[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 the issuance of Medium-Term Notes, Series D. The specific supplement (No. 10290) covers a single certificated note with the following key terms:

• Principal amount: US $100,000, issued at 100% of par.
• Coupon: 4.30% fixed, payable semi-annually on January 15 and July 15; record dates January 1 and July 1.
• Original issue date: 15 July 2025; maturity: 15 May 2026 (≈10-month tenor).
• Redemption: none (bullet maturity).
• Agent’s commission: none disclosed, indicating direct placement.
• Form: certificated (not book-entry).
• The Series D programme allows unlimited aggregate principal issuance; this $100k note represents a negligible portion of potential capacity.

Hogan Lovells US LLP provided a standard legal opinion confirming that, upon proper execution and receipt of consideration, the note will be a valid and binding obligation of NRUC, subject to customary bankruptcy and equitable principles under District of Columbia cooperative law and New York law.

The filing is routine, adds minimal incremental debt, and does not alter NRUC’s capital structure or credit profile in any meaningful way.

Insights

Fixed-Income Analyst

TL;DR Routine $100k MTN issuance; short tenor, no call, immaterial to overall leverage or liquidity.

The supplement documents the sale of a single $100,000 certificated note bearing 4.30% for roughly ten months—an amount immaterial relative to NRUC’s multibillion-dollar funding base. Absence of agent commission suggests direct issuance, marginally lowering cost. Unlimited Series D shelf remains in place, leaving flexibility for future, larger draws. The legal opinion is boilerplate, affirming enforceability. Given low size and standard terms, the filing carries negligible credit or valuation impact for existing bondholders or prospective investors.

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.			10290
Pricing Supplement Date			July 10, 2025
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			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.

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FAQ

What is the interest rate on NRUC's new Medium-Term Note?

The certificated note carries a 4.30% fixed coupon paid semi-annually.

When does the NRUC Series D note mature?

The note matures on May 15, 2026.

How large is the principal amount for this specific NRUC issuance?

This pricing supplement covers a single note of $100,000 principal.

Is the new NRUC note callable before maturity?

No. The filing specifies no redemption prior to the May 15, 2026 maturity.

What law governs the validity opinion for the NRUC note?

Hogan Lovells based its opinion on D.C. General Cooperative Association Act of 2010 and New York law.