[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 has announced the issuance of Medium-Term Notes, Series D with a principal amount of $4,000,000. The notes, priced at 100% of principal amount, will carry an interest rate of 4.31% per annum and mature on April 15, 2026.

Key terms of the offering include:

• Trade Date: June 25, 2025
• Original Issue Date: June 30, 2025
• Interest Payment Dates: January 15 and July 15
• Form: Certificated Notes
• No redemption provisions or agent commissions

Legal opinion from Hogan Lovells US LLP confirms the notes will constitute valid and binding obligations, subject to standard bankruptcy and creditor rights provisions. The Series D notes may be issued in unlimited aggregate principal amount, offering potential for additional issuances under the same series.

Positive

• New $4 million medium-term note issuance with a competitive 4.31% interest rate, demonstrating continued access to debt markets
• Notes are being issued at 100% of principal amount, indicating strong market acceptance

Negative

• Short maturity period (less than one year) may require refinancing in a potentially higher rate environment in 2026

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			June 25, 2025
Pricing Supplement No.			10277
Pricing Supplement Date			June 25, 2025
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$4,000,000.00
Issue Price			100% of Principal Amount
Original Issue Date			June 30, 2025
Maturity Date			April 15, 2026
Interest Rate			4.31% 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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