$5M NRUC (NRUC) Medium-Term Note pays 3.60% and matures in 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a $5,000,000 Medium-Term Note, Series D, under its existing shelf program. The note is priced at 100% of principal, will be issued on February 15, 2026, and matures on February 15, 2027.

The note carries a fixed interest rate of 3.60% per annum, with interest paid on January 15 and July 15 to holders of record on January 1 and July 1. There is no redemption provision and no agent’s commission is payable on this issuance. Counsel Hogan Lovells US LLP opines that, after proper authorization, execution and delivery under the indenture, the note will constitute a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles.

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Accepted by SEC EDGAR 02/13/2026 - 01:31 PM Learn about SEC filing dates

FAQ

What are the key terms of National Rural Utilities (NRUC) new Medium-Term Note?

NRUC is issuing a $5,000,000 Medium-Term Note, Series D, maturing February 15, 2027 at 3.60% interest. The note is issued at 100% of principal, pays semiannual interest, and carries no redemption feature or agent’s commission according to the pricing supplement.

What interest rate and payment schedule apply to NRUC’s new note?

The note bears interest at 3.60% per annum with semiannual payments. Interest is payable on January 15 and July 15, to holders of record on January 1 and July 1, respectively, providing predictable cash flows over the one-year term to maturity.

When do NRUC’s new Medium-Term Notes, Series D, start and mature?

The note’s original issue date is February 15, 2026, and it matures on February 15, 2027. This makes it a one-year Medium-Term Note, providing a short-duration fixed-income instrument within NRUC’s broader Series D issuance program.

Is there any call or redemption feature on NRUC’s new Medium-Term Note?

No, the pricing supplement specifies a redemption date of “None” for this note. Without a redemption provision, investors can expect the note to remain outstanding to its February 15, 2027 maturity, absent other structural events described in the broader indenture.

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

Hogan Lovells US LLP opines the note will be a valid and binding obligation of NRUC. The opinion applies after the company receives consideration and properly executes, authenticates, issues, and delivers the note under the indenture, subject to customary bankruptcy and equity law limitations.

Does NRUC pay any agent’s commission on this $5,000,000 note issuance?

No agent’s commission is payable on this Medium-Term Note, Series D. The pricing supplement lists the agent’s commission as “None,” indicating the full 100% issue price of principal flows into the transaction without an explicit selling commission line item.

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.			10466
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, 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.