Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 276

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 276
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237,051 $169,462 5.43 %Loans, Farmer Mac Guaranteed Securities and USDA Securities(1)23,800,045 588,283 4.94 %23,035,820 611,679 5.31 %Total interest-earning assets31,177,738 760,576 4.88 %29,272,871 781,141 5.34 %Funding:    Total interest-bearing liabilities(2)29,061,297 574,838 3.96 %27,299,257 609,856 4.47 %Net non-interest-bearing funding2,116,441 — 1,973,614 — Total funding31,177,738 574,838 3.69 %29,272,871 609,856 4.17 %Net interest income/yield prior to consolidation of certain trusts31,177,738 185,738 1.19 %29,272,871 171,285 1.17 %Net effect of consolidated trusts(3)870,801 1,998 0.46 %880,196 2,423 0.55 %Net interest income/yield$32,048,539 $187,736 1.17 %$30,153,067 $173,708 1.15 %

(1)Excludes interest income of $19.9 million and $18.9 million in the first half of 2025 and 2024, respectively, related to consolidated trusts with beneficial interests owned by third parties (single-class).

(2)Excludes interest expense of $17.9 million and $16.5 million in the first half 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 $9.5 million year-over-year increase in net interest income for second quarter 2025 compared to second quarter 2024 was primarily attributable to a $7.4 million increase from net new business volume.

The $14.0 million increase in net interest income for the six months ended June 30, 2025, compared to the same period in the prior year was primarily attributable to a $13.8 million increase from net