Federal Agricultural Mortgage Stock Earnings Reports

Farmer Mac reported a record first quarter 2026 driven by continued acceleration in business volumes and diversified portfolio growth. Key financials: outstanding business volume of ~$34.8 billion, quarterly revenue of ~$110 million, and core earnings of ~$52 million ($4.74 per diluted share). Management delivered $1.5 billion of net new business volume in Q1 with broad-based growth across Farm & Ranch, Corporate AgFinance, Renewable Energy, Power & Utilities and Broadband Infrastructure. Notable operational metrics: net effective spread dollars reached a record $102 million (116 bps), Farm & Ranch loan purchase growth accelerated (net +$384 million in the quarter), AgVantage securities grew ~$325 million, Renewable Energy outstanding volume rose 18% (+$445 million), and Broadband finished the quarter at $1.7 billion (data-center demand driving ~70% of growth). Credit and capital: provision for credit losses was $4.3 million; allowance for losses was $40.1 million; 90-day delinquencies 52 bps; substandard assets 1.87% of portfolio. Core capital rose to $1.7 billion (Tier 1 ratio 13%), exceeding statutory requirements by $663 million. Management emphasized disciplined underwriting, a rate‑agnostic short-duration balance sheet, capital efficiency with a focus on return on equity (ROE), and selective deployment into higher-ROE but sometimes lower-spread assets. They expect to utilize ~$30 million of remaining tax-credit carryback capacity in Q2. Risks highlighted include geopolitical-driven energy/fertilizer cost spikes, potential shifts in tax incentives for renewables, and macro uncertainty, though management expressed confidence in their positioning and underwriting discipline.