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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 slide emphasizes that despite restructuring, the US government retains a controlling interest via warrants.",
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      "kind": "callout",
      "text": "Post-restructuring and a new capital raise, the American taxpayers will continue to own majority stakes in Fannie and Freddie",
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      "text": "ownership percentage: 71%",
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      "text": "We believe that Fannie and Freddie have widely distributed shareholder bases today. Both would be index-eligible and rank in the 100 largest S&P 500 companies, and would be indirectly owned by millions of Americans through index funds",
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      "text": "Source: Company filings and Pershing Square estimates. Note: See prior pages for base case IPO assumptions.",
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