Federal Agricultural Mortgage (AGM) Investor Day 2026 summary

Strategic vision and growth targets

• Pursuing a "Drive to Scale" strategy to reach $50–$55 billion in business volume by 2030, targeting an 8–11% CAGR, with infrastructure expected to comprise 35% of the portfolio by 2030.

• Building on prior growth phases, the organization emphasizes diversification, operational excellence, and talent acquisition, while expanding into new sectors such as rural homes and additional renewable energy types.

• Strategic direction includes expanding market share, innovating products, and deepening customer relationships.

• Investments in technology, platform modernization, and data analytics are key to operational excellence and scalability.

• Maintains disciplined risk management and strong capital allocation to support scalable growth.

Financial performance and shareholder returns

• Achieved 8% CAGR in business volume since 2018, with core earnings growing at 12–13% CAGR and revenue at 13% CAGR over the same period.

• Delivered 15 consecutive years of annual dividend increases, with dividend growth averaging over 14% annually for the past eight years.

• Outperformed S&P 500 and financial sector peers in earnings growth and return on equity, with lower volatility.

• Maintained a strong Tier 1 capital ratio, reaching $1.7 billion in total capital by 2025.

• Net Effective Spread increased from 91 bps in 2018 to 120 bps in 2025, supporting resilient earnings through market cycles.

Portfolio diversification and risk management

• Diversified business model includes Farm & Ranch, Corporate AgFinance, Power & Utilities, Renewable Energy, Broadband Infrastructure, and Wholesale Finance.

• Maintains rigorous underwriting, risk monitoring, and strong asset quality, with non-accrual assets at 1.4% of total loans at year-end 2025.

• Portfolio risk is mitigated by over-collateralization, diversification, and disciplined credit frameworks.

• Enhanced methodologies for credit risk assessment and proactive capital allocation strategies.

• No credit losses reported in Power & Utilities and Wholesale Finance segments.