Together    
We Rise

To Our Shareholders

From CEO Curt Hudnutt

From cattle to wine, nuts, dairy, fruit, and row crops — farmers and ranchers across all areas of agriculture faced headwinds this year. And just like the farmers and ranchers we serve, American AgCredit worked hard to meet these challenges head on. We successfully controlled costs and continued a path of historic growth, reaching earnings of over $400 million compared to earnings of $200 million just five years ago.

Financial Perspective

FROM CFO MARYAM GHAZI

The three words that best describe our cooperative’s results this year are:

Historic – Our cooperative’s growth continued in 2024, and we ended the year with historically high assets and net income. Our team worked hard to generate revenue, but they also worked hard to manage costs and streamline our business. This work paid off with operating efficiency measurements at historically strong levels.

Remarkable – The historic results achieved this year are remarkable considering the continued challenges facing our customers and agriculture. We’re successful because our team’s dedication to our mission – which reflects the dedication of the farmers and ranchers we serve – is remarkable. We’re in the trenches, doing everything we can to help farmers and ranchers work through these headwinds. We’re in this together.

Strong – Our capital position, which is our financial foundation, remains robust. While our results are impressive, we know that maintaining this strength will require continued diligence and prudent financial management. From this position of strength, we’re able to help our customers continue to meet agriculture’s challenges, invest in the future of our cooperative, and help our customers do the same.

Hollandia Dairy

Hollandia Dairy in San Marcos, California, comes from humble beginnings as a family farm in 1950. Today, Hollandia is widely respected as one of the oldest independent producer and distributor dairies in California. The operation continues to evolve to grow the business while staying true to its local roots.

Blackshirt Feeders

In May 2023, Blackshirt Feeders broke ground on sprawling facilities near Haigler, Nebraska, and began the journey towards what will be one of the largest and most advanced cattle feeding operations in the world. When completed, Blackshirt Feeders plans to have 150,000 head of cattle at full capacity. Learn about the venture from the three ambitious veterinarian founders: Kee Jim, Calvin Booker, and Eric Behlke.

Frey Ranch

Colby and Ashley Frey are shining new light and changing the public’s understanding of whiskey at their farm and distillery in Fallon, Nevada. Frey Ranch is a farm-to-bottle whiskey distillery, growing all the wheat, barley, rye, and corn for each bottle on 1,500 acres. Colby’s childhood dream of farming met an adult taste for whiskey, and the idea for Frey Ranch was born.

Morris Logging & Contracting

Morris Logging’s roots are grounded in the traditions of logging and lumber work that stretch back to the 1850s in Northern California’s Humboldt County. The multigenerational family business has diversified substantially over the years. Today, they handle logging, trucking, wood grinding, clean woodchip production, green waste processing, and more.

Del Bosque Farms

Del Bosque Farms is a family-owned farming operation in Firebaugh, California, located between Fresno and Interstate 5. Joe and his wife, Maria, have steadily grown the operation from about 240 acres in 1985 to more than 2,000 acres of melon and almonds, all while raising their six children.

Gillis Farms

Mary Gillis was seven years old when her family purchased a farm in southern New Mexico. Today, she is 87 years old and still farming with the help of her adult children, grandchildren, and more than 100 employees of Gillis Farms. They grow green and red chiles, onions, and squash in the Hatch Valley, which is now famous for its unique, flavorful peppers. The Gillis family now operates three companies: Gillis Farms, Desert Springs Produce, and Valley Custom Harvesting.