Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 58

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 58
---
. Another difference is that core earnings excludes specified infrequent or unusual transactions that are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. The CODM also looks at changes in the segments' on- and off-balance sheet unpaid paid principal balances to assess the performance of the segments.

49

The following tables present segment core earnings and assets for the three and nine months ended September 30, 2025 and 2024. Table 10.1Core Earnings by Business SegmentFor the Three Months Ended September 30, 2025Agricultural FinanceInfrastructure FinanceTreasuryFarm & RanchCorporate AgFinancePower & UtilitiesBroadband InfrastructureRenewable EnergyFundingInvestmentsTotal (in thousands)Interest income$154,020 $26,662 $69,746 $13,375 $28,616 $36,139 $86,783 $415,341 Interest expense(1)(118,081)(17,615)(63,810)(8,996)(20,886)(1,686)(85,790)(316,864)Less: reconciling adjustments(2)(3)(1,099)— (26)— — 324 93 (708)Net effective spread34,840 9,047 5,910 4,379 7,730 34,777 1,086 97,769 Guarantee and commitment fees(3)4,572 218 212 701 429 — — 6,132 Other income/(expense)1,080 111 (7)— — — (1)1,183 (Provision for)/release of losses(4,050)(2,787)424 (410)(616)— 6 (7,433)Operating expenses(1)(6,721)(3,131)(1,122)(1,362)(1,649)(2,712)(760)(17,457)Income tax (expense)/benefit(6,240)(727)(1,137)(695)(1,238)(6,734)(70)(16,841)Segment core earnings$23,481 $2,731 $4,280 $2,613 $4,656 $25,331 $261 $63,353 Reconciliation to net income:Net effects of derivatives and trading securities$(1,193