Business: Federal Agricultural Mortgage Corp 6.875% Non-Cumulative Perpetual Series I Preferred Stock liquidation preference $25 per share, redeemable at the issuer's option on or after 07/17/2031 at $25 per share plus declared and unpaid dividends, and with no stated maturity. <p> Non-cumulative distributions of 6.875% per annum ($1.71875 per annum or $0.4296875 per quarter) will be paid quarterly on (__) to holders of record on the record date fixed by the board, prior to the payment date (NOTE: the ex-dividend date is the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. <p> The eligibility of this security for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also the eligibility for the dividends received deduction for corporate holders is unknown. <p> This security was not rated by Moody’s or S&P at the time of its IPO. In regard to the payment of distributions and upon liquidation, the preferred shares rank junior to the company's senior debt, equally with other preferreds of the company, and senior to the common shares of the company.