Federal Agricultural Mortgage Corp. (AGM)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$445.6M

Revenue growth

14.7%

Net income, last twelve months

$229.0M

Earnings per share

$18.31

Net margin

51.4%

Return on equity

12.3%

Market value

$2.2B

Price to earnings

11.2x

Dividend yield

3.0%

Cash

$1.0B

Debt

$34.8B

Debt to equity

18.75

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 30 July 2026.

• Net income and diluted EPS rose. Net income attributable to common stockholders was $58.9 million, or $5.41 per diluted share, against $4.75 in the first quarter and $4.48 a year earlier. Core earnings were a record $58.8 million, or $5.40 per diluted share, up 24% year-over-year.
• Net interest income up 22%. Net interest income rose $21.3 million year-over-year and $16.7 million quarter-over-quarter, to $118.1 million.
• Spread rose on volume and a recovery. Net effective spread reached a record $117.4 million, up $23.5 million year-over-year and $15.4 million quarter-over-quarter.
• Net portfolio growth of $2.4 billion. Net portfolio growth totaled $2.4 billion, which management described as broad-based across all segments.
• Farm & Ranch portfolio up $1.7 billion. Farm & Ranch grew $1.7 billion, including $1.1 billion of net AgVantage growth and $483.4 million of net loan purchase volume.
• Power & Utilities added $291.0 million. Power & Utilities net growth of $291.0 million included a $197 million pool of loans bought from a single customer.
• Renewable Energy volume up $120.2 million. Renewable Energy business volume rose $120.2 million, which management attributed to deal flow and project finance momentum.
• Broadband volume up $161.8 million. Broadband Infrastructure business volume grew $161.8 million, which management linked to steady demand for rural connectivity.
• Corporate AgFinance grew modestly. Corporate AgFinance portfolio rose $30.5 million from loan purchases and AgVantage activity with several counterparties.
• Net effective spread yield rose. Net effective spread yield was 1.26% in the second quarter, against 1.16% in the first quarter and 1.19% a year earlier.
• Credit provisions tied to growth. Provision for losses was $7.0 million, against $4.3 million in the first quarter. Management tied provisions to new volume and portfolio credit migration.
• Tax credit purchases gave benefit. The company bought $21.4 million of tax credits, which gave a $2.0 million benefit in the quarter.
• Core return on equity reached 19%. Core return on equity was 19% in the second quarter, up from 17% in the first quarter according to the prior release.
• Tier 1 capital ratio reached 13.2%. Total core capital was $1.9 billion and the Tier 1 Capital Ratio was 13.2% at June 30, against $1.7 billion and 13.0% at March 31.

Company events

The newest 8-K filings of 446 held.

Every filing

The newest filings with the SEC of 773 held.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

276 funds held it at 30 Jun 2026: 141 added and 71 trimmed in the quarter. The largest:

What the company does

Farmer Mac is a stockholder-owned, federally chartered corporation. Congress gave it, in its charter, the mission of providing a secondary market for loans made to borrowers in rural America. It is a government-sponsored enterprise and an institution of the Farm Credit System, with two subsidiaries, Farmer Mac II LLC and Farmer Mac Mortgage Securities Corporation. At the end of 2025 it employed 212 people.

How the business is organised

Farmer Mac reports seven operating segments: Farm & Ranch, Corporate AgFinance, Power & Utilities, Broadband Infrastructure, Renewable Energy, Funding, and Investments. The first five sit in two lines of business. Agricultural Finance covers Farm & Ranch and Corporate AgFinance. Infrastructure Finance covers Power & Utilities, Broadband Infrastructure and Renewable Energy. Funding and Investments are the treasury-related segments.

What it sells

Farm & Ranch loans are secured by a first lien on agricultural real estate, including part-time farms and rural housing. The charter bars any loan with a loan-to-value ratio above 80%. It also sets a maximum loan size for loans secured by more than 2,000 acres. The segment also holds securities backed by loans guaranteed by the United States Department of Agriculture, called USDA Securities. Corporate AgFinance buys loans to larger and more complex farming operations and to agribusinesses that process food and fiber.

AgVantage is a registered trademark for securities that lenders issue and that are secured by pools of eligible loans. Farmer Mac guarantees and buys them, and it typically keeps them in its portfolio. Long-term standby purchase commitments let a lender keep its loans while Farmer Mac takes on the credit risk. Some of these commitments have the counterparty absorb losses of typically between 1% and 3% of the original loan pool balance first. Farmer Mac also guarantees securities from single-class and structured securitization trusts. Its guarantee fee on securitizations is capped by the charter at 50 basis points per year.

In Infrastructure Finance, Power & Utilities covers loans to rural electric generation, transmission and distribution cooperatives, plus AgVantage securities secured by such loans. Broadband Infrastructure covers rural fiber, cable, tower, wireless, local exchange carrier and data center projects. Renewable Energy covers solar, wind and renewable gas projects.

Who it sells to

Sellers of Farm & Ranch loans are approved lenders that generally must own a set amount of Farmer Mac common stock and sign a Seller/Servicer Agreement. Any lender the USDA authorizes to obtain a guarantee can take part in the USDA Securities market. Corporate AgFinance lenders include national and regional banks, insurance companies, Farm Credit System institutions and other non-bank lenders. The AgVantage issuers include CFC, MetLife, Rabo AgriFinance and 9 other issuers. Direct credit exposure on agricultural mortgage loans spans 48 states, and exposure on infrastructure loans spans 45 states.

By share of the agricultural mortgage loan portfolio, crops are 49.7%, livestock 20.7%, permanent plantings 18.7%, agricultural storage and processing 7.5%, and part-time farms 3.4%.

How it makes money and funds itself

The two primary sources of revenue are net interest income and guarantee and commitment fees. Farmer Mac funds its purchases mainly by issuing unsecured debt in the public capital markets. Discount notes have original maturities of 1 year or less, and medium-term notes generally run from 0.5 years to 25.0 years. Its debts are not guaranteed by the United States. It also holds liquidity investments under Farm Credit Administration rules, which require a reserve covering at least 90 days of maturing obligations. The charter authorizes borrowing from the United States Treasury to meet guarantee obligations, and the filing says this authority has not been used.

Ownership and oversight

The board has 15 members. Five are appointed by the President of the United States, five are elected by Class A voting stockholders, and five are elected by Class B voting stockholders. Class A stock is limited to banks, insurers and other financial institutions that are not Farm Credit System institutions, and no holder may own more than 33% of it. Class B stock is limited to Farm Credit System institutions. Class C non-voting stock is used for equity compensation. Class A and Class C trade on the New York Stock Exchange as AGM.A and AGM.

The Farm Credit Administration regulates Farmer Mac through its Office of Secondary Market Oversight, which examines it each year. The charter sets a minimum capital requirement of 2.75% of on-balance sheet assets plus 0.75% of off-balance sheet obligations. Farmer Mac is classified at level I, the highest compliance level.

Its people

Of the 212 employees, 103 work in the Washington area, 33 in Johnston, Iowa, and 76 work fully remotely. Staff are located in 29 states and the District of Columbia. The company describes its working model as "Presence With Purpose". Its learning program, Farmer Mac LEARN, runs six academies.

*From Farmer Mac's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/845877/000084587726000014/agm-20251231.htm)*

From the company's 10-K.