3.59% 2026 notes from National Rural (NRUC) priced at par

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a new medium-term note under its Series D program. The note has a principal amount of $1,000,000.00, is priced at 100% of principal, and will bear interest at 3.59% per annum.

The note will be issued on February 15, 2026 and will mature on December 15, 2026, with interest paid on each January 15 and July 15 to holders of record on each January 1 and July 1. The note has no redemption date and carries no agent’s commission. Counsel Hogan Lovells US LLP states that, after proper issuance and payment, the note will be a valid and binding obligation of the company, subject to typical bankruptcy and equity law limitations.

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Accepted by SEC EDGAR 02/13/2026 - 01:04 PM Learn about SEC filing dates

FAQ

What are the key terms of National Rural (NRUC) 3.59% medium-term note?

The note has a $1,000,000 principal amount, a fixed 3.59% annual interest rate, and is priced at 100% of principal. It is a Series D medium-term note issued under existing registration documents.

When do the new NRUC medium-term notes start and when do they mature?

The notes are scheduled to be issued on February 15, 2026 and will mature on December 15, 2026. This creates a relatively short-term instrument with a defined lifespan of just over ten months from issuance.

How and when will interest be paid on NRUC’s 3.59% notes?

Interest on the notes is paid at 3.59% per annum on January 15 and July 15. Holders of record on the prior January 1 and July 1 will receive these semiannual interest payments during the note’s life.

Do the NRUC medium-term notes have an early redemption feature or agent commission?

The notes list a Redemption Date: None, meaning no stated early redemption feature in this supplement. The filing also specifies Agents Commission: None, indicating no selling commission is built into the pricing terms disclosed.

What legal opinion supports the validity of NRUC’s new medium-term notes?

Hogan Lovells US LLP opines the notes will be valid and binding obligations of the company once duly authorized, executed, issued, and paid for, subject to customary limits under bankruptcy, insolvency, and equitable principles under District of Columbia and New York law.

Rule 424 (b) (3)

Registration No.: 333-275151

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Medium-Term Notes, Series D

Due Nine Months or More from Date of Issue

Trade Date			February 11, 2026
Pricing Supplement No.			10457
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 15, 2026
Maturity Date			December 15, 2026
Interest Rate			3.59% per annum
Regular Record Dates			Each January 1 and July 1
Interest Payment Dates			Each January 15 and July 15
Redemption Date			None
Agents Commission			None
Form of Note: (Book-Entry or Certificated)			Certificated
Other Terms			None
Medium-Term Notes, Series D may be issued by the Company in an unlimited aggregate principal amount.

Validity of the Medium-Term Note

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.