[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 covering the issuance of a single Medium-Term Note, Series D.

• Principal Amount: $144,000 issued at 100% of par.
• Coupon: fixed 4.25% per annum.
• Original Issue Date: 15 Jul 2025; Maturity: 15 Sep 2026 (approximately 14 months).
• Interest Schedule: semi-annual payments on 15 Jan and 15 Jul; record dates 1 Jan and 1 Jul.
• Redemption: none (non-callable).
• Distribution Costs: no agent commission disclosed.
• Form: certificated note issued under NRUC’s unlimited Medium-Term Note program.

Legal counsel Hogan Lovells US LLP states that, subject to customary bankruptcy and equity limitations, the note will be a valid and binding obligation of NRUC when duly executed, authenticated and delivered.

Insights

Fixed Income Analyst

TL;DR: $144k 4.25% non-callable note adds de-minimis debt; straightforward terms; no material impact on NRUC’s credit or liquidity profile.

The filing covers a very small, short-dated issuance under NRUC’s established Medium-Term Note program. The 4.25% coupon is in line with recent short-term corporate yields, and the absence of an agent commission marginally lowers issuance costs. Because the principal amount is immaterial relative to NRUC’s multi-billion-dollar funding base, the transaction does not alter leverage metrics or liquidity management strategies. Legal opinions are standard, confirming enforceability under D.C. cooperative law and New York contracts law. Overall, the disclosure is routine and unlikely to influence secondary market pricing of NRUC debt.

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.			10291
Pricing Supplement Date			July 10, 2025
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$144,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 15, 2025
Maturity Date			September 15, 2026
Interest Rate			4.25% 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 size of NRUC’s new Medium-Term Note issuance?

The filing covers a single note with a principal amount of $144,000.

What coupon rate does the NRUC Series D note pay?

The note carries a fixed 4.25% annual coupon, paid semi-annually.

When does the NRUC 4.25% note mature?

Maturity is set for 15 September 2026.

Are the notes callable before maturity?

No. The pricing supplement specifies no redemption provisions.

What are the interest payment and record dates?

Interest is paid on 15 January and 15 July; record dates are 1 January and 1 July.

Was an agent commission applied to this issuance?

No agent commission was disclosed, implying 0% underwriting fee.