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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net Income $ 207,415 $ 207,193 $ 200,003
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 (21,545) (23,879) (17,025)
Net amortization of debt premiums, discounts, and issuance costs 23,278 21,242 31,421
Net change in fair value of hedged items, financial derivatives, loans held sale, and trading securities (165,736) 214,319 78,249
Total provision for allowance for losses 32,913 11,490 1,136
Stock-based compensation expense 8,340 8,088 6,801
Proceeds from repayment of loans purchased as held for sale 40,266 29,216 24,378
Purchases of tax credits (61,459) (29,186) 0
Other (5,803) 410 7,213
Net change in:      
Interest receivable (59,127) (31,885) (63,944)
Guarantee and commitment fees receivable (271) 96 (1,700)
Other assets 105,739 47,776 54,369
Accrued interest payable 38,601 13,272 63,954
Custodial deposit liability (97,244) 130,643 (10,778)
Other liabilities 34,695 13,851 1,721
Net cash provided by operating activities 80,062 612,646 375,798
Cash flows from investing activities:      
Purchases of equipment and leasehold improvements 0 (5,272) 0
Purchases of other investment securities (4,420) (3,293) (3,145)
Purchases of loans held for investment (5,345,105) (3,870,628) (2,164,053)
Purchases of defaulted loans (2,544) (4,447) 0
Proceeds from repayment of loans purchased as held for investment 2,249,450 1,655,784 1,363,588
Proceeds from sale of real estate owned 1,045 0 0
Proceeds from sale of available-for-sale investment securities 19,537 115,247 0
Proceeds from sale of loans previously classified as held for investment 6,045 5,775 0
Proceeds from sale of Farmer Mac Guaranteed Securities 0 60,192 0
Net cash used in investing activities (3,812,772) (1,682,473) (1,955,381)
Cash flows from financing activities:      
Proceeds from issuance of notes payable 90,081,802 68,283,121 57,565,783
Proceeds from issuance of debt securities of consolidated trusts 592,777 588,250 222,188
Payments to redeem notes payable (86,798,052) (67,361,321) (56,001,041)
Payments to third parties on debt securities of consolidated trusts (226,843) (138,807) (102,045)
Purchases of common stock (12,894) 0 0
Proceeds from common stock issuance 288 287 233
Proceeds from preferred stock issuance, net of stock issuance costs 96,844 0 0
Tax payments related to share-based awards (5,109) (5,351) (3,013)
Retirement of preferred stock 0 (75,000) 0
Dividends paid on common and preferred stock (89,043) (86,052) (74,817)
Net cash provided by financing activities 3,639,770 1,205,127 1,607,288
Net change in cash and cash equivalents (92,940) 135,300 27,705
Cash, cash equivalents, and restricted cash at beginning of period 1,024,007 888,707 861,002
Cash, cash equivalents, and restricted cash at end of period 931,067 1,024,007 888,707
Cash paid during the period for:      
Interest 910,556 819,959 582,960
Federal income taxes 0 39,200 48,000
Non-cash activity:      
Loans securitized as Farmer Mac Guaranteed Securities 48,067 109,546 36,497
Loans held for investment transferred to consolidated trusts 611,615 624,097 281,027
Available-for-sale securities      
Cash flows from investing activities:      
Purchases of available-for-sale investment securities (3,744,720) (3,109,301) (3,649,087)
Proceeds from repayment of available-for-sale investment securities 1,865,144 1,951,127 2,958,508
Farmer Mac Guaranteed Securities and USDA Securities      
Cash flows from investing activities:      
Purchases of held-to-maturity investment securities (354,413) (922,743) (2,377,904)
Proceeds from repayment of held-to-maturity investment securities $ 1,497,209 $ 2,445,086 $ 1,916,712