# FEDERAL AGRICULTURAL MORTGAGE CORP (AGM) Informational only - not investment advice. CIK: 0000845877 SIC: 6111 Federal & Federally-Sponsored Credit Agencies SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [SIC Major Group 61](/major-group/61/) > [SIC 6111 Federal & Federally-Sponsored Credit Agencies](/industry/6111/) Latest 10-K filed: 2026-02-19 SEC page: https://www.sec.gov/edgar/browse/?CIK=845877 Filing source: https://www.sec.gov/Archives/edgar/data/845877/000084587726000014/agm-20251231.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 1612247000 | USD | 2025 | 2026-02-19 | | Net income | 207415000 | USD | 2025 | 2026-02-19 | | Assets | 35370157000 | USD | 2025 | 2026-02-19 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-19. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000845877.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2012 | 2013 | 2014 | 2015 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | 264,823,000 | 400,532,000 | 544,284,000 | 645,093,000 | 508,794,000 | 425,965,000 | 716,848,000 | 1,392,288,000 | 1,603,516,000 | 1,612,247,000 | | Net income | | | | 68,700,000 | 84,482,000 | 108,080,000 | 109,546,000 | 114,376,000 | 136,089,000 | 178,144,000 | 200,003,000 | 207,193,000 | 207,415,000 | | Diluted EPS | | | | 4.19 | 6.60 | 8.83 | 8.69 | 8.80 | 10.27 | 13.87 | 15.81 | 16.44 | 16.62 | | Operating cash flow | | | | 184,355,000 | 175,011,000 | 200,031,000 | -19,699,000 | -94,547,000 | 436,412,000 | 809,271,000 | 375,798,000 | 612,646,000 | 80,062,000 | | Capital expenditures | | | | | | | | | | 0.00 | 0.00 | 5,272,000 | 0.00 | | Share buybacks | | | | | | 0.00 | 0.00 | 235,000 | 0.00 | 0.00 | 0.00 | 0.00 | 12,894,000 | | Assets | | | | 15,540,354,000 | 17,792,274,000 | 18,694,328,000 | 21,709,374,000 | 24,330,328,000 | 25,121,009,000 | 27,333,110,000 | 29,524,382,000 | 31,324,742,000 | 35,370,157,000 | | Liabilities | | | 13,505,992,000 | 14,986,634,000 | | 17,941,771,000 | 20,910,098,000 | 23,363,024,000 | 23,907,309,000 | 26,061,152,000 | 28,112,519,000 | 29,835,716,000 | 33,651,208,000 | | Stockholders' equity | 351,109,000 | 332,616,000 | 545,801,000 | 553,517,000 | | | | 997,935,000 | 1,213,700,000 | 1,271,958,000 | 1,411,863,000 | 1,489,026,000 | 1,718,949,000 | | Free cash flow | | | | | | | | | | 809,271,000 | 375,798,000 | 607,374,000 | 80,062,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2012 | 2013 | 2014 | 2015 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | 25.94% | 21.09% | 19.86% | 16.98% | 22.48% | 31.95% | 24.85% | 14.37% | 12.92% | 12.86% | | Return on equity | | | | 12.41% | | | | 11.46% | 11.21% | 14.01% | 14.17% | 13.91% | 12.07% | | Return on assets | | | | 0.44% | 0.47% | 0.58% | 0.50% | 0.47% | 0.54% | 0.65% | 0.68% | 0.66% | 0.59% | | Liabilities / equity | | | 24.75 | 27.08 | | | | 23.41 | 19.70 | 20.49 | 19.91 | 20.04 | 19.58 | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000845877.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | 3.60 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 3.18 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 3.69 | reported discrete quarter | | 2023-Q2 | 2023-03-31 | | 47,035,000 | | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 343,832,000 | | 3.70 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | 47,212,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 381,811,000 | | 4.69 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 351,373,000 | 47,619,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 396,317,000 | 53,746,000 | 4.28 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | 53,746,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 403,706,000 | | 3.68 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | 47,105,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 407,728,000 | | 3.86 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 395,765,000 | 56,514,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 381,414,000 | 49,651,000 | 4.01 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | 49,651,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 399,022,000 | | 4.48 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | 54,837,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 415,341,000 | | 4.44 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 416,470,000 | 47,924,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 415,961,000 | 59,123,000 | 4.75 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/845877/000084587726000093/agm-20260331.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-05-05 Report date: 2026-03-31 Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations The objective of this section of the report is to provide a discussion and analysis, from management’s perspective, of the material information necessary to assess Farmer Mac's financial condition and results of operations for the three months ended March 31, 2026. Financial information included in this report is consolidated to include the accounts of Farmer Mac and its two subsidiaries – Farmer Mac Mortgage Securities Corporation and Farmer Mac II LLC. This discussion and analysis of financial condition and results of operations should be read together with: (1) the interim unaudited consolidated financial statements and the related notes that appear elsewhere in this report; and (2) Farmer Mac's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the SEC on February 19, 2026 (the "2025 Annual Report"). FORWARD-LOOKING STATEMENTS In this report, the words "Farmer Mac," "we," "our," and "us" refer to the Federal Agricultural Mortgage Corporation and its subsidiaries unless otherwise stated or unless the context otherwise requires. Some statements made in this report, such as in the "Management's Discussion and Analysis of Financial Condition and Results of Operations ('MD&A')" section, are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 about management's current expectations for Farmer Mac's future financial results, business prospects, and business developments. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements. These statements typically include terms such as "anticipates," "believes," "continues," "estimates," "expects," "forecasts," "likely," "intends," "often," "outlook," "plans," "potential," "project," "target," and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will," and "would." This report includes forward-looking statements addressing our: •prospects for earnings; •prospects for growth in business volume; •trends in net interest income and net effective spread; •trends in portfolio credit quality, delinquencies, substandard assets, credit losses, charge offs, and provisions for expected credit losses; •assessment of economic and market trends; •trends in expenses; •trends in investment securities; •prospects for asset impairments and allowance for losses; •changes in capital position; •future dividend payments; and •other business and financial matters. Management's expectations for Farmer Mac's future necessarily involve assumptions, estimates, and the evaluation of risks and uncertainties. Various factors or events, both known and unknown, could cause our actual results to differ materially from the expectations as expressed or implied by the forward-looking 38 statements, including the factors discussed under "Risk Factors" in Part I, Item 1A of Farmer Mac's 2025 Annual Report as well as uncertainties about: •the availability to Farmer Mac of debt and equity financing and, if available, the reasonableness of rates and terms; •legislative, regulatory, or current or future political developments that could affect Farmer Mac, its sources of business, or agricultural or infrastructure industries; •fluctuations in the fair value of assets held by Farmer Mac and its subsidiaries; •the level of lender interest in Farmer Mac's products and the secondary market provided by Farmer Mac; •the general rate of growth in agricultural mortgage and infrastructure indebtedness; •the effect of economic conditions stemming from disruptive global events or otherwise on agricultural mortgage or infrastructure lending, borrower repayment capacity, or collateral values, including inflation, fluctuations in interest rates, changes in U.S. trade policies (including tariffs and trade restrictions), fluctuations in export demand for U.S. agricultural products and foreign currency exchange rates, supply chain disruptions, increases in input costs, labor availability, and volatility in commodity prices; •the degree to which Farmer Mac is exposed to interest rate risk resulting from fluctuations in Farmer Mac's borrowing costs relative to market indices; •developments in the financial markets, including possible investor, analyst, and rating agency reactions to events involving government-sponsored enterprises, including Farmer Mac; •the effects of the Federal Reserve’s efforts to achieve monetary policy normalization to respond to inflation and employment levels; and •other factors that could hinder agricultural mortgage lending or borrower repayment capacity, including the effects of severe weather, flooding and drought, or fluctuations in agricultural real estate values. Considering these potential risks and uncertainties, no undue reliance should be placed on any forward-looking statements expressed in this report. We undertake no obligation to release publicly the results of revisions to any forward-looking statements to reflect new information or any future events or circumstances, except as otherwise required by applicable law. The information in this report is not necessarily indicative of future results. 39 Overview We are driven by our mission to increase the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure. Our secondary market provides liquidity to the nation's agricultural and rural infrastructure businesses, supporting a vibrant and strong rural America. We offer a wide range of solutions to help meet financial institutions’ growth, liquidity, risk management, and capital relief needs across diverse markets, including agriculture, agribusiness, broadband infrastructure, power & utilities, and renewable energy. We are uniquely positioned to facilitate competitive access to financing that fuels growth, innovation, and prosperity in America's rural and agricultural communities. We also provide investment opportunities to entities, such as states, counties, municipalities, pension funds, banks, public trust funds, and credit unions, that may diversify their investment portfolios and provide possibilities to earn a competitive return on their investment dollars. During first quarter 2026, we: •provided $3.4 billion in liquidity and lending capacity to lenders serving rural America; •maintained strong liquidity in our investment portfolio, averaging 301 days of liquidity during 2026, well above the regulatory requirement of a minimum of 90 days of liquidity; and •maintained our strong capital position, with capital of $0.7 billion in excess of the minimum regulatory capital requirement, and maintained uninterrupted access to the debt capital markets. The discussion below of our financial information includes "non-GAAP measures," which are measures of financial performance not presented in accordance with generally accepted accounting principles in the United States ("GAAP"). For more information about the non-GAAP measures we use, see MD&A—Use of Non-GAAP Measures. Net Income and Core Earnings The following table presents our net income attributable to common stockholders and core earnings for the periods presented. Core earnings is a non-GAAP measure that differs from net income attributable to common stockholders by excluding the effects of fair value fluctuations and specified infrequent or unusual transactions. Table 1 For the Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (in thousands) Net income attributable to common stockholders $ 51,832  $ 40,638  $ 43,985  Core earnings 51,741  39,996  45,966  The $11.2 million and $11.7 million sequential increases in net income attributable to common stockholders and core earnings, respectively, were both primarily attributable to a $11.7 million decrease in the provision for credit losses in the first quarter of 2026. The $7.8 million year-over-year increase in net income attributable to common stockholders for the first quarter of 2026 was primarily attributable to a $10.5 million increase in net interest income ("NII"), partially offset by a $2.6 million increase in the provision for credit losses. 40 The $5.8 million year-over-year increase in core earnings for the first quarter of 2026 was primarily attributable to a $12.0 million increase in net effective spread ("NES") and a $1.2 million increase in guarantee and commitment fees. These impacts were partially offset by a $2.6 million increase in the provision for credit losses and a $3.9 million increase in operating expenses. For more information about net income attributable to common stockholders, the composition of core earnings, and a reconciliation of net income attributable to common stockholders to core earnings, see MD&A—Results of Operations. For more information about our non-GAAP measures, see MD&A—Use of Non-GAAP Measures. Net Interest Income and Net Effective Spread The following table shows our NII and NES in both dollars and percentage yield or spread for the periods presented. We use NES, a non-GAAP measure, as an alternative to NII because management believes it is a useful metric that reflects the economics of the net spread between all the assets we own and all related funding, including any associated derivatives, some of which may not be included in NII. Table 2 For the Three Months Ended March 31, 2026 December 31, 2025 March 31, 2025 (in thousands) Net interest income $ 101,396  $ 104,521  $ 90,939  Net interest yield % 1.13  % 1.23  % 1.15  % Net effective spread $ 101,999  $ 101,389  $ 89,990  Net effective spread % 1.16  % 1.22  % 1.17  % The sequential decrease of $3.1 million in NII for the first quarter 2026 was primarily attributable to the effects of fair value changes on fair value hedge relationships and expenses related to undesignated financial derivatives, partially offset by net volume growth. The sequential decrease of 10 basis points (bps) in net interest yield was primarily comprised of a decline due to the effects of derivatives, and two fewer days in the period, which disproportionately impacts revenue from our fastest-growing, highest-spread segments. In addition, we saw a mix shift toward growth in our lower‑spread Farm & Ranch AgVantage securities and somewhat lower contribution from the investment portfolio. NES increased sequentially by $0.6 million driven primarily by net volume growth, led by the Farm & Ranch and Power & Utilities portfolios. The contribution of net volume growth to NES was partially offset by the impact of two fewer days in the quarter, primarily affecting the Renewable Energy and Broadband portfolios, and a decline in investment NES resulting from lower spreads in the liquidity portfolio. NES yield saw a 6bps sequential decline primarily driven by fewer days in the period, which disproportionately impacts revenue from our fastest-growing, highest-spread segments. In addition, we saw a mix shift toward growth in our lower‑spread Farm & Ranch AgVantage securities and somewhat lower contribution from the investment portfolio. The year-over-year increase of $10.5 million in NII and $12.0 million in NES were both primarily driven by an $11.5 million increase related to net volume growth, primarily in Infrastructure Finance and Farm & Ranch. 41 See MD&A—Use of Non-GAAP Measures for more information about our use of NES as a financial measure and Table 9 in MD&A—Results of Operations—Net Interest Income for a reconciliation of NII to NES. Business Volume Our outstanding business volume was $34.8 billion as of March 31, 2026, a net increase of $1.5 billion from December 31, 2025 after taking into account all new business, maturities, sales, and paydowns on existing assets. The net increase was due to new volume [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Item 7.Management's Discussion and Analysis of Financial Condition and Results of Operations This section of the report provides discussion and analysis, from management’s perspective, of the material information necessary to assess our financial condition and results of operations for the year ended December 31, 2025. Financial information included in this report is consolidated to include the accounts of Farmer Mac and our two subsidiaries – Farmer Mac Mortgage Securities Corporation and Farmer Mac II LLC. This discussion and analysis of financial condition and results of operations should be read together with our consolidated financial statements and the related notes to the consolidated financial statements for each fiscal year ended December 31, 2025, 2024, and 2023. We have omitted a discussion of the earliest of the three fiscal years presented because that information was previously included in our Form 10‑K for the year ended December 31, 2024 and is not necessary for an understanding of our financial condition, changes in financial condition, or results of operations for 2025. The prior discussion is available in Item 7 of that filing. Overview We are driven by our mission to increase the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure. Our secondary market provides liquidity to the nation's agricultural and rural infrastructure businesses, supporting a vibrant and strong rural America. We offer a wide range of solutions to help meet financial institutions’ growth, liquidity, risk management, and capital relief needs across diverse markets, including agriculture, agribusiness, broadband infrastructure, power and utilities, and renewable energy. We are uniquely positioned to facilitate competitive access to financing that fuels growth, innovation, and prosperity in America's rural and agricultural communities. We also provide investment opportunities to entities, such as states, counties, municipalities, pension funds, banks, public trust funds, and credit unions, that may diversify their investment portfolios and provide possibilities to earn a competitive return on their investment dollars. During 2025, we: •exceeded $30 billion in outstanding business volume; •provided $10.5 billion in liquidity and lending capacity to lenders serving rural America; •added $100.0 million in equity through the issuance of 4.0 million shares of 6.500% non-cumulative perpetual Series H preferred stock; •maintained strong liquidity in our investment portfolio, with a monthly average of 301 days of liquidity during 2025, well above the regulatory requirement of a minimum of 90 days of liquidity; and •maintained our strong capital position, with capital of $0.7 billion in excess of the minimum regulatory capital requirement, and maintained uninterrupted access to the debt capital markets. The discussion below of our financial information includes "non-GAAP measures," which are measures of financial performance not presented in accordance with generally accepted accounting principles in the United States ("GAAP"). For more information about the non-GAAP measures we use, see MD&A—Use of Non-GAAP Measures. 46 Net Income and Core Earnings The following table shows our net income attributable to common stockholders and core earnings for the periods presented. Core earnings is a non-GAAP measure that differs from net income attributable to common stockholders by excluding the effects of fair value fluctuations and specified infrequent or unusual transactions. Table 1 For the Years Ended December 31, 2025 2024 (in thousands) Net income attributable to common stockholders $ 182,493  $ 180,428  Core earnings 182,949  171,630  The year-over-year increase of $2.1 million in net income attributable to common stockholders for 2025 was primarily attributable to a $36.9 million increase in net interest income ("NII"), partially offset by a $21.3 million increase in the provision for credit losses and a $14.4 million increase in operating expenses. The $11.3 million year-over-year increase in core earnings for 2025 was primarily attributable to a $43.5 million increase in net effective spread ("NES") and a $3.5 million increase in guarantee and commitment fees. These impacts were partially offset by a $21.3 million increase in the provision for credit losses and a $14.4 million increase in operating expenses. For more information about net income attributable to common stockholders, the composition of core earnings, and a reconciliation of net income attributable to common stockholders to core earnings, see MD&A—Results of Operations. For more information about our non-GAAP measures, see MD&A—Use of Non-GAAP Measures. Net Interest Income and Net Effective Spread The following table shows our NII and NES in both dollars and percentage yield or spread for the periods presented. We use NES, a non-GAAP measure, as an alternative to NII because management believes it is a useful metric that reflects the economics of the net spread between all the assets we own and all related funding, including any associated derivatives, some of which may not be included in NII. Table 2 For the Years Ended December 31, 2025 2024 (in thousands) Net interest income $ 390,734  $ 353,867  Net interest yield % 1.19  % 1.16  % Net effective spread $ 383,041  $ 339,564  Net effective spread % 1.20  % 1.15  % The year-over-year increase of $36.9 million in NII and $43.5 million in NES for 2025 were primarily attributable to the same drivers, which include a $34.3 million increase related to net new business volume and a $7.0 million increase due to an increase in our use of non-interest-bearing funding to support our 47 volume growth. The year-over-year increase in NII was further offset by a $4.8 million decrease in the fair value of designated financial derivatives, the impact of which is excluded from NES. See MD&A—Use of Non-GAAP Measures for more information about our use of NES as a financial measure and Table 9 in MD&A—Results of Operations—Net Interest Income for a reconciliation of NII to NES. Business Volume Our outstanding business volume was $33.4 billion as of December 31, 2025, a net increase of $3.8 billion from December 31, 2024 after taking into account all new business, maturities, sales, and paydowns on existing assets. The net increase was primarily attributable to a net increase of $2.8 billion in the Infrastructure Finance line of business. For more information about our business volume, see MD&A—Results of Operations—Business Volume. Throughout this MD&A, references to “Agricultural Finance Mortgage Loans” include on‑balance sheet agricultural mortgage loans as well as off‑balance sheet exposures, consisting of LTSPCs, unfunded commitments, and Farmer Mac Guaranteed Securities and references to "Infrastructure Finance Loans" include on-balance sheet infrastructure finance loans as well as off-balance sheet LTSPCs and unfunded commitments. Credit Quality Our allowance for losses increased $14.3 million from December 31, 2024 to December 31, 2025, primarily due to $32.9 million in net provision expense offset by $20.9 million in charge-offs. The $32.9 million in net provision expense is primarily comprised of $19.6 million attributable to certain individually significant credit deteriorations in our Corporate AgFinance and Broadband Infrastructure segments and $9.6 million attributable to new loan volume, particularly in the Infrastructure Finance line of business. The individually significant credit deteriorations that contributed to the provision expense are concentrated in segments that also generate higher yields, which are designed to compensate for the increased credit risk inherent in these segments. These higher-yielding segments have contributed to the growth that we have seen in both NII and NES. During the fourth quarter, we determined that portions of these individually significant exposures in Corporate AgFinance and Broadband Infrastructure were uncollectible and charged off those portions. Those charge-offs comprised the majority of the total charge-offs during the year. The remaining net provision expense recorded during 2025 was primarily related to volume growth. For more information about our provision, see MD&A—Results of Operations. For more details on credit risk management and credit quality indicators, see MD&A—Risk Management—Credit Risk—Loans and Guarantees. 48 The following table presents Agricultural Finance mortgage loans and Infrastructure Finance loans classified as substandard, in dollars and as a percentage of the respective portfolio as of December 31, 2025 and 2024: Table 3 As of December 31, 2025 As of December 31, 2024 Substandard Assets % of Portfolio Substandard Assets % of Portfolio (dollars in thousands) Agricultural Finance $ 494,217  3.52  % $ 398,252  3.22  % Infrastructure Finance 75,546  0.96  % 42,488  0.77  % Total 569,763  440,740  Although total substandard assets increased year-over-year by $129.0 million during 2025, the amount of substandard assets as a percentage of the portfolio increased by a proportionately smaller amount across the two lines of business given growth in outstanding business volume. The following table presents 90-day delinquency rates for our Agricultural Finance mortgage loans and Infrastructure Finance loans, in dollars and as a percentage of total outstanding business volume as of December 31, 2025 and 2024: Table 4 As of December 31, 2025 As of December 31, 2024 90-Day Delinquencies % of Total Outstanding Volume 90-Day Delinquencies % of Total Outstanding Volume (dollars in thousands) Agricultural Finance $ 132,550  0.40  % $ 108,944  0.37  % Infrastructure Finance —  —  % —  —  % Total $ 132,550  0.40  % $ 108,944  0.37  % Across all of our lines of business, 90-day delinquency rates remained relatively flat as a percentage of total outstanding business volume. For more information about our credit metrics, see MD&A—Risk Management—Credit Risk—Loans and Guarantees. Critical Accounting Estimates The preparation of our consolidated financial statements in conformity with GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and related notes for the periods presented. We consider an accounting estimate made in accordance with GAAP to be critical when it involves a significant level of estimation uncertainty and it has had or is likely to have a material impact on our financial condition or results of operations. We consider the estimation of the fair value of AgVantage securities ("AgVantage") to be a critical accounting estimate in the preparation of our consolidated financial statements.We consider the fair value of AgVantage securities that are classified as available-for-sale ("AFS") to be a critical estimate due to the significance of the periodic measurement of mark-to-market adjustments relative to our total assets, 49 comprehensive income, and equity. We consider the fair value of AgVantage securities that are classified as held-to-maturity ("HTM") to be a critical estimate because of their impact on our fair value disclosures in Note 4—Investment Securities and Note 11—Fair Value Disclosures to the consolidated financial statements. We also consider the fair value of AgVantage to be a critical accounting estimate because we apply a discount rate in calculating the net present value of future expected cash flows that is both significant to the estimate of their fair value and unobservable in the market. We rely upon this significant unobservable input to estimate the fair value of AgVantage because there are no observable transactions in these securities in the market. Our AgVantage AFS fair value was $6.7 billion and $5.5 billion as of December 31, 2025 and 2024, respectively. The fair value of AgVantage AFS had accumulated net unrealized losses in the amount of $186.2 million and $321.2 million as of December 31, 2025 and 2024, respectively. See Note 4—Investment Securities to the consolidated financial statements for more information. Our AgVantage HTM amortized cost was $1.5 billion and $2.7 billion as of December 31, 2025 and 2024, respectively. The fair value of AgVantage HTM had net unrealized gain in the amount of $12.7 million and a net unrealized loss of $15.6 million as of December 31, 2025 and 2024, respectively. See Note 4—Investment Securities to the consolidated financial statements for more information. We apply discount rates that are commensurate with the risks involved to estimate the fair value measurement of both AgVantage AFS and HTM. As of December 31, 2025, we applied discount rates that ranged from 4.3% to 4.9% (with a weighted average of 4.5%) for AgVantage AFS and 4.3% to 5.4% (with a weighted average of 4.7%) for AgVantage HTM. As of December 31, 2024, we applied discount rates that ranged from 5.0% to 5.5% (with a weighted average of 5.1%) for AgVantage AFS and 5.0% to 6.8% (with a weighted average of 5.3%) for AgVantage HTM. Use of different discount rates than those we select may result in materially different estimates of fair value for AgVantage AFS and HTM. We select the discount rate for each AgVantage AFS and HTM security by analyzing credit default swap levels and the long-term credit outlook of our major counterparties and estimating an appropriate credit spread relative to U.S. Treasury yields. The periodic measurement of fair value and underlying discount rate methodology is subject to our internal controls and review by management. As of December 31, 2025, a 0.50% increase in the discount rates used to determine the fair value of AgVantage AFS and HTM would decrease the reported carrying value by approximately 1.8% and 1.9%, respectively. See Note 11—Fair Value Disclosures to the consolidated financial statements for more information. For a description of our accounting policy for fair value measurements, see Note 2(m)—Summary of Significant Accounting Policies—Fair Value Measurements to the consolidated financial statements. Use of Non-GAAP Measures We use "non-GAAP measures" in our analysis of financial information. Non-GAAP measures represent measures of financial performance that are not presented in accordance with GAAP. Specifically, we use the following non-GAAP measures: 1) "core earnings," 2) "core earnings per common share," and 3) "net effective spread," in both dollars and percentage yield. In our view, these non-GAAP measures are useful alternative measures in understanding our economic performance, transaction economics, and business trends. 50 Our non-GAAP financial measures may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Our disclosure of non-GAAP measures is intended to be supplemental in nature and is not meant to be considered in isolation from, as a substitute for, or as more important than, the related financial information prepared in accordance with GAAP. Core Earnings and Core Earnings Per Common Share The main difference between core earnings and core earnings per common share ("Core EPS"), which are non-GAAP measures, and net income attributable to common stockholders and earnings per common share ("EPS"), which are GAAP measures, is that those non-GAAP measures exclude the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on our financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Additionally, these two non-GAAP measures exclude specified infrequent or unusual transactions that we believe are not indicative of future operating results and that may not reflect the trends and economic financial performance of our core business. For example, in third quarter 2024, we excluded the loss on the retirement of the Series C Preferred Stock from core earnings and Core EPS, which is consistent with our historical treatment of any losses on the retirement of preferred stock. For a reconciliation of our net income attributable to common stockholders to core earnings and of EPS to Core EPS, see MD&A—Results of Operations. Net Effective Spread We use NES to measure the net spread earned between interest-earning assets and the related net funding costs, including any associated derivatives, whether or not they are designated in a hedge accounting relationship. NES excludes the following: •Interest income and interest expense associated with single-class consolidated trusts with beneficial interests owned by third parties and for which we guarantees all classes of securities issued ("single-class consolidated trusts") and reclassifies that activity to guarantee and commitment fees in determining our core earnings. This reclassification reflects our view that the net interest income earned on single-class consolidated trusts is effectively a guarantee fee. •Fair value changes of financial derivatives and corresponding financial assets or liabilities designated in fair value hedge accounting relationships because they are not expected to have an economic effect on our financial performance, as we expect to hold the financial derivatives and corresponding hedged items to maturity. •The amortization of premiums and discounts on assets consolidated at fair value. NES includes the following: •Income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge accounting relationships ("undesignated financial derivatives"). For undesignated financial derivatives, we record the income or expense related to the accrual of the contractual amounts due in "(Losses)/gains on financial derivatives" on the Consolidated Statements of Operations. •The net effects of terminations or net settlements on undesignated financial derivatives, which consist of: (1) the net effects of cash settlements on agency forward contracts on the debt of other GSEs and U.S. Treasury security futures that we use as short-term economic hedges on the issuance of debt; and (2) the net effects of initial cash payments that we receive upon the inception 51 of certain swaps. For GAAP purposes, realized gains or losses on settlements of these contracts are reported in the Consolidated Statements of Operations in the period in which they occur. For NES, these realized gains or losses are deferred and amortized as net yield adjustments over the term of the related debt, which generally ranges from 3 to 15 years. For a reconciliation of NII to NES, see Table 9 in MD&A—Results of Operations—Net Interest Income. 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: 52 Table 5 Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings For the Years Ended December 31, 2025 2024 (in thousands, except per share amounts) Net income attributable to common stockholders $ 182,493  $ 180,428  Less reconciling items: (Losses)/gains on undesignated financial derivatives due to fair value changes (see Table 11) (1,883) 3,344  Gains on hedging activities due to fair value changes 6,778  11,548  Unrealized losses on trading securities (126) (85) Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value(1) 103  45  Net effects of terminations or net settlements on financial derivatives (5,448) (1,666) Issuance costs on the retirement of preferred stock —  (1,619) Income tax effect related to reconciling items 120  (2,769) Sub-total (456) 8,798  Core earnings $ 182,949  $ 171,630  Composition of Core Earnings: Revenues: Net effective spread(2) $ 383,041  $ 339,564  Guarantee and commitment fees(3) 23,792  20,321  Other(4) 3,466  2,105  Total revenues 410,299  361,990  Credit related expense (GAAP): Provision for losses 32,860  11,579  Other credit related expense 1,350  107  Total credit related expense 34,210  11,686  Operating expenses (GAAP): Compensation and employee benefits 71,325  63,975  General and administrative 44,613  38,236  Regulatory fees 3,863  3,175  Total operating expenses 119,801  105,386  Net earnings 256,288  244,918  Income tax expense(5) 48,417  48,142  Preferred stock dividends (GAAP) 24,922  25,146  Core earnings $ 182,949  $ 171,630  Core EPS:   Basic $ 16.77  $ 15.78    Diluted $ 16.66  $ 15.64  Weighted-average shares:   Basic 10,911  10,874    Diluted 10,983  10,975  (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 $4.1 million and $4.5 million for the years ended December 31, 2025 and 2024, respectively, related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees. 53 (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. Table 6 Reconciliation of GAAP Basic EPS to Core Earnings - Basic EPS For the Years Ended December 31, 2025 2024 (in thousands, except per share amounts) GAAP - Basic EPS $ 16.73  $ 16.59  Less reconciling items: (Losses)/gains on undesignated financial derivatives due to fair value changes (see Table 11) (0.17) 0.31  Gains on hedging activities due to fair value changes 0.62  1.06  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  —  Net effects of terminations or net settlements on financial derivatives (0.50) (0.15) Issuance costs on the retirement of preferred stock —  (0.15) Income tax effect related to reconciling items 0.01  (0.25) Sub-total (0.04) 0.81  Core Earnings - Basic EPS $ 16.77  $ 15.78  Shares used in per share calculation (GAAP and Core Earnings) 10,911  10,874  Reconciliation of GAAP Diluted EPS to Core Earnings - Diluted EPS For the Years Ended December 31, 2025 2024 (in thousands, except per share amounts) GAAP - Diluted EPS $ 16.62  $ 16.44  Less reconciling items: (Losses)/gains on undesignated financial derivatives due to fair value changes (see Table 11) (0.17) 0.30  Gains on hedging activities due to fair value changes 0.62  1.05  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  —  Net effects of terminations or net settlements on financial derivatives (0.50) (0.14) Issuance costs on the retirement of preferred stock —  (0.15) Income tax effect related to reconciling items 0.01  (0.25) Sub-total (0.04) 0.80  Core Earnings - Diluted EPS $ 16.66  $ 15.64  Shares used in per share calculation (GAAP and Core Earnings) 10,983  10,975  The following sections provide more detail about specific components of our results of operations. Net Interest Income. The following tables provide information about interest-earning assets and funding, composition of changes in NII due to rate and volume, and a reconciliation of NII to NES for the years ended December 31, 2025 and 2024. See MD&A—Use of Non-GAAP Measures—Net Effective Spread for more information about the differences between NII and NES. Our interest-earning assets include: 54 •"Liquidity investments", which are defined as cash, cash equivalents (including U.S. Treasury securities, operational deposits, and other short-term money market instruments), and other investment securities (including securities guaranteed by the U.S. Government and its agencies or by GSEs and asset backed securities) that can be drawn upon for liquidity needs. For additional details regarding our liquidity investments, see MD&A—Liquidity and Capital Resources. •"Program Assets" are those assets that fulfill our mission to increase the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure, and include Eligible Loans, Farmer Mac Guaranteed Securities and USDA Securities. Table 7 For the Year Ended December 31, 2025 December 31, 2024 Average Balance Income/ Expense Average Rate Average Balance Income/ Expense Average Rate (dollars in thousands) Interest-earning assets: Liquidity investments $ 7,616,130  $ 352,817  4.63  % $ 6,453,407  $ 345,501  5.35  % Program Assets 25,269,273  1,259,430  4.98  % 23,936,777  1,258,015  5.26  % Total interest-earning assets 32,885,403  1,612,247  4.90  % 30,390,184  1,603,516  5.28  % Funding: Total interest-bearing liabilities 30,749,705  1,221,513  3.97  % 28,436,769  1,249,649  4.39  % Net non-interest-bearing funding 2,135,698  —  1,953,415  —  Total funding 32,885,403  1,221,513  3.71  % 30,390,184  1,249,649  4.11  % Net interest income/yield $ 32,885,403  $ 390,734  1.19  % $ 30,390,184  $ 353,867  1.16  % Table 8 2025 vs. 2024 Increase/(Decrease) Due to Rate Volume Total (in thousands) Income from interest-earning assets: Liquidity Investments $ (50,135) $ 57,451  $ 7,316  Program Assets (66,739) 68,154  1,415  Total (116,874) 125,605  8,731  Expense from other interest-bearing liabilities (125,301) 97,165  (28,136) Change in net interest income $ 8,427  $ 28,440  $ 36,867  55 Table 9 For the Years Ended December 31, 2025 2024 Dollars Yield Dollars Yield (dollars in thousands) Net interest income $ 390,734  1.19  % $ 353,867  1.16  % Net effects of single-class consolidated trusts (4,072) 0.02  % (4,477) 0.02  % Expense related to undesignated financial derivatives (441) —  % (1,377) —  % Amortization of premiums/discounts on assets consolidated at fair value (92) —  % (29) —  % Amortization of losses due to terminations or net settlements on financial derivatives 3,690  0.01  % 3,128  0.01  % Fair value changes on fair value hedge relationships (6,778) (0.02) % (11,548) (0.04) % Net effective spread $ 383,041  1.20  % $ 339,564  1.15  % The year-over-year increase of $36.9 million in NII and $43.5 million in NES for 2025 were primarily attributable to the same drivers, which include a $34.3 million increase related to net new business volume and a $7.0 million increase due to a net increase of $182.3 million in non-interest-bearing funding primarily attributable to strong growth in retained earnings during 2025. The year-over-year increase in NII was further offset by a $4.8 million decrease in the fair value of designated financial derivatives, the impact of which is excluded from NES. The increase in yield attributable to net new business volume was comprised of $23.9 million due to growth in the Infrastructure Finance loans and $16.8 million due to growth in the Agricultural Finance loans, partially offset by a decrease of $6.4 million due to a net decrease in AgVantage securities. See Note 12—Business Segment Reporting to the consolidated financial statements for more information about NII and NES from our business segments. See MD&A—Supplemental Information for quarterly NES by line of business. Provision for and Release of Allowance for Losses. The following table summarizes the components of our total allowance for losses for the two-year period ended December 31, 2025: Table 10 Allowance for Losses (in thousands) Balance as of December 31, 2023 $ 16,589  Provision for losses 11,579  Charge-offs (4,498) Balance as of December 31, 2024 $ 23,670  Provision for losses 32,860  Recovery 2,352  Charge-offs (20,883) Balance as of December 31, 2025 $ 37,999  Our allowance for loan loss increased $14.3 million from December 31, 2024 to December 31, 2025, primarily due to $32.9 million in provision expense offset by $20.9 million in charge-offs. The provision expense is attributable to some individually significant credit deteriorations in our Corporate AgFinance and Broadband Infrastructure portfolios and year-over-year volume growth. 56 For additional information, see Note 7—Loans to the consolidated financial statements and MD&A—Risk Management—Credit Risk—Loans and Guarantees. (Losses)/gains on financial derivatives. The components of gains and losses on financial derivatives for the years ended December 31, 2025 and 2024 are summarized in the following table: Table 11 For the Years Ended December 31, 2025 2024 (dollars in thousands) (Losses)/gains on undesignated financial derivatives due to fair value changes $ (1,883) $ 3,344  Accrual of contractual payments (441) (1,377) (Losses)/gains due to terminations or net settlements (2,796) 669  (Losses)/gains on financial derivatives $ (5,120) $ 2,636  These changes in fair value are primarily the result of fluctuations in interest rates. Payments or receipts to terminate undesignated derivative positions or net cash settled forward sales contracts on the debt of other GSEs and undesignated U.S. Treasury security futures and initial cash payments received upon the inception of certain undesignated swaps are included in "(Losses)/gains due to terminations or net settlements" in the table above. See Note 5—Financial Derivatives to the consolidated financial statements for more information about our financial derivatives. Operating Expenses. The following table summarizes components of operating expenses for the years ended December 31, 2025 and 2024: Table 12 For the Years Ended December 31, 2025 2024 (dollars in thousands) Compensation and employee benefits $ 71,325  $ 63,975  General and administrative 44,613  38,236  Regulatory fees 3,863  3,175  Total Operating Expenses $ 119,801  $ 105,386  The year-over-year increase in compensation and employee benefits expenses for the year ended December 31, 2025 was largely due to increased headcount and increased bonus accruals associated with strong financial performance compared to targets in 2025. The year-over-year increase in general and administrative expenses for the year ended December 31, 2025 was primarily attributable to an increase in information technology infrastructure costs, transactional legal fees, and hiring expenses. 57 Income Tax Expense. The following table presents income tax expense and the effective income tax rate for the years ended December 31, 2025 and 2024: Table 13 For the Years Ended December 31, 2025 2024 (dollars in thousands) Income tax expense $ 48,296  $ 50,910  Effective tax rate 18.9  % 19.7  % The year-over-year decrease in income tax expense and the effective tax rate for the year ended December 31, 2025 is primarily attributable to increased purchases of renewable energy investment tax credits, which totaled $61.5 million during 2025 compared to $29.2 million in 2024. The purchases of the 2025 tax credits were at prices that range from approximately $0.91 to $0.94 per $1.00 of credit, resulting in a benefit of $4.8 million, whereas the 2024 purchases, were priced at $0.91 per $1.00 of credit, resulting in a $2.6 million benefit. 58 Business Volume. The following table presents our outstanding volume in each line of business as of the dates indicated: Table 14 Outstanding Business Volume On or Off Balance Sheet As of December 31, 2025 2024 (in thousands) Agricultural Finance: Farm & Ranch: Loans On-balance sheet $ 6,002,738  $ 5,414,732  Loans held in consolidated trusts: Single-class consolidated trusts(1) On-balance sheet 829,391  885,295  Structured consolidated trusts(1) On-balance sheet 1,652,619  1,152,988  IO-FMGS(2) On-balance sheet 8,040  8,710  USDA Securities On-balance sheet 2,443,432  2,402,423  AgVantage Securities(2) On-balance sheet 4,270,000  4,720,000  LTSPCs and unfunded loan commitments Off-balance sheet 3,591,079  3,070,554  Other Farmer Mac Guaranteed Securities(3) Off-balance sheet 386,057  426,310  Loans serviced for others Off-balance sheet 381,560  525,956  Total Farm & Ranch $ 19,564,916  $ 18,606,968  Corporate AgFinance: Loans On-balance sheet $ 1,460,691  $ 1,381,674  AgVantage Securities(2) On-balance sheet 190,977  280,297  Unfunded loan commitments Off-balance sheet 298,868  225,734  Total Corporate AgFinance $ 1,950,536  $ 1,887,705  Total Agricultural Finance $ 21,515,452  $ 20,494,673  Infrastructure Finance: Power & Utilities: Loans On-balance sheet $ 3,548,523  $ 2,886,576  AgVantage Securities(2) On-balance sheet 3,967,154  3,521,143  LTSPCs and unfunded loan commitments Off-balance sheet 344,945  401,647  Total Power & Utilities $ 7,860,622  $ 6,809,366  Broadband Infrastructure: Loans On-balance sheet $ 1,009,890  $ 622,207  Unfunded loan commitments Off-balance sheet 522,316  180,259  Total Broadband Infrastructure $ 1,532,206  $ 802,466  Renewable Energy: Loans On-balance sheet $ 2,202,668  $ 1,265,700  Unfunded loan commitments Off-balance sheet 240,621  150,825  Total Renewable Energy $ 2,443,289  $ 1,416,525  Total Infrastructure Finance $ 11,836,117  $ 9,028,357  Total $ 33,351,569  $ 29,523,030  (1)The securities issued by these trusts are referred to as Farmer Mac Guaranteed Securities. (2)These categories are referred to as Farmer Mac Guaranteed Securities. (3)Other categories of Farmer Mac Guaranteed Securities that were sold by us to third parties. 59 The following table presents the net growth or decrease in our lines of business for the years ended December 31, 2025 and 2024: Table 15 Net New Business Volume For the Year Ended On or Off Balance Sheet December 31, 2025 December 31, 2024 Net Growth/(Decrease) Net Growth/(Decrease) (in thousands) Agricultural Finance: Farm & Ranch: Loans On-balance sheet $ 588,006  $ 281,282  Loans held in consolidated trusts: Single-class consolidated trusts(1) On-balance sheet (55,904) 14,383  Structured consolidated trusts(1) On-balance sheet 499,631  591,639  IO-FMGS(2) On-balance sheet (670) (699) USDA Securities On-balance sheet 41,009  33,551  AgVantage Securities(2) On-balance sheet (450,000) (1,115,000) LTSPCs and unfunded loan commitments Off-balance sheet 520,525  70,611  Other Farmer Mac Guaranteed Securities(3) Off-balance sheet (40,253) (26,292) Loans serviced for others Off-balance sheet (144,396) (51,308) Total Farm & Ranch $ 957,948  $ (201,833) Corporate AgFinance: Loans On-balance sheet $ 79,017  $ 121,951  AgVantage Securities(2) On-balance sheet (89,320) (8,582) Unfunded loan commitments Off-balance sheet 73,134  80,357  Total Corporate AgFinance $ 62,831  $ 193,726  Total Agricultural Finance $ 1,020,779  $ (8,107) Infrastructure Finance: Power & Utilities: Loans On-balance sheet $ 661,947  $ 270,217  AgVantage Securities(2) On-balance sheet 446,011  (377,325) LTSPCs and unfunded loan commitments Off-balance sheet (56,702) (63,096) Total Power & Utilities $ 1,051,256  $ (170,204) Broadband Infrastructure: Loans On-balance sheet $ 387,683  $ 144,089  Unfunded loan commitments Off-balance sheet 342,057  157,224  Total Broadband Infrastructure $ 729,740  $ 301,313  Renewable Energy: Loans On-balance sheet $ 936,968  $ 825,414  Unfunded loan commitments Off-balance sheet 89,796  103,590  Total Renewable Energy $ 1,026,764  $ 929,004  Total Infrastructure Finance $ 2,807,760  $ 1,060,113  Total $ 3,828,539  $ 1,052,006  (1)The securities issued by these trusts are referred to as Farmer Mac Guaranteed Securities. (2)These categories are referred to as Farmer Mac Guaranteed Securities. (3)Other categories of Farmer Mac Guaranteed Securities that were sold by us to third parties. 60 Our outstanding business volume was $33.4 billion as of December 31, 2025, a net increase of $3.8 billion from December 31, 2024 which was primarily attributable to increases in the Infrastructure Finance portfolio after taking into account all new business, maturities, sales, and paydowns on existing assets. The increase in outstanding business volume during 2025 was attributable to a $2.8 billion increase in outstanding business volume in the Infrastructure Finance portfolio and a $1.0 billion increase in the Agricultural Finance portfolio. The increase in the Infrastructure Finance portfolio consisted of a $1.1 billion increase in Power & Utilities, a $0.7 billion increase in Broadband Infrastructure, and a $1.0 billion increase in Renewable Energy. These increases in volume were primarily driven by $4.7 billion in new purchases, partially offset by $1.9 billion in scheduled maturities and repayments during the year. The increase in the Agricultural Finance portfolio during 2025 primarily consisted of a $1.0 billion increase in Farm & Ranch, resulting from net growth of $1.6 billion in loans, loans held in consolidated trusts and LTSPCs and unfunded loan commitments, which was partially offset by a net decrease in Farm & Ranch AgVantage Securities of $0.5 billion. Total Corporate AgFinance volume remained relatively flat when comparing December 31, 2025 to December 31, 2024, as net growth in loans was substantially offset by maturities of AgVantage securities that counterparties did not re-issue. The level and composition of our outstanding business volume is based on the relationship between new business, loan sales, scheduled maturities, and repayments on existing assets from period to period. This relationship in turn depends on a variety of external and internal factors. The external factors include general market forces, competition, and our counterparties’ liquidity needs, access to alternative funding, desired products, and assessment of strategic factors. The internal factors include our assessment of profitability, mission fulfillment, credit risk, and customer relationships. For more information about potential growth opportunities in our lines of business, see MD&A—Outlook in this report. 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 December 31, 2025: Table 16 Schedule of Principal Amortization as of December 31, 2025 Loans Loans Underlying Off-Balance Sheet Farmer Mac Guaranteed Securities and LTSPCs  USDA Securities and Farmer Mac Guaranteed USDA Securities Total (in thousands) 2026 $ 1,186,078  $ 557,042  $ 120,724  $ 1,863,844  2027 993,840  550,475  118,294  1,662,609  2028 1,214,809  447,233  118,205  1,780,247  2029 1,228,003  486,874  119,389  1,834,266  2030 1,386,541  410,566  124,343  1,921,450  Thereafter 10,697,249  2,755,309  2,018,864  15,471,422  Total $ 16,706,520  $ 5,207,499  $ 2,619,819  $ 24,533,838  Of the $33.4 billion outstanding business volume as of December 31, 2025, $8.4 billion were AgVantage securities included in the Agricultural Finance and Infrastructure Finance lines of business. Unlike 61 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 December 31, 2025: Table 17 AgVantage Balances by Year of Maturity As of December 31, 2025 (in thousands) 2026 $ 1,324,700  2027 1,188,193  2028 1,010,064  2029 1,044,679  2030 1,351,708  Thereafter(1) 2,508,787  Total $ 8,428,131  (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 December 31, 2025.   Related Party Transactions. As provided by our statutory Charter, only banks, insurance companies, and other financial institutions or similar entities may hold our Class A voting common stock, and only institutions of the FCS may hold our Class B voting common stock. Our Charter also provides that holders of Class A voting common stock elect five members of our 15-member board of directors and that holders of Class B voting common stock elect five members of the board of directors. The ownership of our two classes of voting common stock is currently concentrated in a small number of institutions. Approximately 48% of the Class A voting common stock is held by three financial institutions, with 31% held by one institution. Approximately 97% of the Class B voting common stock is held by five FCS institutions (two of which are related to each other through a parent-subsidiary relationship).    Unlike some other GSEs, specifically other FCS institutions and the Federal Home Loan Banks, we are not structured as a cooperative owned exclusively by member institutions and established to provide services exclusively to its members. As a stockholder-owned, publicly-traded corporation, we seek to fulfill our mission of serving the financing needs of rural America in a way that is consistent with providing a return on the investment of our stockholders, including those who do not directly participate in our secondary market activities. We generally require most financial institutions that participate in our Agricultural Finance line of business to own a requisite amount of common stock, based on the size and type of institution. As a result of this requirement, coupled with the ability of holders of Class A and Class B voting common stock to elect two-thirds of our board of directors, we regularly conduct business with institutions affiliated with members of Farmer Mac's board of directors and institutions that own large amounts of our voting common stock. We have adopted a Code of Business Conduct and Ethics and other related corporate policies that govern any conflicts of interest that may arise in these transactions, and our 62 policy is to require that any transactions with related parties be conducted in the ordinary course of business, with terms and conditions comparable to those available to any other unrelated counterparty. The following table summarizes our material relationships with related parties. These related parties consist of all holders of more than ten percent of our total voting common stock outstanding as of December 31, 2025.  Table 18 Name of Institution Ownership of  Farmer Mac Voting Common Stock Primary Aspects of Institution's Business Relationship with Farmer Mac AgriBank, FCB 201,621 shares of Class B voting common stock (40.30% of outstanding Class B stock and 13.17% of total voting common stock outstanding) We did not conduct any business with AgriBank during 2025 or 2024. CoBank, ACB 163,253 shares of Class B voting common stock (32.63% of outstanding Class B stock and 10.66% of total voting common stock outstanding) We purchased $529.2 million and $442.7 million in loans from CoBank in 2025 and 2024, respectively. In 2025 and 2024, CoBank retained $4.1 million and $4.0 million of servicing fees related to the loan participations sold to Farmer Mac, respectively. Zions Bancorporation, National Association (Zions) 322,100 shares of Class A voting common stock (31.25% of outstanding Class A stock and 21.04% of total voting common stock outstanding) In 2025 and 2024, we purchased $148.1 million and $173.9 million of Agricultural Finance mortgage loans from Zions, respectively. In 2025 and 2024, we purchased none and $0.4 million, of USDA Securities from Zions, respectively. As of December 31, 2025, we had entered into mandatory purchase commitments with Zions of $4.6 million. In 2025 and 2024, Zions retained approximately $11.6 million and $11.2 million in servicing fees for its work as a Farmer Mac servicer, respectively. For more information about related party transactions, see Note 3—Related Party Transactions to the consolidated financial statements. 63 Outlook   Business Outlook Products and Portfolio We play a vital role in serving rural America by offering liquidity, capital, and risk management tools as a secondary market to help increase the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure. Our growth trajectory is closely tied to the capital and liquidity needs of the lending institutions that serve agriculture and infrastructure businesses and the overall financial health of borrowers in these sectors. Several factors continue to influence our business volume growth dynamics. Because the Farm & Ranch portfolio contains a significant share of legacy low‑rate loans, refinance incentives remain muted, keeping prepayment rates below historical norms. Also, a tightening agricultural economy is creating the need for more liquidity and working capital for borrowers managing through this agricultural cycle. The net effect of these forces contributed to strong Farm & Ranch loan purchase portfolio growth throughout 2025, and industry conditions look to maintain these trends into 2026. We experienced an increase in wholesale finance volume during fourth quarter 2025, driven by financings drawn from an AgVantage facility put in place earlier in the year. Future wholesale finance growth will likely be influenced by market interest rates and credit spreads, overall economic conditions and loan growth opportunities, and the relative value of our product versus the broader market. Continued strong interest in data centers, broadband expansion, and constructing and completing renewable energy projects before the sunset of tax credits, along with the overall need for energy generation and transmission capacity for rural America, provided significant opportunities for Infrastructure Finance throughout 2025. We expect these opportunities to persist into future years. Opportunities for profitable future business volume growth include our potential role in alleviating liquidity, capital, and return-on-equity challenges faced by agricultural and infrastructure lenders. Our suite of offerings includes loan and loan portfolio purchases, participations, guarantees, LTSPCs, wholesale funding, and risk-transfer financial securities. Ongoing business and product development efforts continue to attract private lenders, institutional investors, and non-traditional originators, resulting in the diversification of our customer base and product set, which could potentially generate increased product demand from new sources. Our expanded loan servicing capabilities enhance our loan portfolio purchase value proposition, adding new product offerings to an increasingly diverse customer base. Growing relationships with larger agriculture lenders, industry consolidation, interest rates, and market volatility, as well as financial institutions' focus on capital efficiency and liquidity, are expected to continue to provide increased opportunities for our loan purchase, risk management, and wholesale funding solutions. The financing needs arising from mergers, acquisitions, consolidation, and vertical integration in the agricultural and infrastructure industries present further opportunities for our loan purchase products and other financing solutions. Investments supporting consumer and food supply demand may increase financing needs in the food and agriculture supply chain, potentially requiring incremental capital support through the secondary market. Deepening relationships with eligible infrastructure counterparties are expected to continue to create opportunities to support fiber and broadband-related transactions, including significant market activity and investments in wholesale data centers and renewable energy projects. 64 Operations We anticipate ongoing increases in operating expenses over the next several years, aligned with our planned expansion of investments in technology, business infrastructure, and human capital. These investments are designed to enhance capacity and efficiency in support of market growth opportunities and long-term strategic objectives. By investing in infrastructure and business platforms, we aim to scale more efficiently in tandem with future portfolio and earnings growth. These initiatives are expected to improve product delivery, business operations, and scalability to better position us to capitalize on future market growth opportunities. Another focus of our planned infrastructure investments is a continued effort to expand our servicing capabilities and to enhance the efficiency of processes associated with loan onboarding and servicing. We expect to continue to leverage technology enhancements and servicing standardization efforts to drive scalability and consistency. We plan to implement technology enhancements and process re-engineering over the next several years to continue to incorporate all of our loan portfolios onto our servicing platform and to provide flexibility in accessing loan portfolio information, increase standardization of data and processing, and streamline operational workflows. Agricultural Finance Industry Outlook Farm Incomes The farm profitability outlook remains varied for 2026. Total net cash farm income rebounded slightly in 2025, rising 8% relative to 2024 according to the USDA. In 2026, the USDA’s initial forecast shows farm incomes rising another 3% relative to 2025. However, that expected overall improvement obscures a bifurcation across agricultural sectors. Namely, crop producers face headwinds from tepid commodity prices and elevated input costs that have compressed margins, while livestock producers are expected to benefit again in 2026 from robust consumer and export demand and falling feed costs. Shifts in the outlook for trade could have a meaningful impact on commodity prices and farm incomes. The current USDA forecast shows U.S. agricultural exports dropping modestly in 2026. Lower prices for several agricultural commodities could have multiple competing effects on loan performance and agricultural credit demand. Constraints on cash flow and additional market volatility could cause loan delinquencies to rise above historical averages, most likely in commodities experiencing negative market conditions such as some grains and permanent crops. Cash flow constraints and heightened uncertainty can also increase demand for debt capital to reorganize balance sheets and replace lost incomes. We believe that our portfolio and market strategy is sufficiently diversified by borrower, industry, and region to maintain robust portfolio performance through the current cycle to be positioned to support any expansion of the farm mortgage market that may arise in the coming quarters. Land Values Farmland value growth rates continued to moderate in 2025 following successive years of strong appreciation. Land value survey data from the USDA shows a 4.3% increase in average farm real estate values from June 2024 to June 2025. Annual farm real estate value gains were highest in the Southern Plains (5.9%) and the Lake states (5.7%) and still strong but slowing in the Northern Plains (4.9%), the Southeast (4.7%), and the Corn Belt (4.0%). 65 Farmland transaction data, like the USDA survey results, show weaker farmland sales prices in 2025. The Farmer Mac Farmland Price Index Powered by AcreValue® decreased 6% in third quarter 2025 relative to the same period in 2024. Basing this index on actual farmland transactions can lead to greater volatility, as many economic factors affecting land markets are highly localized and some markets may experience greater volatility in farmland values than state or national averages indicate. Based on our robust collateral underwriting standards, we believe that our loan collateral is well-positioned to endure reasonably foreseeable volatility in farmland values that could result from external factors. Markets and Weather Exogenous factors facing farm and food producers can create uncertainty and market instability within the sector. Some of the external market conditions that have affected, and could continue to adversely affect, the farm and food sectors in 2026 include foreign trade and trade policy, supply chain disruptions, and weather and environmental conditions. Water availability is a perennial concern for many agricultural producers. Drought conditions increased modestly in intensity and prevalence in fourth quarter 2025, largely across several southern and southeastern states. At the same time, drought conditions improved across several western states, including California. The ongoing implementation of groundwater management regulation, especially in California, continues to influence land values in many regions of the state. We work closely with water consultants and collateral valuation professionals to identify properties influenced by changing water availability. For loans in areas that commonly experience exceptional drought (primarily in California), our underwriting standards include an assessment of anticipated long-term water availability for the related property and how water availability impacts the collateral value and the borrower's liquidity position to mitigate that risk. Agricultural Processing and Food Supply Chain The production of food, feed, fiber, and biofuels has generally been economically viable during the past few years, but economic factors continue to evolve into 2026. Biofuels have gained demand due to low-carbon regulations in several states and incremental tax benefits for the production of renewable diesel and sustainable aviation fuel. A large number of planned biofuel projects and new facilities for 2026 and 2027 could provide support for raw materials such as corn and soybeans, but markets for these fuels are nascent and could evolve or erode rapidly in the coming quarters. Trade policy uncertainty, labor availability, changes to consumer demand due to health policy and pharmaceuticals, and a high risk of global economic stress could pose challenges for these sectors into 2026. Still, consumer spending held steady throughout 2024 and 2025, providing stable conditions for value-added food, feed, fiber, and biofuel consumption. Consumer demand, particularly for animal protein products, are expected to provide a good tailwind for many food processors and agribusinesses in 2026. Credit demand in these sectors could grow in the next few quarters if interest rate policy maintains course or loosens, inflation rises again, mergers and acquisitions activity increases, or economic and trade policy uncertainty clears up. Infrastructure Finance Industry Outlook Power & Utilities Economic conditions affecting rural power and electricity markets typically follow those in the general economy. According to data from the U.S. Energy Information Administration, sales and the revenue from 66 the sale of electricity to customers advanced in 2025, with an annual increase in sales of 2.2% and an increase in revenue of 7.6%, respectively, in the last 12 months through November 2025 compared to November 2024. This increase was the result of higher residential and commercial electricity sales combined with a sizable increase in average prices paid for electricity relative to 2024. Electricity demand was consistently strong in 2025, and power producers are continuing to invest in more capacity to meet the rising demand from consumers and data centers. Continued geopolitical uncertainty in the Middle East and Eastern Europe could increase energy price volatility, but power producers are generally able to pass higher input costs through to retail electricity prices, as evidenced by higher retail electricity prices in 2022, 2023, and 2025. Credit demand for electric cooperatives will likely be tied to ongoing normal-course capital expenditures related to maintaining and upgrading utility infrastructure. These growth opportunities may be affected by the demand for electric power in rural areas, increased power demand from regional data centers, capital expenditures by electric cooperatives driven by regulatory or technological changes, the changing interest rate environment, increased policy initiatives to support rural connectivity, and competitive dynamics within the rural utilities cooperative finance industry. Generally, these investments are expected to continue at or above historical levels based on the replacement and modernization of existing and new infrastructure, as well as increasing demand for electricity across the spectrum of residential, commercial, and industrial customers. Renewable Energy Investment in renewable energy generation and deployment of energy storage technologies in the last five years deepened our relationships with existing customers through new business opportunities. According to data from the U.S. Energy Information Administration, renewable energy net generation grew by 38% in the last five years, compared to a non-renewable electricity net generation increase of 4%. The volatile cost of fossil fuel-based inputs, combined with policy initiatives and the falling costs of renewable power generation, influenced this change in generation capacity. In response to this expansion, we have hired industry-specialized staff and deployed new financing products tailored to the renewable energy sector, which represents a rapidly developing market opportunity for Farmer Mac. Recent changes to tax policy may alter the trajectory and velocity of investments in U.S. renewable energy. H.R. 1, commonly referred to as the "One Big Beautiful Bill Act" signed into law on July 4, 2025, phases out tax credits that have been routinely used to support renewable power project investments. As these tax credits phase out, new power projects are still likely to be financed, but the marginal costs of electricity generation may be higher without subsidies. Increased political and policy uncertainty and higher cost structures could decrease the overall renewable power investment market growth velocity over the next five years. However, due to the substantial increase in demand for electricity and need for new power generation, we expect to continue to participate in renewable energy power project finance transactions for both new projects and refinancing opportunities of existing projects. As of December 31, 2025, we have calculated approximately $80 million of remaining capacity to use renewable energy tax credits to apply against our 2025 federal corporate income tax liability and to carry back to the prior three years. Through December 31, 2025, we have purchased approximately $91.0 million in renewable energy investment tax credits at prices that range from approximately $0.91 to $0.94 per $1.00 of credit. All of the tax credits we have purchased are on projects that have been placed in service. We are focused on purchasing renewable energy tax credits for projects in rural areas or associated with agriculture, such as renewable gas generation from dairy waste. Under H.R. 1's phase-outs of future renewable energy investment tax credits, projects eligible for renewable energy investment tax 67 credits generally must be placed in service by December 31, 2027 unless construction begins by July 4, 2026. Broadband Infrastructure Rural telecommunication and data connectivity has proven to be of vital economic importance in the last decade, as more households and agricultural enterprises require more data and connectivity to thrive. The expected continued rapid growth in digital technologies, including the ongoing interest and investment in artificial intelligence, advancements in cloud computing, and wireless network densification, will require significantly more computing and storage capabilities and investment in more fiber network capacity. In addition to capital projects spurred by government-backed support programs, we could see an increase in financing opportunities for other telecommunications providers in rural areas. For example, fiber line expansion, wireless broadband deployment, industry consolidation and efficiency through mergers and acquisitions, and data processing center buildouts are all increasingly important to rural economic opportunity, and the food and agriculture industries require constant connectivity. However, some types of "leapfrog" technology advances in the broadband infrastructure sector, such as low orbit satellite communication systems, could put pressure on the profitability of the providers of older digital technologies. Changes in tax policy, trade, and immigration laws, as well as energy cost and availability, could result in significant challenges and opportunities to infrastructure borrowers. These changes could lead to delays in completing current projects and slow future investments in renewable energy and battery storage projects as well as the deployment of fiber and broadband infrastructure in rural areas. Any lack of availability or increased costs of components or technology that results from tariffs or trade restrictions also could lead to delays in completion or slow future investments in infrastructure projects. The infrastructure sector may experience varying degrees of disruption and adaptation in response to these evolving policies, and these changes could increase the volatility of sector profitability in the near-term. The potential for disruption in these sectors due to policy changes may be somewhat mitigated by the historically strong market demand for connectivity, the ongoing diversification of infrastructure providers, and continued strong investments in data centers and fiber infrastructure. New data center infrastructure requires significant demand for power, so delays in grid hookups or electricity capacity could delay some capital or infrastructure deployment. 68 Balance Sheet Review The following table summarizes our balance sheet as of the periods indicated: Table 19 As of Change December 31, 2025 December 31, 2024 $ % (in thousands) Assets Cash and cash equivalents $ 931,067  $ 1,024,007  $ (92,940) (9) % Investment securities 17,550,379  16,576,887  973,492  6  % Loans, net of allowance 13,840,378  11,166,984  2,673,394  24  % Loans held in trusts 2,480,898  2,037,654  443,244  22  % Other 567,435  519,210  48,225  9  % Total assets $ 35,370,157  $ 31,324,742  $ 4,045,415  13  % Liabilities Notes Payable $ 30,822,570  $ 27,371,174  $ 3,451,396  13  % Debt securities of consolidated trusts held by third parties 2,365,435  1,929,628  435,807  23  % Other 463,203  534,914  (71,711) (13) % Total liabilities $ 33,651,208  $ 29,835,716  $ 3,815,492  13  % Total equity 1,718,949  1,489,026  229,923  15  % Total liabilities and equity $ 35,370,157  $ 31,324,742  $ 4,045,415  13  % Assets. The increase in total assets was primarily attributable to new loan volume and a larger investment portfolio. Liabilities. The increase in total liabilities was primarily due to an increase in total notes payable to fund the acquisition of loan volume. During 2025, we executed two structured securitization transactions backed by Farm & Ranch loans for which $613.6 million of Farmer Mac Guaranteed Securities were issued. During 2025 and 2024, there were no realized gains or losses from the issuance of Farmer Mac Guaranteed Securities. We consolidate trusts and present the assets of the trust in "Loans held for investment in consolidated trusts, at amortized cost" and the liabilities of the trust in "Debt securities of consolidated trusts held by third parties" on the Consolidated Balance Sheets. Equity. The increase in total equity was primarily due to an increase of $96.8 million related to the issuance of 4.0 million shares of 6.500% non-cumulative perpetual Series H preferred stock in addition to an increase in retained earnings. 69 Risk Management Credit Risk – Loans and Guarantees.   We are exposed to both direct and indirect credit risk. We have direct credit exposure to our Agricultural Finance mortgage loans, Infrastructure Finance loans, and loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs. We have indirect credit exposure to the Agricultural Finance mortgage loans and Infrastructure Finance loans that secure AgVantage securities because, in the event of a default on an AgVantage security, we have recourse to the pledged collateral and have rights to the ongoing borrower payments of principal and interest. Agricultural Finance - Direct Credit Exposure Our direct credit exposure to Agricultural Finance mortgage loans as of December 31, 2025 was $14.0 billion across 48 states. We apply credit underwriting standards and methodologies to help assess exposures to loan purchases, which may include collateral valuation, financial metrics, and other appropriate borrower financial and credit information. We rely on the combined expertise of experienced internal agricultural credit underwriters and loan servicers, along with external agricultural loan servicing and collateral valuation contractors, to perform the necessary underwriting, servicing, and collateral valuation functions on Agricultural Finance mortgage loans. For Corporate AgFinance loans, which are often larger loan exposures (generally loan sizes more than $10 million) to agriculture production and agribusinesses that support agriculture production, food and fiber processing, and other supply chain production, and which may have risk profiles that differ from smaller agricultural mortgage loans, we have implemented methodologies and parameters that help assess credit risk based on the appropriate sector, borrower construct, and transaction complexity. Product Type Underwriting Collateral Farm & Ranch Typically required to meet specific underwriting criteria or demonstrate compensating strengths in one or more other underwriting criteria. First lien mortgage Corporate AgFinance Typically relies upon the value of the borrower as a going concern, which is estimated using one or more valuation techniques (e.g., discounted cash flow, cash flow multiples, asset liquidation, or other valuation techniques), and therefore depends on the ability of the borrower entity to generate recurring positive cash flow ("enterprise value"). Generally secured by all business assets, including first lien mortgages and common stock of the borrower. Corporate AgFinance loans often have a different credit risk profile than Farm & Ranch loans, therefore, we have implemented methodologies and parameters to help assess credit risk and have established specific underwriting criteria for these portfolio loans based on the sector, borrower construct, and transaction complexity. We thoroughly analyze each prospective Corporate AgFinance loan, including assessing the borrower's leverage, cash flows, liquidity, revenue and margin trends, as well as evaluating the borrower's suppliers, customers, market share, and competition. Any underlying weaknesses are assessed and analyzed in conjunction with any compensating strengths. Corporate AgFinance loans typically require ongoing monitoring of reporting requirements and financial and non-financial covenants. We rely on internal underwriters with the expertise to analyze large, complex farming operations and agribusiness loans, along with collateral valuation contractors, and legal counsel to perform the necessary diligence to assess the overall credit risk and loan structures of these transactions. We have developed 70 business operating processes and skill sets to source, underwrite, close, and service Corporate AgFinance loans. Those processes and skill sets are different than those required for Farm & Ranch loans and, accordingly, have a higher operating expense profile than for Farm & Ranch loans. When analyzing the credit quality of our Agricultural Finance mortgage loans, we also consider the level of internally-rated "substandard" assets, both in dollars and as a percentage of the outstanding portfolio. Assets categorized as "substandard" have a well-defined weakness or weaknesses, and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected. The following table disaggregates the Agricultural Finance mortgage loans by portfolio segment and by internally assigned risk ratings. Table 20 As of December 31, 2025 Agricultural Finance mortgage loans by internally assigned risk rating Acceptable Special Mention Substandard Total (in thousands) Farm & Ranch 11,285,147  583,040  417,310  12,285,497  Corporate AgFinance 1,595,158  87,494  76,907  1,759,559  Agricultural Finance Total $ 12,880,305  $ 670,534  $ 494,217  14,045,056  Agricultural Finance mortgage loans classified as substandard increased $95.9 million to $494.2 million, or 3.5% of the portfolio, as of December 31, 2025 from $398.3 million, or 3.2% of the portfolio, as of December 31, 2024. Substandard assets are primarily concentrated within permanent planting commodity types. Credit performance within the crops and livestock commodities remains near historical averages with a divergence in sector economics causing an improvement in livestock sector performance and a slight degradation in grain and oilseed sector performance. Strong government support program payments have helped to mitigate degradation in the grain and oilseed loan portfolio performance. The percentage of Agricultural Finance mortgage loans substandard assets within the portfolio of 3.5% as of December 31, 2025 is in line with the 15-year historical average of approximately 3.3% and is less than the highest observed substandard asset rate during that period of approximately 5.3%. If the rate of substandard assets increases from current levels on a sustained basis, our provision to the allowance for loan losses and the reserve for losses would also likely increase. Our 90-day delinquency measure includes loans 90 days or more past due, as well as loans in foreclosure and non-performing loans where the borrower is in bankruptcy. As of December 31, 2025, 90-day delinquencies on Agricultural Finance mortgage loans with direct credit exposure were $132.6 million, 0.94% of the portfolio, up slightly from $108.9 million, or 0.88% of the portfolio as of December 31, 2024. The top ten borrower exposures over 90 days delinquent represent approximately half of the 90-day delinquencies as of December 31, 2025. We believe that we remain adequately collateralized on our delinquent loans. Our 90-day delinquency rate of 0.94% as of December 31, 2025 was above our historical average of approximately 0.72%, which is based on the average 90-day delinquency rate as a percentage of the Agricultural Finance mortgage loan portfolio over the last 15 years. We continue to monitor delinquency rates for trends that may result from more than expected cyclical trends such as changes in the general economy or unforeseen events like adverse weather or regulatory changes in water management. 71 The following table presents historical information about our contractural 90-day delinquencies in the Agricultural Finance mortgage loan portfolio compared to the unpaid principal balance of all Agricultural Finance mortgage loans to which we have direct credit exposure: Table 21 Agricultural Finance Mortgage Loans 90-Day Delinquencies Percentage (dollars in thousands) As of: December 31, 2025 $ 14,045,056  $ 132,550  0.94  % September 30, 2025 13,122,678  177,759  1.35  % June 30, 2025 12,836,478  125,868  0.98  % March 31, 2025 12,389,478  159,977  1.29  % December 31, 2024 12,369,477  108,944  0.88  % September 30, 2024 11,466,670  144,407  1.26  % June 30, 2024 11,409,396  62,063  0.54  % March 31, 2024 11,184,817  76,825  0.69  % December 31, 2023 11,223,276  34,677  0.31  % For Farm & Ranch loans, we consider a loan's original LTV ratio as one of many factors in evaluating loss severity. LTV depends on the market value of a property, as determined in accordance with our collateral valuation standards. As of December 31, 2025 and 2024, the average unpaid principal balances for Farm & Ranch loans outstanding and to which we have direct credit exposure was $836,000 and $817,000, respectively. We calculate the "original LTV" ratio of a loan by dividing the original loan principal balance by the original appraised property value. This calculation does not reflect any amortization of the original loan balance or any adjustment to the original appraised value to provide a current market value. The original LTV ratio of any cross-collateralized loans is calculated on a combined basis rather than on a loan-by-loan basis. The weighted-average original LTV ratio for Farm & Ranch mortgage loans purchased during 2025 was 51%, compared to 49% for loans purchased during 2024. The weighted-average original LTV ratio for exposure related to on- and off-balance sheet Farm & Ranch mortgage loans was 52% as of both December 31, 2025 and 2024. The weighted-average original LTV ratio for 90-day delinquencies for Farm & Ranch loans was 54% and 53% as of December 31, 2025 and 2024, respectively. 72 Analysis of portfolio performance indicates that commodity type is the primary determinant of our exposure to loss on a given loan. Although some credit losses are inherent to the business of agricultural lending, we believe that losses associated with the current agricultural credit cycle will be moderated by the strength and diversity of our Agricultural Finance portfolio, which we believe is adequately collateralized. The following tables present concentrations of Agricultural Finance mortgage loans by commodity type within geographic region and cumulative credit losses by origination year and commodity type: Table 22 As of December 31, 2025 Agricultural Finance Mortgage Loans Concentrations by Commodity Type within Geographic Region Crops Permanent Plantings Livestock Part-time Farm Ag. Storage and Processing Other Total (dollars in thousands) By geographic region(1): Northwest $ 772,916  $ 234,947  $ 376,459  $ 124,232  $ 43,363  $ 607  $ 1,552,524  5.5  % 1.7  % 2.7  % 0.9  % 0.3  % —  % 11.1  % Southwest 848,164  1,843,067  679,388  120,280  238,863  2,330  3,732,092  6.0  % 13.1  % 4.9  % 0.9  % 1.7  % —  % 26.6  % Mid-North 2,948,463  12,126  322,694  74,868  334,195  382  3,692,728  21.0  % 0.1  % 2.3  % 0.5  % 2.4  % —  % 26.3  % Mid-South 1,538,355  102,952  1,056,751  71,714  65,162  2,994  2,837,928  11.0  % 0.7  % 7.5  % 0.5  % 0.5  % —  % 20.2  % Northeast 241,881  52,832  86,906  47,327  148,761  —  577,707  1.8  % 0.4  % 0.6  % 0.2  % 1.1  % —  % 4.1  % Southeast 616,290  372,444  382,056  64,686  216,601  —  1,652,077  4.4  % 2.7  % 2.7  % 0.4  % 1.5  % —  % 11.7  % Total $ 6,966,069  $ 2,618,368  $ 2,904,254  $ 503,107  $ 1,046,945  $ 6,313  $ 14,045,056  49.7  % 18.7  % 20.7  % 3.4  % 7.5  % —  % 100.0  % (1)Geographic regions:  Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN). 73 Table 23 As of December 31, 2025 Agricultural Finance Mortgage Loans Cumulative Credit Losses by Origination Year and Commodity Type Crops Permanent Plantings Livestock Part-time Farm Ag. Storage and Processing Total (in thousands) By year of origination: 2015 and prior $ 2,886  $ 9,784  $ 3,836  $ 1,090  $ 15,674  $ 33,270  2016 971  660  —  —  —  1,631  2017 —  —  —  —  4,310  4,310  2018 —  —  —  —  —  —  2019 1,687  —  —  —  —  1,687  2020 (65) —  (22) —  —  (87) 2021 —  2,330  —  —  14,819  17,149  2022 1,321  —  —  —  455  1,776  2023 —  3,265  —  —  —  3,265  2024 —  —  —  —  —  —  2025 —  —  —  —  —  —  Total $ 6,800  $ 16,039  $ 3,814  $ 1,090  $ 35,258  $ 63,001  For more information about the credit quality of our Agricultural Finance mortgage loans and the associated allowance for losses please refer to Note 7—Loans to the consolidated financial statements. Activity affecting the allowance for loan losses is discussed in MD&A—Results of Operations—Provision for and Release of Allowance for Loan Losses. Infrastructure Finance - Direct Credit Exposure Our direct credit exposure to Infrastructure Finance loans held and loans underlying LTSPCs as of December 31, 2025 was $7.9 billion across 45 states. Our Charter does not specify minimum underwriting criteria for eligible Infrastructure Finance loans. To manage our credit risk, to mitigate the risk of loss from borrower defaults, and to provide guidance for the management, administration, and conduct of underwriting to participants in the Infrastructure Finance line of business, we have adopted credit underwriting standards that vary by loan product and by loan type. These standards are based on industry practices for similar Power & Utilities, Broadband Infrastructure, or Renewable Energy loans and are designed to assess the risk we assume on the loan and creditworthiness of the borrower. Underwriting standards for loans within each segment of the Infrastructure Finance line of business are detailed below: 74 Product Type Underwriting Collateral Power & Utilities Review of lenders' credit submissions and analysis of borrowers' audited financial statements and financial and operating reports to confirm that loans meet our underwriting standards. Customary for lender or lender group to take security interest in all of the borrower's assets for which we verify that lien accommodation will result in shared first lien or first lien in our favor. When debt indentures are used, we determine if available collateral is adequate to support the loan program and our investment. We may also purchase unsecured loans that meet our underwriting standards for unsecured loans (primarily electric generation and transmission loans) Broadband Infrastructure Typically relies upon enterprise value. We have implemented methodologies and parameters to help assess credit risk and established specific underwriting criteria for Broadband Infrastructure loans based on the sector, borrower construct, and transaction complexity. Generally secured by all business assets, including first lien mortgages and common stock of the borrower. On occasion, we purchased unsecured debt of the highest quality borrowers. Renewable Energy Typically financed on a non-recourse or limited recourse basis and underwritten on a projection basis with significant reliance placed on assumptions used in each project’s analysis. Credit risk is assessed based on specified methodologies and parameters and specific underwriting criteria based on the project and transaction construct and complexity. Each prospective loan is thoroughly analyzed and quantitative assessments are performed that typically focus on projected debt service requirements, term and amortization review, interest rate sensitivity, and collateral analysis. We also perform qualitative assessments typically focused on the project sponsor's credentials and experience, off-take (cash flow) considerations, and concentration and other market considerations. We typically review the project contracts and agreements for each loan. Typically secured by a first lien on the borrower's project assets, an assignment of the project contracts and agreements, a land or leasehold interest, and in certain cases, a pledge of the equity interests in the borrower entity. Our enforcement rights in any collateral may be subject to tax equity interests in the borrower's renewable energy project. Broadband Infrastructure loans tend to be larger operations focused on providing communication and data services to rural areas, including fiber, cable/broadband, tower, wireless, local exchange carrier, and data centers. Due to the larger loan sizes and different credit risk profiles, we thoroughly analyze each prospective Broadband Infrastructure loan, including assessing the borrower's leverage, cash flows, liquidity, revenue, and margin trends, as well as evaluating the borrower's capital expenditures, customer/subscriber growth, market share, and competition. Any underlying weaknesses are assessed and analyzed in conjunction with any compensating strengths. These loans also typically require ongoing monitoring of reporting requirements and financial and non-financial covenants. We rely on the experience of internal underwriters with the expertise to analyze the loans and engage legal counsel to perform the necessary diligence to assess the overall credit risk and loan structures of these transactions. We have developed business operating processes and skill sets to source, underwrite and close Broadband Infrastructure and Renewable Energy loans. Those processes and skill sets are different than those required for Power & Utility loans and, accordingly, have a higher operating expense profile than for Power & Utility loans. We do not directly service loans held in our portfolio for the Infrastructure Finance line of business. Typically, these loans are serviced by the lender or other organization which has experience in servicing loans to borrowers in these segments. 75 As of December 31, 2025, there were no delinquencies in our Infrastructure Finance line of business. Substandard assets within the Infrastructure Finance portfolio increased to $75.5 million as of December 31, 2025 compared to $42.5 million as of December 31, 2024, however, the amount of substandard assets as a percentage of the total outstanding balance has remained relatively flat. The following table disaggregates the Infrastructure Finance loans by portfolio segment and by internally assigned risk ratings. Table 24 As of December 31, 2025 Infrastructure Finance loans by internally assigned risk rating Acceptable Special Mention Substandard Total (in thousands) Power & Utilities 3,893,468  —  —  3,893,468  Renewable Energy 2,362,292  49,893  31,104  2,443,289  Broadband Infrastructure 1,481,550  6,214  44,442  1,532,206  Infrastructure Finance Total $ 7,737,310  $ 56,107  $ 75,546  $ 7,868,963  For more information about the credit quality of our Infrastructure Finance line of business and the associated allowance for losses please refer to Notes 7—Loans to the consolidated financial statements. Other Considerations Regarding Credit Risk Related to Loans and Guarantees The credit exposure on USDA Securities, including those underlying Farmer Mac Guaranteed USDA Securities, is guaranteed by the full faith and credit of the United States. Therefore, we believe there is little or no credit risk exposure to the USDA Securities in the Agricultural Finance line of business. As of December 31, 2025, we had not experienced any credit losses on any USDA Securities or Farmer Mac Guaranteed USDA Securities and do not expect to incur any such losses in the future. Because we do not expect credit losses on this portfolio, we do not provide an allowance for losses on the USDA portfolio. The lender on each USDA-guaranteed loan is required by regulation to retain the unguaranteed portion of the loan, to service the entire underlying guaranteed loan, and to remain mortgagee and/or secured party of record, as applicable. The USDA-guaranteed portion and the unguaranteed portion of the loan are to be secured by the same collateral with equal lien priority. The USDA-guaranteed portion of a loan cannot be paid later than, or in any way be subordinated to, the related unguaranteed portion. We require many lenders to make representations and warranties about the conformity of Agricultural Finance mortgage loans to our standards, the accuracy of provided loan data, and other requirements related to the loans. Sellers who make these representations and warranties are responsible for breaches of those representations and warranties. In the event of a breach of a representation or warranty material to our decision to purchase a loan or that directly or indirectly causes a default or potential loss on a loan sold or transferred to us by the seller, we can require a seller to cure, replace, or repurchase the loan. During the previous three years ended December 31, 2025, there have been no breaches of representations and warranties by sellers requiring a seller to cure, replace, or repurchase a loan. For more information about Farmer Mac's loan eligibility requirements, see "Business—Farmer Mac's Lines of Business—Agricultural Finance—Loan Eligibility." We service a sizable portion of our Agricultural Finance mortgage loan and USDA Securities portfolios, as well as a smaller portfolio of eligible agricultural mortgage loans that are held by an unrelated third 76 party. We also continue to contract with other institutions to undertake most of the servicing responsibilities for the remaining portion of our Agricultural Finance mortgage loans in accordance with our specified servicing requirements or accepted servicing standards established by the servicing institution. When the originating lender does not retain servicing for Farm & Ranch loans, they often retain "field servicing" in which they maintain certain responsibilities related to direct borrower contact. Field servicers may enter into contracts with our servicers that specify their field servicing responsibilities. We do not directly service loans held in our portfolio for the Infrastructure Finance line of business. Typically, these loans are serviced by the lender or other approved servicers in accordance with contractual requirements and in consideration for servicing fees. In the event of a breach of the terms of its servicing agreement with Farmer Mac, such as failing to forward payments received or releasing collateral without our consent, or insolvency or bankruptcy, the servicer is responsible for any corresponding damages. In most cases, we have the right to terminate the servicing relationship for a particular loan or the entire portfolio serviced by the servicer. We may also proceed against the servicer in arbitration or exercise any remedies available to us under law. In September 2024, we notified a field servicer of a breach of its servicing duties and the termination of the servicing relationship for two large borrower relationships effective October 1, 2024. In April 2025, we terminated the entire seller/servicer relationship with that field servicer and assumed field servicing duties on all loans we acquired from that entity. We did not incur any credit losses as a result of this breach and these actions against this single field servicer were the only formal remedies taken against any servicers during the previous three years ended December 31, 2025. Credit Risk – Counterparty Risk. We are exposed to credit risk arising from our business relationships with other institutions, which include: •issuers of AgVantage securities; •approved lenders and servicers; and •interest rate swap counterparties. We approve AgVantage counterparties and manage institutional credit risk related to those AgVantage counterparties by requiring them to meet our standards for creditworthiness for the particular counterparty type and transaction. All AgVantage securities must be secured by Eligible Loans or eligible securities in an amount at least equal to the outstanding principal amount of the issuer's AgVantage securities. The required collateralization level is established when the AgVantage facility is entered into with the counterparty and does not change during the life of the AgVantage securities issued under the facility without our consent. Loans pledged under AgVantage securities are serviced by the issuers of the securities (or their affiliated servicing institutions) in accordance with these institutions' servicing procedures. We review these servicing procedures before purchasing AgVantage securities from the issuer. In AgVantage transactions, the issuer is typically required to remove from the pool of pledged collateral loans that become and remain (within specified parameters) delinquent in the payment of principal or interest and to substitute Eligible Loans that are current in payment or pay down the AgVantage securities to maintain the minimum required collateralization level.  For AgVantage securities secured by loans eligible for our Agricultural Finance line of business, we require the general obligation to be over-collateralized, either by Eligible Loans or any of the following: cash; securities issued by the U.S. Treasury or guaranteed by an agency or instrumentality of the United States, other highly-rated securities; or other approved instruments. We require collateralized loans to meet the minimum standards set forth in the Charter for Agricultural Finance mortgage loans with a 77 maximum limit of $75.0 million in cumulative loan exposure to any one borrower or related borrowers on pledged collateral.   AgVantage securities in our Infrastructure Finance line of business are issued by lenders organized as cooperatives and secured by pools of Power & Utilities loans. We require the issuing counterparty to have an investment grade credit rating from a NRSRO or to demonstrate comparable creditworthiness. Although we have only indirect credit exposure on the Power & Utilities loans pledged to secure AgVantage securities, we apply the same underwriting standards as those used for direct credit exposure to Power & Utilities borrowers. Our Charter does not prescribe a maximum loan size or a total borrower exposure for an eligible Power & Utilities loan, but our current limit for AgVantage transactions is $75.0 million for cumulative loan exposure to any one borrower or related borrowers. In the event of a default on an AgVantage security, we have recourse to the pledged collateral and rights to the ongoing borrower payments of principal and interest. As a result, we have indirect credit exposure to the Agricultural Finance mortgage loans and Infrastructure loans that secure AgVantage securities. For AgVantage counterparties that are institutional real estate investors or financial funds and other similar entities, we also typically require that the counterparty (1) maintain a higher collateralization level, through either a higher overcollateralization percentage or lower LTV ratio thresholds and (2) comply with specified financial covenants for the life of the related AgVantage security to avoid default. As of December 31, 2025, we have had no credit losses on AgVantage securities over the life of the program. The following table provides information about the issuers of AgVantage securities and the required collateralization levels for those transactions as of December 31, 2025 and 2024: Table 25 As of December 31, 2025 As of December 31, 2024 Counterparty Balance Required Collateralization Balance Required Collateralization (dollars in thousands) AgVantage: CFC $ 3,967,154  100% $ 3,521,143  100% MetLife 2,050,000  103% 2,050,000  103% Rabo AgriFinance 1,620,000  105% 2,020,000  105% Other(1) 790,977  100% to 125% 930,297  100% to 125% Total outstanding $ 8,428,131  $ 8,521,440  (1)Consists of AgVantage securities issued by 9 different issuers as of both December 31, 2025 and December 31, 2024. We manage institutional credit risk related to lenders and servicers by requiring those institutions to meet our standards for creditworthiness. We monitor the financial condition of those institutions by evaluating financial statements and credit rating agency reports. For more information about lender eligibility requirements, see Business—Farmer Mac's Lines of Business—Agricultural Finance—Lenders. We manage institutional credit risk related to interest rate swap counterparties through collateralization provisions contained in each of our swap agreements that vary based on the market value of our swap portfolio with each counterparty. For cleared swap transactions and non-cleared swap transactions entered into after March 1, 2017, we and our interest rate swap counterparties are required to fully collateralize their derivatives positions without any minimum threshold. We enter into interest rate swaps with multiple counterparties to reduce counterparty credit exposure concentration. Our use of cleared derivatives has increased over time which reduces our exposure to individual counterparties with the central 78 clearinghouse acting to settle the change in value of contracts on a daily basis. Credit risk related to interest rate swap contracts is discussed in MD&A—Risk Management—Interest Rate Risk and Note 5—Financial Derivatives to the consolidated financial statements. Credit Risk – Other Investments. The management of the credit risk inherent in these investments is governed by our internal policies as well as the Liquidity and Investment Regulations. In addition to establishing a portfolio of highly liquid investments as an available source of cash, the goals of our investment policies are designed to minimize exposure to financial market volatility, preserve capital, and support access to the debt markets. The Liquidity and Investment Regulations and our internal policies require that investments held in our investment portfolio meet the following creditworthiness standards: (1) at a minimum, at least one obligor of the investment must have a very strong capacity to meet financial commitments for the life of the investment, even under severely adverse or stressful conditions, and generally present a very low risk of default; (2) if the obligor whose capacity to meet financial commitments is being relied upon to meet the standard set forth in subparagraph (1) is located outside of the United States, the investment must also be fully guaranteed by a U.S. government agency; and (3) the investment must exhibit low credit risk and other risk characteristics consistent with the purpose or purposes for which it is held. The Liquidity and Investment Regulations and our internal policies also establish concentration limits, which are intended to limit exposure to any single entity, issuer, or obligor. While the Liquidity and Investment Regulations limit our total credit exposure to any single entity, issuer, or obligor of securities to 10% of our regulatory capital ($174.5 million as of December 31, 2025), our current policy limit is 5% of our regulatory capital ($87.3 million as of December 31, 2025). These exposure limits do not apply to obligations of U.S. government agencies or GSEs, although our current policy restricts investing more than 100% of regulatory capital in the senior non-convertible debt securities of any one GSE. Although the Liquidity and Investments Regulations do not establish limits on the maximum amount, expressed as a percentage of our investment portfolio, that can be invested in each eligible asset class, our internal policies set forth asset class limits as part of our overall risk management framework. Interest Rate Risk. We are subject to interest rate risk on all interest-earning assets on our balance sheet due to timing differences in the cash flows related to maturity, paydown, or repricing of the assets and debt together with financial derivatives. Cash flow mismatches due to changing interest rates can reduce our earnings if assets prepay sooner than expected and the resulting cash flows must be reinvested in lower-yielding investments when our funding costs cannot be correspondingly reduced. Alternatively, we could realize a decline in income if assets repay more slowly than originally forecasted and the associated maturing debt must be replaced by debt issuances at higher interest rates. Changes in interest rates may also affect the returns generated on assets funded with equity capital, as equity proceeds are deployed alongside debt funding to support interest-earning assets and liquidity. Interest Rate Risk Management The goal of our interest rate risk management is to manage the balance sheet in a manner that generates stable earnings and value across a variety of interest rate environments. Recognizing that interest rate sensitivities may change with the passage of time and as interest rates change, we regularly assess this exposure and, if necessary, adjust our portfolio of interest-earning assets, debt, and financial derivatives. 79 We seek to maintain exposure to interest rate risk within appropriate limits, as approved by our board of directors. Our management-level Asset and Liability Committee ("ALCO") provides oversight, establishes guidelines, and approves strategies to maintain interest rate risk within the board-established limits. Equity capital is positioned to support asset growth, regulatory capital requirements, and liquidity and is allocated in a manner that complements our overall funding and interest rate risk management strategy. We consider the deployment of equity proceeds when assessing balance sheet duration, earnings sensitivity, and value across interest rate environment. Our primary strategy for managing interest rate risk is to fund asset purchases with debt that together with financial derivatives have similar duration and convexity characteristics and help mitigate impacts from interest rate changes across the yield curve. As part of this strategy, we seek to issue debt securities across a variety of maturities that, together with financial derivatives, closely align the forecasted debt and financial derivative cash flows with forecasted asset cash flows. We issue discount notes and both callable and non-callable medium-term notes across a spectrum of maturities to execute our debt issuance strategy. A portion of our callable debt is issued to mitigate prepayment risk associated with certain interest-earning assets held on balance sheet. In general, as interest rates decline, asset prepayments typically increase, and we may be able to economically extinguish certain callable debt issuances. We also enter into financial derivatives, primarily interest rate swaps, to better match the durations of our assets and liabilities, thereby reducing overall sensitivity to changing interest rates. We incorporate behavioral models when projecting and valuing cash flows related to our interest-earning assets, taking into consideration the associated prepayment provisions and the default probabilities. We periodically evaluate the effectiveness of these models compared to actual prepayment experience because borrowers' behavior may change over time depending on the interest rate environment. We adjust and refine our models as necessary to improve the precision of future prepayment forecasts. Interest rate changes may affect the timing of prepayments which may, in turn, impact duration and asset value. Declining interest rates generally result in increased prepayments, which shortens asset duration while rising interest rates generally result in lower prepayments, thereby extending asset duration. We are subject to interest rate risk on loans and securities we have committed to acquire but not yet purchased (other than delinquent loans purchased through LTSPCs or loans designated for securitization under a forward purchase agreement). When we commit to purchase these assets, we are exposed to interest rate risk between the time we commit to purchase the loan and the time we issue debt to fund the loan purchase. We manage interest rate risk exposure related to these loans by entering into exchange-traded futures contracts involving U.S. Treasury securities and other financial derivatives. Similarly, when we commit to sell certain assets, the associated interest rate exposure is primarily managed with exchange-traded futures contracts involving U.S. Treasury securities and other financial derivatives. 80 Interest Rate Risk Metrics We regularly evaluate and conduct interest rate shock simulations on our portfolio of financial assets, debt, and financial derivatives and examine a variety of metrics to quantify and manage our exposure to interest rate risk. These metrics include sensitivity to interest rate movements on the market value of equity ("MVE") and forecasted NES as well as a duration gap analysis. MVE represents our estimate of the present value of all future cash flows from our current portfolio of on- and off-balance sheet assets, liabilities, and financial derivatives, discounted at current interest rates and appropriate spreads. However, MVE is not indicative of our market value as a going concern as these market values are theoretical and do not reflect future business activities. The MVE sensitivity analysis measures the degree to which the market values of our assets, liabilities, and financial derivatives are estimated to change for a given change in interest rates. Our NES simulation represents the difference between projected income over the next twelve months from the current portfolio of interest-earning assets and interest expense produced by the related funding, including associated financial derivatives. The NES simulation may be impacted by changes in market interest rates resulting from timing differences between maturities and re-pricing characteristics of funded assets and debt together with the associated financial derivatives. The direction and magnitude of any such effect depends on the direction and magnitude of the change in interest rates across the yield curve as well as the composition of our portfolio. The NES simulation represents an estimate of NES that our current portfolio is expected to produce over a twelve-month horizon. As a result, the NES simulation sensitivity statistics provide a short-term view of our NES sensitivity to interest rate shocks. Duration is a measure of a financial instrument's fair value sensitivity to changes in interest rates. Duration gap is calculated using the net estimated durations of our interest-earning assets, debt, and financial derivatives. Duration gap quantifies the extent to which estimated fair value sensitivities are matched for interest-earning assets, debt and financial derivatives. Duration gap provides a relatively concise measure of the interest rate risk inherent in our outstanding portfolio. A positive duration gap denotes that the duration of our interest-earning assets is greater than the duration of our debt and financial derivatives. A positive duration gap indicates that with small changes in interest rate movements the fair value change of our interest-earning assets is more sensitive than the fair value change of our debt and financial derivatives. Conversely, a negative duration gap indicates that with small changes in interest rate movements the fair value change of our interest-earning assets are less sensitive than the fair value change of our debt and financial derivatives. A duration gap of zero indicates that with small changes in interest rate movements the fair value change of our interest-earning assets is effectively offset by the fair value change of our debt and financial derivatives. Each of the interest rate risk metrics is quantified using asset/liability models and derived based on our best estimates of factors such as implied forward interest rates across the yield curve, interest rate volatility, and timing of asset prepayments and callable debt redemptions. Accordingly, these metrics are estimates rather than precise measurements. Actual results may differ to the extent there are material changes to our financial asset portfolio or changes in funding or hedging strategies undertaken to mitigate unfavorable sensitivities to interest rate changes. 81 The following schedule summarizes our MVE and NES sensitivity analysis as of December 31, 2025 and 2024 to an immediate and instantaneous uniform or "parallel" shift in the yield curve: Table 26 Percentage Change in MVE from Base Case Interest Rate Scenario As of December 31, 2025 As of December 31, 2024 +100 basis points (2.9) % (4.0) % -100 basis points 3.3  % 3.6  % Percentage Change in NES from Base Case Interest Rate Scenario As of December 31, 2025 As of December 31, 2024 +100 basis points (1.3) % (0.8) % -100 basis points 2.4  % 1.6  % As of December 31, 2025, we reported a positive effective duration gap of 3.7 months, reflecting no material change from the effective duration gap reported as of December 31, 2024. Since the end of 2024, the yield curve has steepened, with the yields on the 2‑year and 10‑year U.S. Treasury Notes falling by approximately 77 and 40 basis points, respectively. The change in interest rates resulted in correspondingly similar changes in the duration profiles of our funded assets, liabilities, and financial derivatives. Financial Derivatives Transactions The economic effects of financial derivatives are included in our MVE, NES, and duration gap analyses. We typically enter into the following types of financial derivative transactions principally to protect against risk from the effects of market price or interest rate movements on the value of interest-earning assets, future cash flows, and debt issuance, and not for trading or speculative purposes: •"pay-fixed" interest rate swaps, in which we pay fixed rates of interest to, and receive floating rates of interest from, counterparties; •"receive-fixed" interest rate swaps, in which we receive fixed rates of interest from, and pay floating rates of interest to, counterparties; •"basis swaps," in which we pay floating rates of interest based on one index to, and receive floating rates of interest based on a different index from, counterparties; and •exchange-traded futures contracts involving U.S. Treasury securities. As of December 31, 2025, we had $25.5 billion combined notional amount of interest rate swaps, with terms ranging from less than one year to approximately thirty years, of which $11.3 billion were pay-fixed interest rate swaps, $13.8 billion were receive-fixed interest rate swaps, and $0.4 billion were basis swaps. We enter into interest rate swaps to more closely match the cash flow and duration characteristics of our interest-earning assets with those of our debt. For example, we enter into pay-fixed interest rate swaps and issue floating rate debt to effectively create fixed rate funding that approximately matches the duration of the corresponding fixed rate assets being funded. We evaluate the overall cost of using interest rate swaps in conjunction with debt issuance as a funding alternative to duration-matched debt and enters into interest rate swaps to manage interest rate risks across the balance sheet. 82 Certain financial derivatives are designated as fair value hedges of fixed rate assets classified as AFS or liabilities to protect against fair value changes in the assets or liabilities related to a benchmark interest rate (e.g. SOFR). Also, certain financial derivatives are designated as cash flow hedges to mitigate the volatility of future interest rate payments on floating rate debt. All of our interest rate swap transactions are conducted under standard collateralized agreements that limit our potential credit exposure to any counterparty. As of both December 31, 2025 and 2024, we had no uncollateralized net exposures based on the mark-to-market value of the portfolio of interest rate swaps. Re-funding and repricing risk We are subject to re-funding and repricing risk on any floating rate assets that are not funded to contractual maturity. Re-funding and repricing risk arises from potential changes in funding costs resulting from a funding strategy whereby we issue floating rate debt across a variety of maturities to fund floating rate or synthetically floating rate assets that, on average, may have longer maturities. Changes in our funding costs relative to the asset's benchmark market index rate can cause changes to NII when debt matures and is reissued at then-current interest rates to continue funding those assets. We are subject to re-funding and repricing risk on certain fixed rate assets due to pay-fixed, receive-floating interest rate swaps, effectively converting these assets to floating rate which then require floating rate funding. We can meet floating rate funding needs in several ways, including: •issuing fixed rate discount notes with maturities that match the reset period of the assets; •issuing floating rate medium-term notes with maturities and reset frequencies that match the assets being funded; •issuing non-maturity matched, floating rate medium-term notes with reset frequencies that match the assets being funded; or •issuing non-maturity matched, fixed rate discount notes or medium-term notes swapped to floating rate to match the interest rate reset dates of the assets. To meet certain floating rate funding needs, we frequently issue shorter-term floating-rate medium-term notes or fixed rate medium-term notes paired with a received-fixed interest rate swap because these funding alternatives generally provide a lower cost of funding while generating an effective interest rate match. As funding for these floating rate assets matures, we seek to refinance the debt associated with these assets in a similar fashion to achieve an appropriate interest rate match in the context of our overall debt issuance and liquidity management strategies. However, if the funding cost of our discount notes or medium-term notes increased relative to the benchmark market index of the associated assets during the time between when these floating rate assets were first funded and when we refinanced the associated debt, we would be exposed to a commensurate reduction of NES. Conversely, if the funding cost on our discount notes or medium-term notes decreased relative to the benchmark market index during that time, we would benefit from a commensurate increase to NES. Our debt issuance strategy targets balancing liquidity risk and re-funding and repricing risk while maintaining an appropriate liability management profile that is consistent with our risk tolerance. We regularly adjust our funding strategies to mitigate the effects of interest rate variability and seek to maintain an effective mixture of funding structures in the context of our overall liability and liquidity management strategies. 83 As of December 31, 2025, we held $8.5 billion of floating rate assets in our lines of business and our investment portfolio that reset based on floating rate market indices, such as SOFR. As of December 31, 2025, we had $11.3 billion of pay-fixed interest rate swaps outstanding. Liquidity and Capital Resources We primarily use the proceeds of our debt issuances, guarantee and commitment fees, net effective spread, loan repayments, and repayments of AgVantage and investment securities to meet our liquidity and funding needs. We regularly access the debt capital markets for funding, and we maintained steady access to the debt capital markets throughout 2025. We fund our purchases of Eligible Loan assets, USDA Securities, Farmer Mac Guaranteed Securities and investment assets and finance our operations primarily by issuing debt obligations of various maturities in the debt capital markets. As of December 31, 2025, we had outstanding discount notes of $2.6 billion, medium-term notes that mature within one year of $8.7 billion, and medium-term notes that mature after one year of $19.5 billion. 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 301 days of liquidity throughout 2025 and had 277 days of liquidity as of December 31, 2025. We maintain cash, cash equivalents (including U.S. Treasury securities, operational deposits, and other short-term money market instruments), and other investment securities that can be drawn upon for liquidity needs. Our liquidity investments must comply with policies adopted by our board of directors and with FCA's Liquidity and Investment Regulations, which establish limitations on asset class, dollar amount, issuer concentration, and credit quality. The following table presents these assets as of December 31, 2025 and 2024: Table 27 As of December 31, 2025 As of December 31, 2024 (in thousands) Cash and cash equivalents $ 931,067  $ 1,024,007  Investment securities: Guaranteed by U.S. Government and its agencies 1,940,624  1,634,951  Guaranteed by GSEs 4,909,198  4,307,857  Asset-backed securities —  19,476  Total $ 7,780,889  $ 6,986,291  The objectives of the investment portfolio as of December 31, 2025 and 2024 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. 84 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 December 31, 2025, we were in compliance with our statutory capital requirements and were classified within "level 1" (the highest compliance level). Capital Table 28 As of December 31, 2025 December 31, 2024 (in thousands) Core capital $ 1,705,567  $ 1,501,173  Capital in excess of minimum capital level required 677,695  583,527  The capital in excess of the minimum capital level required increased from December 31, 2024 to December 31, 2025 primarily as a result of the issuance of the Series H preferred stock noted above and an increase in retained earnings, partially offset by the capital impact due to growth in total 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 December 31, 2025 and 2024, our Tier 1 capital ratio was 13.3% and 14.2%, respectively. As of December 31, 2025, we were in compliance with the capital adequacy policy. We do not expect ongoing compliance with FCA's rule on capital planning, including our policy on Tier 1 capital, to materially affect our operations or financial condition. For more information about our capital requirements, our capital adequacy policy, and the FCA's rule on capital planning, see Business—Government Regulation of Farmer Mac—Capital Standards. See Note 8—Equity to the consolidated financial statements for more information about our capital position. Discount and Medium-term Notes. The following table presents the amount and timing of our known, fixed, and determinable discount and medium-term note obligations by payment date as of December 31, 2025. Payment amounts represent amounts due to investors (including return of discount and interest on debt) and do not include unamortized premiums or discounts or other similar carrying value adjustments. Table 29 One Year or Less One to Three Years Three to Five Years Over Five Years Total (in thousands) Discount notes(1) $ 2,636,996  $ —  $ —  $ —  $ 2,636,996  Medium-term notes(1) 8,657,972  10,386,690  6,733,589  2,440,225  28,218,476  Interest payments on fixed rate medium-term notes(2) 694,064  922,259  399,751  216,710  2,232,784  Interest payments on floating rate medium-term notes(3) 173,624  98,207  26,565  8,532  306,928  (1)Future events, including additional issuance and refinancing of notes, could cause actual payments to differ significantly from these amounts. For more information about discount notes and medium-term notes, see Note 6—Notes Payable to the consolidated financial statements. (2)Interest payments on callable medium-term notes are calculated based on maturity. Future calls could cause actual interest payments to differ significantly from the amounts presented. (3)Calculated using the effective interest rates as of December 31, 2025. As a result, these amounts do not reflect the effects of changes in the interest rates effective on future interest rate reset dates. 85 We enter into financial derivatives contracts under which we receive cash from or we are required to pay cash to counterparties, depending on changes in interest rates. Financial derivatives are carried on the consolidated balance sheets at fair value, representing the net present value of expected future cash payments or receipts based on market interest rates as of the balance sheet date adjusted for our credit risk and that of our counterparties. The fair values of the contracts change daily as market interest rates change. Because the financial derivative liabilities recorded on the consolidated balance sheet as of December 31, 2025 do not represent the amounts that may ultimately be paid under the financial derivative contracts, those liabilities are not included in the table presented above. See Note 2(f)—Summary of Significant Accounting Policies—Financial Derivatives and Note 5—Financial Derivatives to the consolidated financial statements for more information. Contingent Liabilities and Off-Balance Sheet Arrangements. In conducting our loan purchase activities, we enter into mandatory delivery commitments to purchase agricultural mortgage loans and USDA Securities. In conducting our LTSPC activities, we commit, subject to the applicable LTSPC agreement, to a future purchase of one or more loans from identified pools of Eligible Loans that meet our standards at inception of the transaction and when we assumed the credit risk on the loans. The following table presents these commitments: Table 30 As of December 31, 2025 2024 (in thousands) LTSPCs and purchase commitments $ 4,997,829  $ 4,029,019  Mandatory commitments to purchase loans and USDA Securities 95,828  53,980  Our off-balance sheet arrangements primarily include unconsolidated structured securitization trusts, LTSPCs, and unfunded purchase commitments. The outstanding balance of these off-balance sheet arrangements as of December 31, 2025 and 2024, totaled $5.4 billion and $4.5 billion, respectively. See MD&A—Results of Operations—Business Volume for more details on outstanding balances by product type. See MD&A—Risk Management—Credit Risk – Loans and Guarantees and Notes 2(l)—Summary of Significant Accounting Policies—Guarantees and Note 10—Guarantees and Commitments to the consolidated financial statements for more information. Other Matters None. 86 Supplemental Information The following tables present quarterly and annual information about new business volume, repayments, and outstanding business volume: Table 31 New Business Volume Agricultural Finance  Infrastructure Finance Farm & Ranch Corporate AgFinance Power & Utilities Broadband Infrastructure Renewable Energy Total (in thousands) For the quarter ended: December 31, 2025 $ 2,204,717  $ 271,100  $ 514,897  $ 560,027  $ 461,613  $ 4,012,354  September 30, 2025 1,069,422  236,940  225,017  262,322  732,888  2,526,589  June 30, 2025 896,499  280,331  185,563  280,350  482,276  2,125,019  March 31, 2025 548,509  270,966  486,961  229,649  301,315  1,837,400  December 31, 2024 1,034,489  313,123  78,018  209,729  496,437  2,131,796  September 30, 2024 776,023  307,325  360,950  187,021  357,659  1,988,978  June 30, 2024 698,787  288,740  132,958  102,075  271,890  1,494,450  March 31, 2024 665,916  290,525  113,545  2,250  347,898  1,420,134  December 31, 2023 1,282,045  188,272  404,908  29,603  225,986  2,130,814  For the year ended: December 31, 2025 $ 4,719,147  $ 1,059,337  $ 1,412,438  $ 1,332,348  $ 1,978,092  $ 10,501,362  December 31, 2024 3,175,215  1,199,713  685,471  501,075  1,473,884  7,035,358  87 Table 32 Repayments of Assets Agricultural Finance  Infrastructure Finance Farm & Ranch Corporate AgFinance Power & Utilities Broadband Infrastructure Renewable Energy Total (in thousands) For the quarter ended: Scheduled $ 622,740  $ 167,492  $ 46,628  $ 326,918  $ 301,889  $ 1,465,667  Unscheduled 206,690  44,300  34,164  —  —  285,154  December 31, 2025 $ 829,430  $ 211,792  $ 80,792  $ 326,918  $ 301,889  $ 1,750,821  Scheduled $ 816,531  $ 202,391  $ 66,715  $ 137,666  $ 390,359  $ 1,613,662  Unscheduled 216,005  89,015  32,139  —  —  337,159  September 30, 2025 $ 1,032,536  $ 291,406  $ 98,854  $ 137,666  $ 390,359  $ 1,950,821  Scheduled $ 513,179  $ 135,868  $ 32,388  $ 80,744  $ 149,904  $ 912,083  Unscheduled 190,374  80,303  40,787  —  —  311,464  June 30, 2025 $ 703,553  $ 216,171  $ 73,175  $ 80,744  $ 149,904  $ 1,223,547  Scheduled $ 786,956  $ 169,532  $ 77,976  $ 57,279  $ 109,176  $ 1,200,919  Unscheduled 258,599  99,776  30,385  —  —  388,760  March 31, 2025 $ 1,045,555  $ 269,308  $ 108,361  $ 57,279  $ 109,176  $ 1,589,679  Scheduled $ 41,265  $ 231,672  $ 38,003  $ 52,970  $ 174,920  $ 538,830  Unscheduled 120,505  36,526  25,084  —  —  182,115  December 31, 2024 $ 161,770  $ 268,198  $ 63,087  $ 52,970  $ 174,920  $ 720,945  Scheduled $ 1,079,136  $ 239,596  $ 548,161  $ 94,513  $ 138,123  $ 2,099,529  Unscheduled 117,538  41,842  26,629  —  —  186,009  September 30, 2024 $ 1,196,674  $ 281,438  $ 574,790  $ 94,513  $ 138,123  $ 2,285,538  Scheduled $ 752,473  $ 141,565  $ 62,237  $ 16,062  $ 138,725  $ 1,111,062  Unscheduled 342,594  89,576  32,984  —  —  465,154  June 30, 2024 $ 1,095,067  $ 231,141  $ 95,221  $ 16,062  $ 138,725  $ 1,576,216  Scheduled $ 402,088  $ 118,885  $ 90,096  $ 36,218  $ 93,112  $ 740,399  Unscheduled 150,903  99,325  32,481  —  —  282,709  March 31, 2024 $ 552,991  $ 218,210  $ 122,577  $ 36,218  $ 93,112  $ 1,023,108  Scheduled $ 827,122  $ 133,468  $ 40,122  $ 13,492  $ 69,040  $ 1,083,244  Unscheduled 106,041  102,131  18,469  —  —  226,641  December 31, 2023 $ 933,163  $ 235,599  $ 58,591  $ 13,492  $ 69,040  $ 1,309,885  For the year ended: Scheduled $ 2,739,406  $ 675,283  $ 223,707  $ 602,607  $ 951,328  $ 5,192,331  Unscheduled 871,668  313,394  137,475  —  —  1,322,537  December 31, 2025 $ 3,611,074  $ 988,677  $ 361,182  $ 602,607  $ 951,328  $ 6,514,868  Scheduled $ 2,274,962  $ 731,718  $ 738,497  $ 199,763  $ 544,880  $ 4,489,820  Unscheduled 731,540  267,269  117,178  —  —  1,115,987  December 31, 2024 $ 3,006,502  $ 998,987  $ 855,675  $ 199,763  $ 544,880  $ 5,605,807  88 Table 33 Outstanding Business Volume Agricultural Finance  Infrastructure Finance Farm & Ranch Corporate AgFinance Power & Utilities Broadband Infrastructure Renewable Energy Total (in thousands) As of: December 31, 2025 $ 19,564,916  $ 1,950,536  $ 7,860,622  $ 1,532,206  $ 2,443,289  $ 33,351,569  September 30, 2025 18,218,755  1,891,228  7,426,517  1,299,097  2,283,565  31,119,162  June 30, 2025 18,217,905  1,953,523  7,300,354  1,174,441  1,941,036  30,587,259  March 31, 2025 18,094,515  1,889,363  7,187,966  974,835  1,608,664  29,755,343  December 31, 2024 18,606,968  1,887,705  6,809,366  802,465  1,416,525  29,523,029  September 30, 2024 18,090,374  1,842,780  6,794,435  645,706  1,095,008  28,468,303  June 30, 2024 18,504,501  1,816,893  7,008,276  553,197  875,472  28,758,339  March 31, 2024 18,900,906  1,766,294  6,970,537  467,186  742,307  28,847,230  December 31, 2023 18,808,801  1,693,979  6,979,570  501,153  487,521  28,471,024  Table 34 On-Balance Sheet Outstanding Business Volume Fixed Rate 5- to 10-Year ARMs & Resets 1-Month to 3-Year ARMs Total Held in Portfolio (in thousands) As of: December 31, 2025 $ 14,713,472  $ 3,623,574  $ 9,249,077  $ 27,586,123  September 30, 2025 14,600,861  3,529,567  7,724,118  25,854,546  June 30, 2025 14,644,420  3,488,344  7,197,147  25,329,911  March 31, 2025 14,397,557  3,393,642  6,892,411  24,683,610  December 31, 2024 14,356,171  3,370,540  6,815,034  24,541,745  September 30, 2024 14,328,691  3,311,001  6,265,792  23,905,484  June 30, 2024 14,064,831  3,273,764  6,850,137  24,188,732  March 31, 2024 14,166,500  3,194,246  6,849,237  24,209,983  December 31, 2023 14,133,794  3,171,672  6,455,359  23,760,825  89 The following table presents outstanding Agricultural Finance mortgage loans and 90-day delinquencies as of December 31, 2025 by year of origination, geographic region, commodity/collateral type, original LTV ratio, and range in the size of borrower exposure: Table 35 Agricultural Finance Mortgage Loans 90-Day Delinquencies as of December 31, 2025 Distribution of Agricultural Loans Agricultural Loans 90-Day Delinquencies(1) Percentage (dollars in thousands) By year of origination: 2015 and prior 7  % $ 919,129  $ 4,182  0.45  % 2016 3  % 373,225  6,729  1.80  % 2017 3  % 454,766  5,450  1.20  % 2018 4  % 544,107  8,220  1.51  % 2019 5  % 708,787  21,062  2.97  % 2020 13  % 1,887,850  23,194  1.23  % 2021 17  % 2,406,658  1,193  0.05  % 2022 11  % 1,548,932  33,142  2.14  % 2023 7  % 995,019  18,445  1.85  % 2024 12  % 1,646,543  8,229  0.50  % 2025 18  % 2,560,040  2,704  0.11  % Total 100  % $ 14,045,056  $ 132,550  0.94  % By geographic region(2): Northwest 11  % $ 1,552,524  $ 11,703  0.75  % Southwest 27  % 3,732,092  79,193  2.12  % Mid-North 26  % 3,692,728  33,564  0.91  % Mid-South 20  % 2,837,928  3,804  0.13  % Northeast 4  % 577,707  1,650  0.29  % Southeast 12  % 1,652,077  2,636  0.16  % Total 100  % $ 14,045,056  $ 132,550  0.94  % By commodity/collateral type: Crops 50  % $ 6,966,069  $ 53,130  0.76  % Permanent plantings 19  % 2,618,368  57,788  2.21  % Livestock 21  % 2,904,254  10,838  0.37  % Part-time farm 3  % 503,107  10,480  2.08  % Ag. Storage and Processing 7  % 1,046,945  314  0.03  % Other —  % 6,313  —  —  % Total 100  % $ 14,045,056  $ 132,550  0.94  % By original LTV ratio: Less than 40.00% 16  % $ 2,296,964  $ 10,897  0.47  % 40.00% to 60.00% 53  % 7,423,672  101,968  1.37  % 60.01% to 80.00% 24  % 3,365,464  19,685  0.58  % 80.01% to 100% —  % 23,326  —  —  % Greater than 100% —  % 3,180  —  —  % Enterprise Value(3) 7  % 932,450  —  —  % Total 100  % $ 14,045,056  $ 132,550  0.94  % By size of borrower exposure(4): Less than $1,000,000 25  % $ 3,531,231  $ 13,158  0.37  % $1,000,000 to $4,999,999 41  % 5,786,626  61,929  1.07  % $5,000,000 to $9,999,999 15  % 2,071,503  28,363  1.37  % $10,000,000 to $24,999,999 11  % 1,504,028  —  —  % $25,000,000 and greater 8  % 1,151,668  29,100  2.53  % Total 100  % $ 14,045,056  $ 132,550  0.94  % (1)Includes loans held and loans underlying off-balance sheet Farmer Mac Guaranteed Securities and LTSPCs 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. 90 (2)Geographic regions:  Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN). (3)"Enterprise Value" loans are generally secured by all business assets and common stock (in addition to first lien mortgages) of the borrower and the value of the borrowing entity depends on its ability to generate recurring positive cash flow. (4)Includes aggregated loans to single borrowers or borrower-related entities. The following table presents our cumulative net credit losses relative to the cumulative original balance for all Agricultural Finance mortgage loans as of December 31, 2025 by year of origination, geographic region, and commodity/collateral type. The purpose of this table is to present information about realized credit losses relative to original Agricultural Finance purchases, guarantees, and commitments. Table 36 Agricultural Finance Mortgage Loans Credit Losses Relative to Cumulative Original Loans, Guarantees, and LTSPCs as of December 31, 2025 Cumulative Original Loans, Guarantees and LTSPCs  Cumulative Net Credit Losses/(Recoveries)  Cumulative Loss Rate (dollars in thousands) By year of origination: 2015 and prior $ 21,265,999  $ 33,270  0.16  % 2016 1,657,289  1,631  0.10  % 2017 1,774,889  4,310  0.24  % 2018 1,520,984  —  —  % 2019 1,746,347  1,687  0.10  % 2020 3,323,437  (87) —  % 2021 3,630,198  17,149  0.47  % 2022 2,179,751  1,776  0.08  % 2023 1,523,032  3,265  0.21  % 2024 1,924,745  —  —  % 2025 2,772,868  —  —  % Total $ 43,319,539  $ 63,001  0.15  % By geographic region(1): Northwest $ 5,179,733  $ 16,885  0.33  % Southwest 13,581,523  17,272  0.13  % Mid-North 10,719,372  27,262  0.25  % Mid-South 7,031,066  (613) (0.01) % Northeast 2,225,838  1,223  0.05  % Southeast 4,582,007  972  0.02  % Total $ 43,319,539  $ 63,001  0.15  % By commodity/collateral type: Crops $ 19,939,404  $ 6,800  0.03  % Permanent plantings 8,810,272  16,039  0.18  % Livestock 9,668,879  3,814  0.04  % Part-time farm 2,031,680  1,090  0.05  % Ag. Storage and Processing 2,712,353  35,258  1.30  % Other 156,951  —  —  % Total $ 43,319,539  $ 63,001  0.15  % (1)Geographic regions:  Northwest (AK, ID, MT, OR, WA, WY); Southwest (AZ, CA, CO, HI, NM, NV, UT); Mid-North (IA, IL, IN, MI, MN, NE, ND, SD, WI); Mid-South (AR, KS, LA, MO, OK, TX); Northeast (CT, DE, KY, MA, MD, ME, NH, NJ, NY, OH, PA, RI, VA, VT, WV); Southeast (AL, FL, GA, MS, NC, SC, TN). 91 The following table presents the quarterly net effective spread (a non-GAAP measure) by segment: Table 37 Net Effective Spread Agricultural Finance  Infrastructure Finance Treasury Farm & Ranch Corporate AgFinance Power & Utilities Broadband Infrastructure Renewable Energy Funding Investments Net Effective Spread Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield (dollars in thousands) For the quarter ended: December 31, 2025 $ 36,180  $ 8,601  $ 6,159  $ 5,610  $ 8,995  $ 33,694  $ 2,150  $ 101,389  1.06  % 2.07  % 0.34  % 2.42  % 1.74  % 0.41  % 0.11  % 1.22  % September 30, 2025 34,840  9,047  5,910  4,379  7,730  34,777  1,086  97,769  1.04  % 2.16  % 0.34  % 2.30  % 1.75  % 0.43  % 0.05  % 1.20  % June 30, 2025 35,710  8,609  5,636  3,932  6,227  31,668  2,111  93,893  1.07  % 2.07  % 0.33  % 2.24  % 1.68  % 0.40  % 0.11  % 1.19  % March 31, 2025 33,885  8,640  5,329  3,566  5,112  31,604  1,854  89,990  1.01  % 2.09  % 0.32  % 2.27  % 1.55  % 0.41  % 0.10  % 1.17  % December 31, 2024 32,556  7,891  5,059  3,414  4,859  31,242  2,507  87,528  0.96  % 1.95  % 0.32  % 2.34  % 1.76  % 0.42  % 0.15  % 1.16  % September 30, 2024 35,755  6,397  4,785  2,794  3,810  30,912  943  85,396  1.05  % 1.56  % 0.30  % 2.21  % 1.78  % 0.42  % 0.05  % 1.16  % June 30, 2024 34,156  7,866  5,253  2,393  2,999  30,268  661  83,596  0.98  % 1.91  % 0.32  % 2.16  % 1.86  % 0.41  % 0.04  % 1.14  % March 31, 2024 32,843  7,971  4,890  2,342  2,049  32,474  475  83,044  0.95  % 2.05  % 0.30  % 2.08  % 1.75  % 0.45  % 0.03  % 1.14  % December 31, 2023 33,329  8,382  4,916  2,426  1,540  33,361  597  84,551  0.98  % 2.06  % 0.31  % 2.06  % 1.69  % 0.47  % 0.04  % 1.19  % 92 The following table presents quarterly core earnings (a non-GAAP measure) reconciled to net income attributable to common stockholders: Table 38 Core Earnings by Quarter End December 2025 September 2025 June 2025 March 2025 December 2024 September 2024 June 2024 March 2024 December 2023 (in thousands) Revenues: Net effective spread $ 101,389  $ 97,769  $ 93,893  $ 89,990  $ 87,528  $ 85,396  $ 83,596  $ 83,044  $ 84,551  Guarantee and commitment fees 6,298  6,132  5,874  5,488  5,086  4,997  5,256  4,982  4,865  Other 224  1,185  742  1,315  (491) 1,133  386  1,077  767  Total revenues 107,911  105,086  100,509  96,793  92,123  91,526  89,238  89,103  90,183  Credit related expense/(income): Provision for/(release of) losses 15,986  7,477  7,713  1,684  3,773  3,428  6,179  (1,801) (626) Other credit related expense/(income) 1,267  (44) 160  (33) 99  26  51  (69) 51  Total credit related expense/(income) 17,253  7,433  7,873  1,651  3,872  3,454  6,230  (1,870) (575) Operating expenses: Compensation and employee benefits 18,199  17,743  17,631  17,752  15,641  15,237  14,840  18,257  15,523  General and administrative 11,944  11,052  10,859  10,758  12,452  8,625  8,904  8,255  8,916  Regulatory fees 863  1,000  1,000  1,000  1,000  725  725  725  725  Total operating expenses 31,006  29,795  29,490  29,510  29,093  24,587  24,469  27,237  25,164  Net earnings 59,652  67,858  63,146  65,632  59,158  63,485  58,539  63,736  65,594  Income tax expense 12,370  11,933  10,114  14,000  9,938  12,681  11,970  13,553  13,881  Preferred stock dividends 7,286  6,303  5,667  5,666  5,666  5,897  6,792  6,791  6,791  Core earnings $ 39,996  $ 49,622  $ 47,365  $ 45,966  $ 43,554  $ 44,907  $ 39,777  $ 43,392  $ 44,922  Reconciling items: Gains/(losses) on undesignated financial derivatives due to fair value changes $ 447  $ 882  $ (639) $ (2,573) $ 3,084  $ (1,064) $ (359) $ 1,683  $ (836) Gains/(losses) on hedging activities due to fair value changes 3,107  (137) 2,709  1,099  5,737  205  2,604  3,002  (3,598) Unrealized (losses)/gains on trading assets (66) (4) (65) 9  (83) 99  (87) (14) (37) Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value 24  26  25  28  (39) 27  26  31  88  Net effects of terminations or net settlements on financial derivatives (2,699) (1,934) 255  (1,070) 534  (503) (1,505) (192) (800) Issuance costs on the retirement of preferred stock —  —  —  —  —  (1,619) —  —  —  Income tax effect related to reconciling items (171) 245  (480) 526  (1,939) 260  (143) (947) 1,089  Net income attributable to common stockholders $ 40,638  $ 48,700  $ 49,170  $ 43,985  $ 50,848  $ 42,312  $ 40,313  $ 46,955  $ 40,828  93