PART I Business The Federal Agricultural Mortgage Corporation (Farmer Mac) is a government-sponsored enterprise (GSE) that provides a secondary market for agricultural and rural infrastructure loans to increase liquidity and financing accessibility in rural America. Its operations are divided into two main lines of business: Agricultural Finance and Infrastructure Finance, which are further broken down into five operating segments. The company funds its activities primarily through the issuance of debt in public capital markets and is regulated by the Farm Credit Administration (FCA) - Farmer Mac's mission is to provide a secondary market for loans made to borrowers in rural America, thereby increasing the accessibility of financing and providing liquidity24 - The company's two primary sources of revenue are net interest income earned on assets and guarantee/commitment fees for off-balance sheet securities and LTSPCs28 - Farmer Mac funds its asset purchases primarily by issuing discount notes and medium-term notes in the public capital markets28102 - The company operates through two lines of business: Agricultural Finance (comprising Farm & Ranch and Corporate AgFinance segments) and Infrastructure Finance (comprising Power & Utilities, Broadband Infrastructure, and Renewable Energy segments)34 Total Outstanding Business Volume by Line of Business (as of Dec 31) | Line of Business | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Agricultural Finance | $20,494,673 | $20,502,780 | | Infrastructure Finance | $9,028,357 | $7,968,244 | | Total | $29,523,030 | $28,471,024 | Farmer Mac's Lines of Business Farmer Mac's operations are structured into two primary lines of business: Agricultural Finance and Infrastructure Finance, with a total outstanding business volume of $29.5 billion as of year-end 2024. Agricultural Finance, the larger segment at $20.5 billion, focuses on mortgage loans for farms, ranches, and agribusinesses. Infrastructure Finance, at $9.0 billion, provides financing for rural electric, telecommunications, and renewable energy projects. Each line of business has specific loan eligibility criteria, underwriting standards, and product offerings, including direct loan purchases, AgVantage securities, and Long-Term Standby Purchase Commitments (LTSPCs) - The Agricultural Finance line of business includes the Farm & Ranch and Corporate AgFinance segments, providing a secondary market for agricultural mortgage loans and USDA-guaranteed loans3940 - The Infrastructure Finance line of business includes the Power & Utilities, Broadband Infrastructure, and Renewable Energy segments, focusing on loans for rural electric, telecommunications, and renewable energy facilities6566 - AgVantage securities are a key product where Farmer Mac guarantees and purchases securities issued by lenders that are secured by pools of eligible loans. These securities require the issuer to maintain specific collateralization levels, typically ranging from 103% to 125% for Agricultural Finance5558 - Long-Term Standby Purchase Commitments (LTSPCs) allow lenders to retain loans on their portfolio while transferring the ultimate credit risk to Farmer Mac in exchange for a commitment fee6061 Competition While Farmer Mac is the sole federally-chartered secondary market for agricultural and rural infrastructure loans, it faces competition from various entities including commercial and investment banks, insurance companies, other Farm Credit System institutions, and financial funds. Its competitiveness is influenced by the variety of its product offerings, its ability to provide competitive pricing, and the willingness of loan originators to sell into the secondary market - Competitors include commercial banks, insurance companies, other FCS institutions, and financial funds that purchase, securitize, or finance similar types of assets74 - Farmer Mac's competitive position is affected by factors such as the overall supply of capital, product variety offered by competitors, and the demand for its secondary market products7478 Capital and Corporate Governance Farmer Mac's governance structure includes a 15-member board, with five members appointed by the U.S. President and ten elected by two classes of voting common stockholders (Class A for non-FCS institutions and Class B for FCS institutions). The company also has a class of non-voting common stock (Class C). As a publicly-traded GSE, it aims to fulfill its mission while providing a return to a broad base of stockholders. The company is subject to statutory capital standards and regulatory oversight by the Farm Credit Administration (FCA) - The 15-member board of directors is composed of five presidential appointees, five members elected by Class A stockholders (non-FCS institutions), and five members elected by Class B stockholders (FCS institutions)7779 - The company has three classes of common stock: Class A (voting, for non-FCS), Class B (voting, for FCS), and Class C (non-voting, no ownership restrictions). All classes have the same dividend and liquidation rights7980 - Farmer Mac is subject to three capital standards: minimum capital, critical capital, and risk-based capital, and must comply with the higher of the minimum or risk-based requirement84 Human Capital As of year-end 2024, Farmer Mac employed 191 people, a net increase of 6 from 2023. The company has adopted a flexible, hybrid work model and has received multiple 'Top Workplaces' awards. It offers competitive compensation and benefits, including an 'equity for all' program. The company focuses on talent development through its 'Farmer Mac LEARN' program and maintains a strategic focus on succession planning. The employee turnover rate was 6.8% in 2024 - Farmer Mac employed 191 people as of December 31, 2024, a net increase of 3.24% from year-end 202387 - The company utilizes a hybrid work model called "Presence With Purpose" and has won several workplace awards in 202489 - Employee turnover was 6.8% in 2024, slightly up from 6.4% in 202393 Financing Farmer Mac finances its operations primarily through the issuance of debt obligations, including discount notes and medium-term notes. Its equity structure consists of three classes of common stock and four series of outstanding non-cumulative preferred stock (Series D, E, F, and G). In 2024, the company redeemed all of its Series C Preferred Stock. Dividends on common stock were increased to $1.50 per share for Q1 2025, up from $1.40 per share in 2024 - The company funds its asset purchases and liquidity investments by issuing unsecured discount notes (maturities ≤ 1 year) and medium-term notes (maturities 0.5 to 25.0 years)102 - On July 18, 2024, Farmer Mac redeemed all outstanding shares of its 6.000% Series C Preferred Stock, resulting in a $1.6 million loss on retirement related to deferred issuance costs110112 Common Stock Dividends Declared | Date Declared | Per Share Amount | For Holders of Record As Of | Date Paid | | :--- | :--- | :--- | :--- | | Feb 21, 2024 | $1.40 | Mar 15, 2024 | Mar 28, 2024 | | May 15, 2024 | $1.40 | Jun 14, 2024 | Jun 28, 2024 | | Aug 7, 2024 | $1.40 | Sep 16, 2024 | Sep 30, 2024 | | Nov 6, 2024 | $1.40 | Dec 16, 2024 | Dec 31, 2024 | | Feb 20, 2025 | $1.50 | Mar 14, 2025 | Mar 31, 2025* | Government Regulation of Farmer Mac Farmer Mac is regulated for safety and soundness by the Farm Credit Administration (FCA) through its Office of Secondary Market Oversight (OSMO). The company is subject to three statutory capital standards: minimum capital, critical capital, and a risk-based capital stress test, and must comply with the highest applicable requirement. Additionally, an FCA rule requires Farmer Mac to maintain a Tier 1 capital ratio of at least 7.0% plus a capital conservation buffer of over 2.5% to avoid restrictions on capital distributions. As of December 31, 2024, Farmer Mac was in compliance with all requirements, with a Tier 1 capital ratio of 14.2% - The FCA, through its Office of Secondary Market Oversight (OSMO), is responsible for the examination and supervision of Farmer Mac's safety and soundness126127 - Farmer Mac must comply with the higher of its minimum capital requirement (2.75% of on-balance sheet assets plus 0.75% of off-balance sheet obligations) or its risk-based capital requirement determined by an FCA stress test129130 - An FCA rule on capital planning requires Farmer Mac to maintain a Tier 1 capital ratio of at least 7.0% and a capital conservation buffer of over 2.5% to avoid restrictions on dividends and bonuses. As of December 31, 2024, the company's Tier 1 capital ratio was 14.2%138139 - The company is required to maintain a liquidity reserve sufficient to fund at least 90 days of maturing obligations140 Risk Factors Farmer Mac faces a range of risks that could materially affect its business. Key risks include credit and counterparty risk from borrower defaults due to economic stress, weather events, or political factors, and concentration risk in its loan portfolio. Strategic and business risks stem from an inability to access capital markets and the loss of key business counterparties. Operational risks include failures of internal systems, cybersecurity incidents, and reliance on third-party servicers. The company is also exposed to market risk from interest rate fluctuations and financial risk from incorrect accounting estimates and volatility in its stock price - Credit and Counterparty Risk: The company assumes ultimate credit risk on its loan assets. Risks are heightened by disruptive global events, severe weather, political factors, declines in collateral value, and portfolio concentrations. As of Dec 31, 2024, three counterparties issued $7.6 billion of the $8.5 billion in outstanding AgVantage securities145146154 - Strategic and Business Risk: Farmer Mac's performance depends on continued access to debt and equity markets. The company has significant business concentration, with ten institutions generating 65% of Agricultural Finance loan purchase volume in 2024 and three institutions representing 89.1% of outstanding AgVantage securities159161 - Operational Risk: The company is exposed to risks from inadequate or failed internal processes, systems, or cybersecurity programs, including those of third parties. This includes risks associated with its internal loan servicing function and reliance on third-party servicers and software162166169 - Market Risk: Farmer Mac is subject to interest rate risk due to timing differences in cash flows between its assets and liabilities. Changes in interest rates can affect earnings through prepayment risk and repricing risk, and can cause volatility in the fair value of its derivative portfolio176177179 - Regulatory and Compliance Risk: As a GSE, Farmer Mac is subject to comprehensive government regulation, and changes to its charter or other regulations could adversely affect its business. Failure to meet capital requirements could result in supervisory measures185188 Unresolved Staff Comments There are no unresolved staff comments - None Cybersecurity Farmer Mac has established a comprehensive risk management strategy to identify, assess, and manage cybersecurity threats. This process is integrated into its overall enterprise risk management program and includes security reviews, a dedicated security operations center, regular employee training, and a third-party risk management program. Governance is provided by the board of directors, which has a dedicated cybersecurity subcommittee, and is managed by the Chief Information Security Officer (CISO). The company states that prior cybersecurity incidents have not materially affected its business - The company's cybersecurity approach includes an enterprise risk management program, security reviews, a security operations center, employee training, vulnerability management, and a third-party risk management program196 - Board-level oversight is provided by a dedicated cybersecurity subcommittee of the enterprise risk committee, which meets monthly with the CISO201 - The cybersecurity program is managed by the CISO, who has over 20 years of experience and reports to the Senior Vice President – Enterprise Risk Officer203 Properties Farmer Mac leases its principal office in Washington, D.C., with the current lease ending in April 2036. It also maintains a leased office in Johnston, Iowa, with that lease ending in August 2027. The company believes these facilities are adequate for its current and near-future needs - Maintains a principal office in Washington, D.C. under a lease ending April 30, 2036205 - Maintains another office in Johnston, Iowa, under a lease ending August 31, 2027205 Legal Proceedings There are no legal proceedings to report - None Mine Safety Disclosures This item is not applicable to Farmer Mac - Not applicable PART II Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities Farmer Mac has three classes of common stock: Class A (AGM.A) and Class C (AGM) are listed on the NYSE, while Class B is not publicly traded. As of February 7, 2025, there were 819, 72, and 774 registered owners of Class A, B, and C stock, respectively. The board declared a dividend increase to $1.50 per share for Q1 2025, a 7% increase from the $1.40 quarterly dividend paid in 2024. Future dividends are at the board's discretion and subject to capital requirements - Class A (AGM.A) and Class C (AGM) common stocks are listed on the New York Stock Exchange211 - The quarterly dividend for common stock was increased to $1.50 per share for Q1 2025, a 7% increase over the $1.40 per share paid quarterly in 2024213214 - Future dividend payments depend on financial condition, earnings, capital needs, and regulatory requirements, and are at the discretion of the board of directors215 Reserved This item is reserved Management's Discussion and Analysis of Financial Condition and Results of Operations In 2024, Farmer Mac's net income attributable to common stockholders increased to $180.4 million from $172.8 million in 2023, driven by higher net interest income. Core earnings, a non-GAAP measure, remained stable at $171.6 million. Total business volume grew by $1.1 billion to $29.5 billion, led by a $1.1 billion increase in the Infrastructure Finance line of business. Credit quality saw an increase in on-balance sheet substandard assets, primarily in the Agricultural Finance portfolio, though 90-day delinquencies remained slightly below the 15-year historical average. The company maintained a strong capital position, well above regulatory minimums Key Financial Performance Metrics (Years Ended Dec 31) | Metric | 2024 | 2023 | 2022 | | :--- | :--- | :--- | :--- | | Net Income Attributable to Common Stockholders (in thousands) | $180,428 | $172,838 | $150,979 | | Core Earnings (Non-GAAP, in thousands) | $171,630 | $171,156 | $124,314 | | Net Interest Income (in thousands) | $353,867 | $327,547 | $270,940 | | Net Effective Spread (Non-GAAP, in thousands) | $339,564 | $326,980 | $255,529 | - Total outstanding business volume grew by $1.1 billion year-over-year to $29.5 billion as of December 31, 2024, primarily driven by growth in the Infrastructure Finance line of business237 Agricultural Finance Credit Quality (as of Dec 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | On-Balance Sheet Substandard Assets | | | | Amount (in thousands) | $367,012 | $152,865 | | % of Portfolio | 4.2% | 2.0% | | On-Balance Sheet 90-Day Delinquencies | | | | Amount (in thousands) | $101,340 | $32,893 | | % of Portfolio | 1.15% | 0.42% | - The company's capital remained strong, with core capital of $1.5 billion, which was $583.5 million in excess of the minimum required level as of December 31, 2024238 Results of Operations For the year ended December 31, 2024, net income attributable to common stockholders rose by $7.6 million to $180.4 million, primarily due to a $20.8 million after-tax increase in net interest income. Core earnings were flat at $171.6 million. Net effective spread increased by $12.6 million to $339.6 million, driven by a shift toward higher-yielding loans. The provision for credit losses increased significantly to $11.5 million from $1.1 million in 2023. Operating expenses grew by $8.3 million to $105.4 million, mainly from increased headcount and IT costs. Business volume saw a net increase of $1.1 billion, with strong growth in Renewable Energy and Broadband Infrastructure offsetting a decline in Farm & Ranch AgVantage securities Reconciliation of Net Income to Core Earnings (Year Ended Dec 31) | (in thousands) | 2024 | 2023 | | :--- | :--- | :--- | | Net income attributable to common stockholders | $180,428 | $172,838 | | Less reconciling items (fair value changes, etc.) | 8,798 | 1,682 | | Core earnings | $171,630 | $171,156 | - The $26.3 million increase in net interest income was primarily due to a $20.2 million positive impact from shifting new business volume to higher-yielding loans and a $16.9 million increase from fair value changes in designated derivatives271 - The provision for losses increased to $11.5 million in 2024, up from $1.1 million in 2023, mainly due to risk rating downgrades in the Agricultural Finance portfolio and new loan volume in Infrastructure Finance279 - Operating expenses increased by 8.5% to $105.4 million in 2024, driven by higher compensation costs from increased headcount and higher G&A expenses related to IT system deployments and legal fees284285 Outlook Farmer Mac anticipates continued business volume growth, influenced by the capital and liquidity needs of lenders in the agriculture and infrastructure sectors. While higher interest rates may temper Farm & Ranch loan demand, a tightening agricultural economy could increase the need for liquidity. Significant growth is expected in Infrastructure Finance, particularly in renewable energy and broadband. The company plans ongoing investments in human capital and technology, which will increase operating expenses but are aimed at enhancing long-term efficiency and capacity. The agricultural outlook is mixed, with farm incomes expected to rebound in 2025 due to government support, but commodity price volatility and higher interest rates present headwinds. The infrastructure sector outlook remains strong, driven by demand for renewable energy and data connectivity - Business Outlook: Expects continued growth, with strong demand in Infrastructure Finance (renewable energy, broadband data centers) and opportunities in Agricultural Finance driven by lenders' liquidity and capital needs316317319 - Agricultural Industry Outlook: USDA forecasts a 22% increase in net cash farm income for 2025, supported by government payments. However, commodity price volatility, higher interest rates, and slowing land value appreciation present challenges325326330 - Infrastructure Industry Outlook: Strong demand is expected to continue for rural power, renewable energy, and broadband. Renewable electricity capacity is projected to grow significantly, and investments in fiber networks and data centers are increasing338340341 - Legislative Outlook: Key areas of focus include the reauthorization of the farm bill, expiring provisions of the Tax Cuts and Jobs Act of 2017, and a potential review of Farmer Mac's regulatory capital framework by the FCA344 Balance Sheet Review As of December 31, 2024, Farmer Mac's total assets grew by 6% to $31.3 billion, driven by a $1.6 billion increase in loans and a $1.0 billion increase in investment securities, partially offset by a $1.5 billion decrease in Farmer Mac Guaranteed Securities. Total liabilities increased by 6% to $29.8 billion, primarily due to a $1.0 billion rise in notes payable to fund asset growth. Total equity increased by 5% to $1.5 billion, reflecting higher retained earnings Consolidated Balance Sheet Summary | (in thousands) | Dec 31, 2024 | Dec 31, 2023 | Change % | | :--- | :--- | :--- | :--- | | Total Assets | $31,324,742 | $29,524,382 | 6% | | Loans, net of allowance | $11,166,984 | $9,607,531 | 16% | | Investment securities | $5,973,301 | $4,979,504 | 20% | | Farmer Mac Guaranteed Securities | $8,232,234 | $9,745,548 | (16)% | | Total Liabilities | $29,835,716 | $28,112,519 | 6% | | Notes Payable | $27,371,174 | $26,336,542 | 4% | | Total Equity | $1,489,026 | $1,411,863 | 5% | Risk Management Farmer Mac manages credit, counterparty, interest rate, and re-funding risks. Credit risk in the Agricultural Finance portfolio saw an increase in 90-day delinquencies to 0.88% and substandard assets to 3.2%, driven by weakness in permanent plantings and crops. The Infrastructure Finance portfolio remained strong with minimal credit issues. Counterparty risk is concentrated, with three institutions representing a significant portion of AgVantage securities. Interest rate risk is managed by matching the duration of assets and liabilities using debt and derivatives; the effective duration gap was a modest 3.7 months as of year-end 2024. Liquidity is managed through a portfolio of high-quality investments and access to debt markets - In the Agricultural Finance portfolio, 90-day delinquencies increased to $108.9 million (0.88% of the portfolio) as of Dec 31, 2024, up from $34.7 million (0.31%) a year prior, primarily driven by permanent plantings and crops350 - Substandard assets in the Agricultural Finance portfolio increased to $398.3 million (3.2% of the portfolio) from $186.0 million (1.7%) at year-end 2023356 - Counterparty risk on AgVantage securities is concentrated, with three issuers (CFC, MetLife, Rabo AgriFinance) accounting for $7.6 billion, or 89%, of the $8.5 billion total outstanding at year-end 2024375 - Interest rate risk sensitivity remained within policy limits. A +100 basis point parallel shift in interest rates was estimated to decrease the Market Value of Equity (MVE) by 4.0% as of Dec 31, 2024398 Liquidity and Capital Resources Farmer Mac maintains a strong liquidity and capital position. Primary funding sources are debt issuances, fees, and loan repayments. The company had steady access to capital markets throughout 2024. As of December 31, 2024, it held $7.0 billion in cash and high-quality investment securities. It maintained 264 days of liquidity, well above the 90-day regulatory minimum. The company was in compliance with all statutory capital requirements, with core capital of $1.5 billion exceeding the minimum requirement by $583.5 million. Its Tier 1 capital ratio was 14.2%, comfortably above the 7.0% policy minimum - The company maintained an average of 301 days of liquidity throughout 2024, significantly exceeding the 90-day regulatory requirement410 Capital Position (as of Dec 31, 2024) | Metric | Amount (in millions) | | :--- | :--- | | Core Capital | $1,501.2 | | Minimum Capital Requirement | $917.6 | | Capital in Excess of Minimum | $583.5 | | Tier 1 Capital Ratio | 14.2% | - Total off-balance sheet arrangements, primarily LTSPCs and guaranteed securities, increased to $4.5 billion as of December 31, 2024, from $4.1 billion a year prior423 Quantitative and Qualitative Disclosures About Market Risk This section refers to the 'Risk Management—Interest Rate Risk' section within Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations, for disclosures regarding market risk. Farmer Mac is primarily exposed to market risk from changes in interest rates, which it manages through financial derivatives and by monitoring its exposure - Disclosures about market risk, primarily interest rate risk, are provided in the MD&A section under 'Risk Management—Interest Rate Risk'432433 Financial Statements This section contains Farmer Mac's consolidated financial statements for the fiscal year ended December 31, 2024, and the accompanying notes. It includes management's report on internal control over financial reporting, which concluded that controls were effective. The independent auditor's report from PricewaterhouseCoopers LLP provides an unqualified opinion on both the financial statements and the effectiveness of internal controls, identifying the valuation of AgVantage securities as a critical audit matter - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2024, based on the COSO framework437 - The independent auditor, PricewaterhouseCoopers LLP, issued an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting442 - The auditor identified the valuation of AgVantage Farmer Mac Guaranteed Securities as a critical audit matter due to the high degree of audit effort and subjective judgment related to the discount rate assumption used in the valuation model450451 Notes to Consolidated Financial Statements The notes provide detailed information on Farmer Mac's accounting policies, business segments, and financial instruments. Key policies include the consolidation of Variable Interest Entities (VIEs) where Farmer Mac is the primary beneficiary and the use of fair value measurements. In Q4 2024, the company began reporting Broadband Infrastructure as a separate segment. Related party transactions are detailed, with significant business conducted with major stockholders like Zions, CFC, and CoBank. The notes also cover details on debt, equity (including the redemption of Series C preferred stock), guarantees, and the allowance for credit losses, which increased to $25.3 million in 2024 - In Q4 2024, Farmer Mac began reporting Broadband Infrastructure as a new, separate business segment; prior period results were recast to reflect this change525 - Significant related party transactions exist with major stockholders, including Zions (31.2% of Class A stock), CFC (7.9% of Class A stock), and CoBank (32.6% of Class B stock), involving loan purchases, AgVantage securities, and servicing fees533535538 - The total allowance for losses (on- and off-balance sheet) was $25.3 million as of Dec 31, 2024, up from $18.3 million at year-end 2023, with the increase primarily driven by provisions for the Agricultural Finance loan portfolio279592 - On July 18, 2024, all outstanding Series C Preferred Stock was redeemed, resulting in a $1.6 million loss on retirement610 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure There were no changes in or disagreements with accountants on accounting and financial disclosure - None Controls and Procedures Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of December 31, 2024. The report on internal control over financial reporting is included in Item 8. During Q4 2024, Farmer Mac modernized its systems for its investments, AgVantage, and debt portfolios, but there were no other changes that materially affected internal controls over financial reporting - The CEO and CFO concluded that disclosure controls and procedures were effective as of December 31, 2024682 - In Q4 2024, the company modernized its systems of record for its investments, AgVantage, debt portfolios, and treasury management684 Other Information No directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the fourth quarter of 2024 - None of Farmer Mac's directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement in Q4 2024685 Disclosure Regarding Foreign Jurisdictions that Prevent Inspections This item is not applicable to Farmer Mac - Not Applicable PART III Directors, Executive Officers, and Corporate Governance The information required for this item is incorporated by reference from Farmer Mac's definitive proxy statement, which is scheduled to be filed on or about April 16, 2025 - Information is incorporated by reference from the 2025 Proxy Statement689 Executive Compensation The information required for this item is incorporated by reference from Farmer Mac's definitive proxy statement, which is scheduled to be filed on or about April 16, 2025 - Information is incorporated by reference from the 2025 Proxy Statement690 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required for this item is incorporated by reference from Farmer Mac's definitive proxy statement, which is scheduled to be filed on or about April 16, 2025 - Information is incorporated by reference from the 2025 Proxy Statement691 Certain Relationships and Related Transactions and Director Independence The information required for this item is incorporated by reference from Farmer Mac's definitive proxy statement, which is scheduled to be filed on or about April 16, 2025 - Information is incorporated by reference from the 2025 Proxy Statement692 Principal Accountant Fees and Services The information required for this item is incorporated by reference from Farmer Mac's definitive proxy statement, which is scheduled to be filed on or about April 16, 2025 - Information is incorporated by reference from the 2025 Proxy Statement693 PART IV Exhibits and Financial Statement Schedules This section lists the financial statements included in Item 8 and notes that no financial statement schedules are provided as they are not applicable. It also provides a list of exhibits filed with the Form 10-K, including corporate governance documents, material contracts, and certifications - This item lists all exhibits filed with the Form 10-K, including governing documents, material contracts, certifications, and XBRL data files695696697 Form 10-K Summary No Form 10-K summary is provided - None
Federal Agricultural Mortgage (AGM_A) - 2024 Q4 - Annual Report