What stocks does Glen Bradford own?

Glen Bradford owns 26 series of Fannie Mae and Freddie Mac junior preferred stock, including FNMAS, FMCKJ, FMCCS, FMCCJ, FMCCG, FMCCM, FMCCP, FMCCN, FNMFN, and others. He is approximately a 1% holder of both FMCCS and FMCCJ. His entire net worth is invested in these GSE junior preferred shares.

What are Fannie Mae and Freddie Mac preferred stocks?

Fannie Mae and Freddie Mac preferred stocks are securities issued by the two government-sponsored enterprises (GSEs) that sit above common stock in the capital structure. Junior preferred shares like FNMAS, FMCKJ, and FMCCS have stated par values of $25 or $50 per share. Dividends were suspended when the companies entered conservatorship in 2008. Many investors believe these shares will be recapitalized at or near par value when the companies are eventually privatized.

What is the par value of GSE preferred stock?

GSE junior preferred shares have par values that vary by series. Most Freddie Mac preferred series (such as FMCCS, FMCCJ, FMCCG, FMCCM) have a $50 par value. Most Fannie Mae preferred series (such as FNMAS, FNMAH, FNMAI) have a $25 par value. One notable exception is FNMFO, which has a $100,000 par value. These par values represent what shareholders could receive if the shares are recapitalized during privatization.

Does Glen Bradford disclose his full portfolio?

Yes. Glen Bradford provides full transparency on every ticker and share count he holds. His positions page lists all 26 series of Fannie Mae and Freddie Mac junior preferred stock with exact share counts. He also discloses historical positions including wins (like Yellow Media preferred) and losses (like China MediaExpress). As he says: 'I don't respect people that recommend things they themselves do not own.'

Positions — Fannie Mae & Freddie Mac Junior Preferred Holdings (FNMAS, FMCKJ, FMCCS)

Q: Why is Glen Bradford all-in on GSE preferred?

Glen Bradford believes the Net Worth Sweep was unconstitutional and that when Fannie Mae and Freddie Mac exit conservatorship, junior preferred shares will be recapitalized at or near par value. He started buying common shares around 2014, then sold all common shares around 2016 to convert his entire position into junior preferred — which he views as having more certain upside on a pro forma basis after any restructuring.

Active Tickers

319,219

Total Shares

Freddie Mac Series

Fannie Mae Series

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This is satire. Glen says he's pretty smart but this is not financial advice. Glen is not a registered investment advisor. Do your own research. Glen's positions may change without notice. The only thing Glen guarantees is that he owns GSE preferred.

Current Holdings

Junior Preferred BasketCurrentSince ~2014 (common), ~2016 (sold common → bought preferred)

Fannie Mae & Freddie Mac Junior Preferred Shares

Full position across 26 series of Fannie Mae and Freddie Mac junior preferred stock. I started buying Fannie and Freddie common shares around 2014. Around 2016, I sold all my common shares and used the proceeds to buy junior preferred shares instead. I no longer recommend common shares — in my view they do not have guaranteed material upside on a pro forma basis post this pending restructuring making conservative assumptions. Notably, I am approximately a 1% holder of both FMCCS and FMCCJ.

Thesis: The Net Worth Sweep was unconstitutional. When Fannie and Freddie exit conservatorship, junior preferred shares will be recapitalized at or near par value. My entire net worth is riding on this.

Holdings by Series

Every position across Freddie Mac and Fannie Mae junior preferred shares, sorted by entity.

Freddie Mac

16 series

FMCCGpar $50

14,771

FMCCHpar $50

2,055

FMCCIpar $50

6,135

FMCCJpar $50

68,017

FMCCKpar $50

2,652

FMCCMpar $50

13,660

FMCCNpar $50

9,229

FMCCOpar $50

1,692

FMCCPpar $50

15,940

FMCCSpar $50

154,519

FMCCTpar $50

8,646

FMCKIpar $25

6,204

FMCKLpar $25

1,949

FMCKPpar $50

1,812

FREGPpar $50

773

FREJNpar $50

100

Total Freddie308,154

Fannie Mae

4 series

FNMAHpar $25

1,893

FNMAOpar $50

FNMFNpar $50

9,117

FNMFOpar $100,000

Total Fannie11,065

Historical Positions

CCMEClosed — Loss~2010

China MediaExpress

Chinese advertising company that turned out to be a fraud. I had warned about Chinese stock fraud months earlier, then lost everything in this one anyway.

Thesis: Appeared undervalued with strong growth. Turned out to be fabricated financials. The irony of warning about Chinese fraud and then losing $1M+ in Chinese fraud is not lost on me.

YLO.PFDClosed — Win~2012

Yellow Media Preferred

Canadian directory publisher going through a restructuring. Bought the preferred shares and made several hundred percent return as the restructuring played out.

Thesis: Preferred shares in a restructuring trading far below recovery value. The restructuring played out and the preferred recovered significantly.

VariousClosed — Win2008-2010

Early Stock Picks (2008-2010)

GOOG, AAPL, Conseco, and other positions from the 2008-2009 financial crisis era. Made the first million by 24.

Thesis: Contrarian value investing during maximum fear. "At the super market, 50%-off draws a stampede. At the stock market, 50%-off is a bomb threat."

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Tools Glen Actually Uses

SeekingAlpha Premium

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TradingView

Best charting platform. I use it to track GSE preferred spreads.

Frequently Asked Questions

Q: Why does Glen Bradford invest in Fannie Mae preferred stock?

Glen believes the Net Worth Sweep was unconstitutional and that when Fannie Mae and Freddie Mac exit conservatorship, junior preferred shares will be recapitalized at or near par value. He started buying common shares around 2014, then sold all common around 2016 to convert his entire position into junior preferred, which he views as having more certain upside on a pro forma basis after any restructuring.

Q: What is the difference between FNMAS and FMCKJ?

FNMAS is a Fannie Mae junior preferred share with a $25 par value. FMCKJ is a Freddie Mac junior preferred share with a $25 par value. Both are GSE junior preferred securities, but they represent ownership in different government-sponsored enterprises. Glen holds positions across 26 series spanning both Fannie Mae and Freddie Mac preferred shares.

Q: How long has Glen held his GSE positions?

Glen started buying Fannie Mae and Freddie Mac common shares around 2014. Around 2016, he sold all his common shares and converted his entire position into junior preferred shares. He has held these junior preferred positions continuously since then, making this a decade-long investment thesis backed by 8 published books documenting the case.

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Disclaimer

This page is for informational purposes only and does not constitute investment advice, a solicitation, or a recommendation to buy or sell any securities. Past performance is not indicative of future results. All investments carry risk, including the risk of total loss. Glen Bradford is not a registered investment advisor. Positions disclosed here may change at any time without notice. Some content on this site was generated or edited with AI assistance and may contain errors. Always do your own research and consult with a qualified financial advisor before making investment decisions.

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Every Share.
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Current Holdings

Fannie Mae & Freddie Mac Junior Preferred Shares

Holdings by Series

Freddie Mac

Fannie Mae

Historical Positions

China MediaExpress

Yellow Media Preferred

Early Stock Picks (2008-2010)

Get the Unfiltered Analysis

Tools Glen Actually Uses

Frequently Asked Questions

Q: Why does Glen Bradford invest in Fannie Mae preferred stock?

Q: What is the difference between FNMAS and FMCKJ?

Q: How long has Glen held his GSE positions?

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Every Share.Every Ticker.

Does Glen Own Your Stock?

Current Holdings

Fannie Mae & Freddie Mac Junior Preferred Shares

Holdings by Series

Freddie Mac

Fannie Mae

Historical Positions

China MediaExpress

Yellow Media Preferred

Early Stock Picks (2008-2010)

Get the Unfiltered Analysis

Tools Glen Actually Uses

Frequently Asked Questions

Q: Why does Glen Bradford invest in Fannie Mae preferred stock?

Q: What is the difference between FNMAS and FMCKJ?

Q: How long has Glen held his GSE positions?

Get Glen's Musings

Disclaimer

Keep Exploring

Fanniegate

Fannie & Freddie Privatization Guide

Executive Order: Mortgage Credit (March 2026)

Kelly v. US: Federal Circuit Oral Argument

Consolidated Class Action Update #56

FANNIEGATE: The Hero Movie

Track Record

Every Share.
Every Ticker.