Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 225

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 225
---
Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value— — 0.01 0.01 Net effects of terminations or net settlements on financial derivatives(0.17)(0.05)(0.25)(0.20)Issuance costs on the retirement of preferred stock— (0.15)— (0.15)Income tax effect related to reconciling items0.02 0.02 0.03 (0.08)Sub-total(0.08)(0.24)(0.10)0.13 Core Earnings - Diluted EPS$4.52 $4.10 $13.03 $11.69 Shares used in per share calculation (GAAP and Core Earnings)10,972 10,966 10,973 10,968 

66

The non-GAAP reconciling items between net income attributable to common stockholders and core earnings are:

1.  Gains/(losses) on financial derivatives due to fair value changes, including: (a) Gains/(losses) on undesignated financial derivatives due to fair value changes; and (b) (Losses)/gains on hedging activities due to fair value changes. 

2.  Unrealized losses on trading securities are reported on Farmer Mac's Consolidated Statements of Operations which represent changes during the period in fair values for trading assets remaining on our balance sheet as of the end of the reporting period. 

3.  The net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value reflects the amortization recorded during the reporting period on those assets for which the premium, discount, or deferred gain was a result of consolidation accounting rather than a cash transaction.

4.  The net effects of terminations or net settlements on financial derivatives relate to forward contracts on the debt of other GSEs and futures contracts on U.S. Treasury securities, which are used as a short-term economic hedge of the issuance of debt. For GAAP purposes, realized gains or losses on settlements of these contracts are reported in the Consolidated Statements of Operations in the period in which they occur. For core earnings purposes, these realized gains or losses are deferred and amortized as net yield adjustments over the term of the related debt, which generally ranges from 3 to 15 years.

The following sections provide more detail about specific components of our results of operations. 

Net Interest Income.