Fannie Mae (FNMA)

[Donotunderstand]

Total of 9B shares

7.8B new shares issued at $18 per share by FHFA for just Fannie


(if that works as I break out F from F and F)


That would give us with Fannie and 9B shares at 18 per share and a market cap of $162B

Earnings for just F (of F and F ) ?


How does that fit with a market cap of 230B for both?


I think the numbers fit better with $15 or a market cap of 135B (assumes that of the proceeds Fannie needs to pay Treasury say 15B to buy back the warrants which are then extinguished)