Member-owned financial cooperative that primarily provides loans, loan and guarantee programs, and investment services to its members while also operating mining-related activities and managing related properties and safety compliance.

Company

## Core business focus
- Presence of a "Mine Safety Disclosures" section indicates involvement in mining operations and related physical activities.
- Sections on "Loan and Guarantee Programs" and "Investment Policy" indicate the company offers financing, guarantees, or investment management tied to its operations or to members/customers.

## Business structure and stakeholders
- A dedicated "Members" section points to a member-based or member-owned structure (for example, a cooperative or association), with governance and revenue tied to member participation.

## Financial and risk management
- "Loan and Guarantee Programs" and "Investment Policy" reflect formalized financial products, lending and investment guidelines, and risk-management processes.
- Sections on "Industry," "Lending Competition," and "Regulation" show engagement with external markets, competitive dynamics, and regulatory compliance.
- "Risk Factors" and "Cybersecurity" indicate attention to enterprise risk and information-security controls.
- "Properties" and "Legal Proceedings" signal the presence of physical assets and potential or ongoing legal matters.
- "Mine Safety Disclosures" reflects compliance and reporting requirements specific to mining operations.

## Corporate governance, people, and responsibility
- "Human Capital Management" points to workforce strategy, labor practices, and employee-related governance.
- "Corporate Responsibility" reflects initiatives related to environmental, social, and governance (ESG) matters.
- "Available Information" denotes an established mechanism for accessing filings and disclosures.

## Operational and regulatory environment
- The combination of regulation, lending competition, and mine safety reporting indicates the company operates in a regulated environment that combines financing activities with mining operations.

CFC is a member-owned, nonprofit finance cooperative established to provide financing primarily to rural electric cooperatives, supporting their operations and infrastructure projects.

# National Rural Utilities Cooperative Finance Corporation (CFC)

## Overview
CFC is a member-owned, nonprofit finance cooperative established in April 1969 in the District of Columbia. It provides financing to rural electric cooperatives to support utility operations, infrastructure projects, and to augment loan programs offered by the Rural Utilities Service (RUS) of the USDA. CFC currently operates in two business segments: CFC and the National Cooperative Services Corporation (NCSC) following the dissolution of the Rural Telephone Finance Cooperative (RTFC) in December 2023.

## Key operations
- Primary focus: loans and credit enhancements to rural electric utility systems.
- Member base: As of May 31, 2024, CFC had 973 members and 1,016 combined members and associates. NCSC had 1,126 members and associates, for a combined total of approximately 2,142 members and associates across both organizations.
- Employees: 289 staff members as of May 31, 2024.
- Revenue: Primarily derived from interest on loans and other financial products.
- Lending portfolio: About 98% of CFC's total loans outstanding are to electric utility organizations.

## Financial performance
- Loans outstanding: $29.4 billion funded by CFC as of May 31, 2024.
- Income and allocations: CFC allocates net earnings to reserves and member capital based on patronage.

## Loan and guarantee programs
1. Long-term loans
   - Terms up to 35 years.
   - Amortizing, bullet maturity, or serial payment structures.
   - Terms may be modified to meet borrower needs.
2. Line of credit loans
   - Revolving credit facilities for liquidity, emergency funding, or bridge financing.
3. Syndicated loans
   - Large financings provided by a group of lenders.
   - Generally unsecured and variable-rate.
4. Credit enhancements
   - Letters of credit and guarantees for member debt.
5. Other financing services
   - Equipment financing through leases.
   - Private placements for debt offerings.

## Membership details
- CFC member classes:
  - Distribution Systems (Class A): 842
  - Power Supply Systems (Class B): 68
  - Statewide and Regional Associations (Class C): 62
  - National Associations (Class D): 1
- NCSC member classes:
  - Electric (Class E): includes CFC members and associates in the electric utility industry.
  - Telecommunications (Class T): entities providing telephone services.

## Strategic objectives
CFC aims to expand member financing solutions, provide industry expertise, and support the extension of essential services, including broadband in rural areas. The organization supports renewable energy initiatives and had financed renewable projects totaling approximately $299 million as of May 31, 2024.

## Additional information
CFC is incorporated as a 501(c)(4) tax-exempt entity and is exempt from federal income tax. Its cooperative structure focuses on cost-based financial products and cooperative principles to support community development and essential services in rural America.

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/

10-K / July 31, 2026

10-K / August 1, 2024

10-K / July 31, 2026

Core business focus

Business structure and stakeholders

Financial and risk management

Corporate governance, people, and responsibility

Operational and regulatory environment