v3.26.3
Fair Value Measurement (Tables)
 3 Months Ended
Aug. 31, 2026
Fair Value Disclosures [Abstract]  
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 August 31, 2026 and May 31, 2026. 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 12.1: Fair Value of Financial Instruments
August 31, 2026Fair Value Measurement Level
(Dollars in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Assets:
Cash and cash equivalents$202,542 $202,542 $202,542 $— $— 
Restricted cash8,650 8,650 8,650 — — 
Equity securities, at fair value12,551 12,551 12,551 — — 
Debt securities trading, at fair value27,667 27,667 — 27,667 — 
Deferred compensation investments9,194 9,194 9,194 — — 
Loans to members, net38,303,496 35,295,268 — — 35,295,268 
Accrued interest receivable185,937 185,937 — 185,937 — 
Derivative assets637,736 637,736 — 637,736 — 
Total financial assets$39,387,773 $36,379,545 $232,937 $851,340 $35,295,268 
Liabilities:
Short-term borrowings$4,789,088 $4,790,295 $— $4,790,295 $— 
Long-term debt28,461,438 27,521,795 — 18,997,141 8,524,654 
Accrued interest payable306,740 306,740 — 306,740 — 
Guarantee liability15,939 17,290 — — 17,290 
Derivative liabilities32,448 32,448 — 32,448 — 
Deferred compensation liability
9,194 9,194 9,194 — — 
Subordinated deferrable debt1,310,162 1,254,821 210,050 1,044,771 — 
Members’ subordinated certificates1,127,347 1,127,347 — — 1,127,347 
Total financial liabilities$36,052,356 $35,059,930 $219,244 $25,171,395 $9,669,291 

May 31, 2026Fair Value Measurement Level
(Dollars in thousands)Carrying ValueFair ValueLevel 1Level 2Level 3
Assets:
Cash and cash equivalents$248,819 $248,819 $248,819 $— $— 
Restricted cash8,599 8,599 8,599 — — 
Equity securities, at fair value11,021 11,021 11,021 — — 
Debt securities trading, at fair value31,144 31,144 — 31,144 — 
Deferred compensation investments9,011 9,011 9,011 — — 
Loans to members, net38,392,181 35,853,501 — — 35,853,501 
Accrued interest receivable264,952 264,952 — 264,952 — 
Derivative assets554,116 554,116 — 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 debt28,345,934 27,715,985 — 18,993,254 8,722,731 
Accrued interest payable308,506 308,506 — 308,506 — 
Guarantee liability16,847 18,236 — — 18,236 
Derivative liabilities31,414 31,414 — 31,414 — 
Deferred compensation liability
9,011 9,011 9,011 — — 
Subordinated deferrable debt1,310,282 1,317,026 236,320 1,080,706 — 
Members’ subordinated certificates1,128,240 1,128,240 — — 1,128,240 
Total financial liabilities$36,310,005 $35,689,913 $245,331 $25,575,375 $9,869,207 
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 August 31, 2026 and May 31, 2026, 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 Q1 FY2027 or Q1 FY2026.

Table 12.2: Assets and Liabilities Measured at Fair Value on a Recurring Basis

August 31, 2026May 31, 2026
(Dollars in thousands)Level 1Level 2TotalLevel 1Level 2Total
Assets:
Equity securities, at fair value$12,551 $— $12,551 $11,021 $— $11,021 
Debt securities trading, at fair value— 27,667 27,667 — 31,144 31,144 
Deferred compensation investments9,194 — 9,194 9,011 — 9,011 
Derivative assets— 637,736 637,736 — 554,116 554,116 
Liabilities:
Derivative liabilities$— $32,448 $32,448 $— $31,414 $31,414 
Deferred compensation liability
9,194 — 9,194 9,011 — 9,011