National Rural Utilities CFC 3.66% 2026 note

National Rural Utilities Cooperative Finance Corporation is issuing a new Medium-Term Note, Series D, under its existing shelf program.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a new Medium-Term Note, Series D, under its existing shelf program. The note has a principal amount of $200,000.00, an issue price of 100% of principal, and bears interest at 3.66% per annum.

The note will be issued on January 15, 2026 and will mature on November 15, 2026. Interest will be paid semiannually on each January 15 and July 15 to holders of record on each January 1 and July 1. There is no redemption date and no agent’s commission listed for this note. Counsel Hogan Lovells US LLP states that, after proper authorization, execution and delivery, the note will constitute a valid and binding obligation of the company, subject to standard bankruptcy and equity law limitations.

FAQ

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What are the key terms of National Rural Utilities (NRUC) 3.66% Medium-Term Note, Series D?

The Medium-Term Note, Series D has a principal amount of $200,000.00, an issue price of 100% of principal, an interest rate of 3.66% per annum, an original issue date of January 15, 2026, and a maturity date of November 15, 2026.

How and when does the NRUC Medium-Term Note, Series D pay interest?

The note pays interest at 3.66% per year, with interest payment dates on each January 15 and July 15. Regular record dates for determining who receives interest are each January 1 and July 1.

Is there any redemption feature or agent commission on the NRUC Series D note?

The terms state a redemption date of "None," indicating no specified redemption feature, and an agents commission of "None" for this Medium-Term Note, Series D.

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

Hogan Lovells US LLP opines that, after the company receives the specified consideration and the note is duly executed, authenticated, issued and delivered under the indenture and applicable agreement, the note will be a valid and binding obligation of the company, subject to customary bankruptcy and equity law limitations.

Which laws govern the NRUC Medium-Term Note, Series D opinion from counsel?

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.

What is the trade date and pricing supplement reference for the NRUC Series D note?

The trade date for the Medium-Term Note, Series D is January 12, 2026, and the terms are described in Pricing Supplement No. 10441 dated the same day, referring to a prospectus supplement dated October 27, 2023 and a base prospectus dated October 24, 2023.

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Accepted by SEC EDGAR 01/14/2026 - 11:16 AM 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			January 12, 2026
Pricing Supplement No.			10441
Pricing Supplement Date			January 12, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$200,000.00
Issue Price			100% of Principal Amount
Original Issue Date			January 15, 2026
Maturity Date			November 15, 2026
Interest Rate			3.66% 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.