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

Rhea-AI Filing Summary

Form 4 Overview: On 06/30/2025, Federal Agricultural Mortgage Corporation ("Farmer Mac", ticker AGM) director Todd P. Ware acquired a small block of company stock under the board’s cash-in-lieu stock election program.

• Security: Class C Non-Voting Common Stock.
• Shares acquired: 20 shares.
• Price: $194.28 per share (closing price on 06/30/2025).
• Total value: roughly $3,886.
• Ownership after transaction: 3,928 Class C shares, of which 376 are time-vested RSUs scheduled to vest on 03/31/2026, subject to continued board service.
• Transaction code: “A” (acquisition) – shares were newly issued in lieu of a portion of the quarterly cash retainer.

Context: The purchase is routine, reflects an established compensation election, and does not involve open-market buying or selling. No derivative securities were reported, and there is no indication of additional insider activity.

Materiality assessment: The acquisition is immaterial relative to Farmer Mac’s market capitalization and trading volume. While insider buying can be viewed favorably, the small size and compensation-related nature suggest limited signaling value for investors.

Insights

Equity Research Analyst

TL;DR: Routine director retainer stock election; 20 shares added, no material impact on AGM valuation or outlook.

The filing shows Director Todd P. Ware converted a portion of his Q2 retainer into 20 newly issued Class C shares at the quarter-end closing price. His aggregate direct holding now stands at 3,928 shares (≈0.04% of Class C float). Because the shares were not bought on the open market and the dollar amount is below $4,000, the transaction is overwhelmingly administrative. Such activity neither alters float meaningfully nor provides a strong insider‐confidence signal. Consequently, I view the disclosure as neutral for the stock.

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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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 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		20(1)	A	$194.28	3,928(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 Todd P. Ware	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 Todd P. Ware acquire?

He acquired 20 shares of Class C Non-Voting Common Stock on 06/30/2025.

What was the purchase price of the AGM shares in the Form 4?

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

How many AGM shares does Todd P. Ware own after the transaction?

Following the acquisition, he beneficially owns 3,928 Class C shares, including 376 RSUs.

Was the AGM insider trade part of a 10b5-1 plan?

Yes, the Form 4 indicates the purchase was executed under the director’s standing compensation election plan, consistent with Rule 10b5-1(c).

Does this Form 4 filing impact Farmer Mac’s share count significantly?

No. The issuance of 20 new shares is immaterial relative to the company’s total shares outstanding.