Federal Agricultural Mortgage Corporation · NYSE:AGM
Federal Agricultural Mortgage — Debt Investor Presentation (2026)
31 slides from Federal Agricultural Mortgage's debt investor presentation, 2026
Slide 1: Debt Investor Presentation Second Quarter 2026
DEBT INVESTOR PRESENTATION Second Quarter 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 regarding Farmer Mac's plans, objectives, expectations, beliefs, intentions, futu
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-Generally Accepted Accounting Principles (GAAP) Financial Measures This Presentation includes certain non-GAAP financial measures, including core earnings, core earnings per share, and net effective spread. Farmer Mac uses these measures to evaluate its economic performance, transaction e
Slide 4: A Mission Driven Company
A MISSION DRIVEN COMPANY Farmer Mac initially chartered as a GSE to create a secondary market Charter Amendment: Charter Amendment: for agricultural loans. Direct Loan Purchases Rural Infrastructure Loans 1988 1990 1996 1999 2008 TODAY Charter Amendment: Listed on NYSE With outstanding business volu
Slide 5: Mission Focused
MISSION FOCUSED Strengthen Lower Increase Our Corporate Culture Rural America Financing Costs Access to Credit Is Rooted in Our Values • Farmer Mac is a publicly • Farmer Mac increases the • Farmer Mac provides a • Innovation traded company driven by accessibility of financing secondary market to a
Slide 6: Competitive Landscape
COMPETITIVE LANDSCAPE Farm Credit System (FCS) $368 BILLION Non-FCS Agricultural Lenders (Cooperative GSE) Four FCS Banks Mortgage Financing Mortgage Financing Insurance Companies 55 Retail Agricultural Ag Banks Agricultural Credit Associations Non-Bank Lenders Mortgage Market (FCS Secondary Market
Slide 7: How We Operate as a Secondary Market
HOW WE OPERATE AS A SECONDARY MARKET Unique, mission-driven operating model Our Operating Model directly supports American agriculture and rural infrastructure Nationwide secondary market provider across diverse markets, including agriculture, agribusinesses, broadband infrastructure, power and util
Slide 8: Segment Overview
SEGMENT OVERVIEW Q2 Net Q2 Risk Adjusted % of YoY Business Effective Gross Return on Outstanding Segment Customer / Market Volume Volume* Spread Allocated Capital Volume Growth (%)** (%) Traditional agricultural real estate Farm & Ranch $22.0 billion mortgage liquidity and wholesale 1.01% 28% 21% fi
Slide 9: Agricultural Finance Loan Portfolio Diversification
AGRICULTURAL FINANCE LOAN PORTFOLIO DIVERSIFICATION AGRICULTURAL UPDATE* • USDA’s Economic Research Service estimates $158.5 billion in net cash incomes in 2026, an increase from the forecasted 2025 and actual 2024 incomes. Permanent Southeast Northwest Plantings 12% 11% 18% Livestock 21% Northeast
Slide 10: Farmer Mac Uses Proven, Rigorous Underwriting
FARMER MAC USES PROVEN, RIGOROUS UNDERWRITING Industry-Leading Credits Are Less Likely Losses Less Likely Credit Requirements To Default Even in Default • Total debt coverage ratio of at least • Not a “lender of last resort” • Average portfolio LTV of 52% as 1.25x of June 30, 2026 • Focus on repayme
Slide 11: Credit Consistently Outperforms
CREDIT CONSISTENTLY OUTPERFORMS Peer Analysis: Charge-Offs All Commercial Bank Loans and Leases Average: Farm Credit System Average: Banks Average: Farmer Mac Average: 0.88%* 0.09% 0.27% 0.02% AGRICULTURAL LENDER CHARGE-OFF RATES 1.00% 0.90% Charge-offs as % of Assets 0.80% 0.70% 0.60% 0.50% 0.40% 0
Slide 12: Credit Expenses Reflect Asset-Level Risks
CREDIT EXPENSES REFLECT ASSET - LEVEL RISKS Credit provisions were primarily related to new PROVISION FOR LOSSES volume growth and portfolio credit migration $18 $16.0 $16 Increase in allowance for losses reflects cumulative $14 $ in millions impact of portfolio growth $12 $10 $7.7 $7.5 Total nonacc
Slide 13: Strong Capital Base Supporting Our Growth
STRONG CAPITAL BASE SUPPORTING OUR GROWTH Capital levels remain well in excess of regulatory CAPITAL thresholds • Exceeds statutory minimum requirements by 64% $2,000 25.0% $1,873 Capital allocation commitment: Reinvest, optimize, return • Book value growth driven by reinvested earnings $1,800 21.0%
Slide 14: Farmer Mac's Financial Strengths
FARMER MAC’S FINANCIAL STRENGTHS Capital Surplus Quality Assets Liquidity • Core capital $1.9 billion, 64% above the • 90-day delinquencies of only 0.37% • $8.2 billion liquidity portfolio on June 30, statutory minimum capital across all lines of business 2026 • Tier 1 capital ratio of 13.2%* • Cumu
Slide 15: Farmer Mac Compared to Farm Credit Banks
FARMER MAC COMPARED TO FARM CREDIT BANKS FARMER MAC FARM CREDIT BANKS Provides secondary market for agricultural and Provides primary market for primarily agricultural and Market rural infrastructure loans Market rural housing loans Farmer Mac funds our business through dealers in Farm Credit Fundin
Slide 16: Liquidity - Investment Portfolio
LIQUIDITY - INVESTMENT PORTFOLIO Farmer Mac maintains an investment portfolio to LIQUIDITY PORTFOLIO* provide back-up source of liquidity in excess of regulatory requirements Guaranteed By GSEs and U.S. Gov't Agencies • Minimum of 90 days of liquidity required by regulation 87% $8.2 billion investme
Slide 17: 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 desig
Slide 18: Farmer Mac Funding Program Overview
FARMER MAC FUNDING PROGRAM OVERVIEW Finance asset purchases Farmer Mac’s debt securities may carry with proceeds of debt issuances privileges for certain holders • 30 approved dealers • Farmer Mac debentures are eligible securities for the Federal Reserve’s standing repo facility • Funding effective
Slide 19: Farmer Mac Medium-Term Note Program
FARMER MAC MEDIUM - TERM NOTE PROGRAM Postings Reverse Inquiry Auction Structures, sizes, and coupons are sent to Dealer/investor request structure and sizes; Auction time, structures, and sizes sent to dealer Description dealer group; sizes are updated until offerings Farmer Mac strives to fulfill
Slide 20: Farmer Mac Discount Note Program
FARMER MAC DISCOUNT NOTE PROGRAM Window Reverse Inquiry Auction Structures, sizes, and discount rates are sent Dealer/investor request structure and sizes; Auction time, structures, and sizes sent to dealer to dealer group and posted on Bloomberg Farmer Mac strives to fulfill each request. group; lo
Slide 21: Farmer Mac Debt Outstanding
FARMER MAC DEBT OUTSTANDING $34.8 $35.0 $2.1 $30.9 $30.0 $2.6 $27.6 $26.6 $25.0 $2.2 $25.0 $1.8 $22.8 $0.6 $21.8 $2.2 $ in billions $19.1 $1.8 $20.0 $2.2 $15.0 $10.0 $5.0 $16.9 $20.0 $20.6 $24.4 $24.8 $25.4 $28.3 $32.7 $0.0 2019 2020 2021 2022 2023 2024 2025 2Q26 Medium-Term Notes Discount Notes 21
Slide 22: Why Buy Farmer Mac Debt?
WHY BUY FARMER MAC DEBT? Privileges to Response to Credit Diversification Certain Holders Investor Needs Quality • Banks receive 20% risk • Our issuance desk is • Investing in Farmer Mac • Farmer Mac maintains weighting on debt, receptive to reverse debt can help investors high credit quality in its
Slide 23: Appendix
APPENDIX
Slide 24: Agricultural Mortgage-Backed Securities Opportunity
AGRICULTURAL MORTGAGE - BACKED SECURITIES OPPORTUNITY FARM Securitization Program exemplifies Farmer Mac’s core mission to lower costs for borrowers and improve credit availability in rural America, while transforming the agricultural mortgage market industry with new efficiencies Building upon the
Slide 25: FARM Securitization Collateral Comparison
FARM SECURITIZATION COLLATERAL COMPARISON Summary Stratifications FARM 2025-2 FARM 2025-1 FARM 2024-2 FARM 2024-1 FARM 2023-1 FARM 2022-1 FARM 2021-1 Number of Loans 343 350 450 443 408 450 384 Aggregate Original Principal Balance $316,818,115 $303,752,169 $333,180,875 $319,217,162 $295,304,891 $306
Slide 26: Key Company Metrics
KEY COMPANY METRICS $ in thousands, except per share amounts 2026 YTD 2025 2024 2023 2022 2021 Core Earnings $110,507 $182,949 $171,630 $171,156 $124,314 $113,570 Core Earnings per Diluted Share $10.14 $16.66 $15.64 $15.65 $11.42 $10.47 Net Effective Spread ($) $219,471 $383,041 $339,564 $326,980 $2
Slide 27: Balance Sheet Summary
BALANCE SHEET SUMMARY Quarter-over-Quarter Variance Year-over-Year Variance 2Q26 1Q26 2Q25 $ in billions (except per share amounts) $ % $ % 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.
Slide 28: Reconciliation of Net Income to Core Earnings
RECONCILIATION OF NET INCOME TO CORE EARNINGS Core Earnings by Period Ended 2Q26* $ in millions 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 0.2 (0.7) 0.4 0.9
Slide 29: 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 30: Debt Investor Relations Contacts
Debt Investor Relations Contacts: Robert Owens Joseph Loftus Senior Director – Fixed Income Strategy Senior Analyst – Fixed Income Strategy Office: 202.872.5561 Office: 202.872.5561 Cell: 202.557.6842 Cell: 202.579.0540 Email: rowens@farmermac.com Email: jloftus@farmermac.com Visit our Bloomberg pag
Slide 31: Farmer Mac - Accelerating Rural Opportunities
FARMER Accelerating Rural Opportunities’
Federal Agricultural Mortgage Corporation (Farmer Mac) — Debt Investor Presentation (2026) on 6ix