v3.26.3
Loans (Tables)
 3 Months Ended
Aug. 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 August 31, 2026 and May 31, 2026.
Table 4.1: Loans to Members by Member Class and Loan Type

August 31, 2026May 31, 2026
(Dollars in thousands)Amount% of TotalAmount% of Total
Member class:
CFC:
Distribution$30,227,582 79 %$30,085,224 78 %
Power supply6,128,758 16 6,403,396 17 
Statewide and associate263,700 — 258,397 — 
Total CFC36,620,040 95 36,747,017 95 
NCSC:
Electric
1,111,967 3 1,073,794 3 
Telecom
585,651 2 582,604 2 
Total NCSC
1,697,618 5 1,656,398 5 
Total loans outstanding(1)
38,317,658 100 38,403,415 100 
Deferred loan origination costs—CFC(2)
19,660 — 18,713 — 
Loans to members$38,337,318 100 %$38,422,128 100 %
Loan type:
Long-term loans:
Fixed rate$32,624,863 85 %$32,384,884 84 %
Variable rate1,429,997 4 1,435,958 4 
Total long-term loans34,054,860 89 33,820,842 88 
Line of credit loans4,262,798 11 4,582,573 12 
Total loans outstanding(1)
38,317,658 100 38,403,415 100 
Deferred loan origination costs—CFC(2)
19,660 — 18,713 — 
Loans to members$38,337,318 100 %$38,422,128 100 %
___________________________
(1)Represents the unpaid principal balance, net of discounts, charge-offs and recoveries, of loans as of the end of each period.
(2)Deferred loan origination costs are recorded at CFC segment.
Schedule of Payment Status of Loans Outstanding The following table presents the payment status, by legal entity and member class, of loans outstanding as of August 31, 2026 and May 31, 2026.
Table 4.2: Payment Status of Loans Outstanding

August 31, 2026
(Dollars in thousands)Current30-89 Days Past Due90 Days or More
Past Due 		Total
Past Due		Total Loans OutstandingNonaccrual Loans
Member class:
CFC:
Distribution$30,227,582$—$—$—$30,227,582$—
Power supply6,128,758———6,128,7585,000
Statewide and associate263,700———263,700— 
Total CFC
36,620,040———36,620,0405,000
NCSC:
Electric
1,111,967———1,111,967—
Telecom
585,651———585,651—
Total NCSC
1,697,618———1,697,618—
Total loans outstanding$38,317,658$—$—$—$38,317,658$5,000
Percentage of total loans100.00 %— %— %— %100.00 %0.01 %

May 31, 2026
(Dollars in thousands)Current30-89 Days Past Due90 Days or More
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 %
Schedule of Loans Outstanding by Borrower Risk Ratings and Origination Year
Table 4.3: Loans Outstanding by Borrower Risk Ratings and Origination Year

August 31, 2026
Term Loans by Fiscal Year of Origination
(Dollars in thousands)Q1 FY20272026202520242023PriorRevolving LoansTotal
Pass
CFC:
Distribution$725,865 $2,252,924 $2,166,390 $2,399,047 $2,251,870 $17,373,407 $2,868,306 $30,037,809 
Power supply94,559 620,042 318,231 478,876 426,350 3,349,489 836,211 6,123,758 
Statewide and associate
3,000 — 6,264 35,622 53,621 23,287 132,833 254,627 
Total CFC
823,424 2,872,966 2,490,885 2,913,545 2,731,841 20,746,183 3,837,350 36,416,194 
NCSC:
Electric
43,553 137,322 78,266 87,989 228,018 330,865 205,954 1,111,967 
Telecom
16,613 107,064 49,333 107,286 18,458 233,546 53,351 585,651 
Total NCSC
60,166 244,386 127,599 195,275 246,476 564,411 259,305 1,697,618 
Total pass$883,590 $3,117,352 $2,618,484 $3,108,820 $2,978,317 $21,310,594 $4,096,655 $38,113,812 
Special mention
CFC:
Distribution$— $556 $— $355 $4,032 $18,687 $166,143 $189,773 
Statewide and associate
— — — — — 9,073 — 9,073 
Total CFC
— 556 — 355 4,032 27,760 166,143 198,846 
Total special mention$— $556 $— $355 $4,032 $27,760 $166,143 $198,846 
Substandard
Total substandard$— $— $— $— $— $— $— $— 
Doubtful
CFC power supply$— $— $— $— $— $5,000 $— $5,000 
Total doubtful$— $— $— $— $— $5,000 $— $5,000 
Total criticized loans$— $556 $— $355 $4,032 $32,760 $166,143 $203,846 
Total loans outstanding$883,590 $3,117,908 $2,618,484 $3,109,175 $2,982,349 $21,343,354 $4,262,798 $38,317,658 
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 CFC2,918,827 2,621,155 2,933,823 2,753,668 2,444,002 18,698,934 4,170,041 36,540,450 
NCSC:
Electric122,588 79,523 90,059 243,799 15,907 324,006 197,912 1,073,794 
Telecom110,504 50,147 112,776 19,496 26,462 213,734 49,485 582,604 
Total NCSC233,092 129,670 202,835 263,295 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 CFC563 — 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 
Schedule of Unadvanced Commitments The following table presents unadvanced loan commitments, by member class and by loan type, as of August 31, 2026 and May 31, 2026.
Table 4.4: Unadvanced Commitments by Member Class and Loan Type(1)

(Dollars in thousands)August 31, 2026May 31, 2026
Member class:
CFC:
Distribution$14,177,129 $13,576,857 
Power supply5,788,652 5,501,553 
Statewide and associate201,708 212,108 
Total CFC20,167,489 19,290,518 
NCSC:
Electric
399,309 359,203 
Telecom
368,277 364,178 
Total NCSC
767,586 723,381 
Total unadvanced commitments
$20,935,075 $20,013,899 
Loan type:(2)
Long-term loans:
Fixed rate$— $— 
Variable rate9,040,261 8,397,685 
Total long-term loans9,040,261 8,397,685 
Line of credit loans11,894,814 11,616,214 
Total unadvanced commitments$20,935,075 $20,013,899 
____________________________
(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 August 31, 2026, and the related maturities in each fiscal year during the five-year period ending 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$11,894,814 $764,637 $5,997,253 $1,842,603 $1,551,490 $1,239,945 $498,886 
Long-term loans9,040,261 681,874 1,141,033 1,693,568 1,809,057 3,068,900 645,829 
Total$20,935,075 $1,446,511 $7,138,286 $3,536,171 $3,360,547 $4,308,845 $1,144,715 
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 August 31, 2026, and the related maturity amounts in each fiscal year during the five-year period ending May 31, 2031, and thereafter.
Table 4.6: Unconditional Committed Lines of Credit—Available Balance

Available
Balance		Notional Maturities of Unconditional Committed Lines of Credit
(Dollars in thousands)20272028202920302031Thereafter
Committed lines of credit$3,908,439 $10,000 $780,981 $1,093,850 $767,184 $879,427 $376,997 
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 August 31, 2026 and May 31, 2026. 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

(Dollars in thousands)August 31, 2026May 31, 2026
Collateral trust bonds:
2007 indenture:
Collateral trust bonds outstanding$6,661,283 $6,665,191 
Pledged collateral:
Distribution system mortgage notes pledged7,328,520 7,597,147 
RUS-guaranteed loans qualifying as permitted investments pledged92,107 95,152 
Total pledged collateral7,420,627 7,692,299 
1994 indenture:
Collateral trust bonds outstanding$5,000 $5,000 
Pledged collateral:
Distribution system mortgage notes pledged6,741 7,155 
Guaranteed Underwriter Program:
Notes payable outstanding$5,284,047 $5,338,722 
Pledged collateral:
Distribution and power supply system mortgage notes pledged6,641,297 6,744,950 
Farmer Mac:
Notes payable outstanding$3,866,451 $3,911,993 
Pledged collateral:
Distribution and power supply system mortgage notes pledged4,742,964 4,837,570