Fannie Mae-No Politics (FNMA)

[contrarian bull]

Thanks - I never saw that "Treasury value" number before.

It seems to essentially be a "mark to market" valuation of the senior preferred stock and the warrants. I'm assuming this value would be used if they sold the senior preferred stock and/or warrants to a third party or to F&F themselves rather than redeem them.

Being a future value it would partially depend on the 10-year bond rate and as interest rates have increased that mark-to-market value would drop. I suspect that may explain recent drops.

In any case it is an interesting number to drop into calculations on what may happen if F&F are liquidated, or allowed to buy these back, etc.