You normally buy Farmer Mac Series I preferred stock through a brokerage account that can trade NYSE-listed securities. Farmer Mac does not offer a direct stock-purchase or dividend-reinvestment plan, so an individual investor generally searches a broker’s symbol lookup for AGM.PR.I, verifies the security description, reviews the live quote and spread, and submits an order. The issuer’s offering announcement used AGM PRI; some market-data systems display AGM-PI or AGMprI.
The matching description should read Federal Agricultural Mortgage Corporation, 6.875% Non-Cumulative Preferred Stock, Series I. The shares have a $25 par or liquidation value, but your execution price can be above or below $25. The 6.875% dividend is payable only when and if Farmer Mac’s board declares it.
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What Farmer Mac Series I is—and what it is not
Series I is an exchange-listed preferred security of Federal Agricultural Mortgage Corporation, commonly known as Farmer Mac. The announced public offering size was $100 million in 2026. The offering was made under an exemption from registration under the Securities Act of 1933 and solely by means of an offering circular, as stated in the issuer’s announcement.
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Key terms at a glance
| Term | What the published terms say | What it means for a brokerage buyer |
|---|---|---|
| Security | Federal Agricultural Mortgage Corporation 6.875% Non-Cumulative Preferred Stock, Series I | Confirm this complete description before submitting an order. |
| Common symbol | AGM.PR.I |
Some platforms instead use AGM PRI, AGM-PI, or AGMprI. |
| Dividend rate | 6.875% per year on the $25 par value, when and if declared | The stated annual rate equals $1.71875 per share before any tax, assuming the board declares the dividend. |
| Par/liquidation value | $25.00 per share | A reference value, not a promise that the market will quote the shares at $25. |
| Redemption | Farmer Mac may redeem on a dividend payment date on or after July 17, 2031, subject to the stated terms | A redemption can limit price appreciation above the redemption value. |
| First announced partial-period dividend | $0.2769097 per share, declared June 3, 2026; payable July 17, 2026 to holders of record July 1, 2026 | This was a specific initial partial-period declaration, not a guarantee of future payments. |
| Maturity | Perpetual; no scheduled maturity date | You cannot rely on a normal maturity date to return principal. |
Can you buy Series I directly from Farmer Mac?
No. Farmer Mac’s investor FAQ states: No, Farmer Mac does not offer a direct stock purchase or dividend reinvestment plan.
To purchase shares, use a brokerage account with access to the exchange on which the security trades. Your broker—not Farmer Mac—handles the order, execution, custody, account statements, and ordinary dividend reporting.
What you need before placing an order
- A funded brokerage account: The account must be eligible to trade stocks and preferred stocks and have enough settled cash for the expected purchase amount, commissions if any, and regulatory charges.
- Exchange access: The platform should support NYSE-listed preferred securities. Some basic or restricted accounts may not display every preferred issue.
- A verified security match: Symbol formatting differs among brokers, so use the full issuer and Series I description, not the ticker alone.
- Order permissions: Your broker may require acceptance of its equity-order disclosures or may restrict certain order types, trading sessions, or account types.
- Current market information: Check whether the quote is real-time or delayed, inspect the bid-ask spread and displayed size, and note the time of the quote.
Brokerage eligibility, fees, minimums, quote access, and order-routing policies are broker-specific. Read the platform’s current disclosures rather than assuming that terms available for common stocks also apply to a preferred issue.
How to buy AGM.PR.I step by step
- Sign in to your brokerage account. Use a taxable brokerage account or another account type that your broker permits for exchange-listed preferred stock. Confirm that cash is available and settled.
- Open the broker’s symbol or security search. Enter
AGM.PR.I. If there is no result, try the formatting used by that platform, such asAGM PRI,AGM-PI, orAGMprI. - Verify the full description. Select only the result identifying Federal Agricultural Mortgage Corporation and “6.875% Non-Cumulative Preferred Stock, Series I.” Do not rely on a partial symbol match, an unrelated common-stock listing, or a data-only page.
- Inspect the quote. Record the displayed bid, ask, last trade, quote timestamp, spread, and available size. Determine whether the data is real-time or delayed. A displayed quote can change quickly, particularly when little size is shown.
- Estimate the cash requirement. Multiply the intended number of shares by the current ask or your maximum limit price, then add any commission, exchange, regulatory, or other broker charge disclosed on the order preview. Do not use the $25 par value as a substitute for the live purchase price.
- Choose an order type. A limit order lets you specify the highest price you are willing to pay. A market order prioritizes execution but does not cap the price. Which order types and sessions are available is controlled by your broker and the security’s trading conditions.
- Review the preview carefully. Check the symbol, security description, buy or sell direction, share quantity, limit price if used, estimated total, order duration, trading session, and any warnings about liquidity or extended-hours trading.
- Submit and monitor the order. An order can remain unfilled, fill partially, or execute at different prices if the market moves. Check the order-status screen rather than assuming that clicking “place order” means you own the shares.
- Confirm the completed trade. After execution, review the confirmation for quantity, execution price, transaction date, settlement information, and fees. Keep the confirmation with your account records.
How to choose a price and order type
Why a limit order can be useful
Preferred stocks can show wider spreads or less displayed size than heavily traded common shares. A limit order can prevent an execution above your stated maximum price. The trade-off is that the order may not fill, may fill only in part, or may expire according to the duration you selected.
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A market order asks the broker to seek execution at the best available prices under its routing rules. It does not promise the last displayed trade price. If the quote moves or the visible size is small, the execution price can differ materially from the screen you first viewed.
Check the trading session
Some brokers offer only regular-session trading for a particular preferred issue; others may present additional sessions with separate risks and rules. Read the order ticket’s session label and disclosure. Do not assume that an order entered outside the regular session will execute immediately.
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Understanding the dividend
Fixed rate does not mean guaranteed payment
The issuer describes the dividend as a non-cumulative, fixed rate of 6.875% per year on the $25 par value, “when, as, and if a dividend is declared by the Board of Directors of Farmer Mac, for so long as the Series I preferred stock remains outstanding.” If the board does not declare a dividend for a period, that unpaid amount does not accumulate as an arrearage owed later.
At the stated rate, the annualized amount is $1.71875 per share if declared for a full year. Your actual cash flow depends on the board’s declarations, the dates and periods covered, your record-date ownership, withholding or taxes, and whether you bought or sold between relevant dates.
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The 2026 initial partial-period declaration
On June 3, 2026, Farmer Mac declared $0.2769097 per share for the initial partial period, payable July 17, 2026, to holders of record July 1, 2026. That declaration is a historical, period-specific amount. It should not be treated as evidence that every future period will have the same payment or that a dividend is currently declared.
How your broker handles payments
When a dividend is declared and you are entitled to it, the broker generally credits the cash to your account and reflects the transaction on your statement. The exact posting date, automatic reinvestment options, tax forms, and reporting treatment are controlled by the broker and your account registration. Because Farmer Mac does not provide a dividend-reinvestment plan, any reinvestment must use a broker feature, if that feature is available for this issue.
Perpetual shares, liquidation preference, and redemption
Perpetual means no scheduled maturity
Series I is perpetual. Unlike a bond with a stated maturity, it has no scheduled date when Farmer Mac must repay the $25 liquidation preference. An investor who wants to exit normally sells through the market, subject to the available bid and the security’s liquidity.
The $25 liquidation preference is not your guaranteed purchase price
The $25 amount is the stated liquidation preference. You might buy at $25, above it, or below it. Your return is affected by the execution price, declared dividends, taxes and fees, market prices when you sell, and any redemption.
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Subject to the stated terms, Farmer Mac may redeem the Series I shares on a dividend payment date on or after July 17, 2031. If the shares trade above the redemption value because investors expect continued dividends, a redemption can remove that upside and return the applicable redemption amount instead. If you paid more than the redemption value, the difference can reduce or eliminate your price gain.
How to compare brokerage platforms for this purchase
The right comparison is not simply which broker advertises the lowest stock commission. Check the specific capabilities for this security:
| Comparison point | Questions to ask |
|---|---|
| Security availability | Does the platform support NYSE preferred stocks and return AGM.PR.I? |
| Symbol and description | Does the result clearly identify Federal Agricultural Mortgage Corporation, 6.875% Non-Cumulative Preferred Stock, Series I? |
| Quote quality | Are quotes real-time or delayed? Can you see bid, ask, spread, timestamp, and displayed size? |
| Order controls | Are limit orders available? What order durations and trading sessions can you select? |
| Costs and eligibility | What commissions, regulatory charges, account minimums, and permissions apply? |
| Dividend administration | How are declared dividends credited, documented, and shown on tax forms and statements? Is broker-based reinvestment supported? |
| Routing and execution | Where does the broker route the order, and what disclosures explain execution quality and partial fills? |
Large retail platforms may all support the issue, but availability and display conventions can differ. If a search for AGM.PR.I produces no result, contact the broker’s trading desk and provide the full issuer description rather than placing an order for a similarly named security.
Risks to evaluate before buying
Dividend-discretion risk
Because the dividend is non-cumulative, a missed declaration is not carried forward. The 6.875% figure is a rate in the security’s terms, not a promise of cash in every period.
Issuer and credit risk
Preferred shareholders depend on Farmer Mac’s ability and willingness to meet the security’s obligations. Financial deterioration can affect both the chance of dividend declarations and the market price, even if the stated rate remains unchanged.
Interest-rate risk
A fixed-rate preferred stock can become less attractive when newly issued securities offer higher yields. Its market price may fall as interest rates or required returns rise; the reverse can occur when required returns decline.
Call and reinvestment risk
If Farmer Mac redeems shares on or after the first permitted date, investors may have to reinvest the returned capital at a lower prevailing yield. Buying above $25 creates additional risk if redemption occurs at the applicable preference amount.
Liquidity and spread risk
A wide bid-ask spread increases the cost of entering or leaving a position. Thin displayed size can produce partial fills or a larger price change when you trade. Review the live market rather than relying on an old quote or a historical yield.
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A quoted yield is not a guaranteed return. It changes with the purchase price, declared dividends, call assumptions, fees, taxes, and the price at which you eventually sell. Treat any yield shown by a data service as time-sensitive and verify its methodology.
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Common purchase problems and fixes
The symbol does not appear
Try the alternate formats AGM PRI, AGM-PI, or AGMprI. If none works, search “Federal Agricultural Mortgage Corporation” and filter for preferred stock. Ask the broker to confirm whether its platform supports the NYSE listing.
Several similar securities appear
Compare the series letter, 6.875% rate, non-cumulative designation, and issuer name. Do not select a result solely because it begins with “AGM.”
The order preview shows an unexpected total
Recheck the share quantity, limit price, estimated execution value, commissions, regulatory charges, and any currency or account-specific fees. The $25 par value does not determine the amount you pay.
The order remains open
A limit order may be waiting because the market has not reached your price or because insufficient shares are offered. Review the duration and session, then cancel or amend it only after considering your broker’s rules and any displayed warning.
The displayed quote looks stale
Check the quote timestamp and whether the feed is delayed. Request a current quote or refresh the order ticket before deciding on a price. Never treat a prior last trade as a guaranteed executable price.
A practical pre-trade checklist
- Confirm the issuer is Federal Agricultural Mortgage Corporation.
- Confirm the complete description says 6.875% Non-Cumulative Preferred Stock, Series I.
- Confirm the symbol mapping used by your broker, whether
AGM.PR.Ior another display format. - Read the current bid, ask, spread, displayed size, and quote timestamp.
- Decide the maximum price and whether a limit order is appropriate.
- Estimate cash needed at that price, including disclosed charges.
- Read the order duration, trading-session, routing, and partial-fill disclosures.
- Understand that dividends require board declaration and are non-cumulative.
- Consider the perpetual structure and the possibility of redemption on or after July 17, 2031.
- Save the execution confirmation and monitor future issuer and broker notices.
Bottom line for a brokerage buyer
Open or use a brokerage account with NYSE access, search for AGM.PR.I and its alternate symbol formats, verify the full Series I description, and evaluate the live spread before submitting an order. A limit order can control your maximum purchase price, but it may not fill. The 6.875% rate applies to the $25 par value only when declared, the shares are perpetual and callable beginning July 17, 2031, and your realized return depends on the execution price, dividends actually declared, fees, taxes, liquidity, and eventual sale or redemption.
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Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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