Monitor the Series I preferred stock (AGM PRI) listing on NYSE for initial trading dynamics. The 6.875% coupon is attractive relative to existing Farmer Mac preferreds (Series H at 6.500%), which may pressure older series. No material impact on common equity or existing preferreds expected.
Price Chart
Executive Summary
Farmer Mac priced a $100 million offering of 6.875% Non-Cumulative Preferred Stock, Series I, raising Tier 1 capital for general corporate purposes. The offering of 4,000,000 shares at $25.00 par value is expected to close on May 19, 2026, with net proceeds of approximately $97 million. This is a routine capital raise by a government-sponsored enterprise, not a distressed issuance.
Key Financial Metrics
Key Facts
- Priced $100 million of 6.875% Non-Cumulative Preferred Stock, Series I
- 4,000,000 shares at $25.00 par value and liquidation preference
- Net proceeds expected to be approximately $97 million
- Proceeds used for general corporate purposes
- Settlement expected May 19, 2026
- Stock to be listed on NYSE under symbol AGM PRI
- Non-cumulative, perpetual, fixed 6.875% dividend rate
- Redeemable at option of Farmer Mac on or after July 17, 2031
- Morgan Stanley sole book-runner; RBC Capital Markets and Wells Fargo co-managers
- Exempt from registration under Section 3(a)(2) of Securities Act
Financial Impact
$100 million offering of preferred stock, net proceeds ~$97 million
Risk Factors
- Dividend payments on Series I are non-cumulative and at Board discretion
- No conversion or exchange features limit upside for preferred holders
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000845877-26-000096 |
| Document: a20260512farmermacprices10.htm | 0000845877-26-000096 |
| Document: 0000845877-26-000096-index-headers.html | 0000845877-26-000096 |
| Document: 0000845877-26-000096-index.html | 0000845877-26-000096 |
| Document: 0000845877-26-000096.txt | 0000845877-26-000096 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | 8-K | $199.64 | awaiting T+20 | — | $204.02 (+2.19%) |
Oct 21, 2026 6d ago | Court Ruling | $201.42 | awaiting T+20 | — | $204.02 (+1.29%) |
Oct 5, 2026 21d ago | SC 13G | $213.92 | awaiting T+20 | — | $204.02 (−4.63%) |
Sep 22, 2026 5w ago | Court Ruling | $217.17 $199.47 | ▼ −8.15% | ▼ −8.84% | $204.02 (−6.06%) |
Aug 14, 2026 10w ago | 8-K | $232.70 $225.21 | ▼ −3.22% | ▼ −1.23% | $204.02 (−12.32%) |
Aug 8, 2026 11w ago | Institutional Cluster | $233.61 $226.09 | ▼ −3.22% | ▼ −2.30% | $204.02 (−12.67%) |
Jul 27, 2026 13w ago | Court Ruling | $212.64 $219.11 | ▲ +3.04% | ▼ −0.34% | $204.02 (−4.05%) |
Jun 8, 2026 20w ago | 8-K | $23.64 $23.85 | ▲ +0.87% | ▼ −0.53% | $204.02 (+763.03%) |
May 13, 2026 23w ago | 8-K | $24.10 $23.45 | ▼ −2.70% | ▼ −1.84% | $204.02 (+746.56%) |
May 12, 2026 23w ago | 8-K | $24.01 $23.59 | ▼ −1.77% | ▼ −1.16% | $204.02 (+749.73%) |
US Market Status
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