3.60% medium-term note from National Rural (NRUC) totals $1M

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a $1,000,000 Medium-Term Note, Series D, at 100% of principal with a fixed interest rate of 3.60% per annum. The note will be issued on February 15, 2026 and will mature on February 15, 2027.

Interest is payable on January 15 and July 15, to holders of record on January 1 and July 1. There is no redemption date and no agents’ commission. Counsel Hogan Lovells US LLP states the note will constitute a valid and binding obligation of the company, subject to customary bankruptcy and equity-related limitations under District of Columbia and New York law.

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Accepted by SEC EDGAR 02/13/2026 - 01:55 PM Learn about SEC filing dates

FAQ

What are the key terms of National Rural (NRUC) 3.60% Medium-Term Note?

The note has a $1,000,000 principal amount, a 3.60% per annum interest rate, and is priced at 100% of principal. It is issued February 15, 2026 and matures February 15, 2027, with semiannual interest payments in January and July.

When does the NRUC Medium-Term Note, Series D, pay interest?

Interest on the NRUC Medium-Term Note, Series D, is paid each January 15 and July 15. Holders must be on record as of each January 1 and July 1 to receive these payments, providing predictable semiannual cash flows during the note’s life.

Does the NRUC Medium-Term Note, Series D, have any redemption provisions?

The Series D Medium-Term Note lists the Redemption Date as "None". This means the note is not scheduled for early redemption by the issuer under the disclosed terms, and investors can expect payment of principal at the stated February 15, 2027 maturity.

What is the issue price and commission on the NRUC Series D note?

The note is offered at 100% of the $1,000,000 principal amount, meaning it is issued at par. The disclosure specifies "Agents Commission | None", indicating no selling commission to agents is included in the terms described.

What legal opinion supports the validity of the NRUC Medium-Term Note?

Hogan Lovells US LLP opines the notes will be valid and binding obligations of the company after proper authorization, execution, and delivery. This is subject to bankruptcy, insolvency, and equitable principles under the District of Columbia General Cooperative Association Act of 2010 and New York law.

What are the important dates for NRUC’s Medium-Term Note, Series D?

Key dates include Trade Date February 11, 2026, Original Issue Date February 15, 2026, and Maturity Date February 15, 2027. Regular record dates are each January 1 and July 1, with interest payments each January 15 and July 15.

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.			10473
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			February 15, 2027
Interest Rate			3.60% 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.