National Rural Utilities (NRUC) prices $10M 3.59% Medium-Term Notes due 2026

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing $10,000,000 of Medium-Term Notes, Series D under its existing program. The notes bear interest at 3.59% per annum, will be issued on February 15, 2026, and mature on December 15, 2026. Interest is paid on each January 15 and July 15 to holders of record on each January 1 and July 1. There is no redemption date and no agents’ commission for this issuance. Counsel Hogan Lovells US LLP opines that, after proper authorization, execution and delivery, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equitable principles.

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Accepted by SEC EDGAR 02/13/2026 - 01:19 PM Learn about SEC filing dates

FAQ

What type of securities is National Rural Utilities Cooperative Finance Corporation (NRUC) offering in this 424B3?

NRUC is offering Medium-Term Notes, Series D, which are debt securities. These notes carry a fixed interest rate and a defined maturity date, providing investors with scheduled interest payments and principal repayment at maturity.

What are the key terms of NRUC’s $10,000,000 Medium-Term Notes, Series D?

The notes have a principal amount of $10,000,000, a fixed interest rate of 3.59% per annum, an original issue date of February 15, 2026, and a maturity date of December 15, 2026, making them relatively short-dated medium-term notes.

How and when will interest be paid on NRUC’s 3.59% Medium-Term Notes?

Interest on the notes is paid semiannually at 3.59% per annum. Payments occur on January 15 and July 15, to holders of record on January 1 and July 1, providing predictable cash flows during the life of the notes.

Is there a redemption feature or agent commission on NRUC’s Medium-Term Notes, Series D?

The notes have no stated redemption date, indicating there is no scheduled early redemption feature. The documentation also specifies that there is no agents’ commission for this issuance, which may affect distribution and cost structure.

What legal opinion supports the validity of NRUC’s Medium-Term Notes, Series D?

Hogan Lovells US LLP, as counsel to NRUC, opines that, after proper authorization, execution, authentication, issuance and delivery, the notes will be valid and binding obligations, subject to bankruptcy laws and general principles of equity and good faith.

Which laws govern the legal opinion on NRUC’s Medium-Term Notes, Series D?

The legal opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, excluding local political subdivision laws, providing the legal framework for enforceability of the notes.

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.			10462
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$10,000,000.00
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.