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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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  "notes": "The chart uses a before-after comparison for each entity to demonstrate the return on investment.",
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      "kind": "callout",
      "text": "Treasury has now recouped its total cash invested plus ~$25bn in excess of what would have been owed under the original 10% dividend rate",
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      "text": "Comparison of draws vs dividend payments for Fannie, Freddie, and Total GSEs",
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      "text": "cash IRR: 11.6%",
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      "text": "Source: Company filings and Pershing Square estimates. Original liquidation preference was $1 billion for each entity.",
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      "text": "UST Preferred has Been Repaid",
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