[424B3] NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ Prospectus Filed Pursuant to Rule 424(b)(3)

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corp issued a pricing supplement for Senior Unsecured Notes with a principal amount of $713,000. The notes carry a 3.850% fixed coupon paid monthly, are priced at 100.000%, and mature on 04/15/2028. The offering is non-callable and settles on 04/30/2026. The selling price and concession structure are stated in the supplement; legal opinion from Hogan Lovells US LLP is included regarding validity of the notes.

Insights

Debt Capital Markets Analyst

Issuer priced a small, fixed-rate senior note with monthly coupons.

The pricing supplement shows a $713,000 issuance of senior unsecured notes at 100.000% with a 3.850% fixed coupon paid monthly and a 04/15/2028 maturity. The notes are reported as non-callable, which fixes the cash-flow schedule for investors and the issuer.

Cash-flow treatment is standard: proceeds flow at the stated selling price and underwriting concessions are specified. The supplement includes a legal opinion and settlement mechanics (DTC book-entry, settle 04/30/2026).

Corporate Counsel (Debt Instruments)

Legal opinion and governing law are stated for enforceability.

The supplement records an opinion from Hogan Lovells US LLP that, subject to bankruptcy and equitable principles, the notes will be valid obligations under the District of Columbia General Cooperative Association Act of 2010 and New York law. This identifies the governing legal framework for creditor rights.

Trustee and distribution mechanics are listed (U.S. Bank Trust Company trustee; DTC book-entry), which are typical controls for settlement and custody.

Key Figures

Principal Amount: $713,000 Selling Price: 100.000% Coupon Rate: 3.850% +5 more

8 metrics

Principal Amount $713,000 offering principal amount

Selling Price 100.000% priced at par in Pricing Supplement No. 653

Coupon Rate 3.850% fixed coupon paid monthly

Net Proceeds $709,078.50 net proceeds shown in the pricing table

Gross Concession 0.550% underwriting gross concession

Maturity Date 04/15/2028 stated maturity of the notes

First Coupon Amount $1.60 first coupon amount listed for 05/15/2026

Minimum Denomination $1,000 minimum denomination/increments $1,000/$1,000

Key Terms

Pricing Supplement, Gross Concession, DTC Book Entry, Non-Callable

4 terms

Pricing Supplement regulatory

"Pricing Supplement No. 653 - Dated Monday, April 27, 2026"

A pricing supplement is a short, final document that gives the exact terms of a new securities offering—such as the price, interest rate, size and settlement date—building on the broader prospectus. Think of it as the day’s receipt that turns a general menu into the specific order; investors use it to see the concrete deal terms that determine value, yield and whether to buy.

Gross Concession financial

"Gross Concession | 0.550% | Net Proceeds"

DTC Book Entry technical

"Initial trades settle flat and clear SDFS: DTC Book Entry only"

Non-Callable financial

"Redemption Information: Non-Callable"

Non-callable describes a bond or similar debt security that the issuer cannot repay or cancel before its scheduled maturity date, so the investor is guaranteed the agreed interest payments and return of principal on the original timeline. This matters to investors because it removes the risk that the issuer will redeem the issue early when interest rates fall—think of it like a rental agreement the landlord cannot terminate early—so income is more predictable but the holder also bears full interest-rate price swings.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/27/2026 - 02:48 PM Learn about SEC filing dates

Filed under Rule 424(b)(3), Registration Statement No. 333-275151

Pricing Supplement No. 653 - Dated Monday, April 27, 2026 (To: Prospectus Dated October 24, 2023 and Prospectus Supplement Dated October 27, 2023)

CUSIP Number

Principal Amount

Selling Price

Gross Concession

Net Proceeds

Coupon Type

Coupon Rate

Coupon Frequency

Maturity Date

1st Coupon Date

1st Coupon Amount

Survivor's Option

Product Ranking

63743F4E3

$713,000.00

100.000%

0.550%

$709,078.50

Fixed

3.850%

Monthly

04/15/2028

05/15/2026

$1.60

Yes

Senior Unsecured Notes

Redemption Information: Non-Callable

			Offering Date: Monday, April 20, 2026 through Monday, April 27, 2026			National Rural Utilities Cooperative Finance Corp
National Rural Utilities Cooperative Finance Corp			Trade Date: Monday, April 27, 2026 @12:00 PM ET
			Settle Date: Thursday, April 30, 2026			Prospectus dated October 24, 2023 and
			Minimum Denomination/Increments:$1,000.00/$1,000.00			Prospectus Supplement Dated: October 27, 2023
			Initial trades settle flat and clear SDFS: DTC Book Entry only
			DTC Number: 0235 via RBC Dain Rauscher Inc.
			Agents: InspereX LLC, Citigroup Global Markets Inc., Wells Fargo Clearing Services, LLC, RBC Capital Markets, LLC
			Trustee: U.S. Bank Trust Company, National Association
			If the maturity date or an interest payment date for any note is not a business day (as term is defined in prospectus), principal, premium, if any, and interest for that note is paid on the next business day, and no interest will accrue from, and after, the maturity date or interest payment date.
			Notes will be sold to you at the selling price specified in this Pricing Supplement. The Purchasing Agent shall purchase notes from us at the selling price less the applicable gross concession specified in this Pricing Supplement. The Purchasing Agent may resell the notes it purchases to the agents and selected dealers at the selling price less a concession that, at the discretion of the Purchasing Agent, may be less than or equal to the gross concession received by the Purchasing Agent. Notes purchased by the agents and selected dealers on behalf of level-fee [investment or advisory] accounts may be sold to such accounts at the selling price less the applicable concession, and such agents and selected dealers shall not retain, as compensation, any portion of such concession.
			Validity of the Notes
			In the opinion of Hogan Lovells US LLP, as counsel to the Company, following (i) receipt by the Company of the consideration for the notes specified in applicable resolutions of the board of directors of the Company and (ii) the due execution, authentication, issuance and delivery of the notes pursuant to the terms of the indenture and the applicable underwriting, agency or distribution agreement against payment therefor, the notes offered by this pricing supplement will constitute valid and binding obligations of the Company, subject to the effect of (a) bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting creditors’ rights and remedies (including, without limitation, the effect of statutory and other law regarding fraudulent conveyances and fraudulent, preferential or voidable transfers), and (b) the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing, reasonableness, conscionability and materiality (regardless of whether the applicable agreements are considered in a proceeding in equity or at law), including, without limitation, principles limiting the availability of specific performance and injunctive relief.
			This opinion is based as to matters of law solely on applicable provisions of the following, as currently in effect: (i) the District of Columbia General Cooperative Association Act of 2010 and (ii) the laws of the State of New York (but not including any laws, statutes, ordinances, administrative decisions, rules or regulations of any political subdivision below the state level). In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and its authentication of the notes and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated October 27, 2023, which has been filed as an exhibit to a Current Report on Form 8-K by the Company on October 27, 2023.
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