Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 219

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 219
---
)290 3,207 (2,139)— 2 (4,360)Operating expenses(1)(11,995)(3,755)(2,147)(1,720)(2,254)(4,882)(1,383)(28,136)Income tax (expense)/benefit(13,623)(1,298)(1,846)(1,338)(196)(12,151)(172)(30,624)Segment core earnings$51,245 $4,882 $6,940 $5,033 $737 $45,710 $646 $115,193 Reconciliation to net income:Net effects of derivatives and trading securities$5,132 Unallocated (expense)/income(23,485)Income tax effect related to reconciling items4,011 Net income$100,851 Total Assets:Total on- and off-balance sheet segment assets at principal balance$18,504,501 $1,816,893 $7,008,275 $553,198 $875,472 $— $— $28,758,339 Off-balance sheet assets under management(4,569,607)Unallocated assets6,005,582 Total assets on the Consolidated Balance Sheets$30,194,314 (1)The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.(2)Includes the amortization of premiums and discounts on assets consolidated at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "Gains/(losses) on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships.

(3)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.  

11.INCOME TAXES

During both the three and six months ended June 30, 2025, Farmer Mac purchased $35.6 million in renewable energy investment tax credits at prices of approximately $0.91 per $1.00 of credit. All of the tax credits purchased are with projects that have