[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) has filed Pricing Supplement No. 10289 under Rule 424(b)(3) for the issuance of Medium-Term Notes, Series D.

• Principal amount: US$250,000, priced at 100% of par
• Coupon: 4.29% fixed, paid semi-annually on January 15 and July 15; record dates are January 1 and July 1
• Issue date: July 15 2025; Maturity: June 15 2026 (roughly 11-month tenor)
• Form: Certificated note; no redemption option before maturity
• Agents’ commission: None, indicating direct placement

The legal opinion from Hogan Lovells US LLP states that, upon proper execution and receipt of consideration, the notes will constitute valid and binding obligations of NRUC, subject to customary bankruptcy and equitable principles. The opinion is limited to District of Columbia and New York law.

Series D notes may be issued in an unlimited aggregate principal amount; however, this supplement covers only the US$250k tranche detailed above. No additional financial metrics, covenants, or use-of-proceeds information is provided in the filing.

Insights

Fixed-Income Analyst

TL;DR: Tiny US$250k, 11-month 4.29% note; routine funding with negligible balance-sheet impact.

At just US$250k, this Series D tranche is economically immaterial for NRUC, whose funding needs typically run into the billions. The 4.29% coupon aligns with current short-term cooperative finance spreads and was issued at par with no dealer concession, suggesting a direct sale to a single investor or affiliate. The note is uncertificated and non-callable, standard for short-dated corporate paper. Because the supplement allows unlimited aggregate issuance, future tap issues could be larger, but this document on its own does not alter leverage, liquidity, or credit outlook in any meaningful way.

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.			10289
Pricing Supplement Date			July 10, 2025
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$250,000.00
Issue Price			100% of Principal Amount
Original Issue Date			July 15, 2025
Maturity Date			June 15, 2026
Interest Rate			4.29% 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 Series D Medium-Term Note?

4.29% fixed, with interest paid semi-annually on January 15 and July 15.

When does the new NRUC note mature?

The note matures on June 15, 2026.

What is the principal amount of this Series D tranche?

The filing covers a US$250,000 principal amount.

Is the NRUC note callable before maturity?

No. The pricing supplement specifies no redemption option prior to maturity.

Were any underwriting or agent commissions paid?

No. The supplement lists the Agents’ commission as None.

What law governs the validity opinion for these notes?

The opinion is based on the District of Columbia General Cooperative Association Act of 2010 and the laws of the State of New York.