Short-Term Borrowings (Tables)

3 Months Ended

Aug. 31, 2026

The following table provides information on our short-term borrowings as of August 31, 2026 and May 31, 2026.

Table 6.1: Short-Term Borrowings Sources



	August 31, 2026				May 31, 2026
(Dollars in thousands)	Amount		% of Total Debt Outstanding		Amount		% of Total Debt Outstanding
Short-term borrowings:
Commercial paper:
Commercial paper sold through dealers, net of discounts	$	1,695,026	5	%	$	2,338,411	7	%
Commercial paper sold directly to members, at par	971,657		2		882,692		2
Total commercial paper	2,666,683		7		3,221,103		9
Select notes to members	1,474,693		4		1,361,207		4
Daily liquidity fund notes to members	353,594		1		253,271		—
Medium-term notes sold to members	294,118		1		324,190		1


Total short-term borrowings	$	4,789,088	13	%	$	5,159,771	14	%

Schedule of Total Available and Outstanding Letters of Credit Under the Revolving Credit Agreements

The following table presents the amount available for access under our bank revolving line of credit agreements as of August 31, 2026.

Table 6.2: Committed Bank Revolving Line of Credit Agreements Available Amounts


	August 31, 2026
(Dollars in millions)	Total Commitment		Letters of Credit Outstanding		Amount Available for Access		Maturity	Annual Facility Fee(1)
Bank revolving agreements:
3-year agreement	$	50	$	—	$	50	November 28, 2027	7.5 bps
3-year agreement	1,695		—		1,695		November 28, 2028	7.5 bps
Total 3-year agreement	1,745		—		1,745

4-year agreement	1,755		7		1,748		November 28, 2029	10.0 bps

Total	$	3,500	$	7	$	3,493

____________________________

(1)Facility fee based on CFC’s senior unsecured credit ratings in accordance with the established pricing schedules at the inception of the related agreement.