FEDERAL AGRICULTURAL MORTGAGE CORP

Business Volume. The following table presents our outstanding volume in each line of business as of the dates indicated:

Table 14

The following table presents the net growth or decrease in our lines of business for the three and nine months ended September 30, 2026 and 2025:

Table 15

Our outstanding business volume was $38.5 billion as of September 30, 2026, a net increase of $1.3 billion from June 30, 2026.

The increase in outstanding business volume during the third quarter of 2026 was attributable to a $0.4 billion increase in the Agricultural Finance portfolio and a $0.9 billion increase in the Infrastructure Finance portfolio.

The increase in the Agricultural Finance portfolio during the third quarter of 2026 primarily consisted of a$0.3 billion increase in Farm & Ranch, largely due to net growth in loans serviced for others and loans and other securities. The increase in loans serviced for others is attributable to the acquisition of servicing rights related to approximately $280 millionin loans owned by third-parties during the third quarter of 2026. The $186.4 million net increase in Farm & Ranch loans and other securities was driven by $551.0 million in loan purchases, partially offset by $362.3 million in principal repayments during the quarter.

The $0.9 billion increase in the Infrastructure Finance portfolio was comprised of a $0.2 billion increase in Power & Utilities, a $0.2 billion increase in Broadband Infrastructure, and a $0.6 billion increase in Renewable Energy. The increase in Renewable Energy was primarily driven by $0.4 billion in new loan purchases and $0.6 billion in unfunded commitments, partially offset by $0.4 billion in principal repayments during the quarter.

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 September 30, 2026:

Table 16

Of the $38.5 billion outstanding business volume as of September 30, 2026, $9.9 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 September 30, 2026:

Table 17

(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 5.5 years as of September 30, 2026.