联邦农业抵押贷款-C 2025年度报告

Rooted in Mission,Built to Lead. FARMER MAC’SSECONDARY MARKET OUR MISSION To increase the accessibility of financing to provide vital liquidityto American agriculture and rural infrastructure. Leer fromOur CEO and Board Chair TO OUR SHAREHOLDERS, ...Farmer Mac worked to remain a steady and reliablegrowth partner. That steadiness is not accidental. Itreflects what we have built over time:A company rootedin our mission and built to lead... 2025 tested rural markets and the institutions that serve them inboth familiar and evolving ways. Across agriculture, a tighteningoperating environment marked by compressed margins, elevatedinput costs, and ongoing uncertainty around trade shaped balancesheet decisions for many producers and lenders. While conditionsvaried by sector, demand for dependable and competitive capitalremained strong. At the same time, rural infrastructure needs aremore acute than ever, with record investment in broadbandnetworks, data centers, and other critical technologies drivingincreased demand for electrical power generation. borrowers and communities through long-term, competitivefinancing across agriculture and rural infrastructure. At its core,Farmer Mac serves as a bridge between the capital markets andrural America. By connecting long-term investor capital with theinstitutions that finance agriculture and rural infrastructure, wehelp ensure that credit continues to flow efficiently to communitiesthat depend on it. That connective role between Wall Street andthe rural economy shapes how we design our solutions, managerisk, and think about durability across cycles. Against that backdrop, Farmer Mac worked to remain a steadyand reliable growth partner. That steadiness is not accidental. Itreflects what we have built over time: A companyrooted in ourmissionandbuilt to leadwith consistency, discipline, andrelationships that hold through cycles. In addition to navigating external change and uncertainty, we alsoadvanced important leadership transitions in 2025, including theidentification and implementation of a CEO succession plandesigned to support continuity and stability. The Board led athorough and deliberate search process and selected ZackCarpenter, then our Executive Vice President and Chief BusinessOfficer, as President and Chief Operating Officer, as well as thesuccessor to Mr. Nordholm upon his retirement. The Board'sdecision to select Mr. Carpenter as the next Chief ExecutiveOfficer reflects its firsthand confidence in his leadership, judgment,and deep understanding of Farmer Mac’s business. Following that Farmer Mac’s purpose is clear in the mission we are accountableto every day:To increase the accessibility of financing toprovide vital liquidity to American agriculture and ruralinfrastructure.That mission provides a durable foundation,especially when conditions are shifting. Our role is specific:We operate in the secondary market and do not originate loans.We support financial institutions by providing unique tools forliquidity, capital relief, and risk management that can help themmanage their balance sheets and better serve their markets.These products and solutions help financial institutions support and experience has reinforced a simple principle: Resiliencecomes from doing the fundamentals well, repeatedly. That includesprudent risk management, thoughtful capital planning, and astrong funding and hedging platform designed to manage interestrate exposure and support consistent execution. These capabilitiesare not just back-office mechanics; they are central to remaininga reliable source of liquidity when the system is under strain. In2025, that platform supported the successful execution of oursixth and seventh FARM series securitizations of AgriculturalMortgage-Backed Securities, reinforcing our commitment tosupporting our borrowers through innovative risk managementand liquidity tools. decision, we began a thoughtful transition of responsibilities andorganizational adjustments intended to support consistentexecution and position Farmer Mac for its next chapter. Together,these steps reflect a disciplined approach to leadership transitionand continuity. These moments illustrate how Farmer Mac operated throughchange in 2025. Through shifting external conditions and internaltransition, Farmer Mac continued to execute with discipline andconsistency. You’ll see that pattern of steady execution echoedand explored throughout this year’s annual report in our theme,Rooted in Mission, Built to Lead.That theme captures how wemade a difference in 2025: By delivering capital, liquidity, and riskmanagement solutions amid conditions where consistency anddiscipline mattered, and continuing to strengthen the capabilitiesthat position Farmer Mac to remain a dependable partner in theyears ahead. Taken together, 2025 reflects how Farmer Mac is built to lead.We continued to strengthen the infrastructure and capabilitiesthat support reliable execution, including ongoing moderniz