Federal Agricultural Mortgage CORP Stock: price and directors' dealings · United States · SEC (Form 4)

About Federal Agricultural Mortgage CORP

Federal Agricultural Mortgage Corporation, better known as Farmer Mac, is a specialized U.S. financing company listed on the NYSE (primary ticker AGM; the referenced AGM-PH identifies a preferred-share series associated with the group) and headquartered in Washington, D.C., United States. Its business model is highly distinctive: Farmer Mac is a federally chartered, government-sponsored enterprise created by the U.S. Congress under the Agricultural Credit Act of 1987 to help build a secondary market for certain agricultural and rural loans. In practical terms, it provides liquidity, funding capacity, and risk transfer to lenders financing American agriculture and rural infrastructure. ([farmermac.com](https://www.farmermac.com/about/?utm_source=openai)) Farmer Mac operates through two core lines of business: Agricultural Finance and Infrastructure Finance. Agricultural Finance covers farmland and farm-operating loans, agribusiness-related credit, and USDA-guaranteed securities. Infrastructure Finance extends the franchise into rural utilities and related assets, including power and utilities, broadband infrastructure, and renewable energy. The company participates as a direct loan purchaser, guarantor of securities, servicer, and provider of long-term standby purchase commitments (LTSPCs). This structure generates net interest income, guarantee fees, servicing fees, and commitment fees, while giving lenders access to capital markets-style funding and capital relief. ([farmermac.com](https://farmermac.com/wp-content/uploads/2024-Farmer-Mac-Annual-Report.pdf)) From a competitive standpoint, Farmer Mac occupies a regulated niche with meaningful barriers to entry. Its charter limits the scope of eligible assets, but those same restrictions help define a durable specialization in rural credit intermediation. The company competes with commercial banks, insurance companies, other Farm Credit System institutions, investment funds, and alternative funding sources, while also competing indirectly with loan originators that might otherwise retain loans on balance sheet. Its customer base is national in scope, but economically anchored in rural communities across the United States, with headquarters in Washington, D.C. ([farmermac.com](https://farmermac.com/wp-content/uploads/2024-Farmer-Mac-Annual-Report.pdf)) Historically, Farmer Mac was established in 1987 in response to the U.S. farm crisis of the 1980s. Its charter was later expanded to include USDA securities in 1991, whole loan purchases in 1996, and rural utilities in 2008. Over time, these legislative changes broadened the company from a narrowly agricultural vehicle into a more diversified rural finance platform, while preserving its public-policy mission. ([farmermac.com](https://www.farmermac.com/about/?utm_source=openai)) Recent developments underscore operating momentum. In first-quarter 2026, Farmer Mac reported record outstanding business volume of $34.8 billion, up 17% year over year, alongside double-digit growth in net interest income and core earnings. In May 2026, it also announced a $100 million Series I preferred stock offering, suggesting active capital management and funding flexibility. Separately, in August 2024, the company unveiled a new headquarters in Washington, D.C., reflecting continued investment in workplace quality and operational execution. ([farmermac.com](https://www.farmermac.com/wp-content/uploads/Farmer-Mac-Reports-First-Quarter-2026-Results.pdf?utm_source=openai))