Fourth Quarter 2022 Equity Investor Presentation FARMER MAC Forward-Looking Statements In addition to historical information, this presentation includes forwardlooking statements that reflect management's current expectations for Farmer Mac's future financial results, business prospects, and business developments. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements. Management's expectations for Far ...

Business Volume and Growth - As of December 31, 2022, the total outstanding business volume in Farmer Mac's two lines of business was $25.9 billion, an increase from $23.6 billion in 2021, representing an 9.8% growth[30]. - The Agricultural Finance line of business accounted for $19.3 billion of the total outstanding business volume, up from $17.6 billion in 2021, reflecting a 9.4% increase[31]. - Loans in the Farm & Ranch segment reached $5.15 billion, compared to $4.78 billion in the previous year, marking a 7.8% growth[31]. - The Rural Infrastructure Finance line of business totaled $6.59 billion, an increase from $5.98 billion in 2021, which is an 10.2% rise[31]. - The company anticipates continued growth in agricultural mortgage and rural infrastructure lending, driven by favorable economic conditions and increased lender interest in its products[14]. Financial Performance and Capital - Farmer Mac's interest income is primarily derived from assets held on the balance sheet, net of related funding costs, and guarantee and commitment fees from outstanding guaranteed securities[22]. - As of December 31, 2022, Farmer Mac had $0.6 billion of discount notes and $24.4 billion of medium-term notes outstanding, indicating strong access to capital markets[24]. - Farmer Mac's Tier 1 capital was $132.3 million as of December 31, 2022, with a limit of 10% for cumulative direct credit exposure to any one borrower or related borrowers on loans secured by 2,000 acres or less[36]. - Farmer Mac's regulatory capital was $1.3 billion, exceeding the risk-based capital requirement of $204.2 million by approximately $1.1 billion[146]. - Farmer Mac's Tier 1 capital ratio was 14.9% as of December 31, 2022, significantly above the required minimum of 7.0%[155]. Risk Management - Farmer Mac's financial performance is subject to various risks, including fluctuations in interest rates, economic conditions, and regulatory developments that could impact its operations[15]. - The company is exposed to market risk from changes in interest rates and manages this risk through financial derivatives and monitoring strategies[160]. - The risk-based capital stress test adds an additional 30% to the resulting capital requirement for management and operational risk[145]. Loan and Underwriting Policies - The charter prescribes that no loan with a loan-to-value ratio (LTV) greater than 80% may be eligible for Agricultural Finance mortgage loans[37]. - Farmer Mac applies specific underwriting criteria for Corporate AgFinance loans, which tend to be larger and more complex, generally exceeding $10 million[43]. - The minimum annual receipts for eligible agricultural real estate must be at least $5,000[36]. - Loans under AgVantage securities must meet minimum standards set forth in the charter, with a maximum limit of $75.0 million in cumulative exposure to any one borrower or related borrowers from a single issuer[57]. Employee and Workforce Management - As of December 31, 2022, Farmer Mac employed 158 people, reflecting a net increase of 5 employees (3%) compared to year-end 2021[90]. - The company experienced a turnover rate of 12.3% in 2022, up from 7.3% in 2021, attributed to a competitive employment market[98]. - The company launched the "Farmer Mac LEARN" program in 2022 to enhance employee onboarding and leadership development[94]. - Farmer Mac has increased its geographic workforce diversity by 73% since the start of the COVID-19 pandemic, now employing personnel in 26 states[91]. Philanthropy and Community Support - Farmer Mac's philanthropic efforts focus on supporting agriculture and rural communities, which aids in attracting and retaining talent[99]. Capital and Dividend Policies - Farmer Mac's charter requires compliance with minimum capital, critical capital, and risk-based capital standards, with a focus on maintaining sufficient Tier 1 capital[88]. - The Series C Preferred Stock pays an annual dividend rate of 6.000% until July 17, 2024, after which it will float at three-month LIBOR plus 3.260%[123]. - The Series D Preferred Stock pays an annual dividend rate of 5.700%, while Series E, F, and G Preferred Stocks pay 5.750%, 5.250%, and 4.875% respectively[122]. - Dividends declared on Series C Preferred Stock were consistently $0.3750 per share for each period in 2022[125]. - Farmer Mac declared dividends of $0.95 per share for four quarters in 2022, with an increase to $1.10 per share in February 2023[118]. Regulatory Compliance - Farmer Mac's regulatory oversight is conducted by the FCA, which requires annual examinations and quarterly reports of condition[89]. - The charter requires compliance with SEC periodic reporting requirements, including annual and quarterly financial reports[136]. - Farmer Mac must maintain a capital conservation buffer of more than 2.5% of risk-weighted assets to avoid restrictions on capital distributions[154]. - The policy mandates that if the capital conservation buffer drops below 2.5%, distributions of Tier 1-eligible dividends may be limited to a maximum of 60% of accumulated core earnings[154]. Strategic Initiatives - In 2022, Farmer Mac purchased $231.0 million of loans and loan commitments to telecommunications companies as part of its strategic initiative to support the telecommunications industry[65]. - Farmer Mac also purchased $147.3 million of Renewable Energy loans in 2022 to support rural renewable energy projects[67]. - Farmer Mac's issuance of LTSPCs and guaranteed securities is expected to enhance lenders' liquidity and lending capacity, potentially resulting in lower interest rates for borrowers[26]. - The company is focused on expanding its outreach to lenders and maximizing technology to support business development efforts in agricultural communities[27].

Federal Agricultural Mortgage Corporation (NYSE:AGM) Q3 2022 Earnings Conference Call November 7, 2022 4:30 PM ET Company Participants Jalpa Nazareth - Director, IR and Finance Strategy Brad Nordholm - President and CEO Aparna Ramesh - CFO Zach Carpenter - EVP and Chief Business Officer Conference Call Participants Marla Backer - Sidoti Operator Good day, and welcome to the Farmer Mac Third Quarter 2022 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After tod ...

Federal Agricultural Mortgage Corporation (NYSE:AGM) Q2 2022 Earnings Conference Call August 8, 2022 4:30 PM ET Company Participants Jalpa Nazareth - Director, IR and Finance Strategy Brad Nordholm - President and CEO Aparna Ramesh - CFO Zach Carpenter - EVP and Chief Business Officer Conference Call Participants Sloane Ortel - Invest Vegan Operator Good afternoon, and welcome to the Farmer Mac Second Quarter 2022 Earnings Conference Call. [Operator Instructions] After today's presentation, there will be an ...

As filed with the Securities and Exchange Commission on August 8, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____. Commission File Number 001-14951 FEDERAL AGRICULTURAL MORTGAGE CORPORATION (Exact na ...

Financial Data and Key Metrics Changes - Core earnings for Q1 2022 were $25.8 million, or $2.37 per diluted common share, compared to $30 million, or $2.75 per diluted common share in Q4 2021, and $25.9 million, or $2.39 per diluted common share for the same period last year [14] - Net effective spread for Q1 2022 was $57.8 million, an approximate 7% increase compared to Q4 2021 and the same period last year [15] - Operating expenses increased by 13% in Q1 2022 compared to Q1 2021, primarily due to increased headcount and technology investments [19] Business Line Data and Key Metrics Changes - The Agricultural Finance line of business grew approximately $500 million this quarter, or roughly 3%, primarily due to AgVantage securities and Farm & Ranch loan purchase programs [6] - The Rural Infrastructure Finance line of business grew nearly $150 million this quarter, or 2%, primarily due to loan purchase products and a $35 million commitment to a large solar project [9] - The securitization program faced challenges in Q1 2022 due to market volatility, but the company remains committed to building a robust securitization program [10][18] Market Data and Key Metrics Changes - The agricultural sector is experiencing rising farm expenses across nearly all categories, driven by higher grain, fertilizer, energy, and labor prices [7] - The USDA forecasts record net cash incomes for 2022, despite anticipated increases in production expenses and decreases in government payments [8] - Commodity prices are at historically high levels, with corn approaching $8 per bushel and wheat over $10 per bushel, which may offset rising input costs [27] Company Strategy and Development Direction - The company is focused on enhancing its technology infrastructure and has set meaningful market share goals in its strategic plan [11] - A rebranding initiative is underway to better connect with a larger audience and stakeholders [12] - The company plans to continue investments in headcount and technology to support growth and mitigate risks [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the overall condition of American agriculture, despite current volatility and rising input costs [26] - The company is well-positioned to navigate the current economic environment and is excited about future opportunities [23] - Credit quality remains strong, with expectations of continued high-quality credit performance in the portfolio [31] Other Important Information - The total allowance for losses was $16.3 million as of March 31, 2022, a modest decrease from year-end 2021 [21] - Farmer Mac's core capital as of March 31, 2022, was $1.2 billion, exceeding statutory requirements by $489 million [22] Q&A Session Summary Question: Impact of current political and economic situation on grain prices and credit quality - Management acknowledged the volatility in the environment but maintained a generally positive outlook for American agriculture in 2022, with anticipated record earnings [26][27] Question: Opportunities for market share gains given access to capital - Management identified opportunities in various portfolio segments, particularly in AgVantage activity and long-term fixed-rate mortgages [33][34][35] Question: Adjustments to hedges due to market shifts - Management confirmed that their disciplined asset liability management mitigated the need for adjustments to hedges despite market volatility [38] Question: Funding costs and available spreads for new investment - Management noted widening funding costs but emphasized their competitive positioning relative to other issuers [42][43] Question: Impact of servicing business on net interest margin - Management indicated that the servicing business would likely have a neutral to positive impact on net interest margin over time [45] Question: Plans to achieve below 30% efficiency ratio - Management expressed optimism about managing the efficiency ratio below 30% on an annualized basis, despite current elevated levels [49][48]