Federal Agricultural Mortgage Corp - Class C

Federal Agricultural Mortgage Corporation (Farmer Mac) is a government-sponsored enterprise that runs a secondary market providing liquidity, lending capacity, risk management and capital relief to financial institutions that lend to American agriculture and rural infrastructure. It operates through two finance groups:
- Agricultural Finance: Farm & Ranch and Corporate AgFinance
- Infrastructure Finance: Power & Utilities, Broadband Infrastructure and Renewable Energy

A Treasury function covers funding and investments. Farmer Mac purchases loans and securities, issues and guarantees AgVantage Securities and USDA Securities, provides long-term standby purchase commitments and guarantees, and services loans for others. Outstanding business volume was about $38.5 billion as of September 30, 2026. The company earns mainly recurring net effective spread and guarantee fees, funded by GSE-level debt issuance at narrow spreads to U.S. Treasuries. Its common stock trades on the NYSE as AGM (Class C non-voting) and AGM.A (Class A voting), and it has multiple series of outstanding preferred stock. Updated Nov 5, 2026