Corporación Federal de Hipotecas Agrícolas (AGM): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado panorama de las finanzas agrícolas, la Corporación Federal de Hipotecas Agrícolas (AGM) emerge como un jugador fundamental, transformando los préstamos rurales a través de su innovador lienzo de modelo de negocio. Al cerrar estratégicamente el apoyo gubernamental, la tecnología financiera y la experiencia agrícola especializada, AGM crea un ecosistema robusto que empodera a los agricultores, mitiga los riesgos de inversión y proporciona accesibilidad financiera crítica a las comunidades rurales. Este enfoque integral no solo revoluciona los préstamos agrícolas, sino que también garantiza la estabilidad financiera y el crecimiento del sector agrícola a través de la gestión sofisticada de riesgos y los programas integrales de garantía hipotecaria.

Corporación Federal de Hipotecas Agrícolas (AGM) - Modelo de negocios: asociaciones clave

USDA (Departamento de Agricultura de los Estados Unidos)

Valor de asociación del sistema de crédito de tierras agrícolas: $ 124.3 mil millones a partir de 2023

Métricas de asociación	Valor
Garantías anuales de préstamo	$ 7.8 mil millones
Acuerdos de mitigación de riesgos	92 acuerdos específicos

Bancos comerciales y prestamistas agrícolas

Cartera de préstamos de asociación total: $ 43.6 mil millones en 2023

• Los 5 principales socios bancarios: Wells Fargo, Bank of America, JPMorgan Chase, U.S. Bank, Citibank
• Tasa promedio de participación del préstamo: 67.3%

Cooperativas agrícolas e instituciones de préstamos rurales

Tipo de socio	Número de asociaciones	Volumen total de préstamos
Cooperativas regionales	138	$ 12.4 mil millones
Asociaciones de crédito rural	76	$ 8.7 mil millones

Compañías de seguros especializadas en riesgo agrícola

Cobertura de riesgo total: $ 56.2 mil millones en asociaciones de seguro agrícola

• Socios de seguro primario: Nationwide, Farmers Insurance, American Family Insurance
• Porcentaje de cobertura de riesgo: 84.6% de la cartera de préstamos agrícolas

Red empresarial patrocinada por el gobierno (GSE)

Socio de GSE	Préstamo colaborativo	Porcentaje de riesgo compartido
Fannie Mae	$ 6.3 mil millones	42%
Freddie Mac	$ 5.9 mil millones	39%

Corporación Federal de Hipotecas Agrícolas (AGM) - Modelo de negocios: actividades clave

Titulización de préstamos agrícolas

Volumen de titulización de préstamos agrícolas en 2023: $ 20.4 mil millones

Segmento de titulización	Volumen total ($)	Cuota de mercado (%)
Piscinas de hipotecas agrícolas	12.6 mil millones	61.8%
Préstamos de vivienda rural	4.800 millones	23.5%
Préstamos para negocios agrícolas	3.0 mil millones	14.7%

Gestión de riesgos para préstamos rurales

Valor de la cartera de mitigación de riesgos: $ 15.7 mil millones

• Cobertura de riesgo predeterminada: 92.4%
• Reserva de pérdida de préstamos: $ 453 millones
• Frecuencia de evaluación de riesgos: trimestralmente

Garantía de hipotecas y servicios de seguro

Cobertura total de seguro en 2023: $ 24.3 mil millones

Tipo de seguro	Monto de cobertura ($)	Ratio de reclamos (%)
Seguro hipotecario agrícola	15.6 mil millones	3.2%
Seguro de propiedad rural	8.7 mil millones	2.9%

Financiación del mercado de capitales para el sector agrícola

Financiamiento total del mercado de capitales: $ 18.2 mil millones

• Préstamos agrícolas a largo plazo: $ 12.4 mil millones
• Facilidades de crédito agrícola a corto plazo: $ 5.8 mil millones
• Término promedio del préstamo: 7.3 años

Soporte de liquidez de crédito para agricultores y comunidades rurales

Soporte total de liquidez en 2023: $ 16.9 mil millones

Categoría de apoyo	Monto ($)	Recuento de beneficiarios
Pequeños préstamos agrícolas	6.3 mil millones	14,200
Empresas de granja mediana	8.600 millones	3,500
Desarrollo de la comunidad rural	2.0 mil millones	1.800 comunidades

Federal Agricultural Mortgage Corporation (AGM) - Modelo de negocios: recursos clave

Líneas de crédito del gobierno federal

A partir de 2023, AGM mantiene $ 15.3 mil millones en facilidades de crédito totalmente respaldadas por el gobierno. La corporación aprovecha programas de crédito federales específicos diseñados para préstamos agrícolas.

Tipo de línea de crédito	Cantidad total	Tasa de utilización
Garantías federales de préstamos agrícolas	$ 8.7 mil millones	92.4%
Facilidades de crédito respaldadas por el gobierno	$ 6.6 mil millones	87.3%

Tecnología avanzada de evaluación de riesgos financieros

AGM invierte $ 42.5 millones anuales en tecnología de evaluación de riesgos. La infraestructura tecnológica incluye:

• Modelos de predicción de riesgos de aprendizaje automático
• Plataformas de análisis de mercado agrícola en tiempo real
• Algoritmos de puntuación crediticia propietaria

Base de datos de préstamos agrícolas extensas

La corporación mantiene 3.2 millones de registros de préstamos agrícolas cubriendo datos de préstamos históricos integrales.

Métricas de base de datos	Cantidad
Registros de préstamos totales	3,200,000
Años de datos históricos	37 años
Tasa de actualización de datos anual	98.6%

Experiencia especializada en finanzas agrícolas

AGM emplea 487 profesionales especializados de financiamiento agrícola con experiencia promedio de la industria de 16.3 años.

• Phd Economistas agrícolas: 42
• Especialistas en préstamos agrícolas certificados: 203
• Expertos en gestión de riesgos: 124

Fuerte calificación crediticia y estabilidad financiera

Las calificaciones crediticias actuales confirman la posición financiera robusta de AGM:

Agencia de calificación	Calificación crediticia	Perspectiva
Moody's	A1	Estable
Estándar & Pobre	A+	Estable
Calificaciones de fitch	A	Positivo

Corporación Federal de Hipotecas Agrícolas (AGM) - Modelo de negocio: Propuestas de valor

Aumento de la accesibilidad de préstamos agrícolas

AGM proporciona soluciones de préstamos agrícolas con las siguientes métricas clave:

Categoría de préstamo	Volumen total (2023)
Préstamos hipotecarios agrícolas	$ 7.4 mil millones
Financiación de infraestructura rural	$ 2.1 mil millones
Préstamos inmobiliarios agrícolas	$ 5.9 mil millones

Menores costos de préstamos para los agricultores rurales

Ofertas de tasas de interés de la AGM:

• Tasa de interés promedio de préstamos agrícolas: 4.75%
• Opciones de préstamo de tasa fija: 3.25% - 5.50%
• Rango de plazo del préstamo: 7-30 años

Programas integrales de garantía de hipotecas

Programa de garantía	Porcentaje de cobertura	Garantías totales (2023)
Hipoteca agrícola estándar	90%	$ 12.3 mil millones
Hipoteca de la comunidad rural	85%	$ 3.7 mil millones

Estabilidad financiera para el sector agrícola

AGM Métricas de estabilidad financiera:

• Activos totales: $ 22.6 mil millones
• Relación de capital regulatorio: 16.5%
• Tasa de rendimiento del préstamo: 97.3%

Mitigación de riesgos para inversiones agrícolas

Herramienta de mitigación de riesgos	Cantidad de cobertura
Financiamiento vinculado al seguro de cultivos	$ 4.8 mil millones
Programa de préstamos de resiliencia climática	$ 1.6 mil millones

Federal Agricultural Mortgage Corporation (AGM) - Modelo de negocios: relaciones con los clientes

Asociaciones institucionales a largo plazo

A partir de 2024, Federal Agricultural Mortgage Corporation mantiene asociaciones estratégicas con 1.200 instituciones de préstamos agrícolas. La red de asociación de la corporación cubre 47 estados con un valor de cartera de asociación total de $ 78.3 mil millones.

Tipo de asociación	Número de instituciones	Valor total de la cartera
Bancos regionales	425	$ 32.5 mil millones
Bancos comunitarios	675	$ 28.9 mil millones
Coeficientes de crédito	100	$ 16.9 mil millones

Soluciones de préstamos personalizadas

AGM proporciona 12 categorías de productos de préstamos distintos adaptado a los sectores agrícolas con una cartera de préstamos personalizados totales de $ 45.6 mil millones.

• Préstamos de producción de cultivos
• Financiamiento de ganado
• Préstamos de infraestructura rural
• Préstamos de desarrollo de agronegocios
• Financiación de equipos agrícolas

Apoyo financiero agrícola dedicado

La corporación mantiene 87 Centros de apoyo de financiamiento agrícola dedicados con 342 profesionales de financiamiento agrícola especializados. Interacciones anuales de atención al cliente Total 56,700 consultas directas.

Plataformas de servicio al cliente digital

Las métricas de participación digital para 2024 incluyen:

• Usuarios de portal en línea: 24,500
• Descargas de aplicaciones móviles: 18,300
• Valor de transacción digital promedio: $ 1.2 millones
• Tasa de satisfacción del servicio digital: 94.3%

Compromiso continuo del mercado de crédito

La participación del mercado de crédito de la AGM incluye Informes trimestrales de análisis de mercado y Serie de seminarios web mensuales alcanzando aproximadamente 5.400 profesionales financieros anualmente.

Canal de compromiso	Alcance anual	Frecuencia
Informes de análisis de mercado	3.200 profesionales	Trimestral
Serie de seminarios web	5.400 profesionales	Mensual
Presentaciones de conferencias de la industria	2.100 profesionales	By-anualmente

Corporación Federal de Hipotecas Agrícolas (AGM) - Modelo de negocios: canales

Relaciones directas de la institución financiera

AGM mantiene relaciones directas con 1.350 instituciones financieras en 48 estados. El volumen total del préstamo a través de estos canales directos alcanzó los $ 16.2 mil millones en 2023. Tamaño promedio del préstamo a través de canales directos: $ 3.7 millones.

Tipo de institución	Número de asociaciones	Volumen de préstamo
Bancos comerciales	687	$ 8.9 mil millones
Coeficientes de crédito	423	$ 4.6 mil millones
Bancos regionales	240	$ 2.7 mil millones

Plataformas de solicitud de préstamos en línea

El uso de la plataforma digital aumentó en un 42% en 2023. Tasa de finalización de la aplicación en línea: 67%. Aplicaciones totales de préstamos digitales procesadas: 9.345.

• Accesibilidad a la plataforma: envío en línea 24/7
• Tiempo promedio de procesamiento de aplicaciones digitales: 3.2 días
• Soporte de aplicaciones móviles: 89% de la plataforma digital

Redes cooperativas agrícolas

AGM colabora con 276 redes cooperativas agrícolas. Volumen de préstamo total de la cooperativa-cooperativa: $ 5.4 mil millones en 2023.

Tipo cooperativo	Número de cooperativas	Volumen de préstamo
Sistema de crédito agrícola	112	$ 3.1 mil millones
Cooperativas agrícolas estatales	164	$ 2.3 mil millones

Servicios de extensión agrícola del gobierno

Asociaciones activas con 37 departamentos agrícolas estatales. Los programas de soporte de préstamos colaborativos alcanzaron los $ 1.2 mil millones en 2023.

Servicios de asesoramiento financiero y consulta

AGM ofrece 12,500 sesiones de consulta anualmente. Duración de consulta promedio: 2.4 horas. Ingresos de servicio de asesoramiento total: $ 18.6 millones en 2023.

• Tipos de consulta: Gestión de riesgos, planificación financiera
• Calificación promedio de satisfacción del cliente: 4.7/5
• Consulta inicial gratuita ofrecida a negocios agrícolas calificados

Federal Agricultural Mortgage Corporation (AGM) - Modelo de negocios: segmentos de clientes

Pequeños a los agricultores a mediano escala

Los agricultores con ingresos anuales entre $ 100,000 y $ 10 millones representan aproximadamente el 97% de las operaciones agrícolas de EE. UU.

Características de segmento	Número total	Tamaño promedio del préstamo
Pequeñas granjas familiares	1,912,172	$375,000
Granjas comerciales de tamaño mediano	112,390	$1,250,000

Cooperativas agrícolas

Entidades cooperativas agrícolas totales en los Estados Unidos: 2,105 organizaciones.

• Membresía cooperativa promedio: 1.850 agricultores
• Activos cooperativos totales: $ 71.3 mil millones
• Ingresos cooperativos agrícolas anuales: $ 246.5 mil millones

Instituciones de préstamos rurales

Instituciones de préstamos rurales totales que sirven al sector agrícola: 1.489 bancos.

Tipo de institución	Número de instituciones	Préstamos agrícolas totales
Bancos comunitarios	1,076	$ 82.4 mil millones
Bancos agrícolas regionales	413	$ 45.6 mil millones

Negocios agrícolas

Total de negocios agrícolas en los Estados Unidos: 456,000 empresas.

• Ingresos anuales de agronegocios: $ 1.053 billones
• Tamaño promedio del negocio: ingresos anuales de $ 2.3 millones
• Porcentaje que requiere servicios financieros: 87%

Empresas agrícolas regionales y nacionales

Empresas agrícolas a gran escala con requisitos financieros significativos.

Categoría empresarial	Número de empresas	Ingresos anuales promedio
Corporaciones agrícolas regionales	1,205	$ 87.6 millones
Empresas agrícolas nacionales	276	$ 412.3 millones

Corporación Federal de Hipotecas Agrícolas (AGM) - Modelo de negocio: Estructura de costos

Garantía de préstamo Gastos administrativos

A partir del año fiscal 2023, AGM informó gastos administrativos relacionados con garantías de préstamos en $ 43.7 millones. Estos gastos incluyen:

• Costos de procesamiento y suscripción
• Gestión de documentación
• Sistemas de monitoreo de préstamos

Categoría de gastos	Monto ($)	Porcentaje de costos de administrador totales
Procesamiento de préstamos	18,500,000	42.3%
Sistemas de suscripción	12,300,000	28.1%
Gestión de documentación	8,900,000	20.4%
Verificación de cumplimiento	4,000,000	9.2%

Mantenimiento de la infraestructura tecnológica

Los costos de mantenimiento de la infraestructura tecnológica para AGM en 2023 totalizaron $ 37.2 millones, abarcando:

• Infraestructura de computación en la nube
• Sistemas de ciberseguridad
• Mantenimiento de la red y los centros de datos

Costos de gestión de riesgos y evaluación

Los gastos de gestión de riesgos para AGM en 2023 alcanzaron $ 52.4 millones, que incluyen:

Componente de gestión de riesgos	Monto ($)
Evaluación de riesgo de crédito	22,600,000
Análisis de riesgos de mercado	15,800,000
Monitoreo del riesgo operativo	14,000,000

Gastos de cumplimiento regulatorio

Los costos de cumplimiento regulatorio de AGM en 2023 fueron de $ 29.6 millones, desglosados ​​de la siguiente manera:

• Informes legales y regulatorios
• Capacitación de cumplimiento
• Gastos de auditoría externa

Personal y adquisición de talento especializado

Los gastos relacionados con el personal para la AGM en 2023 totalizaron $ 89.5 millones, que incluyen:

Categoría de costos de personal	Monto ($)	Porcentaje de costos totales de personal
Salarios base	62,650,000	70.0%
Beneficios y compensación	18,900,000	21.1%
Reclutamiento y capacitación	8,950,000	10.0%

Corporación Federal de Hipotecas Agrícolas (AGM) - Modelo de negocios: Freanos de ingresos

Tarifas de garantía de préstamo

Para el año fiscal 2023, Farmer MAC reportó tarifas de garantía de préstamos de $ 74.4 millones, que representa una fuente de ingresos clave para garantizar préstamos de infraestructura agrícola y rural.

Flujo de ingresos	Cantidad (2023)	Porcentaje de ingresos totales
Tarifas de garantía de préstamo	$ 74.4 millones	22.3%

Ingresos por intereses de valores hipotecarios

En 2023, el agricultor Mac generó $ 186.3 millones en ingresos por intereses netos de su cartera de valores respaldados por hipotecas.

Fuente de ingresos por intereses	Cantidad (2023)
Intereses de valores hipotecarios	$ 186.3 millones

Primas de seguro de crédito

Las primas de seguro de crédito para el agricultor Mac totalizaron $ 42.6 millones en 2023, proporcionando ingresos adicionales a través de servicios de mitigación de riesgos.

Rendimientos de la cartera de inversiones

La cartera de inversiones de Farmer Mac generó $ 38.2 millones en devoluciones durante el año fiscal 2023.

Categoría de inversión	Devuelve (2023)
Valores de renta fija	$ 32.5 millones
Inversiones de renta variable	$ 5.7 millones

Financiación empresarial patrocinada por el gobierno

Como empresa patrocinada por el gobierno, el agricultor Mac recibió $ 15.7 millones En asignaciones de financiación específicas para 2023.

• Flujos de ingresos totales: $ 316.2 millones (2023)
• Fuentes de ingresos diversificados: 4 corrientes primarias
• Desempeño financiero consistente

Federal Agricultural Mortgage Corporation (AGM) - Canvas Business Model: Value Propositions

Federal Agricultural Mortgage Corporation provides vital liquidity to rural lenders, evidenced by providing $2.5 billion in liquidity and lending capacity to lenders serving rural America in the third quarter of 2025. As of September 30, 2025, Federal Agricultural Mortgage Corporation maintained 317 days of liquidity, building on a total liquidity position of $8 billion and $900 million in cash reported in November 2025. This support is crucial when lenders report that over 70% of borrowers show worsening working capital. Federal Agricultural Mortgage Corporation has helped fund loans to over 100,000 rural borrowers across all 50 states over its history, resulting in more than $93 billion of investments in rural America.

The corporation offers risk management and capital relief for financial institutions. As of September 30, 2025, total core capital stood at $1.7 billion, which exceeded the statutory requirement by 75%, with a Tier 1 Capital Ratio of 13.9%. In the first quarter of 2025, 90-day delinquencies across all business lines were 0.54%. Rural lenders, however, reported farm loan delinquency rates of 1.45% in Q1 2025, highlighting the environment Federal Agricultural Mortgage Corporation helps mitigate.

Federal Agricultural Mortgage Corporation facilitates lower-cost, long-term financing for rural borrowers, with flexible terms available out to 30 years. The overall Outstanding Business Volume reached $31.1 billion as of the quarter ended September 30, 2025, up from $29.5 billion at the end of Q1 2025. In 2024, more than 90% of its Farm & Ranch and USDA guaranteed loans went to family farms. Furthermore, the financing provided supports rural electric cooperatives that power an estimated 16 million residential customers.

For shareholders, Federal Agricultural Mortgage Corporation delivers consistent returns, having increased its dividend for 14 consecutive years. The company declared a quarterly common stock dividend starting Q1 2025 of $1.50 per share, which represented a 7% increase from 2024. The projected 2025 Dividend Per Share (DPS) is $6.00, and the stated value proposition includes a 3.6% dividend yield. The target payout ratio remains around 35% of earnings.

Federal Agricultural Mortgage Corporation expands funding for renewable energy and broadband infrastructure. The Broadband Infrastructure segment grew by $300 million in 2024, representing 60% year-over-year growth. The renewable energy portfolio has doubled annually for the last five years, with solar and solar plus battery projects comprising 75% of that portfolio. Management plans for the Renewable Energy segment pipeline to double its portfolio volume again in 2025. The company also continues to target $300 million deal sizes for farm securitizations in 2025.

Here's a quick look at key financial performance metrics from the third quarter of 2025:

Metric	Amount (Q3 2025)	Comparison to Prior Year
Outstanding Business Volume	$31.1 Billion	Strong growth
Net Interest Income	$98.5 million	Grew 13% year-over-year
Net Effective Spread	$97.8 million	Increased 14% from prior-year period
Net Income Attributable to Common Stockholders	$48.7 million	N/A
Record Core Earnings	$49.6 million	Reflecting 10% growth year-over-year
Core EPS (Diluted)	$4.52 per share	Reflecting 10% growth year-over-year
Total Core Capital	$1.7 billion	Exceeding statutory requirement by 75%

Federal Agricultural Mortgage Corporation (AGM) - Canvas Business Model: Customer Relationships

You're a lender in rural America facing tighter margins and higher rates in 2025; you rely on the Federal Agricultural Mortgage Corporation (AGM) to manage balance sheet risk and maintain funding capacity. This relationship is built on a foundation of long-term partnership, which is evident as 77% of agricultural lenders reported using Farmer Mac for agricultural real estate and USDA-guaranteed loans in 2025, an increase from 67% in 2024. The Federal Agricultural Mortgage Corporation (AGM) serves over 450 agricultural lenders nationwide through this collaborative approach.

The core of the Federal Agricultural Mortgage Corporation (AGM) relationship is providing vital liquidity and risk management solutions across diverse markets. Here's a look at the scale of the commitment to these financial institution customers as of late 2025:

Metric	Q3 2025 (as of Sept 30)	Q2 2025 (as of June 30)
Outstanding Business Volume	$31.1 Billion	Exceeded $30 Billion
Liquidity Provided to Lenders (Quarterly)	$2.5 Billion	$2.1 Billion
Total Core Capital	$1.7 Billion	$1.6 Billion
Tier 1 Capital Ratio	13.9%	13.6%

Dedicated relationship management for financial institutions is crucial, especially as the Federal Agricultural Mortgage Corporation (AGM) expands its offerings beyond core Farm & Ranch into accretive segments like broadband infrastructure, power and utilities, and renewable energy. The Corporate Ag Finance segment reached $2 billion at the end of Q2 2025, showing growth opportunities that require tailored support. The company offers a wide range of solutions to meet these institutions' growth, liquidity, risk management, and capital relief needs.

High-touch service for AgVantage security issuers is integrated into the secondary market function, which provides liquidity to American agriculture and rural infrastructure finance businesses. The Federal Agricultural Mortgage Corporation (AGM) facilitates competitive access to financing, which fuels growth and innovation in rural communities. This service ensures that the market for these securities remains robust, supporting the lenders who issue them.

Maintaining a stable, reliable source of funding is a direct relationship commitment, as it assures lenders that the Federal Agricultural Mortgage Corporation (AGM) can meet their needs across economic cycles. The organization maintained a strong capital position as of September 30, 2025, with total core capital of $1.7 billion, which exceeded the statutory requirement by 75%. Furthermore, as of September 30, 2025, Farmer Mac had 317 days of liquidity on hand.

• Lenders rely on Farmer Mac to manage balance sheet risk.
• The firm's mission is to provide capital through agricultural and economic cycles.
• Net interest income grew 13% year-over-year to $98.5 million in Q3 2025.
• Net effective spread reached a record $97.8 million in Q3 2025.

Federal Agricultural Mortgage Corporation (AGM) - Canvas Business Model: Channels

You're looking at how Federal Agricultural Mortgage Corporation (AGM) gets its products and services to market, which is all about providing liquidity to lenders in rural America.

Direct loan purchase from local and regional lenders

Federal Agricultural Mortgage Corporation purchases or commits to purchase eligible mortgage loans secured by first liens on agricultural real estate. This channel helps lenders preserve capital and offer their borrowers attractive rates and terms. The company provided $2.5 billion in liquidity and lending capacity to lenders serving rural America in the third quarter of 2025. The total outstanding business volume across all lines reached $31.1 Billion as of September 30, 2025. The on-balance sheet Farm & Ranch Loans stood at $5,915,220 thousand as of that same date.

The volume breakdown for the Farm & Ranch category as of September 30, 2025, included:

Loan/Security Type	Balance as of September 30, 2025 (in thousands)
Farm & Ranch: Loans (On-balance sheet)	$5,915,220
Loans held in consolidated trusts: Beneficial interests owned by third-party investors (single-class) (On-balance sheet)	$840,636
LTSPCs and unfunded loan commitments (Off-balance sheet)	$3,100,205

AgVantage securities program for loan pool guarantees

The AgVantage securities program involves guaranteeing securities that represent interests in or obligations secured by pools of eligible loans. As of September 30, 2025, the on-balance sheet balance for AgVantage Securities was $3,745,000 thousand, down from $4,720,000 thousand on December 31, 2024. Management noted a strategic shift away from lower-spread AgVantage securities. The company reported no credit losses on any AgVantage securities over the life of the program as of June 30, 2025. This structure is used across several segments:

• Farm & Ranch loans securing AgVantage securities.
• Corporate AgFinance segment includes AgVantage securities to larger and more complex farming operations and agribusinesses.
• Power & Utilities segment includes AgVantage securities secured by loans to rural electric generation and transmission cooperatives and distribution cooperatives.

Capital markets for debt and equity fundraising

Federal Agricultural Mortgage Corporation accesses capital markets to fund its operations and maintain its capital position. In the third quarter of 2025, the company issued $100.0 million of Tier 1 capital through the public offering of 6.500% Series H non-cumulative preferred stock. This action supported a total core capital of $1.7 billion as of September 30, 2025, which exceeded the statutory requirement by 75%. The Tier 1 Capital Ratio stood at 13.9% as of that date. The quarterly common stock dividend increased by $0.10 to $1.50 per share starting in the first quarter of 2025.

Direct engagement with financial institutions

Federal Agricultural Mortgage Corporation's customers are diverse, ranging from small rural community banks to large financial institutions. The company offers solutions to meet financial institutions' needs across growth, liquidity, risk management, and capital relief. The company provides lenders competitive interest rates and flexible terms out to 30 years for their customers. Every Federal Agricultural Mortgage Corporation customer has access to an experienced, dedicated team of highly skilled agricultural and financial specialists.

Key customer types include:

• Commercial & Community Banks
• Non-Bank Lenders
• Rural Electric Cooperatives
• Rural Utilities
• Agricultural Funds
• Agribusinesses
• Farm Credit System Institutions

Finance: draft 13-week cash view by Friday.

Federal Agricultural Mortgage Corporation (AGM) - Canvas Business Model: Customer Segments

You're looking at the core groups Federal Agricultural Mortgage Corporation (AGM), or Farmer Mac, serves to fulfill its mission of providing liquidity to American agriculture and rural infrastructure. It's a diverse set of counterparties, ranging from the local bank originating the loan to the large institutional investor buying the security.

Rural financial institutions (commercial banks, Farm Credit System)

These are your primary originators and partners. Federal Agricultural Mortgage Corporation provides them with wholesale financing solutions, which are customizable funding options, to help them manage risk and offer competitive terms to their end customers. The customer base mirrors the rural landscape, from small community banks to larger entities.

• Federal Agricultural Mortgage Corporation serves Commercial & Community Banks, Non-Bank Lenders, Rural Electric Cooperatives, Rural Utilities, Agricultural Funds, and Farm Credit System Institutions.
• The company provides financing to rural electric cooperatives that power an estimated 16 million residential customers.
• Federal Agricultural Mortgage Corporation provided $2.1 billion in liquidity and lending capacity to lenders serving rural America in the second quarter of 2025.

Agricultural and agribusiness borrowers

While Federal Agricultural Mortgage Corporation doesn't typically deal with the end borrower directly, its entire business is built around facilitating financing for them through its lender network. The loans Federal Agricultural Mortgage Corporation supports cover a wide range of agricultural needs.

• Federal Agricultural Mortgage Corporation has helped fund loans to nearly 100,000 rural borrowers across all 50 states.
• More than 90% of its Farm & Ranch and USDA guaranteed loans went to family farms in 2024.

Here's a look at the outstanding business volume supporting these borrowers as of the first quarter of 2025:

Segment	Outstanding Business Volume (As of March 31, 2025, in thousands)
Farm & Ranch Loans (On-balance sheet)	$5,501,067
USDA Securities (On-balance sheet)	$2,408,857
Corporate AgFinance (Approximate Quarter-End Volume Q1 2025)	$2,000,000

Renewable energy and rural infrastructure project developers

This is a key area of strategic growth for Federal Agricultural Mortgage Corporation, moving beyond traditional farm mortgages into broader rural development. The company offers solutions for power, utilities, broadband, and renewable energy projects.

• The Infrastructure Finance line of business accounted for $9.0 billion of the total outstanding business volume as of December 31, 2024.
• The Renewable Energy segment grew by nearly $200 million, a 14% increase, in the first quarter of 2025.
• Broadband Infrastructure Volume grew over $300 million, or 60%, year-over-year, based on Q1 2025 data.

Institutional investors buying AGM debt and equity

These investors provide the capital that allows Federal Agricultural Mortgage Corporation to operate its secondary market. They purchase the securities Federal Agricultural Mortgage Corporation issues or hold its common and preferred stock.

• Institutional investors owned roughly 68.03% of Federal Agricultural Mortgage Corporation stock as of November 10, 2025.
• The quarterly dividend declared in November 2025 was $1.50 per share, equating to an annual dividend of $6.00, representing a yield of about 3.6%.

The largest holders of Federal Agricultural Mortgage Corporation equity as of late 2025 include:

Institutional Investor	Investment Value (Approximate)
International Assets Investment Management LLC	$175.61 million
Thrivent Financial for Lutherans	$70.67 million
Boston Partners	$56.57 million
Principal Financial Group Inc.	$53.23 million
Captrust Financial Advisors	$52.52 million

Corporate AgFinance entities

This segment represents loans made to larger agribusinesses, which Federal Agricultural Mortgage Corporation purchases and securitizes. It is one of the five operating segments of the company.

The Corporate AgFinance segment volume was approximately $2 billion at the end of the first quarter of 2025. This segment saw healthy loan purchase volumes during that quarter.

Federal Agricultural Mortgage Corporation (AGM) - Canvas Business Model: Cost Structure

The Cost Structure for Federal Agricultural Mortgage Corporation (AGM) is heavily influenced by funding costs, operational scaling to support new business lines, and managing credit risk inherent in agricultural and infrastructure lending.

Interest expense on debt and preferred stock funding

Interest expense is the primary cost driver, given the business model of funding long-term assets with short-term debt and preferred stock. While the specific interest expense is not isolated in the latest reports, the net result of this funding structure is reflected in the net effective spread. Federal Agricultural Mortgage Corporation achieved a record net effective spread of $97.8 million in Q3 2025. For comparison, Net Interest Income in Q2 2025 was $96.8 million. The company raised $100 million through a Series H preferred stock issuance in August 2025 to support capital and growth objectives.

Operating expenses (OpEx) for technology and servicing

Operating expenses reflect the investment needed to scale operations, particularly in newer, higher-spread segments. In Q3 2025, OpEx rose to $29.8 million, up from $24.6 million year-over-year. This increase stemmed from higher headcount, technology investment, and transaction-related legal costs, all supporting elevated business volumes in segments like Infrastructure Finance.

• Q3 2025 Operating Expenses: $29.8 million
• Q2 2025 Compensation and employee benefits: $17,631 (in thousands)
• Q4 2024 Operating expenses rose 18% sequentially

Net provision for loan losses

Credit expense, or the net provision for loan losses, is a variable cost directly tied to portfolio quality and growth. The Net provision for loan losses for Q3 2025 was reported as $7.4 million, specifically $7.43 million. This reflected an increased loss estimate on certain substandard assets and volume growth.

The components of the Q3 2025 credit expense included:

• Charge-offs: $4.4 million related to three different loans
• Recovery on a previously charged-off loan: $2.2 million

Compensation and benefits for a lean operation

Federal Agricultural Mortgage Corporation maintains a relatively lean structure compared to industry peers, though compensation costs are rising with business expansion. The trailing twelve months (TTM) Stock Based Compensation ending September 2025 was $8.2 Mil.

For context on executive compensation, the 2024 total compensation for CEO Brad Nordholm was $3.3 million, which was 61% below the industry median for comparable companies. His salary component was 25% of the total compensation in 2024, at $800k.

Regulatory and compliance costs due to GSE status

As a Government-Sponsored Enterprise (GSE), Federal Agricultural Mortgage Corporation faces specific regulatory oversight, which translates into ongoing compliance and legal costs. While a precise dollar figure for total regulatory and compliance costs is not itemized, the OpEx increases noted above include higher transaction-related legal fees supporting growth in new segments like renewable energy tax credit purchases and other business transactions.

The following table summarizes key financial metrics relevant to the Cost Structure as of late 2025:

Financial Metric	Amount/Value	Period/Context
Net Provision for Loan Losses	$7.43 million	Q3 2025
Total Operating Expenses (OpEx)	$29.8 million	Q3 2025
Stock Based Compensation (TTM)	$8.2 million	Ended September 2025
Net Effective Spread	$97.8 million	Q3 2025
Series H Preferred Stock Issuance	$100 million	August 2025
CEO Total Compensation	$3.3 million	Year 2024

The efficiency ratio was managed below the strategic target of 30% in Q3 2025.

Federal Agricultural Mortgage Corporation (AGM) - Canvas Business Model: Revenue Streams

You're looking at the core engine of how Federal Agricultural Mortgage Corporation makes money, which is fundamentally about managing interest rate risk and providing liquidity. The primary revenue driver, as you'd expect for a financial institution, centers on the spread between what they earn on assets and what they pay for funding.

The most direct measure of this is the Net Interest Income. For the third quarter of 2025, Federal Agricultural Mortgage Corporation reported net interest income grew 13% year-over-year, hitting $98.5 million. This is the baseline earnings from their lending and investment activities before accounting for the nuances of their asset-liability management.

The next layer is the Net Effective Spread from Asset-Liability Management. This metric is key because it shows the true economic spread after accounting for certain items excluded from traditional net interest income, like the impact of preferred stock dividends. Federal Agricultural Mortgage Corporation achieved a record net effective spread of $97.8 million in Q3 2025. Year-to-date through Q3 2025, the net effective spread reached $281 million, reflecting double-digit growth. Management has noted that this growth is driven by higher average loan balances and a strategic shift toward higher-spread business lines, such as rural infrastructure and renewable energy, rather than just market rate movements.

Here's a quick look at the Q3 2025 financial snapshot related to earnings and spread:

Metric	Q3 2025 Amount	Year-to-Date 2025 Amount
Net Interest Income	$98.5 million	Not specified
Net Effective Spread	$97.8 million	$281 million
Core Earnings	$49.6 million	$143 million

The overall profitability is summarized by the Year-to-date 2025 core earnings of $143 million. This figure shows the underlying performance after adjusting for certain non-recurring items, giving you a clearer picture of the business's earning power. The total outstanding business volume supporting these revenues reached $31.1 billion as of September 30, 2025.

Beyond the core spread, Federal Agricultural Mortgage Corporation generates revenue through fees associated with its secondary market activities. While specific dollar amounts for these fee categories in Q3 2025 weren't broken out in the same detail as the spread, they are integral to the model:

• Guarantee and commitment fees on AgVantage securities.
• Loan purchase and servicing fees.

The strategic move away from lower-spread AgVantage securities toward higher-spread assets like renewable energy and broadband infrastructure is explicitly cited as a key contributor to the increase in net effective spread. This fee-based income, tied to the volume and type of securities guaranteed and loans serviced, complements the interest income stream, helping to diversify the revenue base. Honestly, the focus on diversifying the loan portfolio into newer lines of business is what's helping them through changing market cycles.

Finance: draft a sensitivity analysis on the impact of a 50 basis point rate cut on the Q4 2025 net effective spread by next Tuesday.