Federal Agricultural Mortgage Corp DEF 14A, filed Apr 16, 2025

Federal Agricultural Mortgage Corp (AGM)

DEF 14A 2025-04-16 For: 2025-04-16

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Added on June 12, 2026

About this DEF 14A

Federal Agricultural Mortgage Corp filed this DEF 14A on April 16, 2025.

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Board Structure

15 Members									5 elected by Class A Stockholders (banks and other financial institutions)

									5 elected by Class B Stockholders (Farm Credit System institutions)

									5 appointed by U.S. President (includes Board Chair)


Title			Minimum Ownership Requirement
Chief Executive Officer			3 times annual salary
Executive Vice President			2 times annual salary
Senior Vice President			annual salary base
Vice President			half of annual salary base
Non-Employee Director			2 times annual cash retainer


Attract, retain, and reward employees with the skills required to accomplish Farmer Mac’s business objectives
Align with Farmer Mac’s business processes, such as business planning, performance management, succession planning, and risk management
Pay for performance by linking significant compensation to increased stockholder value and the attainment of established corporate performance goals
Provide accountability and incentives for achievement of those objectives
Properly balance Farmer Mac’s risk profile with both annual and long-term incentives
Reward employees for accomplishments in leadership and strategic performance in areas that can be significant drivers of long-term stockholder value


Our Mission for Agriculture, Infrastructure, and Rural America


2024 CEO Target Compensation Mix			20224 Target Composition Mix for other NEOs (Average)


Target Bonus			Base Salary			Target Long-term Incentive Value			At Risk



COMMERCIAL & COMMUNITY BANKS	NON -BANK LENDERS	RURAL ELECTRIC COOPERATIVES	RURAL UTILITIES

AGRICULTURAL FUNDS	AGRIBUSINESSES	FARM CREDIT SYSTEM INSTITUTIONS


Farmer Mac has helped fund loans to over 95,000 rural borrowers in all 50 STATES.						LOCAL BANKS to LARGE INSTITUTIONS — Just like our customers, our transactions vary in size and scope from small agricultural mortgage purchases to large-scale renewable energy projects.

Farmer Mac’s highly skilled team has experience underwriting approximately 144 COMMODITIES from cattle to casaba melons and from permanent plantings to processing facilities.						96% of our Farm & Ranch and USDA guaranteed loans went to family farms in 2024.

Farmer Mac’s STRENGTH and STABILITY enables us to effectively serve the growing financial needs of our customers in times of growth and just as consistently during market downturns.						We provide financing to rural electric cooperatives that power an estimated 16 MILLION residential customers.


Philanthropy

MISSION STATEMENT:						We know that when agriculture and rural communities do well, our company does as well. Farmer Mac’s employees and Board are committed to supporting activities, programs, and causes that enhance the vitality of rural America and the communities in which they reside.


Provided ﬁnancial support to 9 organizations in 2024, including:
Meals from the Heartland						So Others Might Eat (SOME)

Donated $25,000 after our employees volunteered in a meal packaging event for food insecure children. Our donation provided over 86,000 meals, feeding 333 children for a year.						Assembled 1,400 sanitary kits for those in need at our end-of-year All-Hands meeting.


			PAGE
GENERAL INFORMATION			2
Voting Rights			2
Record Date			2
Voting			2
Proposal 1			2
Proposals 2 and 3			3
Proxy Procedure			3
CORPORATE GOVERNANCE MATTERS			4
Director Independence			4
Board of Directors Meetings and Committees			6
Enterprise Risk Management			8
Code of Business Conduct and Ethics			9
Stockholder Proposals			10
Communications with the Board			10
PROPOSAL 1: ELECTION OF DIRECTORS			11
Board Structure			11
Selection of Director Nominees by Board			11
Stockholder Director Nominations			12
Information about Nominees for Director			13
Class A Nominees			14
Class B Nominees			17
Directors Appointed by the President of the United States			20
Qualifications, Attributes, Skills, and Experience To Be Represented on the Board			23
Compensation of Directors			24
STOCK OWNERSHIP OF DIRECTORS, DIRECTOR NOMINEES, NAMED EXEC U TIVE OFFICERS, AND CERTAIN BENEFICIAL OWNERS			27
Directors, Director Nominees, and Named Executive Officers			27
Policies on Employee, Officer, and Director Hedging of Farmer Mac Securities			28
Principal Holders of Voting Common Stock			28
EXECUTIVE OFFICERS			29
EXECUTIVE COMPENSATION GOVERNANCE			31
Overview of Executive Compensation Governance			31
Overview of Farmer Mac's Executive Compensation Practices			32
Compensation Discussion and Analysis			33
Compe nsation Philosophy			33
Peer Groups and Market Posture			34
Approach to Incentive Compensation			36
Total Compensation Elements			38
Payments in Connection with a Change-in-Control			45


Post-Employment Compensation			45
Impact of Accounting and Tax Treatment on Compensation Awards			45
Farmer Mac's Policies on Stock Ownership and Trading			45
Clawback Policy			46
Risk			46
Compensation Consultant Fees			46
Compensation Committee Interlocks and Insider Participation			47
Compensation Committee Report			47
Executive Compensation			48
Summary Compensation Table			48
Grants of Plan-Based Awards Table			49
Outstanding Equity Awards at Fiscal Year End			50
SAR s Exercises and Stock Vested			52
Nonqualified Deferred Compensation Table			52
Agreements with Executive Officers			53
Potential Payments upon Termination and Change-in-Control			56
Equity Compensation Plans			56
CEO Pay Ratio			57
Pay Versus Performance			58
CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS			61
Review of Related Person Transactions			61
Transactions with Related Persons in 2024			61
REPORT OF THE AUDIT COMMITTEE			62
AUDIT MATTERS			63
Audit Fees			63
Audit-Related Fees			63
Tax Fees			63
All Other Fees			63
Audit Committee Pre-Approval Policies			63
PROPOSAL 2: SELECTION OF INDEPENDENT AUDITOR			64
PROPOSAL 3: ADVISORY VOTE TO APPROVE THE COMPENSATION OF FARMER MAC'S NAMED EXECUTIVE OFFICERS			65
SOLICITATION OF PROXIES			66
OTHER MATTERS			66



Name of Board Committee	Number of Meetings Held in 2024	Key Committee Responsibilities
Audit	11	Oversees Farmer Mac's conduct and processes that relate to accounting and financial reporting, the integrity of consolidated financial statements, and systems of disclosure controls and procedures and internal control over financial reporting; assists the Board in oversight of legal and regulatory compliance and (in conjunction with Enterprise Risk, which has primary oversight responsibility), oversight of risk assessment and risk management policies; oversees qualifications, engagement, compensation, independence and performance of Farmer Mac's independent auditor as well as the annual audit; approves any non-audit services by this independent auditor; hires and oversees the work of the leader of Farmer Mac's internal audit function; and reviews the scope of audits as recommended by the independent auditor and internal audit function
Business Development and Business Strategy	4	Oversees Farmer Mac's execution of the strategic plan established by the Board; policies and strategy for obtaining and maintaining customers to promote business development and growth; execution of the business and mission activities; marketing strategies; the loan servicing and operations functions and related relationships; exposure to customer reputational risks; and Farmer Mac's success in accomplishing strategic and business development goals in its strategic and business plans
Corporate Governance	11	Assists the Board in developing and recommends to the Board corporate governance guidelines and principles; reviews the corporate governance of Farmer Mac and recommends improvements when necessary; identifies individuals qualified to serve as directors (including stockholder outreach) and recommends to the Board nominees for the directors to be elected at the annual meeting of shareholders; identifies and establishes a search committee to identify individuals qualified to serve as CEO and makes recommendations about those individuals to the Board; advises Human Capital and Compensation Committee on the CEO recommendations for executive officers and recommends their appointment to the Board; oversees development of corporate strategy, the overall strategic planning process and making recommendations to the Board about corporate strategy; oversees processes and procedures established to support and monitor compliance with Farmer Mac's code of business conduct and ethics and related corporate policies; meets at least quarterly with the leader of Farmer Mac's compliance function; resolves conflicts of interest; in consultation with any ad hoc crisis management committee, oversees Farmer Mac's response to any sudden crisis that threatens to substantially disrupt, damage or destroy Farmer Mac's operations, business, or reputation and requires an action to be taken before a meeting of the Board can be convened; and exercises certain powers of the Board during the intervals between meetings of the Board
Credit	5	Oversees all policy matters relating to changes to Farmer Mac's credit, collateral valuation, underwriting, credit risk concentrations, and loan diversification standards; assesses credit risk and assist Board in establishing credit risk appetite; reviews agreed-upon key performance indicators to monitor current credit-related risks and identify emerging risks; makes recommendations to the Board on credit matters; hires and oversees the work of Farmer Mac's director of internal credit review and reviews and approves the internal credit review function's work plan and results
Enterprise Risk	5	Oversees Farmer Mac's enterprise-wide risk management framework and risk across Farmer Mac as a whole and across all risk types; oversees Farmer Mac's corporate insurance program, and periodically reviews the information technology function and related risks; assists the Board and Farmer Mac's executive officers to identify, evaluate, monitor, and manage or mitigate major strategic, operational, financial, credit, liquidity and funding, market security, legal or regulatory, technology, cybersecurity, reputational, and emerging or other risks inherent to the business and from external sources; oversees the risk assessment and risk management policies; and considers and makes recommendations to the Board on matters related to enterprise-risk and risk areas not covered under jurisdiction of other committees
Finance	5	Oversees Farmer Mac's finance policies and activities and financial affairs, including all policies and activities related to funding, pricing, capital, liquidity, interest rate risk, asset and liability management, investment and securitization (but not finance policies and activities overseen by other committees); reviews agreed-upon key performance indicators to monitor current finance-related risks and identify emerging risks; and considers and makes recommendations to the Board on finance matters
Human Capital and Compensation	5	Oversees matters related to Farmer Mac's human capital and resources; supports search committees to negotiate with CEO candidates; acts upon recommendation of CEO of appointment of other executive officers and makes recommendations to the Board; establishes and reviews total compensation policy governing all executive compensation plans and programs, using compensation consultants as necessary or advisable; makes recommendations to the Board on the total compensation of the Board; approves the total compensation of executive officers; provides oversight of the human resources function; provides oversight of human resources policies, including those related to equal employment opportunity and the employee experience; in consultation with the Corporate Governance Committee, provides oversight on management succession planning process; and approves and/or makes recommendations to the Board on compensation and benefit plans for Farmer Mac's directors and designated executive officers
Public Policy and Corporate Social Responsibility	4	Oversees matters concerning public policy and corporate social responsibility, including: external policies affecting agriculture and rural infrastructure; legislation affecting Farmer Mac and its activities; Farmer Mac's relationship with Congress, governmental agencies, and other public stakeholders; exposure to political, regulatory, and reputational risks arising from those relationships; Farmer Mac's political action committee ("PAC"), including alignment of the PAC's objectives with Farmer Mac's congressional outreach efforts; the impact of corporate social responsibility policies on Farmer Mac's stakeholders; and the development of Farmer Mac's philanthropic strategy; also generally considers and makes recommendations to the Board on matters related to public and regulatory policy, legislative activity, and corporate social responsibility



2025 PROXY STATEMENT



2025 PROXY STATEMENT



2025 PROXY STATEMENT


Best Practices



Name of Board Committee			Risks Overseen by Board Committee
Audit			Financial reporting and accounting practices of Farmer Mac, as well as primary oversight of whistleblower complaints related to accounting and auditing matters, allegations of fraud, and regulatory compliance
Business Development and Business Strategy			Farmer Mac's exposure to customer reputational risks, risks related to the development and maintenance of Farmer Mac's customer relationships, and strategic execution risk
Corporate Governance			Governance policies of Farmer Mac and compliance with Farmer Mac's code of business conduct and ethics and related corporate policies
Credit			Credit risks related to Farmer Mac's business, including credit underwriting, loan servicing, loan documentation, and counterparty risk
Enterprise Risk			Farmer Mac's overall enterprise-wide risk management program, risk governance structure, cybersecurity, security breaches, data governance, business continuity planning, model risk assessment, risk governance and management practices, and risk tolerance and risk appetite levels
Finance			Farmer Mac's finance-related risks, including asset and liability management, funding risk, changes in asset values, investment quality, liquidity risk, and compliance with the Board's capital adequacy, investment, and interest rate risk policies
Human Capital and Compensation			Alignment of Farmer Mac's compensation policies and plans with its overall risk tolerance, as well as oversight of all human resources issues such as employee benefits, employee development and retention, and staff turnover
Public Policy and Corporate Social Responsibility			Farmer Mac's exposure to political, regulatory, and reputational risks arising from political or regulatory activities or relationships



The By-Laws provide that, at a minimum, a proposed nominee must:
• be a natural person over 21 years of age;
• be a U.S. citizen (which includes a naturalized citizen);
• be financially literate (i.e., able to read and understand financial statements and comprehend general financial concepts);
• have some knowledge about one or more areas of Farmer Mac's business;
• not have been convicted of any criminal offense involving dishonesty or a breach of trust;
• not have been found to have violated any provision of the Farm Credit Act of 1971, any banking laws, or any federal or state securities laws, including but not limited to, the Securities Act or the Exchange Act;
• not have had a professional license suspended or revoked; and
• satisfy such other criteria for service as may be imposed by applicable law, including, but not limited to, the rules and regulations of the SEC and any national securities exchange where Farmer Mac's shares are listed or traded.


☑			The Board of Directors unanimously recommends that Class A Holders and Class B Holders vote FOR all of the Nominees, as applicable, listed below for election as directors.



Position			2024 Incremental Retainer ($)
Board Chair			$50,000
Board Vice Chair			$25,000
Chair of the Audit Committee			$15,000
Chair of the Corporate Governance Committee			$12,000
Chair of the Enterprise Risk Committee			$12,000
Chair of the Finance Committee			$12,000
Chair of the Human Capital and Compensation Committee			$12,000
Chair of the Business Development and Business Strategy Committee			$6,000
Chair of the Credit Committee			$6,000
Chair of the Public Policy and Corporate Social Responsibility Committee			$6,000



Name	Fees Earned or Paid in Cash1 ($)	Stock Awards2 ($)	All Other Compensation3 ($)	Total ($)
Dennis L. Brack4	25,970	74,055	2,894	102,919
Chester J. Culver	72,758	74,055	2,796	149,609
Richard H. Davidson	73,516	74,055	2,796	150,367
Everett M. Dobrinski4	28,228	74,055	2,894	105,177
James R. Engebretsen	81,000	74,055	2,796	157,851
Sara L. Faivre	75,000	74,055	2,796	151,851
Amy H. Gales	75,000	74,055	2,796	151,851
Mitchell A. Johnson	69,000	74,055	2,796	145,851
Lowell L. Junkins	119,000	74,055	2,796	195,851
Eric T. McKissack	69,000	74,055	2,796	145,851
Jeffrey L. Plagge4	43,220	55,327	—	98,547
Kevin G. Riel4	43,220	55,327	—	98,547
Robert G. Sexton	69,000	74,055	2,796	145,851
Charles A. Stones	84,000	74,055	2,796	160,851
Roy H. Tiarks4	81,000	74,055	2,796	157,851
Todd P. Ware	76,516	74,055	2,796	153,367
LaJuana S. Wilcher	94,000	74,055	2,796	170,851



Position			2025 Incremental Retainer ($)
Chair of the Audit Committee			$17,500
Chair of the Corporate Governance Committee			$15,000
Chair of the Enterprise Risk Committee			$15,000
Chair of the Finance Committee			$15,000
Chair of the Human Capital and Compensation Committee			$15,000
Chair of the Business Development and Business Strategy Committee			$10,000
Chair of the Credit Committee			$10,000
Chair of the Public Policy and Corporate Social Responsibility Committee			$10,000


4
Name and Address	Number of Shares Beneficially Owned	Percent of Total Voting Shares Outstanding	Percent of Total Shares Held By Class
AgFirst Farm Credit Bank 1901 Main Street, Columbia, SC 29201	84,024 shares of Class B Voting Common Stock	5.49%	16.79%
AgriBank, FCB1 30 E. 7th Street, Suite 1600, St. Paul, MN 55101	201,621 shares of Class B Voting Common Stock	13.17%	40.30%
CoBank, ACB2 6340 Fiddlers Green Circle, Greenwood Village, CO 80111	163,253 shares of Class B Voting Common Stock	10.66%	32.63%
Farm Credit Bank of Texas 4801 Plaza on the Lake, Austin, TX 78746	38,503 shares of Class B Voting Common Stock	2.51%	7.70%
Matthew 25 Management Corp. 715 Twining Road, Suite #212, Dresher, PA 19025	79,484 shares of Class A Voting Common Stock	5.20%	7.71%
National Rural Utilities Cooperative Finance Corporation3 20701 Cooperative Way, Dulles, VA 20166	81,500 shares of Class A Voting Common Stock	5.32%	7.91%
Zions Bancorporation, National Association One South Main Street, Salt Lake City, UT 84133	322,100 shares of Class A Voting Common Stock	21.04%	31.25%



Name	2023 Annual Base Salary	2024 Annual Base Salary	2024 Annual Merit Increase in Dollars	2024 Annual Merit Increase as a Percentage
Aparna Ramesh	$525,000	$540,000	$15,000	2.9%
Zachary N. Carpenter	$450,000	$465,000	$15,000	3.3%
Stephen P. Mullery	$485,000	$500,000	$15,000	3.1%
Marc J. Crady	$400,000	$415,000	$15,000	3.8%



Name	2024 Annual Base Salary	2025 Annual Base Salary	2025 Annual Merit Increase in Dollars	2025 Annual Merit Increase as a Percentage
Aparna Ramesh	$540,000	$555,000	$15,000	2.8%
Zachary N. Carpenter	$465,000	$475,000	$10,000	2.2%
Marc J. Crady	$415,000	$425,000	$10,000	2.4%


Todd P. Ware, Chair			Chester J. Culver
Richard H. Davidson			James R. Engebretsen
Sara L. Faivre			Kevin G. Riel



			Equity-Based Awards
Name and Principal Position	Fiscal Year	Salary	Stock and RSU Awards1	SARs Awards2	Non-Equity Incentive Compensation3,4	All Other Compensation5	Total

Bradford T. Nordholm President and Chief Executive Officer	2024	$800,000	$1,166,025	$408,418	$719,203	$167,230	$3,260,876
	2023	800,000	2,909,639	271,542	1,498,155	151,897	5,631,233
	2022	800,000	929,695	245,939	1,418,196	138,836	3,532,666

Aparna Ramesh Executive Vice President – Chief Financial Officer and Treasurer	2024	540,000	361,938	126,757	242,731	66,757	1,338,183
	2023	525,000	293,925	90,595	473,207	65,629	1,448,356
	2022	525,000	257,252	86,143	398,139	45,028	1,311,562

Zachary N. Carpenter Executive Vice President – Chief Business Officer	2024	465,000	361,938	126,757	313,528	53,484	1,320,707
	2023	450,000	293,925	90,595	614,315	52,692	1,501,527
	2022	435,000	249,668	83,684	555,521	33,143	1,357,016

Stephen P. Mullery Executive Vice President – General Counsel and Secretary	2024	500,000	241,226	84,627	179,801	52,664	1,058,318
	2023	485,000	220,782	67,946	349,723	52,454	1,175,905
	2022	465,000	201,998	67,655	303,691	50,820	1,089,164

Marc J. Crady Senior Vice President – Chief Credit Officer	2024	415,000	152,876	53,536	149,235	27,014	797,661
	2023	400,000	128,846	39,605	288,431	16,938	873,820
	2022	385,000	121,343	40,613	237,968	1,386	786,310



		Estimated Future Payouts Under Non-Equity Incentive Plan Awards1			Estimated Future Payouts Under Equity Incentive Plan Awards2			All Other Option Awards: Number of Securities Underlying Options3 (#)	Exercise or Base Price of Option Awards4 ($/Sh)	Grant Date Fair Value of Stock and Option Awards5 ($)
Name	Grant Date	Threshold ($)	Target ($)	Maximum ($)	Threshold (#)	Target (#)	Maximum (#)
Bradford T. Nordholm		$400,000	$800,000	$1,600,000
	3/5/2024				—	3,915	3,915			$777,284
	3/5/2024				979	1,958	3,916			$388,741
	3/5/2024							6,660	$198.54	$408,418
		$400,000	$800,000	$1,600,000	979	5,873	7,831	6,660		$1,574,443

Aparna Ramesh		$135,000	$270,000	$540,000
	3/5/2024				—	1,215	1,215			$241,226
	3/5/2024				304	608	1,216			$120,712
	3/5/2024							2,067	$198.54	$126,757
		$135,000	$270,000	$540,000	304	1,823	2,431	2,067		$488,695

Stephen P. Mullery		$100,000	$200,000	$400,000
	3/5/2024				—	810	810			$160,817
	3/5/2024				203	405	810			$80,409
	3/5/2024							1,380	$198.54	$84,627
		$100,000	$200,000	$400,000	203	1,215	1,620	1,380		$325,853

Zachary N. Carpenter		$174,375	$348,750	$697,500
	3/5/2024				—	1,215	1,215			$241,226
	3/5/2024				304	608	1,216			$120,712
	3/5/2024							2,067	$198.54	$126,757
		$174,375	$348,750	$697,500	304	1,823	2,431	2,067		$488,695

Marc J. Crady		$83,000	$166,000	$332,000
	3/5/2024				—	513	513			$101,851
	3/5/2024				129	257	514			$51,025
	3/5/2024							873	$198.54	$53,536
		$83,000	$166,000	$332,000	129	770	1,027	873		$206,412



	SAR Awards
Name	Number of Securities Underlying Unexercised SARs # Exercisable	Number of Securities Underlying Unexercised SARs # Unexercisable1	SARs Exercise Price	SARs Expiration Date
Bradford T. Nordholm	10,290	—	$82.76	February 27, 2029
	12,915	—	75.16	March 3, 2030
	12,477	—	88.68	March 2, 2031
	5,002	2,501	120.38	March 9, 2032
	2,242	4,484	135.20	March 31, 2033
	—	6,660	198.54	March 5, 2034
Aparna Ramesh	—	876	$120.38	March 9, 2032
	748	1,496	135.20	March 31, 2033
	—	2,067	198.54	March 5, 2034
Stephen P. Mullery	3,381	—	$60.84	March 14, 2027
	2,445	—	86.15	March 13, 2028
	3,309	—	82.76	February 27, 2029
	4,428	—	75.16	March 3, 2030
	3,120	—	88.68	March 2, 2031
	1,376	688	120.38	March 9, 2032
	561	1,122	135.20	March 31, 2033
	—	1,380	198.54	March 5, 2034
Zachary N. Carpenter	—	851	$120.38	March 9, 2032
	748	1,496	135.20	March 31, 2033
	—	2,067	198.54	March 5, 2034
Marc J. Crady	1,872	—	$88.68	March 2, 2031
	826	413	120.38	March 9. 2032
	327	654	135.20	March 31, 2033
	—	873	198.54	March 5, 2034



	Stock Awards
Name	Number of Shares or Units of Stock that Have Not Vested	Market Value of Shares or Units of Stock that Have Not Vested1	Vesting Date2
Bradford T. Nordholm	8,173	$1,609,672	March 31, 2025
	19,928	3,924,820	March 31, 2026
	3,263	642,648	March 31, 2027
Aparna Ramesh	2,787	$548,900	March 31, 2025
	1,613	317,680	March 31, 2026
	1,013	199,510	March 31, 2027
Stephen P. Mullery	2,124	$418,322	March 31, 2025
	1,177	231,810	March 31, 2026
	675	132,941	March 31, 2027
Zachary N. Carpenter	2,731	$537,870	March 31, 2025
	1,613	317,680	March 31, 2026
	1,013	199,510	March 31, 2027
Marc J. Crady	1,279	$251,899	March 31, 2025
	700	137,865	March 31, 2026
	428	84,295	March 31, 2027



Name	Number of SARs Exercised (#)	Number of Shares Acquired Upon Exercise (#)1	Value Realized Upon Exercise ($)1
Aparna Ramesh	3,104	797	169,052
Stephen P. Mullery	12,735	5,650	1,123,075
Zachary N. Carpenter	3,116	793	165,840



Name1	Number of Shares Acquired on Vesting (#)	Value Realized on Vesting ($)2
Bradford T. Nordholm	4,178	822,565
Aparna Ramesh	1,381	271,891
Zachary N. Carpenter	1,415	278,585
Stephen P. Mullery	1,102	216,962
Marc J. Crady	638	125,609



Name	Aggregate Balance at End of 2023	Executive Contributions1 in 2024	Farmer Mac's Contributions2 in 2024	Aggregate Earnings3 in 2024	Aggregate Withdrawals/Distributions	Aggregate Balance4 at End of 2024
Bradford T. Nordholm	$2,549,542	$359,602	$76,545	$214,853	$—	$3,200,542
Aparna Ramesh	$224,755	$56,271	$36,855	$37,311	$—	$355,192
Stephen P. Mullery	$238,564	$—	$29,295	$28,121	$—	$295,980
Zachary N. Carpenter	$155,987	$31,353	$22,680	$8,132	$—	$218,152
Marc J. Crady	$13,230	$—	$13,230	$1,105	$—	$27,565



Name1	Base Salary	Non-Equity Incentive Compensation	Total
Bradford T. Nordholm	$800,000	$800,000	$1,600,000
Aparna Ramesh	$540,000	$270,000	$810,000
Zachary N. Carpenter	$465,000	$348,750	$813,750
Stephen P. Mullery	$500,000	$200,000	$700,000



Plan category	Number of securities to be issued upon exercise of outstanding options or SARs or vesting of RSUs	Weighted average exercise price of outstanding options and SARs (per share)	Number of securities remaining available for future issuance under equity compensation plans
Equity compensation plans not approved by stockholders	—	—	—
Equity compensation plans approved by stockholders	203,628	$110.35	1,022,829



Year	Summary Compensation Table Total for PEO1	Compensation Actually Paid to PEO1,2	Average Summary Compensation Table Total for Non-PEO NEOs1	Average Compensation Actually Paid to non-PEO NEOs1,2	Value of Initial Fixed $100 Investment Based On:		Net Income	Earnings5
					Farmer Mac's TSR3	Peer Group TSR4
2024	$3,260,876	$5,264,320	$1,128,717	$1,385,556	$281	$199	$207,193,000	$180,862,000
2023	$5,631,233	$8,776,626	$1,249,902	$1,880,797	$284	$139	$200,003,000	$172,053,000
2022	$3,532,666	$3,094,824	$1,136,013	$1,033,285	$152	$134	$178,144,000	$125,598,000
2021	$3,211,156	$5,060,035	$1,045,533	$1,465,036	$161	$151	$136,089,000	$111,842,000
2020	$2,680,795	$2,445,320	$1,117,787	$1,022,015	$93	$111	$114,376,000	$106,639,000