National Rural Utilities Cooper

Borrowers for wholesale power generation and transmission projects. Include Basin Electric, East Kentucky Power, Old Dominion Electric, Cobb EMC, etc. · 20.0%

Basin Electric Power Cooperative

Major G&T cooperative borrower; one of the largest in the US; serves 140 member co-ops across 9 states

East Kentucky Power Cooperative (EKPC)

G&T cooperative borrower serving 16 member distribution co-ops in Kentucky; ~$1.3B revenue

Old Dominion Electric Cooperative (ODEC)

G&T cooperative borrower serving 11 member co-ops in Virginia, Maryland, Delaware

대체 기업

분석에서 대표로 사용하는 상장 비교 기업 및 모니터링 종목.

대체 기업

CoBank, ACB

National Rural Electric Cooperative Association (NRECA)

Federal Home Loan Banks (FHLB System)

CoBank, ACB

Unconfirmed

CoBank is the largest cooperative bank in the US agricultural/rural sector, providing similar mission-driven financing to rural utilities, agribusinesses, and infrastructure. Like CFC, it is a member-owned cooperative with an A credit rating and access to capital markets. Serves as the closest public proxy for CFC's business model, though CoBank is also privately held (no public equity).

National Rural Electric Cooperative Association (NRECA)

Unconfirmed

NRECA is the national trade association representing ~900 electric cooperatives. While not a lender, NRECA's membership base directly mirrors CFC's borrower base. Trends in NRECA's membership demographics, electricity demand, and regulatory environment directly impact CFC's credit portfolio.

Federal Home Loan Banks (FHLB System)

Unconfirmed

The FHLB system is a government-sponsored cooperative-like structure that provides low-cost funding to member financial institutions. Though distinct from CFC, the cooperative funding model - raising capital through debt issuance and lending to members - is structurally analogous.

지역

공급망을 왜곡할 수 있는 지역별 노출.

지역

United States (Rural Areas - 50 states)

Southeastern United States

Basin Electric Power Cooperative

East Kentucky Power Cooperative (EKPC)

Old Dominion Electric Cooperative (ODEC)

Cobb Electric Membership Corporation (Cobb EMC)

East Kentucky Power Cooperative

Cobb Electric Membership Corporation

Old Dominion Electric Cooperative

United States (Rural Areas - 50 states)

Sole operating geography; all borrowers are US-based rural electric cooperatives

Basin Electric Power CooperativeG&T borrower; 9-state footprint in Upper Midwest/Great Plains

East Kentucky Power Cooperative (EKPC)G&T borrower; Kentucky

Old Dominion Electric Cooperative (ODEC)G&T borrower; Virginia, Maryland, Delaware

Southeastern United States

Heavy concentration of electric cooperatives; regulatory and climate risk (hurricanes, ice storms)

East Kentucky Power CooperativeG&T borrower

Cobb Electric Membership CorporationDistribution cooperative borrower

Old Dominion Electric CooperativeG&T borrower

집중도

공급망을 왜곡할 수 있는 고객, 공급업체 또는 파트너 집중 노출.

Foundry

Critical

Nearly 98% of loan portfolio concentrated in rural electric cooperative sector (distribution + G&T). Minimal diversification outside electric utilities.

Customer

High

Top borrower exposure is concentrated among large G&T cooperatives. A default by a major G&T (e.g., Basin Electric, EKPC) would materially impact CFC's portfolio performance.

Other

High

CFC relies heavily on capital markets debt issuance for funding. Disruption in bond markets or credit rating downgrade (currently A/F1 from Fitch) could impair funding capacity and increase borrowing costs.

Other

Medium

Interest rate risk: ~92% of loans are fixed-rate with maturities up to 35 years. CFC uses derivatives to mitigate but mismatch remains a risk in rapidly changing rate environments.

매출 구성

대상 기업의 매출 구성이 공급망 영향력과 의존도로 이어지는 방식.

CFC Segment - Net Interest Income from Electric Cooperative Loans

92.0%

$1.9B

Dominant revenue driver; loan portfolio of ~$37.1B to electric distribution and G&T cooperatives. Net interest margin is the core profitability engine. Implies upstream dependency on low-cost capital market funding.

NCSC Segment - Specialized Financing (Electric & Telecom)

6.0%

$0.1B

NCSC provides specialized lending to electric cooperatives and telecom providers (formerly RTFC). Smaller segment but growing post-RTFC consolidation (~$540M loan portfolio absorbed in Dec 2023).

Non-Interest Income (Fees, Service Charges, Other)

2.0%

$0.0B

Includes commitment fees, loan servicing fees, and other cooperative service income. Minor but stable contribution.

회사 소개개인정보 처리방침서비스 약관면책 조항종목 디렉터리ETF지수13F 보유 종목목표주가무료 도구기술 지도Slack 참여하기

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National Rural Utilities Cooper

NRUC 공급망

상류

Capital Markets Institutional Bond Investors

Deutsche Bank Securities Inc.

J.P. Morgan Securities LLC

BofA Securities (Merrill Lynch)

Hunton Andrews Kurth LLP

U.S. Department of Agriculture - Rural Utilities Service (RUS)

Federal Financing Bank (FFB)

Interest Rate Swap Counterparties (Major Banks)

하류

Electric Distribution Cooperatives (~839 systems nationwide)

Generation & Transmission (G&T) Cooperatives

Basin Electric Power Cooperative

East Kentucky Power Cooperative (EKPC)

Old Dominion Electric Cooperative (ODEC)

Cobb Electric Membership Corporation (Cobb EMC)

Telecommunications Cooperatives (via NCSC / former RTFC portfolio)

National Cooperative Services Corporation (NCSC)

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대체 기업

CoBank, ACB

National Rural Electric Cooperative Association (NRECA)

Federal Home Loan Banks (FHLB System)

지역

United States (Rural Areas - 50 states)

Southeastern United States

NRUC 공급망

상류

Capital Markets Institutional Bond Investors

Deutsche Bank Securities Inc.

J.P. Morgan Securities LLC

BofA Securities (Merrill Lynch)

Hunton Andrews Kurth LLP

U.S. Department of Agriculture - Rural Utilities Service (RUS)

Federal Financing Bank (FFB)

Interest Rate Swap Counterparties (Major Banks)

하류

Electric Distribution Cooperatives (~839 systems nationwide)

Generation & Transmission (G&T) Cooperatives

Basin Electric Power Cooperative

East Kentucky Power Cooperative (EKPC)

Old Dominion Electric Cooperative (ODEC)

Cobb Electric Membership Corporation (Cobb EMC)

Telecommunications Cooperatives (via NCSC / former RTFC portfolio)

National Cooperative Services Corporation (NCSC)

View More

대체 기업

CoBank, ACB

National Rural Electric Cooperative Association (NRECA)

Federal Home Loan Banks (FHLB System)

지역

United States (Rural Areas - 50 states)

Southeastern United States