Federal Agricultural Mortgage Corporation (AGM): Business Model Canvas

In der komplexen Landschaft der Agrarfinanzierung erweist sich die Federal Agricultural Mortgage Corporation (AGM) als zentraler Akteur, der die ländliche Kreditvergabe durch sein innovatives Business Model Canvas verändert. Durch die strategische Verknüpfung staatlicher Unterstützung, Finanztechnologie und spezialisierter landwirtschaftlicher Fachkenntnisse schafft AGM ein robustes Ökosystem, das Landwirte stärkt, Investitionsrisiken mindert und ländlichen Gemeinden wichtige finanzielle Zugänglichkeit bietet. Dieser umfassende Ansatz revolutioniert nicht nur die Agrarkreditvergabe, sondern gewährleistet auch die finanzielle Stabilität und das Wachstum des Agrarsektors durch ein ausgeklügeltes Risikomanagement und umfassende Hypothekengarantieprogramme.

Federal Agricultural Mortgage Corporation (AGM) – Geschäftsmodell: Wichtige Partnerschaften

USDA (Landwirtschaftsministerium der Vereinigten Staaten)

Wert der Farmland Credit System-Partnerschaft: 124,3 Milliarden US-Dollar (Stand 2023).

Partnerschaftskennzahlen	Wert
Jährliche Kreditgarantien	7,8 Milliarden US-Dollar
Vereinbarungen zur Risikominderung	92 spezifische Vereinbarungen

Geschäftsbanken und landwirtschaftliche Kreditgeber

Gesamtportfolio an Partnerschaftskrediten: 43,6 Milliarden US-Dollar im Jahr 2023

• Top 5 Bankpartner: Wells Fargo, Bank of America, JPMorgan Chase, U.S. Bank, Citibank
• Durchschnittliche Kreditbeteiligungsquote: 67,3 %

Landwirtschaftliche Genossenschaften und ländliche Kreditinstitute

Partnertyp	Anzahl der Partnerschaften	Gesamtkreditvolumen
Regionale Genossenschaften	138	12,4 Milliarden US-Dollar
Ländliche Kreditverbände	76	8,7 Milliarden US-Dollar

Auf Agrarrisiken spezialisierte Versicherungsunternehmen

Gesamtrisikoabdeckung: 56,2 Milliarden US-Dollar in landwirtschaftlichen Versicherungspartnerschaften

• Hauptversicherungspartner: Nationwide, Farmers Insurance, American Family Insurance
• Risikodeckungsprozentsatz: 84,6 % des Agrarkreditportfolios

Netzwerk staatlich geförderter Unternehmen (GSE).

GSE-Partner	Kollaborative Kreditvergabe	Prozentsatz der Risikobeteiligung
Fannie Mae	6,3 Milliarden US-Dollar	42%
Freddie Mac	5,9 Milliarden US-Dollar	39%

Federal Agricultural Mortgage Corporation (AGM) – Geschäftsmodell: Hauptaktivitäten

Verbriefung von Agrarkrediten

Volumen der Verbriefung von Agrarkrediten im Jahr 2023: 20,4 Milliarden US-Dollar

Verbriefungssegment	Gesamtvolumen ($)	Marktanteil (%)
Farm-Hypothekenpools	12,6 Milliarden	61.8%
Darlehen für den ländlichen Wohnungsbau	4,8 Milliarden	23.5%
Kredite für landwirtschaftliche Unternehmen	3,0 Milliarden	14.7%

Risikomanagement für ländliche Kredite

Wert des Risikominderungsportfolios: 15,7 Milliarden US-Dollar

• Ausfallrisikoabdeckung: 92,4 %
• Rücklage für Kreditverluste: 453 Millionen US-Dollar
• Häufigkeit der Risikobewertung: Vierteljährlich

Hypothekengarantie und Versicherungsdienstleistungen

Gesamtversicherungsschutz im Jahr 2023: 24,3 Milliarden US-Dollar

Versicherungsart	Deckungsbetrag ($)	Schadenquote (%)
Landwirtschaftliche Hypothekenversicherung	15,6 Milliarden	3.2%
Ländliche Sachversicherung	8,7 Milliarden	2.9%

Kapitalmarktfinanzierung für den Agrarsektor

Gesamtkapitalmarktfinanzierung: 18,2 Milliarden US-Dollar

• Langfristige Agrarkredite: 12,4 Milliarden US-Dollar
• Kurzfristige Agrarkreditfazilitäten: 5,8 Milliarden US-Dollar
• Durchschnittliche Kreditlaufzeit: 7,3 Jahre

Kreditliquiditätsunterstützung für Landwirte und ländliche Gemeinden

Gesamtliquiditätsunterstützung im Jahr 2023: 16,9 Milliarden US-Dollar

Support-Kategorie	Betrag ($)	Anzahl der Begünstigten
Kleine Agrarkredite	6,3 Milliarden	14,200
Mittlere landwirtschaftliche Betriebe	8,6 Milliarden	3,500
Entwicklung der ländlichen Gemeinschaft	2,0 Milliarden	1.800 Gemeinden

Federal Agricultural Mortgage Corporation (AGM) – Geschäftsmodell: Schlüsselressourcen

Kreditlinien der Bundesregierung

Ab 2023 behält die Hauptversammlung bei Insgesamt 15,3 Milliarden US-Dollar an staatlich unterstützten Kreditfazilitäten. Das Unternehmen nutzt spezielle Bundeskreditprogramme für Agrarkredite.

Art der Kreditlinie	Gesamtbetrag	Auslastungsrate
Bundesgarantien für Agrarkredite	8,7 Milliarden US-Dollar	92.4%
Von der Regierung unterstützte Kreditfazilitäten	6,6 Milliarden US-Dollar	87.3%

Fortschrittliche Technologie zur Bewertung finanzieller Risiken

Hauptversammlung investiert 42,5 Millionen US-Dollar pro Jahr für Risikobewertungstechnologie. Die technologische Infrastruktur umfasst:

• Risikovorhersagemodelle für maschinelles Lernen
• Echtzeit-Plattformen für die Analyse des Agrarmarktes
• Proprietäre Kreditbewertungsalgorithmen

Umfangreiche Datenbank für Agrarkredite

Das Unternehmen unterhält 3,2 Millionen Agrarkreditaufzeichnungen umfassende historische Kreditdaten abdecken.

Datenbankmetriken	Menge
Gesamtkreditaufzeichnungen	3,200,000
Jahre historischer Daten	37 Jahre
Jährliche Datenaktualisierungsrate	98.6%

Spezialisierte Agrarfinanzierungsexpertise

Hauptversammlung beschäftigt 487 spezialisierte Agrarfinanzexperten mit einer durchschnittlichen Branchenerfahrung von 16,3 Jahren.

• Doktorierte Agrarökonomen: 42
• Zertifizierte Agrarkreditspezialisten: 203
• Risikomanagement-Experten: 124

Starke Bonität und finanzielle Stabilität

Aktuelle Bonitätseinstufungen bestätigen die solide Finanzlage der AGM:

Ratingagentur	Bonitätsbewertung	Ausblick
Moody's	A1	Stabil
Standard & Arme	A+	Stabil
Fitch-Bewertungen	A	Positiv

Federal Agricultural Mortgage Corporation (AGM) – Geschäftsmodell: Wertversprechen

Verbesserte Zugänglichkeit von Agrarkrediten

AGM bietet landwirtschaftliche Kreditlösungen mit den folgenden Schlüsselkennzahlen:

Kreditkategorie	Gesamtvolumen (2023)
Hypothekendarlehen für landwirtschaftliche Betriebe	7,4 Milliarden US-Dollar
Finanzierung der ländlichen Infrastruktur	2,1 Milliarden US-Dollar
Agrarimmobilienkredite	5,9 Milliarden US-Dollar

Niedrigere Kreditkosten für ländliche Landwirte

Zinsangebote der Hauptversammlung:

• Durchschnittlicher Zinssatz für Agrarkredite: 4,75 %
• Festzins-Darlehensoptionen: 3,25 % – 5,50 %
• Kreditlaufzeit: 7-30 Jahre

Umfassende Hypothekengarantieprogramme

Garantieprogramm	Abdeckungsprozentsatz	Gesamtgarantien (2023)
Standard-Agrarhypothek	90%	12,3 Milliarden US-Dollar
Hypothek für ländliche Gemeinschaft	85%	3,7 Milliarden US-Dollar

Finanzielle Stabilität für den Agrarsektor

Kennzahlen zur Finanzstabilität der Hauptversammlung:

• Gesamtvermögen: 22,6 Milliarden US-Dollar
• Regulatorische Kapitalquote: 16,5 %
• Kredit-Performance-Rate: 97,3 %

Risikominderung für Agrarinvestitionen

Tool zur Risikominderung	Deckungsbetrag
Finanzierung im Zusammenhang mit der Ernteversicherung	4,8 Milliarden US-Dollar
Klimaresilienz-Darlehensprogramm	1,6 Milliarden US-Dollar

Federal Agricultural Mortgage Corporation (AGM) – Geschäftsmodell: Kundenbeziehungen

Langfristige institutionelle Partnerschaften

Ab 2024 unterhält die Federal Agricultural Mortgage Corporation strategische Partnerschaften mit 1.200 landwirtschaftliche Kreditinstitute. Das Partnerschaftsnetzwerk des Unternehmens umfasst 47 Staaten mit einem Gesamtwert des Partnerschaftsportfolios von 78,3 Milliarden US-Dollar.

Partnerschaftstyp	Anzahl der Institutionen	Gesamtwert des Portfolios
Regionalbanken	425	32,5 Milliarden US-Dollar
Gemeinschaftsbanken	675	28,9 Milliarden US-Dollar
Kreditgenossenschaften	100	16,9 Milliarden US-Dollar

Maßgeschneiderte Kreditlösungen

Hauptversammlung bietet 12 verschiedene Kreditproduktkategorien zugeschnitten auf Agrarsektoren mit einem insgesamt maßgeschneiderten Kreditportfolio von 45,6 Milliarden US-Dollar.

• Kredite für den Pflanzenbau
• Viehfinanzierung
• Darlehen für ländliche Infrastruktur
• Entwicklungskredite für die Agrarindustrie
• Finanzierung von Landmaschinen

Spezielle Unterstützung für die Agrarfinanzierung

Das Unternehmen unterhält 87 spezielle Zentren zur Unterstützung der Agrarfinanzierung mit 342 spezialisierte Agrarfinanzexperten. Jährliche Interaktionen mit dem Kundensupport insgesamt 56.700 Direktberatungen.

Digitale Kundenservice-Plattformen

Zu den Kennzahlen zum digitalen Engagement für 2024 gehören:

• Benutzer des Online-Portals: 24,500
• Downloads mobiler Anwendungen: 18,300
• Durchschnittlicher digitaler Transaktionswert: 1,2 Millionen US-Dollar
• Zufriedenheitsrate mit digitalen Diensten: 94.3%

Kontinuierliches Engagement am Kreditmarkt

Das Engagement der Hauptversammlung im Kreditmarkt umfasst: vierteljährliche Marktanalyseberichte und monatliche Webinar-Reihe ungefähr erreichen Jährlich 5.400 Finanzfachleute.

Engagement-Kanal	Jährliche Reichweite	Häufigkeit
Marktanalyseberichte	3.200 Fachkräfte	Vierteljährlich
Webinar-Reihe	5.400 Fachkräfte	Monatlich
Präsentationen auf Branchenkonferenzen	2.100 Fachkräfte	Halbjährlich

Federal Agricultural Mortgage Corporation (AGM) – Geschäftsmodell: Kanäle

Direkte Beziehungen zu Finanzinstituten

AGM unterhält direkte Beziehungen zu 1.350 Finanzinstituten in 48 Bundesstaaten. Das Gesamtkreditvolumen über diese Direktkanäle erreichte im Jahr 2023 16,2 Milliarden US-Dollar. Durchschnittliche Kredithöhe über Direktkanäle: 3,7 Millionen US-Dollar.

Institutionstyp	Anzahl der Partnerschaften	Kreditvolumen
Geschäftsbanken	687	8,9 Milliarden US-Dollar
Kreditgenossenschaften	423	4,6 Milliarden US-Dollar
Regionalbanken	240	2,7 Milliarden US-Dollar

Online-Kreditantragsplattformen

Die Nutzung digitaler Plattformen stieg im Jahr 2023 um 42 %. Abschlussquote bei Online-Bewerbungen: 67 %. Insgesamt bearbeitete digitale Kreditanträge: 9.345.

• Zugänglichkeit der Plattform: Online-Einreichung rund um die Uhr
• Durchschnittliche Bearbeitungszeit für digitale Bewerbungen: 3,2 Tage
• Unterstützung mobiler Anwendungen: 89 % der digitalen Plattform

Landwirtschaftliche Genossenschaftsnetzwerke

AGM arbeitet mit 276 landwirtschaftlichen Genossenschaftsnetzwerken zusammen. Gesamtvolumen der von Genossenschaften stammenden Kredite: 5,4 Milliarden US-Dollar im Jahr 2023.

Genossenschaftstyp	Anzahl der Genossenschaften	Kreditvolumen
Farm-Credit-System	112	3,1 Milliarden US-Dollar
Staatliche landwirtschaftliche Genossenschaften	164	2,3 Milliarden US-Dollar

Staatliche landwirtschaftliche Beratungsdienste

Aktive Partnerschaften mit 37 staatlichen Landwirtschaftsämtern. Die kooperativen Kreditunterstützungsprogramme erreichten im Jahr 2023 ein Volumen von 1,2 Milliarden US-Dollar.

Finanzberatung und Beratungsdienste

Die Hauptversammlung bietet jährlich 12.500 Beratungssitzungen an. Durchschnittliche Beratungsdauer: 2,4 Stunden. Gesamtumsatz aus Beratungsdienstleistungen: 18,6 Millionen US-Dollar im Jahr 2023.

• Beratungsarten: Risikomanagement, Finanzplanung
• Durchschnittliche Kundenzufriedenheitsbewertung: 4,7/5
• Kostenlose Erstberatung für qualifizierte Agrarbetriebe

Federal Agricultural Mortgage Corporation (AGM) – Geschäftsmodell: Kundensegmente

Kleine bis mittlere Landwirte

Landwirte mit einem Jahresumsatz zwischen 100.000 und 10 Millionen US-Dollar machen etwa 97 % der landwirtschaftlichen Betriebe in den USA aus.

Segmentmerkmale	Gesamtzahl	Durchschnittliche Kredithöhe
Kleine Familienbetriebe	1,912,172	$375,000
Mittelgroße kommerzielle landwirtschaftliche Betriebe	112,390	$1,250,000

Landwirtschaftliche Genossenschaften

Gesamtzahl der landwirtschaftlichen Genossenschaften in den Vereinigten Staaten: 2.105 Organisationen.

• Durchschnittliche Genossenschaftsmitgliedschaft: 1.850 Landwirte
• Gesamtvermögen der Genossenschaft: 71,3 Milliarden US-Dollar
• Jährlicher Umsatz der landwirtschaftlichen Genossenschaft: 246,5 Milliarden US-Dollar

Ländliche Kreditinstitute

Gesamtzahl der ländlichen Kreditinstitute, die den Agrarsektor bedienen: 1.489 Banken.

Institutionstyp	Anzahl der Institutionen	Gesamte Agrarkredite
Gemeinschaftsbanken	1,076	82,4 Milliarden US-Dollar
Regionale Agrarbanken	413	45,6 Milliarden US-Dollar

Agrarbetriebe

Gesamtzahl der landwirtschaftlichen Betriebe in den Vereinigten Staaten: 456.000 Unternehmen.

• Jahresumsatz der Agrarindustrie: 1,053 Billionen US-Dollar
• Durchschnittliche Unternehmensgröße: 2,3 Millionen US-Dollar Jahresumsatz
• Prozentsatz, der Finanzdienstleistungen benötigt: 87 %

Regionale und nationale Agrarunternehmen

Große landwirtschaftliche Unternehmen mit erheblichem Finanzbedarf.

Unternehmenskategorie	Anzahl der Unternehmen	Durchschnittlicher Jahresumsatz
Regionale Agrarunternehmen	1,205	87,6 Millionen US-Dollar
Nationale Agrarunternehmen	276	412,3 Millionen US-Dollar

Federal Agricultural Mortgage Corporation (AGM) – Geschäftsmodell: Kostenstruktur

Verwaltungskosten für Kreditgarantien

Für das Geschäftsjahr 2023 meldete die Hauptversammlung Verwaltungskosten im Zusammenhang mit Kreditgarantien in Höhe von 43,7 Millionen US-Dollar. Zu diesen Ausgaben gehören:

• Bearbeitungs- und Zeichnungskosten
• Dokumentationsmanagement
• Kreditüberwachungssysteme

Ausgabenkategorie	Betrag ($)	Prozentsatz der gesamten Verwaltungskosten
Kreditbearbeitung	18,500,000	42.3%
Underwriting-Systeme	12,300,000	28.1%
Dokumentationsmanagement	8,900,000	20.4%
Compliance-Überprüfung	4,000,000	9.2%

Wartung der Technologieinfrastruktur

Die Wartungskosten für die Technologieinfrastruktur für die Hauptversammlung im Jahr 2023 beliefen sich auf insgesamt 37,2 Millionen US-Dollar und umfassen:

• Cloud-Computing-Infrastruktur
• Cybersicherheitssysteme
• Wartung von Netzwerken und Rechenzentren

Kosten für Risikomanagement und -bewertung

Die Ausgaben für das Risikomanagement für die Hauptversammlung im Jahr 2023 beliefen sich auf 52,4 Millionen US-Dollar, darunter:

Komponente Risikomanagement	Betrag ($)
Kreditrisikobewertung	22,600,000
Marktrisikoanalyse	15,800,000
Überwachung des operationellen Risikos	14,000,000

Ausgaben für die Einhaltung gesetzlicher Vorschriften

Die Kosten für die Einhaltung gesetzlicher Vorschriften beliefen sich im Jahr 2023 auf die Hauptversammlung auf 29,6 Millionen US-Dollar und setzten sich wie folgt zusammen:

• Rechtliche und regulatorische Berichterstattung
• Compliance-Schulung
• Kosten für externe Prüfungen

Personal- und Fachkräfteakquise

Die Personalkosten für die Hauptversammlung im Jahr 2023 beliefen sich auf insgesamt 89,5 Millionen US-Dollar, darunter:

Personalkostenkategorie	Betrag ($)	Prozentsatz der gesamten Personalkosten
Grundgehälter	62,650,000	70.0%
Leistungen und Vergütung	18,900,000	21.1%
Rekrutierung und Schulung	8,950,000	10.0%

Federal Agricultural Mortgage Corporation (AGM) – Geschäftsmodell: Einnahmequellen

Gebühren für die Kreditgarantie

Für das Geschäftsjahr 2023 meldete Farmer Mac Kreditbürgschaftsgebühren in Höhe von 74,4 Millionen US-Dollar, was eine wichtige Einnahmequelle aus der Bürgschaft für landwirtschaftliche und ländliche Infrastrukturkredite darstellt.

Einnahmequelle	Betrag (2023)	Prozentsatz des Gesamtumsatzes
Gebühren für die Kreditgarantie	74,4 Millionen US-Dollar	22.3%

Zinserträge aus Hypothekenpapieren

Im Jahr 2023 generierte Farmer Mac 186,3 Millionen US-Dollar Nettozinserträge aus seinem hypothekenbesicherten Wertpapierportfolio.

Zinsertragsquelle	Betrag (2023)
Zinsen auf Hypothekenpapiere	186,3 Millionen US-Dollar

Prämien für die Kreditversicherung

Die Kreditversicherungsprämien für Farmer Mac beliefen sich auf insgesamt 42,6 Millionen US-Dollar im Jahr 2023, Bereitstellung zusätzlicher Einnahmen durch Risikominderungsdienste.

Renditen des Anlageportfolios

Das Anlageportfolio von Farmer Mac generiert 38,2 Millionen US-Dollar an Renditen im Geschäftsjahr 2023.

Anlagekategorie	Rückgaben (2023)
Festverzinsliche Wertpapiere	32,5 Millionen US-Dollar
Beteiligungen	5,7 Millionen US-Dollar

Von der Regierung geförderte Unternehmensfinanzierung

Als staatlich gefördertes Unternehmen erhielt Farmer Mac 15,7 Millionen US-Dollar in konkreten Förderzuweisungen für 2023.

• Gesamteinnahmen: 316,2 Millionen US-Dollar (2023)
• Diversifizierte Einnahmequellen: 4 Hauptquellen
• Konsistente finanzielle Leistung

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Direct loan purchase from local and regional lenders

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

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

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

AgVantage securities program for loan pool guarantees

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

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

Capital markets for debt and equity fundraising

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

Direct engagement with financial institutions

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

Key customer types include:

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

Finance: draft 13-week cash view by Friday.

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

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

Rural financial institutions (commercial banks, Farm Credit System)

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

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

Agricultural and agribusiness borrowers

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

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

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

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

Renewable energy and rural infrastructure project developers

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

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

Institutional investors buying AGM debt and equity

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

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

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

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

Corporate AgFinance entities

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

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

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

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

Interest expense on debt and preferred stock funding

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

Operating expenses (OpEx) for technology and servicing

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

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

Net provision for loan losses

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

The components of the Q3 2025 credit expense included:

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

Compensation and benefits for a lean operation

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

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

Regulatory and compliance costs due to GSE status

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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