FEDERAL AGRICULTURAL MORTGAGE CORP
For the period ended Jun 30, 2026. Filed Jul 30, 2026.
View on SEC.govAbout this filing
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.
Jun 30, 2026 · Filed Jul 30, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
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 June 30, 2026 | As of December 31, 2025 | |
| (in thousands) | ||
| Agricultural Finance: | ||
| Farm & Ranch: | ||
| Loans and other securities | $9,360,003 | $8,492,788 |
| AgVantage Securities | 5,740,000 | 4,270,000 |
| USDA Securities | 2,530,360 | 2,443,432 |
| Unfunded commitments & guarantees | 4,003,709 | 3,977,136 |
| Loans serviced for others | 353,750 | 381,560 |
| Total Farm & Ranch | $21,987,822 | $19,564,916 |
| Corporate AgFinance: | ||
| Loans and other securities | $1,512,959 | $1,460,691 |
| AgVantage Securities | 303,613 | 190,977 |
| Unfunded commitments & guarantees | 266,190 | 298,868 |
| Total Corporate AgFinance | $2,082,762 | $1,950,536 |
| Total Agricultural Finance | $24,070,584 | $21,515,452 |
| Infrastructure Finance: | ||
| Power & Utilities: | ||
| Loans and other securities | $4,026,622 | $3,548,523 |
| AgVantage Securities | 3,905,103 | 3,967,154 |
| Unfunded commitments & guarantees | 334,914 | 344,945 |
| Total Power & Utilities | $8,266,639 | $7,860,622 |
| Broadband Infrastructure: | ||
| Loans and other securities | $1,227,227 | $1,009,890 |
| Unfunded commitments & guarantees | 624,675 | 522,316 |
| Total Broadband Infrastructure | $1,851,902 | $1,532,206 |
| Renewable Energy: | ||
| Loans and other securities | $2,565,023 | $2,202,668 |
| Unfunded commitments & guarantees | 442,990 | 240,621 |
| Total Renewable Energy | $3,008,013 | $2,443,289 |
| Total Infrastructure Finance | $13,126,554 | $11,836,117 |
| Total | $37,197,138 | $33,351,569 |
The following table presents the net growth or decrease in our lines of business for the three and six months ended June 30, 2026 and 2025:
Table 15
| Net New Business Volume | ||||
|---|---|---|---|---|
| For the Three Months Ended | For the Six Months Ended | |||
| June 30, 2026 | June 30, 2025 | June 30, 2026 | June 30, 2025 | |
| Net Growth/(Decrease) | Net Growth/(Decrease) | Net Growth/(Decrease) | Net Growth/(Decrease) | |
| (in thousands) | ||||
| Agricultural Finance: | ||||
| Farm & Ranch: | ||||
| Loans and other securities | $483,352 | $398,941 | $867,215 | $452,500 |
| AgVantage Securities | 1,145,000 | (230,000) | 1,470,000 | (735,000) |
| USDA Securities | 47,126 | 49,790 | 86,928 | 56,224 |
| Unfunded commitments & guarantees | 86,821 | (25,952) | 26,573 | (78,165) |
| Loans serviced for others | (14,675) | (69,389) | (27,810) | (84,622) |
| Total Farm & Ranch | $1,747,624 | $123,390 | $2,422,906 | $(389,063) |
| Corporate AgFinance: | ||||
| Loans and other securities | $10,188 | $79,394 | $52,268 | $68,922 |
| AgVantage Securities | 22,936 | (7,790) | 112,636 | (20,359) |
| Unfunded commitments & guarantees | (2,671) | (7,444) | (32,678) | 17,255 |
| Total Corporate AgFinance | $30,453 | $64,160 | $132,226 | $65,818 |
| Total Agricultural Finance | $1,778,077 | $187,550 | $2,555,132 | $(323,245) |
| Infrastructure Finance: | ||||
| Power & Utilities: | ||||
| Loans and other securities | $318,188 | $142,321 | $478,099 | $276,220 |
| AgVantage Securities | (21,284) | (19,700) | (62,051) | 255,706 |
| Unfunded commitments & guarantees | (5,897) | (10,233) | (10,031) | (40,938) |
| Total Power & Utilities | $291,007 | $112,388 | $406,017 | $490,988 |
| Broadband Infrastructure: | ||||
| Loans and other securities | $122,685 | $90,912 | $217,337 | $126,541 |
| Unfunded commitments & guarantees | 39,069 | 108,694 | 102,359 | 245,434 |
| Total Broadband Infrastructure | $161,754 | $199,606 | $319,696 | $371,975 |
| Renewable Energy: | ||||
| Loans and other securities | $98,984 | $142,433 | $362,355 | $307,412 |
| Unfunded commitments & guarantees | 21,262 | 189,939 | 202,369 | 217,099 |
| Total Renewable Energy | $120,246 | $332,372 | $564,724 | $524,511 |
| Total Infrastructure Finance | $573,007 | $644,366 | $1,290,437 | $1,387,474 |
| Total | $2,351,084 | $831,916 | $3,845,569 | $1,064,229 |
Our outstanding business volume was $37.2 billion as of June 30, 2026, a net increase of $2.4 billion from March 31, 2026.
The increase in outstanding business volume during the second quarter of 2026, was attributable to a $1.8 billion increase in the Agricultural Finance portfolio and a $0.6 billion increase in the Infrastructure Finance portfolio.
The increase in the Agricultural Finance portfolio during the second quarter of 2026 primarily consisted of a$1.7 billion increase in Farm & Ranch, largely due to net growth in AgVantage Securities and Loans and other securities. Volume in AgVantage Securities across both Farm & Ranch and Corporate AgFinance increased by $1.2 billion reflecting $1.5 billion in purchases, partially offset by $0.4 billion in repayment activity.
The$0.6 billion increase in the Infrastructure Finance portfolio was comprised of a$0.3 billion increase in Power & Utilities, a$0.2 billion increase in Broadband Infrastructure, and a$0.1 billion increase in Renewable Energy. The increase in Power & Utilities was largely attributable to the purchase of a $197.3 million pool of loans in that portfolio in June 2026.
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 June 30, 2026:
Table 16
| Schedule of Principal Amortization as of June 30, 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 | $555,574 | $270,584 | $69,020 | $895,178 |
| 2027 | 1,142,504 | 675,510 | 125,328 | 1,943,342 |
| 2028 | 1,404,357 | 593,179 | 122,508 | 2,120,044 |
| 2029 | 1,473,418 | 643,440 | 124,753 | 2,241,611 |
| 2030 | 1,561,883 | 446,782 | 128,617 | 2,137,282 |
| Thereafter | 12,481,359 | 2,874,392 | 2,128,724 | 17,484,475 |
| Total | $18,619,095 | $5,503,887 | $2,698,950 | $26,821,932 |
Of the $37.2 billion outstanding business volume as of June 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 June 30, 2026:
Table 17
| AgVantage Security Balances by Year of Maturity | |
|---|---|
| As of | |
| June 30, 2026 | |
| (in thousands) | |
| 2026 | $612,169 |
| 2027 | 1,179,558 |
| 2028 | 1,073,205 |
| 2029 | 1,446,059 |
| 2030 | 2,001,626 |
| Thereafter(1) | 3,636,099 |
| Total | $9,948,716 |
(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 5.7 years as of June 30, 2026.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.