FEDERAL AGRICULTURAL MORTGAGE CORP

Our Charter authorizes us to issue voting common stock, non-voting common stock, and non-voting preferred stock. We may obtain additional capital from future issuances of common stock and preferred stock.

Common Stock

Only banks, other financial entities, insurance companies, and institutions of the FCS may hold voting common stock. No holder of Class A voting common stock may directly or indirectly be a beneficial owner of more than 33% of the outstanding shares of Class A voting common stock. There are no restrictions on the maximum number or percentage of outstanding shares of Class B voting common stock that may be held by an eligible stockholder. No ownership restrictions apply to Class C non-voting common stock, and those securities are freely transferable.

As of December 31, 2025, the following shares of common stock were outstanding:

•1,030,780 shares of Class A voting common stock;

•500,301 shares of Class B voting common stock; and

•9,325,556 shares of Class C non-voting common stock.

The following table presents the dividends declared on our common stock during and after 2025:

• The dividend declared on February 18, 2026 is scheduled to be paid on March 31, 2026.

Our ability to declare and pay common stock dividends could be restricted if we fail to comply with applicable capital requirements. See Note 8—Equity to the consolidated financial statements and Business—Government Regulation of Farmer Mac—Capital Standards.

Except for the period from March 16, 2020 to March 10, 2021, we have had a common stock repurchase program in place since third quarter 2015. On August 5, 2025, our board of directors revised the terms of the program to increase the total authorized amount of repurchases from the then-remaining $9.8 million to $50.0 million, and to extend the expiration date of the program to August 5, 2027.

During 2025, we repurchased 78,481 shares of Class C non-voting common stock at a cost of approximately $12.9 million under the amended repurchase program. As of December 31, 2025, we had repurchased approximately 751,000 shares of Class C non-voting common stock at a cost of approximately $32.7 million under the share repurchase program since its inception in 2015. As of December 31, 2025, $37.1 million remains available for repurchase under the program.

Preferred Stock

No ownership restrictions apply to any of our preferred stock, and those securities are freely transferable.

As of December 31, 2025, the following shares of Farmer Mac preferred stock were outstanding (collectively, the "Outstanding Preferred Stock") :

•4,000,000 shares of Series D Preferred Stock, all of which were issued in May 2019;

•3,180,000 shares of Series E Preferred Stock, all of which were issued in May 2020;

•4,800,000 shares of Series F Preferred Stock, all of which were issued in August 2020;

•5,000,000 shares of Series G Preferred Stock, all of which were issued in May 2021; and

•4,000,000 shares of Series H Preferred Stock, all of which were issued in August 2025.

The Outstanding Preferred Stock is considered Tier 1 capital for Farmer Mac.

See Note 8—Equity to the consolidated financial statements for more information about Outstanding Preferred Stock. For more information on our capital requirements, see "Business—Government Regulation of Farmer Mac—Capital Standards."

FARMER MAC'S AUTHORITY TO BORROW FROM THE U.S. TREASURY

We are authorized to borrow up to $1.5 billion from the U.S. Treasury through the issuance of debt obligations to the U.S. Treasury. Any funds borrowed from the U.S. Treasury may be used solely to fulfill our guarantee obligations. Our Charter provides that the U.S. Treasury is required to purchase debt obligations up to the authorized limit if we certify that:

•a portion of the guarantee fees we assess have been set aside as a reserve against losses arising out of our guarantee activities in an amount determined by our board of directors to be necessary and such reserve has been exhausted (that amount was $145.9 million as of December 31, 2025); and

•the proceeds of the purchase of such obligations are needed to fulfill our guarantee obligations.

We calculate the statutorily required reserve amount against losses arising from our guarantee activities based on the credit risk component of guarantee fees received on all securities we guarantee, including AgVantage securities. This amount does not represent expected credit losses and does not directly relate to either the allowance for loan losses or the reserve for losses in our consolidated balance sheets.

Any debt obligations we issue under this authority would bear interest at a rate determined by the U.S. Treasury, taking into consideration the average rate on outstanding marketable obligations of the United States as of the last day of the last calendar month ending before the date of the purchase of the obligations from Farmer Mac. We would be required to repurchase any of our debt obligations held by the U.S. Treasury within a "reasonable time." As of December 31, 2025, we have not used this borrowing authority and do not expect to use this borrowing authority in the future.

The United States government does not guarantee payments due on securities we guarantee, funds invested in our equity or debt securities, any dividend payments on shares of our stock, or our profitability.