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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 checkmarks to indicate compliance with specific distribution and financial standards.",
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      "text": "Fannie and Freddie meet all the NYSE listing requirements today and could re-list on the NYSE before exiting conservatorship, subject to approval by FHFA",
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      "text": "A NYSE listing comes with significant benefits including increased visibility, credibility, liquidity, and access to capital",
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      "text": "Source: https://www.nyse.com/publicdocs/nyse/listing/NYSE_Initial_Listing_Standards_Summary.pdf (1) Must meet all of the distribution standards but only one of the financial standards. (2) Also requires at least $2mm of adjusted pre-tax income in each of the two most recent fiscal years and positive adjusted pre-tax income in each of the prior three fiscal years.",
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      "text": "Fannie and Freddie Qualify for NYSE Listings",
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