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Derivative Instruments and Hedging Activities (Tables)
 12 Months Ended
May 31, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts and Weighted Average Rates Paid and Received The following table shows, by derivative instrument type, the notional amount, the weighted-average interest rate paid and the weighted-average interest rate received for our interest rate swaps as of May 31, 2026 and 2025. For the substantial majority of interest rate swap agreements, SOFR is used as the basis for determining variable interest payment amounts each period.
Table 10.1: Derivative Notional Amount and Weighted-Average Rates
May 31,
20262025
(Dollars in thousands)Notional
Amount		Weighted-
Average
Rate Paid		Weighted-
Average
Rate Received		Notional
Amount		Weighted-
Average
Rate Paid		Weighted-
Average
Rate Received
Pay-fixed swaps$5,380,215 2.84 %3.83 %$5,833,458 2.84 %4.54 %
Receive-fixed swaps1,163,968 3.94 3.80 1,418,777 5.08 3.39 
Total interest rate swaps$6,544,183 3.03 3.82 $7,252,235 3.28 4.32 
Forward pay-fixed swaps21,350 — 
Total interest rate swaps$6,565,533 $7,252,235 
Schedule of Derivative Instruments Maturity
The following table presents the notional amount of our interest rate swaps maturing in each of the five fiscal years subsequent to May 31, 2026 and thereafter.


Table 10.2: Derivative Notional Amount Maturities
Notional AmountNotional Amortization and Maturities
(Dollars in thousands)20272028202920302031Thereafter
Interest rate swaps$6,565,533$615,302$312,308$705,466$344,160$424,141$4,164,156
Schedule of Fair Values and Notional Amounts of Outstanding Derivatives
The following table displays the fair value of the derivative assets and derivative liabilities, by derivative type, recorded on our consolidated balance sheets and the related outstanding notional amount as of May 31, 2026 and 2025.

Table 10.3: Derivative Assets and Liabilities at Fair Value
May 31,
20262025
(Dollars in thousands)Fair Value
Notional Amount (1)
Fair Value
Notional Amount
Derivative assets:
Interest rate swaps$554,116 $5,550,124 $555,855 $5,694,835 
Total derivative assets$554,116 $5,550,124 $555,855 $5,694,835 
Derivative liabilities:
Interest rate swaps$31,414 $1,015,409 $51,368 $1,557,400 
Total derivative liabilities$31,414 $1,015,409 $51,368 $1,557,400 
___________________________
(1)The notional amount as of May 31, 2026 included $21 million of forward starting swaps, as shown above in Table 10.1: Derivative Notional Amount and Weighted-Average Rates, with an effective start date in June 2026. The fair value of the swap as of May 31, 2026 is included in the above table and in our consolidated financial statements.
Schedule of Offsetting Assets The following table presents the gross fair value of derivative assets and liabilities
reported on our consolidated balance sheets as of May 31, 2026 and 2025, and provides information on the impact of netting provisions under our master swap agreements and collateral pledged, if any.

Table 10.4: Derivative Gross and Net Amounts
May 31, 2026
Gross Amount
of Recognized
Assets/ Liabilities		Gross Amount
Offset in the
Balance Sheet		Net Amount of Assets/ Liabilities
Presented
in the
Balance Sheet		Gross Amount
Not Offset in the
Balance Sheet
(Dollars in thousands)Financial
Instruments		Cash
Collateral
Pledged		Net
Amount
Derivative assets:
Interest rate swaps$554,116 $— $554,116 $30,572 $— $523,544 
Derivative liabilities:
Interest rate swaps31,414 — 31,414 30,572 — 842 
May 31, 2025
Gross Amount
of Recognized
Assets/ Liabilities		Gross Amount
Offset in the
Balance Sheet		Net Amount of Assets/ Liabilities
Presented
in the
Balance Sheet		Gross Amount
Not Offset in the
Balance Sheet
(Dollars in thousands)Financial
Instruments		Cash
Collateral
Pledged		Net
Amount
Derivative assets:
Interest rate swaps$555,855 $— $555,855 $49,806 $— $506,049 
Derivative liabilities:
Interest rate swaps51,368 — 51,368 49,806 — 1,562 
Schedule of Offsetting Liabilities The following table presents the gross fair value of derivative assets and liabilities
reported on our consolidated balance sheets as of May 31, 2026 and 2025, and provides information on the impact of netting provisions under our master swap agreements and collateral pledged, if any.

Table 10.4: Derivative Gross and Net Amounts
May 31, 2026
Gross Amount
of Recognized
Assets/ Liabilities		Gross Amount
Offset in the
Balance Sheet		Net Amount of Assets/ Liabilities
Presented
in the
Balance Sheet		Gross Amount
Not Offset in the
Balance Sheet
(Dollars in thousands)Financial
Instruments		Cash
Collateral
Pledged		Net
Amount
Derivative assets:
Interest rate swaps$554,116 $— $554,116 $30,572 $— $523,544 
Derivative liabilities:
Interest rate swaps31,414 — 31,414 30,572 — 842 
May 31, 2025
Gross Amount
of Recognized
Assets/ Liabilities		Gross Amount
Offset in the
Balance Sheet		Net Amount of Assets/ Liabilities
Presented
in the
Balance Sheet		Gross Amount
Not Offset in the
Balance Sheet
(Dollars in thousands)Financial
Instruments		Cash
Collateral
Pledged		Net
Amount
Derivative assets:
Interest rate swaps$555,855 $— $555,855 $49,806 $— $506,049 
Derivative liabilities:
Interest rate swaps51,368 — 51,368 49,806 — 1,562 
Schedule of Gains and Losses Recorded on the Consolidated Statements of Operations for the Entity's Interest Rate Swaps
The following table presents the components of the derivative gains (losses) reported in our consolidated statements of operations. Derivative cash settlements interest income (expense) represents the net periodic contractual interest amount for our interest rate swaps during the reporting period. Derivative forward value gains (losses) represent the change in fair value of our interest rate swaps during the reporting period due to changes in expected future interest rates over the remaining life of our derivative contracts. We classify the derivative cash settlement amounts for the net periodic contractual interest expense on our interest rate swaps as an operating activity in our consolidated statements of cash flows.
Table 10.5: Derivative Gains (Losses)
Year Ended May 31,
(Dollars in thousands)202620252024
Derivative gains (losses) attributable to:
Derivative cash settlements interest income(1)
$63,953 $99,219 $127,166 
Derivative forward value gains (losses)
18,213 (105,070)264,871 
Derivative gains (losses)
$82,166 $(5,851)$392,037 
___________________________
(1)During FY2026, in connection with the redemption of the 2043 Notes, we terminated $300 million in notional amount of our pay-fixed interest rate swaps hedging the 2043 Notes. The termination resulted in an immaterial amount of settlement gains recorded in derivative gains (losses) in our consolidated statements of operations. See “Note 8—Subordinated Deferrable Debt” for details on the redemption of the 2043 Notes.
Schedule of Notional Amounts of Derivative Instruments Having Rating Triggers
The following table displays the notional amounts of our derivative contracts with mutual rating triggers as of May 31, 2026, and the payments that would be required if the contracts were terminated as of that date because of a downgrade of our unsecured credit ratings or the counterparty’s unsecured credit ratings below A3/A-, below Baa1/BBB+, to or below Baa2/BBB, or to or below Ba2/BB+ by Moody’s or S&P, respectively. In calculating the payment amounts that would be required upon termination of the derivative contracts, we assume that amounts for each counterparty would be netted in accordance with the provisions of the master netting agreements with the counterparty. The net payment amounts are based on the fair value of the underlying derivative instrument, excluding the credit risk valuation adjustment, plus any unpaid accrued interest amounts.

Table 10.6: Derivative Credit Rating Trigger Exposure
(Dollars in thousands)Notional
Amount		Payable Due from CFCReceivable Due to CFCNet Receivable (Payable)
Impact of rating downgrade trigger:
Falls below A3/A-(1)
$14,000 $(353)$— $(353)
Falls below Baa1/BBB+3,315,616 (588)258,627 258,039 
Falls to or below Baa2/BBB(2)
436,761 — 22,332 22,332 
Falls below Baa2/BBB926,275 — 84,222 84,222 
Total$4,692,652 $(941)$365,181 $364,240 
___________________________
(1)Rating trigger for CFC falls below A3/A-, while rating trigger for counterparty falls below Baa1/BBB+ by Moody’s or S&P, respectively.
(2)Rating trigger for CFC falls to or below Baa2/BBB, while rating trigger for counterparty falls to or below Ba2/BB+ by Moody’s or S&P, respectively.