Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 179

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 179
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years)  Notional AmountAsset(Liability)  (dollars in thousands)Fair value hedges:Interest rate swaps:Receive fixed non-callable$7,460,685 $174 $(12,165)4.71%3.40%1.53Pay fixed non-callable9,657,181 5,134 (97)2.67%4.56%9.12Receive fixed callable4,592,077 5,119 (65,167)4.54%3.67%2.65Cash flow hedges:Interest rate swaps:Pay fixed non-callable540,000 16,903 (2)1.92%4.87%3.43No hedge designation:Interest rate swaps:Pay fixed non-callable157,776 819 (1)2.92%4.75%3.40Receive fixed non-callable1,803,328 48 (2)4.52%4.43%0.30Basis swaps655,384 8 (354)4.69%4.52%3.83Treasury futures29,900 46 — 108.91 Netting adjustments(1)— (462)462 Total financial derivatives$24,896,331 $27,789 $(77,326)      (1)Amounts represent the application of the netting requirements that allow Farmer Mac to settle positive and negative positions, including accrued interest, held or placed with the same clearing agent. As of June 30, 2025, Farmer Mac expects to reclassify $8.4 million after-tax from accumulated other comprehensive income to earnings over the next twelve months related to cash flow hedges. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges after June 30, 2025. The following tables summarize the net income/(expense) recognized in the Consolidated Statements of Operations related to derivatives for the three and six months ended June 30, 2025 and 2024:

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Table 4.2For the Three Months Ended June 30, 2025Net Income/(Expense) Recognized in Consolidated Statement of Operations on DerivativesNet Interest IncomeNon-Interest IncomeTotalInterest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA SecuritiesInterest Income LoansTotal Interest Expense