Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 25

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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167)4.54%3.67%2.65Cash flow hedges:Interest rate swaps:Pay fixed non-callable540,000 16,903 (2)1.92%4.87%3.43No hedge designation:Interest rate swaps:Pay fixed non-callable157,776 819 (1)2.92%4.75%3.40Receive fixed non-callable1,803,328 48 (2)4.52%4.43%0.30Basis swaps655,384 8 (354)4.69%4.52%3.83Treasury futures29,900 46 — 108.91 Netting adjustments(1)— (462)462 Total financial derivatives$24,896,331 $27,789 $(77,326)      (1)Amounts represent the application of the netting requirements that allow Farmer Mac to settle positive and negative positions, including accrued interest, held or placed with the same clearing agent. As of March 31, 2025, Farmer Mac expects to reclassify $9.1 million after-tax from accumulated other comprehensive income to earnings over the next twelve months related to cash flow hedges. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, and the addition of other hedges after March 31, 2025. During the three months ended March 31, 2025 and 2024, there were no gains or losses from interest rate swaps designated as cash flow hedges reclassified to earnings because it was probable that the originally forecasted transactions would occur. 

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The following tables summarize the net income/(expense) recognized in the consolidated statements of operations related to derivatives for the three months ended March 31, 2025 and 2024:Table 4.2For the Three Months Ended March 31, 2025Net Income/(Expense) Recognized in Consolidated Statement of Operations on DerivativesNet Interest IncomeNon-Interest IncomeTotalInterest Income Investments and Cash Equivalents Interest Income Farmer Mac Guaranteed Securities and USDA SecuritiesInterest Income LoansTotal Interest ExpenseLosses on financial derivatives(in thousands)Total amounts presented in the consolidated statement of operations$83,308 $126,342 $171,764 $(290,475)$(2,636)$88,303 Income/(expense) related to interest settlements on fair value hedging