National Rural Utilities Cooperative Finance Corporation (NRUC), doing business as CFC, is a member-owned cooperative lender that provides financing to rural electric cooperatives across the United States. CFC generates revenue primarily through net interest income, the spread between interest earned on loans made to member-borrowers and the cost of borrowed funds used to finance those loans. The organization has operated for 56 years as of the FY2025 10-K filing date and holds a tax-exempt status recognized by the IRS. CFC carries long-term issuer credit ratings of A- from S&P with a stable outlook, affirmed as of the FY2025 filing date. As of May 31, 2025, available liquidity totaled $7,612 million. Funding sources include dealer medium-term notes, subordinated deferrable interest notes, committed bank revolving credit facilities, the USDA Guaranteed Underwriter Program, and a revolving note purchase agreement with Federal Agricultural Mortgage Corporation. CEO is J. Andrew Don and President is Mark A. Suggs, as of August 5, 2025.

Revenue model

Net interest income from loans to rural electric cooperative members, funded through wholesale debt issuance including medium-term notes, subordinated notes, USDA-guaranteed facilities, and Farmer Mac revolving agreements.

Products and services

Long-term loans to rural electric cooperatives, short-term credit facilities, subordinated deferrable interest notes (30-year term, $44 million issued in FY2025), dealer medium-term notes (including $525 million floating-rate 18-month notes issued subsequent to FY2025), and bond programs under the USDA Guaranteed Underwriter Program.

Customers and end markets

Member-borrowers are rural electric cooperatives located across U.S. states and territories. As of May 31, 2025, borrowers span all major U.S. states with notable loan concentrations in Georgia (5.96% of total loans outstanding), Missouri (5.60%), Florida (5.40%), Colorado (4.77%), and Indiana (4.30%). The end market is rural electric utility infrastructure finance.

Value-chain role

Wholesale lender and cooperative finance intermediary. CFC raises capital in debt markets and on-lends to rural electric cooperatives that lack direct access to capital markets at comparable terms. It holds a senior security position on borrower assets and revenues for long-term loans.

Geographic exposure

United States, including all 50 states, Washington D.C., and U.S. territories, based on borrower distribution table as of May 31, 2025.

Source: SEC 10-K, filed 2025-08-05

Industry: Miscellaneous Business Credit Institution