[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 Corporation priced Medium-Term Notes, Series D with a $1,000,000.00 principal amount. The notes trade date is April 1, 2026, original issue date April 6, 2026, maturity August 15, 2027, interest rate 3.91% per annum and issued at 100% of principal.

The pricing supplement references the prospectus supplement dated October 27, 2023 and the base prospectus dated October 24, 2023. A legal opinion from Hogan Lovells US LLP states the notes will be valid and binding obligations subject to standard insolvency and equitable law limitations.

Insights

Debt Capital Markets Analyst

Short-term medium-term note issuance at a fixed 3.91% interest rate.

The company issued $1,000,000.00 of Series D Medium-Term Notes due August 15, 2027 at par (100% issue price). The term spans roughly 16 months from original issue date April 6, 2026, indicating short-duration funding consistent with rollover or working capital needs.

Interest pays semiannually on January 15 and July 15 with record dates each January 1 and July 1. Cashflow recipients and underwriting details are not stated in the excerpt.

Securities & Regulatory Counsel

Legal opinion affirms enforceability subject to usual insolvency and equitable defenses.

Counsel from Hogan Lovells US LLP opines the notes will be valid obligations following receipt of consideration and proper issuance under the indenture, relying on District of Columbia and New York law.

The opinion preserves typical qualifiers: bankruptcy, fraudulent transfer law and judicial equitable principles, which are standard limitations on enforceability.

Key Figures

Principal Amount: $1,000,000.00 Interest Rate: 3.91% per annum Issue Price: 100% of Principal Amount +3 more

6 metrics

Principal Amount $1,000,000.00 Series D Medium-Term Notes

Interest Rate 3.91% per annum fixed rate, payable semiannually

Issue Price 100% of Principal Amount priced at par

Original Issue Date April 6, 2026 original issue date listed in supplement

Maturity Date August 15, 2027 final maturity of Series D notes

Trade Date April 1, 2026 pricing/trade date in supplement

Key Terms

Pricing Supplement, Indenture, Original Issue Date

3 terms

Pricing Supplement regulatory

"Pricing Supplement No. | 10529 Pricing Supplement Date | April 1, 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.

Indenture financial

"issuance and delivery of the notes pursuant to the terms of the indenture and the applicable underwriting"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

Original Issue Date market

"Original Issue Date | April 6, 2026"

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

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Accepted by SEC EDGAR 04/02/2026 - 01:53 PM Learn about SEC filing dates

FAQ

What did NRUC (NRUC) issue in this pricing supplement?

NRUC issued Medium-Term Notes, Series D with a principal amount of $1,000,000.00. The notes were priced at 100% of principal and have a fixed interest rate of 3.91% per annum.

When do NRUC's Series D notes mature and when do they start paying interest?

The Series D notes mature on August 15, 2027. Interest is payable semiannually on January 15 and July 15 with record dates on January 1 and July 1.

What was the original issue date and trade date for NRUC's notes?

The trade date listed is April 1, 2026 and the original issue date is April 6, 2026. These dates frame the sequencing for pricing and settlement described in the supplement.

What legal assurance accompanies the NRUC notes?

Hogan Lovells US LLP provided an opinion that the notes will be valid and binding obligations, subject to bankruptcy, insolvency and equitable law limitations, and conditioned on proper receipt of consideration and issuance.

Is there a call or redemption feature disclosed for these notes?

The pricing supplement states Redemption Date: None, indicating no scheduled redemption date is provided in the excerpt for Series D notes.

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			April 1, 2026
Pricing Supplement No.			10529
Pricing Supplement Date			April 1, 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			April 6, 2026
Maturity Date			August 15, 2027
Interest Rate			3.91% 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.