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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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  "notes": "Includes a watermark '10X' in the center of the table area.",
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      "text": "We believe a low-double-digit return on capital balances the GSEs' utility-like status with the need to deliver a market return to investors",
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      "text": "Net Income to Common: $13,676",
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      "text": "Source: Pershing Square estimates. Assumes PSPA commitment fee begins at IPO.",
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