NRUC issues $190,000 Medium-Term Note at 3.88% (NRUC)

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary offering of Medium-Term Notes. The pricing supplement shows a $190,000.00 principal amount issued at 100% of principal with an original issue date of March 30, 2026 and maturity on March 15, 2027. The notes pay interest at 3.88% per annum with semiannual interest payment dates on January 15 and July 15, and regular record dates of January 1 and July 1. The pricing supplement references the base prospectus dated October 24, 2023 and a prospectus supplement dated October 27, 2023. Counsel opines the notes will be valid obligations subject to standard insolvency and equitable limitations.

Insights

Debt Capital Markets Analyst

Short-term note issuance locks in fixed funding at a known rate.

These Medium-Term Notes reflect a 3.88% fixed coupon for a ~11.5-month tenor from the original issue date to maturity, providing the issuer with locked-in financing priced at par ($190,000 at 100%).

Cash-flow treatment and use of proceeds are not detailed in the excerpt; subsequent filings or the prospectus may state allocation. Interest payment cadence is standard semiannual scheduling for this instrument.

Securities/Capital Markets Counsel

Legal opinion confirms enforceability subject to standard limitations.

Counsel from Hogan Lovells US LLP states the notes will be valid and binding obligations contingent on receipt of consideration and proper issuance under the indenture and agreements, with enforceability subject to bankruptcy, insolvency and equitable defenses.

The opinion cites the District of Columbia General Cooperative Association Act of 2010 and New York law as governing; no additional legal conclusions are offered in the excerpt.

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			March 25, 2026
Pricing Supplement No.			10524
Pricing Supplement Date			March 25, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$190,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 30, 2026
Maturity Date			March 15, 2027
Interest Rate			3.88% 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 did NRUC (NRUC) price in this offering?

NRUC priced a Medium-Term Note public offering of $190,000.00 at 100% of principal, with an original issue date of March 30, 2026. The note carries a fixed coupon of 3.88% per annum through maturity.

When does the NRUC Medium-Term Note mature?

The note matures on March 15, 2027, approximately nine months or more from issue. Interest is payable semiannually on January 15 and July 15, with record dates on January 1 and July 1.

How much interest does NRUC pay on the notes?

The notes pay a fixed interest rate of 3.88% per annum. Interest payment dates are semiannual: January 15 and July 15, with corresponding regular record dates on January 1 and July 1.

Did NRUC receive legal counsel opinion on the notes' validity?

Yes. Hogan Lovells US LLP provided an opinion that the notes will be valid and binding obligations upon receipt of consideration and proper issuance, subject to standard insolvency and equitable limitations under cited laws.

What price were the NRUC notes issued at?

The pricing supplement shows an issue price of 100% of principal, meaning the notes were issued at par for the stated principal amount of $190,000.00.