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  "notes": "The slide uses a 'before-after' logic structure, acknowledging a negative legal outcome while pivoting to a positive investment thesis.",
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      "text": "Supreme Court denied certiorari in Court of Federal Claims litigation (\"Takings Cases\") on January 9th, 2023",
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      "text": "On January 30th, 2023, Pershing Square agreed to drop its remaining claims in the Takings Cases as we did not see a viable path forward",
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      "text": "Both entities continue to build capital through retained earnings from the current base of $94 billion",
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      "text": "Follows June 2021 Supreme Court ruling in Collins litigation that found the Third Amendment to the PSPAs(1) to be authorized under the HERA statute",
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      "text": "We believe re-privatization is an eventuality, but may take some time",
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      "text": "Potential new presidential administration in 2024 may be catalyst",
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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. (1) Preferred Stock Purchase Agreement.",
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      "text": "Fannie Mae (\"FNMA\") and Freddie Mac (\"FMCC\")",
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