Federal Agricultural Mortgage Corp (AGM) 2025 Q4 法說會逐字稿

Good day, ladies and gentlemen, and thank you all for joining us for today's Farmer Mac 2025 earnings results conference call. (Operator Instructions)

各位女士、先生，大家好，感謝各位參加今天的 Farmer Mac 2025 年收益業績電話會議。（操作說明）

It is now my pleasure to turn the floor over to Senior Director of Investor Relations Jalpa Nazareth. Welcome, Jalpa.

現在我很高興將發言權交給投資者關係高級總監 Jalpa Nazareth。歡迎你，賈爾帕。

Good afternoon and thank you for joining us for our fourth-quarter and full-year 2025 earnings conference call. I’m Jonathan Nazareth, Senior Director of Investor Relations and Finance Strategy here at Farmer Mac.

下午好，感謝各位參加我們2025年第四季及全年財報電話會議。我是 Jonathan Nazareth，Farmer Mac 的投資者關係和財務策略高級總監。

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. These statements are based on management’s current expectations and assumptions 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 2025 Annual Report on Form 10-K and subsequent SEC filings for a full discussion of the company’s risk factors.

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。這些聲明是基於管理層目前的預期和假設，並受到風險和不確定性的影響，這些風險和不確定性可能導致我們的實際結果與預測的結果有重大差異。有關該公司風險因素的完整討論，請參閱 Farmer Mac 的 2025 年 10-K 表格年度報告及後續向美國證券交易委員會提交的文件。

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‑K and the earnings release posted on our website.

在今天的電話會議上，我們還將討論一些非GAAP財務指標。有關這些非GAAP指標的揭露和調整可以在我們網站上發布的最新10-K表格和收益公告中找到。

Joining me today are Chief Executive Officer Bradford T. Nordholm; our President and Chief Operating Officer, Zachary N. Carpenter; and Chief Financial Officer and Treasurer, Matthew M. Pullins.

今天與我一同出席的有執行長布拉德福德·T·諾德霍爾姆；我們的總裁兼營運長扎卡里·N·卡本特；以及財務長兼財務主管馬修·M·普林斯。

At this time, I’ll turn the call over to our CEO, Bradford T. Nordholm.

此時，我將把電話轉交給我們的執行長布拉德福德·T·諾德霍爾姆。

Thanks very much, Jalpa. Good afternoon, everyone, and thank you for joining us. 2025 was another strong year for Farmer Mac. We surpassed $33 billion in outstanding business volume, achieved record revenue of $410 million, a 13% increase relative to the prior year, and produced $183 million in core earnings our Tenth consecutive year of record annual core earnings.

非常感謝，賈爾帕。各位下午好，感謝各位的參與。 2025年對麥克農場來說又是個碩果累累的一年。我們未償業務量超過 330 億美元，創紀錄的收入達到 4.1 億美元，比前一年增長 13%，核心收益達到 1.83 億美元，連續第十年創下年度核心收益紀錄。

We thoughtfully balanced returning capital to our shareholders with investing for future growth while continuing to execute on our mission of providing vital liquidity to agriculture and rural America.

我們深思熟慮地平衡了向股東返還資本與投資未來成長之間的關係，同時繼續履行我們為美國農業和農村地區提供重要流動性的使命。

As you saw in this afternoon’s earnings release, we announced a $0.10‑per‑share increase in our quarterly dividend to $1.60 per share. This is our fifteenth consecutive annual increase, reflecting our confidence in the durability of our earnings profile and our long‑term cash flow generation.

正如您在今天下午的收益報告中所看到的，我們宣布將季度股息提高0.10美元/股，至每股1.60美元。這是我們連續第十五年實現年度成長，這反映了我們對獲利狀況的可持續性和長期現金流產生能力的信心。

We were active in the share repurchase program in the fourth quarter, which was modified last August by our Board of Directors to approve share repurchases of up to $50 million of Farmer Mac’s Class C common stock. During the fourth quarter, we completed $12.9 million under the amended program, and we have $37.1 million remaining under the current authorization.

我們在第四季度積極參與了股票回購計劃，該計劃於去年八月經董事會修改，批准回購高達 5000 萬美元的 Farmer Mac 的 C 類普通股。第四季度，我們根據修訂後的計畫完成了 1,290 萬美元，目前授權範圍內還剩餘 3,710 萬美元。

In total, we returned $78 million to shareholders through dividends and share repurchases in 2025. Looking ahead, we remain committed to this balanced capital allocation approach that prioritizes prudent growth, balance sheet strength, and consistent shareholder returns.

2025 年，我們透過股利和股票回購向股東返還了 7,800 萬美元。展望未來，我們將繼續堅持這種平衡的資本配置方式，優先考慮審慎成長、資產負債表穩健和持續的股東回報。

During the quarter, we also completed our seventh FARM securitization transaction, further building liquidity and efficiency in the agricultural mortgage‑backed securitization market. This risk‑transfer tool strengthens our ability to optimize capital and enhance the amount of market liquidity we can provide through our businesses. By transferring a portion of the underlying credit exposure to investors, we free up capital that can then be redeployed into new mission‑aligned lending activities.

本季度，我們也完成了第七筆 FARM 證券化交易，進一步提高了農業抵押貸款支持證券化市場的流動性和效率。這種風險轉移工具增強了我們優化資本的能力，並提高了我們透過業務所能提供的市場流動性。透過將部分基礎信貸風險敞口轉移給投資者，我們可以釋放資本，然後將這些資本重新部署到新的、符合我們使命的貸款活動中。

We are very pleased with the tremendous support we've seen for this program, and we look forward to exploring other credit‑risk‑transfer opportunities to grow our platform while continuing to deliver high‑quality opportunities to our various classes of investors. We anticipate introducing a new product in the market this year that will support strong investor demand for agricultural assets while remaining aligned with our mission fulfilment.

我們對該計劃獲得的巨大支持感到非常高興，我們期待探索其他信用風險轉移機會，以發展我們的平台，同時繼續為我們各類投資者提供高品質的投資機會。我們預計今年將向市場推出一款新產品，以滿足投資者對農業資產的強勁需求，同時與我們的使命目標保持一致。

The agricultural real estate market remains very active. The USDA expects demand for real estate mortgages to remain robust in 2026, with total transaction volume projected to increase by 5% this year relative to 2025 levels.

農業地產市場依然非常活躍。美國農業部預計，2026 年房地產抵押貸款需求將保持強勁，預計今年的總交易量將比 2025 年的水平增長 5%。

As it relates to our portfolio, we were pleased to see a very positive outcome from recent property sales for a distressed borrower, which we expect will result in recognizing previously unaccrued fees and interest and meaningfully reducing our 90‑plus‑day delinquencies during the first half of 2026.

就我們的投資組合而言，我們很高興看到最近為陷入困境的借款人出售房產取得了非常積極的結果，我們預計這將導致確認以前未計提的費用和利息，並在 2026 年上半年大幅減少我們 90 天以上的逾期貸款。

Despite the volatility and uncertainty in today’s environment whether from interest‑rate movements, commodity‑price fluctuations, supply‑chain disruptions, consumer‑behaviour changes, or broader geopolitical and policy dynamics Farmer Mac continues to be resilient. Our diversified business model, strong capital position, and disciplined risk‑management approach allow us to provide vital liquidity to the agriculture and rural‑infrastructure sectors in all economic environments.

儘管當今環境充滿波動和不確定性，無論是利率變動、商品價格波動、供應鏈中斷、消費者行為變化，還是更廣泛的地緣政治和政策動態，Farmer Mac 仍然保持著韌性。我們多元化的業務模式、雄厚的資本實力和嚴謹的風險管理方法使我們能夠在各種經濟環境下為農業和農村基礎設施部門提供至關重要的流動性。

Matthew Pullins, who joined us as our new Chief Financial Officer in mid‑December, will review our financial results in more detail, but I want to emphasize that we are thrilled to have Matthew as part of the team. He brings more than two decades of experience in corporate finance, capital markets, and strategic planning, paired with a personal connection to American agriculture.

Matthew Pullins 於 12 月中旬加入我們，擔任新的財務官，他將更詳細地審查我們的財務業績，但我想強調的是，我們非常高興 Matthew 加入我們的團隊。他擁有二十多年企業融資、資本市場和策略規劃的經驗，並且與美國農業有著密切的個人聯繫。

His combination of deep financial expertise and authentic understanding of rural America makes him an exceptional addition to Farmer Mac, and we are excited for the impact he will have on our organization.

他兼具深厚的金融專業知識和對美國農村的深刻理解，這使他成為 Farmer Mac 的傑出成員，我們非常期待他將對我們的組織產生的影響。

Now I’ll turn the call over to Zachary, our President and Chief Operating Officer, to discuss our customers and market developments in more detail. Zachary?

現在我將把電話交給我們的總裁兼營運長扎卡里，讓他更詳細地討論我們的客戶和市場發展。扎卡里？

Thanks, Brad, and good afternoon, everyone. Our results continue to demonstrate the benefits of the strategy we have been executing for several years now diversifying our portfolio into higher‑spread, mission‑aligned businesses while maintaining strong underwriting standards and disciplined risk management.

謝謝你，布拉德，大家下午好。我們的績效持續證明了我們多年來一直執行的策略的益處，即在保持嚴格的承保標準和嚴謹的風險管理的同時，將我們的投資組合多元化到利差更高、與使命相符的業務領域。

Serving agricultural businesses and providing liquidity to enhance and enable rural infrastructure are both critical to our mission of driving economic opportunity to rural America.

為農業企業提供服務，並為加強和促進農村基礎設施建設提供流動性，對於我們推動美國農村經濟發展的使命至關重要。

Farmer Mac is broadening the pursuit of its mission in response to the evolving economic landscape in rural America, and this proactive business diversification continues to deliver meaningful benefits to the communities we serve.

為了應對美國農村地區不斷變化的經濟形勢，Farmer Mac 正在擴大其使命的追求範圍，這種積極主動的業務多元化持續為我們服務的社區帶來有意義的利益。

Our team delivered another outstanding year of business‑volume activity, with broad‑based net volume growth in every segment, reflecting strong customer demand and the continued relevance of our secondary‑market solutions.

我們的團隊迎來了一個業務量表現優異的年份，各個細分市場都實現了廣泛的淨銷售成長，這反映了強勁的客戶需求以及我們二手市場解決方案的持續相關性。

We achieved a record $3.8 billion of net new business volume in 2025, resulting in total outstanding business volume of $33.4 billion as of year‑end.

2025 年，我們實現了創紀錄的 38 億美元淨新增業務量，截至年底，未結業務總量達到 334 億美元。

The net‑volume increase highlights quality asset growth across all our product sets, which in turn drove significant growth in net effective spread.

淨成交量成長凸顯了我們所有產品系列的優質資產成長，進而推動了淨有效價差的顯著成長。

Our Agricultural Finance outstanding business volume grew $1 billion last year, with our Farm & Ranch segment accounting for nearly all of that net growth. Activity in Farm & Ranch accelerated meaningfully in the fourth quarter and has carried over into 2026, which reinforces the momentum we’re seeing in this business.

去年，我們的農業金融未償業務額成長了 10 億美元，其中農場和牧場業務幾乎貢獻了全部淨成長。農場和牧場業務在第四季度顯著加速發展，並延續到 2026 年，這鞏固了我們在該業務中看到的良好勢頭。

We expect loan‑purchase growth to continue as tighter agricultural conditions driven by higher input costs, trade and tariff concerns, and low commodity prices increase producers’ need for liquidity. The Farm & Ranch segment is core to our mission, and we remain committed to bringing our customers products that provide capital and risk‑management solutions that support their borrowers’ financial needs.

我們預計，隨著投入成本上升、貿易和關稅問題以及大宗商品價格低迷導致農業環境趨緊，生產者對流動性的需求增加，貸款購買成長將持續。農場和牧場業務是我們使命的核心，我們將繼續致力於為客戶提供能夠滿足其借款人財務需求的資本和風險管理解決方案的產品。

Our Farm & Ranch Advantage securities portfolio reached an inflection point in the fourth quarter as the portfolio reversed its runoff trend and grew by $500 million. As we discussed on our prior call, this increase reflects the additional fundings we anticipated after closing a new $4.3 billion facility with a large agricultural counterparty.

我們的農場和牧場優勢證券投資組合在第四季度達到了一個轉折點，該投資組合扭轉了其縮水趨勢，成長了 5 億美元。正如我們在先前的電話會議中所討論的那樣，這一增長反映了我們在與大型農業交易對手達成一項新的 43 億美元融資協議後預期的額外資金。

We expect this momentum to continue in 2026 and remain on track to return to sustaining net growth in this product as we work closely with new and existing counterparties to determine the right timing for refinancing maturing securities or providing incremental financing based on market conditions and return‑on‑capital objectives.

我們預計這一勢頭將在 2026 年繼續保持，並有望恢復該產品的持續淨成長。我們將與新舊交易對手密切合作，根據市場狀況和資本回報率目標，確定到期證券再融資或提供增量融資的適當時機。

We remain steadfast in our commitment to deliver a broad spectrum of financial solutions to the agricultural community by working alongside our growing customer base.

我們將繼續堅定不移地致力於與不斷增長的客戶群攜手合作，為農業界提供廣泛的金融解決方案。

Our Corporate Finance segment saw net growth of $63 million during 2025, reflecting our continued efforts to support larger, more complex agribusinesses that span the food, fuel, and fibber supply chain. We anticipate seeing more activity in this segment in the first quarter of 2026, as deal‑flow activity levels are higher relative to prior years. However, ongoing refinancing's and maturities will continue to create a headwind going forward.

2025 年，我們的企業融資部門淨成長 6,300 萬美元，這反映了我們持續努力支持規模更大、更複雜的農業企業，這些企業涵蓋食品、燃料和纖維供應鏈。我們預計 2026 年第一季該領域的活動將更加活躍，因為交易量活動量相對於往年更高。然而，持續的再融資和債務到期仍將在未來構成不利因素。

Turning to our Infrastructure Finance line of business, outstanding business volume increased to $11.8 billion at year‑end 2025, up more than $2.8 billion from the prior year, with all three segments contributing significantly to net growth. This reflects continued strong interest and investment in data centres, broadband expansion, and the construction and completion of renewable‑energy projects, coupled with the overall need for significant energy‑generation and transmission capacity across rural America.

再來看我們的基礎設施融資業務線，截至 2025 年底，未償業務額增至 118 億美元，比上一年增加 28 億美元以上，所有三個業務板塊都對淨增長做出了重大貢獻。這反映出人們對資料中心、寬頻擴展以及再生能源專案的建設和完成持續濃厚的興趣和投資，以及美國農村地區對大量能源生產和輸送能力的整體需求。

Volume in our Power Utility segment grew by more than $1 billion, largely due to strong loan‑purchase activity and net new Advantage Security issuances supporting the investment needs of rural electric generation, transmission, and distribution cooperatives.

我們的電力公用事業部門的交易金額成長超過 10 億美元，這主要歸功於強勁的貸款購買活動和新增的 Advantage Security 淨發行量，這些發行支持了農村電力生產、輸送和分配合作社的投資需求。

Our Renewable Energy segment also grew by more than $1 billion last year, supported by strong deal flow, accelerated construction deadlines, and continued project‑finance momentum. Despite increased policy uncertainty across the renewable‑power investment market, we expect to continue participating in renewable‑energy transactions for both new projects and refinancing's of existing projects, utilizing the same strong credit standards.

去年，在強勁的交易量、加快的建設工期和持續的專案融資動能的支持下，我們的再生能源業務也成長了超過 10 億美元。儘管再生能源投資市場的政策不確定性增加，但我們仍將繼續參與再生能源交易，包括新專案和現有專案的再融資，並採用同樣嚴格的信用標準。

Looking ahead, while we anticipate another construction‑related rush in the first half of this year primarily tied to the July 4 deadline, including HR 1 we believe the substantial need for new power generation will continue to drive growth in this segment.

展望未來，雖然我們預計今年上半年將出現另一波與建設相關的熱潮，主要與 7 月 4 日的最後期限有關，包括 HR 1 項目，但我們相信對新增發電的巨大需求將繼續推動該領域的成長。

We’re seeing strong deal flow, allowing us to be selective with our capital deployment in this sector to pursue deals that are appropriately structured with strong counterparties, which underscores the strength of our reputation in the market.

我們看到交易量強勁，這使我們能夠有選擇地將資金投入到該領域，以尋求結構合理、實力雄厚的交易對手，這凸顯了我們在市場上的良好聲譽。

Beyond 2027, we anticipate activity in this space to be more market‑driven rather than policy‑driven, as the underlying driver remains the same a massive surge in power demand requiring significant new power supply.

2027 年以後，我們預計該領域的活動將更多地由市場驅動，而不是由政策驅動，因為其根本驅動力仍然是電力需求的激增，需要大量的新電力供應。

Our Broadband Infrastructure segment grew by $700 million in 2025, more than double the prior year’s growth, with nearly 90% of volume growth tied to data‑centre‑related demand.

2025 年，我們的寬頻基礎設施業務成長了 7 億美元，是去年成長的兩倍多，其中近 90% 的業務成長與資料中心相關需求有關。

We anticipate increased financing opportunities in this segment for data‑centre buildouts, given the increasing investment and capacity required to support AI, cloud storage, and enterprise digitization particularly by large hyperscale's and we will continue to emphasize diversification across geography, sponsors, and tenants.

我們預計，隨著人工智慧、雲端儲存和企業數位化（尤其是大型超大規模資料中心）所需投資和容量的不斷增加，資料中心建設領域的融資機會將會增加，我們將繼續強調地理、贊助商和租戶的多元化。

We believe these developments are crucial for rural economic growth and support the historically strong market demand for connectivity needs across rural America.

我們認為這些發展對農村經濟成長至關重要，並能滿足美國農村地區歷來強勁的網路連結需求。

Growing business volume in our Infrastructure Finance segment remains a top priority, and we will continue to focus on strategic investments and resources in these areas to build our expertise and capacity as market opportunities arise.

擴大基礎設施融資業務規模仍然是我們的首要任務，我們將繼續專注於這些領域的策略性投資和資源投入，以在市場機會出現時提升我們的專業知識和能力。

Despite this backdrop of broader market uncertainties stemming from factors such as interest rates, regulatory shifts, and trade‑policy changes, we are confident in our ability to continue delivering growth and consistent results. Our total portfolio is well diversified by both commodity and geography, and we remain confident in the overall health of our portfolio, as evidenced by our continued strong asset‑quality metrics.

儘管利率、監管變化和貿易政策變化等因素導致市場存在許多不確定性，但我們有信心繼續實現成長並取得穩定的績效。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元化，我們對投資組合的整體健康狀況仍然充滿信心，這從我們持續強勁的資產品質指標中可見一斑。

To summarize, 2025 was a year of strong, broad‑based, disciplined volume and net‑effective‑spread growth across all of our operating segments, and our pipelines remain strong as we move into 2026. We expect continued customer demand for liquidity, capital efficiency, and long‑term funding solutions as market conditions evolve. Our robust capital and liquidity, along with our strong underwriting criteria, position us to capitalize on this opportunity.

總而言之，2025 年我們所有營運部門的銷售和淨有效價差都實現了強勁、廣泛、穩健的成長，而且隨著我們進入 2026 年，我們的專案儲備依然強勁。我們預計，隨著市場狀況的變化，客戶對流動性、資本效率和長期融資解決方案的需求將持續成長。我們雄厚的資本和流動性，以及嚴格的承保標準，使我們能夠抓住這一機會。

Importantly, we are confident in our ability to continue delivering consistent results as we support rural America through this economic cycle and beyond.

重要的是，我們有信心在當前及未來的經濟週期中，繼續為美國農村地區提供持續穩定的服務，並取得良好的成果。

With that, I’ll turn it over to Matthew Pullins, our new Chief Financial Officer. I’m thrilled to welcome him to Farmer Mac and to the leadership team as we continue to advance our long‑term strategic priorities and position Farmer Mac for its next phase of growth. Matthew?

接下來，我將把麥克風交給我們的新任財務長馬修‧普林斯。我非常高興地歡迎他加入 Farmer Mac 和領導團隊，我們將繼續推進我們的長期策略重點，並為 Farmer Mac 的下一個成長階段做好準備。馬修？

Thank you, Zachary.

謝謝你，札卡里。

I’d like to begin by saying how pleased I am to be here and to help lead this mission‑driven organization. Growing up on a family farm in western Ohio and remaining deeply connected to production agriculture today makes it especially meaningful and energizing to support an institution whose mission is so closely aligned with my own background and values.

首先，我想表達我非常高興來到這裡，並幫助領導這個以使命為導向的組織。我在俄亥俄州西部的一個家庭農場長大，如今仍然與農業生產保持著密切聯繫，因此，支持一個使命與我的背景和價值觀如此緊密相關的機構，對我來說意義非凡，也讓我充滿活力。

First, I’d like to touch on our fourth‑quarter 2025 results. Our net effective spread was $101.4 million, reflecting a 16% increase over the prior‑year quarter and an all‑time quarterly record. Net effective spread as a percentage was 122 basis points, reflecting the portfolio‑mix shift to more accretive assets and continued disciplined funding execution.

首先，我想談談我們 2025 年第四季的業績。我們的淨有效利差為 1.014 億美元，比上年同期成長 16%，創歷史季度新高。淨有效利差百分比為 122 個基點，反映出投資組合轉變為更具增值性的資產以及持續嚴格的融資執行。

Core earnings were $40 million for the fourth quarter, a $3.6 million decline from the prior‑year period. Fourth‑quarter core‑earnings results were negatively impacted by credit provisions related to a small number of loans originated from 2021 to 2023 in the Corporate Ag Finance and Broadband Infrastructure segments.

第四季核心收益為 4,000 萬美元，比上年同期減少了 360 萬美元。第四季核心獲利業績受到信貸撥備的負面影響，這些信貸撥備與 2021 年至 2023 年在企業農業融資和寬頻基礎設施部門發放的少量貸款有關。

The charges impacting these specific loans this quarter were concentrated within a few borrowers facing business‑specific obstacles. We do not believe the charges are indicative of a meaningful change in the high credit quality that persists across our portfolios.

本季影響這些特定貸款的費用集中在少數面臨特定業務障礙的借款人身上。我們認為這些費用並未顯示我們投資組合中持續存在的高信用品質發生了實質變化。

If these charges were not concentrated in the fourth quarter, we estimate core earnings would have reflected a 20% increase over the prior‑year period.

如果這些費用沒有集中在第四季度，我們估計核心收益將比上年同期成長 20%。

Now turning to our full‑year results, 2025 was another year of strong financial and operational execution for Farmer Mac. We delivered a record net effective spread of $383 million, an increase of $43.5 million, or 13%, from the prior year.

現在來看我們的全年業績，2025 年對 Farmer Mac 來說又是財務和營運執行強勁的一年。我們實現了創紀錄的淨有效利差 3.83 億美元，比上年增加了 4,350 萬美元，增幅達 13%。

As Zach mentioned, the company’s strategic decision to diversify our loan portfolio into newer lines of business that play to our competitive advantages in intermediate and long‑term financing solutions such as renewable energy, broadband infrastructure, and corporate ag finance has been a key priority. The broadening of our business is benefiting us through changing market cycles.

正如 Zach 所提到的，公司將貸款組合多元化到新的業務領域，以發揮我們在再生能源、寬頻基礎設施和企業農業融資等中長期融資解決方案方面的競爭優勢，這項策略決策一直是公司的首要任務。業務拓展使我們受益匪淺，也讓我們能夠適應不斷變化的市場週期。

Also contributing to our net‑effective‑spread growth is our effective asset‑liability management and funding execution.

此外，我們有效的資產負債管理和融資執行也促進了我們的淨有效利差成長。

The strengthening of our capital position through retained‑earnings growth and preferred‑stock issuance supports our balance‑sheet‑management strategies, which are fundamental to the resilience of our business model, as these strategies enable us to be nimble and responsive to changing market conditions.

透過留存收益成長和優先股發行來增強我們的資本狀況，這支持了我們的資產負債表管理策略，而這些策略對於我們商業模式的韌性至關重要，因為這些策略使我們能夠靈活應對不斷變化的市場狀況。

Core earnings for the full year were $182.9 million, up 6.6% compared to the prior year, reflecting strong revenue growth partially offset by elevated credit expenses and higher operating costs.

全年核心收益為 1.829 億美元，比上年增長 6.6%，這反映了強勁的收入成長，但部分被較高的信貸支出和更高的營運成本所抵消。

Also reflected in our 2025 core‑earnings results is the purchase of $61.5 million of renewable‑energy investment tax credits, resulting in a $4.8 million benefit in 2025. As of year‑end, we had approximately $80 million of remaining capacity to use renewable‑energy tax credits.

此外，我們 2025 年核心收益結果也反映了我們購買了 6,150 萬美元的再生能源投資稅收抵免，這將在 2025 年帶來 480 萬美元的收益。截至年底，我們還有大約 8000 萬美元的剩餘能力可以使用再生能源稅收抵免。

We will continue to evaluate future tax‑credit purchase opportunities in relation to our tax capacity.

我們將繼續評估未來與我們的稅收能力相關的稅收抵免購買機會。

Partially offsetting strong earnings growth was a 14% increase in operating expenses over the prior year. This increase was largely due to resources and investments needed to support increased business volume, such as transaction‑related legal costs, technology investments, and hiring‑related expenses.

營運費用較上年增長 14%，部分抵消了強勁的盈利增長。這一成長主要是由於支持業務量成長所需的資源和投資，例如與交易相關的法律成本、技術投資和與招聘相關的費用。

We maintain a deliberate approach to expense management by proactively monitoring and managing expense growth against incoming revenue streams.

我們採取審慎的費用管理方法，積極監控和管理費用成長與收入成長之間的關係。

We will continue making targeted investments in business development and in our operational and technology platforms to support future growth and scalability while managing expenses within our long‑term efficiency‑ratio target of 30%.

我們將繼續對業務發展以及我們的營運和技術平台進行有針對性的投資，以支持未來的成長和規模化，同時將支出控制在30%的長期效率比率目標之內。

We experienced $32.9 million of provision‑for‑credit‑loss expense in 2025. The provision expense reflects $19.6 million attributable to certain individually significant credit deterioration in our Corporate Ag Finance and Broadband Infrastructure portfolios.

2025 年，我們提列了 3,290 萬美元的信貸損失準備金。撥備支出為 1,960 萬美元，這筆款項歸因於我們企業農業融資和寬頻基礎設施投資組合中某些個別重大信用惡化。

Outstanding business‑volume growth across our business segments accounted for an additional $9.6 million of provision expense. Corporate Ag Finance, Renewable Energy, and Broadband Infrastructure segments accounted for 84% of the total provision expense attributed to new business.

我們各業務部門的卓越業務量成長導致額外提列了 960 萬美元的準備金支出。企業農業融資、再生能源和寬頻基礎設施部門佔新業務撥備支出總額的 84%。

It’s important to note that when diversifying into these different segments, Farmer Mac developed underwriting standards consistent with industry practices, acquired significant expertise in these newer segments, and implemented a comprehensive framework that appropriately aligns with our risk appetite.

值得注意的是，在向這些不同的細分市場多元化發展時，Farmer Mac 制定了符合行業慣例的承保標準，在這些新興領域積累了豐富的專業知識，並實施了一個與我們的風險承受能力相符的綜合框架。

As these portfolios continue to season, we may see credit costs trend higher than the levels historically observed in our Farm & Ranch and Power & Utility segments. Importantly, these portfolios earn higher yields commensurate with their underlying risk‑return profile.

隨著這些投資組合的不斷成熟，我們可能會看到信貸成本高於我們在農場和牧場以及電力和公用事業領域歷史上觀察到的水平。重要的是，這些投資組合能夠獲得與其潛在風險回報狀況相稱的更高收益。

Charge‑offs totalled $20.9 million in 2025, the majority of which occurred in the fourth quarter and were primarily related to borrowers facing business‑specific headwinds.

2025 年的沖銷總額為 2,090 萬美元，其中大部分發生在第四季度，主要與面臨特定業務逆風的借款人有關。

The total allowance for losses as of December 31, 2025, was $39.7 million, or 17% of nonaccrual assets as of year‑end. This compares with $25.3 million, or 15% of nonaccrual assets, as of December 31, 2024.

截至 2025 年 12 月 31 日，損失準備金總額為 3,970 萬美元，佔年末非應計資產的 17%。相較之下，截至 2024 年 12 月 31 日，非應計資產為 2,530 萬美元，佔非應計資產的 15%。

This metric is useful for evaluating the level of our allowance relative to accounts for which it is probable we will not be able to collect all amounts due under the loan agreement. We are comfortable with the level of the allowance given the value of the collateral supporting these loans.

此指標可用於評估我們相對於可能無法根據貸款協議收回全部款項的帳戶的準備金水準。考慮到這些貸款的抵押品價值，我們對目前的允許額度感到滿意。

The fundamentals of our underwriting and risk analytics enable us to continue effectively navigating the current volatility and uncertainty in the agricultural cycle. While credit losses are inherent in lending, we anticipate that the strength and diversity of our overall portfolio will moderate the potential impact of a credit cycle on our business.

我們承保和風險分析的基本原理使我們能夠繼續有效地應對當前農業週期中的波動和不確定性。雖然信貸損失是貸款過程中不可避免的，但我們預計，我們整體投資組合的實力和多樣性將緩和信貸週期對我們業務的潛在影響。

Farmer Mac’s core capital increased by $204 million in 2025 to $1.7 billion, exceeding our statutory requirement by $678 million, or 66%. Core capital increased $13 million in the fourth quarter, largely due to higher retained earnings.

Farmer Mac 的核心資本在 2025 年增加了 2.04 億美元，達到 17 億美元，比法定要求高出 6.78 億美元，即 66%。第四季核心資本增加了 1,300 萬美元，主要原因是留存收益增加。

Our Tier one capital ratio was 13.3% as of December 31, 2025, compared to 14.2% in the prior‑year period. The change in our Tier 1 capital reflects the effect of strong loan‑purchase‑volume growth in our Agricultural Finance and Infrastructure Finance portfolios.

截至 2025 年 12 月 31 日，我們的一級資本適足率為 13.3%，而去年同期為 14.2%。我們的一級資本變化反映了農業金融和基礎設施金融組合中強勁的貸款購買量成長的影響。

Our strong capital position has enabled us to grow and diversify our revenue streams, remain resilient through volatile credit environments, and continue providing competitively priced liquidity to our customers and their borrowers. Looking ahead, we will maintain a thoughtful and balanced approach to managing our overall capital position.

我們雄厚的資本實力使我們能夠發展和多元化收入來源，在波動的信貸環境中保持韌性，並繼續為我們的客戶及其借款人提供具有競爭力的流動性價格。展望未來，我們將繼續採取審慎平衡的方式來管理我們的整體資本狀況。

Organic capital generation, selective capital issuance, and the use of risk‑transfer tools will help ensure we have sufficient capital to support future growth, particularly in more accretive segments that are more capital intensive.

有機資本累積、選擇性資本發行以及風險轉移工具的使用將有助於確保我們擁有足夠的資本來支持未來的成長，尤其是在資本密集度更高的增值領域。

In conclusion, our strong earnings performance, effective balance‑sheet management, robust capital position, and solid liquidity levels underscore the strength and resilience of Farmer Mac’s business model. The results this year reflect disciplined execution across our enterprise and the continued benefit of a diversified platform that deepens our value to lenders, borrowers, and investors across rural America.

總而言之，我們強勁的獲利表現、有效的資產負債表管理、穩健的資本狀況和良好的流動性水平，凸顯了 Farmer Mac 商業模式的實力和韌性。今年的業績反映了我們企業內部嚴謹的執行力，以及多元化平台帶來的持續效益，這加深了我們為美國農村地區的貸款人、借款人和投資者創造的價值。

I am grateful for the opportunity to join this organization at such an important moment, and I look forward to partnering closely with the leadership team as we continue advancing Farmer Mac’s mission and long‑term strategic priorities.

我很榮幸有機會在這個重要的時刻加入這個組織，我期待與領導團隊緊密合作，繼續推動 Farmer Mac 的使命和長期策略重點。

And with that, I’d like to turn the call back over to Bradford.

那麼，接下來我會把電話轉回給布拉德福德。

Well, thank you very much, Matthew.

非常感謝你，馬修。

As we look ahead, we are excited about the opportunities in front of us and confident that the depth and capability of our management team position us well to continue executing on our long‑term strategic priorities.

展望未來，我們對擺在我們面前的機會感到興奮，並相信我們管理團隊的實力和能力使我們能夠更好地繼續執行我們的長期策略重點。

Before we begin the Q&A period, I’d also like to remind everyone that we will be hosting our Investor Day on March 18 in New York at the New York Stock Exchange. We look forward to providing a deeper dive into our strategy, growth initiatives, and the future of Farmer Mac, and to having both formal and informal conversations with you. We hope to see many of you there.

在問答環節開始之前，我還想提醒大家，我們將於3月18日在紐約證券交易所舉辦投資者日活動。我們期待與您深入探討我們的策略、成長計劃和 Farmer Mac 的未來，並與您進行正式和非正式的對話。我們希望在那裡見到你們中的許多人。

And now, Operator, I’d like to see if we have questions from anyone on the line today.

現在，接線員，我想看看今天電話線上有沒有人有問題。

Thank you, Mr. Nordholm. (Operator Instructions)

謝謝你，諾德霍姆先生。（操作說明）

Bose George, KBW.

博斯·喬治，KBW。

Hey everyone, good afternoon, and welcome, Matthew. Actually, the first question I had was on the credit issues. While you note that these losses are customer‑specific, is there a good way for us to think about the run‑rate provision based on the changing mix? Is the 2025 annual level a decent number if we kind of spread that out over a full year?

大家好，下午好，歡迎馬修。實際上，我的第一個問題是關於信用問題的。雖然您指出這些損失是針對特定客戶的，但我們是否有好的方法可以根據不斷變化的產品組合來考慮定期撥備？如果將 2025 年的年產量分攤到一整年，這個數字是否合理？

Hey, Bose, it’s nice to hear from you today. Keep in mind that when Matthew took you through the numbers, $32 million of that $13 million was attributable to automatic provisions that are added through our CECL modelling and are tied to the growth in the portfolio.

嘿，Bose，很高興今天收到你的來信。請記住，當馬修向你介紹這些數字時，這 1300 萬美元中有 3200 萬美元是由於我們的 CECL 模型自動添加的準備金，並且與投資組合的增長有關。

So, looking forward, we’re actually starting out 2026 in strong fashion. And while we don’t have specific allocations across portfolios, we’re continuing to see a very nice mix across portfolios. There’s going to be a core level of automatic provisioning reflecting the growth in 2026 that’s the first piece of it.

所以，展望未來，我們實際上以強勁的勢頭開啟了 2026 年。雖然我們沒有針對各個投資組合的具體配置，但我們繼續看到各個投資組合呈現出非常良好的組合。到 2026 年，將會有一個反映成長的核心自動配置水平，這是第一步。

The second piece any special provisions associated with individual credits is much harder for us to forecast. All I can say today is that we don’t see anything that would cause us to think that number would be going up. There’s nothing that we’re identifying at this time.

第二點，即與個別信用相關的任何特殊規定，我們很難預測。我今天只能說，我們沒有看到任何跡象表明這個數字會上升。目前我們還沒有發現任何問題。

Okay, great, that’s helpful. And then just one on the spread expectation for the year is the current spread level sort of a reasonable number based on your expectations?

好的，太好了，這很有幫助。那麼，關於今年的利差預期，目前的利差水準是否符合您的預期，算是合理的數字嗎？

Hey, Bose, this is Zachary Carpenter. Good question. I think this really boils down to volume mix. In 2025, it was a year of substantial growth across our newer segments, and as we’ve discussed in our script, those carry more accretive yields than some of our legacy or other assets that didn’t grow as fast in 2025.

嘿，Bose，我是紮克瑞·卡彭特。問得好。我認為這歸根結底還是音量混合的問題。2025 年，我們各個新興業務板塊都實現了大幅增長，正如我們在腳本中所討論的，這些板塊的收益比我們的一些傳統資產或其他在 2025 年增長速度較慢的資產更高。

We talked about an inflection point in Advantage in 2024. We see strong momentum heading into the first part of this year, and given the strength of the counterparties, those assets carry much tighter credit spreads than some of the other products.

我們討論了 Advantage 在 2024 年的轉捩點。我們看到今年上半年市場勢頭強勁，鑑於交易對手的實力，這些資產的信用利差比其他一些產品要窄得多。

So, it’s really hard to pinpoint where we anticipate spreads going. It really depends on product mix and growth opportunities.

因此，我們很難準確預測價差的走向。這主要取決於產品組合和成長機會。

As we look out to the first part or at least the first half of 2026, we see strong and sizable growth across all of our segments and products, and the size of that growth will impact the overall net‑effective‑spread percentage.

展望 2026 年上半年，我們看到所有業務板塊和產品都將實現強勁而可觀的成長，而這種成長的規模將影響整體淨有效利差百分比。

That being said, we’re focused on growing revenues, or the total net‑effective‑spread dollar amount, and we feel confident that given our risk profile and the growth opportunities ahead, we’ll see strong growth there as well.

也就是說，我們專注於提高收入，或者說淨有效利差總額，我們相信，鑑於我們的風險狀況和未來的成長機會，我們也將看到這方面的強勁成長。

Okay, great, thanks.

好的，太好了，謝謝。

William Ryan, Seaport Research Partners.

William Ryan，Seaport Research Partners。

Good afternoon. Thanks for taking my questions, and I’d also like to extend my congratulations to Matthew. Question following up on the last one regarding the provision: historically, credit provisioning has been related to idiosyncratic events, but it sounded like there may have been a little bit more going on in the portfolio.

午安.感謝您回答我的問題，也想向馬修表示祝賀。關於撥備的最後一個問題，還有一個後續問題：從歷史上看，信貸撥備與特殊事件有關，但聽起來投資組合中可能還有一些其他情況。

You highlighted broadband, a few small credits, and also in Corporate Ag Finance. I was wondering if you could unpack that a bit more to help us understand whether something broader was happening with these smaller credits that caused more disruption in the fourth quarter, or if this was simply a one‑off event concentrated among these specific credits?

您重點介紹了寬頻、一些小額信貸以及企業農業金融。我想請您再詳細解釋一下，以幫助我們了解是否是這些較小的信貸項目導致了第四季度更大的混亂，還是這僅僅是集中在這些特定信貸項目上的一次性事件？

Yeah, Bill, let me give you some additional colour on that. I guess the first thing I would emphasize is that we’re quite emphatic there’s nothing systemic here in the portfolio.

是的，比爾，讓我再補充一些細節。我想強調的第一點是，我們非常明確地表示，投資組合中沒有任何系統性問題。

When we talk about a few small credits, I want to underscore that it truly is a small number of loans compared to the thousands and thousands of loans we have on our balance sheet. And if you look at our financials, the acceptable loan quality is very high across all of our segments. We feel very confident that there are no systemic or portfolio‑wide issues we’re not aware of.

當我們談到幾筆小額貸款時，我想強調的是，與我們資產負債表上成千上萬筆貸款相比，這確實是一筆很小的貸款。如果你看一下我們的財務數據，你會發現我們所有業務部門的貸款品質都非常高。我們非常有信心，不存在我們未察覺的系統性或投資組合範圍內的任何問題。

As it pertains to these few individual loans, the issues are very borrower‑specific. In the lending space, you’re going to have operational issues, management issues, market changes, market dynamics, and consumer‑behaviour changes that all impact businesses.

就這幾筆個別貸款而言，問題很大程度上取決於借款人的具體情況。在貸款領域，你會遇到營運問題、管理問題、市場變化、市場動態以及消費者行為變化，所有這些都會對企業產生影響。

As we noted in the script, some of these loans were purchased right outside of COVID, and things have changed post‑COVID. Some businesses are still dealing with that and struggling to right‑size their operations. For a few of these loans, it was those types of market dynamics that created the risks we saw in 2025.

正如我們在劇本中提到的，其中一些貸款是在新冠疫情爆發前購買的，而新冠疫情爆發後情況發生了變化。有些企業仍在應對這些問題，並努力調整營運規模以合理化。對於其中一些貸款而言，正是這類市場動態造成了我們在 2025 年看到的風險。

We’ve been monitoring these loans for some time now, so we were aware of the situations. Things simply transpired in the fourth quarter that created further deterioration. That being said, it’s a few borrowers, and this was very borrower‑specific. Overall, we feel very confident in the quality of our portfolios.

我們已經關注這些貸款一段時間了，所以我們了解相關情況。第四季發生的一些事情導致了進一步的惡化。也就是說，它只有幾個借款人，而且這種情況與借款人的具體情況密切相關。總體而言，我們對我們投資組合的品質非常有信心。

Okay, and I want to follow up on credit with just a couple more questions. In the Farm & Ranch business, I believe the loan payments are due January 1 and July 1 each year, and I was wondering if you might be able to give us some indication obviously farm credit has been in the headlines for the past several months. Is there anything of note that took place when these payments came due on January 1? And following up on that, I believe there is going to be a disbursement of market‑stabilization payments from the government in February, which should help farmers as well.

好的，關於信用方面，我還想再問幾個問題。在農場和牧場行業，我認為貸款還款日是每年的 1 月 1 日和 7 月 1 日，我想知道您是否能給我們一些提示，顯然，在過去的幾個月裡，農業信貸一直是新聞頭條。1月1日這些款項到期時，是否發生了什麼值得注意的事？此外，我認為政府將在二月發放市場穩定補貼，也應該有助於農民。

That’s great. January 1 and July 1 are typically large prepayment periods. The January 1 prepayment cycle was in line with January 1, 2025 there was nothing unique about this payment cycle. In fact, we’ve seen significantly more growth during the month of January than prepayments, which again shows the momentum we’ve had in this space.

那太好了。1月1日和7月1日通常是大額預付款期。1 月 1 日的預付款週期與 2025 年 1 月 1 日的預付款週期一致，這個付款週期沒有什麼特別之處。事實上，我們在 1 月看到的成長遠超預付款，這再次表明我們在該領域擁有強勁的發展勢頭。

You’re right that, as it pertains to government program payments, the projected 2026 net cash farm income is going to be supported by a significant amount of government payments, and there are a couple of components to that. First, in HR 1, there were some Farm Bill enhancements primarily related to price‑trigger commodity programs it’s about $13 billion in 2026 that will be going out later.

您說得對，就政府專案支付而言，預計 2026 年的農業淨現金收入將得到大量政府支付的支持，其中包含幾個方面。首先，在 HR 1 中，有一些農業法案的改進措施，主要與價格觸發商品計劃有關，該計劃在 2026 年將投入約 130 億美元，這些資金將在稍後發放。

Some of the ad hoc and disaster aid totals about $24 billion, with some of this being a carryover from 2025 as those funds start going out.

部分臨時援助和災害援助總額約為 240 億美元，其中一部分是 2025 年結轉的資金，這些資金將開始發放。

We have seen some of those disbursements already, and they are supporting the tight ag‑economy cycle right now, especially in the row‑crop space. So those will be a benefit going forward given the substantial amount of government payments going out in 2026.

我們已經看到其中一些資金撥付，它們正在支持當前緊張的農業經濟週期，尤其是在大田作物領域。鑑於2026年政府將發放大量款項，這些措施將在未來帶來好處。

Okay, and just one last question I’ll try and get one more in here on the expense outlook. Obviously, a bump‑up in expenses on some of the things that you highlighted over the course of your transaction expenses, personnel, investments.

好的，最後一個問題，我再問一個關於支出前景的問題。顯然，您在交易費用、人員配備、投資等方面的支出有所增加。

The fourth‑quarter number looked like it came back down quite a bit year over year. How should we be thinking about expense growth in 2026?

第四季的數據看起來比去年同期下降了不少。我們該如何看待2026年的費用成長？

Hey Bill, this is Matthew. Good afternoon. To give you a little bit of insight into expense growth, a couple of things to keep in mind: there is some modest seasonality that factored into the slowing of expense growth in the fourth quarter.

嗨，比爾，我是馬修。午安.為了讓您更深入了解支出成長情況，有幾點需要注意：第四季支出成長放緩受到一些輕微的季節性因素影響。

When we turned the page and turned the calendar into 2026, the first quarter tends to have higher personnel expenses as we look at resetting things like payroll taxes and the like that’s one factor to keep in mind.

當我們翻開新的一頁，將日曆翻到 2026 年時，第一季的人員支出往往會更高，因為我們需要重新調整薪資稅等事項，這是需要考慮的因素。

More broadly for the business, as we look to 2026, there will be a level of expense growth that will be incurred as we continue to grow outstanding business volume. There are transaction‑related expenses, operational expenses, and the need for incremental personnel to support the growing business.

更廣泛地說，展望 2026 年，隨著我們持續成長的未實現業務量，業務支出將會出現一定程度的成長。有交易相關費用、營運費用，以及為支援業務成長而需要增加人員的情況。

We will also be looking for strategic investments, particularly in the technology platform, as well as selective investments in business development, to further enhance growth and take advantage of the market opportunities that are present at this point in time.

我們還將尋求策略性投資，尤其是在技術平台方面，以及對業務發展進行選擇性投資，以進一步促進成長並利用當前存在的市場機會。

With that being said, we are being very mindful of making sure that we continue to operate within the target efficiency ratio of 30%, and you’ll see that we were over 2% below that here in the quarter. We will continue to balance making investments while operating very efficiently in the future.

儘管如此，我們仍然非常注意確保我們的營運效率保持在 30% 的目標範圍內，而且你會看到，本季我們的效率比目標低了 2% 以上。未來我們將繼續在投資和高效營運之間取得平衡。

Okay, Thanks for taking my questions.

好的，謝謝您回答我的問題。

Brendan McCarthy, Sidoti.

布倫丹·麥卡錫，西多蒂。

Great. Good afternoon, everybody. I appreciate you taking questions here. Just want to start off on your outlook for the volume mix heading into 2026.

偉大的。大家下午好。感謝您在這裡回答問題。首先想了解您對 2026 年銷售組合的展望。

I know you mentioned your pretty positive outlook for broad gains across the portfolio. Are you able to kind of dissect that outlook a little bit more as to which specific segments or lines of business you're more bullish on relative to others?

我知道你曾表示對投資組合的整體收益持相當樂觀的態度。您能否更詳細地分析您的觀點，並說說您對哪些特定領域或業務線比其他領域或業務線更看好？

Hi Brendan, it’s Zachary Carpenter here. Yeah, I think it’s a very consistent theme, with one notable exception that we experienced in 2025. So, first and foremost, the pipelines across our Infrastructure Finance line of business continue to remain at very strong and elevated levels.

嗨，Brendan，我是Zachary Carpenter。是的，我認為這是一個非常一致的主題，除了 2025 年我們經歷的一個明顯例外。首先，我們基礎設施融資業務線的管道建設仍然保持非常強勁和高水準。

We talked about that a little in the script. It’s just a function of the need for energy that’s coming from all sources of our segments, as well as the strong growth in data-centres.

我們在劇本裡稍微提過這一點。這只是我們各個業務部門對能源的需求，以及資料中心強勁成長的結果。

So, for the foreseeable future at least the next couple of quarters we see very strong pipelines across all three of those segments, which is just a continuation of what we saw in 2025. Looking over on the Agricultural Finance line of business, as I noted, Farm and Ranch continue to perform at a very elevated level.

因此，在可預見的未來，至少在接下來的幾個季度裡，我們看到這三個領域的專案儲備都非常強勁，這只是我們在 2025 年所看到的情況的延續。正如我之前提到的，在農業金融業務線中，農場和牧場業務繼續保持著非常高的表現水準。

Loan submissions and approvals were a record in January, so a lot of the momentum we saw in the second half of 2025 continues to roll over, given the dynamics in the agricultural environment as well as our customers financial institutions managing capital, liquidity, etc.

1 月貸款申請和批准數量創下紀錄，因此，鑑於農業環境的動態以及我們的客戶金融機構對資本、流動性等的管理，我們在 2025 年下半年看到的許多勢頭仍在延續。

So we continue to expect to see strong growth in Farm and Ranch. And I think the one notable exception from 2025 is really Farm and Ranch Advantage.

因此，我們繼續預期農場和牧場產業將保持強勁成長。我認為 2025 年唯一值得注意的例外是農場和牧場優勢計劃。

We had a very strong fourth quarter. We’re having very strong conversations right now with our counterparties plus new counterparties, so we anticipate that growth trend increasing in 2026, starting very early.

我們第四節表現非常出色。我們目前正在與現有交易對手以及新的交易對手進行非常深入的對話，因此我們預計這一成長趨勢將在 2026 年開始加速，而且會很早就開始。

And so, I think from a mix perspective, it’s a little bit all over the board across all segments, with one notable exception being we see some pretty strong growth in Farm and Ranch Advantage, which, as you’ve known, has been in a kind of decline mode over the last couple of years.

因此，我認為從組合的角度來看，各個細分市場的情況都比較雜亂，但有一個明顯的例外，那就是農場和牧場優勢市場出現了相當強勁的增長，而正如您所知，該市場在過去幾年中一直處於某種衰退狀態。

Great. I appreciate that detail. And just as a follow‑up there with the Advantage business: I know that's more of kind of like a relative‑value proposition, and it sounds like that relative value might be increasing. What's really driving that? Is this maybe lower rates, or is it just what you're able to offer counterparties?

偉大的。我很欣賞這個細節。關於 Advantage 業務，我想補充一點：我知道這更像是一種相對價值主張，而且聽起來這種相對價值可能正在增加。真正的驅動因素是什麼？這或許是較低的利率，還是只是你能提供給交易對手的利率？

There’s a lot of components to that question, but I think there are a couple of key requirements that are driving the opportunity set here. First is some of these counterparties these new counterparties that we’re talking about their facilities have closed. I mean, these are very complex, time‑consuming facilities and, in many instances, require counterparty regulatory approval.

這個問題涉及很多方面，但我認為有幾個關鍵需求正在推動這裡的機會出現。首先，我們正在討論的這些新交易對手中的某些，他們的設施已經關閉了。我的意思是，這些都是非常複雜、耗時的設施，而且在許多情況下還需要交易對手監管機構的批准。

That could take months, and so as those approvals have started coming in, there is now a closed facility where these counterparties want to leverage our relative value versus other opportunities and pledge the collateral to support their growth and their balance sheet.

這可能需要幾個月的時間，因此，隨著這些批准開始陸續到來，現在出現了一個封閉式融資機制，這些交易對手希望利用我們相對於其他機會的相對價值，並抵押擔保品來支持他們的成長和資產負債表。

The second is, as we’ve modified certain facilities with existing counterparties that have more value or more available capacity, they’re seeing more utilization as they continue to grow and originate loans.

第二點是，隨著我們與現有交易對手方修改了某些融資安排，這些交易對手方擁有更高的價值或更多的可用產能，隨著他們不斷發展壯大並發放貸款，他們的利用率也越來越高。

So I guess what I would say is the fourth quarter was kind of the inflection point where a lot of these components that we’ve been talking about over the last 12 to 18 months have come to fruition and concluded, and now we’re seeing the benefits of that, just given the relative value of this product set versus other liquidity sources in the market.

所以我想說的是，第四季度是一個轉捩點，過去 12 到 18 個月裡我們一直在討論的許多組成部分都得到了實現和完成，現在我們看到了這些成果帶來的好處，這僅僅是因為該產品組合相對於市場上其他流動性來源的價值。

Understood. Thanks, on that, Zach. And one more question from me just really looking at the credit side. I believe that, Brad, I believe you mentioned there may be a recovery in the outlook there. Did I hear that correctly?

明白了。謝謝，扎克。我還有一個問題，主要是想了解信貸方面的狀況。布拉德，我相信，你之前也提到過，那裡的前景可能會有所改善。我沒聽錯吧？

Yeah, Brenden, this is Zach again. Yeah, that’s correct. As we’ve disclosed in our financials and talked about over the last couple of years, clearly the permanent planting specifically almonds in California experienced a stressed environment.

是的，布倫丹，我是札克。是的，沒錯。正如我們在財務報告中所揭露的，以及過去幾年裡討論過的，很明顯，加州的永久種植，特別是杏仁種植，經歷了緊張的環境。

On the positive side, in 2025 we’ve seen some improvement in pricing. And as Brad noted on the call, a borrower that had experienced stress in our portfolio we are seeing some resolve in that transaction, which we believe, in the first half of this year, will result in a meaningful reduction in our 90‑plus‑day delinquencies, as well as some recoupment of fees and interest income that we’ve been holding back given the status of that loan.

從正面的方面來看，2025 年的價格有所改善。正如布拉德在電話會議上指出的那樣，我們投資組合中一位曾經歷壓力的借款人，目前在該筆交易中看到了一些進展，我們相信，在今年上半年，這將顯著減少我們90天以上的逾期貸款，並收回一些我們因該筆貸款的狀況而一直扣留的費用和利息收入。

And Brendan, this is Matthew If I could just add one additional point: the specific borrower that was referenced in Brad’s comments and that Zach just touched on is actually not going to meaningfully impact credit costs or recoveries.

布倫丹，我是馬修。如果我可以補充一點：布拉德的評論中提到的那個借款人，以及扎克剛才提到的那個借款人，實際上不會對信貸成本或回收產生實質性的影響。

As we have not charged any of that borrower’s assets off at this point. The positive financial impact for that particular borrower will be recognized through an increase in net effective spread, as that asset has been on nonaccrual for some period of time.

由於我們目前尚未對該借款人的任何資產進行註銷。對於該特定借款人而言，正面的財務影響將透過淨有效利差的增加來體現，因為該資產已處於非應計狀態一段時間。

Understood. Thanks, Zach. Thanks, Matthew. That’s all for me.

明白了。謝謝你，扎克。謝謝你，馬修。這就是我全部的內容了。

Gary Gordon.

加里·戈登。

Hi, thank you. A couple of things. One, the dividend increase is 7%. I think historically it’s on the low side. I mean, some of your thinking that you're laying out the strong business growth and also the repurchase opportunity that the assumption is that more of your capital than normal would be used to fund the balance‑sheet growth and potentially share repurchase?

您好，謝謝。有幾件事。第一，股息成長7%。我認為從歷史角度來看，這個數字很低。我的意思是，你們的一些想法是，你們正在規劃強勁的業務成長以及回購機會，而假設是你們將比平常更多的資本用於為資產負債表成長和潛在的股票回購提供資金？

Yeah, Gary, obviously we have a number of tools for managing capital growth, including earnings, dividends from that, preferred‑stock issuances, securitizations which can change relative requirements rather than notional requirements.

是的，Gary，顯然我們有很多工具來管理資本成長，包括收益、由此產生的股息、優先股發行、證券化，這些都可以改變相對要求，而不是名義要求。

And so we look at all the tools that we have available to us, and probably the most significant factor in looking at what’s the appropriate amount of dividend increase this year is the fact that our growth has been very strong and our growth has been very strong in segments of business that consume a bit more capital and so you see that reflected.

因此，我們審視了所有可用的工具，而今年考慮適當股息成長幅度的最重要因素可能是，我們的成長非常強勁，尤其是在那些需要更多資本的業務領域，因此你會看到這一點有所體現。

For the long‑term financial strength and performance of Farmer Mac, that’s a very positive thing.

對於 Farmer Mac 的長期財務實力和業績而言，這是一件非常積極的事情。

Thank you. Two, on the problem loans you said they're from ’21 to ’23. You said they were one‑offs, but were there lessons learned there that affected your underwriting today?

謝謝。第二，關於問題貸款，你說它們從「 21」到「 23」。您說這些都是個例，但從中吸取了哪些經驗教訓，從而影響了您今天的核保工作？

Yeah, Gary, we constantly evolve and monitor markets and adjust our philosophy and underwriting. We don’t change our standards, but we update our thought process based on what we’ve seen in the markets. For a couple of these especially the one originated in 2021 it was dramatically different times in COVID and out of COVID, and certain markets reacted differently.

是的，Gary，我們會不斷發展和監控市場，並調整我們的理念和承保方式。我們不會改變我們的標準，但我們會根據我們在市場上看到的現象來更新我們的思考方式。其中幾起事件，尤其是2021年發生的那起事件，正值新冠疫情期間和疫情結束後，時代背景截然不同，某些市場的反應也不同。

Certain supply‑and‑demand dynamics changed, and I think a couple of these individual borrowers experienced some of those market changes, consumer‑behaviour changes, and just frankly some operational issues that management struggled working through.

某些供需動態發生了變化，我認為其中一些借款人經歷了這些市場變化、消費者行為變化，坦白說，也經歷了一些管理層難以解決的營運問題。

I think when you take a step back from an underwriting standpoint, our primary focus is, first and foremost, having the right expertise in‑house. You’ve seen our increase in headcount. A lot of that is to get the right personnel to adjudicate and understand the risk and monitor the risk in these newer segments, which we’ve done.

我認為，從承保的角度來看，我們的首要重點是擁有適當的內部專業知識。您已經看到了我們員工人數的成長。其中許多工作是找到合適的人員來判斷和了解這些新興領域的風險，並監控風險，而我們已經做到了這一點。

And the second is, as markets evolve and we see transactions like this, it does help in future adjudication of transactions to take a step back and see what’s transpired in the markets. Every market is operating differently, and we want to use the most up‑to‑date information to make appropriate credit decisions as we move forward.

第二點是，隨著市場的發展，我們看到了這樣的交易，退一步看看市場發生了什麼，確實有助於未來對交易進行裁決。每個市場的運作方式都不同，我們希望利用最新的資訊來做出適當的信貸決策。

So, I think the long answer is yes, we continue to assess markets and borrower‑specific issues and adjust our thinking in risk adjudication when that comes up.

所以，我認為長遠來看，答案是肯定的，我們會繼續評估市場和借款人的具體問題，並在出現問題時調整我們在風險裁決中的想法。

Okay, last thing is the data‑center demand. Has that had any material and sort of general impact on farmland prices? And if so, I can imagine for existing loans that would be a positive, but it could create a little more risk lending today.

好的，最後一點是資料中心的需求。這是否對農地價格產生了任何實質的、普遍的影響？如果是這樣，我想對於現有貸款來說，這或許是個好消息，但可能會為今天的貸款帶來一些風險。

Yeah, Gary, the opportunities that we’ve seen in the data‑center space have been in really rural areas, not necessarily in productive farmland areas. I know there’s been some out there and some articles that have highlighted the interaction between arable and productive farmland versus renewable‑energy projects and data centres.

是的，Gary，我們在資料中心領域看到的機會主要集中在農村地區，不一定是在生產力高的農田地區。我知道已經有一些文章和研究強調了可耕種和高產量農田與再生能源專案和資料中心之間的相互作用。

We haven’t seen that or experienced that in our portfolio. From a farmland‑value perspective, it’s been relatively stable.

我們在投資組合中沒有見過或經歷過這種情況。從農地價值的角度來看，它一直相對穩定。

We’ve seen some declines just given the overall commodity cycle in some of the regions where we have loans in our portfolio, but we really haven’t seen a correlation between data‑centre investments and construction and changes in or increases in farmland values.

鑑於我們投資組合中某些地區的大宗商品整體週期，我們看到了一些下降，但我們並沒有看到資料中心投資和建設與農地價值的變化或成長之間存在相關性。

Okay, Thank you very much.

好的，非常感謝。

Thank you to our audience members who had shared your questions. Mr. Nordholm, I'm pleased to turn it back to you, sir, for any additional or closing remarks.

感謝現場觀眾提出的問題。諾德霍爾姆先生，我很高興把發言權交還給您，先生，請您再補充或作總結發言。

Great, well, Thank you all very much for joining us. And thanks for your patience. I think we had a couple of situations with background sirens today, and our office here at 2,100 Pennsylvania Avenue, a couple of blocks from the White House, occasionally especially when there are a lot of foreign dignitaries in town for events results in motorcades and ambulances and thank you for bearing with us today.

太好了，非常感謝各位的參與。感謝您的耐心等待。今天我們這裡發生了幾起警笛聲，我們位於賓夕法尼亞大道 2100 號的辦公室距離白宮只有幾個街區，尤其是在有很多外國政要來城裡參加活動的時候，經常會聽到車隊和救護車的聲音。感謝大家今天的耐心配合。

But I would like to conclude by thanking everyone for listening in on the call. We’ll, of course, be having our regularly scheduled call again in May to report our first‑quarter results.

最後，我要感謝大家收聽這次電話會議。當然，我們將在五月再次召開例行電話會議，報告我們第一季的業績。

We look forward to sharing information with you at that time, but in the meantime, please do consider joining us for our Investor Day in New York and please follow up with Jalpa with any other questions that you may have. With that, thanks again, and operator, we will conclude the call.

我們期待屆時與您分享相關信息，但在此期間，請考慮參加我們在紐約舉辦的投資者日活動，如有任何其他疑問，請隨時與 Jalpa 聯繫。再次感謝接線生，通話到此結束。

Ladies and gentlemen, this does conclude today's Farmer Mac 2025 earnings results conference call, and we do thank you all for your participation. You may now disconnect your lines. Please enjoy the rest of your day.

女士們、先生們，今天的 Farmer Mac 2025 年收益報告電話會議到此結束，感謝各位的參與。現在您可以斷開線路了。祝您今天餘下的時間愉快。