NRUC prices $1M 3.59% medium-term note

National Rural Utilities Cooperative Finance Corporation is issuing a $1,000,000 Medium-Term Note, Series D, under its existing program.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a $1,000,000 Medium-Term Note, Series D, under its existing program. The note carries a fixed interest rate of 3.59% per annum, will be issued on February 15, 2026, and matures on December 15, 2026.

Interest is scheduled to be paid on January 15 and July 15, to holders of record on January 1 and July 1, and there is no optional redemption date and no agent’s commission on this issuance. Counsel Hogan Lovells US LLP opines that, after proper authorization, execution and delivery, the note will be a valid and binding obligation of the company, subject to customary bankruptcy and equitable principles under District of Columbia and New York law.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What security is National Rural Utilities Cooperative Finance Corporation (NRUC) offering?

NRUC is offering a Medium-Term Note, Series D, with a principal amount of $1,000,000. It is part of the company’s medium-term note program and is documented through a pricing supplement to an existing prospectus.

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

The note has a $1,000,000 principal amount, a fixed 3.59% per annum interest rate, an original issue date of February 15, 2026, and a maturity date of December 15, 2026 under the Series D program.

When will interest be paid on NRUC’s 3.59% Medium-Term Note?

Interest on NRUC’s Medium-Term Note is payable on January 15 and July 15 each year. Holders of record on January 1 and July 1 will receive these payments during the life of the note until maturity.

Does NRUC’s Medium-Term Note, Series D, have any redemption features or agent commissions?

The pricing terms specify no redemption date, meaning there is no scheduled optional redemption feature. The note is issued at 100% of principal amount, and there is no agent’s commission associated with this particular issuance.

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

Hogan Lovells US LLP states the note will be a valid and binding obligation of NRUC after proper authorization, execution, authentication, and delivery, subject to bankruptcy and equitable principles under District of Columbia cooperative law and New York state law.

On what legal bases is the enforceability of NRUC’s note assessed?

The enforceability opinion relies on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, excluding local subdivisions, and assumes proper authorization and authentication of the indenture and notes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 02/13/2026 - 12:52 PM Learn about SEC filing dates

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.			10454
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.