agm-20221107

Farmer Mac Reports Third Quarter 2022 Results

- Outstanding Business Volume of $25.3 Billion -

WASHINGTON, D.C., November 7, 2022 — The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the availability and affordability of credit for the benefit of rural America, today announced its results for the fiscal quarter ended September 30, 2022.

"I’m pleased to report another quarter of outstanding results, building upon the solid financial results we delivered in the first half of the year,” said President and Chief Executive Officer Brad Nordholm. "During the quarter, we continued to closely monitor the changing economic conditions and believe that we're well-positioned to withstand ongoing market volatility. Our capital base is strong and serves as a buffer against unexpected market developments while supporting our future growth and creating more opportunities for shareholder value."

Third Quarter 2022 Highlights

•Added $2.7 billion of gross business volume, resulting in net growth of $847.2 million

•Net interest income grew $8.9 million year-over-year to $67.9 million

•Net effective spread1 increased 17% from the prior-year period to a record $65.6 million

•Net income attributable to common stockholders of $34.6 million compared to $28.5 million in third quarter 2021

•Record Core earnings1 of $33.4 million, or $3.07 per diluted common share, reflecting 21% growth year-over-year

•90-day delinquencies were 0.17% across the entire $25.3 billion portfolio as of September 30, 2022


$ in thousands, except per share amounts	Quarter Ended
	Sept 30, 2022	Jun. 30, 2022	Sept 30, 2021	Sequential % Change	YoY % Change
Net Change in Business Volume	$847,247	$235,981	$921,629	N/A	N/A
Net Interest Income (GAAP)	$67,853	$63,914	$58,916	6%	15%
Net Effective Spread (Non-GAAP)	$65,641	$60,946	$55,925	8%	17%
Diluted EPS (GAAP)	$3.18	$3.23	$2.63	(2)%	21%
Core EPS (Non-GAAP)	$3.07	$2.83	$2.55	8%	20%

1 Non-GAAP Measure

Third Quarter 2022 Results

Spreads

Net interest income for third quarter 2022 was $67.9 million, an $8.9 million increase compared to $58.9 million in the prior-year period, primarily due to a $6.0 million increase from net new business volume and a $5.5 million decrease in funding costs, due to increasing yields on interest-earning assets on our short-term investments that are funded by non-interest bearing excess equity. Net interest yield was 1.04% in third quarter 2022 compared to 1.00% in the prior-year period.

Net effective spread, a non-GAAP measure, for third quarter 2022 was $65.6 million, a $9.7 million increase from $55.9 million in the prior-year period. The $9.7 million year-over-year increase in net effective spread in dollars was primarily due to a $7.1 million increase from net new business volume, a $2.3 million decrease in non-GAAP funding costs, due to increasing yields on interest-earning assets on our short-term investments that are funded by non-interest bearing excess equity, and a $0.6 million increase in cash-basis interest income. In percentage terms, the year-over-year increase of 0.04% was primarily attributable to an decrease of 0.01% in non-GAAP funding costs and an increase of 0.02% in net new business volume. In percentage terms, net effective spread was 1.03% in third quarter 2022, compared to 0.99% in the prior-year period.

Earnings

Farmer Mac's net income attributable to common stockholders for third quarter 2022 was $34.6 million ($3.18 per diluted common share), compared to $28.5 million ($2.63 per diluted common share) in the prior-year period. The $6.1 million year-over-year increase in net income attributable to common stockholders was due to a $7.1 million after-tax increase in net interest income and a $1.3 million after-tax increase in the fair value of undesignated financial derivatives. These factors were partially offset by a $1.8 million after-tax increase in operating expenses and a $0.4 million decrease in guarantee fees.

Farmer Mac enters into financial derivatives transactions to hedge interest rate risks inherent in its business and carries its financial derivatives at fair value in its consolidated financial statements. The fair value fluctuations of these financial derivatives are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported with GAAP if the derivatives are held to maturity, as is expected. Therefore, Farmer Mac uses core earnings, a non-GAAP measure that excludes the effects of fair value fluctuations, as a useful alternative measure to understand the business.

Farmer Mac's core earnings for third quarter 2022 were $33.4 million ($3.07 per diluted common share), compared to $27.6 million ($2.55 per diluted common share) in third quarter 2021. The $5.7 million year-over-year increase in core earnings was due to a $7.7 million after-tax increase in net effective spread, partially offset by a $1.8 million after-tax increase in operating expenses.

Business Volume

Farmer Mac's outstanding business volume was $25.3 billion as of September 30, 2022, a net increase of $0.8 billion from June 30, 2022 after taking into account all new business, maturities, sales, and paydowns on existing assets. The increase in volume was driven by broad-based portfolio growth across most of Farmer Mac's products and segments.

The $607.3 million net increase in Farm & Ranch during third quarter 2022 resulted from $1.9 billion of new purchases, commitments, and guarantees, mostly offset by $1.3 billion of scheduled maturities and repayments. Farmer Mac purchased a total of $303.9 million in loans, which was primarily driven by improved borrower economics albeit navigating a substantially higher interest rate environment. The $303.9 million in gross Farm & Ranch loan purchases was partially offset by $166.8 million in scheduled maturities and repayments.

Farmer Mac also purchased a total of $1.0 billion in Farm & Ranch AgVantage Securities during third quarter 2022, which primarily reflected the refinancing of maturing securities as well as financial counterparties seeking to add longer term AgVantage securities to manage their asset-liability maturity profile given recent increases in credit spreads and interest rates. The $1.0 billion in gross purchases was partially offset by $0.7 billion in scheduled maturities.

The $67.5 million net increase in Corporate AgFinance during third quarter 2022 resulted from $169.9 million of new purchases and commitments, which was offset by $102.5 million of scheduled maturities and repayments. Farmer Mac purchased a total of $136.0 million in loans, which was offset by $84.6 million in scheduled maturities and repayments. This net increase in loans was primarily due to Farmer Mac's continued focus to support loans to larger and more complex agribusinesses focused on food and fiber processing, and other food supply chain production.

The $124.2 million net increase in Rural Utilities during third quarter 2022 resulted from $547.1 million of new purchases, commitments, and guarantees, which was partially offset by $422.9 million of scheduled maturities and repayments. Farmer Mac purchased a total of $400.0 million in AgVantage Securities, $75.8 million in telecommunications loans and $60.0 million in electric distribution and generation and transmission loans. The $135.8 million in loan purchases was partially offset by $68.1 million in scheduled maturities and repayments.

The $48.2 million net increase in Renewable Energy during third quarter 2022 primarily reflects $61.7 million in loan purchases, partially offset by $13.4 million in repayments.

Credit

As of September 30, 2022, the total allowance for losses was $15.2 million, compared to $14.8 million as of June 30, 2022. The $0.5 million provision to the total allowance for losses in third quarter 2022 was comprised of a $0.4 million provision to the Rural Infrastructure Finance portfolio and a $0.1 million provision to the allowance for the Agricultural Finance portfolio. The $0.4 million provision to the allowance for the Rural Infrastructure portfolio was primarily due to new volume. The $0.1 million provision to the allowance for the Agricultural Finance portfolio was primarily due to a single agricultural storage and processing loan.

As of September 30, 2022, Farmer Mac's 90-day delinquencies were $44.2 million (0.42% of the Agricultural Finance Mortgage Loan portfolio), compared to $54.8 million (0.58% of the Agricultural Finance Mortgage Loan portfolio) as of September 30, 2021. Across all of Farmer Mac's lines of business, 90-day delinquencies represented 0.17% of total outstanding business volume as of September 30, 2022, compared to 0.24% as of September 30, 2021.

Capital

As of September 30, 2022, Farmer Mac's core capital level was $1.3 billion, $513.9 million above the minimum capital level required by the company's statutory charter. Farmer Mac's Tier 1 capital ratio was 14.9% as of September 30, 2022.

Earnings Conference Call Information

The conference call to discuss Farmer Mac's third quarter 2022 financial results will be held beginning at 4:30 p.m. eastern time on Monday, November 7, 2022, 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 third quarter 2022 is in Farmer Mac's Quarterly Report on Form 10-Q for the quarter ended September 30, 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.

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. For example, we have excluded from core earnings losses on retirement of preferred stock and the re-measurement of the deferred tax asset.

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 amortization of premiums and discounts on assets consolidated at fair value that are amortized as adjustments to yield in interest income over the contractual or estimated remaining lives of the underlying assets; (2) interest income and interest expense related to consolidated trusts with beneficial interests owned by third parties, which are presented on Farmer Mac's consolidated balance sheets as "Loans held for investment in consolidated trusts, at amortized cost"; and (3) the fair value changes of financial derivatives and the corresponding assets or liabilities designated in a fair value hedge accounting relationship.

Net effective spread also principally differs from net interest income and net interest yield because it includes: (1) 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 (2) the net effects of terminations or net settlements on financial derivatives. 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, 2021, filed February 28, 2022 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:

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

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

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

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

•the general rate of growth in agricultural mortgage and rural utilities indebtedness;

•the effect of economic conditions and geopolitics on agricultural mortgage or rural utilities lending, borrower repayment capacity, or collateral values, including 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, volatility in commodity prices, and the effects of the conflict between Russia and Ukraine;

•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;

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

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

•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; and

•the duration, mitigation efforts, spread, severity, and social and economic disruption of the COVID-19 pandemic and its effects on the business operations of agricultural and rural borrowers, the capital markets, and Farmer Mac's business operations.

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, 2021, as filed with the SEC on February 28, 2022. 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 www.farmermac.com.

CONTACT: Jalpa Nazareth, Investor Relations

Megan Murray-Pelaez, Media Inquiries

(202) 872-7700

* * * *

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)


	As of
	September 30, 2022		December 31, 2021
	(in thousands)
Assets:
Cash and cash equivalents	$	868,234	$	908,785
Investment securities:
Available-for-sale, at fair value (amortized cost of $4,590,696 and $3,834,714, respectively)	4,401,879		3,836,391
Held-to-maturity, at amortized cost	45,032		44,970
Other investments	2,106		1,229
Total Investment Securities	4,449,017		3,882,590
Farmer Mac Guaranteed Securities:
Available-for-sale, at fair value (amortized cost of $7,421,595 and $6,135,807, respectively)	6,974,002		6,328,559
Held-to-maturity, at amortized cost	1,328,039		2,033,239
Total Farmer Mac Guaranteed Securities	8,302,041		8,361,798
USDA Securities:
Trading, at fair value	1,851		4,401
Held-to-maturity, at amortized cost	2,428,638		2,436,331
Total USDA Securities	2,430,489		2,440,732
Loans:

Loans held for investment, at amortized cost	8,817,783		8,314,096
Loans held for investment in consolidated trusts, at amortized cost	1,120,403		948,623
Allowance for losses	(13,002)		(14,041)
Total loans, net of allowance	9,925,184		9,248,678

Financial derivatives, at fair value	49,968		6,081
Accrued interest receivable (includes $7,798 and $10,418, respectively, related to consolidated trusts)	167,962		165,604
Guarantee and commitment fees receivable	46,347		45,538
Deferred tax asset, net	18,978		15,869
Prepaid expenses and other assets	183,368		45,334
Total Assets	$	26,441,588	$	25,121,009

Liabilities and Equity:
Liabilities:


Notes payable	$	23,500,657	$	22,713,771
Debt securities of consolidated trusts held by third parties	1,090,539		981,379
Financial derivatives, at fair value	184,554		35,554
Accrued interest payable (includes $5,547 and $9,619, respectively, related to consolidated trusts)	90,821		59,003
Guarantee and commitment obligation	45,726		43,926
Accounts payable and accrued expenses	295,758		71,726

Reserve for losses	1,510		1,950
Total Liabilities	25,209,565		23,907,309
Commitments and Contingencies
Equity:
Preferred stock:
Series C, par value $25 per share, 3,000,000 shares authorized, issued and outstanding	73,382		73,382
Series D, par value $25 per share, 4,000,000 shares authorized, issued and outstanding	96,659		96,659
Series E, par value $25 per share, 3,180,000 shares authorized, issued and outstanding	77,003		77,003
Series F, par value $25 per share, 4,800,000 shares authorized, issued and outstanding	116,160		116,160
Series G, par value $25 per share, 5,000,000 shares authorized, issued and outstanding	121,327		121,327
Common stock:
Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding	1,031		1,031
Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding	500		500
Class C Non-Voting, $1 par value, no maximum authorization, 9,269,367 shares and 9,235,205 shares outstanding, respectively	9,269		9,235
Additional paid-in capital	128,117		125,993
Accumulated other comprehensive (loss)/income, net of tax	(63,589)		3,853
Retained earnings	672,164		588,557
Total Equity	1,232,023		1,213,700
Total Liabilities and Equity	$	26,441,588	$	25,121,009

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
	(in thousands, except per share amounts)
Interest income:
Investments and cash equivalents	$	21,581	$	4,121	$	38,497	$	14,107
Farmer Mac Guaranteed Securities and USDA Securities	74,695		42,339		169,231		127,976
Loans	97,514		61,923		241,393		181,631
Total interest income	193,790		108,383		449,121		323,714
Total interest expense	125,937		49,467		251,816		155,599
Net interest income	67,853		58,916		197,305		168,115
(Provision for)/release of losses	(617)		(366)		699		(518)
Net interest income after (provision for)/release of losses	67,236		58,550		198,004		167,597
Non-interest income/(expense):
Guarantee and commitment fees	2,643		3,155		9,551		9,182
Gains/(losses) on financial derivatives	772		(888)		21,551		2,581

(Losses)/gains on trading securities	(41)		37		(75)		(38)
Gains on sale of available-for-sale investment securities	—		253		—		253

Release of reserve for losses	167		111		440		1,277
Other income	651		582		1,805		1,600
Non-interest income	4,192		3,250		33,272		14,855
Operating expenses:
Compensation and employee benefits	11,648		10,027		36,661		31,601
General and administrative	6,919		6,330		21,717		19,015
Regulatory fees	812		750		2,437		2,250

Operating expenses	19,379		17,107		60,815		52,866
Income before income taxes	52,049		44,693		170,461		129,586
Income tax expense	10,631		9,388		35,735		27,350


Net income	41,418		35,305		134,726		102,236
Preferred stock dividends	(6,791)		(6,774)		(20,374)		(17,885)

Net income attributable to common stockholders	$	34,627	$	28,531	$	114,352	$	84,351

Earnings per common share:
Basic earnings per common share	$	3.21	$	2.65	$	10.61	$	7.84
Diluted earnings per common share	$	3.18	$	2.63	$	10.51	$	7.79

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:


Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings
	For the Three Months Ended
	September 30, 2022		June 30, 2022		September 30, 2021
	(in thousands, except per share amounts)
Net income attributable to common stockholders	$	34,627	$	35,063	$	28,531
Less reconciling items:
Gains/(losses) on undesignated financial derivatives due to fair value changes	6,441		2,846		(405)
(Losses)/gains on hedging activities due to fair value changes	(624)		428		1,818
Unrealized (losses)/gains on trading assets	(757)		(285)		36
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	24		(62)		23
Net effects of terminations or net settlements on financial derivatives	(3,522)		2,536		(351)

Income tax effect related to reconciling items	(327)		(1,148)		(236)
Sub-total	1,235		4,315		885
Core earnings	$	33,392	$	30,748	$	27,646

Composition of Core Earnings:
Revenues:
Net effective spread(1)	$	65,641	$	60,946	$	55,925
Guarantee and commitment fees(2)	4,201		4,709		4,322

Other(3)	473		307		687
Total revenues	70,315		65,962		60,934

Credit related expense (GAAP):
Provision for/(release of) losses	450		(1,535)		255


Total credit related expense	450		(1,535)		255

Operating expenses (GAAP):
Compensation and employee benefits	11,648		11,715		10,027
General and administrative	6,919		7,520		6,330
Regulatory fees	812		813		750
Total operating expenses	19,379		20,048		17,107

Net earnings	50,486		47,449		43,572
Income tax expense(4)	10,303		9,909		9,152
Preferred stock dividends (GAAP)	6,791		6,792		6,774
Core earnings	$	33,392	$	30,748	$	27,646

Core earnings per share:
Basic	$	3.09	$	2.85	$	2.57
Diluted	$	3.07	$	2.83	$	2.55

(1)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.

(2)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.

(3)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.

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


Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings
	For the Nine Months Ended
	September 30, 2022		September 30, 2021
	(in thousands, except per share amounts)
Net income attributable to common stockholders	$	114,352	$	84,351
Less reconciling items:
Gains/(losses) on undesignated financial derivatives due to fair value changes	11,899		(189)
Gains on hedging activities due to fair value changes	5,491		269
Unrealized losses on trading assets	(948)		(39)
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	(18)		59
Net effects of terminations or net settlements on financial derivatives	14,526		923

Income tax effect related to reconciling items	(6,499)		(215)
Sub-total	24,451		808
Core earnings	$	89,901	$	83,543

Composition of Core Earnings:
Revenues:
Net effective spread(1)	$	184,426	$	166,335
Guarantee and commitment fees(2)	13,467		12,896

Other(3)	1,294		1,439
Total revenues	199,187		180,670

Credit related expense (GAAP):
Release of losses	(1,139)		(759)


Total credit related expense	(1,139)		(759)

Operating expenses (GAAP):
Compensation and employee benefits	36,661		31,601
General and administrative	21,717		19,015
Regulatory fees	2,437		2,250
Total operating expenses	60,815		52,866

Net earnings	139,511		128,563
Income tax expense(4)	29,236		27,135
Preferred stock dividends (GAAP)	20,374		17,885
Core earnings	$	89,901	$	83,543

Core earnings per share:
Basic	$	8.33	$	7.77
Diluted	$	8.27	$	7.71

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


Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share
	For the Three Months Ended						For the Nine Months Ended
	September 30, 2022		June 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
	(in thousands, except per share amounts)
GAAP - Basic EPS	$	3.21	$	3.25	$	2.65	$	10.61	$	7.84
Less reconciling items:
Gains/(losses) on undesignated financial derivatives due to fair value changes	0.60		0.26		(0.04)		1.10		(0.02)
(Losses)/gains on hedging activities due to fair value changes	(0.06)		0.04		0.17		0.51		0.02
Unrealized losses on trading securities	(0.07)		(0.03)		—		(0.09)		—
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	—		(0.01)		—		—		0.01
Net effects of terminations or net settlements on financial derivatives	(0.32)		0.24		(0.03)		1.36		0.08

Income tax effect related to reconciling items	(0.03)		(0.10)		(0.02)		(0.60)		(0.02)
Sub-total	0.12		0.40		0.08		2.28		0.07
Core Earnings - Basic EPS	$	3.09	$	2.85	$	2.57	$	8.33	$	7.77

Shares used in per share calculation (GAAP and Core Earnings)	10,799		10,796		10,766		10,787		10,756


Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share
	For the Three Months Ended						For the Nine Months Ended
	September 30, 2022		June 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
	(in thousands, except per share amounts)
GAAP - Diluted EPS	$	3.18	$	3.23	$	2.63	$	10.51	$	7.79
Less reconciling items:
Gains/(losses) on undesignated financial derivatives due to fair value changes	0.59		0.26		(0.04)		1.09		(0.02)
(Losses)/gains on hedging activities due to fair value changes	(0.06)		0.04		0.17		0.50		0.02
Unrealized losses on trading securities	(0.07)		(0.03)		—		(0.09)		—
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	—		(0.01)		—		—		0.01
Net effects of terminations or net settlements on financial derivatives	(0.32)		0.23		(0.03)		1.34		0.09

Income tax effect related to reconciling items	(0.03)		(0.09)		(0.02)		(0.60)		(0.02)
Sub-total	0.11		0.40		0.08		2.24		0.08
Core Earnings - Diluted EPS	$	3.07	$	2.83	$	2.55	$	8.27	$	7.71

Shares used in per share calculation (GAAP and Core Earnings)	10,874		10,864		10,842		10,875		10,834

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


Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread
	For the Three Months Ended												For the Nine Months Ended
	September 30, 2022				June 30, 2022				September 30, 2021				September 30, 2022				September 30, 2021
	Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield
	(dollars in thousands)
Net interest income/yield	$	67,853	1.04	%	$	63,914	1.00	%	$	58,916	1.00	%	$	197,305	1.03	%	$	168,115	0.96	%
Net effects of consolidated trusts	(843)		0.02	%	(1,183)		0.02	%	(1,167)		0.02	%	(3,044)		0.02	%	(3,713)		0.02	%
Expense related to undesignated financial derivatives	(2,613)		(0.05)	%	(2,026)		(0.03)	%	117		—	%	(5,633)		(0.03)	%	3,154		0.02	%
Amortization of premiums/discounts on assets consolidated at fair value	(21)		—	%	65		—	%	(15)		—	%	28		—	%	(36)		—	%
Amortization of losses due to terminations or net settlements on financial derivatives	640		0.01	%	725		0.01	%	65		—	%	1,723		0.01	%	246		—	%
Fair value changes on fair value hedge relationships	625		0.01	%	(549)		(0.01)	%	(1,991)		(0.03)	%	(5,953)		(0.03)	%	(1,431)		(0.01)	%
Net effective spread	$	65,641	1.03	%	$	60,946	0.99	%	$	55,925	0.99	%	$	184,426	1.00	%	$	166,335	0.99	%

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 September 30, 2022:


Core Earnings by Business Segment
For the Three Months Ended September 30, 2022
	Agricultural Finance				Rural Infrastructure				Treasury				Corporate
	Farm & Ranch		Corporate AgFinance		Rural Utilities		Renewable Energy		Funding		Investments				Reconciling Adjustments			Consolidated Net Income
	(in thousands)
Net interest income	$	34,173	$	7,600	$	4,253	$	705	$	23,913	$	(2,791)	$	—	$	—		$	67,853
Less: reconciling adjustments(1)(2)(3)	(830)		—		(33)		—		(1,349)		—		—		2,212			—
Net effective spread	33,343		7,600		4,220		705		22,564		(2,791)		—		2,212			—
Guarantee and commitment fees	3,833		46		309		13		—		—		—		(1,558)			2,643

Other income/(expense)(3)	469		4		—		—		—		—		—		909			1,382
Total revenues	37,645		7,650		4,529		718		22,564		(2,791)		—		1,563			71,878

Release of/(provision for) losses	93		(333)		(414)		26		—		11		—		—			(617)

Release of reserve for losses	139		—		28		—		—		—		—		—			167
Operating expenses	—		—		—		—		—		—		(19,379)		—			(19,379)
Total non-interest expense	139		—		28		—		—		—		(19,379)		—			(19,212)
Core earnings before income taxes	37,877		7,317		4,143		744		22,564		(2,780)		(19,379)		1,563		(4)	52,049
Income tax (expense)/benefit	(7,953)		(1,536)		(869)		(156)		(4,739)		584		4,366		(328)			(10,631)
Core earnings before preferred stock dividends	29,924		5,781		3,274		588		17,825		(2,196)		(15,013)		1,235		(4)	41,418
Preferred stock dividends	—		—		—		—		—		—		(6,791)		—			(6,791)

Segment core earnings/(losses)	$	29,924	$	5,781	$	3,274	$	588	$	17,825	$	(2,196)	$	(21,804)	$	1,235	(4)	$	34,627

Total Assets	$	14,113,686	$	1,558,139	$	5,779,300	$	186,832	$	—	$	4,608,868	$	194,763	$	—		$	26,441,588
Total on- and off-balance sheet program assets at principal balance	$	17,199,347	$	1,634,786	$	6,296,263	$	196,242	$	—	$	—	$	—	$	—		$	25,326,638

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

(2)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.

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

(4)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.

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:


Outstanding Business Volume

	On or Off Balance Sheet	As of September 30, 2022		As of December 31, 2021
		(in thousands)
Agricultural Finance:
Farm & Ranch:
Loans	On-balance sheet	$	5,053,707	$	4,775,070
Loans held in consolidated trusts:
Beneficial interests owned by third-party investors (Pass-Through)	On-balance sheet	823,106		948,623
Beneficial interests owned by third-party investors (Structured)	On-balance sheet	297,298		—
IO-FMGS(1)	On-balance sheet	11,092		12,297
USDA Securities	On-balance sheet	2,427,258		2,445,806
AgVantage Securities	On-balance sheet	5,305,000		4,725,000
LTSPCs and unfunded commitments	Off-balance sheet	2,752,373		2,587,154
Farmer Mac Guaranteed Securities	Off-balance sheet	509,114		578,358
Loans serviced for others	Off-balance sheet	20,399		22,331
Total Farm & Ranch		$	17,199,347	$	16,094,639
Corporate AgFinance:
Loans	On-balance sheet	$	1,201,047	$	1,123,300
AgVantage Securities	On-balance sheet	348,686		367,464
Unfunded Loan Commitments	Off-balance sheet	85,053		47,070
Total Corporate AgFinance		$	1,634,786	$	1,537,834
Total Agricultural Finance		$	18,834,133	$	17,632,473
Rural Infrastructure Finance:
Rural Utilities:
Loans	On-balance sheet	$	2,699,415	$	2,302,373
AgVantage Securities	On-balance sheet	3,062,829		3,033,262
LTSPCs and Unfunded Loan Commitments	Off-balance sheet	531,264		556,837
Farmer Mac Guaranteed Securities	Off-balance sheet	2,755		2,755
Total Rural Utilities		$	6,296,263	$	5,895,227
Renewable Energy:
Loans	On-balance sheet	$	186,278	$	86,763
Unfunded Loan Commitments	Off-balance sheet	9,964		—
Total Renewable Energy		$	196,242	$	86,763
Total Rural Infrastructure Finance		$	6,492,505	$	5,981,990
Total		$	25,326,638	$	23,614,463

(1) An interest-only Farmer Mac Guaranteed Security retained as part of a structured securitization.

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


	Net Effective Spread(1)
	Agricultural Finance								Rural Infrastructure Finance								Treasury
	Farm & Ranch				Corporate AgFinance				Rural Utilities				Renewable Energy				Funding				Investments				Net Effective Spread
	Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield
	(dollars in thousands)
For the quarter ended:
September 30, 2022(2)	$	33,343	1.04	%	$	7,600	1.99	%	$	4,220	0.30	%	$	705	1.97	%	$	22,564	0.36	%	$	(2,791)	(0.21)	%	$	65,641	1.03	%
June 30, 2022(1)	32,590		1.05	%	6,929		1.87	%	3,733		0.27	%	468		1.78	%	18,508		0.30	%	(1,282)		(0.10)	%	60,946		0.99	%
March 31, 2022	30,354		1.02	%	7,209		1.96	%	3,159		0.23	%	375		1.69	%	16,738		0.28	%	4		—	%	57,839		0.97	%
December 31, 2021	28,998		0.99	%	6,321		1.84	%	2,521		0.19	%	356		1.53	%	15,979		0.28	%	158		0.01	%	54,333		0.94	%
September 30, 2021	28,914		1.06	%	7,163		1.80	%	2,067		0.16	%	236		1.09	%	17,386		0.31	%	159		0.01	%	55,925		0.99	%
June 30, 2021	29,163		1.06	%	6,676		1.65	%	1,759		0.14	%	378		1.80	%	18,449		0.33	%	126		0.01	%	56,551		1.01	%
March 31, 2021	26,461		0.98	%	6,921		1.67	%	1,720		0.14	%	249		1.28	%	18,394		0.33	%	114		0.01	%	53,859		0.97	%
December 31, 2020	25,596		0.95	%	6,237		1.53	%	1,838		0.15	%	123		1.20	%	20,585		0.37	%	143		0.01	%	54,522		0.98	%
September 30, 2020	23,735		0.89	%	5,786		1.45	%	2,022		0.16	%	75		1.19	%	20,034		0.37	%	150		0.01	%	51,802		0.96	%

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

(2)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 September 30, 2022.

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


Core Earnings by Quarter Ended
	September 2022		June 2022		March 2022		December 2021		September 2021		June 2021		March 2021		December 2020		September 2020
	(in thousands)
Revenues:
Net effective spread	$	65,641	$	60,946	$	57,839	$	54,333	$	55,925	$	56,551	$	53,859	$	54,522	$	51,802
Guarantee and commitment fees	4,201		4,709		4,557		4,637		4,322		4,334		4,240		4,652		4,659
Gain on sale of mortgage loans	—		—		—		6,539		—		—		—		—		—
Other	473		307		514		241		687		301		451		512		453
Total revenues	70,315		65,962		62,910		65,750		60,934		61,186		58,550		59,686		56,914

Credit related expense/(income):
Provision for/(release of) losses	450		(1,535)		(54)		(1,428)		255		(983)		(31)		2,973		1,200
REO operating expenses	—		—		—		—		—		—		—		—		—
Losses on sale of REO	—		—		—		—		—		—		—		22		—
Total credit related expense/(income)	450		(1,535)		(54)		(1,428)		255		(983)		(31)		2,995		1,200

Operating expenses:
Compensation and employee benefits	11,648		11,715		13,298		11,246		10,027		9,779		11,795		9,497		8,791
General and administrative	6,919		7,520		7,278		8,492		6,330		6,349		6,336		6,274		5,044
Regulatory fees	812		813		812		812		750		750		750		750		725
Total operating expenses	19,379		20,048		21,388		20,550		17,107		16,878		18,881		16,521		14,560

Net earnings	50,486		47,449		41,576		46,628		43,572		45,291		39,700		40,170		41,154
Income tax expense	10,303		9,909		9,024		9,809		9,152		9,463		8,520		8,470		8,297

Preferred stock dividends	6,791		6,792		6,791		6,792		6,774		5,842		5,269		5,269		5,166
Core earnings	$	33,392	$	30,748	$	25,761	$	30,027	$	27,646	$	29,986	$	25,911	$	26,431	$	27,691

Reconciling items:
Gains/(losses) on undesignated financial derivatives due to fair value changes	$	6,441	$	2,846	$	2,612	$	(1,242)	$	(405)	$	(3,020)	$	3,236	$	(3,005)	$	(4,286)
(Losses)/gains on hedging activities due to fair value changes	(624)		428		5,687		(2,079)		1,818		(5,866)		4,317		7,954		1,562
Unrealized (losses)/gains on trading assets	(757)		(285)		94		(76)		36		(61)		(14)		223		(258)
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	24		(62)		20		71		23		20		16		(77)		97
Net effects of terminations or net settlements on financial derivatives	(3,522)		2,536		15,512		(429)		(351)		109		1,165		1,583		233
Issuance costs on the retirement of preferred stock	—		—		—		—		—		—		—		—		(1,667)

Income tax effect related to reconciling items	(327)		(1,148)		(5,024)		789		(236)		1,852		(1,831)		(1,403)		556
Net income attributable to common stockholders	$	34,627	$	35,063	$	44,662	$	27,061	$	28,531	$	23,020	$	32,800	$	31,706	$	23,928

Equity Investor Presentation Third Quarter 2022

FARMER MAC 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, 2021, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2022, Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, filed with the SEC on May 9, 2022, Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, filed with the SEC on August 8, 2022, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the SEC on November 7, 2022. 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 September 30, 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 © 2022 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

FARMER MAC Use of Non-GAAP Financial Measures This presentation is for general informational purposes only, is current only as of September 30, 2022 and should be read in conjunction with Farmer Mac’s Quarterly Report on Form 10-Q filed with the SEC on November 7, 2022. 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 amortization of premiums and discounts on assets consolidated at fair value that are amortized as adjustments to yield in interest income over the contractual or estimated remaining lives of the underlying assets; (2) interest income and interest expense related to consolidated trusts with beneficial interests owned by third parties, which are presented on Farmer Mac's consolidated balance sheets as “Loans held for investment in consolidated trusts, at amortized cost;” and (3) beginning January 1, 2018, the fair value changes of financial derivatives and the corresponding assets and liabilities designated in a fair value hedge relationship. Net effective spread also principally differs from net interest income and net interest yield because it includes: (1) the accrual of income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge relationships; and (2) the net effects of terminations or net settlements on financial derivatives. 03

FARMER MAC 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 +0.60% as of September 30, 2022Funding Advantage •Ag productivity must double to meet expected global demand •6.0% share of an ~$302 billion and growing U.S. ag mortgage market Growth Prospects •Overhead / outstanding business volume ~30 bps •~$700,000 earnings per employee in 2021 Operational Efficiency •Greater than 90% of total revenues is recurring net effective spread and fees •Outstanding business volume CAGR of 10% (2000 to 2021) Quality, Recurring Earnings •Core earnings ROE ~16% in 2021 and consistent net effective spread •Increased quarterly dividend payments for 11 consecutive years Strong Returns, Responsible Growth 04

FARMER MAC 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

FARMER MAC 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

FARMER MAC U.S. Agricultural Balance Sheet 07 Investments, $112,716,009 Inventories, $180,566,066 Real Estate $2,895,998,249 Machinery & Vehicles, $308,335,490 $3,497,615,814 Real Estate, $324,257,298 Nonreal Estate, $149,858,504 $474,115,802 $18,834,133 $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 Farm Sector Assets 2021 Forecast Farm Sector Debt 2021 Forecast Farmer Mac $ i n t h o u s a n d s Ag Real Estate Debt-to-Asset Ratio: 11.2% (1) (2) Farmer Mac Market Share: 5.8%

FARMER MAC (FCS Secondary Market GSE) $18.8 Billion (5.8% Market Share) 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 Addressable Ag Mortgage Market 08 Addressable Agriculture Mortgage Market {Farmers & Ranchers} Mortgage Financing Mortgage Financing $324 Billion A G B A N K S $ 6 1 B N O N -B A N K L E N D E R S $ 1 3 B (3) Non-FCS Ag Lenders • Insurance Companies • Ag Banks • Non-Bank Lenders

FARMER MAC 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.

FARMER MAC Growth Opportunities 10 Deepen Farmer Mac’s Market B ro a d e n F a rm e r M a c ’s M a rk e 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 Securitization 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 • Exemplifies Farmer Mac’s core mission to lower costs for the end borrower and improve credit availability in rural America

FARMER MAC Line of Business Segment Spread Income Products Fee Income Products Volume ($ IN BILLIONS) Q3 Net Effective Spread (%) Agricultural Finance Farm & Ranch • Loans • AgVantage Securities • Guaranteed Securities • USDA • LTSPCs • Guaranteed Securities • Loans Serviced for Others $17.2 1.03% Corporate AgFinance • Loans • AgVantage Securities • Unfunded loan commitments $1.6 1.99% Rural Infrastructure Finance Rural Utilities • Loans • AgVantage Securities • LTSPCs • Unfunded Commitments • Guaranteed Securities $6.3 0.30% Renewable Energy • Loans • Unfunded Loan Commitments $0.2 1.97% Treasury Funding 0.36% Investments (0.21)% $25.3 1.04% Lines of Business 11 AS OF SEPTEMBER 30, 2022

FARMER MAC Northwest 13% Southwest 31% Mid-North 26% Mid-South 18% Northeast 4% Southeast 8% 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 SEPTEMBER 30, 2022 Agricultural Update • USDA’s Farm Income and Wealth Statistics forecast estimate $168.5 billion for net cash incomes in 2022, a large increase from 2021 and 2020 incomes. • Farm net income in 2022 is forecast to be substantially higher despite higher input costs due to elevated commodity prices across most major ag commodities during much of year. (4)

FARMER MAC 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 • $5.3 billion as of September 30, 2022 • Investments net effective spread of (0.21)% 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. 16.3% Guar. by GSEs and U.S. Gov't Agencies 83.3% Asset-Backed Securities 0.4% Liquidity Portfolio AS OF SEPTEMBER 30, 2022

FARMER MAC $151.2 $168.6 $197.0 $220.7 $184.4$84.0 $93.7 $100.6 $113.6 $89.9 $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 YTD Q3 2022 C O R E E A R N IN G S $ IN M IL L IO N S N E T E F F E C T IV E S P R E A D $ I N M IL L IO N S Net Effective Spread & Core Earnings Net Effective Spread Core Earnings Growing, Recurring, High-Quality Earnings $19.7 $21.1 $21.9 $23.6 $25.3 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 2018 2019 2020 2021 Q3 2022 $ I N B IL L IO N S Outstanding Business Volume Outstanding Business Volume 14 6.2% CAGR (2018-2021) 13.4% CAGR (2018-2020) 10.6% CAGR (2018-2021) 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.

FARMER MAC 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 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $ P E R S H A R E Quarterly Dividend per Common Share 15 Increased quarterly dividend payments for 11 consecutive years

FARMER MAC Losses less likely even in default – Average portfolio LTV of 46% as of September 30, 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 (5)

FARMER MAC Credit Consistently Outperforms 17 0.74% 0.42% 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 3Q22 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 A R G E -O F F S A S % O F A S S E T S 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) (6) (7) (8) (9) (10) (11)

FARMER MAC 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 N E T L O S S / ( G A IN ) $ I N M IL L IO N S BY YEAR OF ORIGINATION Ag Storage & Processing Crops Permanent Plantings Livestock Part-Time Farm / Rural Housing

FARMER MAC Allowance for Losses – Quarterly 19 The total allowance for losses increased $0.5 million to $15.2 million third quarter 2022 • $0.4 million provision to the allowance for the Rural Infrastructure Finance portfolio was primarily due to new volume. • $0.1 million provision to the allowance for the Agricultural Finance portfolio was due to a single agricultural storage and processing loan.

FARMER MAC $545 $619 $681 $714 $782 $183 $197 $331 $497 $514 $728 $815 $1,012 $1,210 $1,296 13.4% 12.9% 14.2% 14.8% 14.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% $0 $200 $400 $600 $800 $1,000 $1,200 2018 2019 2020 2021 Q3 2022 T IE R 1 C A P IT A L R A T IO ( % ) C O R E C A P IT A L $ I N M IL L IO 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.

Appendix

FARMER MAC • 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) YTD 2022 2021 2020 2019 2018 Core Earnings $89,901 $113,570 $100,612 $93,742 $84,047 Core Earnings per Diluted Share $8.27 $10.47 $9.33 $8.70 $7.82 Net Effective Spread ($) $184,426 $220,668 $196,956 $168,608 $151,195 Net Effective Spread (%) 1.00% 0.98% 0.93% 0.91% 0.91% Guarantee & Commitment Fees $13,467 $17,533 $19,150 $21,335 $20,733 Core Capital Above Statutory Minimum $514,200 $496,800 $331,400 $196,700 $182,600 Common Stock Dividends per Share $2.85 $3.52 $3.20 $2.80 $2.32 Outstanding Business Volume $25,326,638 $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% (Charge-Offs)/Recovery ($84) $1,054 ($5,759) ($67) ($17) Book Value per Share $75.10 $67.37 $60.41 $54.80 $49.01 Core Earnings Return on Equity 16% 16% 16% 17% 17%

FARMER MAC Equity Capital Structure 24 NYSE Ticker Dividend Yield Shares Outstanding C O M M O N S T O C K CLASS A VOTING COMMON STOCK • Ownership restricted to non-Farm Credit System financial institutions AGM.A 3.97% 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 3.83% 9.3 million P R E F E R R E D S T 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

FARMER MAC 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 SEPTEMBER 30, 2022) 16 bps 17 bps 35 bps 60 bps

FARMER MAC 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 A R A B L E L A N D P E R C A P IT A (h e c ta re in u s e p e r p e rs o n )W O R L D P O P U L A T IO N (i n b ill io n s ) World Population Arable Land per capita 26 (12) (13)

FARMER MAC Reconciliation of Net Income to Core Earnings 27 (in thousands) YTD 2022 2021 2020 2019 2018 Net income attributable to common stockholders 114,352$ 111,413$ 94,904$ 93,650$ 94,898$ Less reconciling items: Gains/(losses) on undesignated financial derivatives due to fair value changes 11,899 (1,430) (1,701) 10,077 7,959 Gains/(losses) on hedging activities due to fair value changes 5,491 (1,809) (4,759) (9,010) 4,449 Unrealized (losses)/gains on trading assets (948) (115) 51 326 81 Amortization of premiums/discounts and deferred gains on assets consolidated at fair value (18) 130 58 (122) (461) Net effects of terminations or net settlements on financial derivatives and hedging activities 14,526 494 1,236 1,089 1,708 Issuance costs on retirement of preferred stock - - (1,667) (1,956) - Income tax effect related to reconciling items (6,499) 573 1,074 (496) (2,885) Sub-total 24,451 (2,157) (5,708) (92) 10,851 Core earnings 89,901$ 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.

FARMER MAC 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 197,305$ 1.03% 221,950$ 0.94% 195,848$ 0.87% 173,135$ 0.87% 174,436$ 0.96% Net effects of consolidated trusts (3,044) 0.02% (4,864) 0.02% (6,601) 0.02% (7,669) 0.03% (6,757) 0.04% Expense related to undesignated financial derivatives (5,633) -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 28 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 1,724 0.01% 446 0.00% 120 0.00% (68) 0.00% (275) 0.00% Fair Value Changes on fair value hedge relationships (5,954) -0.03% 340 0.00% 3,924 0.02% 7,907 0.04% (4,941) -0.03% Net Effective Spread 184,426$ 1.00% 220,668$ 0.98% 196,956$ 0.93% 168,608$ 0.91% 151,195$ 0.91% YTD 2022 For the Year Ended December 31, 2021 2020 2018

FARMER MAC 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: Farmer’s Mac’s total includes outstanding business volume in the Agricultural Finance line of business. Market share represents Farmer Mac’s percentage of only Farm Sector Real Estate Debt outstanding. Footnote 3: 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, 2021. Footnote 4: 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 5: USDA, National Agricultural Statistics Service (as of August 2015). Historic values are not necessarily predictive of future results or outcomes. Footnote 6: 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 2021). Footnote 7: 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 8: Kansas City Federal Reserve Agriculture Finance Databook (https://www.kansascityfed.org/agriculture/agfinance-updates/). Footnote 9: Banks’ charge-off rate is a percentage of agricultural loan assets. Footnote 10: Farm Credit Banks Funding Corporation Annual Information Statements; Farm Credit System’s charge-off rate is the percentage of total loans and guarantees. Footnote 11: Farmer Mac’s charge-off rate is the percentage of total loans and guarantees. Footnote 12: USDA, Economic Research Service Global Drivers of Agricultural Demand and Supply, September 2014. Footnote 13: Food and Agriculture Organization of the United Nations, “World Agriculture Towards 2030/2050,” June 2012. 29