Farmer Mac is compounding a record rural-credit book with strong spread income and capital headroom, but AGM holders own non-voting common in a highly levered GSE whose thesis depends on funding access, agricultural credit quality, policy treatment and disciplined capital allocation.
References
Sources used in this report
SEC datasetSEC company tickers exchange datasetRetrieved 2026-05-14 · Issuer identity, ticker, exchange and CIK cross-check.SEC APIAGM submissions APIRetrieved 2026-05-14 · Filing chronology and latest company filings.Annual reportFY2025 Form 10-K2026-02-19 · Federal charter, business model, product set, risks, funding, liquidity, capital requirements and audited results.Quarterly reportQ1 2026 Form 10-Q2026-05-05 · Latest business volume, credit quality, capital, liquidity, debt, derivatives and risk updates.Earnings releaseQ1 2026 earnings release2026-05-05 · Record outstanding business volume, liquidity provided, net effective spread, core earnings and capital.Investor presentationQ1 2026 earnings presentation2026-05-05 · Management view of Q1 revenue, balance sheet, credit quality, capital, liquidity and non-GAAP performance.Investor presentationFY2025 equity presentation2026-02-19 · Segment mix, funding advantage, liquidity, capital base, dividend history and equity structure.Governance filing2026 proxy statement2026-04-13 · Board structure, presidential appointees, Class A and Class B voting rights, risk oversight and incentives.Company releaseSeries I preferred pricing release2026-05-12 · $100M Tier 1 capital issuance and 6.875% preferred terms.Company releaseMay 2026 dividend release2026-05-13 · Q2 2026 common and preferred dividend declarations.Regulator sourceFarm Credit Administration Farmer Mac oversight pageRetrieved 2026-05-14 · Regulator context for Farmer Mac oversight and safety-and-soundness framing.Government sourceUSDA ERS Farm Sector Income and FinancesRetrieved 2026-05-14 · Farm-sector income, debt, assets, wealth and financial condition context.