NRUC issues 3.60% medium-term note due 2027

National Rural Utilities Cooperative Finance Corporation is issuing a medium-term note under its Series D program with a principal amount of $100,000.00.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a medium-term note under its Series D program with a principal amount of $100,000.00. The note is priced at 100% of principal, will be issued on February 15, 2026, and will mature on February 15, 2027.

The note carries a fixed interest rate of 3.60% per year, with interest paid on each January 15 and July 15 to holders of record on each January 1 and July 1. There is no redemption feature or agent commission disclosed for this note.

Counsel Hogan Lovells US LLP states that, once properly authorized, executed, authenticated and paid for under the applicable indenture and agreements, the note will constitute a valid and binding obligation of the company, subject to standard bankruptcy and equitable principles under District of Columbia cooperative law and New York law.

FAQ

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

What are the key terms of NRUC's Medium-Term Note Series D in this supplement?

National Rural Utilities Cooperative Finance Corporation is issuing a Series D medium-term note with $100,000.00 principal, maturing February 15, 2027, at a fixed 3.60% annual interest rate. It is issued at 100% of principal with no redemption feature mentioned.

When do investors in NRUC's 3.60% Medium-Term Note receive interest payments?

Holders of the NRUC 3.60% Medium-Term Note receive interest on January 15 and July 15 each year. The relevant record dates are January 1 and July 1, meaning investors on record those days are entitled to the upcoming interest payments.

What is the maturity date for NRUC's Medium-Term Note priced on February 11, 2026?

The National Rural Utilities Cooperative Finance Corporation Medium-Term Note priced on February 11, 2026 has a maturity date of February 15, 2027. Investors receive principal repayment on that date, assuming the company meets its obligations under the note and indenture.

Does NRUC pay an agent’s commission on this Medium-Term Note issuance?

For this particular Medium-Term Note issuance, the agent’s commission is listed as "None". This indicates no separate selling or distribution commission is disclosed for agents in connection with this $100,000.00 principal Series D note offering.

How is the legal validity of NRUC's Medium-Term Note described by counsel?

Hogan Lovells US LLP states the note will be a valid and binding obligation after proper authorization, execution, authentication and payment. Their opinion is subject to standard bankruptcy and equity principles and relies on District of Columbia cooperative law and New York law.

What law governs NRUC's Medium-Term Note described in Pricing Supplement No. 10474?

The legal opinion for this NRUC Medium-Term Note relies on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York. These frameworks guide enforceability, subject to typical creditor-rights and equitable limitations.

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

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 02/13/2026 - 01:58 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			February 11, 2026
Pricing Supplement No.			10474
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$100,000.00
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.