Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 159

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 159
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:Carrying value59,317 — 59,317       Maximum exposure to loss (3)58,985 — 58,985 Investment securities:        Carrying value (4)— 4,212,258 4,212,258         Maximum exposure to loss (3)(4)— 4,547,397 4,547,397 Off-Balance Sheet:Unconsolidated VIEs:Farmer Mac Guaranteed Securities:      Maximum exposure to loss (3)(5)(6)426,310 — 426,310 (1)Includes borrower remittances of $4.7 million. The borrower remittances had not been passed through to third-party investors as of December 31, 2024.(2)Includes $113.2 million in unamortized discount related to a structured securitization transaction.(3)Farmer Mac uses unpaid principal balance and outstanding face amount of investment securities to represent maximum exposure to loss.(4)Includes auction-rate certificates, government-sponsored enterprise ("GSE") guaranteed mortgage-backed securities, and other mission related investments.(5)The Agricultural Finance amount relates to unconsolidated trusts where Farmer Mac is not the primary beneficiary, either due to shared power with an unrelated party or a subordinate class majority holder has the unilateral right to remove Farmer Mac as Master Servicer without cause.(6)Farmer Mac presents a liability for its obligation to stand ready under its guarantee in "Guarantee and commitment obligation" on the Consolidated Balance Sheets, which was $5.6 million as of December 31, 2024. The weighted average remaining maturity of the loans underlying the guarantee was 21.2 years as of December 31, 2024.

11

(a)Earnings Per Common Share

Basic earnings per common share ("EPS") is based on the daily weighted-average number of shares of common stock outstanding. Diluted earnings per common share is based on the daily weighted-average number of shares of common stock outstanding adjusted to include all potentially dilutive stock appreciation rights ("SARs") and unvested restricted stock unit awards. The following schedule reconciles basic and diluted EPS for the three and nine months ended September 30, 2025 and 2024:Table 1.2For the Three Months EndedSeptember 30, 2025September 30, 2024NetIncomeWeighted-Average Shares$ perShareNetIncomeWeighted-A