Federal Agricultural Mortgage Stock Earnings Reports

Farmer Mac reported an outstanding Q1 2026 with record business volume, revenues and core earnings. Key results: outstanding business volume of $34.8 billion, ~$110 million of revenue, and ~$52 million of core earnings ($4.74 per diluted share). Net new business volume was ~$1.5 billion for the quarter. Growth was broad-based: Farm & Ranch loan purchases accelerated (approved loans ~ $1 billion in Q1), AgVantage securities increased after a new facility, Corporate AgFinance showed modest growth, and Infrastructure Finance grew $717 million (notably Renewable Energy +$445 million and Broadband +$158 million, much of the latter data-center related). Net effective spread dollars reached a record $102 million (116 bps), driven by higher volume and disciplined funding, even as percentage spread was modestly compressed by mix and fewer days in the quarter. Credit: provision for credit losses was $4.3 million (driven by new volume and some credit migration); allowance for losses was $40.1 million. Capital: core capital rose by $27 million to $1.7 billion, exceeding statutory requirements by $663 million; Tier 1 ratio 13%. Management emphasized disciplined underwriting, selective capital deployment, continued strong pipelines across segments, and readiness to support borrowers amid agricultural input-cost volatility. They also noted CEO succession is progressing ahead of schedule and reiterated confidence in the business model and outlook.