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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2025-01-16 00:00:00",
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  "pageNumber": 41,
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  "notes": "The slide uses a bar chart to illustrate the timing of the Net Worth Sweep relative to the GSEs' financial recovery.",
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      "kind": "callout",
      "text": "On Aug. 17, 2012, the Obama administration amended the terms of the senior preferred stock (the “Net Worth Sweep”) to require the GSEs to pay dividends equal to 100% of their earnings",
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      "kind": "callout",
      "text": "The government announced the net worth sweep just after the GSEs returned to profitability and were able to pay the cash dividends under the original agreement",
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      "kind": "chart",
      "text": "Fannie and Freddie Quarterly Net Income Since 2011 ($ in Billions)",
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      "text": "Quarterly Net Income: $59",
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      "kind": "source-note",
      "text": "Source: Company filings and reports. Net Income includes the reversal of the DTA valuation allowance for Fannie Mae in Q1 '13 and for Freddie Mac in Q3 '13.",
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      "text": "The Net Worth Sweep",
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