Fannie Mae (FNMA)

[kthomp19]

Perishing does NOT own preferred shares

Wrong. They do.

Look at:

Page 73 (page 77 of the pdf) of the 2017 annual report, where they list "Preferred Stock": by "Financial Services" the fair value was $11,012,767.

Page 71 of the 2018 annual report shows that Preferred Stock in Financial Services, i.e. FnF prefs, had a fair value of $52,895,000 (rounded to the nearest thousand).

Given that FNMAS closed at $8.80 on December 31 2017 and $7.12 on December 31 2018, that means Ackman must have added quite a few preferred shares in 2018.

Page 68 of the 2019 annual report shows a Financial Services Preferred Stock fair market value of $90,239,000.

Since FNMAS closed at $11.95 on December 31 2019, Ackman added little if any prefs in 2019.

Page 103 of the 2020 annual report shows a Financial Services Preferred Stock fair market value of $94,265,224.

FNMAS closed at $8.58 on December 31 2020, indicating that Ackman added even more prefs in 2020.

Since he is an owner any changes in ownership have to be filed within 10 days

There has been no changes in ownerships since 2014 for either

You do realize that Ackman is not obligated to report all his FnF holdings to the SEC, right? It seems that you don't. You're relying on reports from 2013 and 2014 while ignoring annual statements from 2017-2020.

If you're going to say that he's lying on his Pershing Square annual reports, well, good luck with that.