Pershing Square Inc. Status update

Okay. Hopefully you all can hear me. I just need to read this brief statement. This event does not constitute an offer to sell or a solicitation of an offer to purchase any interest or security in Pershing Square, Inc., or any Pershing Square fund or securities of any other person, or investment advice, or an invitation or inducement to deal in securities. I guess we're just going to have a conversation. We welcome your questions. We'll take them in the order in which they're received. Let's see if I can do this. Okay. James Kiernan, please unmute your line, and we'd be delighted to take your question. Okay, James, you have to unmute. Okay, we're going to take the next person. Let's try Lumi Casanova. You have to unmute your mic.

Hello? Hi, we can hear you now.

I'm not sure I understand your question, to be honest. Could you be a little more explicit?

Yeah, never know. Yeah. I am not sure exactly what you are referring to.

I know Fannie and Freddie have some joint securitization and other sort of assets. We have not assigned any incremental value to them beyond the core value of the two franchise companies. They are obviously very uniquely positioned businesses. They have been effectively stewards of the government for the last 15 or more years. One of the benefits, of course, for them to become public companies again and go back to private enterprise, the ability to recruit talent. They have among the greatest data sets of any company in the world. There is a ton of unmonetized, I am sure, assets, and I think Director Pulte has been trying to take some steps in that direction in making the enterprises more efficient. We think they are amazing companies, incredibly strong market position, and it is time for them not to be wards of the state.

Certainly with you there, but thanks so much for your question. Let us go to the Mars Centurion. Feel free to ask your question. You have to turn off your mic and turn on your mic. Go ahead, Mars Centurion. We are going to go with- Okay.

Yes, we can now. Great.

Sure. I'll take F2, and Ryan, why don't you handle Hertz? Our views on Fannie and Freddie really have not changed. From an investment perspective, what's interesting about these companies is they're sort of perpetual options on an outcome that we think is a likely outcome. We think, and we believe the president and Republicans generally believe it's critically important that these entities leave conservatorship before the end of the Trump administration. The reason for that is, in the event that someday Democrats control the executive branch, in an AOC presidency, the concern would be you wouldn't want Fannie and Freddie and the cash they generate to be expropriated in the way that that cash was expropriated during the Obama administration and used for purposes without congressional oversight.

I think that's one, I would say, important strategic reason for this to be resolved, and be resolved in the administration. The president himself has been very forward-leaning in saying that he wants to "take these companies public again," that there's a trillion dollars of value to be unlocked for the American people. I can't imagine the president not wanting to unlock a trillion dollars of value for the American people. So it's definitely something that I believe will remain a high priority. We've had multiple meetings with the administration, from the president on down, all the relevant participants, and we remain optimistic that this gets resolved. Now, obviously, a lot of things on the president's plate. There's a war in Iran, midterms coming up, and various other things.

What's interesting is whatever way the country tips on midterms, what's interesting about a resolution of Fannie and Freddie is the entire resolution can be resolved by the president without going to the Congress. Whether you think of it as a $500 billion deal or a $1 trillion deal, it's an important thing the president can do with or without the Congress, before or after midterms. We like it. We own it. We are very constructive on the outcome here.