FEDERAL AGRICULTURAL MORTGAGE CORP

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the Securities

Exchange Act of 1934 (Amendment No. )

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if Other than the Registrant)

PROXY STATEMENT

Accelerating Rural Opportunities

2100 Pennsylvania Avenue, NW

Suite 450N

Washington, DC 20037

TO HOLDERS OF FARMER MAC

VOTING COMMON STOCK

Dear Farmer Mac Stockholder:

The Board of Directors of the Federal Agricultural Mortgage Corporation ("Farmer Mac") is pleased to invite you to attend Farmer Mac's 2025 Annual Meeting of Stockholders to be held on Thursday, May 15, 2025, at 8:00 a.m. eastern daylight time at the third floor conference center in Farmer Mac's headquarters located at 2100 Pennsylvania Avenue, NW, Washington, DC 20037. We request any stockholder who wants to attend the meeting in person to register by May 13, 2025 by sending an email to ir@farmermac.com with "Farmer Mac Meeting Registration" in the subject line. Individuals who attend the meeting in person should arrive early to allow time to get through security. The Notice of Annual Meeting and Proxy Statement accompanying this letter describe the business to be transacted at the meeting.

We hope you will be able to attend the meeting and suggest you read the Notice of Annual Meeting and Proxy Statement for information about Farmer Mac and the Annual Meeting of Stockholders. We have also enclosed Farmer Mac's 2024 Annual Report. Although the Annual Report is not proxy soliciting material, we suggest you read it for more information about Farmer Mac. Please complete, sign, date, and return a proxy card at your earliest convenience to help us establish a quorum and avoid the cost of further solicitation. The giving of your proxy will not affect your right to vote your shares personally if you attend the meeting. If you plan to attend the meeting, please so indicate on the enclosed proxy card.

Sincerely,

Lowell L. Junkins

Board Chair

2025 PROXY STATEMENT

PROXY STATEMENT SUMMARY

Our Mission for Agriculture, Infrastructure, and Rural America

Farmer Mac proudly serves as a company driven by its mission to increase the accessibility of financing to provide vital liquidity for American agriculture and rural infrastructure. Created by Congress, Farmer Mac offers a secondary market that provides liquidity to our nation’s agricultural and infrastructure businesses, supporting a vibrant and strong rural America. We offer a wide range of solutions to help meet financial institutions’ growth, liquidity, risk management, and capital relief needs across markets, including agriculture, agribusiness, broadband infrastructure, power and utilities, and renewable energy. Farmer Mac also serves as a critical investment tool for states, counties, municipalities, pension funds, banks, public trust funds, and credit unions by offering investment opportunities that provide diversification in their investment portfolios, issuance structure flexibility, and a competitive return on their investment dollars.

Farmer Mac's record 2024 performance reflects our unique position to facilitate competitive access to financing that fuels growth, innovation, and prosperity in America's rural and agricultural communities. Our broad range of products and solutions addresses the sweeping scope and ever-changing needs of America's agricultural and infrastructure finance businesses.

I

2025 PROXY STATEMENT

Farmer Mac seeks Board members who have the qualities, background, skills, and experience that reflect expertise related to the company's business, strategy, and material risks from a variety of perspectives. The variety of backgrounds, skills, experiences, and perspectives of the members enables the Board to provide effective oversight of the strategic direction, operations, and risk management of Farmer Mac and to establish effective governance practices.

II

2025 PROXY STATEMENT

Best Practices

III

2025 PROXY STATEMENT

Compensation Governance Highlights

Farmer Mac’s stock ownership policy aligns the interests of officers and directors with those of Farmer Mac’s stockholders and promotes sound corporate governance and a long-term perspective in managing Farmer Mac.

Stock Ownership Policy for Company Officers and Directors

Clawback Policy for Executive Officers

Our clawback policy is consistent with SEC and NYSE requirements, which allows us to recover incentive compensation from current or former executive officers for an accounting restatement, termination of employment for cause, or an incorrect calculation of a financial measure used to determine the value or amount of incentive compensation.

99% of the votes cast by Farmer Mac’s stockholders in 2024 supported the compensation of the named Executive Officers.

Compensation Philosophy adopted to maintain a compensation program that fosters a performance-oriented, results-based culture where compensation varies based on the business results achieved and is properly aligned with an acceptable risk profile, effective risk management, and stockholder returns.

Attract, retain, and reward employees with the skills required to accomplish Farmer Mac’s business objectives

Align with Farmer Mac’s business processes, such as business planning, performance management, succession planning, and risk management

Pay for performance by linking significant compensation to increased stockholder value and the attainment of established corporate performance goals

Provide accountability and incentives for achievement of those objectives

Properly balance Farmer Mac’s risk profile with both annual and long-term incentives

Reward employees for accomplishments in leadership and strategic performance in areas that can be significant drivers of long-term stockholder value

Pay-For-Performance Philosophy

Farmer Mac’s executive compensation program reflects a strong pay-for-performance philosophy that is consistent with the risk tolerance of Farmer Mac and reflects the long-term interests of stockholders. A large portion of the CEO and other Named Executive Officer (NEO) compensation is variable and performance-based so that the executives who are most responsible for overall performance and changes in stockholder value are held accountable for results.

20:1 CEO Pay Ratio

IV

2025 PROXY STATEMENT

Lines of Business:

Our lines of business reflect how we are managing, evaluating, and serving our business based on the type of customer and market.

From small rural community banks to large financial institutions, Farmer Mac's customers reflect the wide range of America's rural landscape.

By Commodity

By Geography

V

2025 PROXY STATEMENT

A Champion for Rural America

We proudly engage in philanthropy to support our customers and communities. Our efforts begin in the communities in which we live and work, in providing aid and relief for disasters impacting agricultural and rural areas, and in supporting programs aimed at helping the next generation of agricultural professionals to grow and prosper.

Workplace Awards

We are committed to fostering a strong workplace and are proud to be recognized for our efforts on the national stage.

VI

NOTICE OF ANNUAL MEETING

Notice is hereby given that the 2025 Annual Meeting of Stockholders of the Federal Agricultural Mortgage Corporation ("Farmer Mac") will be held on Thursday, May 15, 2025, at 8:00 a.m. local time at the third floor conference center in Farmer Mac's headquarters located at 2100 Pennsylvania Avenue, NW, Washington, DC 20037.

As described in the attached Proxy Statement, the meeting will be held for the following purposes:

•to elect ten directors, five of whom will be elected by holders of Class A Voting Common Stock and five of whom will be elected by holders of Class B Voting Common Stock, to serve until the next annual meeting of stockholders and until their respective successors are elected and qualified;

•to ratify the Audit Committee's selection of PricewaterhouseCoopers LLP as Farmer Mac's independent auditor for fiscal year 2025;

•to approve, on an advisory basis, the compensation of Farmer Mac's named executive officers disclosed in the attached Proxy Statement; and

•to consider and act on any other business that may properly be brought before the meeting or any adjournment or postponement of the meeting.

Please read the attached Proxy Statement for information about the matters to be considered and acted on at the meeting.

Eligible holders of record of Farmer Mac's Class A Voting Common Stock and Class B Voting Common Stock at the close of business on March 24, 2025 are entitled to notice of and to vote at the meeting and any adjournment or postponement of the meeting. For at least ten days before the meeting, a list of Farmer Mac's stockholders will be available for examination by any stockholder for any purpose germane to the meeting at the offices of Farmer Mac between the hours of 9:00 a.m. and 5:00 p.m. local time. We request any stockholder who wants to attend the meeting in person to register by May 13, 2025 by sending an email to ir@farmermac.com with "Farmer Mac Meeting Registration" in the subject line. Individuals who attend the meeting in person should arrive early to allow time to get through security.

Even if you intend to attend the meeting in person, please complete and date the enclosed proxy card, sign it exactly as your name appears on the card, and return it in the postage prepaid envelope. This will ensure the voting of your shares if you do not attend the meeting. The giving of your proxy will not affect your right to vote your shares personally if you attend the meeting. THIS PROXY IS SOLICITED BY THE BOARD OF DIRECTORS OF FARMER MAC.

By order of the Board of Directors,

Stephen P. Mullery

Secretary

TABLE OF CONTENTS

2100 Pennsylvania Avenue, NW

Suite 450N

Washington, DC 20037

PROXY STATEMENT

For the Annual Meeting of Stockholders

to be held on May 15, 2025

This Proxy Statement is furnished in connection with the solicitation by the Board of Directors ("Board") of the Federal Agricultural Mortgage Corporation ("Farmer Mac") of proxies from the holders of Farmer Mac's Class A Voting Common Stock and Class B Voting Common Stock (together, "Voting Common Stock"). Farmer Mac is not soliciting proxies from the holders of its Class C Non-Voting Common Stock. The proxies will be voted at Farmer Mac's 2025 Annual Meeting of Stockholders ("Meeting"), to be held on Thursday, May 15, 2025, at 8:00 a.m. local time at the third floor conference center in Farmer Mac's headquarters located at 2100 Pennsylvania Avenue, NW, Washington, DC 20037, and at any adjournment or postponement of the Meeting. The Notice of Annual Meeting, this Proxy Statement, and the enclosed proxy card are being mailed to holders of Voting Common Stock on or about April 16, 2025. In this Proxy Statement, "we," "us," and "our" refer to Farmer Mac except as the context otherwise requires or as otherwise noted.

At the Meeting, Farmer Mac's Board will present for a vote the election of ten members to the Board (Proposal 1) and the ratification of the appointment of PricewaterhouseCoopers LLP as Farmer Mac's independent auditor for fiscal year 2025 (Proposal 2). The Board will also present for a vote the approval, on an advisory basis, of the compensation of Farmer Mac's named executive officers disclosed in this Proxy Statement (Proposal 3). The Board is not aware of any other matter to be presented for a vote at the Meeting.

Important Notice Regarding the Availability of Proxy Materials for Farmer Mac's Annual Meeting of Stockholders to be held on May 15, 2025: the Proxy Statement, sample proxy cards, and Farmer Mac's 2024 Annual Report are available at www.farmermac.com/investors/financial-information/.

GENERAL INFORMATION