Federal Agricultural Mortgage

Leadership continuity and domain expertise are strong. The board approved July 1, 2026 as the effective date for Zachary N. Carpenter to assume the CEO role following his tenure as President and COO and earlier as Chief Business Officer.

The leadership team has delivered steady volume growth, operating efficiency below 30 percent, and stable credit outcomes. Governance is typical of a publicly listed GSE with robust FCA oversight. Key person risk is modest, and succession appears well planned.

We score management highly for execution and risk discipline, with ongoing attention warranted on credit cycle navigation and regulatory engagement.