Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 75

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 75
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:Net effective spread(1)$281,652 $252,036 Guarantee and commitment fees(2)17,494 15,235 Gain on sale of investment securities (GAAP)— 1,052 Loss on sale of mortgage loan (GAAP)— (1,147)Other(3)3,242 2,691 Total revenues302,388 269,867 Credit related expense/(income) (GAAP):Provision for losses16,828 7,618 REO operating expenses148 196 Gain on REO(19)— Total credit related expense/(income)16,957 7,814 Operating expenses (GAAP):Compensation and employee benefits53,126 48,334 General and administrative32,669 25,784 Regulatory fees3,000 2,175 Total operating expenses88,795 76,293 Net earnings196,636 185,760 Income tax expense(4)36,047 38,204 Preferred stock dividends (GAAP)17,636 19,480 Core earnings$142,953 $128,076 Core EPS:  Basic$13.09 $11.79   Diluted$13.03 $11.69 Weighted-average shares:  Basic10,921 10,869   Diluted10,973 10,968 

(1)Net effective spread is a non-GAAP measure. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures—Net Effective Spread" for more information and Table 10 for a reconciliation of net interest income to net effective spread.

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(2)Includes net interest income of $3.1 million and $3.5 million for the nine months ended September 30, 2025 and 2024, respectively, related to consolidated trusts owned by third parties reclassified from net interest income to guarantee and commitment fees to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee on the consolidated Farmer Mac Guaranteed Securities.  

(3)Reflects reconciling adjustments for the reclassification to exclude expenses related to interest rate swaps not designated as hedges and terminations or net settlements on financial derivatives, and reconciling adjustments to exclude fair value adjustments on financial derivatives and trading assets and the recognition of deferred gains over the estimated lives of certain Farmer Mac Guaranteed Securities and