FEDERAL AGRICULTURAL MORTGAGE CORP (AGM) FY2025 10-K Annual Report
FEDERAL AGRICULTURAL MORTGAGE CORP (AGM) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 19, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
FEDERAL AGRICULTURAL MORTGAGE CORP FY2025 10-K Analysis
Business Overview
- • Core business model: Secondary market provider facilitating loan liquidity for rural America and agriculture through purchasing, guaranteeing, securitizing, and servicing eligible loans
- • New emphasis on Broadband Infrastructure as a separately reported segment starting Q4 2024, alongside renamed Power & Utilities segment
- • Strategic shift includes expanded focus on higher-yield, higher-credit-risk assets in Broadband Infrastructure and Renewable Energy within Infrastructure Finance
- • Charter loan size cap for large Agricultural Finance mortgage loans was $17.4 million as of 12/31/2025
- • Distinctive governance structure with 15-member board: presidential appointees, Class A & B voting stockholders, and freely transferable Class C non-voting stock
Management Discussion & Analysis
- • Revenue: Net interest income $390.7M in 2025, up $36.9M from $353.9M in 2024; core earnings $182.9M up $11.3M YoY
- • Profitability: Net effective spread 1.20% in 2025 vs 1.15% in 2024; net interest yield 1.19% vs 1.16% YoY
- • Segments: Infrastructure Finance volume grew by $2.8B (best performing segment), substandard assets in Agricultural Finance rose to $494.2M from $398.3M (worst credit performance)
- • Cash flow & capital allocation: Issued $100M Series H preferred stock; strong liquidity days avg. 301 vs 90 regulatory min; capital $0.7B above regulatory minimum; no specific buybacks/dividends mentioned
- • Outlook/risks: Management highlights credit risk from Corporate AgFinance and Broadband Infrastructure loan deterioration; expects continued access to debt markets; focus on renewable energy tax credits reducing effective tax rate to 18.9% from 19.7%
Risk Factors
- • Key-person risk: Chief Information Security Officer with 20+ years experience and CISM certification central to cybersecurity program management
- • Governance risk: Cybersecurity subcommittee with three enterprise risk committee members meets monthly to oversee cyber risk and incident mitigation
- • Operational risk: Annual board approval and quarterly risk committee review critical to maintaining cybersecurity controls and industry alignment
FEDERAL AGRICULTURAL MORTGAGE CORP FY2025 Key Financial MetricsXBRL
Revenue
$1.6B
▲ +0.5% YoY
Net Income
$207M
▲ +0.1% YoY
Net Margin
12.9%
▼ -6bp YoY
ROE
12.1%
▼ -185bp YoY
Total Assets
$35.4B
▲ +12.9% YoY
EPS (Diluted)
$16.62
▲ +1.1% YoY
Operating Cash Flow
$80M
▼ -86.9% YoY
Source: XBRL data from FEDERAL AGRICULTURAL MORTGAGE CORP FY2025 10-K filing on SEC EDGAR. All figures in USD.
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