AGM-PD · Federal Agricultural Mortgage Corporation

Farmer Mac delivered record first quarter 2026 results, driven by broad-based growth across all five business segments. Outstanding business volume reached $34.8 billion, a 17% year-over-year increase, reflecting strong customer demand and execution. Net interest income grew 11% to $101.4 million, while net effective spread increased 13% to $102.0 million, fueled by robust volume growth. Net income attributable to common stockholders was $51.8 million, or $4.75 per diluted share, up 18% year-over-year. Core earnings, a non-GAAP measure, rose 13% to $51.7 million, or $4.74 per diluted share. The company's operating efficiency ratio remained below the 30% strategic target. Management highlighted the record results and expressed confidence in the business momentum, noting the diversified business model and strong capital position. The Tier 1 Capital Ratio stood at 13.0% as of March 31, 2026, exceeding minimum requirements. The company also provided $3.4 billion in liquidity and lending capacity to rural lenders. The press release and investor presentation were furnished under Items 2.02 and 7.01, respectively, and are not deemed filed for SEC purposes.