v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net Income $ 59,123 $ 49,651
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 (5,092) (4,781)
Net amortization of debt premiums, discounts, and issuance costs 4,509 18,053
Net change in fair value of hedged items, financial derivatives, loans held sale, and trading securities 38,334 (108,740)
Total provision for allowance for losses 4,827 1,583
Stock-based compensation expense 3,004 3,529
Proceeds from repayment of loans purchased as held for sale 7,816 19,928
Purchases of tax credits (40,742) 0
Other 1,294 608
Net change in:    
Interest receivable 50,854 43,542
Guarantee and commitment fees receivable (296) (36)
Other assets 5,288 41,298
Accrued interest payable 21,084 26,841
Custodial deposit liability (25,353) (141,384)
Other liabilities (32,598) 89
Net cash provided by operating activities 92,052 (49,819)
Cash flows from investing activities:    
Purchases of other investment securities (678) (2,264)
Purchases of loans held for investment (1,550,137) (987,524)
Purchases of defaulted loans 0 (1,298)
Proceeds from repayment of loans purchased as held for investment 712,021 629,185
Proceeds from sale of real estate owned 0 725
Net cash used in investing activities (1,569,514) (345,878)
Cash flows from financing activities:    
Proceeds from issuance of notes payable 24,087,759 19,934,175
Payments to redeem notes payable (22,627,801) (19,419,950)
Payments to third parties on debt securities of consolidated trusts (104,098) (67,501)
Purchases of common stock (7,106) 0
Proceeds from common stock issuance 60 79
Tax payments related to share-based awards (3,852) (4,960)
Dividends paid on common and preferred stock (24,632) (22,018)
Net cash provided by financing activities 1,320,330 419,825
Net change in cash and cash equivalents (157,132) 24,128
Cash, cash equivalents, and restricted cash at beginning of period 931,067 1,024,007
Cash, cash equivalents, and restricted cash at end of period 773,935 1,048,135
Non-cash activity:    
Loans acquired through non-cash transactions 56,920 26,023
Available-for-sale securities    
Cash flows from investing activities:    
Purchases of available-for-sale investment securities (904,151) (853,122)
Proceeds from repayment of available-for-sale investment securities 450,303 608,578
Farmer Mac Guaranteed Securities and USDA Securities    
Cash flows from investing activities:    
Purchases of held-to-maturity investment securities (661,823) (78,516)
Proceeds from repayment of held-to-maturity investment securities $ 384,951 $ 338,358