2024 consolidated balance sheet presented in this report has been derived from Farmer Mac's audited 2024 consolidated financial statements. Management believes that the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the 2024 consolidated financial statements of Farmer Mac and subsidiaries included in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 21, 2025. Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year.

Principles of Consolidation

The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries: (1) Farmer Mac Mortgage Securities Corporation, whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; and (2) Farmer Mac II LLC, which operated substantially all of the business related to the USDA Securities included in the Agricultural Finance line of business from 2010 through 2023 and continues to hold a "run-off" portfolio of USDA Securities. The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary.

Table 1.1


	Variable Interest Entities
	As of September 30, 2025
	Agricultural Finance		Treasury		Total
	(in thousands)
On-Balance Sheet:
Consolidated VIEs:
Loans held for investment in consolidated trusts, at amortized cost	$	2,205,213	$	—	$	2,205,213
Debt securities of consolidated trusts held by third parties (1)(2)	2,089,042		—		2,089,042
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Carrying value	79,302		—		79,302
Maximum exposure to loss (3)	79,027		—		79,027
Investment securities:
Carrying value (4)	—		4,769,276		4,769,276
Maximum exposure to loss (3)(4)	—		4,959,042		4,959,042
Off-Balance Sheet:
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Maximum exposure to loss (3)(5)(6)	392,358		—		392,358

(1)Includes borrower remittances of $1.4 million. The borrower remittances had not been passed through to third-party investors as of September 30, 2025.

(2)Includes $117.5 million in unamortized discount related to structured securitization transactions.

(3)Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss.

(4)Includes auction-rate certificates, government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, and other mission related investments.

(5)The Agricultural Finance amount relates to unconsolidated trusts where Farmer Mac is not the primary beneficiary, either due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause.

(6)Farmer Mac presents a liability for its obligation to stand ready under its guarantee in "Guarantee and commitment obligation" on the Consolidated Balance Sheets, which was $5.1 million as of September 30, 2025. The weighted average remaining maturity of the loans underlying the guarantee was 20.9 years as of September 30, 2025.


	Variable Interest Entities
	As of December 31, 2024
	Agricultural Finance		Treasury		Total
	(in thousands)
On-Balance Sheet:
Consolidated VIEs:
Loans held for investment in consolidated trusts, at amortized cost	$	2,038,283	$	—	$	2,038,283
Debt securities of consolidated trusts held by third parties (1)(2)	1,929,628		—		1,929,628
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Carrying value	59,317		—		59,317
Maximum exposure to loss (3)	58,985		—		58,985
Investment securities:
Carrying value (4)	—		4,212,258		4,212,258
Maximum exposure to loss (3)(4)	—		4,547,397		4,547,397
Off-Balance Sheet:
Unconsolidated VIEs:
Farmer Mac Guaranteed Securities:
Maximum exposure to loss (3)(5)(6)	426,310		—		426,310

(1)Includes borrower remittances of $4.7 million. The borrower remittances had not been passed through to third-party investors as of December 31, 2024.

(2)Includes $113.2 million in unamortized discount related to a structured securitization transaction.

(3)Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss.

(4)Includes auction-rate certificates, government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, and other mission related investments.

(6)Farmer Mac presents a liability for its obligation to stand ready under its guarantee in "Guarantee and commitment obligation" on the Consolidated Balance Sheets, which was $5.6 million as of December 31, 2024. The weighted average remaining maturity of the loans underlying the guarantee was 21.2 years as of December 31, 2024.

(a)Earnings Per Common Share

Basic earnings per common share ("EPS") is based on the daily weighted-average number of shares of common stock outstanding. Diluted earnings per common share is based on the daily weighted-average number of shares of common stock outstanding adjusted to include all potentially dilutive stock appreciation rights ("SARs") and unvested restricted stock unit awards. The following schedule reconciles basic and diluted EPS for the three and nine months ended September 30, 2025 and 2024:

Table 1.2


	For the Three Months Ended
	September 30, 2025					September 30, 2024
	Net Income		Weighted-Average Shares	$ per Share		Net Income		Weighted-Average Shares	$ per Share
	(in thousands, except per share amounts)
Basic EPS
Net income attributable to common stockholders	$	48,700	10,934	$	4.45	$	42,312	10,883	$	3.89
Effect of dilutive securities(1)
SARs and restricted stock units	—		38	(0.01)		—		83	(0.03)
Diluted EPS	$	48,700	10,972	$	4.44	$	42,312	10,966	$	3.86

(1)For the three months ended September 30, 2025 and 2024, SARs and restricted stock units of 27,160 and 15,465, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the three months ended September 30, 2025 and 2024, contingent shares of unvested restricted stock units of 27,580 and 29,918, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met.


	For the Nine Months Ended
	September 30, 2025					September 30, 2024
	Net Income		Weighted-Average Shares	$ per Share		Net Income		Weighted-Average Shares	$ per Share
	(in thousands, except per share amounts)
Basic EPS
Net income attributable to common stockholders	$	141,855	10,921	$	12.99	$	129,580	10,869	$	11.93
Effect of dilutive securities(1)
SARs and restricted stock units	—		52	(0.06)		—		99	(0.11)
Diluted EPS	$	141,855	10,973	$	12.93	$	129,580	10,968	$	11.82

(1)For the nine months ended September 30, 2025 and 2024, SARs and restricted stock units of 53,955 and 36,033, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the nine months ended September 30, 2025 and 2024, contingent shares of unvested restricted stock units of 28,865 and 29,918, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met.

(b)Comprehensive Income

Comprehensive income represents all changes in stockholders' equity except those resulting from investments by or distributions to stockholders, and is comprised of net income and unrealized gains and losses on available-for-sale securities, certain held-to-maturity securities transferred from the available-for-sale classification, and cash flow hedges, net of related taxes.

The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the three and nine months ended September 30, 2025 and 2024.

Table 1.3


	As of September 30, 2025								As of September 30, 2024
	Available-for-Sale Securities		Held-to-Maturity Securities		Cash Flow Hedges		Total		Available-for-Sale Securities		Held-to-Maturity Securities		Cash Flow Hedges		Total
	(in thousands)













For the Three Months Ended:
Beginning Balance	$	(32,113)	$	(9,240)	$	23,688	$	(17,665)	$	(41,062)	$	(8,972)	$	40,893	$	(9,141)
Other comprehensive income/(loss) before reclassifications	14,912		—		309		15,221		20,820		—		(9,663)		11,157
Amounts reclassified from AOCI	(2)		(147)		(2,838)		(2,987)		(3)		(350)		(4,217)		(4,570)
Net comprehensive income/(loss)	14,910		(147)		(2,529)		12,234		20,817		(350)		(13,880)		6,587
Ending Balance	$	(17,203)	$	(9,387)	$	21,159	$	(5,431)	$	(20,245)	$	(9,322)	$	27,013	$	(2,554)

For the Nine Months Ended:
Beginning Balance	$	(37,575)	$	(9,226)	$	34,654	$	(12,147)	$	(68,447)	$	(8,724)	$	37,026	$	(40,145)
Other comprehensive income/(loss) before reclassifications	20,379		—		(4,676)		15,703		49,042		—		2,755		51,797
Amounts reclassified from AOCI	(7)		(161)		(8,819)		(8,987)		(840)		(598)		(12,768)		(14,206)
Net comprehensive income/(loss)	20,372		(161)		(13,495)		6,716		48,202		(598)		(10,013)		37,591
Ending Balance	$	(17,203)	$	(9,387)	$	21,159	$	(5,431)	$	(20,245)	$	(9,322)	$	27,013	$	(2,554)

The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the three and nine months ended September 30, 2025 and 2024:

Table 1.4


	For the Three Months Ended
	September 30, 2025						September 30, 2024
	Before Tax		Provision (Benefit)		After Tax		Before Tax		Provision (Benefit)		After Tax
	(in thousands)
Other comprehensive income:
Available-for-sale-securities:
Unrealized holding gains on available-for-sale securities	$	18,876	$	3,964	$	14,912	$	26,354	$	5,534	$	20,820
Less reclassification adjustments included in:
Other income(1)	(2)		—		(2)		(4)		(1)		(3)
Total	$	18,874	$	3,964	$	14,910	$	26,350	$	5,533	$	20,817
Held-to-maturity securities:
Less reclassification adjustments included in:
Net interest income(2)	$	(186)	$	(39)	$	(147)	$	(443)	$	(93)	$	(350)
Total	$	(186)	$	(39)	$	(147)	$	(443)	$	(93)	$	(350)
Cash flow hedges
Unrealized gains/(losses) on cash flow hedges	$	391	$	82	$	309	$	(12,232)	$	(2,569)	$	(9,663)
Less reclassification adjustments included in:
Net interest income(3)	(3,593)		(755)		(2,838)		(5,337)		(1,120)		(4,217)
Total	$	(3,202)	$	(673)	$	(2,529)	$	(17,569)	$	(3,689)	$	(13,880)
Other comprehensive income	$	15,486	$	3,252	$	12,234	$	8,338	$	1,751	$	6,587

(1)Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities.

(2)Represents amortization of unrealized gain/loss reported in AOCI prior to the reclassification of certain securities from available-for-sale to held-to-maturity, which occurred at fair value. The unrealized gain/loss will be amortized over the securities' remaining life with no impact on future net income.

(3)Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI.


	For the Nine Months Ended
	September 30, 2025						September 30, 2024
	Before Tax		Provision (Benefit)		After Tax		Before Tax		Provision (Benefit)		After Tax
	(in thousands)
Other comprehensive income:
Available-for-sale-securities:
Unrealized holding gains on available-for-sale securities	$	25,797	$	5,418	$	20,379	$	62,079	$	13,037	$	49,042
Less reclassification adjustments included in:
Gains on sale of available-for-sale investment securities(1)	—		—		—		(1,052)		(221)		(831)
Other income(2)	(8)		(1)		(7)		(12)		(3)		(9)
Total	$	25,789	$	5,417	$	20,372	$	61,015	$	12,813	$	48,202
Held-to-maturity securities:
Less reclassification adjustments included in:
Net interest income(3)	$	(204)	$	(43)	$	(161)	$	(757)	$	(159)	$	(598)
Total	$	(204)	$	(43)	$	(161)	$	(757)	$	(159)	$	(598)
Cash flow hedges
Unrealized (losses)/gains on cash flow hedges	$	(5,920)	$	(1,244)	$	(4,676)	$	3,488	$	733	$	2,755
Less reclassification adjustments included in:
Net interest income(4)	(11,163)		(2,344)		(8,819)		(16,163)		(3,395)		(12,768)
Total	$	(17,083)	$	(3,588)	$	(13,495)	$	(12,675)	$	(2,662)	$	(10,013)
Other comprehensive income	$	8,502	$	1,786	$	6,716	$	47,583	$	9,992	$	37,591

(1)Represents unrealized gains and losses on sales of available-for-sale securities.

(2)Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities.

(3)Represents amortization of unrealized gain/loss reported in AOCI prior to the reclassification of certain securities from available-for-sale to held-to-maturity, which occurred at fair value. The unrealized gain/loss will be amortized over the securities' remaining life with no impact on future net income.

(4)Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI.

(c)New Accounting Standards

Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements


Standard	Description	Effect on Consolidated Financial Statements
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	The Update provides guidance on improvements to annual income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. Additionally, public entities must provide a separate disclosure for any reconciling item that meets a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The amendments should be applied on either a prospective or retrospective basis. Early adoption is permitted.	Farmer Mac is still assessing the impact of the new accounting standard but does not expect that adoption of the new guidance will have a material impact on Farmer Mac's financial position, results of operations, or cash flows.
ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses	In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted.	Farmer Mac is still assessing the impact of the new accounting standard but does not expect that adoption of the new guidance will have a material impact on Farmer Mac's financial position, results of operations, or cash flows.
ASU 2025-06, Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software	The Update amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. It removes all references to "development stages" and establishes new criteria to be met for the entity to begin capitalizing software costs. New guidance is then given for how to evaluate whether the probable-to-complete recognition threshold has been met. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted.	Farmer Mac is still assessing the impact of the new accounting standard but does not expect that adoption of the new guidance will have a material impact on Farmer Mac's financial position, results of operations, or cash flows.

(d)Reclassifications

Certain reclassifications of prior period information were made to conform to the current period presentation. The reclassifications of prior period information were not material to the consolidated financial statements.

2.INVESTMENT SECURITIES

Farmer Mac’s investment securities portfolio is comprised primarily of the following major security types, which is based on the issuer and associated security characteristics:

•U.S. Government guaranteed securities: single-family and multi-family mortgage-backed securities issued by Government National Mortgage Association (Ginnie Mae) and pass-through securities issued by the Small Business Administration, which are guaranteed by the U.S. Government;

•U.S. Government Sponsored Enterprise (“GSE”) guaranteed securities: single-family and multi-family mortgage-backed securities issued by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac). GSE securities are not guaranteed by the U.S. government;

•U.S. Treasury Obligations: sovereign debt issued by the United States of America.

The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of September 30, 2025 and December 31, 2024:

Table 2.1


	As of September 30, 2025
	Amount Outstanding		Unamortized Premium/(Discount)		Amortized Cost(1)		Allowance for losses(2)		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	19,700	$	—	$	19,700	$	(21)	$	—	$	(197)	$	19,482
Floating rate Government/GSE guaranteed mortgage-backed securities	2,326,063		(1,423)		2,324,640		—		1,669		(12,459)		2,313,850
Fixed rate Government/GSE guaranteed mortgage-backed securities	2,967,739		(68,095)		2,899,644		—		28,975		(82,498)		2,846,121
Fixed rate U.S. Treasuries	1,477,292		(6,499)		1,470,793		—		6,028		(328)		1,476,493
Total available-for-sale	6,790,794		(76,017)		6,714,777		(21)		36,672		(95,482)		6,655,946
Held-to-maturity:
Floating rate Government/GSE guaranteed mortgage-backed securities(3)	8,815		—		8,815		—		286		—		9,101
Total held-to-maturity	$	8,815	$	—	$	8,815	$	—	$	286	$	—	$	9,101

(1)Amounts presented exclude $30.9 million of accrued interest receivable on investment securities as of September 30, 2025.

(2)Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the Consolidated Statement of Operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors.

(3)The held-to-maturity investment securities had a weighted average yield of 6.4% as of September 30, 2025.


	As of December 31, 2024
	Amount Outstanding		Unamortized Premium/(Discount)		Amortized Cost(1)		Allowance for losses(2)		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Available-for-sale:
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	19,700	$	—	$	19,700	$	(27)	$	—	$	(197)	$	19,476
Floating rate Government/GSE guaranteed mortgage-backed securities	2,317,032		(841)		2,316,191		—		3,484		(13,950)		2,305,725
Fixed rate Government/GSE guaranteed mortgage-backed securities	2,544,136		(66,845)		2,477,291		—		3,426		(142,750)		2,337,967

Fixed rate U.S. Treasuries	1,302,677		(10,743)		1,291,934		—		2,604		(4,692)		1,289,846
Total available-for-sale	6,183,545		(78,429)		6,105,116		(27)		9,514		(161,589)		5,953,014
Held-to-maturity:
Floating rate Government/GSE guaranteed mortgage-backed securities(3)	9,270		—		9,270		—		270		—		9,540
Total held-to-maturity	$	9,270	$	—	$	9,270	$	—	$	270	$	—	$	9,540

(1)Amounts presented exclude $22.3 million of accrued interest receivable on investment securities as of December 31, 2024.

(3)The held-to-maturity investment securities had a weighted average yield of 6.4% as of December 31, 2024.

Farmer Mac did not sell any securities from its available-for-sale or held-to-maturity investment portfolios during the three and nine months ended September 30, 2025. During the nine months ended September 30, 2024, Farmer Mac sold floating rate government/GSE guaranteed mortgage-backed securities for $115.2 million from its available-for-sale investment portfolio, resulting in a gain of $1.1 million. These sales were done to rebalance the liquidity investment portfolio given the lower level of business volume activity while demonstrating that the portfolio provides strong contingent liquidity.

As of September 30, 2025 and December 31, 2024, unrealized losses on available-for-sale investment securities were as follows:

Table 2.2


	As of September 30, 2025
	Available-for-Sale Securities
	Unrealized loss position for less than 12 months				Unrealized loss position for more than 12 months
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(dollars in thousands)
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	—	$	—	$	19,482	$	(197)
Floating rate Government/GSE guaranteed mortgage-backed securities	543,325		(1,394)		998,973		(11,065)
Fixed rate Government/GSE guaranteed mortgage-backed securities	155,569		(3,392)		998,254		(79,106)
Fixed rate U.S. Treasuries	35,047		(8)		243,217		(320)
Total	$	733,941	$	(4,794)	$	2,259,926	$	(90,688)

Number of securities in loss position			61				164


	As of December 31, 2024
	Available-for-Sale Securities
	Unrealized loss position for less than 12 months				Unrealized loss position for more than 12 months
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(dollars in thousands)
Floating rate auction-rate certificates backed by Government guaranteed student loans	$	—	$	—	$	19,476	$	(197)
Floating rate Government/GSE guaranteed mortgage-backed securities	269,862		(420)		1,025,360		(13,530)
Fixed rate Government/GSE guaranteed mortgage-backed securities	999,793		(17,682)		946,166		(125,068)

Fixed rate U.S. Treasuries	590,307		(4,375)		58,523		(317)
Total	$	1,859,962	$	(22,477)	$	2,049,525	$	(139,112)

Number of securities in loss position			90				155

The unrealized losses presented above are principally due to a general widening of market spreads and changes in the levels of interest rates from the dates of acquisition to September 30, 2025 and December 31, 2024, as applicable. The resulting decrease in fair values reflects an increase in the perceived risk by the financial markets related to those securities. As of both September 30, 2025 and December 31, 2024, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S. government, a GSE, or had credit ratings of at least "AAA."

Securities in unrealized loss positions for 12 months or longer have a fair value as of September 30, 2025 that is, on average, approximately 96.1% of their amortized cost basis. Farmer Mac believes that all of these unrealized losses are recoverable within a reasonable period of time by way of maturity, changes in credit spread, or changes in levels of interest rates.

The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of September 30, 2025 are set forth below. Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets.

Table 2.3


	As of September 30, 2025
	Available-for-Sale Securities
	Amortized Cost		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	876,565	$	877,887	4.05%
Due after one year through five years	2,267,630		2,272,750		4.14%
Due after five years through ten years	2,540,002		2,481,095		3.80%
Due after ten years	1,030,580		1,024,214		4.79%
Total	$	6,714,777	$	6,655,946	4.10%

3.FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES

The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of September 30, 2025 and December 31, 2024:

Table 3.1


	As of September 30, 2025
	Unpaid Principal Balance		Unamortized Premium/(Discount)		Amortized Cost(1)		Allowance for losses(2)		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Available-for-sale:
AgVantage	$	6,034,583	$	—	$	6,034,583	$	(138)	$	27,270	$	(216,073)	$	5,845,642
Farmer Mac Guaranteed Securities(3)	—		8,206		8,206		—		250		—		8,456
Total available-for-sale	$	6,034,583	$	8,206	$	6,042,789	$	(138)	$	27,520	$	(216,073)	$	5,854,098
Held-to-maturity:
AgVantage	$	1,647,063	$	(25,178)	$	1,621,885	$	(128)	$	9,156	$	(8,575)	$	1,622,338
Farmer Mac Guaranteed USDA Securities	70,821		23		70,844		—		1,484		(516)		71,812
Total Farmer Mac Guaranteed Securities	1,717,884		(25,155)		1,692,729		(128)		10,640		(9,091)		1,694,150
USDA Securities	2,372,316		16,864		2,389,180		—		17,166		(157,186)		2,249,160
Total held-to-maturity	$	4,090,200	$	(8,291)	$	4,081,909	$	(128)	$	27,806	$	(166,277)	$	3,943,310
Trading:
USDA Securities(4)	$	447	$	29	$	476	$	—	$	—	$	(20)	$	456

(1)Amounts presented exclude $60.3 million and $48.5 million of accrued interest receivable on available-for-sale and held-to-maturity securities, respectively, as of September 30, 2025.

(3)The fair value of $8.5 million relates to an interest-only security with a notional amount of $210.2 million.

(4)The trading USDA securities had a weighted average yield of 5.47% as of September 30, 2025.


	As of December 31, 2024
	Unpaid Principal Balance		Unamortized Premium/(Discount)		Amortized Cost(1)		Allowance for losses(2)		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
Available-for-sale:
AgVantage	$	5,826,948	$	—	$	5,826,948	$	(236)	$	6,295	$	(327,476)	$	5,505,531
Farmer Mac Guaranteed Securities(3)	—		8,710		8,710		—		305		—		9,015
Total available-for-sale	$	5,826,948	$	8,710	$	5,835,658	$	(236)	$	6,600	$	(327,476)	$	5,514,546
Held-to-maturity:
AgVantage	$	2,694,492	$	(26,928)	$	2,667,564	$	(178)	$	5,978	$	(21,592)	$	2,651,772
Farmer Mac Guaranteed USDA Securities	50,275		27		50,302		—		246		(1,220)		49,328
Total Farmer Mac Guaranteed Securities	2,744,767		(26,901)		2,717,866		(178)		6,224		(22,812)		2,701,100
USDA Securities	2,351,334		19,200		2,370,534		—		180		(258,190)		2,112,524
Total held-to-maturity	$	5,096,101	$	(7,701)	$	5,088,400	$	(178)	$	6,404	$	(281,002)	$	4,813,624
Trading:
USDA Securities(4)	$	814	$	42	$	856	$	—	$	—	$	(38)	$	818

(1)Amounts presented exclude $57.5 million and $59.8 million of accrued interest receivable on available-for-sale and held-to-maturity securities, respectively, as of December 31, 2024.

(3)The fair value of $9.0 million relates to an interest-only security with a notional amount of $228.0 million.

(4)The trading USDA securities had a weighted average yield of 5.47% as of December 31, 2024.

As of September 30, 2025 and December 31, 2024, unrealized losses on available-for-sale and held-to-maturity on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows:

Table 3.2


	As of September 30, 2025
	Available-for-Sale and Held-to-Maturity Securities
	Unrealized loss position for less than 12 months				Unrealized loss position for more than 12 months
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(in thousands)
Available-for-sale:
AgVantage	$	446,255	$	(3,745)	$	3,438,088	$	(212,328)

Total available-for-sale	$	446,255	$	(3,745)	$	3,438,088	$	(212,328)

Held-to-maturity:
AgVantage	$	588,063	$	(3,345)	$	539,729	$	(5,230)
Farmer Mac Guaranteed USDA Securities	—		—		38,360		(516)
USDA Securities	—		—		1,789,302		(157,186)
Total held-to-maturity	$	588,063	$	(3,345)	$	2,367,391	$	(162,932)


	As of December 31, 2024
	Available-for-Sale and Held-to-Maturity Securities
	Unrealized loss position for less than 12 months				Unrealized loss position for more than 12 months
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(in thousands)
Available-for-sale:
AgVantage	$	1,152,227	$	(12,889)	$	3,649,845	$	(314,587)

Total available-for-sale	$	1,152,227	$	(12,889)	$	3,649,845	$	(314,587)

Held-to-maturity:
AgVantage	$	998,200	$	(3,326)	$	1,187,464	$	(18,266)
Farmer Mac Guaranteed USDA Securities	30,912		(529)		8,070		(691)
USDA Securities	8,938		(164)		2,099,695		(258,026)
Total held-to-maturity	$	1,038,050	$	(4,019)	$	3,295,229	$	(276,983)

The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to September 30, 2025 and December 31, 2024, as applicable.

The credit exposure related to Farmer Mac's USDA Securities and Farmer Mac Guaranteed USDA Securities in the Agricultural Finance line of business is covered by the full faith and credit guarantee of the United States of America.

The unrealized losses from AgVantage securities were on 51 and 66 available-for-sale securities as of September 30, 2025 and December 31, 2024, respectively. There were 22 and 45 held-to-maturity AgVantage securities with an unrealized loss as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025 and December 31, 2024, 48 and 54 available-for-sale AgVantage securities had been in a loss position for more than 12 months, respectively. As of September 30, 2025 and December 31, 2024, there were 17 and 26 held-to-maturity AgVantage securities, respectively, in a loss position for more than 12 months.

During the three and nine months ended September 30, 2025 and 2024, Farmer Mac had no sales of Farmer Mac Guaranteed Securities or USDA Securities, therefore, Farmer Mac realized no gains or losses.

The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity securities by remaining contractual maturity as of September 30, 2025 are set forth below. The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets.

Table 3.3


	As of September 30, 2025
	Available-for-Sale Securities
	Amortized Cost(1)		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	755,000	$	753,819	4.37	%
Due after one year through five years	3,312,473		3,282,253		3.81	%
Due after five years through ten years	1,041,694		972,023		3.51	%
Due after ten years	933,622		846,003		3.99	%
Total	$	6,042,789	$	5,854,098	3.85	%

(1)Amounts presented exclude $60.3 million of accrued interest receivable.


	As of September 30, 2025
	Held-to-Maturity Securities
	Amortized Cost(1)		Fair Value		Weighted- Average Yield
	(dollars in thousands)
Due within one year	$	590,175	$	587,330	3.58	%
Due after one year through five years	497,963		498,841		4.61	%
Due after five years through ten years	326,128		302,526		3.79	%
Due after ten years	2,667,643		2,554,613		4.36	%
Total	$	4,081,909	$	3,943,310	4.28	%

(1)Amounts presented exclude $48.5 million of accrued interest receivable.

4.FINANCIAL DERIVATIVES

Farmer Mac enters into financial derivative transactions to protect against risk from the effects of market price, or interest rate movements, on the value of certain assets, future cash flows, or debt issuance, and not for trading or speculative purposes. Certain financial derivatives are designated as fair value hedges of fixed rate assets, classified as available-for-sale, to protect against fair value changes in the assets related to changes in a benchmark interest rate (e.g., Secured Overnight Financing Rate ("SOFR")). Certain other financial derivatives are designated as cash flow hedges to mitigate the volatility of future interest rate payments on floating rate debt. Certain financial derivatives are not designated in hedge accounting relationships.

Farmer Mac manages the interest rate risk related to loans it has committed to acquire, but has not yet permanently funded, primarily through the use of futures contracts involving U.S. Treasury securities. Farmer Mac aims to achieve a duration-matched hedge ratio between the hedged item and the hedge instrument. Gains or losses generated by these hedge transactions are expected to offset changes in funding costs. All financial derivatives are recorded on the balance sheet at fair value as a freestanding asset or liability.

The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements. The table below includes accrued interest on cleared swaps, but excludes $23.1 million and $15.8 million of accrued interest receivable and $3.7 million and $4.9 million of accrued interest payable on uncleared swaps as of September 30, 2025 and December 31, 2024, respectively. The aforementioned accrued interest on uncleared swaps is included within Accrued Interest Receivable and Accrued Interest Payable on the Consolidated Balance Sheets.

Table 4.1


	As of September 30, 2025
			Fair Value				Weighted- Average Pay Rate	Weighted- Average Receive Rate	Weighted- Average Forward Price	Weighted- Average Remaining Term (in years)
	Notional Amount		Asset		(Liability)
	(dollars in thousands)
Fair value hedges:
Interest rate swaps:
Receive fixed non-callable	$	6,913,685	$	2,084	$	(3,320)	4.45%	3.52%		1.21
Pay fixed non-callable	10,324,870		2,067		(3,379)		2.79%	4.30%		8.75
Receive fixed callable	4,747,883		21,310		(25,572)		4.32%	3.76%		3.04
Cash flow hedges:
Interest rate swaps:
Pay fixed non-callable	463,000		9,965		(123)		1.93%	4.63%		3.18
No hedge designation:
Interest rate swaps:
Pay fixed non-callable	151,559		443		(77)		2.97%	4.50%		3.01
Receive fixed non-callable	1,390,415		189		—		4.28%	4.00%		0.42

Basis swaps	614,384		2		(274)		4.43%	4.27%		3.31
Treasury futures	52		202		(11)				112.87
Netting adjustments(1)	—		(3,595)		3,595
Total financial derivatives	$	24,605,848	$	32,667	$	(29,161)

(1)Amounts represent the application of the netting requirements that allow Farmer Mac to settle positive and negative positions, including accrued interest, held or placed with the same clearing agent.


	As of December 31, 2024
			Fair Value				Weighted- Average Pay Rate	Weighted- Average Receive Rate	Weighted- Average Forward Price	Weighted- Average Remaining Term (in years)
	Notional Amount		Asset		(Liability)
	(dollars in thousands)
Fair value hedges:
Interest rate swaps:
Receive fixed non-callable	$	7,460,685	$	174	$	(12,165)	4.71%	3.40%		1.53
Pay fixed non-callable	9,657,181		5,134		(97)		2.67%	4.56%		9.12
Receive fixed callable	4,592,077		5,119		(65,167)		4.54%	3.67%		2.65
Cash flow hedges:
Interest rate swaps:
Pay fixed non-callable	540,000		16,903		(2)		1.92%	4.87%		3.43
No hedge designation:
Interest rate swaps:
Pay fixed non-callable	157,776		819		(1)		2.92%	4.75%		3.40
Receive fixed non-callable	1,803,328		48		(2)		4.52%	4.43%		0.30

Basis swaps	655,384		8		(354)		4.69%	4.52%		3.83
Treasury futures	29,900		46		—				108.91

Netting adjustments(1)	—		(462)		462
Total financial derivatives	$	24,896,331	$	27,789	$	(77,326)

As of September 30, 2025, Farmer Mac expects to reclassify $7.2 million after-tax from accumulated other comprehensive income to earnings over the next twelve months related to cash flow hedges. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges after September 30, 2025.

The following tables summarize the net income/(expense) recognized in the Consolidated Statements of Operations related to derivatives for the three and nine months ended September 30, 2025 and 2024:

Table 4.2


	For the Three Months Ended September 30, 2025
	Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives
	Net Interest Income								Non-Interest Income		Total
	Interest Income Investments and Cash Equivalents		Interest Income Farmer Mac Guaranteed Securities and USDA Securities		Interest Income Loans		Total Interest Expense		Losses on financial derivatives
	(in thousands)
Total amounts presented in the Consolidated Statement of Operations	$	93,398	$	123,484	$	198,459	$	(316,864)	$	(1,062)	$	97,415
Income/(expense) related to interest settlements on fair value hedging relationships:
Recognized on derivatives	7,541		23,004		12,857		(29,051)		—		14,351
Recognized on hedged items	14,558		57,249		21,659		(102,584)		—		(9,118)
Premium/discount amortization recognized on hedged items	690		—		—		(581)		—		109
Income/(expense) related to interest settlements on fair value hedging relationships	$	22,789	$	80,253	$	34,516	$	(132,216)	$	—	$	5,342

(Losses)/gains on fair value hedging relationships:
Recognized on derivatives	$	(7,584)	$	(19,533)	$	(10,864)	$	26,984	$	—	$	(10,997)
Recognized on hedged items	7,376		19,248		10,436		(26,200)		—		10,860
(Losses)/gains on fair value hedging relationships	$	(208)	$	(285)	$	(428)	$	784	$	—	$	(137)

Expense related to interest settlements on cash flow hedging relationships:
Interest settlements reclassified from AOCI into net income on derivatives	$	—	$	—	$	—	$	3,593	$	—	$	3,593
Recognized on hedged items	—		—		—		(5,837)		—		(5,837)
Discount amortization recognized on hedged items	—		—		—		(22)		—		(22)
Expense recognized on cash flow hedges	$	—	$	—	$	—	$	(2,266)	$	—	$	(2,266)

Losses on financial derivatives not designated in hedging relationships:
Gains on interest rate swaps	$	—	$	—	$	—	$	—	$	474	$	474
Interest expense on interest rate swaps	—		—		—		—		(707)		(707)
Treasury futures	—		—		—		—		(829)		(829)
Losses on financial derivatives not designated in hedge relationships	$	—	$	—	$	—	$	—	$	(1,062)	$	(1,062)


	For the Three Months Ended September 30, 2024
	Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives
	Net Interest Income								Non-Interest Income		Total
	Interest Income Investments and Cash Equivalents		Interest Income Farmer Mac Guaranteed Securities and USDA Securities		Interest Income Loans		Total Interest Expense		Losses on financial derivatives
	(in thousands)
Total amounts presented in the Consolidated Statement of Operations:	$	88,879	$	156,602	$	162,247	$	(320,937)	$	(1,934)	$	84,857
Income/(expense) related to interest settlements on fair value hedging relationships:
Recognized on derivatives	10,774		39,127		17,878		(69,433)		—		(1,654)
Recognized on hedged items	11,476		54,513		17,544		(106,154)		—		(22,621)
Premium/discount amortization recognized on hedged items	623		—		—		(688)		—		(65)
Income/(expense) related to interest settlements on fair value hedging relationships	$	22,873	$	93,640	$	35,422	$	(176,275)	$	—	$	(24,340)

Gains/(losses) on fair value hedging relationships:
Recognized on derivatives	$	(60,799)	$	(189,698)	$	(98,464)	$	212,027	$	—	$	(136,934)
Recognized on hedged items	60,915		189,141		98,015		(210,932)		—		137,139
Gains/(losses) on fair value hedging relationships	$	116	$	(557)	$	(449)	$	1,095	$	—	$	205

Expense related to interest settlements on cash flow hedging relationships:
Interest settlements reclassified from AOCI into net income on derivatives	$	—	$	—	$	—	$	5,338	$	—	$	5,338
Recognized on hedged items	—		—

FEDERAL AGRICULTURAL MORTGAGE CORP 10-Q