Federal Agricultural Mortgage Corporation (AGM): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário intrincado das finanças agrícolas, a Federal Agricultural Mortgage Corporation (AGM) surge como um jogador fundamental, transformando empréstimos rurais por meio de sua inovadora tela de modelo de negócios. Ao preencher estrategicamente o apoio do governo, a tecnologia financeira e a experiência agrícola especializada, a AGM cria um ecossistema robusto que capacita os agricultores, atenua os riscos de investimento e fornece acessibilidade financeira crítica às comunidades rurais. Essa abordagem abrangente não apenas revoluciona os empréstimos agrícolas, mas também garante a estabilidade e o crescimento financeiro do setor agrícola através de programas sofisticados de gerenciamento de riscos e garantia de hipoteca abrangente.

Federal Agricultural Mortgage Corporation (AGM) - Modelo de negócios: Parcerias -chave

USDA (Departamento de Agricultura dos Estados Unidos)

Valor da Parceria do Sistema de Crédito Fazendas: US $ 124,3 bilhões a partir de 2023

Métricas de parceria	Valor
Garantias anuais de empréstimo	US $ 7,8 bilhões
Acordos de mitigação de risco	92 acordos específicos

Bancos comerciais e credores agrícolas

Portfólio de empréstimos de parceria total: US $ 43,6 bilhões em 2023

• 5 principais parceiros bancários: Wells Fargo, Bank of America, JPMorgan Chase, U.S. Bank, Citibank
• Taxa média de participação do empréstimo: 67,3%

Cooperativas agrícolas e instituições de empréstimos rurais

Tipo de parceiro	Número de parcerias	Volume total de empréstimos
Cooperativas regionais	138	US $ 12,4 bilhões
Associações de Crédito Rural	76	US $ 8,7 bilhões

Companhias de seguros especializadas em risco agrícola

Cobertura total de risco: US $ 56,2 bilhões em parcerias de seguro agrícola

• Parceiros de seguro primário: nacional, seguros de agricultores, seguro familiar americano
• Porcentagem de cobertura de risco: 84,6% da carteira de empréstimos agrícolas

Rede Enterprise (GSE) patrocinada pelo governo (GSE)

GSE parceiro	Empréstimos colaborativos	Porcentagem de compartilhamento de risco
Fannie Mae	US $ 6,3 bilhões	42%
Freddie Mac	US $ 5,9 bilhões	39%

Federal Agricultural Mortgage Corporation (AGM) - Modelo de negócios: Atividades -chave

Securitização de empréstimos agrícolas

Volume de securitização de empréstimos agrícolas em 2023: US $ 20,4 bilhões

Segmento de securitização	Volume total ($)	Quota de mercado (%)
Pools de hipotecas agrícolas	12,6 bilhões	61.8%
Empréstimos habitacionais rurais	4,8 bilhões	23.5%
Empréstimos comerciais agrícolas	3,0 bilhões	14.7%

Gerenciamento de riscos para empréstimos rurais

Valor da portfólio de mitigação de risco: US $ 15,7 bilhões

• Cobertura de risco padrão: 92,4%
• Reserva de perda de empréstimo: US $ 453 milhões
• Frequência de avaliação de risco: trimestral

Garantia de hipoteca e serviços de seguro

Cobertura total de seguro em 2023: US $ 24,3 bilhões

Tipo de seguro	Valor da cobertura ($)	Razão de reclamações (%)
Seguro de hipoteca agrícola	15,6 bilhões	3.2%
Seguro de propriedade rural	8,7 bilhões	2.9%

Financiamento do mercado de capitais para o setor agrícola

Financiamento total do mercado de capitais: US $ 18,2 bilhões

• Empréstimos agrícolas de longo prazo: US $ 12,4 bilhões
• Linhas de crédito agrícola de curto prazo: US $ 5,8 bilhões
• Termo médio de empréstimo: 7,3 anos

Suporte de liquidez de crédito para agricultores e comunidades rurais

Suporte total à liquidez em 2023: US $ 16,9 bilhões

Categoria de suporte	Valor ($)	Contagem de beneficiários
Pequenos empréstimos agrícolas	6,3 bilhões	14,200
Empresas da Fazenda Média	8,6 bilhões	3,500
Desenvolvimento da comunidade rural	2,0 bilhões	1.800 comunidades

Federal Agricultural Mortgage Corporation (AGM) - Modelo de negócios: Recursos -chave

Linhas de crédito do governo federal

A partir de 2023, a AGM mantém US $ 15,3 bilhões em linhas de crédito totais apoiadas pelo governo. A corporação aproveita programas específicos de crédito federal projetados para empréstimos agrícolas.

Tipo de linha de crédito	Montante total	Taxa de utilização
Garantias federais de empréstimo agrícola	US $ 8,7 bilhões	92.4%
Linhas de crédito apoiadas pelo governo	US $ 6,6 bilhões	87.3%

Tecnologia avançada de avaliação de risco financeiro

A AGM investe US $ 42,5 milhões anualmente em tecnologia de avaliação de risco. A infraestrutura tecnológica inclui:

• Modelos de previsão de risco de aprendizado de máquina
• Plataformas de análise de mercado agrícola em tempo real
• Algoritmos de pontuação de crédito proprietários

Extenso banco de dados de empréstimos agrícolas

A corporação mantém 3,2 milhões de registros de empréstimos agrícolas cobrindo dados abrangentes de empréstimos históricos.

Métricas de banco de dados	Quantidade
Total de registros de empréstimos	3,200,000
Anos de dados históricos	37 anos
Taxa anual de atualização de dados	98.6%

Experiência em finanças agrícolas especializadas

A AGM emprega 487 Profissionais de Finanças Agrícolas Especializadas com experiência média do setor de 16,3 anos.

• Economistas agrícolas de doutorado: 42
• Especialistas em empréstimos agrícolas certificados: 203
• Especialistas em gerenciamento de riscos: 124

Forte classificação de crédito e estabilidade financeira

As classificações de crédito atuais confirmam a posição financeira robusta da AGM:

Agência de classificação	Classificação de crédito	Panorama
Moody's	A1	Estável
Padrão & Pobres	A+	Estável
Classificações de Fitch	UM	Positivo

Federal Agricultural Mortgage Corporation (AGM) - Modelo de negócios: proposições de valor

Aumento da acessibilidade dos empréstimos agrícolas

A AGM fornece soluções de empréstimos agrícolas com as seguintes métricas -chave:

Categoria de empréstimo	Volume total (2023)
Empréstimos hipotecários agrícolas	US $ 7,4 bilhões
Financiamento de infraestrutura rural	US $ 2,1 bilhões
Empréstimos imobiliários agrícolas	US $ 5,9 bilhões

Custos de empréstimos mais baixos para agricultores rurais

Ofertas de taxa de juros da AGM:

• Taxa média de juros do empréstimo agrícola: 4,75%
• Opções de empréstimo de taxa fixa: 3,25% - 5,50%
• Intervalo de termo de empréstimo: 7-30 anos

Programas abrangentes de garantia de hipoteca

Programa de garantia	Porcentagem de cobertura	Garantias totais (2023)
Hipoteca agrícola padrão	90%	US $ 12,3 bilhões
Hipoteca da comunidade rural	85%	US $ 3,7 bilhões

Estabilidade financeira para o setor agrícola

Métricas de estabilidade financeira da AGM:

• Total de ativos: US $ 22,6 bilhões
• Razão de capital regulatório: 16,5%
• Taxa de desempenho do empréstimo: 97,3%

Mitigação de riscos para investimentos agrícolas

Ferramenta de mitigação de risco	Quantidade de cobertura
Financiamento vinculado ao seguro de colheita	US $ 4,8 bilhões
Programa de empréstimo de resiliência climática	US $ 1,6 bilhão

Federal Agricultural Mortgage Corporation (AGM) - Modelo de negócios: Relacionamentos do cliente

Parcerias institucionais de longo prazo

A partir de 2024, a Federal Agricultural Mortgage Corporation mantém parcerias estratégicas com 1.200 instituições de empréstimos agrícolas. A rede de parcerias da corporação cobre 47 estados com um valor total de portfólio de parceria de US $ 78,3 bilhões.

Tipo de parceria	Número de instituições	Valor total do portfólio
Bancos regionais	425	US $ 32,5 bilhões
Bancos comunitários	675	US $ 28,9 bilhões
Cooperativas de crédito	100	US $ 16,9 bilhões

Soluções de empréstimos personalizados

AGM fornece 12 categorias de produtos de empréstimos distintos adaptado aos setores agrícolas com um portfólio total de empréstimos personalizados de US $ 45,6 bilhões.

• Empréstimos de produção agrícola
• Financiamento de gado
• Empréstimos de infraestrutura rural
• Empréstimos de desenvolvimento do agronegócio
• Financiamento de equipamentos agrícolas

Suporte dedicado às finanças agrícolas

A corporação mantém 87 Centros de Apoio às Finanças Agrícolas dedicadas com 342 Profissionais de Finanças Agrícolas Especializadas. Interações de suporte ao cliente anual Total 56.700 consultas diretas.

Plataformas de atendimento ao cliente digital

As métricas de engajamento digital para 2024 incluem:

• Usuários de portal online: 24,500
• Downloads de aplicativos móveis: 18,300
• Valor médio de transação digital: US $ 1,2 milhão
• Taxa de satisfação do serviço digital: 94.3%

Engajamento do mercado de crédito contínuo

O envolvimento do mercado de crédito da AGM inclui Relatórios trimestrais de análise de mercado e Série de seminários on -line mensais alcançando aproximadamente 5.400 profissionais financeiros anualmente.

Canal de engajamento	Alcance anual	Freqüência
Relatórios de análise de mercado	3.200 profissionais	Trimestral
Série de webinar	5.400 profissionais	Mensal
Apresentações da conferência da indústria	2.100 profissionais	Bi-semestralmente

Federal Agricultural Mortgage Corporation (AGM) - Modelo de negócios: canais

Relacionamentos diretos de instituição financeira

A AGM mantém relacionamentos diretos com 1.350 instituições financeiras em 48 estados. O volume total de empréstimos por meio desses canais diretos atingiu US $ 16,2 bilhões em 2023. Tamanho médio de empréstimo por meio de canais diretos: US $ 3,7 milhões.

Tipo de instituição	Número de parcerias	Volume de empréstimo
Bancos comerciais	687	US $ 8,9 bilhões
Cooperativas de crédito	423	US $ 4,6 bilhões
Bancos regionais	240	US $ 2,7 bilhões

Plataformas de aplicativos de empréstimo on -line

O uso da plataforma digital aumentou 42% em 2023. Taxa de conclusão de aplicativos on -line: 67%. Pedidos totais de empréstimos digitais processados: 9.345.

• Acessibilidade da plataforma: envio on -line 24/7
• Tempo médio de processamento de aplicativos digitais: 3,2 dias
• Suporte a aplicativos móveis: 89% da plataforma digital

Redes cooperativas agrícolas

A AGM colabora com 276 redes cooperativas agrícolas. Volume total de empréstimos originados cooperativos: US $ 5,4 bilhões em 2023.

Tipo cooperativo	Número de cooperativas	Volume de empréstimo
Sistema de crédito agrícola	112	US $ 3,1 bilhões
Cooperativas agrícolas estaduais	164	US $ 2,3 bilhões

Serviços de Extensão Agrícola do Governo

Parcerias ativas com 37 departamentos agrícolas estaduais. Os programas de apoio a empréstimos colaborativos atingiram US $ 1,2 bilhão em 2023.

Serviços de consultoria e consulta financeira

A AGM fornece 12.500 sessões de consulta anualmente. Duração média da consulta: 2,4 horas. Receita de Serviço Consultivo Total: US $ 18,6 milhões em 2023.

• Tipos de consulta: gerenciamento de riscos, planejamento financeiro
• Classificação média de satisfação do cliente: 4.7/5
• Consulta inicial gratuita oferecida para empresas agrícolas qualificadas

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

Agricultores pequenos e médios

Os agricultores com receita anual entre US $ 100.000 e US $ 10 milhões representando aproximadamente 97% das operações agrícolas dos EUA.

Características do segmento	Número total	Tamanho médio do empréstimo
Pequenas fazendas familiares	1,912,172	$375,000
Fazendas comerciais de médio porte	112,390	$1,250,000

Cooperativas agrícolas

Entidades cooperativas agrícolas totais nos Estados Unidos: 2.105 organizações.

• Associação cooperativa média: 1.850 agricultores
• Total de ativos cooperativos: US $ 71,3 bilhões
• Receita cooperativa agrícola anual: US $ 246,5 bilhões

Instituições de empréstimos rurais

Instituições totais de empréstimos rurais que atendem setor agrícola: 1.489 bancos.

Tipo de instituição	Número de instituições	Empréstimos agrícolas totais
Bancos comunitários	1,076	US $ 82,4 bilhões
Bancos agrícolas regionais	413	US $ 45,6 bilhões

Negócios agrícolas

Total de negócios agrícolas nos Estados Unidos: 456.000 empresas.

• Receita anual do agronegócio: US $ 1,053 trilhão
• Tamanho médio dos negócios: receita anual de US $ 2,3 milhões
• Porcentagem que requer serviços financeiros: 87%

Empresas agrícolas regionais e nacionais

Empresas agrícolas em larga escala com requisitos financeiros significativos.

Categoria corporativa	Número de empresas	Receita média anual
Corporações agrícolas regionais	1,205	US $ 87,6 milhões
Empresas Agrícolas Nacionais	276	US $ 412,3 milhões

Federal Agricultural Mortgage Corporation (AGM) - Modelo de negócios: estrutura de custos

Garantia de empréstimo Despesas administrativas

A partir de 2023, o ano fiscal, a AGM relatou despesas administrativas relacionadas a garantias de empréstimos em US $ 43,7 milhões. Essas despesas incluem:

• Custos de processamento e subscrição
• Gerenciamento de documentação
• Sistemas de monitoramento de empréstimos

Categoria de despesa	Valor ($)	Porcentagem de custos totais de administração
Processamento de empréstimos	18,500,000	42.3%
Sistemas de subscrição	12,300,000	28.1%
Gerenciamento de documentação	8,900,000	20.4%
Verificação de conformidade	4,000,000	9.2%

Manutenção de infraestrutura de tecnologia

Os custos de manutenção de infraestrutura tecnológica para a AGM em 2023 totalizaram US $ 37,2 milhões, abrangendo:

• Infraestrutura de computação em nuvem
• Sistemas de segurança cibernética
• Manutenção de rede e data center

Gerenciamento de riscos e custos de avaliação

Os gastos com gerenciamento de riscos para AGM em 2023 atingiram US $ 52,4 milhões, incluindo:

Componente de gerenciamento de riscos	Valor ($)
Avaliação de risco de crédito	22,600,000
Análise de risco de mercado	15,800,000
Monitoramento de risco operacional	14,000,000

Despesas de conformidade regulatória

Os custos de conformidade regulatória da AGM em 2023 foram de US $ 29,6 milhões, divididos da seguinte forma:

• Relatórios legais e regulatórios
• Treinamento de conformidade
• Despesas de auditoria externas

Pessoal e aquisição especializada de talentos

As despesas relacionadas ao pessoal para a AGM em 2023 totalizaram US $ 89,5 milhões, incluindo:

Categoria de custo de pessoal	Valor ($)	Porcentagem dos custos totais de pessoal
Salários da base	62,650,000	70.0%
Benefícios e compensação	18,900,000	21.1%
Recrutamento e treinamento	8,950,000	10.0%

Federal Agricultural Mortgage Corporation (AGM) - Modelo de negócios: fluxos de receita

Taxas de garantia de empréstimo

Para o ano fiscal de 2023, o Farmer Mac registrou taxas de garantia de empréstimos de US $ 74,4 milhões, representando uma fonte importante de receita da garantia de empréstimos de infraestrutura agrícola e rural.

Fluxo de receita	Valor (2023)	Porcentagem da receita total
Taxas de garantia de empréstimo	US $ 74,4 milhões	22.3%

Receita de juros de títulos hipotecários

Em 2023, o fazendeiro Mac gerou US $ 186,3 milhões na receita de juros líquidos de sua carteira de valores mobiliários apoiados por hipotecas.

Fonte de renda de juros	Valor (2023)
Juros de títulos hipotecários	US $ 186,3 milhões

Prêmios de seguro de crédito

Os prêmios de seguro de crédito para o agricultor Mac totalizaram US $ 42,6 milhões Em 2023, fornecendo receita adicional por meio de serviços de mitigação de riscos.

Retornos do portfólio de investimentos

O portfólio de investimentos do agricultor Mac gerado US $ 38,2 milhões Em retorno durante o ano fiscal de 2023.

Categoria de investimento	Retornos (2023)
Títulos de renda fixa	US $ 32,5 milhões
Investimentos em ações	US $ 5,7 milhões

Financiamento corporativo patrocinado pelo governo

Como uma empresa patrocinada pelo governo, o fazendeiro Mac recebeu US $ 15,7 milhões em alocações específicas de financiamento para 2023.

• Fluxos totais de receita: US $ 316,2 milhões (2023)
• Fontes de receita diversificadas: 4 fluxos primários
• Desempenho financeiro 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.