AGM director increases stake to 16,076 shares including 376 RSUs

Rhea-AI Filing Summary

James R. Engebretsen, a director of Federal Agricultural Mortgage Corp (AGM), acquired 101 shares of Class C Non-Voting Common Stock on 09/30/2025 at a market price of $167.98 per share by electing to receive stock instead of some or all of his quarterly cash retainer. After the transaction he beneficially owns 16,076 shares, which includes 376 time-vested restricted stock units that will vest on 03/31/2026 if he remains a director. The filing was signed by Geraldine I. Hayhurst as attorney-in-fact on 10/02/2025. The transaction reflects a routine director equity election using the quarter-end closing price reported by the NYSE.

Positive

• Director acquisition of 101 shares at market price indicates alignment with shareholders
• Includes 376 time-vested RSUs vesting on 03/31/2026, which supports director retention

Negative

• None.

Insights

Corporate Governance Analyst

Director used compensation election to acquire 101 shares at quarter-end price.

This is a standard director equity election where the director received newly issued Class C Non-Voting Common Stock in lieu of cash compensation, priced at the NYSE close on 09/30/2025. Such elections are common and align director and shareholder interests through incremental ownership.

The report discloses 16,076 total shares beneficially owned, including 376 restricted stock units that vest on 03/31/2026 if the director remains in office. This provides a near-term retention component tied to continued service.

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^*

Engebretsen James R

(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		101(1)	A	$167.98	16,076(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 James R. Engebretsen	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 James R. Engebretsen file on Form 4 for AGM?

He reported acquiring 101 shares of Farmer Mac Class C Non-Voting Common Stock on 09/30/2025 at $167.98 per share.

How many shares does the reporting person beneficially own after the transaction?

The Form 4 states he beneficially owns 16,076 shares following the reported transaction.

Do any restricted shares or RSUs appear in the filing for AGM insider activity?

Yes, the total beneficial ownership includes 376 time-vested restricted stock units that will vest on 03/31/2026 if he remains a director.

Why were the shares issued at the reported price?

Shares were issued pursuant to the director's election to receive stock instead of cash, using the NYSE closing price on 09/30/2025 as the market value.

Who signed the Form 4 filing for James R. Engebretsen?

The filing was signed by Geraldine I. Hayhurst as attorney-in-fact on 10/02/2025.