{
  "docId": "019dd923-622c-750b-8b9c-0d3bacbcba4d",
  "docSlug": "dd661d7cb833",
  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-01-16 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 42,
  "pageCount": 104,
  "prevPage": 41,
  "nextPage": 43,
  "slideType": "comparison_table",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 26,
  "notes": "The chart includes a specific callout regarding a 2017 one-time draw due to tax reform.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_grouped",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/42",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-42",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "callout",
      "text": "The Treasury has earned an 11.6% IRR from the $301bn of dividends received from the GSEs, ~$25bn more than what was owed under the original 10% dividend rate",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34b1fb1d-4d69-4621-ab32-a38bf68d50aa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.9,
        "x": 0.05,
        "y": 0.33
      },
      "kind": "chart",
      "text": "Disbursements Received and Dividends Paid ($ in Billions)",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "72f861cb-7100-49f4-b2cc-42ea2afeb002",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.35,
        "y": 0.805
      },
      "kind": "legend",
      "text": "Disbursements Received; Dividends Paid",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2ac6c04c-0b56-40f3-921d-dfdbb0738932",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "IRR: 11.6%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adc0-ffd53fa545e4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.84
      },
      "kind": "paragraph",
      "text": "The GSEs have not paid a dividend to Treasury since 2019, and have not drawn funds since 2011 outside of one-time accounting losses from corporate tax reform in 2017",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "06b554cc-d143-4eec-a671-a0177f5cf979",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.2,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Company filings.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c7698722-35ab-4242-82f5-4b4703d816e0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Dividends Paid to Treasury Exceed Disbursements",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3ad33d50-1e2b-4e0b-84f6-7fecc9a71197",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [
    {
      "to": 43,
      "from": 41,
      "name": "Iceberg",
      "slug": "10-iceberg",
      "bestFor": "Consulting, complex problem solving, organizational change",
      "matchId": "972212c1-b407-453c-8b76-acb9e1cd4488",
      "evidence": "The presentation highlights the Treasury's profit from the GSEs and its implications.",
      "position": 1,
      "objective": "Exposing the contradiction in the Treasury's profit from the GSEs",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
      "confidence": 0.7,
      "description": "Reveal that the visible problem is merely a symptom of a deeper root cause"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}