Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 28

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 28
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 48 (2)4.52%4.43%0.30Basis swaps655,384 8 (354)4.69%4.52%3.83Treasury futures29,900 46 — 108.91 Netting adjustments(1)— (462)462 Total financial derivatives$24,896,331 $27,789 $(77,326)      (1)Amounts represent the application of the netting requirements that allow Farmer Mac to settle positive and negative positions, including accrued interest, held or placed with the same clearing agent. As of September 30, 2025, Farmer Mac expects to reclassify $7.2 million after-tax from accumulated other comprehensive income to earnings over the next twelve months related to cash flow hedges. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges after September 30, 2025. The following tables summarize the net income/(expense) recognized in the Consolidated Statements of Operations related to derivatives for the three and nine months ended September 30, 2025 and 2024:

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Table 4.2For the Three Months Ended September 30, 2025Net Income/(Expense) Recognized in Consolidated Statement of Operations on DerivativesNet Interest IncomeNon-Interest IncomeTotalInterest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA SecuritiesInterest Income LoansTotal Interest ExpenseLosses on financial derivatives(in thousands)Total amounts presented in the Consolidated Statement of Operations$93,398 $123,484 $198,459 $(316,864)$(1,062)$97,415 Income/(expense) related to interest settlements on fair value hedging relationships:Recognized on derivatives7,541 23,004 12,857 (29,051)— 14,351 Recognized on hedged items14,558 57,249 21,659 (102,584)— (9,118)Premium/discount amortization recognized on hedged items690 — — (581)— 109 Income/(expense) related to interest settlements on fair value hedging relationships$22,789 $80,253 $34,516 $(132,216)$— $5,342 (Losses)/gains on fair value hedging relationships:Recognized on derivatives$(7