ﾌｪﾃﾞﾗﾙｱｸﾞﾘｶﾙﾁｭｱﾙﾓｰｹﾞｰｼﾞCの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 9, 2025

FEDERAL AGRICULTURAL MORTGAGE CORPORATION

(Exact name of registrant as specified in its charter)

Federally chartered instrumentality

of the United States

001-14951

52-1578738

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer Identification No.)

2100 Pennsylvania Avenue, N.W., Suite 450N,

20037

Washington,

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s telephone number, including area code (202) 872-7700

No change

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Exchange on which registered

Class A voting common stock

AGM.A

New York Stock Exchange

Class C non-voting common stock

AGM

New York Stock Exchange

5.700% Non-Cumulative Preferred Stock, Series D

AGM.PRD

New York Stock Exchange

5.750% Non-Cumulative Preferred Stock, Series E

AGM.PRE

New York Stock Exchange

5.250% Non-Cumulative Preferred Stock, Series F

AGM.PRF

New York Stock Exchange

4.875% Non-Cumulative Preferred Stock, Series G

AGM.PRG

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 9, 2025, the Federal Agricultural Mortgage Corporation (“Farmer Mac”) issued a press release to announce (1) its financial results for the quarterly period ended March 31, 2025 and (2) a conference call to discuss those results and Farmer Mac’s Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2025. A copy of the press release is attached as Exhibit 99.1 and is incorporated by reference into this report. All references to www.farmermac.com in Exhibit 99.1 are inactive textual references only, and the information contained on that website is not incorporated by reference into this report.

The information furnished in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that Section, nor will any of such information or Exhibit be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended (“Securities Act”), except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

On May 9, 2025, Farmer Mac posted an investor slide presentation for equity investors to its website at www.farmermac.com under the tab “Investors — Events and Presentations.” Farmer Mac expects to use the slide presentation in connection with future investor presentations to analysts and investors. The slide presentation is attached as Exhibit 99.2 and is incorporated by reference into this report. All references to www.farmermac.com in Exhibit 99.2 are inactive textual references only, and the information contained on that website is not incorporated by reference into this report.

The information furnished in this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, nor will any of such information or Exhibit be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release dated May 9, 2025

99.2 Equity investor slide presentation

104 Cover Page Inline Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document included as Exhibit 101

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION

By: /s/ Stephen P. Mullery

Name: Stephen P. Mullery

Title: Executive Vice President – General Counsel

Dated: May 9, 2025

EX-99.1 2 a2025q1pressrelease.htm EX-99.1 Document

Farmer Mac Reports First Quarter 2025 Results

- Outstanding Business Volume of $29.8 Billion -

WASHINGTON, D.C., May 9, 2025 — 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, 2025.

"I'm pleased to report that we delivered another outstanding quarter, surpassing previous records in revenue, net effective spread, and core earnings," said Brad Nordholm, President and Chief Executive Officer. "Our first quarter results reflect the strength of our long-term growth strategy and provide a solid foundation to navigate market volatility and evolving credit conditions. Our resilient business model—anchored by diversified revenue streams, a strong capital position, reliable access to markets, and disciplined asset-liability management—not only sets us apart but also enables us to stay focused on our mission while enhancing long-term shareholder returns."

First Quarter 2025

•Provided $1.8 billion in liquidity and lending capacity to lenders serving rural America

•Net interest income grew 5% year-over-year to $90.9 million

•Net effective spread1 increased 8% from the prior-year period to a record $90.0 million

•Net income attributable to common stockholders was $44.0 million

•Record core earnings1 of $46.0 million, or $4.19 per diluted common share, reflecting 6% growth year-over-year

•Maintained strong capital position with total core capital of $1.5 billion, exceeding the statutory requirement by 65% and a Tier 1 Capital Ratio of 13.9% as of March 31, 2025

•As of March 31, 2025, Farmer Mac had 289 days of liquidity


$ in thousands, except per share amounts	Quarter Ended
	March 31, 2025	December 31, 2024	March 31, 2024	Sequential % Change	YoY % Change
Net Change in Business Volume	$232,313	$1,054,727	$376,206	N/A	N/A
Net Interest Income (GAAP)	$90,939	$93,368	$86,368	(3)%	5%
Net Effective Spread (Non-GAAP)	$89,990	$87,528	$83,044	3%	8%
Diluted EPS (GAAP)	$4.01	$4.63	$4.28	(13)%	(6)%
Core EPS (Non-GAAP)	$4.19	$3.97	$3.96	6%	6%

1 Non-GAAP Measure

Earnings Conference Call Information

The conference call to discuss Farmer Mac's first quarter 2025 financial results will be held beginning at 8:30 a.m. eastern time on Friday, May 9, 2025, and can be accessed by telephone or live webcast as follows:

Telephone (Domestic): (800) 836-8184

Telephone (International): (646) 357-8785

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 2025 is in Farmer Mac's

Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed today with the SEC.

Use of Non-GAAP Measures

In the accompanying analysis of its financial information, Farmer Mac uses "non-GAAP measures," which are measures of financial performance that are not presented in accordance with GAAP. Specifically, Farmer Mac uses the following non-GAAP measures: "core earnings," "core earnings per share," and "net effective spread." Farmer Mac uses these non-GAAP measures to measure corporate economic performance and develop financial plans because, in management's view, they are useful alternative measures in understanding Farmer Mac's economic performance, transaction economics, and business trends. The non-GAAP financial measures that Farmer Mac uses may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of these 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 share (non-GAAP measures) and net income attributable to common stockholders and earnings per common share (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 Farmer Mac's financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Another difference is that 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 Farmer Mac's core business. For example, in third quarter 2024, we excluded the loss on the retirement of the Series C Preferred Stock from core earnings and core earnings per share, which is consistent with Farmer Mac's historical treatment of any losses on the retirement of preferred stock.

Net Effective Spread

Farmer Mac uses net effective spread to measure the net spread Farmer Mac earns between its interest-earning assets and the related net funding costs of those assets. As further explained below, net effective spread differs from net interest income and net interest yield by excluding certain items from net interest income and net interest yield and including certain other items that net interest income and net interest yield do not contain.

Farmer Mac excludes from net effective spread the interest income and interest expense associated with the consolidated trusts and the average balance of the loans underlying these trusts to reflect management's view that the net interest income Farmer Mac earns on the related Farmer Mac Guaranteed Securities owned by third parties is effectively a guarantee fee. Accordingly, the excluded interest income and interest expense associated with consolidated trusts is reclassified to guarantee and commitment fees in determining Farmer Mac's core earnings. Farmer Mac also excludes from net effective spread the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships because they are not expected to have an economic effect on Farmer Mac's financial performance, as we expect to hold the financial derivatives and corresponding hedged items to maturity.

Net effective spread also differs from net interest income and net interest yield because it includes the accrual of income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge accounting relationships ("undesignated financial derivatives"). Farmer Mac uses interest rate swaps to manage its interest rate risk exposure by synthetically modifying the interest rate reset or maturity characteristics of certain assets and liabilities. The accrual of the contractual amounts due on interest rate swaps designated in hedge accounting relationships is included as an adjustment to the yield or cost of the hedged item and is included in net interest income. For undesignated financial derivatives, Farmer Mac records the income or expense related to the accrual of the contractual amounts due in "(Losses)/gains on financial derivatives" on the consolidated statements of operations. However, the accrual of the contractual amounts due for undesignated financial derivatives are included in Farmer Mac's calculation of net effective spread.

Net effective spread also differs from net interest income and net interest yield because it includes the net effects of terminations or net settlements on financial derivatives, which consist of: (1) the net effects of cash settlements on agency forward contracts on the debt of other GSEs and U.S. Treasury security futures that we use as short-term economic hedges on the issuance of debt; and (2) the net effects of initial cash payments that Farmer Mac receives upon the inception of certain swaps. The inclusion of these items in net effective spread is intended to reflect our view of the complete net spread between an asset and all of its related funding, including any associated derivatives, whether or not they are designated in a hedge accounting relationship.

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 Annual Report on Form 10-K for the year ended December 31, 2024, filed February 21, 2025 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 Farmer Mac's actual results to differ materially from the expectations as expressed or implied by the forward-looking statements in this release, including uncertainties about:

•the availability to Farmer Mac of debt and equity financing and, if available, the reasonableness of rates and terms;

•legislative, regulatory, or political developments that could affect Farmer Mac, its sources of business, or agricultural or infrastructure industries;

•fluctuations in the fair value of assets held by Farmer Mac and its subsidiaries;

•the level of lender interest in Farmer Mac's products and the secondary market provided by Farmer Mac;

•the general rate of growth in agricultural mortgage and infrastructure indebtedness;

•the effect of economic conditions stemming from disruptive global events or otherwise on agricultural mortgage or infrastructure lending, borrower repayment capacity, or collateral values, including inflation, fluctuations in interest rates, changes in U.S. trade policies (including tariffs and trade restrictions), fluctuations in export demand for U.S. agricultural products and foreign currency exchange rates, supply chain disruptions, increases in input costs, labor availability, and volatility in commodity prices;

•the degree to which Farmer Mac is exposed to interest rate risk resulting from fluctuations in Farmer Mac's borrowing costs relative to market indexes;

•developments in the financial markets, including possible investor, analyst, and rating agency reactions to events involving government-sponsored enterprises, including Farmer Mac;

•the effects of the Federal Reserve’s efforts to achieve monetary policy normalization to respond to inflation and employment levels; and

•other factors that could hinder agricultural mortgage lending or borrower repayment capacity, including the effects of severe weather, flooding and drought, or fluctuations in agricultural real estate values.

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, 2024, filed with the SEC on February 21, 2025. 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. Our secondary market 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 (including the Annual Report on Form 10-K referenced above) is available on our website at www.farmermac.com.

CONTACT: Jalpa Nazareth, Investor Relations

Lisa Meyer, Media Inquiries

(202) 872-7700

* * * *

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)


	As of
	March 31, 2025		December 31, 2024
	(in thousands)
Assets:
Cash and cash equivalents (includes restricted cash of $16,346 and $16,190, respectively)	$	1,048,135	$	1,024,007
Investment securities:
Available-for-sale, at fair value (amortized cost of $6,329,188 and $6,105,116, respectively)	6,230,080		5,953,014
Held-to-maturity, at amortized cost	9,125		9,270
Other investments	13,281		11,017
Total Investment Securities	6,252,486		5,973,301
Farmer Mac Guaranteed Securities:
Available-for-sale, at fair value (amortized cost of $5,859,630 and $5,835,658, respectively)	5,623,384		5,514,546
Held-to-maturity, at amortized cost	2,451,407		2,717,688
Total Farmer Mac Guaranteed Securities	8,074,791		8,232,234
USDA Securities:
Trading, at fair value	651		818
Held-to-maturity, at amortized cost	2,376,690		2,370,534
Total USDA Securities	2,377,341		2,371,352
Loans:
Loans held for sale, at lower of cost or fair value	6,045		6,170
Loans held for investment, at amortized cost	11,636,815		11,183,408
Loans held for investment in consolidated trusts, at amortized cost	2,005,680		2,038,283
Allowance for losses	(25,056)		(23,223)
Total loans, net of allowance	13,623,484		13,204,638

Financial derivatives, at fair value	27,867		27,789
Accrued interest receivable (includes $16,524 and $28,563, respectively, related to consolidated trusts)	262,809		310,592
Guarantee and commitment fees receivable	49,888		50,499
Deferred tax asset, net	—		1,544
Prepaid expenses and other assets	87,138		128,786
Total Assets	$	31,803,939	$	31,324,742

Liabilities and Equity:
Liabilities:


Notes payable	$	27,975,196	$	27,371,174
Debt securities of consolidated trusts held by third parties	1,894,920		1,929,628
Financial derivatives, at fair value	63,389		77,326
Accrued interest payable (includes $9,281 and $12,387, respectively, related to consolidated trusts)	221,954		195,113
Guarantee and commitment obligation	47,679		48,326
Accounts payable and accrued expenses	71,232		212,527
Deferred tax liability, net	2,402		—
Reserve for losses	1,521		1,622
Total Liabilities	30,278,293		29,835,716
Commitments and Contingencies
Equity:
Preferred stock:
Series D, par value $25 per share, 4,000,000 shares authorized, issued and outstanding	96,659		96,659
Series E, par value $25 per share, 3,180,000 shares authorized, issued and outstanding	77,003		77,003
Series F, par value $25 per share, 4,800,000 shares authorized, issued and outstanding	116,160		116,160
Series G, par value $25 per share, 5,000,000 shares authorized, issued and outstanding	121,327		121,327
Common stock:
Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding	1,031		1,031
Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding	500		500
Class C Non-Voting, $1 par value, no maximum authorization, 9,401,649 shares and 9,360,083 shares outstanding, respectively	9,402		9,360
Additional paid-in capital	134,500		135,894
Accumulated other comprehensive loss, net of tax	(1,808)		(12,147)
Retained earnings	970,872		943,239
Total Equity	1,525,646		1,489,026
Total Liabilities and Equity	$	31,803,939	$	31,324,742

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


	For the Three Months Ended
	March 31, 2025		March 31, 2024
	(in thousands, except per share amounts)
Interest income:
Investments and cash equivalents	$	83,308	$	84,924
Farmer Mac Guaranteed Securities and USDA Securities	126,342		166,813
Loans	171,764		144,580
Total interest income	381,414		396,317
Total interest expense	290,475		309,949
Net interest income	90,939		86,368
(Provision for)/release of losses	(1,684)		1,801
Net interest income after (provision for)/release of losses	89,255		88,169
Non-interest income/(expense):
Guarantee and commitment fees	4,479		3,917
(Losses)/gains on financial derivatives	(2,636)		2,079


Release of reserve for losses	101		69
Other income	1,436		1,249
Non-interest income	3,380		7,314
Operating expenses:
Compensation and employee benefits	17,752		18,257
General and administrative	10,758		8,255
Regulatory fees	1,000		725

Operating expenses	29,510		27,237
Income before income taxes	63,125		68,246
Income tax expense	13,474		14,500


Net income	49,651		53,746
Preferred stock dividends	(5,666)		(6,791)

Net income attributable to common stockholders	$	43,985	$	46,955

Earnings per common share:
Basic earnings per common share	$	4.04	$	4.33
Diluted earnings per common share	$	4.01	$	4.28

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:


Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings
	For the Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
	(in thousands, except per share amounts)
Net income attributable to common stockholders	$	43,985	$	50,848	$	46,955
Less reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes	(2,573)		3,084		1,683
Gains on hedging activities due to fair value changes	1,099		5,737		3,002
Unrealized gains/(losses) on trading assets	9		(83)		(14)
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	28		(39)		31
Net effects of terminations or net settlements on financial derivatives	(1,070)		534		(192)

Income tax effect related to reconciling items	526		(1,939)		(947)
Sub-total	(1,981)		7,294		3,563
Core earnings	$	45,966	$	43,554	$	43,392

Composition of Core Earnings:
Revenues:
Net effective spread(1)	$	89,990	$	87,528	$	83,044
Guarantee and commitment fees(2)	5,488		5,086		4,982


Other(3)	1,315		(491)		1,077
Total revenues	96,793		92,123		89,103

Credit related expense/(income) (GAAP):
Provision for/(release of) losses	1,583		3,872		(1,870)

Loss on sale of REO	68		—		—
Total credit related expense/(income)	1,651		3,872		(1,870)

Operating expenses (GAAP):
Compensation and employee benefits	17,752		15,641		18,257
General and administrative	10,758		12,452		8,255
Regulatory fees	1,000		1,000		725
Total operating expenses	29,510		29,093		27,237

Net earnings	65,632		59,158		63,736
Income tax expense(4)	14,000		9,938		13,553
Preferred stock dividends (GAAP)	5,666		5,666		6,791
Core earnings	$	45,966	$	43,554	$	43,392

Core earnings per share:
Basic	$	4.22	$	4.00	$	4.00
Diluted	$	4.19	$	3.97	$	3.96

(1)Net effective spread is a non-GAAP measure. See "Use of Non-GAAP Measures" above for an explanation of net effective spread. See below for a reconciliation of net interest income to net effective spread.

(2)Includes interest income and interest expense related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee on the consolidated Farmer Mac Guaranteed Securities.

(3)Reflects reconciling adjustments for the reclassification to exclude expenses related to interest rate swaps not designated as hedges and terminations or net settlements on financial derivatives, and reconciling adjustments to exclude fair value adjustments on financial derivatives and trading assets and the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities.

(4)Includes the tax impact of non-GAAP reconciling items between net income attributable to common stockholders and core earnings.


Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share
	For the Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
	(in thousands, except per share amounts)
GAAP - Basic EPS	$	4.04	$	4.67	$	4.33
Less reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes	(0.23)		0.28		0.16
Gains on hedging activities due to fair value changes	0.10		0.53		0.28
Unrealized (losses)/gains on trading securities	—		(0.01)		—
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	—		—		—
Net effects of terminations or net settlements on financial derivatives	(0.10)		0.05		(0.02)

Income tax effect related to reconciling items	0.05		(0.18)		(0.09)
Sub-total	(0.18)		0.67		0.33
Core Earnings - Basic EPS	$	4.22	$	4.00	$	4.00

Shares used in per share calculation (GAAP and Core Earnings)	10,896		10,889		10,847


Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share
	For the Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
	(in thousands, except per share amounts)
GAAP - Diluted EPS	$	4.01	$	4.63	$	4.28
Less reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes	(0.23)		0.28		0.15
Gains on hedging activities due to fair value changes	0.10		0.52		0.28
Unrealized (losses)/gains on trading securities	—		(0.01)		—
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	—		—		—
Net effects of terminations or net settlements on financial derivatives	(0.10)		0.05		(0.02)

Income tax effect related to reconciling items	0.05		(0.18)		(0.09)
Sub-total	(0.18)		0.66		0.32
Core Earnings - Diluted EPS	$	4.19	$	3.97	$	3.96

Shares used in per share calculation (GAAP and Core Earnings)	10,983		10,982		10,969

The following table presents a reconciliation of net interest income and net yield to net effective spread for the periods indicated:


Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread
	For the Three Months Ended
	March 31, 2025				December 31, 2024				March 31, 2024
	Dollars		Yield		Dollars		Yield		Dollars		Yield
	(dollars in thousands)
Net interest income/yield	$	90,939	1.15	%	$	93,368	1.21	%	$	86,368	1.15	%
Net effects of consolidated trusts	(1,010)		0.02	%	(989)		0.02	%	(1,052)		0.02	%
Expense related to undesignated financial derivatives	318		—	%	2		—	%	(34)		—	%
Amortization of premiums/discounts on assets consolidated at fair value	(25)		—	%	42		—	%	(27)		—	%
Amortization of losses due to terminations or net settlements on financial derivatives	867		0.01	%	842		0.01	%	791		0.01	%
Fair value changes on fair value hedge relationships	(1,099)		(0.01)	%	(5,737)		(0.08)	%	(3,002)		(0.04)	%
Net effective spread	$	89,990	1.17	%	$	87,528	1.16	%	$	83,044	1.14	%

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, 2025:


Core Earnings by Business Segment
For the Three Months Ended March 31, 2025
	Agricultural Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(in thousands)
Interest income	$	149,681	$	25,122	$	64,995	$	10,833	$	20,315	$	32,978	$	77,490	$	381,414
Interest expense(1)	(114,789)		(16,482)		(59,638)		(7,267)		(15,203)		(1,460)		(75,636)		(290,475)
Less: reconciling adjustments(2)(3)	(1,007)		—		(28)		—		—		86		—		(949)
Net effective spread	33,885		8,640		5,329		3,566		5,112		31,604		1,854		89,990
Guarantee and commitment fees(3)	4,551		197		221		336		183		—		—		5,488
Other income/(expense)	1,222		—		—		—		—		—		22		1,244
Release of/(provision for) losses	193		(828)		(77)		229		(1,100)		—		—		(1,583)
Operating expenses(1)	(6,595)		(2,133)		(1,123)		(1,052)		(1,708)		(2,800)		(823)		(16,234)
Income tax (expense)/benefit	(6,982)		(1,235)		(913)		(647)		(522)		(6,049)		(221)		(16,569)
Segment core earnings	$	26,274	$	4,641	$	3,437	$	2,432	$	1,965	$	22,755	$	832	$	62,336

Reconciliation to net income:
Net effects of derivatives and trading securities															$	(2,535)
Unallocated (expenses)/income															(13,245)
Income tax effect related to reconciling items															3,095
Net income															$	49,651

Total Assets:
Total on- and off-balance sheet segment assets at principal balance	$	18,094,515	$	1,889,363	$	7,187,966	$	974,835	$	1,608,664	$	—	$	—	$	29,755,343
Off-balance sheet assets under management															(5,071,733)
Unallocated assets															7,120,329
Total assets on the consolidated balance sheets															$	31,803,939

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the Chief Operating Decision Maker ("CODM") .

(2)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships.

(3)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.

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:


Outstanding Business Volume

	On or Off Balance Sheet	As of March 31, 2025		As of December 31, 2024
		(in thousands)
Agricultural Finance:
Farm & Ranch:
Loans	On-balance sheet	$	5,501,067	$	5,414,732
Loans held in consolidated trusts:
Beneficial interests owned by third-party investors (single-class)(1)	On-balance sheet	884,234		885,295
Beneficial interests owned by third-party investors (structured)(1)	On-balance sheet	1,121,446		1,152,988
IO-FMGS(2)	On-balance sheet	8,537		8,710
USDA Securities	On-balance sheet	2,408,857		2,402,423
AgVantage Securities(1)	On-balance sheet	4,215,000		4,720,000
LTSPCs and unfunded loan commitments	Off-balance sheet	3,030,360		3,070,554
Other Farmer Mac Guaranteed Securities(3)	Off-balance sheet	414,291		426,310
Loans serviced for others	Off-balance sheet	510,723		525,956
Total Farm & Ranch		$	18,094,515	$	18,606,968
Corporate AgFinance:
Loans	On-balance sheet	$	1,371,202	$	1,381,674
AgVantage Securities(1)	On-balance sheet	267,728		280,297
Unfunded loan commitments	Off-balance sheet	250,433		225,734
Total Corporate AgFinance		$	1,889,363	$	1,887,705
Total Agricultural Finance		$	19,983,878	$	20,494,673
Infrastructure Finance:
Power & Utilities:
Loans	On-balance sheet	$	3,020,475	$	2,886,576
AgVantage Securities(1)	On-balance sheet	3,796,549		3,521,143
LTSPCs and unfunded loan commitments	Off-balance sheet	370,942		401,647

Total Power & Utilities		$	7,187,966	$	6,809,366
Broadband Infrastructure:
Loans	On-balance sheet	$	657,836	$	622,207
Unfunded loan commitments	Off-balance sheet	316,999		180,259
Total Broadband Infrastructure		$	974,835	$	802,466
Renewable Energy:
Loans	On-balance sheet	$	1,430,679	$	1,265,700
Unfunded loan commitments	Off-balance sheet	177,985		150,825
Total Renewable Energy		$	1,608,664	$	1,416,525
Total Infrastructure Finance		$	9,771,465	$	9,028,357
Total		$	29,755,343	$	29,523,030

(1)A type of Farmer Mac Guaranteed Security.

(2)An interest-only Farmer Mac Guaranteed Security retained as part of a structured securitization.

(3)Other categories of Farmer Mac Guaranteed Securities that were sold by Farmer Mac to third parties

The following table presents the quarterly net effective spread (a non-GAAP measure) by segment:


	Net Effective Spread
	Agricultural Finance						Infrastructure Finance									Treasury
	Farm & Ranch			Corporate AgFinance			Power & Utilities			Broadband Infrastructure			Renewable Energy			Funding			Investments			Net Effective Spread
	Dollars Yield			Dollars Yield			Dollars Yield			Dollars Yield			Dollars Yield			Dollars Yield			Dollars Yield			Dollars Yield
	(dollars in thousands)
For the quarter ended:
March 31, 2025	$	33,885		$	8,640		$	5,329		$	3,566		$	5,112		$	31,604		$	1,854		$	89,990
	1.01		%	2.09		%	0.32		%	2.27		%	1.55		%	0.41		%	0.10		%	1.17		%
December 31, 2024	32,556			7,891			5,059			3,414			4,859			31,242			2,507			87,528
	0.96		%	1.95		%	0.32		%	2.34		%	1.76		%	0.42		%	0.15		%	1.16		%
September 30, 2024	35,755			6,397			4,785			2,794			3,810			30,912			943			85,396
	1.05		%	1.56		%	0.30		%	2.21		%	1.78		%	0.42		%	0.05		%	1.16		%
June 30, 2024	34,156			7,866			5,253			2,393			2,999			30,268			661			83,596
	0.98		%	1.91		%	0.32		%	2.16		%	1.86		%	0.41		%	0.04		%	1.14		%
March 31, 2024	32,843			7,971			4,890			2,342			2,049			32,474			475			83,044
	0.95		%	2.05		%	0.30		%	2.08		%	1.75		%	0.45		%	0.03		%	1.14		%
December 31, 2023	33,329			8,382			4,916			2,426			1,540			33,361			597			84,551
	0.98		%	2.06		%	0.31		%	2.06		%	1.69		%	0.47		%	0.04		%	1.19		%
September 30, 2023	32,718			8,250			3,979			2,383			1,150			34,412			532			83,424
	0.97		%	2.05		%	0.26		%	2.15		%	1.46		%	0.49		%	0.04		%	1.20		%
June 30, 2023	34,388			7,444			3,681			2,127			1,100			32,498			594			81,832
	1.03		%	1.92		%	0.25		%	2.25		%	1.47		%	0.48		%	0.04		%	1.20		%
March 31, 2023	32,465			7,148			3,599			1,908			858			31,738			(543)			77,173
	0.97		%	1.94		%	0.24		%	2.53		%	1.53		%	0.47		%	(0.04)		%	1.15		%

The following table presents quarterly core earnings reconciled to net income attributable to common stockholders:


Core Earnings by Quarter Ended
	March 2025		December 2024		September 2024		June 2024		March 2024		December 2023		September 2023		June 2023		March 2023
			(in thousands)
Revenues:
Net effective spread	$	89,990	$	87,528	$	85,396	$	83,596	$	83,044	$	84,551	$	83,424	$	81,832	$	77,173
Guarantee and commitment fees	5,488		5,086		4,997		5,256		4,982		4,865		4,828		4,581		4,654
Gain on sale of investment securities	—		—		—		1,052		—		—		—		—		—
Loss on sale of mortgage loan	—		—		—		(1,147)		—		—		—		—		—
Other	1,315		(491)		1,133		481		1,077		767		1,056		409		1,067
Total revenues	96,793		92,123		91,526		89,238		89,103		90,183		89,308		86,822		82,894

Credit related expense/(income):
Provision for/(release of) losses	1,583		3,872		3,258		6,230		(1,870)		(575)		(181)		1,142		750
REO operating expenses	—		—		196		—		—		—		—		—		—
Losses on sale of REO	68		—		—		—		—		—		—		—		—
Total credit related expense/(income)	1,651		3,872		3,454		6,230		(1,870)		(575)		(181)		1,142		750

Operating expenses:
Compensation and employee benefits	17,752		15,641		15,237		14,840		18,257		15,523		14,103		13,937		15,351
General and administrative	10,758		12,452		8,625		8,904		8,255		8,916		9,100		9,420		7,527
Regulatory fees	1,000		1,000		725		725		725		725		831		831		835
Total operating expenses	29,510		29,093		24,587		24,469		27,237		25,164		24,034		24,188		23,713

Net earnings	65,632		59,158		63,485		58,539		63,736		65,594		65,455		61,492		58,431
Income tax expense	14,000		9,938		12,681		11,970		13,553		13,881		13,475		12,539		12,756

Preferred stock dividends	5,666		5,666		5,897		6,792		6,791		6,791		6,792		6,791		6,791
Core earnings	$	45,966	$	43,554	$	44,907	$	39,777	$	43,392	$	44,922	$	45,188	$	42,162	$	38,884

Reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes	$	(2,573)	$	3,084	$	(1,064)	$	(359)	$	1,683	$	(836)	$	2,921	$	2,141	$	916
Gains/(losses) on hedging activities due to fair value changes	1,099		5,737		205		2,604		3,002		(3,598)		3,210		(4,901)		(105)
Unrealized gains/(losses) on trading assets	9		(83)		99		(87)		(14)		(37)		1,714		(57)		359
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	28		(39)		27		26		31		88		29		29		29
Net effects of terminations or net settlements on financial derivatives	(1,070)		534		(503)		(1,505)		(192)		(800)		(79)		583		523
Issuance costs on the retirement of preferred stock	—		—		(1,619)		—		—		—		—		—		—

Income tax effect related to reconciling items	526		(1,939)		260		(143)		(947)		1,089		(1,638)		464		(362)
Net income attributable to common stockholders	$	43,985	$	50,848	$	42,312	$	40,313	$	46,955	$	40,828	$	51,345	$	40,421	$	40,244

EX-99.2 3 farmermac1q25equityinves.htm EX-99.2 farmermac1q25equityinves

Equity Investor Presentation First Quarter 2025

Forward-Looking Statements 2 In addition to historical information, this presentation includes forward-looking statements that reflect management’s current expectations for Farmer Mac’s future financial results, business prospects, and business developments. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements. 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 Farmer Mac’s actual results to differ materially from the expectations as expressed or implied by the forward-looking statements. Some of these factors are identified and discussed in Farmer Mac’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on May 9, 2025. These reports are also available on Farmer Mac’s website (www.farmermac.com). Considering these potential risks and uncertainties, no undue reliance should be placed on any forward-looking statements expressed in this presentation. Any forward-looking statements made in this presentation are current only as of March 31, 2025, except as otherwise indicated. Farmer Mac undertakes no obligation to release publicly the results of revisions to any such forward-looking statements that may be made to reflect new information or any future events or circumstances, except as otherwise required by applicable law. The information in this presentation is not necessarily indicative of future results. NO OFFER OR SOLICITATION OF SECURITIES This presentation does not constitute an offer to sell or a solicitation of an offer to buy any Farmer Mac security. Farmer Mac securities are offered only in jurisdictions where permissible by offering documents available through qualified securities dealers. Any investor who is considering purchasing a Farmer Mac security should consult the applicable offering documents for the security and their own financial and legal advisors for information about and analysis of the security, the risks associated with the security, and the suitability of the investment for the investor’s particular circumstances. Copyright © 2025 by Farmer Mac. No part of this document may be duplicated, reproduced, distributed, or displayed in public in any manner or by any means without the written permission of Farmer Mac.

Use of Non-GAAP Financial Measures 3 This presentation is for general informational purposes only, is current only as of March 31, 2025 and should be read in conjunction with Farmer Mac’s Quarterly Report on Form 10-Q filed with the SEC on May 9, 2025. In the accompanying analysis of its financial information, Farmer Mac uses the following non-GAAP financial measures: core earnings, core earnings per share, and net effective spread. Farmer Mac uses these non-GAAP measures to measure corporate economic performance and develop financial plans because, in management's view, they are useful alternative measures in understanding Farmer Mac's economic performance, transaction economics, and business trends. The non-GAAP financial measures that Farmer Mac uses may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of these non-GAAP financial 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 principally differ from net income attributable to common stockholders and earnings per common share, respectively, by excluding the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Core earnings and core earnings per share also differ from net income attributable to common stockholders and earnings per common share, respectively, by excluding specified infrequent or unusual transactions that Farmer Mac believes are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. Farmer Mac uses net effective spread to measure the net spread Farmer Mac earns between its interest-earning assets and the related net funding costs of these assets. Net effective spread differs from net interest income and net interest yield because it excludes: (1) the interest income and interest expense associated with the consolidated trusts and the average balance of the loans underlying these trusts; and (2) the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships. Net effective spread also principally differs from net interest income and net interest yield because it includes the accrual of income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge accounting relationships ("undesignated financial derivatives") and the net effects of terminations or net settlements on financial derivatives, which consist of: (1) the net effects of cash settlements on agency forward contracts on the debt of other GSEs and U.S. Treasury security futures that we use as short-term economic hedges on the issuance of debt; and (2) the net effects of initial cash payments that Farmer Mac receives upon the inception of certain swaps.

4 FARMER MAC AT A GLANCE (NYSE: AGM) Key Highlights Market Cap* $2B 10-Year Revenue CAGR** 11% 10-Year Core EPS CAGR** 13% 10-Year Dividend CAGR** 28% Employees* 191 $18.1B Farm & Ranch $1.9B Corporate AgFinance $7.2B Power & Utilities $1.6B Renewable Energy $1.0B Broadband Infrastructure 1Q25 Business Volume by Segment *As of March 31, 2025 **December 31, 2014 – December 31, 2024

1Q25 Key Metrics as of 3/31/2025 Core Return on Common Equity, Annualized Efficiency Ratio 17% 29% Unique, Mission-Driven Operating Model • Mission directly supports low-cost access to capital for U.S. agriculture and rural infrastructure • GSE status provides steady, low-cost access to funding markets • Disciplined asset-liability management supports consistent returns for shareholders Resilient Business Model Supports Consistent Dividend Growth • Greater than 90% of total revenues are recurring net effective spread and fees • Core Return on Common Equity maintained above 14% over last 5 years • 14 consecutive annual dividend increases Lean & Efficient Operations • Generated approximately $900,000 net earnings per employee in FY24 • Maintain an operating efficiency ratio at or below 30% 5 FARMER MAC’S COMPETITIVE ADVANTAGE Our Operating Model Operating model excludes issued agricultural mortgage-backed securities and long-term standby purchase commitment credit protection components of our business.

Over the past 10 years, Farmer Mac’s revenue has consistently grown through a variety of different economic cycles, with revenue growth being driven by: • Strong underlying fundamentals and resilient business model • Low-cost access to debt capital markets and disciplined asset-liability management strategies • Diversified lines of business • Consistent credit underwriting standards and policies 6 CONSISTENT REVENUE GROWTH 10 Year CAGR Farmer Mac 11.2% S&P 500 4.9% S&P 500 Financials 5.3% *Revenue performance is indexed at $100 million in 2013 to help provide a better comparison of the performance of Farmer Mac, the S&P 500, and the S&P 500 Financials Index. 0 1 2 3 4 5 6 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Fe d Fu nd s Ef fe ct iv e R at e (% ) R ev en ue P er fo rm an ce Indexed Revenue Performance* AGM S&P 500 S&P 500-40 Fed Fund Rate

$197 $221 $256 $327 $340 $90$101 $114 $124 $171 $172 $46 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $140.0 $160.0 $180.0 $200.0 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 2020 2021 2022 2023 2024 YTD 2025 C O R E EAR N IN G S $ IN M ILLIO N S N ET E FF EC TI VE S PR EA D $ IN M IL LI O N S Net Effective Spread & Core Earnings Net Effective Spread Core Earnings Consistent historical financial performance highlights the diversification and resiliency of Farmer Mac’s business model Disciplined asset liability management and uninterrupted access to the capital markets have provided buffer against market volatility and changing credit market conditions 7 GROWING, RECURRING, HIGH-QUALITY EARNINGS CAGR is defined as Compound Annual Growth Rate. Core earnings and net effective spread are non-GAAP measures. For a reconciliation of core earnings to GAAP net income attributable to common stockholders and a reconciliation of net effective spread to GAAP net interest income, please refer to pages 23-24 of the Appendix. 14% NES CAGR (2020-2024) 14% Core Earnings CAGR (2020-2024)

Each business segment is comprised of both spread-based and fee-income products • Loan Purchases (spread) • Wholesale Funding (spread) • Purchase Commitments (fee) • Loans Serviced for Others (fee) Net effective spread and fees determined by a variety of factors, including: • Funding execution • Credit profile • Economic factors 8 SEGMENT PROFITABILITY Line of Business Segment Volume ($ IN BILLIONS AS OF 3/31/2025) 1Q2025 Net Effective Spread (%) Risk-Adjusted Gross Return on Allocated Capital (%) Agricultural Finance Farm & Ranch $18.1 1.01% 34% Corporate AgFinance $1.9 2.09% 27% Infrastructure Finance Power & Utilities $7.2 0.32% 20% Broadband Infrastructure $1.0 2.27% 30% Renewable Energy $1.6 1.55% 27% Treasury Funding – 0.41% - Investments – 0.10% - $29.8 1.17% -

9 TREASURY/INVESTMENTS SEGMENT As of March 31, 2025 Includes the financial results of the company’s funding, liquidity, and capital allocation strategies and operations Liquidity & Investment Portfolio • Maintain investment portfolio to provide back-up source of liquidity in excess of regulatory requirements • $7.3 billion as of March 31, 2025 • Investments net effective spread of 0.10% in first quarter 2025 Benefits from Asset-Liability Management Strategies • Leverage a funds transfer pricing process to allocate interest expense to each segment, and allocate the costs and benefits of hedging strategies to the Treasury segment Cash & Equiv. 14.4% Guaranteed By GSEs and U.S. Gov't Agencies 85.4% Asset-Backed Securities 0.3% Liquidity Portfolio

Consistent, strong earnings growth has supported capital base and allowed for consistent returns to shareholders Opportunistically issued Preferred Stock during low-rate environment, further bolstering capital • $100M Preferred Series D in May 2019 @ 5.700% • $79.5M Preferred Series E in May 2020 @ 5.750% • $120M Preferred Series F in August 2020 @ 5.250% • $125M Preferred Series G in May 2021 @ 4.875% Securitization provides capital relief through the transfer of credit risk to capital markets 10 STRONG, GROWING CAPITAL BASE Statutory Minimum Core Capital defined as total stockholders’ equity less accumulated other comprehensive income. $713 $806 $863 $918 $927 $497 $517 $589 $584 $601$1,210 $1,323 $1,452 $1,501 $1,527 14.8% 14.9% 15.4% 14.2% 13.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 2021 2022 2023 2024 Q1 2025 TI ER 1 C AP IT AL R AT IO (% ) C O R E C AP IT AL ($ IN M IL LI O N S) Core Capital Amount Above Statutory Minimum Capital Statutory Minimum Core Capital Tier 1 Capital Ratio

11 QUALITY EARNINGS DRIVE STRONG DIVIDENDS Strong earnings and consistent capital position support continued dividend growth for Farmer Mac. • Farmer Mac’s dividend growth rate over the past 14 years is substantially greater than that seen from the two major market indices. • 2025 marks the 14th consecutive year of higher annual dividends for Farmer Mac. • Farmer Mac is committed to strong returns and responsible growth. Dividend Yield1 14 Yr. Dividend CAGR Farmer Mac 3.2% 27.5% S&P 500 1.3% 5.1% Russell 2000 1.2% 6.6% $0.05 $0.10 $0.12 $0.14 $0.16 $0.26 $0.36 $0.58 $0.70 $0.80 $0.88 $0.95 $1.10 $1.40 $1.50 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $ PE R S H AR E Quarterly Dividend per Common Share 7% year-over-year increase in 2025 Increased quarterly dividend payments for 14 consecutive years 1. Dividend yield data as of 3/31/2025

12 FARMER MAC USES PROVEN, RIGOROUS UNDERWRITING Industry-leading credit requirements • Total debt coverage ratio of at least 1.25x • LTVs average 40% to 45% on mortgages purchased • Minimum borrower net equity of 50% Credits are less likely to default • Focus on repayment capacity through stressed inputs • Not a “lender of last resort” • Farm Credit Administration is our safety and soundness regulator Losses less likely even in default • Average portfolio LTV of 47% as of March 31, 2025 • Land values need to decline >55% to generate material losses across Agricultural Finance mortgage loans portfolio • “Stress scenario” losses of 17% to 48% • 1980s crisis saw land value declines of ~23%(1)

CREDIT CONSISTENTLY OUTPERFORMS 13 All Commercial Bank Loans and Leases Average: 0.87%(4) Farm Credit System Average: 0.09% Banks Average: 0.16% Farmer Mac Average: 0.02% Peer Analysis: Charge-Offs -0.10% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 C H AR G E- O FF S AS % O F AS SE TS Agricultural Lender Charge-off Rates Banks Farm Credit System Farmer Mac(4)(2)(3) (5)

14 ALLOWANCE FOR LOSSES —QUARTERLY The total allowance for losses increased $1.7 million to $27.0 million in first quarter 2025. • $0.9 million net provision to the allowance for the Infrastructure Finance portfolio primarily attributable to volume growth in Renewable Energy and Power & Utilities • $0.7 million provision to the allowance for the Agricultural Finance portfolio was primarily attributable to volume growth in the Farm & Ranch segment $0.9 $0.7 $0.0 $25.3 $27.0 31-Dec Infrastructure Finance Agricultural Finance Investments 31-Mar $ IN M IL LI O N S $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 December 31, 2024 to March 31, 2025 Allowance Fluctuation Increase Decrease Total

GROWTH OPPORTUNITIES TO INCREASE ASSETS UNDER MANAGEMENT 15Farm & Ranch Corporate AgFinance Core Farm & Ranch business provides consistent growth opportunities throughout market cycles. Well positioned to benefit from the growing demand for renewable power and generation Agricultural Finance Infrastructure Finance Renewable Energy Relative Size of Volume Opportunity Securitization Pool Purchases Syndications Wholesale Funding Loan Servicing Collateral Value Efficiencies Renewable Energy & Project Finance Rural Broadband Growing Electricity Demand Power & Utilities Broadband Infrastructure

FARM securitization program exemplifies Farmer Mac’s core mission to lower costs for the end borrower and improve credit availability in rural America, while transforming the agricultural mortgage market industry with new efficiencies Building upon the existing FARM Securitization Program by creating a securitization product for our customers • Utilize the current capability to originate new types of eligible loans into a conduit that de-risks the sector • Creates new financing for borrowers and expands sources of revenue for Farmer Mac 16 AGRICULTURAL MORTGAGE-BACKED SECURITIES OPPORTUNITY Farmers & Ranchers Originators Farmer Mac (Mortgage Loan Seller & Guarantor) FARM Program Mortgage Trust (Securitization Issuing Entity) Senior Guaranteed (A) Tranche Subordinated Unguaranteed (B) Tranche

Unique, Mission-Driven Operating Model • Mission directly supports low-cost access to capital for U.S. agriculture and rural infrastructure • GSE status provides steady, low-cost access to funding markets • Disciplined asset-liability management supports consistent returns for shareholders Resilient Business Model Supports Consistent Dividend Growth • Greater than 90% of total revenues are recurring net effective spread and fees • Core Return on Common Equity maintained above 14% over last 5 years • 14 consecutive annual dividend increases Lean & Efficient Operations • Generated approximately $900,000 net earnings per employee in FY24 • Maintain an operating efficiency ratio at or below 30% 17 KEY TAKEWAYS 27% 29% 29% 27% 28% 25% 26% 27% 28% 29% 30% 31% 2020 2021 2022 2023 2024 Maintain Efficiency Ratio Below 30% 16% 16% 16% 19% 17% 0% 5% 10% 15% 20% 25% 2020 2021 2022 2023 2024 Core Return on Common Equity greater than 14% Core Return on Common Equity Operating Efficiency

Jalpa Nazareth Senior Director – Investor Relations & Finance Strategy Phone: (202) 872-5570 Email: jnazareth@farmermac.com CONTACT INVESTOR RELATIONS

APPENDIX

20 KEY COMPANY METRICS ($ in thousands, except per share amounts) 2025 YTD 2024 2023 2022 2021 Core Earnings $45,966 $171,630 $171,156 $124,314 $113,570 Core Earnings per Diluted Share $4.19 $15.64 $15.65 $11.42 $10.47 Net Effective Spread ($) $89,990 $339,564 $326,980 $255,529 $220,668 Net Effective Spread (%) 1.17% 1.15% 1.18% 1.02% 0.98% Guarantee & Commitment Fees $5,488 $20,321 $18,928 $18,144 $17,533 Core Capital Above Statutory Minimum $600,776 $583,527 $589,400 $516,900 $496,800 Common Stock Dividends per Share $1.50 $5.60 $4.40 $3.80 $3.52 Outstanding Business Volume $29,755,343 $29,523,030 $28,471,024 $25,922,082 $23,614,463 90-Day Delinquencies 0.54% 0.37% 0.12% 0.17% 0.20% Recovery/(Credit Losses) $15 ($4,694) $0 ($903) $1,054 Book Value per Share $101.77 $97.85 $89.24 $77.61 $67.37 Core Earnings Return on Equity 17% 17% 19% 16% 16% • Core earnings, core earnings per share, and net effective spread are non-GAAP measures. For more information on the use of these non-GAAP measures, please see page 3. For a reconciliation of core earnings to GAAP net income attributable to common stockholders and core earnings per share to earnings per common share, and a reconciliation of net effective spread to GAAP net interest income, please refer to pages 23-24 of the Appendix. • Book Value per Share excludes accumulated other comprehensive income.

21 EQUITY CAPITAL STRUCTURE • Common stock dividend annualized divided by quarter-end closing price. • Par value of annual dividend for preferred stock. Summary Stratifications NYSE Ticker Dividend Yield Shares Outstanding COMMON STOCK CLASS A VOTING COMMON STOCK • Ownership restricted to non-Farm Credit System financial institutions AGM.A 4.20% 1.0 million CLASS B VOTING COMMON STOCK • Ownership restricted to Farm Credit System institutions – – 0.5 million CLASS C NON-VOTING COMMON STOCK • No ownership restrictions AGM 3.20% 9.4 million PREFERRED STOCK SERIES D NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after July 17, 2024 • Redemption Value: $25 per share AGM.PR.D 5.700% 4.0 million SERIES E NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after July 17, 2025 • Redemption Value: $25 per share AGM.PR.E 5.750% 3.2 million SERIES F NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after October 18, 2025 • Redemption Value: $25 per share AGM.PR.F 5.250% 4.8 million SERIES G NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after July 17, 2026 • Redemption Value: $25 per share AGM.PR.G 4.875% 5.0 million

As Farmer Mac grows its business, securitization is available as a tool to achieve capital relief • Securitization is expected to stimulate growth by increasing Farmer Mac’s brand awareness in the capital markets Securitization provides an alternative option to funding longer-term loans, while reducing interest rate risk 22 POSITIONING FOR GROWTH WITH SECURITIZATION FARM 2024-2 FARM 2024-1 FARM 2023-1 FARM 2022-1 FARM 2021-1 Number of Loans 446 443 408 450 384 Average Principal Balance 318,798,290 308,090,132 283,591,175 301,105,804 302,744,111 Product Type Fixed (22.85%) Variable-Rate (77.15%) Fixed (41%) Variable-Rate (59%) Fixed (80%) Variable Rate (20%) Fixed (82%) Variable Rate (18%) Fixed (82%) Variable Rate (18%) Average Debt Coverage Ratio 1.64x 1.93x 2.05x 2.04x 1.56x Average Original LTV 47% 50% 49% 49% 42% Average Net Rate 5.598% 5.122% 3.031% 2.940% 3.249% Top 5 States CA (22%), TX (8%), MN (7%), MO (6%), NE (6%) CA (24%), NE (10%), OR (8%), TX (7%), SD (5%) MN (17%), CA (11%), MO (9%), IL (9%), NE (8%) MN (17%), CA (13%), NE (9%), MO (8%), IL (7%) CA (17%), MN (15%), OR (9%), MO (8%), IL (8%)

23 RECONCILIATION OF NET INCOME TO CORE EARNINGS (in thousands) 2025 YTD 2024 2023 2022 2021 Net income attributable to common stockholders 43,985$ 180,428$ 172,838$ 150,979$ 111,413$ Less reconciling items: (Losses)/gains on undesignated financial derivatives due to fair value changes (2,573) 3,344 5,142 13,495 (1,430) Gains on hedging activities due to fair value changes 1,099 11,548 (5,394) 5,343 (1,809) Unrealized gains/(losses) on trading securities 9 (85) 1,979 (917) (115) Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value 28 45 175 39 130 Net effects of terminations or net settlements on financial derivatives (1,070) (1,666) 227 15,794 494 Issuance costs on retirement of preferred stock - (1,619) - - - Income tax effect related to reconciling items 526 (2,769) (447) (7,089) 573 Sub-total (1,981) 8,798 1,682 26,665 (2,157) Core earnings 45,966$ 171,630$ 171,156$ 124,314$ 113,570$ Core Earnings by Period Ended

24 RECONCILIATION OF NET INTEREST INCOME TO NET EFFECTIVE SPREAD 2023 2022 2021 $ in thousands Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield Net interest income/yield 90,939$ 1.15% 353,867$ 1.16% 327,547$ 1.15% 270,940$ 1.04% 221,951$ 0.87% Net effects of consolidated trusts (1,010) 0.02% (4,477) 0.02% (4,171) 0.02% (4,239) 0.02% (4,864) 0.02% Expense related to undesignated financial derivatives 318 0.00% (1,377) 0.00% (4,845) -0.02% (7,756) -0.03% 2,841 0.02% Amortization of premiums/discounts on assets consolidated at fair value (25) 0.00% (29) 0.00% (175) 0.00% (24) 0.00% (45) 0.00% Amortization of losses due to terminations or net settlements on financial derivatives 867 0.01% 3,128 0.01% 3,230 0.01% 2,413 0.01% 446 0.00% Fair Value Changes on fair value hedge relationships (1,099) -0.01% (11,548) -0.04% 5,394 0.02% (5,805) -0.02% 339 0.02% Net Effective Spread 89,990$ 1.17% 339,564$ 1.15% 326,980$ 1.18% 255,529$ 1.02% 220,668$ 0.93% 2025 YTD Net Effective Spread By Period Ended 2024

25 RESOURCES Footnote 1: USDA, National Agricultural Statistics Service (as of August 2015). Historic values are not necessarily predictive of future results or outcomes. Footnote 2: Kansas City Federal Reserve Agriculture Finance Databook (https://www.kansascityfed.org/agriculture/agfinance -updates/). Footnote 3: Banks’ charge-off rate is a percentage of agricultural loan assets. Footnote 4: Farm Credit Banks Funding Corporation Annual Information Statements; Farm Credit System’s charge-off rate is the percentage of total loans and guarantees. Footnote 5: Farmer Mac’s charge-off rate is the percentage of total loans and guarantees.