CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Nov. 30, 2025	May 31, 2025
Assets:
Cash and cash equivalents	$ 304,453	$ 134,712
Restricted cash	8,492	8,410
Total cash, cash equivalents and restricted cash	312,945	143,122
Investment securities:
Debt securities trading, at fair value	47,896	113,663
Equity securities, at fair value	10,634	11,252
Total investment securities, at fair value	58,530	124,915
Loans to members	37,842,290	37,079,978
Less: Allowance for credit losses	(43,423)	(40,615)
Loans to members, net	37,798,867	37,039,363
Accrued interest receivable	282,749	270,222
Other receivables	23,262	24,377
Fixed assets, net of accumulated depreciation of $95,021 and $91,211 as of November 30, 2025 and May 31, 2025, respectively	79,022	81,667
Derivative assets	460,980	555,855
Other assets	90,796	85,528
Total assets	39,107,151	38,325,049
Liabilities:
Accrued interest payable	295,283	294,917
Debt outstanding:
Short-term borrowings	5,814,947	5,091,416
Long-term debt	27,337,960	27,163,701
Subordinated deferrable debt	1,306,608	1,329,485
Members’ subordinated certificates:
Membership subordinated certificates	627,266	628,637
Loan and guarantee subordinated certificates	262,625	309,914
Member capital securities	246,697	246,163
Total members’ subordinated certificates	1,136,588	1,184,714
Total debt outstanding	35,596,103	34,769,316
Deferred income	30,727	31,596
Derivative liabilities	45,189	51,368
Other liabilities	65,805	74,386
Total liabilities	36,033,107	35,221,583
CFC equity:
Retained equity	3,055,413	3,084,713
Accumulated other comprehensive loss	(2,233)	(2,236)
Total CFC equity	3,053,180	3,082,477
Noncontrolling interests	20,864	20,989
Total equity	3,074,044	3,103,466
Total liabilities and equity	$ 39,107,151	$ 38,325,049