National Rural Utilities may offer unlimited debt

The exhibits include fixed- and floating-rate forms across all four security programs; Medium-Term Notes may also be offered directly to specified member groups.

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation (NRUC) filed prospectus supplements for programs under which it may offer and sell, from time to time, an unlimited aggregate principal amount of each of these securities: Member Capital Securities, Medium-Term Notes, Series D, InterNotes and Retail Subordinated Notes. Member Capital Securities are offered to voting members.

The company entered agency agreements for the Medium-Term Notes, InterNotes and Retail Subordinated Notes programs. A separate supplement permits Medium-Term Note sales directly to the company's members and associates, and to members, associates and affiliates of National Cooperative Services Corporation. Fixed- and floating-rate forms are included for all four security types. The securities will be issued under the company's Form S-3 shelf registration statement and base prospectus.

8-K Event Classification

2 items: 8.01, 9.01

2 items

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Program aggregate principal amount: Unlimited Stated rate: 7.35% Maturity: 2026 +2 more

5 metrics

Program aggregate principal amount Unlimited Each of the four security programs

Stated rate 7.35% Collateral Trust Bonds due 2026

Maturity 2026 7.35% Collateral Trust Bonds

Stated rate 5.50% Subordinated Notes due 2064

Maturity 2064 5.50% Subordinated Notes

Key Terms

Member Capital Securities, Medium-Term Notes, Series D, InterNotes®, Subordinated Deferrable Interest Notes, +1 more

5 terms

Member Capital Securities financial

"its Member Capital Securities, Series 2026"

Medium-Term Notes, Series D financial

"its Medium-Term Notes, Series D"

InterNotes® financial

"its InterNotes®"

Subordinated Deferrable Interest Notes financial

"Subordinated Notes (Subordinated Deferrable Interest Notes)"

shelf registration statement financial

"pursuant to the shelf registration statement on Form S-3"

A shelf registration statement is a document a company files with regulators that allows it to sell shares or bonds quickly when it’s a good time to raise money. It’s like having a pre-approved plan ready so the company can act fast without going through lengthy paperwork each time they want to sell, making fundraising more flexible.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What securities can NRUC offer under these programs?

NRUC may offer and sell, from time to time, an unlimited aggregate principal amount of Member Capital Securities, Medium-Term Notes, Series D, InterNotes and Retail Subordinated Notes.

Who can buy NRUC Member Capital Securities and directly offered Medium-Term Notes?

Member Capital Securities are offered to NRUC's voting members. Direct Medium-Term Note offerings may be made to NRUC's members and associates, and to members, associates and affiliates of National Cooperative Services Corporation.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/16/2026 - 05:31 PM EDT Accepted by SEC EDGAR 10/16/2026 - 05:30 PM EDT Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 16, 2026

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

(Exact name of registrant as specified in its charter)

District of Columbia (state or other jurisdiction of
incorporation) 1-7102 (Commission File Number) 52-0891669 (I.R.S. Employer Identification No.)

20701 Cooperative Way Dulles, VA		20166-6691
(Address of principal executive offices)		(Zip Code)

Registrant's telephone number, including area code: (703) 467-1800

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company      ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
7.35% Collateral Trust Bonds, due 2026	NRUC 26	New York Stock Exchange
5.50% Subordinated Notes, due 2064	NRUC	New York Stock Exchange

Item 8.01 Other Events.

Member Capital Securities, Series 2026

On October 16, 2026, National Rural Utilities Cooperative Finance Corporation (the “Company”) filed a prospectus supplement with the Securities and Exchange Commission (the “SEC”) in connection a program through which the Company may issue and sell, from time to time, an unlimited aggregate principal amount of its Member Capital Securities, Series 2026 (the “Member Capital Securities”) to its voting members (the “Member Capital Securities Prospectus Supplement”).

The forms of fixed and floating rate certificates for the Member Capital Securities are filed as Exhibits 4.1 and 4.2, respectively, and are incorporated by reference herein.

Medium-Term Notes, Series D

On October 16, 2026, the Company entered into an agency agreement (the “MTN Agency Agreement”) with RBC Capital Markets, LLC, BMO Capital Markets Corp., FNB America Securities LLC, Huntington Securities, Inc., J.P. Morgan Securities LLC, KeyBanc Capital Markets Inc., Mizuho Securities USA LLC, MUFG Securities Americas Inc., M&T Securities, Inc., PNC Capital Markets LLC, Regions Securities LLC, Truist Securities, Inc. and U.S. Bancorp Investments, Inc. (the “MTN Agents”) relating to the continuation of a program through which the Company may offer and sell, from time to time, an unlimited aggregate principal amount of its Medium-Term Notes, Series D (the “MTNs”). The Company has filed a prospectus supplement, dated October 16, 2026, with the SEC on October 16, 2026 related to the MTNs (the “MTN Prospectus Supplement”).

In addition, the Company also filed a prospectus supplement, dated October 16, 2026, pursuant to which it may offer and sell, from time to time, an unlimited aggregate principal amount of its MTNs directly to its members and associates and the members, associates and affiliates of National Cooperative Services Corporation.

Copies of the MTN Agency Agreement and the forms of fixed and floating rate MTNs are filed as Exhibits 1.1, 4.3 and 4.4, respectively, and are incorporated by reference herein.

CFC InterNotes^®

On October 16, 2026, the Company entered into an agency agreement (the “InterNotes^® Agency Agreement”) with InspereX LLC, Citigroup Global Markets Inc., RBC Capital Markets, LLC and Wells Fargo Clearing Services, LLC (the “InterNotes^® Agents”) relating to the continuation of a program through which the Company may offer and sell, from time to time, an unlimited aggregate principal amount of its InterNotes^® (the “InterNotes^®”). The Company has filed a prospectus supplement, dated October 16, 2026, with the SEC on October 16, 2026 related to the InterNotes^® (the “InterNotes^® Prospectus Supplement”).

Copies of the InterNotes^® Agency Agreement and the forms of fixed and floating rate InterNotes^® are filed as Exhibits 1.2, 4.5 and 4.6, respectively, and are incorporated by reference herein.

Retail Subordinated Notes

On October 16, 2026, the Company entered into an agency agreement (the “Retail Subordinated Notes Agency Agreement”) with InspereX LLC, Citigroup Global Markets Inc., RBC Capital Markets, LLC and Wells Fargo Clearing Services, LLC (the “Retail Subordinated Notes Agents”) relating to the continuation of a program through which the Company may offer and sell, from time to time, an unlimited aggregate principal amount of its Subordinated Notes (Subordinated Deferrable Interest Notes) (the “Retail Subordinated Notes”). The Company has filed a prospectus supplement, dated October 16, 2026, with the SEC on October 16, 2026 related to the Retail Subordinated Notes (the “Retail Subordinated Notes Prospectus Supplement”, and together with the Member Capital Securities Prospectus Supplement, the MTN Prospectus Supplement and the InterNotes^® Prospectus Supplement, the “Prospectus Supplements”).

Copies of the Retail Subordinated Notes Agency Agreement and the forms of fixed and floating rate Retail Subordinated Notes are filed as Exhibits 1.3, 4.7 and 4.8, respectively, and are incorporated by reference herein.

The Member Capital Securities, the MTNs, InterNotes^® and the Retail Subordinated Notes will be issued pursuant to the shelf registration statement on Form S-3 (File No. 333-299452) filed by the Company with the SEC on October 14, 2026, a base prospectus, dated October 14, 2026, included as part of the registration statement, and the Prospectus Supplements.

Item 9.01 Financial Statements and Exhibits.

The following exhibits are filed as part of this report:

Exhibit No.		Description
1.1		Agency Agreement, dated October 16, 2026, by and among the Company and the MTN Agents.
1.2		Agency Agreement, dated October 16, 2026, by and among the Company and the InterNotes® Agents.
1.3		Agency Agreement, dated October 16, 2026, by and among the Company and the Retail Subordinated Notes Agents.
4.1		Form of Certificate for the Fixed Rate Member Capital Security.
4.2		Form of Certificate for the Floating Rate Member Capital Security.
4.3		Form of Fixed Rate MTN.
4.4		Form of Floating Rate MTN.
4.5		Form of Fixed Rate InterNotes®.
4.6		Form of Floating Rate InterNotes®.
4.7		Form of Fixed Rate Retail Subordinated Notes.
4.8		Form of Floating Rate Retail Subordinated Notes.
5.1		Opinion of Hogan Lovells Cadwalader US LLP regarding legality of the MTNs.
5.2		Opinion of Hogan Lovells Cadwalader US LLP regarding legality of the InterNotes®.
5.3		Opinion of Hogan Lovells Cadwalader US LLP regarding legality of the Retail Subordinated Notes.
5.4		Opinion of Hogan Lovells Cadwalader US LLP regarding legality of the Member Capital Securities.
8.1		Opinion of Hogan Lovells US LLP regarding certain tax matters in connection with the issuance and sale of the MTNs.
8.2		Opinion of Hogan Lovells US LLP regarding certain tax matters in connection with the issuance and sale of the InterNotes®.
8.3		Opinion of Hogan Lovells Cadwalader US LLP regarding certain tax matters in connection with the issuance and sale of the Retail Subordinated Notes.
8.4		Opinion of Hogan Lovells US LLP regarding certain tax matters in connection with the issuance and sale of the Member Capital Securities.
23.1		Consent of Hogan Lovells US LLP (included in Exhibits 5.1, 5.2, 5.3, 5.4, 8.1, 8.2, 8.3 and 8.4).
104		Cover Page Interactive Data File (embedded within the inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION
	By:	/s/ Yu Ling Wang
		Yu Ling Wang
		Senior Vice President and Chief Financial Officer

Dated: October 16, 2026

Filing Exhibits & Attachments

23 documents

Other Documents

• EX-1.1 EXHIBIT 1.1 431.2 KB
• EX-1.2 EXHIBIT 1.2 315.9 KB
• EX-1.3 EXHIBIT 1.3 326.7 KB
• EX-4.1 EXHIBIT 4.1 33.6 KB
• EX-4.2 EXHIBIT 4.2 71.4 KB
• EX-4.3 EXHIBIT 4.3 64.9 KB
• EX-4.4 EXHIBIT 4.4 133.5 KB
• EX-4.5 EXHIBIT 4.5 67.7 KB
• EX-4.6 EXHIBIT 4.6 183.9 KB
• EX-4.7 EXHIBIT 4.7 78.5 KB
• EX-4.8 EXHIBIT 4.8 188.2 KB
• EX-5.1 EXHIBIT 5.1 19.0 KB
• EX-5.2 EXHIBIT 5.2 19.3 KB
• EX-5.3 EXHIBIT 5.3 19.7 KB
• EX-5.4 EXHIBIT 5.4 19.1 KB
• EX-8.1 EXHIBIT 8.1 12.2 KB
• EX-8.2 EXHIBIT 8.2 12.4 KB
• EX-8.3 EXHIBIT 8.3 12.2 KB
• EX-8.4 EXHIBIT 8.4 12.2 KB
• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.7 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE 26.3 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 35.9 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 25.0 KB