Form 4: Farmer Mac Director Acquires Shares in Compensation Plan

Farmer Mac Director Todd P. Ware acquired 24 shares of Class C Non-Voting Common Stock at $167.98 per share, increasing his beneficial ownership to 3,952 shares.

Summary

• Todd P. Ware, a Director of Federal Agricultural Mortgage Corporation (Farmer Mac), acquired 24 shares of Class C Non-Voting Common Stock.
• The acquisition occurred on September 30, 2025, at a price of $167.98 per share.
• These shares were issued pursuant to Mr. Ware's existing election to purchase newly issued shares in lieu of receiving a cash quarterly retainer.
• Following this transaction, Mr. Ware beneficially owns 3,952 shares of Class C Non-Voting Common Stock.
• This total includes 376 time-vested restricted stock units that are scheduled to vest on March 31, 2026, contingent upon his continued service as a director.

Sentiment

Score: 7

Explanation: The acquisition of shares by a director, even as part of a compensation election, generally indicates confidence in the company's future and aligns management interests with shareholders, contributing to a moderately positive sentiment.

Positives

• Director Todd P. Ware increased his beneficial ownership in Farmer Mac, demonstrating continued alignment with shareholder interests.
• The acquisition was part of an existing election to receive stock in lieu of cash, indicating a long-term commitment to the company.

Risks

• 376 time-vested restricted stock units are contingent on the reporting person remaining a director of Farmer Mac until March 31, 2026.

Future Outlook

376 time-vested restricted stock units are scheduled to vest on March 31, 2026, contingent upon the reporting person's continued service as a director.

Industry Context

This Form 4 filing details an insider transaction specific to Federal Agricultural Mortgage Corporation and does not provide broader industry trends or context.

Related Party Transactions

• Director Todd P. Ware acquired shares from Federal Agricultural Mortgage Corporation as part of his compensation arrangement, which is a related party transaction.

Stakeholder Impact

• Shareholders: Increased alignment of a director's interests with shareholders through increased equity ownership.

Next Steps

• Vesting of 376 time-vested restricted stock units on March 31, 2026, subject to continued directorship.

Key Dates

Recommendation

This Form 4 reports a routine, pre-planned acquisition of shares by a director as part of their compensation. While it shows continued insider confidence, it does not present new information or a significant change in the company's fundamentals that would warrant a 'buy' or 'sell' recommendation. It reinforces a 'hold' position for existing investors.

Keywords

FEDERAL AGRICULTURAL MORTGAGE CORP, Farmer Mac, AGM, Todd P. Ware, Director, Stock Acquisition, Form 4, Insider Transaction, Equity Compensation, Class C Non-Voting Common Stock