Fannie Mae-No Politics (FNMA)

[Vancmike]

FNMA price projection, simple math approach.

Assumptions: Seniors preferreds considered paid, LP forgiven, P/E ratio 14

a) 1.2 billion shares, no dilution at $18 Billion earnings = $18B/1.2 B *14 = $210 pps

b) 5.8 billion shares, 100% warrant dilution, $18 Billion earnings = $18M/5.8*14= $43 pps

c) Govt raises 4.6 billion shares * $43 pps = $198 billion

I am holding for dividends in 2026