3.59% NRUC (NRUC) medium-term note due December 2026

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a $15,000,000 Medium-Term Note, Series D, under its existing program. The note is priced at 100% of principal, bears interest at 3.59% per annum, and matures on December 15, 2026.

Interest will be paid on January 15 and July 15, to holders of record on January 1 and July 1. The note has no redemption date and carries no agent’s commission. Counsel Hogan Lovells US LLP opines that, once properly authorized, issued and delivered, the notes will be valid and binding obligations of the company, subject to customary bankruptcy and equity law limitations.

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Accepted by SEC EDGAR 02/13/2026 - 01:22 PM Learn about SEC filing dates

FAQ

What type of security is National Rural Utilities (NRUC) offering in this filing?

NRUC is offering a Medium-Term Note, Series D. It is a fixed-income debt security with a stated maturity date, fixed interest rate, and scheduled interest payments, issued under the company’s existing medium-term note program.

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

The note has a principal amount of $15,000,000 and a 3.59% coupon. It is priced at 100% of principal, is part of Series D, and is due December 15, 2026 under the company’s medium-term note program.

When does NRUC’s $15 million Medium-Term Note, Series D mature?

The Medium-Term Note, Series D matures on December 15, 2026. Investors will receive their principal back on this date, assuming no default, following a period in which they earn 3.59% annual interest paid semiannually.

What interest rate and payment schedule apply to NRUC’s Medium-Term Note, Series D?

The note carries a 3.59% per annum fixed interest rate. Interest is paid semiannually on January 15 and July 15, to holders of record on January 1 and July 1 immediately preceding each payment date.

Is there any redemption feature or agent’s commission on NRUC’s new Medium-Term Note?

The note has no redemption date and no agent’s commission. This means the issuer has not specified an early redemption feature, and no selling commission to agents is indicated in the pricing terms.

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

Hogan Lovells US LLP provides the legal opinion. The firm states that, after proper authorization, execution, issuance and delivery, the notes will be valid and binding obligations, subject to customary bankruptcy, insolvency 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			February 11, 2026
Pricing Supplement No.			10463
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$15,000,000.00
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.