NRUC issues 3.60% Series D Medium-Term Note

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, under its existing program.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation is issuing a Medium-Term Note, Series D, under its existing program. The note has a principal amount of $100,000.00, an issue price of 100% of principal, and carries interest at 3.60% per annum.

The note will be issued on February 15, 2026 and will mature on February 15, 2027. Interest is paid semiannually on each January 15 and July 15 to holders of record on each January 1 and July 1. The note has no redemption date and no agent’s commission applies.

Legal counsel Hogan Lovells US LLP states that, after proper authorization, execution and delivery under the applicable indenture, the note will constitute a valid and binding obligation of the company, subject to standard bankruptcy, insolvency and equitable principles.

FAQ

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What are the key terms of National Rural Utilities (NRUC) Series D Medium-Term Note?

The Series D Medium-Term Note has a $100,000.00 principal amount, a 3.60% annual interest rate, and is issued at 100% of principal. It is issued on February 15, 2026 and matures on February 15, 2027, with semiannual interest payments.

When do interest payments occur on NRUC’s 3.60% Medium-Term Note?

Interest on NRUC’s 3.60% Medium-Term Note is paid semiannually on January 15 and July 15. Holders of record on each January 1 and July 1 receive these payments, providing a predictable cash flow schedule over the one-year term.

Does NRUC’s Series D Medium-Term Note have any redemption feature or agent commission?

The Series D Medium-Term Note has no redemption date, meaning it is expected to remain outstanding until maturity. The pricing supplement also specifies no agent’s commission, indicating no separate selling commission is built into this issuance’s terms.

How is the validity of NRUC’s Medium-Term Note supported by legal counsel?

Hogan Lovells US LLP opines the note will be a valid and binding obligation of NRUC once properly authorized, executed, authenticated and delivered. The opinion is subject to typical limits related to bankruptcy, insolvency laws and equitable principles affecting creditor rights.

Which laws govern NRUC’s Series D Medium-Term Note according to counsel?

Counsel’s opinion relies on District of Columbia cooperative law and the laws of the State of New York. These legal frameworks govern the enforceability of the note and the indenture, subject to customary assumptions about the trustee and transaction documentation.

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

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Accepted by SEC EDGAR 02/13/2026 - 01:51 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.			10472
Pricing Supplement Date			February 11, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$100,000.00
Issue Price			100% of Principal Amount
Original Issue Date			February 15, 2026
Maturity Date			February 15, 2027
Interest Rate			3.60% 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.