{
  "docId": "019dd923-622c-750b-8b9c-17ab97a15038",
  "docSlug": "97510b6ce9e5",
  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
  "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": 80,
  "pageCount": 104,
  "prevPage": 79,
  "nextPage": 81,
  "slideType": "valuation_table",
  "function": "quantify_opportunity",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "The slide uses a waterfall-style logic to show capital accumulation and the required injection.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_stacked",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-17ab97a15038/80",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-17ab97a15038#slide-80",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Following several years of robust growth in its guarantee book, Freddie Mac requires a larger capital raise of ~$15bn",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be6e-351677ddf14d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.56,
        "x": 0.22,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Stacked bar chart showing capital components for 2024 and 2027",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d8c5da40-1d79-49c5-967b-65863788abfd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Capital Ratio: 2.5%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-203c-716b-be6e-3b827a250bd9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "Following several years of robust growth in its guarantee book, Freddie Mac requires a larger capital raise of ~$15bn",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11b4b132-efd9-42ff-be09-dd6bce2eefc2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.88,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "(1) Calculated as GAAP stockholders' equity less deferred tax assets, net, as of 9/30/24, plus projected Q4'24 comprehensive income per Pershing Square estimates.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "46c1dfd9-cb9b-4afd-b678-f29aa810292b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "Pro Forma Capitalization: Freddie Mac",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1deea684-beb3-4a03-bea0-e8e1f620b61d",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "capital-allocation-framework",
      "slug": null,
      "matchId": "57955ed7-2572-4253-b612-af74c1781f73",
      "evidence": "The slide outlines a specific capital raise requirement to meet a target capital ratio.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [
    {
      "to": 83,
      "from": 46,
      "beatId": "74f4172d-1578-4f62-b431-89999c4dba31",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Solution & Approach",
      "beatSlug": "consultants-gambit-solution-approach",
      "evidence": "Slides propose a framework for ending conservatorship",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}