You’ll have to read through the warrant disposition reports. It is all captured there. Here is the ultimate takeaway, the US Gov via Treasury did not net more than 10 to 15% profit on the entire investment transaction = PSPA repaid + warrant repurchase = 10 to 15%.
This notion of the Treasury exploiting FnF for outrageous gains is contrived and a myth. 121 companies were afforded the option of repurchasing their warrants, all contingent upon repaying the Preferred investment. AIG never repaid the Preferred investment and decided it was easier to have Treasury execute the warrants, which equated to a net profit across all AIG transactions to Treasury of ~15%.
A great distinction between AIG and FnF is FnF de facto repaid the Preferreds, but were never able to record it due to the NWS not allowing FnF to technically pay down the Preferreds, which would’ve allowed FnF to repurchase the warrants at a fair market value.
AIG is 100% different than FnF.
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