Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 269

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 269
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)Expense from other interest-bearing liabilities1,405,589 (1,444,912)(39,323)Change in net interest income prior to consolidation of certain trusts(1)$(1,506,739)$1,532,841 $26,102 

(1)Excludes the effect of debt in consolidated trusts with beneficial interests owned by third parties (single-class). 

The following table presents a reconciliation of net interest income to net effective spread. Net effective spread is measured by including: (1) expenses related to undesignated financial derivatives, which consist of income or expense related to contractual amounts due on financial derivatives not designated in hedge accounting relationships (the income or expense related to financial derivatives designated in hedge accounting relationships is already included in net interest income), and (2) the amortization of losses due to terminations or net settlements of financial derivatives; and excluding (1) the amortization of premiums and discounts on assets consolidated at fair value, (2) the net effects of consolidated trusts with beneficial interests owned by third parties (single-class), and (3) the fair value changes of financial derivatives and corresponding financial assets or liabilities in fair value hedge relationships. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Use of Non-GAAP Measures—Net Effective Spread" for more information about net effective spread.

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Table 10  For the Three Months EndedFor the Nine Months Ended September 30, 2025September 30, 2024September 30, 2025September 30, 2024 DollarsYieldDollarsYieldDollarsYieldDollarsYield (dollars in thousands)Net interest income$98,477 1.18 %$86,791 1.15 %$286,213 1.17 %$260,499 1.15 %Net effects of consolidated trusts(1,102)0.02 %(1,065)0.02 %(3,100)0.02 %(3,488)0.02 %Expense related to undesignated financial derivatives(707)(0.01)%(858)(0.01)%(597)— %(1,379)(0.01)%Amortization of premiums/discounts on assets consolidated at fair value(23)— %(24)— %(69)— %(72)— %Amortization of losses due to terminations or net settlements