Federal Agricultural Mortgage Corporation

Thank you for standing by. At this time, I would like to welcome everyone to the FarmerMac first quarter 2026 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. I would now like to turn the conference over to Chalpa Nazareth, Senior Director of Investor Relations. The floor is yours.

Good afternoon, and thank you for joining us for our first quarter 2026 earnings conference call. I'm Jelta Nazareth, Senior Director of Investor Relations and Finance Strategy here at FarmerMac. As we begin, please note that the information provided during this call may contain forward-looking statements about the company's business, strategies, and prospects. These statements are based on management's current expectations and assumptions and and are subject to risks and uncertainties that could cause our actual results to differ materially from those projected. All forward-looking statements are based on information available to PharmaMac as of today's date, and PharmaMac assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable law. Please refer to PharmaMac's 2025 Annual Report on Form 10-K and subsequent SEC filings. for a full discussion of the company's risk factors. On today's call, we will also be discussing certain non-GAAP financial measures. Disclosures and reconciliations of these non-GAAP measures can be found in the company's most recent Form 10Q and earnings release posted on our website. Joining me today are Chief Executive Officer Brad Northam, our President and Chief Operating Officer Zach Carpenter, and our Chief Financial Officer and Treasurer Matt Pullens. At this time, I'll turn the call over to our CEO, Brad Northam. Brad?

Thanks, Jalpa. Good afternoon, everyone, and thank you for joining us. I also want to thank everyone who joined our investor of the event in New York City. We really appreciate the strong engagement and the opportunity to spend more time discussing our strategy, our performance, and our outlook. And as always, it's great to hear your feedback. Our first quarter of 2026 was outstanding, a reflection of the continuation of the acceleration of in business volumes we saw in the fourth quarter of 2025. We delivered a record-setting quarter with business volume, quarterly revenue, and quarterly core earnings all reaching all-time highs, underscoring the strength of our business model and the disciplined execution across our organization. Outstanding business volume approached $35 billion. Revenue totaled approximately $110 million. and core earnings totaled approximately $52 million. Our diversified business model, strong capital position, and disciplined risk management position allow us to provide vital liquidity to American agriculture and rural infrastructure sectors during all and through all economic cycles. Demand for our products remains robust, Our customer relationships continue to deepen and expand, and our mission-driven approach continues to resonate across rural America and is motivation for our talented employees. And with that, I'll turn the call over to our President and Chief Operating Officer, Zach Carpenter, to walk us through our operating results in more detail.