National Rural Utilities (NRUC) prices $7.5M Series D notes, 3.64% interest

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a Medium-Term Note offering, Series D, with a $7,500,000.00 principal amount at 100% of principal. The notes bear interest at 3.64% per annum, trade date February 24, 2026, original issue date February 27, 2026, and mature on December 15, 2027

Interest is paid each January 15 and July 15 with regular record dates of January 1 and July 1. The pricing supplement lists no redemption feature and shows no agents' commission. Counsel rendered an opinion that the notes will be valid obligations, subject to customary bankruptcy and equitable-law qualifications.

Insights

Debt Capital Markets Analyst

Short-term note issuance priced at marketable fixed rate for 2026–2027 maturity.

The document shows a $7,500,000.00 Series D medium-term note issued at par with an interest rate of 3.64%, maturing on December 15, 2027. Payment cadence is semiannual on January 15 and July 15.

Cash‑flow treatment to the issuer and placement method are not stated in the excerpt; the notes are non‑redeemable per the supplement. Subsequent disclosures or the underwriting agreement may specify distribution mechanics and purchasers.

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 24, 2026
Pricing Supplement No.			10484
Pricing Supplement Date			February 24, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$7,500,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 27, 2026
Maturity Date			December 15, 2027
Interest Rate			3.64% 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 price in its Series D medium-term note offering?

NRUC priced $7,500,000.00 of Series D medium-term notes at 100% of principal. The notes bear interest at 3.64% per annum and were issued with an original issue date of February 27, 2026.

When do the NRUC Series D notes mature and pay interest?

The Series D notes mature on December 15, 2027. Interest is paid semiannually each January 15 and July 15, with regular record dates of January 1 and July 1.

Is there a redemption option or agents' commission for NRUC's Series D notes?

The pricing supplement states the notes list no redemption date and shows no agents' commission. The offering therefore does not identify an issuer call feature or placement commission in this excerpt.

What legal opinion accompanies NRUC's note issuance?

Counsel from Hogan Lovells US LLP opined the notes will be valid and binding obligations upon receipt of consideration and proper issuance, subject to bankruptcy and equitable-law qualifications under applicable laws.

What are the trade and issue dates for the Series D notes?

The trade date for the offering is February 24, 2026 and the original issue date is February 27, 2026, as stated in the pricing supplement.