Federal Agricultural Mortgage Corp (AGM) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Farmer Mac 2025 Earnings Results Conference Call. (Operator Instructions) This call is being recorded on Thursday, May 8th, 2025. I'd now like to turn the conference over to Jalpa Nazareth. Please go ahead.

女士們、先生們，早安，歡迎參加 Farmer Mac 2025 年收益結果電話會議。（操作員指示）本次通話於 2025 年 5 月 8 日星期四錄製。現在我想將會議交給 Jalpa Nazareth。請繼續。

Good morning and thank you for joining us for our first quarter 2025 earnings conference call. I'm Jalpa Nazareth, Senior Director of Investor Relations and Finance Strategy here at Farmer Mac. As we begin, please note that the information provided during this call may contain forward-looking statements about the company's business, strategies, and prospects, which are based on management's current expectations and assumptions. These statements are not a guarantee of future performance and are subject to risks and uncertainties that could cause our actual results to differ materially from those projected. Please refer to Farmer Mac's 2024 annual report and subsequent SEC filings for a full discussion of the company's risk factors.

早安，感謝您參加我們的 2025 年第一季財報電話會議。我是 Jalpa Nazareth，Farmer Mac 投資者關係和財務策略高級總監。首先，請注意，本次電話會議中提供的資訊可能包含有關公司業務、策略和前景的前瞻性陳述，這些陳述是基於管理層當前的預期和假設。這些聲明並不能保證未來的業績，並且受風險和不確定性的影響，可能導致我們的實際結果與預測結果有重大差異。請參閱 Farmer Mac 的 2024 年年度報告和隨後的 SEC 文件，以全面了解該公司的風險因素。

On today's call, we will also be discussing certain non-GAAP financial measures. Disclosures and reconciliations of these non-GAAP measures can be found in the most recent Form 10-Q and earnings release posted on Farmer Mac's website, farmermac.com, under the financial information portion of the Investors section. Joining us from management this morning is our President and Chief Executive Officer, Brad Nordholm, who will discuss first quarter business and financial highlights and strategic objectives; and Chief Financial Officer, Aparna Ramesh, who will provide greater detail on our financial performance. Select members of our management team will also be joining us for the question and answer period. At this time, I'll turn the call over to President and CEO, Brad Nordholm. Brad?

在今天的電話會議上，我們還將討論某些非公認會計準則財務指標。這些非 GAAP 指標的揭露和對帳可以在 Farmer Mac 網站 farmermac.com 上「投資者」部分中的財務資訊部分發布的最新 10-Q 表和收益報告中找到。今天上午，我們的管理層成員包括總裁兼首席執行官布拉德·諾德霍爾姆 (Brad Nordholm)，他將討論第一季度的業務和財務亮點以及戰略目標；首席財務官阿帕納·拉梅什 (Aparna Ramesh) 將更詳細地介紹我們的財務業績。我們的管理團隊的精選成員也將參加我們的問答環節。現在，我將把電話轉給總裁兼執行長布拉德·諾德霍爾姆 (Brad Nordholm)。布拉德？

Thanks, Jalpa. Good morning, everyone and thank you for joining us. I'm very pleased to share that we've achieved another outstanding quarter with record quarterly revenue, net effective spread and core earnings. Our capital base remains strong, bolstered by strong earnings, disciplined asset liability management and consistent access to capital markets. These strengths support our long term strategic growth objectives and provide a buffer against market volatility and shifting credit conditions.

謝謝，賈爾帕。大家早安，感謝大家的參與。我很高興地告訴大家，我們又取得了一個出色的季度，季度營收、淨有效利差和核心收益都創歷史新高。我們的資本基礎依然強勁，得益於強勁的獲利、嚴格的資產負債管理和持續的資本市場准入。這些優勢支持了我們的長期策略成長目標，並為市場波動和信貸條件變化提供了緩衝。

These results underscore the robustness of our business model and the effectiveness of our strategic initiatives of mission-based profitable growth. We continue to fulfill our mission to rural America even as we navigate broader market uncertainties stemming from interest rates, regulatory shifts, policy changes and government action.

這些結果凸顯了我們商業模式的穩健性和基於使命的獲利成長策略舉措的有效性。即使我們面臨利率、監管變化、政策變化和政府行動帶來的更廣泛的市場不確定性，我們仍將繼續履行對美國農村的使命。

In the first quarter of 2025, we achieved high single digit growth in total revenue, net effective spread and core earnings. We achieved $1.8 billion in gross new business volume during the first quarter, reflecting growth across the infrastructure finance, line of business and healthy loan purchase volume in the Farm & Ranch and Corporate AgFinance segments.

2025年第一季度，我們的總營收、淨有效利差和核心獲利均實現了高個位數成長。我們在第一季實現了 18 億美元的新業務總額，反映了基礎設施融資、業務線的成長以及農場和牧場以及企業農業融資部門的健康貸款購買量。

After repayments and maturities, our outstanding business volume grew by $232 million, ending the quarter at $29.8 billion. This growth highlights the benefits of our proactive strategy to diversify our portfolio and create great opportunities in all interest rate environments. The infrastructure finance line of business grew by approximately $750 million in the first quarter of 2025, continuing the strong growth momentum from 2024.

償還和到期後，我們的未償還業務量成長了 2.32 億美元，本季末達到 298 億美元。這一成長凸顯了我們積極主動的策略優勢，即多元化投資組合併在所有利率環境下創造巨大機會。2025年第一季度，基礎設施融資業務線成長約7.5億美元，延續了2024年以來的強勁成長動能。

During the quarter, we successfully closed a $300 million AgVantage security in the Power & Utilities segment with a long-standing counterparty, and we added $134 million in net new loan purchases. Our Broadband Infrastructure segment grew 22% since year-end, reaching nearly $1 billion as of the end of the first quarter 2025. We anticipate increased financing opportunities for rural telecommunication providers, driven by fiber line expansion, wireless broadband deployment, data processing center build-out, industry consolidation and mergers and acquisitions.

本季度，我們成功與長期交易對手完成了電力和公用事業部門 3 億美元的 AgVantage 證券交易，並增加了 1.34 億美元的淨新貸款購買量。我們的寬頻基礎設施部門自年底以來成長了 22%，截至 2025 年第一季末已達到近 10 億美元。我們預計，在光纖線路擴展、無線寬頻部署、資料處理中心建置、產業整合和併購的推動下，農村電信供應商的融資機會將增加。

These developments are crucial for rural economic growth and the connectivity needs for rural America. Our Renewable Energy segment grew by nearly $200 million in first quarter 2025, a 14% increase since year-end. Over the past five years, we've seen strong growth in this segment and believe that the near-term pipeline remains strong. Growing business volume in our Infrastructure Finance segment remains an opportunity, and we will continue to focus on strategic investments and talent acquisition in these areas to build our expertise and capacity as market opportunities arise.

這些發展對於農村經濟成長和美國農村的連結需求至關重要。我們的再生能源部門在 2025 年第一季成長了近 2 億美元，比年底成長了 14%。在過去五年中，我們看到了該領域的強勁成長，並相信近期的銷售管道依然強勁。我們基礎設施融資部門業務量的不斷增長仍然是一個機遇，我們將繼續專注於這些領域的策略性投資和人才招聘，以便在市場機會出現時建立我們的專業知識和能力。

Despite the seasonally large number of scheduled repayments we typically see in the January 1st payment date on the majority of Farm & Ranch loans, we saw a net increase of $86 million in Farm & Ranch loan purchases in the first quarter 2025.

儘管我們通常會看到大多數農場和牧場貸款在 1 月 1 日的付款日出現季節性大量預定還款，但我們發現 2025 年第一季農場和牧場貸款購買量淨增加了 8,600 萬美元。

We believe that we will see continued growth in the foreseeable future due to continuing agricultural economic tightening, a potential for increased tariffs and trade policy changes and ongoing inflationary inputs. Offsetting Farm & Ranch loan purchase growth this quarter was a $500 million in scheduled maturities with two large AgVantage counterparties. As previously noted, AgVantage security volume can be lumpy. It can be volatile due to the large transaction sizes and the scheduled maturities aligned with our counterparty specific financing needs. During the first quarter, we closed a new $900 million AgVantage facility with a large agricultural finance counterparty, supporting future AgVantage funding opportunities and demonstrating the continued interest in this product.

我們相信，由於農業經濟持續緊縮、關稅上調和貿易政策變化的可能性以及持續的通膨投入，在可預見的未來，我們將看到持續成長。本季度，與兩家大型 AgVantage 交易對手的 5 億美元預定到期貸款抵消了農場和牧場貸款購買量的增長。如前所述，AgVantage 安全量可能會不穩定。由於交易規模較大，且預定的到期日與我們的交易對手特定的融資需求一致，因此可能會出現波動。在第一季度，我們與一家大型農業金融交易對手達成了一項新的 9 億美元 AgVantage 協議，以支持未來的 AgVantage 融資機會並表明對該產品的持續興趣。

I would note that that $900 million facility is not yet drawn. We are looking ahead to partnering with this new counterparty for their future funding needs. Looking ahead, we believe that we will continue to be a key partner for refinancing and incremental borrowing for all of our AgVantage counterparties as they navigate a volatile interest rate and economic environment.

我要指出的是，這筆 9 億美元的貸款尚未提取。我們期待與這家新的交易對手合作，滿足其未來的融資需求。展望未來，我們相信，在 AgVantage 所有交易對手應對動盪的利率和經濟環境的過程中，我們將繼續成為他們再融資和增量借款的重要合作夥伴。

The Farm & Ranch segment is core to our mission, and we remain committed to bringing our customers products and solutions that provide capital and risk management solutions as well as support their borrowers' financial needs. Our Corporate AgFinance segment was approximately $2 billion at quarter end, relatively flat compared to year-end 2024 as $200 million in new volume this quarter was offset by scheduled payments and maturities.

農場和牧場部門是我們使命的核心，我們將繼續致力於為客戶提供提供資本和風險管理解決方案以及支持其借款人財務需求的產品和解決方案。我們的企業農業金融部門在本季末的規模約為 20 億美元，與 2024 年底相比基本持平，因為本季新增的 2 億美元交易量被預定的付款和到期款項所抵銷。

Although quarterly volume can be unpredictable, opportunities in this segment are generally more accretive to net effective spread. We're continuing our efforts to build relationships and modernize our internal infrastructure, anticipating increased credit demand to support larger, more complex agribusinesses in the coming quarters.

儘管季度交易量可能無法預測，但這一領域的機會通常更有利於淨有效利差的增加。我們將繼續努力建立關係並實現內部基礎設施的現代化，預計未來幾季信貸需求將會增加，以支持更大、更複雜的農業綜合企業。

Our overall credit profile remained strong through the first quarter of 2025. Despite heightened volatility and market uncertainty, our prudent underwriting approach, emphasizing loan-to-value and cash flow metrics positions us well to withstand market cycles. We have not seen any impacts on our portfolio related to government actions or changes in policy, and we'll continue to closely monitor industry credit conditions as new government policies are implemented, including specifically pending tariffs.

到 2025 年第一季度，我們的整體信用狀況依然強勁。儘管市場波動性和不確定性加劇，但我們採取審慎的承保方式，強調貸款價值比和現金流指標，使我們能夠很好地抵禦市場週期。我們尚未看到政府行動或政策變化對我們的投資組合產生任何影響，並且隨著新政府政策的實施，包括具體待決的關稅，我們將繼續密切關注行業信貸狀況。

While some credit losses are inherent in our lending, we believe that any losses in the current cycle will be moderated by the strength and diversity of our diversified portfolio. I'm pleased with our progress since the start of the year. We have strong momentum with our customers and a focused approach to fulfilling our mission efficiently and innovatively despite broader market uncertainties related to interest rates, regulation, policy changes, tariffs and other government actions.

雖然我們的貸款中存在一些信貸損失，但我們相信，當前週期中的任何損失都將因我們多元化投資組合的實力和多樣性而得到緩和。我對我們自今年年初以來的進展感到滿意。儘管市場存在與利率、監管、政策變化、關稅和其他政府行動相關的不確定性，但我們與客戶的關係仍然強勁，並採取專注的方式高效、創新地完成我們的使命。

Our resilient business model supported by diversified revenue streams and a strong capital position is a key differentiator. But it's our ability to access the markets, coupled with our disciplined asset liability management that truly sets us apart. And with that, now I'd like to turn it over to Aparna Ramesh, our Chief Financial Officer, to discuss our financial results in more detail. Aparna?

我們的彈性業務模式以多元化的收入來源和強大的資本狀況為支撐，這是我們的關鍵差異化因素。但真正讓我們脫穎而出的是我們的市場進入能力，加上我們嚴謹的資產負債管理。現在，我想將時間交給我們的財務長 Aparna Ramesh，來更詳細地討論我們的財務表現。阿帕娜？

Thank you, Brad, and good morning, everyone. Our first quarter 2025 results once again underscore our consistent financial and operational execution, proactive balance sheet management, strong credit quality and resilience across market cycles. Our diversified revenue streams and disciplined asset liability management enable us to fulfill our mission and generate consistent shareholder returns aligned with our long-term strategic initiatives. This consistency is a real differentiator for us as we navigate a volatile macro climate. We achieved $1.8 billion of gross business volume this quarter, primarily driven by new volume in our Renewable Energy, Broadband Infrastructure and Power & Utilities segments as well as new Farm & Ranch loan purchases.

謝謝你，布拉德，大家早安。我們 2025 年第一季的業績再次凸顯了我們始終如一的財務和營運執行力、積極主動的資產負債表管理、強大的信貸品質以及跨市場週期的韌性。我們多元化的收入來源和嚴格的資產負債管理使我們能夠完成我們的使命，並產生與我們的長期策略計劃一致的持續的股東回報。當我們應對動盪的宏觀環境時，這種一致性對我們來說是一個真正的差異化因素。本季我們的總業務量達到了 18 億美元，主要得益於再生能源、寬頻基礎設施和電力與公用事業部門的新業務量以及新的農場與牧場貸款購買。

After repayments and maturities, we grew $232 million during the first quarter in our outstanding business volume, which speaks to the benefit of our strategic decisions to diversify our portfolio and create opportunities in all interest rate environments. Core earnings increased by 6%, both sequentially and year-over-year to $46 million in the first quarter of 2025, setting a record for Farmer Mac. Net effective spread also reached a record $90 million or 117 basis points, with sequential and year-over-year improvements of $2.5 million and $6.9 million, respectively.

在扣除還款和到期債務後，第一季我們的未償業務量增加了 2.32 億美元，這體現了我們多元化投資組合並在所有利率環境下創造機會的策略決策的益處。2025 年第一季度，核心收益環比和同比增長 6%，達到 4,600 萬美元，創下了 Farmer Mac 的紀錄。淨有效利差也達到了創紀錄的 9,000 萬美元或 117 個基點，比上一季和去年同期分別改善了 250 萬美元和 690 萬美元。

This sequential improvement was driven by higher average loan balances, a decline in nonaccrual loans and modest improvements in floating rate funding levels relative to SOFR. The shift to higher spread business has been a key driver of the increase in net effective spread over the past several years, and we believe our pipeline and business composition will continue to position us well for the remainder of the year.

這項連續改善是由平均貸款餘額增加、非應計貸款減少以及相對於 SOFR 的浮動利率融資水準適度改善所推動的。過去幾年，向更高利差業務的轉變一直是淨有效利差成長的主要驅動力，我們相信，我們的通路和業務結構將在今年剩餘時間內繼續為我們帶來良好的地位。

Operating expenses increased 8% year-over-year as we continued to proactively invest in our infrastructure technology to support continued growth across our portfolios, including broadband infrastructure and renewable energy as well as higher licensing fees and servicing advances.

由於我們繼續積極投資基礎設施技術以支持我們投資組合的持續成長，包括寬頻基礎設施和再生能源以及更高的許可費和服務預付款，營運費用同比增長了 8%。

Operating efficiency was 29% for first quarter 2025, a modest improvement over fourth quarter 2024 and in line with the same period last year. Our efficiency ratios remain in line with our long-term strategic plan target and reflect our disciplined approach to expense management as we monitor and manage expense growth proactively against incoming revenue streams. We take pride in our focus on effective expense management as we continue to invest in people and continue to modernize our technology to support and enable our future growth. It enables our ability to innovate and also drive profitability.

2025 年第一季的營運效率為 29%，較 2024 年第四季略有改善，與去年同期持平。我們的效率比率與我們的長期策略計畫目標保持一致，並反映了我們對費用管理的嚴謹態度，因為我們會根據即將到來的收入流主動監控和管理費用成長。我們為專注於有效的費用管理而感到自豪，同時我們將繼續投資於人才，並將繼續更新我們的技術以支持和實現我們未來的成長。它使我們具有創新能力並提高盈利能力。

We remain committed to bringing cutting-edge technology to our secondary market. With the completion of a major infrastructure platform upgrade that we've told you about, we now plan to turn our attention to new capabilities for our customers and are exploring options to build innovative systems that will accelerate growth by supporting the rollout of these new products. We are committed to closely monitoring our efficiency ratio and managing it such that we expect to remain at or below a long-run average of 30% and also be disciplined in keeping our efficiency ratios in line with our growth expectations.

我們始終致力於將尖端技術引入我們的二級市場。隨著我們向您介紹的主要基礎設施平台升級的完成，我們現在計劃將注意力轉向為客戶提供新功能，並正在探索建立創新系統的選項，透過支援這些新產品的推出來加速成長。我們致力於密切監控我們的效率比率並對其進行管理，以便我們期望將其保持在 30% 的長期平均值或以下，並嚴格保持我們的效率比率與我們的成長預期一致。

Turning now to credit. Our overall credit profile remains strong, which reflects our underwriting and credit disciplines that are both extremely consistent. We believe that our total portfolio is well diversified, both by commodity and geography and that we are well positioned given our strong levels of capital. The fundamentals of our underwriting guidelines and credit policies enable us to continue to effectively navigate the current volatility and uncertainty in the agricultural cycle. Our total allowance for losses was $27 million as of March 31, 2025, reflecting a $1.7 million increase from year-end 2024. The increase was primarily attributable to new volume in the Renewable Energy, Power & Utilities and Farm & Ranch segments. 90-day delinquencies were 54 basis points across our entire portfolio as of March 31, 2025, compared to 37 basis points at the end of December.

現在談談信用。我們的整體信用狀況依然強勁，這反映了我們的核保和信貸紀律極為一致。我們相信，我們的整體投資組合在商品和地理方面都實現了良好的多樣化，並且憑藉雄厚的資本水平，我們處於有利地位。我們的承保指南和信貸政策的基本原則使我們能夠繼續有效地應對當前農業週期的波動和不確定性。截至 2025 年 3 月 31 日，我們的損失準備金總額為 2,700 萬美元，比 2024 年底增加 170 萬美元。成長主要歸因於再生能源、電力與公用事業以及農場與牧場部門的新交易量。截至 2025 年 3 月 31 日，我們整個投資組合的 90 天拖欠率為 54 個基點，而 12 月底為 37 個基點。

The sequential increase reflects a seasonal pattern of Farmer Mac's 90-day delinquencies with higher levels generally observed at the end of the first and third quarters and lower levels generally observed at the end of the second and fourth quarters of each year. This seasonal pattern is due to the annual and semi-annual payment dates on the majority of Farm & Ranch loans. Turning to capital. Farmer Mac's core capital of $1.5 billion exceeded our statutory requirement by $601 million or 65% as of March 31, 2025. The increase in core capital from the end of 2024 was primarily due to higher retained earnings.

這一連續成長反映了 Farmer Mac 90 天拖欠率的季節性模式，每年第一季和第三季末的拖欠率通常較高，而第二季和第四季末的拖欠率通常較低。這種季節性模式是由於大多數農場和牧場貸款的還款日期都是年度和半年。轉向資本。截至 2025 年 3 月 31 日，Farmer Mac 的核心資本為 15 億美元，超出法定要求 6.01 億美元，即 65%。2024 年底核心資本的增加主要歸因於留存盈餘的增加。

Our Tier 1 capital ratio was 13.9% as of March 31, 2025, compared to 14.2% at year-end 2024. The modest decline reflects growth in risk-weighted assets. Our strong capital position has enabled us to grow and diversify revenue streams while remaining resilient in volatile credit environments, and we continue to offer low-cost liquidity to our customers and borrowers even in challenging times. Our capital buffer is a source of strength and also allows us to be opportunistic.

截至 2025 年 3 月 31 日，我們的一級資本比率為 13.9%，而 2024 年底為 14.2%。溫和的下降反映了風險加權資產的成長。我們強大的資本狀況使我們能夠在動盪的信貸環境中保持彈性的同時增長和多樣化收入來源，並且即使在困難時期，我們仍繼續為我們的客戶和借款人提供低成本的流動性。我們的資本緩衝是我們的力量源泉，也讓我們能把握機會。

We expect to be in the market soon with another FARM securitization transaction. The securitization program remains an important strategic initiative for Farmer Mac as it allows us to enhance and optimize the balance sheet by the efficient deployment of capital, and it also enables our growth strategy by targeting new asset opportunities. We are very pleased with the tremendous support we've seen from our stakeholders for this program, and we remain committed to being a regular issuer in the market. As noted previously, we are exploring new structures that will allow us to expand our securitization offerings, and this will serve as another source of funding and capital management. Our liquidity and capital positions remain well in excess of all regulatory requirements. Our projections show minimal change in our profitability with limited exposure to movements in interest rates where the market rates go up or down.

我們預計很快將進入市場進行另一項 FARM 證券化交易。證券化計畫仍然是 Farmer Mac 的重要策略舉措，因為它使我們能夠透過有效部署資本來增強和優化資產負債表，並且還可以透過瞄準新的資產機會來實現我們的成長策略。我們非常高興看到利益相關者對該計劃給予了大力支持，並且我們仍然致力於成為市場上的常規發行人。如前所述，我們正在探索新的結構，以擴大我們的證券化產品，這將成為另一個資金和資本管理來源。我們的流動性和資本狀況仍然遠遠超過所有監管要求。我們的預測顯示，由於市場利率上升或下降，我們的獲利能力受利率變動的影響有限，因此變化很小。

As of March 31, 2025, Farmer Mac had 289 days of liquidity, and we held approximately $1 billion in cash and other short-term instruments in our investment portfolio. We expect to be well positioned in the medium term as we navigate potential interest rate volatility and we are confident in our resilience against potential short- and medium-term market disruptions.

截至 2025 年 3 月 31 日，Farmer Mac 擁有 289 天的流動性，我們的投資組合中持有約 10 億美元的現金和其他短期工具。我們預計在中期內將處於有利地位，因為我們能夠應對潛在的利率波動，並且我們對自己抵禦潛在的短期和中期市場混亂的能力充滿信心。

So to summarize, our team once again delivered strong, consistent quarterly results, maintaining key metrics while adhering to our credit framework. During the first quarter, we achieved a 17% return on equity and an efficiency ratio of 29%. It is important in these uncertain times that we emphasize some of the safeguards that prepare us for macro uncertainty.

總而言之，我們的團隊再次取得了強勁、穩定的季度業績，在遵守信用框架的同時保持了關鍵指標。第一季度，我們的股本回報率達到 17%，效率比率達到 29%。在這個不確定的時期，我們必須強調一些為應對宏觀不確定性做好準備的保障措施。

Our balance sheet is strong. We've cultivated robust demand for Farm & Ranch assets in the securitization market. Even when bond markets were turbulent recently, we were able to access funding at all points on the curve. We also have enough liquidity to last nearly a year, and our portfolio is diversified by commodity and geography, making us less susceptible to uncontrollable headwinds. This stability allows us to consistently deliver strong financial performance and maintain or exceed our key metrics.

我們的資產負債表強勁。我們在證券化市場培育了對農場和牧場資產的強勁需求。即使最近債券市場動盪，我們也能夠在曲線的各個點獲得資金。我們還擁有足夠維持近一年的流動性，並且我們的投資組合按商品和地理多樣化，使我們不易受到不可控逆風的影響。這種穩定性使我們能夠持續提供強勁的財務表現並維持或超越我們的關鍵指標。

And with that, Brad, let me turn it back to you.

布萊德，現在讓我把話題轉回給你。

Thanks, Aparna. We are very pleased with our first quarter 2025 results, and we believe that we're well positioned to deliver on our multi-year strategy with strong liquidity and capital levels, a diversified business mix, highly effective risk management practices and most importantly, a dedicated team of professionals here at Farmer Mac.

謝謝，阿帕娜。我們對 2025 年第一季的業績感到非常滿意，我們相信，憑藉強大的流動性和資本水平、多元化的業務組合、高效的風險管理實踐，以及最重要的是，Farmer Mac 擁有一支專業的敬業團隊，我們完全有能力實現我們的多年期戰略。

As I've mentioned on prior calls, as a publicly traded federally chartered financial services company, our mission is to increase the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure. Our initiatives strengthen the economic framework that supports rural America and enable families, businesses and entire communities to thrive. We strive to deliver on our mission throughout agriculture and macroeconomic cycles, and our loan pipeline and capital base are strong and growing.

正如我在先前的電話會議中提到的，作為一家上市的聯邦特許金融服務公司，我們的使命是提高融資的可及性，為美國農業和農村基礎設施提供重要的流動性。我們的措施加強了支持美國農村的經濟框架，並使家庭、企業和整個社區繁榮發展。我們致力於在整個農業和宏觀經濟週期中履行我們的使命，我們的貸款管道和資本基礎強勁且不斷增長。

Our revenue is well diversified, providing capacity for further growth and creating more opportunities for us to enhance shareholder value. We're optimistic about the future and we'll maintain our singular focus on fulfilling our mission efficiently and innovatively as we navigate the backdrop of a broader market uncertainty attributable to interest rates, regulation, policy changes, tariffs and other government actions. This is how we believe we can continue to differentiate ourselves and to deliver to our customers and end borrowers in rural America. And now, operator, I'd like to see if we have any questions from anyone on the line today.

我們的收入多元化，為進一步成長提供了能力，並為我們提升股東價值創造了更多機會。我們對未來充滿樂觀，在利率、監管、政策變化、關稅和其他政府行動導致的更廣泛的市場不確定性背景下，我們將繼續專注於高效、創新地完成我們的使命。我們相信，這就是我們可以繼續脫穎而出並為美國農村的客戶和最終借款人提供服務的方式。接線員，現在我想看看今天在線的各位是否有人有疑問。

Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions) Your first question comes from the line of Bill Ryan from Seaport Research Partners. Please ask your question.

女士們、先生們，我們現在開始問答環節。（操作員指示）您的第一個問題來自 Seaport Research Partners 的 Bill Ryan。請提出你的問題。

Nice results for the quarter. I'll start off with a macro question and then also another micro question. But the macro question, -- just kind of looking at the tariffs, I mean, there's obviously been some disruption in the month of April and into early May with Ag shipments, particularly to China. Could you maybe give us some indication of what happened, what the administration did last time in terms of supporting the Ag community and sort of what exactly happened in 2017, 2018?

本季的業績不錯。我會先問一個宏觀問題，然後再問另一個微觀問題。但宏觀問題——僅從關稅來看，我的意思是，4 月和 5 月初農產品運輸明顯出現了一些中斷，特別是對中國的運輸。您能否向我們介紹一下發生了什麼，政府上次在支持農業社區方面做了什麼，以及 2017 年、2018 年具體發生了什麼？

Yeah, Good morning, Bill, thank you very much for joining us. Certainly, let's go back to the first Trump administration when there were tariffs and other trade restrictions imposed on China and what happened in American agriculture. At that time, there were programs for voluntary payments to U.S. farmers who are deemed to be impacted by that. You may recall, they were called market facilitation payments, and they had the effect of kind of closing a significant part of the net income gap attributable to that.

是的，早上好，比爾，非常感謝你加入我們。當然，讓我們回顧一下川普第一屆政府時期，當時美國對中國徵收關稅和其他貿易限制，以及美國農業發生的情況。當時，美國有向被認為受此影響的農民提供自願支付的計劃。您可能還記得，它們被稱為市場促進支付，其作用是縮小由此造成的淨收入差距很大一部分。

We're actually seeing a bit of a repeat of that right now. While certainly, the 145% tariffs that are currently imposed upon China are resulting in a shift of trade, particularly to Mexico right now, ultimately, a lot of these agricultural commodities are fungible. They can transfer across the world with relatively little friction, but we're seeing a shift to Mexico. Mexico and Canada are positively protected by reference to the prior trade agreements. You saw yesterday the announcement of an agreement, at least in principle with the U.K.

事實上，我們現在看到這種情況正在重演。雖然目前對中國徵收的 145% 的關稅確實導致了貿易轉移，特別是目前轉向墨西哥，但最終，許多農產品都是可替代的。它們可以在相對較小的摩擦下在世界各地轉移，但我們看到向墨西哥的轉移。墨西哥和加拿大根據先前的貿易協定受到了積極的保護。昨天你們看到了一項協議的宣布，至少在原則上與英國達成了協議。

And notably, that included a call out on specific targets for American agriculture products, including ethanol. But what's underway right now, about a month and a half ago, Secretary of Agriculture announced a $10 billion program. The applications were open for that. I think there have been about $6 billion, $7 billion of applications so far, I believe, something like that. And then there is considerable discussion about an additional voluntary subsidy program to American producers in consideration of these tariff actions that might be in the $20 billion to $25 billion range.

值得注意的是，其中包括對包括乙醇在內的美國農產品設定具體目標。但目前正在進行的，大約一個半月前，農業部長宣布了一項 100 億美元的計畫。目前申請已開放。我認為到目前為止已經有大約 60 億美元、70 億美元的申請，我相信，差不多這個數字。考慮到這些關稅行動，人們正在討論向美國生產商提供額外的自願補貼計劃，補貼金額可能在 200 億美元至 250 億美元之間。

That's looking out the next couple of months. USDA has kind of baked that into their net income projections for the year. And remarkably, the current projection for net farm income for this year is projected to be about the third highest. So this is something in which we're taking -- keeping a very, very close eye because high sustained tariffs will have a dampening effect of prices that will negatively impact many producers. We're also looking at how any kind of subsidy programs as well as tariffs are applied and impact different crops, different producers.

這是對未來幾個月的展望。美國農業部已將其納入其年度淨收入預測中。值得注意的是，目前對今年農場淨收入的預測約為第三高。因此，我們正在密切關注這個問題，因為持續的高關稅將對價格產生抑製作用，從而對許多生產商產生負面影響。我們也正在研究各種補貼計畫以及關稅如何實施，以及對不同作物、不同生產者的影響。

So, for example, we're seeing reasonably strong focus on negative impacts to row crop producers, corn and soybeans, for example, right now. We're keenly interested in any programs that would benefit permanent crop producers in California, almonds, pistachios, for example, where we are seeing some of our credit stress. That's really the pocket where it is today.

例如，我們現在看到人們相當關注對玉米和大豆等大田作物生產者的負面影響。我們對任何有利於加州永久農作物生產者的計劃都非常感興趣，例如杏仁、開心果，我們在這些作物上看到了一些信貸壓力。這確實就是今天的情況。

Okay. Thanks for that Brad, very helpful. Second question, a little bit more micro. But obviously, the net effective spread moved up one basis point in the quarter, continuing the trend line. It's been on for quite a while, but there was some movement among the various business lines, Farm & Ranch being up, Corporate Ag being up, Broadband and Renewable Energy down.

好的。謝謝布拉德，非常有幫助。第二個問題，稍微微觀一點。但顯然，淨有效利差在本季上升了一個基點，延續了這條趨勢線。它已經持續了很長一段時間，但各個業務線之間有一些變動，農場和牧場上升，企業農業上升，寬頻和可再生能源下降。

Could you maybe talk a little bit about the micro dynamics of the NES for the business lines?

您能否稍微談談 NES 對業務線的微觀動態？

Absolutely. And I'm going to turn to Zach Carpenter to provide additional detail on that. But let me just make the point at the outset that at Farmer Mac, we are not allocators to business segments as we see margin opportunity. We are opportunistic and responsive to the market opportunity, and that's really how we fulfill our mission. So what you see is really a reflection of where are we seeing demand where we can also satisfy our credit and earnings objectives.

絕對地。我將請 Zach Carpenter 提供有關此問題的更多詳細資訊。但我首先要指出的是，在 Farmer Mac，我們不會因為看到了利潤機會而將資產分配到業務部門。我們抓住機會，對市場機會做出反應，這正是我們完成使命的方式。因此，您所看到的東西實際上反映了我們在哪裡看到了需求，我們在哪裡也可以滿足我們的信貸和盈利目標。

But Zach, can you provide some additional color on that?

但是紮克，你能對此提供一些額外的信息嗎？

Yes, happy to. Starting with Farm & Ranch, I think this is heavily volume driven. We had a very strong fourth quarter last year and continued strong loan activity in the first quarter, clearly given the tightness of the Ag economy, but also with liquidity and capital relief needs at banks. They're definitely looking to utilize the secondary market to enhance their capital and liquidity needs. So a lot of the Farm & Ranch is heavily volume driven, and we see a very strong pipeline heading into the second quarter.

是的，很高興。從農場和牧場開始，我認為這很大程度上是由數量驅動的。去年第四季我們表現非常強勁，第一季貸款活動持續保持強勁，這顯然是由於農業經濟的緊張，同時也是由於銀行的流動性和資本救濟需求。他們肯定希望利用二級市場來滿足其資本和流動性需求。因此，許多農場和牧場主要由數量驅動，我們預計第二季的銷售管道將非常強勁。

In fact, we're looking at loan approvals, which significantly convert to purchases typically in the similar range to 2021 and 2022 when we had record levels. Corporate Ag is a very similar story, a very strong fourth quarter. And what we saw in the fourth quarter was fairly high credit spreads for these loans we purchased. And so now you're seeing kind of the impact of that in the first quarter where we had record net effective spread and record net effective spread percentage. We had a strong first quarter, and we see some near-term pipelines that are relatively strong, but I think the borrowers and the lead arrangers are kind of navigating the market in terms of what Brad highlighted earlier.

事實上，我們正在關注貸款審批，這些審批將顯著轉化為購買，通常與我們創紀錄的 2021 年和 2022 年的水平相似。農業企業的情況非常相似，第四季表現非常強勁。我們在第四季度看到，我們購買的這些貸款的信用利差相當高。現在您可以看到第一季的影響，我們的淨有效利差和淨有效利差百分比都創下了歷史新高。我們第一季表現強勁，我們看到一些近期的融資管道也相對強勁，但我認為，正如布拉德之前強調的那樣，借款人和牽頭安排行正在引導市場。

Broadband infrastructure, you noted, net effective spread was slightly down from a percentage perspective. The one thing I would note in this space is the significant amount of loan purchases that we saw during the first quarter were data center related, and those are construction loans. So a lot of those commitments are unfunded commitments. And as those convert, as these centers are being constructed, you'll see that funded volume increase and accrete more in a net effective spread perspective.

您注意到，寬頻基礎設施的淨有效利差從百分比角度來看略有下降。在此我想指出的一件事是，我們在第一季看到的大量貸款購買都與資料中心有關，而且都是建設貸款。因此，很多承諾都是無資金支持的承諾。隨著這些中心的建造和轉變，你會看到，從淨有效利差的角度來看，融資金額將會增加，而且累積更多。

Similar to renewable energy, there's a construction component there, but it's definitely a market dynamic. We look to try to find strong transactions in the market with very strongly rated off takers with strong power purchase agreements. And given the strength of those counterparties, you'll see credit spreads be somewhat volatile. But given their investment-grade rated performance, they're going to be a little bit tighter in certain times. But this will [ebb] the flow based on market dynamics. But the one thing I would note with renewable energy is more than double the net effective spread dollars year-over-year.

與再生能源類似，其中也包含建設部分，但它絕對是一種市場動態。我們希望在市場上找到具有強大評級的購電方和強大的電力購買協議的強勁交易。考慮到這些交易對手的實力，你會看到信用利差會有些波動。但考慮到其投資級評級表現，他們在某些時候會更加嚴格。但這將根據市場動態減少流量。但我要指出的一點是，再生能源的淨有效利差金額較去年同期增加了一倍以上。

So we're excited to see this portfolio grow. And at least for the second quarter, still see a strong market, especially related to solar and battery storage.

因此我們很高興看到這個投資組合的成長。至少在第二季度，市場仍然強勁，尤其是與太陽能和電池儲存相關的市場。

Okay, thanks, Zach, and thanks everybody for taking my questions.

好的，謝謝，札克，也謝謝大家回答我的問題。

Your next question is from the line of Bose George from KBW. Please go ahead.

您的下一個問題來自 KBW 的 Bose George。請繼續。

Everyone, good morning. Just wanted to follow up on the spread question. When I look on Page 10 where you have that breakout, so your spread on Farm & Ranch went up a couple of basis points, but the ROE was up 5%. So is there some other piece in there like credit or lower capital allocation? Or -- because it seemed like a relatively big move in ROE relative to the spread move.

大家早安。只是想跟進傳播問題。當我看到第 10 頁的突破時，農場和牧場的利差上升了幾個基點，但 ROE 上升了 5%。那麼其中是否還有其他因素，例如信貸或較低的資本配置？或者—因為相對於利差變動，ROE 似乎出現了相對較大的變化。

Aparna, can you shed some light on that?

Aparna，您能解釋一下嗎？

So the component that -- that we use has to do with the fact that we had -- My apologies. I think there was a little bit of noise there. Can you hear me okay right now?

因此，我們使用的組件與我們擁有的事實有關——我很抱歉。我認為那裡有一點噪音。你現在能聽見我說話嗎？

I can hear you now. Yes.

我現在能聽到你的聲音了。是的。

Okay. Terrific. So a big part of the driver of what you're seeing in terms of shift in ROE within that Ag segment has to do with the fact that we had a reduction in nonaccrual activity quarter-over-quarter. So that was really the big driver of it. A lot of the hit that we took in terms of nonaccruals happened in the prior quarter and didn't have that happening now. And so you see a little bit of a denominator cross right there.

好的。了不起。因此，您所看到的農業領域 ROE 變化的很大一部分驅動因素與我們季度環比非應計活動減少有關。所以這確實是其最大的驅動力。我們在未提列方面遭受的很大打擊發生在上一季度，但現在沒有發生這種情況。所以你會看到那裡有一個小的分母交叉。

Okay. Perfect. That makes sense. And then, yes, Aparna, you talked about the market volatility and the continued access, et cetera. But has there been anything in terms of the funding cost side that is worth highlighting, and you noted the securitization you guys are going to come to market with. The economics there, do you anticipate it will be similar to what you did on the last transaction?

好的。完美的。這很有道理。然後，是的，阿帕娜，您談到了市場波動和持續的訪問等等。但是，在融資成本方面有什麼值得強調的嗎？您提到了你們將要推向市場的證券化。那裡的經濟狀況，您是否預期它會與您上次交易的情況類似？

Yes. It's hard to sort of predict what will happen, and we do intend to come forward with another transaction, hopefully, before the second quarter is up, and I'll just touch upon that in a minute. But to your first question just around funding dynamics, I do want to note that funding actually improved quite dramatically from Q4 to Q1. This again sort of highlights our very opportunistic strategy when we see an opportunity in the market where credit spreads are narrower, we try to take advantage of that. And that's exactly what our treasury team did in the first quarter.

是的。很難預測會發生什麼，我們確實打算在第二季結束之前完成另一筆交易，我稍後會談到這一點。但對於您關於資金動態的第一個問題，我想指出的是，從第四季度到第一季度，資金實際上有了顯著改善。這再次凸顯了我們的機會主義策略，當我們在市場上看到信用利差較窄的機會時，我們會嘗試利用它。這正是我們的財務團隊在第一季所做的事情。

We saw an opportunity to really buy into narrowing SOFR spreads. I'm really glad that we did that. You saw the benefit of that come through in our overall funding as well as in how it contributed to an increase in our net effective spread quarter-over-quarter. Net effective spread just in basis points went up about one basis point. But when you look at the second quarter and with all of the activity and volatility as a result of the bond markets reacting to the tariffs being announced on Liberation Day, we did see a SOFR widening.

我們看到了真正買入縮小SOFR利差的機會。我很高興我們這麼做了。您可以看到，這樣做的好處體現在我們的整體融資上，以及它如何促進我們淨有效利差逐季增加。以基點計算的淨有效利差上升了約一個基點。但當你看第二季度，由於債券市場對解放日宣布的關稅做出反應而出現的所有活動和波動，我們確實看到 SOFR 擴大。

What does that mean for us both is that we can actually stay very comfortably out of the market as needed because we've loaded up on funding costs when it was much narrower in the first quarter. So that is a dynamic, and it plays very favorably for us in the first quarter. The second part of your question, just in terms of securitization, let's wait and see. I think we're going to time -- you can never really sort of time these things perfectly, but we're seeing a little bit of settling down. We're not going to go into the market when we think that there isn't receptivity, but there's a lot of cash sitting on the sidelines.

對於我們雙方來說，這意味著我們實際上可以根據需要非常輕鬆地遠離市場，因為在第一季市場規模縮小很多的時候，我們已經承擔了融資成本。這是一種動態，並且對我們第一季非常有利。你問題的第二部分，僅就證券化而言，我們拭目以待。我認為我們會把握時機——你永遠不可能真正完美地掌握這些事情的時機，但我們看到情況逐漸穩定下來。當我們認為市場沒有接受度時，我們不會進入市場，但場外有大量現金。

I think we're very well positioned to take advantage of that. And just based on our recent investor outreach in the first quarter, we see continued strong appetite and demand for this particular asset class. So it's very, very encouraging.

我認為我們完全有能力利用這一點。根據我們第一季的近期投資者拓展情況，我們看到投資者對這一特定資產類別的興趣和需求持續強勁。所以這非常非常令人鼓舞。

Oh, okay, great. Thank you.

噢，好的，太好了。謝謝。

Your next question is from the line of Brendan McCarthy from Sidoti. Please ask your question.

您的下一個問題來自 Sidoti 的 Brendan McCarthy。請提出你的問題。

Great, good morning, everybody. Thanks for taking my questions here. I just want to start off in the renewable energy line of business. I think last quarter, we had talked about there were certain tax credits that you purchased during the year -- during 2024, that is -- that ultimately benefited the fourth quarter. Was there any similar activity in the first quarter of 2025? And maybe you could talk about your outlook there for the rest of the year.

太好了，大家早安。感謝您在這裡回答我的問題。我只是想從再生能源業務開始。我想上個季度我們討論過您在 2024 年購買的某些稅收抵免，這些稅收抵免最終使第四季度受益。2025 年第一季有類似的活動嗎？也許您可以談談今年剩餘時間的展望。

No, there wasn't activity in the first quarter. It probably remains an opportunity later this year, and we're monitoring the markets, but no activity in the first quarter.

不，第一季沒有活動。今年稍後可能仍是一個機會，我們正在監控市場，但第一季沒有任何活動。

I'll just add, Brendan, we did actually see a benefit quarter-over-quarter in operating expenses because we had some legal fees that were associated with the tax credits in the fourth quarter. So we saw a fairly material decline in legal fees. So you saw an improvement in our OpEx as a result of that.

我只想補充一點，布倫丹，我們確實看到了營運費用環比的增長，因為我們在第四季度有一些與稅收抵免相關的法律費用。因此，我們看到律師費大幅下降。因此，您會看到我們的營運支出有所改善。

Understood. And then looking at Farm & Ranch, I know it looks like you mentioned there was a sequential decline in volume there. But on a sequential basis, it looks like Farm & Ranch really drove the bulk of the increase in net effective spread revenue, if I'm looking at that correctly. Just wondering if you can dissect that change there and how we can kind of think about that trend.

明白了。然後看看農場和牧場，我知道你提到那裡的產量連續下降。但從連續來看，如果我沒有看錯的話，農場和牧場業務確實推動了淨有效利差收入的大部分成長。只是想知道您是否可以剖析那裡的變化以及我們如何看待這種趨勢。

Yes. I think -- well, Aparna mentioned the nonaccruals going accrued, and that is just great back of additional interest, which you would see showing up there. But Zach, maybe you can talk about kind of the forward expectations on Farm & Ranch and especially the seasonality that we experienced in the first quarter.

是的。我認為 - 嗯，阿帕娜提到了非應計項目將計入，這只是額外利息的一個很好的回報，你會看到它出現在那裡。但是紮克，也許你可以談談對農場和牧場的前瞻性預期，特別是我們在第一季經歷的季節性。

Yes, happy to do it. About $550 million of new business volume in Farm & Ranch and the significant majority of that, Brendan, as you noted, was loan purchase volume. This is a continued trend we've seen that really picked up in the fourth quarter of last year. And again, very similar to the themes that we saw in 2024 with continued tightening of the Ag economy, a continued focus on liquidity and working capital needs for the farmers and ranchers and capital efficiency at the banking community, just given everything that's going on. Looking forward, as I noted, our pipeline for Farm & Ranch loan purchases in the second quarter appears very strong.

是的，很高興這麼做。農場和牧場的新業務量約為 5.5 億美元，其中絕大部分，正如布倫丹所說，是貸款購買量。我們看到這一趨勢持續存在，並在去年第四季真正開始回升。再次，與我們在 2024 年看到的主題非常相似，農業經濟持續緊縮，繼續關注農民和牧場主的流動性和營運資金需求以及銀行業的資本效率，考慮到正在發生的一切。展望未來，正如我所指出的，我們第二季度農場和牧場貸款購買管道看起來非常強勁。

Like I mentioned, loan approvals, which typically convert to a purchase are at almost record highs, continue to see a significant amount of loan submissions from sellers across the country. And just given everything going on, I mean, we already had an Ag economy that was tightening. There's a lot of volatility out there, as Brad mentioned, pertaining to tariffs and what the impact may be. So as these farmers and ranchers need to support the liquidity and working capital needs through the cycle, we anticipate this to continue, especially into the second quarter. Now I think government payments will be a critical component to further aid and support the farmers and ranchers through the near term at least.

正如我所提到的，貸款批准量（通常會轉化為購買）幾乎達到了歷史最高水平，來自全國各地的賣家繼續提交大量貸款申請。考慮到目前發生的一切，我的意思是，我們的農業經濟已經處於緊縮狀態。正如布拉德所提到的，關稅及其可能產生的影響存在很大的波動性。因此，由於這些農民和牧場主需要在整個週期中支持流動性和營運資金需求，我們預計這種情況將持續下去，尤其是在第二季。現在我認為政府支付至少在短期內將是進一步援助和支持農民和牧場主的關鍵組成部分。

But we don't anticipate, at least heading into the second and possibly the third quarter, this momentum to slow down just given the environment that we're seeing.

但考慮到我們所看到的環境，我們預計至少在第二季度甚至第三季度，這種勢頭不會放緩。

Got it. That's helpful. Thanks, Zach. I appreciate the insight. One more question for me just on the Treasury segment. Looking at net effective spread revenue there, it seems like it's been maybe regaining steam and increasing from the back half of 2024 with funding net effective spread revenue increasing and then investment side up a little bit from late 2024 as well. Can you walk us through the dynamics there? And I know the funding strategy is match funding, but can you walk us through the dynamics there on what's kind of driving that momentum?

知道了。這很有幫助。謝謝，扎克。我很欣賞你的見解。我還有一個關於財政部的問題。從那裡的淨有效利差收入來看，似乎可能從 2024 年下半年開始恢復成長，融資淨有效利差收入增加，而投資方面也從 2024 年底開始略有上升。您能向我們介紹一下那裡的動態嗎？我知道融資策略是配套資金，但您能否向我們介紹一下推動這一勢頭的動力？

Yeah, sure, as I mentioned, we try to take, a lot of pride in being very opportunistic. So when rates are trending in or credit spreads are coming in within a particular segment, we TRY to opportunistically issue into that. So we saw a narrowing of our sofa spreads quarter over quarter, so that really created a fairly nice benefit overall, in fact, substantially down quarter over quarter. We've also Take advantage, as we see, the yield curve sort of steepening, we will start to call issuances and we started to do that in the back half of the year and you start to see some of those benefits come into play as well in terms of just our overall hedging strategy when we think about, where rates are headed, but those were the primary dynamics, the social funding being definitely the larger of the two.

是的，正如我所提到的，我們努力抓住機會，並為此感到非常自豪。因此，當利率趨勢或信用利差進入特定區間時，我們會嘗試抓住機會發行債券。因此，我們看到沙發價差逐季縮小，這確實創造了一個相當不錯的整體效益，事實上，逐季大幅下降。我們也利用了殖利率曲線趨陡的優勢，開始收回發行債券，我們在下半年就開始這樣做了，當我們考慮利率走向時，您就會開始看到其中的一些好處在我們的整體對沖策略方面發揮作用，但這些是主要的動力，社會融資絕對是兩者中較大的一個。

Great, thanks, Aparna. That's all for me. Thanks everybody.

太好了，謝謝，阿帕娜。對我來說就這些了。謝謝大家。

Your last question is from the line of Gary Gordon, private investor. Please ask your question.

您的最後一個問題來自私人投資者加里·戈登 (Gary Gordon)。請提出你的問題。

Okay, thank you. Two things in our changing world. There's also just a number of discussions about the changing energy policy. Anything going on that you think would -- or you're anticipating could have an impact on your rural infrastructure business? And again, both now another change is AI. What are your thoughts at the moment about applications of AI for Farmer Mac?

好的，謝謝。我們這個不斷變化的世界中有兩件事。關於能源政策變化的討論也很多。您認為或預計會發生哪些事情會對您的農村基礎設施業務產生影響？再次強調，現在的另一個變化是人工智慧。您目前對 Farmer Mac 的 AI 應用有何看法？

Yes. Gary, thank you for being on with us today. As it relates to our renewable energy projects, the investment tax credit is really embedded in the Inflation Reduction Act. It's been very interesting to watch the debate in Washington because continuation of those credits enjoys some pretty good bipartisan support. We don't take that for granted, however.

是的。加里，感謝您今天接受我們的訪問。就我們的再生能源項目而言，投資稅收抵免實際上是嵌入在《通貨膨脹削減法案》中的。觀看華盛頓的辯論非常有趣，因為繼續實施這些稅收抵免政策得到了兩黨的大力支持。然而，我們並不認為這是理所當然的。

And we are very, I think, satisfied with our position because when we commit to a project financing for a renewable energy project, solar, solar plus battery, wind, renewable natural gas, for example, when we commit to that project, really the entire network of web of contracts associated with that project, the construction contract, the offtake power purchase or fuels purchase contract, the operating and maintenance contracts, the land leases and the commitment for the tax credits, those are really all in place at the time of the funding. So we don't really wear risk associated with the change in tax law on the projects as they're currently structured. So we're keeping a close eye on it. We're cautiously optimistic that they'll continue. Keep in mind that the economic viability of many of these projects is extremely high and that some of them would continue if there was a reduction in investment tax credits.

我認為，我們對我們的立場非常滿意，因為當我們承諾為可再生能源項目（例如太陽能、太陽能加電池、風能、可再生天然氣）提供項目融資時，當我們承諾該項目時，實際上與該項目相關的整個合同網絡、建設合同、承購電力或燃料購買合同、運營和維護合同、土地租賃和稅收抵免承諾，這些實際上都在融資時到位。因此，就目前的專案結構而言，我們實際上並不承擔與稅法變更相關的風險。因此我們正密切關注此事。我們謹慎樂觀地認為，這種情況將會持續下去。請記住，其中許多項目的經濟可行性極高，如果投資稅收抵免減少，其中一些項目將會繼續下去。

So we're keeping a close eye on it. We do not see any immediate adverse threats from changes in tax legislation, but we'll be monitoring closely. Is it -- and Gary, the second part of your question was focused on what again, could you remind me?

因此我們正密切關注此事。我們沒有看到稅收立法變化帶來任何直接的不利威脅，但我們將密切關注。是嗎——加里，你問題的第二部分重點是什麼，你能提醒我嗎？

Yes, it was related to AI. What sort of applications are you foreseeing?

是的，它與人工智慧有關。您預見了哪些類型的應用？

Yes. Right now, the internal focus is very much on process. How can we utilize AI to improve processes within Farmer Mac? Scraping of literally thousands of loan documents as an example, for all the pertinent information that goes into a loan file when those documents vary one to another because of differences in segments and seller servicers and other factors. How can we use that to improve the efficiency, to reduce the labor?

是的。目前，內部重點關注的是流程。我們如何利用人工智慧來改進 Farmer Mac 內部的流程？以抓取數千份貸款文件為例，由於細分市場、賣方服務商和其他因素的差異，這些文件彼此之間會存在差異，因此需要抓取貸款文件中的所有相關資訊。我們如何利用它來提高效率、減少勞動力？

So the focus really for the time being is on process. There will be a time in the future when it may shift or be expanded to include decisioning. But right now, it's a very, very fertile field for us to apply to process.

因此，目前的重點實際上是流程。將來，它可能會轉變或擴展到包括決策。但目前，這對我們來說是一個非常肥沃的領域，可以應用在流程上。

Hey, thank you.

嘿，謝謝你。

There are no further questions at this time. I'd like to turn the call over to Brad Nordholm for closing comments. Sir, please go ahead.

目前沒有其他問題。我想將電話轉給布拉德·諾德霍爾姆 (Brad Nordholm) 來做最後評論。先生，請繼續。

Good. Thank you, operator, and thank you, everyone, for being on this call with us today. These are times when it's relatively easy to get distracted by changes and potential changes in policy and economic conditions. Here at Farmer Mac, we're heads down. We are focused on mission and what is a very, very sustainable, resilient and well-established business model that we have.

好的。謝謝接線員，也謝謝大家今天參加我們的電話會議。在這些時候，人們相對容易因政策和經濟狀況的變化和潛在變化而分散注意力。在 Farmer Mac 這裡，我們埋頭苦幹。我們專注於使命以及我們擁有的非常永續、有彈性且完善的商業模式。

We have a terrific team here at Farmer Mac. They share this commitment to focus on mission and deliver results. And that's exactly what we have done during this record quarter and what we expect to do going forward. So thank you very much for participating. If you have questions, follow-up with Jalpa.

Farmer Mac 擁有一支出色的團隊。他們共同致力於專注於使命並取得成果。這正是我們在這個創紀錄的季度所做的，也是我們期望在未來做的事情。非常感謝您的參與。如果您有任何疑問，請聯絡 Jalpa。

Otherwise, we look forward to speaking you again in this formal call following the end of the second quarter. Thanks very much.

否則，我們期待在第二季結束後的正式電話會議中再次與您交談。非常感謝。

Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。