FEDERAL AGRICULTURAL MORTGAGE CORP

We regularly access the debt capital markets for funding, and we maintained steady access to the debt capital markets through the second quarter of 2026 and throughout 2025.

Assuming continued access to the debt capital markets, we believe we have sufficient liquidity and capital resources to support our operations for the next 12 months and for the foreseeable future. We have a contingency funding plan to manage unanticipated disruptions in our access to the debt capital markets, which requires us to maintain a minimum of 90 days of liquidity under the Liquidity and Investment Regulations. In accordance with the methodology for calculating available days of liquidity under those regulations, we maintained a monthly average of 282 days of liquidity in the second quarter of 2026 and had 264 days of liquidity as of June 30, 2026.

The following table presents our liquidity investments as of June 30, 2026 and December 31, 2025:

Table 27

The objectives of the liquidity investment portfolio as of June 30, 2026 and December 31, 2025 are to provide a level of liquidity that mitigates enterprise risk, provides a reliable source of short-term and long-term liquidity and to support program asset growth.

Capital Requirements. We are subject to the following statutory capital requirements – minimum, critical, and risk-based. We must comply with the higher of the minimum capital requirement and the risk-based capital requirement. As of June 30, 2026, we were in compliance with our statutory capital requirements and were classified within "level 1" (the highest compliance level).

Capital

Table 28

The capital in excess of the minimum capital level required increased from December 31, 2025 to June 30, 2026 primarily reflecting increased equity due to the issuance of preferred stock and net income generated during the period. This increase was partially offset by the capital impact due to growth in on‑balance sheet assets.

In accordance with the FCA's rule on capital planning, our board of directors has adopted a policy for maintaining a sufficient level of "Tier 1" capital (consisting of retained earnings, paid-in capital, common stock, and qualifying preferred stock). That policy restricts Tier 1-eligible dividends and any discretionary bonus payments if Tier 1 capital falls below specified thresholds. As of June 30, 2026 and December 31, 2025, our Tier 1 capital ratio was 13.2% and 13.3%, respectively. As of June 30, 2026, we were in compliance with the capital adequacy policy. We expect to continue complying with the FCA's capital planning requirements, including our Tier 1 capital policy, and do not expect such compliance to have a material effect on our operations or financial condition.

See Note 7—Equity to the consolidated financial statements for more information about our capital position.