National Rural Utilities (NRUC) prices $300,000 3.61% medium-term note

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $300,000.00. The note bears interest at 3.61% per annum, will be issued on February 15, 2026, and matures on April 15, 2027.

Interest is payable 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 no agent’s commission is payable. Counsel Hogan Lovells US LLP opines the note will be a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles.

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.			10478
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.

FAQ

What are the key terms of National Rural Utilities (NRUC) Medium-Term Note, Series D?

The Medium-Term Note, Series D has a principal amount of $300,000.00, a 3.61% annual interest rate, an original issue date of February 15, 2026, and a maturity date of April 15, 2027. It is issued at 100% of principal amount.

When are interest payments made on NRUC’s 3.61% Medium-Term Note?

Interest on the 3.61% Medium-Term Note is paid on each January 15 and July 15. Holders of record on each January 1 and July 1 receive these payments, providing semiannual interest income over the life of the note.

What is the maturity date of National Rural Utilities (NRUC) Medium-Term Note, Series D?

The Medium-Term Note, Series D matures on April 15, 2027. Investors will receive repayment of the $300,000.00 principal at that time, along with the final semiannual interest payment at the 3.61% annual interest rate.

Does NRUC’s Medium-Term Note, Series D have a redemption feature or agent’s commission?

The Medium-Term Note, Series D has no redemption date, meaning it is not subject to early redemption by the issuer under the disclosed terms. The pricing supplement also states there is no agent’s commission associated with this specific note issuance.

What legal opinion supports the validity of NRUC’s Medium-Term Note, Series D?

Hogan Lovells US LLP opines that, after proper authorization, execution, authentication and delivery, the notes will be valid and binding obligations of National Rural Utilities. This is subject to bankruptcy, insolvency and equitable principles under District of Columbia and New York law.

Which laws govern NRUC’s Medium-Term Note, Series D according to counsel?

The legal opinion for the Medium-Term Note is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York. It excludes laws of political subdivisions below the state level, consistent with typical capital markets opinions.