---
schema_version: "secwatch.filing_event.v1"
accession: "0000845877-23-000135"
form_type: "8-K"
ticker: "AGM"
cik: "0000845877"
company_name: "FEDERAL AGRICULTURAL MORTGAGE CORP"
filed_at: "2023-05-09T23:59:59+00:00"
generated_at: "2026-06-15T11:12:17.086631+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Farmer Mac Q1 2023: record core earnings $38.9M, net interest income up 21% YoY, GAAP EPS down 10%

## Summary
- Core earnings record $38.9M ($3.56 diluted), up 51% YoY; GAAP net income $40.2M, down from $44.7M.
- Net interest income $79.1M (+21% YoY); net effective spread $77.2M (+33% YoY) all-time record.
- Business volume $26.5B, net growth $0.6B; 90-day delinquencies 0.27% across portfolio.
- Core capital $1.4B, 65% above statutory requirement; Tier 1 Capital Ratio 15.7%.
- Closed third securitization of ~$300M in agricultural mortgage loans.

## SEC filing metadata
- accession: 0000845877-23-000135
- form_type: 8-K
- ticker: AGM
- cik: 0000845877
- company_name: FEDERAL AGRICULTURAL MORTGAGE CORP
- filed_at: 2023-05-09T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/845877/000084587723000135/0000845877-23-000135-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/845877/000084587723000135/agm-20230509.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000845877-23-000135
- JSON: https://secwatch.observer/filing/0000845877-23-000135.json
- Plain text: https://secwatch.observer/filing/0000845877-23-000135.txt

## Key facts
- Earnings Releases
  FEDERAL AGRICULTURAL MORTGAGE CORP reported the fiscal quarter ended March 31, 2023 results: revenue $79.1 million, net income $40.2 million, EPS $3.69 per diluted share.
  - Period: the fiscal quarter ended March 31, 2023
  - Revenue: $79.1 million
  - Net income: $40.2 million
  - EPS: $3.69 per diluted share
  - Result: reported results
  source text: cycles.” First Quarter 2023 Highlights • Added $1.7 billion of gross business volume, resulting in net growth of $0.6 billion • Net interest income grew 21% year-over-year to $79.1 million • Net effective spread 1 increased 33% from the prior-year period to a record $77.2 million • Net income attributable to common stockholders was $40.2 million, compared to $44.7
  evidence_url: https://www.sec.gov/Archives/edgar/data/845877/000084587723000135/0000845877-23-000135-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.