AGM.PRI is the New York Stock Exchange symbol for Federal Agricultural Mortgage Corporation (Farmer Mac) 6.875% Non-Cumulative Preferred Stock, Series I. Each share has a $25 par value and $25 liquidation preference, with a fixed annual dividend of $1.71875 per share when declared by Farmer Mac’s board. The security is perpetual, non-convertible and callable by the issuer beginning July 17, 2031.
Series I terms at a glance
| Term | Series I detail |
|---|---|
| NYSE symbol | AGM.PRI |
| Issuer | Federal Agricultural Mortgage Corporation (Farmer Mac) |
| Security type | Perpetual preferred equity |
| Par value | $25 per share |
| Liquidation preference | $25 per share |
| Dividend rate | 6.875% fixed rate |
| Annual dividend | $1.71875 per share, when declared |
| Latest dividend reported | $0.4296875 per share for July 17–October 17, 2026, declared in Farmer Mac’s August 12, 2026 release |
| Dividend status | Non-cumulative |
| First optional redemption date | July 17, 2031 |
| Conversion | Not convertible |
| Sinking fund | None |
| Authorized shares | 4,000,000 |
How the 6.875% dividend works
The 6.875% rate applies to the $25 liquidation preference. The contractual calculation is $25 × 0.06875 = $1.71875 per share per year. If the board declares equal quarterly payments, that annual amount corresponds to $0.4296875 per share per quarter. Farmer Mac reported exactly $0.4296875 per share for the July 17–October 17, 2026 period.
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The rate is fixed while the shares remain outstanding, but payment is not automatic. The board must declare each dividend, and the company’s ability to pay is subject to applicable legal and financial restrictions. The 6.875% figure therefore describes the contractual rate, not a guaranteed cash return or the security’s current market yield.
What “non-cumulative” means for investors
Series I dividends are non-cumulative. If Farmer Mac does not declare a dividend for a period, that missed amount does not accrue as an obligation payable later. A future declaration does not have to make up an undeclared period before common-stock dividends can resume, subject to the security’s governing terms.
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There is a limited governance consequence for prolonged defaults: if Farmer Mac fails to pay dividends for six quarterly periods after those dividends have been declared, Series I holders receive the right to elect two board observers. That right does not turn skipped, undeclared dividends into a debt claim.
Where Series I sits in Farmer Mac’s capital structure
Series I ranks senior to Farmer Mac’s Class A, Class B and Class C common stock. It ranks on parity (pari passu) with the company’s Series D, E, F, G and H preferred stock. “Senior” means Series I has priority over those common shares for dividends and distributions in a liquidation, while “pari passu” means the listed preferred series generally share equal ranking rather than one series standing ahead of another.
The $25 liquidation preference is the contractual amount used for priority calculations; it is not a promise that an investor will receive $25 if the shares are sold in the market or if the issuer becomes insolvent. Recovery depends on Farmer Mac’s assets, obligations and the claims ahead of preferred equity.
Perpetual maturity and the 2031 call date
Series I has no stated maturity, so holders cannot require Farmer Mac to repay the $25 preference on a particular date. Farmer Mac may optionally redeem the shares on or after July 17, 2031, under the terms of the designation. The call belongs to the issuer, not the investor: Farmer Mac can choose whether to redeem, and a holder cannot force redemption merely because the first call date has arrived.
Because the shares are perpetual and callable, market prices can react to interest-rate changes and to expectations about whether redemption is economically attractive for Farmer Mac. Series I is not convertible into common stock and has no sinking-fund provision that would require periodic repurchases.
How to buy AGM.PRI
- Use a brokerage account with NYSE access. Confirm that the account supports exchange-listed preferred stocks and that you are approved for the relevant equity-trading permissions.
- Search for the exact symbol. Enter
AGM.PRIand verify that the description identifies Farmer Mac’s 6.875% Non-Cumulative Preferred Stock, Series I. Preferred-stock symbols can resemble common-stock symbols, so check the security description before submitting an order. - Review the live quote and spread. The $25 liquidation preference is not the same as the current trading price. The sources establishing Series I’s terms do not establish a current market price, yield or trading volume; use your broker’s live quote and order-book information.
- Choose an order type carefully. A limit order can set the highest price you will pay, which may be useful when preferred-stock liquidity is thinner than that of large common-stock issues. Check the order duration and estimated commissions before sending it.
- Confirm the security and settlement details. After execution, review the confirmation for the AGM.PRI symbol, share count and execution price. Dividend eligibility depends on the issuer’s record-date and ex-dividend-date rules, not simply on placing an order.
What determines your actual yield
The fixed $1.71875 annual dividend is measured against the price you pay, not automatically against $25. For example, buying below $25 produces a current yield above 6.875% before considering taxes, fees, call risk and price changes; buying above $25 produces a yield below 6.875%. A redemption at $25 can also create a gain or loss relative to your purchase price. Calculate yield from the live market price and, for a callable security, consider the possibility of redemption on or after July 17, 2031.
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Key risks and limits
- Dividend discretion: Non-cumulative dividends can be omitted without creating a later catch-up claim.
- Issuer credit risk: Preferred stock is equity, not a deposit or senior corporate debt. Financial deterioration at Farmer Mac can affect both dividends and market value.
- Interest-rate and price risk: A fixed 6.875% payment can become less attractive when market rates rise, pushing the trading price down.
- Call risk: If Farmer Mac redeems the shares at the $25 preference after the first call date, investors may have to reinvest at less favorable rates and could lose money if they paid more than $25.
- Liquidity risk: The ability to sell promptly at a desired price depends on market trading activity and the bid-ask spread.
- Priority limits: Series I is senior to common stock but ranks alongside Farmer Mac’s Series D–H preferred stock, and all preferred equity remains behind the issuer’s creditors.
Series I compared with other preferred securities
A useful comparison should examine more than the headline coupon. For Series I and any other preferred issue, check the following items using current market data and the relevant prospectus or designation:
| Comparison factor | What is established for Series I | Why it matters |
|---|---|---|
| Dividend rate | 6.875% fixed; $1.71875 annually per share | Sets the contractual payment before market-price effects |
| Current market yield | Not stated in the issuer terms | Must be calculated from the live trading price |
| Price versus $25 preference | Not stated | Changes current yield and potential call gain or loss |
| First call date | July 17, 2031 | Defines when issuer redemption becomes possible |
| Cumulative treatment | Non-cumulative | Undeclared dividends are not carried forward |
| Ranking | Senior to Class A–C common; pari passu with Series D–H preferred | Indicates relative claim priority |
| Liquidity | Not stated in the governing terms | Trading volume and spreads affect execution risk |
| Issuer credit risk | Depends on Farmer Mac’s financial condition | Can affect dividend decisions, price and recovery |
Bottom line for a prospective buyer
AGM.PRI provides a clearly defined 6.875% fixed rate on a $25 preference, but it is not a guaranteed 6.875% return. The dividend is payable only when declared, is non-cumulative, and the shares can remain outstanding indefinitely unless Farmer Mac elects to redeem them beginning July 17, 2031. Before buying, verify the live price, resulting yield, bid-ask spread, dividend dates and your tolerance for issuer, interest-rate, call and liquidity risk.
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