Short-Term and Long-Term Debt

12 Months Ended

Dec. 31, 2023

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,
	2023		2022
	Outstanding	Weighted- Average Interest Rate(1)	Outstanding	Weighted- Average Interest Rate(1)
	(Dollars in millions)
Short-term debt of Fannie Mae	$17,314	5.13%	$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 December 31,
	2023			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	2024 - 2030	$54,727	2.79%	2023 - 2030	$72,261	2.35%
Medium-term notes(3)	2024 - 2031	42,217	1.58	2023 - 2031	39,476	0.78
Other(4)	2024 - 2038	6,787	3.98	2023 - 2038	6,778	4.00
Total senior fixed		103,731	2.40		118,515	1.94
Senior floating:
Connecticut Avenue Securities(5)	2024 - 2031	2,752	11.12	2023 - 2031	5,207	8.80
Other(6)	2037	268	8.79	2037	242	10.00
Total senior floating		3,020	10.92		5,449	8.86
Total long-term debt of Fannie Mae(7)		106,751	2.63		123,964	2.23
Debt of consolidated trusts	2024 - 2062	4,098,653	2.56	2023 - 2062	4,087,720	2.47
Total long-term debt		$4,205,404	2.57%		$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 $4.0 billion and $5.1 billion as of December 31, 2023 and 2022, 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 that are used if needed

during the year. 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 long-term debt also includes CAS securities issued prior to November 2018, which are credit risk-

sharing securities that transfer a portion of the credit risk on specified pools of single-family mortgage loans to the

investors in these securities.

Our other long-term debt 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, 2023 and 2022, the face amount of our debt securities of Fannie Mae was $128.1 billion and

$139.3 billion, respectively. As of December 31, 2023, we had zero-coupon debt with a face amount of $11.6 billion,

which had an effective interest rate of 5.06%. As of December 31, 2022, we had zero-coupon debt with a face amount

of $10.0 billion, which had an effective interest rate of 3.91%.

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, 2023 and 2022 included $43.8 billion and $43.3 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, 2023 by year of maturity for each of

the years 2024 through 2028 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)
2024		$23,354		$54,192
2025		39,026		21,153
2026		10,289		6,983
2027		5,974		4,170
2028		3,681		1,462
Thereafter		24,427		18,791
Total long-term debt of Fannie Mae(1)		106,751		106,751
Debt of consolidated trusts(2)		4,098,653		4,098,653
Total long-term debt		$4,205,404		$4,205,404

(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.