NRUC prices $400,000 3.63% notes due 2028

National Rural Utilities Cooperative Finance Corporation is issuing a new medium-term note under its Series D program.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a new medium-term note under its Series D program. The note has a principal amount of $400,000, an issue price of 100% of principal, and will mature on February 15, 2028.

The note carries a fixed interest rate of 3.63% per year, with interest paid semiannually on each January 15 and July 15 to holders of record on each preceding January 1 and July 1. There is no stated redemption date, meaning the note is not scheduled to be called before maturity.

Legal counsel Hogan Lovells US LLP states that, after proper authorization, payment and delivery under the governing indenture and related agreements, the note will constitute a valid and binding obligation of the company, subject to typical bankruptcy, insolvency 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 National Rural Utilities (NRUC) new medium-term note?

The note has a $400,000 principal amount, a fixed 3.63% annual interest rate, and matures on February 15, 2028. It is issued at 100% of principal, with no scheduled redemption before maturity under the disclosed terms.

How often does NRUC pay interest on this 3.63% Series D note?

Interest is paid semiannually on January 15 and July 15 each year. Holders of record on January 1 and July 1 receive the payments, providing predictable cash flows over the life of the note.

When do the NRUC 3.63% medium-term notes start and end?

The notes are issued on February 15, 2026 and mature on February 15, 2028. Investors receive semiannual interest payments during this period and repayment of principal at maturity, assuming no default under the indenture.

Is there a call or redemption feature on NRUC’s new medium-term note?

The disclosed terms list the redemption date as "None", indicating no scheduled call feature. Investors can expect to hold the note to its February 15, 2028 maturity unless they sell it in the secondary market.

What legal opinion supports the validity of NRUC’s 3.63% note?

Hogan Lovells US LLP opines the note will be a valid and binding obligation once properly authorized, paid for, executed, and delivered. The opinion is subject to customary bankruptcy and equity law limitations under District of Columbia and New York law.

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

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Accepted by SEC EDGAR 02/13/2026 - 02:02 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.			10475
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$400,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 15, 2026
Maturity Date			February 15, 2028
Interest Rate			3.63% 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.