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Short-Term and Long-Term Debt
 9 Months Ended
Sep. 30, 2025
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
 September 30, 2025December 31, 2024
Outstanding
Weighted- Average Interest Rate(1)
Outstanding
Weighted- Average Interest Rate(1)
(Dollars in millions)
Short-term debt of Fannie Mae
$19,922 4.16 %$11,188 4.33 %
(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
September 30, 2025December 31, 2024
Maturities
Outstanding(1)
Weighted- Average Interest Rate(2)
Maturities
Outstanding(1)
Weighted- Average Interest Rate(2)
(Dollars in millions)
Senior fixed:
Benchmark notes and bonds2025 - 2030$30,304 3.89 %2025 - 2030$44,655 2.87 %
Medium-term notes(3)
2025 - 203535,351 2.92 2025 - 203442,208 2.21 
Other(4)
2026 - 20386,609 3.97 2025 - 20386,632 3.98 
Total senior fixed72,264 3.44 93,495 2.66 
Senior floating:
Medium-term notes(3)
2026 - 202732,437 4.46 2026 - 202732,435 4.67 
Connecticut Avenue Securities(5)
2028 - 20311,509 11.54 2025 - 20312,055 10.99 
Other(6)
2037258 8.95 2037249 8.10 
Total senior floating34,204 4.81 34,739 5.07 
Total long-term debt of Fannie Mae(7)
106,468 3.87 128,234 3.30 
Debt of consolidated trusts2025 - 20644,076,945 3.10 2025 - 20634,088,675 2.96 
Total long-term debt$4,183,413 3.12 %$4,216,909 2.97 %
(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 $2.7 billion and $3.6 billion as of September 30, 2025 and December 31, 2024, respectively.