Zachary Carpenter - 26 Aug 2025 Form 4 Insider Report for FEDERAL AGRICULTURAL MORTGAGE CORP (AGM)

Role: EVP - Chief Business Officer
Signature: Stephen P. Mullery, as attorney-in-fact for Zachary Carpenter
Issuer symbol: AGM
Transactions as of: 26 Aug 2025
Net transactions value: -$95,468
Form type: 4
Filing time: 28 Aug 2025, 16:38:32 UTC
Previous filing: 02 Apr 2025
Next filing: 09 Mar 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Carpenter Zachary	EVP - Chief Business Officer	C/O FARMER MAC, 2100 PENNSYLVANIA AVE., NW, SUITE 450N, WASHINGTON	Stephen P. Mullery, as attorney-in-fact for Zachary Carpenter	28 Aug 2025	0001776941

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AGM	Class C Non-Voting Common Stock	Sale	$60,090	-293	-2.7%	$205.09	10,532	26 Aug 2025	Direct	F1, F2
transaction	AGM	Class C Non-Voting Common Stock	Options Exercise	$102,443	+851	+8.1%	$120.38	11,383	26 Aug 2025	Direct	F1, F2, F3
transaction	AGM	Class C Non-Voting Common Stock	Tax liability	$35,228	-171	-1.5%	$206.01	11,212	26 Aug 2025	Direct	F1, F2, F3
transaction	AGM	Class C Non-Voting Common Stock	Disposed to Issuer	$102,593	-498	-4.4%	$206.01	10,714	26 Aug 2025	Direct	F1, F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AGM	Stock Appreciation Right	Options Exercise	$0	-851	-100%	$0.000000	0	26 Aug 2025	Class C Non-Voting Common Stock	851	$120.38	Direct	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Transaction effected during an open trading window for employees and directors of the Federal Agricultural Mortgage Corporation ("Farmer Mac").
F2	Includes 4,408 unvested restricted stock units previously granted under Farmer Mac's Amended and Restated 2008 Omnibus Incentive Plan, as described in more detail in the Reporting Person's prior filings under Section 16 of the Securities Exchange Act of 1934.
F3	In connection with the net share settlement of the exercise of 851 vested stock appreciation rights ("SARs") granted in March 2022 with a grant price of $120.38 per share, Mr. Carpenter was entitled to receive 353 shares of Class C Non-Voting Common Stock of the Federal Agricultural Mortgage Corporation ("Farmer Mac"). Of these shares, Mr. Carpenter received 182 shares, and Farmer Mac retained 171 shares to satisfy tax withholding requirements arising from the exercise. The 498 shares reported as a disposition to the issuer of issuer equity securities represents the difference between the number of SARs exercised and the number of shares issuable as a result of the exercise. Each SAR represents the right to receive, upon exercise, the number of shares of Farmer Mac's Class C Non-Voting Common Stock equal to the excess of the fair market value of shares on the exercise date over the grant price.