What changed in this filing

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Item 9A. Controls and Procedures

2026-02-19 compared with 2025-02-21 · 26 added, 38 removed, 116 unchanged (36% of the section changed)

3 unchanged sentences

These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed under the Exchange Act is accumulated and communicated to Farmer Mac's management on a timely basis to allow decisions about required disclosure.

Management, including Farmer Mac's Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of Farmer

Mac's disclosure controls and procedures (as defined under Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of December 31, 2024.

Farmer Mac carried out the evaluation of the effectiveness of its disclosure controls and procedures, required by paragraph (b) of Exchange Act Rules 13a-15 and 15d-15, under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer.

Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer concluded that Farmer Mac's disclosure controls and procedures were effective as of December 31, 2024.

Management's Report on Internal Control Over Financial Reporting .

See "Financial Statements—

Management's Report on Internal Control Over Financial Reporting" in Item 8 of this Annual Report on Form 10-K.

Attestation Report of Independent Registered Public Accounting Firm.

See "Financial Statements—

Report of Independent Registered Public Accounting Firm" in Item 8 of this Annual Report on Form 10-

Management, including Farmer Mac's principal executive officer and principal financial officer, has evaluated the effectiveness of the design and

operation of Farmer Mac's disclosure controls and procedures (as defined under Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of December 31, 2025.

Farmer Mac carried out the evaluation of the effectiveness of its disclosure controls and procedures, required by paragraph (b) of Exchange Act Rules 13a-15 and 15d-15, under the supervision and with the participation of management, including the principal executive officer and principal financial officer.

Based on this evaluation, the principal executive officer and principal financial officer concluded that Farmer Mac's disclosure controls and procedures were effective as of December 31, 2025.

Changes in Internal Control Over Financial Reporting .

During the fourth quarter of 2024, Farmer Mac modernized its systems of record for its investments, AgVantage, and debt portfolios and its treasury management.

There were no other changes in Farmer Mac's internal control over financial reporting during the year ended December 31, 2024 that have materially affected, or are reasonably likely to materially affect, Farmer Mac's internal control over financial reporting.

There were no changes in Farmer Mac's internal control over financial reporting during the year ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, Farmer Mac's internal control over financial reporting.

Other Information

20 unchanged sentences

* 3.1 — Title VIII of the Farm Credit Act of 1971, as most recently amended on June 18, 2020 (Previously filed as Exhibit 3.1 to Form 10-Q filed August 10, 2020).

3.2 — Amended and Restated By-Laws of the Registrant (Previously filed as Exhibit 3.2 to Form 10-Q filed May 6, 2024).

3.2 — Amended and R estated By-Laws of the Registrant (Previously filed as Exhibit 3.1 to Form 8-K filed February 2, 2026 ).

* 4.1 — Specimen Certificate for Farmer Mac Class A Voting Common Stock (Previously filed as Exhibit 4.1 to Form 10-Q filed May 15, 2003).

9 unchanged sentences

— Certificate of Designation of Terms and Conditions of 4.875% Non-Cumulative Preferred Stock, Series G (Previously filed as Exhibit 4.1 to Form 8-A filed May 27, 2021).

4.8 — Description of the Registrant's securities that are registered under Section 12 of the Securities Exchange Act of 1934.

(Previ ously fil ed as E xhib it 4.9 to Form 10-Q filed November 4, 2024 ).

4.8 Specimen Certificate for 6.500% Non-Cumulative Preferred Stock, Series H (Previo usl y filed as Ex hibit 4.8 to Form 10-Q filed November 3, 2 025 ) .

Certificate of Designation of Terms and Conditions of 6.500% Non-Cumulative Preferred Stock, Series H (Previously filed as Exhibit 4.1 to Form 8-A filed August 25, 2025).

4.9 — Description of the Registrant's securities that are registered under Section 12 of the Securities Exchange Act of 1934 (Previo usl y filed as Exhibit 4.9 to Fo rm 10 -Q f iled No vember 3, 2 025 ) .

— Amended Employment Agreement dated December 23, 2020, between Bradford T.

Nordholm and the R egistrant (Previously filed as Exhibi t 10.1 to Form 8-K filed December 30 , 2020).

Nordholm and the Registrant (Previously filed as Exhibit 10.1 to Form 8-K filed December 30, 2020).

†* 10.1.1 — First Amendment to Amended Employment Agreement dated as of September 28, 2022 between Bradford T.

Nordholm and the Registrant (Previously filed as Exhibit 10.1 to Form 8-K filed October 4, 2022 ).

— Second Amendment to Amended Employment Agreement dated September 25, 2025 between Bradford T.

Nordholm and the Registrant (Previously filed as Exhibit 10.1 to Form 8-K filed September 30, 2025).

†* 10.2 — Transition Agreement dated August 14, 2025, between Stephen P.

Mullery and the Registrant (Previously filed as Exhibit 10.1 to Form 8-K filed August 18, 2025).

†* 10.3 — Employment Agreement dated September 30, 2025 between Zachary N.

Carpenter and the Registrant (Previously filed as Exhibit 10.2 to Form 8-K filed September 30, 2025).

— Form of Time-Based Restricted Stock Units Award Agreement for grants made to executive officers on or after March 2, 2021.

18 unchanged sentences

2 to Amended and Restated Master Central Servicing Agreement between Zions First National Bank and the Registrant, dated as of August 25, 2010 (Previously filed as Exhibit 10.11.2 to Form 10-Q filed November 9, 2010).

— Amended and Restated Note Purchase Agreement between Farmer Mac Mortgage Securities Corporation, National Rural Utilities Cooperative Finance Corporation, and the Registrant, dated as of March 24, 2011 (Previously filed as Exhibit 10.22 to Form 10-Q filed May 10, 2011).

* 10.11.1 — F ifth Amended and Restated First Supplemental Note Purchase Agreement between Farmer Mac Mortgage Securities Corporation, National Rural Utilities Cooperative Finance Corporation, and the Registrant, dated as of January 14, 2025 (Previously filed as Exhibit 10.1 to Form 8-K filed January 14, 2025 ).

— Amended and Restated Master Sale and Servicing Agreement between National Rural Utilities Cooperative Finance Corporation and the Registrant, dated as of August 12, 2011 (Previously filed as Exhibit 10.26 to Form 10-Q filed November 9, 2011).

— Amendment No.

1 to Amended and Restated Master Sale and Servicing Agreement between National Rural Utilities Cooperative Finance Corporation and the Registrant, dated as of November 28, 2016 (Previously filed as Exhibit 10.17 to Form 10-K filed March 9, 2017)

— T hird Amended, Restated and Consolidated Pledge Agreement between Farmer Mac Mortgage Securities Corporation, National Rural Utilities Cooperative Finance Corporation, U.S.

Bank National Association, and the Registrant, dated as of J anuary 14 , 20 2 5 (Previously filed as Exhibit 10.

2 to Form 8-K filed January 14 , 20 2 5).

— Long Term Standby Commitment to Purchase between National Rural Utilities Cooperative Finance Corporation and the Registrant, dated as of August 31, 2015 (Previously filed as Exhibit 10.4 to Form 10-Q filed November 9, 2015).

— Amendment No.

1 to Long Term Standby Commitment to Purchase between National Rural Utilities Cooperative Finance Corporation and the Registrant, dated as of May 31, 2016 (Previously filed as Exhibit 10.1 to Form 10-Q filed August 9, 2016).

— Loan Participation Servicing Agreement between National Rural Utilities Cooperative Finance Corporation, National Cooperative Services Corporation, and the Registrant, dated as of September 26, 2019 (Previously filed as Exhibit 10 to Form 8-K filed October 9, 2019).

— Master Non-Recourse Loan Participation Agreement between National Rural Utilities Cooperative Finance Corporation and the Registrant, dated as of February 3, 2020 (Previously filed as Exhibit 10.1 to Form 8-K filed February 7, 2020).

— Loan Participation and Servicing Agreement between National Rural Utilities Cooperative Finance Corporation and the Registrant, dated as of February 3, 2020 (Previously filed as Exhibit 10.2 to Form 8-K filed February 7, 2020).

— Master Non-Recourse Loan Participation Agreement between CoBank, ACB, CoBank, FCB, and the Registrant, dated as of February 13, 2019 (Previously filed as Exhibit 10.1 to Form 8-K filed February 20, 2019).

— Loan Participation and Servicing Agreement between CoBank, ACB and the Registrant, dated as of February 13, 2019 (Previously filed as Exhibit 10.2 to Form 8-K filed February 20, 2019).

19.1 — Insider trading a r r angements and policies , as required by applicable listing standards adopted pursuant to 17 CFR 229 .408

19.1 — Insider trading arrangements and policies, as required by applicable listing standards adopted pursuant to 17 CFR 229.408 (Previously filed as Exhibit 19 .1 to Form 10-K filed February 2 1 , 202 5 ) .

* 21 — List of the Registrant's subsidiaries (Previously filed as Exhibit 21 to Form 10-K filed March 8, 2018).

** 31.1 — Certification of Registrant's principal executive officer relating to the Registrant's Annual Report on Form 10 - K for the year ended December 31 , 2024, pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

** 31.2 — Certification of Registrant's principal financial officer relating to the Registrant's Annual Report on Form 10- K for the year ended December 31 , 2024, pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

** 31.1 — Certification of Registrant's principal executive officer relating to the Registrant's Annual Report on Form 10- K for the year ended D ecember 31, 2025 , pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

** 31.2 — Certification of Registrant's principal financial officer relating to the Registrant's Ann ual Report on Form 10- K for the year ended Decem ber 31 , 2025, pursuant to Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

** 32 — Certification of Registrant's principal executive officer and principal financial officer relating to the Registrant's Annual Report on Form 10- K for the year ended December 31 , 2025, pursuant to 18 U.S.C.

25 unchanged sentences

/s/ Bradford T.

Nordholm President and Chief Executive Officer February 21, 2025

Nordholm Chief Executive Officer

February 19, 2026

Nordholm (Principal Executive Officer)

/s/ Aparna Ramesh Executive Vice President – Chief Financial February 21, 2025

Aparna Ramesh Officer and Treasurer

/s/ Matthew M.

Executive Vice President – Chief Financial February 19, 2026

Officer and Treasurer

(Principal Financial Officer)

4 unchanged sentences

Name Title Date

/s/ Chester J.

Culver Director February 21, 2025

/s/ Richard H.

11 unchanged sentences

Sexton Director February 19, 2026

/s/ Daniel L.

Director February 19, 2026

/s/ Charles A.

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures