Federal Agricultural Mortgage Corp (NYSE: AGM), known as Farmer Mac, is a federally chartered instrumentality of the United States that operates a secondary market for agricultural real estate loans, rural housing loans, and other rural credit instruments. It makes money by purchasing eligible loans and securities from lenders, issuing guaranteed securities backed by those assets, and earning net interest income on its retained portfolio. The 10-K filed February 19, 2026 (accession 000084587726000014, for the fiscal year ended December 31, 2025) confirms its status as a federally chartered instrumentality. Its government-sponsored structure provides a regulatory moat that limits direct competition in the agricultural secondary mortgage market. Farmer Mac sits between originators such as agricultural lenders and investors who hold or trade farm credit instruments, functioning as a liquidity conduit and credit guarantor for rural America.

Revenue model

Net interest income on retained loan and securities portfolios, plus guarantee fees on securities issued against purchased agricultural and rural loans.

Products and services

Secondary market purchase of agricultural real estate loans, rural housing loans, and farm and ranch loans; issuance of guaranteed mortgage-backed securities backed by eligible rural credit assets.

Customers and end markets

Agricultural lenders, rural housing lenders, and farm credit institutions seeking liquidity through loan sales or securitization; end markets are agricultural real estate and rural housing credit.

Value-chain role

Secondary market intermediary and government-sponsored credit guarantor between rural loan originators and capital market investors.

Geographic exposure

United States rural and agricultural markets; federally chartered with nationwide mandate.

Source: SEC 10-K, filed 2026-02-19

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