Federal Agricultural Mortgage Stock Earnings Reports

Farmer Mac delivered a record first quarter 2026 driven by accelerated business volumes and diversified portfolio growth. Key financials: outstanding business volume ~$34.8 billion, revenue ~$110 million, core earnings ~$52 million (core EPS $4.74), and quarterly ROE of 17%. Net new business volume was $1.5 billion; Farm & Ranch, Renewable Energy and Broadband Infrastructure were primary contributors. Farm & Ranch saw strong loan purchase velocity (net growth ~$384 million in Q1), AgVantage securities grew $325 million, Renewable Energy grew $445 million (to ~$2.9 billion) and Broadband grew $158 million (to ~$1.7 billion), with data-center related demand prominent. Net effective spread dollars reached a record $102 million (116 bps), though the percentage was modestly lower due to mix and seasonality. Credit metrics remain solid: Q1 provision for credit losses $4.3 million, allowance for losses $40.1 million, 90-day delinquencies 52 bps (seasonally higher), substandard assets 1.87% of portfolio, and modest charge-offs. Capital remains strong (core capital $1.7 billion; Tier 1 = 13%), exceeding statutory requirements by ~$663 million; the company returned $32 million in capital (dividends and buybacks) during the quarter. Management reiterated disciplined underwriting, focus on ROE and capital efficiency, active balance sheet/funding management (including hedging strategies and recent bond calls), and an expectation to continue selective growth amid macro uncertainties (input cost pressures, trade/tariff and geopolitical risks). CEO succession is underway and ahead of schedule. Near-term items to monitor: mix impacts on spread, farm input cost volatility (fertilizer/fuel), utilization of remaining investment tax-credit carryback (~$30M expected in Q2), and continued pipeline conversion in infrastructure sectors.