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  "authorName": "William Ackman",
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      "text": "It is unclear why Treasury did not allow the preferred stock to pay 12% PIK dividends when the GSEs were unable to pay cash dividends",
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      "text": "$1bn initial liquidation preference\nWarrants for 79.9% of common stock\nCumulative dividends at 10% cash rate or 12% paid-in-kind (PIK) rate",
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      "text": "The GSEs were unable to pay 10% cash dividends from 2008 to 2011 and used proceeds from additional Treasury preferred stock investments to pay dividends\nIt is unclear why Treasury did not allow the preferred stock to pay 12% PIK dividends when the GSEs were unable to pay cash dividends\nIn 2012, Fannie and Freddie became profitable enough to pay the 10% cash dividend on Treasury’s preferred stock",
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      "text": "On Sept. 7, 2008, Treasury committed to invest up to $100bn of senior preferred stock in each of the GSEs through the Preferred Stock Purchase Agreements (\"PSPAs\"). In 2009, Treasury raised its commitment to $200bn each",
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      "text": "History Prior to the Net Worth Sweep",
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