We expect AGM's diversifying loan volume will keep net effective spread (NES) elevated above historical levels and drive strong core earnings growth. As a secondary market government-sponsored enterprise (GSE), AGM benefits from a low-cost funding profile, often being able to issue debt at narrow spreads above U.S. Treasuries, a key advantage in our view. After results outperformed our 2Q:25 NES estimate, we take up our 2025 and 2026 estimates to imply healthy 7% volume growth, as AGM captures higher-spread volume, fueling core earnings growth. AGM generated a quarterly record in NES revenue in 2Q:25 of about $93.9 million, up 12% from 2Q:24 and exceeding our estimate. Despite an outsized $7.8 million credit provision, core EPS registered a quarterly record of $4.32 in 2Q:25. Despite added uncertainty from tariff policy in the U.S. and abroad, we see a high likelihood of continued government support for the agricultural sector. AGM maintained a strong capital position at 2Q:25, bolstered by retained earnings, with total core capital of $1.6 billion, exceeding the statutory requirement by 63%. AMG increased its class C common stock repurchase program to $50.0 million, We think the company could opportunistically allocate capital to share buybacks. We raise our rice target to $226 (from $216), based on a steady 12x our 2026 EPS forecast of $19.03 (from $18.58). Our moderate risk rating balances secular growth from diversification trends toward higher spread lines of business with economic uncertainty.