National Rural Utilities (NRUC) issues $135,000 Medium-Term Note at 3.72%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $135,000. The note carries a fixed interest rate of 3.72% per annum, is priced at 100% of its principal amount, and will be issued on December 19, 2025, maturing on December 15, 2027.

Interest will be paid twice a year on each January 15 and July 15, to holders of record on each January 1 and July 1. The note has no redemption date and is issued with no agent’s commission. Counsel Hogan Lovells US LLP states that, once properly authorized, executed and delivered under the indenture, the note will be a valid and binding obligation of the company, subject to customary bankruptcy and equity law limitations.

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 16, 2025
Pricing Supplement No.			10415
Pricing Supplement Date			December 16, 2025
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$135,000.00
Issue Price			100% of Principal Amount
Original Issue Date			December 19, 2025
Maturity Date			December 15, 2027
Interest Rate			3.72% 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 type of security is National Rural Utilities (NRUC) offering in this 424B3?

The company is offering a Medium-Term Note, Series D, which is a debt security due nine months or more from its date of issue. This specific note matures on December 15, 2027.

What are the key terms of NRUCs Medium-Term Note in this pricing supplement?

The note has a principal amount of $135,000, an issue price of 100% of principal, and a fixed interest rate of 3.72% per annum. It will be issued on December 19, 2025 and mature on December 15, 2027.

How and when will interest be paid on NRUCs 3.72% Medium-Term Note?

Interest on the note will be paid semiannually on each January 15 and July 15. The regular record dates for determining who receives interest are each January 1 and July 1.

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

The pricing terms specify a Redemption Date: None, meaning there is no stated redemption feature. The Agents Commission is listed as None, indicating no commission is payable to an agent on this note.

What legal opinion supports the validity of NRUCs Medium-Term Note?

Hogan Lovells US LLP, as counsel to the company, opines that after the company receives 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 legal opinion on NRUCs Medium-Term Note in this filing?

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, as currently in effect, excluding laws of political subdivisions below the state level.