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Short-Term and Long-Term Debt (Tables)
12 Months Ended
Dec. 31, 2024
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 December 31,
2024
2023
Outstanding
Weighted-
Average
Interest Rate(1)
Outstanding
Weighted-
Average
Interest Rate(1)
(Dollars in millions)
Short-term debt of Fannie Mae
$11,188
4.33%
$17,314
5.13%
(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 December 31,
2024
2023
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
2025 - 2030
$44,655
2.87%
2024 - 2030
$54,727
2.79%
Medium-term notes(3)
2025 - 2034
42,208
2.21
2024 - 2031
42,217
1.58
Other(4)
2025 - 2038
6,632
3.98
2024 - 2038
6,787
3.98
Total senior fixed
93,495
2.66
103,731
2.40
Senior floating:
Medium-term notes(3)
2026 - 2027
32,435
4.67
N/A
Connecticut Avenue Securities(5)
2025 - 2031
2,055
10.99
2024 - 2031
2,752
11.12
Other(6)
2037
249
8.10
2037
268
8.79
Total senior floating
34,739
5.07
3,020
10.92
Total long-term debt of Fannie Mae(7)
128,234
3.30
106,751
2.63
Debt of consolidated trusts
2025 - 2063
4,088,675
2.96
2024 - 2062
4,098,653
2.56
Total long-term debt
$4,216,909
2.97%
$4,205,404
2.57%
(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 $3.6 billion and $4.0 billion as of December 31, 2024 and 2023, respectively.
Long-Term Debt by Year of Maturity The following table displays the amount of our long-term debt as of December 31, 2024 by year of maturity for each of
the years 2025 through 2029 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)
2025
$38,265
$63,236
2026
40,249
38,317
2027
13,437
6,859
2028
5,501
1,391
2029
8,350
2,890
Thereafter
22,432
15,541
Total long-term debt of Fannie Mae(1)
128,234
128,234
Debt of consolidated trusts(2)
4,088,675
4,088,675
Total long-term debt
$4,216,909
$4,216,909
(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.