Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 300

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 2
Chunk 300
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 reauthorization of the farm bill by Congress. The remaining farm bill programs not reauthorized by H.R. 1 are set to expire on September 30, 2025 unless Congress passes an extension or reauthorization. 

The bill also contains tax provisions that directly impact Farmer Mac and its stakeholders. These include an amendment to the Internal Revenue Code that excludes 25% of net interest income on qualifying rural or agricultural real-property loans originated after the enactment of the bill from gross income for banks, insurers, and Farmer Mac. Beyond this, the bill also includes a provision to gradually phase out tax credits for renewable energy projects with project deadlines to retain eligibility for different project tax credits. 

Farmer Mac will continue to monitor and assess the impacts of H.R. 1 on Farmer Mac and the industries we serve in the coming quarters.

Farm Credit Administration

•On January 20, 2025, President Trump designated Jeffery Hall, who had already been serving on the board of the FCA, as the board chairman and CEO of FCA, the safety and soundness regulator of Farmer Mac. On March 31, 2025, FCA board member Vincent Logan announced his retirement from federal service. His departure created a vacancy on the FCA board that the Administration will have the opportunity to fill, subject to the advice and consent of the U.S. Senate. 

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•On June 2, 2025, the Administration nominated Glen Smith for the position of Under Secretary of Agriculture for Rural Development at the U.S. Department of Agriculture. While his nomination is pending before the Senate, Mr. Smith will continue to serve on the FCA board.

•Chairman Hall and Mr. Smith continue to serve on the FCA board in “holdover status.” They will remain in these roles until the Administration nominates, and the Senate confirms, new members to the FCA board.

Balance Sheet Review

The following table summarizes Farmer Mac's balance sheet as of the periods indicated:

Table 22As ofChangeJune 30, 2025December 31, 2024$%(in thousands)AssetsCash and cash equivalents$1,030,329 $1,024,007 $6,322 1 %Investment securities6,697,258 5,973,301 723,957 12 %Farmer Mac Guaranteed Securities7,862,498 8,232,234 (369,736)(4)%USDA Securities2,407,198 2,371