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Federal Agricultural Mortgage Corporation’s 6.875% Non-Cumulative Preferred Stock, Series I is a perpetual preferred security traded on the New York Stock Exchange under AGM.PRI. Each share has a $25 par value and a $25 liquidation preference. Its fixed annual dividend rate is 6.875%, or $1.71875 per share, but dividends are paid only when Farmer Mac’s board declares them.
What AGM.PRI is
Series I is preferred equity issued by the Federal Agricultural Mortgage Corporation (Farmer Mac). The company priced a $100 million Series I offering in May 2026 and described the securities as perpetual, non-cumulative preferred stock qualifying as Tier 1 capital. The SEC filing that registered the issue lists the New York Stock Exchange trading symbol as AGM.PRI.
| Term | Series I detail |
|---|---|
| Security | 6.875% Non-Cumulative Preferred Stock, Series I |
| Exchange and symbol | NYSE: AGM.PRI |
| Par value | $25 per share |
| Liquidation preference | $25 per share |
| Authorized shares | 4,000,000 |
| Dividend rate | Fixed at 6.875% per year |
| Annual dividend at par | $1.71875 per share |
| First optional redemption date | July 17, 2031 |
| Conversion | Not convertible |
| Sinking fund | None |
How the dividend works
The contractual rate is 6.875% per year, equivalent to $1.71875 per share annually when calculated on the $25 liquidation preference. The rate is fixed; it does not reset to a benchmark. The quoted annual amount is not a guarantee of payment because each dividend must be declared by Farmer Mac’s board while the shares remain outstanding.
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In an August 12, 2026 issuer release, Farmer Mac reported a declared Series I dividend of $0.4296875 per share for the period from July 17, 2026 through October 17, 2026. That amount represents one quarterly period of the stated annual rate; future declarations remain subject to board action.
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What “non-cumulative” means
If the board does not declare a dividend for a period, the unpaid amount does not accumulate as an obligation to be paid later. A missed non-cumulative dividend is therefore permanently lost rather than carried forward. Investors must distinguish the fixed rate from a fixed payment schedule: the rate is specified, but payment depends on declaration.
Special rights after six missed declared dividends
The Series I terms provide a governance remedy if Farmer Mac defaults on six quarters of declared dividends. In that circumstance, holders gain the right to elect two board observers. This provision does not turn missed dividends into cumulative arrears and does not assure that the market value of the shares will be protected.
Seniority and what holders can recover
Series I ranks senior to Farmer Mac’s Class A, Class B and Class C common stock. It ranks on parity (pari passu) with Farmer Mac’s Series D, E, F, G and H preferred stock. Equal ranking means Series I and those other preferred series generally share available distributions at the same level; it does not place Series I ahead of them.
The $25 liquidation preference is the contractual amount used in a liquidation or other event covered by the security’s terms. It is not a promise that AGM.PRI will trade at $25. Market price can be above or below that amount because of interest rates, credit conditions, supply and demand, and the possibility that the issuer redeems the shares.
Call provisions and investment consequences
Farmer Mac may optionally redeem Series I on or after July 17, 2031, subject to the governing terms and applicable regulatory conditions. The security is perpetual, so investors should not assume that it will mature or be repaid on a scheduled date.
A call can limit upside if the shares trade above $25: Farmer Mac could redeem at the stated redemption amount under the applicable terms, leaving an investor to reinvest at then-current rates. If rates rise or Farmer Mac’s credit outlook weakens, the company may have less incentive to redeem, and AGM.PRI could remain outstanding indefinitely. Because the shares are not convertible, holders cannot exchange them for Farmer Mac common stock.
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How to buy AGM.PRI
- Use a brokerage account that supports trading preferred stocks on the NYSE.
- Search the platform for the exact symbol AGM.PRI and verify that the security description identifies Series I preferred stock.
- Review the live bid, ask, last trade, volume and any accrued-dividend information shown by the broker. The $25 liquidation preference is not the current market price.
- Choose an order type and quantity. A limit order can specify the highest price you will pay, while a market order may fill at a materially different price in a thinly traded security.
- Before submitting, check commissions, account eligibility, settlement details and the broker’s disclosures for preferred securities.
Availability, minimum order sizes and order-entry conventions vary by brokerage. This article does not establish a current AGM.PRI market price or yield; calculate the yield from the live purchase price and the declared or expected dividend, while accounting for the non-cumulative terms and call risk.
Risks to evaluate before purchasing
- Dividend discretion: dividends are payable only when declared, and non-cumulative treatment means a skipped period is not owed later.
- Issuer credit risk: preferred holders rank ahead of common stock but remain exposed to Farmer Mac’s financial condition.
- Interest-rate risk: a fixed-rate preferred share can fall in market value when comparable rates rise.
- Call risk: redemption is permitted from July 17, 2031, potentially ending an above-par investment.
- Price and liquidity risk: trading price may differ from $25 and a limited order book can increase bid-ask spreads or make exits slower.
- No conversion or sinking fund: investors have no contractual conversion feature and no scheduled sinking-fund repayments.
Key takeaways for AGM.PRI investors
AGM.PRI offers a fixed 6.875% stated rate and a $25 liquidation preference, with an annualized $1.71875 per-share dividend at that preference. The security is senior to Farmer Mac common stock and equal in priority with Series D through H preferred stock. Its defining trade-offs are non-cumulative dividends, perpetual life, optional redemption beginning July 17, 2031, and exposure to market and issuer credit conditions. Verify the live price, yield and trading liquidity through a brokerage before placing an order.
Frequently Asked Questions
What is the dividend on Farmer Mac Series I preferred stock?
The fixed rate is 6.875% per year, equivalent to $1.71875 per share annually on a $25 liquidation preference. Dividends are paid only when declared and are non-cumulative.
Is AGM.PRI callable?
Yes. Farmer Mac may optionally redeem Series I on or after July 17, 2031, subject to the security’s governing terms and applicable conditions.
What does non-cumulative mean for AGM.PRI?
If a dividend is not declared for a period, the unpaid amount does not accumulate and is not owed later.
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How can I buy Series I preferred shares?
Open or use a brokerage account that supports NYSE preferred stocks, search for AGM.PRI, review the live quote and liquidity, and place an order after checking the broker’s terms.
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