Item 9A. Controls and Procedures
Item 9A. Controls and Procedures
Management's Evaluation of Disclosure Controls and Procedures . Farmer Mac maintains disclosure controls and procedures designed to ensure that information required to be disclosed in its periodic filings under the Securities Exchange Act of 1934 (“Exchange Act”), including this Annual Report on Form 10-K, is recorded, processed, summarized, and reported on a timely basis. 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 principal executive officer and principal financial officer, has evaluated the effectiveness of the design and
152
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 . 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.
Item 9B. Other Information
Director and Officer Trading Arrangements
None of Farmer Mac's directors or executive officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the three months ended December 31, 2025.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Not Applicable.
153
PART III
Item 10. Directors, Executive Officers, and Corporate Governance
The information required by this Item is incorporated by reference to Farmer Mac's definitive proxy statement to be filed on or about April 15, 2026.
Item 11. Executive Compensation
The information required by this Item is incorporated by reference to Farmer Mac's definitive proxy statement to be filed on or about April 15, 2026.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The information required by this Item is incorporated by reference to Farmer Mac's definitive proxy statement to be filed on or about April 15, 2026.
Item 13. Certain Relationships and Related Transactions and Director Independence
The information required by this Item is incorporated by reference to Farmer Mac's definitive proxy statement to be filed on or about April 15, 2026.
Item 14. Principal Accountant Fees and Services
The information required by this Item is incorporated by reference to Farmer Mac's definitive proxy statement to be filed on or about April 15, 2026.
PART IV
Item 15. Exhibits and Financial Statement Schedules
a. (1) Financial Statements.
Refer to Item 8 above.
(2) Financial Statement Schedules.
There are no schedules because they are not applicable, not required, or the information required to be set
forth therein is included in the consolidated financial statements or in notes thereto.
* 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 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).
* 4.2 — Specimen Certificate for Farmer Mac Class B Voting Common Stock (Previously filed as Exhibit 4.2 to Form 10-Q filed May 15, 2003).
154
* 4.3 — Specimen Certificate for Farmer Mac Class C Non-Voting Common Stock (Previously filed as Exhibit 4.3 to Form 10-Q filed May 15, 2003).
* 4.4 — Specimen Certificate for 5.700% Non-Cumulative Preferred Stock, Series D (Previously filed as Exhibit 4.7 to Form 10-Q filed August 1, 2019).
* 4.4.1
— Certificate of Designation of Terms and Conditions of 5.700% Non-Cumulative Preferred Stock, Series D (Previously filed as Exhibit 4.1 to Form 8-A filed May 13, 2019).
* 4.5 — Specimen Certificate for 5.750% Non-Cumulative Preferred Stock, Series E (Previously filed as Exhibit 4.7 to Form 10-Q filed August 10, 2020).
* 4.5.1
— Certificate of Designation of Terms and Conditions of 5.750% Non-Cumulative Preferred Stock, Series E (Previously filed as Exhibit 4.1 to Form 8-A filed May 20, 2020).
* 4.6 — Specimen Certificate for 5.250% Non-Cumulative Preferred Stock, Series F (Previously filed as Exhibit 4.8 to Form 10-Q filed November 9, 2020).
* 4.6.1
— Certificate of Designation of Terms and Conditions of 5.250% Non-Cumulative Preferred Stock, Series F (Previously filed as Exhibit 4.1 to Form 8-A filed August 20, 2020).
* 4.7 — Specimen Certificate for 4.875% Non-Cumulative Preferred Stock, Series G (Previously filed as Exhibit 4.8 to Form 10-Q filed August 5, 2021).
* 4.7.1
— 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 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 ) .
* 4.8.1
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 ) .
†* 10.1. — Amended Employment Agreement dated December 23, 2020, between Bradford T. 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 ).
†* 10.1.2
— 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).
†* 10.4
— Form of Time-Based Restricted Stock Units Award Agreement for grants made to executive officers on or after March 2, 2021. (Previously filed as Exhibit 10.1 to Form 8-K filed March 8, 2021) .
†* 10.4.1
— Form of Time-Based Restricted Stock Units Award Agreement for grants made to directors on or after March 2, 2021 (Previously filed as Exhibit 10.2 to Form 8-K filed March 8, 2021) .
†* 10.4.2
— Amended and Restated 2008 Omnibus Incentive Plan (Previously filed as Exhibit 10.2 to Form 10-Q filed August 9, 2018).
†* 10.4.3
— Form of SARs Award Agreement under the 2008 Omnibus Incentive Plan for grants made from April 1, 2013 to March 31, 2015 (Previously filed as Exhibit 10.1 to Form 8-K filed April 5, 2013).
†* 10.4.4
— Form of SARs Award Agreement under the 2008 Omnibus Incentive Plan for grants made on or after April 1, 2015 (Previously filed as Exhibit 10.1 to Form 8-K filed on April 3, 2015).
†* 10.4.5
— Form of Performance-Based Restricted Stock Agreement (Officers) under the 2008 Omnibus Form of Performance-Based Restricted Stock Agreement (Officers) under the 2008 Omnibus Incentive Plan for grants made on or after March 3, 2020 (Previously filed as Exhibit 10.1 to Form 8-K filed March 9, 2020).
†* 10.5
— Federal Agricultural Mortgage Corporation Amended and Restated Executive Officer Severance Plan (effective January 16, 2020) (Previously filed as Exhibit 10.1 to Form 8-K filed January 23, 2020).
†* 10.6
— Form of Participation Agreement to the Federal Agricultural Mortgage Corporation Amended and Restated Executive Officer Severance Plan (effective January 16, 2020) (Previously filed as Exhibit 10.2 to Form 8-K filed January 23, 2020).
155
†* 10.7
— Nonqualified Deferred Compensation Plan (effective May 1, 2017) (Previously filed as Exhibit 10.2 to Form 10-Q filed May 10, 2017) .
†* 10.8
— Adoption Agreement of the Nonqualified Deferred Compensation Plan (effective May 1, 2017) (Previously filed as Exhibit 10.3 to Form 10-Q filed May 10, 2017) .
†*
10.9
— Amended Adoption Agreement of the Nonqualified Deferred Compensation Plan, effective November 15, 2023. (Previously filed as Exhibit 10.7 to Form 10-K filed February 23, 2024).
†* 10.10
— Form of Indemnification Agreement for Directors (Previously filed as Exhibit 10.1 to Form 8-K filed April 9, 2008).
†** 10.11
— Description of compensation agreement between the Registrant and its directors, effective January 1, 202 6 .
*#
10.12
— Amended and Restated Master Central Servicing Agreement between Zions First National Bank and the Registrant, dated as of May 1, 2004 (Previously filed as Exhibit 10.11.2 to Form 10-Q filed August 9, 2004).
* 10.12.1
— Amendment No. 1 to Amended and Restated Master Central Servicing Agreement between Zions First National Bank and the Registrant, dated as of June 1, 2009 (Previously filed as Exhibit 10.11.1 to Form 10-Q filed August 10, 2009).
* 10.12.2
— Amendment No. 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).
* 10.13
— 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).
* 10.13.1
— 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 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 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. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
*
97.1 — Policy relating to recovery of erroneously awarded compensation, as required by applicable listing standards adopted pursuant to 17 CFR 240.10D-1 (Previously filed as Exhibit 97.1 to Form 10-K filed February 23, 2024) .
** 101.INS — Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
** 101.SCH — Inline XBRL Taxonomy Extension Schema
** 101.CAL — Inline XBRL Taxonomy Extension Calculation
** 101.DEF — Inline XBRL Taxonomy Extension Definition
** 101.LAB — Inline XBRL Taxonomy Extension Label
** 101.PRE — Inline XBRL Taxonomy Extension Presentation
** 104 — Cover Page Inline Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document included as Exhibit 101
* Incorporated by reference to the indicated prior filing.
** Filed with this report.
#
Portions of this exhibit have been omitted pursuant to a request for confidential treatment.
†
Management contract or compensatory plan
156
Item 16. Form 10-K Summary
None.
157
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
FEDERAL AGRICULTURAL MORTGAGE CORPORATION
/s/ Bradford T. Nordholm February 19, 2026
By: Bradford T. Nordholm
President and Chief Executive Officer
(Principal Executive Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
Name Title Date
/s/ Lowell L. Junkins Chair of the Board of Directors
February 19, 2026
Lowell L. Junkins
/s/ Bradford T. Nordholm Chief Executive Officer
February 19, 2026
Bradford T. Nordholm (Principal Executive Officer)
/s/ Matthew M. Pullins
Executive Vice President – Chief Financial February 19, 2026
Matthew M. Pullins
Officer and Treasurer
(Principal Financial Officer)
/s/ Gregory N. Ramsey Vice President – Chief Accounting Officer
February 19, 2026
Gregory N. Ramsey (Principal Accounting Officer)
158
Name Title Date
/s/ Richard H. Davidson Director February 19, 2026
Richard H. Davidson
/s/ James R. Engebretsen Director February 19, 2026
James R. Engebretsen
/s/ Sara L. Faivre Director February 19, 2026
Sara L. Faivre
/s/ Amy H. Gales Director February 19, 2026
Amy H. Gales
/s/ Mitchell A. Johnson Director February 19, 2026
Mitchell A. Johnson
/s/ Eric T. McKissack Director February 19, 2026
Eric T. McKissack
/s/ Jeffrey L. Plagge Director February 19, 2026
Jeffrey L. Plagge
/s/ Kevin G. Riel Director February 19, 2026
Kevin G. Riel
/s/ Robert G. Sexton Director February 19, 2026
Robert G. Sexton
/s/ Daniel L. Shaw
Director February 19, 2026
Daniel L. Shaw
/s/ Charles A. Stones Director February 19, 2026
Charles A. Stones
/s/ Todd P. Ware Director February 19, 2026
Todd P. Ware
/s/ LaJuana S. Wilcher Director February 19, 2026
LaJuana S. Wilcher
159
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.