Form 8-K

8-K — FEDERAL AGRICULTURAL MORTGAGE CORP

Accession: 0000845877-26-000122

Filed: 2026-07-30

Period: 2026-07-30

CIK: 0000845877

SIC: 6111 (FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — agm-20260730.htm (Primary)

EX-99.1 (a2026q2pressrelease.htm)

EX-99.2 (a2q26earningsdeckfinal.htm)

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8-K

8-K (Primary)

Filename: agm-20260730.htm · Sequence: 1

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 30, 2026

FEDERAL AGRICULTURAL MORTGAGE CORPORATION

(Exact name of registrant as specified in its charter)

Federally chartered instrumentality

of the United States

001-14951 52-1578738

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer Identification No.)

2100 Pennsylvania Avenue, N.W., Suite 450N, 20037

Washington, DC

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code (202) 872-7700

No change

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading symbol Exchange on which registered

Class A voting common stock AGM.A New York Stock Exchange

Class C non-voting common stock AGM New York Stock Exchange

5.700% Non-Cumulative Preferred Stock, Series D AGM.PRD New York Stock Exchange

5.750% Non-Cumulative Preferred Stock, Series E AGM.PRE New York Stock Exchange

5.250% Non-Cumulative Preferred Stock, Series F AGM.PRF New York Stock Exchange

4.875% Non-Cumulative Preferred Stock, Series G AGM.PRG New York Stock Exchange

6.500% Non-Cumulative Preferred Stock, Series H AGM.PRH New York Stock Exchange

6.875% Non-Cumulative Preferred Stock, Series I AGM.PRI New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On July 30, 2026, the Federal Agricultural Mortgage Corporation (“Farmer Mac”) issued a press release to announce (1) its financial results for the quarterly period ended June 30, 2026 and (2) a conference call to discuss those results and Farmer Mac’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 and is incorporated by reference into this report. All references to www.farmermac.com in Exhibit 99.1 are inactive textual references only, and the information contained on that website is not incorporated by reference into this report.

The information furnished in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that Section, nor will any of such information or Exhibit be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended (“Securities Act”), except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

On July 30, 2026, Farmer Mac posted an investor slide presentation entitled "Second Quarter 2026 Presentation" to its website at www.farmermac.com under the tab “Investors — Events and Presentations.” Farmer Mac expects to use the Second Quarter 2026 Presentation in connection with future presentations to analysts and investors. The slide presentation is attached as Exhibit 99.2 and is incorporated by reference into this report. All references to www.farmermac.com in Exhibit 99.2 are inactive textual references only, and the information contained on that website is not incorporated by reference into this report.

The information furnished in this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, nor will any of such information or Exhibit be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release dated July 30, 2026

99.2 Second Quarter 2026 Presentation

104 Cover Page Inline Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document included as Exhibit 101

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION

By: /s/ Geraldine I. Hayhurst

Name: Geraldine I. Hayhurst

Title: Executive Vice President – Chief Legal Officer

Dated: July 30, 2026

EX-99.1

Filename: a2026q2pressrelease.htm · Sequence: 2

Document

Farmer Mac Reports Second Quarter 2026 Results

- Outstanding Business Volume of $37.2 Billion -

WASHINGTON, D.C., July 30, 2026 — The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A) today announced its results for the fiscal quarter ended June 30, 2026.

Second Quarter 2026 Highlights

•Record outstanding business volume of $37.2 billion, reflecting 22% growth year-over-year

•Provided $4.0 billion in liquidity and lending capacity to lenders serving rural America

•Net interest income grew 22% year-over-year to $118.1 million

•Net effective spread1 increased 25% from the prior-year period to a record $117.4 million

•Net income attributable to common stockholders was $58.9 million, or $5.41 per diluted share

•Record core earnings1 of $58.8 million, or $5.40 per diluted share, reflecting 24% growth year-over-year

•Total core capital of $1.9 billion and a Tier 1 Capital Ratio of 13.2% as of June 30, 2026

•Issued $100.0 million of Tier 1 capital through the public offering of 6.875% Series I non-cumulative preferred stock

"Farmer Mac delivered record second quarter results, with business volume, revenue, and core earnings all reaching all-time highs, a testament to the strength of our mission-driven franchise and the disciplined execution of our strategy across every part of our business," said Zachary Carpenter, President and Chief Executive Officer. "Broad-based volume growth carried us past $37 billion in outstanding business volume, reinforcing our role as a vital source of liquidity for American agriculture and rural infrastructure. We also strengthened our already robust capital base through a successful preferred stock issuance and maintained our expense efficiency ratio below our 30% strategic target, while continuing to invest for future growth.”

$ in millions, except per share amounts

Quarter Ended

June 30, 2026 March 31, 2026 June 30, 2025

QoQ %

Change2

YoY %

Change2

Net Change in

Business Volume $2,351.1 $1,494.5 $831.9

N/A

Net Interest Income (GAAP) $118.1 $101.4 $96.8 16% 22%

Net Effective Spread

(Non-GAAP) $117.4 $102.0 $93.9 15% 25%

Diluted EPS (GAAP) $5.41 $4.75 $4.48 14% 21%

Diluted Core EPS (Non-GAAP) $5.40 $4.74 $4.32 14% 25%

1Non-GAAP (Generally Accepted Accounting Principles) Measure

2Percentage changes may not compute directly as shown due to rounding of amounts presented above

"Our commitment to innovation reached an important milestone this week with the launch of Farmer Mac Loan Exchange, or FLX, our new Farm & Ranch loan platform, a significant step in modernizing our technology to deliver liquidity more efficiently and at scale, and a strong example of the innovation that will continue to differentiate Farmer Mac and transform the agricultural mortgage market," Mr. Carpenter continued. "As we look to the balance of 2026, we remain well positioned to navigate an evolving macro environment through our diversified portfolio, strong capital position, and disciplined underwriting. We are excited about the significant opportunities ahead and remain focused on deepening our impact in the markets we serve while delivering durable, high-quality earnings and long-term value for our shareholders."

Second Quarter 2026 Income Statement Highlights

•Net interest income grew $21.3 million year-over-year and $16.7 million quarter-over-quarter

•Net effective spread3 increased $23.5 million year-over-year, and $15.4 million quarter-over-quarter, primarily due to robust net volume growth and the collection of $7.4 million of recovery of interest on a delinquent permanent planting exposure

•Credit provisions primarily related to new volume growth across all segments and portfolio credit migration trends

•Purchased $21.4 million of tax credits, resulting in a benefit of $2.0 million

•Net income increased $9.7 million year-over-year and $7.0 million quarter-over-quarter

•Core earnings3 increased $11.4 million year-over-year and $7.0 million quarter-over-quarter to $58.8 million

•Core return on equity was 19% in the second quarter, reflecting strong profitability and efficient capital deployment

$ in billions

Quarter Ended June 30, 2026

% of Outstanding Business Volume

Segment

Business Volume

Net Effective Spread

YoY Volume Growth

Agricultural Finance

65%

Farm & Ranch

$22.0 1.01% 21%

Corporate AgFinance

$2.1 3.76% 7%

Infrastructure Finance

35%

Power & Utilities

$8.3 0.36% 13%

Renewable Energy

$3.0 1.72% 55%

Broadband Infrastructure

$1.9 2.30% 58%

Second Quarter 2026 Portfolio Highlights

•Broad-based, net portfolio growth of $2.4 billion reflective of strong customer demand across all segments

•Farm & Ranch portfolio grew by $1.7 billion, primarily due to $1.1 billion of net growth in AgVantage securities, including a $0.8 billion AgVantage security from a new counterparty, and net loan purchase volume of $483.4 million

•Corporate AgFinance portfolio grew modestly by $30.5 million due to loan purchases and AgVantage securities activity with several counterparties

•Strong business volume in Power & Utilities resulted in net growth of $291.0 million, which included the purchase of a $197 million pool of loans from a single customer

•Renewable Energy business volume increased $120.2 million due to strong deal flow and continued project finance momentum

•Broadband Infrastructure business volume grew $161.8 million, reflecting steady demand for rural telecommunications and data connectivity

3Non-GAAP Measure

Earnings Conference Call Information

The conference call to discuss Farmer Mac's second quarter 2026 financial results will be held beginning at 4:30 p.m. eastern time on Thursday, July 30, 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 second quarter 2026 is in Farmer Mac's

Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed today with the Securities and Exchange Commission ("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. 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, which are non-GAAP measures, and net income attributable to common stockholders and earnings per common share, 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:

•Interest income and interest expense associated with single-class consolidated trusts with beneficial interests owned by third parties and for which we guarantees all classes of securities issued ("single-class consolidated trusts") and reclassifies that activity to guarantee and commitment fees in determining our core earnings. This reclassification reflects our view that the net interest income earned on single-class consolidated trusts is effectively a guarantee fee.

•Fair value changes of financial derivatives and corresponding financial assets or liabilities designated in fair value hedge accounting relationships because they are not expected to have an economic effect on our financial performance, as we expect to hold the financial derivatives and corresponding hedged items to maturity.

•The amortization of premiums and discounts on assets consolidated at fair value.

NES includes the following:

•Income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge accounting relationships ("undesignated financial derivatives"). For undesignated financial derivatives, we record the income or expense related to the accrual of the contractual amounts due in "Gains/(losses) on financial derivatives" on the Consolidated Statements of Operations.

•The net effects of terminations or net settlements on undesignated financial derivatives, which consist of: (1) the net effects of cash settlements on agency forward contracts on the debt of other government-sponsored enterprises and U.S. Treasury security futures that we use as short-term economic hedges on the issuance of debt; and (2) the net effects of initial cash payments that we receive upon the inception of certain swaps. For GAAP purposes, realized gains or losses on settlements of these contracts are reported in the Consolidated Statements of Operations in the period in which they occur. For NES, these realized gains or losses are deferred and amortized as net yield adjustments over the term of the related debt, which generally ranges from 3 to 15 years.

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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, 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:

•the availability to Farmer Mac of debt and equity financing and, if available, the reasonableness of rates and terms;

•legislative, regulatory, or current or future political developments that could affect Farmer Mac, its sources of business, or agricultural or infrastructure industries;

•fluctuations in the fair value of assets held by Farmer Mac and its subsidiaries;

•the level of lender interest in Farmer Mac's products and the secondary market provided by Farmer Mac;

•the general rate of growth in agricultural mortgage and infrastructure indebtedness;

•the effect of economic conditions stemming from disruptive global events or otherwise on agricultural mortgage or infrastructure lending, borrower repayment capacity, or collateral values, including inflation, fluctuations in interest rates, changes in U.S. trade policies (including tariffs and trade restrictions), fluctuations in export demand for U.S. agricultural products and foreign currency exchange rates, supply chain disruptions, increases in input costs, labor availability, and volatility in commodity prices;

•the degree to which Farmer Mac is exposed to interest rate risk resulting from fluctuations in Farmer Mac's borrowing costs relative to market indices;

•developments in the financial markets, including possible investor, analyst, and rating agency reactions to events involving GSEs, including Farmer Mac;

•the effects of the Federal Reserve’s efforts to achieve monetary policy normalization to respond to inflation and employment levels; and

•other factors that could hinder agricultural mortgage lending or borrower repayment capacity, including the effects of severe weather, flooding and drought, or fluctuations in agricultural real estate values.

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 with the SEC on February 19, 2026. 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 vital liquidity 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.

CONTACT: Jalpa Nazareth, Investor Relations

Lisa Meyer, Media Inquiries

(202) 872-7700

* * * *

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)

As of

June 30, 2026 December 31, 2025

(in thousands)

Assets:

Cash and cash equivalents (includes restricted cash of $26,984 and $24,475, respectively) $ 1,038,091 $ 931,067

Investment securities:

Available-for-sale, at fair value (amortized cost of $15,249,174 and $13,813,551, respectively)

14,891,506 13,580,285

Held-to-maturity, at amortized cost 4,514,893 3,954,223

Other investments 18,763 15,871

Total Investment Securities 19,425,162 17,550,379

Loans:

Loans held for investment, at amortized cost 15,902,213 13,877,051

Loans held for investment in consolidated trusts, at amortized cost 2,325,798 2,482,010

Allowance for losses (47,167) (37,785)

Total loans, net of allowance 18,180,844 16,321,276

Financial derivatives, at fair value 42,411 44,875

Accrued interest receivable (includes $37,189 and $40,945, respectively, related to consolidated trusts) 374,120 357,155

Guarantee and commitment fees receivable 58,476 57,214

Deferred tax asset, net 10,599 173

Prepaid expenses and other assets 160,489 108,018

Total Assets $ 39,290,192 $ 35,370,157

Liabilities and Equity:

Liabilities:

Notes payable $ 34,693,922 $ 30,822,570

Debt securities of consolidated trusts held by third parties 2,217,532 2,365,435

Financial derivatives, at fair value 69,282 21,618

Accrued interest payable (includes $14,696 and $15,795, respectively, related to consolidated trusts) 268,428 233,714

Guarantee and commitment obligation 55,555 54,770

Other liabilities 131,039 153,101

Total Liabilities 37,435,758 33,651,208

Commitments and Contingencies

Equity:

Preferred stock:

Series D, par value $25 per share, 4,000,000 shares authorized, issued and outstanding 96,659 96,659

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

77,003 77,003

Series F, par value $25 per share, 4,800,000 shares authorized, issued and outstanding 116,160 116,160

Series G, par value $25 per share, 5,000,000 shares authorized, issued and outstanding 121,327 121,327

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

96,844 96,844

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

96,764 —

Common stock:

Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding 1,031 1,031

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

Class C Non-Voting, $1 par value, no maximum authorization, 9,318,708 shares and 9,325,556 shares outstanding, respectively

9,319 9,326

Additional paid-in capital 140,836 139,370

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

(18,234) 13,382

Retained earnings 1,116,225 1,047,347

Total Equity 1,854,434 1,718,949

Total Liabilities and Equity $ 39,290,192 $ 35,370,157

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

For the Three Months Ended For the Six Months Ended

June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

(in thousands, except per share amounts)

Interest income:

Investment securities and cash equivalents $ 215,222 $ 213,983 $ 418,631 $ 423,633

Loans 235,038 185,039 447,590 356,803

Total interest income 450,260 399,022 866,221 780,436

Total interest expense 332,185 302,225 646,750 592,700

Net interest income 118,075 96,797 219,471 187,736

Provision for losses (7,017) (7,713) (11,325) (9,397)

Net interest income after provision for losses 111,058 89,084 208,146 178,339

Non-interest income/(expense):

Guarantee and commitment fees 6,079 4,816 11,916 9,295

Gains/(losses) on financial derivatives

224 80 1,364 (2,556)

Other income 634 941 1,386 2,478

Non-interest income 6,937 5,837 14,666 9,217

Operating expenses:

Compensation and employee benefits 23,706 17,631 44,963 35,383

General and administrative 11,591 10,859 22,853 21,617

Regulatory fees 862 1,000 1,725 2,000

Operating expenses 36,159 29,490 69,541 59,000

Income before income taxes 81,836 65,431 153,271 128,556

Income tax expense 14,885 10,594 27,197 24,068

Net income 66,951 54,837 126,074 104,488

Preferred stock dividends (8,074) (5,667) (15,365) (11,333)

Net income attributable to common stockholders $ 58,877 $ 49,170 $ 110,709 $ 93,155

Earnings per common share:

Basic earnings per common share $ 5.43 $ 4.50 $ 10.21 $ 8.53

Diluted earnings per common share $ 5.41 $ 4.48 $ 10.15 $ 8.49

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

June 30, 2026 March 31, 2026 June 30, 2025

(in thousands, except per share amounts)

Net income attributable to common stockholders $ 58,877 $ 51,832 $ 49,170

Less reconciling items:

Gains/(losses) on undesignated financial derivatives due to fair value changes 184 (679) (639)

Gains on hedging activities due to fair value changes

889 362 2,709

Unrealized gains/(losses) on trading assets

59 53 (65)

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

26 44 25

Net effects of terminations or net settlements on financial derivatives (1,017) 335 255

Income tax effect related to reconciling items (30) (24) (480)

Sub-total 111 91 1,805

Core earnings $ 58,766 $ 51,741 $ 47,365

Composition of Core Earnings:

Revenues:

Net effective spread(2)

$ 117,438 $ 101,999 $ 93,893

Guarantee and commitment fees(3)

7,044 6,715 5,874

Other(4)

742 1,185 742

Total revenues 125,224 109,899 100,509

Credit related expense/(income) (GAAP):

Provision for losses 7,017 4,308 7,713

Other credit related expense/(income) 352 889 160

Total credit related expense/(income) 7,369 5,197 7,873

Operating expenses (GAAP):

Compensation and employee benefits 23,706 21,257 17,631

General and administrative 11,591 11,262 10,859

Regulatory fees 862 863 1,000

Total operating expenses 36,159 33,382 29,490

Net earnings 81,696 71,320 63,146

Income tax expense(5)

14,856 12,288 10,114

Preferred stock dividends (GAAP) 8,074 7,291 5,667

Core earnings $ 58,766 $ 51,741 $ 47,365

Core earnings per share:

Basic $ 5.42 $ 4.77 $ 4.33

Diluted $ 5.40 $ 4.74 $ 4.32

(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 and $1.0 million for the three months ended June 30, 2026 and 2025, respectively, 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 Six Months Ended

June 30, 2026 June 30, 2025

(in thousands, except per share amounts)

Net income attributable to common stockholders $ 110,709 $ 93,155

Less reconciling items:

Losses on undesignated financial derivatives due to fair value changes (see Table 11) (495) (3,212)

Gains on hedging activities due to fair value changes 1,251 3,808

Unrealized gains/(losses) on trading securities 112 (56)

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

70 53

Net effects of terminations or net settlements on financial derivatives (682) (815)

Income tax effect related to reconciling items (54) 46

Sub-total 202 (176)

Core earnings $ 110,507 $ 93,331

Composition of Core Earnings:

Revenues:

Net effective spread(2)

$ 219,437 $ 183,883

Guarantee and commitment fees(3)

13,759 11,362

Other(4)

1,927 2,057

Total revenues 235,123 197,302

Credit related expense (GAAP):

Provision for losses 11,325 9,397

Other credit related expense/(income) 1,241 127

Total credit related expense 12,566 9,524

Operating expenses (GAAP):

Compensation and employee benefits 44,963 35,383

General and administrative 22,853 21,617

Regulatory fees 1,725 2,000

Total operating expenses 69,541 59,000

Net earnings 153,016 128,778

Income tax expense(5)

27,144 24,114

Preferred stock dividends (GAAP) 15,365 11,333

Core earnings $ 110,507 $ 93,331

Core EPS:

Basic $ 10.19 $ 8.55

Diluted $ 10.14 $ 8.51

(3)Includes net interest income of $2.0 million and $2.0 million for the six months ended June 30, 2026 and 2025, respectively, related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees.

(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 Six Months Ended

June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025

(in thousands, except per share amounts)

GAAP - Basic EPS $ 5.43 $ 4.78 $ 4.50 $ 10.21 $ 8.53

Less reconciling items:

Gains/(losses) on undesignated financial derivatives due to fair value changes 0.02 (0.06) (0.06) (0.05) (0.29)

Gains on hedging activities due to fair value changes

0.07 0.03 0.25 0.12 0.35

Unrealized gains/(losses) on trading securities

0.01 0.01 (0.01) 0.01 (0.01)

Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value — — — 0.01 0.01

Net effects of terminations or net settlements on financial derivatives (0.09) 0.03 0.03 (0.06) (0.08)

Income tax effect related to reconciling items — — (0.04) (0.01) —

Sub-total 0.01 0.01 0.17 0.02 (0.02)

Core Earnings - Basic EPS $ 5.42 $ 4.77 $ 4.33 $ 10.19 $ 8.55

Shares used in per share calculation (GAAP and Core Earnings) 10,849 10,844 10,933 10,847 10,915

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

For the Three Months Ended For the Six Months Ended

June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025

(in thousands, except per share amounts)

GAAP - Diluted EPS $ 5.41 $ 4.75 $ 4.48 $ 10.15 $ 8.49

Less reconciling items:

Gains/(losses) on undesignated financial derivatives due to fair value changes 0.02 (0.06) (0.06) (0.05) (0.29)

Gains on hedging activities due to fair value changes 0.07 0.03 0.25 0.11 0.35

Unrealized gains/(losses) on trading securities 0.01 0.01 (0.01) 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 (0.09) 0.03 0.02 (0.06) (0.07)

Income tax effect related to reconciling items — — (0.04) (0.01) —

Sub-total 0.01 0.01 0.16 0.01 (0.02)

Core Earnings - Diluted EPS $ 5.40 $ 4.74 $ 4.32 $ 10.14 $ 8.51

Shares used in per share calculation (GAAP and Core Earnings) 10,882 10.922 10,963 10,902 10,973

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 Six Months Ended

June 30, 2026 March 31, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield

(dollars in thousands)

Net interest income $ 118,075 1.24 % $ 101,396 1.13 % $ 96,797 1.20 % $ 219,471 1.18 % $ 187,736 1.17 %

Net effects of consolidated trusts (1,023) 0.02 % (930) 0.02 % (987) 0.02 % (1,953) 0.02 % (1,998) 0.02 %

Expense related to undesignated financial derivatives 556 — % 969 0.01 % (208) — % 1,525 0.01 % 110 — %

Amortization of premiums/discounts on assets consolidated at fair value (24) — % (41) — % (22) — % (65) — % (47) — %

Amortization of losses due to terminations or net settlements on financial derivatives 743 0.01 % 967 0.01 % 1,022 0.01 % 1,710 0.01 % 1,890 0.01 %

Fair value changes on fair value hedge relationships (889) (0.01) % (362) (0.01) % (2,709) (0.04) % (1,251) (0.01) % (3,808) (0.02) %

Net effective spread $ 117,438 1.26 % $ 101,999 1.16 % $ 93,893 1.19 % $ 219,437 1.21 % $ 183,883 1.18 %

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 June 30, 2026:

Core Earnings by Business Segment

For the Three Months Ended June 30, 2026

Agricultural Finance Infrastructure Finance Treasury

Farm & Ranch Corporate AgFinance

Power &

Utilities

Broadband Infrastructure

Renewable Energy Funding Investments

Total

(in thousands)

Interest income

$ 186,369 $ 33,344 $ 76,362 $ 18,006 $ 35,893 $ 17,968 $ 82,318 $ 450,260

(Interest expense)/benefit(1)

(145,286) (16,575) (69,377) (11,428) (25,120) 16,855 (81,254) (332,185)

Less: reconciling adjustments(2)(3)

(1,020) — (23) — — 406 — (637)

Net effective spread 40,063 16,769 6,962 6,578 10,773 35,229 1,064 117,438

Guarantee and commitment fees(3)

4,968 243 196 1,081 556 — — 7,044

Other income/(expense)

928 15 — (25) (22) — — 896

Provision for losses (3,333) (524) (368) (1,987) (1,157) — — (7,369)

Operating expenses(1)

(9,286) (2,356) (1,258) (1,881) (2,221) (2,969) (1,013) (20,984)

Income tax expense

(7,001) (2,971) (1,162) (790) (1,665) (6,776) (11) (20,376)

Segment core earnings

$ 26,339 $ 11,176 $ 4,370 $ 2,976 $ 6,264 $ 25,484 $ 40 $ 76,649

Reconciliation to net income:

Net effects of derivatives and trading securities

$ 115

Unallocated (expenses)/income

(15,304)

Income tax effect related to reconciling items 5,491

Net income

$ 66,951

Total Assets:

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

$ 21,987,822 $ 2,082,762 $ 8,266,639 $ 1,851,902 $ 3,008,013 $ — $ — $ 37,197,138

Off-balance sheet assets under management

(6,026,228)

Unallocated assets

8,119,282

Total assets on the Consolidated Balance Sheets

$ 39,290,192

(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 "Gains/(losses) 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

As of June 30, 2026

As of December 31, 2025

(in thousands)

Agricultural Finance:

Farm & Ranch:

Loans and other securities

$ 9,360,003 $ 8,492,788

AgVantage Securities

5,740,000 4,270,000

USDA Securities 2,530,360 2,443,432

Unfunded commitments & guarantees

4,003,709 3,977,136

Loans serviced for others 353,750 381,560

Total Farm & Ranch $ 21,987,822 $ 19,564,916

Corporate AgFinance:

Loans and other securities $ 1,512,959 $ 1,460,691

AgVantage Securities

303,613 190,977

Unfunded commitments & guarantees 266,190 298,868

Total Corporate AgFinance $ 2,082,762 $ 1,950,536

Total Agricultural Finance $ 24,070,584 $ 21,515,452

Infrastructure Finance:

Power & Utilities:

Loans and other securities $ 4,026,622 $ 3,548,523

AgVantage Securities

3,905,103 3,967,154

Unfunded commitments & guarantees 334,914 344,945

Total Power & Utilities

$ 8,266,639 $ 7,860,622

Broadband Infrastructure:

Loans and other securities $ 1,227,227 $ 1,009,890

Unfunded commitments & guarantees 624,675 522,316

Total Broadband Infrastructure $ 1,851,902 $ 1,532,206

Renewable Energy:

Loans and other securities $ 2,565,023 $ 2,202,668

Unfunded commitments & guarantees 442,990 240,621

Total Renewable Energy $ 3,008,013 $ 2,443,289

Total Infrastructure Finance

$ 13,126,554 $ 11,836,117

Total $ 37,197,138 $ 33,351,569

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 in thousands)

For the quarter ended:

June 30, 2026 $ 40,063 $ 16,769 $ 6,962 $ 6,578 $ 10,773 $ 35,229 $ 1,064 $ 117,438

1.01 % 3.76 % 0.36 % 2.30 % 1.72 % 0.38 % 0.05 % 1.26 %

March 31, 2026 37,673 8,939 6,491 5,828 9,079 32,647 1,342 101,999

1.03 % 2.05 % 0.35 % 2.27 % 1.59 % 0.37 % 0.07 % 1.16 %

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 %

The following table presents quarterly core earnings reconciled to net income attributable to common stockholders (in thousands):

Core Earnings by Quarter Ended

June 2026

March 2026

December 2025 September 2025 June 2025 March 2025 December 2024 September 2024 June 2024

Revenues:

Net effective spread $ 117,438 $ 101,999 $ 101,389 $ 97,769 $ 93,893 $ 89,990 $ 87,528 $ 85,396 $ 83,596

Guarantee and commitment fees 7,044 6,715 6,298 6,132 5,874 5,488 5,086 4,997 5,256

Other 742 1,185 224 1,185 742 1,315 (491) 1,133 386

Total revenues 125,224 109,899 107,911 105,086 100,509 96,793 92,123 91,526 89,238

Credit related expense/(income):

Provision for/(release of) losses 7,017 4,308 15,986 7,477 7,713 1,684 3,773 3,428 6,179

Other credit related expense/(income)

352 889 1,267 (44) 160 (33) 99 26 51

Total credit related expense/(income) 7,369 5,197 17,253 7,433 7,873 1,651 3,872 3,454 6,230

Operating expenses:

Compensation and employee benefits 23,706 21,257 18,199 17,743 17,631 17,752 15,641 15,237 14,840

General and administrative 11,591 11,262 11,944 11,052 10,859 10,758 12,452 8,625 8,904

Regulatory fees 862 863 863 1,000 1,000 1,000 1,000 725 725

Total operating expenses 36,159 33,382 31,006 29,795 29,490 29,510 29,093 24,587 24,469

Net earnings 81,696 71,320 59,652 67,858 63,146 65,632 59,158 63,485 58,539

Income tax expense 14,856 12,288 12,370 11,933 10,114 14,000 9,938 12,681 11,970

Preferred stock dividends 8,074 7,291 7,286 6,303 5,667 5,666 5,666 5,897 6,792

Core earnings $ 58,766 $ 51,741 $ 39,996 $ 49,622 $ 47,365 $ 45,966 $ 43,554 $ 44,907 $ 39,777

Reconciling items:

Gains/(losses) on undesignated financial derivatives due to fair value changes $ 184 $ (679) $ 447 $ 882 $ (639) $ (2,573) $ 3,084 $ (1,064) $ (359)

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

889 362 3,107 (137) 2,709 1,099 5,737 205 2,604

Unrealized gains/(losses) on trading assets

59 53 (66) (4) (65) 9 (83) 99 (87)

Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value 26 44 24 26 25 28 (39) 27 26

Net effects of terminations or net settlements on financial derivatives (1,017) 335 (2,699) (1,934) 255 (1,070) 534 (503) (1,505)

Issuance costs on the retirement of preferred stock — — — — — — — (1,619) —

Income tax effect related to reconciling items (30) (24) (171) 245 (480) 526 (1,939) 260 (143)

Net income attributable to common stockholders $ 58,877 $ 51,832 $ 40,638 $ 48,700 $ 49,170 $ 43,985 $ 50,848 $ 42,312 $ 40,313

EX-99.2

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a2q26earningsdeckfinal

SECOND QUARTER 2026 PRESENTATION June 30, 2026

Forward-Looking Statements This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about Farmer Mac's plans, objectives, expectations, beliefs and intentions and other statements including words such as “may,” “likely,” “believe,” “expect,” “consider,” “intend,” “should,” “estimate,” “continue,” and “commit,” or the negative of these terms or other comparable terminology. Such statements are based upon the current beliefs and expectations of management of Farmer Mac and are subject to many risks and uncertainties. Actual results may differ materially from the results anticipated in the forward-looking statements and the assumptions and estimates used as a basis for the forward-looking statements. Considering these potential risks and uncertainties, no undue reliance should be placed on any forward- looking statements expressed in this presentation. Various factors or events, both known and unknown, could cause Farmer Mac’s actual results to differ materially from the expectations as expressed or implied by the forward-looking statements in this presentation, including uncertainties about: the availability to Farmer Mac of debt and equity financing and, if available, the reasonableness of rates and terms; legislative, regulatory, or current or future political developments that could affect Farmer Mac, its sources of business, or agricultural or infrastructure industries; fluctuations in the fair value of assets held by Farmer Mac and its subsidiaries; the level of lender interest in Farmer Mac's products and the secondary market provided by Farmer Mac; the general rate of growth in agricultural mortgage and infrastructure indebtedness; the effect of economic conditions stemming from disruptive global events or otherwise on agricultural mortgage or infrastructure lending, borrower repayment capacity, or collateral values, including inflation, fluctuations in interest rates, changes in U.S. trade policies (including tariffs and trade restrictions), fluctuations in export demand for U.S. agricultural products and foreign currency exchange rates, supply chain disruptions, increases in input costs, labor availability, and volatility in commodity prices; the degree to which Farmer Mac is exposed to interest rate risk resulting from fluctuations in Farmer Mac's borrowing costs relative to market indexes; developments in the financial markets, including possible investor, analyst, and rating agency reactions to events involving government-sponsored enterprises, including Farmer Mac; the effects of the Federal Reserve’s efforts to achieve monetary policy normalization to respond to inflation and employment levels; and other factors that could hinder agricultural mortgage lending or borrower repayment capacity, including the effects of severe weather, flooding and drought, or fluctuations in agricultural real estate values. More information about potential factors that could cause results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, those stated in Farmer Mac’s filings from time to time with the Securities and Exchange Commission (the "SEC"), including in Farmer Mac’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, each of which is filed with the SEC, including in the “Risk Factors” section of those filings, as well as Farmer Mac’s other filings with the SEC (including Current Reports on Form 8-K) available at the SEC’s website (www.sec.gov). These reports are also available on Farmer Mac’s website (www.farmermac.com). All forward-looking statements are based on information available to Farmer Mac on the date hereof, and Farmer Mac assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. NO OFFER OR SOLICITATION OF SECURITIES This presentation does not constitute an offer to sell or a solicitation of an offer to buy any Farmer Mac security. Farmer Mac securities are offered only in jurisdictions where permissible by offering documents available through qualified securities dealers. Any investor who is considering purchasing a Farmer Mac security should consult the applicable offering documents for the security and their own financial and legal advisors for information about and analysis of the security, the risks associated with the security, and the suitability of the investment for the investor’s particular circumstances. Copyright © 2026 by Farmer Mac. No part of this document may be duplicated, reproduced, distributed, or displayed in public in any manner or by any means without the written permission of Farmer Mac.

Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures This presentation is for general informational purposes only, is current only as of June 30, 2026 and should be read in conjunction with Farmer Mac’s Quarterly Report on Form 10-Q filed with the SEC on July 30, 2026. In the accompanying analysis of its financial information, Farmer Mac uses the following non-GAAP financial measures: core earnings, core earnings per share, and net effective spread. Farmer Mac uses these non-GAAP measures to measure corporate economic performance and develop financial plans because, in management's view, they are useful alternative measures in understanding Farmer Mac's economic performance, transaction economics, and business trends. The non-GAAP financial measures that Farmer Mac uses may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of these non-GAAP financial 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. For a reconciliation of core earnings to GAAP net income attributable to common stockholders and a reconciliation of net effective spread to GAAP net interest income, please refer to pages 21-22 of the Appendix. Core earnings and core earnings per share principally differ from net income attributable to common stockholders and earnings per common share, respectively, by excluding the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Core earnings and core earnings per share also differ from net income attributable to common stockholders and earnings per common share, respectively, by excluding specified infrequent or unusual transactions that Farmer Mac believes are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. Farmer Mac uses net effective spread to measure the net spread Farmer Mac earns between its interest-earning assets and the related net funding costs of these assets. Net effective spread differs from net interest income and net interest yield because it excludes: (1) the interest income and interest expense associated with the consolidated trusts and the average balance of the loans underlying these trusts; and (2) the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships. Net effective spread also principally differs from net interest income and net interest yield because it includes the accrual of income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge accounting relationships ("undesignated financial derivatives") and the net effects of terminations or net settlements on financial derivatives, which consists of: the net effects of cash settlements on agency forward contracts on the debt of other GSEs and U.S. Treasury security futures that we use as short-term economic hedges on the issuance of debt; and the net effects of initial cash payments that Farmer Mac receives upon the inception of certain swaps.

KEY HIGHLIGHTS

KEY SECOND QUARTER 2026 HIGHLIGHTS 5 RECORD-SETTING SECOND QUARTER 2026 RESULTS • 22% year-over-year growth to $37.2 billion • Broad-based growth across business operating segments Accelerated Business Volume Growth • Revenue increased 25% year-over-year to $125.2 million • 99% of total revenue is recurring net effective spread (NES) and fees Record Revenue • Core earnings of $58.8 million reflects 24% year-over-year growth • Operating efficiency ratio remains below 30% strategic target Strong Core Earnings • $1.9 billion of capital exceeds minimum capital requirements by 64% • Tier 1 capital ratio of 13.2% Robust Capital Position • 19% return on equity • $25 million returned to shareholders through dividends Consistent Shareholder Returns

OUTSTANDING BUSINESS VOLUME

$30.6 $31.1 $33.4 $34.8 $37.2 1.19% 1.20% 1.22% 1.16% 1.26% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% $0.0 $4.0 $8.0 $12.0 $16.0 $20.0 $24.0 $28.0 $32.0 $36.0 $40.0 2Q25 3Q25 4Q25 1Q26 2Q26 N ES (% ) Bu si ne ss V ol um e ($ in b illi on s) Farm & Ranch Corporate AgFinance Power & Utilities Renewable Energy Broadband Infrastructure NES 7 SUPPORTING GROWING LIQUIDITY NEEDS ACROSS A DYNAMIC RURAL ECONOMY Core earnings and net effective spread are non-GAAP measures. For more information about the use of non-GAAP measures, please refer to the "Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures" slide within this presentation.

QUARTERLY VOLUME GROWTH: AGRICULTURAL FINANCE • Farm & Ranch portfolio grew by $1.7 billion during the second quarter – Net new $1.1 billion increase in AgVantage securities driven by new business volume from several counterparties, including $0.8 billion from a new counterparty, reflecting the strength of our growing business. – NES percentage decrease due to the growth of AgVantage securities in the segment’s asset mix. • Corporate AgFinance loan purchase portfolio grew modestly – Strong NES percentage increase due to the collection of previously unrecognized interest through resolution of a delinquent permanent planting exposure. Excluding the collection, the NES percentage would be 2.08%. $18.2 $18.2 $19.6 $20.2 $22.0 1.07% 1.04% 1.06% 1.03% 1.01% 0.80% 1.00% 1.20% 1.40% 1.60% $0.0 $7.0 $14.0 $21.0 $28.0 2Q25 3Q25 4Q25 1Q26 2Q26 N ES (% ) Bu si ne ss V ol um e ($ in b ill io ns ) FARM & RANCH Loans & other securities AgVantage NES $2.0 $1.9 $2.0 $2.1 $2.1 2.07% 2.16% 2.07% 2.05% 3.76% 0.00% 2.50% 5.00% 7.50% 10.00% $0.0 $0.6 $1.2 $1.8 $2.4 2Q25 3Q25 4Q25 1Q26 2Q26 N ES (% ) Bu si ne ss V ol um e ($ in b ill io ns ) CORPORATE AGFINANCE Loans & other securities AgVantage NES 8 Core earnings and net effective spread are non-GAAP measures. For more information about the use of non-GAAP measures, please refer to the "Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures" slide within this presentation.

QUARTERLY VOLUME GROWTH: INFRASTRUCTURE FINANCE $1.2 $1.3 $1.5 $1.7 $1.9 2.24% 2.30% 2.42% 2.27% 2.30% 1.75% 2.00% 2.25% 2.50% 2.75% $0.0 $0.5 $1.0 $1.5 $2.0 2Q25 3Q25 4Q25 1Q26 2Q26 N ES (% ) Bu si ne ss V ol um e ($ in b ill io ns ) BROADBAND INFRASTRUCTURE Loans & Other Securities NES $7.3 $7.4 $7.9 $8.0 $8.3 0.33% 0.34% 0.34% 0.35% 0.36% 0.00% 0.25% 0.50% 0.75% 1.00% $0.0 $3.0 $6.0 $9.0 $12.0 2Q25 3Q25 4Q25 1Q26 2Q26 N ES (% ) Bu si ne ss V ol um e ($ in b ill io ns ) POWER & UTILITIES Loans & Other Securities AgVantage NES $1.9 $2.3 $2.4 $2.9 $3.0 1.68% 1.75% 1.74% 1.59% 1.72% 1.40% 1.55% 1.70% 1.85% 2.00% $0.0 $1.0 $2.0 $3.0 $4.0 2Q25 3Q25 4Q25 1Q26 2Q26 N ES (% ) Bu si ne ss V ol um e ($ in b ill io ns ) RENEWABLE ENERGY Loans & other securities NES • Infrastructure Finance grew $0.6 billion dollars in second quarter 2026, with Power & Utilities contributing nearly $0.3 billion of net growth – All three segments contributed to net growth as broadband expansion, completion of renewable energy projects, and strong investment in data center construction continued into the second quarter. – The increase in Power & Utilities was largely attributable to the purchase of a $0.2 billion pool of loans from a single customer. – NES percentage grew this quarter primarily due to net volume growth in Broadband Infrastructure and Renewable Energy, which carry more accretive spreads. 9 Core earnings and net effective spread are non-GAAP measures. For more information about the use of non-GAAP measures, please refer to the "Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures" slide within this presentation.

FINANCIAL HIGHLIGHTS

$101 $105 $108 $110 $125 $47 $50 $40 $52 $59 16.7% 17.0% 13.4% 17.1% 18.9% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0% 28.0% 32.0% $25 $40 $55 $70 $85 $100 $115 $130 2Q25 3Q25 4Q25 1Q26 2Q26 Core Return on Com m on Equity (% ) $ in m ill io ns Revenue Core Earnings Core Return on Common Equity HIGH-QUALITY, CONSISTENT REVENUE AND EARNINGS RESULTS FINANCIAL RESULTS• Record revenue of $125.2 million driven by record NES – NES of $117.4 million was fueled by accelerated business volume growth and the collection of $7.4 million of previously unrecognized default interest. • Record core earnings of $58.8 million, or $5.40 per diluted common share, in second quarter 2026 – Year-over-year core earnings growth driven by sustained volume growth and an average adjusted operating efficiency ratio* of 28.3%. – Sequential core earnings increase supported by higher revenue from record business volume and favorable NES margin. 11 Core earnings and net effective spread are non-GAAP measures. For more information about the use of non-GAAP measures, please refer to the "Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures" slide within this presentation. *Adjusted operating efficiency ratio is the summation of compensation & benefits and general & administrative divided by total revenue. Total revenue is defined as a component of core earnings.

$ in billions (except per share amounts) 2Q26 1Q26 Quarter-over-Quarter Variance 2Q25 Year-over-Year Variance $ % $ % Cash and Cash Equivalents $1.0 $0.8 $0.2 25.0% $1.0 $0.0 0.0% Investment Securities $19.4 $18.2 $1.2 6.6% $17.0 $2.4 14.1% Loans $18.2 $17.2 $1.0 5.8% $14.5 $3.7 25.5% Other $0.6 $0.5 $0.1 20.0% $0.5 $0.1 20.0% Total Assets $39.3 $36.7 $2.6 7.1% $33.0 $6.3 19.1% Notes Payable and Debt Securities $36.9 $34.5 $2.4 7.0% $31.0 $5.9 19.0% Other $0.5 $0.5 $0.0 0.0% $0.5 $0.0 0.0% Total Liabilities $37.4 $35.0 $2.4 6.9% $31.5 $5.9 18.7% Total Equity $1.9 $1.7 $0.2 11.8% $1.5 $0.4 26.7% Book Value per Share $116.86 $112.83 $4.03 3.6% $105.25 $11.61 11.0% Tier 1 Capital Ratio 13.2% 13.0% N/A 0.2% 13.6% N/A (0.4%) 12 BALANCE SHEET SUMMARY Book Value per Share excludes accumulated other comprehensive income. Table may not sum to total due to rounding.

FUNDING LEVELS AND INTEREST RATE SENSITIVITY • Contributing to our NES growth is our effective asset liability management and funding execution • Proactive funding strategies are a strategic lever to drive net effective spread performance supporting profitability • Deliberate balance sheet structure designed to be minimally sensitive to interest rate changes -0.4% 0.0% -1.3% 0.4% -0.5% 2.4% 2.9% 2.4% 1.3% 1.8% -5% -3% -1% 1% 3% 5% 2Q26 1Q26 4Q25 3Q25 2Q25 Up 100 Basis Points Down 100 Basis Points NES SPREAD SENSITIVITIES TO +/- 100 BASIS POINT SHOCKS 6 37 0 10 20 30 40 50 Jun-25 Sep-25 Dec-25 Mar-26 Jun-265- Ye ar B ul le t S pr ea d to 5 -Y ea r U S Tr ea su ry N ot e Yi el ds (in b as is p oi nt s) FARMER MAC’S FUNDING ADVANTAGE Farmer Mac AAA Spreads For example, issued 5-year bullets at 6 bps over UST (as of June 30, 2026) 13 Core earnings and net effective spread are non-GAAP measures. For more information about the use of non-GAAP measures, please refer to the "Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures" slide within this presentation.

• Operating expenses, excluding regulatory fees, increased 9% quarter-over-quarter and 24% year- over-year – Increased compensation & benefits expense related to incremental headcount, higher bonus accruals associated with strong financial performance, and the timing of compensation expense recognition within the year. – Higher year-over-year general & administrative expenses to support increased business development activity along with enhancing operational and technology platforms. • Continue to manage expenses within a long-term adjusted operating efficiency* target of 30% OPERATING EXPENSES DISCIPLINED OPERATING EFFICIENCY $28 $29 $30 $33 $35 28.3% 27.4% 27.9% 29.6% 28.2% 0.0% 25.0% 50.0% 75.0% 100.0% $0 $9 $18 $27 $36 2Q25 3Q25 4Q25 1Q26 2Q26 Adjusted Operating Efficiency (% ) $ in m ill io ns Compensation & Benefits General & Administrative Adjusted Operating Efficiency Long-Term Operating Efficiency Target *Adjusted operating efficiency is the summation of compensation & benefits and general & administrative divided by total revenue. Total revenue is defined as a component of core earnings. 14

• 90-day delinquencies decrease reflects typical seasonality tied to annual/semi-annual Farm & Ranch payment dates • Substandard assets declined modestly in both portfolios during the second quarter due to positive credit migration SUBSTANDARD ASSETS* LOAN PORTFOLIO CREDIT QUALITY $525 $596 $570 $651 $635 3.5% 4.0% 3.5% 4.1% 3.9% 1.1% 1.0% 1.0% 0.7% 0.6% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% $0 $150 $300 $450 $600 $750 2Q25 3Q25 4Q25 1Q26 2Q26 % of Loan Portfolio$ in m ill io ns Agricultural Finance Infrastructure Finance AgFI % of Loan Portfolio Infr. % of Loan Portfolio $126 $178 $133 $180 $139 0.41% 0.57% 0.40% 0.52% 0.37% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% $0 $40 $80 $120 $160 $200 2Q25 3Q25 4Q25 1Q26 2Q26 90-D ay D elinquency Rate (% ) $ in m ill io ns 90-Day Delinquency ($) 90-Day Delinquency Rate (%) PORTFOLIO 90-DAY DELINQUENCIES *Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. 15

CREDIT EXPENSES REFLECT ASSET-LEVEL RISKS • Credit provisions were primarily related to new volume growth and portfolio credit migration • Increase in allowance for losses reflects cumulative impact of portfolio growth • Total nonaccrual asset declined during the quarter due to the resolution of a delinquent permanent planting exposure $7.7 $7.5 $16.0 $4.3 $7.0 $0 $2 $4 $6 $8 $10 $12 $14 $16 $18 2Q25 3Q25 4Q25 1Q26 2Q26 $ in m ill io ns PROVISION FOR LOSSES $30.4 $35.6 $38.0 $40.1 $47.4 17% 14% 16% 15% 20% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% $0 $5 $10 $15 $20 $25 $30 $35 $40 $45 $50 2Q25 3Q25 4Q25 1Q26 2Q26 % Allow ance of N onaccrual Assets $ in m ill io ns ALLOWANCE FOR LOSSES* Allowance for Losses % Allowance of Nonaccrual Assets *Represents the allowance for losses, inclusive of all on-balance sheet assets. 16 $2.8 $2.2 $13.6 $2.2 ($0.2) -$5 -$3 -$1 $1 $3 $5 $7 $9 $11 $13 $15 2Q25 3Q25 4Q25 1Q26 2Q26 $ in m ill io ns NET CHARGE-OFFS & RECOVERIES Net Charge-Offs Recoveries

• Capital levels remain well in excess of regulatory thresholds – Exceeds statutory minimum requirements by 64% • Capital allocation commitment: Reinvest, optimize, return – Book value growth driven by reinvested earnings – Supported $2.4 billion of net new volume growth – Issued $100 million of Series I preferred stock in May 2026 – $25 million returned to shareholders through dividends – $30 million remaining under existing share repurchase program $1,562 $1,693 $1,706 $1,732 $1,873 13.6% 13.9% 13.3% 13.0% 13.2% 5.0% 9.0% 13.0% 17.0% 21.0% 25.0% $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 2Q25 3Q25 4Q25 1Q26 2Q26 Tier 1 Capital Ratio (% )Ca pi ta l ( $ in m ill io ns ) Core Capital Tier 1 Capital Ratio STRONG CAPITAL BASE SUPPORTING OUR GROWTH CAPITAL 17 $105.25 $107.34 $110.30 $112.83 $116.86 $100 $105 $110 $115 $120 2Q25 3Q25 4Q25 1Q26 2Q26 BOOK VALUE PER SHARE Book Value per Share excludes accumulated other comprehensive income.

Cash 13% Investment Securities 87% • Ensures continuity of operations in the event of temporary disruption in debt capital markets – Comprised of cash and high-quality investment securities – Minimal market volatility exposure – Days of liquidity exceed regulatory minimum requirement by 174 days as of June 30, 2026 LIQUIDITY PORTFOLIO & DAYS OF LIQUIDITY LIQUIDITY PORTFOLIO $7.7 $7.5 $7.8 $7.9 $8.2 310 317 277 296 264 100 200 300 400 500 $0.0 $2.5 $5.0 $7.5 $10.0 2Q25 3Q25 4Q25 1Q26 2Q26 D ays of Liquidity $ in b ill io ns Total Liquidity Days of Liquidity LIQUIDITY PORTFOLIO COMPOSITION* $8.2 Billion *As of June 30, 2026. Cash includes cash equivalents. Investment Securities includes U.S. Treasury securities, investment securities guaranteed by U.S. government agencies and GSEs, and asset-backed securities backed primarily by U.S. government-guaranteed loans. 18

APPENDIX

QUARTERLY NON-GAAP PERFORMANCE $ in millions except EPS 2Q26 1Q26 4Q25 3Q25 2Q25 Net Effective Spread $117.4 $102.0 $101.4 $97.8 $93.9 Guarantee Fees $7.0 $6.7 $6.3 $6.1 $5.9 Other Income $0.7 $1.2 $0.2 $1.2 $0.7 Total Revenue $125.2 $109.9 $107.9 $105.1 $100.5 Compensation & Benefits $23.7 $21.3 $18.2 $17.7 $17.6 General & Administrative $11.6 $11.3 $11.9 $11.1 $10.9 Regulatory Fees $0.9 $0.9 $0.9 $1.0 $1.0 Total Operating Expense $36.2 $33.4 $31.0 $29.8 $29.5 Adjusted Efficiency Ratio 28.2% 29.6% 27.9% 27.4% 28.3% Provision/(release) for losses $7.0 $4.3 $16.0 $7.5 $7.7 Other credit-related expense $0.4 $0.9 $1.3 ($0.0) $0.2 Total Credit Expense $7.4 $5.2 $17.3 $7.4 $7.9 Total Expense $43.6 $38.6 $48.3 $37.2 $37.4 Net Earnings $81.7 $71.3 $59.7 $67.9 $63.2 Taxes $14.9 $12.3 $12.4 $11.9 $10.1 Tax Rate 18% 17% 21% 18% 16% Preferred Stock Dividends $8.1 $7.3 $7.3 $6.3 $5.7 Core Earnings $58.8 $51.7 $40.0 $49.6 $47.4 Diluted EPS $5.40 $4.74 $3.66 $4.52 $4.32 Core earnings and net effective spread are non-GAAP measures. For more information about the use of non-GAAP measures, please refer to the "Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures" slide within this presentation. 20 Table may not sum to total due to rounding.

$ in millions Core Earnings by Period Ended 2Q26* 1Q26 4Q25 3Q25 2Q25 Net income attributable to common stockholders $58.9 $51.8 $40.6 $48.7 $49.2 Less reconciling items: (Losses)/gains on undesignated financial derivatives due to fair value changes 0.2 (0.7) 0.4 0.9 (0.6) Gains/(losses) on hedging activities due to fair value changes 0.9 0.4 3.1 (0.1) 2.7 Unrealized (losses)/gains on trading securities 0.1 0.1 (0.1) (0.0) (0.1) Net effects of amortization of premiums/ discounts and deferred gains on assets consolidated at fair value 0.0 0.0 0.0 0.0 0.0 Net effects of terminations or net settlements on financial derivatives (1.0) 0.3 (2.7) (1.9) 0.3 Issuance costs on retirement of preferred stock - - - - - Income tax effect related to reconciling items (0.0) (0.0) (0.2) 0.2 (0.5) Sub-total 0.1 0.1 0.5 (0.9) 1.8 Core earnings $58.8 $51.7 $40.0 $49.6 $47.4 RECONCILIATION OF NET INCOME TO CORE EARNINGS 21 Core earnings and net effective spread are non-GAAP measures. For more information about the use of non-GAAP measures, please refer to the "Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures" slide within this presentation. *As of June 30, 2026. Table may not sum to total due to rounding.

RECONCILIATION OF NET INTEREST INCOME TO NET EFFECTIVE SPREAD 2Q26* 1Q26 4Q25 3Q25 2Q25 $ in millions Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield Net interest income/yield $118.1 1.24% $101.4 1.13% $104.5 1.23% $98.5 1.18% $96.8 1.20% Net effects of consolidated trusts (1.0) 0.02% (1.0) 0.02% (1.0) 0.02% (1.1) 0.02% (1.0) 0.02% Expense related to undesignated financial derivatives 0.6 0.00% 1.0 0.01% 0.2 0.00% (0.7) (0.01%) (0.2) 0.00% Amortization of premiums/discounts on assets consolidated at fair value (0.0) 0.00% (0.0) 0.00% (0.0) 0.00% (0.0) 0.00% (0.0) 0.00% Amortization of losses due to terminations or net settlements on financial derivatives 0.7 0.01% 1.0 0.01% 0.8 0.01% 1.0 0.01% 1.0 0.01% Fair value changes on fair value hedge relationships (0.9) (0.01%) (0.4) (0.01%) (3.1) (0.04%) 0.1 0.00% (2.7) (0.04%) Net effective spread $117.4 1.26% $102.0 1.16% $101.4 1.22% $97.8 1.20% $93.9 1.19% 22 Core earnings and net effective spread are non-GAAP measures. For more information about the use of non-GAAP measures, please refer to the "Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures" slide within this presentation. *As of June 30, 2026. Table may not sum to total due to rounding.

Contact Investor Relations: Jalpa Nazareth Senior Director – Investor Relations & Finance Strategy Phone: 202.872.5570 Email: jnazareth@farmermac.com

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Name of the Exchange on which a security is registered.

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