Federal Agricultural Mortgage Corporation · NYSE:AGM
Federal Agricultural Mortgage — Investor Day (March 2026)
52 slides from Federal Agricultural Mortgage's investor day presentation, Mar 18, 2026
Slide 1: Investor Day 2026
INVESTOR DAY 2026 March 18, 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 December 31, 2025, and should be read in conjunction with Farmer Mac’s Annual Report on Form 10-K filed with the SEC on February 19, 2026.
Slide 4: Brad Nordholm, Chief Executive Officer
BRAD NORDHOLM Chief Executive Officer
Slide 5: Mission-Led. Growth-Driven.
MISSION-LED. GROWTH-DRIVEN. 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 vo
Slide 6: How We Operate as a Secondary Market
HOW WE OPERATE AS A SECONDARY MARKET FARMER MAC OPERATES EXCLUSIVELY IN THE SECONDARY MARKET AND DOES NOT ORIGINATE LOANS 6
Slide 7: High-Quality Earnings & Robust Volume Growth
HIGH-QUALITY EARNINGS & ROBUST VOLUME GROWTH $40 Core Earnings Compound $240 Annual Growth Rate (CAGR) $35 12% (2018 – 2025) $220 $200 Outstanding Business Volume ($ in Billions) $30 $180 Core Earnings ($ in Millions) $183 $25 $171 $172 $160 $140 $20 $120 $124 $114 $100 $15 $101 $94 $80 $84 $10 $60
Slide 8: Resilient Revenue Growth and Outperformance
RESILIENT REVENUE GROWTH AND OUTPERFORMANCE (1) INDEXED REVENUE PERFORMANCE Farmer Mac’s revenue has consistently grown through a variety of different economic cycles, with revenue 250 6.0 growth being driven by: 5.0 200 • Strong underlying fundamentals and a resilient 4.0 business model 150 Fed Fun
Slide 9: Quality Earnings Drive Strong Shareholder Returns
(1) QUALITY EARNINGS DRIVE STRONG SHAREHOLDER RETURNS EARNINGS & SHAREHOLDER RETURN • Strong earnings growth, driven by sustained business volume growth $18.00 $16.62 $7.00 $15.65 $15.64 $16.00 $6.00 • Earnings performance has outperformed the broader $14.00 $6.00 market and meaningfully exceeded fi
Slide 10: Financial Performance Relative to S&P Indices
FINANCIAL PERFORMANCE RELATIVE TO S&P INDICES (1) • Strong earnings growth across short-, medium-, and long-term periods, with lower average volatility • Earnings growth volatility well-below the S&P 500 and the financial sector, while delivering superior growth • Valuation multiple flat-to-down des
Slide 11: Delivering on the $40 Billion Vision
DELIVERING ON THE $40 BILLION VISION $45.0 $40.0 $40.0 Outstanding Business Volume CAGR $40.0 $35.0 8% (2018 – 2025) $33.4 $29.5 $30.0 $28.5 $25.9 2019 VISION: $40 Billion in $ in Billions $25.0 $23.6 Outstanding Volume $21.9 $21.1 by Farmer Mac’s $19.7 40th Anniversary $20.0 $15.0 $10.0 $5.0 $0.0 2
Slide 12: Zack Carpenter, President and Chief Operating Officer
ZACK CARPENTER President and Chief Operating Officer
Slide 13: Build for Growth: Executing Our Strategic Vision
BUILD FOR GROWTH: EXECUTING OUR STRATEGIC VISION BROADEN OUR MARKET DEEPEN OUR MARKET Expand how we deliver liquidity Strengthen how we serve our customers • Serve new markets and customers • Elevate the customer experience • Diversify assets and products to support • Enhance capabilities for our cu
Slide 14: The Right Team to Deliver Our Vision
THE RIGHT TEAM TO DELIVER OUR VISION Business Development – Business Development – Underwriting Treasury & Balance Sheet Agricultural Finance Infrastructure Finance •Seasoned and experienced Management •Broad, nationwide relationship •Experienced expertise with underwriting team with background •Dee
Slide 15: Mission & Liquidity: Markets We Support
MISSION & LIQUIDITY Markets We Support
Slide 16: Farm & Ranch Snapshot
FARM & RANCH SNAPSHOT FARM & RANCH VOLUME TITLE OF CHART (excluding Wholesale Finance) PORTFOLIO CHARACTERISTICS • First mortgage lien on agricultural real estate $16.0 $15.3 • Highly diversified portfolio by commodity and geography $14.0 • Broad spectrum of loan terms out to 30-year maturities $ in
Slide 17: Market Perspectives: Lender Insights from the Field
MARKET PERSPECTIVES: LENDER INSIGHTS FROM THE FIELD TOP CONCERNS FACING BORROWERS TOP CONCERNS FACING FINANCIAL INSTITUTIONS Credit Quality / Ag Loan Liquidity (e.g., Working Capital) Deterioration Farm Income Levels Capital Efficiency Needs Other Inflationary Pressures Interest Rate Volatility Tota
Slide 18: Overall Farmland Leverage Much Lower Than Many
OVERALL FARMLAND LEVERAGE MUCH LOWER THAN MANY (2) MORTGAGES LTV AG MORTGAGE MARKET & RELATIVE DEBT TO ASSET RATIO 18% $450 $12.9 T ~28% 16% $400 RESIDENTIAL 14% $350 12% $300 $ in Billions 10% $250 8% $200 $ 5.8 T ~28% 6% $150 COMMERCIAL 4% $100 2% $50 0% $0 $ 0.4 T ~11% Agricultural Mortgage Marke
Slide 19: Our Vision: Realizing the Future
OUR VISION REALIZING THE FUTURE OUR VISION: FASTER EASIER EFFICIENT Submit a loan on a Monday and close on a Friday Median Days from Click to Close 100 • Accelerating the loan submission and approval process 80 • Creating intuitive and automated systems Median # Days 60 40 – Easier to submit loan ap
Slide 20: Corporate AgFinance Snapshot
CORPORATE AGFINANCE SNAPSHOT CORPORATE AGFINANCE VOLUME PORTFOLIO CHARACTERISTICS TITLE OF CHART (excluding Wholesale Finance) • Enterprise value and cash flow lending $2.0 $1.8 • Typically, floating rate loans with maturities <10 years $1.5 • Loans to processors, marketers, and manufacturing agribu
Slide 21: Substantial and Sustained Capital Investment
SUBSTANTIAL AND SUSTAINED CAPITAL INVESTMENT (3) PRODUCT INNOVATION & CHANGING CONSUMER PREFERENCES U.S. AGRIBUSINESS FINANCING MARKET OUTLOOK • Growth in private label, value-oriented offerings, alternative proteins, 82 and premium products is driving capital needs and reformulation SUPPLY CHAIN RE
Slide 22: Power & Utilities Snapshot
POWER & UTILITIES SNAPSHOT POWER & UTILITIES VOLUME PORTFOLIO CHARACTERISTICS (excluding Wholesale Finance) • Typically secured by power generation, transmission, and $5.0 distribution assets $4.0 $3.9 • Long-term, fixed-rate loans with limited-to-no prepay optionality $ in Billions $3.0 CUSTOMERS $
Slide 23: Power Demand in the U.S. Surging After Years
POWER DEMAND IN THE U.S. SURGING AFTER 20 YEARS (4) TO MEET THE EXPECTED INCREASE IN DEMAND, THE ELECTRIC POWER SECTOR IS EXPERIENCING AN UNPRECEDENTED GROWTH IN CAPITAL INVESTMENT BY 2030, ELECTRICITY CONSUMPTION COULD JUMP 20% • Data centers, electrification, and onshoring of manufacturing are dri
Slide 24: Renewable Energy Snapshot
RENEWABLE ENERGY SNAPSHOT RENEWABLE ENERGY PORTFOLIO CHARACTERISTICS $3.0 • Cash flows supported by long-term power purchase agreements $2.4 anchored by investment-grade counterparties $2.5 • Floating rate construction, tax equity bridge, permanent loans $2.0 $ in Billions • 85% solar exposure $1.5
Slide 25: U.S. Renewable Energy: Sustained Capital Investments
U.S. RENEWABLE ENERGY: SUSTAINED CAPITAL INVESTMENTS (5) ESTIMATED U.S. RENEWABLE ENERGY DEBT FINANCING: 2026 - 2030 CUMULATIVE U.S. RENEWABLE PROJECT DEBT FINANCING IS $180 ESTIMATED TO BE ~ $690 BILLION THROUGH 2030 $160 $162 NEAR-TERM DRIVER: ACCELERATING POWER DEMAND & SUPPORTIVE $149 $140 POLIC
Slide 26: Lifecycle of a Renewable Project & Farmer Mac's Participation
LIFECYCLE OF A RENEWABLE PROJECT & FARMER MAC’S PARTICIPATION PRE-FINANCING CRITERIA FOR FARMER FINANCE – FINANCE – • Land Control MAC FINANCING: CONSTRUCTION TERM-OUT • Construction-ready • Short-term Financing • Initial Financing: 5-7 Years • Permitting (development and material project documents
Slide 27: Broadband Infrastructure Snapshot
BROADBAND INFRASTRUCTURE SNAPSHOT BROADBAND INFRASTRUCTURE PORTFOLIO CHARACTERISTICS $2.0 • Loans to larger operations providing communication and data $1.5 $1.5 services to rural areas • Enterprise value and cash flow lending $ in Billions $1.0 • Maturities ~3 - 7 years $0.5 • Data Center financing
Slide 28: U.S. Data Center: Substantial & Sustained Capital Investments
U.S. DATA CENTER: SUBSTANTIAL & SUSTAINED CAPITAL INVESTMENTS (6) ESTIMATED U.S. DATA CENTER DEBT FINANCING BY CHANNEL: 2026 - 2030 ESTIMATED ~$6.7 TO $7.0 TRILLION IN GLOBAL DATA-CENTER $450 CAPITAL EXPENDITURES BY 2030 TO MEET COMPUTE DEMAND, WITH AI ACCOUNTING FOR THE MAJORITY $400 $375 • More th
Slide 29: Lifecycle of a Data Center Project & Farmer Mac's Participation
LIFECYCLE OF A DATA CENTER PROJECT & FARMER MAC’S PARTICIPATION PRE-FINANCING CRITERIA FOR FARMER FINANCE – FINANCE – • Land Acquisition MAC FINANCING: CONSTRUCTION PHASE TERM-OUT • Master Lease Commitment • Short-term Financing • Initial Financing: 5 - 7 Years • Power Attainment with Investment-Gra
Slide 30: Wholesale Finance Snapshot
WHOLESALE FINANCE SNAPSHOT WHOLESALE FINANCE PORTFOLIO CHARACTERISTICS $12.0 • Secured by diversified pools of loans that meet Farmer Mac’s 0% CAGR $11.0 underwriting standards $10.0 • Fixed or floating rate securities that support financial $ in Billions $9.0 $8.4 $8.4 institutions’ general financi
Slide 31: Delivering on the $40 Billion Vision
DELIVERING ON THE $40 BILLION VISION $45.0 2019 VISION: $40.0+ $40.0 Positioned to exceed $40 billion in assets under management ahead of our 2028 target $40.0 $35.0 Outstanding Business Volume ($ in Billions) $33.4 $29.5 $30.0 $28.5 $25.9 $25.0 $23.6 $21.9 $21.1 $19.7 $20.0 $15.0 $10.0 $5.0 $0.0 20
Slide 32: 10-Minute Break
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Slide 33: Matt Pullins, Chief Financial Officer & Treasurer
MATT PULLINS Chief Financial Officer & Treasurer
Slide 34: Diversification in an Evolving Rural Landscape
DIVERSIFICATION IN AN EVOLVING RURAL LANDSCAPE $40.0 1.80% $35.0 1.60% $33.4 $29.5 1.40% $30.0 $28.5 Outstanding Business Volume ($ in Billions) $25.9 1.20% Net Effective Spread (%) $25.0 $23.6 1.18% 1.20% $21.9 1.15% $21.1 1.00% $19.7 1.02% $20.0 0.98% 0.91% 0.91% 0.93% 0.80% $15.0 0.60% $10.0 0.40
Slide 35: High-Quality, Consistent Earnings Results
HIGH-QUALITY, CONSISTENT EARNINGS RESULTS $450 60% $410 $400 $362 50% $349 $350 $300 40% $275 $246 $ in Millions $250 27% $219 30% $200 $192 $172 29% 29% 28% 28% 27% 27% 26% $183 $150 $171 $172 20% $124 $100 $114 $94 $101 $84 10% $50 $0 0% 2018 2019 2020 2021 2022 2023 2024 2025 Revenue Core Earning
Slide 36: Our Strategic Advantage: Funding & Liquidity
OUR STRATEGIC ADVANTAGE: FUNDING & LIQUIDITY • Strong access to the capital markets with highly competitive funding levels • Proactive funding strategies are a strategic lever to drive profitability FARMER MAC’S FUNDING ADVANTAGE LIQUIDITY PORTFOLIO 200 $12.0 400 367 Spread to 5-Year US Treasury Not
Slide 37: Balanced Return-on-Capital Framework
BALANCED RETURN-ON-CAPITAL FRAMEWORK • Maintaining a strong capital foundation is essential to advancing our mission • Align earnings growth with mission, risk, and resilience End Market Risk Weight @ Targeted Risk-Adjusted Targeted Origination Gross Return on Capital Net Effective Spread Farm & Ran
Slide 38: Disciplined Portfolio Monitoring & Reporting
DISCIPLINED PORTFOLIO MONITORING & REPORTING Disciplined monitoring supports early risk identification and enables informed decisions • Risk Mitigation strategies • Capital Allocation • Portfolio Optimization Differentiated approach supports risk-adjusted returns and long-term portfolio stability FI
Slide 39: Strong Underwriting Supported by Thoughtful Credit Framework
STRONG UNDERWRITING SUPPORTED BY THOUGHTFUL CREDIT FRAMEWORK PORTFOLIO PERFORMANCE • Industry-leading credit evaluation focused on $250 $238.0 60% repayment capacity through economic market cycles • Disciplined due diligence and underwriting approach $200 50% for counterparties and loan exposures $1
Slide 40: Agricultural Lender Comparison Last Two Years
AGRICULTURAL LENDER COMPARISON LAST TWO YEARS Farmer Mac has experienced lower credit provision and charge-offs relative to peers since the beginning of 2024 CUMULATIVE CREDIT LOSS PROVISION TO AVERAGE LOANS CUMULATIVE NET CHARGE-OFF RATE (LAST 2 YEARS) (LAST 2 YEARS) 1.20% 1.20% 1.05% 0.98% 1.00% 0
Slide 41: Balanced Capital Allocation Sustainable Shareholder Value
BALANCED CAPITAL ALLOCATION SUSTAINABLE SHAREHOLDER VALUE $2,000 50% Reinvest 45% • Building capital through earnings $1,600 40% retention & reinvestment 35% Capital ($ in millions) $1,200 30% Optimize 25% • Credit risk transfer strategies • Opportunistic preferred stock issuances $800 15.4% 20% 14.
Slide 42: Zack Carpenter, President and Chief Operating Officer
ZACK CARPENTER President and Chief Operating Officer
Slide 43: Drive to Scale: Strategic Direction Through 2030
DRIVE TO SCALE: STRATEGIC DIRECTION THROUGH 2030 Accelerate Mission Operational Fortress Financial Scalable Enterprise Liquidity Excellence Focus Expertise • Strong focus on expanding • Invest strategically in • Maintain a disciplined, • Invest in talent to deepen market share leveraging infrastruct
Slide 44: Clear Targets to Drive Sustainable Growth & Returns
CLEAR TARGETS TO DRIVE SUSTAINABLE GROWTH & RETURNS BUSINESS VOLUME TARGET Outstanding Business Volume ~$50 - $55 billion ~8 to 11% CAGR 2025 - 2030 •Balanced growth across diversified, mission-aligned markets 65% - 70% Total Revenue 13% CAGR 2020 - 2025 ~10% - 12% CAGR (2025 – 2030) 65% •Supported
Slide 45: Closing Remarks
CLOSING REMARKS
Slide 46: Mission-Driven Investment Opportunity
MISSION-DRIVEN INVESTMENT OPPORTUNITY Mission-Critical Markets with Disciplined, Scalable Growth Long-Term Tailwinds • Clear path to $50+ billion in volume by • Direct exposure to agriculture and rural 2030, supported by diversified end markets infrastructure, including agriculture and and a proven
Slide 47: Q&A
Q&A
Slide 48: Farmer: Accelerating Rural Opportunities
FARMER Accelerating Rural Opportunities
Slide 49: Appendix
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Slide 50: Reconciliation of Net Income to Core Earnings
RECONCILIATION OF NET INCOME TO CORE EARNINGS Core Earnings by Period Ended $ in thousands 2025 2024 2023 2022 2021 2020 2019 2018 Net income attributable to common $182,493 $180,428 $172,838 $150,979 $111,413 $94,904 $93,650 $94,898 stockholders Less reconciling items (Losses)/gains on undesignated
Slide 51: Reconciliation of Net Interest Income to Net Effective Spread
RECONCILIATION OF NET INTEREST INCOME TO NET EFFECTIVE SPREAD 2025 2024 2023 2022 2021 2020 2019 2018 $ in thousands $ % $ % $ % $ % $ % $ % $ % $ % Net interest $390,734 1.19% $353,867 1.16% $327,547 1.15% $270,940 1.04% $221,951 0.87% $195,848 0.87% $173,135 0.87% $174,436 0.96% income/yield Net e
Slide 52: Resources
RESOURCES (1) Bloomberg. Revenue performance is indexed to 100 in 2018 to help provide a better comparison of the performance of Farmer Mac, the S&P 500, and the S&P 500 Financials Index (2) USDA ERS Farm and Wealth Statistics, February 2026; Federal Reserve Board of Governors Flow of Funds Reports;
Federal Agricultural Mortgage Corporation (Farmer Mac) — Investor Day (March 2026) on 6ix