It's just the beginning for Spenda!, page-1560

Some "agri lending" is more like trade finance yes. The cyclicality brings high volatility in volumes (and therefore low multiples). And given the "big guy" ends up being a buyer, you are still often financing a smaller agri producer. They are also looking into cattle, sheep, etc... It is a highly specialised sector with very many risks. And when you finance farmers, you never recover your money if things go wrong. Or muuuuuch later. Hence the range of yields. Same yields on offer from small businesses but there I trust the team they bought have relevant experience in that sector.