Farmer Mac Reports First Quarter 2026 Results

About this update from Federal Agricultural Mortgage Corporation

- Outstanding Business Volume of $34.8 Billion - WASHINGTON , May 5, 2026 /PRNewswire/ -- The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure, today announced its results for the fiscal quarter ended March 31, 2026. First Quarter 2026 Highlights "I'm very pleased to report that we delivered record results across the board in first quarter 2026, delivering double-digit year-over-year growth in business volume, revenue, and core earnings, as we approached $35 billion in total outstanding business volume," said Brad Nordholm, Chief Executive Officer. "Growth was broad–based and supported by strong execution and sustained customer demand, while maintaining disciplined underwriting standards. The momentum coming out of 2025 has carried into 2026, reinforcing our confidence in the outlook and the durability of our business model as we execute on our mission and support rural America." "Our diversified business model, strong capital position, and disciplined risk management position allows us to provide vital liquidity to the agricultural and rural infrastructure sectors in all economic cycles," added Mr. Nordholm. "In the context of CEO succession and my anticipated retirement, I can say with confidence that Farmer Mac has never had a stronger executive team or business momentum. I am incredibly optimistic - and confident - about Farmer Mac's future." First Quarter 2026 Income Statement Highlights First Quarter 2026 Portfolio Highlights Earnings Conference Call Information The conference call to discuss Farmer Mac's first quarter 2026 financial results will be held beginning at 4:30 p.m. eastern time on Tuesday, May 5, 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 first quarter 2026 is in Farmer Mac's Quarterly Report on Form 10-Q for the quarter ended March 31, 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 March 31, 2026, filed today with the Securities and Exchange Commission. 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 .   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:     The following table presents a reconciliation of net interest income and net yield to net effective spread for the periods indicated: 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 March 31, 2026: (988) (1,188) (1,048) (1,586) (6,347) (109) (17,886) Segment core earnings $ 25,856 $ 3,718 $ 4,467 $ 3,941 $ 5,968 $ 23,878 $ 409 $ 68,237 Reconciliation to net income: Net effects of derivatives and trading securities $ 71 Unallocated (expenses)/income (14,759) Income tax effect related to reconciling items 5,574  Net income $ 59,123 Total Assets: Total on- and off-balance sheet segment assets at principal balance $ 20,240,198 $ 2,052,309 $ 7,975,632 $ 1,690,148 $ 2,887,767 $ — $ — $ 34,846,054 Off-balance sheet assets under management (5,902,319) Unallocated assets 7,785,511 Total assets on the consolidated balance sheets $ 36,729,246 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: The following table presents the quarterly net effective spread by segment: The following table presents quarterly core earnings reconciled to net income attributable to common stockholders:   View original content to download multimedia: https://www.prnewswire.com/news-releases/farmer-mac-reports-first-quarter-2026-results-302763177.html

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