The Federal Agricultural Mortgage Corporation (Farmer Mac) reported a net income of $182.5 million for the fiscal year ending December 31, 2025, reflecting a slight increase from $180.4 million in the previous year. The company's core earnings also rose to $182.9 million, up from $171.6 million in 2024. This growth was primarily driven by a $36.9 million increase in net interest income, which reached $390.7 million, alongside a $43.5 million rise in net effective spread, totaling $383.0 million. However, these gains were partially offset by a $21.3 million increase in the provision for credit losses and a $14.4 million rise in operating expenses.
Farmer Mac's total outstanding business volume increased to $33.4 billion, a net rise of $3.8 billion from the previous year, with significant contributions from both the Agricultural Finance and Infrastructure Finance segments. The Infrastructure Finance portfolio saw a net increase of $2.8 billion, while the Agricultural Finance portfolio grew by $1.0 billion. The company also maintained a strong capital position, with core capital of $1.7 billion, exceeding the minimum regulatory capital requirement by $677.7 million.
In terms of operational metrics, Farmer Mac employed 212 individuals as of December 31, 2025, marking an 11% increase in headcount from the previous year. The company has expanded its geographic footprint, employing personnel across 29 states and the District of Columbia. Additionally, Farmer Mac's liquidity position remained robust, with an average of 301 days of liquidity throughout 2025, well above the regulatory requirement of 90 days.
Looking ahead, Farmer Mac anticipates continued growth driven by the capital and liquidity needs of lending institutions in the agricultural and infrastructure sectors. The company plans to invest in technology and business infrastructure to enhance operational efficiency and scalability. However, it also acknowledges potential challenges, including fluctuating commodity prices, changing trade policies, and the impact of adverse weather conditions on agricultural productivity. The outlook for farm incomes remains mixed, with expectations of a slight increase in 2026, but varying conditions across different agricultural sectors.
About FEDERAL AGRICULTURAL MORTGAGE CORP
Farmer Mac is a federally chartered government-sponsored enterprise providing a secondary market for agricultural and rural infrastructure loans. It purchases, guarantees, and securitizes loans and securities, supporting lenders and expanding access to rural financing. Its core activities include loan servicing, issuing guarantee and debt securities, and fostering liquidity in agricultural and infrastructure markets across the U.S.
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