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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "Pershing Square Holdings",
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  "notes": "The slide uses a contrast-based structure to acknowledge legal setbacks while pivoting to long-term investment thesis points.",
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      "kind": "callout",
      "text": "Despite an adverse Supreme Court ruling in June, we believe Fannie and Freddie remain valuable perpetual options",
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      "text": "Ongoing proceedings in the Court of Federal Claims, where denial of the government's motion to dismiss is on appeal; Both entities continue to build capital through retained earnings from the current base of $67 billion; We believe re-privatization is an eventuality regardless of court outcomes",
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      "text": "Found the Third Amendment to the PSPAs(1) to be authorized under the HERA statute; Declined to intervene to second-guess FHFA's exercise of its discretion; Found unconstitutional HERA's provision that the FHFA director may be removed only for cause; Sent case back to Fifth Circuit for further proceedings and potential damages",
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      "text": "Supreme Court largely sided with the government against shareholders",
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      "text": "retained earnings: $67 billion",
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      "text": "Source: Company filings (1) Preferred Stock Purchase Agreement.",
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      "text": "Fannie Mae (\"FNMA\") and Freddie Mac (\"FMCC\")",
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