NRUC (NRUC) prices $300,000 Medium-Term Note at 3.61% coupon

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a $300,000 Medium-Term Note, Series D, with a fixed interest rate of 3.61% per annum. The note will be issued on February 15, 2026 and will mature on April 15, 2027.

Interest will be paid semiannually on January 15 and July 15, to holders of record on January 1 and July 1. The note is priced at 100% of principal, carries no redemption features before maturity, and involves no selling agent commission. Counsel Hogan Lovells US LLP opines that, after proper authorization, issuance and delivery, the note will be a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles.

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Accepted by SEC EDGAR 02/13/2026 - 02:08 PM Learn about SEC filing dates

FAQ

What is National Rural Utilities (NRUC) issuing in this 424B3 filing?

National Rural Utilities is issuing a Medium-Term Note, Series D, with a principal amount of $300,000. The note is part of its Medium-Term Notes program and is documented through this pricing supplement under an existing base prospectus and prospectus supplement.

What are the key terms of NRUC’s new Medium-Term Note?

The Medium-Term Note has a $300,000 principal amount, a fixed interest rate of 3.61% per annum, an original issue date of February 15, 2026, and a maturity date of April 15, 2027, with no early redemption provisions disclosed here.

How and when will interest be paid on NRUC’s 3.61% Medium-Term Note?

Interest on the note will be paid semiannually on January 15 and July 15. Holders must be on record as of January 1 and July 1 to receive these payments, reflecting a standard fixed-rate coupon structure for this Medium-Term Note.

At what price is NRUC’s Medium-Term Note being offered?

The note is offered at 100% of its $300,000 principal amount, meaning investors pay face value at issuance. There is also no agent’s commission indicated, which suggests the company will not pay a separate selling fee on this transaction.

Does NRUC’s Medium-Term Note have any redemption features before maturity?

The pricing terms list the redemption date as none, indicating no stated early redemption feature in this supplement. Investors should therefore expect repayment of principal at the scheduled maturity date of April 15, 2027, absent other applicable provisions in governing documents.

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

Hogan Lovells US LLP states the note will be a valid and binding obligation of the company once properly authorized, executed, authenticated, issued and delivered against payment, subject to bankruptcy, insolvency and general equitable principles under District of Columbia cooperative law 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.			10477
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$300,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 15, 2026
Maturity Date			April 15, 2027
Interest Rate			3.61% 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.