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    Federal Agricultural Mortgage (AGM)

    Market Price (9/23/2026): $219.11 | Market Cap: $2.4 BilSector: Financials | Industry: Consumer Finance

    Federal Agricultural Mortgage (AGM)

    Market Price (9/23/2026): $219.11
    Market Cap: $2.4 Bil
    Sector: Financials
    Industry: Consumer Finance

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 4.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.5%, FCF Yield is 13%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 70%

    Low stock price volatility
    Vol 12M is 31%

    Megatrend and thematic drivers
    Megatrends include Agricultural & Rural Financial Systems. Themes include Agricultural Mortgage Finance, and Rural Capital Access.

    Weak multi-year price returns
    2Y Excs Rtn is -12%, 3Y Excs Rtn is -29%

    Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1440%

    Key risks
    AGM key risks include [1] heightened credit losses driven by the inherent volatility of the agricultural sector and loan portfolio concentrations, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 14%, Dividend Yield is 4.0%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.5%, FCF Yield is 13%
    1 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 70%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 70%
    2 Low stock price volatility
    Vol 12M is 31%
    3 Megatrend and thematic drivers
    Megatrends include Agricultural & Rural Financial Systems. Themes include Agricultural Mortgage Finance, and Rural Capital Access.
    4 Weak multi-year price returns
    2Y Excs Rtn is -12%, 3Y Excs Rtn is -29%
    5 Debt is significant
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1440%
    6 Key risks
    AGM key risks include [1] heightened credit losses driven by the inherent volatility of the agricultural sector and loan portfolio concentrations, Show more.

    AGM in ETFs

    Weight = AGM's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.07%
    SCHD0.05%
    AVUV0.22%
    FNDA0.07%
    VTWO0.06%
    DFAS0.05%
    +6 more covered ETFs

    Valuation & Metrics

    FYE: 12/31AGM [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$445.6 Mil—
    FY 2026 Sales$480.4 Mil—
    FY 2027 Sales$542.3 Mil—
    FY 2026 Sales Growth7.8%—
    FY 2027 Sales Growth12.9%12.8%
    EARNINGS
    LTM Net Income (GAAP) [3]$229.0 Mil—
    FY 2026 Net Income (Non-GAAP)$229.3 Mil—
    FY 2027 Net Income (Non-GAAP)$252.3 Mil—
    FY 2027 Net Income Growth10.0%18.0%
    FY 2026 EPS (Non-GAAP)$20.88—
    FY 2027 EPS (Non-GAAP)$23.14—
    FY 2027 EPS Growth10.8%—
    VALUATION
    FY 2026 P/S4.91.6
    FY 2027 P/S4.4—
    FY 2026 P/E10.47.5
    FY 2027 P/E9.4—

    [1] AGM forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 9/30/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    AGMS&P 500
    REVENUE GROWTHVERY GOOD
    Rev LTM ($ Bil)0.4
    Rev Chg Q21.8%9.3%
    Rev Chg LTM14.7%8.3%
    Rev Chg 3Y Avg11.7%5.8%
    PROFITABILITYVERY GOOD
    Op Inc LTM ($ Bil)�
    CFO LTM ($ Bil)0.3
    Net Inc LTM ($ Bil)0.2
    CFO/Rev LTM69.6%21.8%
    Net Inc Mgn51.4%13.1%
    VALUATIONMODERATE
    P/S5.33.1
    P/CFO7.714.7
    P/FCF7.719.3
    P/E10.422.6

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    MetricValueDateSource
    Net effective spread$97.8 million9302025Link
    Core earnings$49.6 million9302025Link
    Outstanding Business Volume$31.1 billion9302025Link
    Tier 1 Capital Ratio13.9%9302025Link
    Days of liquidity317 days9302025Link
    Allowance for losses to total outstanding business volume12 basis points9302025Link
    Total core capital in excess of statutory requirement$723 million9302025Link

    Price Chart

    Recent
    9/15/2026DividendAmount: $1.60
    Payment On: 9/30/2026

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 9/1/2026

    Federal Agricultural Mortgage (AGM) stock has gained about 25% since 5/31/2026 because of the following key factors:

    1. Federal Agricultural Mortgage Corporation (AGM) reported exceptional financial results for fiscal Q2 2026, which ended on June 30, 2026. The company announced diluted earnings per share (EPS) of $5.41, significantly surpassing the consensus estimate of $4.87 by approximately 11%. Furthermore, net interest income reached $118.075 million, beating the $113.51 million consensus estimate, with total interest income at $450.26 million. These results were driven by record outstanding business volume of $37.2 billion, marking a $2.4 billion increase in Q2 2026, and a record net effective spread of $117.4 million, a 25% increase over the prior year period. The company achieved an 18.9% return on equity, described as one of its strongest in history.

    2. Analysts issued positive ratings and price target revisions, contributing to an optimistic market outlook and highlighting an attractive valuation. Several brokerages, including Zacks Research, upgraded their ratings on AGM, with Zacks moving from "hold" to "strong-buy" in early August. Keefe, Bruyette & Woods (KBW) raised its price target to $255 and maintained an "outperform" rating. The consensus price target among analysts reached $255 to $257, suggesting an upside of approximately 17.81% from the stock's price on July 30, 2026. Additionally, the stock was noted to be trading at roughly 11.7 times earnings, a discount compared to diversified financial peers, and some analyses indicated it could be undervalued by up to 43.6%.

    Show more
    Updated on 9/1/2026

    Federal Agricultural Mortgage (AGM) stock has gained about 25% since 5/31/2026 because of the following key factors:

    1. Federal Agricultural Mortgage Corporation (AGM) reported exceptional financial results for fiscal Q2 2026, which ended on June 30, 2026. The company announced diluted earnings per share (EPS) of $5.41, significantly surpassing the consensus estimate of $4.87 by approximately 11%. Furthermore, net interest income reached $118.075 million, beating the $113.51 million consensus estimate, with total interest income at $450.26 million. These results were driven by record outstanding business volume of $37.2 billion, marking a $2.4 billion increase in Q2 2026, and a record net effective spread of $117.4 million, a 25% increase over the prior year period. The company achieved an 18.9% return on equity, described as one of its strongest in history.

    2. Analysts issued positive ratings and price target revisions, contributing to an optimistic market outlook and highlighting an attractive valuation. Several brokerages, including Zacks Research, upgraded their ratings on AGM, with Zacks moving from "hold" to "strong-buy" in early August. Keefe, Bruyette & Woods (KBW) raised its price target to $255 and maintained an "outperform" rating. The consensus price target among analysts reached $255 to $257, suggesting an upside of approximately 17.81% from the stock's price on July 30, 2026. Additionally, the stock was noted to be trading at roughly 11.7 times earnings, a discount compared to diversified financial peers, and some analyses indicated it could be undervalued by up to 43.6%.

    3. The company demonstrated robust capital strength and initiated strategic growth programs, reinforcing investor confidence. During fiscal Q2 2026, core capital increased by $141 million to $1.9 billion, surpassing the statutory minimum requirement by $731 million, or 64%. This improvement was bolstered by the successful issuance of $100 million of Series I preferred stock and the retention of $42 million in net income. The Tier 1 capital ratio stood at 13.2% as of June 30, 2026, within the target range of 12% to 14%. AGM also launched FLX, a new loan platform aimed at modernizing liquidity in rural America, and plans to introduce a credit-risk-transfer program in 2026 to enhance capital efficiency and support future growth. Furthermore, the company declared a Q3 2026 common stock dividend of $1.60 per share, representing an annual yield of approximately 2.9%, and repurchased 47,319 Class C shares for approximately $7.1 million in the first half of 2026, demonstrating commitment to shareholder returns.

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    Stock Movement Drivers

    Fundamental Drivers

    The 25.1% change in AGM stock from 5/31/2026 to 9/22/2026 was primarily driven by a 18.5% change in the company's P/E Multiple.
    (LTM values as of)53120269222026Change
    Stock Price ($)174.98218.8325.1%
    Change Contribution By: 
    Total Revenues ($ Mil)4234465.3%
    Net Income Margin (%)51.3%51.4%0.3%
    P/E Multiple8.710.418.5%
    Shares Outstanding (Mil)11110.0%
    Cumulative Contribution25.1%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    5/31/2026 to 9/22/2026
    ReturnCorrelation
    AGM25.1% 
    Market (SPY)2.5%23.6%
    Sector (XLF)6.6%28.9%

    Fundamental Drivers

    The 42.5% change in AGM stock from 2/28/2026 to 9/22/2026 was primarily driven by a 28.7% change in the company's P/E Multiple.
    (LTM values as of)22820269222026Change
    Stock Price ($)153.53218.8342.5%
    Change Contribution By: 
    Total Revenues ($ Mil)4084469.1%
    Net Income Margin (%)50.8%51.4%1.2%
    P/E Multiple8.110.428.7%
    Shares Outstanding (Mil)11110.3%
    Cumulative Contribution42.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    2/28/2026 to 9/22/2026
    ReturnCorrelation
    AGM42.5% 
    Market (SPY)13.3%38.7%
    Sector (XLF)7.5%46.2%

    Fundamental Drivers

    The 9.0% change in AGM stock from 8/31/2025 to 9/22/2026 was primarily driven by a 14.7% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120259222026Change
    Stock Price ($)200.85218.839.0%
    Change Contribution By: 
    Total Revenues ($ Mil)38844614.7%
    Net Income Margin (%)54.3%51.4%-5.3%
    P/E Multiple10.410.4-0.5%
    Shares Outstanding (Mil)11110.8%
    Cumulative Contribution9.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2025 to 9/22/2026
    ReturnCorrelation
    AGM9.0% 
    Market (SPY)21.2%21.9%
    Sector (XLF)3.1%33.2%

    Fundamental Drivers

    The 43.8% change in AGM stock from 8/31/2023 to 9/22/2026 was primarily driven by a 39.2% change in the company's Total Revenues ($ Mil).
    (LTM values as of)83120239222026Change
    Stock Price ($)152.18218.8343.8%
    Change Contribution By: 
    Total Revenues ($ Mil)32044639.2%
    Net Income Margin (%)55.9%51.4%-8.1%
    P/E Multiple9.210.412.6%
    Shares Outstanding (Mil)1111-0.1%
    Cumulative Contribution43.8%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    8/31/2023 to 9/22/2026
    ReturnCorrelation
    AGM43.8% 
    Market (SPY)78.3%41.0%
    Sector (XLF)67.1%49.5%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    AGM Return73%-6%75%6%-8%28%255%
    Peers Return40%-17%13%34%26%8%140%
    S&P 500 Return27%-19%24%23%16%13%107%

    Monthly Win Rates [3]
    AGM Win Rate67%42%75%33%58%56% 
    Peers Win Rate67%42%55%60%63%44% 
    S&P 500 Win Rate75%42%67%75%67%56% 

    Max Drawdowns [4]
    AGM Max Drawdown-15%-29%-20%-19%-25%-23% 
    Peers Max Drawdown-13%-37%-29%-14%-26%-18% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: JPM, BAC, WFC, PNC, USB. See AGM Returns vs. Peers.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 9/22/2026 (YTD)

    How Low Can It Go

    EventAGMS&P 500
    2025 US Tariff Shock
      % Loss-16.0%-18.8%
      % Gain to Breakeven19.0%23.1%
      Time to Breakeven77 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-10.0%-6.7%
      % Gain to Breakeven11.2%7.1%
      Time to Breakeven8 days31 days
    2022 Inflation Shock & Fed Tightening
      % Loss-25.9%-24.5%
      % Gain to Breakeven34.9%32.4%
      Time to Breakeven147 days427 days
    2020 COVID-19 Crash
      % Loss-40.0%-33.7%
      % Gain to Breakeven66.8%50.9%
      Time to Breakeven77 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-20.4%-19.2%
      % Gain to Breakeven25.6%23.8%
      Time to Breakeven29 days105 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-12.2%-12.2%
      % Gain to Breakeven13.8%13.9%
      Time to Breakeven5 days62 days

    Compare to JPM, BAC, WFC, PNC, USB

    In The Past

    Federal Agricultural Mortgage's stock fell -16.0% during the 2025 US Tariff Shock. Such a loss loss requires a 19.0% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventAGMS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-25.9%-24.5%
      % Gain to Breakeven34.9%32.4%
      Time to Breakeven147 days427 days
    2020 COVID-19 Crash
      % Loss-40.0%-33.7%
      % Gain to Breakeven66.8%50.9%
      Time to Breakeven77 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-20.4%-19.2%
      % Gain to Breakeven25.6%23.8%
      Time to Breakeven29 days105 days
    2014-2016 Oil Price Collapse
      % Loss-30.6%-6.8%
      % Gain to Breakeven44.0%7.3%
      Time to Breakeven103 days15 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-24.0%-17.9%
      % Gain to Breakeven31.6%21.8%
      Time to Breakeven218 days123 days
    2010 Eurozone Sovereign Debt Crisis / Flash Crash
      % Loss-35.3%-15.4%
      % Gain to Breakeven54.5%18.2%
      Time to Breakeven220 days125 days
    2008-2009 Global Financial Crisis
      % Loss-91.5%-53.4%
      % Gain to Breakeven1075.0%114.4%
      Time to Breakeven1265 days1085 days
    Summer 2007 Credit Crunch
      % Loss-27.5%-8.6%
      % Gain to Breakeven37.9%9.5%
      Time to Breakeven67 days47 days

    Compare to JPM, BAC, WFC, PNC, USB

    In The Past

    Federal Agricultural Mortgage's stock fell -16.0% during the 2025 US Tariff Shock. Such a loss loss requires a 19.0% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Federal Agricultural Mortgage (AGM)

    Federal Agricultural Mortgage Corporation (AGM), commonly known as Farmer Mac, serves as a government-sponsored enterprise that provides a secondary market for agricultural and rural loans across the United States. Its core mission is to enhance the availability and affordability of credit for farmers, ranchers, rural utility providers, and other rural borrowers by offering liquidity and reducing risk for the financial institutions that serve these vital sectors.

    AGM accomplishes this through several specialized segments. The Farm & Ranch segment focuses on agricultural real estate by purchasing eligible mortgage loans, securitizing them, and guaranteeing the timely payment of principal and interest on those securities. Additionally, its USDA Guarantees segment purchases portions of agricultural and rural development loans backed by the U.S. Department of Agriculture, further supporting lenders in these areas.

    Beyond traditional agriculture, the Rural Utilities segment facilitates lending for electric or telecommunications facilities, primarily for cooperative lenders, by purchasing and guaranteeing securities backed by such loans. Finally, the Institutional Credit segment provides crucial support by guaranteeing and purchasing general obligations of lenders and other financial institutions, with these obligations secured by pools of loans eligible under Farmer Mac's other business lines. In essence, AGM acts as a vital financial intermediary, empowering lenders to effectively serve the unique credit needs of America's agricultural community and rural economies.

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    Fannie Mae or Freddie Mac for agriculture and rural development.

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    • 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.

    AI Analysis | Feedback

    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.

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    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.

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    The Federal Agricultural Mortgage Corporation (AGM), also known as Farmer Mac, faces several key risks inherent to its business model as a government-sponsored enterprise (GSE) providing a secondary market for agricultural and rural utility loans. The key risks to the business include: 1. Interest Rate Risk: Farmer Mac's financial performance is highly sensitive to fluctuations in interest rates. Changes in interest rates can significantly impact the value of its investment portfolio, which includes GSE-backed mortgage securities and USDA securities, and can also affect its net interest margin. Furthermore, higher interest rates can increase borrowing costs for Farmer Mac's customers, particularly those with adjustable-rate mortgages, raising the likelihood of loan defaults and ultimately affecting Farmer Mac's profitability and credit quality. 2. Credit Risk and the Health of the Agricultural and Rural Utilities Sectors: As Farmer Mac assumes the ultimate credit risk for borrower defaults on its agricultural mortgage and infrastructure loan assets, its earnings are significantly dependent on the performance of these assets. A downturn in the U.S. agricultural economy, characterized by declining farm income or falling farmland values, can lead to increased loan defaults and necessitate higher loan loss provisions, materially affecting the company's financial condition and operating results. The health of the rural utilities sector similarly presents a credit risk. Concentrations in the loan portfolio by commodity, geographic region, or collateral type can further exacerbate this exposure. 3. Regulatory and Political Risk: Operating as a government-sponsored enterprise, Farmer Mac is subject to specific charter limitations and extensive oversight by the Farm Credit Administration (FCA). Changes in regulations, government policies, or shifting political landscapes can impact Farmer Mac's business model, competitive environment, or capital requirements. The FCA periodically reviews and considers updates to Farmer Mac's regulatory capital framework to ensure safety and soundness, which can introduce new compliance requirements or financial implications.

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    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.

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    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.

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    Here is a summary of Federal Agricultural Mortgage's capital allocation decisions over the last 3-5 years:

    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.

    Peer Outperformance in Consumer Finance

    AGM has outperformed 90% of its 29 Consumer Finance peers over 5Y. Among the peers that beat it is FCFS. Consumer Finance ranks 11th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Consumer Finance constituents that AGM has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    75%
    of 32 industry peers · 25.4% return
    3Y
    41%
    of 29 industry peers · 52.4% return
    5Y
    90%
    of 29 industry peers · 146.3% return
    Consumer Finance peers with revenue growth within 4pp of AGM's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
    Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
    AGM Federal Agricultural Mortgage 11.7% 10.4x 25.4%52.4%146.3% —
    FCFS FirstCash 12.2% 24.9x 51.2%135.1%166.4% +20pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Financials sector, ranked by 5Y. Consumer Finance is AGM's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Reinsurance 7 25.1%63.7%118.0% SPNT 171% · RGA 146% · RNR 139%
    Diversified Banks 13 30.7%131.4%112.5% CM 152% · RY 141% · JPM 139%
    Investment Banking & Brokerage 13 -1.5%107.8%109.6% IBKR 507% · SNEX 256% · GS 174%
    Life & Health Insurance 20 7.5%51.6%98.0% JXN 517% · UNM 350% · FG 195%
    Multi-Sector Holdings 4 4.9%46.9%78.8% JONE 362% · BRK-B 81% · VOYA 77%
    Property & Casualty Insurance 42 8.4%64.8%65.7% ASIC 2701900% · HRTG 395% · UVE 312%
    Regional Banks 266 24.8%91.2%61.2% ESQ 365% · BLX 356% · GCBC 312%
    Multi-line Insurance 9 7.0%69.5%58.1% GNW 176% · L 103% · SLF 98%
    Financial Exchanges & Data 15 -3.1%16.7%28.8% VIRT 173% · CBOE 130% · CME 70%
    Diversified Financial Services 4 -7.4%22.5%24.8% FRHC 165% · EQH 103% · TMS -53%
    Consumer Finance ← 30 -1.3%89.1%21.8% ENVA 409% · EZPW 306% · FCFS 166%
    Insurance Brokers 16 -18.3%-10.1%14.3% LIFE 190% · ARX 88% · CRD-A 63%
    Commercial & Residential Mortgage Finance 15 -44.3%26.6%12.7% FNMA 445% · FMCC 407% · ACT 174%
    Asset Management & Custody Banks 87 -11.0%14.3%7.5% WT 330% · SII 291% · VCTR 263%
    Specialized Finance 3 13.3%43.6%-3.2% EFC 27% · CACC -3% · HASI -17%
    Mortgage REITs 33 -10.2%8.5%-21.2% NREF 59% · RITM 43% · DX 34%
    Diversified Capital Markets 25 -32.4%9.5%-47.0% OPY 180% · LPLA 105% · CD 82%
    Transaction & Payment Processing Services 17 -1.2%-8.2%-47.9% V 65% · MA 62% · CPAY 49%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Federal Agricultural Mortgage Stock Jump Looks Great, But How Secure Is That Gain?10/17/2025
    2Day 9 of Gains Streak for Federal Agricultural Mortgage Stock with 14% Return (vs. 1.1% YTD) [8/20/2025]08/21/2025
    3Day 8 of Gains Streak for Federal Agricultural Mortgage Stock with 13% Return (vs. 0.6% YTD) [8/19/2025]08/20/2025
    4AGM Dip Buy Analysis07/10/2025
    5Federal Agricultural Mortgage Market Price04/01/2025
    6Federal Agricultural Mortgage Total Shareholder Return (TSR): 6.1% in 2024 and 20.4% 3-yr compounded annual returns (above peer average)03/07/2025
    7Federal Agricultural Mortgage (AGM) Operating Cash Flow Comparison02/17/2025
    8Federal Agricultural Mortgage (AGM) Net Income Comparison02/15/2025
    9Federal Agricultural Mortgage vs. S&P500 Correlation10/03/2024
    10Federal Agricultural Mortgage Price Volatility09/24/2024
    11ARTICLES 
    1236 Small Cap Stocks Hit 52-Week Highs On Friday07/27/2026
    13Stocks Trading At 52-Week Low03/20/2026
    14AGM Stock Up 14% after 9-Day Win Streak08/21/2025
    15AGM Stock Up 13% after 8-Day Win Streak08/20/2025
    Title
    0DASHBOARDS
    1Federal Agricultural Mortgage Stock Jump Looks Great, But How Secure Is That Gain?
    2Day 9 of Gains Streak for Federal Agricultural Mortgage Stock with 14% Return (vs. 1.1% YTD) [8/20/2025]
    3Day 8 of Gains Streak for Federal Agricultural Mortgage Stock with 13% Return (vs. 0.6% YTD) [8/19/2025]
    4AGM Dip Buy Analysis
    5Federal Agricultural Mortgage Market Price
    6Federal Agricultural Mortgage Total Shareholder Return (TSR): 6.1% in 2024 and 20.4% 3-yr compounded annual returns (above peer average)
    7Federal Agricultural Mortgage (AGM) Operating Cash Flow Comparison
    8Federal Agricultural Mortgage (AGM) Net Income Comparison
    9Federal Agricultural Mortgage vs. S&P500 Correlation
    10Federal Agricultural Mortgage Price Volatility
    11ARTICLES
    1236 Small Cap Stocks Hit 52-Week Highs On Friday
    13Stocks Trading At 52-Week Low
    14AGM Stock Up 14% after 9-Day Win Streak
    15AGM Stock Up 13% after 8-Day Win Streak

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    Peers to compare with:

    Financials

    AGMJPMBACWFCPNCUSBMedian
    NameFederal .JPMorgan.Bank of .Wells Fa.PNC Fina.U.S. Ban. 
    Mkt Price218.97352.0457.9686.54233.2560.44152.75
    Mkt Cap2.4947.0414.5263.494.093.9178.7
    Rev LTM446194,911121,09886,79624,55429,58358,190
    Op Inc LTM-------
    FCF LTM310-162,53494,74219,1707,48812,52510,006
    FCF 3Y Avg339-107,16339,70611,2207,1069,9058,506
    CFO LTM310-162,53494,74219,1707,48812,52510,006
    CFO 3Y Avg340-107,16339,70611,2207,1069,9058,506

    Growth & Margins

    AGMJPMBACWFCPNCUSBMedian
    NameFederal .JPMorgan.Bank of .Wells Fa.PNC Fina.U.S. Ban. 
    Rev Chg LTM14.7%11.0%9.7%6.5%11.1%6.7%10.4%
    Rev Chg 3Y Avg11.7%10.8%6.5%2.4%3.8%3.2%5.1%
    Rev Chg Q21.8%17.8%15.0%10.0%13.5%10.2%14.3%
    QoQ Delta Rev Chg LTM5.3%4.3%3.5%2.4%3.2%2.5%3.4%
    Op Inc Chg LTM-------
    Op Inc Chg 3Y Avg-------
    Op Mgn LTM-------
    Op Mgn 3Y Avg-------
    QoQ Delta Op Mgn LTM-------
    CFO/Rev LTM69.6%-83.4%78.2%22.1%30.5%42.3%36.4%
    CFO/Rev 3Y Avg86.9%-58.1%34.5%13.1%32.0%35.0%33.3%
    FCF/Rev LTM69.6%-83.4%78.2%22.1%30.5%42.3%36.4%
    FCF/Rev 3Y Avg86.4%-58.1%34.5%13.1%32.0%35.0%33.3%

    Valuation

    AGMJPMBACWFCPNCUSBMedian
    NameFederal .JPMorgan.Bank of .Wells Fa.PNC Fina.U.S. Ban. 
    Mkt Cap2.4947.0414.5263.494.093.9178.7
    P/S5.34.93.43.03.83.23.6
    P/Op Inc-------
    P/EBIT-------
    P/E10.414.612.311.712.311.512.0
    P/CFO7.7-5.84.413.712.67.57.6
    Total Yield13.6%8.7%10.5%10.7%11.0%12.1%10.9%
    Dividend Yield4.0%1.8%2.4%2.1%2.9%3.4%2.6%
    FCF Yield 3Y Avg16.5%-12.9%10.6%5.2%9.4%13.2%10.0%
    D/E15.50.61.00.80.91.00.9
    Net D/E14.4-0.3-0.50.00.5-0.6-0.2

    Returns

    AGMJPMBACWFCPNCUSBMedian
    NameFederal .JPMorgan.Bank of .Wells Fa.PNC Fina.U.S. Ban. 
    1M Rtn-0.1%0.1%-5.6%3.2%-4.1%-2.6%-1.4%
    3M Rtn20.5%6.7%1.5%3.8%0.2%3.9%3.8%
    6M Rtn55.9%22.6%23.2%11.8%16.2%19.5%21.1%
    12M Rtn23.5%14.0%13.3%4.5%17.2%24.7%15.6%
    3Y Rtn52.5%158.1%125.3%125.7%115.7%106.9%120.5%
    1M Excs Rtn-1.8%-1.5%-7.4%1.8%-5.1%-3.8%-2.8%
    3M Excs Rtn16.6%2.8%-2.4%-0.1%-3.7%-0.0%-0.1%
    6M Excs Rtn39.3%4.7%4.8%-6.5%-1.9%0.8%2.8%
    12M Excs Rtn3.6%-2.5%-3.5%-11.2%-0.3%8.1%-1.4%
    3Y Excs Rtn-27.1%79.6%40.9%43.8%32.9%21.0%36.9%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date7/30/20265/5/20262/19/202611/3/20258/7/20255/9/20252/21/202511/4/20248/5/20245/6/20242/23/202411/6/2023
    Key Financials Quarterly            
    Total Revenue125109108104103941019090948597
    Net Income675948555550575047544858
    EPS5.434.783.734.454.504.044.673.893.714.333.774.74
    Key Financials TTM            
    Total Revenue TTM446423408402388376375358365360351345
    Net Income TTM229217207216211203207198207207200196
    Growth Rates Quarterly            
    Total Revenue Growth21.8%15.7%6.0%15.3%14.1%0.8%19.7%-7.2%6.3%10.6%7.3%35.1%
    Net Income Growth22.1%19.1%-15.2%10.4%16.4%-7.6%18.7%-14.3%-0.2%14.3%9.7%40.4%
    Margins Quarterly            
    Net Income Margin53.6%54.2%44.6%52.9%53.4%52.6%55.7%55.3%52.4%57.4%56.2%59.9%
    Cash & Debt            
    Total Cash2,7142,2082,3962,5162,6152,41012,47512,48211,57111,22011,33510,714
    Total Debt36,91134,51133,18831,28631,00129,87029,30128,74628,20527,83427,68826,458
    Net Debt / (Cash)34,19732,30330,79228,77028,38627,46016,82516,26416,63416,61516,35315,743
    Cash Flows Quarterly            
    FCF from Operations409210374-48-50368-4456233-167363
    Cash Flows TTM            
    FCF from Operations TTM3102228034422632961378486549376646
    Returns to Shareholders Quarterly            
    Dividends252523222222202222221919
    Share Repurchases-0713-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC0.8%0.7%0.6%0.7%0.8%0.7%0.8%1.2%1.1%1.2%1.1%1.4%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM0.7%0.7%0.7%0.7%0.7%0.7%0.7%1.2%1.2%1.2%1.2%1.2%

    Segment Financials

    Revenue by Segment
    $ Mil20232022202120202019
    Farm & Ranch15314713811285
    Funding132857079 
    Corporate AgFinance32302721 
    Power & Utilities26179812
    Renewable Energy5310 
    Reconciling Adjustments234-3-12-2
    Investments1-71-1 
    Corporate00-0-111
    Institutional Credit    69
    United States Department of Agriculture (USDA) Guarantees    19
    Total351309244207194


    Operating Income by Segment
    $ Mil20152014201320122011
    Institutional Credit4339   
    Farm & Ranch383876106 
    USDA Guarantees1516915 
    Reconciling Adjustments10-2525-9-45
    Power & Utilities88102313
    Corporate-6-210255
    Farmer Mac I    64
    Farmer Mac II    9
    Total1087313016045


    Net Income by Segment
    $ Mil20232022202120202019
    Farm & Ranch1211151118642
    Funding104685563 
    Corporate AgFinance25222117 
    Power & Utilities20167311
    Renewable Energy4210 
    Reconciling Adjustments227-2-11-0
    Investments1-50-1 
    Corporate-104-92-83-67-17
    Institutional Credit    49
    United States Department of Agriculture (USDA) Guarantees    10
    Total1731511118994


    Assets by Segment
    $ Mil20252024202320222021
    Farm & Ranch19,56518,60718,80917,72913,112
    Power & Utilities7,8616,8096,9806,0435,345
    Unallocated assets7,7846,7835,7645,357 
    Renewable Energy2,4431,41748823088
    Corporate AgFinance1,9511,8881,6941,6041,508
    Broadband Infrastructure1,532802501317 
    Funding00000
    Investments00 05,013
    Off-balance sheet assets under management-5,765-4,981-4,710-3,946 
    Corporate    56
    Reconciling Adjustments    0
    Total35,37031,32529,52427,33325,121


    Price Behavior

    Price Behavior
    Market Price$218.83 
    Market Cap ($ Bil)2.4 
    First Trading Date08/18/1995 
    Distance from 52W High-8.8% 
       50 Days200 Days
    DMA Price$220.35$181.74
    DMA Trendupup
    Distance from DMA-0.7%20.4%
     3M1YR
    Volatility24.0%30.9%
    Downside Capture32.7047.24
    Upside Capture98.5864.81
    Correlation (SPY)25.7%22.8%
    AGM Betas & Captures as of 8/31/2026

     1M2M3M6M1Y3Y
    Beta1.520.950.480.800.530.82
    Up Beta1.941.720.871.201.170.94
    Down Beta2.13-0.03-0.490.18-0.010.71
    Up Capture70%110%125%116%40%52%
    Bmk +ve Days10213268138427
    Stock +ve Days6183471127382
    Down Capture209%62%20%56%60%94%
    Bmk -ve Days11213259113324
    Stock -ve Days15243056124368

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with AGM
    AGM23.5%30.9%0.70-
    Sector ETF (XLF)2.6%14.7%-0.0533.8%
    Equity (SPY)17.6%13.0%0.9822.7%
    Gold (GLD)18.0%29.3%0.56-0.1%
    Commodities (DBC)46.6%20.7%1.75-24.0%
    Real Estate (VNQ)5.2%13.6%0.1221.1%
    Bitcoin (BTCUSD)-26.0%44.9%-0.541.3%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with AGM
    AGM21.4%30.0%0.67-
    Sector ETF (XLF)9.8%18.4%0.3958.4%
    Equity (SPY)13.3%17.2%0.5947.9%
    Gold (GLD)18.9%18.8%0.810.6%
    Commodities (DBC)10.8%19.6%0.432.4%
    Real Estate (VNQ)1.0%18.9%-0.0543.4%
    Bitcoin (BTCUSD)12.7%52.6%0.4219.8%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with AGM
    AGM22.6%34.4%0.68-
    Sector ETF (XLF)12.8%22.1%0.5357.6%
    Equity (SPY)15.4%17.9%0.7348.4%
    Gold (GLD)12.2%16.4%0.61-0.8%
    Commodities (DBC)8.3%18.1%0.3710.2%
    Real Estate (VNQ)4.7%20.7%0.1942.4%
    Bitcoin (BTCUSD)64.0%66.2%1.0413.1%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date8312026
    Short Interest: Shares Quantity0.3 Mil
    Short Interest: % Change Since 8152026-10.1%
    Average Daily Volume0.1 Mil
    Days-to-Cover Short Interest3.6 days
    Basic Shares Quantity10.8 Mil
    Short % of Basic Shares2.9%

    Returns Analyses

    Earnings Returns History

    Updated 9/1/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/30/20263.3%7.5%0.5%
    5/5/20264.4%4.2%6.3%
    2/19/2026-14.1%-6.8%-18.6%
    11/3/20254.7%3.0%11.3%
    8/7/20253.3%9.4%18.3%
    5/9/20254.7%10.8%7.9%
    2/21/20256.3%3.1%-1.4%
    11/4/20246.2%17.2%18.6%
    ...
    SUMMARY STATS   
    # Positive141515
    # Negative1099
    Median Positive3.3%4.3%6.3%
    Median Negative-5.1%-5.0%-8.1%
    Max Positive6.3%17.2%20.4%
    Max Negative-14.1%-9.1%-18.6%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    7/30/20263.3%7.5%0.5%
    5/5/20264.4%4.2%6.3%
    2/19/2026-14.1%-6.8%-18.6%
    11/3/20254.7%3.0%11.3%
    8/7/20253.3%9.4%18.3%
    5/9/20254.7%10.8%7.9%
    2/21/20256.3%3.1%-1.4%
    11/4/20246.2%17.2%18.6%
    8/5/2024-6.0%-5.0%0.6%
    5/6/2024-4.6%-7.6%-10.6%
    2/23/2024-3.2%-4.2%2.3%
    11/6/2023-2.7%-2.0%3.7%
    8/7/20230.6%8.1%0.1%
    5/9/2023-4.6%3.2%16.0%
    2/24/20234.1%7.1%-6.7%
    11/7/20222.1%5.8%3.4%
    8/8/20221.3%4.3%-2.2%
    5/9/2022-2.1%-2.6%-2.7%
    2/28/2022-5.5%-6.8%-8.1%
    11/8/2021-5.8%-4.1%-8.8%
    8/5/20211.9%3.9%4.9%
    5/6/2021-8.4%-9.1%-9.8%
    2/25/20211.7%2.7%20.4%
    11/9/20201.2%0.9%8.0%
    SUMMARY STATS   
    # Positive141515
    # Negative1099
    Median Positive3.3%4.3%6.3%
    Median Negative-5.1%-5.0%-8.1%
    Max Positive6.3%17.2%20.4%
    Max Negative-14.1%-9.1%-18.6%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202607/30/202610-Q
    03/31/202605/05/202610-Q
    12/31/202502/19/202610-K
    09/30/202511/03/202510-Q
    06/30/202508/07/202510-Q
    03/31/202505/09/202510-Q
    12/31/202402/21/202510-K
    09/30/202411/04/202410-Q
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    Insider Activity

    Updated 8/24/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Ramsey, GregoryPrincipal Accounting OfficerDirectSell8282025206.711,500310,065637,701Form
    2Nordholm, Bradford TPresident and CEODirectSell8282025206.124,224870,6496,754,629Form
    3Carpenter, ZacharyEVP - Chief Business OfficerDirectSell8282025205.0929360,0902,159,972Form
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    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Ramsey, GregoryPrincipal Accounting OfficerDirectSell8282025206.711,500310,065637,701Form
    2Nordholm, Bradford TPresident and CEODirectSell8282025206.124,224870,6496,754,629Form
    3Carpenter, ZacharyEVP - Chief Business OfficerDirectSell8282025205.0929360,0902,159,972Form

    Investor Activity (13F)

    Updated Sep 23, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Matthew 25 Management Corp$14.5 Mil4.8%20Hold13F
    Weybosset Research & Management LLC$15.4 Mil4.4%33Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Weybosset Research & Management LLC$15.4 Mil4.4%33Hold13F
    Matthew 25 Management Corp$14.5 Mil4.8%20Hold13F

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    Core Cache Last Updated: 9/22/2026