Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 133

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1
Chunk 133
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No ownership restrictions apply to Class C non-voting common stock, and those securities are freely transferable.

As of December 31, 2024, the following shares of Farmer Mac common stock were outstanding:

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

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

•9,360,083 shares of Class C non-voting common stock.

Except for the period from March 16, 2020 to March 10, 2021, Farmer Mac has had a common stock repurchase program in place since third quarter 2015. In February 2023, Farmer Mac's board of directors extended the expiration date of the repurchase program to February 2025 on the same terms and with a remaining authorization of up to $9.8 million in stock repurchases.  Farmer Mac's board of directors is expected to extend the expiration date of the program to February 2027 at an upcoming board meeting. As of December 31, 2024, Farmer Mac had repurchased approximately 673,000 shares of Class C non-voting common stock at a cost of approximately $19.8 million under the share repurchase program since 2015.

The following table presents the dividends declared on Farmer Mac's common stock during and after 2024:DateDividendDeclaredPerShareAmountForHolders OfRecord As Of DatePaidFebruary 21, 2024$1.40March 15, 2024March 28, 2024May 15, 2024$1.40June 14, 2024June 28, 2024August 7, 2024$1.40September 16, 2024September 30, 2024November 6, 2024$1.40December 16, 2024December 31, 2024February 20, 2025$1.50March 14, 2025*

*  The dividend declared on February 20, 2025 is scheduled to be paid on March 31, 2025.

Farmer Mac's ability to declare and pay common stock dividends could be restricted if it were to fail to comply with applicable capital requirements. See Note 9 to the consolidated financial statements and "Business—Government Regulation of Farmer Mac—Capital Standards."

Preferred Stock

No ownership restrictions apply to any preferred stock issued by Farmer Mac, and those securities are