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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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      "text": "We believe there are significant benefits to executing Fannie’s smaller IPO first, followed by Freddie’s larger IPO approximately one year later",
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      "text": "Fannie’s $5bn IPO is modestly sized for an entity of its scale\nAllows the market to observe one entity operating post-privatization while another remains in conservatorship\nProvides time for investors and research analysts to familiarize themselves with the reformed GSE business model\nSmaller IPOs are easier to execute, particularly for companies without public trading “comps”\nEnables Freddie to apply any learnings from Fannie’s IPO to its own, larger capital raise",
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      "text": "Timing of Private Capital Raises",
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