3.60% notes from National Rural Utilities (NRUC) due 2027 detailed

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is offering $250,000 of Medium-Term Notes, Series D, bearing 3.60% annual interest and maturing on February 15, 2027. The notes are issued at 100% of principal, with no redemption feature and no agent commission.

Interest is paid on January 15 and July 15, to holders of record on January 1 and July 1. Counsel Hogan Lovells US LLP states that, after proper authorization, issuance and payment, these notes will be valid and binding obligations of the company, subject to customary bankruptcy and equitable principles.

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Accepted by SEC EDGAR 02/13/2026 - 12:58 PM Learn about SEC filing dates

FAQ

What is NRUC’s Medium-Term Notes, Series D offering in this 424B3?

National Rural Utilities Cooperative Finance Corporation is offering $250,000 of Medium-Term Notes, Series D, with a 3.60% annual interest rate, issued at 100% of principal and maturing on February 15, 2027, under its existing medium-term note program.

What are the key terms of NRUC’s 3.60% Medium-Term Notes (NRUC)?

The notes have a $250,000 principal amount, a 3.60% per annum fixed interest rate, and mature on February 15, 2027. Interest is payable on January 15 and July 15 to holders of record on January 1 and July 1, with no redemption provision.

How are interest payments structured on NRUC’s Medium-Term Notes, Series D?

Interest on the $250,000 Medium-Term Notes, Series D, at 3.60% per year, is paid semiannually on January 15 and July 15. Regular record dates are January 1 and July 1, meaning investors on record then receive the upcoming interest payment.

When do NRUC’s Medium-Term Notes, Series D, price and mature?

The pricing supplement shows a trade date of February 11, 2026, an original issue date of February 15, 2026, and a maturity date of February 15, 2027. Investors therefore receive one year of fixed interest payments before principal repayment at maturity.

Is there any redemption or agent commission on NRUC’s Medium-Term Notes?

The pricing terms specify no redemption date, indicating the notes are not subject to early redemption by the issuer. The agents’ commission is listed as none, so the principal amount and issue price align without an additional selling commission disclosed.

What legal opinion supports NRUC’s Medium-Term Notes, Series D?

Hogan Lovells US LLP opines that, after proper authorization, execution, authentication, issuance and delivery against payment, the notes will be valid and binding obligations of NRUC. This is subject to bankruptcy, insolvency and similar laws, and general principles of equity and judicial discretion.

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			February 11, 2026
Pricing Supplement No.			10456
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$250,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 15, 2026
Maturity Date			February 15, 2027
Interest Rate			3.60% 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.