The following is a summary of the National Rural Utilities Cooperative Finance Corporation 5.5% SUB NT 64 (NRUC) Q3 2024 Earnings Call Transcript:

Financial Performance:

• The company's loans to members increased by approximately $1.9 billion or 6%, reaching $34.4 billion during the 9 months ended February 2024.

• No charge-offs were recorded during the fiscal year, and only 0.25% of loans were classified as non-performing.

• The adjusted tier was above its goal at 1.25x.

• Members' equity was at $2.3 billion, and total assets increased to $35.9 billion

• Adjusted net income for the third quarter increased by 11% or $8 million.

Business Progress:

• NRUC is managing growth strategically using different funding sources.

• There was growth in loans for broadband projects, contributing to the overall increase in loans to members.

• The distribution members' loans and power supply members' loans accounted for 94% of total loans.

• There is a commitment to maintain strong investment-grade ratings from Fitch, Moody's, and S&P.

• The organization is planning a projected debt issuance of approximately $5.1 billion over the next 18 months to refinance existing debt maturities and fund expected loan growth.

• Despite the downgrade from A to A- by S&P, the company believes it doesn't reflect the company's strong recovery from storm-related issues and continues to engage with S&P for reconsideration.

More details: National Rural Utilities Coop Fin 5.5% Subord Notes Due 15/05/2064 Usd25 IR

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