On February 13, 2026, First Sabrepoint Capital Management LP disclosed a new position in Federal Agricultural Mortgage Corporation (AGM 3.23%), acquiring 44,500 shares with an estimated trade value of $7.81 million.
What happened
According to a SEC filing published February 13, 2026, First Sabrepoint Capital Management established a new position in Federal Agricultural Mortgage Corporation by acquiring 44,500 shares during the fourth quarter of 2025. The estimated transaction value was $7.81 million.
What else to know
- This was a new position for the fund, now representing 3.01% of its 13F reportable assets under management.
- Top holdings after the filing:
- NYSE: TPB: $43.36 million (17.8% of AUM)
- NASDAQ: FCFS: $31.08 million (12.8% of AUM)
- NASDAQ: LAUR: $16.84 million (6.9% of AUM)
- NASDAQ: CVCO: $15.95 million (6.6% of AUM)
- NYSE: ATGE: $13.97 million (5.7% of AUM)
- As of February 12, 2026, AGM shares were priced at $179.14, down 7.85% over the past year and underperforming the S&P 500 by 20.75 percentage points.
Company overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $402.4 million |
| Net income (TTM) | $216.00 million |
| Dividend yield | 3.44% |
| Price (as of market close February 12, 2026) | $179.14 |
Company snapshot
- Federal Agricultural Mortgage Corporation offers a secondary market for agricultural, rural utility, and USDA-guaranteed loans, including purchasing, securitizing, and guaranteeing loan-backed securities.
- The firm generates revenue primarily through interest income, guarantee fees, and securitization activities across Farm & Ranch, USDA Guarantees, Rural Utilities, and Institutional Credit segments.
- It serves agricultural lenders, rural utility cooperatives, and financial institutions seeking liquidity and risk transfer solutions for rural and agricultural lending portfolios.
Federal Agricultural Mortgage Corporation (Farmer Mac) provides a secondary market for agricultural and rural infrastructure loans in the United States.
What this transaction means for investors
Farmer Mac has lagged the S&P 500 by more than 20 percentage points over the past year, yet the underlying business keeps expanding. In the third quarter, outstanding business volume topped $31.1 billion, net interest income rose 13% year over year to $98.5 million, and core earnings hit a record $49.6 million, or $4.52 per diluted share. Net effective spread reached a record $97.8 million, underscoring pricing power even in a volatile rate backdrop.
Within the portfolio, Farmer Mac’s secondary market model, spanning farm and ranch, rural utilities, broadband, and renewable energy, adds a kind of credit exposure tied to essential infrastructure rather than consumer spending.
Meanwhile, the balance sheet remains sturdy, with $1.7 billion in core capital and a Tier 1 ratio of 13.9% demand and net spreads stay resilient. If they do, today’s relative underperformance could look more like an entry point than a warning sign.
