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Loans (Tables)
 12 Months Ended
May 31, 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 May 31, 2026 and 2025.
Table 4.1: Loans to Members by Member Class and Loan Type
May 31,
20262025
(Dollars in thousands)Amount% of TotalAmount% of Total
Member class:
CFC:
Distribution$30,085,224 78 %$29,262,495 79 %
Power supply6,403,396 17 5,895,500 16 
Statewide and associate258,397 — 251,325 — 
Total CFC36,747,017 95 35,409,320 95 
NCSC:
Electric
1,073,794 3 1,078,763 3 
Telecom
582,604 2 575,465 2 
Total NCSC
1,656,398 5 1,654,228 5 
Total loans outstanding(1)
38,403,415 100 37,063,548 100 
Deferred loan origination costs—CFC(2)
18,713 — 16,430 — 
Loans to members$38,422,128 100 %$37,079,978 100 %
Loan type:
Long-term loans:
Fixed rate$32,384,884 84 %$31,388,313 85 %
Variable rate1,435,958 4 1,122,250 3 
Total long-term loans33,820,842 88 32,510,563 88 
Lines of credit4,582,573 12 4,552,985 12 
Total loans outstanding(1)
38,403,415 100 37,063,548 100 
Deferred loan origination costs—CFC(2)
18,713 — 16,430 — 
Loans to members$38,422,128 100 %$37,079,978 100 %
____________________________
(1) Represents the unpaid principal balance, net of discounts, charge-offs and recoveries, of loans as of each period end.
(2) Deferred loan origination costs are recorded at CFC segment.
Schedule of Payment Status of Loans Outstanding following table presents the payment status, by legal entity and member class, of loans outstanding as of May 31, 2026 and 2025.
Table 4.2: Payment Status of Loans Outstanding
May 31, 2026
(Dollars in thousands)Current30-89 Days Past Due> 90 Days
Past Due 		Total
Past Due		Total Loans OutstandingNonaccrual Loans
Member class:
CFC:
Distribution$30,085,224$— $— $— $30,085,224$— 
Power supply6,403,396— — — 6,403,3967,500
Statewide and associate258,397— — — 258,397— 
Total CFC
36,747,017— — — 36,747,0177,500
NCSC:
Electric
1,073,794— — — 1,073,794— 
Telecom
582,604— — — 582,604— 
Total NCSC
1,656,398— — — 1,656,398— 
Total loans outstanding$38,403,415$— $— $— $38,403,415$7,500
Percentage of total loans100.00 %— %— %— %100.00 %0.02 %
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
May 31, 2026
Term Loans by Fiscal Year of Origination
(Dollars in thousands)20262025202420232022PriorRevolving LoansTotal
Pass
CFC:
Distribution$2,267,762 $2,179,606 $2,415,406 $2,269,673 $2,170,793 $15,531,739 $3,060,902 $29,895,881 
Power supply651,065 435,159 482,656 429,479 270,611 3,145,266 981,660 6,395,896 
Statewide and associate
— 6,390 35,761 54,516 2,598 21,929 127,479 248,673 
Total CFC
2,918,827 2,621,155 2,933,823 2,753,668 2,444,002 18,698,934 4,170,041 36,540,450 
NCSC:
Electric
122,588 79,523 90,059 243,799 15,907 324,006 197,912 1,073,794 
Telecom
110,504 50,147 112,776 19,496 26,462 213,734 49,485 582,604 
Total NCSC
233,092 129,670 202,835 263,295 42,369 537,740 247,397 1,656,398 
Total pass$3,151,919 $2,750,825 $3,136,658 $3,016,963 $2,486,371 $19,236,674 $4,417,438 $38,196,848 
Special mention
CFC:
Distribution$563 $— $357 $4,064 $— $19,224 $165,135 $189,343 
Statewide and associate— — — — — 9,724 — 9,724 
Total CFC
563 — 357 4,064 — 28,948 165,135 199,067 
Total special mention$563 $— $357 $4,064 $— $28,948 $165,135 $199,067 
Substandard
Total substandard$— $— $— $— $— $— $— $— 
Doubtful
CFC Power supply
$— $— $— $— $— $7,500 $— $7,500 
Total doubtful$— $— $— $— $— $7,500 $— $7,500 
Total criticized loans$563 $— $357 $4,064 $— $36,448 $165,135 $206,567 
Total loans outstanding$3,152,482 $2,750,825 $3,137,015 $3,021,027 $2,486,371 $19,273,122 $4,582,573 $38,403,415 
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 May 31, 2026 and 2025.
Table 4.4: Unadvanced Commitments by Member Class and Loan Type(1)

May 31,
(Dollars in thousands)20262025
Member class:
CFC:
Distribution$13,576,857 $11,948,516 
Power supply5,501,553 5,097,398 
Statewide and associate212,108 215,768 
Total CFC19,290,518 17,261,682 
NCSC:
Electric
359,203 520,312 
Telecom
364,178 437,015 
Total NCSC
723,381 957,327 
Total unadvanced commitments$20,013,899 $18,219,009 
Loan type:(2)
Long-term loans:
Fixed rate$— $— 
Variable rate8,397,685 7,471,266 
Total long-term loans8,397,685 7,471,266 
Lines of credit11,616,214 10,747,743 
Total unadvanced commitments$20,013,899 $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 May 31, 2026 and the related maturities in each fiscal year during the five-year period ended May 31, 2031, and thereafter.

Table 4.5: Unadvanced Loan Commitments
Available
Balance		Notional Maturities of Unadvanced Loan Commitments
(Dollars in thousands)20272028202920302031Thereafter
Line of credit loans$11,616,214 $4,767,815 $2,332,625 $1,855,129 $1,419,149 $1,241,496 $— 
Long-term loans8,397,685 930,157 1,095,051 1,913,020 1,840,806 2,521,682 96,969 
Total$20,013,899 $5,697,972 $3,427,676 $3,768,149 $3,259,955 $3,763,178 $96,969 
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 May 31, 2026, and the related maturity amounts in each fiscal year during the five-year period ending May 31, 2031.
Table 4.6: Unconditional Committed Lines of Credit—Available Balance
Available
Balance		Notional Maturities of Unconditional Committed Lines of Credit
(Dollars in thousands)20272028202920302031
Committed lines of credit$3,725,868 $29,395 $951,661 $1,109,669 $736,681 $898,462 
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 May 31, 2026 and 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
May 31,
(Dollars in thousands)20262025
Collateral trust bonds:
2007 indenture:
Collateral trust bonds outstanding$6,665,191 $7,072,711 
Pledged collateral:
Distribution system mortgage notes pledged7,597,147 8,107,921 
RUS-guaranteed loans qualifying as permitted investments pledged
95,152 104,628 
Total pledged collateral7,692,299 8,212,549 
1994 indenture:
Collateral trust bonds outstanding$5,000 $10,000 
Pledged collateral:
Distribution system mortgage notes pledged7,155 14,575 
Guaranteed Underwriter Program:
Notes payable outstanding$5,338,722 $6,456,852 
Pledged collateral:
Distribution and power supply system mortgage notes pledged6,744,950 7,640,203 
Farmer Mac:
Notes payable outstanding$3,911,993 $3,780,461 
Pledged collateral:
Distribution and power supply system mortgage notes pledged4,837,570 4,648,691