Fannie Mae or Freddie Mac for agriculture and rural development.

• Secondary Market for Agricultural Real Estate Mortgages: Purchases, securitizes, and guarantees payments on mortgage loans secured by agricultural real estate.
• Purchases of USDA-Guaranteed Loans: Acquires portions of agricultural and rural development loans that are guaranteed by the United States Department of Agriculture.
• Secondary Market for Rural Utilities Loans: Purchases loans and guarantees securities backed by loans for rural electric or telecommunications facilities.
• Long-Term Standby Purchase Commitments (LTSPCs): Offers commitments to purchase eligible agricultural real estate or rural utilities loans in the future.
• Institutional Lender Credit Enhancements: Provides guarantees for and purchases obligations of lenders and financial institutions, secured by pools of eligible agricultural or rural utility loans.

Federal Agricultural Mortgage (AGM) sells primarily to other companies. The provided description does not list specific names of customer companies or their symbols. However, based on the company's operations, its major customers are various types of financial institutions and lenders that originate agricultural and rural development loans. These include:

• Lenders: Financial institutions that originate eligible mortgage loans secured by agricultural real estate, agricultural and rural development loans, and rural utilities loans. These can include commercial banks, credit unions, and other institutions involved in lending to farmers, ranchers, and rural businesses.
• Financial Institutions: A broader category encompassing entities that participate in the secondary market by selling pools of loans or seeking guarantees on obligations tied to eligible loans under Farmer Mac's programs.
• Lenders organized as cooperatives: Specifically mentioned in the Rural Utilities segment, these are cooperative organizations that originate loans for electric or telecommunications facilities in rural areas.

Bradford Nordholm, Chief Executive Officer

Bradford Nordholm was appointed President and Chief Executive Officer of Federal Agricultural Mortgage Corporation (Farmer Mac) in October 2018 and is slated to retire on March 31, 2027. He has a career spanning over four decades in financial services, including agricultural and energy finance, capital markets, and credit. Prior to joining Farmer Mac, he served as the first CEO of Starwood Energy Group Global, LLC, a leading private investment firm specializing in energy infrastructure, from 2006 to 2016, and then as Vice-Chairman. Starwood Energy raised over $3 billion of private equity capital under his leadership, indicating a pattern of managing companies backed by private equity firms. Before Starwood Energy, he founded and served as CEO of Tyr Energy, an energy and power-focused investment firm. He also served as General Manager at Aquila, Inc., a leading merchant energy company that was acquired by Kansas City Power & Light. Earlier in his career, he held management positions at Federal Land Bank of St Paul and Interregional Service Corporation of Minneapolis, both of which were acquired by successor organizations of the Farm Credit System. He also served as CEO at U.S. Central and Managing Director at National Cooperative Bank (NCB).

Matthew M. Pullins, Executive Vice President – Chief Financial Officer and Treasurer

Matthew M. Pullins was appointed Executive Vice President – Chief Financial Officer and Treasurer of Federal Agricultural Mortgage Corporation, effective December 11, 2025. He brings over 20 years of experience in corporate finance, accounting, capital markets, and regulatory reporting. Before joining Farmer Mac, Mr. Pullins served as Senior Vice President, Chief Financial Officer - Capital Markets at PNC Financial Services Group, Inc., where he managed financial operations for a $1 billion revenue business unit and led strategic planning initiatives. His experience also includes roles as Chief Financial Officer of PNC's institutional asset management division and oversight of regulatory reporting for a $290 billion loan portfolio. He holds a bachelor's degree in agribusiness and applied economics and an MBA in corporate financial management from The Ohio State University, and is a Certified Public Accountant.

Zachary N. Carpenter, President and Chief Operating Officer

Zachary N. Carpenter was appointed President and Chief Operating Officer of Federal Agricultural Mortgage Corporation, effective September 25, 2025, and is designated to become CEO upon Mr. Nordholm's retirement on March 31, 2027. He has served as Farmer Mac's Executive Vice President – Chief Business Officer since May 2019, retaining these responsibilities in his current role. Prior to joining Farmer Mac, Mr. Carpenter worked at CoBank, ACB from September 2011 to May 2019, serving as Executive Director in its Capital Markets division, then as a Managing Director, and ultimately as Sector Vice President of its Corporate Agribusiness Banking Group. He has also held roles as Vice President at Goldman Sachs & Co. LLC. Mr. Carpenter holds an undergraduate degree from The Wharton School of the University of Pennsylvania and an MBA from The Leonard N Stern School of Business.

Brian Brinch, Executive Vice President – Chief Risk Officer

Brian Brinch joined Federal Agricultural Mortgage Corporation in 2000 and currently serves as Executive Vice President – Chief Risk Officer, overseeing risk monitoring, reporting, and governance. His previous roles at Farmer Mac include Senior Vice President – Enterprise Risk Officer, Senior Vice President of Rural Infrastructure, and Vice President of Financial Planning and Analysis, where he was involved in strategic planning, financial projections, and data analytics. Mr. Brinch earned a Master's in Agricultural and Applied Economics from Pennsylvania State University and holds CFA and FRM certifications. He has also completed Carnegie Mellon University's Chief Risk Officer certificate program.

Geraldine Hayhurst, Executive Vice President – Chief Legal Officer and Secretary

Geraldine Hayhurst was appointed Executive Vice President – Chief Legal Officer and Secretary for Federal Agricultural Mortgage Corporation, effective September 8, 2025. With over two decades of legal experience in financial services, Ms. Hayhurst most recently served as Associate General Counsel, Corporate and Compliance, at CoStar Group, Inc., where she handled corporate governance, SEC filings, and M&A transactions. Her prior experience includes serving as General Counsel and Secretary at NewPoint Real Estate Capital and nearly 16 years at Freddie Mac, where she advised senior leadership and was instrumental in developing the multifamily K-deal securitization product. She also worked as an Attorney-Advisor at the SEC and began her legal career in private practice at A&O Shearman and Clifford Chance. Ms. Hayhurst holds a J.D. from Georgetown University Law Center and a BBA in Finance from Loyola University, Chicago.

Federal Agricultural Mortgage Corporation (AGM) operates in the United States, providing a secondary market for various agricultural and rural loans. The addressable markets for its main products and services are as follows:

• Farm & Ranch: The market for farm sector real estate debt, which includes agricultural real estate mortgages, was approximately $375.9 billion in 2023 in the U.S. This market has shown continuous growth, with projections of nearly $360 billion in 2024.
• USDA Guarantees: For agricultural and rural development loans guaranteed by the U.S. Department of Agriculture (USDA), the USDA Rural Development obligated approximately $10.6 billion in loans, loan guarantees, and grants in Fiscal Year 2023. The total outstanding guaranteed loan portfolio within USDA Rural Development was $111.5 billion in Fiscal Year 2023.
• Rural Utilities: The market for loans supporting rural electric and telecommunications facilities in the U.S. involves significant federal investment and lending.
  • For rural electric utilities, $10.7 billion in funding was announced under the Inflation Reduction Act to support rural electrification by rural electric cooperatives. Additionally, the USDA announced $2.7 billion in loans for rural electric cooperatives and utilities in February 2023 to modernize infrastructure.
  • For rural telecommunications, federal broadband internet expansion programs invested $44 billion between 2015 and 2020, with subsequent legislative acts in 2021 projected to more than double that investment.

Expected Drivers of Future Revenue Growth for Federal Agricultural Mortgage (AGM)

Federal Agricultural Mortgage Corporation (AGM) is poised for continued revenue growth over the next 2-3 years, driven by its strategic focus on expanding its core business segments, diversifying its portfolio into high-demand areas, and leveraging its financial capabilities.

1. Expansion in Rural Infrastructure Financing: Growth in the Rural Utilities segment, particularly through financing for data centers, broadband expansion, and renewable energy projects, is a significant driver. This segment has shown substantial increases in business volume and is expected to continue benefiting from strong interest and investment in rural infrastructure.
2. Sustained Growth in the Farm & Ranch Segment: The foundational Farm & Ranch segment is experiencing accelerated activity, contributing significantly to net growth in outstanding business volume. The U.S. Department of Agriculture (USDA) anticipates robust demand for real estate mortgages, projecting an increase in transaction volume in 2026, which will support continued growth in this core area.
3. New Product Development and Market Diversification: Federal Agricultural Mortgage plans to introduce new products to the market to meet strong investor demand for agricultural assets, aligning with its mission fulfillment. The company has a demonstrated history of diversifying its loan portfolio into newer lines of business and extending its reach through strategic partnerships.
4. Strategic Use of Capital and Securitization Initiatives: The effective management and deployment of capital, including ongoing securitization efforts of agricultural mortgage loans and the strategic utilization of renewable energy investment tax credits, are expected to enhance revenue. These initiatives provide liquidity and allow Farmer Mac to further expand its platform and deliver investment opportunities.

Share Repurchases

• Federal Agricultural Mortgage Corporation repurchased $75.0 million in preferred shares in 2024.
• The company announced plans to buy back all outstanding 6.000% Series C Preferred Stock on July 18, 2024, at $25.00 per share plus declared and unpaid dividends.
• Federal Agricultural Mortgage Corp.'s equity buyback plan was extended until March 2025.

Share Issuance

• The number of shares outstanding for Federal Agricultural Mortgage has increased by less than 1.5% in total over the last five years, from 10.74 million to 10.89 million, indicating minor dilution likely from employee stock compensation.
• As of February 5, 2026, Farmer Mac had 1,030,780 Class A, 500,301 Class B, and 9,325,900 Class C common shares outstanding.

Capital Expenditures

• Federal Agricultural Mortgage Corporation reported minimal capital expenditures, with only $5.27 million for the entire 2024 fiscal year, which is typical for a financial services firm.
• Capital expenditures are generally not significant for the company, resulting in free cash flow closely mirroring operating cash flow.