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  "notes": "The slide uses a callout box at the bottom to emphasize the potential valuation of the taxpayer asset.",
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      "text": "We believe YTD share price declines greatly underestimate how quickly President Trump can act to drive a re-rating of shares and unveil a taxpayer asset worth ~$300 billion",
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      "text": "The administration has repeatedly emphasized three key objectives: Enhance home affordability, Demonstrate a near-term mark to market, Maximize long-term value",
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      "text": "We believe the solution we published in November achieves all three goals: Three simple steps can immediately be taken by Treasury and FHFA",
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      "text": "taxpayer asset value: ~$300 billion",
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      "text": "Fannie and Freddie shares more than tripled in 2025 as the Trump administration reiterated its commitment to an eventual privatization",
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      "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
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      "text": "Fannie Mae (\"FNMA\") and Freddie Mac (\"FMCC\")",
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