Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 59

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 59
---
)Unallocated (expenses)/income(12,311)Income tax effect related to reconciling items5,154  Net income$55,003 Total Assets:Total on- and off-balance sheet segment assets at principal balance$18,218,755 $1,891,228 $7,426,517 $1,299,097 $2,283,565 $— $— $31,119,162 Off-balance sheet assets under management(5,264,616)Unallocated assets7,525,014 Total assets on the Consolidated Balance Sheets$33,379,560 (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.  

50

Core Earnings by Business SegmentFor the Three Months Ended September 30, 2024Agricultural FinanceInfrastructure FinanceTreasuryFarm & RanchCorporate AgFinancePower & UtilitiesBroadband InfrastructureRenewable EnergyFundingInvestmentsTotal (in thousands)Interest income$155,634 $24,834 $64,345 $9,955 $15,679 $58,095 $79,186 $407,728 Interest expense(1)(118,818)(18,437)(59,531)(7,161)(11,869)(26,878)(78,243)(320,937)Less: reconciling adjustments(2)(3)(1,061)— (29)— — (305)— (1,395)Net effective spread35,755 6,397 4,785 2,794 3,810 30,912 943 85,396 Guarantee and commitment fees(3)4,304 168 232