Here are the 10-K annual reports from National Rural Utilities Cooperative Finance Corporation 5.500% Subordinated Notes due 2064 (Subordinated Deferrable Interest Notes) (NRUC) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow NRUC and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full NRUC filings page.
National Rural Utilities Cooperative Finance Corporation reports on its operations for the year ended May 31, 2026, as a tax‑exempt, member‑owned lender focused on U.S. rural electric systems. Loans to electric utility organizations represented 98% of total loans outstanding across 903 borrowers, with the 20 largest accounting for 19% of loans and Texas representing 17%, underscoring single‑industry and geographic concentration risk.
The cooperative funds members primarily through long‑term secured and short‑term unsecured loans, credit enhancements and guarantees, supported by diversified funding such as collateral trust bonds, medium‑term notes, member investments, bank lines, Farmer Mac and USDA’s Guaranteed Underwriter Program. It reports approximately $463 million in renewable energy loans, $3,455 million in broadband loans and $800 million of sustainability bonds outstanding, plus long‑running support for USDA’s REDL&G program. Detailed risk disclosures emphasize credit quality, liquidity and rating dependencies, interest‑rate and derivatives exposure, cybersecurity and AI‑related risks, and the evolving regulatory and FEMA reimbursement landscape affecting members.