Fannie Mae-No Politics (FNMA)

[The_Engineer]

Thanks, this helps. I now see that the SPS conversion would dilute the legacy commons much worse than "just" 80% from the warrants exercise. This is due to the sheer magnitude of the value of the liquidation preference. That's what I was trying to get at, why Ackman and others were advocating for only warrants exercise as a lesser of two evils compromise.