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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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      "text": "Despite unsuccessful outcomes in the courts, we believe Fannie and Freddie remain valuable perpetual options on exit from conservatorship",
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      "text": "Entities continue to build capital through retained earnings ($94 billion base); re-privatization is an eventuality; 2024 administration change may be catalyst.",
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      "text": "Adverse court rulings have effectively ended shareholder litigation; Supreme Court denied certiorari in Takings Cases; Pershing Square dropped remaining claims.",
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      "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein. (1) Preferred Stock Purchase Agreement.",
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