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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
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  "authorName": "Pershing Square",
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  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "The table uses a DCF-style approach with interim dividends and a terminal value based on a 15x multiple.",
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      "text": "Using our base case modeling assumptions, we estimate that Fannie Mae shares could be worth ~$35 by year-end 2026 when fully recapitalized",
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      "text": "Implied Value per Share: $34.99",
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      "text": "Common Stock Valuation: Fannie Mae",
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