Fannie Mae (FNMA)

[RumplePigSkin]

Stock - can you put the numbers out there you are seeing and the labels of the exhibit? I've looked at the same and it is company shares * share price = net asset value.

Share Price Value is the driving factor, not share quantity adjustment ... Take a deeper dive into the exhibit.

Shares * Share Price = Net Value

You are focusing on Net Value, and inferring Shares have changed, when the Share Price has changed and driving the Net Value change, while the Shares have stayed the same. This is all in the Annual Fairholme's report as of FY end being Nov 30th, 2020.

Now, Bradford said Berkowitz has sold or has been selling JPS recently. He may have insight into FY 2021 GSE divestiture.