Form 4: Farmer Mac Director Boosts Stake with Stock Acquisition

Todd P. Ware, a director at Federal Agricultural Mortgage Corp (Farmer Mac), acquired 23 shares of Class C Non-Voting Common Stock in lieu of cash compensation.

Summary

• Todd P. Ware, a Director of Federal Agricultural Mortgage Corp (Farmer Mac), acquired 23 shares of Class C Non-Voting Common Stock.
• The acquisition occurred on December 31, 2025, at a price of $175.57 per share.
• These shares were issued as part of the director's existing election to receive stock instead of cash for a portion of their quarterly retainer.
• Following this transaction, Mr. Ware beneficially owns 3,975 shares of Class C Non-Voting Common Stock.
• This total includes 376 time-vested restricted stock units that are set to vest on March 31, 2026, provided Mr. Ware remains a director.

Sentiment

Score: 7

Explanation: The acquisition of shares by a director, particularly in lieu of cash compensation, is generally viewed positively as it indicates alignment of interests between management and shareholders. While the number of shares is small, it's a consistent positive signal.

Positives

• Director Todd P. Ware increased his beneficial ownership in Farmer Mac by acquiring 23 shares of Class C Non-Voting Common Stock.
• The acquisition of shares in lieu of cash compensation demonstrates alignment of the director's interests with those of shareholders.
• The director's total beneficial ownership now includes 376 time-vested restricted stock units, further aligning interests.

Future Outlook

The filing indicates that 376 time-vested restricted stock units will vest on March 31, 2026, provided the reporting person remains a director of Farmer Mac on that date.

Management Comments

• 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 December 31, 2025, the last business day of the quarter, as reported by the New York Stock Exchange.

Industry Context

This Form 4 reflects a routine insider transaction related to director compensation, a common practice across publicly traded companies where directors may elect to receive equity instead of cash to align their interests with shareholders. It does not provide broader industry trends or competitive analysis.

Related Party Transactions

• The acquisition of 23 shares of Class C Non-Voting Common Stock by Director Todd P. Ware from Federal Agricultural Mortgage Corp as part of his quarterly retainer is a related party transaction.

Stakeholder Impact

• Shareholders: Increased alignment of director's interests with shareholders due to increased equity ownership.
• Management/Directors: The director receives equity as part of compensation, linking their personal wealth more directly to company performance.

Next Steps

• Vesting of 376 time-vested restricted stock units on March 31, 2026, assuming the director remains in their role.

Key Dates

Recommendation

This Form 4 reports a routine director stock acquisition as part of compensation, which is a minor positive signal of alignment. However, it does not provide sufficient new information or financial performance data to warrant a change from a 'hold' position based solely on this filing. Investors should consider broader company fundamentals and market conditions.

Keywords

SEC Form 4, insider transaction, stock acquisition, director compensation, Federal Agricultural Mortgage Corp, Farmer Mac, AGM, beneficial ownership, Class C Non-Voting Common Stock