Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 78

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 78
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 gains or losses on settlements of these contracts are reported in the Consolidated Statements of Operations in the period in which they occur. For core earnings purposes, these realized gains or losses are deferred and amortized as net yield adjustments over the term of the related debt, which generally ranges from 3 to 15 years.

The following sections provide more detail about specific components of our results of operations. 

Net Interest Income. The following table provides information about interest-earning assets and funding for the three and nine months ended September 30, 2025 and 2024. The average balance of loans in consolidated trusts with beneficial interests owned by third parties (single-class) and for which Farmer Mac guarantees all classes of securities issued is excluded from the average balances of interest-earning assets and interest-bearing liabilities and, instead, is disclosed in the net effect of consolidated trusts along with the associated net interest income. 

Table 8

  For the Three Months Ended September 30, 2025September 30, 2024AverageBalanceIncome/ExpenseAverageRateAverageBalanceIncome/ExpenseAverageRate (dollars in thousands)Interest-earning assets:     Cash and investments$7,979,459 $93,398 4.68 %$6,492,807 $88,879 5.48 %Loans, Farmer Mac Guaranteed Securities and USDA Securities(1)24,549,899 312,033 5.08 %22,932,539 309,208 5.39 %Total interest-earning assets32,529,358 405,431 4.99 %29,425,346 398,087 5.41 %Funding:    Total interest-bearing liabilities(2)30,402,725 308,056 4.05 %27,540,921 312,361 4.54 %Net non-interest-bearing funding2,126,633 — 1,884,425 — Total funding32,529,358 308,056 3.79 %29,425,346 312,361 4.25 %Net interest income/yield prior to consolidation of certain trusts32,529,358 97,375 1.20 %29,425,346 85,726 1.17 %Net effect of consolidated trusts(3)847,030 1,102 0.52 %884,