National Rural Utilities prices $2.5M notes

National Rural Utilities Cooperative Finance Corporation is issuing $2,500,000.00 of Medium-Term Notes, Series D, under its existing note program.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing $2,500,000.00 of Medium-Term Notes, Series D, under its existing note program. The notes will be issued at 100% of principal amount on February 15, 2026 and will mature on December 15, 2026.

The notes bear interest at a fixed rate of 3.59% per annum, with interest paid on January 15 and July 15 to holders of record on January 1 and July 1. There is no redemption date and no agent’s commission disclosed for this issuance.

Legal counsel Hogan Lovells US LLP states that, after proper authorization, execution and delivery under the applicable indenture, the notes will constitute valid and binding obligations of the company, subject to customary bankruptcy, insolvency and equity-related legal limitations under New York law and the District of Columbia General Cooperative Association Act of 2010.

FAQ

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

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

NRUC is offering Medium-Term Notes, Series D, which are fixed-income debt securities. These notes have a stated principal amount, fixed interest rate, and defined maturity date, providing scheduled interest payments and repayment of principal at maturity, subject to the issuer’s creditworthiness.

What are the key terms of NRUC’s Medium-Term Notes, Series D in this pricing supplement?

The notes have a principal amount of $2,500,000.00, are issued at 100% of principal, and bear 3.59% interest per year. They are scheduled to be issued on February 15, 2026 and mature on December 15, 2026, with semiannual interest payments.

When do the NRUC Medium-Term Notes, Series D pay interest and how is record ownership determined?

The notes pay interest on January 15 and July 15. Holders recorded on January 1 and July 1 are entitled to receive these payments. This schedule sets clear dates for investors to receive coupon payments and for determining eligible holders of record.

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

The pricing details specify no redemption date and list the agent’s commission as none. This means the notes are not scheduled for early redemption under a stated redemption date, and no sales commission to agents is disclosed in this supplement.

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

Hogan Lovells US LLP states the notes will be valid and binding obligations of NRUC once properly authorized, executed, issued and delivered under the indenture. The opinion is subject to customary limits from bankruptcy, insolvency and equitable principles under New York and District of Columbia cooperative law.

Which laws govern the enforceability of NRUC’s Medium-Term Notes described here?

The enforceability opinion relies on New York state law and the District of Columbia General Cooperative Association Act of 2010. These legal frameworks govern the validity and binding nature of the notes, subject to standard creditor-rights and equity-related limitations noted by counsel.

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

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Accepted by SEC EDGAR 02/13/2026 - 01:13 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.			10460
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$2,500,000.00
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.