Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 241

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 241
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 Table 13)(2,573)1,683 Gains on hedging activities due to fair value changes1,099 3,002 Unrealized gains/(losses) on trading securities9 (14)Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value28 31 Net effects of terminations or net settlements on financial derivatives(1,070)(192)Income tax effect related to reconciling items526 (947)Sub-total(1,981)3,563 Core earnings$45,966 $43,392 Composition of Core Earnings:Revenues:Net effective spread(1)$89,990 $83,044 Guarantee and commitment fees(2)5,488 4,982 Other(3)1,315 1,077 Total revenues96,793 89,103 Credit related expense/(income) (GAAP):Provision for/(release of) losses1,583 (1,870)Loss on sale of REO68 — Total credit related expense/(income)1,651 (1,870)Operating expenses (GAAP):Compensation and employee benefits17,752 18,257 General and administrative10,758 8,255 Regulatory fees1,000 725 Total operating expenses29,510 27,237 Net earnings65,632 63,736 Income tax expense(4)14,000 13,553 Preferred stock dividends (GAAP)5,666 6,791 Core earnings$45,966 $43,392 Core earnings per share:  Basic$4.22 $4.00   Diluted$4.19 $3.96 Weighted-average shares:  Basic10,896 10,847   Diluted10,983 10,969 

(1)Net effective spread is a non-GAAP measure. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures—Net Effective Spread" for an explanation of net effective spread. See Table 10 for a reconciliation of net interest income to net effective spread.

(2)Includes interest income and interest expense related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee on the