[424B3] National Rural Utilities Cooperative Finance Corporation 5.500% Subordinated Notes due 2064 (Subordinated Deferrable Interest Notes) Prospectus Filed Pursuant to Rule 424(b)(3)

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation (NRUC) filed a Rule 424(b)(3) pricing supplement for a new tranche of its Medium-Term Notes, Series D.

• Principal Amount: $600,000, issued at 100% of face value.
• Coupon: fixed 4.30% per annum, paid semi-annually on January 15 and July 15 (record dates January 1 and July 1).
• Tenor: Original issue date July 15 2025; maturity May 15 2026 (≈10-month term).
• Redemption: none; investors hold to maturity.
• Distribution Cost: no agent’s commission, lowering issuance expenses.
• Form: certificated note; Series D carries an unlimited aggregate program ceiling.
• Legal opinion: Hogan Lovells US LLP opines that, upon proper execution and payment, the notes will be valid and binding obligations of NRUC, subject to customary bankruptcy and equitable-principle limitations.

The filing does not provide additional financial statements or strategic context. Given the modest size ($0.6 million) and short tenor, the offering appears routine working-capital financing rather than a material capital-structure event.

Positive

• No agent commission reduces issuance costs, maximizing net proceeds.
• Legal opinion of validity mitigates enforceability concerns for investors.

Negative

• Immaterial size ($600k) offers little diversification of funding sources.
• Very short tenor (≈10 months) adds near-term refinancing rollover, albeit minor.

Insights

Debt Capital Markets Analyst

TL;DR Small, short-dated $600k note at 4.30% has negligible balance-sheet impact; signals routine liquidity management.

The $600,000 principal represents an immaterial fraction of NRUC’s typical multi-billion funding program, suggesting this issuance addresses a tactical cash need rather than strategic refinancing. A 4.30% coupon for a sub-1-year maturity aligns with current investment-grade short-term rates, indicating normal market access. Absence of an agent’s commission slightly improves net proceeds, but savings are minimal in dollar terms. Legal opinion confirms enforceability, removing documentation risk. Overall, the filing is informational, with no discernible effect on credit profile or equity valuation.

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			July 10, 2025
Pricing Supplement No.			10281
Pricing Supplement Date			July 10, 2025
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$600,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 15, 2025
Maturity Date			May 15, 2026
Interest Rate			4.30% 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.

1

FAQ

What amount of Series D notes is NRUC (NRUC) issuing?

The company is issuing $600,000 of Medium-Term Notes, Series D.

What is the interest rate on NRUC’s new Series D notes?

The fixed coupon is 4.30% per annum, paid semi-annually.

When do the NRUC Series D notes mature?

They mature on May 15, 2026, roughly 10 months after issuance.

Is there any redemption option before maturity?

No, the filing specifies no redemption provisions.

Were underwriting or agent commissions charged on this issuance?

No, the pricing supplement lists "Agents Commission: None".

What legal assurance accompanies the notes?

Hogan Lovells US LLP opines the notes will be valid and binding obligations of NRUC, subject to customary limitations.