AGM: Director Received 3,952 Class C Shares at $167.98 on 09/30/2025

Rhea-AI Filing Summary

Todd P. Ware, a director of Federal Agricultural Mortgage Corp (Farmer Mac), acquired 3,952 shares of the company's Class C Non‑Voting Common Stock on 09/30/2025. The shares were issued under his election to receive newly issued shares in lieu of some or all of his quarterly cash retainer, using the NYSE closing price on 09/30/2025 of $167.98 per share. The reported beneficial ownership includes 376 time‑vested restricted stock units that will vest on 03/31/2026 if Mr. Ware remains a director on that date. The Form 4 was signed by an attorney‑in‑fact on behalf of Mr. Ware on 10/02/2025.

Positive

• 3,952 shares acquired through director election to receive equity rather than cash
• 376 time‑vested RSUs indicate retention incentives through 03/31/2026

Negative

• None.

Insights

Corporate Governance Analyst

Director elected stock compensation; ownership increases by 3,952 shares.

The filing shows a director, Todd P. Ware, used an election to receive equity instead of cash, resulting in an acquisition of 3,952 Class C non‑voting shares at the quarter‑end NYSE closing price of $167.98.

This is a routine director compensation action and signals non‑cash alignment of interests with shareholders without indicating any change to executive pay policy.

Compensation & Equity Specialist

The report includes 376 restricted stock units vesting on 03/31/2026.

The disclosure explicitly states 376 time‑vested RSUs are included in the beneficial ownership total and will vest only if Mr. Ware remains a director on 03/31/2026. This creates a retention condition tied to board service rather than performance.

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).

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 DC 20037

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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

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

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

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	09/30/2025		A		24(1)	A	$167.98	3,952(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 September 30, 2025, the last business day of the quarter, as reported by the New York Stock Exchange.

2. Includes 376 time-vested restricted stock units of Farmer Mac's Class C Non-Voting Common Stock that will vest on March 31, 2026 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	10/02/2025
	** 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.

FAQ

What transaction did Todd P. Ware report on Form 4 for AGM?

He reported the acquisition of 3,952 shares of Farmer Mac's Class C Non‑Voting Common Stock on 09/30/2025.

At what price were the shares issued in the Form 4 filing for AGM?

The shares were issued at the NYSE closing price on 09/30/2025, which was $167.98 per share.

Does the Form 4 for AGM include restricted stock units?

Yes; the beneficial ownership total includes 376 time‑vested restricted stock units that vest on 03/31/2026 if the reporting person remains a director.

Why were the shares issued to the director in the AGM Form 4?

The shares were issued pursuant to the director's existing election to receive newly issued shares in lieu of some or all of his quarterly cash retainer.

Who signed the Form 4 filing for Todd P. Ware (AGM)?

The Form 4 was signed by Geraldine I. Hayhurst, as attorney‑in‑fact for Todd P. Ware, on 10/02/2025.