Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 70

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 70
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Rate (dollars in thousands)Interest-earning assets:     Cash and investments$7,198,035 $83,308 4.63 %$6,244,375 $84,924 5.44 %Loans, Farmer Mac Guaranteed Securities and USDA Securities(1)23,641,621 288,211 4.88 %22,842,007 302,403 5.30 %Total interest-earning assets30,839,656 371,519 4.82 %29,086,382 387,327 5.33 %Funding:    Total interest-bearing liabilities(2)28,685,250 281,590 3.93 %27,139,894 302,011 4.45 %Net non-interest-bearing funding2,154,405 — 1,946,488 — Total funding30,839,655 281,590 3.65 %29,086,382 302,011 4.15 %Net interest income/yield prior to consolidation of certain trusts30,839,655 89,929 1.17 %29,086,382 85,316 1.17 %Net effect of consolidated trusts(3)871,466 1,010 0.46 %852,883 1,052 0.49 %Net interest income/yield$31,711,121 $90,939 1.15 %$29,939,265 $86,368 1.15 %

(1)Excludes interest income of $9.9 million and $9.0 million in first quarter 2025 and 2024, respectively, related to consolidated trusts with beneficial interests owned by third parties (single-class).

(2)Excludes interest expense of $8.9 million and $7.9 million in first quarter 2025 and 2024, respectively, related to consolidated trusts with beneficial interests owned by third parties (single-class).

(3)Includes the effect of consolidated trusts with beneficial interests owned by third parties (single-class).

The $4.6 million year-over-year increase in net interest income for first quarter 2025 compared to first quarter 2024 was primarily attributable to a $6.4 million increase from net new business volume and a $0.6 million decrease in funding costs, partially