Federal Agricultural Mortgage Corporation (NYSE:AGM) Q1 2024 Earnings Call Transcript

Bradford Nordholm: With the increasing diversification in our business and a relatively conservative approach to budgeting and forecasting at Farmer Mac, it’s hard to forecast what that event might be. It would really be some kind of black swan event. So could it happen on the credit side? I would never say never, but our credit metrics have been very consistent and I think speak for themselves. Could it be on the volume side when kind of quarter-in, quarter-out, we show single-digit growth for the quarter, aside from an occasional opportunity to do a large portfolio purchase, such as in 2019, when we purchased a portfolio of, well, infrastructure loans or some of the opportunities that maybe Zach is looking at in the back half of this year.

Aside from that, it’s pretty predictable. So I don’t really foresee anything that would be a major change on the upside or downside and the kind of growth and performance that you’ve seen from us very consistently now for a number of years.

Brendan McCarthy: Great. Thanks, everybody.

Operator: Thank you. There seems to be no further questions at this time. I’d now like to turn the call back over to Mr. Nordholm for final closing comments.

Bradford Nordholm: Good. Well, thank you all very much. We truly appreciate it when you participate in these calls. It gives us an opportunity to think in a disciplined way about how we are assessing our recent past performance and our prospects and also to hear from you what’s on your mind and maybe the gaps in what we’ve explained to you and how we can better respond. So thank you very much. We truly appreciate your participation. As I mentioned, if you’re interested, check in on the Investor Day presentations, both webcast as well as live. That will be coming up a week from this next Thursday. And if there are other questions as follow-up, please follow-up with Jalpa. And with that, we wish everyone a very good day. Thank you.

Operator: Thank you, sir. Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a lovely day.