FMCKI

FMCKI is the Series I preferred stock of Freddie Mac, completing the representation of GSE preferreds in this ranking. With a $50 par value and a notable coupon rate, FMCKI offers yet another entry point into the GSE recap-and-release thesis.

The Series I trades with somewhat less liquidity than FMCKJ or FMCKP, which can create both risk (wider spreads) and opportunity (occasional mispricings relative to other series). For investors building a diversified GSE preferred basket, FMCKI adds exposure to a different coupon/par value combination.

All GSE preferreds share the same fundamental thesis: Fannie Mae and Freddie Mac are among the most profitable companies in America, their mission is essential to the U.S. housing market, and conservatorship was always intended to be temporary. Whether and when preferred shareholders will be made whole remains the central question — but the magnitude of the potential outcome keeps attracting investors to these securities.