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Loans (Tables)
 9 Months Ended
Feb. 28, 2026
Receivables [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 February 28, 2026 and May 31, 2025.
Table 4.1: Loans to Members by Member Class and Loan Type

 February 28, 2026May 31, 2025
(Dollars in thousands)Amount% of TotalAmount% of Total
Member class:
CFC:
Distribution$30,387,286 78 %$29,262,495 79 %
Power supply6,288,837 16 5,895,500 16 
Statewide and associate273,177 1 251,325 — 
Total CFC36,949,300 95 35,409,320 95 
NCSC:
Electric
1,163,391 3 1,078,763 3 
Telecom
618,988 2 575,465 2 
Total NCSC
1,782,379 5 1,654,228 5 
Total loans outstanding(1)
38,731,679 100 37,063,548 100 
Deferred loan origination costs—CFC(2)
18,203 — 16,430 — 
Loans to members$38,749,882 100 %$37,079,978 100 %
Loan type:    
Long-term loans:
Fixed rate$32,145,476 83 %$31,388,313 85 %
Variable rate1,438,929 4 1,122,250 3 
Total long-term loans33,584,405 87 32,510,563 88 
Lines of credit5,147,274 13 4,552,985 12 
Total loans outstanding(1)
38,731,679 100 37,063,548 100 
Deferred loan origination costs—CFC(2)
18,203 — 16,430 — 
Loans to members$38,749,882 100 %$37,079,978 100 %
___________________________
(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 at CFC segment.
Schedule of Payment Status of Loans Outstanding The following table presents the payment status, by legal entity and member class, of loans outstanding as of February 28, 2026 and May 31, 2025.
Table 4.2: Payment Status of Loans Outstanding

 February 28, 2026
(Dollars in thousands)Current30-89 Days Past Due> 90 Days
Past Due 		Total
Past Due		Total Loans OutstandingNonaccrual Loans
Member class:
CFC:      
Distribution$30,387,286$—$—$—$30,387,286$—
Power supply6,288,837———6,288,83712,887
Statewide and associate273,177———273,177— 
Total CFC
36,949,300———36,949,30012,887
NCSC:
Electric
1,163,391———1,163,391—
Telecom
618,988———618,988—
Total NCSC
1,782,379———1,782,379—
Total loans outstanding$38,731,679$—$—$—$38,731,679$12,887
Percentage of total loans100.00 %— %— %— %100.00 %0.03 %

 May 31, 2025
(Dollars in thousands)Current30-89 Days Past Due> 90 Days
Past Due		Total
Past Due		Total Loans OutstandingNonaccrual Loans
Member class:
CFC:      
Distribution$29,262,495$— $— $— $29,262,495$—
Power supply5,895,500— — — 5,895,50026,099
Statewide and associate251,325— — — 251,325—
Total CFC
35,409,320— — — 35,409,32026,099
NCSC:
Electric
1,078,763— — — 1,078,763—
Telecom
575,465— — — 575,465—
Total NCSC
1,654,228— — — 1,654,228—
Total loans outstanding$37,063,548$— $—$— $37,063,548$26,099
Percentage of total loans100.00 %— %— %— %100.00 %0.07 %
Schedule of Loans Outstanding by Borrower Risk Ratings and Origination Year
Table 4.3: Loans Outstanding by Borrower Risk Ratings and Origination Year

February 28, 2026
Term Loans by Fiscal Year of Origination
(Dollars in thousands)
YTD FY2026
2025202420232022PriorRevolving LoansTotal
Pass
CFC:
Distribution$1,741,279 $2,204,296 $2,430,939 $2,283,064 $2,199,096 $15,815,662 $3,511,438 $30,185,774 
Power supply497,378 437,079 486,060 432,577 277,513 3,196,810 948,533 6,275,950 
Statewide and associate
— 6,514 35,897 55,175 2,651 22,243 140,653 263,133 
Total CFC
2,238,657 2,647,889 2,952,896 2,770,816 2,479,260 19,034,715 4,600,624 36,724,857 
NCSC:
Electric
67,180 79,836 117,974 243,939 16,096 345,217 293,149 1,163,391 
Telecom
71,975 50,724 115,782 30,586 46,678 226,765 76,478 618,988 
Total NCSC
139,155 130,560 233,756 274,525 62,774 571,982 369,627 1,782,379 
Total pass$2,377,812 $2,778,449 $3,186,652 $3,045,341 $2,542,034 $19,606,697 $4,970,251 $38,507,236 
Special mention
CFC:
Distribution$567 $— $358 $4,080 $— $19,484 $177,023 $201,512 
Statewide and associate
— — — — — 10,044 — 10,044 
Total CFC
567 — 358 4,080 — 29,528 177,023 211,556 
Total special mention$567 $— $358 $4,080 $— $29,528 $177,023 $211,556 
Substandard
Total substandard$— $— $— $— $— $— $— $— 
Doubtful
CFC power supply$— $— $— $— $— $12,887 $— $12,887 
Total doubtful$— $— $— $— $— $12,887 $— $12,887 
Total criticized loans$567 $— $358 $4,080 $— $42,415 $177,023 $224,443 
Total loans outstanding$2,378,379 $2,778,449 $3,187,010 $3,049,421 $2,542,034 $19,649,112 $5,147,274 $38,731,679 
May 31, 2025
Term Loans by Fiscal Year of Origination
(Dollars in thousands)20252024202320222021PriorRevolving LoansTotal
Pass
CFC:
Distribution$2,301,736 $2,471,765 $2,323,781 $2,256,706 $1,541,206 $15,022,726 $3,163,495 $29,081,415 
Power supply442,972 496,642 441,984 296,948 474,074 2,857,029 859,752 5,869,401 
Statewide and associate
7,125 36,294 57,101 2,806 1,420 22,257 113,338 240,341 
Total CFC2,751,833 3,004,701 2,822,866 2,556,460 2,016,700 17,902,012 4,136,585 35,191,157 
NCSC:
Electric81,315 122,354 250,610 16,773 4,131 385,564 217,416 1,078,163 
Telecom52,516 129,964 40,642 64,086 49,898 196,307 42,052 575,465 
Total NCSC133,831 252,318 291,252 80,859 54,029 581,871 259,468 1,653,628 
Total pass$2,885,664 $3,257,019 $3,114,118 $2,637,319 $2,070,729 $18,483,883 $4,396,053 $36,844,785 
Special mention
CFC:
Distribution$— $361 $4,126 $— $4,568 $15,693 $156,332 $181,080 
Statewide and associate
— — — — — 10,984 — 10,984 
Total CFC— 361 4,126 — 4,568 26,677 156,332 192,064 
NCSC electric— — — — — — 600 600 
Total special mention$— $361 $4,126 $— $4,568 $26,677 $156,932 $192,664 
Substandard
Total substandard$— $— $— $— $— $— $— $— 
Doubtful
CFC Power supply$— $— $— $— $— $26,099 $— $26,099 
Total doubtful$— $— $— $— $— $26,099 $— $26,099 
Total criticized loans$— $361 $4,126 $— $4,568 $52,776 $156,932 $218,763 
Total loans outstanding$2,885,664 $3,257,380 $3,118,244 $2,637,319 $2,075,297 $18,536,659 $4,552,985 $37,063,548 
Schedule of Unadvanced Commitments The following table presents unadvanced loan commitments, by member class and by loan type, as of February 28, 2026 and May 31, 2025.
Table 4.4: Unadvanced Commitments by Member Class and Loan Type(1)

(Dollars in thousands)February 28, 2026May 31, 2025
Member class:
CFC:
Distribution$12,922,422 $11,948,516 
Power supply5,358,997 5,097,398 
Statewide and associate195,553 215,768 
Total CFC18,476,972 17,261,682 
NCSC:
Electric
364,071 520,312 
Telecom
372,750 437,015 
Total NCSC
736,821 957,327 
Total unadvanced commitments
$19,213,793 $18,219,009 
Loan type:(2)
  
Long-term loans:
Fixed rate$— $— 
Variable rate8,231,549 7,471,266 
Total long-term loans8,231,549 7,471,266 
Lines of credit10,982,244 10,747,743 
Total unadvanced commitments$19,213,793 $18,219,009 
____________________________
(1)Excludes the portion of any commitment to advance funds under swingline loan facilities in excess of CFC’s total commitment amount in a syndicated credit facility. Other syndicate lenders have an absolute obligation to acquire participations in such swingline loans upon CFC’s election, including during a default by the borrower.
(2)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 Balance and Maturities of Lines of Credit
The following table displays, by loan type, the available balance under unadvanced loan commitments as of February 28, 2026, and the related maturities in each fiscal year during the five-year period ended May 31, 2030, and thereafter.

Table 4.5: Unadvanced Loan Commitments

 Available
Balance		Notional Maturities of Unadvanced Loan Commitments
(Dollars in thousands)20262027202820292030Thereafter
Line of credit loans$10,982,244 $226,610 $4,569,140 $2,069,204 $1,769,149 $1,407,901 $940,240 
Long-term loans8,231,549 91,194 1,233,056 1,095,961 1,993,861 1,900,406 1,917,071 
Total$19,213,793 $317,804 $5,802,196 $3,165,165 $3,763,010 $3,308,307 $2,857,311 
Schedule 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 as of February 28, 2026, and the related maturity amounts in each fiscal year during the five-year period ending May 31, 2030, and thereafter.
Table 4.6: Unconditional Committed Lines of Credit—Available Balance

 Available
Balance		Notional Maturities of Unconditional Committed Lines of Credit
(Dollars in thousands)20262027202820292030Thereafter
Committed lines of credit$3,706,949 $132,400 $199,134 $934,647 $1,051,597 $711,181 $677,990 
Schedule of Pledged Collateral Loans Table 4.7 displays the borrowing amount under each of our secured borrowing agreements and the corresponding loans outstanding pledged as collateral as of February 28, 2026 and May 31, 2025. See “Note 6—Short-Term Borrowings” and “Note 7—Long-Term Debt” in this Report for information on our secured borrowings and other borrowings.
Table 4.7: Pledged Loans

(Dollars in thousands)February 28, 2026May 31, 2025
Collateral trust bonds:  
2007 indenture:  
Collateral trust bonds outstanding$6,665,191 $7,072,711 
Pledged collateral:
Distribution system mortgage notes pledged7,709,091 8,107,921 
RUS-guaranteed loans qualifying as permitted investments pledged97,401 104,628 
Total pledged collateral7,806,492 8,212,549 
1994 indenture:  
Collateral trust bonds outstanding$5,000 $10,000 
Pledged collateral:
Distribution system mortgage notes pledged12,885 14,575 
Guaranteed Underwriter Program:
Notes payable outstanding$5,743,393 $6,456,852 
Pledged collateral:
Distribution and power supply system mortgage notes pledged7,392,048 7,640,203 
Farmer Mac:  
Notes payable outstanding$3,929,086 $3,780,461 
Pledged collateral:
Distribution and power supply system mortgage notes pledged4,892,969 4,648,691