Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 215

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 215
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959 $4,886 $3,652 $2,019 $2,394 $22,645 $976 $59,531 Reconciliation to net income:Net effects of derivatives and trading securities$2,260 Unallocated (expenses)/income(12,185)Income tax effect related to reconciling items5,231  Net income$54,837 Total Assets:Total on- and off-balance sheet segment assets at principal balance$18,217,905 $1,953,523 $7,300,354 $1,174,441 $1,941,036 $— $— $30,587,259 Off-balance sheet assets under management(5,257,348)Unallocated assets7,665,998 Total assets on the Consolidated Balance Sheets$32,995,909 (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 "Gains/(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 Three Months Ended June 30, 2024Agricultural FinanceInfrastructure FinanceTreasuryFarm & RanchCorporate AgFinancePower & UtilitiesBroadband InfrastructureRenewable EnergyFundingInvestmentsTotal (in thousands)Interest income$157,317 $26,036 $67,375 $8,728 $11,600 $56,845 $75,805 $403,706 Interest expense(1)(121,795)(18,170)(62,096)(6,335)(8,601)(24,225)(75,144)(316,366)Less: reconciling adjustments(2)(3)(1,366)— (26)— — (2,