Document

EX-99.1 2 a2025q1pressrelease.htm EX-99.1 Document

Farmer Mac Reports First Quarter 2025 Results

- Outstanding Business Volume of $29.8 Billion -

WASHINGTON, D.C., May 9, 2025 — The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation's secondary market provider that increases the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure, today announced its results for the fiscal quarter ended March 31, 2025.

"I'm pleased to report that we delivered another outstanding quarter, surpassing previous records in revenue, net effective spread, and core earnings," said Brad Nordholm, President and Chief Executive Officer. "Our first quarter results reflect the strength of our long-term growth strategy and provide a solid foundation to navigate market volatility and evolving credit conditions. Our resilient business model—anchored by diversified revenue streams, a strong capital position, reliable access to markets, and disciplined asset-liability management—not only sets us apart but also enables us to stay focused on our mission while enhancing long-term shareholder returns."

First Quarter 2025

•Provided $1.8 billion in liquidity and lending capacity to lenders serving rural America

•Net interest income grew 5% year-over-year to $90.9 million

•Net effective spread1 increased 8% from the prior-year period to a record $90.0 million

•Net income attributable to common stockholders was $44.0 million

•Record core earnings1 of $46.0 million, or $4.19 per diluted common share, reflecting 6% growth year-over-year

•Maintained strong capital position with total core capital of $1.5 billion, exceeding the statutory requirement by 65% and a Tier 1 Capital Ratio of 13.9% as of March 31, 2025

•As of March 31, 2025, Farmer Mac had 289 days of liquidity


$ in thousands, except per share amounts	Quarter Ended
	March 31, 2025	December 31, 2024	March 31, 2024	Sequential % Change	YoY % Change
Net Change in Business Volume	$232,313	$1,054,727	$376,206	N/A	N/A
Net Interest Income (GAAP)	$90,939	$93,368	$86,368	(3)%	5%
Net Effective Spread (Non-GAAP)	$89,990	$87,528	$83,044	3%	8%
Diluted EPS (GAAP)	$4.01	$4.63	$4.28	(13)%	(6)%
Core EPS (Non-GAAP)	$4.19	$3.97	$3.96	6%	6%

1 Non-GAAP Measure

Earnings Conference Call Information

The conference call to discuss Farmer Mac's first quarter 2025 financial results will be held beginning at 8:30 a.m. eastern time on Friday, May 9, 2025, and can be accessed by telephone or live webcast as follows:

Telephone (Domestic): (800) 836-8184

Telephone (International): (646) 357-8785

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 one week following the conclusion of the call.

More complete information about Farmer Mac's performance for first quarter 2025 is in Farmer Mac's

Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed today with the SEC.

Use of Non-GAAP Measures

In the accompanying analysis of its financial information, Farmer Mac uses "non-GAAP measures," which are measures of financial performance that are not presented in accordance with GAAP. Specifically, 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

The main difference between core earnings and core earnings per share (non-GAAP measures) and net income attributable to common stockholders and earnings per common share (GAAP measures) is that those non-GAAP measures exclude 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. Another difference is that these two non-GAAP measures exclude specified infrequent or unusual transactions that we believe 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, in third quarter 2024, we excluded the loss on the retirement of the Series C Preferred Stock from core earnings and core earnings per share, which is consistent with Farmer Mac's historical treatment of any losses on the retirement of preferred stock.

Net Effective Spread

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 those assets. As further explained below, net effective spread differs from net interest income and net interest yield by excluding certain items from net interest

income and net interest yield and including certain other items that net interest income and net interest yield do not contain.

Farmer Mac excludes from net effective spread the interest income and interest expense associated with the consolidated trusts and the average balance of the loans underlying these trusts to reflect management's view that the net interest income Farmer Mac earns on the related Farmer Mac Guaranteed Securities owned by third parties is effectively a guarantee fee. Accordingly, the excluded interest income and interest expense associated with consolidated trusts is reclassified to guarantee and commitment fees in determining Farmer Mac's core earnings. Farmer Mac also excludes from net effective spread the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships because they are not expected to have an economic effect on Farmer Mac's financial performance, as we expect to hold the financial derivatives and corresponding hedged items to maturity.

Net effective spread also differs from net interest income and net interest yield because it includes the accrual of income and expense related to the contractual amounts due on financial derivatives that are not designated in hedge accounting relationships ("undesignated financial derivatives"). Farmer Mac uses interest rate swaps to manage its interest rate risk exposure by synthetically modifying the interest rate reset or maturity characteristics of certain assets and liabilities. The accrual of the contractual amounts due on interest rate swaps designated in hedge accounting relationships is included as an adjustment to the yield or cost of the hedged item and is included in net interest income. For undesignated financial derivatives, Farmer Mac records the income or expense related to the accrual of the contractual amounts due in "(Losses)/gains on financial derivatives" on the consolidated statements of operations. However, the accrual of the contractual amounts due for undesignated financial derivatives are included in Farmer Mac's calculation of net effective spread.

Net effective spread also differs from net interest income and net interest yield because it includes the net effects of terminations or net settlements on financial derivatives, which consist of: (1) the net effects of cash settlements on agency forward contracts on the debt of other GSEs and U.S. Treasury security futures that we use as short-term economic hedges on the issuance of debt; and (2) the net effects of initial cash payments that Farmer Mac receives upon the inception of certain swaps. The inclusion of these items in net effective spread is intended to reflect our view of the complete net spread between an asset and all of its related funding, including any associated derivatives, whether or not they are designated in a hedge accounting relationship.

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, 2024, filed February 21, 2025 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, 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 availability to Farmer Mac of debt and equity financing and, if available, the reasonableness of rates and terms;

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

•the effect of economic conditions stemming from disruptive global events or otherwise on agricultural mortgage or infrastructure lending, borrower repayment capacity, or collateral values, including inflation, fluctuations in interest rates, changes in U.S. trade policies (including tariffs and trade restrictions), fluctuations in export demand for U.S. agricultural products and foreign currency exchange rates, 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 effects of the Federal Reserve’s efforts to achieve monetary policy normalization to respond to inflation and employment levels; and

•other factors that could hinder agricultural mortgage lending or borrower repayment capacity, including the effects of severe weather, flooding and drought, 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, 2024, filed with the SEC on February 21, 2025. 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 driven by its mission to increase the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure. Our secondary market provides liquidity to our nation’s agricultural and infrastructure businesses, supporting a vibrant and strong rural America. We offer a wide range of solutions to help meet financial institutions’ growth, liquidity, risk management, and capital relief needs across diverse markets, including agriculture, agribusiness, broadband infrastructure, power and utilities, and renewable energy. We are uniquely positioned to facilitate competitive access to financing that fuels growth, innovation, and prosperity in America’s rural and agricultural communities. Additional information about Farmer Mac (including the Annual Report on Form 10-K referenced above) is available on our website at www.farmermac.com.

CONTACT: Jalpa Nazareth, Investor Relations

Lisa Meyer, Media Inquiries

(202) 872-7700

* * * *

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)


	As of
	March 31, 2025		December 31, 2024
	(in thousands)
Assets:
Cash and cash equivalents (includes restricted cash of $16,346 and $16,190, respectively)	$	1,048,135	$	1,024,007
Investment securities:
Available-for-sale, at fair value (amortized cost of $6,329,188 and $6,105,116, respectively)	6,230,080		5,953,014
Held-to-maturity, at amortized cost	9,125		9,270
Other investments	13,281		11,017
Total Investment Securities	6,252,486		5,973,301
Farmer Mac Guaranteed Securities:
Available-for-sale, at fair value (amortized cost of $5,859,630 and $5,835,658, respectively)	5,623,384		5,514,546
Held-to-maturity, at amortized cost	2,451,407		2,717,688
Total Farmer Mac Guaranteed Securities	8,074,791		8,232,234
USDA Securities:
Trading, at fair value	651		818
Held-to-maturity, at amortized cost	2,376,690		2,370,534
Total USDA Securities	2,377,341		2,371,352
Loans:
Loans held for sale, at lower of cost or fair value	6,045		6,170
Loans held for investment, at amortized cost	11,636,815		11,183,408
Loans held for investment in consolidated trusts, at amortized cost	2,005,680		2,038,283
Allowance for losses	(25,056)		(23,223)
Total loans, net of allowance	13,623,484		13,204,638

Financial derivatives, at fair value	27,867		27,789
Accrued interest receivable (includes $16,524 and $28,563, respectively, related to consolidated trusts)	262,809		310,592
Guarantee and commitment fees receivable	49,888		50,499
Deferred tax asset, net	—		1,544
Prepaid expenses and other assets	87,138		128,786
Total Assets	$	31,803,939	$	31,324,742

Liabilities and Equity:
Liabilities:


Notes payable	$	27,975,196	$	27,371,174
Debt securities of consolidated trusts held by third parties	1,894,920		1,929,628
Financial derivatives, at fair value	63,389		77,326
Accrued interest payable (includes $9,281 and $12,387, respectively, related to consolidated trusts)	221,954		195,113
Guarantee and commitment obligation	47,679		48,326
Accounts payable and accrued expenses	71,232		212,527
Deferred tax liability, net	2,402		—
Reserve for losses	1,521		1,622
Total Liabilities	30,278,293		29,835,716
Commitments and Contingencies
Equity:
Preferred stock:
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		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, 9,401,649 shares and 9,360,083 shares outstanding, respectively	9,402		9,360
Additional paid-in capital	134,500		135,894
Accumulated other comprehensive loss, net of tax	(1,808)		(12,147)
Retained earnings	970,872		943,239
Total Equity	1,525,646		1,489,026
Total Liabilities and Equity	$	31,803,939	$	31,324,742

FEDERAL AGRICULTURAL MORTGAGE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)


	For the Three Months Ended
	March 31, 2025		March 31, 2024
	(in thousands, except per share amounts)
Interest income:
Investments and cash equivalents	$	83,308	$	84,924
Farmer Mac Guaranteed Securities and USDA Securities	126,342		166,813
Loans	171,764		144,580
Total interest income	381,414		396,317
Total interest expense	290,475		309,949
Net interest income	90,939		86,368
(Provision for)/release of losses	(1,684)		1,801
Net interest income after (provision for)/release of losses	89,255		88,169
Non-interest income/(expense):
Guarantee and commitment fees	4,479		3,917
(Losses)/gains on financial derivatives	(2,636)		2,079


Release of reserve for losses	101		69
Other income	1,436		1,249
Non-interest income	3,380		7,314
Operating expenses:
Compensation and employee benefits	17,752		18,257
General and administrative	10,758		8,255
Regulatory fees	1,000		725

Operating expenses	29,510		27,237
Income before income taxes	63,125		68,246
Income tax expense	13,474		14,500


Net income	49,651		53,746
Preferred stock dividends	(5,666)		(6,791)

Net income attributable to common stockholders	$	43,985	$	46,955

Earnings per common share:
Basic earnings per common share	$	4.04	$	4.33
Diluted earnings per common share	$	4.01	$	4.28

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
	March 31, 2025		December 31, 2024		March 31, 2024
	(in thousands, except per share amounts)
Net income attributable to common stockholders	$	43,985	$	50,848	$	46,955
Less reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes	(2,573)		3,084		1,683
Gains on hedging activities due to fair value changes	1,099		5,737		3,002
Unrealized gains/(losses) on trading assets	9		(83)		(14)
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	28		(39)		31
Net effects of terminations or net settlements on financial derivatives	(1,070)		534		(192)

Income tax effect related to reconciling items	526		(1,939)		(947)
Sub-total	(1,981)		7,294		3,563
Core earnings	$	45,966	$	43,554	$	43,392

Composition of Core Earnings:
Revenues:
Net effective spread(1)	$	89,990	$	87,528	$	83,044
Guarantee and commitment fees(2)	5,488		5,086		4,982


Other(3)	1,315		(491)		1,077
Total revenues	96,793		92,123		89,103

Credit related expense/(income) (GAAP):
Provision for/(release of) losses	1,583		3,872		(1,870)

Loss on sale of REO	68		—		—
Total credit related expense/(income)	1,651		3,872		(1,870)

Operating expenses (GAAP):
Compensation and employee benefits	17,752		15,641		18,257
General and administrative	10,758		12,452		8,255
Regulatory fees	1,000		1,000		725
Total operating expenses	29,510		29,093		27,237

Net earnings	65,632		59,158		63,736
Income tax expense(4)	14,000		9,938		13,553
Preferred stock dividends (GAAP)	5,666		5,666		6,791
Core earnings	$	45,966	$	43,554	$	43,392

Core earnings per share:
Basic	$	4.22	$	4.00	$	4.00
Diluted	$	4.19	$	3.97	$	3.96

(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.

(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
	March 31, 2025		December 31, 2024		March 31, 2024
	(in thousands, except per share amounts)
GAAP - Basic EPS	$	4.04	$	4.67	$	4.33
Less reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes	(0.23)		0.28		0.16
Gains on hedging activities due to fair value changes	0.10		0.53		0.28
Unrealized (losses)/gains on trading securities	—		(0.01)		—
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	—		—		—
Net effects of terminations or net settlements on financial derivatives	(0.10)		0.05		(0.02)

Income tax effect related to reconciling items	0.05		(0.18)		(0.09)
Sub-total	(0.18)		0.67		0.33
Core Earnings - Basic EPS	$	4.22	$	4.00	$	4.00

Shares used in per share calculation (GAAP and Core Earnings)	10,896		10,889		10,847


Reconciliation of GAAP Diluted Earnings Per Share to Core Earnings Diluted Earnings Per Share
	For the Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
	(in thousands, except per share amounts)
GAAP - Diluted EPS	$	4.01	$	4.63	$	4.28
Less reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes	(0.23)		0.28		0.15
Gains on hedging activities due to fair value changes	0.10		0.52		0.28
Unrealized (losses)/gains on trading securities	—		(0.01)		—
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	—		—		—
Net effects of terminations or net settlements on financial derivatives	(0.10)		0.05		(0.02)

Income tax effect related to reconciling items	0.05		(0.18)		(0.09)
Sub-total	(0.18)		0.66		0.32
Core Earnings - Diluted EPS	$	4.19	$	3.97	$	3.96

Shares used in per share calculation (GAAP and Core Earnings)	10,983		10,982		10,969

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
	March 31, 2025				December 31, 2024				March 31, 2024
	Dollars		Yield		Dollars		Yield		Dollars		Yield
	(dollars in thousands)
Net interest income/yield	$	90,939	1.15	%	$	93,368	1.21	%	$	86,368	1.15	%
Net effects of consolidated trusts	(1,010)		0.02	%	(989)		0.02	%	(1,052)		0.02	%
Expense related to undesignated financial derivatives	318		—	%	2		—	%	(34)		—	%
Amortization of premiums/discounts on assets consolidated at fair value	(25)		—	%	42		—	%	(27)		—	%
Amortization of losses due to terminations or net settlements on financial derivatives	867		0.01	%	842		0.01	%	791		0.01	%
Fair value changes on fair value hedge relationships	(1,099)		(0.01)	%	(5,737)		(0.08)	%	(3,002)		(0.04)	%
Net effective spread	$	89,990	1.17	%	$	87,528	1.16	%	$	83,044	1.14	%

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 March 31, 2025:


Core Earnings by Business Segment
For the Three Months Ended March 31, 2025
	Agricultural Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(in thousands)
Interest income	$	149,681	$	25,122	$	64,995	$	10,833	$	20,315	$	32,978	$	77,490	$	381,414
Interest expense(1)	(114,789)		(16,482)		(59,638)		(7,267)		(15,203)		(1,460)		(75,636)		(290,475)
Less: reconciling adjustments(2)(3)	(1,007)		—		(28)		—		—		86		—		(949)
Net effective spread	33,885		8,640		5,329		3,566		5,112		31,604		1,854		89,990
Guarantee and commitment fees(3)	4,551		197		221		336		183		—		—		5,488
Other income/(expense)	1,222		—		—		—		—		—		22		1,244
Release of/(provision for) losses	193		(828)		(77)		229		(1,100)		—		—		(1,583)
Operating expenses(1)	(6,595)		(2,133)		(1,123)		(1,052)		(1,708)		(2,800)		(823)		(16,234)
Income tax (expense)/benefit	(6,982)		(1,235)		(913)		(647)		(522)		(6,049)		(221)		(16,569)
Segment core earnings	$	26,274	$	4,641	$	3,437	$	2,432	$	1,965	$	22,755	$	832	$	62,336

Reconciliation to net income:
Net effects of derivatives and trading securities															$	(2,535)
Unallocated (expenses)/income															(13,245)
Income tax effect related to reconciling items															3,095
Net income															$	49,651

Total Assets:
Total on- and off-balance sheet segment assets at principal balance	$	18,094,515	$	1,889,363	$	7,187,966	$	974,835	$	1,608,664	$	—	$	—	$	29,755,343
Off-balance sheet assets under management															(5,071,733)
Unallocated assets															7,120,329
Total assets on the consolidated balance sheets															$	31,803,939

(1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the Chief Operating Decision Maker ("CODM") .

(2)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; 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; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships.

(3)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.

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

	On or Off Balance Sheet	As of March 31, 2025		As of December 31, 2024
		(in thousands)
Agricultural Finance:
Farm & Ranch:
Loans	On-balance sheet	$	5,501,067	$	5,414,732
Loans held in consolidated trusts:
Beneficial interests owned by third-party investors (single-class)(1)	On-balance sheet	884,234		885,295
Beneficial interests owned by third-party investors (structured)(1)	On-balance sheet	1,121,446		1,152,988
IO-FMGS(2)	On-balance sheet	8,537		8,710
USDA Securities	On-balance sheet	2,408,857		2,402,423
AgVantage Securities(1)	On-balance sheet	4,215,000		4,720,000
LTSPCs and unfunded loan commitments	Off-balance sheet	3,030,360		3,070,554
Other Farmer Mac Guaranteed Securities(3)	Off-balance sheet	414,291		426,310
Loans serviced for others	Off-balance sheet	510,723		525,956
Total Farm & Ranch		$	18,094,515	$	18,606,968
Corporate AgFinance:
Loans	On-balance sheet	$	1,371,202	$	1,381,674
AgVantage Securities(1)	On-balance sheet	267,728		280,297
Unfunded loan commitments	Off-balance sheet	250,433		225,734
Total Corporate AgFinance		$	1,889,363	$	1,887,705
Total Agricultural Finance		$	19,983,878	$	20,494,673
Infrastructure Finance:
Power & Utilities:
Loans	On-balance sheet	$	3,020,475	$	2,886,576
AgVantage Securities(1)	On-balance sheet	3,796,549		3,521,143
LTSPCs and unfunded loan commitments	Off-balance sheet	370,942		401,647

Total Power & Utilities		$	7,187,966	$	6,809,366
Broadband Infrastructure:
Loans	On-balance sheet	$	657,836	$	622,207
Unfunded loan commitments	Off-balance sheet	316,999		180,259
Total Broadband Infrastructure		$	974,835	$	802,466
Renewable Energy:
Loans	On-balance sheet	$	1,430,679	$	1,265,700
Unfunded loan commitments	Off-balance sheet	177,985		150,825
Total Renewable Energy		$	1,608,664	$	1,416,525
Total Infrastructure Finance		$	9,771,465	$	9,028,357
Total		$	29,755,343	$	29,523,030

(1)A type of Farmer Mac Guaranteed Security.

(2)An interest-only Farmer Mac Guaranteed Security retained as part of a structured securitization.

(3)Other categories of Farmer Mac Guaranteed Securities that were sold by Farmer Mac to third parties

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


	Net Effective Spread
	Agricultural Finance						Infrastructure Finance									Treasury
	Farm & Ranch			Corporate AgFinance			Power & Utilities			Broadband Infrastructure			Renewable Energy			Funding			Investments			Net Effective Spread
	Dollars Yield			Dollars Yield			Dollars Yield			Dollars Yield			Dollars Yield			Dollars Yield			Dollars Yield			Dollars Yield
	(dollars in thousands)
For the quarter ended:
March 31, 2025	$	33,885		$	8,640		$	5,329		$	3,566		$	5,112		$	31,604		$	1,854		$	89,990
	1.01		%	2.09		%	0.32		%	2.27		%	1.55		%	0.41		%	0.10		%	1.17		%
December 31, 2024	32,556			7,891			5,059			3,414			4,859			31,242			2,507			87,528
	0.96		%	1.95		%	0.32		%	2.34		%	1.76		%	0.42		%	0.15		%	1.16		%
September 30, 2024	35,755			6,397			4,785			2,794			3,810			30,912			943			85,396
	1.05		%	1.56		%	0.30		%	2.21		%	1.78		%	0.42		%	0.05		%	1.16		%
June 30, 2024	34,156			7,866			5,253			2,393			2,999			30,268			661			83,596
	0.98		%	1.91		%	0.32		%	2.16		%	1.86		%	0.41		%	0.04		%	1.14		%
March 31, 2024	32,843			7,971			4,890			2,342			2,049			32,474			475			83,044
	0.95		%	2.05		%	0.30		%	2.08		%	1.75		%	0.45		%	0.03		%	1.14		%
December 31, 2023	33,329			8,382			4,916			2,426			1,540			33,361			597			84,551
	0.98		%	2.06		%	0.31		%	2.06		%	1.69		%	0.47		%	0.04		%	1.19		%
September 30, 2023	32,718			8,250			3,979			2,383			1,150			34,412			532			83,424
	0.97		%	2.05		%	0.26		%	2.15		%	1.46		%	0.49		%	0.04		%	1.20		%
June 30, 2023	34,388			7,444			3,681			2,127			1,100			32,498			594			81,832
	1.03		%	1.92		%	0.25		%	2.25		%	1.47		%	0.48		%	0.04		%	1.20		%
March 31, 2023	32,465			7,148			3,599			1,908			858			31,738			(543)			77,173
	0.97		%	1.94		%	0.24		%	2.53		%	1.53		%	0.47		%	(0.04)		%	1.15		%

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


Core Earnings by Quarter Ended
	March 2025		December 2024		September 2024		June 2024		March 2024		December 2023		September 2023		June 2023		March 2023
			(in thousands)
Revenues:
Net effective spread	$	89,990	$	87,528	$	85,396	$	83,596	$	83,044	$	84,551	$	83,424	$	81,832	$	77,173
Guarantee and commitment fees	5,488		5,086		4,997		5,256		4,982		4,865		4,828		4,581		4,654
Gain on sale of investment securities	—		—		—		1,052		—		—		—		—		—
Loss on sale of mortgage loan	—		—		—		(1,147)		—		—		—		—		—
Other	1,315		(491)		1,133		481		1,077		767		1,056		409		1,067
Total revenues	96,793		92,123		91,526		89,238		89,103		90,183		89,308		86,822		82,894

Credit related expense/(income):
Provision for/(release of) losses	1,583		3,872		3,258		6,230		(1,870)		(575)		(181)		1,142		750
REO operating expenses	—		—		196		—		—		—		—		—		—
Losses on sale of REO	68		—		—		—		—		—		—		—		—
Total credit related expense/(income)	1,651		3,872		3,454		6,230		(1,870)		(575)		(181)		1,142		750

Operating expenses:
Compensation and employee benefits	17,752		15,641		15,237		14,840		18,257		15,523		14,103		13,937		15,351
General and administrative	10,758		12,452		8,625		8,904		8,255		8,916		9,100		9,420		7,527
Regulatory fees	1,000		1,000		725		725		725		725		831		831		835
Total operating expenses	29,510		29,093		24,587		24,469		27,237		25,164		24,034		24,188		23,713

Net earnings	65,632		59,158		63,485		58,539		63,736		65,594		65,455		61,492		58,431
Income tax expense	14,000		9,938		12,681		11,970		13,553		13,881		13,475		12,539		12,756

Preferred stock dividends	5,666		5,666		5,897		6,792		6,791		6,791		6,792		6,791		6,791
Core earnings	$	45,966	$	43,554	$	44,907	$	39,777	$	43,392	$	44,922	$	45,188	$	42,162	$	38,884

Reconciling items:
(Losses)/gains on undesignated financial derivatives due to fair value changes	$	(2,573)	$	3,084	$	(1,064)	$	(359)	$	1,683	$	(836)	$	2,921	$	2,141	$	916
Gains/(losses) on hedging activities due to fair value changes	1,099		5,737		205		2,604		3,002		(3,598)		3,210		(4,901)		(105)
Unrealized gains/(losses) on trading assets	9		(83)		99		(87)		(14)		(37)		1,714		(57)		359
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value	28		(39)		27		26		31		88		29		29		29
Net effects of terminations or net settlements on financial derivatives	(1,070)		534		(503)		(1,505)		(192)		(800)		(79)		583		523
Issuance costs on the retirement of preferred stock	—		—		(1,619)		—		—		—		—		—		—

Income tax effect related to reconciling items	526		(1,939)		260		(143)		(947)		1,089		(1,638)		464		(362)
Net income attributable to common stockholders	$	43,985	$	50,848	$	42,312	$	40,313	$	46,955	$	40,828	$	51,345	$	40,421	$	40,244