Loans (Tables)

12 Months Ended

May 31, 2025

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 May 31, 2025 and 2024.

Table 4.1: Loans to Members by Member Class and Loan Type


	May 31,
	2025				2024
(Dollars in thousands)	Amount		% of Total		Amount		% of Total
Member class:
CFC:
Distribution	$	29,262,495	79	%	$	27,104,463	78	%
Power supply	5,895,500		16		5,641,898		16
Statewide and associate	251,325		—		237,346		1
Total CFC	35,409,320		95		32,983,707		95
NCSC:
Electric	1,078,763		3		945,880		3
Telecom	575,465		2		598,597		2
Total NCSC	1,654,228		5		1,544,477		5
Total loans outstanding(1)	37,063,548		100		34,528,184		100
Deferred loan origination costs—CFC(2)	16,430		—		14,101		—
Loans to members	$	37,079,978	100	%	$	34,542,285	100	%

Loan type:
Long-term loans:
Fixed rate	$	31,388,313	85	%	$	30,266,043	88	%
Variable rate	1,122,250		3		839,458		2
Total long-term loans	32,510,563		88		31,105,501		90
Lines of credit	4,552,985		12		3,422,683		10
Total loans outstanding(1)	37,063,548		100		34,528,184		100
Deferred loan origination costs—CFC(2)	16,430		—		14,101		—
Loans to members	$	37,079,978	100	%	$	34,542,285	100	%

____________________________

(1) Represents the unpaid principal balance, net of discounts, charge-offs and recoveries, of loans as of each period end.

(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 May 31, 2025 and 2024.

Table 4.2: Payment Status of Loans Outstanding


	May 31, 2025
(Dollars in thousands)	Current			30-89 Days Past Due			> 90 Days Past Due			Total Past Due			Total Loans Outstanding			Nonaccrual Loans
Member class:
CFC:
Distribution	$	29,262,495		$	—		$	—		$	—		$	29,262,495		$	—
Power supply	5,895,500			—			—			—			5,895,500			26,099
Statewide and associate	251,325			—			—			—			251,325			—
Total CFC	35,409,320			—			—			—			35,409,320			26,099
NCSC:
Electric	1,078,763			—			—			—			1,078,763			—
Telecom	575,465			—			—			—			575,465			—
Total NCSC	1,654,228			—			—			—			1,654,228			—
Total loans outstanding	$	37,063,548		$	—		$	—		$	—		$	37,063,548		$	26,099

Percentage of total loans	100.00		%	—		%	—		%	—		%	100.00		%	0.07		%


	May 31, 2024
(Dollars in thousands)	Current			30-89 Days Past Due			> 90 Days Past Due			Total Past Due			Total Loans Outstanding			Nonaccrual Loans
Member class:
CFC:
Distribution	$	27,104,463		$	—		$	—		$	—		$	27,104,463		$	—
Power supply	5,641,898			—			—			—			5,641,898			48,669
Statewide and associate	237,346			—			—			—			237,346			—
Total CFC	32,983,707			—			—			—			32,983,707			48,669
NCSC:
Electric	945,880			—			—			—			945,880			—
Telecom	598,597			—			—			—			598,597			—
Total NCSC	1,544,477			—			—			—			1,544,477			—
Total loans outstanding	$	34,528,184		$	—		$	—		$	—		$	34,528,184		$	48,669

Percentage of total loans	100.00		%	—		%	—		%	—		%	100.00		%	0.14		%

Schedule of Loans Outstanding by Borrower Risk Ratings and Origination Year

Table 4.3: Loans Outstanding by Borrower Risk Ratings and Origination Year


	May 31, 2025
	Term Loans by Fiscal Year of Origination
(Dollars in thousands)	2025		2024		2023		2022		2021		Prior		Revolving Loans		Total
Pass
CFC:
Distribution	$	2,301,736	$	2,471,765	$	2,323,781	$	2,256,706	$	1,541,206	$	15,022,726	$	3,163,495	$	29,081,415
Power supply	442,972		496,642		441,984		296,948		474,074		2,857,029		859,752		5,869,401
Statewide and associate	7,125		36,294		57,101		2,806		1,420		22,257		113,338		240,341
Total CFC	2,751,833		3,004,701		2,822,866		2,556,460		2,016,700		17,902,012		4,136,585		35,191,157
NCSC:
Electric	81,315		122,354		250,610		16,773		4,131		385,564		217,416		1,078,163
Telecom	52,516		129,964		40,642		64,086		49,898		196,307		42,052		575,465
Total NCSC	133,831		252,318		291,252		80,859		54,029		581,871		259,468		1,653,628
Total pass	$	2,885,664	$	3,257,019	$	3,114,118	$	2,637,319	$	2,070,729	$	18,483,883	$	4,396,053	$	36,844,785

Special mention
CFC:
Distribution	$	—	$	361	$	4,126	$	—	$	4,568	$	15,693	$	156,332	$	181,080

Statewide and associate	—		—		—		—		—		10,984		—		10,984
Total CFC	—		361		4,126		—		4,568		26,677		156,332		192,064
NCSC electric	—		—		—		—		—		—		600		600

Total special mention	$	—	$	361	$	4,126	$	—	$	4,568	$	26,677	$	156,932	$	192,664

Substandard






Total substandard	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Doubtful
CFC:
CFC Power supply	$	—	$	—	$	—	$	—	$	—	$	26,099	$	—	$	26,099


Total doubtful	$	—	$	—	$	—	$	—	$	—	$	26,099	$	—	$	26,099
Total criticized loans	$	—	$	361	$	4,126	$	—	$	4,568	$	52,776	$	156,932	$	218,763
Total loans outstanding	$	2,885,664	$	3,257,380	$	3,118,244	$	2,637,319	$	2,075,297	$	18,536,659	$	4,552,985	$	37,063,548


	May 31, 2024
	Term Loans by Fiscal Year of Origination
(Dollars in thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans		Total
Pass
CFC:
Distribution	$	2,523,296	$	2,370,847	$	2,328,295	$	1,589,581	$	1,766,002	$	14,117,758	$	2,223,311	$	26,919,090
Power supply	509,948		454,010		321,289		536,052		170,017		2,866,848		735,065		5,593,229
Statewide and associate	36,794		59,348		13,174		1,684		11,123		16,534		86,796		225,453
Total CFC	3,070,038		2,884,205		2,662,758		2,127,317		1,947,142		17,001,140		3,045,172		32,737,772
NCSC:
Electric	76,061		256,974		17,606		4,914		183,510		249,338		157,477		945,880
Telecom	139,732		46,632		74,222		63,580		22,730		188,462		60,209		595,567
Total NCSC	215,793		303,606		91,828		68,494		206,240		437,800		217,686		1,541,447
Total pass	$	3,285,831	$	3,187,811	$	2,754,586	$	2,195,811	$	2,153,382	$	17,438,940	$	3,262,858	$	34,279,219

Special mention
CFC:
Distribution	$	364	$	4,170	$	—	$	4,658	$	—	$	16,356	$	159,825	$	185,373

Statewide and associate	—		—		—		—		—		11,893		—		11,893
Total CFC	364		4,170		—		4,658		—		28,249		159,825		197,266
NCSC telecom	—		—		—		—		—		3,030		—		3,030
Total special mention	$	364	$	4,170	$	—	$	4,658	$	—	$	31,279	$	159,825	$	200,296

Substandard





Total substandard	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Doubtful
CFC:
CFC Power supply	$	—	$	—	$	—	$	—	$	—	$	48,669	$	—	$	48,669


Total doubtful	$	—	$	—	$	—	$	—	$	—	$	48,669	$	—	$	48,669

Total criticized loans	$	364	$	4,170	$	—	$	4,658	$	—	$	79,948	$	159,825	$	248,965
Total loans outstanding	$	3,286,195	$	3,191,981	$	2,754,586	$	2,200,469	$	2,153,382	$	17,518,888	$	3,422,683	$	34,528,184

Schedule of Unadvanced Commitments

The following table presents unadvanced loan commitments, by member class and by loan type, as of May 31, 2025 and 2024.

Table 4.4: Unadvanced Commitments by Member Class and Loan Type(1)


	May 31,
(Dollars in thousands)	2025		2024
Member class:
CFC:
Distribution	$	11,948,516	$	11,174,041
Power supply	5,097,398		4,519,150
Statewide and associate	215,768		254,250
Total CFC	17,261,682		15,947,441
NCSC:
Electric	520,312		622,125
Telecom	437,015		423,796
Total NCSC	957,327		$	1,045,921
Total unadvanced commitments	$	18,219,009	$	16,993,362



Loan type:(2)
Long-term loans:
Fixed rate	$	—	$	—
Variable rate	7,471,266		6,880,295

Total long-term loans	7,471,266		6,880,295
Lines of credit	10,747,743		10,113,067
Total unadvanced commitments	$	18,219,009	$	16,993,362

____________________________

(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 May 31, 2025 and the related maturities in each fiscal year during the five-year period ended May 31, 2030, and thereafter.

Table 4.5: Unadvanced Loan Commitments


	Available Balance		Notional Maturities of Unadvanced Loan Commitments
(Dollars in thousands)			2026		2027		2028		2029		2030		Thereafter
Line of credit loans	$	10,747,743	$	4,793,228	$	1,402,601	$	1,662,338	$	1,389,342	$	1,457,280	$	42,954
Long-term loans	7,471,266		533,387		1,212,138		1,272,850		2,469,334		1,882,764		100,793
Total	$	18,219,009	$	5,326,615	$	2,614,739	$	2,935,188	$	3,858,676	$	3,340,044	$	143,747

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 May 31, 2025, and the related maturity amounts in each fiscal year during the five-year period ending May 31, 2030.

Table 4.6: Unconditional Committed Lines of Credit—Available Balance


	Available Balance		Notional Maturities of Unconditional Committed Lines of Credit
(Dollars in thousands)			2026		2027		2028		2029		2030
Committed lines of credit	$	3,590,262	$	246,671	$	791,765	$	786,133	$	874,620	$	891,073

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 May 31, 2025 and 2024. 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


	May 31,
(Dollars in thousands)	2025		2024
Collateral trust bonds:
2007 indenture:
Collateral trust bonds outstanding	$	7,072,711	$	6,922,711
Pledged collateral:
Distribution system mortgage notes pledged	8,107,921		8,799,864
RUS-guaranteed loans qualifying as permitted investments pledged	104,628		113,890
Total pledged collateral	8,212,549		8,913,754

1994 indenture:
Collateral trust bonds outstanding	$	10,000	$	15,000
Pledged collateral:
Distribution system mortgage notes pledged	14,575		19,174

Guaranteed Underwriter Program:
Notes payable outstanding	$	6,456,852	$	6,491,814
Pledged collateral:
Distribution and power supply system mortgage notes pledged	7,640,203		8,020,508

Farmer Mac:
Notes payable outstanding	$	3,780,461	$	3,863,510
Pledged collateral:
Distribution and power supply system mortgage notes pledged	4,648,691		4,449,650

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