NRUC (NRUC) issues $7.5M note maturing Dec 15, 2026 at 3.60%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a Medium-Term Note offering of $7,500,000 at 100% of principal with an interest rate of 3.60% per annum.

The notes have an original issue date of February 27, 2026 and mature on December 15, 2026. Interest is payable each January 15 and July 15 with record dates each January 1 and July 1. The pricing supplement lists no agent commission and indicates no redemption date for the issue.

Insights

Fixed-Income Structuring Analyst

Short-term note issuance priced at par with a 3.60% coupon to fund near‑term obligations.

The excerpt shows a $7.5M Medium‑Term Note with an original issue date of February 27, 2026 and maturity on December 15, 2026. Interest is semiannual on January 15 and July 15, and the offering was priced at 100% of principal.

Cash‑flow treatment to the issuer or specific use of proceeds is not described in the provided excerpt. The pricing supplement also states no agent commission and lists no redemption date, which are factual terms to watch in the full prospectus for optionality or call features.

Securities Counsel / Compliance Specialist

Legal opinion confirms validity of the notes subject to standard insolvency and equitable defenses.

The included counsel opinion from Hogan Lovells US LLP states that, subject to receipt of consideration and due issuance, the notes will be valid obligations under the District of Columbia General Cooperative Association Act of 2010 and New York law. The opinion preserves standard limitations such as bankruptcy, fraudulent conveyance law, and equitable doctrines.

Buyers and trustees should refer to the indenture and underwriting agreement for final issuance conditions; the excerpt does not disclose closing conditions or covenant specifics.

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 24, 2026
Pricing Supplement No.			10485
Pricing Supplement Date			February 24, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$7,500,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 27, 2026
Maturity Date			December 15, 2026
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.

FAQ

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

Key terms: $7,500,000 principal, issued at 100%, coupon 3.60%. The notes bear interest semiannually on January 15 and July 15, with record dates each January 1 and July 1, and mature December 15, 2026.

When is the NRUC note issued and when does it mature?

The original issue date is February 27, 2026 and the maturity date is December 15, 2026. Those dates are specified on the pricing supplement and define the note's nine‑month term from issue to maturity.

Does NRUC pay any underwriting or agent commission on this note?

No agent commission is listed in the pricing supplement. The table expressly shows Agents Commission: None, indicating no placement fee disclosed in the provided excerpt.

Is there a redemption feature on NRUC's Medium-Term Note?

The pricing supplement indicates a Redemption Date: None. The excerpt lists no redemption date; refer to the full indenture for any call or early‑redemption provisions not included here.

What legal opinions cover the validity of the notes?

Counsel Hogan Lovells US LLP opines the notes will be valid obligations under D.C. and New York law. The opinion remains subject to bankruptcy, insolvency, equitable doctrines, and customary issuance conditions described in the excerpt.