FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Expires: December 31, 2014 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person * Carpenter Zachary (Last) (First) (Middle) C/O FARMER MAC, 1999 K STREET NW FOURTH FLOOR (Street) WASHINGTON DC 20006 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol FEDERAL AGRICULTURAL MORTGAGE CORP [ AGM ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) EVP - Chief Business Officer
	3. Date of Earliest Transaction (Month/Day/Year) 08/12/2022
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class C Non-Voting Common Stock	08/12/2022		M		1,937 (1)	A	$ 75.16	9,318 (2)	D
Class C Non-Voting Common Stock	08/12/2022		F		329 (1)	D	$ 115.82	8,989 (2)	D
Class C Non-Voting Common Stock	08/12/2022		D		1,256 (1)	D	$ 115.82	7,733 (2)	D
Class C Non-Voting Common Stock	08/12/2022		M		1,414 (3)	A	$ 88.68	9,147 (2)	D
Class C Non-Voting Common Stock	08/12/2022		F		161 (3)	D	$ 115.82	8,986 (2)	D
Class C Non-Voting Common Stock	08/12/2022		D		1,082 (3)	D	$ 115.82	7,904 (2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Appreciation Right	$ 75.16	08/12/2022		M			1,937	03/31/2022	03/03/2030	Class C Non-Voting Common Stock	1,937.00	$ 0	1,937	D
Stock Appreciation Right	$ 88.68	08/12/2022		M			1,414	03/31/2022	03/02/2031	Class C Non-Voting Common Stock	1,414.00	$ 0	2,828	D

Explanation of Responses:

1. In connection with the net share settlement of the exercise of 1,937 vested stock appreciation rights ("SARs") granted in March 2020 with a grant price of $75.16 per share, Mr. Carpenter was entitled to receive 681 shares of the Federal Agricultural Mortgage Corporation's ("Farmer Mac") Class C Non-Voting Common Stock. None of these shares were sold, as Mr. Carpenter retained 352 shares, and Farmer Mac retained 329 shares to satisfy tax withholding requirements arising from the exercise. The 1,256 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.

2. Includes 6,304 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.

3. In connection with the net share settlement of the exercise of 1,414 vested SARs granted in March 2021 with a grant price of $88.68 per share, Mr. Carpenter was entitled to receive 332 shares of Farmer Mac's Class C Non-Voting Common Stock. None of these shares were sold, as Mr. Carpenter retained 171 shares, and Farmer Mac retained 161 shares to satisfy tax withholding requirements arising from the exercise. The 1,082 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.

	Stephen P. Mullery, as attorney-in-fact for Zachary Carpenter	08/16/2022
	** Signature of Reporting Person	Date
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