# EDGAR Filing Document

**Accession Number:** 0000845877
**File Stem:** 0000845877-23-000025
**Filing Date:** 2023-2
**Character Count:** 95731
**Document Hash:** b6ebb19399096490cc81227ef178e7ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000845877-23-000025.hdr.sgml**: 20230224

**ACCESSION NUMBER**: 0000845877-23-000025

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20230224

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230224

**DATE AS OF CHANGE**: 20230224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FEDERAL AGRICULTURAL MORTGAGE CORP
- **CENTRAL INDEX KEY:** 0000845877
- **STANDARD INDUSTRIAL CLASSIFICATION:** FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
- **IRS NUMBER:** 521578738
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-14951
- **FILM NUMBER:** 23662406

**BUSINESS ADDRESS:**
- **STREET 1:** 1999 K STREET NW,
- **STREET 2:** 4TH FLOOR
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20006
- **BUSINESS PHONE:** 2028727700

**MAIL ADDRESS:**
- **STREET 1:** 1999 K STREET NW,
- **STREET 2:** 4TH FLOOR
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20006

?xml version="1.0" ? agm-20230224

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

________________

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

 **SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): February 24, 2023

**FEDERAL AGRICULTURAL MORTGAGE CORPORATION** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Federally chartered instrumentality** <br>**of the United States** | **001-14951** | **52-1578738** |
| (State or Other Jurisdiction<br>of Incorporation) | (Commission<br>File Number) | (IRS Employer Identification No.) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1999 K Street, N.W., 4th Floor,** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1999 K Street, N.W., 4th Floor,** | **20006** |
| **Washington,** | **DC** |  |
| (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's telephone number, including area code **(202) 872-7700** 

**No change**

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

------

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading symbol | Exchange on which registered |
| Class A voting common stock | AGM.A | New York Stock Exchange |
| Class C non-voting common stock | AGM | New York Stock Exchange |
| 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C | AGM.PRC | New York Stock Exchange |
| 5.700% Non-Cumulative Preferred Stock, Series D | AGM.PRD | New York Stock Exchange |
| 5.750% Non-Cumulative Preferred Stock, Series E | AGM.PRE | New York Stock Exchange |
| 5.250% Non-Cumulative Preferred Stock, Series F | AGM.PRF | New York Stock Exchange |
| 4.875% Non-Cumulative Preferred Stock, Series G | AGM.PRG | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition.**

On February 24, 2023, the Federal Agricultural Mortgage Corporation ("<u>Farmer Mac</u>") issued a press release to announce (1) its financial results for the fiscal quarter and year ended December 31, 2022 and (2) a conference call to discuss those results and Farmer Mac's Annual Report on Form 10-K for the fiscal year ended December 31, 2022. A copy of the press release is attached as <u>Exhibit 99.1</u> and is incorporated by reference into this report. All references to www.farmermac.com in <u>Exhibit 99.1</u> are inactive textual references only, and the information contained on that website is not incorporated by reference into this report.

The information furnished in this Item 2.02, including <u>Exhibit 99.1</u>, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), or otherwise subject to the liabilities of that Section, nor will any of such information or Exhibit be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), except as shall be expressly set forth by specific reference in such filing.

**Item 7.01&nbsp;&nbsp;&nbsp;&nbsp;Regulation FD Disclosure.** 

On February 24, 2023, Farmer Mac posted an investor slide presentation for equity investors to its website at www.farmermac.com under the tab "Investors — Events and Presentations." Farmer Mac expects to use the slide presentation in connection with future investor presentations to analysts and investors. The slide presentation is attached as <u>Exhibit 99.2</u> and is incorporated by reference into this report. All references to www.farmermac.com in <u>Exhibit 99.2</u> are inactive textual references only, and the information contained on that website is not incorporated by reference into this report.

The information furnished in this Item 7.01, including <u>Exhibit 99.2</u>, shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, nor will any of such information or Exhibit be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act, except as shall be expressly set forth by specific reference in such filing.

**Item 8.01&nbsp;&nbsp;&nbsp;&nbsp;Other Events.**

On February 24, 2023, Farmer Mac issued a press release to announce that its Board of Directors ("<u>Board</u>") had declared a quarterly dividend on each of Farmer Mac's three classes of common stock – Class A Voting Common Stock, Class B Voting Common Stock, and Class C Non-Voting Common Stock. The quarterly dividend of $1.10 per share of common stock will be payable on March 31, 2023, to holders of record of Farmer Mac's common stock as of March 16, 2023.

The Board also declared a dividend on each of Farmer Mac's five classes of preferred stock – 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C ("<u>Series C Preferred Stock</u>"), 5.700% Non-Cumulative Preferred Stock, Series D ("<u>Series D Preferred Stock</u>"), 5.750% Non-Cumulative Preferred Stock, Series E ("<u>Series E Preferred Stock</u>"), 5.250% Non-Cumulative Preferred Stock, Series F ("<u>Series F Preferred Stock</u>"), and 4.875% Non-Cumulative Preferred Stock, Series G ("<u>Series G Preferred Stock</u>"). The quarterly dividend of $0.375 per share of Series C Preferred Stock, $0.35625 per share of Series D Preferred Stock, $0.359375 per share of Series E Preferred Stock, $0.328125 per share of Series F Preferred Stock, and $0.3046875 per share of Series G Preferred Stock is for the period from but not including January 17, 2023, to and including April 17, 2023. The dividend on each of the Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock, and Series G Preferred Stock will be payable on April 17, 2023, to holders of record of those classes of preferred stock, respectively, as of April 3, 2023. Each share of Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock, and Series G Preferred Stock has a par value and liquidation preference of $25.00 per share.

------

A copy of the press release is attached to this report as <u>Exhibit 99.1</u> and the portion of the press release included under the heading "Dividends" is incorporated by reference into this report. All references to www.farmermac.com in <u>Exhibit 99.1</u> are inactive textual references only, and the information contained on Farmer Mac's website is not incorporated by reference into this report.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.1](a2022q4pressrelease.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press Release dated February 24, 2023](a2022q4pressrelease.htm)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[99.2](a4q22equitypresentation.htm)</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>[Equity investor slide presentation](a4q22equitypresentation.htm)</u>

104&nbsp;&nbsp;&nbsp;&nbsp;Cover Page Inline Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document included as Exhibit 101

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

By: <u>/s/ Stephen P. Mullery&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: Stephen P. Mullery

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: Executive Vice President – General Counsel

Dated: February 24, 2023

## Exhibit 99.1

![fmactaglinehorzlogo16a.jpg](fmactaglinehorzlogo16a.jpg)

**Farmer Mac Reports 2022 Results** 

 ***- Announces 16% Dividend Increase -***

***- Outstanding Business Volume of $25.9 Billion -***

**WASHINGTON, D.C., February 24, 2023 —** The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the accessibility of financing for American agriculture and rural infrastructure, today announced its results for the fiscal quarter and year ended December 31, 2022.

"Farmer Mac finished 2022 with record financial results because of the solid execution across our growing organization of the strategic initiatives we have put in place over the last several years to build a more diversified business platform," said President and Chief Executive Officer Brad Nordholm. "We're focused on our mission of supporting American agriculture and rural infrastructure, and the strong alignment of purpose throughout our organization and customers coupled with our disciplined approach, continue to provide strength and resilience in what has been a volatile operating environment."

**Full Year 2022 and Recent Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Added $9.0 billion of gross business volume, resulting in net growth of $2.3 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income grew 22% year-over-year to $270.9 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net effective spread<sup>1</sup> increased 16% from the prior-year period to a record $255.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income attributable to common stockholders increased 36% year-over-year to $151.0 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Record core earnings<sup>1</sup> of $124.3 million, or $11.42 per diluted common share, reflecting 9% growth year-over-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 90-day delinquencies were 0.17% across the entire $25.9 billion portfolio as of year-end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintained strong capital position with total core capital of $1.3 billion, exceeding statutory requirement by 64% and a Tier 1 Capital Ratio of 14.9% as of year-end

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On February 22, 2023, Farmer Mac's Board of Directors raised the quarterly dividend on common stock by 16% to $1.10 per share, the twelfth consecutive annual increase

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *$ in thousands, except per share amounts* | **Quarter Ended** | **Quarter Ended** | **Quarter Ended** | **Year Ended** | **Year Ended** | **Year Ended** |
| *$ in thousands, except per share amounts* | **Dec. 31, 2022** | **Dec. 31, 2021** | **YoY% Change** | **Dec. 31, 2022** | **Dec. 31, 2021** | **% Change** |
| **Net Change in <br>Business Volume** | **$595444** | **$495672** | **N/A** | **$2307619** | **$1690368** | **N/A** |
| **Net Interest Income (GAAP)** | **$73635** | **$53836** | **37%** | **$270940** | **$221951** | **22%** |
| **Net Effective Spread <br>(Non-GAAP)** | **$71103** | **$54333** | **31%** | **$255529** | **$220668** | **16%** |
| **Diluted EPS (GAAP)** | **$3.36** | **$2.49** | **35%** | **$13.87** | **$10.27** | **35%** |
| **Core EPS (Non-GAAP)** | **$3.16** | **$2.76** | **14%** | **$11.42** | **$10.47** | **9%** |

---

<sup>1</sup> Non-GAAP Measure

------

**Dividends**

On February 22, 2023, Farmer Mac's Board of Directors declared a quarterly dividend of $1.10 per share on all three classes of common stock - Class A voting common stock (NYSE: AGM.A), Class B voting common stock (not listed on any exchange), and Class C non-voting common stock (NYSE; AGM). This quarterly dividend, which represents an increase of 16% in Farmer Mac's quarterly dividend rate on a year-over-year basis, will be payable on March 31, 2023 to holders of record of common stock as of March 16, 2023. This is the twelfth consecutive year that Farmer Mac has increased its quarterly common stock dividend, and this increase is supported by Farmer Mac's earnings potential and overall capital position.

Farmer Mac's Board of Directors also declared a dividend on each of Farmer Mac's five classes of preferred stock. The quarterly dividend of $0.375 per share of 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (NYSE: AGM.PR.C), $0.35625 per share of 5.700% Non-Cumulative Preferred Stock, Series D (NYSE: AGM.PR.D), $0.359375 per share of 5.750% Non-Cumulative Preferred Stock, Series E (NYSE: AGM.PR.E), $0.328125 per share of 5.250% Non-Cumulative Preferred Stock, Series F (NYSE: AGM.PR.F), and $0.3046875 per share of 4.875% Non-Cumulative Preferred Stock, Series G (AGM.PR.G), is for the period from but not including January 17, 2023 to and including April 17, 2023. The preferred dividends will be payable on April 17, 2023 to holders of record as of April 3, 2023.

**Earnings Conference Call Information**

The conference call to discuss Farmer Mac's fourth quarter and full year 2022 financial results will be held beginning at 8:30 a.m. eastern time on Friday, February 24, 2023, and can be accessed by telephone or live webcast as follows:

Telephone (Domestic): (888) 346-2616

Telephone (International): (412) 902-4254

Webcast: https://www.farmermac.com/investors/events-presentations/

When dialing in to the call, please ask for the "Farmer Mac Earnings Conference Call." The call can be heard live and will also be available for replay on Farmer Mac's website for two weeks following the conclusion of the call.

More complete information about Farmer Mac's performance for 2022 is in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2022 filed today with the SEC.

------

**Use of Non-GAAP Measures**

In the accompanying analysis of its financial information, Farmer Mac uses the following non-GAAP measures: "core earnings," "core earnings per share," and "net effective spread." Farmer Mac uses these non-GAAP measures to measure corporate economic performance and develop financial plans because, in management's view, they are useful alternative measures in understanding Farmer Mac's economic performance, transaction economics, and business trends. The non-GAAP financial measures that Farmer Mac uses may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of these non-GAAP measures is intended to be supplemental in nature and is not meant to be considered in isolation from, as a substitute for, or as more important than, the related financial information prepared in accordance with GAAP.

The main difference between core earnings and core earnings per share (non-GAAP measures) and net income attributable to common stockholders and earnings per common share (GAAP measures) is that those non-GAAP measures exclude the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Another difference is that these two non-GAAP measures exclude specified infrequent or unusual transactions that we believe are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business.

Farmer Mac uses net effective spread to measure the net spread Farmer Mac earns between its interest-earning assets and the related net funding costs of these assets. As further explained below, net effective spread differs from net interest income and net interest yield by excluding certain items from net interest income and net interest yield and including certain other items that net interest income and net interest yield do not contain.

Farmer Mac excludes from net effective spread the interest income and interest expense associated with the consolidated trusts and the average balance of the loans underlying these trusts to reflect management's view that the net interest income Farmer Mac earns on the related Farmer Mac Guaranteed Securities owned by third parties is effectively a guarantee fee. Accordingly, the excluded interest income and interest expense associated with consolidated trusts is reclassified to guarantee and commitment fees in determining Farmer Mac's core earnings. Farmer Mac also excludes from net effective spread the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships because they are not expected to have an economic effect on Farmer Mac's financial performance, as we expect to hold the financial derivatives and corresponding hedged items to maturity.

Net effective spread also differs from net interest income and net interest yield because it includes the accrual of income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge accounting relationships ("undesignated financial derivatives"). Farmer Mac uses interest rate swaps to manage its interest rate risk exposure by synthetically modifying the interest rate reset or maturity characteristics of certain assets and liabilities. The accrual of the contractual amounts due on interest rate swaps designated in hedge accounting relationships is included as an adjustment to the yield or cost of the hedged item and is included in net interest income. For undesignated financial derivatives, Farmer Mac records the income or expense related to the accrual of the contractual amounts due in "Gains on financial derivatives" on the consolidated statements of operations. However, the accrual of the contractual amounts due for undesignated financial derivatives are included in Farmer Mac's calculation of net effective spread.

------

Net effective spread also differs from net interest income and net interest yield because it includes the net effects of terminations or net settlements on financial derivatives, which consist of: (1) the net effects of cash settlements on agency forward contracts on the debt of other GSEs and U.S. Treasury security futures that we use as short-term economic hedges on the issuance of debt; and (2) the net effects of initial cash payments that Farmer Mac receives upon the inception of certain swaps. The inclusion of these items in net effective spread is intended to reflect our view of the complete net spread between an asset and all of its related funding, including any associated derivatives, whether or not they are designated in a hedge accounting relationship.

More information about Farmer Mac's use of non-GAAP measures is available in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations" in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2022, filed today with the SEC. For a reconciliation of Farmer Mac's net income attributable to common stockholders to core earnings and of earnings per common share to core earnings per share, and net interest income and net interest yield to net effective spread, see "Reconciliations" below.

**Forward-Looking Statements**

Management's expectations for Farmer Mac's future necessarily involve assumptions and estimates and the evaluation of risks and uncertainties. Various factors or events, both known and unknown, could cause Farmer Mac's actual results to differ materially from the expectations as expressed or implied by the forward-looking statements in this release, including uncertainties about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability to Farmer Mac of debt and equity financing and, if available, the reasonableness of rates and terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legislative or regulatory developments that could affect Farmer Mac, its sources of business, or agricultural or rural infrastructure industries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in the fair value of assets held by Farmer Mac and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the level of lender interest in Farmer Mac's products and the secondary market provided by Farmer Mac;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the general rate of growth in agricultural mortgage and rural infrastructure indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of economic conditions stemming from disruptive global events or otherwise on agricultural mortgage or rural infrastructure lending, borrower repayment capacity, or collateral values, including rapid inflation, fluctuations in interest rates, changes in U.S. trade policies, fluctuations in export demand for U.S. agricultural products, supply chain disruptions, increases in input costs, labor availability, and volatility in commodity prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the degree to which Farmer Mac is exposed to interest rate risk resulting from fluctuations in Farmer Mac's borrowing costs relative to market indexes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• developments in the financial markets, including possible investor, analyst, and rating agency reactions to events involving government-sponsored enterprises, including Farmer Mac;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effects of the Federal Reserve's efforts to achieve monetary policy normalization and slow inflation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other factors that could hinder agricultural mortgage lending or borrower repayment capacity, including the effects of severe weather and drought, climate change, or fluctuations in agricultural real estate values.

Other risk factors are discussed in "Risk Factors" in Part I, Item 1A in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2022, as filed today with the SEC. Considering these potential risks and uncertainties, no undue reliance should be placed on any forward-looking statements

------

expressed in this release. The forward-looking statements contained in this release represent management's expectations as of the date of this release. Farmer Mac undertakes no obligation to release publicly the results of revisions to any forward-looking statements included in this release to reflect new information or any future events or circumstances, except as otherwise required by applicable law. The information in this release is not necessarily indicative of future results.

**About Farmer Mac**

Farmer Mac is a vital part of the agricultural credit markets and was created to increase access to and reduce the cost of credit for the benefit of American agricultural and rural communities. As the nation's secondary market for agricultural credit, we provide financial solutions to a broad spectrum of the agricultural community, including agricultural lenders, agribusinesses, and other institutions that can benefit from access to flexible, low-cost financing and risk management tools. Farmer Mac's customers benefit from our low cost of funds, low overhead costs, and high operational efficiency. More information about Farmer Mac (including the Annual Report on Form 10-K referenced above) is available on Farmer Mac's website at <u>www.farmermac.com</u>.

CONTACT: &nbsp;&nbsp;&nbsp;&nbsp;Jalpa Nazareth, Investor Relations

Megan Murray-Pelaez, Media Inquiries

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(202) 872-7700

\* \* \* \*

------

**FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

***(unaudited)***

---

| | | |
|:---|:---|:---|
| | As of | As of |
| | December 31, 2022 | December 31, 2021 |
|  | *(in thousands)* | *(in thousands)* |
| Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $861002 | $908785 |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available-for-sale, at fair value (amortized cost of $4,769,426 and $3,834,714, respectively) | 4579564 | 3836391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held-to-maturity, at amortized cost | 45032 | 44970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | 3672 | 1229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Securities | 4628268 | 3882590 |
| &nbsp;&nbsp;&nbsp;Farmer Mac Guaranteed Securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Available-for-sale, at fair value (amortized cost of $8,019,495 and $6,135,807, respectively) | 7607226 | 6328559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held-to-maturity, at amortized cost | 1021154 | 2033239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Farmer Mac Guaranteed Securities | 8628380 | 8361798 |
| &nbsp;&nbsp;&nbsp;USDA Securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading, at fair value | 1767 | 4401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Held-to-maturity, at amortized cost | 2409834 | 2436331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total USDA Securities | 2411601 | 2440732 |
| &nbsp;&nbsp;&nbsp;Loans: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment, at amortized cost | 9011820 | 8314096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans held for investment in consolidated trusts, at amortized cost | 1211576 | 948623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for losses | (15089) | (14041) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans, net of allowance | 10208307 | 9248678 |
| &nbsp;&nbsp;&nbsp;Financial derivatives, at fair value | 37409 | 6081 |
| &nbsp;&nbsp;&nbsp;Accrued interest receivable (includes $12,514 and $10,418, respectively, related to consolidated trusts) | 229061 | 165604 |
| &nbsp;&nbsp;&nbsp;Guarantee and commitment fees receivable | 47151 | 45538 |
| &nbsp;&nbsp;&nbsp;Deferred tax asset, net | 18004 | 15869 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 263927 | 45334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $27333110 | $25121009 |
| Liabilities and Equity: |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Notes payable | $24469113 | $22713771 |
| &nbsp;&nbsp;&nbsp;Debt securities of consolidated trusts held by third parties | 1181948 | 981379 |
| &nbsp;&nbsp;&nbsp;Financial derivatives, at fair value | 175326 | 35554 |
| &nbsp;&nbsp;&nbsp;Accrued interest payable (includes $8,081 and $9,619, respectively, related to consolidated trusts) | 117887 | 59003 |
| &nbsp;&nbsp;&nbsp;Guarantee and commitment obligation | 46582 | 43926 |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 68863 | 71726 |
| &nbsp;&nbsp;&nbsp;Reserve for losses | 1433 | 1950 |
| Total Liabilities | 26061152 | 23907309 |
| Commitments and Contingencies |  |  |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Series C, par value $25 per share, 3,000,000 shares authorized, issued and outstanding | 73382 | 73382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series D, par value $25 per share, 4,000,000 shares authorized, issued and outstanding | 96659 | 96659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series E, par value $25 per share, 3,180,000 shares authorized, issued and outstanding | 77003 | 77003 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series F, par value $25 per share, 4,800,000 shares authorized, issued and outstanding | 116160 | 116160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Series G, par value $25 per share, 5,000,000 shares authorized, issued and outstanding | 121327 | 121327 |
| &nbsp;&nbsp;&nbsp;Common stock: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding | 1031 | 1031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding | 500 | 500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C Non-Voting, $1 par value, no maximum authorization, 9,270,265 shares and 9,235,205 shares outstanding, respectively | 9270 | 9235 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 128939 | 125993 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive (loss)/income, net of tax | (50843) | 3853 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 698530 | 588557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Equity | 1271958 | 1213700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities and Equity | $27333110 | $25121009 |

---

------

**FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

***(unaudited)***

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| | | | | |
|:---|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Year Ended | For the Year Ended |
| | December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 |
|  | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* |
| Interest income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments and cash equivalents | $44162 | $4553 | $82659 | $18660 |
| &nbsp;&nbsp;&nbsp;Farmer Mac Guaranteed Securities and USDA Securities | 114538 | 36747 | 283769 | 164723 |
| &nbsp;&nbsp;&nbsp;Loans | 109027 | 60951 | 350420 | 242582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total interest income | 267727 | 102251 | 716848 | 425965 |
| &nbsp;&nbsp;&nbsp;Total interest expense | 194092 | 48415 | 445908 | 204014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income | 73635 | 53836 | 270940 | 221951 |
| &nbsp;&nbsp;&nbsp;(Provision for)/release of losses | (2022) | 1378 | (1323) | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net interest income after (provision for)/release of losses | 71613 | 55214 | 269617 | 222811 |
| Non-interest income/(expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Guarantee and commitment fees | 3489 | 3487 | 13040 | 12669 |
| &nbsp;&nbsp;&nbsp;Gains/(losses) on financial derivatives | 1080 | (2257) | 22631 | 324 |
| &nbsp;&nbsp;&nbsp;Gains on sale of mortgage loans |  | 6539 |  | 6539 |
| &nbsp;&nbsp;&nbsp;Gains/(losses) on trading securities | 24 | (77) | (51) | (115) |
| &nbsp;&nbsp;&nbsp;Gains on sale of available-for-sale investment securities |  |  |  | 253 |
| &nbsp;&nbsp;&nbsp;Release of reserve for losses | 77 | 50 | 517 | 1327 |
| &nbsp;&nbsp;&nbsp;Other income | 746 | 469 | 2551 | 2069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-interest income | 5416 | 8211 | 38688 | 23066 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and employee benefits | 12105 | 11246 | 48766 | 42847 |
| &nbsp;&nbsp;&nbsp;General and administrative | 8055 | 8492 | 29772 | 27507 |
| &nbsp;&nbsp;&nbsp;Regulatory fees | 832 | 812 | 3269 | 3062 |
| &nbsp;&nbsp;&nbsp;Real estate owned operating costs, net | 819 |  | 819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 21811 | 20550 | 82626 | 73416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 55218 | 42875 | 225679 | 172461 |
| Income tax expense | 11800 | 9022 | 47535 | 36372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 43418 | 33853 | 178144 | 136089 |
| Preferred stock dividends | (6791) | (6792) | (27165) | (24677) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to common stockholders | $36627 | $27061 | $150979 | $111412 |
| Earnings per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per common share | $3.39 | $2.52 | $14.00 | $10.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per common share | $3.36 | $2.49 | $13.87 | $10.27 |

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*Reconciliations*

Reconciliations of Farmer Mac's net income attributable to common stockholders to core earnings and core earnings per share are presented in the following tables along with information about the composition of core earnings for the periods indicated:

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| | | | |
|:---|:---|:---|:---|
| Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings | Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings | Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings | Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings |
|  | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
|  | December 31, 2022 | September 30, 2022 | December 31, 2021 |
|  | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* |
| Net income attributable to common stockholders | $36627 | $34627 | $27061 |
| Less reconciling items: |  |  |  |
| &nbsp;&nbsp;&nbsp;Gains/(losses) on undesignated financial derivatives due to fair value changes | 1596 | 6441 | (1242) |
| &nbsp;&nbsp;&nbsp;Losses on hedging activities due to fair value changes | (148) | (624) | (2079) |
| &nbsp;&nbsp;&nbsp;Unrealized gains/(losses) on trading assets | 31 | (757) | (76) |
| &nbsp;&nbsp;&nbsp;Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | 57 | 24 | 71 |
| &nbsp;&nbsp;&nbsp;Net effects of terminations or net settlements on financial derivatives | 1268 | (3522) | (429) |
| &nbsp;&nbsp;&nbsp;Income tax effect related to reconciling items | (590) | (327) | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub-total | 2214 | 1235 | (2966) |
| Core earnings | $34413 | $33392 | $30027 |
| Composition of Core Earnings: |  |  |  |
| Revenues: |  |  |  |
| &nbsp;&nbsp;Net effective spread<sup>(1)</sup> | $71103 | $65641 | $54333 |
| &nbsp;&nbsp;Guarantee and commitment fees<sup>(2)</sup> | 4677 | 4201 | 4637 |
| &nbsp;&nbsp;&nbsp;Gains on sale of mortgage loans |  |  | 6539 |
| &nbsp;&nbsp;Other<sup>(3)</sup> | 390 | 473 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 76170 | 70315 | 65750 |
| Credit related expense (GAAP): |  |  |  |
| &nbsp;&nbsp;&nbsp;Provision for/(release of) losses | 1945 | 450 | (1428) |
| &nbsp;&nbsp;&nbsp;REO operating expenses | 819 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total credit related expense | 2764 | 450 | (1428) |
| Operating expenses (GAAP): |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and employee benefits | 12105 | 11648 | 11246 |
| &nbsp;&nbsp;&nbsp;General and administrative | 8055 | 6919 | 8492 |
| &nbsp;&nbsp;&nbsp;Regulatory fees | 832 | 812 | 812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 20992 | 19379 | 20550 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings | 52414 | 50486 | 46628 |
| &nbsp;&nbsp;Income tax expense<sup>(4)</sup> | 11210 | 10303 | 9809 |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends (GAAP) | 6791 | 6791 | 6792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core earnings | $34413 | $33392 | $30027 |
| Core earnings per share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $3.19 | $3.09 | $2.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $3.16 | $3.07 | $2.76 |

---

<sup>(1)</sup> Net effective spread is a non-GAAP measure. See "Use of Non-GAAP Measures" above for an explanation of net effective spread. See below for a reconciliation of net interest income to net effective spread.

<sup>(2)</sup> Includes interest income and interest expense related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee on the consolidated Farmer Mac Guaranteed Securities.

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<sup>(3)</sup> Reflects reconciling adjustments for the reclassification to exclude expenses related to interest rate swaps not designated as hedges and terminations or net settlements on financial derivatives, and reconciling adjustments to exclude fair value adjustments on financial derivatives and trading assets and the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities.

<sup>(4)</sup> Includes the tax impact of non-GAAP reconciling items between net income attributable to common stockholders and core earnings.

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| | | |
|:---|:---|:---|
| Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings | Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings | Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings |
|  | For the Year Ended | For the Year Ended |
|  | December 31, 2022 | December 31, 2021 |
|  | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* |
| Net income attributable to common stockholders | $150979 | $111412 |
| Less reconciling items: |  |  |
| &nbsp;&nbsp;&nbsp;Gains/(losses) on undesignated financial derivatives due to fair value changes | 13495 | (1431) |
| &nbsp;&nbsp;&nbsp;Gains/(losses) on hedging activities due to fair value changes | 5343 | (1810) |
| &nbsp;&nbsp;&nbsp;Unrealized losses on trading assets | (917) | (115) |
| &nbsp;&nbsp;&nbsp;Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | 39 | 130 |
| &nbsp;&nbsp;&nbsp;Net effects of terminations or net settlements on financial derivatives | 15794 | 494 |
| &nbsp;&nbsp;&nbsp;Income tax effect related to reconciling items | (7089) | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub-total | 26665 | (2158) |
| Core earnings | $124314 | $113570 |
| Composition of Core Earnings: |  |  |
| Revenues: |  |  |
| &nbsp;&nbsp;Net effective spread<sup>(1)</sup> | $255529 | $220668 |
| &nbsp;&nbsp;Guarantee and commitment fees<sup>(2)</sup> | 18144 | 17533 |
| &nbsp;&nbsp;&nbsp;Gains on sale of mortgage loans |  | 6539 |
| &nbsp;&nbsp;Other<sup>(3)</sup> | 1684 | 1680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 275357 | 246420 |
| Credit related expense (GAAP): |  |  |
| &nbsp;&nbsp;&nbsp;Provision for/(release of) losses | 806 | (2187) |
| &nbsp;&nbsp;&nbsp;REO operating expenses | 819 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total credit related expense | 1625 | (2187) |
| Operating expenses (GAAP): |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and employee benefits | 48766 | 42847 |
| &nbsp;&nbsp;&nbsp;General and administrative | 29772 | 27507 |
| &nbsp;&nbsp;&nbsp;Regulatory fees | 3269 | 3062 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 81807 | 73416 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings | 191925 | 175191 |
| &nbsp;&nbsp;Income tax expense<sup>(4)</sup> | 40446 | 36944 |
| &nbsp;&nbsp;&nbsp;Preferred stock dividends (GAAP) | 27165 | 24677 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core earnings | $124314 | $113570 |
| Core earnings per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $11.52 | $10.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $11.42 | $10.47 |

---

<sup>(1)</sup> Net effective spread is a non-GAAP measure. See "Use of Non-GAAP Measures" above for an explanation of net effective spread. See below for a reconciliation of net interest income to net effective spread.

<sup>(2)</sup> Includes interest income and interest expense related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee on the consolidated Farmer Mac Guaranteed Securities.

<sup>(3)</sup> Reflects reconciling adjustments for the reclassification to exclude expenses related to interest rate swaps not designated as hedges and terminations or net settlements on financial derivatives, and reconciling adjustments to exclude fair value adjustments on financial derivatives and trading assets and the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities.

<sup>(4)</sup> Includes the tax impact of non-GAAP reconciling items between net income attributable to common stockholders and core earnings.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share | Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share | Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share | Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share | Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share | Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share |
|  | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Year Ended | For the Year Ended |
|  | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 |
|  | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* |
| GAAP - Basic EPS | $3.39 | $3.21 | $2.52 | $14.00 | $10.36 |
| Less reconciling items: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gains/(losses) on undesignated financial derivatives due to fair value changes | 0.15 | 0.60 | (0.11) | 1.25 | (0.13) |
| &nbsp;&nbsp;&nbsp;(Losses)/gains on hedging activities due to fair value changes | (0.01) | (0.06) | (0.19) | 0.50 | (0.17) |
| &nbsp;&nbsp;&nbsp;Unrealized losses on trading securities | 0.01 | (0.07) | (0.01) | (0.08) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | 0.01 |  | 0.01 |  | 0.01 |
| &nbsp;&nbsp;&nbsp;Net effects of terminations or net settlements on financial derivatives | 0.11 | (0.32) | (0.04) | 1.47 | 0.04 |
| &nbsp;&nbsp;&nbsp;Income tax effect related to reconciling items | (0.07) | (0.03) | 0.07 | (0.66) | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub-total | 0.20 | 0.12 | (0.27) | 2.48 | (0.20) |
| Core Earnings - Basic EPS | $3.19 | $3.09 | $2.79 | $11.52 | $10.56 |
| Shares used in per share calculation (GAAP and Core Earnings) | 10801 | 10799 | 10766 | 10791 | 10758 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share | Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share | Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share | Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share | Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share | Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share |
|  | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Year Ended | For the Year Ended |
|  | December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 |
|  | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* | *(in thousands, except per share amounts)* |
| GAAP - Diluted EPS | $3.36 | $3.18 | $2.49 | $13.87 | $10.27 |
| Less reconciling items: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Gains/(losses) on undesignated financial derivatives due to fair value changes | 0.15 | 0.59 | (0.11) | 1.24 | (0.13) |
| &nbsp;&nbsp;&nbsp;(Losses)/gains on hedging activities due to fair value changes | (0.01) | (0.06) | (0.19) | 0.49 | (0.17) |
| &nbsp;&nbsp;&nbsp;Unrealized losses on trading securities | 0.01 | (0.07) | (0.01) | (0.08) | (0.01) |
| &nbsp;&nbsp;&nbsp;Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | 0.01 |  | 0.01 |  | 0.01 |
| &nbsp;&nbsp;&nbsp;Net effects of terminations or net settlements on financial derivatives | 0.11 | (0.32) | (0.04) | 1.45 | 0.05 |
| &nbsp;&nbsp;&nbsp;Income tax effect related to reconciling items | (0.07) | (0.03) | 0.07 | (0.65) | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sub-total | 0.20 | 0.11 | (0.27) | 2.45 | (0.20) |
| Core Earnings - Diluted EPS | $3.16 | $3.07 | $2.76 | $11.42 | $10.47 |
| Shares used in per share calculation (GAAP and Core Earnings) | 10894 | 10.874 | 10877 | 10883 | 10846 |

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The following table presents a reconciliation of net interest income and net yield to net effective spread for the periods indicated:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread | Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread | Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread | Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread | Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread | Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread | Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread | Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread | Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread | Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread | Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread |
|  | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Year Ended | For the Year Ended | For the Year Ended | For the Year Ended |
|  | December 31, 2022 | December 31, 2022 | September 30, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2021 | December 31, 2022 | December 31, 2022 | December 31, 2021 | December 31, 2021 |
|  | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield |
|  | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* |
| Net interest income/yield | $73635 | 1.08% | $67853 | 1.04% | $53836 | 0.89% | $270940 | 1.04% | $221951 | 0.94% |
| Net effects of consolidated trusts | (1195) | 0.02% | (843) | 0.02% | (1151) | 0.02% | (4239) | 0.02% | (4864) | 0.02% |
| Expense related to undesignated financial derivatives | (2122) | (0.03)% | (2613) | (0.05)% | (313) | —% | (7756) | (0.03)% | 2841 | 0.01% |
| Amortization of premiums/discounts on assets consolidated at fair value | (53) | —% | (21) | —% | (10) | —% | (24) | —% | (45) | —% |
| Amortization of losses due to terminations or net settlements on financial derivatives | 688 | —% | 640 | 0.01% | 200 | —% | 2413 | 0.01% | 446 | —% |
| Fair value changes on fair value hedge relationships | 150 | —% | 625 | 0.01% | 1771 | 0.03% | (5805) | (0.02)% | 339 | 0.01% |
| &nbsp;&nbsp;&nbsp;Net effective spread | $71103 | 1.07% | $65641 | 1.03% | $54333 | 0.94% | $255529 | 1.02% | $220668 | 0.98% |

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The following table presents core earnings for Farmer Mac's reportable operating segments and a reconciliation to consolidated net income for the three months ended December 31, 2022:

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Core Earnings by Business Segment | Core Earnings by Business Segment | Core Earnings by Business Segment | Core Earnings by Business Segment | Core Earnings by Business Segment | Core Earnings by Business Segment | Core Earnings by Business Segment | Core Earnings by Business Segment | Core Earnings by Business Segment | Core Earnings by Business Segment | Core Earnings by Business Segment |
| For the Three Months Ended December 31, 2022 | For the Three Months Ended December 31, 2022 | For the Three Months Ended December 31, 2022 | For the Three Months Ended December 31, 2022 | For the Three Months Ended December 31, 2022 | For the Three Months Ended December 31, 2022 | For the Three Months Ended December 31, 2022 | For the Three Months Ended December 31, 2022 | For the Three Months Ended December 31, 2022 | For the Three Months Ended December 31, 2022 | For the Three Months Ended December 31, 2022 |
|  | Agricultural Finance | Agricultural Finance | Rural Infrastructure | Rural Infrastructure | Treasury | Treasury | Corporate |  |  |  |
|  | Farm & Ranch | Corporate AgFinance | Rural <br>Utilities | Renewable Energy | Funding | Investments | Corporate | Reconciling<br>Adjustments |  | Consolidated Net Income |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
| Net interest income | $34021 | $7471 | $4957 | $935 | $28940 | $(2689) | $— | $— |  | $73635 |
| &nbsp;&nbsp;&nbsp;Less: reconciling adjustments<sup>(1)(2)(3)</sup> | (1251) |  | 3 |  | (1284) |  |  | 2532 |  |  |
| Net effective spread | 32770 | 7471 | 4960 | 935 | 27656 | (2689) |  | 2532 |  |  |
| Guarantee and commitment fees | 4331 | 31 | 309 | 6 |  |  |  | (1188) |  | 3489 |
| Other income/(expense)<sup>(3)</sup> | 390 |  |  |  |  |  |  | 1460 |  | 1850 |
| &nbsp;&nbsp;&nbsp;Total revenues | 37491 | 7502 | 5269 | 941 | 27656 | (2689) |  | 2804 |  | 78974 |
| (Provision for)/release of losses | (1903) | (638) | 824 | (310) |  | 5 |  |  |  | (2022) |
| (Provision for)/release of reserve for losses | (77) |  | 154 |  |  |  |  |  |  | 77 |
| Operating expenses | (819) |  |  |  |  |  | (20992) |  |  | (21811) |
| &nbsp;&nbsp;&nbsp;Total non-interest expense | (896) |  | 154 |  |  |  | (20992) |  |  | (21734) |
| Core earnings before income taxes | 34692 | 6864 | 6247 | 631 | 27656 | (2684) | (20992) | 2804 | <sup>(4)</sup> | 55218 |
| Income tax (expense)/benefit | (7286) | (1441) | (1312) | (133) | (5808) | 564 | 4206 | (590) |  | (11800) |
| &nbsp;&nbsp;&nbsp;Core earnings before preferred stock dividends | 27406 | 5423 | 4935 | 498 | 21848 | (2120) | (16786) | 2214 | <sup>(4)</sup> | 43418 |
| Preferred stock dividends |  |  |  |  |  |  | (6791) |  |  | (6791) |
| &nbsp;&nbsp;&nbsp;Segment core earnings/(losses) | $27406 | $5423 | $4935 | $498 | $21848 | $(2120) | $(23577) | $2214 | <sup>(4)</sup> | $36627 |
| Total Assets | $14623596 | $1541151 | $5867517 | $219609 | $— | $4806010 | $275227 | $— |  | $27333110 |
| Total on- and off-balance sheet program assets at principal balance | $17728792 | $1603507 | $6359613 | $230170 | $— | $— | $— | $— |  | $25922082 |

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<sup>(1)</sup> Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts.

<sup>(2)</sup> Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.

<sup>(3)</sup> Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment.

<sup>(4)</sup> Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders.

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*Supplemental Information*

The following table sets forth information about outstanding volume in each of Farmer Mac's lines of business as of the dates indicated:

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| | | | |
|:---|:---|:---|:---|
| Outstanding Business Volume | Outstanding Business Volume | Outstanding Business Volume | Outstanding Business Volume |
|  | On or Off <br>Balance Sheet | As of December 31, | As of December 31, |
|  | On or Off <br>Balance Sheet | 2022 | 2021 |
|  |  | *(in thousands)* | *(in thousands)* |
| Agricultural Finance: |  |  |  |
| &nbsp;&nbsp;&nbsp;Farm & Ranch: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | On-balance sheet | $5150750 | $4775070 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans held in consolidated trusts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial interests owned by third-party investors (Pass-Through)<sup>(1)</sup> | On-balance sheet | 914918 | 948623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beneficial interests owned by third-party investors (Structured)<sup>(1)</sup> | On-balance sheet | 296658 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;IO-FMGS<sup>(2)</sup> | On-balance sheet | 10622 | 12297 |
| &nbsp;&nbsp;&nbsp;&nbsp;USDA Securities | On-balance sheet | 2407302 | 2445806 |
| &nbsp;&nbsp;&nbsp;&nbsp;AgVantage Securities<sup>(1)</sup> | On-balance sheet | 5605000 | 4725000 |
| &nbsp;&nbsp;&nbsp;&nbsp;LTSPCs and unfunded commitments | Off-balance sheet | 2822309 | 2587154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Farmer Mac Guaranteed Securities<sup>(3)</sup> | Off-balance sheet | 500953 | 578358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans serviced for others | Off-balance sheet | 20280 | 22331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Farm & Ranch** |  | $**17728792** | $**16094639** |
| &nbsp;&nbsp;&nbsp;Corporate AgFinance: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | On-balance sheet | $1166253 | $1123300 |
| &nbsp;&nbsp;&nbsp;&nbsp;AgVantage Securities<sup>(1)</sup> | On-balance sheet | 359600 | 367464 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unfunded commitments | Off-balance sheet | 77654 | 47070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate AgFinance** |  | $**1603507** | $**1537834** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Agricultural Finance** |  | $**19332299** | $**17632473** |
| Rural Infrastructure Finance: |  |  |  |
| &nbsp;&nbsp;&nbsp;Rural Utilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | On-balance sheet | $2801696 | $2302373 |
| &nbsp;&nbsp;&nbsp;&nbsp;AgVantage Securities<sup>(1)</sup> | On-balance sheet | 3044156 | 3033262 |
| &nbsp;&nbsp;&nbsp;&nbsp;LTSPCs and unfunded commitments | Off-balance sheet | 512592 | 556837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Farmer Mac Guaranteed Securities<sup>(3)</sup> | Off-balance sheet | 1169 | 2755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rural Utilities** |  | $**6359613** | $**5895227** |
| &nbsp;&nbsp;&nbsp;Renewable Energy: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans | On-balance sheet | $219570 | $86763 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unfunded commitments | Off-balance sheet | 10600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Renewable Energy** |  | $**230170** | $**86763** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Rural Infrastructure Finance** |  | $**6589783** | $**5981990** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $**25922082** | $**23614463** |

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<sup>(1)</sup> A Farmer Mac Guaranteed Security.

<sup>(2)</sup> An interest-only Farmer Mac Guaranteed Security retained as part of a structured securitization.

<sup>(3)</sup> Other categories of Farmer Mac Guaranteed Securities that were sold by Farmer Mac to third parties

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The following table presents the quarterly net effective spread (a non-GAAP measure) by segment:

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net Effective Spread<sup>(1)</sup> | Net Effective Spread<sup>(1)</sup> | Net Effective Spread<sup>(1)</sup> | Net Effective Spread<sup>(1)</sup> | Net Effective Spread<sup>(1)</sup> | Net Effective Spread<sup>(1)</sup> | Net Effective Spread<sup>(1)</sup> | Net Effective Spread<sup>(1)</sup> | Net Effective Spread<sup>(1)</sup> | Net Effective Spread<sup>(1)</sup> | Net Effective Spread<sup>(1)</sup> | Net Effective Spread<sup>(1)</sup> | Net Effective Spread<sup>(1)</sup> | Net Effective Spread<sup>(1)</sup> |
| | Agricultural Finance | Agricultural Finance | Agricultural Finance | Agricultural Finance | Rural Infrastructure Finance | Rural Infrastructure Finance | Rural Infrastructure Finance | Rural Infrastructure Finance | Treasury | Treasury | Treasury | Treasury | | |
| | Farm & Ranch | Farm & Ranch | Corporate AgFinance | Corporate AgFinance | Rural Utilities | Rural Utilities | Renewable Energy | Renewable Energy | Funding | Funding | Investments | Investments | Net Effective Spread | Net Effective Spread |
| | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield | Dollars | Yield |
|  | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* | *(dollars in thousands)* |
| For the quarter ended: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;December 31, 2022<sup>(2)</sup> | $32770 | 0.98% | $7471 | 1.94% | $4960 | 0.34% | $935 | 1.76% | $27656 | 0.42% | $(2689) | 0.19% | $71103 | 1.07% |
| &nbsp;&nbsp;&nbsp;September 30, 2022 | 33343 | 1.04% | 7600 | 1.99% | 4220 | 0.30% | 705 | 1.97% | 22564 | 0.36% | (2791) | (0.21)% | 65641 | 1.03% |
| &nbsp;&nbsp;&nbsp;June 30, 2022 | 32590 | 1.05% | 6929 | 1.87% | 3733 | 0.27% | 468 | 1.78% | 18508 | 0.30% | (1282) | (0.10)% | 60946 | 0.99% |
| &nbsp;&nbsp;&nbsp;March 31, 2022 | 30354 | 1.02% | 7209 | 1.96% | 3159 | 0.23% | 375 | 1.69% | 16738 | 0.28% | 4 | —% | 57839 | 0.97% |
| &nbsp;&nbsp;&nbsp;December 31, 2021 | 28998 | 0.99% | 6321 | 1.84% | 2521 | 0.19% | 356 | 1.53% | 15979 | 0.28% | 158 | 0.01% | 54333 | 0.94% |
| &nbsp;&nbsp;&nbsp;September 30, 2021 | 28914 | 1.06% | 7163 | 1.80% | 2067 | 0.16% | 236 | 1.09% | 17386 | 0.31% | 159 | 0.01% | 55925 | 0.99% |
| &nbsp;&nbsp;&nbsp;June 30, 2021 | 29163 | 1.06% | 6676 | 1.65% | 1759 | 0.14% | 378 | 1.80% | 18449 | 0.33% | 126 | 0.01% | 56551 | 1.01% |
| &nbsp;&nbsp;&nbsp;March 31, 2021 | 26461 | 0.98% | 6921 | 1.67% | 1720 | 0.14% | 249 | 1.28% | 18394 | 0.33% | 114 | 0.01% | 53859 | 0.97% |
| &nbsp;&nbsp;&nbsp;December 31, 2020 | 25596 | 0.95% | 6237 | 1.53% | 1838 | 0.15% | 123 | 1.20% | 20585 | 0.37% | 143 | 0.01% | 54522 | 0.98% |

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<sup>(1)</sup> Farmer Mac excludes the Corporate segment in the presentation above because the segment does not have any interest-earning assets.

<sup>(2)</sup> See above for a reconciliation of GAAP net interest income by line of business to net effective spread by line of business for the three months ended December 31, 2022.

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The following table presents quarterly core earnings reconciled to net income attributable to common stockholders:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Core Earnings by Quarter Ended | Core Earnings by Quarter Ended | Core Earnings by Quarter Ended | Core Earnings by Quarter Ended | Core Earnings by Quarter Ended | Core Earnings by Quarter Ended | Core Earnings by Quarter Ended | Core Earnings by Quarter Ended | Core Earnings by Quarter Ended | Core Earnings by Quarter Ended |
|  | December 2022 | September 2022 | June 2022 | March 2022 | December 2021 | September 2021 | June 2021 | March 2021 | December 2020 |
|  | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* | *(in thousands)* |
| Revenues: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net effective spread | $71103 | $65641 | $60946 | $57839 | $54333 | $55925 | $56551 | $53859 | $54522 |
| &nbsp;&nbsp;&nbsp;Guarantee and commitment fees | 4677 | 4201 | 4709 | 4557 | 4637 | 4322 | 4334 | 4240 | 4652 |
| &nbsp;&nbsp;&nbsp;Gains on sale of mortgage loans |  |  |  |  | 6539 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Other | 390 | 473 | 307 | 514 | 241 | 687 | 301 | 451 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 76170 | 70315 | 65962 | 62910 | 65750 | 60934 | 61186 | 58550 | 59686 |
| Credit related expense/(income): |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Provision for/(release of) losses | 1945 | 450 | (1535) | (54) | (1428) | 255 | (983) | (31) | 2973 |
| &nbsp;&nbsp;&nbsp;REO operating expenses | 819 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Losses on sale of REO |  |  |  |  |  |  |  |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total credit related expense/(income) | 2764 | 450 | (1535) | (54) | (1428) | 255 | (983) | (31) | 2995 |
| Operating expenses: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Compensation and employee benefits | 12105 | 11648 | 11715 | 13298 | 11246 | 10027 | 9779 | 11795 | 9497 |
| &nbsp;&nbsp;&nbsp;General and administrative | 8055 | 6919 | 7520 | 7278 | 8492 | 6330 | 6349 | 6336 | 6274 |
| &nbsp;&nbsp;&nbsp;Regulatory fees | 832 | 812 | 813 | 812 | 812 | 750 | 750 | 750 | 750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 20992 | 19379 | 20048 | 21388 | 20550 | 17107 | 16878 | 18881 | 16521 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings | 52414 | 50486 | 47449 | 41576 | 46628 | 43572 | 45291 | 39700 | 40170 |
| Income tax expense | 11210 | 10303 | 9909 | 9024 | 9809 | 9152 | 9463 | 8520 | 8470 |
| Preferred stock dividends | 6791 | 6791 | 6792 | 6791 | 6792 | 6774 | 5842 | 5269 | 5269 |
| &nbsp;&nbsp;&nbsp;&nbsp;Core earnings | $34413 | $33392 | $30748 | $25761 | $30027 | $27646 | $29986 | $25911 | $26431 |
| Reconciling items: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gains/(losses) on undesignated financial derivatives due to fair value changes | $1596 | $6441 | $2846 | $2612 | $(1242) | $(405) | $(3020) | $3236 | $(3005) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Losses)/gains on hedging activities due to fair value changes | (148) | (624) | 428 | 5687 | (2079) | 1818 | (5866) | 4317 | 7954 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gains/(losses) on trading assets | 31 | (757) | (285) | 94 | (76) | 36 | (61) | (14) | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value | 57 | 24 | (62) | 20 | 71 | 23 | 20 | 16 | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net effects of terminations or net settlements on financial derivatives | 1268 | (3522) | 2536 | 15512 | (429) | (351) | 109 | 1165 | 1583 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax effect related to reconciling items | (590) | (327) | (1148) | (5024) | 789 | (236) | 1852 | (1831) | (1403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to common stockholders | $36627 | $34627 | $35063 | $44662 | $27061 | $28531 | $23020 | $32800 | $31706 |

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## Exhibit 99.2

![](a4q22equitypresentation001.jpg)

Equity Investor Presentation Fourth Quarter 2022

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![](a4q22equitypresentation002.jpg)

FARM ER M AC Forward-Looking Statements In addition to historical information, this presentation includes forward- looking 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 Farmer Mac's future necessarily involve assumptions, estimates, and the evaluation of risks and uncertainties. Various factors or events, both known and unknown, could cause Farmer Mac's actual results to differ materially from the expectations as expressed or implied by the forward- looking statements. Some of these factors are identified and discussed in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2022, filed with the U.S. Securities and Exchange Commission ("SEC") on February 24, 2023. These reports are also available on Farmer Mac's website (www.farmermac.com). Considering these potential risks and uncertainties, no undue reliance should be placed on any forward-looking statements expressed in this presentation. Any forward-looking statements made in this presentation are current only as of December 31, 2022, except as otherwise indicated. Farmer Mac undertakes no obligation to release publicly the results of revisions to any such forward-looking statements that may be made to reflect new information or any future events or circumstances, except as otherwise mandated by the SEC. The information in this presentation is not necessarily indicative of future results. NO OFFER OR SOLICITATION OF SECURITIES This presentation does not constitute an offer to sell or a solicitation of an offer to buy any Farmer Mac security. Farmer Mac securities are offered only in jurisdictions where permissible by offering documents available through qualified securities dealers. Any investor who is considering purchasing a Farmer Mac security should consult the applicable offering documents for the security and their own financial and legal advisors for information about and analysis of the security, the risks associated with the security, and the suitability of the investment for the investor's particular circumstances. Copyright© 2023 by Farmer Mac. No part of this document may be duplicated, reproduced, distributed, or displayed in public in any manner or by any means without the written permission of Farmer Mac. 02

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![](a4q22equitypresentation003.jpg)

FARM ER M AC Use of Non-GAAP Financial Measures This presentation is for general informational purposes only, is current only as of December 31, 2022 and should be read in conjunction with Farmer Mac's Annual Report on Form 10-K filed with the SEC on February 24, 2023. In the accompanying analysis of its financial information, Farmer Mac uses the following non-GAAP financial measures: core earnings, core earnings per share, and net effective spread. Farmer Mac uses these non-GAAP measures to measure corporate economic performance and develop financial plans because, in management's view, they are useful alternative measures in understanding Farmer Mac's economic performance, transaction economics, and business trends. The non-GAAP financial measures that Farmer Mac uses may not be comparable to similarly labeled non- GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of these non-GAAP financial measures is intended to be supplemental in nature and is not meant to be considered in isolation from, as a substitute for, or as more important than, the related financial information prepared in accordance with GAAP. Core earnings and core earnings per share principally differ from net income attributable to common stockholders and earnings per common share, respectively, by excluding the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Core earnings and core earnings per share also differ from net income attributable to common stockholders and earnings per common share, respectively, by excluding specified infrequent or unusual transactions that Farmer Mac believes are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. Farmer Mac uses net effective spread to measure the net spread Farmer Mac earns between its interest-earning assets and the related net funding costs of these assets. Net effective spread differs from net interest income and net interest yield because it excludes: (1) the interest income and interest expense associated with the consolidated trusts and the average balance of the loans underlying these trusts; and (2) the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships. Net effective spread also principally differs from net interest income and net interest yield because it includes the accrual of income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge accounting relationships ("undesignated financial derivatives") and the net effects of terminations or net settlements on financial derivatives, which consist of: (1) the net effects of cash settlements on agency forward contracts on the debt of other GSEs and U.S. Treasury security futures that we use as short-term economic hedges on the issuance of debt; and (2) the net effects of initial cash payments that Farmer Mac receives upon the inception of certain swaps. 03

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![](a4q22equitypresentation004.jpg)

FARM ER M AC Investment Highlights •90-Day delinquencies of only 0.17% across all lines of business •Cumulative Agricultural Finance Mortgage Loans lifetime losses of only 0.11%Quality Assets •Issue at narrow, Government Sponsored Enterprise (GSE) spreads to U.S. Treasuries •E.g., 10-year U.S. Treasury +0.74% as of December 31, 2022Funding Advantage •Ag productivity must double to meet expected global demand •U.S. ag mortgage market is ~$349 billion and growing •Renewable electricity capacity is expected to grow by 48% in the next five years Growth Prospects •Overhead / outstanding business volume ~30 bps •~$800,000 earnings per employee in 2022 Operational Efficiency •Greater than 90% of total revenues is recurring net effective spread and fees •Outstanding business volume CAGR of 10% (2000 to 2022) Quality, Recurring Earnings •Core earnings ROE ~16% in 2022 and consistent net effective spread •Increased quarterly dividend payments for 12 consecutive years Strong Returns, Responsible Growth 04

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![](a4q22equitypresentation005.jpg)

FARM ER M AC Farmer Mac initially chartered by Congress as an instrumentality of the United States Initial public offering First listed on NASDAQ (FAMCU & FAMCL) First major charter revision and expansion of authority (direct loan purchases) First listed on NYSE (AGM & AGM.A) Second major charter revision and expansion of authority (Rural Utilities) A Mission-Driven, For-Profit Company Our Mission Farmer Mac is committed to help build a strong and vital rural America by increasing the availability and affordability of credit for the benefit of American agricultural and rural communities Our Stakeholders • Farmers, ranchers and rural communities • Employees • Stockholders • Financial Institutions & Cooperatives • Congress • Regulators Our Corporate Social Responsibility • To help create sustainable, vibrant rural American communities • We achieve this by conducting our business – With absolute integrity – By holding ourselves to high ethical standards – By promoting a diverse, respectful, and inclusive culture – By adopting an Environmental, Social, Governance (ESG) policy statement 05 1987 1988 1996 1999 2008

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FARM ER M AC Aparna Ramesh Executive Vice President – Chief Financial Officer & Treasurer • 20+ years of experience in mission-oriented finance roles • Joined Farmer Mac in January 2020 from Federal Reserve Bank of Boston, where she previously served as Senior Vice President and Chief Financial Officer • Prior experience includes roles spanning product management, asset-liability management and profitability within Cambridge Savings Bank and M&T Bank Bradford T. Nordholm President & Chief Executive Officer • 40+ years of agricultural and energy finance experience • Joined Farmer Mac in October 2018 from Starwood Energy Group, a leading private investment firm where he served as CEO and later as Vice Chairman • Prior experience includes CEO of US Central and management positions at National Cooperative and within the Farm Credit System Executive Leadership 06 Zachary N. Carpenter Executive Vice President – Chief Business Officer • 15+ years of experience in agribusiness banking, capital markets, finance, and corporate strategy • Joined Farmer Mac in May 2019 from CoBank, where he previously served as Managing Director and Sector Vice President of its Corporate Agribusiness Banking Group • Prior experience includes Executive Director in CoBank's Capital Markets division and Vice President in Finance and Corporate Strategy at Goldman Sachs

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![](a4q22equitypresentation007.jpg)

FARM ER M AC U.S. Agricultural Balance Sheet 07 Investments, $132,748,868 Inventories, $204,517,960 Real Estate $3,188,219,412 Machinery & Vehicles, $322,698,486 $3,848,184,726 Real Estate, $349,067,861 Nonreal Estate, $154,826,805 $503,894,666 $0 $500,000,000 $1,000,000,000 $1,500,000,000 $2,000,000,000 $2,500,000,000 $3,000,000,000 $3,500,000,000 $4,000,000,000 Farm Sector Assets 2022 Forecast Farm Sector Debt 2022 Forecast $ in th ou sa nd s Ag Real Estate Debt-to-Asset Ratio: 10.9% (1)

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![](a4q22equitypresentation008.jpg)

FARM ER M AC (FCS Secondary Market GSE) Agricultural Finance Line of Business (Farm & Ranch and Corporate AgFinance) Farm Credit System (FCS) (Cooperative GSE) • Four FCS Banks • 69 Retail Agricultural Credit Associations Central to a Large Agricultural Mortgage Market 08 Agricultural Mortgage Market {Farmers & Ranchers} Mortgage Financing Mortgage Financing $349 Billion A G B A N K S $61B N O N -B A N K LE N D E R S $13B (2) Non-FCS Ag Lenders • Insurance Companies • Ag Banks • Non-Bank Lenders

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![](a4q22equitypresentation009.jpg)

FARM ER M AC Farmer Mac's Operating Model 09 Farmer Mac's Regulatory/Congressional Oversight • Regulated by the Farm Credit Administration (FCA) through its Office of Secondary Market Oversight (OSMO) • Congressional oversight through Senate and House Agricultural Committees Operating model excludes issued agricultural mortgage-backed securities and long-term standby purchase commitment credit protection components of our business.

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![](a4q22equitypresentation010.jpg)

FARM ER M AC Securitization Program Update • Closed $299.4 million agricultural mortgage-backed securitization transaction on Oct. 14, 2021 • Closed $301.1 million agricultural mortgage-backed securitization transaction on Aug. 11, 2022 • Closed $283.6 million agricultural mortgage-backed securitization transaction on February 23, 2023 • Exemplifies Farmer Mac's core mission to lower costs for the end borrower and improve credit availability in rural America Growth Opportunities 10 Deepen Farmer Mac's Market Br oa de n Fa rm er M ac 's M ar ke t Loan Process Efficiency Rural Broadband Borrower Retention Renewable Energy, Project Finance Timber Securitization = Relative Size of Volume Opportunity = Broaden = Deepen = Both Syndications Broaden Farmer Mac's Market Evaluating opportunities not currently being pursued by Farmer Mac • New lines of business • New products Deepen Farmer Mac's Market Improving processes and operating practices • Customer interaction • Transaction processes • Existing loan features and pricing

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![](a4q22equitypresentation011.jpg)

FARM ER M AC Line of Business Segment Spread Income Products Fee Income Products Volume ($ IN BILLIONS) Q4 Net Effective Spread (%) Agricultural Finance Farm & Ranch • Loans • AgVantage Securities • Guaranteed Securities • USDA • LTSPCs • Guaranteed Securities • Loans Serviced for Others $17.7 0.98% Corporate AgFinance • Loans • AgVantage Securities • Unfunded loan commitments $1.6 1.94% Rural Infrastructure Finance Rural Utilities • Loans • AgVantage Securities • LTSPCs • Unfunded Commitments • Guaranteed Securities $6.4 0.34% Renewable Energy • Loans • Unfunded Loan Commitments $0.2 1.76% Treasury Funding 0.42% Investments 0.19% $25.9 1.07% Lines of Business 11 AS OF DECEMBER 31, 2022

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![](a4q22equitypresentation012.jpg)

FARM ER M AC Northwest 13% Southwest 31% Mid-North 26% Mid-South 17% Northeast 4% Southeast 9% By Geographic Region Crops 50% Permanent Plantings 22% Livestock 18% Part-time Farm 5% Ag. Storage and Processing 5% By Commodity Type Agricultural Finance Loan Portfolio Diversification 12 AS OF DECEMBER 31, 2022 Agricultural Update • USDA's Economic Research Service estimates $189.9 billion in net cash incomes in 2022, a significant increase from 2021 and 2020 incomes and a new record in both real and nominal terms. • Net cash income in 2023 is forecast to fall by 21% due to elevated input costs and moderating commodity prices. However, forecast 2023 levels are still well above the 10-year average for farm profitability. (3)

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![](a4q22equitypresentation013.jpg)

FARM ER M AC Treasury/Investments Segment Treasury segment includes the financial results of the company's funding, liquidity, and capital allocation strategies and operations. Liquidity & Investment Portfolio Maintain investment portfolio to provide back-up source of liquidity in excess of regulatory requirements • $5.5 billion as of December 31, 2022 • Investments net effective spread of 0.19% Benefits from Asset-Liability Management Strategies Leverage a funds transfer pricing process to allocate interest expense to each segment, and allocate the costs and benefits of hedging strategies to the Treasury segment 13 Cash & Equiv. 15.7% Guar. by GSEs and U.S. Gov't Agencies 84.0% Asset-Backed Securities 0.3% Liquidity Portfolio AS OF DECEMBER 31, 2022

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![](a4q22equitypresentation014.jpg)

FARM ER M AC $151.2 $168.6 $197.0 $220.7 $255.5$84.0 $93.7 $100.6 $113.6 $124.3 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 2018 2019 2020 2021 2022 C O R E EAR N IN G S $ IN M ILLIO N S N ET E FF EC TI VE S PR EA D $ IN M IL LI O N S Net Effective Spread & Core Earnings Net Effective Spread Core Earnings Growing, Recurring, High-Quality Earnings $21.1 $21.9 $23.6 $25.9 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 2019 2020 2021 2022 $ IN B IL LI O N S Outstanding Business Volume Outstanding Business Volume 14 7% CAGR (2019-2022) 15% CAGR (2019-2022) 10% CAGR (2019-2022) CAGR is defined as Compound Annual Growth Rate Core earnings and net effective spread are non-GAAP measures. For more information on the use of these non-GAAP measures, please see page 3. For a reconciliation of core earnings to GAAP net income attributable to common stockholders and a reconciliation of net effective spread to GAAP net interest income, please refer to pages 27-28 of the Appendix.

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![](a4q22equitypresentation015.jpg)

FARM ER M AC Quality Earnings Drives Strong Dividends $0.05 $0.10 $0.12 $0.14 $0.16 $0.26 $0.36 $0.58 $0.70 $0.80 $0.88 $0.95 $1.10 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $ PE R S H AR E Quarterly Dividend per Common Share 15 Increased quarterly dividend payments for 12 consecutive years

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![](a4q22equitypresentation016.jpg)

FARM ER M AC Losses less likely even in default – Average portfolio LTV of 46% as of December 31, 2022 – Land values need to decline >54% to generate material losses across Agricultural Finance mortgage loans portfolio – "Stress scenario" losses of 17% to 48% – 1980s crisis saw land value declines of ~23% Farmer Mac Uses Proven, Rigorous Underwriting Industry-leading credit requirements – Total debt coverage ratio of at least 1.25x – LTVs average 40% to 45% on mortgages purchased – Minimum borrower net equity of 50% 16 Credits are less likely to default – Focus on repayment capacity through stressed inputs – Not a "lender of last resort" – Farm Credit Administration is our safety and soundness regulator (4)

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![](a4q22equitypresentation017.jpg)

FARM ER M AC Credit Consistently Outperforms 17 0.74% 0.41% 0.17% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 90-Day Delinquencies Industry 90-Day Delinquencies Farmer Mac 90-Day Delinquencies (Agricultural Finance Mortgage Loans Portfolio Only) Farmer Mac 90-Day Delinquences (Total Portfolio) -0.10% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 C H AR G E- O FF S AS % O F AS SE TS Agricultural Lender Charge-off Rates Banks Farm Credit System Farmer Mac Farmer Mac Average 0.02% Farm Credit System Average 0.09% Banks Average 0.22% All Commercial Banks Loans and Leases Average 0.96%(8) (5) (6) (7) (8) (9) (10)

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FARM ER M AC Historical Credit Losses Agricultural Finance Mortgage Loans have historical cumulative losses of 0.11%, or less than 1bp per year • Cumulative Agricultural Finance Mortgage Loan losses of $38 million on $35 billion of cumulative Agricultural Finance Mortgage Loans historical business volume Farmer Mac has not reported any credit losses to date in any products other than Agricultural Finance Mortgage Loans 18 -$2 $0 $2 $4 $6 $8 $10 $12 1995 & Prior 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 N ET L O SS / (G AI N) $ IN M IL LI O N S BY YEAR OF ORIGINATION Ag Storage & Processing Crops Permanent Plantings Livestock Part-Time Farm / Rural Housing

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FARM ER M AC Allowance for Losses – Quarterly 19 The total allowance for losses increased $1.9 million to $17.2 million in fourth quarter 2022 • $0.6 million release to the allowance for the Rural Infrastructure Finance portfolio was primarily due to updates to the timing of expected future cash flows. • $2.7 million provision to the allowance for the Agricultural Finance portfolio was primarily due to an increase in the provision on collateral dependent assets.

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FARM ER M AC $619 $681 $714 $806 $197 $331 $497 $517 $815 $1,012 $1,210 $1,323 12.9% 14.2% 14.8% 14.9% -2.0% 3.0% 8.0% 13.0% 18.0% 23.0% 28.0% 33.0% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 2019 2020 2021 2022 TI ER 1 C AP IT AL R AT IO (%) C O R E C AP IT AL $ IN M IL LI O N S Statutory Minimum Core Capital Core Capital Amount Above Statutory Minimum Capital Tier 1 Capital Ratio Strong and Growing Equity Capital Base 20Statutory Minimum Core Capital defined as total stockholders' equity less accumulated other comprehensive income.

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FARM ER M AC Investment Highlights •90-Day delinquencies of only 0.17% across all lines of business •Cumulative Agricultural Finance Mortgage Loans lifetime losses of only 0.11%Quality Assets •Issue at narrow, Government Sponsored Enterprise (GSE) spreads to U.S. Treasuries •E.g., 10-year U.S. Treasury +0.74% as of December 31, 2022Funding Advantage •Ag productivity must double to meet expected global demand •U.S. ag mortgage market is ~$349 billion and growing •Renewable electricity capacity is expected to grow by 48% in the next five years Growth Prospects •Overhead / outstanding business volume ~30 bps •~$800,000 earnings per employee in 2022 Operational Efficiency •Greater than 90% of total revenues is recurring net effective spread and fees •Outstanding business volume CAGR of 10% (2000 to 2022) Quality, Recurring Earnings •Core earnings ROE ~16% in 2022 and consistent net effective spread •Increased quarterly dividend payments for 12 consecutive years Strong Returns, Responsible Growth 21

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Appendix

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FARM ER M AC • Core earnings, core earnings per share, and net effective spread are non-GAAP measures. For more information on the use of these non- GAAP measures, please see page 3. For a reconciliation of core earnings to GAAP net income attributable to common stockholders and core earnings per share to earnings per common share, and a reconciliation of net effective spread to GAAP net interest income, please refer to pages 27-28 of the Appendix. • Book Value per Share excludes accumulated other comprehensive income. Key Company Metrics 23 ($ in thousands, except per share amounts) 2022 2021 2020 2019 2018 Core Earnings $124,314 $113,570 $100,612 $93,742 $84,047 Core Earnings per Diluted Share $11.42 $10.47 $9.33 $8.70 $7.82 Net Effective Spread ($) $255,529 $220,668 $196,956 $168,608 $151,195 Net Effective Spread (%) 1.02% 0.98% 0.93% 0.91% 0.91% Guarantee & Commitment Fees $18,144 $17,533 $19,150 $21,335 $20,733 Core Capital Above Statutory Minimum $516,882 $496,800 $331,400 $196,700 $182,600 Common Stock Dividends per Share $3.80 $3.52 $3.20 $2.80 $2.32 Outstanding Business Volume $25,922,082 $23,614,463 $21,929,095 $21,117,942 $19,724,525 90-Day Delinquencies 0.17% 0.20% 0.21% 0.29% 0.14% (Credit Losses)/Recovery ($903) $1,054 ($5,759) ($67) ($17) Book Value per Share $77.61 $67.37 $60.41 $54.80 $49.01 Core Earnings Return on Equity 16% 16% 16% 17% 17%

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FARM ER M AC Equity Capital Structure 24 NYSE Ticker Dividend Yield Shares Outstanding C O M M O N ST O C K CLASS A VOTING COMMON STOCK • Ownership restricted to non-Farm Credit System financial institutions AGM.A 4.12% 1.0 million CLASS B VOTING COMMON STOCK • Ownership restricted to Farm Credit System institutions -- -- 0.5 million CLASS C NON-VOTING COMMON STOCK • No ownership restrictions AGM 3.37% 9.3 million PR EF ER R ED ST O C K SERIES C FIXED-TO-FLOATING RATE NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after July 18, 2024 • Redemption Value: $25 per share AGM.PR.C 6.000% 3.0 million SERIES D NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after July 17, 2024 • Redemption Value: $25 per share AGM.PR.D 5.700% 4.0 million SERIES E NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after July 17, 2025 • Redemption Value: $25 per share AGM.PR.E 5.750% 3.2 million SERIES F NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after October 17, 2025 • Redemption Value: $25 per share AGM.PR.F 5.250% 4.8 million SERIES G NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after July 17, 2026 • Redemption Value: $25 per share AGM.PR.G 4.875% 5.0 million • Common stock dividend annualized divided by quarter-end closing price • Par value of annual dividend for preferred stock

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FARM ER M AC Funding Finance asset purchases with proceeds of debt issuances • 32 dealers • Match-funding provides for stable net effective spread and immaterial interest rate risk Farmer Mac's debt securities carry privileges for certain holders • 20% capital risk weighting • Eligible collateral for Fed advances • Legal investments for many federally supervised financial institutions (banks, etc.) 25 Debt Securities Trade at Narrow Spreads to Comparable Maturity Treasuries MATURITY (YEARS) 3 5 7 10 SPREAD TO TREASURY (AS OF DECEMBER 31, 2022) 14 bps 15 bps 47 bps 74 bps

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FARM ER M AC World population is expected to grow to 9.8 billion by 2050 • Arable land per person is expected to decline over 40% from 2005 to 2050 USDA projects a 75% increase in total production and consumption of major field crops in the same period • 43% increase in world population • Higher protein diets as incomes in developing countries increase Productivity would need to nearly double by 2050 to feed the world "Demand Pull" Provides Sustained Growth Opportunity 3.0 9.8 0.43 0.18 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.50 0.0 2.0 4.0 6.0 8.0 10.0 12.0 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 AR ABLE LAN D PER C APITA (hectare in use per person)W O R LD P O PU LA TI O N (in b illi on s) World Population Arable Land per capita 26 (11) (12)

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FARM ER M AC Reconciliation of Net Income to Core Earnings 27 (in thousands) 2022 2021 2020 2019 2018 Net income attributable to common stockholders 150,979$111,413$94,904$93,650$94,898$ Less reconciling items: Gains/(losses) on undesignated financial derivatives due to fair value changes 13,495 (1,430) (1,701) 10,077 7,959 Gains/(losses) on hedging activities due to fair value changes 5,343 (1,809) (4,759) (9,010) 4,449 Unrealized (losses)/gains on trading assets (917) (115) 51 326 81 Amortization of premiums/discounts and deferred gains on assets consolidated at fair value 39 130 58 (122) (461) Net effects of terminations or net settlements on financial derivatives and hedging activities 15,794 494 1,236 1,089 1,708 Issuance costs on retirement of preferred stock - - (1,667) (1,956) - Income tax effect related to reconciling items (7,089) 573 1,074 (496) (2,885) Sub-total 26,665 (2,157) (5,708) (92) 10,851 Core earnings 124,314$113,570$100,612$93,742$84,047$ Core Earnings by Period Ended • Issuance costs on retirement of preferred stock relates to the write-off of deferred issuance costs as a result of the retirement of Series A Preferred Stock and Series B Preferred Stock.

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FARM ER M AC Reconciliation of Net Interest Income to Net Effective Spread 28 2019 $ in thousands Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield Net interest income/yield 270,940$1.04% 221,951$0.94% 195,848$0.87% 173,135$0.87% 174,436$0.96% Net effects of consolidated trusts (4,239) 0.02% (4,864) 0.02% (6,601) 0.02% (7,669) 0.03% (6,757) 0.04% Expense related to undesignated financial derivatives (7,756) -0.03% 2,841 0.02% 3,468 0.02% (5,095) -0.03% (11,685) -0.07% Amortization of premiums/discounts on assets consolidated at fair value (24) 0.00% (45) 0.00% 197 0.00% 398 0.00% 417 0.01% Amortization of losses due to terminations or net settlements on financial derivatives and hedging activities 2,413 0.01% 446 0.00% 120 0.00% (68) 0.00% (275) 0.00% Fair Value Changes on fair value hedge relationships (5,805) -0.02% 339 0.00% 3,924 0.02% 7,907 0.04% (4,941) -0.03% Net Effective Spread 255,529$1.02% 220,668$0.98% 196,956$0.93% 168,608$0.91% 151,195$0.91% 2022 For the Year Ended December 31, 2021 2020 2018

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FARM ER M AC Resources Footnote 1: USDA Economic Research Service year end 2021F balance sheet (https://data.ers.usda.gov/reports.aspx?ID=17835). Farm Sector Assets and Farm Sector Debt values are forecasted values for 2021 from USDA Economic Research Service. Footnote 2: Eligible ag real estate mortgage market structure shown includes the forecast for outstanding unpaid principal balance of first lien ag mortgage assets for December 31, 2022. Footnote 3: USDA, Economic Research Service U.S. and State-Level Farm Income and Wealth Statistic (https://www.ers.usda.gov/data- products/farm-income-and-wealth-statistics/data-files-us-and-state-level-farm-income-and-wealth-statistics/). Footnote 4: USDA, National Agricultural Statistics Service (as of August 2015). Historic values are not necessarily predictive of future results or outcomes. Footnote 5: FDIC Call Report Data & Farm Credit Funding Corp Annual Information Statements – Non-accrual real estate loans and accruing loans that are 90 days or more past due made by commercial and Farm Credit System banks (as of December 2022). Footnote 6: Delinquencies reflect Farmer Mac's Agricultural Finance mortgage loan portfolio that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. Footnote 7: Kansas City Federal Reserve Agriculture Finance Databook (https://www.kansascityfed.org/agriculture/agfinance-updates/). Footnote 8: Banks' charge-off rate is a percentage of agricultural loan assets. Footnote 9: Farm Credit Banks Funding Corporation Annual Information Statements; Farm Credit System's charge-off rate is the percentage of total loans and guarantees. Footnote 10: Farmer Mac's charge-off rate is the percentage of total loans and guarantees. Footnote 11: USDA, Economic Research Service Global Drivers of Agricultural Demand and Supply, September 2014. Footnote 12: Food and Agriculture Organization of the United Nations, "World Agriculture Towards 2030/2050," June 2012. 29

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