Rule 424 (b) (3)
Registration No. 333-275151
CUSIP #: 63743H GG1
TRADE DATE: May 11, 2026
SETTLEMENT DATE: June 1, 2026
PRICING SUPPLEMENT NO. D1034 DATED May 11, 2026
TO PROSPECTUS SUPPLEMENT DATED October 27, 2023
AS SUPPLEMENTED BY THE SUPPLEMENT TO PROSPECTUS SUPPLEMENT DATED January 28, 2026
AND BASE PROSPECTUS DATED October 24, 2023
NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
Medium-Term Notes, Series D
With Maturities of Nine Months or More from Date
of Issue
Floating Rate Notes
| Principal Amount: |
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$300,000,000 |
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| Issue Price: |
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100% of Principal Amount |
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| Original Issue Date: |
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June 1, 2026 |
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| Maturity Date: |
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December 3, 2027 |
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| Interest Rate Basis: |
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Floating rate based on Compounded SOFR, calculated and reset quarterly |
| |
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| Spread: |
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Plus 55 basis points |
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| Interest Payment Dates: |
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Each March 3, June 3, September 3 and December 3, commencing September 3, 2026 |
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| Interest Payment Date Convention: |
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Modified Following Business Day, Adjusted |
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| Day Count: |
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Actual/360 |
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| Payment at Maturity: |
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The payment at maturity will be 100% of the Principal Amount plus accrued and unpaid interest, if any |
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| Agent’s Discount or Commission: |
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0.085% |
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| Agent: |
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Mizuho Securities USA LLC |
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| Capacity: |
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Principal |
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| Form of Note: |
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Book-Entry |
| (Book-Entry or Certificated) |
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Other Terms:
The following replaces and supersedes the text
under the heading “Plan of Distribution (Conflicts of Interest) – Selling Restrictions – United Kingdom” contained
in the Company's Prospectus Supplement dated October 27, 2023.
United Kingdom
The notes are not intended to be offered, sold
or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the United Kingdom
(“UK”). For these purposes, a retail investor means a person who is neither: (i) a professional client, as defined in point
(8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018
(as amended, the “EUWA”); nor (ii) a qualified investor as defined in (a) Article 2 of Regulation (EU) 2017/1129 as it forms
part of UK domestic law by virtue of the EUWA and as amended or (b) paragraph 15 of Schedule 1 to the Public Offers and Admissions to
Trading Regulations 2024. Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of domestic
law by virtue of the EUWA (the “UK PRIIPs Regulation”) for offering or selling the notes or otherwise making them available
to retail investors in the UK has been prepared and therefore offering or selling the notes or otherwise making them available to any
retail investor in the UK may be unlawful under the UK PRIIPs Regulation.
Medium-Term Notes, Series D may be issued by the Company in an unlimited
aggregate principal amount.
It is expected that delivery of the notes will
be made against payment therefor on or about June 1, 2026 which is the fourteenth trading day following the date hereof (such settlement
cycle being referred to as T+14). Purchasers of notes should note that the ability to settle secondary market trades of the notes effected
prior to the first business day before the settlement date may be affected by the T+14 settlement. Accordingly, purchasers who wish to
trade the notes prior to the first business day before the settlement date will be required to specify an alternative settlement cycle
at the time of any such trade to prevent a failed settlement and should consult their own legal advisors.
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.
