NRUC issues $5M 3.59% medium-term note

National Rural Utilities Cooperative Finance Corporation is issuing a $5,000,000 Medium-Term Note, Series D, priced at 100% of principal.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a $5,000,000 Medium-Term Note, Series D, priced at 100% of principal. The note bears interest at 3.59% per annum, will be issued on February 15, 2026, and matures on December 15, 2026. Interest is payable on January 15 and July 15 to holders of record on January 1 and July 1. The note has no redemption date and no agent’s commission. Counsel Hogan Lovells US LLP opines that, after proper authorization, payment of consideration and execution under the indenture, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equitable principles under District of Columbia cooperative law and New York law.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the key terms of NRUC's Series D Medium-Term Note?

National Rural Utilities Cooperative Finance Corporation is issuing a $5,000,000 Series D Medium-Term Note at 100% of principal. It carries a 3.59% annual interest rate, is issued on February 15, 2026, and matures on December 15, 2026, with semiannual interest payments.

What interest rate does NRUC's new Medium-Term Note (NRUC) pay?

The Series D Medium-Term Note from National Rural Utilities Cooperative Finance Corporation pays interest at 3.59% per annum. Interest is paid semiannually on January 15 and July 15 to holders of record on January 1 and July 1, providing predictable fixed-income cash flows.

When are interest payments made on NRUC's $5,000,000 Medium-Term Note?

Interest on the $5,000,000 Series D Medium-Term Note is paid each January 15 and July 15. Holders recorded on January 1 and July 1 receive these payments, creating two fixed interest cash distributions each year during the life of the note.

Does NRUC's Series D Medium-Term Note have a redemption feature?

The Series D Medium-Term Note has no stated redemption date. That means it is scheduled to remain outstanding until its maturity on December 15, 2026, rather than being callable earlier under a separate redemption schedule.

What legal opinion supports NRUC's 3.59% Medium-Term Note?

Hogan Lovells US LLP opines that, after receipt of consideration and proper execution under the indenture and applicable agreements, the notes will be valid and binding obligations of National Rural Utilities Cooperative Finance Corporation, subject to bankruptcy and equity principles under District of Columbia and New York law.

Is there an agent’s commission on NRUC's $5,000,000 Medium-Term Note?

The pricing terms specify no agent’s commission for this $5,000,000 Medium-Term Note. With an issue price of 100% of principal and no commission, the full principal amount reflects the contractual face value investors receive at issuance and at maturity, absent default.

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

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Accepted by SEC EDGAR 02/13/2026 - 01:27 PM Learn about SEC filing dates

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.			10465
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$5,000,000.00
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.