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]

Federal Agricultural Mortgage Corp (NYSE:AGM) Q4 2021 Earnings Conference Call February 28, 2022 4:30 PM ET Company Participants Jalpa Nazareth - Director, IR & Finance Strategy Bradford Nordholm - President & CEO Aparna Ramesh - EVP & CFO Zachary Carpenter - EVP & Chief Business Officer Conference Call Participants Marla Backer - Sidoti & Company John Szabo - Flint Ridge Capital Operator Good day, and welcome to the Farmer Mac Fourth Quarter and Full Year 2021 Earnings Conference Call. [Operator Instructio ...

As filed with the Securities and Exchange Commission on February 28, 2022 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Form 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 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 ...

Financial Data and Key Metrics Changes - Farmer Mac reported strong core earnings for Q3 2021, with core earnings of $27.6 million or $2.55 per diluted common share, slightly down from $27.7 million or $2.57 per diluted common share in the same period last year [19][25] - The net effective spread for Q3 2021 was $55.9 million, an 8% increase from $51.8 million in Q3 2020, with a percentage increase from 0.96% to 0.99% year-over-year [17][19] - Operating expenses increased by 17% year-over-year, primarily due to increased headcount and higher spending on technology [20][21] Business Line Data and Key Metrics Changes - The Farm & Ranch line of business saw strong loan purchase growth, driven by proactive customer outreach, with a net new commitment of $15 million for farmland acquisition in an opportunity zone [12] - The Rural Utilities line added $50 million in unfunded telecommunication loan commitments, reflecting positive momentum in broadband and renewable energy project finance [14] Market Data and Key Metrics Changes - Farmer Mac provided $2.5 billion in new credit to rural America in Q3 2021, resulting in outstanding business volume exceeding $23 billion [11] - Farmland values are projected to remain flat to slightly higher, with an increase in public auctions and sales [10] Company Strategy and Development Direction - The company is focused on expanding its internal loan servicing capabilities, which is expected to enhance efficiency and oversight of its portfolio [8][9] - Farmer Mac aims to diversify its funding sources through a newly structured $302 million agricultural mortgage-backed securitization, with plans to become a frequent issuer in the market [10][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of the underlying business model and capital position, anticipating continued growth opportunities [15][25] - The overall tone of the agricultural real estate market remains positive, with expectations for consistent returns across various market environments [15][22] Other Important Information - Farmer Mac's Tier 1 capital ratio was 15.1% at quarter end, well above regulatory thresholds, indicating a strong capital position [22] - The company is investing in modernizing its infrastructure and enhancing technology platforms to support revenue growth [21] Q&A Session Summary Question: Were there any charge-offs in the third quarter? - Management confirmed that there were no charge-offs in Q3 or year-to-date [26][27] Question: What are the benefits of the asset-backed securitization? - Management highlighted diversification of funding sources and the ability to offer lower financing costs as key benefits [28][30] Question: What are the long-term benefits of the servicing business acquisition? - Management indicated that the acquisition allows for better execution on complex loan products and enhances data access for quicker capital access [36][37] Question: Is there any relevant legislation for Farmer Mac in the proposed Infrastructure Bill? - Management noted that improvements in transportation infrastructure and broadband access are beneficial for rural America and align with Farmer Mac's mission [39][40][41]