{
  "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": 99,
  "pageCount": 104,
  "prevPage": 98,
  "nextPage": 100,
  "slideType": "scenario_table",
  "function": "quantify_opportunity",
  "density": "balanced",
  "nDataPoints": 48,
  "notes": "The slide uses a scenario table to demonstrate the negative impact of SPS conversion on Treasury's equity value.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "valuation_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-0d3bacbcba4d/99",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-0d3bacbcba4d#slide-99",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "callout",
      "text": "An SPS conversion would severely impair the value of Treasury’s stakes in Fannie and Freddie and preclude any new private capital raise",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5c8706ba-8d48-46ce-84ef-33897e2bb4ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Value of Treasury Common at 12/31/26: $161",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f42-76f3-adc5-ab351c4c256c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.82
      },
      "kind": "paragraph",
      "text": "In the unlikely scenario that a SPS conversion could be accomplished, Treasury would own a higher percentage of much less valuable companies",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9b9ba320-243f-4eb9-919d-3c1338bd99a4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "(1) Scenarios in which the SPS is converted to common assume the junior preferred is left outstanding rather than converted to common to avoid model circularity.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "61b9d9ca-ff9c-4bc5-91d1-4dcac4a71bb8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.9,
        "x": 0.05,
        "y": 0.32
      },
      "kind": "table",
      "text": "Illustrative value of Treasury’s investment in Fannie Mae ($bn)",
      "attrs": null,
      "subkind": "scenario",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ad66d300-ac76-4cf9-ad85-f9bc6a88a304",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Thoughts on UST Senior Preferred (Cont.)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a776bbd2-81dc-4608-953e-38c5bcbc6219",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "scenario_table",
      "slug": null,
      "matchId": "c2284844-956d-49de-a50a-02573884300c",
      "evidence": "The slide presents a sensitivity analysis of equity value based on varying cost of equity and P/E multiples.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}