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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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      "kind": "callout",
      "text": "Given its current capital position, Fannie Mae should be ready to exit conservatorship by year-end 2026, and will only need to raise ~$5bn",
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      "text": "Capital Ratio: 2.5%",
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      "text": "(1) Calculated as GAAP stockholders' equity less deferred tax assets, net, as of 9/30/24, plus projected Q4'24 comprehensive income per Pershing Square estimates.",
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      "text": "Assets & Guarantees Capital Ratio table at bottom",
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      "kind": "title",
      "text": "Pro Forma Capitalization: Fannie Mae",
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