NRUC issues $2M 3.60% medium-term note

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $2,000,000.00.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, with a principal amount of $2,000,000.00. The note is priced at 100% of principal, carries a fixed interest rate of 3.60% per annum, and matures on February 11, 2027.

Interest will be paid semi-annually on each January 15 and July 15, to holders of record on each January 1 and July 1. The note has no redemption date and no agent’s commission is payable. Counsel Hogan Lovells US LLP states 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 type of security is NRUC offering in this 424B3 filing?

NRUC is offering a Medium-Term Note, Series D. The note is part of its Medium-Term Notes program, with a fixed 3.60% annual interest rate and a maturity of February 11, 2027, providing investors with a short-duration debt instrument.

What are the key terms of NRUC's $2,000,000 Medium-Term Note?

The note has a principal amount of $2,000,000 at 100% issue price. It bears 3.60% annual interest, was issued on February 11, 2026, and matures on February 11, 2027, with semi-annual interest payments and no redemption date or agent’s commission.

When will investors receive interest payments on NRUC's Series D note?

Interest is paid semi-annually on January 15 and July 15. Holders of record as of January 1 and July 1 receive payments, giving investors two predictable income dates each year over the life of the note until maturity in February 2027.

Is there a redemption feature on NRUC's 3.60% Medium-Term Note?

The Series D Medium-Term Note has no redemption date. This means the issuer has not included an early call feature in the terms, so barring other events, investors can expect repayment of principal at the stated maturity date in February 2027.

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

Hogan Lovells US LLP provides the legal opinion. The firm states the notes will be valid and binding obligations of NRUC once properly authorized, executed, issued, and paid for, subject to customary bankruptcy, insolvency, and equitable principles under District of Columbia and New York law.

Does NRUC pay an agent’s commission on this $2,000,000 note issuance?

No agent’s commission is payable on this note. The pricing terms specify an agent’s commission of “None,” indicating NRUC does not incur a separate selling commission on this particular Medium-Term Note, which can slightly reduce issuance-related costs.

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

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Accepted by SEC EDGAR 02/13/2026 - 01:48 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.			10471
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$2,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 11, 2026
Maturity Date			February 11, 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.