Federal Agricultural Mortgage (US:AGM)2020-11-10 17:37Financial Performance & Metrics - Farmer Mac's 90-day delinquencies across all lines of business were only 0.40%[8, 36] - Cumulative Farm & Ranch lifetime losses were only 0.12%[8, 31, 36] - The company's overhead relative to outstanding business volume is approximately 20 bps[8, 36] - In 2019, Farmer Mac generated approximately $900,000 in earnings per employee[8] - 99% of Farmer Mac's total revenues are recurring net effective spread and fees[8] - The company's core earnings ROE was approximately 17% in 2019[8, 36] - Farmer Mac has experienced double-digit annual core earnings growth from 2016 to 2019[8, 36] Market Position & Growth - Farmer Mac has a 6.1% share of an approximately $267 billion and growing U.S ag mortgage market[8, 14, 36] - The company's outstanding business volume has a CAGR of 10.6% from 2000 to 2019[8] Funding Advantage - Farmer Mac issues debt at narrow GSE spreads to U S Treasuries, for example, 10-year U S Treasury +0.45% as of September 30, 2020[8, 36]