National Rural Utilities (NRUC) prices $500,000 3.82% note maturing October 2026

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $500,000.00. The note is priced at 100% of principal, carries a fixed interest rate of 3.82% per annum, and will be issued on December 15, 2025, maturing on October 15, 2026.

Interest is payable twice a year, on each January 15 and July 15, to holders of record on each January 1 and July 1. There is no redemption date specified and no agent’s commission for this issuance. Counsel Hogan Lovells US LLP states that, once properly authorized, issued and paid for under the indenture, the note will constitute a valid and binding obligation of the company, subject to standard bankruptcy and equitable principles.

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.			10398
Pricing Supplement Date			December 10, 2025
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$500,000.00
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 type of security is National Rural Utilities (NRUC) offering in this 424B3?

National Rural Utilities is offering a Medium-Term Note, Series D, which is a debt security due nine months or more from its date of issue.

What is the principal amount and interest rate of the NRUC Medium-Term Note?

The Medium-Term Note has a principal amount of $500,000.00 and carries a fixed interest rate of 3.82% per annum.

When do the NRUC Medium-Term Note interest payments and record dates occur?

Interest is paid on each January 15 and July 15, to holders of record on each January 1 and July 1.

What are the issue and maturity dates for the NRUC Medium-Term Note?

The note’s original issue date is December 15, 2025, and its maturity date is October 15, 2026.

Is there any redemption feature or agent’s commission on this NRUC note?

The terms specify no redemption date and no agent’s commission for this Medium-Term Note.

What does legal counsel say about the validity of the NRUC Medium-Term Note?

Hogan Lovells US LLP opines that, after proper authorization, issuance, and payment under the indenture, the note will be a valid and binding obligation of National Rural Utilities, subject to typical bankruptcy and equity law limitations.