v3.26.1
Short-Term and Long-Term Debt (Tables)
3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Short-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
 March 31, 2026December 31, 2025
Outstanding
Weighted- Average Interest Rate(1)
Outstanding
Weighted- Average Interest Rate(1)
(Dollars in millions)
Short-term debt of Fannie Mae
$20,602 3.40 %$24,538 3.66 %
(1)Includes the effects of discounts, premiums and other cost basis adjustments.
Long-Term Debt The following table displays our outstanding long-term debt.
As of
March 31, 2026December 31, 2025
Maturities
Outstanding(1)
Weighted- Average Interest Rate(2)
Maturities
Outstanding(1)
Weighted- Average Interest Rate(2)
(Dollars in millions)
Senior fixed:
Benchmark notes and bonds2026 - 2030$26,704 4.15 %2026 - 2030$26,649 4.16 %
Medium-term notes(3)
2026 - 203643,859 3.34 2026 - 203531,430 3.25 
Other(4)
2026 - 20386,603 3.85 2026 - 20386,609 3.87 
Total senior fixed77,166 3.68 64,688 3.70 
Senior floating:
Medium-term notes(3)
2026 - 202851,436 3.78 2026 - 202736,437 3.93 
Other(5)
2028 - 20371,234 10.48 2028 - 20371,626 10.99 
Total senior floating52,670 3.94 38,063 4.23 
Total long-term debt of Fannie Mae(6)
129,836 3.78 102,751 3.89 
Debt of consolidated trusts2026 - 20644,022,364 3.15 2026 - 20644,053,140 3.14 
Total long-term debt$4,152,200 3.17 %$4,155,891 3.16 %
(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 $2.5 billion and $2.6 billion as of March 31, 2026 and December 31, 2025, respectively.