Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 231

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 231
---
 for losses9,395 4,360 REO operating expenses148 — Gain on REO(19)— Total credit related expense/(income)9,524 4,360 Operating expenses (GAAP):Compensation and employee benefits35,383 33,097 General and administrative21,617 17,159 Regulatory fees2,000 1,450 Total operating expenses59,000 51,706 Net earnings128,778 122,275 Income tax expense(4)24,114 25,523 Preferred stock dividends (GAAP)11,333 13,583 Core earnings$93,331 $83,169 Core EPS:  Basic$8.55 $7.66   Diluted$8.51 $7.59 Weighted-average shares:  Basic10,915 10,863   Diluted10,973 10,966 

66

(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.

(2)Includes interest income and interest expense 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 USDA Securities.

(4)Includes the tax impact of non-GAAP reconciling items between net income attributable to common stockholders and core earnings.

Table 7Reconciliation of GAAP Basic EPS to Core Earnings - Basic EPS  For the Three Months EndedFor the Six Months Ended  June 30, 2025June 30, 2024June 30, 2025June 30, 2024(in thousands, except per share amounts)GAAP - Basic EPS$4.50 $3.71 $8.53 $8.04 Less reconciling items:(Loss