[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 $1.0 million tranche of its Medium-Term Notes, Series D. Key terms are as follows:

• Principal amount: $1,000,000, issued at 100% of par
• Coupon: 4.20% fixed, paid semi-annually on January 15 and July 15
• Maturity: January 15, 2027 (approximately 1.5-year tenor)
• Record dates: January 1 and July 1
• Form: Certificated (not book-entry)
• Redemption: none (bullet maturity)
• Agents’ commission: none disclosed

The filing reiterates that Series D notes may be issued in an unlimited aggregate principal amount; this pricing supplement covers only the specific tranche above. Hogan Lovells US LLP provided a customary valid and binding obligations legal opinion, subject to standard bankruptcy, insolvency and equitable-principles carve-outs under District of Columbia and New York law.

Given the modest size and routine nature of the issuance, the filing appears to be an incremental funding action rather than a transformative capital event.

Positive

• Cost-efficient issuance: 100% of par with no agents’ commission lowers all-in funding cost.
• Fixed 4.20% rate secures predictable interest expense through January 2027.

Negative

• None.

Insights

Fixed-Income Analyst

TL;DR – Routine $1 M note issuance at 4.20% with 18-month tenor; minimal balance-sheet impact.

This pricing supplement details a small, short-dated, fixed-rate note. The 4.20% coupon is broadly consistent with current high-grade short-term yields. Absence of an issuance discount or agent fee suggests cost-efficient funding. Because Series D has unlimited authorization, the company can replicate this process quickly in the future. However, at only $1 million, this tranche is immaterial relative to most corporate debt programs and should not meaningfully affect leverage, liquidity, or coverage ratios. No call option limits flexibility, but the short maturity mitigates duration risk. Overall, a standard execution with neutral credit implications.

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.			10285
Pricing Supplement Date			July 10, 2025
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			July 15, 2025
Maturity Date			January 15, 2027
Interest Rate			4.20% 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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