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Loans (Tables)
 12 Months Ended
May 31, 2023
Loans and Leases Receivable Disclosure [Abstract]  
Schedule of loans outstanding to members and unadvanced commitments by loan type and by member class The following table presents loans to members by legal entity, member class and loan type, as of May 31, 2023 and 2022.
Table 4.1: Loans to Members by Member Class and Loan Type
May 31,
 20232022
(Dollars in thousands)Amount% of TotalAmount% of Total
Member class:    
CFC:    
Distribution$25,437,077 78 %$23,844,242 79 %
Power supply5,437,242 17 4,901,770 17 
Statewide and associate200,368 1 126,863 — 
Total CFC31,074,687 96 28,872,875 96 
NCSC956,874 3 710,878 2 
RTFC487,788 1 467,601 2 
Total loans outstanding(1)
32,519,349 100 30,051,354 100 
Deferred loan origination costs—CFC(2)
12,737 — 12,032 — 
Loans to members$32,532,086 100 %$30,063,386 100 %
Loan type:     
Long-term loans:
Fixed rate$28,371,358 87 %$26,952,372 90 %
Variable rate1,024,653 3 820,201 2 
Total long-term loans29,396,011 90 27,772,573 92 
Lines of credit3,123,338 10 2,278,781 8 
Total loans outstanding(1)
32,519,349 100 30,051,354 100 
Deferred loan origination costs—CFC(2)
12,737 — 12,032 — 
Loans to members$32,532,086 100 %$30,063,386 100 %
____________________________
(1) Represents the unpaid principal balance, net of discounts, charge-offs and recoveries, of loans as of the end of each period.
(2) Deferred loan origination costs are recorded on the books of CFC.
Schedules of concentration of risk The following table presents the Texas-based number of borrowers and loans outstanding by legal entity and member class, as of May 31, 2023 and 2022.
Table 4.2: Loan Exposure to Texas-Based Borrowers

 May 31, 2023May 31, 2022
(Dollars in thousands)Number of BorrowersAmount% of Total Number of Borrowers Amount% of Total
Member class:  
CFC:
Distribution57 $4,319,937 13 %57 $3,984,887 13 %
Power supply8 1,128,941 4 8 1,089,896 4 
Statewide and associate1 51,504 — 1 29,335 — 
Total CFC66 5,500,382 17 66 5,104,118 17 
NCSC1 16,667 — 1 378 — 
RTFC2 11,755 — 1 5,853 — 
Total loan exposure to Texas-based borrowers69 5,528,804 17 68 5,110,349 17 
Less: Loans covered under Farmer Mac standby purchase commitment
(155,409)— (163,369)(1)
Net loan exposure to Texas-based borrowers$5,373,395 17 %$4,946,980 16 %
Schedule of analysis of the age of the recorded investment in loans outstanding by member class The following table presents the payment status, by legal entity and member class, of loans outstanding as of May 31, 2023 and 2022.
Table 4.3: Payment Status of Loans Outstanding
 May 31, 2023
(Dollars in thousands)Current30-89 Days Past Due> 90 Days
Past Due 		Total
Past Due		Total Loans OutstandingNonaccrual Loans
Member class:
CFC:      
Distribution$25,437,077$— $— $— $25,437,077$— 
Power supply5,432,895— 4,347 4,347 5,437,242112,209 
Statewide and associate200,368— — — 200,368— 
CFC total31,070,340— 4,347 4,347 31,074,687112,209 
NCSC920,15936,715 — 36,715 956,874— 
RTFC487,788— — — 487,788— 
Total loans outstanding$32,478,287$36,715 $4,347 $41,062 $32,519,349$112,209 
Percentage of total loans99.87 %0.11 %0.02 %0.13 %100.00 %0.35 %

 May 31, 2022
(Dollars in thousands)Current30-89 Days Past Due> 90 Days
Past Due 		Total
Past Due		Total Loans OutstandingNonaccrual Loans
Member class:
CFC:      
Distribution$23,844,242$— $— $— $23,844,242$— 
Power supply4,787,83228,389 85,549 113,938 4,901,770227,790 
Statewide and associate126,863— — — 126,863— 
CFC total28,758,93728,389 85,549 113,938 28,872,875227,790 
NCSC710,878— — — 710,878— 
RTFC467,601— — — 467,601— 
Total loans outstanding$29,937,416$28,389 $85,549 $113,938 $30,051,354$227,790 
Percentage of total loans99.62 %0.09 %0.29 %0.38 %100.00 %0.76 %
Schedule of troubled debt restructured loans The following table presents the outstanding balance of modified loans accounted for as TDRs and the performance status, by legal entity and member class, of these loans as of May 31, 2023 and 2022.
Table 4.4: Troubled Debt Restructurings
May 31,
 20232022
(Dollars in thousands)Number of Borrowers
Outstanding Amount (1)
% of Total Loans OutstandingNumber of Borrowers
Outstanding Amount (1)
% of Total Loans Outstanding
TDR loans:  
Member class:
CFC—Distribution1$4,638 0.02 %1$5,092 0.02 %
CFC—Power Supply122,875 0.07 —— — 
RTFC13,592 0.01 14,092 0.01 
Total TDR loans3$31,105 0.10 %2$9,184 0.03 %
Performance status of TDR loans:
Performing TDR loans2$8,230 0.03 %2$9,184 0.03 %
Nonperforming TDR loans122,875 0.07 —— — 
Total TDR loans3$31,105 0.10 %2$9,184 0.03 %
____________________________
(1) Represents the unpaid principal balance net of charge-offs and recoveries as of the end of each period.
Schedule of non-performing loans The following table presents the outstanding balance of nonperforming loans, by legal entity and member class, as of May 31, 2023 and 2022. Loans classified as nonperforming are placed on nonaccrual status.Table 4.5: Nonperforming Loans
May 31,
 20232022
(Dollars in thousands)Number of Borrowers
Outstanding Amount (1)
% of Total Loans OutstandingNumber of Borrowers
Outstanding Amount (1)
% of Total Loans Outstanding
Nonperforming loans:  
Member class:
CFC—Power supply
2$89,334 0.27 %3$227,790 0.76 %
Total nonperforming loans2$89,334 0.27 %3$227,790 0.76 %
_______________________(1) Represents the unpaid principal balance net of charge-offs and recoveries as of the end of each period.
Schedule of loan portfolio by risk rating category and member class based on available data
Table 4.6: Loans Outstanding by Borrower Risk Ratings and Origination Year
May 31, 2023
Term Loans by Fiscal Year of Origination
(Dollars in thousands)20232022202120202019PriorRevolving LoansTotalMay 31, 2022
Pass
CFC:
Distribution$2,453,999 $2,404,404 $1,643,838 $1,822,745 $1,153,864 $13,838,304 $1,925,554 $25,242,708 $23,596,004 
Power supply465,638 348,333 547,897 179,150 375,738 2,687,787 720,490 5,325,033 4,673,980 
Statewide and associate
61,671 23,538 1,938 14,732 2,863 16,418 66,150 187,310 112,610 
CFC total2,981,308 2,776,275 2,193,673 2,016,627 1,532,465 16,542,509 2,712,194 30,755,051 28,382,594 
NCSC268,157 24,066 5,678 193,267 3,741 274,826 187,139 956,874 710,878 
RTFC52,015 84,624 75,057 39,157 7,825 192,543 32,975 484,196 463,509 
Total pass$3,301,480 $2,884,965 $2,274,408 $2,249,051 $1,544,031 $17,009,878 $2,932,308 $32,196,121 $29,556,981 
Special mention
CFC:
Distribution$4,226 $— $4,775 $— $5,003 $12,210 $168,155 $194,369 $248,238 
Power supply— — — — — — — — — 
Statewide and associate— — — — 4,755 8,303 — 13,058 14,253 
CFC total4,226 — 4,775 — 9,758 20,513 168,155 207,427 262,491 
RTFC— — — — — 3,592 — 3,592 4,092 
Total special mention$4,226 $— $4,775 $— $9,758 $24,105 $168,155 $211,019 $266,583 
Substandard
CFC:
Power supply$— $— $— $— $— $— $— $— $— 
Total substandard$— $— $— $— $— $— $— $— $— 
Doubtful
CFC:
Power supply$— $— $— $— $— $89,334 $22,875 $112,209 $227,790 
CFC total— — — — — 89,334 22,875 112,209 227,790 
RTFC— — — — — — — — — 
Total doubtful$— $— $— $— $— $89,334 $22,875 $112,209 $227,790 
Total criticized loans$4,226 $— $4,775 $— $9,758 $113,439 $191,030 $323,228 $494,373 
Total loans outstanding$3,305,706 $2,884,965 $2,279,183 $2,249,051 $1,553,789 $17,123,317 $3,123,338 $32,519,349 $30,051,354 
Schedule of unadvanced commitments The following table presents unadvanced loan commitments, by member class and by loan type, as of May 31, 2023 and 2022.
Table 4.7: Unadvanced Commitments by Member Class and Loan Type
May 31,
(Dollars in thousands)20232022
Member class:
CFC:
Distribution$9,673,712 $9,230,197 
Power supply3,995,128 3,835,535 
Statewide and associate175,150 183,845 
Total CFC13,843,990 13,249,577 
NCSC604,436 551,901 
RTFC340,135 309,724 
Total unadvanced commitments$14,788,561 $14,111,202 
Loan type:(1)
Long-term loans:
Fixed rate$— $— 
Variable rate5,669,634 5,357,205 
Total long-term loans5,669,634 5,357,205 
Lines of credit9,118,927 8,753,997 
Total unadvanced commitments$14,788,561 $14,111,202 
____________________________
(1)The interest rate on unadvanced loan commitments is not set until an advance is made; therefore, all unadvanced long-term loan commitments are reported as variable rate. However, the borrower may select either a fixed or a variable rate when an advance is drawn under a loan commitment.
Schedule of available balances under unadvanced loan commitments
The following table displays, by loan type, the available balance under unadvanced loan commitments as of May 31, 2023 and the related maturities in each fiscal year during the five-year period ended May 31, 2028, and thereafter.

Table 4.8: Unadvanced Loan Commitments
 Available
Balance		Notional Maturities of Unadvanced Loan Commitments
(Dollars in thousands)20242025202620272028Thereafter
Line of credit loans$9,118,927 $5,055,192 $1,238,285 $788,561 $1,238,399 $662,086 $136,404 
Long-term loans5,669,634 1,019,262 704,667 794,595 1,339,212 1,595,844 216,054 
Total$14,788,561 $6,074,454 $1,942,952 $1,583,156 $2,577,611 $2,257,930 $352,458 
Summary of available balance under committed lines of credit and the related maturities by fiscal year The following table summarizes the available balance under unconditional committed lines of credit and the related maturity amounts in each of the five fiscal years subsequent to May 31, 2023 and thereafter.
Table 4.9: Unconditional Committed Lines of Credit—Available Balance
 Available
Balance		Notional Maturities of Unconditional Committed Lines of Credit
(Dollars in thousands)20242025202620272028Thereafter
Committed lines of credit$3,171,563 $216,750 $742,876 $548,980 $929,415 $693,542 $40,000 
Summary of pledged loans Table 4.10 displays the borrowing amount under each of our secured borrowing agreements and the corresponding loans outstanding pledged as collateral as of May 31, 2023 and 2022. See “Note 6—Short-Term Borrowings” and “Note 7—Long-Term Debt” for information on our secured borrowings and other borrowings.
Table 4.10: Pledged Loans
May 31,
(Dollars in thousands)20232022
Collateral trust bonds:
2007 indenture:
Collateral trust bonds outstanding$7,772,711 $7,072,711 
Pledged collateral:
Distribution system mortgage notes pledged8,719,287 8,564,596 
RUS-guaranteed loans qualifying as permitted investments122,874 114,654 
Total pledged collateral8,842,161 8,679,250 
1994 indenture:
Collateral trust bonds outstanding$20,000 $25,000 
Pledged collateral:
Distribution system mortgage notes pledged22,900 29,616 
Guaranteed Underwriter Program:
Notes payable outstanding$6,720,643 $6,105,473 
Pledged collateral:
Distribution and power supply system mortgage notes pledged7,877,558 6,904,591 
Farmer Mac:
Notes payable outstanding$3,149,898 $3,094,679 
Pledged collateral:
Distribution and power supply system mortgage notes pledged4,294,282 3,445,358 
Clean Renewable Energy Bonds Series 2009A:
Notes payable outstanding$1,098 $2,755 
Pledged collateral:
Distribution and power supply system mortgage notes pledged1,029 3,138 
Cash391 392 
Total pledged collateral1,420 3,530