Company: AGM-PH
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0000845877-25-000152
Chunk: 174

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 174
---
, which are included in "(Losses)/gains on financial derivatives" on the consolidated financial statements, to determine the effective funding cost for each operating segment; and excludes the fair value changes of financial derivatives and the corresponding assets or liabilities designated in fair value hedge accounting relationships.(3)Includes the reclassification of interest income and interest expense from consolidated trusts owned by third parties to guarantee and commitment fees, to reflect management's view that the net interest income Farmer Mac earns is effectively a guarantee fee.  

47

Core Earnings by Business SegmentFor the Three Months Ended March 31, 2024Agricultural FinanceInfrastructure FinanceTreasuryFarm & RanchCorporate AgFinancePower & UtilitiesBroadband InfrastructureRenewable EnergyFundingInvestmentsTotal (in thousands)Interest income$152,204 $24,888 $66,306 $8,695 $8,149 $60,239 $75,836 $396,317 Interest expense(1)(118,315)(16,917)(61,383)(6,353)(6,100)(25,520)(75,361)(309,949)Less: reconciling adjustments(2)(3)(1,046)— (33)— — (2,245)— (3,324)Net effective spread32,843 7,971 4,890 2,342 2,049 32,474 475 83,044 Guarantee and commitment fees(3)4,484 87 256 93 62 — — 4,982 Other income/(expense)995 12 — — — — 4 1,011 (Provision for)/release of losses(497)378 174 2,836 (1,022)— 1 1,870 Operating expenses(1)(6,129)(1,850)(1,131)(827)(1,068)(2,564)(729)(14,298)Income tax (expense)/benefit(6,656)(1,386)(880)(933)(4)(6,281)52 (16,088)Segment core earnings$25,040 $5,212 $3,309 $3,511 $17 $23,629 $(197)$60,521 Reconciliation to net income:Net effects of derivatives and trading securities$4,479 Unallocated (expense)/income(12,842