Long-Term Debt (Tables)

12 Months Ended

May 31, 2026

Debt Instruments [Abstract]

Schedule of Long-term Debt Outstanding

The following table displays, by debt product type, long-term debt outstanding, the weighted-average interest rates and the maturity date as of May 31, 2026 and 2025. Long-term debt outstanding totaled $28,346 million and $27,164 million as of May 31, 2026 and 2025, respectively, and accounted for 79% and 78% of total debt outstanding as of each respective date. Long-term debt with fixed and variable interest rates accounted for 90% and 10%, respectively, of our total long-term debt outstanding as of May 31, 2026, compared with 94% and 6%, respectively, of our total long-term debt outstanding as of May 31, 2025.

Table 7.1: Long-Term Debt—Debt Product Types and Weighted-Average Interest Rates

	May 31,
	2026					2025
(Dollars in thousands)	Amount		Weighted- Average Interest Rate		Maturity(1)	Amount		Weighted- Average Interest Rate		Maturity(1)
Secured long-term debt:
Collateral trust bonds(2)	$	6,670,191	3.70	%	2026-2049	$	7,082,711	3.68	%	2025-2049
Unamortized premium (discount), net	(140,322)					(155,393)
Debt issuance costs	(27,466)					(31,616)
Total collateral trust bonds	6,502,403					6,895,702
Guaranteed Underwriter Program notes payable	5,338,722		3.38		2027-2055	6,456,852		3.31		2025-2055
Farmer Mac notes payable	3,911,993		3.86		2026-2055	3,780,461		4.00		2025-2049
Total secured notes payable	9,250,715					10,237,313
Total secured long-term debt	15,753,118		3.63			17,133,015		3.61
Unsecured long-term debt:
Medium-term notes sold through dealers(3)	12,242,476		4.44		2026-2037	9,637,577		4.64		2025-2037
Medium-term notes sold to members	376,726		4.31		2026-2045	419,648		4.61		2025-2037
Medium-term notes sold through dealers and to members	12,619,202		4.44			10,057,225		4.64
Unamortized premium (discount), net	551					2,641
Debt issuance costs	(26,937)					(29,180)
Total unsecured long-term debt	12,592,816		4.44			10,030,686		4.64
Total long-term debt	$	28,345,934	3.99			$	27,163,701	3.99

___________________________

(1)Maturity is presented based on calendar year.

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

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

Schedule of Long-term Debt Maturities

The following table presents the principal amount of long-term debt maturing in each of the five fiscal years subsequent to May 31, 2026 and thereafter.

Table 7.2: Long-Term Debt—Maturities and Weighted-Average Interest Rates

(Dollars in thousands)	Maturity Amount(1)		Weighted-Average Interest Rate
2027	$	4,598,356	3.75	%
2028	5,038,985		4.03
2029	4,597,695		4.11
2030	2,613,770		4.01
2031	1,947,007		3.68
Thereafter	9,744,295		4.08
Total	$	28,540,108	3.99

___________________________

(1)Amounts presented are based on the face amount of debt outstanding as of May 31, 2026, and therefore do not include debt issuance costs and unamortized premiums or discounts.