Fannie Mae-No Politics (FNMA)

[SREZ]

kthomp19,
What is your (current/updated) belief in the 'end-game' for the JPS?
What do you think the odds are of:
1. A redemption offer of par ($25/50)? Which btw, I believe WILL occur to the FNMAS issue either on or b4 the call date of December 31, 2025.
2. JPS Dividends being 'turned-on'?
3. A conversion to Common offer? If so, can you take a stab at the framework conversion terms? Perhaps using Citi &/or AIG as a template?
Separately, what are the chances the F2 Securities (JPS + Common) are re-listed say to the NYSE? Senators Warren & Warner seem to be enamored in terms of knowing WHEN (not IF) this re-listing will occur.
TIA