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| The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. |
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| Subject to completion dated July 07, 2025 | | | | | | | | | | |
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| Filed under Rule 424(b)(3), Registration Statement No. 333-275151 |
| Pricing Supplement No. 23 - Dated Monday, July 7, 2025 (To: Prospectus Dated October 24, 2023 and Prospectus Supplement Dated November 1, 2024) |
| CUSIP Number | Principal Amount | Selling Price | Gross Concession | Net Proceeds | Coupon Type | Coupon Rate | Coupon Frequency | Maturity Date | 1st Coupon Date | 1st Coupon Amount | Survivor's Option | Product Ranking |
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| 63743LAY9 | [ ] | 100.000% | 3.150% | [ ] | Fixed | 5.750% | Semi- Annual | 07/15/2055 | 01/15/2026 | $28.43 | Yes | Subordinated Notes |
Redemption Information:
Callable at the Issuer’s option, in whole or from time to time in part, on any day on or after 07/15/2030 (the “Par Call Period”) at a redemption price in cash equal to 100% of the principal amount of the notes being redeemed, plus, accrued and unpaid interest, if any, thereon to, but excluding, the redemption date
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| Offering Date: Monday, July 7, 2025 through Monday, July 14, 2025 | National Rural Utilities Cooperative Finance Corp |
| National Rural Utilities Cooperative Finance Corp | Trade Date: Monday, July 14, 2025 @12:00 PM ET | Subordinated Notes (Subordinated Deferrable Interest Notes) |
| Settle Date: Thursday, July 17, 2025 | |
| Minimum Denomination/Increments:$1,000.00/$1,000.00 | Prospectus dated October 24, 2023 and |
| Initial trades settle flat and clear SDFS: DTC Book Entry only | Prospectus Supplement Dated: November 1, 2024 |
| DTC Number: 0235 via RBC Dain Rauscher Inc. | |
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| Agents: InspereX LLC, Citigroup Global Markets Inc., RBC Capital Markets, LLC, Wells Fargo Clearing Services, LLC | |
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| Trustee: U.S. Bank Trust Company, National Association | |
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