Farmer Mac Reports 2025 Results

- Announces 7% Dividend Increase -

- Outstanding Business Volume of $33.4 Billion -

WASHINGTON, Feb. 19, 2026 /PRNewswire/ -- The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure, today announced its results for the fiscal quarter and year ended December 31, 2025.

"Farmer Mac delivered another strong year in 2025, highlighted by record net effective spread and outstanding business volumes, and our tenth consecutive year of record annual core earnings results," said Chief Executive Officer, Brad Nordholm. "While a few borrower‑specific credit events affected Core Earnings, particularly in the fourth quarter, these were isolated in nature and do not change the positive trajectory of our underlying performance. With a resilient business model, disciplined balance‑sheet and risk management, and a highly talented and capable management team, we are well‑positioned for the future and confident in our ability to continue delivering meaningful value to rural America and our shareholders."

Full Year 2025 and Recent Highlights

$ in thousands, except per share amounts

Quarter Ended

Year Ended

December 31,

2025

December 31,

2024

YoY %

Change

December 31,

2025

December 31,

2024

Change

Net Change in

Business Volume

$2,232,407

$1,054,727

N/A

$3,828,539

$1,052,006

N/A

Net Interest Income (GAAP)

$104,521

$93,368

12 %

$390,734

$353,867

10 %

Net Effective Spread

(Non-GAAP)

$101,389

$87,528

16 %

$383,041

$339,564

13 %

Diluted EPS (GAAP)

$3.71

$4.63

(20) %

$16.62

$16.44

1 %

Diluted Core EPS (Non-GAAP)

$3.66

$3.97

(8) %

$16.66

$15.64

7 %

_____________________

1 Non-GAAP Measure

Dividends

On February 18, 2026, Farmer Mac's Board of Directors declared a quarterly dividend of $1.60 per share on all three classes of common stock – Class A voting common stock (NYSE: AGM.A), Class B voting common stock (not listed on any exchange), and Class C non-voting common stock (NYSE: AGM). This quarterly dividend, which represents an increase of 7% in Farmer Mac's quarterly dividend rate on a year-over-year basis, will be payable on March 31, 2026 to holders of record of common stock as of March 16, 2026. This is the fifteenth consecutive year that Farmer Mac has increased its quarterly common stock dividend, and this increase is supported by Farmer Mac's previous and expected earnings growth and overall capital position.

Farmer Mac's Board of Directors also declared a dividend on each of Farmer Mac's five classes of preferred stock. The quarterly dividend of $0.35625 per share of 5.700% Non-Cumulative Preferred Stock, Series D (NYSE: AGM.PR.D), $0.359375 per share of 5.750% Non-Cumulative Preferred Stock, Series E (NYSE: AGM.PR.E), $0.328125 per share of 5.250% Non-Cumulative Preferred Stock, Series F (NYSE: AGM.PR.F), $0.3046875 per share of 4.875% Non-Cumulative Preferred Stock, Series G (AGM.PR.G), and $0.40625 per share of 6.500% Non-Cumulative Preferred Stock, Series H (AGM.PR.H), is for the period from but not including January 17, 2026 to and including April 17, 2026. The preferred dividends will be payable on April 17, 2026 to holders of record as of April 1, 2026.

Earnings Conference Call Information

The conference call to discuss Farmer Mac's fourth quarter and full year 2025 financial results will be held beginning at 4:30 p.m. eastern time on Thursday, February 19, 2026, and can be accessed by telephone or live webcast as follows:

Telephone (Domestic): (888) 880-3330

Telephone (International): (646) 357-8766

Webcast: https://www.farmermac.com/investors/events-presentations/

When dialing in to the call, please ask for the "Farmer Mac Earnings Conference Call." The call can be heard live and will also be available for replay on Farmer Mac's website for one week following the conclusion of the call.

More complete information about Farmer Mac's performance for 2025 is in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2025, filed today with the SEC.

Use of Non-GAAP Measures

We use "non-GAAP measures" in our analysis of financial information. Non-GAAP measures represent measures of financial performance that are not presented in accordance with GAAP. Specifically, we use the following non-GAAP measures: (1) "core earnings," (2) "core earnings per common share," and (3) "net effective spread," in both dollars and percentage yield or spread. In our view, these non-GAAP measures are useful alternative measures in understanding our economic performance, transaction economics, and business trends. Our non-GAAP financial measures may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Our disclosure of non-GAAP measures is intended to be supplemental in nature and is not meant to be considered in isolation from, as a substitute for, or as more important than, the related financial information prepared in accordance with GAAP.

Core Earnings and Core Earnings Per Share

The main difference between core earnings and core earnings per common share ("Core EPS"), which are non-GAAP measures, and net income attributable to common stockholders and earnings per common share ("EPS"), which are GAAP measures, is that those non-GAAP measures exclude the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on our financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Additionally, these two non-GAAP measures exclude specified infrequent or unusual transactions that we believe are not indicative of future operating results and that may not reflect the trends and economic financial performance of our core business.

Net Effective Spread

We use Net Effective Spread ("NES") to measure the net spread earned between interest-earning assets and the related net funding costs, including any associated derivatives, whether or not they are designated in a hedge accounting relationship.

NES excludes the following:

NES includes the following:

More information about Farmer Mac's use of non-GAAP measures is available in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations" in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2025, filed today with the SEC. For a reconciliation of Farmer Mac's net income attributable to common stockholders to core earnings and of earnings per common share to core earnings per share, and net interest income and net interest yield to net effective spread, see "Reconciliations" below.

Forward-Looking Statements

Management's expectations for Farmer Mac's future necessarily involve assumptions, estimates, and the evaluation of risks and uncertainties. Various factors or events, both known and unknown, could cause our actual results to differ materially from the expectations as expressed or implied by the forward-looking statements in this release, including uncertainties about:

Other risk factors are discussed in "Risk Factors" in Part I, Item 1A in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2025, filed today with the SEC. Considering these potential risks and uncertainties, no undue reliance should be placed on any forward-looking statements expressed in this release. The forward-looking statements contained in this release represent management's expectations as of the date of this release. Farmer Mac undertakes no obligation to release publicly the results of revisions to any forward-looking statements included in this release to reflect new information or any future events or circumstances, except as otherwise required by applicable law. The information in this release is not necessarily indicative of future results.

About Farmer Mac

Farmer Mac is driven by its mission to increase the accessibility of financing to provide vitalliquidity for American agriculture and rural infrastructure. The secondary market served by Farmer Mac provides liquidity to our nation's agricultural and infrastructure businesses, supporting a vibrant and strong rural America. We offer a wide range of solutions to help meet financial institutions' growth, liquidity, risk management, and capital relief needs across diverse markets, including agriculture, agribusiness, broadband infrastructure, power and utilities, and renewable energy. We are uniquely positioned to facilitate competitive access to financing that fuels growth, innovation, and prosperity in America's rural and agricultural communities. Additional information about Farmer Mac is available on our website at www.farmermac.com.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

As of

December 31, 2025

December 31, 2024

(in thousands)

Assets:

Cash and cash equivalents (includes restricted cash of $24,475 and $16,190, respectively)

$ 931,067

$ 1,024,007

Investment securities:

Available-for-sale, at fair value (amortized cost of $13,813,551 and $11,940,774, respectively)

13,580,285

11,467,560

Held-to-maturity, at amortized cost

3,954,223

5,097,492

Other investments

15,871

11,835

Total Investment Securities

17,550,379

16,576,887

Loans:

Loans held for sale, at lower of cost or fair value

—

6,170

Loans held for investment, at amortized cost

13,877,051

11,183,408

Loans held for investment in consolidated trusts, at amortized cost

2,482,010

2,038,283

Allowance for losses

(37,785)

(23,223)

Total loans, net of allowance

16,321,276

13,204,638

Financial derivatives, at fair value

44,875

27,789

Accrued interest receivable (includes $40,945 and $28,563, respectively, related to consolidated trusts)

357,155

310,592

Guarantee and commitment fees receivable

57,214

50,499

Deferred tax asset, net

173

1,544

Prepaid expenses and other assets

108,018

128,786

Total Assets

$ 35,370,157

$ 31,324,742

Liabilities and Equity:

Liabilities:

Notes payable

$ 30,822,570

$ 27,371,174

Debt securities of consolidated trusts held by third parties

2,365,435

1,929,628

Financial derivatives, at fair value

21,618

77,326

Accrued interest payable (includes $15,795 and $12,387, respectively, related to consolidated trusts)

233,714

195,113

Guarantee and commitment obligation

54,770

48,326

Other liabilities

153,101

214,149

Total Liabilities

33,651,208

29,835,716

Commitments and Contingencies

Equity:

Preferred stock:

Series D, par value $25 per share, 4,000,000 shares authorized, issued and outstanding

96,659

Series E, par value $25 per share, 3,180,000 shares authorized, issued and outstanding

77,003

Series F, par value $25 per share, 4,800,000 shares authorized, issued and outstanding

116,160

Series G, par value $25 per share, 5,000,000 shares authorized, issued and outstanding

121,327

Series H, par value $25 per share, 4,000,000 shares authorized, issued and outstanding

96,844

—

Common stock:

Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding

1,031

Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding

500

Class C Non-Voting, $1 par value, no maximum authorization, 9,325,556 shares and 9,360,083 shares outstanding, respectively

9,326

9,360

Additional paid-in capital

139,370

135,894

Accumulated other comprehensive income/(loss), net of tax

13,382

(12,147)

Retained earnings

1,047,347

943,239

Total Equity

1,718,949

1,489,026

Total Liabilities and Equity

$ 35,370,157

$ 31,324,742

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months Ended

For the Year Ended

December 31,

2025

December 31,

2024

December 31,

2025

December 31,

2024

(in thousands, except per share amounts)

Interest income:

Investment securities and cash equivalents

$ 205,926

$ 226,510

$ 846,441

$ 974,329

Loans

210,544

169,255

765,806

629,187

Total interest income

416,470

395,765

1,612,247

1,603,516

Total interest expense

311,949

302,397

1,221,513

1,249,649

Net interest income

104,521

93,368

390,734

353,867

Provision for losses

(15,986)

(3,773)

(32,860)

(11,579)

Net interest income after provision for losses

88,535

89,595

357,874

342,288

Non-interest income/(expense):

Guarantee and commitment fees

5,259

4,009

19,575

15,738

(Losses)/gains on financial derivatives

(1,502)

4,290

(5,120)

2,636

Other income

(821)

(411)

3,183

2,827

Non-interest income

2,936

7,888

17,638

21,201

Operating expenses:

Compensation and employee benefits

18,199

15,641

71,325

63,975

General and administrative

11,944

12,452

44,613

38,236

Regulatory fees

863

1,000

3,863

3,175

Operating expenses

31,006

29,093

119,801

105,386

Income before income taxes

60,465

68,390

255,711

258,103

Income tax expense

12,541

11,876

48,296

50,910

Net income

47,924

56,514

207,415

207,193

Preferred stock dividends

(7,286)

(5,666)

(24,922)

(25,146)

Loss on retirement of preferred stock

—

(1,619)

Net income attributable to common stockholders

$ 40,638

$ 50,848

$ 182,493

$ 180,428

Earnings per common share:

Basic earnings per common share

$ 3.73

$ 4.67

$ 16.73

$ 16.59

Diluted earnings per common share

$ 3.71

$ 4.63

$ 16.62

$ 16.44

Reconciliations

Reconciliations of Farmer Mac's net income attributable to common stockholders to core earnings and core earnings per share are presented in the following tables along with information about the composition of core earnings for the periods indicated:

Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings

For the Three Months Ended

December 31, 2025

September 30, 2025

December 31, 2024

(in thousands, except per share amounts)

Net income attributable to common stockholders

$ 40,638

$ 48,700

$ 50,848

Less reconciling items:

Gains on undesignated financial derivatives due to fair value changes

447

882

3,084

Gains/(losses) on hedging activities due to fair value changes

3,107

(137)

5,737

Unrealized losses on trading assets

(66)

(4)

(83)

Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value (1)

(39)

Net effects of terminations or net settlements on financial derivatives

(2,699)

(1,934)

534

Issuance costs on the retirement of preferred stock

—

Income tax effect related to reconciling items

(171)

245

(1,939)

Sub-total

642

(922)

7,294

Core earnings

$ 39,996

$ 49,622

$ 43,554

Composition of Core Earnings:

Revenues:

Net effective spread (2)

$ 101,389

$ 97,769

$ 87,528

Guarantee and commitment fees (3)

6,298

6,132

5,086

Other (4)

224

1,185

(491)

Total revenues

107,911

105,086

92,123

Credit related expense/(income) (GAAP):

Provision for losses

15,986

7,477

3,773

Other credit related expense/(income)

1,267

(44)

Total credit related expense/(income)

17,253

7,433

3,872

Operating expenses (GAAP):

Compensation and employee benefits

18,199

17,743

15,641

General and administrative

11,944

11,052

12,452

Regulatory fees

863

1,000

Total operating expenses

31,006

29,795

29,093

Net earnings

59,652

67,858

59,158

Income tax expense (5)

12,370

11,933

9,938

Preferred stock dividends (GAAP)

7,286

6,303

5,666

Core earnings

$ 39,996

$ 49,622

$ 43,554

Core earnings per share:

Basic

$ 3.68

$ 4.54

$ 4.00

Diluted

$ 3.66

$ 4.52

$ 3.97

(1)

Reflects the amortization recorded during the reporting period on those assets for which the premium, discount, or deferred gain was a result of consolidation accounting rather than a cash transaction.

(2)

Net effective spread is a non-GAAP measure. See "Use of Non-GAAP Measures" above for an explanation of net effective spread. See below for a reconciliation of net interest income to net effective spread.

(3)

Includes net interest income of $1.0 million for both the three months ended December 31, 2025 and 2024, related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees.

(4)

Reflects reconciling adjustments for the reclassification to exclude expenses related to undesignated financial derivatives and terminations or net settlements on financial derivatives, and reconciling adjustments to exclude fair value adjustments on financial derivatives and trading assets and the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities.

(5)

Includes the tax impact of non-GAAP reconciling items between net income attributable to common stockholders and core earnings.

Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings

For the Years Ended

December 31, 2025

December 31, 2024

(in thousands, except per share amounts)

Net income attributable to common stockholders

$ 182,493

$ 180,428

Less reconciling items:

(Losses)/gains on undesignated financial derivatives due to fair value changes

(1,883)

3,344

Gains on hedging activities due to fair value changes

6,778

11,548

Unrealized losses on trading assets

(126)

(85)

Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value (1)

103

Net effects of terminations or net settlements on financial derivatives

(5,448)

(1,666)

Issuance costs on the retirement of preferred stock

—

(1,619)

Income tax effect related to reconciling items

120

(2,769)

Sub-total

(456)

8,798

Core earnings

$ 182,949

$ 171,630

Composition of Core Earnings:

Revenues:

Net effective spread (2)

$ 383,041

$ 339,564

Guarantee and commitment fees (3)

23,792

20,321

Other (4)

3,466

2,105

Total revenues

410,299

361,990

Credit related expense (GAAP):

Provision for losses

32,860

11,579

Other credit related expense

1,350

107

Total credit related expense

34,210

11,686

Operating expenses (GAAP):

Compensation and employee benefits

71,325

63,975

General and administrative

44,613

38,236

Regulatory fees

3,863

3,175

Total operating expenses

119,801

105,386

Net earnings

256,288

244,918

Income tax expense (5)

48,417

48,142

Preferred stock dividends (GAAP)

24,922

25,146

Core earnings

$ 182,949

$ 171,630

Core earnings per share:

Basic

$ 16.77

$ 15.78

Diluted

$ 16.66

$ 15.64

(1)

(2)

(3)

Includes net interest income of $4.1 million and $4.5 million for the years ended December 31, 2025 and 2024, respectively, related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees.

(4)

(5)

Includes the tax impact of non-GAAP reconciling items between net income attributable to common stockholders and core earnings.

Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share

For the Three Months Ended

For the Year Ended

December 31,

2025

September 30,

2025

December 31,

2024

December 31,

2025

December 31,

2024

(in thousands, except per share amounts)

GAAP - Basic EPS

$ 3.73

$ 4.45

$ 4.67

$ 16.73

$ 16.59

Less reconciling items:

Gains/(losses) on undesignated financial derivatives due to fair value changes

0.04

0.08

0.28

(0.17)

0.31

Gains/(losses) on hedging activities due to fair value changes

0.29

(0.01)

0.53

0.62

1.06

Unrealized losses on trading securities

(0.01)

—

(0.01)

Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value

—

0.01

—

Net effects of terminations or net settlements on financial derivatives

(0.25)

(0.18)

0.05

(0.50)

(0.15)

Issuance costs on the retirement of preferred stock

—

(0.15)

Income tax effect related to reconciling items

(0.02)

0.02

(0.18)

0.01

(0.25)

Sub-total

0.05

(0.09)

0.67

(0.04)

0.81

Core Earnings - Basic EPS

$ 3.68

$ 4.54

$ 4.00

$ 16.77

$ 15.78

Shares used in per share calculation (GAAP and Core Earnings)

10,882

10,934

10,889

10,911

10,874

Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share

For the Three Months Ended

For the Year Ended

December 31,

2025

September 30,

2025

December 31,

2024

December 31,

2025

December 31,

2024

(in thousands, except per share amounts)

GAAP - Diluted EPS

$ 3.71

$ 4.44

$ 4.63

$ 16.62

$ 16.44

Less reconciling items:

Gains/(losses) on undesignated financial derivatives due to fair value changes

0.04

0.08

0.28

(0.17)

0.30

Gains/(losses) on hedging activities due to fair value changes

0.29

(0.01)

0.52

0.62

1.05

Unrealized losses on trading securities

(0.01)

—

(0.01)

Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value

—

0.01

—

Net effects of terminations or net settlements on financial derivatives

(0.25)

(0.17)

0.05

(0.50)

(0.14)

Issuance costs on the retirement of preferred stock

—

(0.15)

Income tax effect related to reconciling items

(0.02)

0.02

(0.18)

0.01

(0.25)

Sub-total

0.05

(0.08)

0.66

(0.04)

0.80

Core Earnings - Diluted EPS

$ 3.66

$ 4.52

$ 3.97

$ 16.66

$ 15.64

Shares used in per share calculation (GAAP and Core Earnings)

10,943

10,972

10,982

10,983

10,975

The following table presents a reconciliation of net interest income and net yield to net effective spread for the periods indicated:

Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread

For the Three Months Ended

For the Year Ended

December 31,

2025

September 30,

2025

December 31,

2024

December 31,

2025

December 31,

2024

Dollars

Yield

Dollars

Yield

Dollars

Yield

Dollars

Yield

Dollars

Yield

(dollars in thousands)

Net interest income

$ 104,521

1.23 %

$ 98,477

1.18 %

$ 93,368

1.21 %

$ 390,734

1.19 %

$ 353,867

1.16 %

Net effects of consolidated trusts

(973)

0.02 %

(1,102)

0.02 %

(989)

0.02 %

(4,072)

0.02 %

(4,477)

0.02 %

Expense related to undesignated financial derivatives

156

— %

(707)

(0.01) %

— %

(441)

— %

(1,377)

— %

Amortization of premiums/discounts on assets consolidated at fair value

(22)

— %

(23)

— %

(92)

— %

(29)

— %

Amortization of losses due to terminations or net settlements on financial derivatives

814

0.01 %

987

0.01 %

842

0.01 %

3,690

0.01 %

3,128

0.01 %

Fair value changes on fair value hedge relationships

(3,107)

(0.04) %

137

— %

(5,737)

(0.08) %

(6,778)

(0.02) %

(11,548)

(0.04) %

Net effective spread

$ 101,389

1.22 %

$ 97,769

1.20 %

$ 87,528

1.16 %

$ 383,041

1.20 %

$ 339,564

1.15 %

The following table presents core earnings for Farmer Mac's reportable operating segments and a reconciliation to consolidated net income for the three months ended December 31, 2025:

Core Earnings by Business Segment

For the Three Months Ended December 31, 2025

Agricultural Finance

Infrastructure Finance

Treasury

Farm &

Ranch

Corporate

AgFinance

Power &

Utilities

Broadband

Infrastructure

Renewable

Energy

Funding

Investments

Total

(in thousands)

Interest income

$ 158,412

$ 25,171

$ 71,312

$ 15,742

$ 31,851

$ 32,288

$ 81,694

$ 416,470

Interest expense (1)

(121,262)

(16,570)

(65,128)

(10,132)

(22,856)

3,543

(79,544)

(311,949)

Less: reconciling adjustments (2)(3)

(970)

—

(25)

—

(2,137)

—

(3,132)

Net effective spread

36,180

8,601

6,159

5,610

8,995

33,694

2,150

101,389

Guarantee and commitment fees (3)

4,550

278

202

851

417

—

6,298

Other income/(expense)

(766)

(16)

—

(163)

(945)

(Provision for)/release of losses

(268)

(11,096)

(190)

(4,658)

106

—

(16,085)

Operating expenses (1)

(7,328)

(2,730)

(1,174)

(1,415)

(1,716)

(3,129)

(899)

(18,391)

Income tax (expense)/benefit

(6,797)

1,042

(1,049)

(81)

(1,638)

(6,419)

(233)

(15,175)

Segment core earnings

$ 25,571

$ (3,921)

$ 3,948

$ 307

$ 6,164

$ 24,146

$ 876

$ 57,091

Reconciliation to net income:

Net effects of derivatives and trading securities

$ 789

Unallocated (expenses)/income

(12,590)

Income tax effect related to reconciling items

2,634

Net income

$ 47,924

Total Assets:

Total on- and off-balance sheet segment assets at principal balance

$ 19,564,916

$ 1,950,536

$ 7,860,622

$ 1,532,206

$ 2,443,289

$ —

$ 33,351,569

Off-balance sheet assets under management

(5,765,446)

Unallocated assets

7,784,034

Total assets on the consolidated balance sheets

$ 35,370,157

(1)

The significant expense categories and amounts align with the segment-level information that is regularly provided to the Chief Operating Decision Maker.

(2)

Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships.

(3)

Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.

Supplemental Information

The following table sets forth information about outstanding volume in each of Farmer Mac's lines of business as of the dates indicated:

Outstanding Business Volume

On or Off

Balance Sheet

As of December 31, 2025

As of December 31, 2024

(in thousands)

Agricultural Finance:

Farm & Ranch:

Loans

On-balance sheet

$ 6,002,738

$ 5,414,732

Loans held in consolidated trusts:

Single-class consolidated trusts (1)

On-balance sheet

829,391

885,295

Structured consolidated trusts (1)

On-balance sheet

1,652,619

1,152,988

IO-FMGS (2)

On-balance sheet

8,040

8,710

USDA Securities

On-balance sheet

2,443,432

2,402,423

AgVantage Securities (2)

On-balance sheet

4,270,000

4,720,000

LTSPCs and unfunded loan commitments

Off-balance sheet

3,591,079

3,070,554

Other Farmer Mac Guaranteed Securities (3)

Off-balance sheet

386,057

426,310

Loans serviced for others

Off-balance sheet

381,560

525,956

Total Farm & Ranch

$ 19,564,916

$ 18,606,968

Corporate AgFinance:

Loans

On-balance sheet

$ 1,460,691

$ 1,381,674

AgVantage Securities (2)

On-balance sheet

190,977

280,297

Unfunded loan commitments

Off-balance sheet

298,868

225,734

Total Corporate AgFinance

$ 1,950,536

$ 1,887,705

Total Agricultural Finance

$ 21,515,452

$ 20,494,673

Infrastructure Finance:

Power & Utilities:

Loans

On-balance sheet

$ 3,548,523

$ 2,886,576

AgVantage Securities (2)

On-balance sheet

3,967,154

3,521,143

LTSPCs and unfunded loan commitments

Off-balance sheet

344,945

401,647

Total Power & Utilities

$ 7,860,622

$ 6,809,366

Broadband Infrastructure:

Loans

On-balance sheet

$ 1,009,890

$ 622,207

Unfunded loan commitments

Off-balance sheet

522,316

180,259

Total Broadband Infrastructure

$ 1,532,206

$ 802,466

Renewable Energy:

Loans

On-balance sheet

$ 2,202,668

$ 1,265,700

Unfunded loan commitments

Off-balance sheet

240,621

150,825

Total Renewable Energy

$ 2,443,289

$ 1,416,525

Total Infrastructure Finance

$ 11,836,117

$ 9,028,357

Total

$ 33,351,569

$ 29,523,030

(1)

The securities issued by these trusts are referred to as Farmer Mac Guaranteed Securities.

(2)

These categories are referred to as Farmer Mac Guaranteed Securities.

(3)

Other categories of Farmer Mac Guaranteed Securities that were sold by Farmer Mac to third parties.

The following table presents the quarterly net effective spread by segment:

Net Effective Spread

Agricultural Finance

Infrastructure Finance

Treasury

Farm &

Ranch

Corporate

AgFinance

Power &

Utilities

Broadband

Infrastructure

Renewable

Energy

Funding

Investments

Net Effective

Spread

Dollars

Yield

Dollars

Yield

Dollars

Yield

Dollars

Yield

Dollars

Yield

Dollars

Yield

Dollars

Yield

Dollars

Yield

(dollars in thousands)

For the quarter ended:

December 31, 2025

$ 36,180

$ 8,601

$ 6,159

$ 5,610

$ 8,995

$ 33,694

$ 2,150

$ 101,389

1.06 %

2.07 %

0.34 %

2.42 %

1.74 %

0.41 %

0.11 %

1.22 %

September 30, 2025

34,840

9,047

5,910

4,379

7,730

34,777

1,086

97,769

1.04 %

2.16 %

0.34 %

2.30 %

1.75 %

0.43 %

0.05 %

1.20 %

June 30, 2025

35,710

8,609

5,636

3,932

6,227

31,668

2,111

93,893

1.07 %

2.07 %

0.33 %

2.24 %

1.68 %

0.40 %

0.11 %

1.19 %

March 31, 2025

33,885

8,640

5,329

3,566

5,112

31,604

1,854

89,990

1.01 %

2.09 %

0.32 %

2.27 %

1.55 %

0.41 %

0.10 %

1.17 %

December 31, 2024

32,556

7,891

5,059

3,414

4,859

31,242

2,507

87,528

0.96 %

1.95 %

0.32 %

2.34 %

1.76 %

0.42 %

0.15 %

1.16 %

September 30, 2024

35,755

6,397

4,785

2,794

3,810

30,912

943

85,396

1.05 %

1.56 %

0.30 %

2.21 %

1.78 %

0.42 %

0.05 %

1.16 %

June 30, 2024

34,156

7,866

5,253

2,393

2,999

30,268

661

83,596

0.98 %

1.91 %

0.32 %

2.16 %

1.86 %

0.41 %

0.04 %

1.14 %

March 31, 2024

32,843

7,971

4,890

2,342

2,049

32,474

475

83,044

0.95 %

2.05 %

0.30 %

2.08 %

1.75 %

0.45 %

0.03 %

1.14 %

December 31, 2023

33,329

8,382

4,916

2,426

1,540

33,361

597

84,551

0.98 %

2.06 %

0.31 %

2.06 %

1.69 %

0.47 %

0.04 %

1.19 %

The following table presents quarterly core earnings reconciled to net income attributable to common stockholders:

Core Earnings by Quarter Ended

December

2025

September

2025

June

2025

March

2025

December

2024

September

2024

June

2024

March

2024

December

2023

(in thousands)

Revenues:

Net effective spread

$ 101,389

$ 97,769

$ 93,893

$ 89,990

$ 87,528

$ 85,396

$ 83,596

$ 83,044

$ 84,551

Guarantee and commitment fees

6,298

6,132

5,874

5,488

5,086

4,997

5,256

4,982

4,865

Other

224

1,185

742

1,315

(491)

1,133

386

1,077

767

Total revenues

107,911

105,086

100,509

96,793

92,123

91,526

89,238

89,103

90,183

Credit related expense/(income):

Provision for/(release of) losses

15,986

7,477

7,713

1,684

3,773

3,428

6,179

(1,801)

(626)

Other credit related expense/(income)

1,267

(44)

160

(33)

(69)

Total credit related expense/(income)

17,253

7,433

7,873

1,651

3,872

3,454

6,230

(1,870)

(575)

Operating expenses:

Compensation and employee benefits

18,199

17,743

17,631

17,752

15,641

15,237

14,840

18,257

15,523

General and administrative

11,944

11,052

10,859

10,758

12,452

8,625

8,904

8,255

8,916

Regulatory fees

863

1,000

725

Total operating expenses

31,006

29,795

29,490

29,510

29,093

24,587

24,469

27,237

25,164

Net earnings

59,652

67,858

63,146

65,632

59,158

63,485

58,539

63,736

65,594

Income tax expense

12,370

11,933

10,114

14,000

9,938

12,681

11,970

13,553

13,881

Preferred stock dividends

7,286

6,303

5,667

5,666

5,897

6,792

6,791

Core earnings

$ 39,996

$ 49,622

$ 47,365

$ 45,966

$ 43,554

$ 44,907

$ 39,777

$ 43,392

$ 44,922

Reconciling items:

Gains/(losses) on undesignated financial derivatives due to fair value changes

$ 447

$ 882

$ (639)

$ (2,573)

$ 3,084

$ (1,064)

$ (359)

$ 1,683

$ (836)

Gains/(losses) on hedging activities due to fair value changes

3,107

(137)

2,709

1,099

5,737

205

2,604

3,002

(3,598)

Unrealized (losses)/gains on trading assets

(66)

(4)

(65)

(83)

(87)

(14)

(37)

Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value

(39)

Net effects of terminations or net settlements on financial derivatives

(2,699)

(1,934)

255

(1,070)

534

(503)

(1,505)

(192)

(800)

Issuance costs on the retirement of preferred stock

—

(1,619)

—

Income tax effect related to reconciling items

(171)

245

(480)

526

(1,939)

260

(143)

(947)

1,089

Net income attributable to common stockholders

$ 40,638

$ 48,700

$ 49,170

$ 43,985

$ 50,848

$ 42,312

$ 40,313

$ 46,955

$ 40,828

SOURCE Farmer Mac