Q4 2025 Federal Agricultural Mortgage Corp Earnings Call [BACKUP]

February 19, 2026

Bill Ryan: You know, is concentrated among these credits?

[Analyst]: You know, is concentrated among these credits?

Aparna Ramesh: Yeah, Zack can give you additional color on that, Bill. I guess the one thing I would just say at the outset is that we're quite emphatic that there's nothing systemic here in the portfolio.

Matthew Pullins: Yeah, Zack can give you additional color on that, Bill. I guess the one thing I would just say at the outset is that we're quite emphatic that there's nothing systemic here in the portfolio.

Zachary Carpenter: Yeah. When we talk about, you know, a few small credits here, I do want to highlight, you know, that is a few, few loans compared to thousands and thousands of loans we have on our balance sheet. And I do want to highlight, if you look at our financials, the acceptable loan quality is very high across all of our segments. So we feel very confident that there's no systemic or portfolio-wide issues that we're not aware of. As it pertains to a few of these individual loans, it is very borrower-specific. You know, in the lending space, you're going to have operational issues, management issues, market changes, market dynamics, and consumer changes that all impact businesses.

Zachary Carpenter: As we noted in the script, some of these loans were purchased right outside of COVID, and, you know, things have changed post-COVID, and some businesses are just dealing with that and struggling to right-size their operations. And for a few of these loans, I think it was those type of market dynamics that created the risks that we saw in 2025. We've been monitoring these loans for some time now, so we were aware; things just transpired in Q4 that created further deterioration. That being said, it's a few borrowers, and this was very borrower-specific, and overall, we feel very confident with the quality of our portfolios.

Bill Ryan: Okay. And one follow-up on credit, just a couple more questions. In the farm and ranch business, I believe the loan payments are due January first and July first each year. And I was wondering if you might be able to give us some indication. You know, obviously, farm credit's been in the headlines for the past several months. Is there anything of note that took place, you know, when these payments came due on January first? And kind of 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 out the farmers as well.

[Analyst]: Okay. And one follow-up on credit, just a couple more questions. In the farm and ranch business, I believe the loan payments are due January first and July first each year. And I was wondering if you might be able to give us some indication. You know, obviously, farm credit's been in the headlines for the past several months. Is there anything of note that took place, you know, when these payments came due on January first? And kind of 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 out the farmers as well.

Zachary Carpenter: Yeah, it's great. January 1 and July 1 are typically our large prepayment periods. You know, 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 shows again the momentum that we've had in this space. You're right, as it pertains to government program payments, you know, the projected 2026 net cash farming income is going to be supported by a significant amount of government payments, and there's a couple components to that. First, in HR1, there were some farm bill enhancements, primarily related to price-triggered commodity programs. It's about $13 billion in 2026. It'll be going, going out later.

Zachary Carpenter: Some of the ad hoc and disaster aid is about $24 billion. Some of this was a carryover from 2025 as those start going out. So we have seen some of those being dispersed. They are supporting the tight ag economy cycle right now, especially in the row crop space. So those will be a benefit, going forward, just given the substantial amount of government payments going out in 2026.

Bill Ryan: 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 the year, transaction expenses, personnel, investments. You know, fourth quarter number looked like it came back down quite a bit year-over-year. You know, how should we be thinking about expense growth in 2026?

[Analyst]: 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 the year, transaction expenses, personnel, investments. You know, fourth quarter number looked like it came back down quite a bit year-over-year. You know, how should we be thinking about expense growth in 2026?

Aparna Ramesh: Hi, Bill, this is Matt. 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. When we turn the page and turn 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. 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.

Matthew Pullins: Hi, Bill, this is Matt. 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. When we turn the page and turn 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. 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.

Aparna Ramesh: We will also be looking for strategic investments, particularly in the technology platform, as well as selective investments in business development, to further enhance the growth and take advantage of the market opportunities that are present at this point in time. With that being said, we are being very mindful of making sure that we continue to operate within the target efficiency ratio of 30%. You'll see that we were over 2% below that here in the quarter, and we would continue to balance making investments while operating very efficiently in the future.

Matthew Pullins: We will also be looking for strategic investments, particularly in the technology platform, as well as selective investments in business development, to further enhance the growth and take advantage of the market opportunities that are present at this point in time. With that being said, we are being very mindful of making sure that we continue to operate within the target efficiency ratio of 30%. You'll see that we were over 2% below that here in the quarter, and we would continue to balance making investments while operating very efficiently in the future.

Bill Ryan: Okay. Again, thanks for taking my questions.

[Analyst]: Okay. Again, thanks for taking my questions.

Operator: We'll move forward to Brendan McCarthy at Sidoti.

Brendan McCarthy: 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. I, I know you mentioned you're pretty, 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, you know, specific segments or lines of business you're more bullish on relative to others?

Zachary Carpenter: ... Hi, Brendan. It's Zach Carpenter here.

Brendan McCarthy: Hey, Zach.

Zachary Carpenter: 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. 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 centers. So for the foreseeable future, or at least the next couple of quarters, we see very, very strong pipelines across all three of those segments, which is just a continuation of what we saw in 2025.

Zachary Carpenter: Looking over on the agricultural finance line of business, as I noted, you know, farm and ranch continues to perform at a very, very elevated level. Loan submissions, approvals were a record in January. So a lot of the momentum we saw in the second half of 2025 continues to roll over, just given the dynamics in the agricultural environment, as well as, you know, our customers' financial institutions managing capital liquidity, et cetera. So 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 AgVantage. 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.

Zachary Carpenter: 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 AgVantage, which, as you've known, has been in a kind of a decline mode over the last couple of years.

Brendan McCarthy: Great. I appreciate that detail. And just as a follow-up there with the AgVantage 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, you know, lower rates, or is it just what you're able to offer counterparties?

Zachary Carpenter: There's a lot of components to that question, but I think there's a couple key requirements that I think are driving the opportunity set here. You know, 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 that in many instances require counterparty regulatory approval, and that could take months. 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.

Zachary Carpenter: The second is, as we've modified certain facilities with existing counterparties that have provided more value or more available capacity, they're seeing more utilization as they continue to grow and originate loans. So I guess what I would say is, Q4 was kind of the inflection point where a lot of these components that we've been talking about over the last, you know, 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.

Brendan McCarthy: 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?

Zachary Carpenter: Yeah, Brendan, this is Zack again. Yeah, that's correct. You know, as we've disclosed in our financials and talked about over the last couple of years, you know, clearly the permanent planting, specifically almonds in California, experienced a stressed environment. On the positive side, in 2025, we've seen some improvement in pricing. As Brad noted in the call, you know, 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 ninety-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.

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

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

Brendan McCarthy: Understood. I appreciate the color there. Thanks. Thanks, Zack. Thanks, Matt. That's all for me.

Operator: We'll take a question from the line of Gary Gordon.

Gary Gordon: Hi. Thank you. 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, strong business growth and also the repurchase opportunity that—so the assumption that more of your capital than normal would be used to fund the balance sheet growth and potentially share repurchase?

Aparna Ramesh: Yeah, Gary, obviously, we have a number of tools for managing capital growth, including, you know, earnings, dividends from that, preferred stock issuances, securitizations, which can change relative requirements rather than notional requirements. We look at all the tools that we have available to us.

[Company Representative] (Federal Agricultural Mortgage): Yeah, Gary, obviously, we have a number of tools for managing capital growth, including, you know, earnings, dividends from that, preferred stock issuances, securitizations, which can change relative requirements rather than notional requirements. We look at all the tools that we have available to us.

Bradford Nordholm: ... and probably the most, the most significant factor in kind of looking at what's the appropriate amount of dividend increase this year, is the fact that our growth has been very, very strong. Our growth has been very, very strong in segments of business that consume a bit more capital. So you see that reflected. For the long-term financial strength and performance of Farmer Mac, that's a very, very positive thing.

[Company Representative] (Federal Agricultural Mortgage): ... and probably the most, the most significant factor in kind of looking at what's the appropriate amount of dividend increase this year, is the fact that our growth has been very, very strong. Our growth has been very, very strong in segments of business that consume a bit more capital. So you see that reflected. For the long-term financial strength and performance of Farmer Mac, that's a very, very positive thing.

Gary Gordon: Okay, thank you. Two, on the problem loans, you said they were from 2021 to 2023. You said they were one-offs, but were there lessons learned there that affected your underwriting today?

Zachary Carpenter: Yeah, Gary, we can 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. You know, for a couple of these, especially the one, you know, originated in 2021, is dramatically different times in COVID and out of COVID, and certain markets reacted differently and certain supply and demand dynamics changed. And I think a couple of these individual borrowers experienced some of those market changes, consumer behavior changes, and just frankly, some operational issues that management struggled working through. 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.

Zachary Carpenter: 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. And the second is, as markets evolve and we see transactions like this, you know, 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. 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.

Gary Gordon: 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 in lending today.

Zachary Carpenter: 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 centers. We haven't seen that or experienced that in our portfolio. You know, from a farmland value perspective, it's been relatively stable. We've seen some declines, just given the overall commodity cycle, in some of the regions that we have loans in our portfolio. But we really haven't seen a correlation between data center investments and constructions and changes in or increases in farmland values.

Gary Gordon: Okay, thank you very much.

Operator: 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.

Bradford Nordholm: Great. Well, thank you. 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 in our office here at 2100 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. 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 Q1 results. We look forward to sharing information with you at that time.

Bradford Nordholm: 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.

Operator: Ladies and gentlemen, this does conclude today's Farmer Mac 2025 Earnings Results Conference Call. We do thank you all for your participation. You may now disconnect your lines. Please enjoy the rest of your day.

Oh.

Does that give you additional color on that though I guess, the one thing I would just say at the outset is that we're quite emphatic that.

There's nothing systemic here in the portfolio.

Yes.

When we talk about a few small credits here I do want to highlight.

A few SKU loans compared to thousands and thousands of loans, we have on our balance sheet and I do want to highlight if you look at our financials.

Stoppable loan quality is very high across all of our segments. So we feel very confident that theres, no systemic or portfolio wide issues that we're not aware of.

It pertains to a few of these individual loans it is very borrower specific.

In the in the lending space Youre going to have operational issues.

<unk> issues market changes market dynamics, and consumer changes that all impact businesses as.

As we noted in the script. Some of these loans were purchased right out outside of Covid and things have changed post COVID-19 and in some businesses are just dealing with that is struggling to rightsize their operations and for a few of these loans I think it was those type of market dynamics that.

Accretive the risks that we saw in 2025, but we've been monitoring these loans for some time now. So we were aware things just transpired in the fourth quarter that created further deterioration that being said, it's a few borrowers and this was very borrower specific and overall, we feel very confident with the quality of our portfolios.

Okay, and one follow up on credit just a couple more questions.

In the farm <unk> Ranch business I believe the.

Loan payments are due January one and July one each year.

And I was wondering if you can might be able to give us some indication obviously farm credit has been the headlines for the past several months.

Is there anything of note that took place.

When these payments came due on January 1st and kind of 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 the farmers as well.

Yes, it's a great brand Jeremy one July one our typically our large prepayment periods.

The January one prepayment cycle was in line with January one 2025.

There was nothing unique about this payment cycle.

In fact, we've seen significantly more growth during the month of January then prepayments, which shows again the momentum that we've had in this space.

You are right 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 was a couple of components to that first and HR. One there were some farm bill enhancements, primarily ready to price trigger commodity programs.

It's about $13 billion in 2026 that'll be going going out later some of the AD hoc and disaster AIDS about $24 billion. Some of this was a carryover from 2025 as those start going out. So we have seen some of those being dispersed they are supporting the type.

AG economy cycle, right now, especially in the row crop space. So those will be a benefit going forward just given the substantial amount of government payments going out in 2026.

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.

Some of the things that you highlighted over the course of the year transaction expenses personnel investments.

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.

Hey, Bill this is Matt good.

Good afternoon.

I'll give you a little bit of insight into expense growth a couple of things to keep in mind. There is some modest seasonality.

The factored into the.

The slowing of expense growth in the fourth quarter.

When we turn the page.

The calendar into 2026.

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.

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.

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

So 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 Youll see that we were.

Over 2% below that here in the quarter and we will continue to.

Balance, making investments, while operating very efficiently in the future.

Okay again, thanks for taking my questions.

We will move forward to Brendan Mccarthy at Sidoti.

Great. Good afternoon, everybody I appreciate you taking questions here.

Just wanted to start off on your outlook for the volume mix heading into 2026 and I know you mentioned you are pretty 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 are more bullish on relative to others.

Hi, Brendan is that carpenter here.

Does that I think is a very.

Consistent theme with one notable exception.

The exception that we experienced in 2025, so first and foremost.

The pipelines across our infrastructure finance line of business continued to remain at very strong elevated levels, while 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 all of our segments as well as the strong growth in data centers, so for the foreseeable future or at least the next couple of quarters, we see very very strong.

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 <unk> Ranch continues to perform.

At a very very elevated level loan submissions approvals were a record in January so a lot of the momentum we saw in the second half of 2025 continues to rollover just given the dynamics in the agricultural environment as well as our customers' financial institutions, managing capital liquidity et cetera. So continue to expect.

See strong growth in farm <unk> Ranch and I think the one notable exception from 2025 is really a farm and ranch advantaged.

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 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 <unk> ranch, and vantage, which as you've known has been kind of a decline mode over the last couple of years.

Great I appreciate that detail and just as a follow up there with the <unk> business I know that's more of a 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 where youre able to offer counterparties.

There's a lot of components to that question, but I think there's a couple of key.

Requirements, but I think.

<unk> are driving the opportunity set here.

First is some of these counterparties these new counterparties that we are talking about their facilities.

Lowe's to many of these are very complex time consuming facilities and in many instances require.

Counterparty regulatory approval and if.

That can 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.

The second is as we've modified certain facilities with existing counterparties that have provided more value or more.

Billable capacity.

We're seeing more utilization as they continue to grow and originate loans. So I guess, what I would say the fourth quarter was kind of an inflection point, where a lot of these components that we've been talking about over the last 12 to 18 months.

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.

Understood. Thanks on that.

One more question for me.

You're just really looking at the credit side I believe that Brian I believe you mentioned there may be a.

<unk> and the outlook there did I hear that correctly.

Yes, Brendan this is <unk> again, because that that's correct.

Disclosed in our financials and talked about over the last couple of years.

Clearly the permanent planting.

Specifically almonds in California.

<unk> stressed stressed environment on the positive side in 2025, we've seen some improvement in pricing.

As Brad noted in the call.

A borrower that had experienced stressed 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 recruitment of fees and interest income that.

We've been holding that holding back given the status of that loan.

Brendan This is Matt if I could just add one additional point there is that.

The specific borrower that was referenced and in Brad's comments and its act just touched on.

That is actually not going to meaningfully impact credit costs or recoveries as we have not charged any of that.

Borrowers assets off at this point.

Positive financial impact for that particular borrower will be recognized through an increase in net effective spread as that asset has been on non accrual for some period of time.

Understood I appreciate the color there thanks.

Zack Thanks, Matt that's all for me.

And we'll take a question from the line of Gary Gordon.

Hi, Thank you.

Couple of things one the dividend increase of 7% alright.

I think historically, it's on the low side I mean, some of your thinking that you're laying out.

Strong business growth and also the <unk>.

The repurchase opportunity.

The assumption that more of your capital the normal would be.

Used to fund the balance sheet growth and potentially share repurchase.

Yes, 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 relative rather than.

The ocean requirements and so we look at all the tools that we have available to us.

And probably the most.

Most significant factor in kind of looking at what's the appropriate amount of dividend increase. This year is the fact that our growth has been very very strong and our growth has been very very strong and segments of business that consumes a bit more capital and so you see that reflected.

For the long term financial strength and performance of farmer Mac, that's a very very positive thing.

Okay. Thank you.

Two on the problem loans, you said there from 'twenty one to 'twenty three.

They were one offs, but were there lessons learned there that affected your underwriting.

Today.

Yes, Gary.

We can constantly evolve and monitor markets and adjust our philosophy on underwriting data, we don't change our standards, but we.

We update our thought process based on what we've seen in the markets.

A couple of these especially the one originated in 2021.

<unk> dramatically different times in Covid and out of Covid and certain markets reacted differently in certain.

Supply and demand dynamics.

<unk> changed and I think a.

A couple of these individual borrowers experienced some of those market changes consumer behavior changes and just frankly, some operational issues that management struggled working through.

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 head count 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 which we've done.

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. So I think the long answer is yes, we continue to assess market and borrow specific issues.

<unk>.

Adjust our thinking and brisk adjudication when that comes up.

Okay last thing is.

The data center demand.

Has that had any material in sort of general impact on farm land prices.

So I can imagine for existing loans that would be.

Be a positive but it could create a little more risk.

Lending today.

Gary.

The opportunities that we've seen in the data center space have been and really rural areas.

Not necessarily in productive farmland areas I know theres been some out there and some some articles that have highlighted the interaction between herbal and productive farmland versus renewable energy products and data centers, we haven't seen that or experienced that in our portfolio from a farmland value perspective, it's been relatively stable we've seen.

Some declines just given the overall commodity cycle.

Some of the <unk>.

Regions that we have our loans in our portfolio, but we really haven't seen a correlation between data center investments in constructions and changes in or increases in farm land values.

Okay. Thank you very much.

Okay.

And thank you to our audience members, who had shared your questions. Mr. Nord home I am pleased to turn it back to you serve for any additional or closing remarks.

Great well. Thank you. Thank you all very much for joining us.

Thanks for your patience.

We had a couple of situations with background sirens today, and our office here at 2100, Pennsylvania Avenue, a couple of blocks from the White House.

<unk>, especially when there are a lot of foreign dignitaries in town for events results and motorcades and ambulances and thank you for thank.

Thank you for bearing with us today.

But I would like to conclude by thanking everyone for listening in.

On the call.

Of course be having a regular scheduled call again in <unk>.

Made report our first quarter results.

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 Jennifer with any other questions that you may have.

With that.

Thanks, again, and operator, we will conclude the call.

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.

Okay.

Yes.

Yeah.

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