What changed in this filing

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Item 1. Financial Statements

2026-05-05 compared with 2025-11-03 · 322 added, 843 removed, 831 unchanged (58% of the section changed)

2 unchanged sentences

CONSOLIDATED BALANCE SHEETS

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in thousands)

6 unchanged sentences

Other investments

17,290 15,871

Total Investment Securities

Farmer Mac Guaranteed Securities:

Available-for-sale, at fair value (amortized cost of $ 6,042,789 and $ 5,835,658 , respectively)

18,218,995 17,550,379

Held-to-maturity, at amortized cost 1,692,601 2,717,688

Total Farmer Mac Guaranteed Securities 7,546,699 8,232,234

USDA Securities:

Trading, at fair value 456 818

Held-to-maturity, at amortized cost 2,389,180 2,370,534

Total USDA Securities 2,389,636 2,371,352

Loans held for sale, at lower of cost or fair value — 6,170

Loans held for investment, at amortized cost 14,860,528 13,877,051

16 unchanged sentences

Guarantee and commitment obligation 54,201 54,770

Accounts payable and accrued expenses 88,910 212,527

Reserve for losses 1,576 1,622

Other liabilities 145,427 153,101

Total Liabilities 35,012,225 33,651,208

10 unchanged sentences

Series H, par value $ 25 per share, 4,000,000 shares authorized, issued and outstanding

96,844 96,844

Common stock:

3 unchanged sentences

Additional paid-in capital 138,543 139,370

Accumulated other comprehensive loss, net of tax ( 5,431 ) ( 12,147 )

Accumulated other comprehensive (loss)/income, net of tax

( 15,071 ) 13,382

Retained earnings 1,074,707 1,047,347

4 unchanged sentences

CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three Months Ended For the Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

For the Three Months Ended

March 31, 2026 March 31, 2025

(in thousands, except per share amounts)

Interest income:

Investments and cash equivalents $ 93,398 $ 88,879 $ 265,691 $ 258,341

Farmer Mac Guaranteed Securities and USDA Securities 123,484 156,602 374,824 489,478

Investment securities and cash equivalents $ 203,409 $ 209,650

Loans 212,552 171,764

6 unchanged sentences

Guarantee and commitment fees 5,837 4,479

Losses on financial derivatives ( 1,062 ) ( 1,934 ) ( 3,618 ) ( 1,654 )

Losses on sale of mortgage loans

— — — ( 1,147 )

Gains on sale of available-for-sale investment securities

Release of reserve for losses

44 170 46 188

Gains/(losses) on financial derivatives 1,140 ( 2,636 )

Other income 752 1,537

9 unchanged sentences

Preferred stock dividends ( 7,291 ) ( 5,666 )

Loss on retirement of preferred stock — ( 1,619 ) — ( 1,619 )

Net income attributable to common stockholders $ 51,832 $ 43,985

5 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended For the Nine Months Ended

September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024

For the Three Months Ended

March 31, 2026 March 31, 2025

(in thousands)

1 unchanged sentence

Other comprehensive income/(loss):

Net unrealized gains on available-for-sale securities

Net unrealized (losses)/gains on available-for-sale securities

( 35,604 ) 21,762

2 unchanged sentences

( 20 ) ( 8,371 )

Other comprehensive income before tax

Other comprehensive (loss)/income before tax

( 36,016 ) 13,088

Income tax expense related to other comprehensive income

Income tax benefit/(expense) related to other comprehensive (loss)/income

7,563 ( 2,749 )

Other comprehensive income net of tax

Other comprehensive (loss)/income net of tax

( 28,453 ) 10,339

8 unchanged sentences

Balance as of December 31, 2025

Net Income — — — — — — 49,651 49,651

Other comprehensive income, net of tax — — — — — 10,339 — 10,339

Cash dividends:

Preferred stock — — — — — — ( 5,666 ) ( 5,666 )

Common stock (cash dividend of $ 1.50 per share)

20,980 $ 507,993 10,857 $ 10,857 $ 139,370 $ 13,382 $ 1,047,347 $ 1,718,949

Issuance of Class C Common Stock — — 42 42 79 — — 121

Stock-based compensation cost — — — — 3,529 — — 3,529

Other stock-based award activity — — — — ( 5,002 ) — — ( 5,002 )

Balance as of March 31, 2025 16,980 $ 411,149 10,933 $ 10,933 $ 134,500 $ ( 1,808 ) $ 970,872 $ 1,525,646

Net Income — — — — — — 59,123 59,123

5 unchanged sentences

— — — — — — ( 17,341 ) ( 17,341 )

Issuance of Class C Common Stock — — 1 1 80 — — 81

Stock-based compensation cost — — — — 1,745 — — 1,745

Other stock-based award activity — — — — ( 77 ) — — ( 77 )

Balance as of June 30, 2025 16,980 $ 411,149 10,934 $ 10,934 $ 136,248 $ ( 17,665 ) $ 1,003,641 $ 1,544,307

Net Income — — — — — — 55,003 55,003

Other comprehensive income, net of tax

— — — — — 12,234 — 12,234

Cash dividends:

Preferred stock — — — — — — ( 6,303 ) ( 6,303 )

Common stock (cash dividend of $ 1.50 per share)

Repurchase of Class C Common Stock

— — ( 47 ) ( 47 ) — — ( 7,131 ) ( 7,178 )

Issuance of Series H Preferred Stock 4,000 96,889 — — — — — 96,889

Issuance of Class C Common Stock — — 39 39 60 — — 99

1 unchanged sentence

Other stock-based award activity — — — — ( 3,891 ) — — ( 3,891 )

Balance as of September 30, 2025 20,980 $ 508,038 10,934 $ 10,934 $ 137,602 $ ( 5,431 ) $ 1,035,940 $ 1,687,083

Additional Other

Preferred Stock Common Stock Paid-In Comprehensive Retained Total

Shares Amount Shares Amount Capital Income/(Loss) Earnings Equity

(in thousands)

Balance as of March 31, 2026

20,980 $ 507,993 10,849 $ 10,849 $ 138,543 $ ( 15,071 ) $ 1,074,707 $ 1,717,021

Balance as of December 31, 2024

16,980 $ 411,149 10,891 $ 10,891 $ 135,894 $ ( 12,147 ) $ 943,239 $ 1,489,026

Net Income — — — — — — 49,651 49,651

9 unchanged sentences

Balance as of March 31, 2025

Net Income — — — — — — 47,105 47,105

Other comprehensive loss, net of tax — — — — — ( 5,023 ) — ( 5,023 )

Cash dividends:

Preferred stock — — — — — — ( 6,792 ) ( 6,792 )

Common stock (cash dividend of $ 1.40 per share)

16,980 $ 411,149 10,933 $ 10,933 $ 134,500 $ ( 1,808 ) $ 970,872 $ 1,525,646

Issuance of Class C Common Stock — — 12 12 67 — — 79

Stock-based compensation cost — — — — 1,555 — — 1,555

Other stock-based award activity — — — — ( 1,055 ) — — ( 1,055 )

Balance as of June 30, 2024 19,980 $ 484,531 10,881 $ 10,881 $ 134,143 $ ( 9,141 ) $ 880,565 $ 1,500,979

Net Income — — — — — — 49,828 49,828

Other comprehensive income, net of tax — — — — — 6,587 — 6,587

Cash dividends:

Preferred stock — — — — — — ( 5,897 ) ( 5,897 )

Common stock (cash dividend of $ 1.40 per share)

— — — — — — ( 15,238 ) ( 15,238 )

Redemption of Series C preferred stock ( 3,000 ) ( 73,382 ) — — — — — ( 73,382 )

Loss on retirement of preferred stock — — — — — — ( 1,619 ) ( 1,619 )

Issuance of Class C Common Stock — — 4 4 78 — — 82

Stock-based compensation cost — — — — 1,490 — — 1,490

Other stock-based award activity — — — — ( 486 ) — — ( 486 )

Balance as of September 30, 2024 16,980 $ 411,149 10,885 $ 10,885 $ 135,225 $ ( 2,554 ) $ 907,639 $ 1,462,344

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

1 unchanged sentence

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months Ended

September 30, 2025 September 30, 2024

For the Three Months Ended

March 31, 2026 March 31, 2025

(in thousands)

4 unchanged sentences

Net amortization of debt premiums, discounts, and issuance costs 4,509 18,053

Net change in fair value of trading securities, loans held for sale, hedged items, and financial derivatives

Net change in fair value of hedged items, financial derivatives, loans held sale, and trading securities

38,334 ( 108,740 )

(Gains)/losses on sale of mortgage loans

Gains on the sale of available-for-sale investment securities — ( 1,052 )

Losses on sale of real estate owned

Total provision for/(release of) allowance for losses 16,828 7,618

Excess tax benefits related to stock-based awards ( 624 ) 447

Deferred income taxes ( 3,466 ) ( 768 )

Total provision for allowance for losses

Stock-based compensation expense 3,004 3,529

Purchases of loans held for sale

Proceeds from sale of loans held for sale

Proceeds from repayment of loans purchased as held for sale 7,816 19,928

Purchases of tax credits

Net change in:

5 unchanged sentences

Other liabilities ( 32,598 ) 89

Net cash (used in)/provided by operating activities

Net cash provided by operating activities

92,052 ( 49,819 )

Cash flows from investing activities:

Purchases of equipment and leasehold improvements

Purchases of available-for-sale and held-to-maturity investment securities

Purchases of available-for-sale investment securities

( 904,151 ) ( 853,122 )

Purchases of held-to-maturity investment securities

( 661,823 ) ( 78,516 )

Purchases of other investment securities ( 678 ) ( 2,264 )

Purchases of Farmer Mac Guaranteed Securities and USDA Securities ( 1,021,065 ) ( 1,522,510 )

Purchases of loans held for investment ( 1,550,137 ) ( 987,524 )

Purchases of defaulted loans

Proceeds from repayment of available-for-sale investment securities

450,303 608,578

Proceeds from repayment of available-for-sale and held-to-maturity investment securities

Proceeds from repayment of held-to-maturity investment securities

384,951 338,358

Proceeds from repayment of Farmer Mac Guaranteed Securities and USDA Securities 1,819,693 2,669,746

Proceeds from repayment of loans purchased as held for investment 712,021 629,185

Proceeds from sale of real estate owned

Proceeds from sale of available-for-sale investment securities — 115,247

Proceeds from sale of loans previously classified as held for investment 6,045 5,775

Proceeds from sale of Farmer Mac Guaranteed Securities — 60,192

Net cash used in investing activities ( 1,569,514 ) ( 345,878 )

Cash flows from financing activities:

Proceeds from issuance of discount notes 56,282,365 42,829,487

Proceeds from issuance of medium-term notes 10,019,083 5,721,174

Proceeds from issuance of debt securities of consolidated trusts 286,511 283,462

Payments to redeem discount notes ( 56,746,196 ) ( 42,371,640 )

Payments to redeem medium-term notes ( 7,870,320 ) ( 5,593,883 )

Proceeds from issuance of notes payable

24,087,759 19,934,175

Payments to redeem notes payable

( 22,627,801 ) ( 19,419,950 )

Payments to third parties on debt securities of consolidated trusts ( 104,098 ) ( 67,501 )

Purchases of common stock

Proceeds from common stock issuance 60 79

Proceeds from preferred stock issuance, net of stock issuance costs 96,889 —

Tax payments related to share-based awards ( 3,852 ) ( 4,960 )

Retirement of preferred stock — ( 75,000 )

Dividends paid on common and preferred stock ( 24,632 ) ( 22,018 )

6 unchanged sentences

Non-cash activity:

Loans securitized as Farmer Mac Guaranteed Securities 41,156 85,114

Loans held for investment transferred to consolidated trusts

Loans acquired through non-cash transactions

56,920 26,023

11 unchanged sentences

Results for interim periods are not necessarily indicative of those that may be expected for the fiscal year.

Presented below are Farmer Mac's significant accounting policies that contain updated information for the three months ended March 31, 2026.

Principles of Consolidation

3 unchanged sentences

The consolidated financial statements also include the accounts of Variable Interest Entities ("VIEs") in which Farmer Mac determined itself to be the primary beneficiary.

Variable Interest Entities

As of September 30, 2025

Agricultural Finance Treasury Total

(in thousands)

On-Balance Sheet:

Consolidated VIEs:

Loans held for investment in consolidated trusts, at amortized cost $ 2,205,213 $ — $ 2,205,213

Debt securities of consolidated trusts held by third parties (1)(2)

2,089,042 — 2,089,042

Unconsolidated VIEs:

Farmer Mac Guaranteed Securities:

Carrying value 79,302 — 79,302

Maximum exposure to loss (3)

79,027 — 79,027

Investment securities:

Carrying value (4)

— 4,769,276 4,769,276

Maximum exposure to loss (3)(4)

— 4,959,042 4,959,042

Off-Balance Sheet:

The following table provides a summary of unconsolidated VIEs with which Farmer Mac has significant continuing involvement but is not the primary beneficiary.

The balances presented in the table below exclude certain transactions with unconsolidated VIEs where Farmer Mac's continuing involvement is insignificant.

Farmer Mac considers continuing involvement to be insignificant when it relates to a VIE where Farmer Mac only invests in securities issued by the VIE and where Farmer Mac was not involved in the design of the VIE or where no transfers have occurred between Farmer Mac and the VIE.

Unconsolidated VIEs

Farmer Mac Guaranteed Securities:

Maximum exposure to loss (3)(5)(6)

392,358 — 392,358

(1) Includes borrower remittances of $ 1.4 million.

The borrower remittances had not been passed through to third-party investors as of September 30, 2025.

(2) Includes $ 117.5 million in unamortized discount related to structured securitization transactions.

(3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss.

(4) Includes auction-rate certificates, government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, and other mission related investments.

(5) The Agricultural Finance amount relates to unconsolidated trusts where Farmer Mac is not the primary beneficiary, either due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause.

(6) Farmer Mac presents a liability for its obligation to stand ready under its guarantee in "Guarantee and commitment obligation" on the Consolidated Balance Sheets, which was $ 5.1 million as of September 30, 2025.

The weighted average remaining maturity of the loans underlying the guarantee was 20.9 years as of September 30, 2025.

Variable Interest Entities

As of March 31, 2026

As of December 31, 2025

Agricultural Finance Treasury Total

(in thousands)

On-Balance Sheet:

Consolidated VIEs:

Loans held for investment in consolidated trusts, at amortized cost $ 2,038,283 $ — $ 2,038,283

Debt securities of consolidated trusts held by third parties (1)(2)

1,929,628 — 1,929,628

Unconsolidated VIEs:

Farmer Mac Guaranteed Securities:

Carrying Value

Maximum exposure to loss (3)

58,985 — 58,985

Investment securities:

of Assets (2)

Carrying Value of Liabilities (3)

Carrying Value

— 4,212,258 4,212,258

Maximum exposure to loss (3)(4)

— 4,547,397 4,547,397

Off-Balance Sheet:

Unconsolidated VIEs:

of Assets (2)

Carrying Value of Liabilities (3)

(in thousands)

Farmer Mac Guaranteed Securities $ 454,899 $ 85,300 $ 4,876 $ 466,441 $ 85,791 $ 5,020

Maximum exposure to loss (3)(5)(6)

426,310 — 426,310

(1) Includes borrower remittances of $ 4.7 million.

The borrower remittances had not been passed through to third-party investors as of December 31, 2024.

(2) Includes $ 113.2 million in unamortized discount related to a structured securitization transaction.

(3) Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss.

(4) Includes auction-rate certificates, government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, and other mission related investments.

The weighted average remaining maturity of the loans underlying the guarantee was 21.2 years as of December 31, 2024.

(1) Farmer Mac uses the guaranteed portion of unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss.

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

(3) Included in Guarantee and commitment obligation and Other liabilities on our Consolidated Balance Sheets.

The weighted average remaining maturity of the loans underlying the guarantee was 20.4 years and 20.7 years as of March 31, 2026 and December 31, 2025, respectively.

(a) Earnings Per Common Share

1 unchanged sentence

Diluted earnings per common share is based on the daily weighted-average number of shares of common stock outstanding adjusted to include all potentially dilutive stock appreciation rights ("SARs") and unvested restricted stock unit awards.

The following schedule reconciles basic and diluted EPS for the three and nine months ended September 30, 2025 and 2024:

The following schedule reconciles basic and diluted EPS for the three months ended March 31, 2026 and 2025:

For the Three Months Ended

September 30, 2025 September 30, 2024

Income Weighted-Average Shares $ per

(in thousands, except per share amounts)

Net income attributable to common stockholders $ 48,700 10,934 $ 4.45 $ 42,312 10,883 $ 3.89

Effect of dilutive securities (1)

SARs and restricted stock units

— 38 ( 0.01 ) — 83 ( 0.03 )

Diluted EPS $ 48,700 10,972 $ 4.44 $ 42,312 10,966 $ 3.86

(1) For the three months ended September 30, 2025 and 2024, SARs and restricted stock units of 27,160 and 15,465 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive.

For the three months ended September 30, 2025 and 2024, contingent shares of unvested restricted stock units of 27,580 and 29,918 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met.

For the Nine Months Ended

September 30, 2025 September 30, 2024

March 31, 2026 March 31, 2025

Income Weighted-Average Shares $ per

6 unchanged sentences

Diluted EPS $ 51,832 10,922 $ 4.75 $ 43,985 10,983 $ 4.01

(1) For the nine months ended September 30, 2025 and 2024, SARs and restricted stock units of 53,955 and 36,033 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive.

For the nine months ended September 30, 2025 and 2024, contingent shares of unvested restricted stock units of 28,865 and 29,918 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met.

(1) For the three months ended March 31, 2026 and 2025, SARs and restricted stock units of 40,723 and 58,539 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because they were anti-dilutive.

For the three months ended March 31, 2026 and 2025, contingent shares of unvested restricted stock units of 10,962 and 29,507 , respectively, were outstanding but not included in the computation of diluted earnings per share of common stock because performance conditions had not yet been met.

(b) Comprehensive Income

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

The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the three and nine months ended September 30, 2025 and 2024.

As of September 30, 2025 As of September 30, 2024

Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total Available-for-Sale Securities Held-to-Maturity Securities Cash Flow Hedges Total

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

The following table presents the changes in accumulated other comprehensive income ("AOCI"), net of tax, by component for the three months ended March 31, 2026 and 2025.

As of March 31, 2026 As of March 31, 2025

AFS Securities

HTM Securities

Cash Flow Hedges Total AFS Securities HTM Securities Cash Flow Hedges Total

(in thousands)

1 unchanged sentence

Beginning Balance $ 2,811 $ ( 9,246 ) $ 19,817 $ 13,382 $ ( 37,575 ) $ ( 9,226 ) $ 34,654 $ ( 12,147 )

Other comprehensive income/(loss) before reclassifications

Other comprehensive (loss)/income before reclassifications

( 28,126 ) — 1,936 ( 26,190 ) 17,194 — ( 3,591 ) 13,603

Amounts reclassified from AOCI ( 2 ) ( 309 ) ( 1,952 ) ( 2,263 ) ( 3 ) ( 239 ) ( 3,022 ) ( 3,264 )

Net comprehensive income/(loss)

Net comprehensive (loss)/income

( 28,128 ) ( 309 ) ( 16 ) ( 28,453 ) 17,191 ( 239 ) ( 6,613 ) 10,339

Ending Balance $ ( 25,317 ) $ ( 9,555 ) $ 19,801 $ ( 15,071 ) $ ( 20,384 ) $ ( 9,465 ) $ 28,041 $ ( 1,808 )

For the Nine Months Ended :

Beginning Balance $ ( 37,575 ) $ ( 9,226 ) $ 34,654 $ ( 12,147 ) $ ( 68,447 ) $ ( 8,724 ) $ 37,026 $ ( 40,145 )

Other comprehensive income/(loss) before reclassifications 20,379 — ( 4,676 ) 15,703 49,042 — 2,755 51,797

Amounts reclassified from AOCI ( 7 ) ( 161 ) ( 8,819 ) ( 8,987 ) ( 840 ) ( 598 ) ( 12,768 ) ( 14,206 )

Net comprehensive income/(loss) 20,372 ( 161 ) ( 13,495 ) 6,716 48,202 ( 598 ) ( 10,013 ) 37,591

Ending Balance $ ( 17,203 ) $ ( 9,387 ) $ 21,159 $ ( 5,431 ) $ ( 20,245 ) $ ( 9,322 ) $ 27,013 $ ( 2,554 )

The following table presents other comprehensive income activity, the impact on net income of amounts reclassified from each component of AOCI, and the related tax impact for the three and nine months ended September 30, 2025 and 2024:

For the Three Months Ended

September 30, 2025 September 30, 2024

March 31, 2026 March 31, 2025

Before Tax Provision (Benefit) After Tax Before Tax Provision

(in thousands)

Other comprehensive income:

Available-for-sale-securities:

Unrealized holding gains on available-for-sale securities

Other comprehensive (loss)/ income:

AFS securities:

Unrealized holding (losses)/gains on AFS securities

$ ( 35,602 ) $ ( 7,476 ) $ ( 28,126 ) $ 21,766 $ 4,572 $ 17,194

3 unchanged sentences

Total $ ( 35,604 ) $ ( 7,476 ) $ ( 28,128 ) $ 21,762 $ 4,571 $ 17,191

Held-to-maturity securities:

HTM securities:

Less reclassification adjustments included in:

9 unchanged sentences

Total $ ( 20 ) $ ( 4 ) $ ( 16 ) $ ( 8,371 ) $ ( 1,758 ) $ ( 6,613 )

Other comprehensive income

$ 15,486 $ 3,252 $ 12,234 $ 8,338 $ 1,751 $ 6,587

(1) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities.

(2) Represents amortization of unrealized gain/loss reported in AOCI prior to the reclassification of certain securities from available-for-sale to held-to-maturity, which occurred at fair value.

The unrealized gain/loss will be amortized over the securities' remaining life with no impact on future net income.

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

For the Nine Months Ended

September 30, 2025 September 30, 2024

Before Tax Provision (Benefit) After Tax Before Tax Provision

(in thousands)

Other comprehensive income:

Available-for-sale-securities:

Unrealized holding gains on available-for-sale securities

$ 25,797 $ 5,418 $ 20,379 $ 62,079 $ 13,037 $ 49,042

Less reclassification adjustments included in:

Gains on sale of available-for-sale investment securities (1)

— — — ( 1,052 ) ( 221 ) ( 831 )

Other income (2)

( 8 ) ( 1 ) ( 7 ) ( 12 ) ( 3 ) ( 9 )

Total $ 25,789 $ 5,417 $ 20,372 $ 61,015 $ 12,813 $ 48,202

Held-to-maturity securities:

Less reclassification adjustments included in:

Net interest income (3)

$ ( 204 ) $ ( 43 ) $ ( 161 ) $ ( 757 ) $ ( 159 ) $ ( 598 )

Total $ ( 204 ) $ ( 43 ) $ ( 161 ) $ ( 757 ) $ ( 159 ) $ ( 598 )

Cash flow hedges

Unrealized (losses)/gains on cash flow hedges

$ ( 5,920 ) $ ( 1,244 ) $ ( 4,676 ) $ 3,488 $ 733 $ 2,755

Less reclassification adjustments included in:

Net interest income (4)

( 11,163 ) ( 2,344 ) ( 8,819 ) ( 16,163 ) ( 3,395 ) ( 12,768 )

Total $ ( 17,083 ) $ ( 3,588 ) $ ( 13,495 ) $ ( 12,675 ) $ ( 2,662 ) $ ( 10,013 )

Other comprehensive income

Other comprehensive (loss)/income

$ ( 36,016 ) $ ( 7,563 ) $ ( 28,453 ) $ 13,088 $ 2,749 $ 10,339

(1) Represents unrealized gains and losses on sales of available-for-sale securities.

(2) Represents amortization of deferred gains related to certain available-for-sale USDA Securities and Farmer Mac Guaranteed USDA Securities.

(3) Represents amortization of unrealized gain/loss reported in AOCI prior to the reclassification of certain securities from available-for-sale to held-to-maturity, which occurred at fair value.

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

(2) Represents amortization of unrealized gain/loss reported in AOCI prior to the reclassification of certain securities from AFS to HTM, which occurred at fair value.

The unrealized gain/loss will be amortized over the securities' remaining life with no impact on future net income.

1 unchanged sentence

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

Recently Adopted Accounting Guidance

Date of Adoption

Effect on Consolidated Financial Statements

ASU 2023-09 , Income Taxes (Topic 740):

Improvements to Income Tax Disclosures

The Update provides guidance on improvements to annual income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction.

Additionally, public entities must provide a separate disclosure for any reconciling item that meets a quantitative threshold.

ASU 2023-09 is effective for annual periods beginning after December 15, 2024.

The amendments should be applied on either a prospective or retrospective basis.

Early adoption is permitted.

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

ASU 2025-09 , Derivatives and Hedging (Topic 815):

Hedge Accounting Improvements

ASU 2025-09 amends ASC 815 to align hedge accounting more closely with the economics of an entity's risk management practices.

Among other things, key amendments include:

similar risk assessment for cash flow hedges, hedging interest payments on choose-your-rate debt, cash flow hedges of nonfinancial forecasted transactions, and net written options as hedging instruments.

January 1, 2026 Farmer Mac adopted the new standard on a prospective basis.

The adoption of this amendment did not have a material impact on Farmer Mac's financial position, results of operations, or cash flows.

See Note 3 to the financial statements.

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

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

ASU 2024-03 , Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis.

This Update requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis.

ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted.

ASU 2025-06 , Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350-40):

Targeted Improvements to the Accounting for Internal-Use Software

The Update amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40.

This Update amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40.

It removes all references to "development stages" and establishes new criteria to be met for the entity to begin capitalizing software costs.

1 unchanged sentence

ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted.

ASU 2025-08 , Financial Instruments - Credit Losses (Topic 326):

Purchased Loans

This Update expands the scope of the "gross-up" approach from applicable only to purchased credit-deteriorated ("PCD") assets to include financial assets acquired without credit deterioration and deemed "seasoned." Non-PCD loans are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans.

Under this model, an allowance for expected credit losses is recognized at acquisition, offsetting the loan's amortized cost basis, thereby eliminating the day-one credit-loss expense previously required for non-PCD assets.

ASU 2025-08 is effective for annual periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted.

ASU 2025-11 , Interim Reporting (Topic 270):

Narrow-Scope Improvements

This Update clarifies interim disclosure requirements, including providing a comprehensive list of interim disclosure requirements under U.S.

GAAP and a disclosure principle that requires entities to disclose events since the last annual reporting period that have a material impact on the entity.

ASU 2025-11 is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted.

(d) Reclassifications

2 unchanged sentences

INVESTMENT SECURITIES

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

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

Liquidity Investments:

Government guaranteed securities:

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

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

• Government-sponsored enterprise ("GSE") guaranteed securities:

single-family and multi-family mortgage-backed securities issued by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac).

single-family and multi-family MBS issued by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac).

GSE securities are not guaranteed by the U.S.

1 unchanged sentence

sovereign debt issued by the United States of America.

The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of September 30, 2025 and December 31, 2024:

As of September 30, 2025

Amount Outstanding Unamortized Premium/(Discount) Amortized

Program Investments:

• AgVantage Securities:

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

• USDA Securities:

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

• Asset-backed Securities ("ABS"):

consist of senior secured notes supported by cash flows from underlying operating rural infrastructure assets.

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

As of March 31, 2026

Allowance for losses (2)

Gains Unrealized

Losses Fair Value

(in thousands)

Available-for-sale:

Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ ( 21 ) $ — $ ( 197 ) $ 19,482

Floating rate Government/GSE guaranteed mortgage-backed securities 2,326,063 ( 1,423 ) 2,324,640 — 1,669 ( 12,459 ) 2,313,850

Fixed rate Government/GSE guaranteed mortgage-backed securities

2,967,739 ( 68,095 ) 2,899,644 — 28,975 ( 82,498 ) 2,846,121

Fixed rate U.S.

Treasuries 1,477,292 ( 6,499 ) 1,470,793 — 6,028 ( 328 ) 1,476,493

Total available-for-sale 6,790,794 ( 76,017 ) 6,714,777 ( 21 ) 36,672 ( 95,482 ) 6,655,946

Held-to-maturity:

Floating rate Government/GSE guaranteed mortgage-backed securities (3)

Government/GSE guaranteed MBS

$ 5,549,969 $ — $ 22,954 $ ( 96,089 ) $ 5,476,834

Total held-to-maturity $ 8,815 $ — $ 8,815 $ — $ 286 $ — $ 9,101

(1) Amounts presented exclude $ 30.9 million of accrued interest receivable on investment securities as of September 30, 2025.

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

Amount excludes unrealized losses relating to non-credit factors.

(3) The held-to-maturity investment securities had a weighted average yield of 6.4 % as of September 30, 2025.

As of December 31, 2024

Amount Outstanding Unamortized Premium/(Discount) Amortized

Allowance for losses (2)

Gains Unrealized

Losses Fair Value

(in thousands)

Available-for-sale:

Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,700 $ — $ 19,700 $ ( 27 ) $ — $ ( 197 ) $ 19,476

Floating rate Government/GSE guaranteed mortgage-backed securities 2,317,032 ( 841 ) 2,316,191 — 3,484 ( 13,950 ) 2,305,725

Fixed rate Government/GSE guaranteed mortgage-backed securities

1,612,868 — 2,338 ( 2,416 ) 1,612,790

Fixed rate U.S.

Treasuries 1,302,677 ( 10,743 ) 1,291,934 — 2,604 ( 4,692 ) 1,289,846

Total available-for-sale 6,183,545 ( 78,429 ) 6,105,116 ( 27 ) 9,514 ( 161,589 ) 5,953,014

Held-to-maturity:

Floating rate Government/GSE guaranteed mortgage-backed securities (3)

45,000 — — ( 414 ) 44,586

Total held-to-maturity $ 9,270 $ — $ 9,270 $ — $ 270 $ — $ 9,540

(1) Amounts presented exclude $ 22.3 million of accrued interest receivable on investment securities as of December 31, 2024.

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

Amount excludes unrealized losses relating to non-credit factors.

(3) The held-to-maturity investment securities had a weighted average yield of 6.4 % as of December 31, 2024.

Farmer Mac did no t sell any securities from its available-for-sale or held-to-maturity investment portfolios during the three and nine months ended September 30, 2025.

During the nine months ended September 30, 2024, Farmer Mac sold floating rate government/GSE guaranteed mortgage-backed securities for $ 115.2 million from its available-for-sale investment portfolio, resulting in a gain of $ 1.1 million.

These sales were done to rebalance the liquidity investment portfolio given the lower level of business volume activity while demonstrating that the portfolio provides strong contingent liquidity.

As of September 30, 2025 and December 31, 2024, unrealized losses on available-for-sale investment securities were as follows:

As of September 30, 2025

Available-for-Sale Securities

Unrealized loss position for

less than 12 months Unrealized loss position for

more than 12 months

Fair Value Unrealized

Loss Fair Value Unrealized

(dollars in thousands)

Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,482 $ ( 197 )

Floating rate Government/GSE guaranteed mortgage-backed securities 543,325 ( 1,394 ) 998,973 ( 11,065 )

Fixed rate Government/GSE guaranteed mortgage-backed securities 155,569 ( 3,392 ) 998,254 ( 79,106 )

Fixed rate U.S.

Treasuries 35,047 ( 8 ) 243,217 ( 320 )

Total $ 733,941 $ ( 4,794 ) $ 2,259,926 $ ( 90,688 )

Number of securities in loss position 61 164

As of December 31, 2024

Available-for-Sale Securities

Unrealized loss position for

less than 12 months Unrealized loss position for

more than 12 months

Fair Value Unrealized

Loss Fair Value Unrealized

(dollars in thousands)

Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,476 $ ( 197 )

Floating rate Government/GSE guaranteed mortgage-backed securities 269,862 ( 420 ) 1,025,360 ( 13,530 )

Fixed rate Government/GSE guaranteed mortgage-backed securities 999,793 ( 17,682 ) 946,166 ( 125,068 )

Fixed rate U.S.

Treasuries 590,307 ( 4,375 ) 58,523 ( 317 )

Total $ 1,859,962 $ ( 22,477 ) $ 2,049,525 $ ( 139,112 )

Number of securities in loss position 90 155

The unrealized losses presented above are principally due to a general widening of market spreads and changes in the levels of interest rates from the dates of acquisition to September 30, 2025 and December 31, 2024, as applicable.

The resulting decrease in fair values reflects an increase in the perceived risk by the financial markets related to those securities.

As of both September 30, 2025 and December 31, 2024, all of the investment securities in an unrealized loss position either were backed by the full faith and credit of the U.S.

government, a GSE, or had credit ratings of at least "AAA."

Securities in unrealized loss positions for 12 months or longer have a fair value as of September 30, 2025 that is, on average, approximately 96.1 % of their amortized cost basis.

Farmer Mac believes that all of these unrealized losses are recoverable within a reasonable period of time by way of maturity, changes in credit spread, or changes in levels of interest rates.

The amortized cost, fair value, and weighted-average yield of available-for-sale investment securities by remaining contractual maturity as of September 30, 2025 are set forth below.

Asset-backed and mortgage-backed securities are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets.

As of September 30, 2025

Available-for-Sale Securities

Cost Fair Value Weighted-

(dollars in thousands)

Due within one year $ 876,565 $ 877,887 4.05 %

Due after one year through five years 2,267,630 2,272,750 4.14 %

Due after five years through ten years 2,540,002 2,481,095 3.80 %

Due after ten years 1,030,580 1,024,214 4.79 %

Total $ 6,714,777 $ 6,655,946 4.10 %

FARMER MAC GUARANTEED SECURITIES AND USDA SECURITIES

The following tables set forth information about on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities as of September 30, 2025 and December 31, 2024:

As of September 30, 2025

Unpaid Principal Balance Unamortized Premium/(Discount) Amortized

Allowance for losses (2)

Gains Unrealized

Losses Fair Value

(in thousands)

Available-for-sale:

AgVantage 7,054,127 ( 138 ) 16,355 ( 241,585 ) 6,828,759

Farmer Mac Guaranteed Securities (3)

Interest-Only Farmer Mac Guaranteed Securities 7,879 — 274 — 8,153

$ 14,269,843 $ ( 138 ) $ 41,921 $ ( 340,504 ) $ 13,971,122

Total available-for-sale $ 6,034,583 $ 8,206 $ 6,042,789 $ ( 138 ) $ 27,520 $ ( 216,073 ) $ 5,854,098

Held-to-maturity:

Government/GSE guaranteed MBS

$ 8,497 $ — $ 204 $ — $ 8,701

AgVantage 1,723,852 ( 69 ) 11,616 ( 10,897 ) 1,724,502

Farmer Mac Guaranteed USDA Securities 70,821 23 70,844 — 1,484 ( 516 ) 71,812

Total Farmer Mac Guaranteed Securities 1,717,884 ( 25,155 ) 1,692,729 ( 128 ) 10,640 ( 9,091 ) 1,694,150

USDA Securities 2,498,303 — 4,403 ( 180,040 ) 2,322,666

Total held-to-maturity $ 4,090,200 $ ( 8,291 ) $ 4,081,909 $ ( 128 ) $ 27,806 $ ( 166,277 ) $ 3,943,310

USDA Securities (4)

$ 4,230,652 $ ( 69 ) $ 16,223 $ ( 190,937 ) $ 4,055,869

(1) Amounts presented exclude $ 60.3 million and $ 48.5 million of accrued interest receivable on available-for-sale and held-to-maturity securities, respectively, as of September 30, 2025.

(1) Excludes $ 98.1 million and $ 45.1 million of accrued interest receivable on AFS and HTM securities, respectively, as of March 31, 2026.

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

Amount excludes unrealized losses relating to non-credit factors.

(3) The fair value of $ 8.5 million relates to an interest-only security with a notional amount of $ 210.2 million.

(4) The trading USDA securities had a weighted average yield of 5.47 % as of September 30, 2025.

As of December 31, 2025

Unpaid Principal Balance Unamortized Premium/(Discount) Amortized

Allowance for losses (2)

Gains Unrealized

Losses Fair Value

(in thousands)

Available-for-sale:

Government/GSE guaranteed MBS

$ 5,351,174 $ — $ 35,078 $ ( 89,234 ) $ 5,297,018

Treasuries 1,537,112 — 7,083 ( 48 ) 1,544,147

AgVantage 6,917,225 ( 130 ) 29,056 ( 215,234 ) 6,730,917

Farmer Mac Guaranteed Securities (3)

Interest-Only Farmer Mac Guaranteed Securities 8,040 — 163 — 8,203

$ 13,813,551 $ ( 130 ) $ 71,380 $ ( 304,516 ) $ 13,580,285

Total available-for-sale $ 5,826,948 $ 8,710 $ 5,835,658 $ ( 236 ) $ 6,600 $ ( 327,476 ) $ 5,514,546

Held-to-maturity:

Government/GSE guaranteed MBS

$ 8,657 $ — $ 281 $ — $ 8,938

AgVantage 1,486,284 ( 77 ) 16,444 ( 3,731 ) 1,498,920

Farmer Mac Guaranteed USDA Securities 50,275 27 50,302 — 246 ( 1,220 ) 49,328

Total Farmer Mac Guaranteed Securities 2,744,767 ( 26,901 ) 2,717,866 ( 178 ) 6,224 ( 22,812 ) 2,701,100

USDA Securities 2,459,359 — 5,851 ( 179,116 ) 2,286,094

Total held-to-maturity $ 5,096,101 $ ( 7,701 ) $ 5,088,400 $ ( 178 ) $ 6,404 $ ( 281,002 ) $ 4,813,624

USDA Securities (4)

$ 3,954,300 $ ( 77 ) $ 22,576 $ ( 182,847 ) $ 3,793,952

(1) Amounts presented exclude $ 57.5 million and $ 59.8 million of accrued interest receivable on available-for-sale and held-to-maturity securities, respectively, as of December 31, 2024.

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

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

Amount excludes unrealized losses relating to non-credit factors.

(3) The fair value of $ 9.0 million relates to an interest-only security with a notional amount of $ 228.0 million.

(4) The trading USDA securities had a weighted average yield of 5.47 % as of December 31, 2024.

As of September 30, 2025 and December 31, 2024, unrealized losses on available-for-sale and held-to-maturity on-balance sheet Farmer Mac Guaranteed Securities and USDA Securities were as follows:

As of September 30, 2025

Available-for-Sale and Held-to-Maturity Securities

As of March 31, 2026 and December 31, 2025, to satisfy initial margin requirements for centrally cleared derivatives, Farmer Mac pledged U.S.

Treasuries with fair value of $ 260.4 million and $ 250.6 million, respectively.

Farmer Mac did not sell any securities from its AFS or HTM investment portfolios during the three months ended March 31, 2026 and 2025.

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

As of March 31, 2026

AFS Securities

Unrealized loss position for

3 unchanged sentences

Loss Fair Value Unrealized

(in thousands)

Available-for-sale:

AgVantage $ 446,255 $ ( 3,745 ) $ 3,438,088 $ ( 212,328 )

Total available-for-sale $ 446,255 $ ( 3,745 ) $ 3,438,088 $ ( 212,328 )

Held-to-maturity:

(dollars in thousands)

Government/GSE guaranteed MBS

$ 1,134,042 $ ( 4,373 ) $ 2,242,621 $ ( 91,716 )

578,053 ( 2,304 ) 95,452 ( 112 )

44,586 ( 414 ) — —

AgVantage 2,681,993 ( 34,283 ) 2,956,448 ( 207,302 )

Farmer Mac Guaranteed USDA Securities — — 38,360 ( 516 )

USDA Securities — — 1,789,302 ( 157,186 )

Total held-to-maturity $ 588,063 $ ( 3,345 ) $ 2,367,391 $ ( 162,932 )

$ 4,438,674 $ ( 41,374 ) $ 5,294,521 $ ( 299,130 )

As of December 31, 2025

Available-for-Sale and Held-to-Maturity Securities

AFS Securities

Unrealized loss position for

3 unchanged sentences

Loss Fair Value Unrealized

(in thousands)

Available-for-sale:

AgVantage $ 1,152,227 $ ( 12,889 ) $ 3,649,845 $ ( 314,587 )

Total available-for-sale $ 1,152,227 $ ( 12,889 ) $ 3,649,845 $ ( 314,587 )

Held-to-maturity:

(dollars in thousands)

Government/GSE guaranteed MBS

$ 799,619 $ ( 4,695 ) $ 2,008,388 $ ( 84,539 )

29,902 ( 13 ) 95,270 ( 35 )

AgVantage 1,607,457 ( 18,768 ) 3,123,117 ( 196,466 )

Farmer Mac Guaranteed USDA Securities 30,912 ( 529 ) 8,070 ( 691 )

USDA Securities 8,938 ( 164 ) 2,099,695 ( 258,026 )

Total held-to-maturity $ 1,038,050 $ ( 4,019 ) $ 3,295,229 $ ( 276,983 )

The unrealized losses presented above are principally due to changes in interest rates from the date of acquisition to September 30, 2025 and December 31, 2024, as applicable.

The credit exposure related to Farmer Mac's USDA Securities and Farmer Mac Guaranteed USDA Securities in the Agricultural Finance line of business is covered by the full faith and credit guarantee of the United States of America.

The unrealized losses from AgVantage securities were on 51 and 66 available-for-sale securities as of September 30, 2025 and December 31, 2024, respectively.

There were 22 and 45 held-to-maturity AgVantage securities with an unrealized loss as of September 30, 2025 and December 31, 2024, respectively.

As of September 30, 2025 and December 31, 2024, 48 and 54 available-for-sale AgVantage securities had been in a loss position for more than 12 months, respectively.

As of September 30, 2025 and December 31, 2024, there were 17 and 26 held-to-maturity AgVantage securities, respectively, in a loss position for more than 12 months.

During the three and nine months ended September 30, 2025 and 2024, Farmer Mac had no sales of Farmer Mac Guaranteed Securities or USDA Securities, therefore, Farmer Mac realized no gains or losses.

The amortized cost, fair value, and weighted-average yield of available-for-sale and held-to-maturity securities by remaining contractual maturity as of September 30, 2025 are set forth below.

The balances presented are based on their contractual maturities, although the actual maturities may differ due to prepayments of the underlying assets.

As of September 30, 2025

Available-for-Sale Securities

Fair Value Weighted-

Total $ 2,436,978 $ ( 23,476 ) $ 5,226,775 $ ( 281,040 )

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

The amortized cost, fair value, and weighted-average yield of AFS and HTM investment securities by remaining contractual maturity as of March 31, 2026 are set forth below.

ABS and MBS are included based on their final maturities, although the actual maturities may differ due to prepayments of the underlying assets.

As of March 31, 2026

AFS Securities

Weighted-Average

(dollars in thousands)

4 unchanged sentences

Total $ 14,269,843 $ 13,971,122 3.88 %

(1) Amounts presented exclude $ 60.3 million of accrued interest receivable.

As of September 30, 2025

Held-to-Maturity Securities

Fair Value Weighted-

(1) Excludes $ 98.1 million of accrued interest receivable.

As of March 31, 2026

HTM Securities

Weighted-Average

(dollars in thousands)

4 unchanged sentences

Total $ 4,230,652 $ 4,055,869 4.16 %

(1) Amounts presented exclude $ 48.5 million of accrued interest receivable.

(1) Excludes $ 45.1 million of accrued interest receivable.

FINANCIAL DERIVATIVES

Farmer Mac enters into financial derivative transactions to protect against risk from the effects of market price, or interest rate movements, on the value of certain assets, future cash flows, or debt issuance, and not for trading or speculative purposes.

Certain financial derivatives are designated as fair value hedges of fixed rate assets, classified as available-for-sale, to protect against fair value changes in the assets related to changes in a benchmark interest rate (e.g., Secured Overnight Financing Rate ("SOFR")).

Certain other financial derivatives are designated as cash flow hedges to mitigate the volatility of future interest rate payments on floating rate debt.

Certain financial derivatives are not designated in hedge accounting relationships.

Farmer Mac manages the interest rate risk related to loans it has committed to acquire, but has not yet permanently funded, primarily through the use of futures contracts involving U.S.

Treasury securities.

Farmer Mac aims to achieve a duration-matched hedge ratio between the hedged item and the hedge instrument.

Gains or losses generated by these hedge transactions are expected to offset changes in funding costs.

All financial derivatives are recorded on the balance sheet at fair value as a freestanding asset or liability.

The following tables summarize information related to Farmer Mac's financial derivatives on a gross basis without giving consideration to master netting arrangements.

The table below includes accrued interest on cleared swaps, but excludes $ 23.1 million and $ 15.8 million of accrued interest receivable and $ 3.7 million and $ 4.9 million of accrued interest payable on uncleared swaps as of September 30, 2025 and December 31, 2024, respectively.

The table below includes accrued interest on cleared swaps, but excludes $ 32.9 million and $ 24.2 million of accrued interest receivable and $ 1.8 million and $ 2.4 million of accrued interest payable on uncleared swaps as of March 31, 2026 and December 31, 2025, respectively.

The aforementioned accrued interest on uncleared swaps is included within Accrued Interest Receivable and Accrued Interest Payable on the consolidated balance sheets.

As of September 30, 2025

As of March 31, 2026

Fair Value Weighted-

49 unchanged sentences

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

As of September 30, 2025, Farmer Mac expects to reclassify $ 7.2 million after-tax from accumulated other comprehensive income to earnings over the next twelve months related to cash flow hedges.

This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges after September 30, 2025.

The following tables summarize the net income/(expense) recognized in the Consolidated Statements of Operations related to derivatives for the three and nine months ended September 30, 2025 and 2024:

For the Three Months Ended September 30, 2025

As of March 31, 2026, Farmer Mac expects to reclassify $ 6.9 million after-tax from accumulated other comprehensive income to earnings over the next twelve months related to cash flow hedges.

This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges after March 31, 2026.

The following tables summarize the net income/(expense) recognized in the Consolidated Statements of Operations related to derivatives for the three months ended March 31, 2026, and 2025:

For the Three Months Ended March 31, 2026

Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives

Net Interest Income Non-Interest Income Total

Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Losses on financial derivatives

Interest Income Investments and Cash Equivalents Interest Income Loans Total Interest Expense Gains/(losses) on financial derivatives

(in thousands)

16 unchanged sentences

Expense recognized on cash flow hedges $ — $ — $ ( 2,166 ) $ — $ ( 2,166 )

Losses on financial derivatives not designated in hedging relationships:

Gains on interest rate swaps

Gains/(losses) on financial derivatives not designated in hedging relationships:

Losses on interest rate swaps

$ — $ — $ — $ ( 961 ) $ ( 961 )

1 unchanged sentence

Treasury futures — — — 1,132 1,132

Losses on financial derivatives not designated in hedge relationships

$ — $ — $ — $ — $ ( 1,062 ) $ ( 1,062 )

For the Three Months Ended September 30, 2024

Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives

Net Interest Income Non-Interest Income Total

Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Losses on financial derivatives

(in thousands)

Total amounts presented in the Consolidated Statement of Operations:

$ 88,879 $ 156,602 $ 162,247 $ ( 320,937 ) $ ( 1,934 ) $ 84,857

Income/(expense) related to interest settlements on fair value hedging relationships:

Recognized on derivatives 10,774 39,127 17,878 ( 69,433 ) — ( 1,654 )

Recognized on hedged items 11,476 54,513 17,544 ( 106,154 ) — ( 22,621 )

Premium/discount amortization recognized on hedged items

Gains/(losses) on financial derivatives not designated in hedge relationships

$ — $ — $ — $ 1,140 $ 1,140

Income/(expense) related to interest settlements on fair value hedging relationships $ 22,873 $ 93,640 $ 35,422 $ ( 176,275 ) $ — $ ( 24,340 )

Gains/(losses) on fair value hedging relationships:

Recognized on derivatives $ ( 60,799 ) $ ( 189,698 ) $ ( 98,464 ) $ 212,027 $ — $ ( 136,934 )

Recognized on hedged items 60,915 189,141 98,015 ( 210,932 ) — 137,139

Gains/(losses) on fair value hedging relationships $ 116 $ ( 557 ) $ ( 449 ) $ 1,095 $ — $ 205

Expense related to interest settlements on cash flow hedging relationships:

Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 5,338 $ — $ 5,338

Recognized on hedged items — — — ( 7,918 ) — ( 7,918 )

Discount amortization recognized on hedged items — — — ( 14 ) — ( 14 )

Expense recognized on cash flow hedges $ — $ — $ — $ ( 2,594 ) $ — $ ( 2,594 )

Losses on financial derivatives not designated in hedge relationships:

Losses on interest rate swaps $ — $ — $ — $ — $ ( 1,310 ) $ ( 1,310 )

Interest expense on interest rate swaps — — — — ( 858 ) ( 858 )

Treasury futures — — — — 234 234

Losses on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ ( 1,934 ) $ ( 1,934 )

For the Nine Months Ended September 30, 2025

For the Three Months Ended March 31, 2025

Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives

Net Interest Income Non-Interest Income Total

Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Losses on financial derivatives

Interest Income Investments and Cash Equivalents Interest Income Loans Total Interest Expense Losses on financial derivatives

(in thousands)

16 unchanged sentences

Expense recognized on cash flow hedges $ — $ — $ ( 2,520 ) $ — $ ( 2,520 )

Losses on financial derivatives not designated in hedging relationships:

Losses on financial derivatives not designated in hedge relationships:

Losses on interest rate swaps

4 unchanged sentences

$ — $ — $ — $ ( 2,636 ) $ ( 2,636 )

For the Nine Months Ended September 30, 2024

Net Income/(Expense) Recognized in Consolidated Statement of Operations on Derivatives

Net Interest Income Non-Interest Income Total

Interest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA Securities Interest Income Loans Total Interest Expense Losses on financial derivatives

(in thousands)

Total amounts presented in the Consolidated Statement of Operations:

$ 258,341 $ 489,478 $ 459,932 $ ( 947,252 ) $ ( 1,654 ) $ 258,845

Income/(expense) related to interest settlements on fair value hedging relationships:

Recognized on derivatives 31,479 118,593 53,554 ( 229,642 ) — ( 26,016 )

Recognized on hedged items 31,734 158,869 50,847 ( 319,876 ) — ( 78,426 )

Premium/discount amortization recognized on hedged items

1,555 — — ( 2,156 ) — ( 601 )

Income/(expense) related to interest settlements on fair value hedging relationships $ 64,768 $ 277,462 $ 104,401 $ ( 551,674 ) $ — $ ( 105,043 )

Gains/(losses) on fair value hedging relationships:

Recognized on derivatives $ ( 29,549 ) $ ( 101,186 ) $ ( 37,096 ) $ 188,182 $ — $ 20,351

Recognized on hedged items 30,032 101,890 38,842 ( 185,304 ) — ( 14,540 )

Gains/(losses) on fair value hedging relationships $ 483 $ 704 $ 1,746 $ 2,878 $ — $ 5,811

Expense related to interest settlements on cash flow hedging relationships:

Interest settlements reclassified from AOCI into net income on derivatives $ — $ — $ — $ 16,162 $ — $ 16,162

Recognized on hedged items — — — ( 24,023 ) — ( 24,023 )

Discount amortization recognized on hedged items — — — ( 42 ) — ( 42 )

Expense recognized on cash flow hedges $ — $ — $ — $ ( 7,903 ) $ — $ ( 7,903 )

Losses on financial derivatives not designated in hedge relationships:

Losses on interest rate swaps $ — $ — $ — $ — $ ( 581 ) $ ( 581 )

Interest expense on interest rate swaps — — — — ( 1,379 ) ( 1,379 )

Treasury futures — — — — 306 306

Losses on financial derivatives not designated in hedge relationships $ — $ — $ — $ — $ ( 1,654 ) $ ( 1,654 )

The following table shows the carrying amount and associated cumulative basis adjustment related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships as of September 30, 2025 and December 31, 2024:

Hedged Items in Fair Value Relationship

Carrying Amount of Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustments included in the Carrying Amount of the Hedged Assets/(Liabilities)

September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025

(in thousands)

1 unchanged sentence

$ 7,999,738 $ 7,818,278 $ ( 265,878 ) $ ( 235,989 )

Farmer Mac Guaranteed Securities, Available-for-Sale, at fair value (2)

5,817,102 5,478,484 ( 168,323 ) ( 307,358 )

Loans held for investment, at amortized cost 2,427,133 2,278,212 ( 333,449 ) ( 331,315 )

1 unchanged sentence

( 12,641,440 ) ( 11,837,713 ) 41,224 ( 6,690 )

(1) Amortized cost of $ 1.8 billion and $ 1.6 billion as of September 30, 2025 and December 31, 2024, respectively.

(2) Amortized cost of $ 6.0 billion and $ 5.8 billion as of September 30, 2025 and December 31, 2024, respectively.

(1) Amortized cost of $ 8.3 billion and $ 8.0 billion as of March 31, 2026 and December 31, 2025, respectively.

(2) Carrying amount represents amortized cost.

The following tables present the fair value of financial assets and liabilities, based on the terms of Farmer Mac's master netting arrangements as of September 30, 2025 and December 31, 2024:

September 30, 2025

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

March 31, 2026

Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1)

11 unchanged sentences

(2) Any over-collateralization at an individual clearing agent and/or counterparty level is not included in the determination of the net amount.

As of September 30, 2025, Farmer Mac had additional net exposure of $ 232.9 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position and $ 15.5 million due to instances where Farmer Mac's collateral from a counterparty exceeded the net derivative position.

As of March 31, 2026, Farmer Mac had additional net exposure of $ 255.9 million due to instances where Farmer Mac's collateral to a counterparty exceeded the net derivative position and $ 8.6 million due to instances where Farmer Mac's collateral from a counterparty exceeded the net derivative position.

December 31, 2025

Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet Gross Amounts Not Offset in the Consolidated Balance Sheet

Gross Amount Recognized Gross Amounts offset in the Consolidated Balance Sheet Net Amount Presented in the Consolidated Balance Sheet (1)

Gross Amounts Not Offset in the Consolidated Balance Sheet

Netting Adjustments Financial instruments pledged Cash Collateral Net Amount (2)

6 unchanged sentences

Total $ ( 23,143 ) $ 1,631 $ ( 21,512 ) $ 15,601 $ — $ 2,093 $ ( 3,818 )

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

(2) Any over-collateralization at an individual clearing agent and/or counterparty level is not included in the determination of the net amount.

2 unchanged sentences

Any investment securities posted as collateral are included in the investment securities balances on the Consolidated Balance Sheets.

If Farmer Mac had breached certain provisions of the derivative contracts as of September 30, 2025 or December 31, 2024, it could have been required to settle its obligations under the agreements, but would not have been required to post additional collateral.

As of September 30, 2025 and December 31, 2024, there were no financial derivatives in a net payable position where Farmer Mac was required to pledge collateral which the counterparty had the right to sell or repledge.

Of Farmer Mac's $ 24.6 billion notional amount of interest rate swaps outstanding as of September 30, 2025, $ 19.0 billion were cleared through the swap clearinghouse, the Chicago Mercantile Exchange ("CME").

If Farmer Mac had breached certain provisions of the derivative contracts as of March 31, 2026 or December 31, 2025, it could have been required to settle its obligations under the agreements, but would not have been required to post additional collateral.

As of March 31, 2026 and December 31, 2025, there were no financial derivatives in a net payable position where Farmer Mac was required to pledge collateral which the counterparty had the right to sell or repledge.

Of Farmer Mac's $ 26.5 billion notional amount of interest rate swaps outstanding as of March 31, 2026, $ 19.2 billion were cleared through the Chicago Mercantile Exchange ("CME").

Of Farmer Mac's $ 25.5 billion notional amount of interest rate swaps outstanding as of December 31, 2025, $ 19.4 billion were cleared through the CME.

Farmer Mac classifies loans as either held for investment or held for sale.

Loans held for investment are recorded at the unpaid principal balance, net of unamortized premium or discount and other cost basis adjustments.

Loans held for sale are reported at the lower of cost or fair value determined on a pooled basis.

Under the Agricultural Finance line of business, Farmer Mac has two segments – Farm & Ranch and Corporate AgFinance.

The segments are characterized by similarities in risk attributes and the manner in which Farmer Mac monitors and assesses credit risk.

The following table includes loans held for investment and loans held for sale and displays the composition of the loan balances as of September 30, 2025 and December 31, 2024:

As of September 30, 2025 As of December 31, 2024

Farmer Mac monitors and assesses credit risk for each segment, recognizing the different credit risk profiles within each segment.

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

As of March 31, 2026 As of December 31, 2025

Unsecuritized In Consolidated Trusts Total Unsecuritized In Consolidated Trusts Total

13 unchanged sentences

Allowance for Losses

The following table is a summary, by asset type, of the allowance for losses as of September 30, 2025 and December 31, 2024:

September 30, 2025 December 31, 2024

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

March 31, 2026 December 31, 2025

Allowance for Losses Allowance for Losses

3 unchanged sentences

Corporate AgFinance 6,421 6,631

Total Agricultural Finance loans

18,262 10,511

Infrastructure Finance loans 21,175 21,754

Total $ 39,920 $ 37,785

The following is a summary of the changes in the allowance for losses for the three and nine months ended September 30, 2025 and 2024:

September 30, 2025 September 30, 2024

The following is a summary of the changes in the allowance for losses for the three months ended March 31, 2026 and 2025:

For the Three Months Ended

March 31, 2026 March 31, 2025

Agricultural Finance loans Infrastructure

Finance loans (3)

Agricultural Finance loans Infrastructure

Total Agricultural Finance loans Infrastructure

Finance loans (3)

1 unchanged sentence

Corporate AgFinance (2)

Total Farm & Ranch (1)

Farm & Ranch (1)

Corporate AgFinance (2)

7 unchanged sentences

Ending Balance $ 12,324 $ 6,421 $ 21,175 $ 39,920 $ 5,071 $ 6,298 $ 13,687 $ 25,056

For the Nine Months Ended

Beginning Balance $ 5,132 $ 5,379 $ 10,511 $ 12,712 $ 3,936 $ 2,948 $ 6,884 $ 9,147

Provision for/(release of) losses

8,410 4,252 12,662 4,366 997 6,763 7,760 203

Charge-offs ( 4,083 ) ( 3,180 ) ( 7,263 ) — ( 101 ) ( 3,942 ) ( 4,043 ) —

1,675 677 2,352 — — — — —

Ending Balance $ 11,134 $ 7,128 $ 18,262 $ 17,078 $ 4,832 $ 5,769 $ 10,601 $ 9,350

(1) As of September 30, 2025 and 2024, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $ 2.3 million and $ 1.2 million allowance for collateral dependent assets secured by agricultural real estate, respectively.

(2) As of September 30, 2025 and 2024, the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $ 1.0 million and $ 1.1 million allowance for collateral dependent assets secured by agricultural real estate, respectively.

(3) As of both September 30, 2025 and 2024, the allowance for losses for Infrastructure Finance loans includes no allowance for collateral dependent assets.

The $ 6.9 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the quarter ended September 30, 2025 consisted of:

• $ 3.3 million related to estimated decreases in land values of specific properties affected by ground water issues in California;

• $ 4.9 million related to increased loss estimates on certain agricultural storage and processing substandard loans;

• $ 1.0 million related to increases in loan volume.

These increases to the provision were partially offset by recoveries of $ 2.2 million related to permanent planting loans that were previously charged off.

During third quarter 2025, we charged off $ 4.4 million attributable to the amount that we deemed uncollectible related to three borrowers.

The $ 0.7 million net provision to the allowance for the Infrastructure Finance portfolio during the quarter ended September 30, 2025 was primarily attributable to net volume growth and a credit downgrade on a single borrower within Broadband Infrastructure, partially offset by improved economic forecasts.

The $ 12.7 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the nine months ended September 30, 2025 was primarily attributable to the factors noted above, along with credit downgrades and net volume growth.

The $ 4.4 million net provision to the allowance for the Infrastructure Finance portfolio during the nine months ended September 30, 2025 was primarily attributable to net volume growth and credit downgrades.

The $ 1.5 million net provision to the allowance for the Infrastructure Finance portfolio during the quarter ended September 30, 2024 was primarily attributable to net volume growth.

The $ 1.9 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the quarter ended September 30, 2024 was primarily attributable to risk rating downgrades.

The $ 0.2 million net provision to the allowance for the Infrastructure Finance portfolio during the nine months ended September 30, 2024 was primarily attributable to net volume growth.

The $ 7.8 million net provision to the allowance for the Agricultural Finance mortgage loan portfolio during the nine months ended September 30, 2024 was primarily attributable to credit downgrades related to two permanent planting borrower relationships and other risk rating downgrades.

The following table presents the unpaid principal balances by delinquency status of Farmer Mac's loans and non-performing assets as of September 30, 2025 and December 31, 2024:

As of September 30, 2025

(1) As of March 31, 2026 and 2025, the allowance for losses for Agricultural Finance Farm & Ranch loans includes $ 3.1 million and $ 0.7 million allowance for collateral dependent assets ("CDA") secured by agricultural real estate, respectively.

(2) As of March 31, 2026 and 2025 the allowance for losses for Agricultural Finance Corporate AgFinance loans includes $ 0.0 million and $ 1.0 million allowance for CDA secured by agricultural real estate, respectively.

(3) As of March 31, 2026 and 2025 the allowance for losses for Infrastructure Finance loans includes $ 5.2 million and $ 0.0 million allowance for CDA.

The $ 4.3 million provision to the allowance during the three months ended March 31, 2026 is primarily attributed to new volume growth across all of our segments and portfolio credit migration.

The $ 0.8 million and $ 1.0 million net provision to the allowance for the Agricultural Finance mortgage loan and Infrastructure Finance loan portfolios during the three months ended March 31, 2025 was primarily attributable to net new business volume.

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

As of March 31, 2026

Current 30-59 Days 60-89 Days 90 Days and Greater

8 unchanged sentences

(1) Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on the recorded investment of the loan.

(2) Primarily consists of loans in consolidated trusts with beneficial interests owned by third parties (single-class) that are 90 days or more past due.

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

(3) Includes $ 58.6 million of nonaccrual loans for which there was no associated allowance.

During the three and nine months ended September 30, 2025, Farmer Mac received $ 1.9 million and $ 5.0 million in interest on nonaccrual loans, respectively.

During the three months ended March 31, 2026, Farmer Mac received $ 3.6 million in interest on nonaccrual loans.

As of December 31, 2025

9 unchanged sentences

(1) Current loan amounts are presented based on contractual unpaid principal balance, while past due loan amounts are presented based on the recorded investment of the loan.

(2) Includes loans in consolidated trusts with beneficial interests owned (single-class) by third parties that are 90 days or more past due.

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

2 unchanged sentences

Credit Quality Indicators

The following tables present credit quality indicators related to Agricultural Finance mortgage loans and Infrastructure Finance loans held as of September 30, 2025 and December 31, 2024, by year of origination:

As of September 30, 2025

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

As of March 31, 2026

Year of Origination:

9 unchanged sentences

Total $ 662,281 $ 1,720,991 $ 1,021,071 $ 496,648 $ 989,824 $ 3,520,074 $ 457,883 $ 8,868,772

For the Three Months Ended September 30, 2025:

Current period charge-offs $ — $ — $ — $ — $ 721 $ 522 $ — $ 1,243

For the Nine Months Ended September 30, 2025:

For the Three Months Ended March 31, 2026:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

2 unchanged sentences

(3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

As of September 30, 2025

As of March 31, 2026

Year of Origination:

9 unchanged sentences

Total $ 61,448 $ 338,161 $ 183,857 $ 129,515 $ 57,801 $ 441,289 $ 290,700 $ 1,502,771

For the Three Months Ended September 30, 2025:

Current period charge-offs $ — $ — $ — $ — $ 3,180 $ — $ — $ 3,180

For the Nine Months Ended September 30, 2025:

For the Three Months Ended March 31, 2026:

Current period charge-offs $ — $ — $ — $ — $ — $ 1,828 $ 347 $ 2,175

2 unchanged sentences

(3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

As of September 30, 2025

As of March 31, 2026

Year of Origination:

9 unchanged sentences

Total $ 397,335 $ 1,815,223 $ 1,235,560 $ 615,748 $ 525,755 $ 1,812,847 $ 831,547 $ 7,234,015

For the Three Months Ended September 30, 2025:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

For the Nine Months Ended September 30, 2025:

For the Three Months Ended March 31, 2026:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

14 unchanged sentences

Total $ 1,753,112 $ 1,075,523 $ 515,419 $ 1,029,518 $ 1,506,921 $ 2,140,373 $ 463,882 $ 8,484,748

For the Three Months Ended September 30, 2024:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

For the Nine Months Ended September 30, 2024:

For the Three Months Ended March 31, 2025:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

14 unchanged sentences

Total $ 364,140 $ 193,774 $ 133,359 $ 58,073 $ 141,291 $ 320,396 $ 249,658 $ 1,460,691

For the Three Months Ended September 30, 2024:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

For the Nine Months Ended September 30, 2024:

For the Three Months Ended March 31, 2025:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

14 unchanged sentences

Total $ 1,652,127 $ 1,238,560 $ 625,284 $ 571,170 $ 175,962 $ 1,668,596 $ 829,382 $ 6,761,081

For the Three Months Ended September 30, 2024:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

For the Nine Months Ended September 30, 2024:

For the Three Months Ended March 31, 2025:

Current period charge-offs $ — $ — $ — $ — $ — $ — $ — $ —

2 unchanged sentences

(3) Substandard assets have a well-defined weakness or weaknesses and there is a distinct possibility that some loss will be sustained if deficiencies are not corrected.

Loan Modifications to Borrowers Experiencing Financial Difficulty

As a part of our loss mitigation activities, Farmer Mac may agree to the modify the contractual terms of loans to borrowers experiencing financial difficulty.

These modifications generally include payment deferrals, capitalization of interest, and extensions of maturities.

During the three months ended March 31, 2026 and 2025, within Agricultural Finance - Farm & Ranch loans, Farmer Mac modified loans to borrowers experiencing financial difficulty with aggregate unpaid principal balances of $ 18.1 million and $ 6.7 million, respectively.

These amounts represented approximately 0.20 % and 0.09 % of the total Farm & Ranch loan portfolio for each respective year.

There were no modifications to borrowers experiencing financial difficulty within the Agricultural Finance - Corporate AgFinance loans portfolio during the three months ended March 31, 2026 and 2025.

During the three months ended March 31, 2026, within Infrastructure Finance loans, Farmer Mac modified loans to borrowers experiencing financial difficulty with aggregate unpaid principal balances of $ 13.2 million, which represented approximately 0.18 % of the Infrastructure Finance loans portfolio.

There were no modifications to borrowers experiencing financial difficulty within the Infrastructure Finance loans portfolio during the three months ended March 31, 2025.

GUARANTEES AND COMMITMENTS

Farmer Mac has recorded a liability for its obligation to stand ready under our Long-Term Standby Purchase Commitments ("LTSPCs") in the guarantee and commitment obligation on the consolidated balance sheets.

Farmer Mac has recorded a liability for its obligation to stand ready under Farmer Mac's long-term standby purchase commitments ("LTSPCs") in the guarantee and commitment obligation on the consolidated balance sheets.

The following table presents Farmer Mac's liability, the maximum principal amount of potential undiscounted future payments that Farmer Mac could be requested to make under all LTSPCs (excluding offsets from recourse provisions, third-party recoveries, or loan collateral), the weighted-average remaining maturity of loans underlying LTSPCs, and the amount of the reserve for losses for the periods indicated:

As of September 30, 2025 As of December 31, 2024

As of March 31, 2026 As of December 31, 2025

(dollars in thousands)

7 unchanged sentences

Discount notes generally have original maturities of 1 year or less, whereas medium-term notes generally have original maturities of 0.5 years to 25.0 years.

The following tables set forth information related to Farmer Mac's borrowings as of September 30, 2025 and December 31, 2024:

September 30, 2025

Outstanding as of September 30

The following tables set forth information related to Farmer Mac's borrowings as of March 31, 2026 and December 31, 2025:

March 31, 2026

Outstanding as of March 31

Average Outstanding During the Quarter

37 unchanged sentences

Total $ 30,822,570

The maximum amount of Farmer Mac's discount notes outstanding at any month end during each of the nine months ended September 30, 2025 and 2024 was $ 2.1 billion and $ 2.3 billion, respectively.

Callable medium-term notes give Farmer Mac the option to redeem the debt at par value on a specified call date or at any time on or after a specified call date.

The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2025 as of September 30, 2025:

Debt Callable in 2025 as of September 30, 2025, by Maturity

The maximum amount of Farmer Mac's discount notes outstanding at any month end during the three months ended March 31, 2026 and 2025 was $ 2.2 billion and $ 2.1 billion, respectively.

Callable medium‑term notes give Farmer Mac the option to redeem the debt at par value on specified call dates or, depending on the instrument, periodically on or after a specified call date.

The following table summarizes by maturity date the amounts and costs for Farmer Mac debt callable in 2026 as of March 31, 2026:

Debt Callable in 2026 as of March 31, 2026, by Maturity

Amount Weighted-Average Rate

6 unchanged sentences

Total $ 6,224,786 3.35 %

The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of September 30, 2025, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date:

The following schedule summarizes the earliest interest rate reset date, or debt maturities, of total borrowings outstanding as of March 31, 2026, including callable and non-callable medium-term notes, assuming callable notes are redeemed at the initial call date:

Earliest Interest Rate Reset Date, or Debt Maturities, of Borrowings Outstanding

9 unchanged sentences

Total principal net of discounts $ 32,277,532 3.59 %

During the nine months ended September 30, 2025 and 2024, Farmer Mac called $ 1.7 billion and $ 1.2 billion of callable medium-term notes, respectively.

During the three months ended March 31, 2026 and 2025, Farmer Mac called $ 843.1 million and $ 488.5 million of callable medium-term notes, respectively.

Authority to Borrow from the U.S.

Farmer Mac's statutory charter authorizes it, upon satisfying certain conditions, to borrow up to $ 1.5 billion from the U.S.

Farmer Mac's statutory Charter authorizes it to borrow up to $ 1.5 billion from the U.S.

Treasury through the issuance of debt obligations to the U.S.

1 unchanged sentence

Treasury may be used solely to fulfill Farmer Mac's guarantee obligations.

The Charter provides that the U.S.

Treasury is required to purchase debt obligations up to the authorized limit if Farmer Mac certifies that:

• a portion of the guarantee fees have been set aside as a reserve against losses arising from guarantee activities in an amount determined by Farmer Mac's board of directors to be necessary and such reserve has been exhausted;

• the proceeds of the purchase of such obligations are needed to fulfill Farmer Mac's guarantee obligations.

Any debt obligations issued by Farmer Mac under this authority would bear interest at a rate determined by the U.S.

Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States as of the last day of the last calendar month ending before the date of the purchase of the

obligations from Farmer Mac.

The Charter requires Farmer Mac to repurchase any of its debt obligations held by the U.S.

Treasury within a reasonable time.

As of September 30, 2025, Farmer Mac had not used this borrowing authority.

During each of the first, second, and third quarters 2025, Farmer Mac paid a quarterly dividend of $ 1.50 per share on all classes of its common stock.

As of March 31, 2026, Farmer Mac had not used this borrowing authority.

During the first quarter 2026, Farmer Mac paid a quarterly dividend of $ 1.60 per share on all classes of its common stock.

For each quarter in 2025, Farmer Mac paid a quarterly dividend of $ 1.50 per share on all classes of its common stock.

Preferred Stock

In August 2025, Farmer Mac issued 4.0 million shares of 6.500 % non-cumulative perpetual Series H preferred stock, par value $ 25.00 per share.

Farmer Mac incurred direct costs of $ 3.1 million related to the issuance of the Series H preferred stock.

The dividend rate on the Series H preferred stock will remain at a non-cumulative, fixed rate of 6.500 % per year, when, as, and if a dividend is declared by the Board of Directors of Farmer Mac, for so long as the Series H preferred stock remains outstanding.

The Series H preferred stock has no maturity date, but Farmer Mac has the option to redeem the preferred stock at any time on any dividend payment date on and after October 17, 2030.

On August 5, 2025, Farmer Mac's board of directors revised the terms of the company's share repurchase program to increase the total authorized amount of repurchases from the then remaining $ 9.8 million to $ 50.0 million, and to extend the expiration date of the program to August 5, 2027.

During first quarter 2026, Farmer Mac repurchased 47,319 shares of Class C non-voting common stock at a cost of approximately $ 7.1 million.

As of March 31, 2026, $ 30.0 million remain available for repurchase under the program.

Capital Requirements

Farmer Mac is required to comply with the higher of the minimum capital requirement and the risk-based capital requirement.

As of both September 30, 2025 and December 31, 2024, the minimum capital requirement was greater than the risk-based capital requirement.

As of both March 31, 2026 and December 31, 2025, the minimum capital requirement was greater than the risk-based capital requirement.

Farmer Mac's ability to declare and pay dividends could be restricted if it fails to comply with applicable capital requirements.

As of September 30, 2025, Farmer Mac's minimum capital requirement was $ 969.1 million and its core capital level was $ 1.7 billion, which was $ 723.4 million above the minimum capital requirement as of that date.

As of December 31, 2024, Farmer Mac's minimum capital requirement was $ 917.6 million and its core capital level was $ 1.5 billion, which was $ 583.5 million above the minimum capital requirement as of that date.

As of March 31, 2026, Farmer Mac's minimum capital requirement was $ 1.1 billion and its core capital level was $ 1.7 billion, which was $ 663.2 million above the minimum capital requirement as of that date.

As of December 31, 2025, Farmer Mac's minimum capital requirement was $ 1.0 billion and its core capital level was $ 1.7 billion, which was $ 677.7 million above the minimum capital requirement as of that date.

In accordance with a rule of the Farm Credit Administration ("FCA") on Farmer Mac's capital planning, and as part of Farmer Mac's capital plan, Farmer Mac 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) and imposing restrictions on Tier 1-eligible dividends and any discretionary bonus payments in the event that this capital falls below specified thresholds.

1 unchanged sentence

Fair Value Classification and Transfers

The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value:

Assets and Liabilities Measured at Fair Value as of September 30, 2025

The following tables present information about Farmer Mac's assets and liabilities measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, respectively, and indicate the fair value hierarchy of the valuation techniques used by Farmer Mac to determine such fair value:

Assets and Liabilities Measured at Fair Value as of March 31, 2026

Level 1 Level 2 Level 3 (1)

1 unchanged sentence

Investment Securities:

Available-for-sale:

Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,482 $ 19,482

Floating rate Government/GSE guaranteed mortgage-backed securities — 2,313,850 — 2,313,850

Fixed rate Government/GSE guaranteed mortgage-backed securities

Government/GSE guaranteed MBS

$ — $ 5,476,834 $ — $ 5,476,834

Fixed rate U.S.

Treasuries 1,476,493 — — 1,476,493

Total Available-for-sale Investment Securities 1,476,493 5,159,971 19,482 6,655,946

Farmer Mac Guaranteed Securities:

Available-for-sale:

1,612,790 — — 1,612,790

— — 44,586 44,586

AgVantage — — 6,828,759 6,828,759

Farmer Mac Guaranteed Securities — — 8,456 8,456

Total Farmer Mac Guaranteed Securities — — 5,854,098 5,854,098

USDA Securities:

Trading — — 456 456

Total USDA Securities — — 456 456

Interest-Only Farmer Mac Guaranteed Securities

— — 8,153 8,153

Total AFS Investment Securities

1,612,790 5,476,834 6,881,498 13,971,122

Financial derivatives 304 15,177 — 15,481

Guarantee Asset — — 5,049 5,049

Other Assets (2)

— — 4,867 4,867

Total Assets at fair value $ 1,613,094 $ 5,492,011 $ 6,886,365 $ 13,991,470

2 unchanged sentences

(1) Level 3 assets represent 19 % of total assets and 49 % of financial instruments measured at fair value.

(2) Represents a retained beneficial interest related to transfers of financial assets.

Assets and Liabilities Measured at Fair Value as of December 31, 2025

2 unchanged sentences

Investment Securities:

Available-for-sale:

Floating rate auction-rate certificates backed by Government guaranteed student loans $ — $ — $ 19,476 $ 19,476

Floating rate Government/GSE guaranteed mortgage-backed securities — 2,305,725 — 2,305,725

Fixed rate Government/GSE guaranteed mortgage-backed securities

Government/GSE guaranteed MBS

$ — $ 5,297,018 $ — $ 5,297,018

Fixed rate U.S.

Treasuries 1,289,846 — — 1,289,846

Total Available-for-sale Investment Securities 1,289,846 4,643,692 19,476 5,953,014

Farmer Mac Guaranteed Securities:

Available-for-sale:

1,544,147 — — 1,544,147

AgVantage — — 6,730,917 6,730,917

Farmer Mac Guaranteed Securities — — 9,015 9,015

Total Farmer Mac Guaranteed Securities — — 5,514,546 5,514,546

USDA Securities:

Trading — — 818 818

Total USDA Securities — — 818 818

Loans held for sale, at lower of cost or fair value — 6,160 — 6,160

Interest-Only Farmer Mac Guaranteed Securities

— — 8,203 8,203

Total AFS Investment Securities

1,544,147 5,297,018 6,739,120 13,580,285

Financial derivatives 154 44,721 — 44,875

Guarantee Asset — — 5,382 5,382

Other Assets (2)

— — 4,897 4,897

Total Assets at fair value $ 1,544,301 $ 5,341,739 $ 6,744,017 $ 13,630,057

2 unchanged sentences

(1) Level 3 assets represent 19 % of total assets and 49 % of financial instruments measured at fair value.

There were no material assets or liabilities measured at fair value on a non-recurring basis as of September 30, 2025 or December 31, 2024.

(2) Represents a retained beneficial interest related to transfers of financial assets.

There were no material assets or liabilities measured at fair value on a non-recurring basis as of March 31, 2026 or December 31, 2025.

Transfers in and/or out of the different levels within the fair value hierarchy are based on the fair values of the assets and liabilities as of the beginning of the reporting period.

During the three and nine months ended September 30, 2025 and 2024, there were no transfers within the fair value hierarchy.

During the three months ended March 31, 2026 and 2025, there were no transfers within the fair value hierarchy.

The following tables present additional information about assets and liabilities measured at fair value on a recurring basis for which Farmer Mac has used significant unobservable inputs to determine fair value.

Net transfers in and/or out of Level 3 are based on the fair values of the assets and liabilities as of the beginning of the reporting period.

There were no liabilities measured at fair value using significant unobservable inputs during the three and nine months ended September 30, 2025 and 2024.

Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2025

There were no liabilities measured at fair value using significant unobservable inputs during the three months ended March 31, 2026 and 2025.

Level 3 Assets and Liabilities Measured at Fair Value For the Three Months Ended March 31, 2026

Beginning Balance Purchases Settlements Allowance for Losses Realized and

unrealized gains/(losses) included

Unrealized gains

unrealized (losses)/gains included in Income

Unrealized (losses)/gains

included in Other

3 unchanged sentences

Investment Securities:

Available-for-sale:

Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,475 $ — $ — $ 7 $ — $ — $ 19,482

Total available-for-sale 19,475 — — 7 — — 19,482

Farmer Mac Guaranteed Securities:

Available-for-sale:

$ — $ 45,000 $ — $ — $ ( 18 ) $ ( 396 ) $ 44,586

Farmer Mac Guaranteed Securities 8,613 — ( 164 ) — — 7 8,456

Total available-for-sale 5,731,503 350,000 ( 249,680 ) 53 19,290 2,932 5,854,098

USDA Securities:

Trading 560 — ( 109 ) — 5 — 456

Total USDA Securities 560 — ( 109 ) — 5 — 456

Guarantee and commitment obligations:

Guarantee Asset 5,141 — ( 84 ) — ( 8 ) — 5,049

Total Guarantee and commitment obligations 5,141 — ( 84 ) — ( 8 ) — 5,049

6,730,917 350,000 ( 213,096 ) ( 8 ) ( 21,495 ) ( 17,559 ) 6,828,759

Interest-Only Farmer Mac Guaranteed Securities

8,203 — ( 160 ) — — 110 8,153

6,739,120 395,000 ( 213,256 ) ( 8 ) ( 21,513 ) ( 17,845 ) 6,881,498

Other Assets 4,897 — ( 83 ) — 53 — 4,867

Total Assets at fair value $ 6,744,017 $ 395,000 $ ( 213,339 ) $ ( 8 ) $ ( 21,460 ) $ ( 17,845 ) $ 6,886,365

Level 3 Assets and Liabilities Measured at Fair Value for the Three Months Ended September 30, 2024

Level 3 Assets and Liabilities Measured at Fair Value For the Three Months Ended March 31, 2025

Beginning Balance Purchases Settlements Allowance for Losses Realized and

6 unchanged sentences

Investment Securities:

Available-for-sale:

Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,478 $ — $ — $ — $ — $ — $ 19,478

Total available-for-sale 19,478 — — — — — 19,478

Farmer Mac Guaranteed Securities:

Available-for-sale:

AgVantage 5,389,841 400,000 ( 215,855 ) 44 189,191 ( 10,836 ) 5,752,385

Farmer Mac Guaranteed Securities 9,310 — ( 176 ) — — 172 9,306

Total available-for-sale 5,399,151 400,000 ( 216,031 ) 44 189,191 ( 10,664 ) 5,761,691

USDA Securities:

Trading 1,026 — ( 198 ) — 14 — 842

Total USDA Securities 1,026 — ( 198 ) — 14 — 842

Guarantee and commitment obligations:

Guarantee Asset 5,559 — ( 86 ) — 83 — 5,556

Total Guarantee and commitment obligations 5,559 — ( 86 ) — 83 — 5,556

Total Assets at fair value $ 5,425,214 $ 400,000 $ ( 216,315 ) $ 44 $ 189,288 $ ( 10,664 ) $ 5,787,567

Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 30, 2025

Beginning Balance Purchases Settlements Allowance for Losses Realized and

unrealized gains/(losses) included

Unrealized losses

included in Other

Comprehensive

Ending Balance

(in thousands)

Investment Securities:

Available-for-sale:

Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,476 $ — $ — $ 6 $ — $ — $ 19,482

Total available-for-sale 19,476 — — 6 — — 19,482

Farmer Mac Guaranteed Securities:

Available-for-sale:

Auction-rate certificates backed by Government guaranteed student loans

$ 19,476 $ — $ — $ — $ — $ ( 123 ) $ 19,353

Farmer Mac Guaranteed Securities 9,015 — ( 504 ) — — ( 55 ) 8,456

Total available-for-sale 5,514,546 750,000 ( 542,869 ) 98 139,168 ( 6,845 ) 5,854,098

USDA Securities:

Trading 818 — ( 381 ) — 19 — 456

Total USDA Securities 818 — ( 381 ) — 19 — 456

Guarantee and commitment obligations:

Guarantee Asset 5,382 — ( 255 ) — ( 78 ) — 5,049

Total Guarantee and commitment obligations 5,382 — ( 255 ) — ( 78 ) — 5,049

Total Assets at fair value $ 5,540,222 $ 750,000 $ ( 543,505 ) $ 104 $ 139,109 $ ( 6,845 ) $ 5,879,085

Level 3 Assets and Liabilities Measured at Fair Value for the Nine Months Ended September 30, 2024

Beginning Balance Purchases Settlements Allowance for Losses Realized and

unrealized gains/(losses) included

Unrealized gains

included in Other

Comprehensive

Ending Balance

(in thousands)

Investment Securities:

Available-for-sale:

Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,082 $ — $ — $ 2 $ — $ 394 $ 19,478

Total available-for-sale 19,082 — — 2 — 394 19,478

Farmer Mac Guaranteed Securities:

Available-for-sale:

AgVantage 5,505,531 300,000 ( 275,854 ) 50 82,066 2,719 5,614,512

Farmer Mac Guaranteed Securities 9,767 — ( 523 ) — — 62 9,306

Total available-for-sale 5,532,479 675,000 ( 561,166 ) 100 102,036 13,242 5,761,691

USDA Securities:

Trading 1,241 — ( 414 ) — 15 — 842

Total USDA Securities 1,241 — ( 414 ) — 15 — 842

Guarantee and commitment obligations:

Guarantee Asset 5,831 — ( 256 ) — ( 19 ) — 5,556

Total Guarantee and commitment obligations 5,831 — ( 256 ) — ( 19 ) — 5,556

Interest-Only Farmer Mac Guaranteed Securities

9,015 — ( 174 ) — — 31 8,872

5,534,022 300,000 ( 276,028 ) 50 82,066 2,627 5,642,737

Other Assets 5,382 — ( 86 ) — 1 — 5,297

Total Assets at fair value $ 5,539,404 $ 300,000 $ ( 276,114 ) $ 50 $ 82,067 $ 2,627 $ 5,648,034

The following tables present additional information about the significant unobservable inputs, such as discount rates and constant prepayment rates ("CPR"), used in the fair value measurements categorized in Level 3 of the fair value hierarchy as of September 30, 2025 and December 31, 2024:

As of September 30, 2025

As of March 31, 2026

Financial Instruments Fair Value Valuation Technique Unobservable Input Range (Weighted-Average)

1 unchanged sentence

Investment securities:

Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,482 Indicative bids Range of broker quotes 99.0 % - 99.0 % ( 99.0 %)

Farmer Mac Guaranteed Securities:

$ 44,586 Discounted cash flow Discount rate 7.6 % - 7.6 % ( 7.6 %)

AgVantage $ 6,828,759 Discounted cash flow Discount rate 4.5 % - 7.8 % ( 4.7 %)

Farmer Mac Guaranteed Securities $ 8,456 Discounted cash flow Discount rate 4.5 %

USDA Securities $ 456 Discounted cash flow Discount rate 4.9 % - 5.1 % ( 4.9 %)

CPR 11 % - 13 % ( 12 %)

Guarantee Asset $ 5,049 Discounted cash flow Discount rate 4.5 %

Interest-Only Farmer Mac Guaranteed Securities $ 8,153 Discounted cash flow Discount rate 7.4 %

Other Assets $ 4,867 Discounted cash flow Discount rate 7.4 %

As of December 31, 2025

2 unchanged sentences

Investment securities:

Floating rate auction-rate certificates backed by Government guaranteed student loans $ 19,476 Indicative bids Range of broker quotes 99.0 % - 99.0 % ( 99.0 %)

Farmer Mac Guaranteed Securities:

AgVantage $ 6,730,917 Discounted cash flow Discount rate 4.3 % - 4.9 % ( 4.5 %)

Farmer Mac Guaranteed Securities $ 9,015 Discounted cash flow Discount rate 7.9 %

USDA Securities $ 818 Discounted cash flow Discount rate 5.3 % - 5.4 % ( 5.3 %)

CPR 12 % - 12 % ( 12 %)

Guarantee Asset $ 5,382 Discounted cash flow Discount rate 7.9 %

The significant unobservable input used in the fair value measurements of AgVantage securities is the discount rate commensurate with the risks involved.

Typically, significant increases (decreases) in this input in isolation may result in materially lower (higher) fair value measurements.

Generally, in a rising interest rate environment, Farmer Mac would expect average discount rates to increase.

Conversely, in a declining interest rate environment, Farmer Mac would expect average discount rates to decrease.

CPR are not presented in the table above for AgVantage securities because they generally have fixed maturity dates when the secured general obligations are due and do not prepay.

Interest-Only Farmer Mac Guaranteed Securities $ 8,203 Discounted cash flow Discount rate 7.8 %

Other Assets $ 4,897 Discounted cash flow Discount rate 7.8 %

Disclosures on Fair Value of Financial Instruments

The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of September 30, 2025 and December 31, 2024:

As of September 30, 2025 As of December 31, 2024

Fair Value Carrying

Amount Fair Value Carrying

The following table sets forth the estimated fair values and carrying values for financial assets, liabilities, and guarantees and commitments as of March 31, 2026 and December 31, 2025:

As of March 31, 2026

Carrying Value

Quoted Prices in Active Markets for Identical Assets

Significant Other Observable Inputs

Significant Unobservable Inputs

Estimated Fair Value

(in thousands)

2 unchanged sentences

Investment securities

Farmer Mac Guaranteed Securities 7,548,248 7,546,699 8,215,646 8,232,234

USDA Securities 2,249,616 2,389,636 2,113,342 2,371,352

Loans 15,297,680 15,361,990 12,924,604 13,204,638

18,218,995 1,612,790 5,476,834 10,954,657 18,044,281

17,211,635 — — 17,229,987 17,229,987

Financial derivatives

15,481 304 15,177 — 15,481

Guarantee and commitment fees receivable 56,941 — — 62,487 62,487

4 unchanged sentences

Guarantee and commitment obligations 54,201 — — 59,748 59,748

The carrying value of cash and cash equivalents is a reasonable estimate of their approximate fair value and is classified as Level 1.

The fair value of investments in U.S.

Treasuries are valued based on unadjusted quoted prices in active markets and are classified as Level 1.

A significant portion of Farmer Mac's investment portfolio is valued using a reputable nationally recognized third-party pricing service.

The prices obtained are non-binding and generally representative of recent market trades and are classified as Level 2.

Farmer Mac internally models the fair value of its loan portfolio, including loans held for investment and loans held for investment in consolidated trusts, Farmer Mac Guaranteed Securities, and USDA Securities by discounting the projected cash flows of these instruments at projected interest rates.

The fair values are based on the present value of expected cash flows using management's best estimate of certain key assumptions, which include prepayment speeds, forward yield curves and discount rates commensurate with the risks involved.

These fair value measurements do not take into consideration the fair value of the underlying property and are classified as Level 3.

Financial derivatives primarily are valued using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments) and are classified as Level 2.

The fair value of the guarantee fees receivable/obligation and debt securities of consolidated trusts are estimated based on the present value of expected future cash flows of the underlying mortgage assets using management's best estimate of certain key assumptions, which include prepayments speeds, forward yield curves, and discount rates commensurate with the risks involved and are classified as Level 3.

Notes payable are valued by discounting the expected cash flows of these instruments using a yield curve derived from market prices observed for similar agency securities and are also classified as Level 3.

Because the cash flows of Farmer Mac's financial instruments may be interest rate path dependent, estimated fair values and projected discount rates for Level 3 financial instruments are derived using a

Monte Carlo simulation model.

Different market assumptions and estimation methodologies could significantly affect estimated fair value amounts.

As of December 31, 2025

Carrying Value

Quoted Prices in Active Markets for Identical Assets

Significant Other Observable Inputs

Significant Unobservable Inputs

Estimated Fair Value

(in thousands)

Financial Assets:

Cash and cash equivalents $ 931,067 $ 931,067 — — $ 931,067

Investment securities

17,550,379 1,544,147 5,297,018 10,548,943 17,390,108

16,321,276 — — 16,342,149 16,342,149

Financial derivatives

44,875 154 44,721 — 44,875

Guarantee and commitment fees receivable 57,214 — — 63,677 63,677

Financial liabilities:

Notes payable 30,822,570 — — 30,489,417 30,489,417

Debt securities of consolidated trusts held by third parties 2,365,435 — — 2,420,149 2,420,149

Financial derivatives 21,618 15 21,603 — 21,618

Guarantee and commitment obligations 54,770 — — 61,234 61,234

BUSINESS SEGMENT REPORTING

Farmer Mac has seven reportable segments:

Farm & Ranch, Corporate AgFinance, Power & Utilities, Broadband Infrastructure, Renewable Energy, Funding, and Investments.

The Farm & Ranch segment includes the financial results of the USDA Securities portfolio, Farm & Ranch loans, and AgVantage securities secured by Farm & Ranch loans.

The Corporate AgFinance segment includes loans and AgVantage securities to larger and more complex farming operations, agribusinesses focused on food and fiber processing, and other supply chain production.

The Power & Utilities segment includes loans to rural electric generation and transmission cooperatives and distribution cooperatives, as well as AgVantage securities secured by those types of loans.

The Broadband Infrastructure segment includes loans to rural fiber, cable/broadband, tower, wireless, local exchange carrier, and data center projects.

The Renewable Energy segment includes rural electric solar, wind, and gas projects.

The Funding segment includes the financial results of Farmer Mac's debt issuance, hedging, asset/liability management, and capital allocation strategies.

Farmer Mac allocates interest expense to each of the other segments using a funds transfer pricing process.

The Funding segment reflects the benefits and costs from Farmer Mac's funding and hedging strategies.

The Investments segment includes the financial results of Farmer Mac's investment portfolio, which is held for liquidity purposes.

Interest expense is allocated to the Investments segment using the same funds transfer pricing process that is used to allocate interest expense to the other segments.

The following table presents Farmer Mac's seven segments:

6 unchanged sentences

Another difference is that core earnings excludes specified infrequent or unusual transactions that are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business.

The CODM also looks at changes in the segments' on- and off-balance sheet unpaid paid principal balances to assess the performance of the segments.

The following tables present segment core earnings and assets for the three and nine months ended September 30, 2025 and 2024.

The CODM also looks at changes in the segments' on- and off-balance sheet unpaid principal balances to assess the performance of the segments.

The following tables present segment core earnings and assets for the three months ended March 31, 2026 and 2025.

Core Earnings by Business Segment

For the Three Months Ended September 30, 2025

For the Three Months Ended March 31, 2026

Agricultural Finance Infrastructure Finance Treasury

18 unchanged sentences

( 8,165 ) ( 2,480 ) ( 1,097 ) ( 1,705 ) ( 1,890 ) ( 2,422 ) ( 824 ) ( 18,583 )

Income tax (expense)/benefit ( 6,240 ) ( 727 ) ( 1,137 ) ( 695 ) ( 1,238 ) ( 6,734 ) ( 70 ) ( 16,841 )

Income tax expense

( 6,620 ) ( 988 ) ( 1,188 ) ( 1,048 ) ( 1,586 ) ( 6,347 ) ( 109 ) ( 17,886 )

Segment core earnings

13 unchanged sentences

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

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

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

and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships.

1 unchanged sentence

Core Earnings by Business Segment

For the Three Months Ended September 30, 2024

For the Three Months Ended March 31, 2025

Agricultural Finance Infrastructure Finance Treasury

17 unchanged sentences

( 6,595 ) ( 2,133 ) ( 1,123 ) ( 1,052 ) ( 1,708 ) ( 2,800 ) ( 823 ) ( 16,234 )

Income tax (expense)/benefit ( 7,364 ) ( 616 ) ( 801 ) ( 222 ) ( 515 ) ( 5,997 ) ( 66 ) ( 15,581 )

Segment core earnings

$ 27,701 $ 2,316 $ 3,011 $ 836 $ 1,941 $ 22,561 $ 248 $ 58,614

Reconciliation to net income:

Net effects of derivatives and trading securities $ ( 1,263 )

Unallocated (expense)/income

Income tax effect related to reconciling items 3,160

Total Assets:

Total on- and off-balance sheet segment assets at principal balance

$ 18,090,374 $ 1,842,780 $ 6,794,435 $ 645,706 $ 1,095,008 $ — $ — $ 28,468,303

Off-balance sheet assets under management

( 4,562,819 )

Unallocated assets

Total assets on the Consolidated Balance Sheets

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

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

and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships.

(3) 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.

Core Earnings by Business Segment

For the Nine Months Ended September 30, 2025

Agricultural Finance Infrastructure Finance Treasury

Farm & Ranch Corporate AgFinance Power &

Broadband Infrastructure

Renewable Energy Funding Investments Total

(in thousands)

Interest income

$ 455,919 $ 77,268 $ 202,188 $ 36,367 $ 72,425 $ 104,736 $ 246,874 $ 1,195,777

Interest expense (1)

( 348,394 ) ( 50,972 ) ( 185,234 ) ( 24,490 ) ( 53,356 ) ( 5,066 ) ( 242,052 ) ( 909,564 )

reconciling adjustments (2)(3)

( 3,090 ) — ( 79 ) — — ( 1,621 ) 229 ( 4,561 )

Net effective spread 104,435 26,296 16,875 11,877 19,069 98,049 5,051 281,652

Guarantee and commitment fees (3)

13,674 639 648 1,601 932 — — 17,494

Other income/(expense)

2,615 456 ( 7 ) — 8 — 35 3,107

(Provision for)/release of losses

( 8,351 ) ( 4,229 ) 274 ( 847 ) ( 3,680 ) — 5 ( 16,828 )

Operating expenses (1)

( 20,336 ) ( 7,642 ) ( 3,401 ) ( 3,688 ) ( 4,917 ) ( 8,515 ) ( 2,471 ) ( 50,970 )

Income tax (expense)/benefit ( 19,323 ) ( 3,262 ) ( 3,020 ) ( 1,879 ) ( 2,397 ) ( 18,803 ) ( 551 ) ( 49,235 )

Segment core earnings

$ 72,714 $ 12,258 $ 11,369 $ 7,064 $ 9,015 $ 70,731 $ 2,069 $ 185,220

Reconciliation to net income:

Net effects of derivatives and trading securities

Unallocated (expenses)/income

Income tax effect related to reconciling items 13,480

Total Assets:

Total on- and off-balance sheet segment assets at principal balance

$ 18,218,755 $ 1,891,228 $ 7,426,517 $ 1,299,097 $ 2,283,565 $ — $ — $ 31,119,162

Off-balance sheet assets under management

( 5,264,616 )

Unallocated assets

Total assets on the Consolidated Balance Sheets

(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

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

and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships.

Core Earnings by Business Segment

For the Nine Months Ended September 30, 2024

Agricultural Finance Infrastructure Finance Treasury

Farm & Ranch Corporate AgFinance Power &

Utilities Broadband Infrastructure Renewable Energy Funding Investments Total

(in thousands)

Interest income

$ 465,155 $ 75,758 $ 198,026 $ 27,378 $ 35,428 $ 175,179 $ 230,827 $ 1,207,751

Interest expense (1)

( 358,928 ) ( 53,524 ) ( 183,010 ) ( 19,849 ) ( 26,570 ) ( 76,623 ) ( 228,748 ) ( 947,252 )

reconciling adjustments (2)(3)

( 3,473 ) — ( 88 ) — — ( 4,902 ) — ( 8,463 )

Net effective spread 102,754 22,234 14,928 7,529 8,858 93,654 2,079 252,036

Guarantee and commitment fees (3)

13,400 382 733 255 465 — — 15,235

Other income/(expense)

2,688 ( 1,101 ) — — — — 1,073 2,660

(Provision for)/release of losses

( 734 ) ( 6,755 ) 94 2,252 ( 2,476 ) — 1 ( 7,618 )

Operating expenses (1)

Income tax expense

( 6,982 ) ( 1,235 ) ( 913 ) ( 647 ) ( 522 ) ( 6,049 ) ( 221 ) ( 16,569 )

Income tax (expense)/benefit ( 20,987 ) ( 1,914 ) ( 2,647 ) ( 1,560 ) ( 711 ) ( 18,148 ) ( 238 ) ( 46,205 )

Segment core earnings

4 unchanged sentences

Income tax effect related to reconciling items 3,095

Net income $ 49,651

Total Assets:

7 unchanged sentences

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

and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships.

During the three and nine months ended September 30, 2025, Farmer Mac purchased $ 24.2 million and $ 59.8 million, respectively, 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 purchased are with projects that have been placed into service.

As a result of these purchases, Farmer Mac recognized a tax benefit of $ 1.5 million and $ 4.7 million for the three and nine months ended September 30, 2025, respectively.

During the first quarter of 2026, Farmer Mac purchased $ 45.0 million of tax credits at prices ranging from approximately $ 0.91 to $ 0.93 per $1.00 of credit, resulting in a benefit of $ 4.2 million.

Farmer Mac did not purchase any tax credits during the first quarter of 2025.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements