Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 261

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 261
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 and Analysis of Financial Condition and Results of Operations—Results of Operations—Net Interest Income."

Results of Operations

Reconciliations of net income attributable to common stockholders and EPS to core earnings and Core EPS are presented in the following tables along with information about the composition of core earnings:

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Table 6

Reconciliation of Net Income Attributable to Common Stockholders to Core EarningsFor the Three Months EndedSeptember 30, 2025September 30, 2024(in thousands, except per share amounts)Net income attributable to common stockholders$48,700 $42,312 Less reconciling items:  Gains/(losses) on undesignated financial derivatives due to fair value changes (see Table 12)882 (1,064)(Losses)/gains on hedging activities due to fair value changes(137)205 Unrealized (losses)/gains on trading securities(4)99 Net effects of amortization of premiums/discounts and deferred gains on assets consolidated at fair value26 27 Net effects of terminations or net settlements on financial derivatives(1,934)(503)Issuance costs on the retirement of preferred stock— (1,619)Income tax effect related to reconciling items245 260 Sub-total(922)(2,595)Core earnings$49,622 $44,907 Composition of Core Earnings:Revenues:Net effective spread(1)$97,769 $85,396 Guarantee and commitment fees(2)6,132 4,997 Other(3)1,185 1,133 Total revenues105,086 91,526 Credit related expense (GAAP):Provision for losses7,433 3,258 REO operating expenses— 196 Total credit related expense7,433 3,454 Operating expenses (GAAP):Compensation and employee benefits17,743 15,237 General and administrative11,052 8,625 Regulatory fees1,000 725 Total operating expenses29,795 24,587 Net earnings67,858 63,485 Income tax expense(4)11,933 12,681 Preferred stock dividends (GAAP)6,303 5,897 Core earnings$49,622 $44,907 Core EPS:  Basic$4.54 $4.13   Diluted$4