Fair Value Measurement (Tables)

9 Months Ended

Feb. 28, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value by Balance Sheet Grouping

The following table presents the carrying value and estimated fair value of all of our financial instruments, including those carried at amortized cost, as of February 28, 2026 and May 31, 2025. The table also displays the classification level within the fair value hierarchy based on the degree of observability of the inputs used in the valuation technique for estimating fair value.

Table 12.1: Fair Value of Financial Instruments

	February 28, 2026				Fair Value Measurement Level
(Dollars in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	240,687	$	240,687	$	240,687	$	—	$	—
Restricted cash	8,547		8,547		8,547		—		—
Equity securities, at fair value	10,228		10,228		10,228		—		—
Debt securities trading, at fair value	42,620		42,620		—		42,620		—
Deferred compensation investments	8,485		8,485		8,485		—		—
Loans to members, net	38,714,170		36,656,864		—		—		36,656,864
Accrued interest receivable	260,735		260,735		—		260,735		—
Derivative assets	418,984		418,984		—		418,984		—
Total financial assets	$	39,704,456	$	37,647,150	$	267,947	$	722,339	$	36,656,864
Liabilities:
Short-term borrowings	$	5,100,828	$	5,103,943	$	—	$	5,103,943	$	—
Long-term debt	28,908,515		28,736,396		—		19,378,581		9,357,815
Accrued interest payable	298,444		298,444		—		298,444		—
Guarantee liability	15,891		17,269		—		—		17,269
Derivative liabilities	48,156		48,156		—		48,156		—
Deferred compensation liability	8,485		8,485		8,485		—		—
Subordinated deferrable debt	1,209,713		1,229,487		238,050		991,437		—
Members’ subordinated certificates	1,127,906		1,127,906		—		—		1,127,906
Total financial liabilities	$	36,717,938	$	36,570,086	$	246,535	$	25,820,561	$	10,502,990

	May 31, 2025				Fair Value Measurement Level
(Dollars in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	134,712	$	134,712	$	134,712	$	—	$	—
Restricted cash	8,410		8,410		8,410		—		—
Equity securities, at fair value	11,252		11,252		11,252		—		—
Debt securities trading, at fair value	113,663		113,663		—		113,663		—
Deferred compensation investments	8,019		8,019		8,019		—		—
Loans to members, net	37,039,363		34,113,178		—		—		34,113,178
Accrued interest receivable	270,222		270,222		—		270,222		—
Derivative assets	555,855		555,855		—		555,855		—
Total financial assets	$	38,141,496	$	35,215,311	$	162,393	$	939,740	$	34,113,178
Liabilities:
Short-term borrowings	$	5,091,416	$	5,094,451	$	—	$	5,094,451	$	—
Long-term debt	27,163,701		26,415,950		—		16,737,855		9,678,095
Accrued interest payable	294,917		294,917		—		294,917		—
Guarantee liability	14,396		15,321		—		—		15,321
Derivative liabilities	51,368		51,368		—		51,368		—
Deferred compensation liability	8,019		8,019		8,019		—		—
Subordinated deferrable debt	1,329,485		1,341,974		238,620		1,103,354		—
Members’ subordinated certificates	1,184,714		1,184,714		—		—		1,184,714
Total financial liabilities	$	35,138,016	$	34,406,714	$	246,639	$	23,281,945	$	10,878,130

Schedule of the Entity's Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following table presents the carrying value and fair value of financial instruments reported in our consolidated financial statements at fair value on a recurring basis as of February 28, 2026 and May 31, 2025, and the classification of the valuation technique within the fair value hierarchy. We did not have any assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs during YTD FY2026 or YTD FY2025.

Table 12.2: Assets and Liabilities Measured at Fair Value on a Recurring Basis

	February 28, 2026						May 31, 2025
(Dollars in thousands)	Level 1		Level 2		Total		Level 1		Level 2		Total
Assets:
Equity securities, at fair value	$	10,228	$	—	$	10,228	$	11,252	$	—	$	11,252
Debt securities trading, at fair value	—		42,620		42,620		—		113,663		113,663
Deferred compensation investments	8,485		—		8,485		8,019		—		8,019
Derivative assets	—		418,984		418,984		—		555,855		555,855
Liabilities:
Derivative liabilities	$	—	$	48,156	$	48,156	$	—	$	51,368	$	51,368
Deferred compensation liability	8,485		—		8,485		8,019		—		8,019