Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 278

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 278
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 30, 2024June 30, 2025June 30, 2024 DollarsYieldDollarsYieldDollarsYieldDollarsYield (dollars in thousands)Net interest income$96,797 1.20 %$87,340 1.15 %$187,736 1.17 %$173,708 1.15 %Net effects of consolidated trusts(987)0.02 %(1,371)0.02 %(1,998)0.02 %(2,423)0.02 %Expense related to undesignated financial derivatives(208)— %(486)(0.01)%110 — %(521)— %Amortization of premiums/discounts on assets consolidated at fair value(22)— %(21)— %(47)— %(48)— %Amortization of losses due to terminations or net settlements on financial derivatives1,022 0.01 %738 0.01 %1,890 0.01 %1,530 0.01 %Fair value changes on fair value hedge relationships(2,709)(0.04)%(2,604)(0.03)%(3,808)(0.02)%(5,606)(0.04)%Net effective spread$93,893 1.19 %$83,596 1.14 %$183,883 1.18 %$166,640 1.14 %

The $10.3 million, or 5 basis point, year-over-year increase in net effective spread for second quarter 2025 compared to second quarter 2024 was primarily due to a $7.4 million increase from net new business volume, a $1.4 million contribution from our Investments segment and a $1.4 million decrease in funding costs. 

The $17.3 million, or 4 basis point, increase in net effective spread for the six months ended June 30, 2025, compared to the same period in the prior year, was primarily due to a $13.8 million increase in net new business volume, reflecting continued growth in the Renewable Energy and Broadband Infrastructure segments, a $2.8 million contribution from the Investments segment, and a $0.5 million decrease in funding costs.

See Note 10 to the consolidated financial statements for more information about