Q4 2025 Federal Agricultural Mortgage Corp Earnings Call Transcript

Feb 19, 2026 / 09:30 PM GMT

Release Date Price: $174.04 (-0.35%)

Transcript 8-K10-K

Key Points

Positve

Federal Agricultural Mortgage Corp (AGM) achieved a record $3.8 billion of net new business volume in 2025, resulting in total outstanding business volume of $33.4 billion.
The agricultural finance outstanding business volume grew by $1 billion last year, with significant growth in the farm and ranch segment.
The infrastructure finance line of business saw outstanding business volume increase to $11.8 billion at year-end 2025, up over $2.8 billion from the prior year.
Net effective spread reached an all-time quarterly record of $101.4 million, reflecting a 16% increase over the prior year quarter.
AGM's strong capital position, with core capital increasing by $204 million in 2025 to $1.7 billion, exceeded statutory requirements by $678 million or 66%.

Negative

Core earnings for the fourth quarter were $40 million, a $3.6 million decline from the prior year period, impacted by credit provisions related to a small number of loans.
The company experienced $32.9 million of provision for credit loss expense in 2025, with significant contributions from corporate ag finance and broadband infrastructure segments.
Operating expenses increased by 14% over the prior year, driven by transaction-related legal costs, technology investments, and hiring-related expenses.
Charge-offs totaled $20.9 million in 2025, primarily related to borrowers facing business-specific headwinds.
The tier one capital ratio decreased to 13.3% as of December 31, 2025, compared to 14.2% in the prior year period, reflecting strong loan purchase volume growth.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

AGM.N - Federal Agricultural Mortgage Corp
Q4 2025 Federal Agricultural Mortgage Corp Earnings Call
Feb 19, 2026 / 09:30PM GMT

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Presentation
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And enhance the amount of market liquidity we can provide through our businesses.

By transferring a portion of the underlying credit exposure to investors, we free up capital which is then available to be redeployed into the new mission aligned lending activities.

We are very pleased with the tremendous support we've seen for this program, and we look forward to exploring other credit risk transfer opportunities in order to grow our platform while continuing to deliver high-quality opportunities to our various classes of investors.

We anticipate introducing a new product in the market this year that will support the strong investor demand for agricultural assets while also

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