Federal Agricultural Mortgage Corporation
farmermac.comWhat Do They Do?
Buys agricultural and rural infrastructure loans from lenders, guarantees securities backed by those loans, and provides loan servicing and purchase commitments; it also provides wholesale funding to institutional investors in agricultural assets.
10-K for FY2025, filed Feb 19, 2026Farmer Mac is a stockholder-owned, federally chartered corporation that combines private capital and public sponsorship to serve a public…View ↗
purchasing eligible loans directly from lenders, including participation interests, syndicated notes, revolving and non-revolving credit…View ↗
We market a mix of products to lenders who may need capital, liquidity, portfolio diversification, and/or access to a wide variety of loan…View ↗
How Do They Make Money?
It earns interest on loans and securities it holds, and receives fees for outstanding guarantees and standby loan commitments, as well as for servicing loans.
10-K for FY2025, filed Feb 19, 2026Our two primary sources of revenue are:View ↗
net interest income; and guarantee and commitment fees received for outstanding guaranteed securities and LTSPCs.View ↗
We provide a secondary market for Eligible Loans in our Agricultural Finance line of business by (1) purchasing and retaining Eligible…View ↗
-
10-K for FY2025, filed Feb 19, 2026
FY2025 revenue by reportable segment ↗
$1.6B
-
10-K for FY2025, filed Feb 19, 2026
$1.6B ↗
| Segment | Share | Revenue |
|---|---|---|
|
Farm & Ranch
|
38%
FY2022: 59%
|
Farm & Ranch, FY2025
$614.3M Sources
|
|
Corporate AgFinance
|
6.4%
FY2022: 7.7%
|
Corporate AgFinance, FY2025
$102.4M Sources
|
|
Power & Utilities
|
17%
FY2022: 21%
|
Power & Utilities, FY2025
$273.5M Sources
|
|
Broadband Infrastructure
|
3.2%
FY2022: 1.2%
|
Broadband Infrastructure, FY2025
$52.1M Sources
|
|
Renewable Energy
|
6.5%
FY2022: 0.8%
|
Renewable Energy, FY2025
$104.3M Sources
|
|
Funding
|
8.5%
FY2022: −1.2%
|
Funding, FY2025
$137M Sources
|
|
Investments
|
20%
FY2022: 11%
|
Investments, FY2025
$328.6M Sources
|
Who Are Their Customers?
Farm & Ranch loans are sold through approved lenders; Corporate AgFinance loans and commitments are purchased from lenders including banks, insurers, Farm Credit System institutions and other non-bank lenders.
10-K for FY2025, filed Feb 19, 2026
Do Revenues Turn Into Profits?
Yes. It kept 13 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 30, 2026
Open tableView ↗
-
Jun 8, 2026
Zachary Carpenter succeeded Bradford Nordholm as CEO
Nordholm retired early, and Carpenter became CEO effective July 1, 2026.
Sources
8-K, filed Jun 8, 2026
On June 3, 2026, the Board of Directors (the “Board”) and Mr. Nordholm agreed to terms for Mr. Nordholm’s earlier retirement as Chief…View ↗
Growing. Revenue grew 3.8x in 4 years, from $426M in FY2021 to $1.6B in FY2025, about 39% a year.
Who Do They Compete With?
Competes with Fannie Mae and Freddie Mac
10-K for FY2025, filed Feb 19, 2026Our ability to obtain competitive funding in the debt markets is essential to our ability to maintain our market share and competitive…View ↗
Loading...
