Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 73

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 73
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3,777)6,386 11,926 Income tax expense$50,910 $53,098 $47,535 A reconciliation of income tax at the statutory federal corporate income tax rate to the income tax expense for the years ended December 31, 2024, 2023, and 2022 is as follows:Table 10.2 For the Year Ended December 31,  202420232022  (dollars in thousands)Tax expense at statutory rate$54,201 $53,151 $47,393 Excess tax benefits related to stock-based awards(1,755)(924)(401)Tax credits(3,260)— — Other1,724 871 543 Income tax expense$50,910 $53,098 $47,535 Statutory tax rate21.0 %21.0 %21.0 %

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The components of the deferred tax assets and liabilities as of December 31, 2024 and 2023 were as follows:Table 10.3 As of December 31,  20242023  (in thousands)Deferred tax assets:  Basis difference related to hedge items$136,589 $84,922 Unrealized losses on available-for-sale securities12,441 20,514 Allowance for losses5,310 3,842 Compensation and Benefits1,779 2,127 Stock-based compensation3,014 2,481 Capital loss carryforwards— 35 Valuation allowance— (35)Other5,887 2,051 Total deferred tax assets$165,020 $115,937 Deferred tax liability:  Basis differences related to financial derivatives$135,528 $80,887 Unrealized gains on cash flow hedges9,212 9,843 Basis difference related to structured securitizations18,726 16,647 Other10 90 Total deferred tax liability$163,476 $107,467 Net deferred tax asset$1,544 $8,470 As of December 31, 2024 and 2023, Farmer Mac did not identify any uncertain tax positions.Farmer Mac did not have any unrecognized tax benefits for the years ended December 31, 2024, 2023, and