National Rural Utilities (NRUC) prices $300,000 3.75% notes due 2027

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing Medium-Term Notes, Series D, with a principal amount of $300,000.00. The notes carry a fixed interest rate of 3.75% per annum, are priced at 100% of principal, and will be issued on December 15, 2025 and mature on June 15, 2027. Interest will be paid semiannually on each January 15 and July 15 to holders of record as of each January 1 and July 1. The notes have no redemption date and no agent’s commission is listed. Counsel Hogan Lovells US LLP states that, once duly authorized, executed and delivered for the approved consideration, the notes will constitute valid and binding obligations of the company, subject to customary bankruptcy and equity law limitations.

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			December 10, 2025
Pricing Supplement No.			10414
Pricing Supplement Date			December 10, 2025
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			December 15, 2025
Maturity Date			June 15, 2027
Interest Rate			3.75% 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 type of securities is NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION (NRUC) offering in this document?

The company is offering Medium-Term Notes, Series D, which are debt securities that pay interest and return principal at maturity.

What are the key terms of NRUC's Medium-Term Notes, Series D?

The notes have a principal amount of $300,000.00, an interest rate of 3.75% per annum, an original issue date of December 15, 2025, and a maturity date of June 15, 2027.

How and when do investors in NRUC's Medium-Term Notes receive interest payments?

Interest is paid semiannually on each January 15 and July 15. Holders of record on each January 1 and July 1 are entitled to these payments.

Is there any redemption feature or agent’s commission on these NRUC notes?

The filing states a Redemption Date: None, indicating no scheduled early redemption, and lists Agents Commission: None.

At what price are NRUC's Medium-Term Notes, Series D being issued?

The notes are being issued at 100% of their principal amount, meaning investors pay $300,000.00 in total for notes with the same aggregate face value.

What does legal counsel say about the validity of NRUC's Medium-Term Notes, Series D?

Hogan Lovells US LLP opines that, after authorized issuance and delivery for the specified consideration under the indenture, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equity law limitations.

Which laws govern NRUC's Medium-Term Notes, Series D according to the legal opinion?

The opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York, as currently in effect.