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  "docSlug": "dd661d7cb833",
  "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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  "notes": "The slide uses a stacked bar chart to illustrate the capital buildup.",
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      "text": "Following several years of robust growth in its guarantee book, Freddie Mac requires a larger capital raise of ~$15bn",
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      "text": "Estimated Capital at 12/31/24, Retained Earnings in 2025-2027, Private Capital Raise",
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      "text": "Capital Ratio: 2.5%",
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      "text": "Following several years of robust growth in its guarantee book, Freddie Mac requires a larger capital raise of ~$15bn",
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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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      "kind": "title",
      "text": "Pro Forma Capitalization: Freddie Mac",
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