Fannie Mae-No Politics (FNMA)

[Fully Diluted]

Hi kthomp19,

It's sad to see that the quality of your posts has gone way down. That's also the reason why I haven't responded to your previous replies to my posts, too bad. 😢

Now you don't even seem to know what market cap means anymore. Or how else can you explain why you write such things:

If there is no junior pref conversion then the legacy common gets to keep more, but the market cap has to be adjusted downward by $2B (total junior pref dividends) times whatever P/E is used (looks like around 12 to get a $330B valuation).

Here is a definition of market cap, for a better understanding:

„The Market Cap—or “Market Capitalization”—is the total value of a company’s equity from the perspective of its common shareholders. Often used interchangeably with the term “equity value,” a company's market capitalization measures the value of its common equity as of the latest market close.“
https://www.wallstreetprep.com/knowledge/market-capitalization/#:~:text=The%2520Market%2520Cap%E2%80%94or%2520%E2%80%9CMarket,of%2520the%2520latest%2520market%2520close.

If you have this understanding of market cap, you will be able to recognize that my approach is the right one. It also becomes clear that a conversion of JPS into commons under this proposal, which is allegedly circulating in government circles, can take place at the earliest at the SPO, and at the issue price of the capital raise. According to this proposal, there should be no conversion of JPS into commons at all, as otherwise the stated market cap would be far exceeded. Just a note.

We can go through this together at the weekend if you are interested. 👍️

Kind regards, Fully 😊