Federal Agricultural Mortgage Stock Earnings Reports

Farmer Mac reported an exceptionally strong Q1 2026: record outstanding business volume of ~$34.8 billion, revenue of ~$110 million and core earnings of ~$52 million ($4.74 diluted). Net new business volume was ~$1.5 billion for the quarter with broad-based growth across Farm & Ranch, Corporate AgFinance and Infrastructure Finance (notably Renewable Energy, Broadband and Power & Utilities). Farm & Ranch loan purchases accelerated (net growth of $384 million in Q1 vs. $54 million a year ago) and AgVantage securities increased following a new facility closed in late 2025. Net effective spread dollars hit a record $102 million (116 bps on a percentage basis), supported by disciplined funding/hedging and a short-duration, rate-agnostic balance sheet posture. Credit: provision for credit losses was $4.3 million (driven by new volume and some credit migration); allowance for losses was $40.1 million; 90-day delinquencies were 52 bps (seasonally higher). Capital: core capital rose to $1.7 billion, Tier 1 ratio 13%, with capital excess of $663 million (62% above statutory). Management returned $32 million of capital via dividends and modest buybacks, expect to continue balanced capital deployment. Tax: $30 million of remaining carryback capacity for renewable energy tax credits expected to be utilized in Q2. Key risks/near-term drivers called out: higher input and energy costs (fertilizer/fuel) from geopolitical developments, potential changes as H.R.1 incentives phase, and seasonality in Farm & Ranch loan payments. Management emphasized continued disciplined underwriting, selective deployment in high-quality counterparties (especially data centers/hyperscalers), focus on return on equity and ongoing CEO succession process (ahead of schedule).