Federal Agricultural Mortgage
19 named things its latest annual report says its results depend on, each in the company's own words. 2 of them are also named by other companies we've read.
Customers
AgVantage securities counterparties (three institutions)
concentrated in · approximately 90.6% of the $8.4 billion outstanding principal amount of AgVantage securitiesnamed as a riskAs of December 31, 2025, $7.6 billion of the $8.4 billion of AgVantage securities outstanding had been issued by three counterparties.Risk factors (Item 1A)
Agricultural Finance loan sellers (ten institutions)
concentrated in · approximately 55% of loan purchase volumenamed as a riskIn 2025, ten institutions generated approximately 55% of loan purchase volume in the Agricultural Finance line of business.Risk factors (Item 1A)
Infrastructure Finance counterparties (two institutions)
concentrated in · nearly all of the business volumenamed as a riskAs of December 31, 2025, transactions with two institutions represented nearly all of the business volume under our Infrastructure Finance line of business.Risk factors (Item 1A)
Suppliers
Third-party loan servicers
depends onnamed as a riskWe also continue to rely on experienced third-party servicers to service the portion of our Agricultural Finance mortgage loan portfolio that we do not service directly.Risk factors (Item 1A)
Partners and platforms
Swap clearinghouse and futures commission merchant
depends on · $19.4 billionnamed as a riskWe clear a significant portion of our interest rate swaps through a swap clearinghouse and use the services of a futures commission merchant to post and receive mark-to-market margin amounts.Risk factors (Item 1A)
Other companies
GSE-guaranteed investment securities
concentrated in · $4.9 billionnamed as a riskFor example, as of December 31, 2025, we held at fair value $4.9 billion of investment securities guaranteed by GSEs.Risk factors (Item 1A)
Long-term standby purchase commitments (LTSPCs) and guaranteed securities
insures or lends to · $5.4 billion of contingent liabilitiesnamed as a riskAs of December 31, 2025, we had $5.4 billion of contingent liabilities related to LTSPCs and securities issued to third parties that we guarantee, which represents our exposure if all loans underlying these LTSPCs and guarantees defaulted and we recovered no value from the related collateral.Risk factors (Item 1A)
Renewable energy projects
insures or lends tonamed as a riskInfrastructure borrowers (particularly those involved in renewable energy projects) may experience delays in completing current projects or future investments in renewable energy and battery storage projects as well as deployment of fiber and broadband infrastructure in rural areas.Risk factors (Item 1A)
Competitors
Federal Home Loan Banks, Fannie Mae and Freddie Mac
competes withnamed as a riskAs a result, competition for debt investors with other debt-issuing institutions, such as the FCS, Federal Home Loan Banks, Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac"), and highly-rated financial institutions, can affect the price and volume at which we issue debt and therefore our ability to offer competitive products to customers.Business (Item 1)
Hazards
Severe weather and drought
23 separate billion-dollar weather disasters in 2025named as a riskExtended periods of drought and dryness can reduce agricultural productivity, cause lasting damage to permanent crops like fruit and tree nuts, and result in producers leaving some fields fallow due to lack of water.Risk factors (Item 1A)
Commodities and inputs
Secured Overnight Financing Rate (SOFR)
exposed to its pricenamed as a riskA significant increase in the difference between our funding cost relative to the benchmark index, including SOFR, may compress spread income on the assets we hold and seek to re-fund with the higher cost funding.Risk factors (Item 1A)
Also named by ABR, ADBE, AMG, ARCC, BCSF, BRO, CAT, CGBD and 21 more
Agricultural real estate
exposed to its pricenamed as a riskOur credit risk may increase due to a decline in the collateral values securing the loans in our portfolio.Risk factors (Item 1A)
Regulators
Farm Credit Administration (FCA)
subject tonamed as a riskAny inability to meet these capital requirements could result in supervisory measures by FCA, adversely affect our ability to declare dividends on our common and preferred stock, or otherwise materially and adversely affect our business, operating results, or financial condition.Risk factors (Item 1A)
Office of Secondary Market Oversight (OSMO)
subject toWe (including our subsidiaries) are the only entity regulated by OSMO, which was created as a separate office in recognition of the different role that we play in providing a secondary market, as compared to the roles of other FCS institutions as primary lenders.Business (Item 1)
Laws and programs
U.S. Treasury borrowing authority
$1.5 billionWe are authorized to borrow up to $1.5 billion from the U.S. Treasury through the issuance of debt obligations to the U.S. Treasury.Business (Item 1)
Farm Credit Act of 1971 (Farmer Mac Charter)
subject tonamed as a riskWe are a GSE with a statutory Charter that may be amended by Congress at any time, and we are also regulated by government agencies, including the FCA and the SEC.Risk factors (Item 1A)
U.S. trade policies and tariffs
subject tonamed as a riskChanges in U.S. trade policies (including tariffs and trade restrictions), tax policies, environmental regulations, and immigration laws could result in significant impacts on agricultural producers and the broader agricultural sector, as well as the infrastructure sector.Risk factors (Item 1A)
United States Department of Agriculture (USDA)
be the guaranteed portion of a loan guaranteed by the USDA under the Consolidated Farm and Rural Development Act (7 U.S.C. § 1921 et seq.) (referred to as "USDA Securities").Business (Item 1)
Also named by BJ, CAG, CALM, CASH, CB, DLTR, FLO, FSUN and 11 more
Rural Electrification Act of 1936
subject toThe Power & Utilities, Broadband Infrastructure, and Renewable Energy segments are within our Infrastructure Finance line of business through the provision in our Charter that authorizes the purchase of, and guarantee of securities backed by, loans for electric (including renewable electric energy) or telecommunications facilities by lenders organized as cooperatives to borrowers that have received or are eligible to receive loans under the Rural Electrification Act of 1936 ("REA").Business (Item 1)