Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 23, 2024

FEDERAL AGRICULTURAL MORTGAGE CORPORATION

(Exact name of registrant as specified in its charter)

Federally chartered instrumentality

of the United States

001-14951

52-1578738

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer Identification No.)

1999 K Street, N.W., 4th Floor,

20006

Washington,

(Address of Principal Executive Offices)

(Zip Code)

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

No change

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

Title of each class

Trading symbol

Exchange on which registered

Class A voting common stock

AGM.A

New York Stock Exchange

Class C non-voting common stock

AGM

New York Stock Exchange

6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C

AGM.PRC

New York Stock Exchange

5.700% Non-Cumulative Preferred Stock, Series D

AGM.PRD

New York Stock Exchange

5.750% Non-Cumulative Preferred Stock, Series E

AGM.PRE

New York Stock Exchange

5.250% Non-Cumulative Preferred Stock, Series F

AGM.PRF

New York Stock Exchange

4.875% Non-Cumulative Preferred Stock, Series G

AGM.PRG

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition.

On February 23, 2024, the Federal Agricultural Mortgage Corporation (“Farmer Mac”) issued a press release to announce (1) its financial results for the fiscal quarter and year ended December 31, 2023 and (2) a conference call to discuss those results and Farmer Mac’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. A copy of the press release is attached as Exhibit 99.1 and is incorporated by reference into this report. All references to www.farmermac.com in Exhibit 99.1 are inactive textual references only, and the information contained on that website is not incorporated by reference into this report.

The information furnished in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor will any of such information or Exhibit be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such filing.

Item 7.01 Regulation FD Disclosure.

On February 23, 2024, Farmer Mac posted an investor slide presentation for equity investors to its website at www.farmermac.com under the tab “Investors — Events and Presentations.” Farmer Mac expects to use the slide presentation in connection with future investor presentations to analysts and investors. The slide presentation is attached as Exhibit 99.2 and is incorporated by reference into this report. All references to www.farmermac.com in Exhibit 99.2 are inactive textual references only, and the information contained on that website is not incorporated by reference into this report.

The information furnished in this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, nor will any of such information or Exhibit be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

On February 23, 2024, Farmer Mac issued a press release to announce that its Board of Directors (“Board”) had declared a quarterly dividend on each of Farmer Mac’s three classes of common stock – Class A Voting Common Stock, Class B Voting Common Stock, and Class C Non-Voting Common Stock. The quarterly dividend of $1.40 per share of common stock will be payable on March 28, 2024, to holders of record of Farmer Mac’s common stock as of March 15, 2024.

The Board also declared a dividend on each of Farmer Mac’s five classes of preferred stock – 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (“Series C Preferred Stock”), 5.700% Non-Cumulative Preferred Stock, Series D (“Series D Preferred Stock”), 5.750% Non-Cumulative Preferred Stock, Series E (“Series E Preferred Stock”), 5.250% Non-Cumulative Preferred Stock, Series F (“Series F Preferred Stock”), and 4.875% Non-Cumulative Preferred Stock, Series G (“Series G Preferred Stock”). The quarterly dividend of $0.375 per share of Series C Preferred Stock, $0.35625 per share of Series D Preferred Stock, $0.359375 per share of Series E Preferred Stock, $0.328125 per share of Series F Preferred Stock, and $0.3046875 per share of Series G Preferred Stock is for the period from but not including January 17, 2024, to and including April 17, 2024. The dividend on each of the Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock, and Series G Preferred Stock will be payable on April 17, 2024, to holders of record of those classes of preferred stock, respectively, as of April 1, 2024. Each share of Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock, and Series G Preferred Stock has a par value and liquidation preference of $25.00 per share.

A copy of the press release is attached to this report as Exhibit 99.1 and the portion of the press release included under the heading "Dividends" is incorporated by reference into this report. All references to www.farmermac.com in Exhibit 99.1 are inactive textual references only, and the information contained on Farmer Mac’s website is not incorporated by reference into this report.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 Press Release dated February 23, 2024

99.2 Equity investor slide presentation

104 Cover Page Inline Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document included as Exhibit 101

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION

By: /s/ Stephen P. Mullery

Name: Stephen P. Mullery

Title: Executive Vice President – General Counsel

Dated: February 23, 2024

Farmer Mac Reports 2023 Results

- Announces 27% Dividend Increase -

- Outstanding Business Volume of $28.5 Billion -

WASHINGTON, D.C., February 23, 2024 — The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the accessibility of financing for American agriculture and rural infrastructure, today announced its results for the fiscal quarter and year ended December 31, 2023.

"In 2023, Farmer Mac recorded another year of remarkable success, marked by double-digit earnings growth, record net effective spread, and outstanding business volume," said President and Chief Executive Officer, Brad Nordholm. "This achievement builds on our consistent performance over the past several years, with a dedication to strategic initiatives and organizational alignment. Our team's disciplined execution of our strategy, effective asset-liability management decisions, and successful business development efforts have driven our success. The health and resilience of our business model combined with our recent efforts to expand our marketing and branding approach positions us well in 2024 to highlight our distinctive position as a secondary market partner that fuels growth, innovation, and prosperity in America's rural and agricultural communities."

Full Year 2023 and Recent Highlights

•Net interest income grew 21% year-over-year to $327.5 million

•Net effective spread1 increased 28% from the prior-year period to a record $327.0 million

•Net income attributable to common stockholders was $172.8 million, compared to $151.0 million in the same period last year

•Record core earnings1 of $171.2 million, or $15.65 per diluted common share, reflecting 38% growth year-over-year

•Total core capital of $1.5 billion and a Tier 1 Capital Ratio of 15% as of December 31, 2023

•On February 21, 2024, Farmer Mac's Board of Directors raised the quarterly common stock dividend by 27% to $1.40 per share, the thirteenth consecutive annual increase


$ in thousands, except per share amounts	Quarter Ended			Year Ended
	Dec. 31, 2023	Dec. 31, 2022	YoY % Change	Dec. 31, 2023	Dec. 31, 2022	% Change
Net Change in Business Volume	$819,013	$595,444	N/A	$2,548,942	$2,307,619	N/A
Net Interest Income (GAAP)	$82,169	$73,635	12%	$327,547	$270,940	21%
Net Effective Spread (Non-GAAP)	$84,551	$71,103	19%	$326,980	$255,529	28%
Diluted EPS (GAAP)	$3.73	$3.36	11%	$15.81	$13.87	14%
Core EPS (Non-GAAP)	$4.10	$3.16	30%	$15.65	$11.42	37%

1 Non-GAAP Measure

Dividends

On February 21, 2024, Farmer Mac's Board of Directors declared a quarterly dividend of $1.40 per share on all three classes of common stock - Class A voting common stock (NYSE: AGM.A), Class B voting common stock (not listed on any exchange), and Class C non-voting common stock (NYSE: AGM). This quarterly dividend, which represents an increase of 27% in Farmer Mac's quarterly dividend rate on a year-over-year basis, will be payable on March 28, 2024 to holders of record of common stock as of March 15, 2024. This is the thirteenth consecutive year that Farmer Mac has increased its quarterly common stock dividend, and this increase is supported by Farmer Mac's earnings potential and overall capital position.

Farmer Mac's Board of Directors also declared a dividend on each of Farmer Mac's five classes of preferred stock. The quarterly dividend of $0.375 per share of 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (NYSE: AGM.PR.C), $0.35625 per share of 5.700% Non-Cumulative Preferred Stock, Series D (NYSE: AGM.PR.D), $0.359375 per share of 5.750% Non-Cumulative Preferred Stock, Series E (NYSE: AGM.PR.E), $0.328125 per share of 5.250% Non-Cumulative Preferred Stock, Series F (NYSE: AGM.PR.F), and $0.3046875 per share of 4.875% Non-Cumulative Preferred Stock, Series G (AGM.PR.G), is for the period from but not including January 17, 2024 to and including April 17, 2024. The preferred dividends will be payable on April 17, 2024 to holders of record as of April 1, 2024.

Earnings Conference Call Information

The conference call to discuss Farmer Mac's fourth quarter and full year 2023 financial results will be held beginning at 8:30 a.m. eastern time on Friday, February 23, 2024, and can be accessed by telephone or live webcast as follows:

Telephone (Domestic): (800) 836-8184

Telephone (International): (646) 357-8785

Webcast: https://www.farmermac.com/investors/events-presentations/

When dialing in to the call, please ask for the "Farmer Mac Earnings Conference Call." The call can be heard live and will also be available for replay on Farmer Mac’s website for two weeks following the conclusion of the call.

More complete information about Farmer Mac's performance for 2023 is in Farmer Mac's

Annual Report on Form 10-K for the year ended December 31, 2023, filed today with the SEC.

Use of Non-GAAP Measures

In the accompanying analysis of its financial information, Farmer Mac uses "non-GAAP measures," which are measures of financial performance that are not presented in accordance with GAAP. Specifically, Farmer Mac uses the following non-GAAP measures: "core earnings," "core earnings per share," and "net effective spread." Farmer Mac uses these non-GAAP measures to measure corporate economic performance and develop financial plans because, in management's view, they are useful alternative measures in understanding Farmer Mac's economic performance, transaction economics, and business trends. The non-GAAP financial measures that Farmer Mac uses may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of these 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 Share

The main difference between core earnings and core earnings per share (non-GAAP measures) and net income attributable to common stockholders and earnings per common share (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 Farmer Mac's financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Another difference is that 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 Farmer Mac's core business.

Net Effective Spread

Farmer Mac uses net effective spread to measure the net spread Farmer Mac earns between its interest-earning assets and the related net funding costs of these assets. As further explained below, net effective spread differs from net interest income and net interest yield by excluding certain items from net interest income and net interest yield and including certain other items that net interest income and net interest yield do not contain.

Farmer Mac excludes from net effective spread the interest income and interest expense associated with the consolidated trusts and the average balance of the loans underlying these trusts to reflect management's view that the net interest income Farmer Mac earns on the related Farmer Mac Guaranteed Securities owned by third parties is effectively a guarantee fee. Accordingly, the excluded interest income and interest expense associated with consolidated trusts is reclassified to guarantee and commitment fees in determining Farmer Mac's core earnings. Farmer Mac also excludes from net effective spread the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships because they are not expected to have an economic effect on Farmer Mac's financial performance, as we expect to hold the financial derivatives and corresponding hedged items to maturity.

Net effective spread also differs from net interest income and net interest yield because it includes the accrual of income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge accounting relationships ("undesignated financial derivatives"). Farmer Mac uses interest rate swaps to manage its interest rate risk exposure by synthetically modifying the interest rate reset or maturity characteristics of certain assets and liabilities. The accrual of the contractual amounts due

on interest rate swaps designated in hedge accounting relationships is included as an adjustment to the yield or cost of the hedged item and is included in net interest income. For undesignated financial derivatives, Farmer Mac records the income or expense related to the accrual of the contractual amounts due in "Gains on financial derivatives" on the consolidated statements of operations. However, the accrual of the contractual amounts due for undesignated financial derivatives are included in Farmer Mac's calculation of net effective spread.

Net effective spread also differs from net interest income and net interest yield because it includes the net effects of terminations or net settlements on 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 Farmer Mac receives upon the inception of certain swaps. The inclusion of these items in net effective spread is intended to reflect our view of the complete net spread between an asset and all of its related funding, including any associated derivatives, whether or not they are designated in a hedge accounting relationship.

More information about Farmer Mac’s use of non-GAAP measures is available in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations" in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2023, filed today with the SEC. For a reconciliation of Farmer Mac's net income attributable to common stockholders to core earnings and of earnings per common share to core earnings per share, and net interest income and net interest yield to net effective spread, see "Reconciliations" below.

Forward-Looking Statements

Management's expectations for Farmer Mac's future necessarily involve assumptions and estimates and the evaluation of risks and uncertainties. Various factors or events, both known and unknown, could cause Farmer Mac's actual results to differ materially from the expectations as expressed or implied by the forward-looking statements in this release, including uncertainties about:

•the availability to Farmer Mac of debt and equity financing and, if available, the reasonableness of rates and terms;

•legislative or regulatory developments that could affect Farmer Mac, its sources of business, or agricultural or rural 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 rural infrastructure indebtedness;

•the effect of economic conditions stemming from disruptive global events or otherwise on agricultural mortgage or rural infrastructure lending, borrower repayment capacity, or collateral values, including inflation, fluctuations in interest rates, changes in U.S. trade policies, 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 indexes;

•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, climate change, or fluctuations in agricultural real estate values.

Other risk factors are discussed in "Risk Factors" in Part I, Item 1A in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC today. Considering these potential risks and uncertainties, no undue reliance should be placed on any forward-looking statements expressed in this release. The forward-looking statements contained in this release represent management's expectations as of the date of this release. Farmer Mac undertakes no obligation to release publicly the results of revisions to any forward-looking statements included in this release to reflect new information or any future events or circumstances, except as otherwise required by applicable law. The information in this release is not necessarily indicative of future results.

About Farmer Mac

Farmer Mac is a vital part of the agricultural credit markets and was created to increase access to and reduce the cost of credit for the benefit of American agricultural and rural communities. As the nation’s secondary market for agricultural credit, we provide financial solutions to a broad spectrum of the agricultural community, including agricultural lenders, agribusinesses, and other institutions that can benefit from access to flexible, low-cost financing and risk management tools. Farmer Mac's customers benefit from its low cost of funds, low overhead costs, and high operational efficiency. More information about Farmer Mac (including the Annual Report on Form 10-K referenced above) is available on Farmer Mac's website at www.farmermac.com.

CONTACT: Jalpa Nazareth, Investor Relations

Lisa Meyer, Media Inquiries

(202) 872-7700

* * * *

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)


	As of
	December 31, 2023		December 31, 2022
	(in thousands)
Assets:
Cash and cash equivalents	$	888,707	$	861,002
Investment securities:
Available-for-sale, at fair value (amortized cost of $5,060,135 and $4,769,426, respectively)	4,918,931		4,579,564
Held-to-maturity, at amortized cost	53,756		45,032
Other investments	6,817		3,672
Total Investment Securities	4,979,504		4,628,268
Farmer Mac Guaranteed Securities:
Available-for-sale, at fair value (amortized cost of $5,825,433 and $8,019,495, respectively)	5,532,479		7,607,226
Held-to-maturity, at amortized cost	4,213,069		1,021,154
Total Farmer Mac Guaranteed Securities	9,745,548		8,628,380
USDA Securities:
Trading, at fair value	1,241		1,767
Held-to-maturity, at amortized cost	2,354,171		2,409,834
Total USDA Securities	2,355,412		2,411,601
Loans:

Loans held for investment, at amortized cost	9,623,119		9,008,979
Loans held for investment in consolidated trusts, at amortized cost	1,432,261		1,211,576
Allowance for losses	(16,031)		(15,089)
Total loans, net of allowance	11,039,349		10,205,466

Financial derivatives, at fair value	37,478		37,409
Accrued interest receivable (includes $16,764 and $12,514, respectively, related to consolidated trusts)	287,128		229,061
Guarantee and commitment fees receivable	49,832		47,151
Deferred tax asset, net	8,470		18,004
Prepaid expenses and other assets	132,954		266,768
Total Assets	$	29,524,382	$	27,333,110

Liabilities and Equity:
Liabilities:


Notes payable	$	26,336,542	$	24,469,113
Debt securities of consolidated trusts held by third parties	1,351,069		1,181,948
Financial derivatives, at fair value	117,131		175,326
Accrued interest payable (includes $9,407 and $8,081, respectively, related to consolidated trusts)	181,841		117,887
Guarantee and commitment obligation	47,563		46,582
Accounts payable and accrued expenses	76,662		68,863

Reserve for losses	1,711		1,433
Total Liabilities	28,112,519		26,061,152
Commitments and Contingencies
Equity:
Preferred stock:
Series C, par value $25 per share, 3,000,000 shares authorized, issued and outstanding	73,382		73,382
Series D, par value $25 per share, 4,000,000 shares authorized, issued and outstanding	96,659		96,659
Series E, par value $25 per share, 3,180,000 shares authorized, issued and outstanding	77,003		77,003
Series F, par value $25 per share, 4,800,000 shares authorized, issued and outstanding	116,160		116,160
Series G, par value $25 per share, 5,000,000 shares authorized, issued and outstanding	121,327		121,327
Common stock:
Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding	1,031		1,031
Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding	500		500
Class C Non-Voting, $1 par value, no maximum authorization, 9,310,872 shares and 9,270,265 shares outstanding, respectively	9,311		9,270
Additional paid-in capital	132,919		128,939
Accumulated other comprehensive loss, net of tax	(40,145)		(50,843)
Retained earnings	823,716		698,530
Total Equity	1,411,863		1,271,958
Total Liabilities and Equity	$	29,524,382	$	27,333,110

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


	For the Three Months Ended				For the Years Ended
	December 31, 2023		December 31, 2022		December 31, 2023		December 31, 2022
	(in thousands, except per share amounts)
Interest income:
Investments and cash equivalents	$	77,715	$	44,162	$	287,144	$	82,659
Farmer Mac Guaranteed Securities and USDA Securities	147,601		114,538		590,250		283,769
Loans	126,057		109,027		514,894		350,420
Total interest income	351,373		267,727		1,392,288		716,848
Total interest expense	269,204		194,092		1,064,741		445,908
Net interest income	82,169		73,635		327,547		270,940
Release of/(provision for) losses	626		(2,022)		(858)		(1,323)
Net interest income after release of/(provision for) losses	82,795		71,613		326,689		269,617
Non-interest income/(expense):
Guarantee and commitment fees	3,770		3,489		16,712		13,040
(Losses)/gains on financial derivatives	(1,881)		1,080		2,882		22,631

Gains/(losses) on trading securities	10		24		24		(51)


(Provision for)/release of reserve for losses	(51)		77		(278)		517
Other income	932		746		4,171		2,551
Non-interest income	2,780		5,416		23,511		38,688
Operating expenses:
Compensation and employee benefits	15,523		12,105		58,914		48,766
General and administrative	8,916		8,055		34,963		29,772
Regulatory fees	725		832		3,222		3,269
Real estate owned operating costs, net	—		819		—		819
Operating expenses	25,164		21,811		97,099		82,626
Income before income taxes	60,411		55,218		253,101		225,679
Income tax expense	12,792		11,800		53,098		47,535


Net income	47,619		43,418		200,003		178,144
Preferred stock dividends	(6,791)		(6,791)		(27,165)		(27,165)

Net income attributable to common stockholders	$	40,828	$	36,627	$	172,838	$	150,979

Earnings per common share:
Basic earnings per common share	$	3.77	$	3.39	$	15.97	$	14.00
Diluted earnings per common share	$	3.73	$	3.36	$	15.81	$	13.87

Reconciliations

Reconciliations of Farmer Mac's net income attributable to common stockholders to core earnings and core earnings per share are presented in the following tables along with information about the composition of core earnings for the periods indicated:


Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings
	For the Three Months Ended
	December 31, 2023		September 30, 2023		December 31, 2022
	(in thousands, except per share amounts)
Net income attributable to common stockholders	$	40,828	$	51,345	$	36,627
Less reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes	(836)		2,921		1,596
(Losses)/gains on hedging activities due to fair value changes	(3,598)		3,210		(148)
Unrealized (losses)/gains on trading assets	(37)		1,714		31
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	88		29		57
Net effects of terminations or net settlements on financial derivatives	(800)		(79)		1,268

Income tax effect related to reconciling items	1,089		(1,638)		(590)
Sub-total	(4,094)		6,157		2,214
Core earnings	$	44,922	$	45,188	$	34,413

Composition of Core Earnings:
Revenues:
Net effective spread(1)	$	84,551	$	83,424	$	71,103
Guarantee and commitment fees(2)	4,865		4,828		4,677

Other(3)	767		1,056		390
Total revenues	90,183		89,308		76,170

Credit related expense (GAAP):
(Release of)/provision for losses	(575)		(181)		1,945
REO operating expenses	—		—		819

Total credit related expense	(575)		(181)		2,764

Operating expenses (GAAP):
Compensation and employee benefits	15,523		14,103		12,105
General and administrative	8,916		9,100		8,055
Regulatory fees	725		831		832
Total operating expenses	25,164		24,034		20,992

Net earnings	65,594		65,455		52,414
Income tax expense(4)	13,881		13,475		11,210
Preferred stock dividends (GAAP)	6,791		6,792		6,791
Core earnings	$	44,922	$	45,188	$	34,413

Core earnings per share:
Basic	$	4.14	$	4.17	$	3.19
Diluted	$	4.10	$	4.13	$	3.16

(1)Net effective spread is a non-GAAP measure. See "Use of Non-GAAP Measures" above for an explanation of net effective spread. See below for a reconciliation of net interest income to net effective spread.

(2)Includes interest income and interest expense related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee on the consolidated Farmer Mac Guaranteed Securities.

(3)Reflects reconciling adjustments for the reclassification to exclude expenses related to interest rate swaps not designated as hedges 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.

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


Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings
	For the Years Ended
	December 31, 2023		December 31, 2022
	(in thousands, except per share amounts)
Net income attributable to common stockholders	$	172,838	$	150,979
Less reconciling items:
Gains on undesignated financial derivatives due to fair value changes	5,142		13,495
(Losses)/gains on hedging activities due to fair value changes	(5,394)		5,343
Unrealized gains/(losses) on trading assets	1,979		(917)
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	175		39
Net effects of terminations or net settlements on financial derivatives	227		15,794

Income tax effect related to reconciling items	(447)		(7,089)
Sub-total	1,682		26,665
Core earnings	$	171,156	$	124,314

Composition of Core Earnings:
Revenues:
Net effective spread(1)	$	326,980	$	255,529
Guarantee and commitment fees(2)	18,928		18,144

Other(3)	3,299		1,684
Total revenues	349,207		275,357

Credit related expense (GAAP):
Provision for losses	1,136		806
REO operating expenses	—		819

Total credit related expense	1,136		1,625

Operating expenses (GAAP):
Compensation and employee benefits	58,914		48,766
General and administrative	34,963		29,772
Regulatory fees	3,222		3,269
Total operating expenses	97,099		81,807

Net earnings	250,972		191,925
Income tax expense(4)	52,651		40,446
Preferred stock dividends (GAAP)	27,165		27,165
Core earnings	$	171,156	$	124,314

Core earnings per share:
Basic	$	15.80	$	11.52
Diluted	$	15.65	$	11.42

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


Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share
	For the Three Months Ended						For the Years Ended
	December 31, 2023		September 30, 2023		December 31, 2022		December 31, 2023		December 31, 2022
	(in thousands, except per share amounts)
GAAP - Basic EPS	$	3.77	$	4.74	$	3.39	$	15.97	$	14.00
Less reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes	(0.08)		0.27		0.15		0.49		1.25
(Losses)/gains on hedging activities due to fair value changes	(0.33)		0.30		(0.01)		(0.50)		0.50
Unrealized gains/(losses) on trading securities	—		0.16		0.01		0.18		(0.08)
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	0.01		—		0.01		0.02		—
Net effects of terminations or net settlements on financial derivatives	(0.07)		(0.01)		0.11		0.02		1.47

Income tax effect related to reconciling items	0.10		(0.15)		(0.07)		(0.04)		(0.66)
Sub-total	(0.37)		0.57		0.20		0.17		2.48
Core Earnings - Basic EPS	$	4.14	$	4.17	$	3.19	$	15.80	$	11.52

Shares used in per share calculation (GAAP and Core Earnings)	10,841		10,839		10,801		10,829		10,791


Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share
	For the Three Months Ended						For the Years Ended
	December 31, 2023		September 30, 2023		December 31, 2022		December 31, 2023		December 31, 2022
	(in thousands, except per share amounts)
GAAP - Diluted EPS	$	3.73	$	4.69	$	3.36	$	15.81	$	13.87
Less reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes	(0.08)		0.27		0.15		0.47		1.24
(Losses)/gains on hedging activities due to fair value changes	(0.33)		0.29		(0.01)		(0.49)		0.49
Unrealized gains/(losses) on trading securities	—		0.16		0.01		0.18		(0.08)
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	0.01		—		0.01		0.02		—
Net effects of terminations or net settlements on financial derivatives	(0.07)		(0.01)		0.11		0.02		1.45

Income tax effect related to reconciling items	0.10		(0.15)		(0.07)		(0.04)		(0.65)
Sub-total	(0.37)		0.56		0.20		0.16		2.45
Core Earnings - Diluted EPS	$	4.10	$	4.13	$	3.16	$	15.65	$	11.42

Shares used in per share calculation (GAAP and Core Earnings)	10,952		10,938		10,894		10,937		10,883

The following table presents a reconciliation of net interest income and net yield to net effective spread for the periods indicated:


Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread
	For the Three Months Ended												For the Years Ended
	December 31, 2023				September 30, 2023				December 31, 2022				December 31, 2023				December 31, 2022
	Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield
	(dollars in thousands)
Net interest income/yield	$	82,169	1.12	%	$	87,643	1.22	%	$	73,635	1.08	%	$	327,547	1.15	%	$	270,940	1.04	%
Net effects of consolidated trusts	(1,048)		0.02	%	(1,024)		0.02	%	(1,195)		0.02	%	(4,171)		0.02	%	(4,239)		0.02	%
Expense related to undesignated financial derivatives	(846)		(0.01)	%	(805)		(0.01)	%	(2,122)		(0.03)	%	(4,845)		(0.02)	%	(7,756)		(0.03)	%
Amortization of premiums/discounts on assets consolidated at fair value	(104)		—	%	(24)		—	%	(53)		—	%	(175)		—	%	(24)		—	%
Amortization of losses due to terminations or net settlements on financial derivatives	782		0.01	%	844		0.01	%	688		—	%	3,230		0.01	%	2,413		0.01	%
Fair value changes on fair value hedge relationships	3,598		0.05	%	(3,210)		(0.04)	%	150		—	%	5,394		0.02	%	(5,805)		(0.02)	%
Net effective spread	$	84,551	1.19	%	$	83,424	1.20	%	$	71,103	1.07	%	$	326,980	1.18	%	$	255,529	1.02	%

The following table presents core earnings for Farmer Mac's reportable operating segments and a reconciliation to consolidated net income for the three months ended December 31, 2023:


Core Earnings by Business Segment
For the Three Months Ended December 31, 2023
	Agricultural Finance				Rural Infrastructure				Treasury				Corporate
	Farm & Ranch		Corporate AgFinance		Rural Utilities		Renewable Energy		Funding		Investments				Reconciling Adjustments			Consolidated Net Income
	(in thousands)
Net interest income	$	34,408	$	8,382	$	7,415	$	1,540	$	29,827	$	597	$	—	$	—		$	82,169
Less: reconciling adjustments(1)(2)(3)	(1,079)		—		(73)		—		3,534		—		—		(2,382)			—
Net effective spread	33,329		8,382		7,342		1,540		33,361		597		—		(2,382)			—
Guarantee and commitment fees	4,455		90		292		28		—		—		—		(1,095)			3,770

Other income/(expense)(3)	736		23		—		—		—		12		(4)		(1,706)			(939)
Total revenues	38,520		8,495		7,634		1,568		33,361		609		(4)		(5,183)			85,000

Release of/(provision for) losses	9		727		71		(181)		—		—		—		—			626

(Provision for)/release of reserve for losses	(58)		—		7		—		—		—		—		—			(51)
Operating expenses	—		—		—		—		—		—		(25,164)		—			(25,164)
Total non-interest expense	(58)		—		7		—		—		—		(25,164)		—			(25,215)
Core earnings before income taxes	38,471		9,222		7,712		1,387		33,361		609		(25,168)		(5,183)		(4)	60,411
Income tax (expense)/benefit	(8,078)		(1,937)		(1,620)		(292)		(7,005)		(128)		5,179		1,089			(12,792)
Core earnings before preferred stock dividends	30,393		7,285		6,092		1,095		26,356		481		(19,989)		(4,094)		(4)	47,619
Preferred stock dividends	—		—		—		—		—		—		(6,791)		—			(6,791)

Segment core earnings/(losses)	$	30,393	$	7,285	$	6,092	$	1,095	$	26,356	$	481	$	(26,780)	$	(4,094)	(4)	$	40,828

Total Assets	$	15,052,606	$	1,566,906	$	7,002,620	$	443,772	$	—	$	5,342,089	$	116,389	$	—		$	29,524,382
Total on- and off-balance sheet program assets at principal balance	$	18,808,801	$	1,693,979	$	7,480,723	$	487,521	$	—	$	—	$	—	$	—		$	28,471,024

(1)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts.

(2)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.

(3)Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment.

(4)Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders.

Supplemental Information

The following table sets forth information about outstanding volume in each of Farmer Mac's lines of business as of the dates indicated:


Outstanding Business Volume
	On or Off Balance Sheet	As of December 31,
		2023		2022
		(in thousands)
Agricultural Finance:
Farm & Ranch:
Loans	On-balance sheet	$	5,133,450	$	5,150,750
Loans held in consolidated trusts:
Beneficial interests owned by third-party investors (Pass-Through)(1)	On-balance sheet	870,912		914,918
Beneficial interests owned by third-party investors (Structured)(1)	On-balance sheet	561,349		296,658
IO-FMGS(2)	On-balance sheet	9,409		10,622
USDA Securities	On-balance sheet	2,368,872		2,407,302
AgVantage Securities(1)	On-balance sheet	5,835,000		5,605,000
LTSPCs and unfunded loan commitments	Off-balance sheet	2,999,943		2,822,309
Other Farmer Mac Guaranteed Securities(3)	Off-balance sheet	452,602		500,953
Loans serviced for others	Off-balance sheet	577,264		20,280
Total Farm & Ranch		$	18,808,801	$	17,728,792
Corporate AgFinance:
Loans	On-balance sheet	$	1,259,723	$	1,166,253
AgVantage Securities(1)	On-balance sheet	288,879		359,600
Unfunded loan commitments	Off-balance sheet	145,377		77,654
Total Corporate AgFinance		$	1,693,979	$	1,603,507
Total Agricultural Finance		$	20,502,780	$	19,332,299
Rural Infrastructure Finance:
Rural Utilities:
Loans	On-balance sheet	$	3,094,477	$	2,801,696
AgVantage Securities(1)	On-balance sheet	3,898,468		3,044,156
LTSPCs and unfunded loan commitments	Off-balance sheet	487,778		512,592
Other Farmer Mac Guaranteed Securities(3)	Off-balance sheet	—		1,169
Total Rural Utilities		$	7,480,723	$	6,359,613
Renewable Energy:
Loans	On-balance sheet	$	440,286	$	219,570
Unfunded loan commitments	Off-balance sheet	47,235		10,600
Total Renewable Energy		$	487,521	$	230,170
Total Rural Infrastructure Finance		$	7,968,244	$	6,589,783
Total		$	28,471,024	$	25,922,082

(1)A type of Farmer Mac Guaranteed Security.

(2)An interest-only Farmer Mac Guaranteed Security retained as part of a structured securitization.

(3)Other categories of Farmer Mac Guaranteed Securities that were sold by Farmer Mac to third parties

The following table presents the quarterly net effective spread (a non-GAAP measure) by segment:


	Net Effective Spread(1)
	Agricultural Finance								Rural Infrastructure Finance								Treasury
	Farm & Ranch				Corporate AgFinance				Rural Utilities				Renewable Energy				Funding				Investments				Net Effective Spread
	Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield
	(dollars in thousands)
For the quarter ended:
December 31, 2023(2)	$	33,329	0.98	%	$	8,382	2.06	%	$	7,342	0.43	%	$	1,540	1.69	%	$	33,361	0.47	%	$	597	0.04	%	$	84,551	1.19	%
September 30, 2023	32,718		0.97	%	8,250		2.05	%	6,362		0.39	%	1,150		1.46	%	34,412		0.49	%	532		0.04	%	83,424		1.20	%
June 30, 2023	34,388		1.03	%	7,444		1.92	%	5,808		0.38	%	1,100		1.47	%	32,498		0.48	%	594		0.04	%	81,832		1.20	%
March 31, 2023	32,465		0.97	%	7,148		1.94	%	5,507		0.36	%	858		1.53	%	31,738		0.47	%	(543)		(0.04)	%	77,173		1.15	%
December 31, 2022	32,770		0.98	%	7,471		1.94	%	4,960		0.34	%	935		1.76	%	27,656		0.42	%	(2,689)		(0.19)	%	71,103		1.07	%
September 30, 2022	33,343		1.04	%	7,600		1.99	%	4,220		0.30	%	705		1.97	%	22,564		0.36	%	(2,791)		(0.21)	%	65,641		1.03	%
June 30, 2022	32,590		1.05	%	6,929		1.87	%	3,733		0.27	%	468		1.78	%	18,508		0.30	%	(1,282)		(0.10)	%	60,946		0.99	%
March 31, 2022	30,354		1.02	%	7,209		1.96	%	3,159		0.23	%	375		1.69	%	16,738		0.28	%	4		—	%	57,839		0.97	%
December 31, 2021	28,998		0.99	%	6,321		1.84	%	2,521		0.19	%	356		1.53	%	15,979		0.28	%	158		0.01	%	54,333		0.94	%

(1)Farmer Mac excludes the Corporate segment in the presentation above because the segment does not have any interest-earning assets.

(2)See above for a reconciliation of GAAP net interest income by line of business to net effective spread by line of business for the three months ended December 31, 2023.

The following table presents quarterly core earnings reconciled to net income attributable to common stockholders:


Core Earnings by Quarter Ended
	December 2023		September 2023		June 2023		March 2023		December 2022		September 2022		June 2022		March 2022		December 2021
									(in thousands)
Revenues:
Net effective spread	$	84,551	$	83,424	$	81,832	$	77,173	$	71,103	$	65,641	$	60,946	$	57,839	$	54,333
Guarantee and commitment fees	4,865		4,828		4,581		4,654		4,677		4,201		4,709		4,557		4,637
Gains on sale of mortgage loans	—		—		—		—		—		—		—		—		6,539
Other	767		1,056		409		1,067		390		473		307		514		241
Total revenues	90,183		89,308		86,822		82,894		76,170		70,315		65,962		62,910		65,750

Credit related expense/(income):
(Release of)/provision for losses	(575)		(181)		1,142		750		1,945		450		(1,535)		(54)		(1,428)
REO operating expenses	—		—		—		—		819		—		—		—		—

Total credit related expense/(income)	(575)		(181)		1,142		750		2,764		450		(1,535)		(54)		(1,428)

Operating expenses:
Compensation and employee benefits	15,523		14,103		13,937		15,351		12,105		11,648		11,715		13,298		11,246
General and administrative	8,916		9,100		9,420		7,527		8,055		6,919		7,520		7,278		8,492
Regulatory fees	725		831		831		835		832		812		813		812		812
Total operating expenses	25,164		24,034		24,188		23,713		20,992		19,379		20,048		21,388		20,550

Net earnings	65,594		65,455		61,492		58,431		52,414		50,486		47,449		41,576		46,628
Income tax expense	13,881		13,475		12,539		12,756		11,210		10,303		9,909		9,024		9,809

Preferred stock dividends	6,791		6,792		6,791		6,791		6,791		6,791		6,792		6,791		6,792
Core earnings	$	44,922	$	45,188	$	42,162	$	38,884	$	34,413	$	33,392	$	30,748	$	25,761	$	30,027

Reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes	$	(836)	$	2,921	$	2,141	$	916	$	1,596	$	6,441	$	2,846	$	2,612	$	(1,242)
(Losses)/gains on hedging activities due to fair value changes	(3,598)		3,210		(4,901)		(105)		(148)		(624)		428		5,687		(2,079)
Unrealized (losses)/gains on trading assets	(37)		1,714		(57)		359		31		(757)		(285)		94		(76)
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	88		29		29		29		57		24		(62)		20		71
Net effects of terminations or net settlements on financial derivatives	(800)		(79)		583		523		1,268		(3,522)		2,536		15,512		(429)


Income tax effect related to reconciling items	1,089		(1,638)		464		(362)		(590)		(327)		(1,148)		(5,024)		789
Net income attributable to common stockholders	$	40,828	$	51,345	$	40,421	$	40,244	$	36,627	$	34,627	$	35,063	$	44,662	$	27,061

Equi ty Investor Pr esentation Fourth Quarter 2023

FARMER MAC Forward-Looking Statements In addition to historical information, this presentation includes forward- look ing statements that reflect management’s current expectations for Farmer Mac’s future financial results, business prospects, and business developments. Forward-look ing statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements. 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 Farmer Mac’s actual results to differ materially from the expectations as expressed or implied by the forward- look ing statements. Some of these factors are identified and discussed in Farmer Mac’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 23, 2024. These reports are also available on Farmer Mac’s website (www.farmermac.com). Considering these potential risks and uncertainties, no undue reliance should be placed on any forward- look ing statements expressed in this presentation. Any forward-look ing statements made in this presentation are current only as of December 31, 2023, except as otherwise indicated. Farmer Mac undertakes no obligation to release publicly the results of revisions to any such forward-look ing statements that may be made to reflect new information or any future events or circumstances, except as otherwise mandated by the SEC. The information in this presentation is not necessarily indicative of future results. NO OFFER OR SOLICITATION OF SECURITIES This presentation does not constitute an offer to sell or a solicitation of an offer to buy any Farmer Mac security. Farmer Mac securities are offered only in jurisdictions where permissible by offering documents available through qualified securities dealers. Any investor who is considering purchasing a Farmer Mac security should consult the applicable offering documents for the security and their own financial and legal advisors for information about and analysis of the security, the risks associated with the security, and the suitability of the investment for the investor’s particular circumstances. Copyright © 2024 by Farmer Mac. No part of this document may be duplicated, reproduced, distributed, or displayed in public in any manner or by any means without the written permission of Farmer Mac. 02

FARMER MAC Use of Non-GAAP Financial Measures This presentation is for general informational purposes only, is current only as of December 31, 2023 and should be read in conjunction with Farmer Mac’s Annual Report on Form 10-K filed with the SEC on February 23, 2024. In the accompanying analysis of its financial information, Farmer Mac uses the following non-GAAP financial measures: core earnings, core earnings per share, and net effective spread. Farmer Mac uses these non-GAAP measures to measure corporate economic performance and develop financial plans because, in management's view, they are useful alternative measures in understanding Farmer Mac's economic performance, transaction economics, and business trends. The non-GAAP financial measures that Farmer Mac uses may not be comparable to similarly labeled non- GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of these non-GAAP financial 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 share principally differ from net income attributable to common stockholders and earnings per common share, respectively, by excluding the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Core earnings and core earnings per share also differ from net income attributable to common stockholders and earnings per common share, respectively, by excluding specified infrequent or unusual transactions that Farmer Mac believes are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. Farmer Mac uses net effective spread to measure the net spread Farmer Mac earns between its interest-earning assets and the related net funding costs of these assets. Net effective spread differs from net interest income and net interest yield because it excludes: (1) the interest income and interest expense associated with the consolidated trusts and the average balance of the loans underlying these trusts; and (2) the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships. Net effective spread also principally differs from net interest income and net interest yield because it includes the accrual of income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge accounting relationships ("undesignated financial derivatives") and the net effects of terminations or net settlements on 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 Farmer Mac receives upon the inception of certain swaps. 03

FARMER MAC Investment Highlights •90-Day delinquencies of only 0.12% across all lines of business •Cumulative Agricultural Finance Mortgage Loans lifetime losses of only 0.10% Quality Assets •Issue at narrow, Government Sponsored Enterprise (GSE) spreads to U.S. Treasuries •E.g., 10-year U.S. Treasury +0.50% as of December 31, 2023Funding Advantage •Ag productivity must double to meet expected global demand •U.S. ag mortgage market is ~$355 billion and growing •Renewable electricity capacity is expected to grow by 48% in the next five years Growth Prospects •Overhead / outstanding business volume ~34 bps •Greater than $900,000 earnings per employee in 2023 Operational Efficiency •Greater than 90% of total revenues is recurring net effective spread and fees •Outstanding business volume CAGR of 10% (2000 to 2023) Quality, Recurring Earnings •Core earnings ROE ~19% in 2023 and consistent net effective spread •Increased quarterly dividend payments for 13 consecutive years Strong Returns, Responsible Growth 04

FARMER MAC Farmer Mac initially chartered by Congress as an instrumentality of the United States Initial public offering First listed on NASDAQ (FAMCU & FAMCL) First major charter revision and expansion of authority (direct loan purchases) First listed on NYSE (AGM & AGM.A) Second major charter revision and expansion of authority (Rural Infrastructure) A Mission-Driven, For-Profit Company Our Mission Farmer Mac is committed to help build a strong and vital rural America by increasing the availability and affordability of credit for the benefit of American agricultural and rural communities Our Stakeholders • Farmers, ranchers and rural communities • Employees • Stockholders • Financial Institutions & Cooperatives • Congress • Regulators Our Corporate Social Responsibility • To help create sustainable, vibrant rural American communities • We achieve this by conducting our business – With absolute integrity – By holding ourselves to high ethical standards – By promoting a diverse, respectful, and inclusive culture – By adopting an Environmental, Social, Governance (ESG) policy statement 05 1987 1988 1996 1999 2008

FARMER MAC Aparna Ramesh Executive Vice President – Chief Financial Officer & Treasurer • 20+ years of experience in mission-oriented finance roles • Joined Farmer Mac in January 2020 from Federal Reserve Bank of Boston, where she previously served as Senior Vice President and Chief Financial Officer • Prior experience includes roles spanning product management, asset-liability management and profitability within Cambridge Savings Bank and M&T Bank Bradford T. Nordholm President & Chief Executive Officer • 40+ years of agricultural and energy finance experience • Joined Farmer Mac in October 2018 from Starwood Energy Group, a leading private investment firm where he served as CEO and later as Vice Chairman • Prior experience includes CEO of US Central and management positions at National Cooperative and within the Farm Credit System Executive Leadership 06 Zachary N. Carpenter Executive Vice President – Chief Business Officer • 15+ years of experience in agribusiness banking, capital markets, finance, and corporate strategy • Joined Farmer Mac in May 2019 from CoBank, where he previously served as Managing Director and Sector Vice President of its Corporate Agribusiness Banking Group • Prior experience includes Executive Director in CoBank’s Capital Markets division and Vice President in Finance and Corporate Strategy at Goldman Sachs

FARMER MAC U.S. Agricultural Balance Sheet 07 Investments, $118,004,577 Inventories, $190,135,224 Real Estate $3,419,530,718 Machinery & Vehicles, $362,280,165 $4,089,950,684 Real Estate, $355,040,830 Nonreal Estate, $165,587,534 $520,628,364 $0 $500,000,000 $1,000,000,000 $1,500,000,000 $2,000,000,000 $2,500,000,000 $3,000,000,000 $3,500,000,000 $4,000,000,000 Farm Sector Assets 2023F Farm Sector Debt 2023F $ i n t h o u s a n d s Ag Real Estate Debt-to-Asset Ratio: 10.4% (1)

FARMER MAC (FCS Secondary Market GSE) Agricultural Finance Line of Business (Farm & Ranch and Corporate AgFinance) Farm Credit System (FCS) (Cooperative GSE) • Four FCS Banks • 69 Retail Agricultural Credit Associations Central to a Large Agricultural Mortgage Market 08 Agricultural Mortgage Market {Farmers & Ranchers} M or tgage Financing M or tgage Financing $355 Billion A G B A N K S $ 6 1 B N O N -B A N K L E N D E R S $ 1 3 B (2) Non-FCS Ag Lenders • Insurance Companies • Ag Banks • Non-Bank Lenders

FARMER MAC Securitization Program Update • Closed $299.4 million agricultural mortgage-backed securitization transaction on Oct. 14, 2021 • Closed $301.1 million agricultural mortgage-backed securitization transaction on Aug. 11, 2022 • Closed $283.6 million agricultural mortgage-backed securitization transaction on Feb. 23, 2023 • Exemplifies Farmer Mac’s core mission to lower costs for the end borrower and improve credit availability in rural America Growth Opportunities 09 Deepen Farmer Mac’s Market B ro a d e n F a rm e r M a c ’s M a rk e t Loan Process Efficiency Rural Broadband Borrower Retention Renewable Energy, Project Finance Timber Securitization = Relative Size of Volume Opportunity = Broaden = Deepen = Both Syndications Broaden Farmer Mac’s Market Evaluating opportunities not currently being pursued by Farmer Mac • New lines of business • New products Deepen Farmer Mac’s Market Improving processes and operating practices • Customer interaction • Transaction processes • Existing loan features and pricing

FARMER MAC Farmer Mac’s Operating Model 10 Farmer Mac’s Regulatory/Congressional Oversight • Regulated by the Farm Credit Administration (FCA) through its Office of Secondary Market Oversight (OSMO) • Congressional oversight through Senate and House Agricultural Committees Operating model excludes issued agricultural mortgage-backed securities and long-term standby purchase commitment credit protection components of our business.

FARMER MAC Line of Business Segment Spread Income Products Fee Income Products Volume ($ IN BILLIONS) Q4 Net Effective Spread (%) Agricultural Finance Farm & Ranch • Loans • AgVantage Securities • Guaranteed Securities • USDA • LTSPCs • Guaranteed Securities • Loans Serviced for Others $18.8 0.98% Corporate AgFinance • Loans • AgVantage Securities • Unfunded loan commitments $1.7 2.06% Rural Infrastructure Finance Rural Utilities • Loans • AgVantage Securities • LTSPCs • Unfunded Commitments • Guaranteed Securities $7.5 0.43% Renewable Energy • Loans • Unfunded Loan Commitments $0.5 1.69% Treasury Funding 0.47% Investments 0.04% $28.5 1.19% Lines of Business 11 AS OF DECEMBER 31, 2023

FARMER MAC Northwest 13% Southwest 31% Mid-North 26% Mid-South 17% Northeast 4% Southeast 9% By Geographic Region Crops 49% Permanent Plantings 22% Livestock 19% Part-time Farm 4% Ag. Storage and Processing 6% By Commodity Type Agricultural Finance Loan Portfolio Diversification 12 AS OF DECEMBER 31, 2023 Agricultural Update • USDA’s Economic Research Service estimates $189.9 billion in net cash incomes in 2022, a significant increase from 2021 and 2020 incomes and a new record in both real and nominal terms. • Net cash income in 2023 is forecast to fall by 21% due to elevated input costs and moderating commodity prices. However, forecast 2023 levels are still well above the 10-year average for farm profitability. (3)

FARMER MAC Treasury/Investments Segment Treasury segment includes the financial results of the company’s funding, liquidity, and capital allocation strategies and operations. Liquidity & Investment Portfolio Maintain investment portfolio to provide back-up source of liquidity in excess of regulatory requirements • $5.9 billion as of December 31, 2023 • Investments net effective spread of 0.04% in fourth quarter 2023 Benefits from Asset-Liability Management Strategies Leverage a funds transfer pricing process to allocate interest expense to each segment, and allocate the costs and benefits of hedging strategies to the Treasury segment 13 AS OF DECEMBER 31, 2023 Liquidity Portfolio Cash & Equiv. 15.2% Guaranteed by GSEs and U.S. Gov't Agencies 84.5% Asset-Backed Securities 0.3%

FARMER MAC $197.0 $220.7 $255.5 $327.0$100.6 $113.6 $124.3 $171.2 $0.0 $50.0 $100.0 $150.0 $200.0 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 $300.0 $350.0 2020 2021 2022 2023 C O R E E A R N IN G S $ IN M IL L IO N S N E T E F F E C T IV E S P R E A D $ IN M IL L IO N S Net Effective Spread & Core Earnings Net Effective Spread Core Earnings Growing, Recurring, High-Quality Earnings $21.9 $23.6 $25.9 $28.5 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 2020 2021 2022 2023 $ IN B IL L IO N S Outstanding Business Volume Outstanding Business Volume 14 9% CAGR (2020-2023) 18% CAGR (2020-2023) 16% CAGR (2020-2023) CAGR is defined as Compound Annual Growth Rate Core earnings and net effective spread are non-GAAP measures. For more information on the use of these non-GAAP measures, please see page 3. For a reconciliation of core earnings to GAAP net income attributable to common stockholders and a reconciliation of net effe ctive spread to GAAP net interest income, please refer to pages 27-28 of the Appendix.

FARMER MAC Quality Earnings Drives Strong Dividends $0.05 $0.10 $0.12 $0.14 $0.16 $0.26 $0.36 $0.58 $0.70 $0.80 $0.88 $0.95 $1.10 $1.40 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 $1.40 $1.60 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $ P E R S H A R E Quarterly Dividend per Common Share 15 Increased quarterly dividend payments for 13 consecutive years Strong earnings and consistent capital position supports continued dividend growth for Farmer Mac. • Farmer Mac’s dividend growth rate over the past 13 years is substantially greater than those seen from the two major market indices. • 2024 marks the 13th consecutive year of higher annual dividends for Farmer Mac. • Farmer Mac is committed to strong returns and responsible growth. Dividend Yield 12 Yr. Dividend CAGR Farmer Mac 3.1% 29.2% S&P 500 1.4% 8.0% Russell 2000 1.6% 8.2% 27% year-over-year increase in 2024

FARMER MAC Losses less likely even in default – Average portfolio LTV of 47% as of December 31, 2023 – Land values need to decline >55% to generate material losses across Agricultural Finance mortgage loans portfolio – “Stress scenario” losses of 17% to 48% – 1980s crisis saw land value declines of ~23% Farmer Mac Uses Proven, Rigorous Underwriting Industry-leading credit requirements – Total debt coverage ratio of at least 1.25x – LTVs average 40% to 45% on mortgages purchased – Minimum borrower net equity of 50% 16 Credits are less likely to default – Focus on repayment capacity through stressed inputs – Not a “lender of last resort” – Farm Credit Administration is our safety and soundness regulator (4)

FARMER MAC Credit Consistently Outperforms 17 0.51% 0.31% 0.12%0.00% 0.50% 1.00% 1.50% 2.00% 2.50% 3.00% FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 90-Day Delinquencies Industry 90-Day Delinquencies Farmer Mac 90-Day Delinquencies (Agricultural Finance Mortgage Loans Portfolio Only) Farmer Mac 90-Day Delinquences (Total Portfolio) -0.10% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 C H A R G E -O F F S A S % O F A S S E T S Agricultural Lender Charge-off Rates Banks Farm Credit System Farmer Mac Farmer Mac Average 0.02% Farm Credit System Average 0.09% Banks Average 0.17% All Commercial Banks Loans and Leases Average 0.96% (8) (5) (6) (7) (8) (9) (10)

FARMER MAC Historical Credit Losses Agricultural Finance Mortgage Loans have historical cumulative losses of 0.10%, or less than 1bp per year • Cumulative Agricultural Finance Mortgage Loan losses of $38 million on $37 billion of cumulative Agricultural Finance Mortgage Loans historical business volume Farmer Mac has not reported any credit losses to date in any products other than Agricultural Finance Mortgage Loans 18 -$2 $0 $2 $4 $6 $8 $10 $12 1995 & Prior 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 N E T L O S S / ( G A IN ) $ IN M IL L IO N S BY YEAR OF ORIGINATION Ag Storage & Processing Crops Permanent Plantings Livestock Part-Time Farm / Rural Housing

FARMER MAC Allowance for Losses – Quarterly 19 The total allowance for losses decreased $0.6 million to $18.3 million in fourth quarter 2023 • $0.1 million provision to the allowance for the Rural Infrastructure Finance portfolio was primarily attributable to updated model assumptions in the rural infrastructure portfolio. • $0.7 million release to the allowance for the Agricultural Finance portfolio was primarily attributable to improved economic factor forecast for Farm & Ranch loans.

FARMER MAC $681 $713 $806 $863 $331 $497 $517 $589 $1,012 $1,210 $1,323 $1,452 14.2% 14.8% 14.9% 15.4% -2.0% 3.0% 8.0% 13.0% 18.0% 23.0% 28.0% 33.0% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2020 2021 2022 2023 T IE R 1 C A P IT A L R A T IO ( % ) C O R E C A P IT A L $ IN M IL L IO N S Statutory Minimum Core Capital Core Capital Amount Above Statutory Minimum Capital Tier 1 Capital Ratio Strong and Growing Equity Capital Base 20Statutory Minimum Core Capital defined as total stockholders’ equity less accumulated other comprehensive income.

Appendix

FARMER MAC • Core earnings, core earnings per share, and net effective spread are non-GAAP measures. For more information on the use of these non- GAAP measures, please see page 3. For a reconciliation of core earnings to GAAP net income attributable to common stockholders and core earnings per share to earnings per common share, and a reconciliation of net effective spread to GAAP net interest income, pl ease refer to pages 27-28 of the Appendix. • Book Value per Share excludes accumulated other comprehensive income. Key Company Metrics 23 ($ in thousands, except per share amounts) 2023 2022 2021 2020 2019 Core Earnings $171,156 $124,314 $113,570 $100,612 $93,742 Core Earnings per Diluted Share $15.65 $11.42 $10.47 $9.33 $8.70 Net Effective Spread ($) $326,980 $255,529 $220,668 $196,956 $168,608 Net Effective Spread (%) 1.18% 1.02% 0.98% 0.93% 0.91% Guarantee & Commitment Fees $18,928 $18,144 $17,533 $19,150 $21,335 Core Capital Above Statutory Minimum $589,400 $516,900 $496,800 $331,400 $196,700 Common Stock Dividends per Share $4.40 $3.80 $3.52 $3.20 $2.80 Outstanding Business Volume $28,471,024 $25,922,082 $23,614,463 $21,929,095 $21,117,942 90-Day Delinquencies 0.12% 0.17% 0.20% 0.21% 0.29% Recovery/(Credit Losses) $0 ($903) $1,054 ($5,759) ($67) Book Value per Share $89.24 $77.61 $67.37 $60.41 $54.80 Core Earnings Return on Equity 19% 16% 16% 16% 17%

FARMER MAC Equity Capital Structure 24 NYSE Ticker Dividend Yield Shares Outstanding C O M M O N S T O C K CLASS A VOTING COMMON STOCK • Ownership restricted to non-Farm Credit System financial institutions AGM.A 3.56% 1.0 million CLASS B VOTING COMMON STOCK • Ownership restricted to Farm Credit System institutions -- -- 0.5 million CLASS C NON-VOTING COMMON STOCK • No ownership restrictions AGM 2.93% 9.3 million P R E F E R R E D S T O C K SERIES C FIXED-TO-FLOATING RATE NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after July 18, 2024 • Redemption Value: $25 per share AGM.PR.C 6.000% 3.0 million SERIES D NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after July 17, 2024 • Redemption Value: $25 per share AGM.PR.D 5.700% 4.0 million SERIES E NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after July 17, 2025 • Redemption Value: $25 per share AGM.PR.E 5.750% 3.2 million SERIES F NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after October 17, 2025 • Redemption Value: $25 per share AGM.PR.F 5.250% 4.8 million SERIES G NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after July 17, 2026 • Redemption Value: $25 per share AGM.PR.G 4.875% 5.0 million • Common stock dividend annualized divided by quarter-end closing price • Par value of annual dividend for preferred stock

FARMER MAC Funding Finance asset purchases with proceeds of debt issuances • 30 dealers • Match-funding provides for stable net effective spread and immaterial interest rate risk Farmer Mac’s debt securities carry privileges for certain holders • 20% capital risk weighting • Eligible collateral for Fed advances • Legal investments for many federally supervised financial institutions (banks, etc.) 25 Debt Securities Trade at Narrow Spreads to Comparable Maturity Treasuries MATURITY (YEARS) 3 5 7 10 SPREAD TO TREASURY (AS OF DECEMBER 31, 2023) 10 bps 11 bps 33 bps 50 bps

FARMER MAC World population is expected to grow to 9.8 billion by 2050 • Arable land per person is expected to decline over 40% from 2005 to 2050 USDA projects a 75% increase in total production and consumption of major field crops in the same period • 43% increase in world population • Higher protein diets as incomes in developing countries increase Productivity would need to nearly double by 2050 to feed the world “Demand Pull” Provides Sustained Growth Opportunity 3.0 9.8 0.43 0.18 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.50 0.0 2.0 4.0 6.0 8.0 10.0 12.0 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 A R A B L E L A N D P E R C A P IT A (h e c ta re in u s e p e r p e rs o n ) W O R L D P O P U L A T IO N (i n b ill io n s ) World Population Arable Land per capita 26 (11) (12)

FARMER MAC Reconciliation of Net Income to Core Earnings 27 (in thousands) 2023 2022 2021 2020 Net income attributable to common stockholders 172,838$ 150,979$ 111,413$ 94,904$ Less reconciling items: Gains/(losses) on undesignated financial derivatives due to fair value changes 5,142 13,495 (1,430) (1,701) (Losses)/gains on hedging activities due to fair value changes (5,394) 5,343 (1,809) (4,759) Unrealized gains/(losses) on trading assets 1,979 (917) (115) 51 Amortization of premiums/discounts and deferred gains on assets consolidated at fair value 175 39 130 58 Net effects of terminations or net settlements on financial derivatives and hedging activities 227 15,794 494 1,236 Issuance costs on retirement of preferred stock - - - (1,667) Income tax effect related to reconciling items (447) (7,089) 573 1,074 Sub-total 1,682 26,665 (2,157) (5,708) Core earnings 171,156$ 124,314$ 113,570$ 100,612$ Core Earnings by Period Ended • Issuance costs on retirement of preferred stock relates to the write-off of deferred issuance costs as a result of the retirement of Series A Preferred Stock and Series B Preferred Stock.

FARMER MAC Reconciliation of Net Interest Income to Net Effective Spread 28 $ in thousands Dollars Yield Dollars Yield Dollars Yield Dollars Yield Net interest income/yield 327,547$ 1.15% 270,940$ 1.04% 221,951$ 0.94% 195,848$ 0.87% Net effects of consolidated trusts (4,171) 0.02% (4,239) 0.02% (4,864) 0.02% (6,601) 0.02% Expense related to undesignated financial derivatives (4,845) -0.02% (7,756) -0.03% 2,841 0.02% 3,468 0.02% Amortization of premiums/discounts on assets consolidated at fair value (175) 0.00% (24) 0.00% (45) 0.00% 197 0.00% Amortization of losses due to terminations or net settlements on financial derivatives and hedging activities 3,230 0.01% 2,413 0.01% 446 0.00% 120 0.00% Fair Value Changes on fair value hedge relationships 5,394 0.02% (5,805) -0.02% 339 0.00% 3,924 0.02% Net Effective Spread 326,980$ 1.18% 255,529$ 1.02% 220,668$ 0.98% 196,956$ 0.93% 2023 For the Year Ended December 31, 2022 2021 2020

FARMER MAC Resources Footnote 1: USDA Economic Research Service year end 2023 balance sheet (https://data.ers.usda.gov/reports.aspx?ID=17835). Farm Sector Assets and Farm Sector Debt values are values for 2023 from USDA Economic Research Service. Footnote 2: Eligible ag real estate mortgage market structure shown includes the forecast for outstanding unpaid principal balance of first lien ag mortgage assets for December 31, 2023. Footnote 3: USDA, Economic Research Service U.S. and State-Level Farm Income and Wealth Statistic (https://www.ers.usda.gov/data- products/farm-income-and-wealth-statistics/data-files-us-and-state-level-farm-income-and-wealth-statistics/). Footnote 4: USDA, National Agricultural Statistics Service (as of August 2015). Historic values are not necessarily predictive of future results or outcomes. Footnote 5: FDIC Call Report Data & Farm Credit Funding Corp Annual Information Statements – Non-accrual real estate loans and accruing loans that are 90 days or more past due made by commercial and Farm Credit System banks (as of December 2022). Footnote 6: Delinquencies reflect Farmer Mac’s Agricultural Finance mortgage loan portfolio 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. Footnote 7: Kansas City Federal Reserve Agriculture Finance Databook (https://www.kansascityfed.org/agriculture/agfinance -updates/). Footnote 8: Banks’ charge-off rate is a percentage of agricultural loan assets. Footnote 9: Farm Credit Banks Funding Corporation Annual Information Statements; Farm Credit System’s charge-off rate is the percentage of total loans and guarantees. Footnote 10: Farmer Mac’s charge-off rate is the percentage of total loans and guarantees. Footnote 11: USDA, Economic Research Service Global Drivers of Agricultural Demand and Supply, September 2014. Footnote 12: Food and Agriculture Organization of the United Nations, “World Agriculture Towards 2030/2050,” June 2012. 29

Cover Page	Feb. 23, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 23, 2024
Entity Registrant Name	FEDERAL AGRICULTURAL MORTGAGE CORPORATION
City Area Code	202
Local Phone Number	872-7700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity File Number	001-14951
Entity Central Index Key	0000845877
Entity Tax Identification Number	52-1578738
Entity Address, Address Line One	1999 K Street, N.W., 4th Floor,
Entity Address, Postal Zip Code	20006
Amendment Flag	false
Entity Incorporation, State or Country Code	X1
Entity Address, City or Town	Washington,
Entity Address, State or Province	DC
Entity Emerging Growth Company	false
Common Class A [Member]
Entity Information [Line Items]
Title of 12(b) Security	Class A voting common stock
Trading Symbol	AGM.A
Security Exchange Name	NYSE
Common Class C [Member]
Entity Information [Line Items]
Title of 12(b) Security	Class C non-voting common stock
Trading Symbol	AGM
Security Exchange Name	NYSE
Series C Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C
Trading Symbol	AGM.PRC
Security Exchange Name	NYSE
Series D Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.700% Non-Cumulative Preferred Stock, Series D
Trading Symbol	AGM.PRD
Security Exchange Name	NYSE
Series E Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	5.750% Non-Cumulative Preferred Stock, Series E
Trading Symbol	AGM.PRE
Security Exchange Name	NYSE
Series F Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	5.250% Non-Cumulative Preferred Stock, Series F
Trading Symbol	AGM.PRF
Security Exchange Name	NYSE
Series G Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	4.875% Non-Cumulative Preferred Stock, Series G
Trading Symbol	AGM.PRG
Security Exchange Name	NYSE