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  "documentTitle": "Fannie Mae & Freddie Mac (FNMA / FMCC)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square",
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  "presentationDate": "2025-01-16 00:00:00",
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  "notes": "The table uses a multi-step valuation approach starting from 2035E projections, discounting back to 2027, and applying an IPO discount.",
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      "kind": "callout",
      "text": "Using our base case modeling assumptions, we estimate that Freddie Mac shares could be worth ~$39 by year-end 2027 when fully recapitalized",
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      "text": "Assumes 15% IPO discount for FMCC vs. 10% IPO discount for FNMA, reflecting significantly larger IPO size",
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      "text": "Implied Value per Share: $38.84",
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      "text": "FMCC Illustrative Valuation table showing inputs like 2035E Dividend, Growth Rate, Cost of Equity, Implied Share Price, Discount Factor, PV of Dividends, and IPO discount calculations.",
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      "text": "Common Stock Valuation: Freddie Mac",
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