State issuer
University of Texas System
$13,782,900,000 of principal outstanding on 43 issues at the end of fiscal year 2025.
Fiscal year 2025 at a glance
Principal outstanding
$13.8 billion
Fiscal year 2025
$13,782,900,000
Interest still to be paid
$7.5 billion
Fiscal year 2025
$7,499,122,761
Total debt service outstanding
$21.3 billion
Fiscal year 2025
$21,282,022,761
Issues outstanding
43
Fiscal year 2025
Debt outstanding
Fiscal year 2025
- Revenue supported
- $13,782,900,000
- Total outstanding
- $13,782,900,000
Calculated by this site from the 43 issues below.
Debt issued
Fiscal year 2025
- Revenue supported
- $2,249,395,000
- Total issued
- $2,249,395,000
Calculated by this site from the par of the 4 issues issued in fiscal year 2025.
Debt outstanding by fiscal year
Fiscal years 2016 to 2025
| Fiscal year? | Principal? | Interest? | Total debt service? | Issues? |
|---|---|---|---|---|
| Fiscal year2025 Latest | Principal$13,782,900,000 | Interest$7,499,122,761 | Total debt service$21,282,022,761 | Issues43 |
| Fiscal year2024 | Principal$12,448,090,000 | Interest$7,042,759,795 | Total debt service$19,490,849,795 | Issues42 |
| Fiscal year2023 | Principal$11,515,066,000 | Interest$6,537,219,067 | Total debt service$18,052,285,067 | Issues43 |
| Fiscal year2022 | Principal$10,999,080,000 | Interest$6,333,286,952 | Total debt service$17,332,366,952 | Issues43 |
| Fiscal year2021 | Principal$10,900,163,000 | Interest$6,413,106,480 | Total debt service$17,313,269,480 | Issues43 |
| Fiscal year2020 | Principal$10,522,343,000 | Interest$6,374,691,218 | Total debt service$16,897,034,218 | Issues42 |
| Fiscal year2019 | Principal$10,331,697,000 | Interest$6,369,486,979 | Total debt service$16,701,183,979 | Issues41 |
| Fiscal year2018 | Principal$10,138,028,000 | Interest$6,276,051,850 | Total debt service$16,414,079,850 | Issues42 |
| Fiscal year2017 | Principal$9,891,843,000 | Interest$5,970,186,935 | Total debt service$15,862,029,935 | Issues39 |
| Fiscal year2016 | Principal$9,476,960,000 | Interest$5,738,113,248 | Total debt service$15,215,073,248 | Issues33 |
Issues outstanding, fiscal year 2025
Rows 1–43 of 43
Earlier issues
18 issues last reported before fiscal year 2025: repaid, refunded or matured
- CP - PUF Notes Series B closed date not reported; last reported fiscal year 2024
- PUF Bonds, Series 2014B closed date not reported; last reported fiscal year 2024
- PUF Bonds Ser 2009A (Taxable) (BABs) closed date not reported; last reported fiscal year 2024
- PUF Series 2015B closed 8/25/2015; last reported fiscal year 2024
- UTS PUF Bonds Series 2008A closed date not reported; last reported fiscal year 2023
- UT RFS Ref Bonds Ser 2007B (08/07) closed date not reported; last reported fiscal year 2023
- UTS RFS Bonds, Series 2010B (9.09) closed date not reported; last reported fiscal year 2023
- RFS Ref Bonds Ser 2016I closed 11/30/2016; last reported fiscal year 2023
- UT RFS Ref Bonds 2006C&D & RFS Bonds Ser 2006E&F closed date not reported; last reported fiscal year 2022
- PUF Bonds, Series 2014A closed date not reported; last reported fiscal year 2022
- UTS RFS Bonds Ser 2012A (SB 5 Exempt) closed date not reported; last reported fiscal year 2022
- UTS RFS Bonds Ser 2012B (SB 5 Exempt) closed date not reported; last reported fiscal year 2021
- UT RFS Ser 2002A & B (8/02) closed date not reported; last reported fiscal year 2019
- UTS RFS Bonds, Series 2010A (9.09) closed date not reported; last reported fiscal year 2019
- UTS RFS Bonds, Series 2009B (05.09) closed date not reported; last reported fiscal year 2018
- UTS RFS Bonds, Series 2009D closed date not reported; last reported fiscal year 2018
- UT RFS Ser 2004 A&B (01/04) EXEMPT closed date not reported; last reported fiscal year 2018
- UTS RFS Bonds Series 2008A (08/08) closed date not reported; last reported fiscal year 2017
Other issues
2 issues with no balance reported at a fiscal year end, such as those known only from their costs of issuance
- PUF Ref Bonds Ser 2006C closed date not reported
- UT RFS Bonds, Ser 2006AB (03/06) EXEMPT closed date not reported
Texas fiscal years run September 1 to August 31. Each chart is as of fiscal year 2025 unless it names its years.
Colleges and university systems with revenue debt outstanding
Fiscal year 2025
- UTS
- University of Texas System
- TAMUS
- Texas A&M University System
- UHS
- University of Houston System
- TSUS
- Texas State University System
- TTUS
- Texas Tech University System
- UNTS
- University of North Texas System
- TSTC
- Texas State Technical College
- TWU
- Texas Woman's University
- SFA
- Stephen F. Austin State University
- TSU
- Texas Southern University
- MSU
- Midwestern State University
- University of Texas System$13.8 billion
- Texas A&M University System$5.4 billion
- University of Houston System$1.8 billion
- Texas State University System$1.4 billion
- Texas Tech University System$1.1 billion
- University of North Texas System$901.0 million
- Texas State Technical College$415.1 million
- Texas Woman's University$218.4 million
- Stephen F. Austin State University$154.8 million
- Texas Southern University$119.0 million
- Midwestern State University$58.0 million
- Tuition revenue bonds (TRB)
- Revenue Financing System (RFS)
- Permanent University Fund (PUF)
Principal of revenue debt outstanding, each system split by its three bond programs. BRB chart data fetched 10/15/2026.
| System | Tuition revenue bonds (TRB) | Revenue Financing System (RFS) | Permanent University Fund (PUF) | Total |
|---|---|---|---|---|
| University of Texas System | $871,778,000 | $8,694,797,000 | $4,216,325,000 | $13,782,900,000 |
| Texas A&M University System | $772,445,595 | $3,043,875,425 | $1,628,020,000 | $5,444,341,020 |
| University of Houston System | $521,345,000 | $1,304,450,000 | $0 | $1,825,795,000 |
| Texas State University System | $284,405,000 | $1,112,530,057 | $0 | $1,396,935,057 |
| Texas Tech University System | $339,322,125 | $773,604,875 | $0 | $1,112,927,000 |
| University of North Texas System | $145,120,000 | $755,918,386 | $0 | $901,038,386 |
| Texas State Technical College | $201,900,000 | $213,211,195 | $0 | $415,111,195 |
| Texas Woman's University | $98,905,000 | $119,520,000 | $0 | $218,425,000 |
| Stephen F. Austin State University | $34,540,000 | $120,235,093 | $0 | $154,775,093 |
| Texas Southern University | $118,990,000 | $0 | $0 | $118,990,000 |
| Midwestern State University | $33,280,000 | $24,760,983 | $0 | $58,040,983 |
Total annual debt service outstanding
Fiscal years 2006 to 2053
- TRB principal
- TRB interest
- RFS principal
- RFS interest
- PUF principal
- PUF interest
Principal and interest still owed at each fiscal year end, scheduled to the final maturity. BRB chart data fetched 10/15/2026.
| Fiscal year | TRB principal | TRB interest | RFS principal | RFS interest | PUF principal | PUF interest | Total |
|---|---|---|---|---|---|---|---|
| 2006 | $600,540,000 | $284,316,384 | $2,673,740,000 | $1,698,561,157 | $1,032,860,000 | $777,643,088 | $7,067,660,628 |
| 2007 | $614,740,000 | $267,978,793 | $2,898,620,000 | $1,887,350,586 | $1,062,625,000 | $816,111,908 | $7,547,426,286 |
| 2008 | $818,488,000 | $372,980,778 | $3,302,432,000 | $1,941,872,802 | $1,318,980,000 | $941,384,296 | $8,696,137,876 |
| 2009 | $976,099,000 | $411,073,138 | $3,780,099,000 | $2,455,894,465 | $1,524,235,000 | $1,148,903,393 | $10,296,303,996 |
| 2010 | $1,078,185,000 | $417,894,029 | $3,951,884,000 | $2,629,098,348 | $1,736,380,000 | $1,325,831,408 | $11,139,272,785 |
| 2011 | $1,027,345,000 | $364,876,420 | $4,550,487,000 | $3,141,829,429 | $1,714,230,000 | $1,383,428,556 | $12,182,196,405 |
| 2012 | $1,104,285,000 | $373,124,474 | $4,528,579,000 | $3,087,766,791 | $1,753,030,000 | $1,353,256,967 | $12,200,042,231 |
| 2013 | $1,033,660,000 | $319,183,940 | $4,654,930,000 | $3,043,267,001 | $1,816,750,000 | $1,330,321,172 | $12,198,112,113 |
| 2014 | $954,370,000 | $268,596,856 | $5,006,390,000 | $3,227,221,323 | $1,960,470,000 | $1,539,903,457 | $12,956,951,636 |
| 2015 | $871,165,000 | $221,840,185 | $5,188,947,000 | $3,218,358,584 | $2,169,085,000 | $1,570,229,441 | $13,239,625,210 |
| 2016 | $1,239,445,000 | $341,603,354 | $5,622,360,000 | $3,562,345,980 | $2,615,155,000 | $1,834,163,910 | $15,215,073,244 |
| 2017 | $1,401,930,000 | $370,388,013 | $5,794,878,000 | $3,779,501,950 | $2,695,035,000 | $1,820,296,972 | $15,862,029,935 |
| 2018 | $1,267,100,000 | $299,945,763 | $5,948,033,000 | $3,981,376,800 | $2,922,895,000 | $1,994,729,287 | $16,414,079,849 |
| 2019 | $1,128,458,000 | $237,265,788 | $6,096,479,000 | $4,101,593,805 | $3,106,760,000 | $2,030,627,385 | $16,701,183,978 |
| 2020 | $983,023,000 | $181,382,300 | $6,316,130,000 | $4,172,036,886 | $3,223,190,000 | $2,021,272,029 | $16,897,034,216 |
| 2021 | $830,578,000 | $132,509,700 | $6,667,560,000 | $4,222,793,343 | $3,402,025,000 | $2,057,803,436 | $17,313,269,479 |
| 2022 | $669,427,000 | $90,819,950 | $6,831,563,000 | $4,193,239,512 | $3,498,090,000 | $2,049,227,488 | $17,332,366,950 |
| 2023 | $909,346,250 | $338,977,134 | $6,984,949,750 | $4,197,167,219 | $3,620,770,000 | $2,001,074,715 | $18,052,285,068 |
| 2024 | $809,801,000 | $317,582,340 | $7,876,734,000 | $4,605,199,850 | $3,761,555,000 | $2,119,977,604 | $19,490,849,794 |
| 2025 | $871,778,000 | $245,504,650 | $8,694,797,000 | $5,029,751,571 | $4,216,325,000 | $2,223,866,538 | $21,282,022,759 |
| 2026 | $684,135,000 | $200,842,700 | $8,405,420,000 | $4,639,074,810 | $4,090,730,000 | $2,034,283,768 | $20,054,486,278 |
| 2027 | $504,002,000 | $165,562,900 | $8,125,743,000 | $4,265,844,612 | $3,958,925,000 | $1,850,920,111 | $18,870,997,622 |
| 2028 | $350,977,000 | $139,289,750 | $7,834,133,000 | $3,905,514,100 | $3,820,530,000 | $1,674,146,703 | $17,724,590,553 |
| 2029 | $282,332,000 | $120,579,750 | $7,506,118,000 | $3,558,485,135 | $3,675,440,000 | $1,504,071,308 | $16,647,026,193 |
| 2030 | $247,147,000 | $105,302,000 | $7,132,848,000 | $3,226,746,429 | $3,523,020,000 | $1,341,337,038 | $15,576,400,468 |
| 2031 | $222,032,000 | $91,783,500 | $6,767,611,000 | $2,912,529,058 | $3,337,890,000 | $1,186,314,943 | $14,518,160,502 |
| 2032 | $201,472,000 | $79,520,750 | $6,389,406,000 | $2,615,061,563 | $3,142,995,000 | $1,040,534,161 | $13,468,989,474 |
| 2033 | $187,357,000 | $68,286,000 | $6,000,806,000 | $2,335,101,895 | $2,936,050,000 | $904,482,029 | $12,432,082,923 |
| 2034 | $172,532,000 | $57,757,000 | $5,595,606,000 | $2,073,052,378 | $2,719,090,000 | $778,777,146 | $11,396,814,525 |
| 2035 | $156,967,000 | $47,969,250 | $5,130,631,000 | $1,829,664,206 | $2,492,055,000 | $663,709,489 | $10,320,995,945 |
| 2036 | $140,627,000 | $38,959,750 | $4,655,196,000 | $1,607,419,200 | $2,293,060,000 | $559,668,306 | $9,294,930,257 |
| 2037 | $123,467,000 | $30,767,250 | $4,382,311,000 | $1,406,684,188 | $2,083,270,000 | $465,438,774 | $8,491,938,212 |
| 2038 | $105,452,000 | $23,432,750 | $4,130,486,000 | $1,217,639,716 | $1,862,700,000 | $381,550,042 | $7,721,260,508 |
| 2039 | $86,537,000 | $16,999,000 | $3,866,721,000 | $1,039,309,122 | $1,630,955,000 | $308,529,959 | $6,949,051,081 |
| 2040 | $66,672,000 | $11,511,000 | $3,575,041,000 | $872,607,093 | $1,444,605,000 | $246,925,477 | $6,217,361,570 |
| 2041 | $45,817,000 | $7,016,250 | $3,276,126,000 | $719,000,170 | $1,249,090,000 | $194,490,244 | $5,491,539,665 |
| 2042 | $23,917,000 | $3,564,250 | $2,961,286,000 | $578,376,222 | $1,104,425,000 | $151,426,562 | $4,822,995,034 |
| 2043 | $922,000 | $1,207,250 | $2,629,396,000 | $451,847,111 | $996,280,000 | $115,346,130 | $4,194,998,490 |
| 2044 | $0 | $0 | $2,277,380,000 | $351,410,118 | $634,265,000 | $84,672,947 | $3,347,728,065 |
| 2045 | $0 | $0 | $1,938,475,000 | $267,551,975 | $508,245,000 | $60,330,765 | $2,774,602,740 |
| 2046 | $0 | $0 | $1,641,025,000 | $192,495,761 | $359,445,000 | $40,752,138 | $2,233,717,899 |
| 2047 | $0 | $0 | $1,093,710,000 | $128,859,292 | $205,605,000 | $26,197,000 | $1,454,371,292 |
| 2048 | $0 | $0 | $818,900,000 | $86,814,158 | $149,605,000 | $16,835,500 | $1,072,154,658 |
| 2049 | $0 | $0 | $509,190,000 | $54,703,750 | $99,605,000 | $10,274,000 | $673,772,750 |
| 2050 | $0 | $0 | $369,190,000 | $33,931,000 | $70,000,000 | $5,712,500 | $478,833,500 |
| 2051 | $0 | $0 | $239,425,000 | $18,658,250 | $45,000,000 | $2,631,250 | $305,714,500 |
| 2052 | $0 | $0 | $155,000,000 | $9,462,500 | $20,000,000 | $800,000 | $185,262,500 |
| 2053 | $0 | $0 | $80,000,000 | $3,231,250 | $0 | $0 | $83,231,250 |
Total principal outstanding
Fiscal years 2006 to 2025
- Revenue supported, self-supporting
- None: tax supported, not self-supporting; tax supported, self-supporting; revenue supported, not self-supporting
Principal outstanding at each fiscal year end, by pledge and whether the debt pays for itself. BRB chart data fetched 10/15/2026.
| Fiscal year | Revenue supported, self-supporting | Total |
|---|---|---|
| 2006 | $4,307,140,000 | $4,307,140,000 |
| 2007 | $4,575,985,000 | $4,575,985,000 |
| 2008 | $5,439,900,000 | $5,439,900,000 |
| 2009 | $6,280,433,000 | $6,280,433,000 |
| 2010 | $6,766,449,000 | $6,766,449,000 |
| 2011 | $7,292,062,000 | $7,292,062,000 |
| 2012 | $7,385,894,000 | $7,385,894,000 |
| 2013 | $7,505,340,000 | $7,505,340,000 |
| 2014 | $7,921,230,000 | $7,921,230,000 |
| 2015 | $8,229,197,000 | $8,229,197,000 |
| 2016 | $9,476,960,000 | $9,476,960,000 |
| 2017 | $9,891,843,000 | $9,891,843,000 |
| 2018 | $10,138,028,000 | $10,138,028,000 |
| 2019 | $10,331,697,000 | $10,331,697,000 |
| 2020 | $10,522,343,000 | $10,522,343,000 |
| 2021 | $10,900,163,000 | $10,900,163,000 |
| 2022 | $10,999,080,000 | $10,999,080,000 |
| 2023 | $11,515,066,000 | $11,515,066,000 |
| 2024 | $12,448,090,000 | $12,448,090,000 |
| 2025 | $13,782,900,000 | $13,782,900,000 |
Bond counsel fees paid
Past five fiscal years
- McCall Parkhurst & Horton, LLP$1,342,222
- Bracewell, LLP$500,000
Total fees paid to each firm. BRB chart data fetched 10/15/2026.
Underwriter fees paid
Past five fiscal years
- Wells Fargo Bank$2,247,742
- Morgan Stanley$1,534,512
- RBC Capital Markets, LLC$1,283,240
- JP Morgan Chase & Co$1,260,831
- Jefferies Financial Group, Inc$885,884
- Jefferies Financial Group$790,172
- Barclays Capital, Inc$741,586
- Bank of America$692,819
- Ramirez & Co Inc$557,104
- Hilltop Securities, Inc$518,674
- Loop Capital Markets, LLC$467,220
- Siebert Williams Shank & Co, LLC$396,051
- Piper Jaffray & Co$380,764
- Mesirow Financial Holdings Inc$267,375
- Academy Securities, Inc$252,749
- Raymond James Financial Inc$250,465
- Raymond James Financial, Inc$243,197
- FHN Financial Capital Markets$216,641
- Truist Bank$192,826
- Stifel Financial Corp$190,442
Management fee plus takedown, for each of the top 20 firms. BRB chart data fetched 10/15/2026.
Rating agency fees paid
Past five fiscal years
- Moodys$1,042,050, 47%
- S&P$1,002,798, 45%
- Fitch$183,032, 8%
Total fees paid to each rating agency, with its share. BRB chart data fetched 10/15/2026.
Charts: BRB Data Center, University of Texas System: its six chart CSVs. BRB chart data fetched 10/15/2026.
EMMA links are added as each issue is matched.
Source: State Issuance Fee By Year (updated by the publisher 8/27/2026); Debt Outstanding By Issuance State By Year (updated by the publisher 10/6/2026). Loaded here 10/17/2026.
Texas fiscal years run September 1 to August 31.
Issuer names are shown as published, without source footnote letters.
Figures are as reported to the agency and have not been independently verified.