Michael Burry swapped common stock for junior preferred shares of Fannie Mae and Freddie Mac.

The claim is judged as of 2026-10-13. True: evidence shows that by that date Burry, or his fund or personal accounts, sold or reduced common stock of Fannie Mae and Freddie Mac and moved that exposure into their junior preferred shares. The evidence can be his own dated, specific account of the trade, backed up by filings (for example 13F changes showing the common positions cut or gone) or by credible independent reporting. Mostly true: the swap is documented for Fannie Mae but only partly or unclearly for Freddie Mac. It also covers a case where a minor detail is off, such as the swap being partial rather than complete, while the core move from common to junior preferred still holds. Mixed: he bought junior preferreds but kept substantially all of his common stock, so the result was an addition rather than a swap. Mostly false: he held both, but the evidence shows no real shift out of common, or the move went the other way for most of the position. False: dated evidence shows he held no Fannie or Freddie common to swap, held no junior preferreds, or did not make the swap.

Set before the research began.

1. E1 Why Michael Burry Is Swapping Fannie Mae, Freddie Mac Common Stock For Preferred Shares Yahoo Finance · 12 October 2026

   “Burry said in a Substack post over the weekend that he has "purchased several series of preferred, and sold out" of Freddie and Fannie common stock positions to realize the full tax loss in the mortgage 'Twins.'”

2. E2 Burry cites treasury dilution risk in shift to Fannie and Freddie preferred stock (FNMA:OTCMKTS) Seeking Alpha · 12 October 2026

   “Michael Burry is switching from common stock holdings of Fannie Mae (FNMA) and Freddie Mac (FMCC) to junior preferred shares amid dilution concerns.”

3. E3 Michael Burry shifts Fannie Mae, Freddie Mac bets as $388 billion risk looms Financial Express · 16 October 2026

   “According to the post shared on his official X handle on October 11, he sold his common stock holdings in both mortgage companies and bought junior preferred shares instead.”

4. E4 Michael Burry Portfolio: 2026 Stocks, Shorts, and Puts Luminix · 16 October 2026

   “Fannie Mae and Freddie Mac: sold all common; bought several series of junior preferreds; raised total “Twins” exposure to a “very full” position, about 8–10% of the portfolio across five series.”

Multiple independent outlets report Burry's dated account (Substack/X post around October 11, 2026) that he sold out of his Fannie Mae and Freddie Mac common stock and bought several series of junior preferred shares (E1, E2, E3). E4 likewise states he sold all common in both and bought junior preferreds across five series. The evidence covers both companies and describes a full swap rather than an addition, meeting the criteria for true; no filing-based confirmation is included, but the account is specific and consistently reported.