Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 83

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 83
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 about changes in the components of Farmer Mac's net interest income for the periods indicated prior to consolidation of trusts with beneficial interests owned by third parties (single-class) and for which Farmer Mac guarantees all classes of securities issued. For each category, information is provided on changes attributable to changes in volume (change in volume multiplied by prior rate), and changes in rate (change in rate multiplied by old volume), and then allocated based on the relative size of rate and volume changes from the prior period.  

Table 9  For the Six Months Ended June 30, 2025Compared to Same Period in 2024 Increase/(Decrease) Due to RateVolumeTotal (in thousands)Income from interest-earning assets:   Cash and investments$(25,698)$28,529 $2,831 Loans, Farmer Mac Guaranteed Securities and USDA Securities(57,622)19,798 (37,824)Total(83,320)48,327 (34,993)Expense from other interest-bearing liabilities(72,756)37,738 (35,018)Change in net interest income prior to consolidation of certain trusts(1)$(10,564)$10,589 $25 

(1)Excludes the effect of debt in consolidated trusts with beneficial interests owned by third parties (single-class). 

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The following table presents a reconciliation of net interest income to net effective spread. Net effective spread is measured by including: (1) expenses related to undesignated financial derivatives, which consist of income or expense related to contractual amounts due on financial derivatives not designated in hedge accounting relationships (the income or expense related to financial derivatives designated in hedge accounting relationships is already included in net interest income), and (2) the amortization of losses due to terminations or net settlements of financial derivatives; and excluding (1) the amortization of premiums and discounts on assets consolidated at fair value, (2) the net effects of consolidated trusts with beneficial interests owned by third parties (single-class), and (3) the fair value changes of financial derivatives and corresponding financial assets or liabilities in fair value hedge relationships. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures—Net Effective Spread" for more information about net effective spread.

Table 10  For the Three Months EndedFor the Six Months Ended June 30, 2025June 30, 2024June 30,