Federal Agricultural Mortgage Corporation

Good day, ladies and gentlemen, and welcome to the Farmer Max first quarter 2021 earnings results. All lines have been placed on a listen-only mode, and the floor will be open for questions and comments following the presentation. If you should require assistance throughout the conference, please press star zero on your telephone keypad to reach a live operator. At this time, it is my pleasure to turn the floor over to your host, Brad Norholm. Sir, the floor is yours.

Good afternoon. I'm Brad Nordholm, and I'm very pleased to welcome you to our 2021 First Quarter Investor Conference Call. We have a great report and a number of positive developments to discuss today. But before I begin, I'd like to ask Steve Mullery, our General Counsel, to comment on forward-looking statements that we may make today, as well as PharmaMac's use of non-GAAP financial measures.

Thank you, Brad. Some of the statements made on this conference call may be forward-looking statements under the securities laws. We make these statements based on our current expectations and assumptions about future events and business performance, and we may not be obligated to update these statements after this call. We caution you that forward-looking statements are subject to risks and uncertainties. Actual results may differ materially from the results expressed or implied by the forward-looking statements. In evaluating PharmaMAC, you should consider these risks and uncertainties, as well as those described in our 2020 annual report on Form 10-K, filed with the SEC in February, and in our quarterly report on Form 10-Q, filed with the SEC earlier today. In analyzing its financial information, PharmaMAC sometimes uses measures of financial performance that are not presented in accordance with generally accepted accounting principles in the United States, also known as non-GAAP measures. Disclosures and reconciliations of PharmaMac's non-GAAP measures can be found in the most recent Form 10Q and earnings release posted to PharmaMac's website, PharmaMac.com, under the financial information portion of the investor section. A recording of this call will be available on our website for two weeks, starting later today.