NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP

National Rural Utilities Cooperative Finance Corporation (CFC) and National Cooperative Services Corporation (NCSC) are the consolidated entities whose accounts are included in our financial statements. Our principal operations are organized into two business segments, based on the accounts of CFC and NCSC. On December 1, 2023, Rural Telephone Finance Cooperative (RTFC) completed the sale of its business to NCSC and was subsequently dissolved. CFC is a member-owned, nonprofit finance cooperative association, incorporated in April 1969 under District of Columbia law. CFC's main purpose is to provide financing to its members and associates, supplementing loan programs from the Rural Utilities Service (RUS) of the United States Department of Agriculture (USDA). CFC provides loans to its rural electric members for construction, acquisitions, system and facility repairs and maintenance, enhancements, and ongoing operations. These loans support electric distribution and generation and transmission (power supply) systems, aiming to provide reliable, affordable power to customers. CFC also offers credit enhancements to its members and associates, including letters of credit and guarantees of debt obligations.