Don't you see that the JPS are worthless too, with the Balance Sheet as of end of March?
EQUITY
$296B SPS
$33B JPS par value
$0 Cs par value
$-11B Treasury Stock
$-216B Retained Earnings account
$0 AOCI ($100 million)
This is because their Net Worth is $103 billion. So, it's only $103 billion SPS, the rest is wiped out in a Receivership. This is why the Treasury has a loss in its SPS investment.
Glen Bradford is another guy that has never read a Balance Sheet and he uses as recourse whatever he finds on the internet, like the litigants submitting in court GSE slides instead of a copy of the Balance Sheets with the official data.
The Treasury documents that you post, only reflect the Balance Sheet with all the illegal actions through today. It shamelessly calls its Warrant "investment", when it got it for free and paid for by the shareholders (its value at the time was debited from the Additional Paid-In Capital account, reducing the core capital which is barred in the FHFA-C's Rehab power). Instead of gross "investment", call it "gift" better. "Gross" is an appropriate adjective.
The reason why the current Balance Sheet is fraudulent, the epitome of Government corruption in the figure of Federal Agencies owned by the Investment Banks that abused on congressional-chartered private corporations with a PROHIBITION of the Unites States to make profits with them other that a cheap bailout scheme, and only the hedge funds think that everything will change just because they leave the narrative in the hands of a weird guy that I had to explain him a few years ago what dilution meant to begin with, living in an apartment paid by the hedge funds in Miami, who repeats all day that a Conservatorship will end 15 years later in a restructuring and the JPS will be made whole. Just because he calls himself "expert in restructurings", right?
The JPS's fair value is 7% of par value with the Warrant.
The JPS are worthless upon Receivership. Their Liquidation Right (par value) can't be satisfied because there is no money left in their Net Worth.
Now is when the JPS holders will wake up and start filing lawsuits against the corrupt litigants.
Then, they will join the Separate Account Plan, the only plan that upholds every single statutory provision and financial concepts.