It wins for us Common -- ONLY when the GOV says we put in 200B and got 300B (and IMO 4B shares) so we won ---- LP SP is dead - zero
If we ever have to pay it off - then DJT and this shit did zero !
I have so noted for years - it is smoke and mirrors designed to fool equity
As compensation to Treasury, the liquidation preference will increase by the amount of retained capital until the GSE has achieved its regulatory minimum capital, including buffers (referred to as the capital reserve end date).