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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "The chart uses a stacked bar approach to show the base return vs excess return.",
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      "kind": "callout",
      "text": "Treasury has now recouped its total cash invested plus ~$25bn in excess of what would have been owed under the original 10% dividend rate",
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      "text": "Comparison of Draws vs Total Dividend Payments for Fannie, Freddie, and Total GSEs",
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      "text": "Total Dividend Payments: $301bn",
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      "text": "Source: Company filings and Pershing Square estimates. Original liquidation preference was $1 billion for each entity.",
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      "text": "UST Preferred has Been Repaid",
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