v3.25.4
Short-Term and Long-Term Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Short-Term and Long-Term Debt Short-Term and Long-Term DebtShort-Term Debt
The following table displays our outstanding short-term debt (debt with an original contractual maturity of one year or
less) and weighted-average interest rates of this debt.
As of December 31,
2025
2024
Outstanding
Weighted-
Average
Interest Rate(1)
Outstanding
Weighted-
Average
Interest Rate(1)
(Dollars in millions)
Short-term debt of Fannie Mae
$24,538
3.66%
$11,188
4.33%
(1)Includes the effects of discounts, premiums and other cost basis adjustments.
Long-Term Debt
Long-term debt represents debt with an original contractual maturity of greater than one year. The following table
displays our outstanding long-term debt.
As of December 31,
2025
2024
Maturities
Outstanding(1)
Weighted-
Average
Interest
Rate(2)
Maturities
Outstanding(1)
Weighted-
Average
Interest
Rate(2)
(Dollars in millions)
Senior fixed:
Benchmark notes and bonds
2026 - 2030
$26,649
4.16%
2025 - 2030
$44,655
2.87%
Medium-term notes(3)
2026 - 2035
31,430
3.25
2025 - 2034
42,208
2.21
Other(4)
2026 - 2038
6,609
3.87
2025 - 2038
6,632
3.98
Total senior fixed
64,688
3.70
93,495
2.66
Senior floating:
Medium-term notes(3)
2026 - 2027
36,437
3.93
2026 - 2027
32,435
4.67
Other(5)
2028 - 2037
1,626
10.99
2025 - 2037
2,304
10.68
Total senior floating
38,063
4.23
34,739
5.07
Total long-term debt of Fannie Mae(6)
102,751
3.89
128,234
3.30
Debt of consolidated trusts
2026 - 2064
4,053,140
3.14
2025 - 2063
4,088,675
2.96
Total long-term debt
$4,155,891
3.16%
$4,216,909
2.97%
(1)Outstanding debt balance consists of the UPB, premiums and discounts, fair value adjustments, hedge-related basis adjustments, and
other cost basis adjustments.
(2)Excludes the effects of fair value adjustments and hedge-related basis adjustments.
(3)Includes long-term debt with an original contractual maturity of greater than 1 year and up to 10 years, excluding zero-coupon debt.
(4)Includes other long-term debt with an original contractual maturity of greater than 10 years and foreign exchange bonds.
(5)Consists of structured debt instruments that are reported at fair value and CAS securities issued prior to November 2018.
(6)Includes unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis
adjustments in a net discount position of $2.6 billion and $3.6 billion as of December 31, 2025 and 2024, respectively.
Our long-term debt includes a variety of debt types. We issue fixed and floating-rate medium-term notes with maturities
greater than one year that are issued through dealer banks. We also offer Benchmark Notes® that provide increased
efficiency, liquidity and tradability to the market through regularly-scheduled issuance dates during the year that we have
the option to use. Additionally, we have historically issued notes and bonds denominated in a foreign currency but have
not issued any foreign currency debt in the periods presented. We effectively convert all outstanding foreign currency-
denominated transactions into U.S. dollars through the use of foreign currency swaps for the purpose of funding our
mortgage assets.
Our other long-term debt primarily includes callable and non-callable securities, which include all long-term non-
Benchmark securities, such as zero-coupon bonds, fixed rate and other long-term securities, and are generally
negotiated underwritings with one or more dealers or dealer banks.
Characteristics of Debt
As of December 31, 2025 and 2024, the face amount of our debt securities of Fannie Mae was $130.0 billion and
$143.1 billion, respectively. As of December 31, 2025, we had zero-coupon debt with a face amount of $24.8 billion,
which had an effective interest rate of 3.67%. As of December 31, 2024, we had zero-coupon debt with a face amount
of $11.5 billion, which had an effective interest rate of 4.36%.
We issue callable debt instruments to manage the duration and prepayment risk of expected cash flows of the mortgage
assets we own. Our outstanding debt as of December 31, 2025 and 2024 included $35.4 billion and $41.0 billion,
respectively, of callable debt that could be redeemed, in whole or in part, at our option on or after a specified date.
The following table displays the amount of our long-term debt as of December 31, 2025 by year of maturity for each of
the years 2026 through 2030 and thereafter. The first column assumes that we pay off this debt at maturity or on the call
date if the call has been announced, while the second column assumes that we redeem our callable debt at the next
available call date.
Long-Term Debt by
Year of Maturity
Assuming Callable
Debt Redeemed at Next
Available Call Date
(Dollars in millions)
2026
$41,035
$68,344
2027
13,053
14,390
2028
8,896
1,443
2029
6,840
2,829
2030
27,296
14,165
Thereafter
5,631
1,580
Total long-term debt of Fannie Mae(1)
102,751
102,751
Debt of consolidated trusts(2)
4,053,140
4,053,140
Total long-term debt
$4,155,891
$4,155,891
(1)Includes unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis
adjustments.
(2)Contractual maturity of debt of consolidated trusts is not a reliable indicator of expected maturity because borrowers of the underlying
loans generally have the right to prepay their obligations at any time.