Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 218

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 218
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7,300,354 $1,174,441 $1,941,036 $— $— $30,587,259 Off-balance sheet assets under management(5,257,348)Unallocated assets7,665,998 Total assets on the Consolidated Balance Sheets$32,995,909 (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.  

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Core Earnings by Business SegmentFor the Six Months Ended June 30, 2024Agricultural FinanceInfrastructure FinanceTreasuryFarm & RanchCorporate AgFinancePower & UtilitiesBroadband InfrastructureRenewable EnergyFundingInvestmentsTotal (in thousands)Interest income$309,521 $50,924 $133,681 $17,423 $19,749 $117,084 $151,641 $800,023 Interest expense(1)(240,110)(35,087)(123,479)(12,688)(14,701)(49,745)(150,505)(626,315)Less: reconciling adjustments(2)(3)(2,412)— (60)— — (4,596)— (7,068)Net effective spread66,999 15,837 10,142 4,735 5,048 62,743 1,136 166,640 Guarantee and commitment fees(3)9,096 214 501 149 278 — — 10,238 Other income/(expense)1,512 (1,140)— — — — 1,063 1,435 (Provision for)/release of losses(744)(4,976