Federal Agricultural Mortgage Corporation · NYSE:AGM
Federal Agricultural Mortgage — Q2 2026 Earnings Presentation
23 slides from Federal Agricultural Mortgage's earnings presentation, Jul 30, 2026
Slide 1: Second Quarter 2026 Presentation
SECOND QUARTER 2026 PRESENTATION June 30, 2026
Slide 2: Forward-Looking Statements
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 ot
Slide 3: Use of Non-GAAP Financial Measures
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 th
Slide 4: Farmer Mac Key Highlights
FARMER MAC KEY Accelerating Rural Opportunities H IG H L | G H TS
Slide 5: Key Second Quarter 2026 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 r
Slide 6: Outstanding Business Volume
OUTSTANDING BUSINESS VOLUME
Slide 7: Supporting Growing Liquidity Needs Across a Dynamic Rural Economy
$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 Po
Slide 8: Quarterly Volume Growth: Agricultural Finance
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 stre
Slide 9: Quarterly Volume Growth: Infrastructure Finance
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 $
Slide 10: Farmer Mac Financial Highlights
FARMER MAC } FINANCIAL Accelerating Rural Opportunities H IG H LIG HTS
Slide 11: High-Quality, Consistent Revenue and Earnings Results
$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, C
Slide 12: Balance Sheet Summary
$ 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.
Slide 13: Funding Levels and Interest Rate Sensitivity
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
Slide 14: Operating Expenses and Disciplined Operating Efficiency
• 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 recognit
Slide 15: Loan Portfolio Credit Quality
• 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 $65
Slide 16: Credit Expenses Reflect Asset-Level Risks
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 d
Slide 17: Strong Capital Base Supporting Our Growth
• 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 Ser
Slide 18: Liquidity Portfolio & Days of Liquidity
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
Slide 19: Farmer Mac Appendix
FARMER MAC APPENDIX Accelerating Rural Opportunities
Slide 20: Quarterly Non-GAAP Performance
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 $1
Slide 21: Reconciliation of Net Income to Core Earnings
$ 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
Slide 22: Reconciliation of Net Interest Income to Net Effective Spread
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
Slide 23: Contact Investor Relations
Contact Investor Relations: Jalpa Nazareth Senior Director – Investor Relations & Finance Strategy Phone: 202.872.5570 Email: jnazareth@farmermac.com
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