The largest single beneficiary of Trump’s tariff payments? An alternative farm lender.

The Trump Administration has paid farmers billions to offset losses from ongoing trade wars, but millions have also gone to an alternative farm lender.

Agrifund LLC, which does business as Ag Resource Management, or ARM, has received more trade mitigation money than anyone else, according to a Midwest Center for Investigative Reporting analysis of U.S. Department of Agriculture data.