Federal Agricultural Mortgage

The CEO transition from Brad Nordholm to Zack Carpenter became effective July 1, 2026 with Nordholm serving as advisor through September 30, 2026, reflecting thoughtful succession planning. Recent quarters under the evolving team delivered record volume, revenue, and core earnings with continued cost discipline.

Governance and regulatory relationships (FCA oversight) remain central to execution quality. The bench has been refreshed, including a new CFO in late 2025. We view alignment as sound for a regulated, mission‑driven GSE‑like model.