Short-Term and Long-Term Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Short-Term and Long-Term Debt

Short-Term and Long-Term Debt

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, 2023				December 31, 2022
	Outstanding		Weighted- Average Interest Rate(1)		Outstanding		Weighted- Average Interest Rate(1)
	(Dollars in millions)
Short-term debt of Fannie Mae	$	13,967	4.58	%	$	10,204	3.93	%

(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
	March 31, 2023					December 31, 2022
	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	2023 - 2030	$	70,682	2.36	%	2023 - 2030	$	72,261	2.35	%
Medium-term notes(3)	2023 - 2031	42,344		1.03		2023 - 2031	39,476		0.78
Other(4)	2023 - 2038	6,817		4.03		2023 - 2038	6,778		4.00
Total senior fixed		119,843		2.00			118,515		1.94
Senior floating:
Connecticut Avenue Securities(5)	2023 - 2031	5,104		9.75		2023 - 2031	5,207		8.80
Other(6)	2037	250		9.68		2037	242		10.00
Total senior floating		5,354		9.75			5,449		8.86
Total long-term debt of Fannie Mae(7)		125,197		2.32			123,964		2.23
Debt of consolidated trusts	2023 - 2062	4,091,602		2.56		2023 - 2062	4,087,720		2.47
Total long-term debt		$	4,216,799	2.55	%		$	4,211,684	2.47	%

(1)Outstanding debt balance consists of the unpaid principal balance, 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 CAS debt issued prior to November 2018, a portion of which is reported at fair value.

(6)Consists of structured debt instruments that are reported at fair value.

(7)Includes unamortized discounts and premiums, fair value adjustments, hedge-related cost basis adjustments, and other cost basis adjustments in a net discount position of $4.6 billion and $5.1 billion as of March 31, 2023 and December 31, 2022, respectively.