agm-20240402

Federally chartered instrumentality

of the United States

001-14951

52-1578738

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(IRS Employer Identification No.)

1999 K Street, N.W., 4th Floor,

20006

Washington,

(Address of Principal Executive Offices)

(Zip Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Title of each class

Trading symbol

Exchange on which registered

Class A voting common stock

AGM.A

New York Stock Exchange

Class C non-voting common stock

AGM

New York Stock Exchange

6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C

AGM.PRC

New York Stock Exchange

5.700% Non-Cumulative Preferred Stock, Series D

AGM.PRD

New York Stock Exchange

5.750% Non-Cumulative Preferred Stock, Series E

AGM.PRE

New York Stock Exchange

5.250% Non-Cumulative Preferred Stock, Series F

AGM.PRF

New York Stock Exchange

4.875% Non-Cumulative Preferred Stock, Series G

AGM.PRG

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

On April 2, 2024, the Federal Agricultural Mortgage Corporation (“Farmer Mac”) issued a press release to announce that it has completed a $308.1 million securitization of agricultural mortgage loans. A copy of the press release is attached to this report as Exhibit 99. All references to www.farmermac.com in Exhibit 99 are inactive textual references only, and the information contained on Farmer Mac’s website is not incorporated by reference into this report.

The information furnished in this Item 7.01, including Exhibit 99, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, nor will any of such information or portion of the Exhibit be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.


99			Press Release dated April 2, 2024.
104			Cover Page Inline Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

WASHINGTON, D.C., April 2, 2024 – The Federal Agricultural Mortgage Corporation (Farmer Mac; NYSE: AGM and AGM.A), the nation’s secondary market provider that increases the accessibility of financing for American agriculture and rural infrastructure, announced today that it has completed a $308.1 million securitization of agricultural mortgage loans. This is Farmer Mac’s fourth transaction in the FARM series since 2021.

"We are very pleased with the execution of our fourth agricultural mortgage-backed securitization (AMBS) transaction, FARM 2024-1, as we return to the market in the new year,” says President and Chief Executive Officer, Brad Nordholm. “Farmer Mac remains committed to developing a vibrant and liquid AMBS market that is central to our core mission to improve credit accessibility in rural America.”

The mortgage pool for FARM Series 2024-1 consists of 443 agricultural mortgage loans with an aggregate outstanding principal balance of approximately $308.1 million. The loans in the pool were underwritten to Farmer Mac’s standards and acquired by Farmer Mac between February 2022 and August 2023. This deal included a $285.0 million senior tranche guaranteed by Farmer Mac and a $23.1 million unguaranteed subordinate tranche. The senior tranche reflects an enhanced sophistication of the securitization by offering notes in three classes, A, A1, and A2, each of which are guaranteed by Farmer Mac. These three guaranteed classes provide for differing principal repayment cashflows, which provided more investment options and drove new investor demand.

“We have witnessed significant volatility in the credit markets over the past year and the fact that we were able to generate more than three times the demand for this offering is a testament to Farmer Mac’s reputation with institutional investors and the overall market appetite for the underlying agricultural asset class,” said Chief Financial Officer & Treasurer, Aparna Ramesh. “Not only was demand strong but we were able to successfully expand our investor base and introduce new classes of senior notes to address cashflow demands of capital markets.”

BofA Securities, Inc. and Oppenheimer & Co. Inc. acted as joint bookrunners along with CastleOak Securities, L.P. and Seaport Global Securities LLC, as selling group members. Dechert LLP served as legal advisor to Farmer Mac. Morgan, Lewis and Bockius LLP served as legal advisor to BofA Securities, Inc., Oppenheimer & Co. Inc., CastleOak Securities, L.P., and Seaport Global Securities LLC.

As a Government Sponsored Enterprise driven by our Congressional charter to help build a strong and vital rural America, Farmer Mac creates a secondary market that increases access to credit for the benefit of American agricultural, rural utilities, and rural communities. By offering innovative financial products,

Farmer Mac enables lenders to offer flexible and competitive financing to eligible farmers, ranchers, agribusinesses, and rural infrastructure providers. Farmer Mac’s customers benefit from its long-term financing, low cost of funds, low overhead costs, and high operational efficiency. More information about Farmer Mac is available on Farmer Mac’s website at www.farmermac.com.