FEDERAL AGRICULTURAL MORTGAGE CORP

For the period ended Sep 30, 2026. Filed Nov 6, 2026.

About 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.

Sep 30, 2026 · Filed Nov 6, 2026

AGM$181.57+0.8%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

Item 2. Results of Operations

Reconciliations of net income attributable to common stockholders and EPS to core earnings and Core EPS are presented in the following tables along with information about the composition of core earnings:

Table 5

Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings
	For the Three Months Ended
	September 30, 2026	September 30, 2025
(in thousands, except per share amounts)
Net income attributable to common stockholders	$54,876	$48,700
Less reconciling items:
Gains on undesignated financial derivatives due to fair value changes (see Table 11)	1,908	882
Gains/(losses) on hedging activities due to fair value changes	2,250	(137)
Unrealized losses on trading securities	(97)	(4)
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value(1)	26	26
Net effects of terminations or net settlements on financial derivatives	(1,182)	(1,934)
Income tax effect related to reconciling items	(610)	245
Sub-total	2,295	(922)
Core earnings	$52,581	$49,622
Composition of Core Earnings:
Revenues:
Net effective spread(2)	$113,886	$97,769
Guarantee and commitment fees(3)	6,998	6,132
Other(4)	1,849	1,185
Total revenues	122,733	105,086
Credit related expense (GAAP):
Provision for losses	11,069	7,433
Other credit related expense	385	—
Total credit related expense	11,454	7,433
Operating expenses (GAAP):
Compensation and employee benefits	20,617	17,743
General and administrative	13,150	11,052
Regulatory fees	863	1,000
Total operating expenses	34,630	29,795
Net earnings	76,649	67,858
Income tax expense(5)	14,733	11,933
Preferred stock dividends (GAAP)	9,335	6,303
Core earnings	$52,581	$49,622
Core EPS:
Basic	$4.84	$4.54
Diluted	$4.82	$4.52
Weighted-average shares:
Basic	10,853	10,934
Diluted	10,909	10,972

(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)NES is a non-GAAP measure. See MD&A—Use of Non-GAAP Measures—Net Effective Spread for more information and Table 9 for a reconciliation of NII to NES.

(3)Includes NII of $0.8 million and $1.1 million for the three months ended September 30, 2026 and 2025, respectively, related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees.

(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.

Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings
	For the Nine Months Ended
	September 30, 2026	September 30, 2025
(in thousands, except per share amounts)
Net income attributable to common stockholders	$165,585	$141,855
Less reconciling items:
Gains/(losses) on undesignated financial derivatives due to fair value changes (see Table 11)	1,413	(2,330)
Gains on hedging activities due to fair value changes	3,501	3,671
Unrealized gains/(losses) on trading securities	15	(60)
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value(1)	96	79
Net effects of terminations or net settlements on financial derivatives	(1,864)	(2,749)
Income tax effect related to reconciling items	(664)	291
Sub-total	2,497	(1,098)
Core earnings	$163,088	$142,953
Composition of Core Earnings:
Revenues:
Net effective spread(2)	$333,323	$281,652
Guarantee and commitment fees(3)	20,757	17,494
Other(4)	3,776	3,242
Total revenues	357,856	302,388
Credit related expense (GAAP):
Provision for losses	23,265	16,828
Other credit related expense/(income)	755	129
Total credit related expense	24,020	16,957
Operating expenses (GAAP):
Compensation and employee benefits	65,580	53,126
General and administrative	36,003	32,669
Regulatory fees	2,588	3,000
Total operating expenses	104,171	88,795
Net earnings	229,665	196,636
Income tax expense(5)	41,877	36,047
Preferred stock dividends (GAAP)	24,700	17,636
Core earnings	$163,088	$142,953
Core EPS:
Basic	$15.03	$13.09
Diluted	$14.96	$13.03
Weighted-average shares:
Basic	10,849	10,921
Diluted	10,905	10,973

(2)NES is a non-GAAP measure. See MD&A—Use of Non-GAAP Measures—Net Effective Spread for more information and Table 9 for a reconciliation of NII to NES.

(3)Includes NII of $2.7 million and $3.1 million for the nine months ended September 30, 2026 and 2025, respectively, related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees.

(5)Includes the tax impact of non-GAAP reconciling items between net income attributable to common stockholders and core earnings.

Table 6

Reconciliation of GAAP Basic EPS to Core Earnings - Basic EPS
	For the Three Months Ended		For the Nine Months Ended
	September 30, 2026	September 30, 2025	September 30, 2026	September 30, 2025
(in thousands, except per share amounts)
GAAP - Basic EPS	$5.06	$4.45	$15.26	$12.99
Less reconciling items:
Gains/(losses) on undesignated financial derivatives due to fair value changes (see Table 11)	0.18	0.08	0.13	(0.21)
Gains/(losses) on hedging activities due to fair value changes	0.21	(0.01)	0.32	0.33
Unrealized losses on trading securities	(0.01)	—	—	(0.01)
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	—	—	0.01	0.01
Net effects of terminations or net settlements on financial derivatives	(0.10)	(0.18)	(0.17)	(0.25)
Income tax effect related to reconciling items	(0.06)	0.02	(0.06)	0.03
Sub-total	0.22	(0.09)	0.23	(0.10)
Core Earnings - Basic EPS	$4.84	$4.54	$15.03	$13.09
Shares used in per share calculation (GAAP and Core Earnings)	10,853	10,934	10,849	10,921

Reconciliation of GAAP Diluted EPS to Core Earnings - Diluted EPS
	For the Three Months Ended		For the Nine Months Ended
	September 30, 2026	September 30, 2025	September 30, 2026	September 30, 2025
(in thousands, except per share amounts)
GAAP - Diluted EPS	$5.03	$4.44	$15.18	$12.93
Less reconciling items:
Gains/(losses) on undesignated financial derivatives due to fair value changes (see Table 11)	0.17	0.08	0.13	(0.21)
Gains/(losses) on hedging activities due to fair value changes	0.21	(0.01)	0.32	0.33
Unrealized losses on trading securities	(0.01)	—	—	(0.01)
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	—	—	0.01	0.01
Net effects of terminations or net settlements on financial derivatives	(0.10)	(0.17)	(0.17)	(0.25)
Income tax effect related to reconciling items	(0.06)	0.02	(0.07)	0.03
Sub-total	0.21	(0.08)	0.22	(0.10)
Core Earnings - Diluted EPS	$4.82	$4.52	$14.96	$13.03
Shares used in per share calculation (GAAP and Core Earnings)	10,909	10,972	10,905	10,973

The following sections provide more detail about specific components of our results of operations.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.