Farmer Mac Reports Second Quarter 2026 Results

Farmer Mac Reports Second Quarter 2026 Results - Outstanding Business Volume of $37.2 Billion -

WASHINGTON, July 30, 2026 /PRNewswire/ -- 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

"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 %

Change 2

YoY %

Change 2

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

$ 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

_____________

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:

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 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:

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.

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

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

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

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

500

Class C Non-Voting, $1 par value, no maximum authorization, 9,318,708 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

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

(65)

Net effects of amortization of premiums/discounts and deferred

gains on assets consolidated at fair value (1)

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

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)

Net effects of terminations or net settlements on financial derivatives

(682)

(815)

Income tax effect related to reconciling items

(54)

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

(1)

(2)

(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.

(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 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)

(0.05)

(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)

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

(0.06)

(0.08)

Income tax effect related to reconciling items

—

(0.04)

(0.01)

—

Sub-total

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)

(0.05)

(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)

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

0.16

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

—

(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

Yield

Dollars

Yield

Dollars

Yield

Dollars

Yield

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)

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

1,000

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

5,897

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

(66)

(4)

(65)

(83)

(87)

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

(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

SOURCE Farmer Mac