Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 91

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 91
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 at fair value, originally included in interest income, to reflect core earnings amounts; the reclassification of interest expense related to interest rate swaps not designated as hedges, which are included in "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.  

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Core Earnings by Business SegmentFor the Year Ended December 31, 2023Agricultural FinanceRural InfrastructureTreasuryFarm & RanchCorporate AgFinancePower & UtilitiesBroadband InfrastructureRenewable EnergyFundingInvestmentsTotal (in thousands)Interest income$559,730 $92,335 $232,106 $30,299 $18,923 $200,264 $258,631 $1,392,288 Interest expense(1)(422,651)(61,111)(215,763)(21,455)(14,275)(71,849)(257,637)(1,064,741)Less: reconciling adjustments(2)(3)(4,179)— (168)— — 3,594 186 (567)Net effective spread132,900 31,224 16,175 8,844 4,648 132,009 1,180 326,980 Guarantee and commitment fees(3)17,415 283 1,090 43 97 — — 18,928 Other income/(expense)2,952 35 — — — 3 29 3,019 (Provision for)/release of losses(507)(207)4,117 (4,324)(219)— 4 (1,136)Operating expenses(1)(23,306)(5,540)(3,553)(2,415)(3,382)(11,037)(3,184)(52,417)Income tax (expense)/benefit(27,183)(5,418)(3,746)(453)(238)(25,405)414 (62,029)Segment core earnings$102,271 $20,377 $14,083 $1,695