Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 211

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 211
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 net income:Net effects of derivatives and trading securities$3,869 Unallocated (expense)/income(34,168)Income tax effect related to reconciling items7,171 Net income$150,679 Total Assets:Total on- and off-balance sheet segment assets at principal balance$18,090,374 $1,842,780 $6,794,435 $645,706 $1,095,008 $— $— $28,468,303 Off-balance sheet assets under management(4,562,819)Unallocated assets6,709,737 Total assets on the Consolidated Balance Sheets$30,615,221 (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 "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.  

11.INCOME TAXES

During the three and nine months ended September 30, 2025, Farmer Mac purchased $24.2 million and $59.8 million, respectively, in renewable energy investment tax credits at prices that range from approximately $0.91 to $0.94 per $1.00 of credit. All of the tax credits purchased are with projects that have been placed into service. As a result of these purchases, Farmer Mac recognized a tax benefit of $1.5 million and $4.7 million for the three and nine months ended September 30, 2025, respectively.

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Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations

The objective of this section of the report is to provide a discussion and analysis, from management’s perspective, of the material information necessary to assess Farmer Mac's financial condition and results of operations for the quarter ended September 30, 2025. Financial information included in this report is consolidated