Farmer Mac Reports Second Quarter 2026 Results

About this update from Federal Agricultural Mortgage Corporation

- Outstanding Business Volume of $37.2 Billion - WASHINGTON, July 30, 2026 /PRNewswire/ -- The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A) today announced its results for the fiscal quarter ended June 30, 2026. Second Quarter 2026 Highlights "Farmer Mac delivered record second quarter results, with business volume, revenue, and core earnings all reaching all-time highs, a testament to the strength of our mission-driven franchise and the disciplined execution of our strategy across every part of our business," said Zachary Carpenter, President and Chief Executive Officer. "Broad-based volume growth carried us past $37 billion in outstanding business volume, reinforcing our role as a vital source of liquidity for American agriculture and rural infrastructure. We also strengthened our already robust capital base through a successful preferred stock issuance and maintained our expense efficiency ratio below our 30% strategic target, while continuing to invest for future growth." "Our commitment to innovation reached an important milestone this week with the launch of Farmer Mac Loan Exchange, or FLX, our new Farm & Ranch loan platform, a significant step in modernizing our technology to deliver liquidity more efficiently and at scale, and a strong example of the innovation that will continue to differentiate Farmer Mac and transform the agricultural mortgage market," Mr. Carpenter continued. "As we look to the balance of 2026, we remain well positioned to navigate an evolving macro environment through our diversified portfolio, strong capital position, and disciplined underwriting. We are excited about the significant opportunities ahead and remain focused on deepening our impact in the markets we serve while delivering durable, high-quality earnings and long-term value for our shareholders." Second Quarter 2026 Income Statement Highlights Second Quarter 2026 Portfolio Highlights Earnings Conference Call Information The conference call to discuss Farmer Mac's second quarter 2026 financial results will be held beginning at 4:30 p.m. eastern time on Thursday, July 30, 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 second quarter 2026 is in Farmer Mac's Quarterly Report on Form 10-Q for the quarter ended June 30, 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 June 30, 2026, filed today with the SEC. 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:

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