We did not necessarily talk to you about the lights. I'm assuming it goes yellow when there's like five minutes. That's right. Okay. Five minutes. Is it 35 or 30? There's 35 total. Okay. But, you know, it's up to you on how long you want to do it. Some do 20-minute presentations, they have 15 minutes for Q&A, and some do 34-minute presentations in one minute. Walk out. It's really up to you. Sure. Okay. Okay. All right. I'm gonna go ahead and. Oh, please do. I can't move too much. Don't move. Don't move. I might get a little clumsy, but. Is this? Yeah, that will be able to progress. Okay. Back and forth. All right. The other thing to remember is, as you receive questions at the end, it's great to repeat the questions because the webcast listeners won't be able to assign what your response is. Got it. That's really helpful. Sure. Okay. We're gonna go ahead and get started with the next presentation. First off, thank you all for being here. My name's Joe Noyons. I'm with Three Part Advisors. Next we have Federal Agricultural Mortgage Corporation, traded on the New York Stock Exchange under AGM, also better known as Farmer Mac. Presenting on behalf of the company today, we have the President and Chief Operating Officer, Zach Carpenter, and then joined by Jalpa Nazareth, who is the Senior Director in IR, Finance, and Strategy. I'll go ahead and hand it over from there. Thank you. Thanks, Joe. Good morning, everyone. As Joe said, I'm Zach Carpenter, President of Farmer Mac. I've been with the organization about six years, and my role as I—when I joined was really to become the first Chief Business Officer, really expand and diversify our business model into new areas of focus. My history over the last 15 years has been heavily focused in agricultural, agribusiness, and rural infrastructure lending. It was a nice transition to Farmer Mac to really build out this unique platform, which I'll get into. You know, Farmer Mac at a glance, we are a mission-oriented public company. We provide liquidity to critical sectors across the United States, specifically agriculture and infrastructure. We're about a $40 billion asset organization, of that about $31 billion of business volume. Our business volume is split between agriculture and agribusiness, and infrastructure. I'll get into the components of each of those in a little bit. The remaining part of our balance sheet is really $8 billion of liquidity, really to manage liquidity risk and support our business model through the cycle. $2 billion market cap, and I think what we're really impressed about is, over the last 10 years, on a compound annual growth rate, low double digits in revenue and EPS growth, strong business volume growth. We have a unique and diversified business model and has different growth rates across, which really provides stability across the cycle. We consider ourselves pretty lean and efficient. We have about a little over 200 employees, so about $900,000 of core earnings per employee, and we think that's more scalable into the future. A little bit about our history. We were chartered in 1988, as a result of the farm crisis. During that time, you have a significant amount of bankruptcies in the lending community, in the farmland borrower community. The thesis was to create a government-sponsored enterprise, very similar to Fannie and Freddie, to de-risk the lending sector to provide more liquidity to these key sectors across agriculture. Over the years, our charter has expanded somewhat. In 1990, we were able to purchase USDA guaranteed securities. I think, more importantly, in 1996, we were chartered to buy loans and hold them on our balance sheet. As we were originally chartered, it was a thesis of just being a securitization engine. Buy the mortgage, buy the mortgages, securitize them in the capital markets. Really did not take hold, and I'll get into that a little bit later. The amended charter allowed us to hold loans on our balance sheet and leverage our GSE competitive advantage to provide liquidity to the customers we serve. More recently, in 2008, our charter changed to incorporate rural infrastructure. Rural infrastructure for us is really energy and telecommunications. There are a lot of market opportunities there we will get into, but it really allowed us to diversify our business model away from ag into non-correlated sectors. Today we are about $31 billion, as I said, in business volume. When I started in 2019, we were about $19 billion—a little over $19 billion. We have been able to grow pretty strong over the last five years. As we have diversified into these new lines of business, we are seeing significantly more growth in some of these sectors that have a lot of market tailwinds. We are a secondary market, which I think is really unique, for the sectors that we serve. Why I say that is, I think when you look at our customer set, we really support financial institutions. When you think about banks, non-bank lenders, insurance companies, their goal is to manage their balance sheet and their liquidity risk, including capital efficiency, concentration limits. They leverage the secondary market and our capital to really think about how they're gonna balance their balance sheet, and manage into the future. Also, we provide products and solutions to their borrowers. As a secondary market, we're viewed as a capital provider of choice. We're non-threatening. We're very experienced. We're not out there competing for borrower relationships. We're not out there competing for wallet share. We're there to provide liquidity to financial organizations to support their borrowers. And really, their borrowers are infrastructure, developers, sponsors, agribusinesses, farmland, farmers, and ranchers, anything that really supports those critical sectors. Like I said, we're unique since we're mission-driven. Again, we're specifically chartered to focus on agriculture and infrastructure. We're nationwide. That makes us unique. When you look at the agriculture and farmland mortgage space, it's heavily regionalized and heavily concentrated in certain areas. We have the ability to buy loans in all 50 states, which we have. We have over 110 different commodities on our balance sheet. That structure really makes us a unique and interesting liquidity provider for financial organizations. The other thing that's very important for us is our GSE funding advantage. We trade modestly above Treasuries. We're in line with the other GSEs, so we have a strong competitive advantage there. It allows us to be very competitive for strong-rated assets, but also we price to risk. It does help us manage our net effective spread into the future. We are very disciplined in asset liability management. We do not take deposits. We are solely debt-funded, and we really focus on matching the interest rate, duration, and convexity of our assets with our liability, which gives us some stability through different interest rate cycles to maintain appropriate net effective spread. You know, as a GSE, we have oversight from the Farm Credit Administration through the Office of Secondary Market. As a public company, we have SEC oversight. Our focus is really to maintain safety and soundness through the cycle, so we can provide liquidity during different economic times, different liquidity issues during the agricultural sector, and really become that liquidity provider of choice to our financial institution customers. I'm gonna spend some time talking about our segments and really what we do in each segment and the market outlook for each of them. About two-thirds of our business volume is agricultural finance, and we bifurcate that up into kind of core farmland mortgages. That's about $18.2 billion. It's about 50%, almost, of our balance sheet. That's traditional agricultural real estate. We have, like I said, over 110 different commodities, from protein, dairy, livestock, to corn, soybeans, tree nuts, vineyards, apples, anything that's grown. We probably have a commodity on our balance sheet associated with that. We also have wholesale finance liquidity for farm and ranch, and that's really back-leveraged to large investment-grade counterparties. Think like MetLife or Rabobank that also is very interested in these assets, maybe to match against their liability stack. We back-lever them to create a more efficient return for their acquisition of those assets. More recently, we expanded into what we call corporate ag finance, and that's really agribusiness. So food, fuel, and fiber. The thesis there is a mission-driven organization. We want to drive the farmland commodity to market. When you think about corn, a significant amount of corn goes into Ethanol. We finance large Ethanol players. Wheat and barley, you know, goes into Bourbon or other alcohol products. We finance some of those distillers. You know, packer plants with apples and anything like that. We're also providing that. Our goal is to really create that value chain in the agricultural market to drive liquidity that brings that final product and supports the farmers at the end of the rhyme. Strong growth we've seen in corporate ag, very, very effective net effective spread at 216, so well above the farmland mortgage asset class. We see strong growth opportunities there. The one-third portion of our business is infrastructure finance, split into three different segments. The first is power and utilities. Really our mission there is to provide liquidity to rural electric generation and transmission cooperatives. It's about 830 different rural electric cooperatives across the country. They serve rural America by providing generation, transmission, and distribution services. We have about a 30% market share, supporting those co-ops. We do feel that there's upside there to get closer to that 40-50% as we penetrate further into the co-op space. It's critical to provide, you know, essential electricity services. Just given the demands we see in rural America for electricity, we anticipate that being a positive outlook in the future. More recently, we've really expanded into renewable energy. In fact, over the last five years, we've doubled this portfolio every year. We will double again this year. We've seen tremendous growth on, you know, Wind, Solar, Solar and Battery. I'd say 75% of our portfolio is Solar, Solar plus Battery. A little less than the Wind, probably 25%. Also, areas we're looking at are Geothermal, Hydro, other renewable sources, Biomass. Unique opportunities there. I'd highlight a lot of focus in the news about the big, beautiful bill and the tariff phase-out over the next year and a half. We're gonna see a tremendous amount of near-term activity as these large sponsors kind of pull forward their pipeline, get these projects up into construction, operational, take advantage of the tax incentives. You know, longer term, I think this does shift a little bit of the renewable energy growth rate, but there's always gonna be a need for electricity, and there's gonna be a need for renewable power. When you think about pretty much Solar and Battery on a localized cost of energy, it's the same as net gas combined cycle, even excluding the tax incentives. There's gonna be a component of renewable energy in the future. In fact, it only takes 18 months to put up a—a Solar and Battery project versus five-plus years on a net gas combined cycle. It takes three years right now to get a turbine. There's gonna be growth there. Over the next year, we're very optimistic about significant growth as these developers pull forward these projects. And lastly, broadband infrastructure. This is more recently a portfolio we stood up. I think it's bifurcated, I would say, into three different segments. The first being large-scale telecommunication providers providing fiber, cell towers, data, cable, and then landline services across rural America. Very strong, low-investment-grade companies with very heavy cash flow profiles. The other third is data centers. Significant growth in data centers, especially over the last 12 months. In fact, a significant amount of our growth this year is in data center investments. You know, our focus there is, on the top, top-notch structured facilities. You have power in place. I mean, it's critical for data centers that you need a long-term power purchase agreement. You have one of the top four hyperscalers in the background supplying a guarantee on the lease payment and available water sources. We anticipate significant near-term growth in the broadband space as it pertains to data centers. The last third of the broadband is really, you know, fiber and cell towers. As the interest on, you know, bridging the digital divide and bringing enhanced telecommunication and fiber services to rural America, we want to be able to provide that liquidity. It is part of our mission and part of our charter. A strong focus there in terms of providing liquidity for broadband. I would say general growth. Before I get into themes, the one thing I do want to highlight, you can see, our net effective spread. One of the reasons we focused on diversifying into these new areas is they are more accretive. You know, Corporate AG, renewable energy, broadband, much more complex. But given the complexity, given the different risk profiles, it's a—it's a more accretive asset for us. What that's done is allowed us to significantly increase our overall net effective spread over the last five years. We were 90 basis points when I started. We're about 120 basis points now. You know, we're seeing that significant volume growth in these newer areas of focus translate into, you know, higher revenues and higher net effective spread for us. On the right, you can see the volume growth. I would say significant growth in renewable energy and broadband. Generally, the theme across infrastructure finance is just the need for energy. We lack energy—energy generation capacity in this country. We will lack that going forward. It's gonna be a big issue. It's not gonna be solved overnight. We do anticipate significant liquidity from the co-op space all the way up through renewable energy and data centers to figure out how we're gonna get that capacity online. We are very optimistic about the markets and the need for liquidity, over the near and medium term to really get that generation capacity online. In farm and ranch, we are actually very, very bullish. While it does say 1% growth, I do wanna highlight one component of that. If you bifurcate our traditional loan purchase, farmland loan purchase versus wholesale finance, our farmland loan purchase is up over 10% year to date. Combination of numerous different things. I think the first being financial organizations are really taking a hard look at their capital efficiency, their liquidity on their own balance sheets. As some of the loans that they hold on reprice or reset, it probably makes more sense to sell into the secondary market versus manage their deposit and reprice ratio. That is a driver of growth for us. The second is there is just so much demand and interest to get to be a part of this farmland mortgage asset class. It is very not correlated with other markets. It is very safe, which I will get into when I talk about credit. There is a significant interest to grow, to get involved in this asset class. We see more growth opportunities as these non-traditional lenders really look to originate more loans and leverage the secondary market for liquidity. You know, as we have diversified into these new lines of business, we have doubled our revenue, and doubled our current earnings over the last five years. You can see on the left chart, we're gonna have a significantly strong 2025 as well. We will see strong growth there. Frankly, strong growth across all of our segments, especially our loan purchase products. The right chart is really to portray what the diversification is coupled with our GSE status, right? We do not take deposits. We are very focused on asset liability management. We match the interest rate risk, the duration, convexity of the assets with our liabilities. Even in different interest rate dynamics, higher interest rate, lower interest rate, we are able to manage the net effective spread with our assets and our liabilities to continue to see revenue growth. You know, 11% combined on your growth rate versus S&P financials and the overall S&P. Even as rates come down in this environment, we're able to, you know, call some of our debt, reissue debt at lower spreads, or, yeah, at lower spreads, and then continue to invest liquidity to these asset classes that probably carry a higher net effective spread. You know, we're very, you know, very happy with our—our—our credit quality. It's been very stable throughout our history. I think more importantly, as we've evolved and expanded into newer lines of business, newer areas of focus, we consistently have very favorable credit metrics. I'll start with our farm and ranch or agricultural mortgage portfolio. You know, there we look at a couple different things. One is loan to value, you know, clearly a critical component. We're just not—we're not loan to value lenders. We look at cash flow. We look at cash flow capacity through the cycle. We look at working capital capacity. It is a composition of LTV and cash flow to make sure that we feel that the ultimate borrower can support the debt and the right debt over the long term. Our average portfolio loan to value is 47%. We feel very comfortable with that even in a tough AG market, which at least certain sectors are seeing these days. Why I say that is, you know, if you're a farmer, the last asset you want to give up is your land. You know, sell your tractors, you sell your equipment, you'll sell your commodity. You do not want to give up your land. Not only do they not want to give up their land, they are going to make their land payment. Worst case scenario, if we have to foreclose, we typically foreclose at a low, low LTV and in many instances probably get a recovery on our debt if we have to take a charge off at the initial foreclosure. Over the lifetime on the agricultural finance loans, only 12 basis points of cumulative losses, which is pretty fantastic. On the allowance side, we feel very strong when you compare ourselves to other organizations that are in these sectors. We're well below our Allowance for Credit Losses versus total volume as they are. I think the rationale there is our diversification, right? As a nationwide secondary market, we're in all 50 states, significant commodities. Many of the agricultural lenders these days are very concentrated in certain regions, right? If you're in California and that's your predominant market, it's probably been a tough five years as Trina has experienced a significant, significant reshaping of that sector. You know, it's modestly increasing, but you should expect that as we get into more complex lines of business, you're gonna wanna appropriately look at your allowance going forward to compensate different risks. Even at 12 basis points, we feel very comfortable where we are. On the credit loss side, the thing I would wanna highlight here is we have no sector or portfolio concerns. On the farmland side, again, very well diversified. No single sector is gonna be a significant majority of our portfolio. Given that diversification, we feel good. You know, we're gonna experience some credit losses. We're in the business of taking credit, of providing credit. The thing here is these are really idiosyncratic one-off charge-offs. You're gonna have borrowers that have an issue in their markets, have an issue with their operations, and you will work through that and see where that takes place. Very one-off charge-offs, very market dependent in terms of what markets they're in and really borrower specific. We feel pretty good with our historical charge-off rates and especially with the significant equity in the farmland mortgage space, with a lot of upside, really pads our revenue to support these charge-offs. Really, you know, we're—we're not a lender of last resort. We're a secondary market. We price to risk. We have, you know, rigorous underwriting standards. We're not there, at all times at any credit profile to provide liquidity. We're gonna do it the right way to protect the safety and soundness of our organization. You know, as I've mentioned, we've really evolved into complex businesses in these new areas of focus, which does carry a different credit profile. What we've done in terms of to be comfortable in how we distribute liquidity is really bring in the right expertise that has the understanding of the markets we serve. Be it agribusiness, be it renewable energy, broadband, we've stood up experienced teams that know the relationships, know the borrowers, know the underwriting criteria. We've put in place processes and procedures that really underlie and analyze the risk. Frankly, we work with strong counterparties and borrowers that we like their outlook and the structure. That gives us comfort that we have the right team in place to adjudicate risk and do the right deals. You know, that being said, everything's not gonna be perfect and you'll see these one-off transactions, but we feel very comfortable with the experience of the team, that we know exactly how we're gonna underwrite and do due diligence on these transactions. You know, as a financial organization, clearly, we wanna maintain a strong, strong liquidity profile. As I mentioned earlier, we have about $8 billion of liquidity, $900 million of cash. This provides us over 317 days of liquidity to cover maturities of our debt, principal payments, scenarios if we can't access the market, we have enough liquidity to support our business model. We're also authorized to borrow up to $1.5 billion from the U.S. Treasury. These borrows are really to solely fill any guarantee obligations we have on certain structured securitized products. I don't ever expect to use it. It's a nice backstop to have. It is something included in our charter, but it is something that we never wanna be in a position where we're gonna have to tap into that. We're very proud of the growth in our capital base. We have a strong focus of capital composition. You know, we've had five issuances of or five series of preferred stock, about $500 million, about 30% of our capital. We've seen significant accretion in retained earnings over the last five years given the diversification that we focused on. I'll talk about securitization and risk transfer going forward, but that's also another opportunity for us to think about capital efficiency and maintaining an appropriate Tier one capital ratio. This strategy allows us to think about consistent shareholder returns, right? As we have strong market opportunities, strong growth opportunities in the business that we support, we also wanna maintain a strong capital profile to be consistent with our shareholder returns from a share buyback, a dividend, policy perspective. It's critical for us, at least as a financial organization, the sectors we serve, to think appropriately about capital and risk, especially as we evolve into these new areas of focus that generally do have a different risk profile. Maintaining appropriate risk transfer, maintaining appropriate Tier one capital ratio is crucial for us to maintain appropriate shareholder returns. I mentioned when we were chartered, the initial structure was for us to be a securitization conduit. It really never took off because the way it was really structured was poor, and there was really a lack of interest in leveraging that. I think that's part of the reason why we were amended to buy loans and hold them on our balance sheet. You know, that being said, over the last five years, we've really wanted to evolve the conduit market, the securitization conduit market, to link the capital markets to the agricultural asset class. We're still new in this. We have a lot of opportunities and upside. We've completed six securitization transactions over the last four or five years for $1.8 billion. We have another $300 million that we anticipate in the near term to launch into the market. Really, it's a small view of our balance sheet, right? These are diversified loans. These are all farmland mortgage loans. That's our focus right now. It's a representative of all the commodities, LTV structures in that space. Every single transaction has been significantly oversubscribed, which further re-induces the interest of this asset class across institutional investors, and really gives us an opportunity to provide more liquidity into this market, provide the capital markets an investment in this market, as also provides us risk transfer opportunities. We're thinking about new and innovative risk transfer options such as Credit Risk Transfers, risk pools, reinsurance. As I said, this is really focused on our farmland mortgage asset class. Is there a way to broaden risk transfer to our other products and segments to de-risk our balance sheet, but also provide interest to other institutional parties that want access to these asset classes, which are very unique. Really, the goal is to be the largest funnel in the United States in these assets to link, and open up the funnel to get as many loans in as possible and provide an opportunity for institutional investors and capital markets to have an interest in these structures. We're confident just given all the interest that we've seen, at least in the past, but in conversations today, that there's more opportunities ahead of us in this space. You know, I think this chart does speak for itself. We've had 14 consecutive years of dividend increase. Our strong earnings, strong revenue, strong capital position has allowed for us to continue to grow our dividend. You know, given the current opportunities we see in the market, especially in the markets and the sectors we serve, plus our ability to, you know, further provide liquidity at accretive levels, we anticipate this to continue. You know, our payout is really determined by numerous factors. It's future earnings potential, capital requirements, expectations for future business volume. We have a lot of levers to pull in terms of how we think about shareholder returns and also investing in our business for future revenue and earnings accretion. We feel very, very confident that this will continue in the near term, and we're optimistic about the markets we serve and the earning potential that we can continue to provide, strong dividend growth and shareholder return. A few key takeaways, as I conclude, I think we're a unique secondary market, right? There's no one like us out there that touches all the sectors that we do. We're mission-driven and we're public, and I think that's unique. I think our mission drives shareholder return because of our focus and our dedication to the sectors that we serve. We're nationwide. There's no nationwide secondary market out there. Most of the competitors that we have are sector-specific or region-specific. I think we have a unique focus and can provide a unique funnel for many different financial institutions to leverage the secondary market. Our GSE funding advantage is significant for our organization. It'll always be our gold standard. We're always gonna focus on maintaining that. That gives us the competitiveness to provide appropriate capital and appropriate rates to all the financial organizations in the sectors we serve. We're focused on asset liability management. It's critical for us to maintain appropriate spreads. We don't wanna take risk. We don't take risk. We don't take deposits. That ALM focus is really critical for us to maintain, you know, appropriate interest rate and asset liability risk. As we talked about our asset quality, very, very confident with our portfolio. Don't see much risk across the portfolio. We've had strong history. We anticipate that going forward. As I mentioned, only 12 basis points of total cumulative losses. We are very, very optimistic with the status of our balance sheet. We have a resilient business model. I mean, we talked about the sectors. There's a lot of tailwinds in energy. There's a lot of tailwinds in data centers. You know, when you think about agriculture in the United States, there's not a lot of supply, right? There's land values that continue to hold up even when you have depressed commodity prices because there's no more farmland to create here. As farmland comes up, there's going to be a stronger farmer or stronger investor or stronger commercial farming operation that's gonna want that land. We feel as providing liquidity to the land, there's a lot of de-risking components to it, but a lot of interest in that asset class going forward. You know, over the last five years, maintained a 16% ROE, over 16% on average, and expectations for 2025 to be in line with that. With that, I'll stop and see if there's any questions. Thank you. Could you say a little bit about your GSE funding advantage and, in general, the role of government policy and whether it's the planning strategy of the organization? Could you just like say a little bit about how that works for you? Yeah, sure. The question was, talk about our GSE funding advantage and maybe what's going on with the whole GSE discussion and how that could impact us. Is that fair? Yeah. You know, we're a GSE. We're, you know, $38 billion. We access the capital markets very similarly to other GSEs: Fannie, Freddie, the Home Loan Bank, the Farm Credit System, very minimal express to Treasury. Our sweet spot is probably in the three- to 10-year. What makes us unique, though, is just given our size, we're probably at the lower mid-tier investor level. We think about like the city of Austin that wants a 30-year GSE guaranteed piece of debt paper. They will reverse inquiry with us to see if we can do that. We're a little more unique that we're not global and broad and unbrokered like some of these larger GSEs and have a much more diversified debt dealer network. In terms of GSE status, A, we're not in conservatorship. There's that. We also have a board of directors that's completely different than Fannie and Freddie. Five of our directors are appointed by the Farm Credit System. Five are appointed by financial organizations, clearly our largest shareholders in each of those, and five appointed by the president. When you think about a worst-case scenario, if there's a lot of presidential turnovers, we still have 10 board members that are shareholders of ours, know the story, know the strategy, and can help guide the organization. When you think about what's happening in Fannie and Freddie, we don't have a situation where someone could come in and completely take the board away and change the strategy. We have stability there. We have a long-tenured board. They know our business model. They know what we do. When you have 10 that will maintain their seats in a situation that could be relatively dire, they can guide the ship appropriately. I have a news that manages government programs for buying something and going to bring it. She basically said that the public bad she's ever seen in terms of comments in comments on the general market that everyone's going to get wrong. I think that the question was, I'll paraphrase, but the status of the agricultural market. There's a lot of headlines out there on negatives. Like, how do we view that? Yeah, I wanna be clear. It's in certain ag sectors, and I would say the soybean, cotton, and rice, it's tough. You know, if you talk about the soybeans, and I say that's predominantly what you hear in the market, 25% of soybeans have typically exported predominantly to China, right? Going through this dynamic is fairly difficult. This is coming off of the last two years of low commodity prices. You know, a couple of things. One, I think there was some excitement in terms of re-engaging with China and their promise to, you know, further utilize soybean exports from the United States. We'll see if they do it this year and promise for next year. That has created an uptick in pricing by over a dollar. I think you're seeing a lot of farmers have held on to their commodity in hopes of higher prices. This would provide some stability. You know, I think long-term, and I'll talk mostly on soybean because I think that's really where you're hearing a brunt of the negativity, is we as a country and specifically the soybean organizations need to think holistically on, do you wanna put all your eggs in one export basket, which we had? Brazil and Argentina are gonna be there. They're continuing to invest in there. China's investing in there. I don't see a scenario where that's gonna slow down. What does that mean? This is what they're doing. What are the new markets that they can do? We've significantly expanded focus in India. It's a different market. It's a very different political scene, but there's a lot of opportunities there just given the population demand. We're seeing a significant increase in growth to other export markets. Is it gonna make up for all the lost exports to China? It's not. I think what you're hearing, we're hearing more conversations in the United States of how can we leverage more of this product here in the States. That's additional crush capacity. That's, you know, creating feed for the livestock industry in the United States. Sustainable aviation fuel is still something that people are talking about. Is that gonna be a market for it? Biofuels in terms of, you know, renewable diesel. There's a lot of uses for the bean. We just gotta get out of just relying on one export market. Is that gonna change overnight? It's not. I think there's gonna be stress, especially in the soybean, cotton and rice markets, for the foreseeable future. From our perspective, just talking about Farmer Mac, you have 10% of our portfolio has soybean exposure, very little cotton and rice. The states that are getting impacted the hardest are probably not the states we're significantly concentrated in. Arkansas is one that we hear a lot about. We don't have a big exposure in Arkansas. The other thing I would say is it's very regionalized, right? When you think about a North Dakota soybean grower, their entire business model was to ship it to the Pacific Northwest and send it to China. They're having more difficult pricing dynamics up there versus maybe Iowa, Illinois, where you have more crush capacity there. It's going into feed. It's going to sustainable biofuel oils. It's a little bit more regionalized, but it's gonna take time to really shift the narrative in those markets to not rely as much on China on the export state. Data centers, you don't talk about it because you're very helpful. How big could data centers get? You gotta build a, build a 1031 building covered. How big is the data center? Yeah, the question was on data centers and the growth opportunities for Farmer Mac. Yeah, it could be pretty substantial. I'd say there's a lot of discussion out there on bubbles, and I'll get to answer your question in a second. The ceiling on data centers is power. If you don't have power, you can't construct a data center. We do not invest in data centers where there's no power already signed up with a long-term, long-term purchase agreement. That's our focus. Where can this go? I mean, I think there's significant growth opportunities. You know, we've put on, we'll put on over $1 billion in 12 months of commitments. That won't slow down. There are too many deals for us to even look at right now. The future of where this goes, it's something I'll be very interested to watch. Typically, these are three- to five-year facilities as they build up the data center, get it operational, and then they securitize in the ABS market. All the data centers we do have a long-term lease signed by Meta, Amazon, Microsoft, Facebook, all, you know, all those organizations. Investment-grade things that we're watching is, you know, how much, how much trillions of dollars in lease payments can these organizations handle over the years to support the data centers? You know, that being said, I think that limiting factor is there's not gonna be enough power, water, and sources to put these data centers up, which I think is really gonna tamp down on the investment in the next two to four years. I got 20 seconds. Oh, I got, let me get him real quick and we can talk maybe after since he didn't get a question. So you guys make all this money and pay a 3.5% dividend yield. Where's the rest of the money go? The question was, we make all this money, 3.5% dividend yield. Where's all the rest of the money go? I'd say for the last five years, the money goes to investing in the platform. We have substantial growth opportunities in our new lines of business. They're very creative. We see tremendous upside in those opportunities. While we were happy with the 14% growth in, in dividends, we wanna maintain the stability and growth opportunities in our business profile to show and support our mission. We are a mission-public company. So we need to balance the mission aspect of it with appropriate shareholder returns. You know, as these markets get more mature and we see additional increases in, in revenues and earnings, as I mentioned, we also wanna increase our dividend and make sure we're, we're rewarding our shareholders appropriately. Great. Thank you.