[Form 4] Federal Agricultural Mortgage Corporation Class A Voting Insider Trading Activity

Rhea-AI Filing Summary

Form 4 Overview: Director James R. Engebretsen acquired 97 shares of Federal Agricultural Mortgage Corporation ("Farmer Mac", ticker AGM) Class C Non-Voting Common Stock on 06/30/2025 at $194.28 per share, a transaction worth roughly $18.8 thousand.

The shares were issued pursuant to the director’s standing election to receive equity in lieu of part of his quarterly cash retainer. Following the issuance, the director now directly owns 15,975 shares, which include 376 time-vested RSUs scheduled to vest on 03/31/2026 contingent on continued board service. No derivative securities were bought or sold.

Materiality & Implications: The 97-share purchase represents an immaterial fraction of both the director’s total holdings and Farmer Mac’s overall share count, indicating a routine compensation-related issuance rather than a discretionary insider buy. While the move incrementally increases insider ownership and aligns incentives, it is unlikely to have a measurable impact on AGM’s valuation or trading dynamics.

Positive

• Director chose stock over cash, modestly increasing insider alignment with shareholder interests.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine 97-share director issuance; negligible financial impact.

The director converted part of his quarterly board retainer into equity at market price, adding about $18.8 k worth of AGM stock to his holdings. Post-transaction ownership stands at 15,975 shares, including 376 RSUs. The purchase is compensation-driven, not an opportunistic buy, and represents a de-minimis percentage of both insider ownership and shares outstanding. Accordingly, the filing is neutral for valuation models and unlikely to influence liquidity or sentiment beyond a slight signal of continued director confidence.

Corporate Governance Expert

TL;DR: Stock-for-retainer election aligns incentives; governance-neutral.

Using equity instead of cash retains is a common practice to strengthen alignment between directors and shareholders. The modest 97-share increase marginally boosts insider ownership without diluting investors in any meaningful way. No red flags emerge regarding control, related-party transactions, or derivative structures. From a governance standpoint, the disclosure is routine and carries no material impact on board independence or oversight quality.

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^*

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)
06/30/2025

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	06/30/2025		A		97(1)	A	$194.28	15,975(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 June 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:

	Stephen P. Mullery, as attorney-in-fact for James R. Engebretsen	07/02/2025
	** 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

How many AGM shares did Director James R. Engebretsen acquire?

He acquired 97 Class C Non-Voting Common shares on 06/30/2025.

What was the purchase price of the AGM shares?

The shares were issued at the market closing price of $194.28 on 06/30/2025.

What is the director’s total AGM shareholding after the transaction?

Engebretsen now beneficially owns 15,975 shares, including 376 time-vested RSUs.

Why were the shares issued to the director?

They were issued under the director’s election to receive stock in lieu of cash for part of his quarterly board retainer.

Does this Form 4 filing materially impact AGM’s share count or valuation?

No. The 97-share issuance is immaterial to Farmer Mac’s overall share count and has a neutral valuation impact.