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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA/FMCC)",
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  "authorName": "William Ackman",
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  "notes": "The chart uses a waterfall bridge format to show the impact of income, debt repayment, IPO proceeds, and preferred stock conversion on common equity.",
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      "text": "The GSE restructuring plan enables Fannie to achieve the capital level required to exit conservatorship by year-end 2026",
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      "text": "Common Equity Bridge - Fannie Mae ($bn)",
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      "text": "Source: Company filings and Pershing Square estimates. (1) Assumes underwriting fees and commissions of 50bps. Treasury's $18bn secondary sale of AIG shares in September 2012 included an underwriting spread of 37.5bps.",
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