Fannie Mae-No Politics (FNMA)

[Commons_Cancelled]

The net positive is, we still own 20.01% of Fannie Mae. Do you have any calculations for how much we will own after the anticipated capital raises? I guess they could just sell Preferred shares, but then they have to re-instate Preferred dividends immediately.

My guess is, they just sell more Common shares further diluting existing shareholders. So our 20.01% likely becomes less than 15%. But, that should be okay in the long-run assuming G-Fees don't go back down too much.