Short-Term Borrowings

9 Months Ended

Feb. 28, 2026


NOTE 6—SHORT-TERM BORROWINGS

Short-term borrowings consist of borrowings with an original contractual maturity of one year or less and do not include the current portion of long-term debt. Our short-term borrowings totaled $5,101 million and $5,091 million as of February 28, 2026 and May 31, 2025, respectively, and accounted for 14% and 15% of total debt outstanding as of each respective date. The following table provides information on our short-term borrowings as of February 28, 2026 and May 31, 2025.

Table 6.1: Short-Term Borrowings Sources



	February 28, 2026				May 31, 2025
(Dollars in thousands)	Amount		% of Total Debt Outstanding		Amount		% of Total Debt Outstanding
Short-term borrowings:
Commercial paper:
Commercial paper sold through dealers, net of discounts	$	2,192,686	6	%	$	2,206,451	7	%
Commercial paper sold directly to members, at par	945,435		3		785,608		2
Total commercial paper	3,138,121		9		2,992,059		9
Select notes to members	1,301,078		3		1,304,240		4
Daily liquidity fund notes to members	294,776		1		343,916		1
Medium-term notes sold to members	366,853		1		451,201		1


Total short-term borrowings	$	5,100,828	14	%	$	5,091,416	15	%

Committed Bank Revolving Line of Credit Agreements

The following table presents the amount available for access under our bank revolving line of credit agreements as of February 28, 2026.

Table 6.2: Committed Bank Revolving Line of Credit Agreements Available Amounts


	February 28, 2026
(Dollars in millions)	Total Commitment		Letters of Credit Outstanding		Available Amount		Maturity	Annual Facility Fee(1)
Bank revolving agreements:
3-year agreement	$	50	$	—	$	50	November 28, 2027	7.5 bps
3-year agreement	1,695		—		1,695		November 28, 2028	7.5 bps
Total 3-year agreement	1,745		—		1,745

4-year agreement	1,755		7		1,748		November 28, 2029	10.0 bps


Total	$	3,500	$	7	$	3,493

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(1)Facility fee determined by CFC’s senior unsecured credit ratings based on the pricing schedules put in place at the inception of the related agreement.

On November 12, 2025, we amended our three-year and four-year committed bank revolving line of credit agreements to (i) extend the maturity dates to November 28, 2028 and November 28, 2029, respectively, (ii) remove the credit spread adjustment in Term SOFR tenors as described in each agreement and (iii) increase commitments by $150 million under the three-year revolving credit agreement and $50 million under the four-year revolving credit agreement. Under the three-year revolving credit agreement, commitments of $50 million will continue to expire at the prior maturity date of November 28, 2027.

As of February 28, 2026, the total commitment amount under the three-year facility and the four-year facility was $1,745 million and $1,755 million, respectively, resulting in a combined total commitment amount under the two facilities of $3,500 million. We did not have any outstanding borrowings under our committed bank revolving line of credit agreements as of February 28, 2026; however, we had letters of credit outstanding of $7 million under the four-year committed bank revolving agreement as of this date. These agreements allow us to request up to $300 million of letters of credit, which, if requested, would result in a reduction in the total amount available for our use. We were in compliance with all covenants and conditions under the agreements as of February 28, 2026