National Rural Utilities (NRUC) issues $300k 3.61% note due April 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing $300,000 of Medium-Term Notes, Series D, bearing 3.61% annual interest. The notes will be issued on February 15, 2026 and mature on April 15, 2027 at 100% of principal.

Interest is paid on January 15 and July 15, to holders of record on January 1 and July 1. The notes have no redemption date and no selling agent commission. Hogan Lovells US LLP opines the notes are valid and binding obligations, subject to typical bankruptcy and equitable principles under District of Columbia cooperative law and New York law.

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Accepted by SEC EDGAR 02/13/2026 - 02:05 PM Learn about SEC filing dates

FAQ

What are the key terms of National Rural Utilities (NRUC) Series D medium-term notes?

The Series D medium-term notes have a principal amount of $300,000, a 3.61% annual interest rate, and are priced at 100% of principal. They will be issued on February 15, 2026 and mature on April 15, 2027 as unsecured obligations of the company.

When do the NRUC Series D 3.61% notes pay interest?

The notes pay interest on January 15 and July 15 each year at a 3.61% annual rate. Holders of record as of January 1 and July 1 receive these payments, providing a semiannual interest stream over the life of the notes until maturity in April 2027.

Is there an early redemption feature on NRUCs Series D medium-term notes?

The Series D medium-term notes have no redemption date, meaning no scheduled call before maturity. Investors can expect the notes to remain outstanding until the stated maturity date of April 15, 2027, unless separately transferred or otherwise disposed of in the market.

What legal opinion supports the validity of NRUCs 3.61% medium-term notes?

Hogan Lovells US LLP opines the notes, once duly authorized, executed, authenticated, issued and paid for, are valid and binding obligations of NRUC. The opinion is subject to bankruptcy and equitable principles and is based on District of Columbia cooperative law and New York law.

Does NRUC pay any selling commission on the Series D notes offering?

The pricing terms specify no agents commission for this issuance, meaning no selling concession is listed. The notes are offered at 100% of principal amount, so proceeds before other expenses correspond directly to the $300,000 principal, subject to standard transactional costs not detailed here.

What are the record dates for interest on NRUC Series D notes?

Record dates for interest are January 1 and July 1. Investors recorded as holders on these dates are entitled to receive the subsequent semiannual interest payments on January 15 and July 15 at the 3.61% annual coupon rate until maturity in April 2027.

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.			10476
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$300,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 15, 2026
Maturity Date			April 15, 2027
Interest Rate			3.61% 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.