Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 210

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 210
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 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.  

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Core Earnings by Business SegmentFor the Nine Months Ended September 30, 2024Agricultural FinanceInfrastructure FinanceTreasuryFarm & RanchCorporate AgFinancePower & UtilitiesBroadband InfrastructureRenewable EnergyFundingInvestmentsTotal (in thousands)Interest income$465,155 $75,758 $198,026 $27,378 $35,428 $175,179 $230,827 $1,207,751 Interest expense(1)(358,928)(53,524)(183,010)(19,849)(26,570)(76,623)(228,748)(947,252)Less: reconciling adjustments(2)(3)(3,473)— (88)— — (4,902)— (8,463)Net effective spread102,754 22,234 14,928 7,529 8,858 93,654 2,079 252,036 Guarantee and commitment fees(3)13,400 382 733 255 465 — — 15,235 Other income/(expense)2,688 (1,101)— — — — 1,073 2,660 (Provision for)/release of losses(734)(6,755)94 2,252 (2,476)— 1 (7,618)Operating expenses(1)(18,175)(5,648)(3,156)(2,607)(3,458)(7,236)(2,021)(42,301)Income tax (expense)/benefit(20,987)(1,914)(2,647)(1,560)(711)(18,148)(238)(46,205)Segment core earnings$78,946 $7,198 $9,952 $5,869 $2,678 $68,270 $894 $173,807 Reconciliation to