联邦农业抵押贷款-C 2025年季度报告

For the quarterly period endedMarch31, 2025 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934 For the transition period from _____ to _____. Commission File Number001-14951 Securities registered pursuant to Section 12(b) of the Act: 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 theSecurities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant wasrequired 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 besubmitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for suchshorter period that the registrant was required to submit such files). Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, asmaller 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 transitionperiod for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of theExchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). As of May2, 2025, the registrant had outstanding1,030,780shares of Class A voting common stock,500,301shares ofClassB voting common stock, and9,402,081shares of ClassC non-voting common stock. Table of Contents PART IItem 1.Financial Statements3Consolidated Balance Sheets3Consolidated Statements of Operations4Consolidated Statements of Comprehensive Income5Consolidated Statements of Equity6Consolidated Statements of Cash Flows7Notes to Consolidated Financial Statements8Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations49Forward-Looking Statements49Overview51Use of Non-GAAP Measures55Results of Operations56Outlook70Balance Sheet Review78Risk Management78Liquidity and Capital Resources95Other Matters96Supplemental Information97Item 3.Quantitative and Qualitative Disclosures About Market Risk101Item 4.Controls and Procedures102PART II103Item 1.Legal Proceedings103Item 1A.Risk Factors103Item 2.Unregistered Sales of Equity Securities and Use of Proceeds103Item 3.Defaults Upon Senior Securities104Item 4.Mine Safety Disclosures104Item 5.Other Information104Item 6.Exhibits104Signatures106 FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(unaudited) FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(unaudited) FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF EQUITY(unaudited) FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited) Non-cash activity: FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIESNOTES 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. Securitiesand Exchange Commission ("SEC"). These interim unaudited consolidated financial statements reflect allnormal and recurring adjustments that are, in the opinion of management, necessary to present a fair statementof the financial position and the results of operations and cash flows of Farmer Mac and subsidiaries for theinterim periods presented. Certain information and footnote disclosures normally included in the annualconsolidated financial statements have been omitted as permitted by SEC rules and regulations. TheDecember31, 2024 consolidated balance sheet presented in this report has been derived from Farmer Mac'saudited 2024 consolidated financial statements. Management believes that the disclosures are adequate topresent fairly the consolidated financial statements as of the dates and for the periods presented. These interimunaudited consolidated financial statements should be read in conjunction with the 2024 consolidated financialstatements of Farmer Mac and subsidiaries included in Farmer Mac's Annual Report on Form 10-K for the yearended December31, 2024, as filed with the SEC on February 21, 2025. Results for interim periods are notnecessarily indicativ