
Core Earnings by Business Segment
For the Three Months Ended March 31, 2026
	Agricultural Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(in thousands)
Interest income	$	168,992	$	25,169	$	73,864	$	16,124	$	31,959	$	19,203	$	80,650	$	415,961
Interest expense(1)	(130,391)		(16,230)		(67,330)		(10,296)		(22,880)		12,112		(79,550)		(314,565)
Less: reconciling adjustments(2)(3)	(928)		—		(43)		—		—		1,332		242		603
Net effective spread	37,673		8,939		6,491		5,828		9,079		32,647		1,342		101,999
Guarantee and commitment fees(3)	4,952		267		200		875		421		—		—		6,715
Other income/(expense)	875		—		—		(56)		—		—		—		819
(Provision for)/release of losses	(2,859)		(2,020)		61		47		(56)		—		—		(4,827)
Operating expenses(1)	(8,165)		(2,480)		(1,097)		(1,705)		(1,890)		(2,422)		(824)		(18,583)
Income tax expense	(6,620)		(988)		(1,188)		(1,048)		(1,586)		(6,347)		(109)		(17,886)
Segment core earnings	$	25,856	$	3,718	$	4,467	$	3,941	$	5,968	$	23,878	$	409	$	68,237

Reconciliation to net income:
Net effects of derivatives and trading securities															$	71
Unallocated (expenses)/income															(14,759)
Income tax effect related to reconciling items															5,574
Net income															$	59,123

Total Assets:
Total on- and off-balance sheet segment assets at principal balance	$	20,240,198	$	2,052,309	$	7,975,632	$	1,690,148	$	2,887,767	$	—	$	—	$	34,846,054
Off-balance sheet assets under management															(5,902,319)
Unallocated assets															7,785,511
Total assets on the Consolidated Balance Sheets															$	36,729,246

(2)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains/(losses) on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships.


Core Earnings by Business Segment
For the Three Months Ended March 31, 2025
	Agricultural Finance				Infrastructure Finance						Treasury
	Farm & Ranch		Corporate AgFinance		Power & Utilities		Broadband Infrastructure		Renewable Energy		Funding		Investments		Total
	(in thousands)
Interest income	$	149,681	$	25,122	$	64,995	$	10,833	$	20,315	$	32,978	$	77,490	$	381,414
Interest expense(1)	(114,789)		(16,482)		(59,638)		(7,267)		(15,203)		(1,460)		(75,636)		(290,475)
Less: reconciling adjustments(2)(3)	(1,007)		—		(28)		—		—		86		—		(949)
Net effective spread	33,885		8,640		5,329		3,566		5,112		31,604		1,854		89,990
Guarantee and commitment fees(3)	4,551		197		221		336		183		—		—		5,488
Other income/(expense)	1,222		—		—		—		—		—		22		1,244
Release of/(provision for) losses	193		(828)		(77)		229		(1,100)		—		—		(1,583)
Operating expenses(1)	(6,595)		(2,133)		(1,123)		(1,052)		(1,708)		(2,800)		(823)		(16,234)
Income tax expense	(6,982)		(1,235)		(913)		(647)		(522)		(6,049)		(221)		(16,569)
Segment core earnings	$	26,274	$	4,641	$	3,437	$	2,432	$	1,965	$	22,755	$	832	$	62,336

Reconciliation to net income:
Net effects of derivatives and trading securities															$	(2,535)
Unallocated (expense)/income															(13,245)
Income tax effect related to reconciling items															3,095
Net income															$	49,651

Total Assets:
Total on- and off-balance sheet segment assets at principal balance	$	18,094,515	$	1,889,363	$	7,187,966	$	974,835	$	1,608,664	$	—	$	—	$	29,755,343
Off-balance sheet assets under management															(5,071,733)
Unallocated assets															7,120,329
Total assets on the Consolidated Balance Sheets															$	31,803,939