National Rural Utilities (NRUC) issues $250k 3.61% medium-term notes due 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing $250,000 of Medium-Term Notes, Series D, at 100% of principal with a fixed interest rate of 3.61% per annum, maturing on July 15, 2027.

Interest will be paid on January 15 and July 15 to holders of record on January 1 and July 1. The notes have no redemption date and no agent’s commission. Counsel Hogan Lovells US LLP opines the notes will be valid and binding obligations of the company, subject to standard bankruptcy and equity-related legal limitations.

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Accepted by SEC EDGAR 02/13/2026 - 01:35 PM Learn about SEC filing dates

FAQ

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

The notes have a principal amount of $250,000, a fixed interest rate of 3.61% per annum, and mature on July 15, 2027. They are issued at 100% of principal under the company’s Medium-Term Notes, Series D program.

When do the NRUC Medium-Term Notes, Series D, pay interest and who receives it?

Interest is paid on January 15 and July 15 each year. Holders of record on the preceding January 1 and July 1 regular record dates receive the interest, following standard U.S. corporate debt payment conventions outlined in the disclosure.

What is the interest rate on NRUC’s Series D Medium-Term Notes and how is it applied?

The notes carry a fixed 3.61% per annum interest rate on the $250,000 principal. This rate determines the periodic interest payments made on each scheduled interest payment date until maturity on July 15, 2027, assuming the notes remain outstanding.

Do the NRUC Medium-Term Notes, Series D, have any redemption provisions or agent commissions?

The notes specify no redemption date, indicating no scheduled issuer redemption feature in the terms disclosed. The document also states no agents commission, meaning no separate selling commission is charged to the issuer for this particular tranche.

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

Hogan Lovells US LLP opines the notes will be valid and binding obligations of the company after proper authorization, execution, issuance, and delivery. The opinion is subject to customary limitations relating to bankruptcy, insolvency, and equitable principles under District of Columbia and New York law.

Which legal frameworks govern NRUC’s Medium-Term Notes, Series D, according to counsel?

Counsel bases its opinion on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York. The opinion excludes laws of political subdivisions below the state level and assumes proper trustee authorization and execution under the indenture.

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.			10468
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$250,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 15, 2026
Maturity Date			July 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.