AGM-AHIGH SIGNALFINANCIAL10-K

Farmer Mac experienced a dramatic collapse in operating cash flow while maintaining steady balance sheet growth, creating a concerning liquidity signal.

The severe deterioration in operating cash flow from $612.6M to just $80.1M represents a fundamental shift in the company's cash generation capabilities that demands immediate investor attention. This cash flow compression occurred despite continued business expansion, as evidenced by 12.9% asset growth, suggesting potential operational efficiency issues or timing mismatches in the agricultural lending cycle.

Comparing 2026-02-19 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

Farmer Mac's financial profile shows a tale of two stories - steady balance sheet expansion with total assets growing 12.9% to $35.4B and stockholders' equity increasing 15.4% to $1.7B, supported by proportional debt growth of 12% to $30.8B. However, the company's operating cash flow contracted dramatically to $80.1M from the prior year's $612.6M, creating a stark disconnect between balance sheet growth and cash generation that raises questions about operational execution and working capital management. This divergence between asset expansion and cash flow performance represents a significant shift in the company's financial dynamics that warrants close monitoring.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-86.9%
$612.6M→$80.1M

Operating cash flow fell 86.9% — earnings quality concerns; investigate working capital changes and non-cash items.

Stockholders Equity
Balance Sheet
+15.4%
$1.5B→$1.7B

Equity base grew 15.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+12.9%
$31.3B→$35.4B

Asset base grew 12.9% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+12.8%
$29.8B→$33.7B

Liabilities increased 12.8% — monitor debt-to-equity ratio and interest coverage.

Total Debt
Balance Sheet
+12%
$27.5B→$30.8B

Debt rose 12% — additional borrowing for investment or operations; monitor coverage ratios.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-21
ADDED
As of February 5, 2026, the registrant had outstanding 1,030,780 shares of Class A voting common stock, 500,301 shares of Class B voting common stock, and 9,325,900 shares of Class C non-voting common stock.
Business 6 General 6 Farmer Mac's Lines of Business 8 Competition 13 Capital and Corporate Governance 14 Human Capital 15 Available Information 17 Financing 17 Debt Issuance 17 Equity Issuance 18 Farmer Mac's Authority to Borrow from the U.S.
Treasury 20 Government Regulation of Farmer Mac 21 General 21 Office of Secondary Market Oversight 21 Capital Standards 22 Liquidity Requirements 24 Item 1A.
Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Overview 46 Critical Accounting Estimates 49 Use of Non-GAAP Measures 50 Results of Operations 52 Outlook 64 Balance Sheet Review 69 Risk Management 70 Liquidity and Capital Resources 84 Other Matters 86 Supplemental Information 87 Item 7A.
Financial Statements 94 Management's Report on Internal Controls Over Financial Reporting 94 Report of Independent Registered Public Accounting Firm 95 2 Consolidated Balance Sheets 98 Consolidated Statements of Operations 99 Consolidated Statements of Comprehensive Income 100 Consolidated Statements of Equity 101 Consolidated Statements of Cash Flows 102 Notes to Consolidated Financial Statements 103 Item 9.
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REMOVED
As of February 7, 2025, the registrant had outstanding 1,030,780 shares of Class A voting common stock, 500,301 shares of Class B voting common stock, and 9,360,484 shares of Class C non-voting common stock.
Business 6 General 6 Farmer Mac's Line s of Business 8 Competition 18 Capital and Corporate Governance 19 Human Capital 21 Available Information 24 Funding of Guarantee and LTSPC Obligations 24 Financing 25 Debt Issuance 25 Equity Issuance 25 Farmer Mac's Authority to Borrow from the U.S.
Treasury 29 Government Regulation of Farmer Mac 30 General 30 Office of Secondary Market Oversight 30 Capital Standards 31 Liquidity Requirements 34 Item 1A.
Management's Discussion and Analysis of Financial Condition and Results of Operations 55 Overview 55 Critical Accounting Estimates 59 Use of Non-GAAP Measures 60 Results of Operations 62 Outlook 80 Balance Sheet Review 87 Risk Management 88 Liquidity and Capital Resources 104 Other Matters 107 Supplemental Information 108 Item 7A.
Financial Statements 113 Consolidated Balance Sheets 117 2 Consolidated Statements of Operations 118 Consolidated Statements of Comprehensive Income 119 Consolidated Statements of Equity 120 Consolidated Statements of Cash Flows 121 Notes to Consolidated Financial Statements 122 Item 9.
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