One publicly traded American company. Two separately chartered and separately capitalized mortgage enterprises. One shared securitization, technology and data platform. The goal is to get the public-market benefits of an integrated platform without merging the charters or eliminating Fannie/Freddie operating competition.
- $39.6BIllustrative normalised 2032 earnings, both enterprises plus the platform
- ~$990BIllustrative platform value at a 25x multiple
- ~$1.3BRecurring after-tax synergies identified, annual
01White Paper
02Summary Deck
The proposal in slide form: the structure, the platform argument and the valuation range condensed into seven slides.
03Model
The working file behind every number in the paper, across nine tabs: Executive Summary, Sources, Assumptions, IPO Valuation, FinTech Build, Growth & Path, Capital Structure, Sensitivities, and Legal & Deal.
The assumptions are visible and editable. Change the terminal multiple or the platform build and the valuation range moves with them, which is the point – we would rather be argued with on the inputs than on the conclusion.
Download the model: USFTMC illustrative valuation model (XLSX)
Model note: Per-share values are illustrative economic-value sensitivities, not forecasts of a final recapitalization structure. Share counts include Treasury’s 79.9% warrant dilution but exclude additional shares that could result from a future capital raise, SPS conversion or other restructuring. Any such issuance would need to be evaluated together with the corresponding capital raised, claims extinguished and/or other changes to the capital structure. Actual dilution and per-share value will depend on the ultimate transaction structure.
Oksenholt Capital Management LLC · Illustrative only · Not investment advice · DYOR