SCHEDULE: FMR LLC Discloses 5.2% Stake in Farmer Mac Class C Stock

FMR LLC and Abigail P. Johnson have reported a 5.2% beneficial ownership stake in Federal Agricultural Mortgage Corp's Class C Nonvoting Common Stock as of September 30, 2025.

Summary

• FMR LLC and Abigail P. Johnson collectively beneficially own 489,857.06 shares of Federal Agricultural Mortgage Corp's Class C Nonvoting Common Stock.
• This ownership represents 5.2% of the total outstanding Class C Nonvoting Common Stock.
• The beneficial ownership is reported as of September 30, 2025.
• FMR LLC holds sole voting power over 488,736.71 shares and sole dispositive power over 489,857.06 shares.
• Abigail P. Johnson, as a control person of FMR LLC, is deemed to beneficially own the same aggregate amount of shares with sole dispositive power.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing the control of the issuer.

Sentiment

Score: 6

Explanation: The filing is a routine disclosure of beneficial ownership by a major institutional investor. The maintenance of a significant stake (5.2%) by FMR LLC and its control person, Abigail P. Johnson, can be interpreted as a neutral to slightly positive signal, indicating continued investment interest in Federal Agricultural Mortgage Corp. However, it does not provide new operational or financial performance data.

Positives

• A significant institutional investor, FMR LLC, maintains a 5.2% stake in Federal Agricultural Mortgage Corp, indicating continued investment interest in the company.
• The filing explicitly states that the shares are held in the ordinary course of business, suggesting a long-term investment perspective rather than an activist stance.

Risks

• The Class C shares are nonvoting, which limits the direct influence of FMR LLC and Abigail P. Johnson on Federal Agricultural Mortgage Corp's corporate governance decisions despite their significant stake.
• The beneficial ownership is subject to market fluctuations and potential changes in investment strategy by FMR LLC.

Future Outlook

NA

Management Comments

• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

Federal Agricultural Mortgage Corp (Farmer Mac) operates in the specialized sector of agricultural finance, providing a secondary market for agricultural real estate and rural utility loans. The continued significant investment by a major financial institution like FMR LLC suggests a stable outlook for this niche market, despite the non-voting nature of the shares.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake by FMR LLC may provide a degree of confidence to other shareholders, signaling that a major investor sees value in the Class C Nonvoting Common Stock.
• Management: Awareness of a significant institutional holder, even in non-voting shares, can influence management's perception of its shareholder base.

Key Dates

Keywords

Federal Agricultural Mortgage Corp, Farmer Mac, FMR LLC, Abigail P. Johnson, Class C Nonvoting Common Stock, Beneficial Ownership, Schedule 13G, Institutional Investor, SEC Filing, Financial Services, Agriculture Finance