Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 80

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 80
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,491,155 $286,213 1.17 %$30,205,470 $260,499 1.15 %

(1)Excludes interest income of $29.8 million and $28.5 million in the first nine months of 2025 and 2024, respectively, related to consolidated trusts with beneficial interests owned by third parties (single-class).

(2)Excludes interest expense of $26.7 million and $25.0 million in the first nine months of 2025 and 2024, respectively, related to consolidated trusts with beneficial interests owned by third parties (single-class).

(3)Includes the effect of consolidated trusts with beneficial interests owned by third parties (single-class).

The $11.7 million year-over-year increase in net interest income for third quarter 2025 compared to third quarter 2024 was primarily attributable to a $9.6 million increase from net new business volume and a $3.9 million decrease in funding costs. These impacts were partially offset by a $1.3 million decrease in interest income related to an increase in loans on non-accrual and a $0.3 million decrease in the fair value designated financial derivatives.

The $25.7 million increase in net interest income for the nine months ended September 30, 2025, compared to the same period in the prior year was primarily attributable to a $25.6 million increase from net new business volume.

The following table sets forth information about changes in the components of Farmer Mac's net interest income for the periods indicated prior to consolidation of trusts with beneficial interests owned by third parties (single-class) and for which Farmer Mac guarantees all classes of securities issued. For each category, information is provided on changes attributable to changes in volume (change in volume multiplied by prior rate), and changes in rate (change in rate multiplied by old volume), and then allocated based on the relative size of rate and volume changes from the prior period.  

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Table 9  For the Nine Months Ended September 30, 2025Compared to Same Period in 2024 Increase/(Decrease) Due to RateVolumeTotal (in thousands)Income from interest-earning assets:   Cash and investments$(39,722)$47,072 $7,350 Loans, Farmer Mac Guaranteed Securities and USDA Securities(61,428)40,857 (20,571)Total(101,