[424B3] NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ Prospectus Filed Pursuant to Rule 424(b)(3)

National Rural Utilities Cooperative Finance Corporation priced a primary issuance of Medium-Term Notes for $5,000,000.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a primary issuance of Medium-Term Notes for $5,000,000. The notes were issued at 100% of principal with an original issue date of April 3, 2026, mature on April 15, 2027, and carry an interest rate of 3.92% per annum. The trade date and pricing supplement date are March 31, 2026.

The opinion of counsel states the notes will be valid and binding obligations of the issuer, subject to standard bankruptcy and equitable limitations and to specified governing law.

Insights

Debt Capital Markets Analyst

Small fixed-rate MTN priced at par for near-term maturity.

The offering lists a $5,000,000 Medium-Term Note issued at 100% of principal with a 3.92% coupon and a April 15, 2027 maturity. The structure and pricing indicate a simple fixed-rate debt instrument for short-term funding.

Counsel's opinion cites standard limitations (bankruptcy, equitable principles) and specifies governing law under the District of Columbia General Cooperative Association Act and New York law. Cash treatment and use of proceeds are not stated in the provided excerpt.

Key Figures

Principal Amount: $5,000,000 Issue Price: 100% of Principal Amount Interest Rate: 3.92% per annum +3 more

6 metrics

Principal Amount <money>$5,000,000</money> principal amount of the Medium-Term Note

Issue Price 100% of Principal Amount pricing supplement line item

Interest Rate <percent>3.92%</percent> per annum fixed coupon rate on the notes

Original Issue Date April 3, 2026 date notes are issued

Maturity Date April 15, 2027 stated maturity for the notes

Pricing Supplement Date March 31, 2026 pricing supplement and trade date

Key Terms

Medium-Term Notes, Pricing Supplement, Indenture

3 terms

Medium-Term Notes financial

"Medium-Term Notes, Series D Due Nine Months or More"

Medium-term notes are debt securities issued by companies, banks or governments that promise to pay interest and return principal at a set date a few years out—typically longer than short-term bills but shorter than long-term bonds. For investors they act like staggered IOUs that provide predictable income and help diversify holdings, but they carry credit and interest-rate risk and can affect a portfolio’s cash flow and stability depending on the issuer’s creditworthiness and the note’s term.

Pricing Supplement regulatory

"Pricing Supplement No. | 10527 Pricing Supplement Date | March 31, 2026"

A pricing supplement is a short, final document that gives the exact terms of a new securities offering—such as the price, interest rate, size and settlement date—building on the broader prospectus. Think of it as the day’s receipt that turns a general menu into the specific order; investors use it to see the concrete deal terms that determine value, yield and whether to buy.

Indenture legal

"issuance and delivery of the notes pursuant to the terms of the indenture"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

Offering Details

primary

Offering

Offering Type primary

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

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Accepted by SEC EDGAR 04/01/2026 - 12:12 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			March 31, 2026
Pricing Supplement No.			10527
Pricing Supplement Date			March 31, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$5,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			April 3, 2026
Maturity Date			April 15, 2027
Interest Rate			3.92% 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.