Fair Value Measurement (Tables)

12 Months Ended

May 31, 2026

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 May 31, 2026 and 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 14.1: Fair Value of Financial Instruments


	May 31, 2026				Fair Value Measurement Level
(Dollars in thousands)	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Assets:
Cash and cash equivalents	$	248,819	$	248,819	$	248,819	$	—	$	—
Restricted cash	8,599		8,599		8,599		—		—

Equity securities, at fair value	11,021		11,021		11,021		—		—
Debt securities trading, at fair value	31,144		31,144		—		31,144		—
Deferred compensation investments	9,011		9,011		9,011		—		—
Loans to members, net	38,392,181		35,853,501		—		—		35,853,501
Accrued interest receivable	264,952		264,952		—		264,952		—

Derivative assets	554,116		554,116		—		554,116		—
Total financial assets	$	39,519,843	$	36,981,163	$	277,450	$	850,212	$	35,853,501

Liabilities:
Short-term borrowings	$	5,159,771	$	5,161,495	$	—	$	5,161,495	$	—
Long-term debt	28,345,934		27,715,985		—		18,993,254		8,722,731
Accrued interest payable	308,506		308,506		—		308,506		—
Guarantee liability	16,847		18,236		—		—		18,236
Derivative liabilities	31,414		31,414		—		31,414		—
Deferred compensation liability	9,011		9,011		9,011		—		—
Subordinated deferrable debt	1,310,282		1,317,026		236,320		1,080,706		—
Members’ subordinated certificates	1,128,240		1,128,240		—		—		1,128,240
Total financial liabilities	$	36,310,005	$	35,689,913	$	245,331	$	25,575,375	$	9,869,207


	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 May 31, 2026 and 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 the years ended May 31, 2026 and 2025.

Table 14.2: Assets and Liabilities Measured at Fair Value on a Recurring Basis


	May 31,
	2026						2025
(Dollars in thousands)	Level 1		Level 2		Total		Level 1		Level 2		Total
Assets:

Equity securities, at fair value	$	11,021	$	—	$	11,021	$	11,252	$	—	$	11,252
Debt securities trading, at fair value	—		31,144		31,144		—		113,663		113,663
Deferred compensation investments	9,011		—		9,011		8,019		—		8,019
Derivative assets	—		554,116		554,116		—		555,855		555,855

Liabilities:
Derivative liabilities	$	—	$	31,414	$	31,414	$	—	$	51,368	$	51,368
Deferred compensation liability	9,011		—		9,011		8,019		—		8,019