Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 69

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 information about Farmer Mac's use of net effective spread as a financial measure, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures." For a reconciliation of net interest income to net effective spread, see Table 10 in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—Net Interest Income."

Business Volume

Our outstanding business volume was $31.1 billion as of September 30, 2025, a net increase of $0.5 billion from June 30, 2025 after taking into account all new business, maturities, sales, and paydowns on existing assets. The net increase was primarily attributable to a net increase of $0.6 billion in the Infrastructure Finance line of business.

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For more information about Farmer Mac's business volume, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Results of Operations—Business Volume."

Capital

Table 3As ofSeptember 30, 2025December 31, 2024(in thousands)Core capital$1,692,514 $1,501,173 Capital in excess of minimum capital level required723,370 583,527 

The capital in excess of the minimum capital level required increased from December 31, 2024 to September 30, 2025 primarily as a result of the issuance of the Series H preferred stock noted above and an increase in retained earnings, partially offset by the capital impact due to growth in total assets.

Credit Quality

During third quarter 2025, we charged off $4.4 million primarily related to three specific borrower relationships for an agricultural storage and processing loan, a crop loan, and a permanent planting loan to reflect the amount of each loan that we deemed uncollectible. The following table presents Agricultural Finance on- and off-balance sheet substandard assets, in dollars and as a percentage of the respective portfolio as of September 30, 2025, June 30, 2025, and December 31, 2024:  

Table 4On-Balance SheetOff-Balance SheetSubstandard Assets% of PortfolioSubstandard Assets% of Portfolio(dollars in thousands)September 30, 2025$461,155 4.8 %$59,960 1.7 %June 30, 2025415,185 4.4 %37,785 1.1 %December 31,