Company: AGM-PH
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000845877-25-000252
Chunk: 273

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 273
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30, 2025September 30, 2024$%September 30, 2025September 30, 2024$% (dollars in thousands)Income tax expense$11,687 $12,421 $(734)(6)%$35,755 $39,034 $(3,279)(8)%Effective tax rate17.5 %20.0 %(2.5)%18.3 %20.6 %(2.3)%

The decrease in the effective tax rate in 2025 is primarily attributable to the purchase of $59.8 million in renewable energy investment tax credits during the nine months ended September 30, 2025. The purchases of renewable energy investment tax credits have been at prices that range from approximately $0.91 to  $0.94 per $1.00 of credit, resulting in a benefit of $4.7 million year-to-date 2025, of which $1.5 million was recognized during the three months ended September 30, 2025.

72

Business Volume. The following table sets forth the net growth or decrease in our lines of business for the three and nine months ended September 30, 2025 and 2024: 

Table 15Net New Business Volume For the Three Months EndedFor the Nine Months Ended On or Off Balance SheetSeptember 30, 2025September 30, 2024September 30, 2025September 30, 2024Net Growth/(Decrease)Net Growth/(Decrease)Net Growth/(Decrease)Net Growth/(Decrease) (in thousands)Agricultural Finance:Farm & Ranch:LoansOn-balance sheet$284,618 $114,441 $500,488 $119,810 Loans held in consolidated trusts:Beneficial interests owned by third-party investors (single-class)(1)On-balance sheet(36,786)(28,873)(44,659)8,815 Beneficial interests owned by third-party investors (structured)(1)On-balance sheet(33,255)(14,042)211,589 277,364 IO-FMGS(2)On-balance sheet(163)(176)(504)(523)USDA SecuritiesOn-balance sheet(15,064)14,023 41,160 4,601 AgVantage Securities(1)On-balance sheet(240,000)(460