The following tables display segment results for the three and six months ended November 30, 2019 and 2018, and assets attributable to each segment as of November 30, 2019 and November 30, 2018.




	Three Months Ended November 30, 2019
(Dollars in thousands)	CFC			Other			Elimination			Consolidated Total
Statement of operations:
Interest income	$	285,036		$	11,719		$	(9,718	)	$	287,037
Interest expense	(207,759		)	(9,830		)	9,718			(207,871		)
Net interest income	77,277			1,889			—			79,166
Benefit for loan losses	1,045			—			—			1,045
Net interest income after benefit for loan losses	78,322			1,889			—			80,211
Non-interest income:
Fee and other income	5,181			587			(1,926		)	3,842
Derivative gains (losses):
Derivative cash settlements expense	(13,874		)	(276		)	—			(14,150		)
Derivative forward value gains	196,387			1,213			—			197,600
Derivative gains	182,513			937			—			183,450
Unrealized losses on equity securities	(114		)	—			—			(114		)
Total non-interest income	187,580			1,524			(1,926		)	187,178
Non-interest expense:
General and administrative expenses	(23,994		)	(2,420		)	1,645			(24,769		)
Losses on early extinguishment of debt	—			(614		)	—			(614		)
Other non-interest expense	(316		)	(280		)	281			(315		)
Total non-interest expense	(24,310		)	(3,314		)	1,926			(25,698		)
Income before income taxes	241,592			99			—			241,691
Income tax expense	—			(91		)	—			(91		)
Net income	$	241,592		$	8		$	—		$	241,600




	Three Months Ended November 30, 2018
(Dollars in thousands)	CFC			Other			Elimination			Consolidated Total
Statement of operations:
Interest income	$	279,033		$	12,945		$	(10,725	)	$	281,253
Interest expense	(203,985		)	(10,906		)	10,725			(204,166		)
Net interest income	75,048			2,039			—			77,087
Benefit for loan losses	1,788			—			—			1,788
Net interest income after benefit for loan losses	76,836			2,039			—			78,875
Non-interest income:
Fee and other income	4,897			490			(1,792		)	3,595
Derivative gains (losses):
Derivative cash settlements	(11,546		)	(259		)	—			(11,805		)
Derivative forward value gains	74,591			557			—			75,148
Derivative gains	63,045			298			—			63,343
Unrealized losses on equity securities	(1,619		)	—			—			(1,619		)
Total non-interest income	66,323			788			(1,792		)	65,319
Non-interest expense:
General and administrative expenses	(23,544		)	(1,919		)	1,593			(23,870		)
Other non-interest expense	(355		)	(199		)	199			(355		)
Total non-interest expense	(23,899		)	(2,118		)	1,792			(24,225		)
Income before income taxes	119,260			709			—			119,969
Income tax expense	—			(243		)	—			(243		)
Net income	$	119,260		$	466		$	—		$	119,726



	Six Months Ended November 30, 2019
(Dollars in thousands)	CFC			Other			Elimination			Consolidated Total
Statement of operations:
Interest income	$	573,000		$	24,066		$	(20,014	)	$	577,052
Interest expense	(420,894		)	(20,262		)	20,014			(421,142		)
Net interest income	152,106			3,804			—			155,910
Benefit for loan losses	1,015			—			—			1,015
Net interest income after benefit for loan losses	153,121			3,804			—			156,925
Non-interest income:
Fee and other income	17,463			8,408			(11,088		)	14,783
Derivative losses:
Derivative cash settlements expense	(24,675		)	(518		)	—			(25,193		)
Derivative forward value losses	(186,375		)	(707		)	—			(187,082		)
Derivative losses	(211,050		)	(1,225		)	—			(212,275		)
Unrealized gains on equity securities	1,506			—			—			1,506
Total non-interest income	(192,081		)	7,183			(11,088		)	(195,986		)
Non-interest expense:
General and administrative expenses	(48,733		)	(4,655		)	3,290			(50,098		)
Losses on early extinguishment of debt	—			(614		)	—			(614		)
Other non-interest (expense) income	6,863			(7,797		)	7,798			6,864
Total non-interest expense	(41,870		)	(13,066		)	11,088			(43,848		)
Loss before income taxes	(80,830		)	(2,079		)	—			(82,909		)
Income tax benefit	—			430			—			430
Net loss	$	(80,830	)	$	(1,649	)	$	—		$	(82,479	)


	November 30, 2019
	CFC			Other			Elimination			Consolidated Total
Assets:
Total loans outstanding	$	26,406,139		$	1,058,603		$	(1,037,863	)	$	26,426,879
Deferred loan origination costs	11,302			—			—			11,302
Loans to members	26,417,441			1,058,603			(1,037,863		)	26,438,181
Less: Allowance for loan losses	(16,520		)	—			—			(16,520		)
Loans to members, net	26,400,921			1,058,603			(1,037,863		)	26,421,661
Other assets	1,132,171			106,301			(93,532		)	1,144,940
Total assets	$	27,533,092		$	1,164,904		$	(1,131,395	)	$	27,566,601



	Six Months Ended November 30, 2018
(Dollars in thousands)	CFC			Other			Elimination			Consolidated Total
Statement of operations:
Interest income	$	555,276		$	25,929		$	(21,461	)	$	559,744
Interest expense	(414,035		)	(21,823		)	21,461			(414,397		)
Net interest income	141,241			4,106			—			145,347
Benefit for loan losses	1,897			—			—			1,897
Net interest income after benefit for loan losses	143,138			4,106			—			147,244
Non-interest income:
Fee and other income	10,096			1,054			(3,644		)	7,506
Derivative gains (losses):
Derivative cash settlements expense	(24,108		)	(526		)	—			(24,634		)
Derivative forward value gains	94,262			898			—			95,160
Derivative gains	70,154			372			—			70,526
Unrealized losses on equity securities	(2,345		)	—			—			(2,345		)
Total non-interest income	77,905			1,426			(3,644		)	75,687
Non-interest expense:
General and administrative expenses	(45,969		)	(4,293		)	3,187			(47,075		)
Losses on early extinguishment of debt	(7,100		)	—			—			(7,100		)
Other non-interest expense	(749		)	(457		)	457			(749		)
Total non-interest expense	(53,818		)	(4,750		)	3,644			(54,924		)
Income before income taxes	167,225			782			—			168,007
Income tax expense	—			(303		)	—			(303		)
Net income	$	167,225		$	479		$	—		$	167,704


	November 30, 2018
	CFC			Other			Elimination			Consolidated Total
Assets:
Total loans outstanding	$	25,250,000		$	1,122,718		$	(1,089,765	)	$	25,282,953
Deferred loan origination costs	11,222			—			—			11,222
Loans to members	25,261,222			1,122,718			(1,089,765		)	25,294,175
Less: Allowance for loan losses	(16,904		)	—			—			(16,904		)
Loans to members, net	25,244,318			1,122,718			(1,089,765		)	25,277,271
Other assets	1,542,099			112,923			(102,535		)	1,552,487
Total assets	$	26,786,417		$	1,235,641		$	(1,192,300	)	$	26,829,758