Uncle Nearest owes FCMA more than $120M
Payoff statements show four Farm Credit loans as interest continues to accrue
10:48 a.m. Feb. 3, 2026
DUANE CROSS
MCO Publisher•Editor
Newly filed loan payoff statements in federal court show that Uncle Nearest Inc. owes more than $120 million to Farm Credit Mid-America across four separate loans, according to documents submitted as part of the ongoing receivership case.
The payoff estimates, prepared by Farm Credit Mid-America and filed Tuesday, Feb. 3, outline principal balances, accrued interest, and other charges as of Feb. 2, with updated projections through Feb. 9.
The largest obligation is a Working Capital loan, which carries a principal balance of $65,224,031.96. With accrued interest, the total payoff on that loan stood at $72,674,998.92 as of Feb. 2, increasing to $72,800,086.11 one week later due to daily interest accrual.
A Refinanced Term Note represents the second-largest debt. That loan shows a principal balance of $22,045,150.88, with accumulated interest pushing the total payoff to $24,364,984.05 as of Feb. 2. By Feb. 9, the projected payoff rises to $24,404,091.55.
The company also carries a Construction loan with a principal balance of $15 million. In addition to more than $1.4 million in accrued interest, the loan includes $2,801,008.43 in other charges or negative escrow balances. The total payoff on that loan was $19,206,561.89 as of Feb. 2 and $19,233,171.48 as of Feb. 9.
A fourth loan, listed as a Protective Advance, carries a principal balance of $3.8 million. Including accrued interest, the total payoff on that loan was $3,904,176.30 as of Feb. 2, increasing to $3,910,917.40 by Feb. 9.
Taken together, the four payoff statements show Uncle Nearest owing approximately $120.15 million as of Feb. 2, with the total continuing to grow daily as interest accrues.
Each payoff estimate notes that the figures are subject to change based on interest rate adjustments, additional charges, advances against the loans, or repayments.
The documents were filed as exhibits in Case No. 4:25-cv-00038 in U.S. District Court.
The loan balances are expected to play a central role in upcoming hearings as the court evaluates the scope of the receivership and the company’s financial position.
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