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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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  "notes": "Includes annotations for IPO events and specific capital percentage targets.",
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      "kind": "callout",
      "text": "We estimate that Fannie Mae can be fully recapitalized by year-end 2026, while Freddie Mac can be fully recapitalized one year later",
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      "text": "Total Capital Held at Fannie and Freddie ($bn)",
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      "text": "Total Capital Held: $128bn",
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      "text": "Source: Company filings and Pershing Square estimates.",
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      "text": "Memo: % of Adjusted Total Assets",
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      "kind": "title",
      "text": "New Private Capital Raises",
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