AGM Files Q1 2024 10-Q, Lists NYSE-Traded Securities

Ticker: AGM-PH · Form: 10-Q · Filed: May 6, 2024 · CIK: 845877

Federal Agricultural Mortgage Corp 10-Q Filing Summary
FieldDetail
CompanyFederal Agricultural Mortgage Corp (AGM-PH)
Form Type10-Q
Filed DateMay 6, 2024
Risk Levellow
Pages15
Reading Time18 min
Sentimentneutral

Sentiment: neutral

Topics: 10-Q, SEC Filing, Financials, Agriculture

Related Tickers: AGM.A, AGM, AGM.PRC, AGM.PRD, AGM.PRE

TL;DR

**AGM files Q1 10-Q. All eyes on the NYSE-traded stocks.**

AI Summary

Federal Agricultural Mortgage Corporation (AGM) filed its quarterly report for the period ended March 31, 2024. The company, a federally chartered instrumentality of the United States, is registered with the SEC under file number 001-14951. AGM's Class A and Class C common stocks, along with several series of preferred stock, are traded on the New York Stock Exchange.

Why It Matters

This filing provides investors with the latest financial performance and operational details of the Federal Agricultural Mortgage Corporation, crucial for understanding its current standing and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly filing that provides financial information and does not indicate any immediate or significant risks.

Key Players & Entities

  • FEDERAL AGRICULTURAL MORTGAGE CORPORATION (company) — Registrant
  • AGM.A (company) — Trading Symbol for Class A common stock
  • AGM (company) — Trading Symbol for Class C common stock
  • AGM.PRC (company) — Trading Symbol for Series C Preferred Stock
  • AGM.PRD (company) — Trading Symbol for Series D Preferred Stock
  • AGM.PRE (company) — Trading Symbol for Series E Preferred Stock
  • AGM.PRF (company) — Trading Symbol for Series F Preferred Stock
  • AGM.PRG (company) — Trading Symbol for Series G Preferred Stock
  • New York Stock Exchange (company) — Exchange where securities are registered
  • March 31, 2024 (date) — Quarterly period end date

FAQ

What is the Commission File Number for Federal Agricultural Mortgage Corporation?

The Commission File Number for Federal Agricultural Mortgage Corporation is 001-14951.

What is the primary business of Federal Agricultural Mortgage Corporation?

Federal Agricultural Mortgage Corporation is described as a federally chartered instrumentality of the United States.

Which stock exchange are AGM's securities registered on?

AGM's securities are registered on the New York Stock Exchange.

What is the trading symbol for Federal Agricultural Mortgage Corporation's Class A voting common stock?

The trading symbol for Class A voting common stock is AGM.A.

For what period is this quarterly report filed?

This quarterly report is filed for the period ended March 31, 2024.

Filing Stats: 4,562 words · 18 min read · ~15 pages · Grade level 19 · Accepted 2024-05-06 07:35:06

Filing Documents

Financial Statements

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 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2 .

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 49

Forward-Looking Statements

Forward-Looking Statements 49 Overview 51 Use of Non-GAAP Measures 55 Results of Operations 57 Outlook 71 Balance Sheet Review 77 Risk Management 77 Liquidity and Capital Resources 94 Other Matters 96 Supplemental Information 96 Item 3 .

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 100 Item 4 .

Controls and Procedures

Controls and Procedures 101 PART II 102 Item 1 .

Legal Proceedings

Legal Proceedings 102 Item 1A.

Risk Factors

Risk Factors 102 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 102 Item 3. Defaults Upon Senior Securities 103 Item 4. Mine Safety Disclosures 103 Item 5. Other Information 103 Item 6 . Exhibits 104

Signatures

Signatures 104 2 PART I

Financial Statements

Item 1. Financial Statements FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (unaudited) As of March 31, 2024 December 31, 2023 (in thousands) Assets: Cash and cash equivalents $ 745,105 $ 888,707 Investment securities: Available-for-sale, at fair value (amortized cost of $ 5,165,562 and $ 5,060,135 , respectively) 5,007,787 4,918,931 Held-to-maturity, at amortized cost 53,756 53,756 Other investments 6,900 6,817 Total Investment Securities 5,068,443 4,979,504 Farmer Mac Guaranteed Securities: Available-for-sale, at fair value (amortized cost of $ 5,811,302 and $ 5,825,433 , respectively) 5,466,688 5,532,479 Held-to-maturity, at amortized cost 4,454,932 4,213,069 Total Farmer Mac Guaranteed Securities 9,921,620 9,745,548 USDA Securities: Trading, at fair value 1,066 1,241 Held-to-maturity, at amortized cost 2,333,027 2,354,171 Total USDA Securities 2,334,093 2,355,412 Loans: Loans held for investment, at amortized cost 9,837,962 9,623,119 Loans held for investment in consolidated trusts, at amortized cost 1,409,397 1,432,261 Allowance for losses ( 14,288 ) ( 16,031 ) Total loans, net of allowance 11,233,071 11,039,349 Financial derivatives, at fair value 31,433 37,478 Accrued interest receivable (includes $ 9,963 and $ 16,764 , respectively, related to consolidated trusts) 245,202 287,128 Guarantee and commitment fees receivable 48,130 49,832 Deferred tax asset, net — 8,470 Prepaid expenses and other assets 145,094 132,954 Total Assets $ 29,772,191 $ 29,524,382 Liabilities and Equity: Liabilities: Notes payable $ 26,509,011 $ 26,336,542 Debt securities of consolidated trusts held by third parties 1,325,289 1,351,069 Financial derivatives, at fair value 128,530 117,131 Accrued interest payable (includes $ 6,338 and $ 9,407 , respectively, related to consolidated trusts) 202,894 181,841 Guarantee and commitment obligation 45,866 47,563 Accounts payable and accrued expenses 74,821

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

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, 2023 consolidated balance sheet presented in this report has been derived from Farmer Mac's audited 2023 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 2023 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, 2023, as filed with the SEC on February 23, 2024. Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year. Presented below are Farmer Mac's significant accounting policies that contain updated information for the three months ended March 31, 2024. 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;

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