v3.26.3
Long-Term Debt (Tables)
 3 Months Ended
Aug. 31, 2026
Debt Instruments [Abstract]  
Schedule of Long-term Debt Outstanding
The following table displays, by debt product type, long-term debt outstanding as of August 31, 2026 and May 31, 2026. Long-term debt outstanding totaled $28,461 million and $28,346 million as of August 31, 2026 and May 31, 2026, respectively, and accounted for 80% and 79% of total debt outstanding as of each respective date.

Table 7.1: Long-Term Debt by Debt Product Type

(Dollars in thousands)August 31, 2026May 31, 2026
Secured long-term debt:
Collateral trust bonds(1)
$6,666,283 $6,670,191 
Unamortized premium (discount), net
(136,326)(140,322)
Debt issuance costs(26,427)(27,466)
Total collateral trust bonds6,503,530 6,502,403 
Guaranteed Underwriter Program notes payable5,284,047 5,338,722 
Farmer Mac notes payable3,866,451 3,911,993 
Total secured notes payable 9,150,498 9,250,715 
Total secured long-term debt15,654,028 15,753,118 
Unsecured long-term debt:
Medium-term notes sold through dealers(2)
12,422,738 12,242,476 
Medium-term notes sold to members411,863 376,726 
Medium-term notes sold through dealers and to members12,834,601 12,619,202 
Unamortized premium (discount), net
1 551 
Debt issuance costs(27,192)(26,937)
Total unsecured long-term debt
12,807,410 12,592,816 
Total long-term debt$28,461,438 $28,345,934 
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(1)Collateral trust bonds represent secured obligations sold to investors in the capital markets, including those issued through both public offerings and private placement transactions.
(2)Amount includes medium-term notes issued to both institutional and retail investors in the capital markets.