Farmer Mac (NYSE: AGM) director takes quarterly fees in stock

Rhea-AI Filing Summary

Federal Agricultural Mortgage Corp director Todd P. Ware acquired 28 shares of Class C Non-Voting Common Stock on March 31, 2026. The shares were issued at a market-value price of $148.35 per share under his existing election to receive part of his quarterly director retainer in stock instead of cash.

After this grant, Ware directly holds 4,474 Class C Non-Voting Common shares, which includes 471 unvested restricted stock units scheduled to vest on March 31, 2027 if he remains a director.

Insider Trade Summary

Net Buyer: 28 shares

Net Buy 1 txn

Insider Ware Todd P

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Class C Non-Voting Common Stock	28	$148.35	$4K

Holdings After Transaction: Class C Non-Voting Common Stock — 4,474 shares (Direct)

Footnotes (2)

1. F1. Shares were issued pursuant to the director's existing election to purchase, at market value, newly issued shares of the Federal Agricultural Mortgage Corporation's ("Farmer Mac") Class C Non-Voting Common Stock in lieu of receiving some or all of the director's quarterly retainer in cash. The market value is the closing price of the stock on March 31, 2026, the last business day of the quarter, as reported by the New York Stock Exchange.
2. F2. Includes 471 unvested restricted stock units of Farmer Mac's Class C Non-Voting Common Stock that will vest on March 31, 2027, if the Reporting Person remains a director of Farmer Mac on that date.

Key Figures

Shares acquired: 28 shares Grant price: $148.35 per share Total direct holdings: 4,474 shares +1 more

4 metrics

Shares acquired 28 shares Class C Non-Voting Common Stock granted March 31, 2026

Grant price $148.35 per share Closing price on March 31, 2026 used for retainer election

Total direct holdings 4,474 shares Class C Non-Voting Common Stock after the reported transaction

Unvested RSUs 471 units Restricted stock units vesting March 31, 2027 if he remains director

Key Terms

Class C Non-Voting Common Stock, quarterly retainer, restricted stock units, vest

4 terms

Class C Non-Voting Common Stock financial

"Shares were issued pursuant to the director's existing election to purchase, at market value, newly issued shares of the Federal Agricultural Mortgage Corporation's ("Farmer Mac") Class C Non-Voting Common Stock"

quarterly retainer financial

"in lieu of receiving some or all of the director's quarterly retainer in cash"

restricted stock units financial

"Includes 471 unvested restricted stock units of Farmer Mac's Class C Non-Voting Common Stock"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

vest financial

"that will vest on March 31, 2027, if the Reporting Person remains a director"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 04/02/2026 - 05:33 PM Learn about SEC filing dates

FAQ

What did AGM director Todd P. Ware report in his latest Form 4?

Todd P. Ware reported acquiring 28 shares of Federal Agricultural Mortgage Corp Class C Non-Voting Common Stock. The shares were issued as part of his quarterly retainer, which he elected to receive in stock rather than cash at the March 31, 2026 closing price.

How many AGM shares does Todd P. Ware hold after this Form 4 transaction?

After the transaction, Todd P. Ware directly holds 4,474 shares of Class C Non-Voting Common Stock. This figure includes 471 unvested restricted stock units that are scheduled to vest on March 31, 2027, provided he continues serving as a director of Farmer Mac.

At what price were the newly issued AGM shares granted to Todd P. Ware?

The 28 newly issued shares were valued at $148.35 per share, equal to the March 31, 2026 closing price. This market-value price was used because Ware elected to receive newly issued shares instead of some or all of his quarterly cash retainer.

Why did Todd P. Ware receive AGM shares instead of a cash director retainer?

Ware received shares because he had an existing election to purchase newly issued Class C Non-Voting Common Stock in lieu of receiving some or all of his quarterly retainer in cash. The number of shares is based on the New York Stock Exchange closing price on March 31, 2026.

What are the unvested restricted stock units reported for Todd P. Ware at AGM?

The filing notes 471 unvested restricted stock units of Class C Non-Voting Common Stock for Todd P. Ware. These RSUs are scheduled to vest on March 31, 2027, if he remains a director of Farmer Mac through that date, adding to his direct equity-based compensation.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Ware Todd P

(Last) (First) (Middle)

C/O FARMER MAC

2100 PENNSYLVANIA AVE NW, SUITE 450N

(Street)

WASHINGTON DISTRICT OF COLUMBIA 20037

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
FEDERAL AGRICULTURAL MORTGAGE CORP [ AGM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class C Non-Voting Common Stock	03/31/2026		A		28(1)	A	$148.35	4,474(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Shares were issued pursuant to the director's existing election to purchase, at market value, newly issued shares of the Federal Agricultural Mortgage Corporation's ("Farmer Mac") Class C Non-Voting Common Stock in lieu of receiving some or all of the director's quarterly retainer in cash. The market value is the closing price of the stock on March 31, 2026, the last business day of the quarter, as reported by the New York Stock Exchange.

2. Includes 471 unvested restricted stock units of Farmer Mac's Class C Non-Voting Common Stock that will vest on March 31, 2027, if the Reporting Person remains a director of Farmer Mac on that date.

Remarks:

	Geraldine I. Hayhurst, as attorney-in-fact for Todd P. Ware	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)