NRUC (NRUC) issues $1,000,000 3.59% Medium-Term Note due 2026

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a $1,000,000 Medium-Term Note, Series D, under an existing shelf registration. The note carries a fixed interest rate of 3.59% per annum, with an issue price equal to 100% of the principal amount.

The note will be issued on February 15, 2026 and will mature on December 15, 2026. Interest will be paid semi-annually on each January 15 and July 15 to holders of record on each preceding January 1 and July 1. The note has no redemption provisions and no selling agent commission is payable.

Legal counsel Hogan Lovells US LLP opines that, once properly authorized, executed, authenticated and paid for under the governing indenture and related agreements, the note will constitute a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles under District of Columbia cooperative law and New York law.

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.			10481
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 15, 2026
Maturity Date			December 15, 2026
Interest Rate			3.59% 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 NRUC offering in this 424B3 filing?

National Rural Utilities Cooperative Finance Corporation is offering a Medium-Term Note, Series D, under its existing shelf registration. The note is a fixed-income debt security with a defined interest rate, maturity date, and semi-annual interest payments, governed by an existing indenture.

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

The note has a principal amount of $1,000,000, an issue price of 100% of principal, and a fixed interest rate of 3.59% per year. It is scheduled to be issued on February 15, 2026 and will mature on December 15, 2026, with semi-annual interest payments.

When will investors receive interest payments on NRUC's 3.59% note?

Interest on the Medium-Term Note will be paid on each January 15 and July 15. Holders of record on each preceding January 1 and July 1 will receive the payments, providing predictable semi-annual cash flows during the life of the note until its December 15, 2026 maturity.

Is there any redemption feature on NRUC's Medium-Term Note, Series D?

The pricing supplement states that the Medium-Term Note has no redemption date. This means the issuer does not have a scheduled right to redeem the note before its December 15, 2026 maturity, so investors can expect to hold it to maturity absent secondary market sales.

What legal opinion supports the validity of NRUC's Medium-Term Note?

Hogan Lovells US LLP, acting as counsel to the company, opines that the note will be a valid and binding obligation once duly authorized, executed, authenticated, issued and paid for. The opinion is based on District of Columbia cooperative law and New York law, subject to customary creditor-rights limitations.

Does NRUC pay any selling agent commission on this note issuance?

The pricing supplement specifies that there is no agent’s commission for this Medium-Term Note. This indicates the note is being issued without an underwriting or selling commission charged to the issuer, which can modestly reduce issuance costs compared with a commissioned agency distribution.