Federal Agricultural Mortgage

Capital and liquidity are robust relative to GSE requirements: Tier 1 capital ratio was 13.2% in Q2 2026 and core capital exceeded the minimum by roughly 64%. The liquidity portfolio provided 277 days as of year‑end 2025, and Farmer Mac maintains a $1.5 billion Treasury line for guarantees that has not been used.

Credit quality shows modest delinquencies versus collateral values; for example, 90‑day delinquencies in Agricultural Finance were disclosed at manageable levels year‑end 2025, though above the long‑term average and with borrower concentration in the top names requiring attention.

Preferred issuances in 2025 and 2026 further bolstered Tier 1. Balance‑sheet leverage is inherent to the model but well‑managed.