Company: AGM-PH
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0000845877-25-000204
Chunk: 61

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 maturity, as is expected. Another difference is that core earnings excludes specified infrequent or unusual transactions that are not indicative of future operating results and that may not reflect the trends and economic financial performance of Farmer Mac's core business. The CODM also looks at changes in the segments' on- and off-balance sheet unpaid paid principal balances to assess the performance of the segments.

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The following tables present segment core earnings and assets for the three and six months ended June 30, 2025 and 2024. Table 10.1Core Earnings by Business SegmentFor the Three Months Ended June 30, 2025Agricultural FinanceInfrastructure FinanceTreasuryFarm & RanchCorporate AgFinancePower & UtilitiesBroadband InfrastructureRenewable EnergyFundingInvestmentsTotal (in thousands)Interest income$152,218 $25,484 $67,447 $12,159 $23,494 $35,619 $82,601 $399,022 Interest expense(1)(115,524)(16,875)(61,786)(8,227)(17,267)(1,920)(80,626)(302,225)Less: reconciling adjustments(2)(3)(984)— (25)— — (2,031)136 (2,904)Net effective spread35,710 8,609 5,636 3,932 6,227 31,668 2,111 93,893 Guarantee and commitment fees(3)4,551 224 215 564 320 — — 5,874 Other income/(expense)313 345 — — 8 — 14 680 (Provision for)/release of losses(4,494)(614)(73)(666)(1,964)— (1)(7,812)Operating expenses(1)(7,020)(2,378)(1,156)(1,274)(1,560)(3,003)(888)(17,279)Income tax (expense)/benefit(6,101)(1,300)(970)(537)(637)(6,020)(260)(15,825)Segment core earnings$22,959 $4,886 $3,652 $2,019 $2,394 $22,645 $976 $59,531 Reconciliation to net income:Net effects of derivatives and trading securities$2,260