In recent months Pershing Square purchased preferred stock of both Fannie Mae and Freddie Mac.

Judged as of the 2018 statement. True: Pershing Square letters, filings or reliable reporting show that in the months before the statement it bought preferred stock of both Fannie Mae and Freddie Mac. Mostly true: purchases of both companies' preferreds are confirmed, but the timing was somewhat earlier than 'recent months'. Mostly false: preferred stock of only one of the two companies was bought, or the purchases were years earlier. False: Pershing bought no preferred stock in either company in that period.

Set before the research began.

1. E1 2018 Annual Report Letter Only Pershing Square Holdings, Ltd. Own record

   “FNMA and FMCC preferred shares declined 20% and 6% during 2018 and have increased 28% and 26% year-to-date in 2019.”

2. E2 2018 Annual Report Letter Only Pershing Square Holdings, Ltd. Own record

   “Following a difficult 2018 driven primarily by a lack of progress on housing finance reform, FNMA and FMCC common and preferred shares have rebounded sharply in the first few months of this year”

3. E3 PSH 2018 Interim Financial Statements Pershing Square Holdings, Ltd. · 30 June 2018 Own record

   “Fannie and Freddie reported continued earnings growth in their core single-family guarantee businesses in the second quarter.”

The 2018 annual report letter [E4][E5] discusses price moves in FNMA and FMCC preferred shares, but it does not say when, or whether, Pershing Square bought them. The quoted excerpt from the 2018 interim letter [E6] concerns only the companies' earnings. None of these items gives purchase dates, so the evidence cannot show whether both preferreds were bought in the months before the statement, somewhat earlier, or years earlier. All three items are Pershing Square's own documents, and no independent reporting confirms the timing.