National Rural Utilities (NRUC) offers $1M 4.65% Medium-Term Note

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is offering a $1,000,000 Medium-Term Note, Series D, with an interest rate of 4.65% per annum. The note is scheduled to be issued on December 29, 2025 at 100% of its principal amount and will mature on December 15, 2035. Interest will be paid twice a year, on January 15 and July 15, to holders of record on January 1 and July 1.

The note has no stated redemption date and no selling commission to agents. Legal counsel Hogan Lovells US LLP states that, after the company receives the stated consideration and completes all required execution and delivery steps under the indenture and related agreements, the note will be a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles under District of Columbia cooperative law and New York law.

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 22, 2025
Pricing Supplement No.			10419
Pricing Supplement Date			December 22, 2025
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			December 29, 2025
Maturity Date			December 15, 2035
Interest Rate			4.65% 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 is National Rural Utilities (NRUC) offering in this 424B3 filing?

National Rural Utilities Cooperative Finance Corporation is offering a $1,000,000 Medium-Term Note, Series D, with a fixed interest rate of 4.65% per annum and a maturity date of December 15, 2035.

What are the key terms of NRUC's 4.65% Medium-Term Note?

The note has a $1,000,000 principal amount, is issued at 100% of principal, bears interest at 4.65% per annum, will be issued on December 29, 2025, and will mature on December 15, 2035.

How and when are interest payments made on NRUC's Medium-Term Note?

Interest on the note is paid semi-annually on January 15 and July 15 of each year. The regular record dates for determining who receives interest are January 1 and July 1.

Does the NRUC Medium-Term Note have any redemption features or agent commissions?

The note has no stated redemption date and there is no agents commission indicated for this offering.

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

Hogan Lovells US LLP opines that, after NRUC receives the specified consideration and completes execution, authentication, issuance and delivery under the indenture and related agreements, the notes will be valid and binding obligations of the company, subject to customary limits from bankruptcy and insolvency laws and equitable principles.

Under which laws is the NRUC Medium-Term Note opinion provided?

The legal opinion is based on applicable provisions of 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.