Authorized Dealers
Authorized Dealers as of October 20, 2025
Group
| Dealer Name | DN Dealer Type* |
| Academy Securities, Inc. | DN Bidding Group |
| Alamo Capital | DN Bidding Group |
| ASL Capital Markets Inc. | DN Bidding Group |
| Bancroft Capital, LLC | DN Bidding Group |
| Barclays Capital Inc. | DN Bidding Group |
| Blaylock Van, LLC | DN Bidding Group |
| BMO Capital Markets Corp. | DN Dealer - Window Only |
| BNY Mellon Capital Markets, LLC | DN Bidding Group |
| BofA Securities, Inc. | DN Bidding Group |
| BOK Financial Securities, Inc. | DN Dealer - Window Only |
| Brean Capital, LLC | DN Dealer - Window Only |
| Cabrera Capital Markets, LLC | DN Bidding Group |
| Cantor Fitzgerald & Co. | DN Dealer - Window Only |
| CastleOak Securities, L.P. | DN Bidding Group |
| Citigroup Global Markets Inc. | DN Bidding |
| Cohen & Company Securities, LLC | DN Dealer - Window Only |
| Commerce Bank | DN Dealer - Window Only |
| D.A. Davidson & Co. | DN Dealer - Window Only |
| Daiwa Capital Markets America Inc. | DN Bidding Group |
| Deutsche Bank Securities Inc. | DN Bidding Group |
| Drexel Hamilton, LLC | DN Bidding Group |
| Falcon Square Capital, LLC | DN Bidding Group |
| FHN Financial Capital Markets | DN Bidding Group |
| Fifth Third Securities, Inc. | DN Dealer - Window Only |
| Goldman Sachs & Co. LLC | DN Bidding Group |
| Great Pacific Securities | DN Bidding Group |
| Hilltop Securities Inc. | DN Dealer - Window Only |
| Huntington Securities, Inc. | DN Dealer - Window Only |
| InspereX LLC | DN Dealer - Window Only |
| J.P. Morgan Securities LLC | DN Bidding Group |
| Janney Montgomery Scott LLC | DN Dealer - Window Only |
| Jefferies LLC | DN Bidding Group |
| KeyBanc Capital Markets Inc. | DN Dealer - Window Only |
| Loop Capital Markets LLC | DN Bidding Group |
| Mesirow Financial, Inc. | DN Dealer - Window Only |
| MFR Securities, Inc. | DN Bidding Group |
| Mischler Financial Group, Inc. | DN Bidding Group |
| Mizuho Securities USA LLC | DN Bidding Group |
| Morgan Stanley & Co. LLC | DN Bidding Group |
| MUFG Securities Americas Inc. | DN Dealer - Window Only |
| Multi-Bank Securities, Inc. | DN Bidding Group |
| NatWest Markets Securities, Inc. | DN Dealer - Window Only |
| Nomura Securities International, Inc. | DN Bidding Group |
| Northland Securities, Inc. | DN Dealer - Window Only |
| Oppenheimer & Co. Inc. | DN Dealer - Window Only |
| Penserra Securities LLC | DN Bidding Group |
| Piper Sandler & Co. | DN Bidding Group |
| PNC Capital Markets LLC | DN Dealer - Window Only |
| R. Seelaus & Co., LLC | DN Bidding Group |
| Raymond James & Associates, Inc. | DN Dealer - Window Only |
| RBC Capital Markets, LLC | DN Bidding Group |
| Robert W. Baird & Co. Incorporated | DN Dealer - Window Only |
| Samuel A. Ramirez & Company, Inc. | DN Bidding Group |
| Santander US Capital Markets LLC | DN Bidding Group |
| Siebert Williams Shank & Co., LLC | DN Bidding Group |
| SouthState|DuncanWilliams Securities Corp. | DN Dealer - Window Only |
| Stern Brothers & Co. | DN Bidding Group |
| Stifel, Nicolaus & Company, Incorporated | DN Bidding Group |
| StoneX Financial Inc. | DN Bidding Group |
| TD Securities (USA) LLC | DN Bidding Group |
| UBS Securities LLC | DN Bidding Group |
| UMB Bank, National Association | DN Dealer - Window Only |
| U.S. Bank National Association | DN Dealer - Window Only |
| Wells Fargo Securities, LLC | DN Bidding Group |
| Zeus Financial, LLC | DN Bidding Group |
*Discount Note (DN) Dealer Types:
DN Bidding Group dealers may underwrite discount notes through the Window and Auction platforms.
DN Dealer - Window Only dealers may underwrite discount notes through the Window platform.