Long-Term Debt (Tables)

9 Months Ended

Feb. 28, 2025

The following table displays, by debt product type, long-term debt outstanding as of February 28, 2025 and May 31, 2024. Long-term debt outstanding totaled $27,536 million as of February 28, 2025, compared with $25,901 million as of May 31, 2024, and accounted for 80% and 79% of total debt outstanding as of February 28, 2025 and May 31, 2024, respectively.

Table 7.1: Long-Term Debt by Debt Product Type


(Dollars in thousands)	February 28, 2025		May 31, 2024
Secured long-term debt:
Collateral trust bonds(1)	$	7,082,711	$	6,937,711
Unamortized discount, net	(158,949)		(166,458)
Debt issuance costs	(32,601)		(31,332)
Total collateral trust bonds	6,891,161		6,739,921
Guaranteed Underwriter Program notes payable	6,511,355		6,491,814
Farmer Mac notes payable	3,800,132		3,363,510



Total secured notes payable	10,311,487		9,855,324
Total secured long-term debt	17,202,648		16,595,245
Unsecured long-term debt:
Medium-term notes sold through dealers	9,976,462		8,980,513
Medium-term notes sold to members	385,661		358,844
Medium term notes sold through dealers and to members	10,362,123		9,339,357
Unamortized premium (discount), net	2,681		(2,209)
Debt issuance costs	(31,831)		(31,228)
Total unsecured long-term debt	10,332,973		9,305,920





Total long-term debt	$	27,535,621	$	25,901,165

____________________________

(1)Collateral trust bonds represent secured obligations sold to investors in the capital markets, including also those issued in a private placement transaction.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ 10-Q