Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 234

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 234
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 and infrastructure. Our secondary market provides liquidity to our nation's agricultural and infrastructure businesses, supporting a vibrant and strong rural America. We offer a wide range of solutions to help meet financial institutions’ growth, liquidity, risk management, and capital relief needs across diverse markets, including agriculture, agribusiness, broadband infrastructure, power and utilities, and renewable energy. We are uniquely positioned to facilitate competitive access to financing that fuels growth, innovation, and prosperity in America's rural and agricultural communities. Farmer Mac also serves as a critical investment tool for a number of entities – such as states, counties, municipalities, pension funds, banks, public trust funds, and credit unions – by offering investment opportunities that may diversify their investment portfolios and provide possibilities to earn a competitive return on their investment dollars. 

During first quarter 2025, Farmer Mac:

•provided $1.8 billion in liquidity and lending capacity to lenders serving rural America;

•maintained strong liquidity in our investment portfolio well above regulatory requirements; and

•maintained our strong capital position, well above regulatory requirements, and uninterrupted access to the debt capital markets.

The discussion below of Farmer Mac's financial information includes "non-GAAP measures," which are measures of financial performance not presented in accordance with generally accepted accounting principles in the United States ("GAAP"). For more information about the non-GAAP measures Farmer Mac uses, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures."

Net Income and Core Earnings

The following table shows our net income attributable to common stockholders and core earnings for the periods presented. Core earnings and core earnings per share are non-GAAP measures that differ from net income attributable to common stockholders and earnings per common share, respectively, by excluding the effects of fair value fluctuations and specified infrequent or unusual transactions.

Table 1For the Three Months EndedMarch 31, 2025December 31, 2024March 31, 2024(in thousands)Net income attributable to common stockholders$43,985 $50,848 $46,955 Core earnings45,966 43,554 43,392 

The $6.9 million sequential decrease in net income attributable to common stockholders was primarily attributable to a $5.5 million after-tax decrease in the fair value of financial derivatives, a $2.6 million decrease in federal income tax benefit from the purchase of renewable energy investment tax credits that occurred in fourth quarter 2024 and did not recur in