The following is a summary of the Federal Agricultural Mortgage Corporation (AGM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Federal Agricultural Mortgage Corporation reported core earnings of $43.4 million, an increase of 12% from the same quarter in the previous year.

• The company provided $1.4 billion in liquidity and lending capacity while maintaining a strong capital base and disciplined asset management.

• The company achieved $1.4 billion in gross new business volume for the quarter.

• Operating expenses increased by 8% sequentially and 15% year-over-year, primarily due to increased headcount, stock compensation expense, and investments in technology projects.

Business Progress:

• The company developed internal expertise in securitization, allowing it to make significant strides in agriculture finance and rural infrastructure lines of business.

• Farmer Mac completed its fourth FARM series securitization transaction and acquired a pool of farm and ranch loans worth $57 million from a single agricultural lender.

• The company plans to invest in strategic areas such as renewable energy and infrastructure modernization and expects a limited negative impact on earnings if rates decrease in the future.

• Future directions aim to deliver on their long-term strategic objectives efficiently and innovatively amidst broader market uncertainties.

• The company is reportedly entering discussions with stakeholders about the Farm Bill renewal, which could enhance the company's ability to finance renewable energy projects and broaden borrower eligibility.

More details: Federal Agricultural Mortgage-C IR

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