National Rural Utilities (NRUC) prices $15M 3.82% Medium-Term Notes, Series D

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing $15,000,000 of Medium-Term Notes, Series D, under its existing shelf program. The notes are priced at 100% of principal, bear interest at 3.82% per annum, and will be issued on December 15, 2025, with a maturity date of October 15, 2026.

Interest will be paid twice a year on January 15 and July 15, to holders of record on January 1 and July 1. There is no redemption date and no agent’s commission listed for this issuance. Counsel Hogan Lovells US LLP states that, after proper authorization, execution and delivery under the applicable indenture, these notes will constitute valid and binding obligations of the company, subject to typical bankruptcy and creditor‑rights limitations under District of Columbia 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			December 10, 2025
Pricing Supplement No.			10399
Pricing Supplement Date			December 10, 2025
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$15,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			December 15, 2025
Maturity Date			October 15, 2026
Interest Rate			3.82% 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) new Medium-Term Notes?

The Medium-Term Notes, Series D, have a principal amount of $15,000,000, an interest rate of 3.82% per annum, are issued at 100% of principal, and mature on October 15, 2026.

When do the new NRUC Medium-Term Notes start and when do they mature?

The notes have an original issue date of December 15, 2025 and a maturity date of October 15, 2026, meaning they will be outstanding for roughly ten months.

How and when is interest paid on NRUC’s $15 million Medium-Term Notes?

Interest on the notes is paid at 3.82% per annum on January 15 and July 15 of each year, to holders of record on January 1 and July 1, respectively.

Is there any call or redemption feature on the NRUC Medium-Term Notes, Series D?

The terms list the Redemption Date as “None”, indicating there is no stated optional redemption feature for these notes based on the provided information.

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

Hogan Lovells US LLP, as counsel to the company, opines that, after proper authorization, execution, authentication, issuance and delivery under the indenture and related agreements, the notes will be valid and binding obligations of National Rural Utilities Cooperative Finance Corporation, subject to customary bankruptcy and creditor-rights limitations.

Which laws govern the enforceability of National Rural Utilities’ Medium-Term Notes?

The legal opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, excluding laws of political subdivisions below the state level.