Farmer Mac is a federally chartered GSE that operates a secondary market for agricultural and rural infrastructure loans. Farmer Mac does not originate loans — it buys loans from, or provides credit enhancement to, banks, insurance companies, Farm Credit System institutions, and other lenders that originate loans to farmers, ranchers, agribusinesses, and rural infrastructure borrowers. Farmer Mac organizes its business into Agricultural Finance (~65% of outstanding volume) and Infrastructure Finance (~35%). Agricultural Finance covers Farm & Ranch (mortgage loans on agricultural real estate) and Corporate AgFinance (larger agribusiness and food processing operations). Infrastructure Finance covers Power & Utilities, Broadband Infrastructure, and Renewable Energy — segments that carry higher spreads and have grown rapidly in recent years. Farmer Mac earns money primarily through net interest income — it issues debt in public capital markets, then deploys those proceeds to buy eligible loans and securities, earning the spread between asset yields and funding costs. For products where Farmer Mac provides credit enhancement without purchasing loans outright, it earns guarantee and commitment fees. Farmer Mac funds its assets with liabilities of similar duration, making earnings largely insensitive to interest rate moves. Management has deliberately shifted the portfolio toward higher-spread segments like Renewable Energy, Broadband, and Corporate AgFinance to drive net effective spread growth. Credit losses have historically been very low. Farmer Mac is the only federally chartered entity with a statutory mandate to provide a secondary market specifically for agricultural mortgage loans and rural infrastructure loans.