Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 66

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 66
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 million under the share repurchase program since 2015.Preferred StockOn July 18, 2024, Farmer Mac redeemed all outstanding shares of its 6.000% Fixed-to-Floating Rate Non-Cumulative Series C Preferred Stock, plus any declared and unpaid dividends through and including the redemption date. As a result of this redemption, Farmer Mac recognized $1.6 million of loss on retirement of preferred stock in third quarter 2024, which was related to deferred issuance costs.The following table presents the Series D Preferred Stock, the Series E Preferred Stock, the Series F Preferred Stock, and the Series G Preferred Stock (collectively referred to as the "Outstanding Preferred Stock") as of December 31, 2024:Table 9.1NameIssuance DateIssuance CostShares IssuedAnnual Dividend Rate(1)Liquidation Value  Per ShareFirst Possible Redemption Date(2)Series DMay 13, 2019$3,340,456 4,000,0005.700 %$25.00 July 17, 2024Series EMay 20, 2020$2,496,750 3,180,0005.750 %$25.00 July 17, 2025Series FAugust 20, 2020$3,839,902 4,800,0005.250 %$25.00 October 17, 2025Series GMay 27, 2021$3,661,677 5,000,0004.875 %$25.00 July 17, 2026(1)Dividends on all series of Outstanding Preferred Stock are non-cumulative, which means that if Farmer Mac's board of directors has not declared a dividend before the applicable dividend payment date for any dividend period, such dividend will not be paid or cumulate, and Farmer Mac will have no obligation to pay dividends for such dividend period, whether or not dividends on any series of Outstanding Preferred Stock are declared for any future dividend period.(2)Farmer Mac has the right but not the obligation to redeem. The following tables present the quarterly dividends paid by Farmer Mac on its outstanding preferred stock during the years ended December 31, 2024, 2023, and 2022:Table 9.2For the Year Ended December 31, 20241st Quarter2nd Quarter3rd Quarter4th Quarter6.000%