Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 282

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 282
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 to terminations or net settlements" in the table above. See Note 4 to the consolidated financial statements for more information about our financial derivatives. 

Operating Expenses. The components of operating expenses for the three and six months ended June 30, 2025 and 2024 are summarized in the following table:

Table 14

 For the Three Months EndedFor the Six Months EndedChangeChangeJune 30, 2025June 30, 2024$%June 30, 2025June 30, 2024$% (dollars in thousands)Compensation and employee benefits$17,631 $14,840 $2,791 19 %$35,383 $33,097 $2,286 7 %General and administrative10,859 8,904 1,955 22 %21,617 17,159 4,458 26 %Regulatory fees1,000 725 275 38 %2,000 1,450 550 38 %Total Operating Expenses$29,490 $24,469 $5,021 21 %$59,000 $51,706 $7,294 14 %

The increase in compensation and employee benefits expenses for the three and six months ended June 30, 2025 compared to 2024 was largely due to increased headcount.

The increase in G&A expenses for the three and six months ended June 30, 2025 compared to 2024 was primarily attributable to an increase in information technology infrastructure costs, transactional legal fees, hiring expenses, and servicing advance expenses. 

73

Income Tax Expense. The following table presents income tax expense and the effective income tax rate for the three and six months ended June 30, 2025 and 2024:

Table 15 For the Three Months EndedFor the Six Months EndedChangeChangeJune 30, 2025June 30, 2024$%June 30, 2025June 30, 2024$% (dollars in thousands)Income tax expense$10,594 $12,113 $(1,519)(13)%$24,068 $26,613 $(2,545)(10)%Effective tax rate16.2 %20.5 %(4.3)%18.7 %20.9 %(2.2)%

The decrease in the