[424B3] NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORP /DC/ Prospectus Filed Pursuant to Rule 424(b)(3)

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced $247,000 of Medium-Term Notes, Series D at 100% of principal with an original issue date of April 8, 2026. The notes bear interest at 4.06% per annum and mature on April 15, 2028. Regular record dates are each January 1 and July 1, with interest paid each January 15 and July 15. The pricing supplement states no agents' commission and includes counsel opinion on validity subject to customary insolvency and equitable-law qualifiers.

Key Figures

Principal Amount: $247,000.00 Issue Price: 100% of Principal Amount Interest Rate: 4.06% per annum +4 more

7 metrics

Principal Amount $247,000.00 Principal amount of Series D notes

Issue Price 100% of Principal Amount Pricing stated in the supplement

Interest Rate 4.06% per annum Coupon on the Series D notes

Original Issue Date April 8, 2026 Date notes were originally issued

Maturity Date April 15, 2028 Maturity of Series D notes

Trade Date April 3, 2026 Trade date shown on pricing supplement

Interest Payment Dates January 15 and July 15 Semiannual interest payment schedule

Key Terms

Pricing Supplement, Indenture, Medium-Term Notes, Regular Record Dates, +1 more

5 terms

Pricing Supplement regulatory

"Pricing Supplement No. | 10532 Pricing Supplement Date | April 3, 2026"

A pricing supplement is a short, final document that gives the exact terms of a new securities offering—such as the price, interest rate, size and settlement date—building on the broader prospectus. Think of it as the day’s receipt that turns a general menu into the specific order; investors use it to see the concrete deal terms that determine value, yield and whether to buy.

Indenture financial

"authentication, issuance and delivery of the notes pursuant to the terms of the indenture"

An indenture is a legal agreement between a company that borrows money by issuing bonds and the people who buy those bonds. It explains the rules the company must follow, like paying back the money and keeping certain financial promises. This document helps both sides understand their rights and responsibilities.

Medium-Term Notes financial

"Medium-Term Notes, Series D Due Nine Months or More from Date of Issue"

Medium-term notes are debt securities issued by companies, banks or governments that promise to pay interest and return principal at a set date a few years out—typically longer than short-term bills but shorter than long-term bonds. For investors they act like staggered IOUs that provide predictable income and help diversify holdings, but they carry credit and interest-rate risk and can affect a portfolio’s cash flow and stability depending on the issuer’s creditworthiness and the note’s term.

Regular Record Dates technical

"Regular Record Dates | Each January 1 and July 1"

Agents Commission financial

"Agents Commission | None"

Offering Details

other

Offering

Offering Type other

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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			April 3, 2026
Pricing Supplement No.			10532
Pricing Supplement Date			April 3, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$247,000.00
Issue Price			100% of Principal Amount
Original Issue Date			April 8, 2026
Maturity Date			April 15, 2028
Interest Rate			4.06% 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.

FAQ

What securities did NRUC (NRUC) register in this 424(b)(3) filing?

The filing registers Medium-Term Notes, Series D with a principal amount of $247,000. The notes are debt securities issued under the referenced prospectus supplement and base prospectus dated in 2023.

What are the key economic terms of NRUC's Series D notes?

The Series D notes carry a 4.06% per annum interest rate, were priced at 100% of principal, have an original issue date of April 8, 2026, and mature on April 15, 2028.

When will interest on the NRUC Series D notes be paid and who is record holder?

Interest payments occur each January 15 and July 15. Regular record dates for determining payees are each January 1 and July 1, per the pricing supplement's schedule.

Does the pricing supplement show underwriting commissions or redemption rights?

The pricing supplement indicates no agents' commission for this issuance and states a redemption date: None, meaning no scheduled redemption date is specified in the excerpt.