The May 2025 504 debenture pricing was completed on May 8, 2025.

Debenture rate: 5.12%
Comparable Treasury Market Rate: 4.32%
Spread Over Treasury: + 0.80%
Debenture Pool: 385 loans ($450,951,000)

Debenture rate: 5.07%
Comparable Treasury Market Rate: 4.32%
Spread Over Treasury: + 0.75%
Debenture Pool: 33 loans ($30,376,000)

Debenture Rate: 4.53%
Comparable Treasury Market Rate: 3.93%
Spread Over Treasury: + 0.60%
Debenture Pool: 17 loans ($7,732,000)

The April 2025 504 debenture pricing was completed on April 10, 2025.

Debenture rate: 5.16%
Comparable Treasury Market Rate: 4.31%
Spread Over Treasury: + 0.85%
Debenture Pool: 503 loans ($548,474,000)

Debenture rate: 5.11%
Comparable Treasury Market Rate: 4.31%
Spread Over Treasury: + 0.80%
Debenture Pool: 34 loans ($29,375,000)

The March 2025 504 debenture pricing was completed on March 6, 2025.

Debenture rate: 4.97%
Comparable Treasury Market Rate: 4.34%
Spread Over Treasury: + 0.63%
Debenture Pool: 389 loans ($451,022,000)

Debenture rate: 4.97%
Comparable Treasury Market Rate: 4.34%
Spread Over Treasury: + 0.63%
Debenture Pool: 33 loans ($22,974,000)

Debenture Rate: 4.66%
Comparable Treasury Market Rate: 4.11%
Spread Over Treasury: + 0.55%
Debenture Pool: 15 loans ($8,547,000)

The February 2025 504 debenture pricing was completed on February 6, 2025.

Debenture rate: 5.01%
Comparable Treasury Market Rate: 4.43%
Spread Over Treasury: + 0.58%
Debenture Pool: 340 loans ($385,876,000)

Debenture rate: 5.01%
Comparable Treasury Market Rate: 4.43%
Spread Over Treasury: + 0.58%
Debenture Pool: 17 loans ($15,664,000)

The January 2025 504 debenture pricing was completed on January 9, 2025.

Debenture rate: 5.24%
Comparable Treasury Market Rate: 4.66%
Spread Over Treasury: + 0.58%
Debenture Pool: 376 loans ($436,769,000)

Debenture rate: 5.24%
Comparable Treasury Market Rate: 4.66%
Spread Over Treasury: + 0.58%
Debenture Pool: 29 loans ($23,253,000)

Debenture Rate: 4.96%
Comparable Treasury Market Rate: 4.43%
Spread Over Treasury: + 0.53%
Debenture Pool: 16 loans ($9,819,000)

The December 2024 504 debenture pricing was completed on December 5, 2024.

Debenture rate: 4.82%
Comparable Treasury Market Rate: 4.21%
Spread Over Treasury: + 0.61%
Debenture Pool: 365 loans ($388,035,000)

Debenture rate: 4.82%
Comparable Treasury Market Rate: 4.21%
Spread Over Treasury: + 0.61%
Debenture Pool: 24 loans ($15,132,000)

The November 2024 504 debenture pricing was completed on November 7, 2024.

Debenture rate: 5.01%
Comparable Treasury Market Rate: 4.36%
Spread Over Treasury: + 0.65%
Debenture Pool: 374 loans ($385,004,000)

Debenture rate: 5.01%
Comparable Treasury Market Rate: 4.36%
Spread Over Treasury: + 0.65%
Debenture Pool: 26 loans ($19,165,000)

Debenture Rate: 4.78%
Comparable Treasury Market Rate: 4.20%
Spread Over Treasury: + 0.58%
Debenture Pool: 17 loans ($8,388,000)

The October 2024 504 debenture pricing was completed on October 10, 2024.

Debenture rate: 4.76%
Comparable Treasury Market Rate: 4.09%
Spread Over Treasury: + 0.67%
Debenture Pool: 422 loans ($433,734,000)

Debenture rate: 4.76%
Comparable Treasury Market Rate: 4.09%
Spread Over Treasury: + 0.67%
Debenture Pool: 32 loans ($25,280,000)

The September 2024 504 debenture pricing was completed on September 5, 2024.

Debenture rate: 4.45%
Comparable Treasury Market Rate: 3.75%
Spread Over Treasury: + 0.70%
Debenture Pool: 365 loans ($394,386,000)

Debenture rate: 4.45%
Comparable Treasury Market Rate: 3.75%
Spread Over Treasury: + 0.70%
Debenture Pool: 35 loans ($22,382,000)

Debenture Rate: 4.15%
Comparable Treasury Market Rate: 3.55%
Spread Over Treasury: + 0.60%
Debenture Pool: 11 loans ($6,540,000)

The August 2024 504 debenture pricing was completed on August 8, 2024.

Debenture rate: 4.73%
Comparable Treasury Market Rate: 4.00%
Spread Over Treasury: + 0.73%
Debenture Pool: 341 loans ($314,938,000)

Debenture rate: 4.73%
Comparable Treasury Market Rate: 4.00%
Spread Over Treasury: + 0.73%
Debenture Pool: 30 loans ($21,869,000)

The July 2024 504 debenture pricing was completed on July 11, 2024.

Debenture rate: 4.89%
Comparable Treasury Market Rate: 4.18%
Spread Over Treasury: + 0.71%
Debenture Pool: 418 loans ($469,426,000)

Debenture rate: 4.89%
Comparable Treasury Market Rate: 4.18%
Spread Over Treasury: + 0.71%
Debenture Pool: 39 loans ($17,370,000)

Debenture Rate: 4.75%
Comparable Treasury Market Rate: 4.12%
Spread Over Treasury: + 0.63%
Debenture Pool: 15 loans ($7,881,000)

The June 2024 504 debenture pricing was completed on June 6, 2024.

Debenture rate: 5.04%
Comparable Treasury Market Rate: 4.31%
Spread Over Treasury: + 0.73%
Debenture Pool: 351 loans ($388,514,000)

Debenture rate: 5.06%
Comparable Treasury Market Rate: 4.31%
Spread Over Treasury: + 0.75%
Debenture Pool: 24 loans ($16,383,000)

The May 2024 504 debenture pricing was completed on May 9, 2024.

Debenture rate: 5.24%
Comparable Treasury Market Rate: 4.49%
Spread Over Treasury: + 0.75%
Debenture Pool: 362 loans ($399,509,000)

Debenture rate: 5.27%
Comparable Treasury Market Rate: 4.49%
Spread Over Treasury: + 0.78%
Debenture Pool: 39 loans ($31,789,000)

Debenture Rate: 5.16%
Comparable Treasury Market Rate: 4.49%
Spread Over Treasury: + 0.67%
Debenture Pool: 15 loans ($17,489,000)

The April 2024 504 debenture pricing was completed on April 11, 2024.

Debenture rate: 5.38%
Comparable Treasury Market Rate: 4.58%
Spread Over Treasury: + 0.80%
Debenture Pool: 448 loans ($473,539,000)

Debenture rate: 5.38%
Comparable Treasury Market Rate: 4.58%
Spread Over Treasury: + 0.80%
Debenture Pool: 33 loans ($24,916,000)

The March 2024 504 debenture pricing was completed on March 7, 2024.

Debenture rate: 4.97%
Comparable Treasury Market Rate: 4.10%
Spread Over Treasury: + 0.87%
Debenture Pool: 349 loans ($403,278,000)

Debenture rate: 4.98%
Comparable Treasury Market Rate: 4.10%
Spread Over Treasury: + 0.88%
Debenture Pool: 38 loans ($23,583,000)

Debenture Rate: 4.86%
Comparable Treasury Market Rate: 4.11%
Spread Over Treasury: + 0.75%
Debenture Pool: 20 loans ($20,881,000)

The February 2024 504 debenture pricing was completed on February 8, 2024.

Debenture rate: 5.07%
Comparable Treasury Market Rate: 4.16%
Spread Over Treasury: + 0.91%
Debenture Pool: 283 loans ($302,418,000)

Debenture rate: 5.11%
Comparable Treasury Market Rate: 4.16%
Spread Over Treasury: + 0.95%
Debenture Pool: 25 loans ($12,977,000)

The January 2024 504 debenture pricing was completed on January 11, 2024.

Debenture rate: 5.05%
Comparable Treasury Market Rate: 4.02%
Spread Over Treasury: + 1.03%
Debenture Pool: 390 loans ($406,652,000)

Debenture rate: 5.04%
Comparable Treasury Market Rate: 4.02%
Spread Over Treasury: + 1.02%
Debenture Pool: 44 loans ($29,583,000)

Debenture Rate: 4.80%
Comparable Treasury Market Rate: 3.95%
Spread Over Treasury: + 0.85%
Debenture Pool: 14 loans ($12,271,000)

The December 2023 504 debenture pricing was completed on December 7, 2023.

Debenture rate: 5.28%
Comparable Treasury Market Rate: 4.15%
Spread Over Treasury: + 1.13%
Debenture Pool: 390 loans ($400,807,000)

Debenture rate: 5.23%
Comparable Treasury Market Rate: 4.15%
Spread Over Treasury: + 1.08%
Debenture Pool: 34 loans ($21,495,000)

The November 2023 504 debenture pricing was completed on November 9, 2023.

Debenture rate: 5.71%
Comparable Treasury Market Rate: 4.56%
Spread Over Treasury: + 1.15%
Debenture Pool: 408 loans ($426,508,000)

Debenture rate: 5.64%
Comparable Treasury Market Rate: 4.56%
Spread Over Treasury: + 1.08%
Debenture Pool: 40 loans ($23,556,000)

Debenture Rate: 5.47%
Comparable Treasury Market Rate: 4.57%
Spread Over Treasury: + 0.90%
Debenture Pool: 24 loans ($17,545,000)

The October 2023 504 debenture pricing was completed on October 5, 2023.

Debenture rate: 5.82%
Comparable Treasury Market Rate: 4.72%
Spread Over Treasury: + 1.10%
Debenture Pool: 306 loans ($306,539,000)

Debenture rate: 5.80%
Comparable Treasury Market Rate: 4.72%
Spread Over Treasury: + 1.08%
Debenture Pool: 31 loans ($20,007,000)

The September 2023 504 debenture pricing was completed on September 7, 2023.

Debenture rate: 5.41%
Comparable Treasury Market Rate: 4.28%
Spread Over Treasury: + 1.13%
Debenture Pool: 377 loans ($397,101,000)

Debenture rate: 5.39%
Comparable Treasury Market Rate: 4.28%
Spread Over Treasury: + 1.11%
Debenture Pool: 54 loans ($37,457,000)

Debenture Rate: 5.21%
Comparable Treasury Market Rate: 4.41%
Spread Over Treasury: + 0.80%
Debenture Pool: 23 loans ($18,711,000)

The August 2023 504 debenture pricing was completed on August 10, 2023.

Debenture rate: 5.15%
Comparable Treasury Market Rate: 4.00%
Spread Over Treasury: + 1.15%
Debenture Pool: 410 loans ($407,266,000)

Debenture rate: 5.13%
Comparable Treasury Market Rate: 4.00%
Spread Over Treasury: + 1.13%
Debenture Pool: 37 loans ($26,140,000)

The July 2023 504 debenture pricing was completed on July 6, 2023.

Debenture rate: 5.18%
Comparable Treasury Market Rate: 4.06%
Spread Over Treasury: + 1.12%
Debenture Pool: 325 loans ($313,750,000)

Debenture rate: 5.16%
Comparable Treasury Market Rate: 4.06%
Spread Over Treasury: + 1.10%
Debenture Pool: 45 loans ($38,290,000)

Debenture Rate: 5.22%
Comparable Treasury Market Rate: 4.42%
Spread Over Treasury: + 0.80%
Debenture Pool: 16 loans ($8,949,000)

The June 2023 504 debenture pricing was completed on June 8, 2023.

Debenture rate: 4.93%
Comparable Treasury Market Rate: 3.75%
Spread Over Treasury: + 1.18%
Debenture Pool: 327 loans ($333,572,000)

Debenture rate: 4.91%
Comparable Treasury Market Rate: 3.75%
Spread Over Treasury: + 1.16%
Debenture Pool: 49 loans ($28,602,000)

The May 2023 504 debenture pricing was completed on May 11, 2023.

Debenture rate: 4.62%
Comparable Treasury Market Rate: 3.37%
Spread Over Treasury: + 1.25%
Debenture Pool: 442 loans ($461,381,000)

Debenture rate: 4.60%
Comparable Treasury Market Rate: 3.37%
Spread Over Treasury: + 1.23%
Debenture Pool: 72 loans ($41,147,000)

Debenture Rate: 4.21%
Comparable Treasury Market Rate: 3.31%
Spread Over Treasury: + 0.90%
Debenture Pool: 15 loans ($7,158,000)

The April 2023 504 debenture pricing was completed on April 6, 2023.

Debenture rate: 4.48%
Comparable Treasury Market Rate: 3.28%
Spread Over Treasury: + 1.20%
Debenture Pool: 400 loans ($374,081,000)

Debenture rate: 4.48%
Comparable Treasury Market Rate: 3.28%
Spread Over Treasury: + 1.20%
Debenture Pool: 44 loans ($31,246,000)

The March 2023 504 debenture pricing was completed on March 9, 2023.

Debenture rate: 4.93%
Comparable Treasury Market Rate: 3.96%
Spread Over Treasury: + 0.97%
Debenture Pool: 395 loans ($380,982,000)

Debenture rate: 4.86%
Comparable Treasury Market Rate: 3.96%
Spread Over Treasury: + 0.90%
Debenture Pool: 55 loans ($39,763,000)

Debenture Rate: 4.93%
Comparable Treasury Market Rate: 4.28%
Spread Over Treasury: + 0.65%
Debenture Pool: 17 loans ($11,954,000)

The February 2023 504 debenture pricing was completed on February 9, 2023.

Debenture rate: 4.61%
Comparable Treasury Market Rate: 3.61%
Spread Over Treasury: + 1.00%
Debenture Pool: 457 loans ($450,049,000)

Debenture rate: 4.51%
Comparable Treasury Market Rate: 3.61%
Spread Over Treasury: + 0.90%
Debenture Pool: 48 loans ($32,971,000)

The January 2023 504 debenture pricing was completed on January 5, 2023.

Debenture rate: 4.91%
Comparable Treasury Market Rate: 3.76%
Spread Over Treasury: + 1.15%
Debenture Pool: 378 loans ($377,944,000)

Debenture rate: 4.81%
Comparable Treasury Market Rate: 3.76%
Spread Over Treasury: + 1.05%
Debenture Pool: 57 loans ($44,014,000)

Debenture Rate: 4.60%
Comparable Treasury Market Rate: 3.95%
Spread Over Treasury: + 0.65%
Debenture Pool: 21 loans ($12,344,000)

The December 2022 504 debenture pricing was completed on December 8, 2022.

Debenture rate: 4.71%
Comparable Treasury Market Rate: 3.46%
Spread Over Treasury: + 1.25%
Debenture Pool: 478 loans ($443,896,000)

Debenture rate: 4.56%
Comparable Treasury Market Rate: 3.46%
Spread Over Treasury: + 1.10%
Debenture Pool: 53 loans ($40,251,000)

The November 2022 504 debenture pricing was completed on November 10, 2022.

Debenture rate: 5.13%
Comparable Treasury Market Rate: 3.83%
Spread Over Treasury: + 1.30%
Debenture Pool: 619 loans ($571,696,000)

Debenture rate: 4.98%
Comparable Treasury Market Rate: 3.83%
Spread Over Treasury: + 1.15%
Debenture Pool: 84 loans ($51,598,000)

Debenture Rate: 4.70%
Comparable Treasury Market Rate: 3.95%
Spread Over Treasury: + 0.75%
Debenture Pool: 21 loans ($16,930,000)

The October 2022 504 debenture pricing was completed on October 6, 2022.

Debenture rate: 5.04%
Comparable Treasury Market Rate: 3.84%
Spread Over Treasury: + 1.20%
Debenture Pool: 427 loans ($409,101,000)

Debenture rate: 4.89%
Comparable Treasury Market Rate: 3.84%
Spread Over Treasury: + 1.05%
Debenture Pool: 73 loans ($50,244,000)

The September 2022 504 debenture pricing was completed on September 8, 2022.

Debenture rate: 4.26%
Comparable Treasury Market Rate: 3.26%
Spread Over Treasury: + 1.00%
Debenture Pool: 494 loans ($468,908,000)

Debenture rate: 4.10%
Comparable Treasury Market Rate: 3.26%
Spread Over Treasury: + 0.84%
Debenture Pool: 78 loans ($52,060,000)

Debenture Rate: 3.78%
Comparable Treasury Market Rate: 3.38%
Spread Over Treasury: + 0.40%
Debenture Pool: 21 loans ($15,202,000)

The August 2022 504 debenture pricing was completed on August 11, 2022.

Debenture rate: 3.80%
Comparable Treasury Market Rate: 2.82%
Spread Over Treasury: + 0.98%
Debenture Pool: 668 loans ($612,245,000)

Debenture rate: 3.65%
Comparable Treasury Market Rate: 2.82%
Spread Over Treasury: + 0.83%
Debenture Pool: 117 loans ($79,827,000)

The July 2022 504 debenture pricing was completed on July 7, 2022.

Debenture rate: 3.93%
Comparable Treasury Market Rate: 2.96%
Spread Over Treasury: + 0.97%
Debenture Pool: 558 loans ($507,976,000)

Debenture rate: 3.81%
Comparable Treasury Market Rate: 2.96%
Spread Over Treasury: + 0.85%
Debenture Pool: 110 loans ($70,315,000)

Debenture Rate: 3.43%
Comparable Treasury Market Rate: 3.01%
Spread Over Treasury: + 0.42%
Debenture Pool: 34 loans ($19,312,000)

The June 2022 504 debenture pricing was completed on June 9, 2022.

Debenture rate: 4.01%
Comparable Treasury Market Rate: 3.04%
Spread Over Treasury: + 0.97%
Debenture Pool: 741 loans ($720,567,000)

Debenture rate: 3.89%
Comparable Treasury Market Rate: 3.04%
Spread Over Treasury: + 0.85%
Debenture Pool: 142 loans ($100,238,000)

The May 2022 504 debenture pricing was completed on May 5, 2022.

Debenture rate: 3.94%
Comparable Treasury Market Rate: 3.04%
Spread Over Treasury: + 0.90%
Debenture Pool: 634 loans ($582,785,000)

Debenture rate: 3.82%
Comparable Treasury Market Rate: 3.04%
Spread Over Treasury: + 0.78%
Debenture Pool: 120 loans ($81,487,000)

Debenture Rate: 3.39%
Comparable Treasury Market Rate: 3.01%
Spread Over Treasury: + 0.38%
Debenture Pool: 28 loans ($20,358,000)

The April 2022 504 debenture pricing was completed on April 7, 2022.

Debenture rate: 3.50%
Comparable Treasury Market Rate: 2.65%
Spread Over Treasury: + 0.85%
Debenture Pool: 613 loans ($530,747,000)

Debenture rate: 3.38%
Comparable Treasury Market Rate: 2.65%
Spread Over Treasury: + 0.73%
Debenture Pool: 143 loans ($94,133,000)

The March 2022 504 debenture pricing was completed on March 10, 2022.

Debenture rate: 2.75%
Comparable Treasury Market Rate: 2.00%
Spread Over Treasury: + 0.75%
Debenture Pool: 553 loans ($518,023,000)

Debenture rate: 2.53%
Comparable Treasury Market Rate: 2.00%
Spread Over Treasury: + 0.53%
Debenture Pool: 111 loans ($75,960,000)

Debenture Rate: 2.30%
Comparable Treasury Market Rate: 1.93%
Spread Over Treasury: + 0.37%
Debenture Pool: 27 loans ($17,227,000)

The February 2022 504 debenture pricing was completed on February 10, 2022.

Debenture rate: 2.42%
Comparable Treasury Market Rate: 1.99%
Spread Over Treasury: + 0.43%
Debenture Pool: 526 loans ($453,820,000)

Debenture rate: 2.22%
Comparable Treasury Market Rate: 1.99%
Spread Over Treasury: + 0.23%
Debenture Pool: 93 loans ($69,462,000)

The January 2022 504 debenture pricing was completed on January 6, 2022.

Debenture rate: 2.04%
Comparable Treasury Market Rate: 1.73%
Spread Over Treasury: + 0.31%
Debenture Pool: 432 loans ($376,608,000)

Debenture rate: 1.84%
Comparable Treasury Market Rate: 1.73%
Spread Over Treasury: + 0.11%
Debenture Pool: 102 loans ($62,330,000)

Debenture Rate: 1.58%
Comparable Treasury Market Rate: 1.47%
Spread Over Treasury: + 0.11%
Debenture Pool: 21 loans ($12,092,000)

The December 2021 504 debenture pricing was completed on December 9, 2021.

Debenture rate: 1.85%
Comparable Treasury Market Rate: 1.48%
Spread Over Treasury: + 0.37%
Debenture Pool: 507 loans ($435,708,000)

Debenture rate: 1.65%
Comparable Treasury Market Rate: 1.48%
Spread Over Treasury: + 0.17%
Debenture Pool: 106 loans ($68,395,000)

The November 2021 504 debenture pricing was completed on November 10, 2021.

Debenture rate: 1.75%
Comparable Treasury Market Rate: 1.50%
Spread Over Treasury: + 0.25%
Debenture Pool: 581 loans ($517,789,000)

Debenture rate: 1.55%
Comparable Treasury Market Rate: 1.50%
Spread Over Treasury: + 0.05%
Debenture Pool: 140 loans ($96,582,000)

Debenture Rate: 1.31%
Comparable Treasury Market Rate: 1.18%
Spread Over Treasury: + 0.13%
Debenture Pool: 25 loans ($16,778,000)

The October 2021 504 debenture pricing was completed on October 7, 2021.

Debenture rate: 1.74%
Comparable Treasury Market Rate: 1.56%
Spread Over Treasury: + 0.18%
Debenture Pool: 478 loans ($408,179,000)

Debenture rate: 1.54%
Comparable Treasury Market Rate: 1.56%
Spread Over Treasury: - 0.02%
Debenture Pool: 107 loans ($71,529,000)