NRUC (NRUC) sells $5M 3.63% Medium-Term Notes maturing in 2028

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing $5,000,000 of Medium-Term Notes, Series D, under its existing shelf program. The notes are priced at 100% of principal, bear interest at 3.63% per annum, and mature on February 15, 2028.

Interest will be paid semiannually on each January 15 and July 15 to holders of record on January 1 and July 1. Hogan Lovells US LLP opines that, after proper authorization, issuance, and delivery, the notes will be valid and binding obligations of the company, subject to standard bankruptcy and equity-related legal limitations.

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Accepted by SEC EDGAR 02/13/2026 - 01:16 PM Learn about SEC filing dates

FAQ

What is National Rural Utilities (NRUC) issuing in this 424B3 filing?

National Rural Utilities is issuing $5,000,000 of Medium-Term Notes, Series D, as part of its financing activities. These notes are fixed-rate debt securities offered at 100% of principal under an existing base prospectus and prospectus supplement.

What are the interest rate and maturity for NRUC’s new Medium-Term Notes?

The notes carry a fixed interest rate of 3.63% per annum and mature on February 15, 2028. This creates a roughly two-year debt instrument from the original issue date of February 15, 2026, providing predictable semiannual interest payments to investors.

When do investors in NRUC’s 3.63% notes receive interest payments?

Interest on the notes is paid on January 15 and July 15 each year. Holders of record on January 1 and July 1 will receive these payments, establishing a clear, semiannual income schedule for noteholders through the February 15, 2028 maturity.

What is the issue price and principal amount of NRUC’s Series D Medium-Term Notes?

The offering has a principal amount of $5,000,000, with an issue price of 100% of principal. This means investors pay face value for the notes, and there is no stated agent’s commission on this particular tranche according to the pricing supplement.

What legal opinion supports the validity of NRUC’s 3.63% Medium-Term Notes?

Hogan Lovells US LLP provides a legal opinion that, after proper authorization, execution, issuance, and delivery, the notes will be valid and binding obligations of NRUC. This opinion is subject to customary limitations related to bankruptcy, insolvency laws, and general principles of equity.

Which laws govern the enforceability of NRUC’s new Medium-Term Notes?

The enforceability opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York. It excludes laws of political subdivisions below state level and assumes proper trustee authorization and authentication under the indenture.

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.			10461
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$5,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 15, 2026
Maturity Date			February 15, 2028
Interest Rate			3.63% 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.