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As filed with the Securities and Exchange Commission on July 30, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 10-Q


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____.

Commission File Number 001-14951


FEDERAL AGRICULTURAL MORTGAGE CORPORATION
(Exact name of registrant as specified in its charter)


Federally chartered instrumentality of the United States		52-1578738
(State or other jurisdiction of incorporation or organization)		(I.R.S. employer identification number)

2100 Pennsylvania Avenue N.W., Suite 450 N,
Washington,	DC	20037
(Address of principal executive offices)		(Zip code)


(202)			872-7700
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol

Exchange on which registered

Class A voting common stock

AGM.A

New York Stock Exchange

Class C non-voting common stock

AGM

New York Stock Exchange

5.700% Non-Cumulative Preferred Stock, Series D

AGM.PRD

New York Stock Exchange

5.750% Non-Cumulative Preferred Stock, Series E

AGM.PRE

New York Stock Exchange

5.250% Non-Cumulative Preferred Stock, Series F

AGM.PRF

New York Stock Exchange

4.875% Non-Cumulative Preferred Stock, Series G

AGM.PRG

New York Stock Exchange

6.500% Non-Cumulative Preferred Stock, Series H

AGM.PRH

New York Stock Exchange

6.875% Non-Cumulative Preferred Stock, Series I

AGM.PRI

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: Class B voting common stock

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

As of July 23, 2026, the registrant had outstanding 1,030,780 shares of Class A voting common stock, 500,301 shares of Class B voting common stock, and 9,322,129 shares of Class C non-voting common stock.

Table of Contents



PART I
Item 1.	Financial Statements	3
	Consolidated Balance Sheets	3
	Consolidated Statements of Operations	4
	Consolidated Statements of Comprehensive Income	5
	Consolidated Statements of Equity	6
	Consolidated Statements of Cash Flows	7
	Notes to Consolidated Financial Statements	8
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	45
	Forward-Looking Statements	45
	Overview	47
	Use of Non-GAAP Measures	50
	Results of Operations	51
	Outlook	63
	Balance Sheet Review	68
	Risk Management	69
	Liquidity and Capital Resources	77
	Other Matters	78
	Supplemental Information	79
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	86
Item 4.	Controls and Procedures	86
PART II		87
Item 1.	Legal Proceedings	87
Item 1A.	Risk Factors	87
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	87
Item 3.	Defaults Upon Senior Securities	87
Item 4.	Mine Safety Disclosures	87
Item 5.	Other Information	88
Item 6.	Exhibits	88
Signatures		91

PART I

Item 1.Financial Statements

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)


	As of
	June 30, 2026		December 31, 2025
	(in thousands)
Assets:
Cash and cash equivalents (includes restricted cash of $26,984 and $24,475, respectively)	$	1,038,091	$	931,067
Investment securities:
Available-for-sale, at fair value (amortized cost of $15,249,174 and $13,813,551, respectively)	14,891,506		13,580,285
Held-to-maturity, at amortized cost	4,514,893		3,954,223
Other investments	18,763		15,871
Total Investment Securities	19,425,162		17,550,379
Loans:

Loans held for investment, at amortized cost	15,902,213		13,877,051
Loans held for investment in consolidated trusts, at amortized cost	2,325,798		2,482,010
Allowance for losses	(47,167)		(37,785)
Total loans, net of allowance	18,180,844		16,321,276

Financial derivatives, at fair value	42,411		44,875
Accrued interest receivable (includes $37,189 and $40,945, respectively, related to consolidated trusts)	374,120		357,155
Guarantee and commitment fees receivable	58,476		57,214
Deferred tax asset, net	10,599		173
Prepaid expenses and other assets	160,489		108,018
Total Assets	$	39,290,192	$	35,370,157

Liabilities and Equity:
Liabilities:
Notes payable	$	34,693,922	$	30,822,570
Debt securities of consolidated trusts held by third parties	2,217,532		2,365,435
Financial derivatives, at fair value	69,282		21,618
Accrued interest payable (includes $14,696 and $15,795, respectively, related to consolidated trusts)	268,428		233,714
Guarantee and commitment obligation	55,555		54,770
Other liabilities	131,039		153,101

Total Liabilities	37,435,758		33,651,208
Commitments and Contingencies (Note 5)
Equity:
Preferred stock:
Series D, par value $25 per share, 4,000,000 shares authorized, issued and outstanding	96,659		96,659
Series E, par value $25 per share, 3,180,000 shares authorized, issued and outstanding	77,003		77,003
Series F, par value $25 per share, 4,800,000 shares authorized, issued and outstanding	116,160		116,160
Series G, par value $25 per share, 5,000,000 shares authorized, issued and outstanding	121,327		121,327
Series H, par value $25 per share, 4,000,000 shares authorized, issued and outstanding	96,844		96,844
Series I, par value $25 per share, 4,000,000 shares authorized, issued and outstanding	96,764		—
Common stock:
Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding	1,031		1,031
Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding	500		500
Class C Non-Voting, $1 par value, no maximum authorization, 9,318,708 shares and 9,325,556 shares outstanding, respectively	9,319		9,326
Additional paid-in capital	140,836		139,370
Accumulated other comprehensive (loss)/income, net of tax	(18,234)		13,382
Retained earnings	1,116,225		1,047,347
Total Equity	1,854,434		1,718,949
Total Liabilities and Equity	$	39,290,192	$	35,370,157

The accompanying notes are an integral part of these consolidated financial statements.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	(in thousands, except per share amounts)
Interest income:
Investment securities and cash equivalents	$	215,222	$	213,983	$	418,631	$	423,633
Loans	235,038		185,039		447,590		356,803
Total interest income	450,260		399,022		866,221		780,436
Total interest expense	332,185		302,225		646,750		592,700
Net interest income	118,075		96,797		219,471		187,736
Provision for losses	(7,017)		(7,713)		(11,325)		(9,397)
Net interest income after provision for losses	111,058		89,084		208,146		178,339
Non-interest income/(expense):
Guarantee and commitment fees	6,079		4,816		11,916		9,295
Gains/(losses) on financial derivatives	224		80		1,364		(2,556)

Other income	634		941		1,386		2,478
Non-interest income	6,937		5,837		14,666		9,217
Operating expenses:
Compensation and employee benefits	23,706		17,631		44,963		35,383
General and administrative	11,591		10,859		22,853		21,617
Regulatory fees	862		1,000		1,725		2,000
Operating expenses	36,159		29,490		69,541		59,000
Income before income taxes	81,836		65,431		153,271		128,556
Income tax expense	14,885		10,594		27,197		24,068
Net income	66,951		54,837		126,074		104,488
Preferred stock dividends	(8,074)		(5,667)		(15,365)		(11,333)

Net income attributable to common stockholders	$	58,877	$	49,170	$	110,709	$	93,155

Earnings per common share:
Basic earnings per common share	$	5.43	$	4.50	$	10.21	$	8.53
Diluted earnings per common share	$	5.41	$	4.48	$	10.15	$	8.49

The accompanying notes are an integral part of these consolidated financial statements.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)


	For the Three Months Ended				For the Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
	(in thousands)
Net income	$	66,951	$	54,837	$	126,074	$	104,488
Other comprehensive income/(loss):
Net unrealized (losses)/gains on available-for-sale securities	(5,698)		(14,847)		(41,302)		6,915
Net changes in held-to-maturity securities	855		285		463		(18)
Net unrealized (losses)/gains on cash flow hedges	839		(5,510)		819		(13,881)
Other comprehensive loss before tax	(4,004)		(20,072)		(40,020)		(6,984)
Income tax benefit related to other comprehensive loss	841		4,215		8,404		1,466
Other comprehensive loss net of tax	(3,163)		(15,857)		(31,616)		(5,518)
Comprehensive income	$	63,788	$	38,980	$	94,458	$	98,970

The accompanying notes are an integral part of these consolidated financial statements.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY

(unaudited)


									Accumulated
							Additional		Other
	Preferred Stock			Common Stock			Paid-In		Comprehensive		Retained		Total
	Shares	Amount		Shares	Amount		Capital		Income/(Loss)		Earnings		Equity
	(in thousands)
Balance as of December 31, 2025	20,980	$	507,993	10,857	$	10,857	$	139,370	$	13,382	$	1,047,347	$	1,718,949
Net Income	—	—		—	—		—		—		59,123		59,123
Other comprehensive loss, net of tax	—	—		—	—		—		(28,453)		—		(28,453)
Dividends:
Preferred stock	—	—		—	—		—		—		(7,291)		(7,291)
Common stock (cash dividend of $1.60 per share)	—	—		—	—		—		—		(17,341)		(17,341)
Repurchase of Class C Common Stock	—	—		(47)	(47)		—		—		(7,131)		(7,178)
Issuance of Class C Common Stock	—	—		39	39		60		—		—		99
Stock-based compensation cost	—	—		—	—		3,004		—		—		3,004
Other stock-based award activity	—	—		—	—		(3,891)		—		—		(3,891)
Balance as of March 31, 2026	20,980	$	507,993	10,849	$	10,849	$	138,543	$	(15,071)	$	1,074,707	$	1,717,021
Net Income	—	—		—	—		—		—		66,951		66,951
Other comprehensive loss, net of tax	—	—		—	—		—		(3,163)		—		(3,163)
Dividends:
Preferred stock	—	—		—	—		—		—		(8,074)		(8,074)
Common stock (cash dividend of 1.60 per share)	—	—		—	—		—		—		(17,359)		(17,359)

Issuance of Series I Preferred Stock	4,000	96,764		—	—		—		—		—		96,764
Issuance of Class C Common Stock	—	—		1	1		61		—		—		62
Stock-based compensation cost	—	—		—	—		2,323		—		—		2,323
Other stock-based award activity	—	—		—	—		(91)		—		—		(91)
Balance as of June 30, 2026	24,980	$	604,757	10,850	$	10,850	$	140,836	$	(18,234)	$	1,116,225	$	1,854,434

Balance as of December 31, 2024	16,980	$	411,149	10,891	$	10,891	$	135,894	$	(12,147)	$	943,239	$	1,489,026
Net Income	—	—		—	—		—		—		49,651		49,651
Other comprehensive income, net of tax	—	—		—	—		—		10,339		—		10,339
Dividends:
Preferred stock	—	—		—	—		—		—		(5,666)		(5,666)
Common stock (cash dividend of $1.50 per share)	—	—		—	—		—		—		(16,352)		(16,352)
Issuance of Class C Common Stock	—	—		42	42		79		—		—		121
Stock-based compensation cost	—	—		—	—		3,529		—		—		3,529
Other stock-based award activity	—	—		—	—		(5,002)		—		—		(5,002)
Balance as of March 31, 2025	16,980	$	411,149	10,933	$	10,933	$	134,500	$	(1,808)	$	970,872	$	1,525,646
Net Income	—	—		—	—		—		—		54,837		54,837
Other comprehensive income, net of tax	—	—		—	—		—		(15,857)		—		(15,857)
Dividends:
Preferred stock	—	—		—	—		—		—		(5,667)		(5,667)
Common stock (cash dividend of $1.50 per share)	—	—		—	—		—		—		(16,401)		(16,401)
Issuance of Class C Common Stock	—	—		1	1		80		—		—		81
Stock-based compensation cost	—	—		—	—		1,745		—		—		1,745
Other stock-based award activity	—	—		—	—		(77)		—		—		(77)
Balance as of June 30, 2025	16,980	$	411,149	10,934	$	10,934	$	136,248	$	(17,665)	$	1,003,641	$	1,544,307

The accompanying notes are an integral part of these consolidated financial statements.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)


	For the Six Months Ended
	June 30, 2026		June 30, 2025
	(in thousands)
Cash flows from operating activities:
Net income	$	126,074	$	104,488
Adjustments to reconcile net income to net cash provided by operating activities:
Net amortization of deferred gains, premiums, and discounts on loans, investments, Farmer Mac Guaranteed Securities, and USDA Securities	(10,491)		(11,195)
Net amortization of debt premiums, discounts, and issuance costs	(2,635)		4,438
Net change in fair value of hedged items, financial derivatives, loans held for sale, and trading securities	62,464		(152,332)
Total provision for allowance for losses	12,196		9,395
Stock-based compensation expense	5,327		5,274
Purchases of loans held for sale	—		(7,770)
Proceeds from repayment of loans purchased as held for sale	8,154		22,583
Purchases of tax credits	(60,144)		(32,399)
Other	(3,313)		(1,272)
Net change in:
Interest receivable	(20,524)		(9,655)
Guarantee and commitment fees receivable	(476)		(57)
Other assets	18,756		57,294
Accrued interest payable	34,714		15,497
Custodial deposit liability	(12,835)		(107,428)
Other liabilities	(24,812)		5,598
Net cash provided by operating activities	132,455		(97,541)
Cash flows from investing activities:

Purchases of available-for-sale investment securities	(2,411,274)		(1,695,092)
Purchases of held-to-maturity investment securities	(1,172,334)		(213,730)
Purchases of other investment securities	(3,104)		(3,240)
Purchases of loans held for investment	(3,269,691)		(2,205,600)
Purchases of defaulted loans	(5,173)		(2,544)
Proceeds from repayment of available-for-sale investment securities	980,876		945,283
Proceeds from repayment of held-to-maturity investment securities	611,845		764,341
Proceeds from repayment of loans purchased as held for investment	1,407,218		1,021,373
Proceeds from sale of real estate owned	1,862		725

Proceeds from sale of loans previously classified as held for investment	—		6,045

Net cash used in investing activities	(3,859,775)		(1,382,439)
Cash flows from financing activities:
Proceeds from issuance of notes payable	49,857,993		42,960,075
Proceeds from issuance of debt securities of consolidated trusts	—		286,511
Payments to redeem notes payable	(45,885,769)		(41,601,968)
Payments to third parties on debt securities of consolidated trusts	(174,434)		(109,353)
Purchases of common stock	(7,106)		—
Proceeds from common stock issuance	121		159
Proceeds from preferred stock issuance, net of stock issuance costs	96,764		—
Tax payments related to share-based awards	(3,942)		(5,036)
Dividends paid on common and preferred stock	(49,283)		(44,086)
Net cash provided by financing activities	3,834,344		1,486,302
Net change in cash and cash equivalents	107,024		6,322
Cash, cash equivalents, and restricted cash at beginning of period	931,067		1,024,007
Cash, cash equivalents, and restricted cash at end of period	$	1,038,091	$	1,030,329





Non-cash activity:


Loans acquired through non-cash transactions	28,957	41,156
Loans held for investment transferred to consolidated trusts	—	299,270

The accompanying notes are an integral part of these consolidated financial statements.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The interim unaudited consolidated financial statements of the Federal Agricultural Mortgage Corporation ("Farmer Mac") and subsidiaries have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Farmer Mac and subsidiaries for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted as permitted by SEC rules and regulations. The December 31, 2025 consolidated balance sheet presented in this report has been derived from Farmer Mac's audited 2025 consolidated financial statements. Management believes that the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the 2025 consolidated financial statements of Farmer Mac and subsidiaries included in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 19, 2026. Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year. Presented below are Farmer Mac's significant accounting policies that contain updated information for the six months ended June 30, 2026.

Principles of Consolidation

The consolidated financial statements include the accounts of Farmer Mac and its two subsidiaries: (1) Farmer Mac Mortgage Securities Corporation, whose principal activities are to facilitate the purchase and issuance of Farmer Mac Guaranteed Securities; and (2) Farmer Mac II LLC, which operated substantially all of the business related to the USDA Securities included in the Agricultural Finance line of business from 2010 through 2023 and continues to hold a "run-off" portfolio of USDA Securities. The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary.

The following table provides a summary of unconsolidated VIEs with which Farmer Mac has significant continuing involvement but is not the primary beneficiary. The balances presented in the table below exclude certain transactions with unconsolidated VIEs where Farmer Mac's continuing involvement is insignificant. Farmer Mac considers continuing involvement to be insignificant when it relates to a VIE where Farmer Mac only invests in securities issued by the VIE and where Farmer Mac was not involved in the design of the VIE or where no transfers have occurred between Farmer Mac and the VIE.

Table 1.1


	Unconsolidated VIEs
	As of June 30, 2026						As of December 31, 2025
	Max Exposure to Loss(1)		Carrying Value of Assets(2)		Carrying Value of Liabilities(3)		Max Exposure to Loss(1)		Carrying Value of Assets(2)		Carrying Value of Liabilities(3)
	(in thousands)
Farmer Mac Guaranteed Securities	$	453,642	$	89,367	$	4,808	$	466,441	$	85,791	$	5,020

(1)Farmer Mac uses the guaranteed portion of unpaid principal balance or amortized cost as applicable to represent maximum exposure to loss.

(2)Included in Investment securities, Guarantee and commitment fees receivable, and Prepaid expenses and other assets on our Consolidated Balance Sheets.

(3)Included in Guarantee and commitment obligation and Other liabilities on our Consolidated Balance Sheets. The weighted average remaining maturity of the loans underlying the guarantee was 20.1 years and 20.7 years as of June 30, 2026 and December 31, 2025, respectively.

(a)Earnings Per Common Share

Basic earnings per common share ("EPS") is based on the daily weighted-average number of shares of common stock outstanding. Diluted earnings per common share is based on the daily weighted-average number of shares of common stock outstanding adjusted to include all potentially dilutive stock appreciation rights ("SARs") and unvested restricted stock unit awards. The following schedule reconciles basic and diluted EPS for the three and six months ended June 30, 2026 and 2025:

Table 1.2


	For the Three Months Ended
	June 30, 2026					June 30, 2025
	Net Income		Weighted-Average Shares	$ per Share		Net Income		Weighted-Average Shares	$ per Share
	(in thousands, except per share amounts)
Basic EPS
Net income attributable to common stockholders	$	58,877	10,849	$	5.43	$	49,170	10,933	$	4.50
Effect of dilutive securities(1)
SARs and restricted stock units	—		33	(0.02)		—		30	(0.02)
Diluted EPS	$	58,877	10,882	$	5.41	$	49,170	10,963	$	4.48

(1)For the three months ended June 30, 2026 and 2025, SARs and restricted stock units of 56,568 and 76,166, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the three months ended June 30, 2026 and 2025, contingent shares of unvested restricted stock units of 10,962 and 29,507, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met.


	For the Six Months Ended
	June 30, 2026					June 30, 2025
	Net Income		Weighted-Average Shares	$ per Share		Net Income		Weighted-Average Shares	$ per Share
	(in thousands, except per share amounts)
Basic EPS
Net income attributable to common stockholders	$	110,709	10,847	$	10.21	$	93,155	10,915	$	8.53
Effect of dilutive securities(1)
SARs and restricted stock units	—		55	(0.06)		—		58	(0.04)
Diluted EPS	$	110,709	10,902	$	10.15	$	93,155	10,973	$	8.49

(1)For the six months ended June 30, 2026 and 2025, SARs and restricted stock units of 48,646 and 67,353, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive. For the six months ended June 30, 2026 and 2025, contingent shares of unvested restricted stock units of 10,962 and 29,507, respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met.

(b)Comprehensive Income

Comprehensive income represents all changes in stockholders' equity except those resulting from investments by or distributions to stockholders, and is comprised of net income and unrealized gains and losses on available-for-sale ("AFS") securities, certain held-to-maturity ("HTM") securities transferred from the AFS classification, and cash flow hedges, net of related taxes.

The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the three and six months ended June 30, 2026 and 2025.

Table 1.3


	As of June 30, 2026								As of June 30, 2025
	AFS Securities		HTM Securities		Cash Flow Hedges		Total		AFS Securities		HTM Securities		Cash Flow Hedges		Total
	(in thousands)














For the Three Months Ended:
Beginning Balance	$	(25,317)	$	(9,555)	$	19,801	$	(15,071)	$	(20,384)	$	(9,465)	$	28,041	$	(1,808)
Other comprehensive (loss)/income before reclassifications	(4,500)		—		2,606		(1,894)		(11,727)		—		(1,394)		(13,121)
Amounts reclassified from AOCI	(2)		676		(1,943)		(1,269)		(2)		225		(2,959)		(2,736)
Net comprehensive (loss)/income	(4,502)		676		663		(3,163)		(11,729)		225		(4,353)		(15,857)
Ending Balance	$	(29,819)	$	(8,879)	$	20,464	$	(18,234)	$	(32,113)	$	(9,240)	$	23,688	$	(17,665)

For the Six Months Ended:
Beginning Balance	$	2,811	$	(9,246)	$	19,817	$	13,382	$	(37,575)	$	(9,226)	$	34,654	$	(12,147)
Other comprehensive (loss)/income before reclassifications	(32,626)		—		4,542		(28,084)		5,467		—		(4,985)		482
Amounts reclassified from AOCI	(4)		367		(3,895)		(3,532)		(5)		(14)		(5,981)		(6,000)
Net comprehensive income/(loss)	(32,630)		367		647		(31,616)		5,462		(14)		(10,966)		(5,518)
Ending Balance	$	(29,819)	$	(8,879)	$	20,464	$	(18,234)	$	(32,113)	$	(9,240)	$	23,688	$	(17,665)

The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the three and six months ended June 30, 2026 and 2025:

Table 1.4


	For the Three Months Ended
	June 30, 2026						June 30, 2025
	Before Tax		Provision (Benefit)		After Tax		Before Tax		Provision (Benefit)		After Tax
	(in thousands)
Other comprehensive (loss)/ income:
AFS securities:
Unrealized holding (losses)/gains on AFS securities	$	(5,696)	$	(1,196)	$	(4,500)	$	(14,844)	$	(3,117)	$	(11,727)
Less reclassification adjustments included in:

Other income(1)	(2)		—		(2)		(3)		(1)		(2)
Total	$	(5,698)	$	(1,196)	$	(4,502)	$	(14,847)	$	(3,118)	$	(11,729)
HTM securities:
Less reclassification adjustments included in:
Net interest income(2)	$	855	$	179	$	676	$	285	$	60	$	225
Total	$	855	$	179	$	676	$	285	$	60	$	225
Cash flow hedges
Unrealized gains/(losses) on cash flow hedges	$	3,299	$	693	$	2,606	$	(1,764)	$	(370)	$	(1,394)
Less reclassification adjustments included in:
Net interest income(3)	(2,460)		(517)		(1,943)		(3,746)		(787)		(2,959)
Total	$	839	$	176	$	663	$	(5,510)	$	(1,157)	$	(4,353)
Other comprehensive (loss)/income	$	(4,004)	$	(841)	$	(3,163)	$	(20,072)	$	(4,215)	$	(15,857)

(1)Represents amortization of deferred gains related to certain AFS USDA Securities and Farmer Mac Guaranteed USDA Securities.

(2)Represents amortization of unrealized gain/loss reported in AOCI prior to the reclassification of certain securities from AFS to HTM, which occurred at fair value. The unrealized gain/loss will be amortized over the securities' remaining life with no impact on future net income.

(3)Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI.


	For the Six Months Ended
	June 30, 2026						June 30, 2025
	Before Tax		Provision (Benefit)		After Tax		Before Tax		Provision (Benefit)		After Tax
	(in thousands)
Other comprehensive (loss)/ income:
AFS securities:
Unrealized holding (losses)/gains on AFS securities	$	(41,298)	$	(8,672)	$	(32,626)	$	6,921	$	1,454	$	5,467
Less reclassification adjustments included in:

Other income(1)	(4)		—		(4)		(6)		(1)		(5)
Total	$	(41,302)	$	(8,672)	$	(32,630)	$	6,915	$	1,453	$	5,462
HTM securities:
Less reclassification adjustments included in:
Net interest income(2)	$	463	$	96	$	367	$	(18)	$	(4)	$	(14)
Total	$	463	$	96	$	367	$	(18)	$	(4)	$	(14)
Cash flow hedges
Unrealized gains/(losses) on cash flow hedges	$	5,749	$	1,207	$	4,542	$	(6,310)	$	(1,325)	$	(4,985)
Less reclassification adjustments included in:
Net interest income(3)	(4,930)		(1,035)		(3,895)		(7,571)		(1,590)		(5,981)
Total	$	819	$	172	$	647	$	(13,881)	$	(2,915)	$	(10,966)
Other comprehensive (loss)/income	$	(40,020)	$	(8,404)	$	(31,616)	$	(6,984)	$	(1,466)	$	(5,518)

(1)Represents amortization of deferred gains related to certain AFS USDA Securities and Farmer Mac Guaranteed USDA Securities.

(3)Relates to the recognition of unrealized gains and losses on cash flow hedges recorded in AOCI.

(c)New Accounting Standards

Recently Adopted Accounting Guidance


Standard	Description	Date of Adoption	Effect on Consolidated Financial Statements
ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements	ASU 2025-09 amends ASC 815 to align hedge accounting more closely with the economics of an entity's risk management practices. Among other things, key amendments include: similar risk assessment for cash flow hedges, hedging interest payments on choose-your-rate debt, cash flow hedges of nonfinancial forecasted transactions, and net written options as hedging instruments.	January 1, 2026	Farmer Mac adopted the new standard on a prospective basis. The adoption of this amendment did not have a material impact on Farmer Mac's financial position, results of operations, or cash flows. See Note 3 to the financial statements.

Recently Issued Accounting Guidance, Not Yet Adopted Within Our Consolidated Financial Statements

Farmer Mac is still assessing the impact of the new accounting standards in the table below but does not expect that adoption of the new guidance will have a material impact on Farmer Mac's financial position, results of operations, or cash flows.


Standard			Description
ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses			This Update requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted.
ASU 2025-06, Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software			This Update amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40. It removes all references to "development stages" and establishes new criteria to be met for the entity to begin capitalizing software costs. New guidance is then given for how to evaluate whether the probable-to-complete recognition threshold has been met. ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted.
ASU 2025-08, Financial Instruments - Credit Losses (Topic 326): Purchased Loans			This Update expands the scope of the "gross-up" approach from applicable only to purchased credit-deteriorated ("PCD") assets to include financial assets acquired without credit deterioration and deemed "seasoned." Non-PCD loans are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans. Under this model, an allowance for expected credit losses is recognized at acquisition, offsetting the loan's amortized cost basis, thereby eliminating the day-one credit-loss expense previously required for non-PCD assets. ASU 2025-08 is effective for annual periods beginning after December 15, 2026, and interim periods within those annual reporting periods, with early adoption permitted.
ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements			This Update clarifies interim disclosure requirements, including providing a comprehensive list of interim disclosure requirements under U.S. GAAP and a disclosure principle that requires entities to disclose events since the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted.

(d)Reclassifications

Certain reclassifications of prior period information were made to conform to the current period presentation. The reclassifications of prior period information were not material to the consolidated financial statements.

2.INVESTMENT SECURITIES

Farmer Mac’s investment securities portfolio is comprised primarily of the following major portfolios, which is based on the issuer and associated security characteristics:

Liquidity Investments:

•U.S. Government guaranteed securities: single-family and multi-family mortgage-backed securities ("MBS") issued by Government National Mortgage Association (Ginnie Mae) and pass-through securities issued by the Small Business Administration, which are guaranteed by the U.S. Government;

•Government-sponsored enterprise ("GSE") guaranteed securities: single-family and multi-family MBS issued by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac). GSE securities are not guaranteed by the U.S. government;

•U.S. Treasury Obligations: sovereign debt issued by the United States of America.

Program Investments:

•AgVantage Securities: securities backed by corporate obligations of approved agricultural or rural infrastructure financial institution counterparties, backed by a pledge of eligible agricultural or infrastructure finance loans.

•USDA Securities: securities backed by the guaranteed portion of a loan guaranteed by the USDA under the Consolidated Farm and Rural Development Act.

•Asset-backed Securities ("ABS"): consist of senior secured notes supported by cash flows from underlying operating rural infrastructure assets.

The following tables set forth information about Farmer Mac's AFS and HTM investment securities as of June 30, 2026 and December 31, 2025:

Table 2.1


	As of June 30, 2026
	Amortized Cost(1)		Allowance for Losses(2)		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
AFS:
Government/GSE guaranteed MBS	$	5,708,315	$	—	$	14,159	$	(105,596)	$	5,616,878
U.S. Treasuries	1,503,673		—		277		(5,891)		1,498,059
ABS	65,320		—		154		—		65,474
AgVantage	7,964,127		(79)		6,490		(267,569)		7,702,969
Interest-Only Farmer Mac Guaranteed Securities	7,739		—		387		—		8,126
Total AFS	$	15,249,174	$	(79)	$	21,467	$	(379,056)	$	14,891,506
HTM:
Government/GSE guaranteed MBS	$	8,329	$	—	$	177	$	—	$	8,506
AgVantage	1,961,033		(102)		18,008		(12,197)		1,966,742
USDA Securities	2,545,633		—		2,818		(195,385)		2,353,066
Total HTM	$	4,514,995	$	(102)	$	21,003	$	(207,582)	$	4,328,314

(1)Excludes $98.9 million and $47.5 million of accrued interest receivable on AFS and HTM securities, respectively, as of June 30, 2026.

(2)Represents the amount of impairment that has resulted from credit-related factors, and therefore was recognized in the Consolidated Statement of Operations as a provision for losses. Amount excludes unrealized losses relating to non-credit factors.


	As of December 31, 2025
	Amortized Cost(1)		Allowance for Losses(2)		Unrealized Gains		Unrealized Losses		Fair Value
	(in thousands)
AFS:

Government/GSE guaranteed MBS	$	5,351,174	$	—	$	35,078	$	(89,234)	$	5,297,018
U.S. Treasuries	1,537,112		—		7,083		(48)		1,544,147
AgVantage	6,917,225		(130)		29,056		(215,234)		6,730,917
Interest-Only Farmer Mac Guaranteed Securities	8,040		—		163		—		8,203
Total AFS	$	13,813,551	$	(130)	$	71,380	$	(304,516)	$	13,580,285
HTM:
Government/GSE guaranteed MBS	$	8,657	$	—	$	281	$	—	$	8,938
AgVantage	1,486,284		(77)		16,444		(3,731)		1,498,920
USDA Securities	2,459,359		—		5,851		(179,116)		2,286,094
Total HTM	$	3,954,300	$	(77)	$	22,576	$	(182,847)	$	3,793,952

(1)Excludes $91.3 million and $56.7 million of accrued interest receivable on AFS and HTM securities, respectively, as of December 31, 2025.

As of June 30, 2026 and December 31, 2025, to satisfy initial margin requirements for centrally cleared derivatives, Farmer Mac pledged U.S. Treasuries with fair value of $309.8 million and $250.6 million, respectively.

Farmer Mac did not sell any securities from its AFS or HTM investment portfolios during the three and six months ended June 30, 2026 and 2025.

As of June 30, 2026 and December 31, 2025, unrealized losses on AFS investment securities were as follows:

Table 2.2


	As of June 30, 2026
	AFS Securities
	Unrealized loss position for less than 12 months				Unrealized loss position for more than 12 months
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(dollars in thousands)
Government/GSE guaranteed MBS	$	1,661,588	$	(10,061)	$	2,234,406	$	(95,535)
U.S. Treasuries	1,056,818		(5,825)		95,763		(66)

AgVantage	4,211,763		(57,047)		2,867,395		(210,522)
Total	$	6,930,169	$	(72,933)	$	5,197,564	$	(306,123)


	As of December 31, 2025
	AFS Securities
	Unrealized loss position for less than 12 months				Unrealized loss position for more than 12 months
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
	(dollars in thousands)

Government/GSE guaranteed MBS	$	799,619	$	(4,695)	$	2,008,388	$	(84,539)
U.S. Treasuries	29,902		(13)		95,270		(35)
AgVantage	1,607,457		(18,768)		3,123,117		(196,466)
Total	$	2,436,978	$	(23,476)	$	5,226,775	$	(281,040)

The unrealized losses presented above are primarily due to changes in the levels of interest rates from the dates of acquisition to June 30, 2026 and December 31, 2025, as applicable.

The amortized cost, fair value, and weighted-average yield of AFS and HTM investment securities by remaining contractual maturity as of June 30, 2026 are set forth below. ABS and MBS are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets.

Table 2.3


	As of June 30, 2026
	AFS Securities
	Amortized Cost(1)		Fair Value		Weighted-Average Yield
	(dollars in thousands)
Due within one year	$	1,713,696	$	1,702,881	3.35	%
Due after one year through five years	6,891,918		6,809,890		4.06	%
Due after five years through ten years	4,425,272		4,268,480		3.84	%
Due after ten years	2,218,288		2,110,255		4.11	%
Total	$	15,249,174	$	14,891,506	3.92	%

(1)Excludes $98.9 million of accrued interest receivable.


	As of June 30, 2026
	HTM Securities
	Amortized Cost(1)		Fair Value		Weighted-Average Yield
	(dollars in thousands)
Due within one year	$	374,998	$	382,330	3.90	%
Due after one year through five years	926,637		911,651		4.25	%
Due after five years through ten years	517,827		480,908		3.99	%
Due after ten years	2,695,533		2,553,425		4.27	%
Total	$	4,514,995	$	4,328,314	4.20	%

(1)Excludes $47.5 million of accrued interest receivable.

3.FINANCIAL DERIVATIVES

The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements. The table below includes accrued interest on cleared swaps, but excludes $38.1 million and $24.2 million of accrued interest receivable and $1.5 million and $2.4 million of accrued interest payable on uncleared swaps as of June 30, 2026 and December 31, 2025, respectively. The aforementioned accrued interest on uncleared swaps is included within Accrued Interest Receivable and Accrued Interest Payable on the consolidated balance sheets.

Table 3.1


	As of June 30, 2026
			Fair Value				Weighted- Average Pay Rate	Weighted- Average Receive Rate	Weighted- Average Forward Price	Weighted- Average Remaining Term (in years)
	Notional Amount		Asset		(Liability)
	(dollars in thousands)
Fair value hedges:
Interest rate swaps:
Receive fixed non-callable	$	6,712,235	$	1	$	(2,893)	3.88%	3.66%		0.99
Pay fixed non-callable	12,035,992		33,747		(39)		2.96%	3.72%		8.60
Receive fixed callable	7,501,163		1,425		(68,549)		3.78%	3.84%		3.47
Cash flow hedges:
Interest rate swaps:
Pay fixed non-callable	440,000		8,952		—		1.90%	4.11%		2.59
No hedge designation:
Interest rate swaps:
Pay fixed non-callable	155,697		667		(20)		2.86%	3.94%		3.27
Receive fixed non-callable	1,555,069		33		(120)		3.73%	3.71%		0.38

Basis swaps	347,811		3		(99)		3.91%	3.82%		5.00
Treasury futures	30,500		43		(22)				109.96
Netting adjustments(1)	—		(2,460)		2,460
Total financial derivatives	$	28,778,467	$	42,411	$	(69,282)

(1)Amounts represent the application of the netting requirements that allow Farmer Mac to settle positive and negative positions, including accrued interest, held or placed with the same clearing agent.


	As of December 31, 2025
			Fair Value				Weighted- Average Pay Rate	Weighted- Average Receive Rate	Weighted- Average Forward Price	Weighted- Average Remaining Term (in years)
	Notional Amount		Asset		(Liability)
	(dollars in thousands)
Fair value hedges:
Interest rate swaps:
Receive fixed non-callable	$	6,388,935	$	330	$	(2,954)	4.08%	3.56%		1.12
Pay fixed non-callable	10,681,418		16,685		(168)		2.79%	3.93%		8.66
Receive fixed callable	5,446,883		19,322		(19,911)		3.96%	3.73%		3.14
Cash flow hedges:
Interest rate swaps:
Pay fixed non-callable	452,000		9,335		(1)		1.92%	4.22%		3.00
No hedge designation:
Interest rate swaps:
Pay fixed non-callable	159,684		613		(1)		2.88%	4.13%		3.61
Receive fixed non-callable	1,963,363		66		(9)		3.89%	3.93%		0.28

Basis swaps	382,811		1		(190)		4.13%	3.89%		5.03
Treasury futures	102,000		154		(15)				112.57

Netting adjustments(1)	—		(1,631)		1,631
Total financial derivatives	$	25,577,094	$	44,875	$	(21,618)

As of June 30, 2026, Farmer Mac expects to reclassify $7.4 million after-tax from accumulated other comprehensive income to earnings over the next twelve months related to cash flow hedges. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges after June 30, 2026.

The following tables summarize the net income/(expense) recognized in the Consolidated Statements of Operations related to derivatives for the three and six months ended June 30, 2026, and 2025:

Table 3.2


	For the Three Months Ended June 30, 2026
	Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives
	Net Interest Income						Non-Interest Income		Total
	Interest Income Investments and Cash Equivalents		Interest Income Loans		Total Interest Expense		Gains/(losses) on financial derivatives
	(in thousands)
Total amounts presented in the Consolidated Statement of Operations	$	215,222	$	235,038	$	(332,185)	$	224	$	118,299

Net effects of fair value hedging relationships:
Recognized on derivatives	$	53,231	$	19,237	$	(44,130)	$	—	$	28,338
Recognized on hedged items	(53,350)		(18,858)		44,759		—		(27,449)
Amounts related to interest settlements on derivatives	15,745		7,908		(3,326)		—		20,327
Net effects of fair value hedging relationships	$	15,626	$	8,287	$	(2,697)	$	—	$	21,216

Expense related to interest settlements on cash flow hedging relationships:
Interest settlements reclassified from AOCI into net income on derivatives	$	—	$	—	$	2,460	$	—	$	2,460
Net effects of cash flow hedges	$	—	$	—	$	2,460	$	—	$	2,460

Gains/(losses) on financial derivatives not designated in hedging relationships:
Gains on interest rate swaps	$	—	$	—	$	—	$	139	$	139
Interest expense on interest rate swaps	—		—		—		556		556
Treasury futures	—		—		—		(471)		(471)
Net effects of financial derivatives not designated in hedge relationships	$	—	$	—	$	—	$	224	$	224


	For the Three Months Ended June 30, 2025
	Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives
	Net Interest Income						Non-Interest Income		Total
	Interest Income Investments and Cash Equivalents		Interest Income Loans		Total Interest Expense		Gains/(losses) on financial derivatives
	(in thousands)
Total amounts presented in the Consolidated Statement of Operations	$	213,983	$	185,039	$	(302,225)	$	80	$	96,877

Net effects of fair value hedging relationships:
Recognized on derivatives	$	(56,736)	$	(8,027)	$	42,233	$	—	$	(22,530)
Recognized on hedged items	57,040		8,860		(40,661)		—		25,239
Amounts related to interest settlements on derivatives	29,007		12,499		(27,776)		—		13,730
Net effects of fair value hedging relationships	$	29,311	$	13,332	$	(26,204)	$	—	$	16,439

Expense related to interest settlements on cash flow hedging relationships:
Interest settlements reclassified from AOCI into net income on derivatives	$	—	$	—	$	3,746	$	—	$	3,746
Net effects of cash flow hedges	$	—	$	—	$	3,746	$	—	$	3,746

Gains/(losses) on financial derivatives not designated in hedging relationships:
Losses on interest rate swaps	$	—	$	—	$	—	$	(834)	$	(834)
Interest expense on interest rate swaps	—		—		—		(208)		(208)
Treasury futures	—		—		—		1,122		1,122
Net effects of financial derivatives not designated in hedge relationships	$	—	$	—	$	—	$	80	$	80


	For the Six Months Ended June 30, 2026
	Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives
	Net Interest Income						Non-Interest Income		Total
	Interest Income Investments and Cash Equivalents		Interest Income Loans		Total Interest Expense		Gains/(losses) on financial derivatives
	(in thousands)
Total amounts presented in the Consolidated Statement of Operations	$	418,631	$	447,590	$	(646,750)	$	1,364	$	220,835

Net effects of fair value hedging relationships:
Recognized on derivatives	$	82,704	$	21,321	$	(91,217)	$	—	$	12,808
Recognized on hedged items	(83,238)		(20,992)		92,673		—		(11,557)
Amounts related to interest settlements on derivatives	32,312		16,025		(8,019)		—		40,318
Net effects of fair value hedging relationships	$	31,778	$	16,354	$	(6,563)	$	—	$	41,569

Expense related to interest settlements on cash flow hedging relationships:
Interest settlements reclassified from AOCI into net income on derivatives	$	—	$	—	$	4,930	$	—	$	4,930
Net effects of cash flow hedges	$	—	$	—	$	4,930	$	—	$	4,930

Gains/(losses) on financial derivatives not designated in hedging relationships:
Losses on interest rate swaps	$	—	$	—	$	—	$	(822)	$	(822)
Interest expense on interest rate swaps	—		—		—		1,525		1,525
Treasury futures	—		—		—		661		661
Net effects of financial derivatives not designated in hedge relationships	$	—	$	—	$	—	$	1,364	$	1,364


	For the Six Months Ended June 30, 2025
	Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives
	Net Interest Income						Non-Interest Income		Total
	Interest Income Investments and Cash Equivalents		Interest Income Loans		Total Interest Expense		Gains/(losses) on financial derivatives
	(in thousands)
Total amounts presented in the Consolidated Statement of Operations:	$	423,633	$	356,803	$	(592,700)	$	(2,556)	$	185,180

(Losses)/gains on fair value hedging relationships:
Recognized on derivatives	$	(173,231)	$	(52,581)	$	117,833	$	—	$	(107,979)
Recognized on hedged items	173,036		53,840		(115,089)		—		111,787
Amounts related to interest settlements on derivatives	58,151		24,883		(56,270)		—		26,764
(Losses)/gains on fair value hedging relationships	$	57,956	$	26,142	$	(53,526)	$	—	$	30,572

Expense related to interest settlements on cash flow hedging relationships:
Interest settlements reclassified from AOCI into net income on derivatives	$	—	$	—	$	7,571	$	—	$	7,571
Expense recognized on cash flow hedges	$	—	$	—	$	7,571	$	—	$	7,571

Losses on financial derivatives not designated in hedge relationships:
Losses on interest rate swaps	$	—	$	—	$	—	$	(3,537)	$	(3,537)
Interest expense on interest rate swaps	—		—		—		110		110
Treasury futures	—		—		—		871		871
Losses on financial derivatives not designated in hedge relationships	$	—	$	—	$	—	$	(2,556)	$	(2,556)

The following table displays the carrying amount of the hedged items and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships as of June 30, 2026 and December 31, 2025:

Table 3.3



	Hedged Items in Fair Value Relationship
	Carrying Amount of Hedged Assets/(Liabilities)				Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities)
	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
	(in thousands)
Investment securities, AFS, at fair value(1)	$	8,596,785	$	7,818,278	$	(319,228)	$	(235,989)
Loans held for investment, at amortized cost(2)	3,422,063		2,278,212		(352,307)		(331,315)
Notes Payable(3)	(13,986,091)		(11,837,713)		85,983		(6,690)

(1)Amortized cost of $8.9 billion and $8.0 billion as of June 30, 2026 and December 31, 2025, respectively.

(2)As of June 30, 2026, closed portfolio of loans hedged under the portfolio layer method had an amortized cost of $0.8 billion, of which $66.2 million was designated as the hedged item. The remaining amount of amortized cost is from hedges not designated under the portfolio layer method. There were no portfolio layer hedges as of December 31, 2025.

(3)Carrying amount represents amortized cost.

The following tables present the fair value of financial assets and liabilities, based on the terms of Farmer Mac's master netting arrangements as of June 30, 2026 and December 31, 2025:

Table 3.4


	June 30, 2026
	Gross Amount Recognized		Gross Amounts offset in the Consolidated Balance Sheet		Net Amount Presented in the Consolidated Balance Sheet(1)		Gross Amounts Not Offset in the Consolidated Balance Sheet
							Netting Adjustments		Financial instruments pledged		Cash Collateral		Net Amount(2)
	(in thousands)
Assets:
Uncleared derivatives	$	10,444	$	—	$	10,444	$	(10,401)	$	—	$	—	$	43
Cleared derivatives	34,376		(2,460)		31,916		—		—		—		31,916
Total	$	44,820	$	(2,460)	$	42,360	$	(10,401)	$	—	$	—	$	31,959

Liabilities:
Uncleared derivatives	$	(63,250)	$	—	$	(63,250)	$	10,401	$	—	$	9,985	$	(42,864)
Cleared derivatives	(2,460)		2,460		—		—		—		—		—
Total	$	(65,710)	$	2,460	$	(63,250)	$	10,401	$	—	$	9,985	$	(42,864)

(1)Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements.

(2)Any over-collateralization at an individual clearing agent and/or counterparty level is not included in the determination of the net amount. As of June 30, 2026, Farmer Mac had additional net exposure of $309.8 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position and $2.2 million due to instances where Farmer Mac's collateral from a counterparty exceeded the net derivative position.


	December 31, 2025
	Gross Amount Recognized		Gross Amounts offset in the Consolidated Balance Sheet		Net Amount Presented in the Consolidated Balance Sheet(1)		Gross Amounts Not Offset in the Consolidated Balance Sheet
							Netting Adjustments		Financial instruments pledged		Cash Collateral		Net Amount(2)
	(in thousands)
Assets:
Uncleared derivatives	$	29,179	$	—	$	29,179	$	(15,601)	$	—	$	(11,684)	$	1,894
Cleared derivatives	17,242		(1,631)		15,611		—		(15,611)		—		—
Total	$	46,421	$	(1,631)	$	44,790	$	(15,601)	$	(15,611)	$	(11,684)	$	1,894

Liabilities:
Uncleared derivatives	$	(21,512)	$	—	$	(21,512)	$	15,601	$	—	$	2,093	$	(3,818)
Cleared derivatives	(1,631)		1,631		—		—		—		—		—
Total	$	(23,143)	$	1,631	$	(21,512)	$	15,601	$	—	$	2,093	$	(3,818)

(1)Amounts presented may not agree to the consolidated balance sheet related to counterparties not subject to master netting agreements.

(2)Any over-collateralization at an individual clearing agent and/or counterparty level is not included in the determination of the net amount. As of December 31, 2025, Farmer Mac had additional net exposure of $235.0 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position and $16.9 million due to instances where Farmer Mac's collateral from a counterparty exceeded the net derivative position.

Farmer Mac records posted cash as a reduction in the outstanding balance of cash and cash equivalents and an increase in the balance of prepaid expenses and other assets. Any investment securities posted as collateral are included in the investment securities balances on the Consolidated Balance Sheets. If Farmer Mac had breached certain provisions of the derivative contracts as of June 30, 2026 or December 31, 2025, it could have been required to settle its obligations under the agreements, but would not have been required to post additional collateral. As of June 30, 2026 and December 31, 2025, there were no financial

derivatives in a net payable position where Farmer Mac was required to pledge collateral which the counterparty had the right to sell or repledge.

Of Farmer Mac's $28.7 billion notional amount of interest rate swaps outstanding as of June 30, 2026, $20.8 billion were cleared through the Chicago Mercantile Exchange ("CME"). Of Farmer Mac's $25.5 billion notional amount of interest rate swaps outstanding as of December 31, 2025, $19.4 billion were cleared through the CME.

4.LOANS

Under the Agricultural Finance line of business, Farmer Mac has two segments – Farm & Ranch and Corporate AgFinance. Farmer Mac monitors and assesses credit risk for each segment, recognizing the different credit risk profiles within each segment.

The following table includes loans held for investment and displays the composition of the loan balances as of June 30, 2026 and December 31, 2025:

Table 4.1


	As of June 30, 2026						As of December 31, 2025
	Unsecuritized		In Consolidated Trusts		Total		Unsecuritized		In Consolidated Trusts		Total
	(in thousands)
Agricultural Finance loans
Farm & Ranch	$	7,026,466	$	2,325,798	$	9,352,264	$	6,002,738	$	2,482,010	$	8,484,748
Corporate AgFinance	1,512,959		—		1,512,959		1,460,691		—		1,460,691
Total Agricultural Finance loans	8,539,425		2,325,798		10,865,223		7,463,429		2,482,010		9,945,439
Infrastructure Finance loans	7,753,872		—		7,753,872		6,761,081		—		6,761,081
Total unpaid principal balance(1)	16,293,297		2,325,798		18,619,095		14,224,510		2,482,010		16,706,520
Unamortized premiums, discounts, fair value hedge basis adjustment, and other cost basis adjustments	(391,084)		—		(391,084)		(347,459)		—		(347,459)
Total loans	15,902,213		2,325,798		18,228,011		13,877,051		2,482,010		16,359,061
Allowance for losses	(45,213)		(1,954)		(47,167)		(36,673)		(1,112)		(37,785)
Total loans, net of allowance	$	15,857,000	$	2,323,844	$	18,180,844	$	13,840,378	$	2,480,898	$	16,321,276

(1)Unpaid principal balance is the basis of presentation in disclosures of outstanding balances for Farmer Mac's lines of business.

Allowance for Losses

The following table is a summary, by asset type, of the allowance for losses as of June 30, 2026 and December 31, 2025:

Table 4.2


	June 30, 2026		December 31, 2025
	Allowance for Losses		Allowance for Losses
	(in thousands)
Loans:
Agricultural Finance loans
Farm & Ranch	$	15,472	$	9,400
Corporate AgFinance	7,211		6,631

Infrastructure Finance loans	24,484		21,754
Total	$	47,167	$	37,785

The following is a summary of the changes in the allowance for losses for the three and six months ended June 30, 2026 and 2025:

Table 4.3


	June 30, 2026								June 30, 2025
	Agricultural Finance loans				Infrastructure Finance loans(3)		Total		Agricultural Finance loans				Infrastructure Finance loans(3)		Total
	Farm & Ranch(1)		Corporate AgFinance(2)						Farm & Ranch(1)		Corporate AgFinance(2)
	(in thousands)














For the Three Months Ended
Beginning Balance	$	12,324	$	6,421	$	21,175	$	39,920	$	5,071	$	6,298	$	13,687	$	25,056
Provision for losses	3,190		544		3,309		7,043		4,404		605		2,691		7,700
Charge-offs	(42)		—		—		(42)		(2,840)		—		—		(2,840)
Recovery	—		246		—		246		—		40		—		40
Ending Balance	$	15,472	$	7,211	$	24,484	$	47,167	$	6,635	$	6,943	$	16,378	$	29,956

For the Six Months Ended
Beginning Balance	$	9,400	$	6,631	$	21,754	$	37,785	$	5,132	$	5,379	$	12,712	$	23,223
Provision for losses	6,114		2,509		2,730		11,353		4,343		1,441		3,666		9,450
Charge-offs	(42)		(2,175)		—		(2,217)		(2,840)		—		—		(2,840)
Recovery	—		246		—		246		—		123		—		123
Ending Balance	$	15,472	$	7,211	$	24,484	$	47,167	$	6,635	$	6,943	$	16,378	$	29,956

(1)As of June 30, 2026 and 2025, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $7.6 million and $1.7 million allowance for collateral dependent assets ("CDA") secured by agricultural real estate, respectively.

(2)As of June 30, 2026 and 2025 the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $0.0 million and $1.0 million allowance for CDA secured by agricultural real estate, respectively.

(3)As of June 30, 2026 and 2025 the allowance for losses for Infrastructure Finance loans includes $5.2 million and $0.0 million allowance for CDA.

The $7.0 million and $11.4 million provision to the allowance during the three and six months ended June 30, 2026 is primarily attributed to new volume growth across all of our segments and portfolio credit migration.

The $7.7 million and $9.5 million net provision to the allowance during the three and six months ended June 30, 2025 was primarily attributable to borrower specific downgrades and new volume growth.

The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans as of June 30, 2026 and December 31, 2025:

Table 4.4


	As of June 30, 2026
	Accruing
	Current		30-59 Days		60-89 Days		90 Days and Greater		Total Past Due		Nonaccrual Loans(2)(3)		Total Loans
	(in thousands)
Loans(1):
Agricultural Finance loans
Farm & Ranch	$	9,068,619	$	35,846	$	16,335	$	13,023	$	65,204	$	218,441	$	9,352,264
Corporate AgFinance	1,499,615		5,039		—		—		5,039		8,305		1,512,959
Total Agricultural Finance loans	10,568,234		40,885		16,335		13,023		70,243		226,746		10,865,223
Infrastructure Finance loans	7,740,485		—		—		—		—		13,387		7,753,872
Total	$	18,308,719	$	40,885	$	16,335	$	13,023	$	70,243	$	240,133	$	18,619,095

(1)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on unpaid principal less charge-offs.

(2)Includes loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

(3)Includes $52.4 million of nonaccrual loans for which there was no associated allowance. During the three and six months ended June 30, 2026, Farmer Mac received $12.2 million and $15.8 million, respectively, in interest on nonaccrual loans.


	As of December 31, 2025
	Accruing
	Current		30-59 Days		60-89 Days		90 Days and Greater		Total Past Due		Nonaccrual Loans(2)(3)		Total Loans
	(in thousands)
Loans(1):
Agricultural Finance loans
Farm & Ranch	$	8,271,176	$	21,209	$	8,595	$	4,290	$	34,094	$	179,478	$	8,484,748
Corporate AgFinance	1,415,507		—		—		—		—		45,184		1,460,691
Total Agricultural Finance loans	9,686,683		21,209		8,595		4,290		34,094		224,662		9,945,439
Infrastructure Finance loans	6,747,694		—		—		—		—		13,387		6,761,081
Total	$	16,434,377	$	21,209	$	8,595	$	4,290	$	34,094	$	238,049	$	16,706,520

(1)Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on unpaid principal less charge-offs.

(2)Primarily consists of loans that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan.

(3)Includes $59.2 million of nonaccrual loans for which there was no associated allowance. During the year ended December 31, 2025, Farmer Mac received $6.5 million in interest on nonaccrual loans.

Credit Quality Indicators

The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Infrastructure Finance loans held as of June 30, 2026 and December 31, 2025, by year of origination:

Table 4.5

FEDERAL AGRICULTURAL MORTGAGE CORP 10-Q