Federal Agricultural Mortgage Corporation (AGA): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage complexe de la finance agricole, la Federal Agricultural Mortgage Corporation (AGM) émerge comme un acteur charnière, transformant les prêts ruraux par le biais de sa toile de modèle commercial innovant. En pontant stratégiquement le soutien du gouvernement, la technologie financière et l'expertise agricole spécialisée, l'AGA crée un écosystème robuste qui habilite les agriculteurs, atténue les risques d'investissement et offre une accessibilité financière critique aux communautés rurales. Cette approche globale révolutionne non seulement les prêts agricoles, mais assure également la stabilité financière et la croissance du secteur agricole grâce à une gestion des risques sophistiquée et à des programmes complets de garantie hypothécaire.

Federal Agricultural Mortgage Corporation (AGA) - Modèle d'entreprise: partenariats clés

USDA (Département américain de l'Agriculture)

Système de crédit Farmland Valeur de partenariat: 124,3 milliards de dollars à partir de 2023

Métriques de partenariat	Valeur
Garanties de prêt annuelles	7,8 milliards de dollars
Accords d'atténuation des risques	92 accords spécifiques

Banques commerciales et prêteurs agricoles

Portefeuille total de prêts de partenariat: 43,6 milliards de dollars en 2023

• Top 5 des partenaires bancaires: Wells Fargo, Bank of America, JPMorgan Chase, U.S. Bank, Citibank
• Taux de participation moyen du prêt: 67,3%

Coopératives agricoles et institutions de prêt rural

Type de partenaire	Nombre de partenariats	Volume total de prêt
Coopératives régionales	138	12,4 milliards de dollars
Associations de crédit rural	76	8,7 milliards de dollars

Les compagnies d'assurance se spécialisent dans le risque agricole

Couverture totale des risques: 56,2 milliards de dollars en partenariats d'assurance agricole

• Partners d'assurance primaire: Nationwide, Farmers Insurance, American Family Insurance
• Pourcentage de couverture des risques: 84,6% du portefeuille de prêts agricoles

Réseau d'entreprise parrainé par le gouvernement (GSE)

Partenaire GSE	Prêts collaboratifs	Pourcentage de partage des risques
Fannie Mae	6,3 milliards de dollars	42%
Freddie Mac	5,9 milliards de dollars	39%

Federal Agricultural Mortgage Corporation (AGA) - Modèle d'entreprise: activités clés

Titrisation du prêt agricole

Volume de titrisation des prêts agricoles en 2023: 20,4 milliards de dollars

Segment de titrisation	Volume total ($)	Part de marché (%)
Piscines hypothécaires agricoles	12,6 milliards	61.8%
Prêts de logement rural	4,8 milliards	23.5%
Prêts commerciaux agricoles	3,0 milliards	14.7%

Gestion des risques pour les prêts ruraux

Valeur du portefeuille d'atténuation des risques: 15,7 milliards de dollars

• Couverture des risques de défaut: 92,4%
• Réserve de perte de prêt: 453 millions de dollars
• Fréquence d'évaluation des risques: trimestriel

Garantie hypothécaire et services d'assurance

Couverture totale d'assurance en 2023: 24,3 milliards de dollars

Type d'assurance	Montant de la couverture ($)	Ratio des réclamations (%)
Assurance hypothécaire agricole	15,6 milliards	3.2%
Assurance des biens ruraux	8,7 milliards	2.9%

Financement du marché des capitaux pour le secteur agricole

Financement total du marché des capitaux: 18,2 milliards de dollars

• Prêts agricoles à long terme: 12,4 milliards de dollars
• Facilités de crédit agricole à court terme: 5,8 milliards de dollars
• Terme moyenne du prêt: 7,3 ans

Soutien en liquidité de crédit pour les agriculteurs et les communautés rurales

Support total de liquidité en 2023: 16,9 milliards de dollars

Catégorie de support	Montant ($)	Compte de bénéficiaire
Petits prêts agricoles	6,3 milliards	14,200
Entreprises de la ferme moyenne	8,6 milliards	3,500
Développement de la communauté rurale	2,0 milliards	1 800 communautés

Federal Agricultural Mortgage Corporation (AGA) - Modèle d'entreprise: Ressources clés

Lignes de crédit du gouvernement fédéral

Depuis 2023, AGM maintient 15,3 milliards de dollars de facilités de crédit soutenues par le gouvernement. La société exploite des programmes de crédit fédéraux spécifiques conçus pour les prêts agricoles.

Type de ligne de crédit	Montant total	Taux d'utilisation
Garanties de prêt agricole fédéral	8,7 milliards de dollars	92.4%
Facilités de crédit soutenues par le gouvernement	6,6 milliards de dollars	87.3%

Technologie avancée d'évaluation des risques financiers

AGM investit 42,5 millions de dollars par an en technologie d'évaluation des risques. L'infrastructure technologique comprend:

• Modèles de prédiction des risques d'apprentissage automatique
• Plateformes d'analyse du marché agricole en temps réel
• Algorithmes de notation de crédit propriétaire

Base de données de prêts agricoles approfondies

La société maintient 3,2 millions de dossiers de prêts agricoles couvrant des données complètes sur les prêts historiques.

Métriques de la base de données	Quantité
Dossiers totaux de prêt	3,200,000
Années de données historiques	37 ans
Taux de mise à jour des données annuelles	98.6%

Expertise en finance agricole spécialisée

L'AGA emploie 487 professionnels de la finance agricole spécialisés Avec une expérience moyenne de l'industrie de 16,3 ans.

• PhD Économistes agricoles: 42
• Spécialistes de prêts agricoles certifiés: 203
• Experts en gestion des risques: 124

Évaluation de crédit et stabilité financière forte

Les notations de crédit actuelles confirment la solide situation financière de l'AGA:

Agence de notation	Cote de crédit	Perspectives
Moody's	A1	Écurie
Standard & Pauvre	A +	Écurie
Cotes de fitch	UN	Positif

Federal Agricultural Mortgage Corporation (AGM) - Modèle d'entreprise: propositions de valeur

Accessibilité accrue des prêts agricoles

L'AGA fournit des solutions de prêt agricole avec les mesures clés suivantes:

Catégorie de prêt	Volume total (2023)
Prêts hypothécaires agricoles	7,4 milliards de dollars
Financement des infrastructures rurales	2,1 milliards de dollars
Prêts immobiliers agricoles	5,9 milliards de dollars

Réduire les coûts d'emprunt pour les agriculteurs ruraux

Offres de taux d'intérêt de l'AGA:

• Taux d'intérêt moyen des prêts agricoles: 4,75%
• Options de prêt à taux fixe: 3,25% - 5,50%
• Gamme de mandats de prêt: 7-30 ans

Programmes de garantie hypothécaire complets

Programme de garantie	Pourcentage de couverture	Garanties totales (2023)
Hypothèque agricole standard	90%	12,3 milliards de dollars
Hypothèque de la communauté rurale	85%	3,7 milliards de dollars

Stabilité financière du secteur agricole

AGM Financial Stability Metrics:

• Actif total: 22,6 milliards de dollars
• Ratio de capital réglementaire: 16,5%
• Taux de performance du prêt: 97,3%

Atténuation des risques pour les investissements agricoles

Outil d'atténuation des risques	Montant de la couverture
Financement lié à l'assurance-récolte	4,8 milliards de dollars
Programme de prêt de résilience climatique	1,6 milliard de dollars

Federal Agricultural Mortgage Corporation (AGA) - Modèle d'entreprise: relations avec les clients

Partenariats institutionnels à long terme

En 2024, la Federal Agricultural Mortgage Corporation entretient des partenariats stratégiques avec 1 200 institutions de prêt agricole. Le réseau de partenariat de la société couvre 47 États avec une valeur de portefeuille de partenariat total de 78,3 milliards de dollars.

Type de partenariat	Nombre d'institutions	Valeur totale du portefeuille
Banques régionales	425	32,5 milliards de dollars
Banques communautaires	675	28,9 milliards de dollars
Coopératives de crédit	100	16,9 milliards de dollars

Solutions de prêt personnalisées

L'AGA fournit 12 catégories de produits de prêt distinctes adapté aux secteurs agricoles avec un portefeuille de prêt personnalisé total de 45,6 milliards de dollars.

• Prêts de production agricole
• Financement
• Prêts d'infrastructure rurale
• Prêts de développement agroalimentaire
• Financement de l'équipement agricole

Support de finance agricole dédié

La société maintient 87 centres de soutien aux finances agricoles dédiés avec 342 professionnels de la finance agricole spécialisés. Interactions annuelles du support client total 56 700 consultations directes.

Plateformes de service client numérique

Les mesures d'engagement numérique pour 2024 incluent:

• Utilisateurs de portail en ligne: 24,500
• Téléchargements d'applications mobiles: 18,300
• Valeur de transaction numérique moyenne: 1,2 million de dollars
• Taux de satisfaction du service numérique: 94.3%

Engagement continu du marché du crédit

L'engagement du marché du crédit de l'AGA comprend Rapports d'analyse du marché trimestriel et série de webinaires mensuels atteindre environ 5 400 professionnels financiers chaque année.

Canal de fiançailles	Portée annuelle	Fréquence
Rapports d'analyse du marché	3 200 professionnels	Trimestriel
Webinaire Series	5 400 professionnels	Mensuel
Présentations de la conférence de l'industrie	2 100 professionnels	Bi-annuellement

Federal Agricultural Mortgage Corporation (AGA) - Modèle d'entreprise: canaux

Relations avec les institutions financières directes

L'AGA entretient des relations directes avec 1 350 institutions financières dans 48 États. Le volume total des prêts par le biais de ces canaux directs a atteint 16,2 milliards de dollars en 2023. Taille moyenne des prêts par le biais de canaux directs: 3,7 millions de dollars.

Type d'institution	Nombre de partenariats	Volume de prêt
Banques commerciales	687	8,9 milliards de dollars
Coopératives de crédit	423	4,6 milliards de dollars
Banques régionales	240	2,7 milliards de dollars

Plateformes de demande de prêt en ligne

L'utilisation de la plate-forme numérique a augmenté de 42% en 2023. Taux d'achèvement de l'application en ligne: 67%. Total des demandes de prêt numérique traitées: 9 345.

• Accessibilité de la plate-forme: soumission en ligne 24/7
• Temps de traitement des applications numériques moyen: 3,2 jours
• Prise en charge des applications mobiles: 89% de la plate-forme numérique

Réseaux coopératifs agricoles

L'AGA collabore avec 276 réseaux coopératifs agricoles. Volume total des prêts à coopération: 5,4 milliards de dollars en 2023.

Type coopératif	Nombre de coopératives	Volume de prêt
Système de crédit agricole	112	3,1 milliards de dollars
Coopératives agricoles de l'État	164	2,3 milliards de dollars

Services de vulgarisation agricole du gouvernement

Partenariats actifs avec 37 services agricoles de l'État. Les programmes de soutien aux prêts collaboratifs ont atteint 1,2 milliard de dollars en 2023.

Services de conseil financier et de consultation

L'AGA propose 12 500 séances de consultation par an. Durée moyenne de la consultation: 2,4 heures. Revenus de services consultatifs totaux: 18,6 millions de dollars en 2023.

• Types de consultation: gestion des risques, planification financière
• Évaluation moyenne de satisfaction du client: 4.7 / 5
• Consultation initiale gratuite offerte aux entreprises agricoles éligibles

Federal Agricultural Mortgage Corporation (AGA) - Modèle d'entreprise: segments de clients

Agriculteurs petits à moyenne

Les agriculteurs ayant des revenus annuels entre 100 000 $ et 10 millions de dollars représentant environ 97% des opérations agricoles américaines.

Caractéristiques du segment	Nombre total	Taille moyenne du prêt
Petites fermes familiales	1,912,172	$375,000
Fermes commerciales de taille moyenne	112,390	$1,250,000

Coopératives agricoles

Les entités coopératives agricoles totales aux États-Unis: 2 105 organisations.

• Adhésion coopérative moyenne: 1 850 agriculteurs
• Actifs coopératifs totaux: 71,3 milliards de dollars
• Revenus coopératifs agricoles annuels: 246,5 milliards de dollars

Institutions de prêt rural

Les institutions totales de prêt rural desservant le secteur agricole: 1 489 banques.

Type d'institution	Nombre d'institutions	Prêts agricoles totaux
Banques communautaires	1,076	82,4 milliards de dollars
Banques agricoles régionales	413	45,6 milliards de dollars

Entreprises agricoles

Total des entreprises agricoles aux États-Unis: 456 000 entreprises.

• Revenu annuel de l'agro-industrie: 1,053 billion de dollars
• Taille moyenne de l'entreprise: 2,3 millions de dollars de revenus annuels
• Pourcentage nécessitant des services financiers: 87%

Entreprises agricoles régionales et nationales

Entreprises agricoles à grande échelle ayant des exigences financières importantes.

Catégorie d'entreprise	Nombre d'entreprises	Revenus annuels moyens
Sociétés agricoles régionales	1,205	87,6 millions de dollars
Entreprises agricoles nationales	276	412,3 millions de dollars

Federal Agricultural Mortgage Corporation (AGA) - Modèle d'entreprise: Structure des coûts

Frais administratifs de garantie de prêt

Depuis 2023 Exercice, AGM a déclaré des frais administratifs liés aux garanties de prêt à 43,7 millions de dollars. Ces dépenses comprennent:

• Coûts de traitement et de souscription
• Gestion de la documentation
• Systèmes de surveillance des prêts

Catégorie de dépenses	Montant ($)	Pourcentage du total des coûts d'administration
Traitement des prêts	18,500,000	42.3%
Systèmes de souscription	12,300,000	28.1%
Gestion de la documentation	8,900,000	20.4%
Vérification de la conformité	4,000,000	9.2%

Maintenance des infrastructures technologiques

Les coûts de maintenance des infrastructures technologiques pour l'AGA en 2023 ont totalisé 37,2 millions de dollars, englobant:

• Infrastructure de cloud computing
• Systèmes de cybersécurité
• Maintenance du réseau et du centre de données

Coûts de gestion des risques et d'évaluation

Les dépenses de gestion des risques pour l'AGA en 2023 ont atteint 52,4 millions de dollars, notamment:

Composant de gestion des risques	Montant ($)
Évaluation des risques de crédit	22,600,000
Analyse des risques de marché	15,800,000
Surveillance des risques opérationnels	14,000,000

Dépenses de conformité réglementaire

Les frais de conformité réglementaire de l'AGA en 2023 étaient de 29,6 millions de dollars, ventilés comme suit:

• Représentation juridique et réglementaire
• Formation de la conformité
• Dépenses d'audit externe

Personnel et acquisition spécialisée de talents

Les dépenses liées au personnel pour l'AGA en 2023 ont totalisé 89,5 millions de dollars, notamment:

Catégorie de coût du personnel	Montant ($)	Pourcentage du total des coûts du personnel
Salaires de base	62,650,000	70.0%
Avantages et compensation	18,900,000	21.1%
Recrutement et formation	8,950,000	10.0%

Federal Agricultural Mortgage Corporation (AGA) - Modèle d'entreprise: Strots de revenus

Frais de garantie de prêt

Pour l'exercice 2023, l'agriculteur MAC a déclaré des frais de garantie de prêt de 74,4 millions de dollars, ce qui représente une source de revenus clé en garantissant les prêts d'infrastructure agricole et rurale.

Flux de revenus	Montant (2023)	Pourcentage du total des revenus
Frais de garantie de prêt	74,4 millions de dollars	22.3%

Revenu des intérêts des titres hypothécaires

En 2023, le Mac Farmer a généré 186,3 millions de dollars dans le revenu net des intérêts de son portefeuille de valeurs mobilières adossé à des hypothèques.

Source des revenus d'intérêt	Montant (2023)
Intérêts sur les titres hypothécaires	186,3 millions de dollars

Primes d'assurance-crédit

Les primes d'assurance de crédit pour Farmer Mac ont totalisé 42,6 millions de dollars en 2023, fournissant des revenus supplémentaires grâce à des services d'atténuation des risques.

Returns du portefeuille d'investissement

Le portefeuille d'investissement de Farmer Mac généré 38,2 millions de dollars en retour au cours de l'exercice 2023.

Catégorie d'investissement	Renvoie (2023)
Titres à revenu fixe	32,5 millions de dollars
Investissements en actions	5,7 millions de dollars

Financement d'entreprise parrainé par le gouvernement

En tant qu'entreprise parrainée par le gouvernement, le fermier Mac a reçu 15,7 millions de dollars Dans des allocations de financement spécifiques pour 2023.

• Total des sources de revenus: 316,2 millions de dollars (2023)
• Sources de revenus diversifiés: 4 Streams primaires
• Performance financière cohérente

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.