Company: AGM-PH
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0000845877-25-000033
Chunk: 137

Company: FEDERAL AGRICULTURAL MORTGAGE CORP
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1
Chunk 137
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 after 2024:DateDividendDeclaredPerShareAmountForPeriodBeginningForPeriodEndingDatePaidFebruary 21, 2024$0.3046875January 18, 2024April 17, 2024April 17, 2024May 15, 2024$0.3046875April 18, 2024July 17, 2024July 17, 2024August 7, 2024$0.3046875July 18, 2024October 17, 2024October 17, 2024November 6, 2024$0.3046875October 18, 2024January 17, 2025January 17, 2025February 20, 2025$0.3046875January 18, 2025April 17, 2025** The dividend declared on February 20, 2025 is scheduled to be paid on April 17, 2025.

28

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

Farmer Mac is 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 Farmer Mac's guarantee obligations. Farmer Mac's charter provides that the U.S. Treasury is required to purchase Farmer Mac's debt obligations up to the authorized limit if Farmer Mac certifies that:

•a portion of the guarantee fees assessed by Farmer Mac has been set aside as a reserve against losses arising out of Farmer Mac's guarantee activities in an amount determined by Farmer Mac's board of directors to be necessary and such reserve has been exhausted (that amount was 

$138.7 million as of December 31, 2024); and

•the proceeds of such obligations are needed to fulfill Farmer Mac's guarantee obligations.

Any debt obligations issued by Farmer Mac 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. Farmer Mac would be required to repurchase any of its debt obligations held by the U.S. Treasury within a "reasonable time." As of December 31, 2024, Farmer Mac had not used this borrowing