Federal Agricultural Mortgage Corporation · NYSE:AGM
Federal Agricultural Mortgage — Q4 2025 Earnings Presentation
25 slides from Federal Agricultural Mortgage's earnings presentation, Feb 19, 2026
Slide 1: Equity Investor Presentation Fourth Quarter 2025
Equity Investor Presentation Fourth Quarter 2025
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: Farmer Mac at a Glance
FARMER MAC AT A GLANCE (NYSE: AGM) Key Highlights Outstanding Business Volume by Segment** Market Capitalization ~$2 billion 10-Year Revenue CAGR* 12% $19.6 billion $2.0 billion Farm Corporate 10-Year Outstanding & Ranch AgFinance Business Volume 8% CAGR* 10-Year Core Earnings per Diluted 15% Share
Slide 5: A Mission-Driven Company
A MISSION-DRIVEN COMPANY 1988 1996 2008 Farmer Mac initially chartered as a GSE Charter Amendment: Charter Amendment: to create a secondary market for direct loan purchases rural infrastructure loans agricultural loans. 1990 1999 TODAY Charter Amendment: Listed on NYSE With outstanding USDA guarante
Slide 6: How We Operate as a Secondary Market
HOW WE OPERATE AS A SECONDARY MARKET Unique, Mission-Driven Operating Model directly Our Operating Model supports American agriculture and rural infrastructure Nationwide secondary market provider across diverse markets, including agriculture, agribusinesses, broadband infrastructure, power and util
Slide 7: Strong, Diversified Volume Growth, Positive Spread Expansion
STRONG, DIVERSIFIED VOLUME GROWTH POSITIVE SPREAD EXPANSION $35.0 $33.4 1.40% $29.5 $30.0 $28.5 1.20% $25.9 1.18% 1.20% $25.0 $23.6 1.15% Net Effective Spread (%) $21.9 1.00% 1.02% 0.98% $ in Billions $20.0 0.93% 0.80% $15.0 0.60% $10.0 0.40% $5.0 0.20% $0.0 0.00% 2020 2021 2022 2023 2024 2025 Farm
Slide 8: Segment Overview
SEGMENT OVERVIEW* % OF Q4 NET Q4 Risk Adjusted YOY BUSINESS CUSTOMER / OUTSTANDING SEGMENT EFFECTIVE Gross Return on VOLUME VOLUME* MARKET VOLUME SPREAD (%)** Allocated Capital (%) GROWTH Traditional agricultural real estate Farm & Ranch $19.6 billion mortgage liquidity and wholesale 1.06% 27% 5% fi
Slide 9: High-Quality Core Earnings
HIGH-QUALITY CORE EARNINGS Core Earnings in Relation to Pre-Tax Credit Costs 1.80% $182.9 $171.2 $171.6 1.60% $170.0 1.40% $124.3 $120.0 $113.6 1.20% 1.18% 1.20% $100.6 1.15% $ in millions 1.00% 1.02% 0.98% 0.93% $70.0 0.80% 0.60% $20.0 0.40% 0.20% (30.0) 0.00% 2020 2021 2022 2023 2024 2025 Pre-Tax
Slide 10: Strong Underwriting Supported by Thoughtful Credit Framework
STRONG UNDERWRITING SUPPORTED BY THOUGHTFUL CREDIT FRAMEWORK Industry-leading credit evaluation focused Portfolio Performance on repayment capacity through economic $250 $238.0 40% cycles 35% $200 28% 30% Disciplined due diligence and underwriting $168.9 approach for counterparties and loan $150 22%
Slide 11: Agricultural Finance Loan Portfolio Diversification
AGRICULTURAL FINANCE LOAN PORTFOLIO DIVERSIFICATION By Commodity Type* By Geographic Region* Agricultural Storage & Processing 7% Part-Time Farm Northeast Southeast Northwest 3% 4% 12% 11% Livestock 21% Southwest 27% $14.0B Crops 50% Mid-South 20% $14.0B Permanent Plantings 19% Mid-North 26% Agricul
Slide 12: Loan Portfolio Risk Profile by Line of Business
LOAN PORTFOLIO RISK PROFILE BY LINE OF BUSINESS* Agricultural Finance Loan Portfolio Infrastructure Finance Loan Portfolio Special Substandard Substandard Mention Special 1% 3% 1% Mention 5% $14.0B $7.9B Acceptable Acceptable 92% 98% * As of December 31, 2025. Special mention assets generally have p
Slide 13: Liquidity - Investment Portfolio
LIQUIDITY- INVESTMENT PORTFOLIO Farmer Mac maintains an investment portfolio Liquidity Portfolio* to provide back-up source of liquidity in excess of regulatory requirements • Minimum of 90 days of liquidity required by regulation Guaranteed By GSEs and U.S. $7.8 billion investment portfolio on Dece
Slide 14: Funding
FUNDING • Finance asset purchases with proceeds of debt issuances: – 30 dealers – Match-funding provides for stable net effective spread and immaterial interest rate risk • Farmer Mac’s debt securities carry privileges for certain holders: – 20% capital risk weighting – Eligible collateral for Fed a
Slide 15: Strong Capital Base Supporting Growth
STRONG CAPITAL BASE SUPPORTING GROWTH $2,000 30.0% Consistent and strong earnings contribute to a robust capital base, further supporting future $1,706 volume growth and shareholder returns 25.0% $1,600 $1,501 $1,452 Opportunistic access to low -cost Preferred $1,323 20.0% Stock has strengthened Tie
Slide 16: Quality Earnings Drive Strong Shareholder Returns
QUALITY EARNINGS DRIVE STRONG SHAREHOLDER RETURNS $80 $78 100% Strong earnings and consistent capital position support continued dividend growth $70 90% • 2026 marks the 15th consecutive year of $61 80% increased quarterly dividends for Farmer Mac $60 70% Core Earnings Payout Ratio (%) $50 $48 Farme
Slide 17: Key Takeaways
KEY Investment Highlights TAKEAWAYS Market Capitalization ~$2 Billion Unique, mission-driven operating model directly supports 10-Year Revenue CAGR* 12% American agriculture and rural infrastructure 10-Year Outstanding 8% Business Volume CAGR* Nationwide secondary market provider across diverse mark
Slide 18: Contact Investor Relations
CONTACT INVESTOR RELATIONS Jalpa Nazareth Senior Director – Investor Relations & Finance Strategy Phone: (202) 872-5570 Email: jnazareth@farmermac.com
Slide 19: Appendix
APPENDIX
Slide 20: Key Company Metrics
KEY COMPANY METRICS* 2025 2024 2023 2022 2021 2020 ($ in thousands, except per share amounts) Core Earnings $182,949 $171,630 $171,156 $124,314 $113,570 $100,612 Core Earnings per Diluted Share $16.66 $15.64 $15.65 $11.42 $10.47 $9.33 Net Effective Spread ($) $383,041 $339,564 $326,980 $255,529 $220
Slide 21: Equity Capital Structure
EQUITY CAPITAL STRUCTURE As of December 31, 2025 Summary Stratifications NYSE Ticker Dividend Yield Shares Outstanding CLASS A VOTING COMMON STOCK AGM.A 4.53%* 1.0 million • Ownership restricted to non-Farm Credit System financial institutions COMMON CLASS B VOTING COMMON STOCK – – 0.5 million STOCK
Slide 22: 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 23: Reconciliation of Net Income to Core Earnings
RECONCILIATION OF NET INCOME TO CORE EARNINGS As of December 31, 2025 Core Earnings by Period Ended $ in thousands 2025 2024 2023 2022 2021 2020 Net income attributable to common stockholders $182,493 $180,428 $172,838 $150,979 $111,413 $89,176 Less reconciling items (Losses)/gains on undesignated f
Slide 24: Reconciliation of Net Interest Income to Net Effective Spread
RECONCILIATION OF NET INTEREST INCOME TO NET EFFECTIVE SPREAD As of December 31, 2025 2025 2024 2023 2022 2021 2020 $ in thousands Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield Net interest income/yield $390,734 1.19% $353,867 1.16% $327,547 1.15% $270,940 1.04%
Slide 25: Farmer Mac
FARMER MAC
Federal Agricultural Mortgage — Q4 2025 Earnings Presentation on 6ix