<SEC-DOCUMENT>0000845877-23-000146.txt : 20230612
<SEC-HEADER>0000845877-23-000146.hdr.sgml : 20230612
<ACCEPTANCE-DATETIME>20230612174347
ACCESSION NUMBER:		0000845877-23-000146
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230608
FILED AS OF DATE:		20230612
DATE AS OF CHANGE:		20230612

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Brinch Brian M
		CENTRAL INDEX KEY:			0001737498

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14951
		FILM NUMBER:		231009529

	MAIL ADDRESS:	
		STREET 1:		C/O FARMER MAC
		STREET 2:		1999 K STREET NW, FOURTH FLOOR
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20006

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FEDERAL AGRICULTURAL MORTGAGE CORP
		CENTRAL INDEX KEY:			0000845877
		STANDARD INDUSTRIAL CLASSIFICATION:	FEDERAL & FEDERALLY-SPONSORED CREDIT AGENCIES [6111]
		IRS NUMBER:				521578738
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		1999 K STREET NW,
		STREET 2:		4TH FLOOR
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20006
		BUSINESS PHONE:		2028727700

	MAIL ADDRESS:	
		STREET 1:		1999 K STREET NW,
		STREET 2:		4TH FLOOR
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20006
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>wk-form4_1686606217.xml
<DESCRIPTION>FORM 4
<TEXT>
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    <periodOfReport>2023-06-08</periodOfReport>

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        <issuerName>FEDERAL AGRICULTURAL MORTGAGE CORP</issuerName>
        <issuerTradingSymbol>AGM</issuerTradingSymbol>
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            <rptOwnerName>Brinch Brian M</rptOwnerName>
        </reportingOwnerId>
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            <rptOwnerStreet1>C/O FARMER MAC</rptOwnerStreet1>
            <rptOwnerStreet2>1999 K STREET N.W., 4TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>WASHINGTON</rptOwnerCity>
            <rptOwnerState>DC</rptOwnerState>
            <rptOwnerZipCode>20006</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
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            <isDirector>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>SVP- Enterprise Risk Officer</officerTitle>
            <otherText></otherText>
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                </transactionPricePerShare>
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                <value>Class C Non-Voting Common Stock</value>
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                <equitySwapInvolved>0</equitySwapInvolved>
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                    <value>307</value>
                    <footnoteId id="F2"/>
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                <transactionPricePerShare>
                    <value>150.45</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
                    <value>10685</value>
                    <footnoteId id="F3"/>
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                <directOrIndirectOwnership>
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        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
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                <value>Class C Non-Voting Common Stock</value>
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                <value>2023-06-08</value>
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            <transactionCoding>
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                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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                    <value>922</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F4"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>150.45</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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                <sharesOwnedFollowingTransaction>
                    <value>9763</value>
                    <footnoteId id="F3"/>
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            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class C Non-Voting Common Stock</value>
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            <transactionDate>
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            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>1058</value>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>150.7154</value>
                    <footnoteId id="F5"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
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                    <footnoteId id="F3"/>
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                    <value>D</value>
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            </ownershipNature>
        </nonDerivativeTransaction>
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    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Appreciation Right</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>82.76</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2023-06-08</value>
            </transactionDate>
            <transactionCoding>
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                <equitySwapInvolved>0</equitySwapInvolved>
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                    <value>1470</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2022-03-31</value>
            </exerciseDate>
            <expirationDate>
                <value>2029-02-27</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class C Non-Voting Common Stock</value>
                </underlyingSecurityTitle>
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                    <value>1470</value>
                </underlyingSecurityShares>
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                </directOrIndirectOwnership>
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        </derivativeTransaction>
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            <securityTitle>
                <value>Stock Appreciation Right</value>
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                <value>75.16</value>
            </conversionOrExercisePrice>
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                <value>2023-06-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
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                <transactionShares>
                    <value>1845</value>
                    <footnoteId id="F2"/>
                    <footnoteId id="F4"/>
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                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <value>2023-03-31</value>
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            <expirationDate>
                <value>2030-03-03</value>
            </expirationDate>
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                <underlyingSecurityTitle>
                    <value>Class C Non-Voting Common Stock</value>
                </underlyingSecurityTitle>
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                    <value>1845</value>
                </underlyingSecurityShares>
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                    <value>0</value>
                </sharesOwnedFollowingTransaction>
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    <footnotes>
        <footnote id="F1">In connection with the net share settlement of the exercise of 1,470 vested stock appreciation rights (&quot;SARs&quot;) granted in February 2019 with the grant price of $82.76 per share, Mr. Brinch was entitled to receive 661 shares of the Federal Agricultural Mortgage Corporation's (&quot;Farmer Mac&quot;) Class C Non-Voting Common Stock. None of these shares were sold, as Mr. Brinch retained 442 shares, and Farmer Mac retained 219 shares to satisfy tax withholding requirements arising from the exercise. The 809 shares reported as a disposition to the issuer of issuer equity securities represents the difference between the number of SARs exercised and the number of shares issuable as a result of the exercise. Each SAR represents the right to receive, upon exercise, the number of shares of Farmer Mac's Class C Non-Voting Common Stock equal to the excess of the fair market value of shares on the exercise date over the grant price.</footnote>
        <footnote id="F2">Transaction effected during an open trading window for employees and directors of Farmer Mac.</footnote>
        <footnote id="F3">Includes 2,005 unvested restricted stock units previously granted pursuant to Farmer Mac's Amended and Restated 2008 Omnibus Incentive Plan, as described in more detail in the Reporting Person's prior filings under Section 16 of the Securities Exchange Act of 1934.</footnote>
        <footnote id="F4">In connection with the net share settlement of the exercise of 1,845 vested SARs granted in March 2020 with the grant price of $75.16 per share, Mr. Brinch was entitled to receive 923 shares of Farmer Mac's Class C Non-Voting Common Stock. None of these shares were sold, as Mr. Brinch retained 616 shares, and Farmer Mac retained 307 shares to satisfy tax withholding requirements arising from the exercise. The 922 shares reported as a disposition to the issuer of issuer equity securities represents the difference between the number of SARs exercised and the number of shares issuable as a result of the exercise. Each SAR represents the right to receive, upon exercise, the number of shares of Farmer Mac's Class C Non-Voting Common Stock equal to the excess of the fair market value of shares on the exercise date over the grant price.</footnote>
        <footnote id="F5">The price reported in Column 4 is a weighted average price. These shares of Class C Non-Voting Common Stock were sold in multiple transactions at prices ranging from $150.58 to $150.832, inclusive. The Reporting Person undertakes to provide to Farmer Mac, any security holder of Farmer Mac, or the staff of the Securities and Exchange Commission, upon request, full information about the number of shares sold at each separate price within the range set forth in this footnote.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>Stephen P. Mullery, as attorney-in-fact for Brian M. Brinch</signatureName>
        <signatureDate>2023-06-12</signatureDate>
    </ownerSignature>
</ownershipDocument>
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</SEC-DOCUMENT>
