$FNMA

$FNMA thesis is rather simple: • Already repaid bailout many times over. • Core guarantee biz: stable, high-margin engine backing most US mortgages. • 3-step conservatorship exit: 1.) Acknowledge full senior pref repayment 2.) Treasury exercises warrants for 80% ownership 3.) Quick NYSE re-list • Beats rushed IPO: protects affordability, taxpayers (mark-to-market), no market chaos. • Unlocks huge common shareholder value as fully private, well-capitalized powerhouse. • Intrinsic value today: massive upside unlocked; structured exit could re-rate shares to $35+ (5x+ current levels) once private & recapitalized.