Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 163

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 163
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4)— 4,547,397 4,547,397 Off-Balance Sheet:Unconsolidated VIEs:Farmer Mac Guaranteed Securities:      Maximum exposure to loss (3)(5)426,310 — 426,310 (1)Includes borrower remittances of $4.7 million. The borrower remittances had not been passed through to third-party investors as of December 31, 2024.(2)Includes $113.2 million in unamortized discount related to a structured securitization transaction.(3)Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss.

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(4)Includes auction-rate certificates, government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, and other mission related investments.(5)The amount under the Agricultural Finance line of business relates to unconsolidated trusts where it was determined that Farmer Mac was either not the primary beneficiary due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause.

(a)Earnings Per Common Share

Basic earnings per common share ("EPS") is based on the daily weighted-average number of shares of common stock outstanding. Diluted earnings per common share is based on the daily weighted-average number of shares of common stock outstanding adjusted to include all potentially dilutive stock appreciation rights ("SARs") and unvested restricted stock unit awards. The following schedule reconciles basic and diluted EPS for the three and six months ended June 30, 2025 and 2024:Table 1.2For the Three Months EndedJune 30, 2025June 30, 2024NetIncomeWeighted-Average Shares$ perShareNetIncomeWeighted-Average Shares$ perShare(in thousands, except per share amounts)Basic EPSNet income attributable to common stockholders$49,170 10,933 $4.50 $40,313 10,879 $3.71 Effect of dilutive securities(1)SARs and restricted stock units— 30 (0.02)— 77 (0.03)Diluted EPS$49,170 10,963 $4.48 $40,313 10,956 $3.68 (1)For the three months ended June 30, 202