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EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

The following table presents the Series C Preferred Stock, the Series D Preferred Stock, the Series E Preferred Stock, the Series F Preferred Stock, and the Series G Preferred Stock (collectively referred to as the "Outstanding Preferred Stock") as of December 31, 2023:

Table 9.1


Name	Issuance Date	Issuance Cost		Shares Issued	Annual Dividend Rate(2)		Liquidation Value Per Share		First Possible Redemption Date(3)
Series C(1)	June 20, 2014	$	1,618,583	3,000,000	6.000	%	$	25.00	July 18, 2024
Series D	May 13, 2019	$	3,340,456	4,000,000	5.700	%	$	25.00	July 17, 2024
Series E	May 20, 2020	$	2,496,750	3,180,000	5.750	%	$	25.00	July 17, 2025
Series F	August 20, 2020	$	3,839,902	4,800,000	5.250	%	$	25.00	October 17, 2025
Series G	May 27, 2021	$	3,661,677	5,000,000	4.875	%	$	25.00	July 17, 2026

(1)The Series C Preferred Stock pays an annual dividend rate of 6.00% from the date of issuance to and including the quarterly payment date occurring on July 17, 2024, and thereafter, at a floating rate equal to three-month LIBOR plus 3.26%, which Farmer Mac expects will be converted to the Term Loan Secured Overnight Financing Rate published by CME Group Benchmark Administration, Ltd., plus a spread adjustment based on the tenor of the securities, if not redeemed prior to that payment date.

(2)Dividends on all series of Outstanding Preferred Stock are non-cumulative, which means that if Farmer Mac's board of directors has not declared a dividend before the applicable dividend payment date for any dividend period, such dividend will not be paid or cumulate, and Farmer Mac will have no obligation to pay dividends for such dividend period, whether or not dividends on any series of Outstanding Preferred Stock are declared for any future dividend period.

(3)Farmer Mac has the right but not the obligation to redeem.

Quarterly Dividends Paid by Farmers MAC

The following tables present the quarterly dividends paid by Farmer Mac on its outstanding preferred during 2023, 2022, and 2021:

Table 9.2


	2023
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C	$	0.3750	$	0.3750	$	0.3750	$	0.3750
5.700% Non-Cumulative Preferred Stock, Series D	0.3563		0.3563		0.3563		0.3563
5.750% Non-Cumulative Preferred Stock, Series E	0.3594		0.3594		0.3594		0.3594
5.250% Non-Cumulative Preferred Stock, Series F	0.3281		0.3281		0.3281		0.3281
4.875% Non-Cumulative Preferred Stock, Series G	0.3047		0.3047		0.3047		0.3047


	2022
	1st Quarter		2nd Quarter		3rd Quarter		4th Quarter
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C	$	0.3750	$	0.3750	$	0.3750	$	0.3750
5.700% Non-Cumulative Preferred Stock, Series D	0.3563		0.3563		0.3563		0.3563
5.750% Non-Cumulative Preferred Stock, Series E	0.3594		0.3594		0.3594		0.3594
5.250% Non-Cumulative Preferred Stock, Series F	0.3281		0.3281		0.3281		0.3281
4.875% Non-Cumulative Preferred Stock, Series G	0.3047		0.3047		0.3047		0.3047


	2021
	1st Quarter		2nd Quarter(1)		3rd Quarter		4th Quarter
6.000% Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series C	$	0.3750	$	0.3750	$	0.3750	$	0.3750
5.700% Non-Cumulative Preferred Stock, Series D	0.3563		0.3563		0.3563		0.3563
5.750% Non-Cumulative Preferred Stock, Series E	0.3594		0.3594		0.3594		0.3594
5.250% Non-Cumulative Preferred Stock, Series F	0.3281		0.3281		0.3281		0.3281
4.875% Non-Cumulative Preferred Stock, Series G	—		0.1693		0.3047		0.3047

(1)For second quarter 2021, dividend payment includes $0.1693 per share on the Series G Preferred Stock for the period from but not including May 27, 2021 (issuance date) to and including July 17, 2021.

Share-based Payment Arrangement, Option, Activity

The following tables summarize SARs and non-vested restricted stock unit activity for the years ended December 31, 2023, 2022, and 2021:

Table 9.3


	For the Years Ended December 31,
	2023			2022			2021
	SARs	Weighted- Average Exercise Price		SARs	Weighted- Average Exercise Price		SARs	Weighted- Average Exercise Price
Outstanding, beginning of year	132,163	$	75.82	130,409	$	66.10	116,417	$	57.16
Granted	16,761	135.12		18,432	120.38		28,575	88.68
Exercised	(22,972)	56.82		(16,678)	49.04		(14,583)	38.99
Canceled	—	—		—	—		—	—
Outstanding, end of year	125,952	87.18		132,163	75.82		130,409	66.10
Exercisable at end of year	87,378	73.15		83,054	63.12		72,106	52.85

	For the Years Ended December 31,
	2023			2022			2021
	Non-vested Restricted Stock Units	Weighted- Average Grant Date Fair Value		Non-vested Restricted Stock Units	Weighted- Average Grant Date Fair Value		Non-vested Restricted Stock Units	Weighted- Average Grant Date Fair Value
Outstanding, beginning of year	100,025	$	91.84	103,891	$	78.55	83,956	$	71.76
Granted	59,745	135.56		38,668	120.14		53,358	88.92
Canceled	(62)	88.68		(2,711)	97.44		(1,184)	79.82
Vested and issued	(45,355)	78.12		(39,823)	84.25		(32,239)	77.98
Outstanding, end of year	114,353	120.13		100,025	91.84		103,891	78.55

Share-based Payment Arrangement, Option, Exercise Price Range

The following tables summarize information about SARs and non-vested restricted stock units outstanding as of December 31, 2023:

Table 9.4


SARs:
	Outstanding		Exercisable		Vested or Expected to Vest
Range of Exercise Prices	SARs	Weighted- Average Remaining Contractual Life	SARs	Weighted- Average Remaining Contractual Life	SARs	Weighted- Average Remaining Contractual Life
$25.00 - $39.99	18,735	1.6 years	18,735	1.6 years	18,735	1.6 years
40.00 - 54.99	—	0.0 years	—	0.0 years	—	0.0 years
55.00 - 69.99	3,381	3.3 years	3,381	3.3 years	3,381	3.3 years
70.00 - 84.99	39,642	5.8 years	39,642	5.8 years	39,642	5.8 years
85.00 - 99.99	29,001	6.6 years	19,476	6.3 years	29,001	6.6 years
100.00 - 114.99	—	0.0 years	—	0.0 years	—	0.0 years
115.00 - 129.99	18,432	8.2 years	6,144	8.2 years	18,432	8.2 years
130.00 - 144.99	16,761	9.3 years	—	0.0 years	16,761	9.3 years
	125,952		87,378		125,952

Non-vested Restricted Stock Units:
	Outstanding		Expected to Vest
Weighted- Average Grant-Date Fair Value	Non-vested Restricted Stock Units	Weighted-Average Remaining Contractual Life	Non-vested Restricted Stock Units	Weighted-Average Remaining Contractual Life
$80.00 - $94.99	30,182	0.3 years	30,450	0.1 years
95.00 - 109.99	219	0.3 years	219	0.3 years
110.00 - 124.99	24,779	1.3 years	24,779	1.3 years
125.00 - 139.99	56,194	2.3 years	56,194	2.3 years
140.00 - 154.99	2,979	2.3 years	2,979	2.3 years
	114,353		114,621

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of SARs was estimated using the Black-Scholes option pricing model based on the following assumptions:

Table 9.5


	For the Year Ended December 31,
	2023	2022	2021
Risk-free interest rate	4.1%	1.9%	0.9%
Expected years until exercise	6 years	6 years	6 years
Expected stock volatility	36.6%	37.4%	39.1%
Dividend yield	3.3%	3.2%	4.0%

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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