{
  "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": 81,
  "pageCount": 104,
  "prevPage": 80,
  "nextPage": 82,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The chart uses a waterfall bridge structure to show capital accumulation and conversion steps.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "waterfall_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/81",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-81",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "callout",
      "text": "The GSE restructuring plan enables Freddie to achieve the capital level required to exit conservatorship by year-end 2027",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e4a07db-c81f-4012-82fc-9170add7d2fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.9,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Common Equity Bridge - Freddie Mac ($bn)",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ce308a41-9c01-4005-824a-c39a1f3be05e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Common Equity: $99bn",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adc4-0096c208f898",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "Source: Company filings and Pershing Square estimates. (1) Assumes underwriting fees and commissions of 50bps. Treasury's $18bn secondary sale of AIG shares in September 2012 included an underwriting spread of 37.5bps.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f49a8f0-d7ae-45e7-a376-5a0d40bac63e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Common Equity Bridge: Freddie Mac",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "936cce49-3ac6-4dc5-b920-723f0fb8abaf",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall / value bridge",
      "slug": "waterfall-bridge",
      "agent": null,
      "layer": "slide",
      "matchId": "6d378c76-cfc9-4ea8-aff3-41be8744bfe3",
      "evidence": "chart/waterfall-bridge: Common Equity Bridge - Freddie Mac ($bn)",
      "confidence": 0.9
    }
  ],
  "frameworks": [
    {
      "name": "waterfall-bridge",
      "slug": null,
      "matchId": "a0f567ce-7385-42eb-b117-fcf18366ac61",
      "evidence": "Visual representation of additive and subtractive components to reach a final pro-forma value.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 83,
      "from": 50,
      "beatId": "d2097e8f-419a-4d0f-ac07-5d3ab8afcecc",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "The presentation proposes solutions for Fannie Mae and Freddie Mac, including setting appropriate capital requirements and developing market-based compensation and governance.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}