NRUC issues $1.0M Medium‑Term Note at 3.83%

National Rural Utilities Cooperative Finance Corporation priced a Medium‑Term Note offering under its shelf prospectus.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a Medium‑Term Note offering under its shelf prospectus. The pricing supplement shows a $1,000,000 principal amount issued at 100% of principal, original issue date April 15, 2026, maturity April 15, 2027, and an interest rate of 3.83% per annum.

The pricing and trade dates are April 10, 2026. The prospectus supplement is dated October 27, 2023 and the base prospectus is dated October 24, 2023. The notes show no redemption date and no agents commission as listed.

Key Figures

Principal Amount: $1,000,000 Issue Price: 100% of Principal Amount Interest Rate: 3.83% per annum +3 more

6 metrics

Principal Amount $1,000,000 Principal amount of the Medium‑Term Note

Issue Price 100% of Principal Amount Pricing supplement shows notes issued at par

Interest Rate 3.83% per annum Stated annual interest rate on the notes

Original Issue Date April 15, 2026 Date notes were originally issued

Maturity Date April 15, 2027 Maturity of the Medium‑Term Note

Pricing/Trade Date April 10, 2026 Trade date and pricing supplement date

Key Terms

Pricing Supplement, Medium‑Term Note, Issue Price, Record Dates

4 terms

Pricing Supplement regulatory

"Pricing Supplement Date | April 10, 2026 Prospectus Supplement Date"

A pricing supplement is a short, final document that gives the exact terms of a new securities offering—such as the price, interest rate, size and settlement date—building on the broader prospectus. Think of it as the day’s receipt that turns a general menu into the specific order; investors use it to see the concrete deal terms that determine value, yield and whether to buy.

Medium‑Term Note financial

"Medium-Term Notes, Series D Due Nine Months or More from Date of Issue"

Issue Price financial

"Principal Amount | $1,000,000.00 Issue Price | 100% of Principal Amount"

The issue price is the amount of money investors pay to buy a new security, such as a stock or bond, when it is first offered to the public. It matters to investors because it determines their initial cost and potential future gains or losses, similar to paying a set price for a new product before it hits stores. The issue price helps establish the value of the security at the start of its trading life.

Record Dates financial

"Regular Record Dates | Each January 1 and July 1"

A record date is the specific day a company uses as a snapshot to determine which shareholders are officially entitled to a corporate action — for example receiving a dividend, voting at a meeting, or getting rights in an offering. Think of it like a classroom roll call: only the people listed at that moment qualify, so investors must own shares before related cutoff dates to be included, making it important for timing trades and income planning.

FAQ

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

What did NRUC (NRUC) issue in this 424(b)(3) pricing supplement?

NRUC issued a Medium‑Term Note with principal amount $1,000,000 at an issue price of 100%. The note carries an interest rate of 3.83% per annum and was originally issued on April 15, 2026.

When does the NRUC Medium‑Term Note mature and what are the interest payment dates?

The note matures on April 15, 2027. Interest is paid each January 15 and July 15, with regular record dates each January 1 and July 1, per the pricing supplement.

What pricing and prospectus dates are shown for NRUC's offering?

The trade date and pricing supplement date are both April 10, 2026. The prospectus supplement is dated October 27, 2023 and the base prospectus is dated October 24, 2023, as stated.

Are there redemption rights or underwriting commissions specified for the NRUC note?

The pricing supplement lists the Redemption Date: None and Agents Commission: None. The document therefore shows no redemption provision and no agent commission for this note.

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

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Accepted by SEC EDGAR 04/13/2026 - 12:05 PM 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			April 10, 2026
Pricing Supplement No.			10535
Pricing Supplement Date			April 10, 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			April 15, 2026
Maturity Date			April 15, 2027
Interest Rate			3.83% 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.