AGM

WASHINGTON, Aug. 12, 2026 /PRNewswire/ -- The Board of Directors of the Federal Agricultural Mortgage Corporation (Farmer Mac) has declared a third quarter dividend of $1.60 per share for each of Farmer Mac's three classes of common stock – Class A Voting Common Stock (NYSE: AGM.A), Class B Voting Common Stock (not listed on any exchange), and Class C Non-Voting Common Stock (NYSE: AGM). The quarterly dividend will be payable on September 30, 2026 to holders of record of common stock as of September 15, 2026. Farmer Mac's Board of Directors has also declared a dividend on each of Farmer Mac's six classes of preferred stock. The quarterly dividend of $0.35625 per share of 5.700% Non-Cumulative Preferred Stock, Series D (NYSE: AGM.PR.D), $0.359375 per share of 5.750% Non-Cumulative Preferred Stock, Series E (NYSE: AGM.PR.E), $0.328125 per share of 5.250% Non-Cumulative Preferred Stock, Series F (NYSE: AGM.PR.F), $0.3046875 per share of 4.875% Non-Cumulative Preferred Stock, Series G (NYSE: AGM.PR.G), $0.40625 per share of 6.500% Non-Cumulative Preferred Stock, Series H (NYSE: AGM.PR.H), and $0.4296875 per share of 6.875% Non-Cumulative Preferred Stock, Series I (NYSE: AGM.PR.I) is for the period from but not including July 17, 2026 to and including October 17, 2026. These preferred stock dividends will be payable to the holders of record of those classes of preferred stock as of October 1, 2026, on the business day following October 17, 2026, with the same force and effect as though paid on October 17, 2026. About Farmer MacFarmer Mac is driven by its mission to increase the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure. Our secondary market provides liquidity to our nation's agricultural and infrastructure businesses, supporting a vibrant and strong rural America. We offer a wide range of solutions to help meet financial institutions' growth, liquidity, risk management, and capital relief needs across diverse markets, including agriculture, agribusiness, broadband infrastructure, power and utilities, and renewable energy. We are uniquely positioned to facilitate competitive access to financing that fuels growth, innovation, and prosperity in America's rural and agricultural communities. Additional information about Farmer Mac is available on our website at www.farmermac.com. View original content to download multimedia:https://www.prnewswire.com/news-releases/farmer-mac-declares-quarterly-dividends-on-common-and-preferred-stock-302850122.html

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. Federal Agricultural Mortgage (AGM) drew investor attention after reporting second quarter 2026 results, with net income of US$66.95 million and diluted earnings per share from continuing operations of US$5.41. See our latest analysis for Federal Agricultural Mortgage. Federal Agricultural Mortgage's latest earnings report has arrived alongside a strong share price run, with the stock posting a 30.24% 3 month share price return and a 38.47% 1 year total shareholder return, which suggests momentum has been building rather than fading. If these results have you looking beyond a single stock, it could be a good moment to broaden your watchlist with 18 top founder-led companies Bulls point to Federal Agricultural Mortgage's record quarterly figures and strong share price gains. Bears worry the recent move already reflects that progress. The next step is to see which side the current valuation supports. On a simple earnings yardstick, Federal Agricultural Mortgage trades on a P/E of 12.3x, which screens as good value against both peers and the wider US market. The P/E ratio compares the current share price to earnings per share. For a company like Federal Agricultural Mortgage, which is profitable and reports high quality earnings, it is a common way investors benchmark what they are paying for each dollar of profit. Several checks point in the same direction. AGM is flagged as good value based on its 12.3x P/E compared with the US Diversified Financial industry average of 15.3x, the peer average of 13.5x, and an estimated fair P/E of 13x. That suggests the current market price is not stretching earnings too far, and that the valuation level could reasonably move closer to that fair multiple if conditions align. AGM also passes a broader value screen that compares the stock to both peers and the industry, with the P/E below the wider US market level of 19.3x. For investors focusing on relative valuation, this combination of a lower multiple and an estimated fair P/E above the current level provides a clear reference point for judging whether the recent share price strength still sits within a reasonable range. Explore the SWS fair ratio for Federal Agricultural Mortgage. Result: Price-to-Earnings of 12.3x (UNDERVALUED) However, Federal Agricultural Mortgage still faces risks if credit conditions in its agricultural and rural portfolios weaken, or if funding and hedging costs squeeze future profitability. Find out about the key risks to this Federal Agricultural Mortgage narrative. The P/E suggests Federal Agricultural Mortgage looks inexpensive, but the SWS DCF model tells a different story. With the stock at $227.60 and an estimated future cash flow value of $113.52, this approach screens AGM as overvalued. Which signal should carry more weight for you right now? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Federal Agricultural Mortgage for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 55 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. With Federal Agricultural Mortgage showing both appealing metrics and clear question marks, it makes sense to move quickly and review the full picture yourself. You can see both sides of that story in our 5 key rewards and 1 important warning sign Once you have formed a view on Federal Agricultural Mortgage, do not stop there. Use the same disciplined approach to compare other stocks side by side with a clear framework. Spot potential value opportunities early by reviewing companies that screen well on fundamentals and valuation through the 55 high quality undervalued stocks. Strengthen your income side by focusing on businesses that have maintained higher yields with the 9 dividend fortresses. Dial back risk while staying invested by filtering for companies that clear tough quality checks using the 81 resilient stocks with low risk scores. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include AGM. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Federal Agricultural Mortgage Corporation? Here are five stocks we like better. Farmer Mac reported record second-quarter 2026 results, with $125 million in revenue, $59 million in core earnings ($5.40 per diluted share), an 18.9% return on equity, and outstanding business volume of $37.2 billion. Agricultural and infrastructure finance drove growth: agricultural volume rose $1.8 billion, while infrastructure volume reached $13.1 billion, supported by renewable energy, power modernization, broadband, and data-center demand. Capital and risk management remained priorities, with core capital increasing to $1.9 billion and a 13.2% Tier 1 capital ratio. The company expects to launch a credit-risk transfer program in 2026 to expand capital capacity and support returns. Federal Agricultural Mortgage (NYSE:AGM), known as Farmer Mac, reported record second-quarter results for 2026, citing broad-based growth in agricultural and rural infrastructure finance, higher revenue and core earnings, and continued capital expansion. President and Chief Executive Officer Zack Carpenter said outstanding business volume reached a record $37.2 billion at June 30, up $2.4 billion during the quarter after new business, maturities, asset sales and paydowns. The company also provided more than $4 billion of liquidity during the quarter and $7.5 billion of liquidity and lending capacity during the first half of 2026. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now “Volume, revenue, and core earnings” all reached all-time highs in the quarter, Carpenter said, as Farmer Mac continued to provide liquidity to agriculture and rural infrastructure markets. Chief Financial Officer and Treasurer Matt Pullins reported second-quarter revenue of $125 million and core earnings of $59 million, or $5.40 per diluted share. Return on equity was 18.9%. → Microsoft Just Flipped the AI Spending Narrative Overnight Net effective spread rose to a record $117.4 million, up 25% from the prior-year quarter and 15% from the first quarter of 2026. On a percentage basis, net effective spread was 126 basis points, compared with 119 basis points a year earlier and 116 basis points in the preceding quarter. The result included $7.4 million of interest recovered on a large delinquent permanent planting exposure that had been on non-accrual status for an extended period. Excluding that recovery, net effective spread was 118 basis points, Pullins said, generally in line with recent periods. → Carrier Earnings Could Send the Stock to a New All-Time High Compensation and benefits expense increased due to higher headcount, incentive compensation accruals tied to financial performance, and the timing of expense recognition. The quarter included a $4 million true-up for performance-based incentive compensation that Pullins said is not expected to recur in subsequent quarters. Excluding both the interest recovery and the incentive-compensation true-up, core earnings would have been approximately $56 million, or $5.15 per diluted share, according to Pullins. The operating efficiency ratio was 28%, below Farmer Mac’s long-term target of 30%, and the company expects a full-year ratio between 27% and 29%. Farmer Mac also recorded a $2 million income-tax benefit from the purchase of $21.4 million of renewable-energy investment tax credits. Pullins said the company had substantially used its remaining carryback capacity and would evaluate future tax-credit purchases on a current-year basis. Agricultural finance outstanding business volume increased $1.8 billion during the quarter. The growth was led by a $1.1 billion increase in the Farm & Ranch AgVantage wholesale finance securities portfolio, including a $750 million issuance from a new counterparty. Carpenter said Farmer Mac expects incremental net wholesale-finance growth in the second half because of minimal scheduled maturities and the product’s relative value to customers compared with other funding alternatives. However, he described AgVantage volumes as “lumpy” and more difficult to predict than loan purchases. Farm & Ranch loan purchase activity remained elevated, with net growth of $867 million in the first half of 2026, nearly double the net growth recorded in the comparable period last year. Carpenter attributed demand to agricultural-sector volatility, lenders’ desire to diversify away from high-cost deposits, loan growth, capital-efficiency needs, and improvements to Farmer Mac’s products and processes. The company also launched the Farmer Mac Loan Exchange, or FLX, during the week of the earnings call. The digital platform combines Farmer Mac’s Farm & Ranch loan-purchase products into a unified system intended to improve process efficiency, document management and operational flexibility. Carpenter said it was too early to assess adoption, but that the platform had been well received and could support future scale and efficiency. Corporate AgFinance outstanding business volume grew modestly to $2.1 billion. Carpenter said agribusiness deal activity remained muted during 2026, largely because of lower merger-and-acquisition activity amid market volatility, global tensions affecting trade, and inflation. The company expects modest growth in the segment while maintaining its underwriting discipline. Infrastructure Finance business volume rose $573 million sequentially to $13.1 billion, with growth across power and utilities, renewable energy, and broadband infrastructure. Power and utility net growth was $291 million, primarily driven by loan purchases, including a $197 million pool acquired from one customer. Farmer Mac said borrowers continue to seek capital for system upgrades and modernization as electrification demand increases. In renewable energy, Farmer Mac provided $565 million of loan purchases and commitments during the quarter. After scheduled maturities and repayments, the segment grew $120 million to $3 billion. Carpenter said activity was supported by project construction intended to meet deadlines in H.R. 1, while the pipeline was approaching $1 billion. Although the industry is adapting to a phaseout of tax-credit incentives and supply-chain conditions, Carpenter said the company expects renewable-energy growth to continue into 2027 and beyond because of demand for new power generation capacity. Broadband Infrastructure grew $162 million to $1.9 billion. Data center-related business accounted for 70% of new broadband volume during the quarter, and total data center-related volume was approximately $1 billion at June 30, or about half of the segment. Carpenter said Farmer Mac is managing the expanding data center exposure through geographic and sponsor diversification, a focus on investment-grade hyperscaler tenants, and a mix of funded products. Farmer Mac recorded a $7 million provision for credit losses. About $3.6 million was associated with new business growth, while the remainder reflected credit migration, including deterioration in two collateral-dependent Farm & Ranch loans. Updated appraisals identified property-specific issues that reduced collateral values and resulted in valuation shortfalls, Pullins said. The allowance for losses was $47.4 million at quarter-end, up $7.2 million from the first quarter. Ninety-day delinquencies improved to 37 basis points, while substandard assets represented 1.71% of the total portfolio, down from 1.87% at the end of March. Core capital increased $141 million to $1.9 billion, supported by a $100 million Series I preferred-stock issuance and retained earnings. Farmer Mac’s Tier 1 capital ratio was 13.2%, within its 12% to 14% target range. Looking ahead, Pullins said the company expects to introduce a new credit risk transfer program in 2026. He said risk-transfer tools, including potential synthetic securitization structures, could provide more efficient and flexible capital capacity and are expected to benefit return on equity over time. Farmer Mac initially expects to focus on Farm & Ranch assets, where the market has greater familiarity with its underwriting and historical credit performance. Federal Agricultural Mortgage Corporation (NYSE: AGM), commonly known as Farmer Mac, is a government-sponsored enterprise chartered in 1988 under the Agricultural Credit Act of 1987. Headquartered in Washington, DC, Farmer Mac was established to enhance the availability of mortgage credit for the agricultural and rural utility sectors. The corporation operates as a secondary market for agricultural real estate and rural infrastructure loans, providing lenders with liquidity and risk management solutions. The company's principal business activities include purchasing and securitizing long-term fixed-rate agricultural mortgage loans and rural utilities loans originated by approved lenders. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Federal Agricultural Mortgage Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

This article first appeared on GuruFocus. Outstanding Business Volume: Record $37.2 billion as of June 30, 2026, an increase of $2.4 billion in the second quarter. Revenue: Record $125 million in the second quarter of 2026. Core Earnings: Record $59 million, or $5.40 per diluted share. Net Effective Spread: Record $117.4 million, a 25% increase year-over-year; 126 basis points on a percentage basis. Return on Equity: 18.9% for the quarter. Operating Efficiency Ratio: 28% for the quarter, below the long-term target of 30%. Provision for Credit Losses: $7 million in the second quarter of 2026. Allowance for Losses: $47.4 million as of June 30, 2026. Core Capital: Increased by $141 million during the quarter to $1.9 billion. Tier 1 Capital Ratio: 13.2% as of June 30, 2026. Agricultural Finance Volume: Grew $1.8 billion in the second quarter, driven by a $1.1 billion increase in farm and ranch AgVantage securities. Infrastructure Finance Volume: Increased $573 million sequentially to $13.1 billion. Renewable Energy Volume: Provided $565 million in loan purchases and commitments during the quarter. Broadband Infrastructure Volume: Net growth of $162 million, ending the period at $1.9 billion. Corporate AgFinance Volume: Grew modestly to $2.1 billion in outstanding business volume. Warning! GuruFocus has detected 8 Warning Signs with AGM. Is AGM fairly valued? Test your thesis with our free DCF calculator. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Record second quarter results with outstanding business volume reaching $37.2 billion, revenue of $125 million, and core earnings of $59 million or $5.40 per diluted share. Strong growth across all business segments, including a $1.8 billion increase in agricultural finance volume and a $573 million increase in infrastructure finance volume. Successful launch of Farmer Mac Loan Exchange (FLEX), a new digital platform expected to improve efficiency and scalability in farm and ranch lending. Robust capital position with core capital of $1.9 billion, exceeding statutory minimums by 64%, and a successful $100 million preferred stock issuance. Positive credit performance with 90-day delinquencies improving to 37 basis points and substandard assets declining to 1.71% of the portfolio. Strong operating efficiency with an efficiency ratio of 28%, below the 30% target, and expectations for continued positive operating leverage. Development of a new credit risk transfer program expected to enhance capital efficiency and support future growth. Elevated compensation and benefits expense due to increased headcount, higher incentive accruals, and a $4 million one-time true-up, leading to higher-than-expected expense growth in the quarter. Credit migration issues with two collateral-dependent farm and ranch loans requiring incremental reserves of approximately $3 million. Muted deal flow in the corporate ag finance segment due to reduced M&A activity and global tensions impacting trade and inflation. Dependence on one-time benefits, such as the $7.4 million interest recovery and $2 million tax credit benefit, which may not recur and could affect future earnings comparisons. Potential headwinds from rising global energy prices, which could increase fuel and fertilizer costs for agricultural borrowers. Uncertainty in the renewable energy segment due to the phase-out of tax credit incentives, which could impact future project economics. Data center exposure has grown substantially, requiring enhanced portfolio management to mitigate potential market headwinds. Q: In the broadband segment, do data centers have a higher spread than other assets? And was the higher corporate ag finance spread purely due to the reversal of that one credit?A: Zachary Carpenter (President & COO) explained that credit spreads for data centers are relatively in line with other assets in the broadband portfolio, as the company focuses on risk-adjusted returns rather than chasing higher spreads. Regarding corporate ag finance, the biggest impact on net effective spread was the collection of $7.4 million in interest from a non-accrual loan; excluding that, the spread percentage would be relatively flat quarter-over-quarter. Q: Will the risk transfer solution be beneficial to ROEs, and will the structures look similar to Fannie-Freddie risk-sharing structures?A: Matthew Pullins (CFO & Treasurer) confirmed that risk transfer tools are viewed as a form of capital that is more efficient, flexible, and cheaper than issuing capital. Therefore, the use of credit risk transfer tools is expected to benefit return on equity over time. Q: Can you provide an outlook on the net effective spread margin across segments for the next couple of quarters and into 2027?A: Zachary Carpenter (President & COO) noted that trailing 12-month NES percentages have been relatively consistent: broadband in the 225-235 bps range, renewable energy at 165-175 bps, and corporate ag slightly above 2%. He expects these ranges to hold based on the current pipeline and market transactions. For farm and ranch, the biggest potential change is product mix, particularly the lumpy AgVantage wholesale volume, which could cause a few basis points of compression. Q: Can you discuss operating leverage potential going forward, given the acceleration in volume and the one-time items in the quarter?A: Matthew Pullins (CFO & Treasurer) stated that the company expects to generate positive operating leverage going forward, with expense growth moderating relative to Q2 performance. The strong new business volume in Q2 will enhance top-line benefits in Q3 and beyond. He confirmed the infrastructure is in place to scale the business, while continued strategic investments in people and technology will be made within the efficiency ratio target. Q: What are the key demand drivers behind the accelerated pace of farm and ranch volume growth this year?A: Zachary Carpenter (President & COO) attributed growth to three factors: 1) stressed sectors of the ag economy tapping into land equity for working capital; 2) financial institutions leveraging the secondary market to balance balance sheet management amid high deposit costs and strong loan growth; and 3) improved product efficiency and scalability, which has increased the velocity of loan purchases. Matthew Pullins added that rising credit spreads make Farmer Mac's funding costs relatively more attractive, potentially incentivizing more loan purchase and AgVantage activity. Q: Are you more bullish on AgVantage wholesale volume or loan purchase volume for the remainder of the year?A: Zachary Carpenter (President & COO) indicated strong tailwinds for loan purchase products across infrastructure and farm and ranch. While AgVantage growth is lumpier, the company has minimal scheduled maturities in the second half, meaning any new issuance would result in net growth. He noted continued interest from new counterparties in the wholesale product. Q: What early adoption are you seeing from the new Farmer Mac Loan Exchange (FLEX) platform, and will it drive scale and a lower efficiency ratio?A: Zachary Carpenter (President & COO) said it is too early to tell on utilization since the platform launched just this week, but it has been well received in the market. The goal is to create a faster, easier, and more competitive platform for borrowers, which will increase scale and ultimately help with operating leverage and the efficiency ratio. Q: What at this point would cause year-end results to come in out of line with expectations?A: Zachary Carpenter (President & COO) cited monitoring of the agricultural environment for potential headwinds from global conflicts and higher input costs, which could increase loan demand but also bring uncertainty. He also noted the data center portfolio is focused on investment-grade hyperscalers with appropriately structured projects. Credit headwinds remain a key watch item; while substandard assets and delinquencies have improved, any deterioration could lead to additional provisions. Q: What are the limitations on volume for securitization, and could it be materially higher two years from now?A: Matthew Pullins (CFO & Treasurer) explained that the company is evolving its credit risk transfer approach to include synthetic securitization, commonly used by other GSEs. Capacity will be driven by portfolio components where execution is effective (e.g., farm and ranch) and market appetite for agricultural and rural infrastructure risk. He confirmed that securitization could be materially higher in two years, though infrastructure risk transfer is not the priority in the early stages. Q: Are infrastructure finance loans an opportunity for securitization?A: Matthew Pullins (CFO & Treasurer) stated that the market has demonstrated appetite for farm and ranch credits due to historical performance. While the company will evaluate risk transfer opportunities in the infrastructure space over the long run, it is not the priority in the early stages of the alternative risk transfer transactions being contemplated. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

- Outstanding Business Volume of $37.2 Billion - WASHINGTON, July 30, 2026 /PRNewswire/ -- The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A) today announced its results for the fiscal quarter ended June 30, 2026. Second Quarter 2026 Highlights Record outstanding business volume of $37.2 billion, reflecting 22% growth year-over-year Provided $4.0 billion in liquidity and lending capacity to lenders serving rural America Net interest income grew 22% year-over-year to $118.1 million Net effective spread1 increased 25% from the prior-year period to a record $117.4 million Net income attributable to common stockholders was $58.9 million, or $5.41 per diluted share Record core earnings1 of $58.8 million, or $5.40 per diluted share, reflecting 24% growth year-over-year Total core capital of $1.9 billion and a Tier 1 Capital Ratio of 13.2% as of June 30, 2026 Issued $100.0 million of Tier 1 capital through the public offering of 6.875% Series I non-cumulative preferred stock "Farmer Mac delivered record second quarter results, with business volume, revenue, and core earnings all reaching all-time highs, a testament to the strength of our mission-driven franchise and the disciplined execution of our strategy across every part of our business," said Zachary Carpenter, President and Chief Executive Officer. "Broad-based volume growth carried us past $37 billion in outstanding business volume, reinforcing our role as a vital source of liquidity for American agriculture and rural infrastructure. We also strengthened our already robust capital base through a successful preferred stock issuance and maintained our expense efficiency ratio below our 30% strategic target, while continuing to invest for future growth." "Our commitment to innovation reached an important milestone this week with the launch of Farmer Mac Loan Exchange, or FLX, our new Farm & Ranch loan platform, a significant step in modernizing our technology to deliver liquidity more efficiently and at scale, and a strong example of the innovation that will continue to differentiate Farmer Mac and transform the agricultural mortgage market," Mr. Carpenter continued. "As we look to the balance of 2026, we remain well positioned to navigate an evolving macro environment through our diversified portfolio, strong capital position, and disciplined underwriting. We are excited about the significant opportunities ahead and remain focused on deepening our impact in the markets we serve while delivering durable, high-quality earnings and long-term value for our shareholders." Second Quarter 2026 Income Statement Highlights Net interest income grew $21.3 million year-over-year and $16.7 million quarter-over-quarter Net effective spread3 increased $23.5 million year-over-year, and $15.4 million quarter-over-quarter, primarily due to robust net volume growth and the collection of $7.4 million of recovery of interest on a delinquent permanent planting exposure Credit provisions primarily related to new volume growth across all segments and portfolio credit migration trends Purchased $21.4 million of tax credits, resulting in a benefit of $2.0 million Net income increased $9.7 million year-over-year and $7.0 million quarter-over-quarter Core earnings3 increased $11.4 million year-over-year and $7.0 million quarter-over-quarter to $58.8 million Core return on equity was 19% in the second quarter, reflecting strong profitability and efficient capital deployment Second Quarter 2026 Portfolio Highlights Broad-based, net portfolio growth of $2.4 billion reflective of strong customer demand across all segments Farm & Ranch portfolio grew by $1.7 billion, primarily due to $1.1 billion of net growth in AgVantage securities, including a $0.8 billion AgVantage security from a new counterparty, and net loan purchase volume of $483.4 million Corporate AgFinance portfolio grew modestly by $30.5 million due to loan purchases and AgVantage securities activity with several counterparties Strong business volume in Power & Utilities resulted in net growth of $291.0 million, which included the purchase of a $197 million pool of loans from a single customer Renewable Energy business volume increased $120.2 million due to strong deal flow and continued project finance momentum Broadband Infrastructure business volume grew $161.8 million, reflecting steady demand for rural telecommunications and data connectivity Earnings Conference Call Information The conference call to discuss Farmer Mac's second quarter 2026 financial results will be held beginning at 4:30 p.m. eastern time on Thursday, July 30, 2026, and can be accessed by telephone or live webcast as follows: Telephone (Domestic): (888) 880-3330Telephone (International): (646) 357-8766Webcast: https://www.farmermac.com/investors/events-presentations/ When dialing in to the call, please ask for the "Farmer Mac Earnings Conference Call." The call can be heard live and will also be available for replay on Farmer Mac's website for one week following the conclusion of the call. More complete information about Farmer Mac's performance for second quarter 2026 is in Farmer Mac's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed today with the Securities and Exchange Commission ("SEC"). Use of Non-GAAP Measures We use "non-GAAP measures" in our analysis of financial information. Non-GAAP measures represent measures of financial performance that are not presented in accordance with GAAP. Specifically, we use the following non-GAAP measures: (1) "core earnings," (2) "core earnings per common share," and (3) "net effective spread," in both dollars and percentage yield. In our view, these non-GAAP measures are useful alternative measures in understanding our economic performance, transaction economics, and business trends. Our non-GAAP financial measures may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Our disclosure of non-GAAP measures is intended to be supplemental in nature and is not meant to be considered in isolation from, as a substitute for, or as more important than, the related financial information prepared in accordance with GAAP. Core Earnings and Core Earnings Per Share The main difference between core earnings and core earnings per common share, which are non-GAAP measures, and net income attributable to common stockholders and earnings per common share, which are GAAP measures, is that those non-GAAP measures exclude the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on our financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Additionally, these two non-GAAP measures exclude specified infrequent or unusual transactions that we believe are not indicative of future operating results and that may not reflect the trends and economic financial performance of our core business. Net Effective Spread We use Net Effective Spread ("NES") to measure the net spread earned between interest-earning assets and the related net funding costs, including any associated derivatives, whether or not they are designated in a hedge accounting relationship. NES excludes the following: Interest income and interest expense associated with single-class consolidated trusts with beneficial interests owned by third parties and for which we guarantees all classes of securities issued ("single-class consolidated trusts") and reclassifies that activity to guarantee and commitment fees in determining our core earnings. This reclassification reflects our view that the net interest income earned on single-class consolidated trusts is effectively a guarantee fee. Fair value changes of financial derivatives and corresponding financial assets or liabilities designated in fair value hedge accounting relationships because they are not expected to have an economic effect on our financial performance, as we expect to hold the financial derivatives and corresponding hedged items to maturity. The amortization of premiums and discounts on assets consolidated at fair value. NES includes the following: Income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge accounting relationships ("undesignated financial derivatives"). For undesignated financial derivatives, we record the income or expense related to the accrual of the contractual amounts due in "Gains/(losses) on financial derivatives" on the Consolidated Statements of Operations. The net effects of terminations or net settlements on undesignated financial derivatives, which consist of: (1) the net effects of cash settlements on agency forward contracts on the debt of other government-sponsored enterprises and U.S. Treasury security futures that we use as short-term economic hedges on the issuance of debt; and (2) the net effects of initial cash payments that we receive upon the inception of certain swaps. For GAAP purposes, realized gains or losses on settlements of these contracts are reported in the Consolidated Statements of Operations in the period in which they occur. For NES, these realized gains or losses are deferred and amortized as net yield adjustments over the term of the related debt, which generally ranges from 3 to 15 years. More information about Farmer Mac's use of non-GAAP measures is available in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations" in Farmer Mac's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, filed today with the SEC. For a reconciliation of Farmer Mac's net income attributable to common stockholders to core earnings and of earnings per common share to core earnings per share, and net interest income and net interest yield to net effective spread, see "Reconciliations" below. Forward-Looking Statements Management's expectations for Farmer Mac's future necessarily involve assumptions, estimates, and the evaluation of risks and uncertainties. Various factors or events, both known and unknown, could cause our actual results to differ materially from the expectations as expressed or implied by the forward-looking statements in this release, including uncertainties about: the availability to Farmer Mac of debt and equity financing and, if available, the reasonableness of rates and terms; legislative, regulatory, or current or future political developments that could affect Farmer Mac, its sources of business, or agricultural or infrastructure industries; fluctuations in the fair value of assets held by Farmer Mac and its subsidiaries; the level of lender interest in Farmer Mac's products and the secondary market provided by Farmer Mac; the general rate of growth in agricultural mortgage and infrastructure indebtedness; the effect of economic conditions stemming from disruptive global events or otherwise on agricultural mortgage or infrastructure lending, borrower repayment capacity, or collateral values, including inflation, fluctuations in interest rates, changes in U.S. trade policies (including tariffs and trade restrictions), fluctuations in export demand for U.S. agricultural products and foreign currency exchange rates, supply chain disruptions, increases in input costs, labor availability, and volatility in commodity prices; the degree to which Farmer Mac is exposed to interest rate risk resulting from fluctuations in Farmer Mac's borrowing costs relative to market indices; developments in the financial markets, including possible investor, analyst, and rating agency reactions to events involving GSEs, including Farmer Mac; the effects of the Federal Reserve's efforts to achieve monetary policy normalization to respond to inflation and employment levels; and other factors that could hinder agricultural mortgage lending or borrower repayment capacity, including the effects of severe weather, flooding and drought, or fluctuations in agricultural real estate values. Other risk factors are discussed in "Risk Factors" in Part I, Item 1A in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 19, 2026. Considering these potential risks and uncertainties, no undue reliance should be placed on any forward-looking statements expressed in this release. The forward-looking statements contained in this release represent management's expectations as of the date of this release. Farmer Mac undertakes no obligation to release publicly the results of revisions to any forward-looking statements included in this release to reflect new information or any future events or circumstances, except as otherwise required by applicable law. The information in this release is not necessarily indicative of future results. About Farmer Mac Farmer Mac is driven by its mission to increase the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure. The secondary market served by Farmer Mac provides liquidity to our nation's agricultural and infrastructure businesses, supporting a vibrant and strong rural America. We offer a wide range of solutions to help meet financial institutions' growth, liquidity, risk management, and capital relief needs across diverse markets, including agriculture, agribusiness, broadband infrastructure, power and utilities, and renewable energy. We are uniquely positioned to facilitate competitive access to financing that fuels growth, innovation, and prosperity in America's rural and agricultural communities. Additional information about Farmer Mac is available on our website at www.farmermac.com. Reconciliations Reconciliations of Farmer Mac's net income attributable to common stockholders to core earnings and core earnings per share are presented in the following tables along with information about the composition of core earnings for the periods indicated: The following table presents a reconciliation of net interest income and net yield to net effective spread for the periods indicated: (47)— %Amortization of losses due to terminations or net settlements on financial derivatives7430.01 %9670.01 %1,0220.01 %1,7100.01 %1,8900.01 %Fair value changes on fairvalue hedge relationships(889)(0.01) %(362)(0.01) %(2,709)(0.04) %(1,251)(0.01) %(3,808)(0.02) %Net effective spread$ 117,4381.26 %$ 101,9991.16 %$ 93,8931.19 %$ 219,4371.21 %$ 183,8831.18 % The following table presents core earnings for Farmer Mac's reportable operating segments and a reconciliation to consolidated net income for the three months ended June 30, 2026: Supplemental Information The following table sets forth information about outstanding volume in each of Farmer Mac's lines of business as of the dates indicated: The following table presents the quarterly net effective spread by segment: The following table presents quarterly core earnings reconciled to net income attributable to common stockholders (in thousands): View original content to download multimedia:https://www.prnewswire.com/news-releases/farmer-mac-reports-second-quarter-2026-results-302839410.html

Federal Agricultural Mortgage (AGM) came out with quarterly earnings of $5.4 per share, beating the Zacks Consensus Estimate of $4.98 per share. This compares to earnings of $4.32 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +8.43%. A quarter ago, it was expected that this rural real estate lender would post earnings of $4.52 per share when it actually produced earnings of $4.74, delivering a surprise of +4.87%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Farmer Mac, which belongs to the Zacks Financial - Mortgage & Related Services industry, posted revenues of $125.22 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 10.32%. This compares to year-ago revenues of $100.51 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Farmer Mac shares have added about 21.7% since the beginning of the year versus the S&P 500's gain of 6.9%. While Farmer Mac has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Farmer Mac was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.97 on $117.12 million in revenues for the coming quarter and $19.75 on $460.42 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Mortgage & Related Services is currently in the bottom 12% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Zillow Group (ZG), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This online real estate marketplace is expected to post quarterly earnings of $0.44 per share in its upcoming report, which represents a year-over-year change of +10%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Zillow Group's revenues are expected to be $758.81 million, up 15.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Federal Agricultural Mortgage Corporation (AGM) : Free Stock Analysis Report Zillow Group, Inc. (ZG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Tree.com (TREE) came out with quarterly earnings of $1.27 per share, missing the Zacks Consensus Estimate of $1.46 per share. This compares to earnings of $1.13 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -13.01%. A quarter ago, it was expected that this mortgage lending service provider would post earnings of $1.49 per share when it actually produced earnings of $1.66, delivering a surprise of +11.41%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Tree.com, which belongs to the Zacks Financial - Mortgage & Related Services industry, posted revenues of $313.42 million for the quarter ended June 2026, missing the Zacks Consensus Estimate by 0.52%. This compares to year-ago revenues of $250.1 million. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Tree.com shares have lost about 22.8% since the beginning of the year versus the S&P 500's gain of 8.5%. While Tree.com has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Tree.com was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.45 on $337.32 million in revenues for the coming quarter and $5.78 on $1.32 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial - Mortgage & Related Services is currently in the bottom 15% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Federal Agricultural Mortgage (AGM), is yet to report results for the quarter ended June 2026. The results are expected to be released on July 30. This rural real estate lender is expected to post quarterly earnings of $4.98 per share in its upcoming report, which represents a year-over-year change of +15.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Federal Agricultural Mortgage's revenues are expected to be $113.52 million, up 12.9% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report LendingTree, Inc. (TREE) : Free Stock Analysis Report Federal Agricultural Mortgage Corporation (AGM) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Farmer Mac’s first quarter results were shaped by strong business volume growth across its core agricultural and rural infrastructure finance platforms. Despite missing Wall Street’s revenue expectations, the company delivered year-over-year sales growth of over 20%, with management highlighting a surge in farm and ranch loan purchases and continued expansion in renewable energy and broadband lending. CEO Bradford Todd Nordholm pointed to Farmer Mac’s diversified business model and “disciplined execution across our organization” as key factors supporting robust demand and deeper customer relationships, especially amid challenging commodity price and input cost environments. Is now the time to buy AGM? Find out in our full research report (it’s free). Revenue: $104.1 million vs analyst estimates of $110.8 million (14.2% year-on-year growth, 6% miss) Adjusted EPS: $4.74 vs analyst estimates of $4.44 (6.7% beat) Adjusted Operating Income: $74.44 million vs analyst estimates of $69.91 million (71.5% margin, 6.5% beat) Operating Margin: 68.6%, in line with the same quarter last year Market Capitalization: $1.88 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Bose Thomas George (KBW): Asked about the sustainability of return on equity and net effective spread. CFO Matthew Pullins said the focus remains on maintaining ROE in the current range, with spread variations driven by asset mix. Bose Thomas George (KBW): Questioned the potential impact of geopolitical volatility on the farm economy and credit risk. President Zachary Carpenter cited the company’s diversified model and proactive risk management but acknowledged ongoing sector stress. William Haraway Ryan (Seaport Research Partners): Sought clarity on margin trends and the outlook for net effective spread. Management explained that recent mix shifts and strategic callable debt actions will affect spreads but expect durability as loan commitments fund. William Haraway Ryan (Seaport Research Partners): Inquired about possible delays in data center project construction. Carpenter stated rigorous underwriting standards and focus on top-tier, investment-grade tenants have minimized risk of project delays. Brendan Michael McCarthy (Sidoti): Asked about the drivers of farm and ranch loan growth and whether increased marketing or competition contributed. Carpenter attributed growth to expanded customer relationships, new leadership in the segment, and increased support for partner institutions. In the coming quarters, the StockStory team will be watching (1) whether Farmer Mac sustains its elevated loan volume growth in farm and ranch and infrastructure segments, (2) the impact of ongoing margin mix shifts as AgVantage and renewable energy volumes evolve, and (3) how credit quality holds up amid continued volatility in input costs and commodity prices. We will also be monitoring execution on technology investments and progress in deepening customer relationships across new and existing counterparties. Farmer Mac currently trades at $176.62, up from $171.28 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members). ALSO WORTH WATCHING: Top 5 Momentum Stocks. The best time to own a great stock is when the market is finally noticing it. These aren't just high-quality businesses. Something is happening with them right now. Elite fundamentals meeting near-term momentum - both boxes checked at the same time. Find out which stocks our AI platform is flagging this week. See this week's Strong Momentum stocks - FREE. Get Our Strong Momentum Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+351% five-year return). Find your next big winner with StockStory today.