NRUC (NRUC) offers $1,000,000 Medium-Term Note due 2028 (4.00%)

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is offering $1,000,000.00 of Medium-Term Notes, Series D, with an original issue date of April 1, 2026 and a maturity date of April 15, 2028. The notes pay interest at 4.00% per annum, priced at 100% of principal. Interest is payable each January 15 and July 15 with regular record dates of January 1 and July 1. The pricing supplement is dated March 27, 2026 and the prospectus supplement is dated October 27, 2023.

Key Figures

Principal Amount: $1,000,000.00 Interest Rate: 4.00% per annum Issue Price: 100% of Principal Amount +3 more

6 metrics

Principal Amount $1,000,000.00 Principal Amount of Series D Medium-Term Notes

Interest Rate 4.00% per annum Stated coupon for the Series D notes

Issue Price 100% of Principal Amount Pricing Supplement No. 10526

Trade Date / Pricing Supplement Date March 27, 2026 Trade Date and Pricing Supplement Date

Original Issue Date April 1, 2026 Original issue date for the notes

Maturity Date April 15, 2028 Maturity of Series D notes

Key Terms

Medium-Term Notes, Pricing Supplement, Indenture, Agents Commission, +1 more

5 terms

Medium-Term Notes financial

"Medium-Term Notes, Series D Due Nine Months or More from Date of Issue"

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. | 10526 Pricing Supplement Date | March 27, 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

"due execution, authentication, 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.

Agents Commission financial

"Agents Commission | None"

Original Issue Date financial

"Original Issue Date | April 1, 2026"

Offering Details

primary

Offering

Offering Type primary

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 27, 2026
Pricing Supplement No.			10526
Pricing Supplement Date			March 27, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$1,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			April 1, 2026
Maturity Date			April 15, 2028
Interest Rate			4.00% 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.

FAQ

What are the terms of NRUC's Medium-Term Notes offering?

The offering is for $1,000,000.00 of Medium-Term Notes at 100% of principal. The notes carry a 4.00% per annum interest rate, mature on April 15, 2028, and were originally issued on April 1, 2026.

When does NRUC pay interest on the Series D Medium-Term Notes?

Interest is paid semiannually on January 15 and July 15. Regular record dates for interest are January 1 and July 1, establishing holders entitled to receive each interest payment.

What pricing and commission terms are disclosed for NRUC's notes?

The notes were priced at 100% of principal (issue price). The pricing supplement lists no agents commission, and the pricing supplement date is March 27, 2026.

Is there a redemption option for NRUC's Series D notes?

The pricing supplement states the Redemption Date: None, indicating no scheduled early redemption feature is provided in this supplement for the Series D notes.

Which documents and dates support the legal opinion on the notes' validity?

Counsel's opinion refers to receipt of consideration and proper execution under the indenture. Key dates in the supplement include the pricing supplement date March 27, 2026 and the prospectus supplement date October 27, 2023.