FEDERAL AGRICULTURAL MORTGAGE CORP

Farmer Mac is a stockholder-owned, federally chartered corporation that provides a secondary market for various loans made to borrowers in rural America. This secondary market allows owners of financial assets, such as loan originators, to sell all or part of those assets or pay a fee to mitigate risks. The company's mission is to increase the accessibility of financing and provide liquidity for American agriculture and rural infrastructure. Farmer Mac's secondary market activities include purchasing eligible loans directly from lenders. These eligible loans encompass obligations secured by a first lien mortgage on real estate used in agricultural production or processing, including part-time farms and rural housing loans. They also include agricultural and rural development loans guaranteed by the United States Department of Agriculture (USDA), and loans by cooperative lenders to finance electrification, telecommunications facilities (including broadband and middle mile broadband infrastructure), and renewable energy projects in rural areas. Additionally, Farmer Mac guarantees and purchases securities, referred to as "AgVantage," issued by lenders and other financial institutions that obtain funding by pledging pools of eligible loans they retain. The company also issues and guarantees securities, known as "Farmer Mac Guaranteed Securities," which represent interests in, or obligations secured by, pools of eligible loans that Farmer Mac purchases and transfers to trusts. These securities may be retained by the seller of the underlying eligible loans, retained by Farmer Mac, or sold to third-party investors. Farmer Mac also provides servicing, including as master servicer, for eligible loans it purchases, securitizes, or services for third parties, and offers long-term standby purchase commitments (LTSPCs) for eligible loans.