Back to this and I am willing to kick the hornets nest again: It has never been specified WHAT will be offered. Some possibilities are: 1. Warrants exercised and shares sold. (involves the creation of new shares) 2. Shares created outside of the warrants (involves the creation of new shares) 3. an IPO of GAMC (Great American Mortgage Company) and may or may not have involvement with F&F shares. This is entire consistent with ALL of the statements by government officials and doesn't necessarily help us. 4. Create a new security F&F "B" series commons
So it looks like it may be Q2 2026. I don't mind that's it's a little later - just wish they would announce something more definite/firmer and stick to it.
Also important to note if you pay close attention to the wording - Pulte says "It will be traditional" and "I think it'll be about 5% of the stock of both companies." (1:57:55 - 1:58:10 mark)
He is NOT saying they are selling 5% of the Treasury's shares. It's 5% of the total shares of each company - whatever that may be post-dilution. He is not saying specifically who is selling the shares - Treasury selling exercised warrants, or the GSEs having a public stock offering themselves?
I still think this implies a PE of 20+, and a FNMA share price between $55 and $65. And the language ambiguity tells me its just as likely as not that the Treasury is not selling a single share. It's a GSE stock offering in my book.
Market Data 
Markets 
AI
