WASHINGTON, D.C., May 5, 2026 — The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure, today announced its results for the fiscal quarter ended March 31, 2026.
First Quarter 2026 Highlights
•Record outstanding business volume of $34.8 billion, reflecting 17% growth year-over-year
•Provided $3.4 billion in liquidity and lending capacity to lenders serving rural America
•Net interest income grew 11% year-over-year to $101.4 million
•Net income attributable to common stockholders was $51.8 million, or $4.75 per diluted share
•Net effective spread1 and core earnings1 increased 13% year-over-year
•Total core capital of $1.7 billion and a Tier 1 Capital Ratio of 13.0% as of March 31, 2026
"I'm very pleased to report that we delivered record results across the board in first quarter 2026, delivering double-digit year-over-year growth in business volume, revenue, and core earnings, as we approached $35 billion in total outstanding business volume," said Brad Nordholm, Chief Executive Officer. "Growth was broad‑based and supported by strong execution and sustained customer demand, while maintaining disciplined underwriting standards. The momentum coming out of 2025 has carried into 2026, reinforcing our confidence in the outlook and the durability of our business model as we execute on our mission and support rural America."
2Percentage changes may not compute directly as shown due to rounding of amounts presented above
3
"Our diversified business model, strong capital position, and disciplined risk management position allows us to provide vital liquidity to the agricultural and rural infrastructure sectors in all economic cycles," added Mr. Nordholm. "In the context of CEO succession and my anticipated retirement, I can say with confidence that Farmer Mac has never had a stronger executive team or business momentum. I am incredibly optimistic - and confident - about Farmer Mac's future."
First Quarter 2026 Income Statement Highlights
•Net effective spread increased $12.0 million year-over-year, and $0.6 million quarter-over-quarter, primarily due to robust net volume growth
•Operating efficiency ratio was below the long-term strategic target
•Credit provisions primarily related to new volume growth and portfolio credit migration concentrated in the Agricultural Finance line of business
•Purchased $45.0 million of tax credits, resulting in a benefit of $4.2 million
•Core earnings3 increased $5.8 million year-over-year and $11.7 million quarter-over-quarter to $51.7 million
•Core return on equity was 17% in the first quarter, reflecting strong profitability and efficient capital deployment
$ in billions
Quarter Ended March 31, 2026
% of Outstanding Business Volume
Segment
Business Volume
Net Effective Spread
YoY Volume Growth
Agricultural Finance
64%
Farm & Ranch
$20.2
1.03%
12%
Corporate AgFinance
$2.1
2.05%
9%
Infrastructure Finance
36%
Power & Utilities
$8.0
0.35%
11%
Renewable Energy
$2.9
1.59%
80%
Broadband Infrastructure
$1.7
2.27%
73%
First Quarter 2026 Portfolio Highlights
•Broad-based, net portfolio growth of $1.5 billion reflective of strong customer demand across all segments
•Total Farm & Ranch portfolio grew by $675.3 million, primarily due to net loan purchase volume growth of $383.9 million and net growth of $325.0 million in AgVantage securities
•Corporate AgFinance portfolio grew by $101.8 million due to loan purchases and AgVantage securities activity with several counterparties
•Strong business volume in Power & Utilities resulted in net growth of $115.0 million
•Renewable Energy business volume increased $444.5 million due to strong deal flow and continued project finance momentum
•Broadband Infrastructure business volume grew $158 million, reflecting steady demand for rural telecommunication and data connectivity
3Non-GAAP Measure
4
Earnings Conference Call Information
The conference call to discuss Farmer Mac's first quarter 2026 financial results will be held beginning at 4:30 p.m. eastern time on Tuesday, May 5, 2026, and can be accessed by telephone or live webcast as follows:
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 first quarter 2026 is in Farmer Mac's
Quarterly Report on Form 10-Q for the quarter ended March 31, 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.
5
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 March 31, 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;
6
•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.
CONTACT: Jalpa Nazareth, Investor Relations
Lisa Meyer, Media Inquiries
(202) 872-7700
* * * *
7
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
As of
March 31, 2026
December 31, 2025
(in thousands)
Assets:
Cash and cash equivalents (includes restricted cash of $27,338 and $24,475, respectively)
$
773,935
$
931,067
Investment securities:
Available-for-sale, at fair value (amortized cost of $14,269,843 and $13,813,551, respectively)
13,971,122
13,580,285
Held-to-maturity, at amortized cost
4,230,583
3,954,223
Other investments
17,290
15,871
Total Investment Securities
18,218,995
17,550,379
Loans:
Loans held for investment, at amortized cost
14,860,528
13,877,051
Loans held for investment in consolidated trusts, at amortized cost
2,391,027
2,482,010
Allowance for losses
(39,920)
(37,785)
Total loans, net of allowance
17,211,635
16,321,276
Financial derivatives, at fair value
15,481
44,875
Accrued interest receivable (includes $25,874 and $40,945, respectively, related to consolidated trusts)
303,725
357,155
Guarantee and commitment fees receivable
56,941
57,214
Deferred tax asset, net
5,133
173
Prepaid expenses and other assets
143,401
108,018
Total Assets
$
36,729,246
$
35,370,157
Liabilities and Equity:
Liabilities:
Notes payable
$
32,236,308
$
30,822,570
Debt securities of consolidated trusts held by third parties
2,275,001
2,365,435
Financial derivatives, at fair value
46,490
21,618
Accrued interest payable (includes $13,012 and $15,795, respectively, related to consolidated trusts)
254,798
233,714
Guarantee and commitment obligation
54,201
54,770
Other liabilities
145,427
153,101
Total Liabilities
35,012,225
33,651,208
Commitments and Contingencies
Equity:
Preferred stock:
Series D, par value $25 per share, 4,000,000 shares authorized, issued and outstanding
96,659
96,659
Series E, par value $25 per share, 3,180,000 shares authorized, issued and outstanding
77,003
77,003
Series F, par value $25 per share, 4,800,000 shares authorized, issued and outstanding
116,160
116,160
Series G, par value $25 per share, 5,000,000 shares authorized, issued and outstanding
121,327
121,327
Series H, par value $25 per share, 4,000,000 shares authorized, issued and outstanding
96,844
96,844
Common stock:
Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding
1,031
1,031
Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding
500
500
Class C Non-Voting, $1 par value, no maximum authorization, 9,317,502 shares and 9,325,556 shares outstanding, respectively
9,318
9,326
Additional paid-in capital
138,543
139,370
Accumulated other comprehensive (loss)/income, net of tax
(15,071)
13,382
Retained earnings
1,074,707
1,047,347
Total Equity
1,717,021
1,718,949
Total Liabilities and Equity
$
36,729,246
$
35,370,157
8
FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
For the Three Months Ended
March 31, 2026
March 31, 2025
(in thousands, except per share amounts)
Interest income:
Investment securities and cash equivalents
$
203,409
$
209,650
Loans
212,552
171,764
Total interest income
415,961
381,414
Total interest expense
314,565
290,475
Net interest income
101,396
90,939
Provision for losses
(4,308)
(1,684)
Net interest income after provision for losses
97,088
89,255
Non-interest income/(expense):
Guarantee and commitment fees
5,837
4,479
Gains/(losses) on financial derivatives
1,140
(2,636)
Other income
752
1,537
Non-interest income
7,729
3,380
Operating expenses:
Compensation and employee benefits
21,257
17,752
General and administrative
11,262
10,758
Regulatory fees
863
1,000
Operating expenses
33,382
29,510
Income before income taxes
71,435
63,125
Income tax expense
12,312
13,474
Net income
59,123
49,651
Preferred stock dividends
(7,291)
(5,666)
Net income attributable to common stockholders
$
51,832
$
43,985
Earnings per common share:
Basic earnings per common share
$
4.78
$
4.04
Diluted earnings per common share
$
4.75
$
4.01
9
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:
Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings
For the Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025
(in thousands, except per share amounts)
Net income attributable to common stockholders
$
51,832
$
40,638
$
43,985
Less reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes
(679)
447
(2,573)
Gains on hedging activities due to fair value changes
362
3,107
1,099
Unrealized gains/(losses) on trading assets
53
(66)
9
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value(1)
44
24
28
Net effects of terminations or net settlements on financial derivatives
335
(2,699)
(1,070)
Income tax effect related to reconciling items
(24)
(171)
526
Sub-total
91
642
(1,981)
Core earnings
$
51,741
$
39,996
$
45,966
Composition of Core Earnings:
Revenues:
Net effective spread(2)
$
101,999
$
101,389
$
89,990
Guarantee and commitment fees(3)
6,715
6,298
5,488
Other(4)
1,185
224
1,315
Total revenues
109,899
107,911
96,793
Credit related expense/(income) (GAAP):
Provision for losses
4,308
15,986
1,684
Other credit related expense/(income)
889
1,267
(33)
Total credit related expense/(income)
5,197
17,253
1,651
Operating expenses (GAAP):
Compensation and employee benefits
21,257
18,199
17,752
General and administrative
11,262
11,944
10,758
Regulatory fees
863
863
1,000
Total operating expenses
33,382
31,006
29,510
Net earnings
71,320
59,652
65,632
Income tax expense(5)
12,288
12,370
14,000
Preferred stock dividends (GAAP)
7,291
7,286
5,666
Core earnings
$
51,741
$
39,996
$
45,966
Core earnings per share:
Basic
$
4.77
$
3.68
$
4.22
Diluted
$
4.74
$
3.66
$
4.19
(1)Reflects the amortization recorded during the reporting period on those assets for which the premium, discount, or deferred gain was a result of consolidation accounting rather than a cash transaction.
(2)Net effective spread is a non-GAAP measure. See "Use of Non-GAAP Measures" above for an explanation of net effective spread. See below for a reconciliation of net interest income to net effective spread.
(3)Includes net interest income of $0.9 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively, related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees.
10
(4)Reflects reconciling adjustments for the reclassification to exclude expenses related to undesignated financial derivatives and terminations or net settlements on financial derivatives, and reconciling adjustments to exclude fair value adjustments on financial derivatives and trading assets and the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities.
(5)Includes the tax impact of non-GAAP reconciling items between net income attributable to common stockholders and core earnings.
11
Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share
For the Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025
(in thousands, except per share amounts)
GAAP - Basic EPS
$
4.78
$
3.73
$
4.04
Less reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes
(0.06)
0.04
(0.23)
Gains on hedging activities due to fair value changes
0.03
0.29
0.10
Unrealized gains/(losses) on trading securities
0.01
(0.01)
—
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value
—
—
—
Net effects of terminations or net settlements on financial derivatives
0.03
(0.25)
(0.10)
Income tax effect related to reconciling items
—
(0.02)
0.05
Sub-total
0.01
0.05
(0.18)
Core Earnings - Basic EPS
$
4.77
$
3.68
$
4.22
Shares used in per share calculation (GAAP and Core Earnings)
10,844
10,882
10,896
Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share
For the Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025
(in thousands, except per share amounts)
GAAP - Diluted EPS
$
4.75
$
3.71
$
4.01
Less reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes
(0.06)
0.04
(0.23)
Gains on hedging activities due to fair value changes
0.03
0.29
0.10
Unrealized gains/(losses) on trading securities
0.01
(0.01)
—
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value
—
—
—
Net effects of terminations or net settlements on financial derivatives
0.03
(0.25)
(0.10)
Income tax effect related to reconciling items
—
(0.02)
0.05
Sub-total
0.01
0.05
(0.18)
Core Earnings - Diluted EPS
$
4.74
$
3.66
$
4.19
Shares used in per share calculation (GAAP and Core Earnings)
10,922
10,943
10,983
12
The following table presents a reconciliation of net interest income and net yield to net effective spread for the periods indicated:
Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread
For the Three Months Ended
March 31, 2026
December 31, 2025
March 31, 2025
Dollars
Yield
Dollars
Yield
Dollars
Yield
(dollars in thousands)
Net interest income
$
101,396
1.13
%
$
104,521
1.23
%
$
90,939
1.15
%
Net effects of consolidated trusts
(930)
0.02
%
(973)
0.02
%
(1,010)
0.02
%
Expense related to undesignated financial derivatives
969
0.01
%
156
—
%
318
—
%
Amortization of premiums/discounts on assets consolidated at fair value
(41)
—
%
(22)
—
%
(25)
—
%
Amortization of losses due to terminations or net settlements on financial derivatives
967
0.01
%
814
0.01
%
867
0.01
%
Fair value changes on fair value hedge relationships
(362)
(0.01)
%
(3,107)
(0.04)
%
(1,099)
(0.01)
%
Net effective spread
$
101,999
1.16
%
$
101,389
1.22
%
$
89,990
1.17
%
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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 March 31, 2026:
Core Earnings by Business Segment
For the Three Months Ended March 31, 2026
Agricultural Finance
Infrastructure Finance
Treasury
Farm & Ranch
Corporate AgFinance
Power &
Utilities
Broadband Infrastructure
Renewable Energy
Funding
Investments
Total
(in thousands)
Interest income
$
168,992
$
25,169
$
73,864
$
16,124
$
31,959
$
19,203
$
80,650
$
415,961
Interest expense(1)
(130,391)
(16,230)
(67,330)
(10,296)
(22,880)
12,112
(79,550)
(314,565)
Less: reconciling adjustments(2)(3)
(928)
—
(43)
—
—
1,332
242
603
Net effective spread
37,673
8,939
6,491
5,828
9,079
32,647
1,342
101,999
Guarantee and commitment fees(3)
4,952
267
200
875
421
—
—
6,715
Other income/(expense)
875
—
—
(56)
—
—
—
819
(Provision for)/release of losses
(2,859)
(2,020)
61
47
(56)
—
—
(4,827)
Operating expenses(1)
(8,165)
(2,480)
(1,097)
(1,705)
(1,890)
(2,422)
(824)
(18,583)
Income tax (expense)/benefit
(6,620)
(988)
(1,188)
(1,048)
(1,586)
(6,347)
(109)
(17,886)
Segment core earnings
$
25,856
$
3,718
$
4,467
$
3,941
$
5,968
$
23,878
$
409
$
68,237
Reconciliation to net income:
Net effects of derivatives and trading securities
$
71
Unallocated (expenses)/income
(14,759)
Income tax effect related to reconciling items
5,574
Net income
$
59,123
Total Assets:
Total on- and off-balance sheet segment assets at principal balance
$
20,240,198
$
2,052,309
$
7,975,632
$
1,690,148
$
2,887,767
$
—
$
—
$
34,846,054
Off-balance sheet assets under management
(5,902,319)
Unallocated assets
7,785,511
Total assets on the consolidated balance sheets
$
36,729,246
(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the Chief Operating Decision Maker.
(2)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains/(losses) on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships.
(3)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.
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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:
Outstanding Business Volume
As of March 31, 2026
As of December 31, 2025
(in thousands)
Agricultural Finance:
Farm & Ranch:
Loans and other securities
$
8,876,651
$
8,492,788
AgVantage Securities
4,595,000
4,270,000
USDA Securities
2,483,234
2,443,432
Unfunded commitments & guarantees
3,916,888
3,977,136
Loans serviced for others
368,425
381,560
Total Farm & Ranch
$
20,240,198
$
19,564,916
Corporate AgFinance:
Loans and other securities
$
1,502,771
$
1,460,691
AgVantage Securities
280,677
190,977
Unfunded commitments & guarantees
268,861
298,868
Total Corporate AgFinance
$
2,052,309
$
1,950,536
Total Agricultural Finance
$
22,292,507
$
21,515,452
Infrastructure Finance:
Power & Utilities:
Loans and other securities
$
3,708,434
$
3,548,523
AgVantage Securities
3,926,387
3,967,154
Unfunded commitments & guarantees
340,811
344,945
Total Power & Utilities
$
7,975,632
$
7,860,622
Broadband Infrastructure:
Loans and other securities
$
1,104,542
$
1,009,890
Unfunded commitments & guarantees
585,606
522,316
Total Broadband Infrastructure
$
1,690,148
$
1,532,206
Renewable Energy:
Loans and other securities
$
2,466,039
$
2,202,668
Unfunded commitments & guarantees
421,728
240,621
Total Renewable Energy
$
2,887,767
$
2,443,289
Total Infrastructure Finance
$
12,553,547
$
11,836,117
Total
$
34,846,054
$
33,351,569
15
The following table presents the quarterly net effective spread by segment:
Net Effective Spread
Agricultural Finance
Infrastructure Finance
Treasury
Farm & Ranch
Corporate AgFinance
Power & Utilities
Broadband Infrastructure
Renewable Energy
Funding
Investments
Net Effective Spread
Dollars
Yield
Dollars Yield
Dollars Yield
Dollars Yield
Dollars Yield
Dollars Yield
Dollars Yield
Dollars Yield
(dollars in thousands)
For the quarter ended:
March 31, 2026
$
37,673
$
8,939
$
6,491
$
5,828
$
9,079
$
32,647
$
1,342
$
101,999
1.03
%
2.05
%
0.35
%
2.27
%
1.59
%
0.37
%
0.07
%
1.16
%
December 31, 2025
36,180
8,601
6,159
5,610
8,995
33,694
2,150
101,389
1.06
%
2.07
%
0.34
%
2.42
%
1.74
%
0.41
%
0.11
%
1.22
%
September 30, 2025
34,840
9,047
5,910
4,379
7,730
34,777
1,086
97,769
1.04
%
2.16
%
0.34
%
2.30
%
1.75
%
0.43
%
0.05
%
1.20
%
June 30, 2025
35,710
8,609
5,636
3,932
6,227
31,668
2,111
93,893
1.07
%
2.07
%
0.33
%
2.24
%
1.68
%
0.40
%
0.11
%
1.19
%
March 31, 2025
33,885
8,640
5,329
3,566
5,112
31,604
1,854
89,990
1.01
%
2.09
%
0.32
%
2.27
%
1.55
%
0.41
%
0.10
%
1.17
%
December 31, 2024
32,556
7,891
5,059
3,414
4,859
31,242
2,507
87,528
0.96
%
1.95
%
0.32
%
2.34
%
1.76
%
0.42
%
0.15
%
1.16
%
September 30, 2024
35,755
6,397
4,785
2,794
3,810
30,912
943
85,396
1.05
%
1.56
%
0.30
%
2.21
%
1.78
%
0.42
%
0.05
%
1.16
%
June 30, 2024
34,156
7,866
5,253
2,393
2,999
30,268
661
83,596
0.98
%
1.91
%
0.32
%
2.16
%
1.86
%
0.41
%
0.04
%
1.14
%
March 31, 2024
32,843
7,971
4,890
2,342
2,049
32,474
475
83,044
0.95
%
2.05
%
0.30
%
2.08
%
1.75
%
0.45
%
0.03
%
1.14
%
16
The following table presents quarterly core earnings reconciled to net income attributable to common stockholders:
Core Earnings by Quarter Ended
March 2026
December 2025
September 2025
June 2025
March 2025
December 2024
September 2024
June 2024
March 2024
(in thousands)
Revenues:
Net effective spread
$
101,999
$
101,389
$
97,769
$
93,893
$
89,990
$
87,528
$
85,396
$
83,596
$
83,044
Guarantee and commitment fees
6,715
6,298
6,132
5,874
5,488
5,086
4,997
5,256
4,982
Other
1,185
224
1,185
742
1,315
(491)
1,133
386
1,077
Total revenues
109,899
107,911
105,086
100,509
96,793
92,123
91,526
89,238
89,103
Credit related expense/(income):
Provision for/(release of) losses
4,308
15,986
7,477
7,713
1,684
3,773
3,428
6,179
(1,801)
Other credit related expense/(income)
889
1,267
(44)
160
(33)
99
26
51
(69)
Total credit related expense/(income)
5,197
17,253
7,433
7,873
1,651
3,872
3,454
6,230
(1,870)
Operating expenses:
Compensation and employee benefits
21,257
18,199
17,743
17,631
17,752
15,641
15,237
14,840
18,257
General and administrative
11,262
11,944
11,052
10,859
10,758
12,452
8,625
8,904
8,255
Regulatory fees
863
863
1,000
1,000
1,000
1,000
725
725
725
Total operating expenses
33,382
31,006
29,795
29,490
29,510
29,093
24,587
24,469
27,237
Net earnings
71,320
59,652
67,858
63,146
65,632
59,158
63,485
58,539
63,736
Income tax expense
12,288
12,370
11,933
10,114
14,000
9,938
12,681
11,970
13,553
Preferred stock dividends
7,291
7,286
6,303
5,667
5,666
5,666
5,897
6,792
6,791
Core earnings
$
51,741
$
39,996
$
49,622
$
47,365
$
45,966
$
43,554
$
44,907
$
39,777
$
43,392
Reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes
$
(679)
$
447
$
882
$
(639)
$
(2,573)
$
3,084
$
(1,064)
$
(359)
$
1,683
Gains/(losses) on hedging activities due to fair value changes
362
3,107
(137)
2,709
1,099
5,737
205
2,604
3,002
Unrealized gains/(losses) on trading assets
53
(66)
(4)
(65)
9
(83)
99
(87)
(14)
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value
44
24
26
25
28
(39)
27
26
31
Net effects of terminations or net settlements on financial derivatives
335
(2,699)
(1,934)
255
(1,070)
534
(503)
(1,505)
(192)
Issuance costs on the retirement of preferred stock
