{
  "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": 86,
  "pageCount": 104,
  "prevPage": 85,
  "nextPage": 87,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 5,
  "notes": "Slide 85 of the deck.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/86",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-86",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We have made several illustrative modeling assumptions to estimate the long-term earnings power of the GSEs",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adc4-8201b9e70e6d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.85,
        "x": 0.09,
        "y": 0.31
      },
      "kind": "list",
      "text": "Single-Family Guarantee Business; G-fees of 65bps; Market shares consistent; Commitment fee of 25bps; Net credit losses and G&A in-line with history",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0dbb733a-c6e6-46cb-9e81-9e268c7b30d0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.85,
        "x": 0.09,
        "y": 0.67
      },
      "kind": "list",
      "text": "Investment assets growth of 2%; Multifamily growth and economics in-line with recent history; Payout 90% of net income as dividends after 2.5% capital threshold",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "188db1d3-0713-47fe-8f08-b7364369caa9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.88,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "We have made several illustrative modeling assumptions to estimate the long-term earnings power of the GSEs",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aecd186c-21f0-4c14-9cdd-5382d48ef663",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.42,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Key Modeling Assumptions",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f99d3d9-9aea-4089-89d5-0f0c457dfb84",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}