Debt (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Table - Short-term Debt

The table below summarizes the balances and effective interest rates for our short-term debt (debt with original maturities of one year or less).

Table 8.1 - Short-term Debt(1)

	Year Ended December 31,
(Dollars in millions)	2025		2024
Par value	$37,867		$14,716
Carrying amount	37,718		14,675
Weighted average effective rate	3.82	%	4.59	%

(1)Includes $3.0 billion of callable debt as of December 31, 2025. There was no callable debt as of December 31, 2024.

Table - Long-term Debt

The table below summarizes our long-term debt (debt with original maturities of more than one year).

Table 8.2 - Long-term Debt

	December 31, 2025					December 31, 2024
(Dollars in millions)	Contractual Maturity	Par Value	Carrying Amount(1)	Weighted  Average Effective Rate(2)		Contractual Maturity	Par Value	Carrying Amount(1)	Weighted  Average Effective Rate(2)
Fixed-rate(3)	2026 - 2054	$92,236	$90,104	3.62	%	2025 - 2054	$130,965	$126,815	3.09	%
Variable-rate(4)	2026 - 2035	76,008	75,991	4.74		2025 - 2034	35,906	35,893	5.16
Zero-coupon	2026 - 2039	3,904	2,610	4.73		2025 - 2039	4,748	3,254	6.22
Other(5)	2028 - 2053	546	591	8.95		2025 - 2053	1,324	1,371	10.90
Total long-term debt		$172,694	$169,296	4.15			$172,943	$167,333	3.65

(1)Represents par value, net of associated discounts or premiums and issuance costs. Includes $0.2 billion and $0.3 billion at December 31, 2025 and December 31, 2024, respectively, of long-term debt that represents the fair value of debt for which the fair value option was elected. Includes hedge-related basis adjustments.

(2)Based on carrying amount. Excludes hedge-related basis adjustments.

(3)Includes $84.4 billion and $112.6 billion of callable debt as of December 31, 2025 and December 31, 2024, respectively.

(4)Includes $0.7 billion and $1.3 billion of callable debt as of December 31, 2025 and December 31, 2024, respectively.

(5)Includes STACR debt notes, SCR debt notes, and IO debt.

Table - Contractual Maturities of Long-term Debt

The table below summarizes contractual maturities of long-term debt securities at December 31, 2025.

Table 8.3 - Contractual Maturities of Long-term Debt(1)

(In millions)	Par Value
2026	$45,515
2027	43,860
2028	22,474
2029	9,806
2030	33,871
Thereafter	16,622
Total	$172,148

(1)Excludes $0.5 billion of STACR debt notes and SCR debt notes. Contractual maturities of these debt securities are not presented because they are subject to prepayment risk, as their payments are based upon the performance of a pool of mortgage assets that may be prepaid by the related mortgage borrowers at any time generally without penalty.