FEDERAL AGRICULTURAL MORTGAGE CORP
For the period ended Mar 31, 2026. Filed May 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 5, 2026
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MD&A—Results of Operations—Business Volume
Business Volume. The following table presents our outstanding volume in each line of business as of the dates indicated:
Table 14
| 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 |
The following table presents the net growth or decrease in our lines of business for the three months ended March 31, 2026 and 2025:
Table 15
| Net New Business Volume | ||
|---|---|---|
| For the Three Months Ended | ||
| March 31, 2026 | March 31, 2025 | |
| Net Growth/(Decrease) | Net Growth/(Decrease) | |
| (in thousands) | ||
| Agricultural Finance: | ||
| Farm & Ranch: | ||
| Loans and other securities | $383,863 | $53,559 |
| AgVantage Securities | 325,000 | (505,000) |
| USDA Securities | 39,802 | 6,434 |
| Unfunded commitments & guarantees | (60,248) | (52,213) |
| Loans serviced for others | (13,135) | (15,233) |
| Total Farm & Ranch | $675,282 | $(512,453) |
| Corporate AgFinance: | ||
| Loans and other securities | $42,080 | $(10,472) |
| AgVantage Securities | 89,700 | (12,569) |
| Unfunded commitments & guarantees | (30,007) | 24,699 |
| Total Corporate AgFinance | $101,773 | $1,658 |
| Total Agricultural Finance | $777,055 | $(510,795) |
| Infrastructure Finance: | ||
| Power & Utilities: | ||
| Loans and other securities | $159,911 | $133,899 |
| AgVantage Securities | (40,767) | 275,406 |
| Unfunded commitments & guarantees | (4,134) | (30,705) |
| Total Power & Utilities | $115,010 | $378,600 |
| Broadband Infrastructure: | ||
| Loans and other securities | $94,652 | $35,629 |
| Unfunded commitments & guarantees | 63,290 | 136,740 |
| Total Broadband Infrastructure | $157,942 | $172,369 |
| Renewable Energy: | ||
| Loans and other securities | $263,371 | $164,979 |
| Unfunded commitments & guarantees | 181,107 | 27,160 |
| Total Renewable Energy | $444,478 | $192,139 |
| Total Infrastructure Finance | $717,430 | $743,108 |
| Total | $1,494,485 | $232,313 |
Our outstanding business volume was $34.8 billion as of March 31, 2026, a net increase of $1.5 billion from December 31, 2025.
The increase in outstanding business volume during the first quarter of 2026, was attributable to a $0.8 billion increase in the Agricultural Finance portfolio and a $0.7 billion increase in outstanding business volume in the Infrastructure Finance portfolio.
The increase in the Agricultural Finance portfolio during the first quarter of 2026 primarily consisted of a $0.7 billion increase in Farm & Ranch, largely due to net growth in Loans and AgVantage Securities. Volume in AgVantage securities across both Farm & Ranch and Corporate AgFinance increased by $0.4 billion reflecting $0.9 billion in purchases, partially offset by $0.5 billion in repayment activity.
The increase in the Infrastructure Finance portfolio consisted of a $0.1 billion increase in Power & Utilities, a $0.2 billion increase in Broadband Infrastructure, and a $0.4 billion increase in Renewable Energy. The Renewable Energy segment experienced strong growth in the first quarter of 2026 with Loans and unfunded commitments combining to add $0.8 billion in new volume, partially offset by scheduled maturity and repayment activity of $0.4 billion.
The following table summarizes by maturity date the scheduled principal amortization of loans held, loans underlying off-balance sheet Farmer Mac Guaranteed Securities (excluding AgVantage securities) and LTSPCs, USDA Securities, and Farmer Mac Guaranteed USDA Securities as of March 31, 2026:
Table 16
| Schedule of Principal Amortization as of March 31, 2026 | ||||
|---|---|---|---|---|
| Loans · Loans Underlying Off-Balance Sheet Farmer Mac Guaranteed Securities and LTSPCs · USDA Securities and Farmer Mac Guaranteed USDA Securities · Total | ||||
| (in thousands) | ||||
| 2026 | $904,856 | $395,498 | $97,392 | $1,397,746 |
| 2027 | 1,029,423 | 659,466 | 123,716 | 1,812,605 |
| 2028 | 1,275,385 | 488,935 | 122,112 | 1,886,432 |
| 2029 | 1,310,314 | 628,690 | 122,831 | 2,061,835 |
| 2030 | 1,432,816 | 407,428 | 127,115 | 1,967,359 |
| Thereafter | 11,652,764 | 2,782,142 | 2,061,803 | 16,496,709 |
| Total | $17,605,558 | $5,362,159 | $2,654,969 | $25,622,686 |
Of the $34.8 billion outstanding business volume as of March 31, 2026, $8.8 billion were AgVantage securities included in the Agricultural Finance and Infrastructure Finance lines of business. Unlike business volume from our other products, most AgVantage securities do not require periodic payments of principal based on amortization schedules and instead have fixed maturity dates when the secured general obligation is due. Changes in periodic AgVantage securities volume are primarily driven by the larger transaction size typical for that product, scheduled maturity amounts for a particular period, the liquidity needs of our AgVantage counterparties, and changes in the pricing and availability of wholesale funding from other sources. Based on these factors, we expect business volumes in AgVantage securities to continue to fluctuate. The following table summarizes by maturity date the outstanding principal amount of AgVantage securities as of March 31, 2026:
Table 17
| AgVantage Balances by Year of Maturity | |
|---|---|
| As of | |
| March 31, 2026 | |
| (in thousands) | |
| 2026 | $865,386 |
| 2027 | 1,185,007 |
| 2028 | 1,081,205 |
| 2029 | 1,290,884 |
| 2030 | 1,501,645 |
| Thereafter(1) | 2,877,937 |
| Total | $8,802,064 |
(1)Includes various maturities ranging from 2031 to 2055.
The weighted-average remaining maturity of the outstanding AgVantage securities shown in the table above was 5.6 years as of March 31, 2026.
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