NRUC issues $1,000,000 Medium‑Term Notes at 3.88%

National Rural Utilities Cooperative Finance Corporation offers $1,000,000.00 in Medium-Term Notes, Series D, issued at 100% of principal with an original issue date of March 31, 2026 and a maturity date of March 15, 2027.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation offers $1,000,000.00 in Medium-Term Notes, Series D, issued at 100% of principal with an original issue date of March 31, 2026 and a maturity date of March 15, 2027. The notes pay interest at 3.88% per annum on each January 15 and July 15, with record dates of January 1 and July 1.

The pricing supplement (Trade Date and Pricing Supplement Date: March 26, 2026) lists no agent commission and no redemption date. Counsel's opinion states the notes will be valid obligations subject to customary insolvency and equitable-law exceptions.

Insights

Debt Capital Markets Analyst

Issuer priced a short-term medium-term note at a fixed 3.88% rate.

The Series D issuance is a $1,000,000.00 note maturing in under one year on March 15, 2027, carrying a fixed coupon payable semiannually on January 15 and July 15. The pricing supplement shows an issue price of 100% and no agent commission.

Cash-flow treatment indicates proceeds to the issuer as structured primary notes; specific use of proceeds is not stated. Legal opinion notes standard exceptions for bankruptcy and equitable defenses. Subsequent disclosures may state placement details or investor allocations.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What are the key terms of NRUC medium-term notes Series D?

The Series D notes total $1,000,000.00 issued at 100%, bearing interest at 3.88% per annum, maturing on March 15, 2027. Interest is paid each January 15 and July 15 with record dates January 1 and July 1.

When is the original issue date for NRUC Series D notes?

The original issue date is March 31, 2026. The pricing supplement trade date and pricing supplement date are both March 26, 2026, which precede the stated issuance date.

Does the pricing supplement include any redemption or agent commission?

The pricing supplement states there is no redemption date and no agents commission for this Series D issuance. The note is structured without a listed issuer redemption option in the excerpt.

What legal assurance is provided about the validity of the notes?

Counsel Hogan Lovells US LLP opines the notes will be valid and binding obligations upon payment and proper issuance, subject to customary bankruptcy, insolvency and equitable-law exceptions noted in the opinion.

How frequently are interest payments made on the Series D notes?

Interest is payable semiannually on January 15 and July 15 each year. Regular record dates for determining payees are January 1 and July 1.

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

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Accepted by SEC EDGAR 03/27/2026 - 11:38 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			March 26, 2026
Pricing Supplement No.			10525
Pricing Supplement Date			March 26, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 31, 2026
Maturity Date			March 15, 2027
Interest Rate			3.88% 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.