8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 28, 2022

FEDERAL AGRICULTURAL MORTGAGE CORPORATION

(Exact name of registrant as specified in its charter)

Federally chartered instrumentality of the United States		001-14951	52-1578738
(State or Other Jurisdiction of Incorporation)		(Commission File Number)	(IRS Employer Identification No.)
1999 K Street, N.W., 4th Floor,			20006
Washington,	DC
(Address of Principal Executive Offices)			(Zip Code)

Registrant’s telephone number, including area code (202) 872-7700

No change

(Former name or former address, if changed since last report) 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Exchange on which registered
Class A voting common stock	AGM.A	New York Stock Exchange
Class C non-voting common stock	AGM	New York Stock Exchange
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C	AGM.PRC	New York Stock Exchange
5.700% Non-Cumulative Preferred Stock, Series D	AGM.PRD	New York Stock Exchange
5.750% Non-Cumulative Preferred Stock, Series E	AGM.PRE	New York Stock Exchange
5.250% Non-Cumulative Preferred Stock, Series F	AGM.PRF	New York Stock Exchange
4.875% Non-Cumulative Preferred Stock, Series G	AGM.PRG	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.

On February 28, 2022, the Federal Agricultural Mortgage Corporation (“Farmer Mac”) issued a press release to announce (1) its financial results for the fiscal quarter and year ended December 31, 2021 and (2) a conference call to discuss those results and Farmer Mac’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. A copy of the press release is attached as Exhibit 99.1 and is incorporated by reference into this report. All references to www.farmermac.com in Exhibit 99.1 are inactive textual references only, and the information contained on that website is not incorporated by reference into this report.

The information furnished in this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor will any of such information or Exhibit be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended (the “Securities Act”), except as shall be expressly set forth by specific reference in such filing.

Item 7.01    Regulation FD Disclosure.

On February 28, 2022, Farmer Mac posted an investor slide presentation for equity investors to its website at www.farmermac.com under the tab “Investors — Events and Presentations.” Farmer Mac expects to use the slide presentation in connection with future investor presentations to analysts and investors. The slide presentation is attached as Exhibit 99.2 and is incorporated by reference into this report. All references to www.farmermac.com in Exhibit 99.2 are inactive textual references only, and the information contained on that website is not incorporated by reference into this report.

The information furnished in this Item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section, nor will any of such information or Exhibit be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01    Other Events.

On February 28, 2022, Farmer Mac issued a press release to announce that its Board of Directors (“Board”) had declared a quarterly dividend on each of Farmer Mac’s three classes of common stock – Class A Voting Common Stock, Class B Voting Common Stock, and Class C Non-Voting Common Stock. The quarterly dividend of $0.95 per share of common stock will be payable on March 31, 2022, to holders of record of Farmer Mac’s common stock as of March 16, 2022.

The Board also declared a dividend on each of Farmer Mac’s five classes of preferred stock – 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (“Series C Preferred Stock”), 5.700% Non-Cumulative Preferred Stock, Series D (“Series D Preferred Stock”), 5.750% Non-Cumulative Preferred Stock, Series E (“Series E Preferred Stock”), 5.250% Non-Cumulative Preferred Stock, Series F (“Series F Preferred Stock”), and 4.875% Non-Cumulative Preferred Stock, Series G (“Series G Preferred Stock”). The quarterly dividend of $0.375 per share of Series C Preferred Stock, $0.35625 per share of Series D Preferred Stock, $0.359375 per share of Series E Preferred Stock, $0.328125 per share of Series F Preferred Stock, and $0.3046875 per share of Series G Preferred Stock is for the period from but not including January 17, 2022, to and including April 17, 2022. The dividend on each of the Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock, and Series G Preferred Stock will be payable on April 17, 2022, to holders of record of those classes of preferred stock, respectively, as of April 1, 2022. Each share of Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series F Preferred Stock, and Series G Preferred Stock has a par value and liquidation preference of $25.00 per share.

A copy of the press release is attached to this report as Exhibit 99.1 and the portion of the press release included under the heading "Dividends" is incorporated by reference into this report. All references to www.farmermac.com in Exhibit 99.1 are inactive textual references only, and the information contained on Farmer Mac’s website is not incorporated by reference into this report.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits

99.1    Press Release dated February 28, 2022

99.2    Equity investor slide presentation

104    Cover Page Inline Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document included as Exhibit 101

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

FEDERAL AGRICULTURAL MORTGAGE CORPORATION                    

By: /s/ Stephen P. Mullery            

Name: Stephen P. Mullery

Title: Executive Vice President – General Counsel

Dated: February 28, 2022

EX-99.1

Farmer Mac Reports 2021 Results

- Outstanding Business Volume of $23.6 Billion -

- Announces 8% Dividend Increase -

WASHINGTON, D.C., February 28, 2022— The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the availability and affordability of credit for the benefit of rural America, today announced its results for the fiscal quarter and year ended December 31, 2021.

Full Year 2021 and Recent Highlights

•Net income of $107.6 million compared to $89.2 million in 2020, reflecting a 20% year-over-year increase

•Core earnings (a non-GAAP measure) increased 13% to $113.6 million from $100.6 million in the same period last year

•On August 18, 2021, completed strategic acquisition that expanded the internal loan servicing function and acquired the loan servicing rights for a sizeable portion of our Farm & Ranch loan and USDA Guaranteed Securities portfolios

•On October 14, 2021, closed on a newly-designed structured securitization transaction involving approximately $300 million of agricultural mortgage loans

•On February 23, 2022, Farmer Mac's Board of Directors raised the quarterly dividend on common stock by 8% to $0.95 per share, the eleventh consecutive annual increase

“Farmer Mac finished 2021 with record financial results, capping off another milestone year for the company,” said Brad Nordholm, President & Chief Executive Officer. “We are proud of our accomplishments throughout 2021 as we completed a strategic acquisition of a loan servicing platform and successfully executed a newly-structured, agricultural mortgage-backed securitization. These accomplishments, combined with our consistent financial performance and continued strong credit quality, provide us confidence in our ability to successfully execute our multi-year strategic plan and our mission to bring even greater efficiencies in providing financing to lenders for the benefit of their farm and ranch, agribusiness, and rural infrastructure customers.”

$ in thousands, except per share amounts	Quarter Ended			Year Ended
	Dec. 31, 2021	Dec. 31, 2020	% Change	Dec. 31, 2021	Dec. 31, 2020	% Change
Net Change in Business Volume	$495,672	$(65,193)	N/A	$1,690,368	$806,153	N/A
Net Interest Income	$57,390	$56,267	2%	$220,775	$190,588	16%
Net Effective Spread (Non-GAAP)	$54,333	$54,522	—%	$220,668	$196,956	12%
Diluted EPS (GAAP)	$2.75	$2.73	1%	$9.92	$8.27	20%
Core EPS (Non-GAAP)	$2.76	$2.45	13%	$10.47	$9.33	12%

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Business Segments and Presentation

During fourth quarter 2021, Farmer Mac's management determined that the company's operations are most easily analyzed and managed as seven reportable operating segments. This new alignment enables Farmer Mac to review and analyze financial performance according to the type of customer and market that it serves (rather than according to product offerings), along with Farmer Mac's treasury activities. The Farm & Ranch (now including Farmer Mac's USDA Securities portfolio) and Corporate AgFinance segments comprise the newly-designated Agricultural Finance line of business. The Rural Utilities and Renewable Energy segments comprise the newly-designated Rural Infrastructure Finance line of business. Also included in the new alignment are the Funding, Investments, and Corporate segments.

Fourth Quarter 2021 Results

Spreads

Net interest income for fourth quarter 2021 was $57.4 million, a $1.1 million increase compared to $56.3 million in the prior-year period, primarily due to a $2.3 million increase related to new business volume, and a $1.1 million decrease in funding costs, partially offset by a $2.1 million decrease in the fair value of derivatives designated in fair value hedge accounting relationships. Net interest yield was 0.95% in fourth quarter 2021 compared to 0.96% in the prior-year period.

Net effective spread, a non-GAAP measure, for fourth quarter 2021 was $54.3 million, a $0.2 million decline from $54.5 million in the prior-year period. The $0.2 million year-over-year decrease in net effective spread in dollars was primarily due to an increase in non-GAAP funding costs of $2.7 million and a $0.2 million decrease in cash-basis interest income related to Agricultural Finance loans, partially offset by an increase of $2.7 million related to new business volume. In percentage terms, net effective spread decreased 0.04% to 0.94% in fourth quarter 2021 from the prior-year period.

Earnings

Farmer Mac's net income attributable to common stockholders for fourth quarter 2021 was $29.9 million ($2.75 per diluted common share), compared to $29.4 million ($2.73 per diluted common share) in the prior-year period. The $0.5 million year-over-year increase in net income attributable to common stockholders was due to a $5.2 million after-tax gain on sale of mortgage loans, a net change in our (release)/provision for credit losses of $3.5 million after tax, and a $0.9 million after-tax increase in net interest income. These factors were partially offset by a $4.2 million after-tax decrease in the fair value of undesignated financial derivatives, a $3.2 million after-tax increase in operating expenses, and a $1.5 million increase in preferred stock dividends.

Farmer Mac enters into financial derivatives transactions to hedge interest rate risks inherent in its business and carries its financial derivatives at fair value in its consolidated financial statements. The fair value fluctuations of these financial derivatives are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported with GAAP if the derivatives are held to maturity, as is expected. Therefore, Farmer Mac uses core earnings, a non-GAAP measure that excludes the effects of fair value fluctuations, as a useful alternative measure to understand the business.

Farmer Mac's core earnings for fourth quarter 2021 were $30.0 million ($2.76 per diluted common share), compared to $26.4 million ($2.45 per diluted common share) in fourth quarter 2020. The $3.6 million year-over-year increase in core earnings was driven by a $5.2 million after-tax gain on sale of mortgage

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loans, and a net change in our (release)/provision for credit losses of $3.5 million after tax. These factors were partially offset by a $3.2 million after-tax increase in operating expenses, and a $1.5 million increase in preferred stock dividends.

Full Year 2021 Results

Spreads

Net interest income for 2021 was $220.8 million, a $30.2 million increase compared to $190.6 million in the prior-year period, primarily due to a $16.7 million increase related to net new business volume, a $6.9 million decrease in funding costs, and a $7.7 million increase in the fair value of derivatives designated in fair value hedge accounting relationships. Net interest yield was 0.94% in 2021 compared to 0.85% in the prior-year period.

Net effective spread, a non-GAAP measure, for 2021 was $220.7 million, a $23.7 million increase from $197.0 million in the prior-year period. The $23.7 million year-over-year increase in net effective spread was primarily due to an increase of $16.7 million from net new business volume and a $6.3 million decrease in non-GAAP funding costs. In percentage terms, net effective spread increased 0.05% to 0.98% in 2021 from the prior-year period due to an increase of 0.04% in net new business volume and a decrease of 0.01% in funding costs.

Earnings

Farmer Mac's net income attributable to common stockholders for 2021 was $107.6 million ($9.92 per diluted common share), compared to $89.2 million ($8.27 per diluted common share) in the prior-year period. The $18.4 million year-over-year increase in net income attributable to common stockholders was due to a $23.8 million after-tax increase in net interest income, a net change in our (release)/provision for credit losses of $8.1 million after tax, and a $5.2 million after-tax gain on sale of mortgage loans. These factors were partially offset by a $9.5 million after-tax increase in operating expenses, a $6.9 million increase in preferred stock dividends, and a $2.5 million after-tax decrease in the fair value of undesignated financial derivatives.

Farmer Mac's core earnings, a non-GAAP measure, for 2021 were $113.6 million ($10.47 per diluted common share), compared to $100.6 million ($9.33 per diluted common share) in 2020. The $13.0 million year-over-year increase in core earnings was due to a $18.7 million after-tax increase in net effective spread, a net change in our (release)/provision for credit losses of $8.1 million after tax, and a $5.2 million after-tax gain on sale of mortgage loans. These factors were partially offset by a $9.5 million after-tax increase in operating expenses, a $6.9 million increase in preferred stock dividends, a $1.3 million after-tax decrease in guarantee fees, and a $0.8 million after-tax decrease in other income.

Business Volume

Farmer Mac's outstanding business volume was $23.6 billion as of December 31, 2021, a net increase of $1.7 billionfrom December 31, 2020 after taking into account all new business, maturities, sales, and paydowns on existing assets.

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The $1.2 billion net increase in Farm & Ranch was comprised of $5.9 billion of new purchases and guarantees, partially offset by $4.7 billion of scheduled maturities, repayments, and sales. Farmer Mac purchased a total of $2.1 billion in loans, which was primarily driven by farm real estate acquisitions due to improved borrower economics, as well as a continued competitive interest rate environment resulting in demand for long-term financing solutions. The $2.1 billion in gross Farm & Ranch loan purchases was partially offset by $1.3 billion in scheduled maturities, repayments, and sales, including the sale of $299.4 million of agricultural mortgage loans through Farmer Mac's newly-designed structured securitization executed in the fourth quarter. The securitization resulted in $289.5 million in Farmer Mac Guaranteed Securities backed by the sold loans.

Farmer Mac also purchased a total of $2.2 billion in AgVantage Securities, which primarily reflected the refinancing of maturing securities, as well as financial counterparties seeking additional short-term, low-cost securities to manage their asset-liability maturity profile. The $2.2 billion in gross purchases was partially offset by $1.9 billion in scheduled maturities. While the short-term nature of the AgVantage securities added during 2021 may create volatility in AgVantage volumes, Farmer Mac does not anticipate a material impact to its net effective spread given the low-cost nature of these securities due to the short maturity profile.

Farmer Mac entered into $788.3 million of new Long-term Standby Purchase Commitments (LTSPCs), which were offset by $516.1 million of maturities on existing LTSPCs. The new volume in LTSPCs during 2021 was driven primarily by Farm Credit System institutions seeking credit risk management solutions to address increasing commodity and borrower hold limits resulting from strong loan growth in in their regional portfolios.

The $126.3 million net decrease in Corporate AgFinance was comprised of $880.2 million of new loan and AgVantage security purchases, which was offset by $1.0 billion of scheduled maturities, repayments, and sales. Farmer Mac purchased a total of $314.9 million in AgVantage Securities, which was offset by $691.6 million in scheduled maturities and repayments. This net decrease in AgVantage Securities was primarily due to improved borrower economics that reduced the demand for higher priced institutional financing, counterparties diversifying wholesale funding sources, and competitive funding availability for institutional counterparties.

Farmer Mac purchased a total of $509.1 million in Corporate AgFinance loans to advance Farmer Mac's strategic initiative to support larger and more complex farming operations, agribusinesses focused on agriculture production, food and fiber processing, and other supply chain production. The $509.1 million in gross purchases was partially offset by $295.4 million in scheduled maturities and repayments.

The $581.2 million net increase in Rural Utilities was comprised of $1.8 billion of new purchases and guarantees, which was partially offset by $1.2 billion of scheduled maturities and repayments. Farmer Mac purchased a total of $1.5 billion in AgVantage Securities, which was partially offset by $982.6 million in scheduled maturities. The net increase in AgVantage Securities of $467.4 million was a result of a key counterparty proactively managing its capital structure as well as Farmer Mac's ability to offer competitively priced financing structures.

Farmer Mac purchased a total of $313.4 million in Rural Utilities loans, which was fueled by a competitive interest rate environment, resulting in demand for long-term financing solutions for planned maintenance, capital expenditures, and refinancing higher cost debt. The $313.4 million in loan purchases was partially offset by $198.4 million in scheduled maturities and repayments.

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The $13.7 million net increase in Renewable Energy was comprised of $43.6 million of new loan purchases, which was partially offset by $29.9 million of repayments.

Credit

As of December 31, 2021, the total allowance for losses was $16.4 million, compared to $17.8 million as of December 31, 2020. The provision to the allowance for Rural Infrastructure Finance loan losses of $0.5 million recorded during the year ended 2021 was primarily attributable to the impact of the Texas Arctic Freeze, partially offset by the impact of improving economic factor forecasts. The $1.4 million release from the allowance for the Agricultural Finance mortgage loan portfolio during the year ended 2021 was primarily attributable to a recovery on the payoff of the agricultural storage and processing loan secured by a specialized poultry facility that had been partially charged off in 2020 and improving economic factor forecasts. Across all of Farmer Mac's lines of business, allowance for losses represented 0.07% of total outstanding business volume as of December 31, 2021.

As of December 31, 2021, Farmer Mac's 90-day delinquencies were $47.3 million (0.48% of the Agricultural Finance Mortgage Loan portfolio), compared to $46.2 million (0.54% of the Agricultural Finance Mortgage Loan portfolio) as of December 31, 2020. Across all of Farmer Mac's lines of business, 90-day delinquencies represented 0.20% of total outstanding business volume as of December 31, 2021, compared to 0.21% as of December 31, 2020.

Capital

As of December 31, 2021, Farmer Mac's core capital level was $1.2 billion, $486.8 million above the minimum capital level required by the Company's statutory charter. This compares to $1.0 billion as of December 31, 2020, which was $325.4 million above the minimum capital requirement. The increase in capital in excess of the minimum capital level required was primarily due to the issuance of the Series G Preferred Stock in May 2021 and an increase in retained earnings. Farmer Mac's Tier 1 capital ratio was 14.7% as of December 31, 2021.

Dividends

On February 23, 2022, Farmer Mac's Board of Directors declared a quarterly dividend of $0.95 per share on all three classes of common stock - Class A voting common stock (NYSE: AGM.A), Class B voting common stock (not listed on any exchange), and Class C non-voting common stock (NYSE; AGM). This quarterly dividend, which represents an increase of 8% in Farmer Mac's quarterly dividend rate on a year-over-year basis, will be payable on March 31, 2022 to holders of record of common stock as of March 16, 2022. This is the eleventh consecutive year that Farmer Mac has increased its quarterly common stock dividend, and this increase is supported by Farmer Mac's earnings potential and overall capital position.

Farmer Mac's board of directors also declared a dividend on each of Farmer Mac's five classes of preferred stock. The quarterly dividend of $0.375 per share of 6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C (NYSE: AGM.PR.C), $0.35625 per share of 5.700% Non-Cumulative Preferred Stock, Series D (NYSE: AGM.PR.D), $0.359375 per share of 5.750% Non-Cumulative Preferred Stock, Series E (NYSE: AGM.PR.E), $0.328125 per share of 5.250% Non-Cumulative Preferred Stock, Series F (NYSE: AGM.PR.F), and $0.3046875 per share of 4.875% Non-Cumulative Preferred Stock, Series G (AGM.PR.G), is for the period from but not including January 17, 2022 to and including April 17, 2022. The preferred dividends will be payable on April 17, 2022 to holders of record as of April 1, 2022.

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Earnings Conference Call Information

The conference call to discuss Farmer Mac's fourth quarter and full year 2021 financial results will be held beginning at 4:30 p.m. eastern time on Monday, February 28, 2022, and can be accessed by telephone or live webcast as follows:

Telephone (Domestic): (888) 346-2616

Telephone (International): (412) 902-4254

Webcast: https://www.farmermac.com/investors/events-presentations/

When dialing in to the call, please ask for the "Farmer Mac Earnings Conference Call." The call can be heard live and will also be available for replay on Farmer Mac’s website for two weeks following the conclusion of the call.

More complete information about Farmer Mac's performance for 2021 is in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2021, filed today with the SEC.

Use of Non-GAAP Measures

In the accompanying analysis of its financial information, Farmer Mac uses the following non-GAAP measures: "core earnings," "core earnings per share," and "net effective spread." Farmer Mac uses these non-GAAP measures to measure corporate economic performance and develop financial plans because, in management's view, they are useful alternative measures in understanding Farmer Mac's economic performance, transaction economics, and business trends. The non-GAAP financial measures that Farmer Mac uses may not be comparable to similarly labeled non-GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of these non-GAAP measures is intended to be supplemental in nature and is not meant to be considered in isolation from, as a substitute for, or as more important than, the related financial information prepared in accordance with GAAP.

Core earnings and core earnings per share principally differ from net income attributable to common stockholders and earnings per common share, respectively, by excluding the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected.

Core earnings and core earnings per share also differ from net income attributable to common stockholders and earnings per common share, respectively, by excluding specified infrequent or unusual transactions that Farmer Mac believes are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. For example, we have excluded from core earnings losses on retirement of preferred stock and the re-measurement of the deferred tax asset.

Farmer Mac uses net effective spread to measure the net spread Farmer Mac earns between its interest-earning assets and the related net funding costs of these assets. Net effective spread differs from net interest income and net interest yield because it excludes: (1) the amortization of premiums and discounts on assets consolidated at fair value that are amortized as adjustments to yield in interest income over the contractual or estimated remaining lives of the underlying assets; (2) interest income and interest expense related to consolidated trusts with beneficial interests owned by third parties, which are presented on Farmer Mac's consolidated balance sheets as "Loans held for investment in consolidated trusts, at

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amortized cost"; and (3) the fair value changes of financial derivatives and the corresponding assets or liabilities designated in a fair value hedge accounting relationship.

Net effective spread also principally differs from net interest income and net interest yield becauseit includes: (1) the accrual of income and expense related to the contractual amounts due on financial derivativesthat are not designated in hedge accounting relationships ("undesignated financial derivatives"); and (2) the net effects of terminations or net settlements on financial derivatives. More information about Farmer Mac’s use of non-GAAP measures is available in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations" in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2021, filed today with the SEC.

For a reconciliation of Farmer Mac's net income attributable to common stockholders to core earnings and of earnings per common share to core earnings per share, and net interest income and net interest yield to net effective spread, see "Reconciliations" below.

Forward-Looking Statements

Management's expectations for Farmer Mac's future necessarily involve assumptions and estimates and the evaluation of risks and uncertainties. Various factors or events, both known and unknown, could cause Farmer Mac's actual results to differ materially from the expectations as expressed or implied by the forward-looking statements in this release, including uncertainties about:

•the duration, spread, and severity of the COVID-19 pandemic and its effects on the business operations of agricultural and rural borrowers, the capital markets, and Farmer Mac's business operations;

•the public response to the ongoing COVID-19 pandemic, including the possibility of government actions to mitigate the pandemic and its effects, and any social or economic disruption that may be caused by any new COVID-19 variants or any further outbreaks;

•the availability to Farmer Mac of debt and equity financing and, if available, the reasonableness of rates and terms;

•legislative or regulatory developments that could affect Farmer Mac, its sources of business, or agricultural or rural infrastructure industries;

•fluctuations in the fair value of assets held by Farmer Mac and its subsidiaries;

•the level of lender interest in Farmer Mac's products and the secondary market provided by Farmer Mac;

•the general rate of growth in agricultural mortgage and rural utilities indebtedness;

•the effect of economic conditions and geopolitics on agricultural mortgage or rural utilities lending, borrower repayment capacity, or collateral values, including fluctuations in interest rates, changes in U.S. trade policies, fluctuations in export demand for U.S. agricultural products, supply chain disruptions, increases in input costs, labor availability, and volatility in commodity prices;

•the degree to which Farmer Mac is exposed to interest rate risk resulting from fluctuations in Farmer Mac's borrowing costs relative to market indexes;

•developments in the financial markets, including possible investor, analyst, and rating agency reactions to events involving government-sponsored enterprises, including Farmer Mac;

•the effect of any changes in Farmer Mac's executive leadership; and

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•other factors that could hinder agricultural mortgage lending or borrower repayment capacity, including the effects of severe weather, climate change, or fluctuations in agricultural real estate values.

Other risk factors are discussed in "Risk Factors" in Part I, Item 1A in Farmer Mac's Annual Report on Form 10-K for the year ended December 31, 2021, as filed today with the SEC. Considering these potential risks and uncertainties, no undue reliance should be placed on any forward-looking statements expressed in this release. The forward-looking statements contained in this release represent management's expectations as of the date of this release. Farmer Mac undertakes no obligation to release publicly the results of revisions to any forward-looking statements included in this release to reflect new information or any future events or circumstances, except as otherwise required by applicable law. The information in this release is not necessarily indicative of future results.

About Farmer Mac

Farmer Mac is a vital part of the agricultural credit markets and was created to increase access to and reduce the cost of credit for the benefit of American agricultural and rural communities. As the nation’s secondary market for agricultural credit, we provide financial solutions to a broad spectrum of the agricultural community, including agricultural lenders, agribusinesses, and other institutions that can benefit from access to flexible, low-cost financing and risk management tools. Farmer Mac's customers benefit from our low cost of funds, low overhead costs, and high operational efficiency. More information about Farmer Mac (including the Annual Report on Form 10-K referenced above) is available on Farmer Mac's website at www.farmermac.com.

CONTACT:     Jalpa Nazareth, Investor Relations

Megan Murray-Pelaez, Media Inquiries

(202) 872-7700

* * * *

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FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)

	As of
	December 31, 2021		December 31, 2020
	(in thousands)
Assets:
Cash and cash equivalents	$	908,785	$	1,033,941
Investment securities:
Available-for-sale, at fair value (amortized cost of $3,834,714 and $3,843,666, respectively)	3,836,391		3,853,692
Held-to-maturity, at amortized cost	44,970		45,032
Other investments	1,229		—
Total Investment Securities	3,882,590		3,898,724
Farmer Mac Guaranteed Securities:
Available-for-sale, at fair value (amortized cost of $6,135,807 and $6,594,992, respectively)	6,328,559		6,947,701
Held-to-maturity, at amortized cost	2,033,239		1,175,792
Total Farmer Mac Guaranteed Securities	8,361,798		8,123,493
USDA Securities:
Trading, at fair value	4,401		6,695
Held-to-maturity, at amortized cost	2,436,331		2,473,626
Total USDA Securities	2,440,732		2,480,321
Loans:
Loans held for investment, at amortized cost	8,314,096		7,261,933
Loans held for investment in consolidated trusts, at amortized cost	948,623		1,287,045
Allowance for losses	(14,041)		(13,832)
Total loans, net of allowance	9,248,678		8,535,146
Financial derivatives, at fair value	19,139		17,468
Interest receivable (includes $10,418 and $16,401, respectively, related to consolidated trusts)	177,355		186,429
Guarantee and commitment fees receivable	45,538		37,113
Deferred tax asset, net	15,558		18,321
Prepaid expenses and other assets	45,318		24,545
Total Assets	$	25,145,491	$	24,355,501
Liabilities and Equity:
Liabilities:
Notes payable	$	22,716,156	$	21,848,917
Debt securities of consolidated trusts held by third parties	981,379		1,323,786
Financial derivatives, at fair value	34,248		29,892
Accrued interest payable (includes $9,619 and $14,370, respectively, related to consolidated trusts)	83,992		92,738
Guarantee and commitment obligation	43,926		35,535
Accounts payable and accrued expenses	79,427		28,879
Reserve for losses	1,950		3,277
Total Liabilities	23,941,078		23,363,024
Commitments and Contingencies
Equity:
Preferred stock:
Series C, par value $25 per share, 3,000,000 shares authorized, issued and outstanding	73,382		73,382
Series D, par value $25 per share, 4,000,000 shares authorized, issued and outstanding	96,659		96,659
Series E, par value $25 per share, 3,180,000 shares authorized, issued and outstanding	77,003		77,003
Series F, par value $25 per share, 4,800,000 shares authorized, issued and outstanding	116,160		116,160
Series G, par value $25 per share, 5,000,000 shares authorized, issued and outstanding	121,327		—
Common stock:
Class A Voting, $1 par value, no maximum authorization, 1,030,780 shares outstanding	1,031		1,031
Class B Voting, $1 par value, no maximum authorization, 500,301 shares outstanding	500		500
Class C Non-Voting, $1 par value, no maximum authorization, 9,235,205 shares and 9,205,897 shares outstanding, respectively	9,235		9,206
Additional paid-in capital	125,993		122,899
Accumulated other comprehensive income/(loss), net of tax	3,853		(13,923)
Retained earnings	579,270		509,560
Total Equity	1,204,413		992,477
Total Liabilities and Equity	$	25,145,491	$	24,355,501

9

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

	For the Three Months Ended				For the Year Ended
	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
	(in thousands, except per share amounts)
Interest income:
Investments and cash equivalents	$	4,553	$	6,908	$	18,660	$	42,144
Farmer Mac Guaranteed Securities and USDA Securities	40,301		49,047		163,547		227,691
Loans	60,951		61,469		242,582		233,699
Total interest income	105,805		117,424		424,789		503,534
Total interest expense	48,415		61,157		204,014		312,946
Net interest income	57,390		56,267		220,775		190,588
Release of/(provision for) losses	1,378		(3,263)		860		(7,805)
Net interest income after release of/(provision for) losses	58,768		53,004		221,635		182,783
Non-interest income/(expense):
Guarantee and commitment fees	3,487		3,054		12,669		12,549
(Losses)/gains on financial derivatives	(2,228)		3,093		(3,348)		(246)
Gain on sale of mortgage loans	6,539		—		6,539		—
(Losses)/gains on trading securities	(77)		223		(115)		50
Gains on sale of available-for-sale investment securities	—		—		253		—
(Losses)/gains on sale of real estate owned	—		(22)		—		463
Release of/(provision for) reserve for losses	50		290		1,327		(250)
Other income	469		848		2,069		3,487
Non-interest income	8,240		7,486		19,394		16,053
Operating expenses:
Compensation and employee benefits	11,246		9,497		42,847		36,502
General and administrative	8,492		6,274		27,507		21,976
Regulatory fees	812		750		3,062		2,925
Operating expenses	20,550		16,521		73,416		61,403
Income before income taxes	46,458		43,969		167,613		137,433
Income tax expense	9,774		9,269		35,353		28,785
Net income	36,684		34,700		132,260		108,648
Preferred stock dividends	(6,792)		(5,269)		(24,677)		(17,805)
Loss on retirement of preferred stock	—		—		—		(1,667)
Net income attributable to common stockholders	$	29,892	$	29,431	$	107,583	$	89,176
Earnings per common share:
Basic earnings per common share	$	2.78	$	2.74	$	10.00	$	8.31
Diluted earnings per common share	$	2.75	$	2.73	$	9.92	$	8.27

10

Reconciliations

Reconciliations of Farmer Mac's net income attributable to common stockholders to core earnings and core earnings per share are presented in the following tables along with information about the composition of core earnings for the periods indicated:

Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings
	For the Three Months Ended
	December 31, 2021		September 30, 2021		December 31, 2020
	(in thousands, except per share amounts)
Net income attributable to common stockholders	$	29,892	$	24,289	$	29,431
Less reconciling items:
Losses on undesignated financial derivatives due to fair value changes	(1,213)		(1,864)		(1,758)
Gains/(losses) on hedging activities due to fair value changes	1,476		(2,093)		3,827
Unrealized (losses)/gains on trading assets	(76)		36		223
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	71		23		(77)
Net effects of terminations or net settlements on financial derivatives	(429)		(351)		1,583
Issuance costs on the retirement of preferred stock	—		—		—
Income tax effect related to reconciling items	36		892		(798)
Sub-total	(135)		(3,357)		3,000
Core earnings	$	30,027	$	27,646	$	26,431
Composition of Core Earnings:
Revenues:
Net effective spread(1)	$	54,333	$	55,925	$	54,522
Guarantee and commitment fees(2)	4,637		4,322		4,652
Gain on sale of mortgage loans	6,539		—		—
Other(3)	241		687		512
Total revenues	65,750		60,934		59,686
Credit related expense (GAAP):
(Release of)/provision for losses	(1,428)		255		2,973
Gains on sale of REO	—		—		22
Total credit related expense	(1,428)		255		2,995
Operating expenses (GAAP):
Compensation and employee benefits	11,246		10,027		9,497
General and administrative	8,492		6,330		6,274
Regulatory fees	812		750		750
Total operating expenses	20,550		17,107		16,521
Net earnings	46,628		43,572		40,170
Income tax expense(4)	9,809		9,152		8,470
Preferred stock dividends (GAAP)	6,792		6,774		5,269
Core earnings	$	30,027	$	27,646	$	26,431
Core earnings per share:
Basic	$	2.79	$	2.57	$	2.46
Diluted	2.76		2.55		2.45

(1)Net effective spread is a non-GAAP measure. See "Use of Non-GAAP Measures" above for an explanation of net effective spread. See below for a reconciliation of net interest income to net effective spread.

(2)Includes interest income and interest expense related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee on the consolidated Farmer Mac Guaranteed Securities.

11

(3)Reflects reconciling adjustments for the reclassification to exclude expenses related to interest rate swaps not designated as hedges and terminations or net settlements on financial derivatives, and reconciling adjustments to exclude fair value adjustments on financial derivatives and trading assets and the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities.

(4)Includes the tax impact of non-GAAP reconciling items between net income attributable to common stockholders and core earnings.

Reconciliation of Net Income Attributable to Common Stockholders to Core Earnings
	For the Year Ended
	December 31, 2021		December 31, 2020
	(in thousands, except per share amounts)
Net income attributable to common stockholders	$	107,583	$	89,176
Less reconciling items:
Losses on undesignated financial derivatives due to fair value changes	(5,103)		(3,691)
Losses on hedging activities due to fair value changes	(2,985)		(10,019)
Unrealized losses/(gains) on trading assets	(115)		51
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	130		58
Net effects of terminations or net settlements on financial derivatives	494		1,236
Issuance costs on the retirement of preferred stock	—		(1,667)
Income tax effect related to reconciling items	1,592		2,596
Sub-total	(5,987)		(11,436)
Core earnings	$	113,570	$	100,612
Composition of Core Earnings:
Revenues:
Net effective spread(1)	$	220,668	$	196,956
Guarantee and commitment fees(2)	17,533		19,150
Gain on sale of mortgage loans	6,539		—
Other(3)	1,680		2,687
Total revenues	246,420		218,793
Credit related expense (GAAP):
(Release of)/provision for losses	(2,187)		8,055
Gains on sale of REO	—		(463)
Total credit related expense	(2,187)		7,592
Operating expenses (GAAP):
Compensation and employee benefits	42,847		36,502
General and administrative	27,507		21,976
Regulatory fees	3,062		2,925
Total operating expenses	73,416		61,403
Net earnings	175,191		149,798
Income tax expense(4)	36,944		31,381
Preferred stock dividends (GAAP)	24,677		17,805
Core earnings	$	113,570	$	100,612
Core earnings per share:
Basic	$	10.56	$	9.38
Diluted	10.47		9.33

(1)Net effective spread is a non-GAAP measure. See "Use of Non-GAAP Measures" above for an explanation of net effective spread. See below for a reconciliation of net interest income to net effective spread.

12

(2)Includes interest income and interest expense related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee on the consolidated Farmer Mac Guaranteed Securities.

(3)Reflects reconciling adjustments for the reclassification to exclude expenses related to interest rate swaps not designated as hedges and terminations or net settlements on financial derivatives, and reconciling adjustments to exclude fair value adjustments on financial derivatives and trading assets and the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and USDA Securities.

(4)Includes the tax impact of non-GAAP reconciling items between net income attributable to common stockholders and core earnings.

Reconciliation of GAAP Basic Earnings Per Share to Core Earnings Basic Earnings Per Share
	For the Three Months Ended						For the Year Ended
	December 31, 2021		September 30, 2021		December 31, 2020		December 31, 2021		December 31, 2020
	(in thousands, except per share amounts)
GAAP - Basic EPS	$	2.78	$	2.26	$	2.74	$	10.00	$	8.31
Less reconciling items:
Losses on undesignated financial derivatives due to fair value changes	(0.11)		(0.17)		(0.17)		(0.47)		(0.34)
Gains/(losses) on hedging activities due to fair value changes	0.14		(0.19)		0.36		(0.28)		(0.94)
Unrealized (losses)/gains on trading securities	(0.01)		—		0.02		(0.01)		—
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	0.01		—		(0.01)		0.01		0.01
Net effects of terminations or net settlements on financial derivatives	(0.04)		(0.03)		0.15		0.04		0.12
Issuance costs on the retirement of preferred stock	—		—		—		—		(0.16)
Income tax effect related to reconciling items	—		0.08		(0.07)		0.15		0.24
Sub-total	(0.01)		(0.31)		0.28		(0.56)		(1.07)
Core Earnings - Basic EPS	$	2.79	$	2.57	$	2.46	$	10.56	$	9.38
Shares used in per share calculation (GAAP and Core Earnings)	10,766		10,766		10,736		10,758		10,728

Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share
	For the Three Months Ended						For the Year Ended
	December 31, 2021		September 30, 2021		December 31, 2020		December 31, 2021		December 31, 2020
	(in thousands, except per share amounts)
GAAP - Diluted EPS	$	2.75	$	2.24	$	2.73	$	9.92	$	8.27
Less reconciling items:
Losses on undesignated financial derivatives due to fair value changes	(0.11)		(0.17)		(0.16)		(0.47)		(0.34)
Gains/(losses) on hedging activities due to fair value changes	0.14		(0.19)		0.35		(0.28)		(0.93)
Unrealized (losses)/gains on trading securities	(0.01)		—		0.02		(0.01)		—
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	0.01		—		(0.01)		0.01		0.01
Net effects of terminations or net settlements on financial derivatives	(0.04)		(0.03)		0.15		0.05		0.11
Issuance costs on the retirement of preferred stock	—		—		—		—		(0.15)
Income tax effect related to reconciling items	—		0.08		(0.07)		0.15		0.24
Sub-total	(0.01)		(0.31)		0.28		(0.55)		(1.06)
Core Earnings - Diluted EPS	$	2.76	$	2.55	$	2.45	$	10.47	$	9.33
Shares used in per share calculation (GAAP and Core Earnings)	10,877		10,842		10,799		10,846		10,786

13

The following table presents a reconciliation of net interest income and net yield to net effective spread for the periods indicated:

Reconciliation of GAAP Net Interest Income/Yield to Net Effective Spread
	For the Three Months Ended												For the Year Ended
	December 31, 2021				September 30, 2021				December 31, 2020				December 31, 2021				December 31, 2020
	Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield
	(dollars in thousands)
Net interest income/yield	$	57,390	0.95	%	$	55,005	0.94	%	$	56,267	0.96	%	$	220,775	0.94	%	$	190,588	0.85	%
Net effects of consolidated trusts	(1,151)		0.02	%	(1,167)		0.02	%	(1,598)		0.03	%	(4,864)		0.02	%	(6,601)		0.02	%
Expense related to undesignated financial derivatives	(313)		—	%	117		—	%	3,458		0.06	%	2,841		0.01	%	3,468		0.02	%
Amortization of premiums/discounts on assets consolidated at fair value	(10)		—	%	(15)		—	%	290		—	%	(45)		—	%	197		—	%
Amortization of losses due to terminations or net settlements on financial derivatives	200		—	%	65		—	%	30		—	%	446		—	%	120		—	%
Fair value changes on fair value hedge relationships	(1,783)		(0.03)	%	1,920		0.03	%	(3,925)		(0.07)	%	1,515		0.01	%	9,184		0.04	%
Net effective spread	$	54,333	0.94	%	$	55,925	0.99	%	$	54,522	0.98	%	$	220,668	0.98	%	$	196,956	0.93	%

14

The following table presents core earnings for Farmer Mac's reportable operating segments and a reconciliation to consolidated net income for the three months ended December 31, 2021:

Core Earnings by Business Segment
For the three months ended December 31, 2021
	Agricultural Finance				Rural Infrastructure				Treasury				Corporate
	Farm & Ranch		Corporate AgFinance		Rural  Utilities		Renewable Energy		Funding		Investments				Reconciling Adjustments			Consolidated Net Income
	(in thousands)
Net interest income	$	30,103	$	6,321	$	2,576	$	356	$	17,875	$	159	$	—	$	—		$	57,390
Less: reconciling adjustments(1)(2)(3)	(1,106)		—		(56)		—		(1,896)		—		—		3,058			—
Net effective spread	28,997		6,321		2,520		356		15,979		159		—		3,058			—
Guarantee and commitment fees	4,303		—		335		—		—		—		—		(1,151)			3,487
Gain on sale of mortgage loans	6,539		—		—		—		—		—		—		—			6,539
Other income/(expense)(3)	407		—		2		—		—		—		(167)		(2,078)			(1,836)
Total revenues	40,246		6,321		2,857		356		15,979		159		(167)		(171)			65,580
Release of/(provision for) losses	1,246		(45)		198		(22)		—		1		—		—			1,378
Release of reserve for losses	35		—		15		—		—		—		—		—			50
Operating expenses	—		—		—		—		—		—		(20,550)		—			(20,550)
Total non-interest expense	35		—		15		—		—		—		(20,550)		—			(20,500)
Core earnings before income taxes	41,527		6,276		3,070		334		15,979		160		(20,717)		(171)		(4)	46,458
Income tax (expense)/benefit	(8,721)		(1,318)		(645)		(70)		(3,356)		(33)		4,333		36			(9,774)
Core earnings before preferred stock dividends	32,806		4,958		2,425		264		12,623		127		(16,384)		(135)		(4)	36,684
Preferred stock dividends	—		—		—		—		—		—		(6,792)		—			(6,792)
Segment core earnings/(losses)	$	32,806	$	4,958	$	2,425	$	264	$	12,623	$	127	$	(23,176)	$	(135)	(4)	$	29,892
Total Assets	$	13,112,193	$	1,507,848	$	5,344,707	$	87,553	$	—	$	5,037,636	$	55,554	$	—		25,145,491
Total on- and off-balance sheet program assets at principal balance	$	16,094,640	$	1,537,834	$	5,895,226	$	86,763	$	—	$	—	$	—	$	—		23,614,463

(1)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts.

(2)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.

(3)Includes the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "(Losses)/gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment.

(4)Net adjustments to reconcile to the corresponding income measures: core earnings before income taxes reconciled to income before income taxes; core earnings before preferred stock dividends reconciled to net income; and segment core earnings reconciled to net income attributable to common stockholders.

15

Supplemental Information

The following table sets forth information about outstanding volume in each of Farmer Mac's lines of business as of the dates indicated:

Outstanding Business Volume
		As of December 31,
	On or Off Balance Sheet	2021		2020
		(in thousands)
Agricultural Finance:
Farm & Ranch:
Loans	On-balance sheet	$	4,775,070	$	3,979,854
Loans held in consolidated trusts:
Beneficial interests owned by third-party investors	On-balance sheet	948,623		1,287,045
IO-FMGS	On-balance sheet	12,297		—
USDA Securities	On-balance sheet	2,445,806		2,487,420
AgVantage Securities	On-balance sheet	4,725,000		4,425,000
LTSPCs and unfunded commitments	Off-balance sheet	2,587,154		2,314,965
Farmer Mac Guaranteed Securities	Off-balance sheet	578,358		378,610
Loans serviced for others	Off-balance sheet	22,331		—
Total Farm & Ranch		$	16,094,639	$	14,872,894
Corporate AgFinance:
Loans	On-balance sheet	$	1,123,300	$	909,539
AgVantage Securities	On-balance sheet	367,464		744,110
Unfunded Loan Commitments	Off-balance sheet	47,070		10,466
Total Corporate AgFinance		$	1,537,834	$	1,664,115
Total Agricultural Finance		$	17,632,473	$	16,537,009
Rural Infrastructure Finance:
Rural Utilities:
Loans	On-balance sheet	$	2,302,373	$	2,187,377
AgVantage Securities	On-balance sheet	3,033,262		2,565,837
LTSPCs and Unfunded Loan Commitments	Off-balance sheet	556,837		556,425
Farmer Mac Guaranteed Securities	Off-balance sheet	2,755		4,412
Total Rural Utilities		$	5,895,227	$	5,314,051
Renewable Energy:
Loans	On-balance sheet	$	86,763	$	73,035
Unfunded Loan Commitments	Off-balance sheet	—		—
Total Renewable Energy		$	86,763	$	73,035
Total Rural Infrastructure Finance		$	5,981,990	$	5,387,086
Total		$	23,614,463	$	21,924,095

16

The following table presents the quarterly net effective spread (a non-GAAP measure) by segment:

	Net Effective Spread(1)
	Agricultural Finance								Rural Infrastructure Finance								Treasury
	Farm & Ranch				Corporate AgFinance				Rural Utilities				Renewable Energy				Funding				Investments				Net Effective Spread
	Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield		Dollars		Yield
	(dollars in thousands)
For the quarter ended:
December 31, 2021(2)	$	28,998	0.99	%	$	6,321	1.84	%	$	2,521	0.19	%	$	356	1.53	%	$	15,979	0.28	%	$	158	0.01	%	$	54,333	0.94	%
September 30, 2021	28,914		1.06	%	7,163		1.80	%	2,067		0.16	%	236		1.09	%	17,386		0.31	%	159		0.01	%	55,925		0.99	%
June 30, 2021	29,163		1.06	%	6,676		1.65	%	1,759		0.14	%	378		1.80	%	18,449		0.33	%	126		0.01	%	56,551		1.01	%
March 31, 2021	26,461		0.98	%	6,921		1.67	%	1,720		0.14	%	249		1.28	%	18,394		0.33	%	114		0.01	%	53,859		0.97	%
December 31, 2020(1)	25,596		0.95	%	6,237		1.53	%	1,838		0.15	%	123		1.20	%	20,585		0.37	%	143		0.01	%	54,522		0.98	%
September 30, 2020	23,735		0.89	%	5,786		1.45	%	2,022		0.16	%	75		1.19	%	20,034		0.37	%	150		0.01	%	51,802		0.96	%
June 30, 2020	21,597		0.83	%	4,997		1.36	%	1,701		0.14	%	47		0.93	%	19,449		0.37	%	(1,322)		(0.13)	%	46,469		0.89	%
March 31, 2020	19,230		0.76	%	4,421		1.32	%	1,315		0.11	%	58		1.51	%	19,150		0.39	%	(11)		—	%	44,163		0.89	%
December 31, 2019	20,677		0.83	%	4,049		1.33	%	1,411		0.12	%	22		1.07	%	19,868		0.41	%	(36)		—	%	45,991		0.95	%

(1)Farmer Mac excludes the Corporate segment in the presentation above because the segment does not have any interest-earning assets.

(2)See above for a reconciliation of GAAP net interest income by line of business to net effective spread by line of business for the three months ended December 31, 2021.

17

The following table presents quarterly core earnings reconciled to net income attributable to common stockholders:

Core Earnings by Quarter Ended
	December 2021		September 2021		June 2021		March 2021		December 2020		September 2020		June 2020		March 2020		December 2019
	(in thousands)
Revenues:
Net effective spread	$	54,333	$	55,925	$	56,551	$	53,859	$	54,522	$	51,802	$	46,469	$	44,163	$	45,991
Guarantee and commitment fees	4,637		4,322		4,334		4,240		4,652		4,659		4,943		4,896		5,432
Gain on sale of mortgage loans	6,539		—		—		—		—		—		—		—		—
Other	241		687		301		451		512		453		1,048		674		100
Total revenues	65,750		60,934		61,186		58,550		59,686		56,914		52,460		49,733		51,523
Credit related expense/(income):
(Release of)/provision for losses	(1,428)		255		(983)		(31)		2,973		1,200		51		3,831		2,851
REO operating expenses	—		—		—		—		—		—		—		—		—
Losses/(gains) on sale of REO	—		—		—		—		22		—		—		(485)		—
Total credit related expense/(income)	(1,428)		255		(983)		(31)		2,995		1,200		51		3,346		2,851
Operating expenses:
Compensation and employee benefits	11,246		10,027		9,779		11,795		9,497		8,791		8,087		10,127		6,732
General and administrative	8,492		6,330		6,349		6,336		6,274		5,044		5,295		5,363		5,773
Regulatory fees	812		750		750		750		750		725		725		725		725
Total operating expenses	20,550		17,107		16,878		18,881		16,521		14,560		14,107		16,215		13,230
Net earnings	46,628		43,572		45,291		39,700		40,170		41,154		38,302		30,172		35,442
Income tax expense	9,809		9,152		9,463		8,520		8,470		8,297		8,016		6,598		7,526
Preferred stock dividends	6,792		6,774		5,842		5,269		5,269		5,166		3,939		3,431		3,432
Core earnings	$	30,027	$	27,646	$	29,986	$	25,911	$	26,431	$	27,691	$	26,347	$	20,143	$	24,484
Reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes	$	(1,213)	$	(1,864)	$	(3,721)	$	1,695	$	(1,758)	$	(4,149)	$	8,700	$	(6,484)	$	4,469
Gains/(losses) on hedging activities due to fair value changes	1,476		(2,093)		(2,097)		(271)		3,827		(5,245)		(2,676)		(5,925)		(220)
Unrealized (losses)/gains on trading assets	(76)		36		(61)		(14)		223		(258)		(20)		106		172
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	71		23		20		16		(77)		97		35		3		40
Net effects of terminations or net settlements on financial derivatives	(429)		(351)		109		1,165		1,583		233		720		(1,300)		1,339
Issuance costs on the retirement of preferred stock	—		—		—		—		—		(1,667)		—		—		—
Income tax effect related to reconciling items	36		892		1,208		(544)		(798)		1,957		(1,419)		2,856		(1,218)
Net income attributable to common stockholders	$	29,892	$	24,289	$	25,444	$	27,958	$	29,431	$	18,659	$	31,687	$	9,399	$	29,066

18

EX-99.2

Equity Investor Presentation Fourth Quarter 2021

FARM ER M AC Forward-Looking Statements In addition to historical information, this presentation includes forward- looking statements that reflect management’s current expectations for Farmer Mac’s future financial results, business prospects, and business developments. Forward-looking statements include, without limitation, any statement that may predict, forecast, indicate, or imply future results, performance, or achievements. Management’s expectations for Farmer Mac’s future necessarily involve assumptions, estimates, and the evaluation of risks and uncertainties. Various factors or events, both known and unknown, could cause Farmer Mac’s actual results to differ materially from the expectations as expressed or implied by the forward- looking statements. Some of these factors are identified and discussed in Farmer Mac’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (“SEC”) on February 28, 2022. These reports are also available on Farmer Mac’s website (www.farmermac.com). Considering these potential risks and uncertainties, no undue reliance should be placed on any forward-looking statements expressed in this presentation. Any forward-looking statements made in this presentation are current only as of December 31, 2021, except as otherwise indicated. Farmer Mac undertakes no obligation to release publicly the results of revisions to any such forward-looking statements that may be made to reflect new information or any future events or circumstances, except as otherwise mandated by the SEC. The information in this presentation is not necessarily indicative of future results. NO OFFER OR SOLICITATION OF SECURITIES This presentation does not constitute an offer to sell or a solicitation of an offer to buy any Farmer Mac security. Farmer Mac securities are offered only in jurisdictions where permissible by offering documents available through qualified securities dealers. Any investor who is considering purchasing a Farmer Mac security should consult the applicable offering documents for the security and their own financial and legal advisors for information about and analysis of the security, the risks associated with the security, and the suitability of the investment for the investor’s particular circumstances. Copyright © 2022 by Farmer Mac. No part of this document may be duplicated, reproduced, distributed, or displayed in public in any manner or by any means without the written permission of Farmer Mac. 02

FARM ER M AC Use of Non-GAAP Financial Measures This presentation is for general informational purposes only, is current only as of December 31, 2021 and should be read in conjunction with Farmer Mac’s Annual Report on Form 10-K filed with the SEC on February 28, 2022. In the accompanying analysis of its financial information, Farmer Mac uses the following non-GAAP financial measures: core earnings, core earnings per share, and net effective spread. Farmer Mac uses these non-GAAP measures to measure corporate economic performance and develop financial plans because, in management's view, they are useful alternative measures in understanding Farmer Mac's economic performance, transaction economics, and business trends. The non-GAAP financial measures that Farmer Mac uses may not be comparable to similarly labeled non- GAAP financial measures disclosed by other companies. Farmer Mac's disclosure of these non-GAAP financial measures is intended to be supplemental in nature and is not meant to be considered in isolation from, as a substitute for, or as more important than, the related financial information prepared in accordance with GAAP. Core earnings and core earnings per share principally differ from net income attributable to common stockholders and earnings per common share, respectively, by excluding the effects of fair value fluctuations. These fluctuations are not expected to have a cumulative net impact on Farmer Mac's financial condition or results of operations reported in accordance with GAAP if the related financial instruments are held to maturity, as is expected. Core earnings and core earnings per share also differ from net income attributable to common stockholders and earnings per common share, respectively, by excluding specified infrequent or unusual transactions that Farmer Mac believes are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. Farmer Mac uses net effective spread to measure the net spread Farmer Mac earns between its interest-earning assets and the related net funding costs of these assets. Net effective spread differs from net interest income and net interest yield because it excludes: (1) the amortization of premiums and discounts on assets consolidated at fair value that are amortized as adjustments to yield in interest income over the contractual or estimated remaining lives of the underlying assets; (2) interest income and interest expense related to consolidated trusts with beneficial interests owned by third parties, which are presented on Farmer Mac's consolidated balance sheets as “Loans held for investment in consolidated trusts, at amortized cost;” and (3) beginning January 1, 2018, the fair value changes of financial derivatives and the corresponding assets and liabilities designated in a fair value hedge relationship. Net effective spread also principally differs from net interest income and net interest yield because it includes: (1) the accrual of income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge relationships; and (2) the net effects of terminations or net settlements on financial derivatives. 03

FARM ER M AC Investment Highlights •90-Day delinquencies of only 0.20% across all lines of business •Cumulative Agricultural Finance Mortgage Loans lifetime losses of only 0.11%Quality Assets •Issue at narrow, Government Sponsored Enterprise (GSE) spreads to U.S. Treasuries •E.g., 10-year U.S. Treasury +0.34% as of December 31, 2021Funding Advantage •Ag productivity must double to meet expected global demand •5.8% share of an ~$302 billion and growing U.S. ag mortgage marketGrowth Prospects •Overhead / outstanding business volume ~30 bps •~$700,000 earnings per employee in 2021 Operational Efficiency •Greater than 90% of total revenues is recurring net effective spread and fees •Outstanding business volume CAGR of 10% (2000 to 2021) Quality, Recurring Earnings •Core earnings ROE ~16% in 2021 and consistent net effective spread •Increased quarterly dividend payments for 11 consecutive years Strong Returns, Responsible Growth 04

FARM ER M AC Farmer Mac initially chartered by Congress as an instrumentality of the United States Initial public offering First listed on NASDAQ (FAMCU & FAMCL) First major charter revision and expansion of authority (direct loan purchases) First listed on NYSE (AGM & AGM.A) Second major charter revision and expansion of authority (Rural Utilities) A Mission-Driven, For-Profit Company Our Mission Farmer Mac is committed to help build a strong and vital rural America by increasing the availability and affordability of credit for the benefit of American agricultural and rural communities Our Stakeholders • Farmers, ranchers and rural communities • Employees • Stockholders • Financial Institutions & Cooperatives • Congress • Regulators Our Corporate Social Responsibility • To help create sustainable, vibrant rural American communities • We achieve this by conducting our business – With absolute integrity – By holding ourselves to high ethical standards – By promoting a diverse, respectful, and inclusive culture – By adopting an Environmental, Social, Governance (ESG) policy statement 05 1987 1988 1996 1999 2008

FARM ER M AC Aparna Ramesh Executive Vice President – Chief Financial Officer & Treasurer • 20+ years of experience in mission-oriented finance roles • Joined Farmer Mac in January 2020 from Federal Reserve Bank of Boston, where she previously served as Senior Vice President and Chief Financial Officer • Prior experience includes roles spanning product management, asset-liability management and profitability within Cambridge Savings Bank and M&T Bank Bradford T. Nordholm President & Chief Executive Officer • 40+ years of agricultural and energy finance experience • Joined Farmer Mac in October 2018 from Starwood Energy Group, a leading private investment firm where he served as CEO and later as Vice Chairman • Prior experience includes CEO of US Central and management positions at National Cooperative and within the Farm Credit System Executive Leadership 06 Zachary N. Carpenter Executive Vice President – Chief Business Officer • 15+ years of experience in agribusiness banking, capital markets, finance, and corporate strategy • Joined Farmer Mac in May 2019 from CoBank, where he previously served as Managing Director and Sector Vice President of its Corporate Agribusiness Banking Group • Prior experience includes Executive Director in CoBank’s Capital Markets division and Vice President in Finance and Corporate Strategy at Goldman Sachs

FARM ER M AC U.S. Agricultural Balance Sheet 07 Investments, $102,907,291 Inventories, $184,948,454 Real Estate $2,693,379,619 Machinery & Vehicles, $289,097,805 $3,270,333,169 Real Estate, $301,704,260 Nonreal Estate, $152,616,292 $454,320,552 $17,632,473 $0 $500,000,000 $1,000,000,000 $1,500,000,000 $2,000,000,000 $2,500,000,000 $3,000,000,000 Farm Sector Assets 2021 Forecast Farm Sector Debt 2021 Forecast Farmer Mac $ in th ou sa nd s Ag Real Estate Debt-to-Asset Ratio: 11.2% (1) (2) Farmer Mac Market Share: 5.8%

FARM ER M AC (FCS Secondary Market GSE) $17.6 Billion (5.8% Market Share) Agricultural Finance Line of Business (Farm & Ranch and Corporate AgFinance) Farm Credit System (FCS) (Cooperative GSE) • Four FCS Banks • 67 Retail Agricultural Credit Associations Central to a Large Addressable Ag Mortgage Market 08 Addressable Agriculture Mortgage Market {Farmers & Ranchers} Mortgage Financing Mortgage Financing $302 Billion A G B A N K S $61B N O N -B A N K LE N D E R S $13B (3) Non-FCS Ag Lenders • Insurance Companies • Ag Banks • Non-Bank Lenders

FARM ER M AC Farmer Mac’s Operating Model 09 Farmer Mac’s Regulatory/Congressional Oversight • Regulated by the Farm Credit Administration (FCA) through its Office of Secondary Market Oversight (OSMO) • Congressional oversight through Senate and House Agricultural Committees Operating model excludes issued agricultural mortgage-backed securities and long-term standby purchase commitment credit protection components of our business.

FARM ER M AC Growth Opportunities 10 Deepen Farmer Mac’s Market Br oa de n Fa rm er M ac ’s M ar ke t Loan Process Efficiency Rural Broadband Borrower Retention Renewable Energy, Project Finance Timber Securitization = Relative Size of Volume Opportunity = Broaden = Deepen = Both Syndications Broaden Farmer Mac’s Market Evaluating opportunities not currently being pursued by Farmer Mac • New lines of business • New products Deepen Farmer Mac’s Market Improving processes and operating practices • Customer interaction • Transaction processes • Existing loan features and pricing Securitization Update • Closed $299.4 million agricultural mortgage-backed securitization transaction on Oct. 14, 2021 • Exemplifies Farmer Mac’s core mission to lower costs for the end borrower and improve credit availability in rural America

FARM ER M AC Lines of Business Line of Business Segment Spread Income Products Fee Income Products Volume ($ IN BILLIONS) Q4 Net Effective Spread (%) Agricultural Finance Farm & Ranch • Loans • AgVantage Securities • Guaranteed Securities • USDA • LTSPCs • Guaranteed Securities • Loans Serviced for Others $16.1 0.99% Corporate AgFinance • Loans • AgVantage Securities • Unfunded loan commitments $1.5 1.84% Rural Infrastructure Rural Utilities • Loans • AgVantage Securities • LTSPCs • Unfunded Commitments • Guaranteed Securities $5.9 0.19% Renewable Energy • Loans • Unfunded Loan Commitments $0.1 1.53% Treasury Funding 0.28% Investments 0.01% $23.6 0.94% 11 AS OF DECEMBER 31, 2021

FARM ER M AC Treasury/Investments Segment Treasury segment includes the financial results of the company’s funding, liquidity, and capital allocation strategies and operations. Liquidity & Investment Portfolio Maintain investment portfolio to provide back-up source of liquidity in excess of regulatory requirements • $4.8 billion as of December 31, 2021 • Investments net effective spread of 0.01% Benefits from Asset-Liability Management Strategies Leverage a funds transfer pricing process to allocate interest expense to each segment, and allocate the costs and benefits of hedging strategies to the Treasury segment 12 Cash & Equiv. 19.0% Guar. by GSEs and U.S. Gov't Agencies 80.6% Asset-Backed Securities 0.4% Liquidity Portfolio AS OF DECEMBER 31, 2021

FARM ER M AC Northwest 13% Southwest 32% Mid-North 27% Mid-South 15% Northeast 4% Southeast 9% By Geographic Region Crops 50% Permanent Plantings 22% Livestock 19% Part-time Farm 5% Ag. Storage and Processing 4% By Commodity Type Agricultural Finance Loan Portfolio Diversification 13 AS OF DECEMBER 31, 2021 Agricultural Update • USDA’s Farm Income and Wealth Statistics forecast estimate $136.2 billion for net cash incomes in 2022, in-line with 2021 incomes. • The decline in government payments are forecast to be almost entirely offset by increases in net cash receipt and farm-related income. (4)

FARM ER M AC $141.3 $151.2 $168.6 $197.0 $220.7$65.6 $84.0 $93.7 $100.6 $113.6 $0.0 $20.0 $40.0 $60.0 $80.0 $100.0 $120.0 $0.0 $50.0 $100.0 $150.0 $200.0 $250.0 2017 2018 2019 2020 2021 C O R E EAR N IN G S $ IN M ILLIO N S N ET E FF EC TI VE S PR EA D $ IN M IL LI O N S Net Effective Spread & Core Earnings Net Effective Spread Core Earnings Growing, Recurring, High-Quality Earnings $19.0 $19.7 $21.1 $21.9 $23.6 $0.0 $5.0 $10.0 $15.0 $20.0 $25.0 2017 2018 2019 2020 2021 $ IN B IL LI O N S Outstanding Business Volume Outstanding Business Volume 14 5.6% CAGR (2017-2021) 11.8% CAGR (2017-2020) 14.7% CAGR (2017-2021) CAGR is defined as Compound Annual Growth Rate Core earnings and net effective spread are non-GAAP measures. For more information on the use of these non-GAAP measures, please see page 3. For a reconciliation of core earnings to GAAP net income attributable to common stockholders and a reconciliation of net effective spread to GAAP net interest income, please refer to pages 29-30 of the Appendix.

FARM ER M AC Quality Earnings Drives Strong Dividends $0.05 $0.10 $0.12 $0.14 $0.16 $0.26 $0.36 $0.58 $0.70 $0.80 $0.88 $0.95 $0.00 $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 $0.90 $1.00 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 $ PE R S H AR E Quarterly Dividend per Common Share 15 Increased quarterly dividend payments for 11 consecutive years

FARM ER M AC Losses less likely even in default – Average portfolio LTV of 47% as of December 31, 2021 – Land values need to decline >53% to generate material losses across Agricultural Finance mortgage loans portfolio – “Stress scenario” losses of 17% to 48% – 1980s crisis saw land value declines of ~23% Farmer Mac Uses Proven, Rigorous Underwriting Industry-leading credit requirements – Total debt coverage ratio of at least 1.25x – LTVs average 40% to 45% on mortgages purchased – Minimum borrower net equity of 50% 16 Credits are less likely to default – Focus on repayment capacity through stressed inputs – Not a “lender of last resort” – Farm Credit Administration is our safety and soundness regulator (5)

FARM ER M AC Credit Consistently Outperforms 17 1.11% 0.48% 0.20% 0.00% 0.50% 1.00% 1.50% 2.00% 2.50% FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 90-Day Delinquencies Industry 90-Day Delinquencies Farmer Mac 90-Day Delinquencies (Agricultural Finance Mortgage Loans Portfolio Only) Farmer Mac 90-Day Delinquences (Total Portfolio) -0.10% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 C H AR G E- O FF S AS % O F AS SE TS Agricultural Lender Charge-off Rates Banks Farm Credit System Farmer Mac Farmer Mac Average 0.02% Farm Credit System Average 0.11% Banks Average 0.19% All Commercial Banks Loans and Leases Average 0.96%(8) (6) (7) (8) (9) (10) (11)

FARM ER M AC Historical Credit Losses Agricultural Finance Mortgage Loans have historical cumulative losses of 0.11%, or less than 1bp per year • Cumulative Agricultural Finance Mortgage Loan losses of $38 million on $33 billion of cumulative Agricultural Finance Mortgage Loans historical business volume Farmer Mac has not reported any credit losses to date in any products other than Agricultural Finance Mortgage Loans 18 -$2 $0 $2 $4 $6 $8 $10 $12 1995 & Prior 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 N ET L O SS / (G AI N ) $ IN M IL LI O N S BY YEAR OF ORIGINATION Ag Storage & Processing Crops Permanent Plantings Livestock Part-Time Farm / Rural Housing

FARM ER M AC Allowance for Losses – Quarterly 19 Farmer Mac recorded a $1.4 million release in its total allowance for losses in the fourth quarter. • $0.2 million release from the allowance for the Rural Infrastructure portfolio due to improving economic factor forecasts. • $1.2 million release from the allowance for the Agricultural Finance portfolio primarily due to a recovery on the payoff of the agricultural storage and processing loan secured by a specialized poultry facility.

FARM ER M AC Allowance for Losses – Annual 20 Farmer Mac recorded a $2.2 million release in its total allowance for losses in 2021. • $0.2 million provision to the allowance for the Rural Infrastructure portfolio due to the impact of the Texas Artic Freeze, partially offset by the impact of improving economic factor forecasts. • $2.4 million release from the allowance for the Agricultural Finance portfolio due to a recovery on the payoff of the agricultural storage and processing loan secured by a specialized poultry facility.

FARM ER M AC $520 $545 $619 $681 $714 $137 $183 $197 $325 $487 $657 $728 $815 $1,006 $1,200 12.6% 13.4% 12.9% 14.1% 14.7% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% $0 $200 $400 $600 $800 $1,000 $1,200 2017 2018 2019 2020 2021 TI ER 1 C AP IT AL R AT IO (% ) C O R E C AP IT AL $ IN M IL LI O N S Statutory Minimum Core Capital Core Capital Amount Above Statutory Minimum Capital Tier 1 Capital Ratio Strong and Growing Equity Capital Base 21Statutory Minimum Core Capital defined as total stockholders’ equity less accumulated other comprehensive income.

FARM ER M AC Securitization Transaction & Structure On October 14, 2021, Farmer Mac closed a $299.4 million securitization of agricultural mortgage- backed securities • Underlying mortgage pool consisted of 384 loans • Loans underwritten to Farmer Mac’s standards • Acquired by Farmer Mac between July 2019 and December 2020 • Gross pool note rate of 3.48% • Weighted Average life of 7.6 years 22 Class A Tranche $277 million or 92.5% of pool Farmer Mac Guaranteed P&I Trustee Fee: ~3 bps Farmer Mac Guarantee Fee: ~40 bps Farmer Mac Master Servicing Fee: ~20 bps (market rate) Excess Interest: ~67 bps Held by FM Class B Tranche $22.4 million or 7.5% of pool Trustee Fee: ~3 bps Farmer Mac Master Servicing Fee: ~20 bps (market rate)

FARM ER M AC Investment Highlights •90-Day delinquencies of only 0.20% across all lines of business •Cumulative Agricultural Finance Mortgage Loans lifetime losses of only 0.11%Quality Assets •Issue at narrow, Government Sponsored Enterprise (GSE) spreads to U.S. Treasuries •E.g., 10-year U.S. Treasury +0.34% as of December 31, 2021Funding Advantage •Ag productivity must double to meet expected global demand •5.8% share of an ~$302 billion and growing U.S. ag mortgage marketGrowth Prospects •Overhead / outstanding business volume ~30 bps •~$700,000 earnings per employee in 2021 Operational Efficiency •Greater than 90% of total revenues is recurring net effective spread and fees •Outstanding business volume CAGR of 10% (2000 to 2021) Quality, Recurring Earnings •Core earnings ROE ~16% in 2021 and consistent net effective spread •Increased quarterly dividend payments for 11 consecutive years Strong Returns, Responsible Growth 23

Appendix

FARM ER M AC • Core earnings, core earnings per share, and net effective spread are non-GAAP measures. For more information on the use of these non- GAAP measures, please see page 3. For a reconciliation of core earnings to GAAP net income attributable to common stockholders and core earnings per share to earnings per common share, and a reconciliation of net effective spread to GAAP net interest income, please refer to pages 29-30 of the Appendix. • Book Value per Share excludes accumulated other comprehensive income. Key Company Metrics 25 ($ in thousands, except per share amounts) 2021 2020 2019 2018 2017 Core Earnings $113,570 $100,612 $93,742 $84,047 $65,631 Core Earnings per Diluted Share $10.47 $9.33 $8.70 $7.82 $6.08 Net Effective Spread ($) $220,668 $196,956 $168,608 $151,195 $141,303 Net Effective Spread (%) 0.98% 0.93% 0.91% 0.91% 0.91% Guarantee & Commitment Fees $17,533 $19,150 $21,335 $20,733 $20,350 Core Capital Above Statutory Minimum $486,800 $325,400 $196,700 $182,600 $136,800 Common Stock Dividends per Share $3.52 $3.20 $2.80 $2.32 $1.44 Outstanding Business Volume $23,614,463 $21,929,095 $21,117,942 $19,724,525 $19,007,311 90-Day Delinquencies 0.20% 0.21% 0.29% 0.14% 0.25% Recovery/(Charge-Offs) $1,054 ($5,759) ($67) ($17) ($327) Book Value per Share $66.51 $59.91 $54.80 $49.01 $42.59 Core Earnings Return on Equity 16% 16% 17% 17% 15%

FARM ER M AC Equity Capital Structure 26 NYSE Ticker Dividend Yield Shares Outstanding C O M M O N ST O C K CLASS A VOTING COMMON STOCK • Ownership restricted to non-Farm Credit System financial institutions AGM.A 2.93% 1.0 million CLASS B VOTING COMMON STOCK • Ownership restricted to Farm Credit System institutions -- -- 0.5 million CLASS C NON-VOTING COMMON STOCK • No ownership restrictions AGM 2.84% 9.2 million PR EF ER R ED ST O C K SERIES C FIXED-TO-FLOATING RATE NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after July 18, 2024 • Redemption Value: $25 per share AGM.PR.C 6.000% 3.0 million SERIES D NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after July 17, 2024 • Redemption Value: $25 per share AGM.PR.D 5.700% 4.0 million SERIES E NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after July 17, 2025 • Redemption Value: $25 per share AGM.PR.E 5.750% 3.2 million SERIES F NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after October 17, 2025 • Redemption Value: $25 per share AGM.PR.F 5.250% 4.8 million SERIES G NON-CUMULATIVE PREFERRED STOCK • Option to redeem on any payment date on or after July 17, 2026 • Redemption Value: $25 per share AGM.PR.G 4.875% 5.0 million • Common stock dividend annualized divided by quarter-end closing price • Par value of annual dividend for preferred stock

FARM ER M AC Funding Finance asset purchases with proceeds of debt issuances • 30 dealers • Match-funding provides for stable net effective spread and immaterial interest rate risk Farmer Mac’s debt securities carry privileges for certain holders • 20% capital risk weighting • Eligible collateral for Fed advances • Legal investments for many federally supervised financial institutions (banks, etc.) 27 Debt Securities Trade at Narrow Spreads to Comparable Maturity Treasuries MATURITY (YEARS) 3 5 7 10 SPREAD TO TREASURY (AS OF DECEMBER 31, 2021) 9 bps 11 bps 21 bps 34 bps

FARM ER M AC World population is expected to grow to 9.8 billion by 2050 • Arable land per person is expected to decline over 40% from 2005 to 2050 USDA projects a 75% increase in total production and consumption of major field crops in the same period • 43% increase in world population • Higher protein diets as incomes in developing countries increase Productivity would need to nearly double by 2050 to feed the world “Demand Pull” Provides Sustained Growth Opportunity 3.0 9.8 0.43 0.18 0.00 0.05 0.10 0.15 0.20 0.25 0.30 0.35 0.40 0.45 0.50 0.0 2.0 4.0 6.0 8.0 10.0 12.0 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 AR ABLE LAN D PER C APITA (hectare in use per person)W O R LD P O PU LA TI O N (in b illi on s) World Population Arable Land per capita 28 (12) (13)

FARM ER M AC Reconciliation of Net Income to Core Earnings 29 (in thousands) 2021 2020 2019 2018 2017 Net income attributable to common stockholders 107,583$ 89,176$ 93,650$ 94,898$ 71,300$ Less reconciling items: (Losses)/gains on undesignated financial derivatives due to fair value changes (5,103) (3,691) 10,077 7,959 10,218 (Losses)/gains on hedging activities due to fair value changes (2,985) (10,019) (9,010) 4,449 (719) Unrealized (losses)/gains on trading assets (115) 51 326 81 (24) Amortization of premiums/discounts and deferred gains on assets consolidated at fair value 130 58 (122) (461) (1,327) Net effects of terminations or net settlements on financial derivatives and hedging activities 494 1,236 1,089 1,708 2,674 Issuance costs on retirement of preferred stock - (1,667) (1,956) - - Re-measurement of net deferred tax asset due to enactment of new tax legislation - - - - (1,365) Income tax effect related to reconciling items 1,592 2,596 (496) (2,885) (3,788) Sub-total (5,987) (11,436) (92) 10,851 5,669 Core earnings 113,570$ 100,612$ 93,742$ 84,047$ 65,631$ Core Earnings by Period Ended • Issuance costs on retirement of preferred stock relates to the write-off of deferred issuance costs as a result of the retirement of Series A Preferred Stock and Series B Preferred Stock.

FARM ER M AC Reconciliation of Net Interest Income to Net Effective Spread 30 $ in thousands Dollars Yield Dollars Yield Dollars Yield Dollars Yield Dollars Yield Net interest income/yield 220,775$ 0.94% 190,588$ 0.85% 173,135$ 0.87% 174,436$ 0.96% 157,647$ 0.94% Net effects of consolidated trusts (4,864) 0.02% (6,601) 0.02% (7,669) 0.03% (6,757) 0.04% (6,236) 0.04% Expense related to undesignated financial derivatives 2,841 0.01% 3,468 0.02% (5,095) -0.03% (11,685) -0.07% (10,261) -0.07% Amortization of premiums/discounts on assets consolidated at fair value (45) 0.00% 197 0.00% 398 0.00% 417 0.01% 1,191 0.01% Amortization of losses due to terminations or net settlements on financial derivatives and hedging activities 446 0.00% 120 0.00% (68) 0.00% (275) 0.00% (1,038) -0.01% Fair Value Changes on fair value hedge relationships 1,515 0.01% 9,184 0.04% 7,907 0.04% (4,941) -0.03% 0 0.00% Net Effective Spread 220,668$ 0.98% 196,956$ 0.93% 168,608$ 0.91% 151,195$ 0.91% 141,303$ 0.91% 2021 For the Year Ended December 31, 2020 2019 2018 2017

FARM ER M AC Resources Footnote 1: USDA Economic Research Service year end 2021F balance sheet (https://data.ers.usda.gov/reports.aspx?ID=17835). Farm Sector Assets and Farm Sector Debt values are forecasted values for 2021 from USDA Economic Research Service. Footnote 2: Farmer’s Mac’s total includes outstanding business volume in the Agricultural Finance line of business. Market share represents Farmer Mac’s percentage of only Farm Sector Real Estate Debt outstanding. Footnote 3: Eligible ag real estate mortgage market structure shown includes the forecast for outstanding unpaid principal balance of first lien ag mortgage assets for December 31, 2021. Footnote 4: USDA, Economic Research Service U.S. and State-Level Farm Income and Wealth Statistic (https://www.ers.usda.gov/data- products/farm-income-and-wealth-statistics/data-files-us-and-state-level-farm-income-and-wealth-statistics/). Footnote 5: USDA, National Agricultural Statistics Service (as of August 2015). Historic values are not necessarily predictive of future results or outcomes. Footnote 6: FDIC Call Report Data & Farm Credit Funding Corp Annual Information Statements – Non-accrual real estate loans and accruing loans that are 90 days or more past due made by commercial and Farm Credit System banks (as of June 2020). Footnote 7: Delinquencies reflect Farmer Mac’s Agricultural Finance mortgage loan portfolio that are 90 days or more past due, in foreclosure, or in bankruptcy with at least one missed payment, excluding loans performing under either their original loan terms or a court-approved bankruptcy plan. Footnote 8: Kansas City Federal Reserve Agriculture Finance Databook (https://www.kansascityfed.org/agriculture/agfinance-updates/). Footnote 9: Banks’ charge-off rate is a percentage of agricultural loan assets. Footnote 10: Farm Credit Banks Funding Corporation Annual Information Statements; Farm Credit System’s charge-off rate is the percentage of total loans and guarantees. Footnote 11: Farmer Mac’s charge-off rate is the percentage of total loans and guarantees. Footnote 12: USDA, Economic Research Service Global Drivers of Agricultural Demand and Supply, September 2014. Footnote 13: Food and Agriculture Organization of the United Nations, “World Agriculture Towards 2030/2050,” June 2012. 31

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Cover Page	Feb. 28, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 28, 2022
Entity Registrant Name	FEDERAL AGRICULTURAL MORTGAGE CORPORATION
City Area Code	202
Local Phone Number	872-7700
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity File Number	001-14951
Entity Central Index Key	0000845877
Entity Tax Identification Number	52-1578738
Entity Address, Address Line One	1999 K Street, N.W., 4th Floor,
Entity Address, Postal Zip Code	20006
Amendment Flag	false
Entity Incorporation, State or Country Code	X1
Entity Address, City or Town	Washington,
Entity Address, State or Province	DC
Entity Emerging Growth Company	false
Common Class A [Member]
Entity Information [Line Items]
Title of 12(b) Security	Class A voting common stock
Trading Symbol	AGM.A
Security Exchange Name	NYSE
Common Class C [Member]
Entity Information [Line Items]
Title of 12(b) Security	Class C non-voting common stock
Trading Symbol	AGM
Security Exchange Name	NYSE
Series C Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C
Trading Symbol	AGM.PRC
Security Exchange Name	NYSE
Series D Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	5.700% Non-Cumulative Preferred Stock, Series D
Trading Symbol	AGM.PRD
Security Exchange Name	NYSE
Series E Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	5.750% Non-Cumulative Preferred Stock, Series E
Trading Symbol	AGM.PRE
Security Exchange Name	NYSE
Series F Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	5.250% Non-Cumulative Preferred Stock, Series F
Trading Symbol	AGM.PRF
Security Exchange Name	NYSE
Series G Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	4.875% Non-Cumulative Preferred Stock, Series G
Trading Symbol	AGM.PRG
Security Exchange Name	NYSE