Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 17

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 have a material impact on Farmer Mac's financial position, results of operations, or cash flows.ASU 2025-06, Intangibles - Goodwill and Other - Internal-use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use SoftwareThe Update amends certain aspects of the accounting for and disclosure of software costs under ASC 350-40.  It removes all references to "development stages" and establishes new criteria to be met for the entity to begin capitalizing software costs.  New guidance is then given for how to evaluate whether the probable-to-complete recognition threshold has been met.  ASU 2025-06 is effective for annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, with early adoption permitted.Farmer Mac is still assessing the impact of the new accounting standard but does not expect that adoption of the new guidance will have a material impact on Farmer Mac's financial position, results of operations, or cash flows.

(d)Reclassifications

Certain reclassifications of prior period information were made to conform to the current period presentation. The reclassifications of prior period information were not material to the consolidated financial statements.

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2.INVESTMENT SECURITIES

Farmer Mac’s investment securities portfolio is comprised primarily of the following major security types, which is based on the issuer and associated security characteristics: •U.S. Government guaranteed securities: single-family and multi-family mortgage-backed securities issued by Government National Mortgage Association (Ginnie Mae) and pass-through securities issued by the Small Business Administration, which are guaranteed by the U.S. Government;•U.S. Government Sponsored Enterprise (“GSE”) guaranteed securities: single-family and multi-family mortgage-backed securities issued by Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac). GSE securities are not guaranteed by the U.S. government;•U.S. Treasury Obligations: sovereign debt issued by the United States of America.The following tables set forth information about Farmer Mac's available-for-sale and held-to-maturity investment securities as of September 30, 2025 and December 31, 2024: Table 2.1 As of September 30, 2025Amount OutstandingUnamortized Premium/(Discount)AmortizedCost(1)Allowance for losses(2)UnrealizedGainsUnrealizedLossesFair Value (in thousands)Available-for-sale: