AGM FEDERAL AGRICULTURAL MORTGAGE CORP
Price Chart
Executive Summary
Farmer Mac priced a $100 million offering of 6.875% Non-Cumulative Preferred Stock, Series I, raising Tier 1 capital for general corporate purposes. The offering of 4,000,000 shares at $25.00 par value is expected to close on May 19, 2026, with net proceeds of approximately $97 million. This is a routine capital raise by a government-sponsored enterprise, not a distressed issuance.
Key Financial Metrics
Actionable Insight
Monitor the Series I preferred stock (AGM PRI) listing on NYSE for initial trading dynamics. The 6.875% coupon is attractive relative to existing Farmer Mac preferreds (Series H at 6.500%), which may pressure older series. No material impact on common equity or existing preferreds expected.
Key Facts
- Priced $100 million of 6.875% Non-Cumulative Preferred Stock, Series I
- 4,000,000 shares at $25.00 par value and liquidation preference
- Net proceeds expected to be approximately $97 million
- Proceeds used for general corporate purposes
- Settlement expected May 19, 2026
- Stock to be listed on NYSE under symbol AGM PRI
- Non-cumulative, perpetual, fixed 6.875% dividend rate
- Redeemable at option of Farmer Mac on or after July 17, 2031
- Morgan Stanley sole book-runner; RBC Capital Markets and Wells Fargo co-managers
- Exempt from registration under Section 3(a)(2) of Securities Act
Financial Impact
$100 million offering of preferred stock, net proceeds ~$97 million
Risk Factors
- Dividend payments on Series I are non-cumulative and at Board discretion
- No conversion or exchange features limit upside for preferred holders
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000845877-26-000096 |
| Document: a20260512farmermacprices10.htm | 0000845877-26-000096 |
| Document: 0000845877-26-000096-index-headers.html | 0000845877-26-000096 |
| Document: 0000845877-26-000096-index.html | 0000845877-26-000096 |
| Document: 0000845877-26-000096.txt | 0000845877-26-000096 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 8, 2026
6d ago
|
8-K
| $23.77 awaiting T+5 | awaiting T+5 | — | $182.11 (+666.13%) |
|
May 13, 2026
4w ago
|
8-K
| $24.10 $24.22 | ▲ +0.50% | ▲ +1.22% | $182.11 (+655.65%) |
|
May 12, 2026
4w ago
|
8-K
| $24.01 $24.08 | ▲ +0.29% | ▲ +1.45% | $182.11 (+658.48%) |
|
Apr 21, 2026
7w ago
|
8-K
| $24.17 $24.17 | · 0.00% | ▼ −0.05% | $182.11 (+653.45%) |
|
Mar 4, 2026
14w ago
|
8-K
| $160.44 $149.96 | ▼ −6.53% | ▼ −4.29% | $182.11 (+13.51%) |
US Market Status
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