Federal Agricultural Mortgage

Management prioritizes balance-sheet growth at attractive NES, sustained investment in technology and process (e.g., the FLX platform), and consistent cash returns. The quarterly common dividend was raised 7 percent in February 2026 to 1.60 dollars, the 15th consecutive annual increase.

The company opportunistically issues preferred for Tier 1 capital and has repurchased Class C common shares selectively. Dilution from equity comp appears manageable.

Capex is low and operating leverage is strong, so incremental capital is best directed to assets that reinforce the franchise and widen program relevance rather than heavy physical capex. We view allocation as pragmatic and shareholder-aligned, with room to expand repurchases when capital is comfortably above requirements.