AGM director issued 2,378 Class C shares; 376 RSUs vest 03/31/2026

Rhea-AI Filing Summary

Eric T. McKissack, a director of Federal Agricultural Mortgage Corp (AGM), acquired 2,378 shares of Class C Non‑Voting Common Stock on 09/30/2025 at a market value of $167.98 per share. The shares were issued under his election to receive newly issued stock in lieu of some or all of his quarterly cash retainer; the price used was the NYSE closing price on the last business day of the quarter. The holding reported includes 376 time‑vested restricted stock units that will vest on 03/31/2026 if Mr. McKissack remains a director on that date. The Form 4 was signed by Geraldine I. Hayhurst as attorney‑in‑fact on 10/02/2025.

Positive

• 2,378 Class C shares issued to director via election in lieu of cash retainer
• Transaction price based on NYSE closing price on 09/30/2025, providing a clear valuation basis
• Includes 376 time‑vested restricted stock units with a defined vesting date of 03/31/2026

Negative

• None.

Insights

Corporate Governance Analyst

Director received shares in lieu of cash retainer; includes time‑vested RSUs.

The filing shows a director‑level compensation election: 2,378 Class C shares were issued on 09/30/2025 at $167.98 per share in place of a quarterly cash retainer. This clarifies the form of compensation rather than an open‑market purchase.

The report also discloses 376 time‑vested restricted stock units that will vest on 03/31/2026 if the director remains in office; this is a concrete vesting milestone tied to continued service and is monitorable.

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
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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^*

McKissack Eric T

(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		12(1)	A	$167.98	2,378(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 Eric T. McKissack	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 did Eric T. McKissack report on the Form 4 for AGM?

The Form 4 reports that Eric T. McKissack was issued 2,378 Class C Non‑Voting shares on 09/30/2025 under an election to receive shares instead of his quarterly cash retainer.

At what price were the AGM shares issued to the director?

The shares were issued at the market value equal to the NYSE closing price on 09/30/2025, reported as $167.98 per share.

Does the Form 4 include any restricted stock units (RSUs)?

Yes. The filing states it includes 376 time‑vested RSUs of Class C stock that will vest on 03/31/2026 if the reporting person remains a director.

Why were the shares issued instead of paid in cash?

The filing explains the shares were issued pursuant to the director's existing election to purchase newly issued shares at market value in lieu of receiving some or all of the quarterly cash retainer.

Who signed the Form 4 and when was it dated?

The Form 4 was signed by Geraldine I. Hayhurst as attorney‑in‑fact for Eric T. McKissack and dated 10/02/2025.