Long-Term Debt (Tables)

9 Months Ended

Feb. 28, 2026

Debt Instruments [Abstract]

Schedule of Long-term Debt Outstanding

The following table displays, by debt product type, long-term debt outstanding as of February 28, 2026 and May 31, 2025. Long-term debt outstanding totaled $28,909 million and $27,164 million as of February 28, 2026 and May 31, 2025, respectively, and accounted for 80% and 78% of total debt outstanding as of each respective date.

Table 7.1: Long-Term Debt by Debt Product Type

(Dollars in thousands)	February 28, 2026		May 31, 2025
Secured long-term debt:
Collateral trust bonds(1)	$	6,670,191	$	7,082,711
Unamortized premium (discount), net	(144,219)		(155,393)
Debt issuance costs	(28,473)		(31,616)
Total collateral trust bonds	6,497,499		6,895,702
Guaranteed Underwriter Program notes payable	5,743,393		6,456,852
Farmer Mac notes payable	3,929,086		3,780,461
Total secured notes payable	9,672,479		10,237,313
Total secured long-term debt	16,169,978		17,133,015
Unsecured long-term debt:
Medium-term notes sold through dealers(2)	12,400,586		9,637,577
Medium-term notes sold to members	365,827		419,648
Medium term notes sold through dealers and to members	12,766,413		10,057,225
Unamortized premium (discount), net	624		2,641
Debt issuance costs	(28,500)		(29,180)
Total unsecured long-term debt	12,738,537		10,030,686
Total long-term debt	$	28,908,515	$	27,163,701

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(1)Collateral trust bonds represent secured obligations sold to investors in the capital markets, including those issued through both public offerings and private placement transactions.

(2)Amount includes medium-term notes issued to both institutional and retail investors in the capital markets.