Federal Agricultural Mortgage Stock Earnings Reports

Farmer Mac reported an outstanding start to 2026 with record quarterly metrics across volume, revenue, and core earnings. Outstanding business volume reached about $34.8–35.0 billion, revenue was roughly $110 million, and core earnings were about $52 million ($4.74 per diluted share). Net new business volume was $1.5 billion for the quarter, with broad-based growth: Farm & Ranch saw accelerated loan purchase activity (net growth of $384 million year-over-year in the comparable period), AgVantage securities grew by $325 million, Corporate AgFinance expanded modestly, and Infrastructure Finance grew $717 million (notably Renewable Energy up $445 million and Broadband up $158 million, largely data center–related). Net effective spread dollars reached a record $102 million (116 bps), driven by volume and disciplined funding, although percentage spread was modestly compressed by mix and a shorter quarter. Credit metrics remain sound: a $4.3 million provision for credit losses (largely attributable to new volume in Renewable Energy and some migration), allowance for losses of $40.1 million, 90-day delinquencies at 52 bps (seasonally elevated), and substandard assets of 1.87% of the portfolio. Core capital rose $27 million to $1.7 billion, with Tier 1 at 13%, well above regulatory requirements. Management emphasized disciplined underwriting, strong liquidity/funding advantages as a government-sponsored enterprise, continued focus on return on equity and targeted investments to support scalable growth, and ongoing CEO succession progress. They expect continued robust pipelines across segments, selective capital deployment, and continued participation in renewable and broadband opportunities despite policy and macro uncertainties.