{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b9c-195693638bae", "slug": "3146e5bb17d2", "title": "Howard Hughes Holdings Inc. (HHH)", "subtitle": "William Ackman · 2025-02", "author": "William Ackman", "date": "2025-02-18 00:00:00", "pageCount": 55, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3341458, "targetCompany": "Howard Hughes Holdings Inc.", "targetTicker": "HHH", "document": { "id": "019dd923-622c-750b-8b9c-195693638bae", "slug": "3146e5bb17d2", "title": "Howard Hughes Holdings Inc. (HHH)", "rawTitle": "Howard Hughes Corporation Real Estate Pershing Square Howard Hughes Corporation Presentation 18 Feb 2025", "authorId": "01_Pershing_Square", "authorName": "William Ackman", "authorDisplay": "William Ackman", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2025-02-Pershing-Square-Howard-Hughes-Corporation-Real-Estate-Pershing-Square-Howard-Hughes-Corporation-Presentation-18-Feb-2025.pdf", "sourceUrl": null, "sourceDate": "2025-02-18 00:00:00", "presentationDate": "2025-02-18 00:00:00", "ingestedAt": "2026-04-23 00:53:28+00", "status": "ready", "pageCount": 55, "orientation": "landscape", "aspectRatio": 1.3341458, "targetCompany": "Howard Hughes Holdings Inc.", "targetTicker": "HHH", "metadata": { "local_root": "/tmp/legacy-images/3146e5bb17d2", "activist_firm": "Pershing Square", "origin_corpus": "contrarian", "extraction_seconds": 214.1733329296112 } }, "coverage": { "pageCount": 55, "pagesIndexed": 55, "pagesWithImages": 55, "pagesWithMetadata": 55, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 296, "chartCount": 8, "metricSlides": 0, "toolMatches": 21, "documentToolMatches": 2, "frameworkMatches": 18, "arcMatches": 1, "beatMatches": 4, "loopMatches": 0, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "evidence": "The document follows a logical structure, starting with a situation overview, presenting a problem-complication, and offering a solution-approach.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:03:16.203416+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Situation & Context", "beatId": "60dc4100-2daf-4a71-967a-1dcee72c8382", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document provides an overview of the transaction and its context.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 14, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 13, "name": "Problem & Complication", "beatId": "961a2d44-dcb5-4cb4-9dcb-8e0760087133", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document highlights HHH's limited strategic options as a standalone company.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 7, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 4, "name": "Solution & Approach", "beatId": "0bacf325-fd01-488f-b65a-b15deb806f9f", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document presents Pershing Square's proposed transaction as a solution.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 12, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 6, "name": "Evidence & Proof", "beatId": "6264d8a3-3329-40cb-a63c-46b37725b814", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides valuation tables and data to support the proposal.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "tools": [ { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "4ce6731b-1b02-4c03-8564-9e24cb8db40a", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "365e377f-40e0-44ee-846e-e27884120e95", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:50.209813+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "b0ae5951-07ea-4049-ab0f-4e47b9c54d0b", "evidence": "The slide mentions 'HHH' and 'Pershing Square', indicating an understanding of the audience.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:12.577823+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "9d8ebb02-7d13-4a75-bef2-060831a119bc", "evidence": "The slide presents a comparison of the current situation and the proposed transaction, using a 'before-after' framing.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:16:12.65287+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c1e9eb78-c2fe-471f-b053-7200027cc6b7", "evidence": "Although not a traditional 2x2 matrix, the table presents a comparison of current and post-transaction ownership.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-16 23:16:12.730681+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Call to action", "slug": "call-to-action", "status": "active", "bestFor": null, "canonId": "019dd9e1-4bbb-702a-9ead-82daf188bb7c", "version": 1, "bodyDocId": null, "description": "Explicit prescription of what the audience should do next.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "b4b9243b-2eb2-44a0-963e-6e45700040d2", "evidence": "The slide mentions 'Post-transaction, HHH will become a diversified holding company', which could be seen as a call to action.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:16:12.812367+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c034261e-466c-4497-ac4d-94c34a887a9c", "evidence": "The slide presents a list of governance provisions.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-16 23:16:12.927787+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Chart Selection Guide", "slug": "chart-selection-guide", "status": "active", "bestFor": null, "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae", "version": 1, "bodyDocId": null, "description": "Choosing the right chart type for your data and message", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "9348cb8f-467c-49a5-b6e8-2d0cccdae484", "evidence": "The slide features a line chart showing the share price performance of HHH.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:13.005194+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8ac3cf29-d63a-4094-a12e-280110464bc9", "evidence": "The slide presents a comparison of the current share price and the proposed transaction price.", "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": 0.8, "extraction": { "at": "2026-07-16 23:16:13.08491+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c66bca74-cd22-4a60-8c7c-d713458d5287", "evidence": "The slide is titled 'Pershing Square's Value Proposition' and serves as a divider.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:16:13.282392+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "d4163545-d23e-4245-a43a-584d406e1d22", "evidence": "Pershing Square's Value Proposition", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:07.002983+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8cc99b37-740d-4495-b4c1-43911053d707", "evidence": "table/data: Employee, Education and Summary Prior Experience, Career Experience (Years), PSCM Tenure (Years)", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:16:07.079382+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "6ec9cd81-ee5c-4d46-8891-b508863bee36", "evidence": "list/bullet: Systematic research process with a dedicated team; Monitor aggregate macroeconomic data; Closely follow and track rapidly evolving geopolitical environment; Leverage insights from portfolio companies", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:25.765093+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Core Message Extraction", "slug": "core-message-extraction", "status": "active", "bestFor": "Any slide that carries an argument or finding. The diagnostic: if the slide has a chart on it, it needs a core message. Run extraction whenever the current title is a topic (Q3 performance, Customer satisfaction) rather than a claim, or when a reader could reasonably draw more than one conclusion from the visible evidence.", "canonId": "019dd956-bc71-707d-8867-1b2e810175cf", "version": 1, "bodyDocId": "f85613cb-4b77-462f-bfe6-3b862516e1a6", "description": "The discipline of distilling raw analysis, data, or content into a single declarative sentence — the slide's core message — that the audience would walk away with if they remembered nothing else. Process, not artefact: extraction questions run on the raw content until one sentence falls out.", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Architect", "layer": "slide", "agents": [ "Architect" ], "matchId": "0a7af08f-fa06-4b1b-9434-bbe31dc07bcc", "evidence": "callout: Increasingly volatile macroeconomic and geopolitical environment creates opportunities for our asymmetric hedging strategy as well as risks for the company", "pageRefs": null, "priority": null, "whenToUse": "Any slide that carries an argument or finding. The diagnostic: if the slide has a chart on it, it needs a core message. Run extraction whenever the current title is a topic (Q3 performance, Customer satisfaction) rather than a claim, or when a reader could reasonably draw more than one conclusion from the visible evidence.", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:25.802981+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "whyItWorks": "Solves the two failure modes of slide writing simultaneously: the topic title (which outsources interpretation to the audience and produces three different conclusions in three different heads) and the multi-thesis stapler (which exceeds working memory and gets remembered as fragments). Aligns with how readers actually consume decks — Heath & Heath's Find the Core, the journalist's nut graf, and Minto's governing thought all converge on the same cognitive economics.", "antipattern": "Topic titles disguised as core messages (Customer satisfaction, no verb, no stake); multi-thesis sentences stapled with and; hedged sentences (may show signs of possible softening); chart-caption titles (Revenue fell 4%) that restate what the chart already shows instead of naming the so-what; meta-commentary (this slide explores...) that describes the slide rather than concluding it.", "cardinality": null, "narrativePurpose": "Forces the slide author to do the interpretive work before the slide ships, so the audience does not have to do it during the meeting. Wins the WYSIATI battle on purpose — the loudest fragment on the page becomes the author's chosen sentence rather than whichever chart label happens to be largest." }, { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "155680f0-b459-4fbf-a4ca-de143ea6b923", "evidence": "list/bullet: Governance transformation; CEO & leadership recruitment; Operational improvement; Business re-organization and re-segmentation; Bankruptcy & financial restructurings; Capital markets transactions; Capital al", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:16:25.878068+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Credibility Transfer", "slug": "credibility-transfer", "status": "active", "bestFor": null, "canonId": "019dd956-bd34-759a-8e3b-2f14b571a2a1", "version": 1, "bodyDocId": null, "description": "Borrowing authority from trusted sources or vivid details", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "f6d2624c-84b2-4da7-96c7-cc2215029b07", "evidence": "callout/primary: Due to its extensive transactional experience and reputational equity, Pershing Square is well-positioned to pursue privately negotiated control investments", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:16:25.954356+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "059ac8ce-66c7-4dd5-9bb1-b49a597c7560", "evidence": "list/bullet: Pershing Square Holdings, Ltd. (\"PSH\"), the largest permanent capital hedge fund in the world, which currently has $16.1 billion in assets and $2.3 billion in investment grade bonds outstanding (S&P BBB+ rat", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:26.030302+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "dd93dd17-c7b5-4205-9e26-bcd48e840ba9", "evidence": "title/headline: Services Agreement", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:16:26.145982+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "efd08ed0-9692-4f7f-89dc-47eddc91bbd7", "evidence": "Why will New HHH Trade at a Better Valuation?", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:09.332292+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null }, { "tool": { "name": "Thesis: Capital return", "slug": "capital-return", "status": "active", "bestFor": null, "canonId": "019df269-17fc-765c-9e3b-cb2463bc256d", "version": 1, "bodyDocId": "019df269-17d7-750a-895a-781a9e06829c", "description": "You argue the target is over-capitalised, has been chronically poor at", "familyLabel": "thesis-archetype", "categoryName": "Competitive", "categorySlug": "competitive" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "be85b197-7300-4c32-b69c-0bfca20aa4aa", "evidence": "Vastly expanded investor base relative to status quo; Substantially greater media & investor interest in an acquisition-driven strategy; Diversified holding company model reduces exposure to real estate sect", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:16:09.365522+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "b0b9f267-3c0e-4f54-b738-5d258044a405", "evidence": "Q&A", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:16:09.434571+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "9281b7a3-bd20-40af-91b2-9ef1029def48", "evidence": "The diagram depicts a central parent entity connected to multiple subsidiary entities.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:58:58.245+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "hub-spoke" }, { "matchId": "841c0831-82d2-4228-9009-441acee4bb94", "evidence": "Outlines board independence, committee structure, and regulatory status", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:58:59.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "governance" }, { "matchId": "04e0e410-5574-48f0-9dd5-70aca5ac1290", "evidence": "Uses historical stock performance data to justify a premium valuation.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 19:58:59.19+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "evidence-matrix" }, { "matchId": "920c4125-dfa0-434e-9492-a17239c6d1cc", "evidence": "Contrasts the $90 issuance price with the $61.46 unaffected price to frame the current valuation as a problem.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:02.336+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "before-after-framing" }, { "matchId": "ad4ca131-93a1-41c8-8831-fd9317bb0292", "evidence": "The slide anticipates and counters the argument that the company could be easily sold to a third party.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:58:59.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "preempt_rebuttal" }, { "matchId": "c6d7998b-c76d-4e92-a28c-cf7ccb8dde4a", "evidence": "Visual hierarchy of company roles and reporting lines", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 19:58:59.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "org-chart" }, { "matchId": "50455fb3-0e07-4c60-adbf-bb31663068e1", "evidence": "Contrasts HHH's poor performance with Pershing Square's strong performance to highlight the target's weakness.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:04.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "contrast-principle" }, { "matchId": "df5548a7-d340-4b73-8240-72eebf6208b0", "evidence": "Table structure comparing risk factors to financial outcomes", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 19:59:03.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "evidence-matrix" }, { "matchId": "94f0bf59-2450-4037-a5d4-a45e93bc656c", "evidence": "Chronological presentation of events", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 19:59:01.495+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "timeline" }, { "matchId": "727b4c4d-8134-4c4f-8855-e4bc1e0f041a", "evidence": "Direct side-by-side comparison of industry norms vs subject company.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 19:59:01.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "comparison-frame" }, { "matchId": "e1c53757-e35c-4dec-bdcb-fef36509aa9b", "evidence": "Compares Brookfield entities to Pershing Square to justify ownership structure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:02.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "comparison-frame" }, { "matchId": "98594db8-c60c-4c37-89bb-2800f25dac8f", "evidence": "Compares fee structures of target entities against a benchmark to justify a lower fee.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:02.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "comparison-frame" }, { "matchId": "6caf494d-303c-4805-8a61-c9598fdeac94", "evidence": "Direct comparison of industry peers against a specific subject to highlight advantages.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:02.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "comparison-frame" }, { "matchId": "9649ad3c-8495-4281-93cd-34adc59eda31", "evidence": "Direct comparison of fee structures and liquidity terms between subject and peers.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:03.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "comparison-frame" }, { "matchId": "2d39c84a-e35b-441c-858c-3a6e77254ac6", "evidence": "The slide explicitly addresses potential concerns about fee extraction by breaking down the fee structure to show that most is internal or waived.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:08.412+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "preempt_rebuttal" }, { "matchId": "87342f8e-3168-435c-9c2a-7755cfed38da", "evidence": "Comparing NAV estimates to market share prices to highlight valuation gap", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:03.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 47, "frameworkName": "comparison-frame" }, { "matchId": "3d5acd1c-61bb-45f7-a5b6-8f0a8d04972e", "evidence": "Contrasts HHH against REITs to invalidate NAV as a benchmark.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:04.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 48, "frameworkName": "comparison-frame" }, { "matchId": "7e22e75e-2b89-4654-be77-910e0d077ecd", "evidence": "The slide explicitly argues against the status quo to force support for the proposed transaction.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:04.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 50, "frameworkName": "preempt_rebuttal" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "collaborative", "notes": "Filed as exhibit to Schedule 13D Amendment No. 23. Unusual posture: this is a 'discussion materials' deck for HHH's Special Committee — Pershing is already a 37.6% insider proposing a self-dealing transaction, so tone is collaborative/explanatory rather than adversarial. Argues affirmatively AGAINST sum-of-parts/breakup ('undermines MPC strategy and incurs tax friction'). Frames the ask as two simple Board questions (p14) and closes with the explicit 150 bps excess-return hurdle (p44). The 'modern-day Berkshire Hathaway' framing on p52 is the central narrative anchor. Heavy benchmarking of the 1.5% advisory fee against Brookfield listed entities, traditional PE, non-traded REITs, and non-traded PE. Culminates a ~15-year Pershing-HHH engagement dating back to the 2010 GGP spin. Pages 3, 15, 33, 45, 53 are section dividers; pages 54-55 are disclaimers. Every page carries a '10xebitda.com' watermark confirming this is the publicly filed version.", "kpisCited": [ { "detail": "$90 represents 46.4% premium to $61.46 unaffected price (8/5/2024)", "metric": "Primary issuance premium" }, { "detail": "Increases from 37.6% to 48.0% post-$900M primary issuance", "metric": "Pershing Square ownership pre/post" }, { "detail": "14.3M shares (23.7% of HHH), $1.3B at $90; Ackman alone owns 8.5M shares ($764M)", "metric": "Pershing team look-through investment" }, { "detail": "16.4% vs S&P 500 10.5% — 935 bps per annum outperformance since January 2004", "metric": "21-year annualized net return (PSLP/PSH)" }, { "detail": "PSH 24.0% vs S&P 500 14.0% since January 2018 — 1,300 bps per annum outperformance", "metric": "Permanent Capital era return" }, { "detail": "37% (Apr 2021), 39% (Apr 2022), 39% (Sep 2023), 24% (Nov 2024 at $90 transaction price)", "metric": "HHH historical discount to Investor Day NAV" }, { "detail": "Jefferies approached 284 investors, 40 signed NDAs, 20 met, 0 formal indications of interest over four months", "metric": "Take-private process outcome" }, { "detail": "1.5% of equity market cap (~1.15% of total cap, no promote) — ~120 bps below BIP, ~50 bps below BEP/BBU all-in", "metric": "Advisory fee vs peers" }, { "detail": "Only $42M of $81M annual fees truly incremental (from 52% public float) — ~0.8% of equity market cap", "metric": "Incremental fee economics" }, { "detail": "GFC CDS 17.5x ($64M→$1.1B); COVID 93.4x ($27M→$2.6B); rate swaptions 11.3x and 6.5x", "metric": "Hedging multiples of capital" }, { "detail": "Board must judge whether transaction delivers at least 150 bps of annual excess equity return", "metric": "Required excess-return hurdle" } ], "closingAsk": "Approve Pershing Square's $900 million primary investment at $90 per share and the 1.5% Services Agreement to transform HHH into a diversified holding company led by Pershing Square.", "extraction": { "at": "2026-04-23 00:53:28+00", "model": "unknown-legacy", "runId": null, "seconds": 214.17334, "promptVersion": null }, "scqaReward": "HHH becomes a modern-day Berkshire Hathaway with a vastly expanded investor base, macro hedging, and proprietary deal flow — the Board's hurdle is whether this delivers at least 150 bps of annual excess equity return for shareholders.", "thesisTypes": [ "strategic_pivot", "management_change", "governance_board", "undervaluation" ], "top3Reasons": [ "HHH stuck at ~40% NAV discount with no take-private bidder after 284 investors approached", "$900M primary issuance at 46.4% premium is accretive and funds a credit-positive cash war chest", "Pershing-led HHH becomes a 'modern-day Berkshire Hathaway' with 21-year 935 bps S&P outperformance" ], "scqaSituation": "Howard Hughes Holdings owns premier master-planned communities in Texas, Nevada, Hawaii, Maryland and Arizona, operates as a small-cap C-Corp real-estate developer, and Pershing Square has been its largest shareholder since 2010 with 37.6% ownership.", "thesisSummary": "Howard Hughes Holdings, owner of premier master-planned communities in Texas, Nevada, Hawaii, Maryland and Arizona, has chronically traded at roughly a 40% discount to its investor-day NAV, burdened by a C-Corp structure, small-cap scale, and macro sensitivity that repel traditional real-estate investors. A 2019 strategic review drew no offers and a four-month 2024 privatization sounding of 284 investors (40 NDAs, 20 meetings) produced zero formal bids. Pershing Square proposes a simplified alternative: a $900 million primary investment at $90 per share (a 46.4% premium to the $61.46 August 2024 unaffected price), lifting its ownership from 37.6% to 48.0% without a change of control. Bill Ackman, Ryan Israel and Ben Hakim would run HHH as a diversified holding company — a modern-day Berkshire Hathaway — while HHC continues its MPC strategy under David O'Reilly for a 1.5% advisory fee with no promote.", "primaryDemands": [ "Approve Pershing Square HoldCo's $900 million primary investment in HHH at $90/share", "Increase Pershing Square ownership from 37.6% to 48.0% without a change of control", "Enter into evergreen Services Agreement with Pershing Square at 1.5% of equity market cap, no performance fees", "Install Bill Ackman as Chairman & CEO, Ryan Israel as CIO, Ben Hakim as President", "Transform HHH into a diversified holding company while HHC continues its MPC strategy under David O'Reilly", "Maintain NYSE listing and majority-independent Board with 31.3M public float" ], "scqaResolution": "Allow Pershing Square to invest $900 million of primary capital at $90 per share (46.4% premium) to reach 48% ownership, install Ackman/Israel/Hakim as HHH leadership, and enter a 1.5% advisory-fee Services Agreement with no promote.", "thesisOneLiner": "HHH trades at a 40% NAV discount with no take-private bidders; Pershing's $900M primary investment at $90 converts it into a modern-day Berkshire Hathaway.", "precedentsCited": [ "Berkshire Hathaway (modern-day holding company analogue)", "Brookfield listed entities — BIP, BEP, BBU evergreen services agreements", "Pershing Square's 2020 $500M backstop of HHH's $600M rights offering", "Pershing Square's privately negotiated stakes in Restaurant Brands and Universal Music Group", "Pershing's 2010 $250M rights offering that recapitalized HHC post-GGP spin" ], "scqaComplication": "HHH has traded at a ~40% discount to NAV for years; a 2019 strategic review drew no bids and a 2024 four-month privatization process with 284 investors and 40 NDAs produced zero formal offers — leaving no standalone path to fair value.", "narrativeInterest": 4, "notableSlidePages": [ 4, 29, 39, 44, 47, 52 ], "peerCompaniesCited": [ "Brookfield Infrastructure Partners (BIP)", "Brookfield Renewable Partners (BEP)", "Brookfield Business Partners (BBU)", "Brookfield Corporation (BN)", "Blackstone", "KKR", "TPG", "General Atlantic", "Apollo", "Carlyle", "Bain Capital", "BREIT", "SREIT (Starwood)", "KREST", "K-PRIME", "BXPE", "Berkshire Hathaway" ], "valuationFrameworks": [ "multiple_comparison", "asset_value" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "Includes legal disclaimer regarding Schedule 13D filing.", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/9b15uPAIBPELwxDmWajFauo_9cG7UqlApSs10BvnHRU/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zMTQ2ZTViYjE3ZDIvcDAwMS5qcGc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 16, "componentCount": 4, "textChars": 364, "nDataPoints": 0, "notes": "Includes legal disclaimer regarding Schedule 13D filing.", "elementsJson": [ "headline_text", "logo_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:56.84+00", "seconds": 2.12, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/1", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-1", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "disclaimer", "text": "* Filed as an exhibit to Amendment No. 23 to Schedule 13D dated February 18, 2025. Reflects, for purposes of public disclosure, redactions and non-substantive presentation changes to the materials used by representatives of Pershing Square in its meeting with the Special Committee of HHH.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:56.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed4bcef6-b954-45f8-bca0-052da358313d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.05, "y": 0.8 }, "kind": "image", "text": "Pershing Square", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:56.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ab604193-fa9a-4b60-8d39-d36bad6e1e19", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.5, "x": 0.25, "y": 0.35 }, "kind": "title", "text": "Discussion Materials for the Special Committee*", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:56.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a275cf2-a406-421c-ad75-6b197e12751a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.2, "x": 0.4, "y": 0.45 }, "kind": "title", "text": "February 2025", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:56.84+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d0cd13a8-b4c2-43fd-bc06-38d958aa00f4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/5l7ppS79e-xi6XR45Q0kMsRWW2jESiNZ1MVDPk0j-ho/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zMTQ2ZTViYjE3ZDIvcDAwMS5qcGc", "imagePathAlt": "https://imgproxy.kitesheet.com/wiT00HtHl-zHqUi8A_icFnECGcl-sNuXGtZ9SaEIWfk/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zMTQ2ZTViYjE3ZDIvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/VlNA-ccGCmkxNKw3OfTuTCZsmHVC_f7gupybiMSuR64/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy8zMTQ2ZTViYjE3ZDIvcDAwMS5wbmc" }, { "page": 2, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 3, "textChars": 331, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:56.913+00", "seconds": 1.944, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/2", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-2", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.65, "w": 0.92, "x": 0.04, "y": 0.16 }, "kind": "disclaimer", "text": "The presentation is confidential and is intended solely for the information of the Board of Directors of Howard Hughes Holdings Inc. ...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:56.913+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c1e3d17-7daa-4bc8-903a-5af6d286558b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.88 }, "kind": "source-note", "text": "* References to the confidential nature of this presentation are not intended to apply with respect to portions of the presentation that have been publicly disclosed by Pershing Square.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:56.913+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "413c9d81-1ea3-4227-9d2c-1f31d46abd84", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.24, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:56.913+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68931996-b292-44c5-8486-09a49fb7342e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 3, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 4, "componentCount": 2, "textChars": 83, "nDataPoints": 0, "notes": null, "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:59.357+00", "seconds": 4.285, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/3", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-3", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.25, "x": 0.5, "y": 0.038 }, "kind": "paragraph", "text": "For more hedge fund materials, visit https://www.10xebitda.com/", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.357+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "897468b7-d9c3-4e99-91ca-38f172657fca", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.298, "x": 0.507, "y": 0.438 }, "kind": "title", "text": "Transaction Overview", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.357+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a03e2db6-25a7-40c0-a29a-c00eb300e7db", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Situation & Context", "beatId": "60dc4100-2daf-4a71-967a-1dcee72c8382", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document provides an overview of the transaction and its context.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 4, "type": "setup", "title": "Includes a footnote regarding the unaffected price date.", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 10, "textChars": 963, "nDataPoints": 5, "notes": "Includes a footnote regarding the unaffected price date.", "elementsJson": [ "headline_text", "callout_box", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:58.563+00", "seconds": 3.309, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/4", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-4", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.19 }, "kind": "callout", "text": "We believe the simplified transaction delivers a better-capitalized post-closing HHH that will be able to begin executing on its new strategy immediately", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.563+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b482e434-769f-4ec9-aa32-4274288c5ffd", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.07, "y": 0.91 }, "kind": "disclaimer", "text": "(1) The closing price on August 5, 2024, prior to the public disclosure of Pershing Square's August 6 amendment of its Schedule 13D with respect to the company's common stock", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.563+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "432d4d47-5e93-41eb-bce1-9be067123bca", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.07, "y": 0.64 }, "kind": "list", "text": "Pershing Square Funds would retain their existing HHH shares", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.563+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4bba1806-e7fb-4916-a957-e29dbe210732", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.11, "y": 0.42 }, "kind": "list", "text": "Investment will be funded by cash on HoldCo's balance sheet and would require no additional capital", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.563+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5d4a596e-bc94-4a64-93aa-5dc2b38d4887", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.07, "y": 0.49 }, "kind": "list", "text": "With its additional $900 million primary investment, Pershing Square's ownership of the company (HoldCo and Funds, collectively) would increase from 37.6% to 48.0%", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.563+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "905b85d1-b3d9-4a4f-a431-5ddbb58684da", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.07, "y": 0.58 }, "kind": "list", "text": "The transaction would not represent a change of control of the company", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.563+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "963930b2-33cd-4688-93b7-ec2d697167cc", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.11, "y": 0.37 }, "kind": "list", "text": "$90.00 per share represents a 46.4% premium to the $61.46 unaffected price on August 5, 2024", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.563+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4827bc7-f347-4cfc-93d2-420cafefe15d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.07, "y": 0.31 }, "kind": "list", "text": "Pershing Square HoldCo will invest $900 million in a primary purchase of stock at $90/share", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.563+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc65631b-40e3-41aa-86b8-f3d7ba8da575", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "ownership percentage: 48.0%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b079-cc3695ccdbdc", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Overview of Simplified Transaction", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.563+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e759b357-7786-4beb-aec1-bffa42ead990", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "b0ae5951-07ea-4049-ab0f-4e47b9c54d0b", "evidence": "The slide mentions 'HHH' and 'Pershing Square', indicating an understanding of the audience.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:12.577823+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Situation & Context", "beatId": "60dc4100-2daf-4a71-967a-1dcee72c8382", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document provides an overview of the transaction and its context.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 7, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 4, "name": "Solution & Approach", "beatId": "0bacf325-fd01-488f-b65a-b15deb806f9f", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document presents Pershing Square's proposed transaction as a solution.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 5, "type": "setup", "function": "present_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "present_solution", "functionCanon": { "name": "Present solution", "slug": "present_solution", "status": "active", "canonId": "019de52d-15b8-71da-bd23-2b767850cbce", "version": 1, "description": null }, "density": "balanced", "densityScore": 44, "componentCount": 5, "textChars": 951, "nDataPoints": 3, "notes": null, "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:57.629+00", "seconds": 2.301, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/5", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-5", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Highly accretive primary issuance at $90 per share, a 46.4% premium to the unaffected share price(1)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b079-b1b5a66a584a", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.9, "x": 0.07, "y": 0.18 }, "kind": "list", "text": "Greater execution certainty and speed to completion (~30 days vs >6 months)\nHighly accretive primary issuance at $90 per share, a 46.4% premium to the unaffected share price(1)\nBalance sheet cash infusion will enable HHH to begin executing its new strategy immediately\nThe transaction is expected to be credit-rating positive to the company as it would substantially improve HHH's financial wherewithal and flexibility\nNo change to post-transaction free float of 31.3 million shares\nNo incremental debt as a result of removing the self-tender\nNo additional capital or financing is needed to complete the transaction", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:57.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c58eb0a-2e56-444a-a1d8-618fb4eb70ff", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price premium: 46.4%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b079-b729f047cf40", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.07, "y": 0.91 }, "kind": "source-note", "text": "(1) The closing price on August 5, 2024, prior to the public disclosure of Pershing Square's August 6 amendment of its Schedule 13D with respect to the company's common stock", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:57.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65fe10e4-ab00-4966-9dae-56bf34a27e36", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Advantages of Simplified Transaction", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:57.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3741928-9512-4b1c-a1b4-29bc83631ad9", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "9d8ebb02-7d13-4a75-bef2-060831a119bc", "evidence": "The slide presents a comparison of the current situation and the proposed transaction, using a 'before-after' framing.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:16:12.65287+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 5, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 3, "name": "Situation & Context", "beatId": "60dc4100-2daf-4a71-967a-1dcee72c8382", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "The document provides an overview of the transaction and its context.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 7, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 4, "name": "Solution & Approach", "beatId": "0bacf325-fd01-488f-b65a-b15deb806f9f", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document presents Pershing Square's proposed transaction as a solution.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 6, "type": "setup", "title": "Includes a callout box explaining Bill Ackman's personal look-through ownership.", "function": "quantify_opportunity", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 5, "textChars": 490, "nDataPoints": 25, "notes": "Includes a callout box explaining Bill Ackman's personal look-through ownership.", "elementsJson": [ "headline_text", "callout_box", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:57.817+00", "seconds": 2.398, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/6", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-6", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.19 }, "kind": "callout", "text": "With its $900 million primary investment, Pershing Square’s ownership of HHH would increase from 37.6% to 48.0%", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:57.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e58dce0-28f0-4c0d-94d3-f50d8f7265ab", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "ownership percentage: 48.0%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07a-457932e799c5", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.83 }, "kind": "paragraph", "text": "Bill Ackman and the Pershing Square team, through their ownership of Pershing Square HoldCo (90%) and look-through investment in the Pershing Square Funds (28% stake), will own 14.3 million shares of HHH (23.7% of total outstanding shares, a $1.3 billion investment at $90 per share)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:57.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17a8c622-a430-4a85-afb7-7da16266f9aa", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.7, "x": 0.15, "y": 0.43 }, "kind": "table", "text": "Current vs Post-Transaction ownership table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:57.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2334493-2a56-4b20-a143-087fda0cbf15", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.35, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Post-Transaction Ownership", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:57.817+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "709b88ed-9a5a-41a1-9fcc-b34aaf8770dc", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c1e9eb78-c2fe-471f-b053-7200027cc6b7", "evidence": "Although not a traditional 2x2 matrix, the table presents a comparison of current and post-transaction ownership.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-16 23:16:12.730681+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 6, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 7, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 4, "name": "Solution & Approach", "beatId": "0bacf325-fd01-488f-b65a-b15deb806f9f", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document presents Pershing Square's proposed transaction as a solution.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 12, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "6264d8a3-3329-40cb-a63c-46b37725b814", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides valuation tables and data to support the proposal.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 7, "type": "resolution", "function": "plan_implementation", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "plan_implementation", "functionCanon": { "name": "Plan implementation", "slug": "plan_implementation", "status": "active", "canonId": "019de52d-14a2-77ea-b210-d6a95eed4823", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 5, "textChars": 1444, "nDataPoints": 2, "notes": null, "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:58.712+00", "seconds": 3.196, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/7", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-7", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.19 }, "kind": "callout", "text": "Post-transaction, HHH will become a diversified holding company that pursues the acquisition of controlling interests in public and private companies", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.712+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a662e76-2c00-40f7-ad5e-431670a753bc", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.45 }, "kind": "list", "text": "The Howard Hughes Corporation (\"HHC\") will remain unchanged as the principal subsidiary of HHH. Current HHC senior leadership team, led by David O'Reilly as CEO, will continue in their roles managing HHC. HHC will continue to develop its core MPC business line with no change in strategy or employees.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.712+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8ce92895-82ec-43a3-86e2-bd9b7a7081e9", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.92, "x": 0.04, "y": 0.61 }, "kind": "list", "text": "The full resources of Pershing Square, including our investment team, accounting, finance, technology and other teams and resources are made available to HHH going forward. In consideration for services rendered, Pershing Square will receive a fee of 1.5 percent per annum of the equity market capitalization of the company (common & preferred equity), paid quarterly. HHH will not pay any promote or performance fees or issue equity incentives to Pershing Square or its employees. 1.5% advisory fee with no promote or performance fees represents a substantial discount to the Pershing Square Funds' fee arrangement of 1.5% management fees and 16% to 20% performance fees.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.712+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f07a672b-e2ec-4072-bb69-5f5e3ed13694", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.29 }, "kind": "list", "text": "Pershing Square's senior leadership becomes the management team of HHH, the holding company. Bill Ackman - Chairman & CEO, Ryan Israel - Chief Investment Officer, Ben Hakim - President. Pershing Square senior leadership will not receive any cash or stock compensation as employees of HHH.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.712+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3e1287c-66f4-4fb3-9676-53c847dd048b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Post-Transaction HHH Business Plan", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.712+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90ac0e22-2410-4c2e-88a8-986a5260102d", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Call to action", "slug": "call-to-action", "status": "active", "bestFor": null, "canonId": "019dd9e1-4bbb-702a-9ead-82daf188bb7c", "version": 1, "bodyDocId": null, "description": "Explicit prescription of what the audience should do next.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "b4b9243b-2eb2-44a0-963e-6e45700040d2", "evidence": "The slide mentions 'Post-transaction, HHH will become a diversified holding company', which could be seen as a call to action.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:16:12.812367+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 7, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 4, "name": "Solution & Approach", "beatId": "0bacf325-fd01-488f-b65a-b15deb806f9f", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "The document presents Pershing Square's proposed transaction as a solution.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 12, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "6264d8a3-3329-40cb-a63c-46b37725b814", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides valuation tables and data to support the proposal.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 8, "type": "appendix", "title": "The slide uses a hub-and-spoke diagram to show the parent company and its subsidiaries.", "function": "establish_context", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 4, "textChars": 583, "nDataPoints": 0, "notes": "The slide uses a hub-and-spoke diagram to show the parent company and its subsidiaries.", "elementsJson": [ "headline_text", "process_diagram", "callout_box" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:58.245+00", "seconds": 2.702, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/8", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-8", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "HHH will be a well-capitalized company with access to equity and debt capital and excess free cash flow from HHC, which will be reinvested in high-return, controlling investments in operating businesses", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07a-0074f57eb68d", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.86, "x": 0.07, "y": 0.18 }, "kind": "diagram", "text": "Organizational structure showing Howard Hughes Holdings Inc. at the top with HHC and two placeholder operating business investments below.", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Hub and spoke", "slug": "hub-spoke", "status": "active", "canonId": "019de52d-04db-73e6-81ca-a234f2f23fc1", "version": 1, "description": null }, "framework": null }, "subkind": "hub-spoke", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.245+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a11ff980-145f-4d33-ad3f-90347f2d376b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.87 }, "kind": "paragraph", "text": "HHH will be a well-capitalized company with access to equity and debt capital and excess free cash flow from HHC, which will be reinvested in high-return, controlling investments in operating businesses", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.245+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0304180f-08b5-4520-9a99-8bbb28eda2a6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "HHH Diversified Holding Company Structure", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.245+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86515c65-3539-4ebb-8775-a4daa5c23995", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9281b7a3-bd20-40af-91b2-9ef1029def48", "evidence": "The diagram depicts a central parent entity connected to multiple subsidiary entities.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:58:58.245+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "hub-spoke" } ], "arcBeats": [ { "to": 12, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "6264d8a3-3329-40cb-a63c-46b37725b814", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides valuation tables and data to support the proposal.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 9, "type": "setup", "function": "plan_implementation", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "plan_implementation", "functionCanon": { "name": "Plan implementation", "slug": "plan_implementation", "status": "active", "canonId": "019de52d-14a2-77ea-b210-d6a95eed4823", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 10, "textChars": 869, "nDataPoints": 3, "notes": null, "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:59.749+00", "seconds": 4.183, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/9", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-9", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.19 }, "kind": "callout", "text": "HHH will implement best-in-class governance provisions to ensure that it represents a compelling investment opportunity for public float shareholders", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f740b308-1784-4344-954f-688013386c8c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.07, "y": 0.3 }, "kind": "list", "text": "HHH will maintain its NYSE listing", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20568bf3-d062-4455-a9f0-d8989c62871b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.11, "y": 0.72 }, "kind": "list", "text": "Board will be comprised of a majority of independent directors including directors from the current board", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3918035e-3f87-4ad9-9ec8-a4a1087ec4d4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.11, "y": 0.47 }, "kind": "list", "text": "HHH will have a free float of 31.3 million shares ($2.8 billion at $90 per share), representing 52% of total shares outstanding", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "489a5fc2-cc6c-4ead-81e2-d3f78397fa78", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.11, "y": 0.84 }, "kind": "list", "text": "HHH will not be a \"controlled company\" under NYSE and SEC rules", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4914eaca-9a84-4337-9238-ee5e146d0952", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.07, "y": 0.4 }, "kind": "list", "text": "No change to HHH's free float post-transaction", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6df088b8-6512-44e4-af55-a969ee7f6f6a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.11, "y": 0.55 }, "kind": "list", "text": "Pershing Square will commit to not reduce HHH's public float, whether through acquisition of additional shares or a \"squeeze-out\" of free float shareholders, without the approval of the Board", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b58d8cc-f88c-46df-b162-79dfb9fcd74e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.11, "y": 0.78 }, "kind": "list", "text": "Independent Audit, Compensation and Nominating & Corporate Governance Committees", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3e5a35d-2d71-43ab-b981-88920ff2505d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.07, "y": 0.66 }, "kind": "list", "text": "HHH will be governed by an independent Board of Directors", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecdc424e-c0d2-432e-9f2c-1a589263c517", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.25, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Future Governance", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "76e85e38-069f-4424-b34e-1c06da5e878e", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c034261e-466c-4497-ac4d-94c34a887a9c", "evidence": "The slide presents a list of governance provisions.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.6, "extraction": { "at": "2026-07-16 23:16:12.927787+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "841c0831-82d2-4228-9009-441acee4bb94", "evidence": "Outlines board independence, committee structure, and regulatory status", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:58:59.749+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "governance" } ], "arcBeats": [ { "to": 12, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "6264d8a3-3329-40cb-a63c-46b37725b814", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides valuation tables and data to support the proposal.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 10, "type": "setup", "title": "The slide uses the Pershing Square 13D filing date as the baseline for outperformance.", "function": "quantify_opportunity", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 7, "textChars": 1003, "nDataPoints": 8, "notes": "The slide uses the Pershing Square 13D filing date as the baseline for outperformance.", "elementsJson": [ "headline_text", "callout_box", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:59.19+00", "seconds": 3.233, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/10", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-10", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "callout", "text": "$90.00 per share represents a 46.4% premium to the $61.46 unaffected price on August 5th(1) and a 25.4% premium to the $71.78 price on January 10th(2)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.19+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79b1e859-c577-496b-9a88-6ad5081c5bdd", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Expectations of a potential transaction announcement have contributed to HHH's substantial share price outperformance relative to peer benchmarks since August 5, 2024 (the day prior to Pershing Square's 13D filing)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07a-7b523148b731", "parentComponentId": null }, { "bbox": { "h": 0.52, "w": 0.92, "x": 0.04, "y": 0.29 }, "kind": "chart", "text": "Total Shareholder Return from 8/5/2024 to 2/12/2025 | HHH vs Real Estate Benchmarks", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.19+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6264420e-97d3-4b1d-a6ab-cdc025d23e78", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Shareholder Return: 46.4%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07a-7e00a415a275", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.84 }, "kind": "paragraph", "text": "Expectations of a potential transaction announcement have contributed to HHH's substantial share price outperformance relative to peer benchmarks since August 5, 2024 (the day prior to Pershing Square's 13D filing)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.19+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d76d295-04e8-4c74-b45a-9e88c723c75e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.04, "y": 0.92 }, "kind": "source-note", "text": "(1) The closing price on August 5, 2024, prior to the public disclosure of Pershing Square's August 6 amendment of its Schedule 13D with respect to the company's common stock\n(2) The closing price on January 10, 2025, the trading day prior to our initial proposal to the company", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.19+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a8f3c489-74dc-465b-b26e-07c90f2af8eb", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Premium to Unaffected Share Price", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.19+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cde3af0c-d9dd-46d3-846b-24da1359f1dc", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Chart Selection Guide", "slug": "chart-selection-guide", "status": "active", "bestFor": null, "canonId": "019dd956-b1a0-700b-ba17-0e16c4d5bcae", "version": 1, "bodyDocId": null, "description": "Choosing the right chart type for your data and message", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Designer", "layer": "slide", "agents": [ "Designer" ], "matchId": "9348cb8f-467c-49a5-b6e8-2d0cccdae484", "evidence": "The slide features a line chart showing the share price performance of HHH.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:13.005194+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "04e0e410-5574-48f0-9dd5-70aca5ac1290", "evidence": "Uses historical stock performance data to justify a premium valuation.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 19:58:59.19+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 10, "frameworkName": "evidence-matrix" } ], "arcBeats": [ { "to": 12, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "6264d8a3-3329-40cb-a63c-46b37725b814", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides valuation tables and data to support the proposal.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 11, "type": "evidence", "title": "The slide uses a visual anchor to contrast the $90 issuance price against the $61.46 unaffected price to demonstrate underperformance.", "function": "diagnose_problem", "rawType": "before_after", "block": null, "metadata": { "slideType": "before_after", "slideTypeCanon": { "name": "Before / after", "slug": "before_after", "status": "active", "canonId": "019de52d-11fd-771e-bb45-e27f849bc560", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "balanced", "densityScore": 38, "componentCount": 6, "textChars": 508, "nDataPoints": 3, "notes": "The slide uses a visual anchor to contrast the $90 issuance price against the $61.46 unaffected price to demonstrate underperformance.", "elementsJson": [ "headline_text", "callout_box", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:02.336+00", "seconds": 6.333, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/11", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-11", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "callout", "text": "HHH's share price has not traded above $90 since early 2022, when the Federal Reserve began to raise interest rates", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.336+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30bfc7a5-a30d-4917-b5f4-cdc59bbdfbb4", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "HHH’s share price has not traded above $90 since early 2022, when the Federal Reserve began to raise interest rates", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07a-29f13b4ed186", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.92, "x": 0.04, "y": 0.31 }, "kind": "chart", "text": "HHH Share Price from 12/31/2021 to 2/12/2025", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.336+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee0d8f29-4f43-45c7-8224-73729ca8d018", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price: $61.46", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07a-2f70e31654c9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "(1) The closing price on August 5, 2024, prior to the public disclosure of Pershing Square's August 6 amendment of its Schedule 13D with respect to the company's common stock", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.336+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4632bfe9-90e5-46fb-982d-d13ff59e02c0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Premium to Recent Share Price Performance", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.336+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c1d44060-0db6-47dd-9ff7-d4854dad77f9", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Before/after framing", "slug": "before-after-framing", "status": "active", "bestFor": "For turnaround / reform proposals", "canonId": "019dd9e1-528b-72ec-a563-e5dcb9410f67", "version": 1, "bodyDocId": "019dd9a1-80bf-72e9-980b-ccd1c0cd3488", "description": "You visualise two futures side by side: the trajectory the target is on\ntoday, and the trajectory under your proposed intervention. The reader\nhas to see the delta to feel the stakes.\n\nIt's the rhetorical cousin of the peer-gap — same visual grammar\n(comparison), but across **time** instead of across peers.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8ac3cf29-d63a-4094-a12e-280110464bc9", "evidence": "The slide presents a comparison of the current share price and the proposed transaction price.", "pageRefs": null, "priority": null, "whenToUse": "For turnaround / reform proposals", "confidence": 0.8, "extraction": { "at": "2026-07-16 23:16:13.08491+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": "- It **quantifies the opportunity cost** of inaction. \"Doing nothing\"\n becomes a concrete, visible path, not an abstraction.\n- It **makes the Answer tangible**. The prescription isn't a paragraph;\n it's a trajectory the reader can point at.\n- It **pre-empts the status-quo defence**. Management usually argues \"we\n have a plan\". Your chart shows what their plan looks like vs. yours.\n- It **satisfies both the Architect** (math adds up) **and the Storyteller**\n (emotional delta between two futures).", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "920c4125-dfa0-434e-9492-a17239c6d1cc", "evidence": "Contrasts the $90 issuance price with the $61.46 unaffected price to frame the current valuation as a problem.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:02.336+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "before-after-framing" } ], "arcBeats": [ { "to": 12, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "6264d8a3-3329-40cb-a63c-46b37725b814", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides valuation tables and data to support the proposal.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 12, "type": "setup", "title": "The slide uses a funnel-like narrative to show the lack of interest from 284 investors down to zero formal offers.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 8, "textChars": 1034, "nDataPoints": 4, "notes": "The slide uses a funnel-like narrative to show the lack of interest from 284 investors down to zero formal offers.", "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:59.271+00", "seconds": 3.187, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/12", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Concluded four-month process with no formal indications of interest", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07a-d3bd0727c8cb", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.6, "x": 0.07, "y": 0.94 }, "kind": "disclaimer", "text": "(1) All materials provided to and corresponding conversations with potential investors were limited to publicly available information.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "647116ca-e356-4ac1-80bf-752a4345f96e", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.85, "x": 0.07, "y": 0.33 }, "kind": "list", "text": "Despite Pershing Square's 13D filing in August 2024, which effectively put the company “in play,” no competing acquisition offers have emerged", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "57eacb06-044f-4fb9-9bc9-77fb6b920276", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.85, "x": 0.07, "y": 0.77 }, "kind": "list", "text": "MPC business model is inherently best suited for permanent ownership, which presents challenges for private investors who require interim liquidity", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3aed2ba-3d49-4974-84aa-defd8c55c614", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.7, "x": 0.11, "y": 0.5 }, "kind": "list", "text": "On behalf of Pershing Square, beginning September 2, 2024, Jefferies approached 284 investors(1)\n40 investors signed NDAs and were provided access to a virtual data room\n20 investors had Zoom or in-person meetings with Pershing Square\nConcluded four-month process with no formal indications of interest", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cae04721-32b0-40fc-a9b7-780794842803", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.07, "y": 0.45 }, "kind": "list", "text": "Lack of interest for potential HHH privatization transaction", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e00b1e68-4c45-4e3e-b285-d0d898c04d1d", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.85, "x": 0.07, "y": 0.21 }, "kind": "list", "text": "2019 strategic review process (advised by Centerview Partners) failed to attract any acquisition offers for parts or the whole of the company", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eee20161-e410-467f-9950-7a63361cdd5e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.75, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Limited Interest from Potential Acquirers", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c9758737-c939-4598-b599-fb8e0cb89359", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "ad4ca131-93a1-41c8-8831-fd9317bb0292", "evidence": "The slide anticipates and counters the argument that the company could be easily sold to a third party.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:58:59.271+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [ { "to": 12, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 6, "name": "Evidence & Proof", "beatId": "6264d8a3-3329-40cb-a63c-46b37725b814", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "The document provides valuation tables and data to support the proposal.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 13, "type": "tension", "function": "diagnose_problem", "rawType": "problem_statement", "block": null, "metadata": { "slideType": "problem_statement", "slideTypeCanon": { "name": "Problem statement", "slug": "problem_statement", "status": "active", "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "balanced", "densityScore": 48, "componentCount": 6, "textChars": 836, "nDataPoints": 3, "notes": null, "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:58.818+00", "seconds": 2.69, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/13", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-13", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.21 }, "kind": "callout", "text": "We believe the proposed transaction offers shareholders a highly compelling alternative to HHH’s limited strategic options as a standalone public company", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.818+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a3965e9f-3131-46da-9e7c-8fed83bfcdd1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.06, "y": 0.81 }, "kind": "list", "text": "Separating low-basis assets to unlock “sum-of-the-parts” value undermines MPC strategy and incurs significant tax friction", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.818+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5831cfb3-1d97-4099-af7f-804492a39e54", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.9, "x": 0.06, "y": 0.56 }, "kind": "list", "text": "Limited ability to raise equity capital without Pershing Square’s backing: November 2010: $250 million rights offering; March 2020: $500 million in a $600 million rights offering; October 2024: $73 million in a $175 million rights offering", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.818+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9664cb3d-49e4-4c6a-88cf-1639284a3ebe", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.06, "y": 0.33 }, "kind": "list", "text": "Lack of recognition by public markets despite substantial business progress: Enhanced management team and board; Simplified business structure (Seaport spin-off, divestiture of non-core assets)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.818+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf012cd8-0753-4368-bab8-805abf8be5e5", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.06, "y": 0.49 }, "kind": "list", "text": "Economically sensitive business model with limited standalone hedging capabilities", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.818+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ded5bbf5-ecd1-4f1d-bbaa-06962eff21bf", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Limited Strategic Options on a Standalone Basis", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.818+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8055727b-4cca-4db2-bf6d-2e6d541b9aa3", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 14, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 13, "name": "Problem & Complication", "beatId": "961a2d44-dcb5-4cb4-9dcb-8e0760087133", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document highlights HHH's limited strategic options as a standalone company.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 14, "type": "setup", "function": "frame_problem", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 7, "textChars": 1053, "nDataPoints": 4, "notes": null, "elementsJson": [ "headline_text", "numbered_list", "bullet_list", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:58.997+00", "seconds": 2.774, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/14", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-14", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The proposed transaction can be simplified into two key questions for the Board to consider:", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07a-bdae6b1dd4ee", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.12, "y": 0.84 }, "kind": "list", "text": "We believe the value proposition and benefits to the company from Pershing Square's leadership and resources far exceed the cost of the advisory fees paid", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.997+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20c5072b-b2a2-4e85-bb9c-5a81b297bd97", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.85, "x": 0.12, "y": 0.38 }, "kind": "list", "text": "Transaction would not represent a change of control and $900 million primary investment does not require a shareholder vote; Pershing Square currently has the board's authorization to increase its ownership to 40.0% without seeking additional approval; Primary issuance priced at $90 per share will be highly accretive; Balance sheet cash infusion will be credit ratings positive; HHH will continue to be governed by an independent Board of Directors", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.997+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "389c5df6-02e0-480a-b3eb-b59264fe04e4", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.06, "y": 0.79 }, "kind": "list", "text": "Should the company enter into a services agreement with Pershing Square?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.997+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2091550b-d340-4f60-871d-48b4c7bb3209", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.06, "y": 0.31 }, "kind": "list", "text": "Should the company allow Pershing Square to make a $900 million primary investment and increase its ownership from 37.6% to 48.0%?", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.997+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9232eb45-6134-4d68-8280-13c3a403e399", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.19 }, "kind": "subtitle", "text": "The proposed transaction can be simplified into two key questions for the Board to consider:", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.997+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cad8ac55-c2ab-4173-b0cb-2e4effb4eb00", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.04, "y": 0.05 }, "kind": "title", "text": "Evaluating the Transaction Requires Answering Two Key Questions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.997+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4eaef190-7a0f-4acf-b597-4488c14fd1ec", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 14, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 13, "name": "Problem & Complication", "beatId": "961a2d44-dcb5-4cb4-9dcb-8e0760087133", "matchId": "fb3aa207-9d8a-40cf-83e9-bef6168f950b", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "The document highlights HHH's limited strategic options as a standalone company.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 15, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 4, "componentCount": 2, "textChars": 98, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:57.914+00", "seconds": 1.685, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/15", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-15", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.03, "w": 0.45, "x": 0.5, "y": 0.04 }, "kind": "source-note", "text": "For more hedge fund materials, visit https://www.10xebitda.com/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:57.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b0e3c7b0-4352-470a-9dfc-4641badaf364", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.5, "x": 0.25, "y": 0.42 }, "kind": "title", "text": "Pershing Square's Value Proposition", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:57.914+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "acc89e88-b858-4090-9e3e-3cdc0b5b3287", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c66bca74-cd22-4a60-8c7c-d713458d5287", "evidence": "The slide is titled 'Pershing Square's Value Proposition' and serves as a divider.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:16:13.282392+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 15, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 16, "type": "setup", "function": "present_solution", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "present_solution", "functionCanon": { "name": "Present solution", "slug": "present_solution", "status": "active", "canonId": "019de52d-15b8-71da-bd23-2b767850cbce", "version": 1, "description": null }, "density": "sparse", "densityScore": 22, "componentCount": 2, "textChars": 618, "nDataPoints": 1, "notes": null, "elementsJson": [ "headline_text", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:58.634+00", "seconds": 2.042, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/16", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-16", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.6, "w": 0.85, "x": 0.08, "y": 0.23 }, "kind": "list", "text": "Pershing Square's senior leadership and investment team, which has a combined 133 years of public and private equity investing experience\nFull access to Pershing Square's organizational resources (accounting, legal, technology, investor relations teams, office space)\nUnique asymmetric, macroeconomic hedging capabilities\nCore equity investment research and due diligence capabilities\nDemonstrated track record of value creation at portfolio companies\nDifferentiated ability to source and execute privately negotiated transactions\nVastly improved access to public and private capital", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.634+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d04c2e83-14bd-4bdb-bc5d-bce1401d9608", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Pershing Square's Value Proposition", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:58.634+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de9addc0-3034-4413-9b1a-89b2cd3955e0", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "d4163545-d23e-4245-a43a-584d406e1d22", "evidence": "Pershing Square's Value Proposition", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:07.002983+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 16, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 17, "type": "setup", "function": "introduce_nominees", "rawType": "team_bio", "block": null, "metadata": { "slideType": "team_bio", "slideTypeCanon": { "name": "Team bio", "slug": "team_bio", "status": "active", "canonId": "019de52d-0a7d-7394-ae5b-037478e71f1e", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 3, "textChars": 149, "nDataPoints": 18, "notes": null, "elementsJson": [ "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:00.715+00", "seconds": 3.864, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/17", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-17", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.15, "x": 0.04, "y": 0.03 }, "kind": "disclaimer", "text": "Private & Confidential", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:00.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfb27df6-89a2-4045-a6f0-a1a63d81bbea", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "table", "text": "Employee, Education and Summary Prior Experience, Career Experience (Years), PSCM Tenure (Years)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:00.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e111a3eb-4b63-4d5b-bed5-83a0707e2cde", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Pershing Square Investment Team", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:00.715+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f55eacbc-3931-47f1-96f5-1ba534fe0e77", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "8cc99b37-740d-4495-b4c1-43911053d707", "evidence": "table/data: Employee, Education and Summary Prior Experience, Career Experience (Years), PSCM Tenure (Years)", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:16:07.079382+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 18, "type": "setup", "title": "Includes tenure in years for each employee; dashed boxes indicate new hires joining in early 2025.", "function": "introduce_nominees", "rawType": "team_bio", "block": null, "metadata": { "slideType": "team_bio", "slideTypeCanon": { "name": "Team bio", "slug": "team_bio", "status": "active", "canonId": "019de52d-0a7d-7394-ae5b-037478e71f1e", "version": 1, "description": null }, "function": "introduce_nominees", "functionCanon": { "name": "Introduce nominees", "slug": "introduce_nominees", "status": "active", "canonId": "019de52d-1833-77fe-ac47-5f26d823a84a", "version": 1, "description": null }, "density": "sparse", "densityScore": 10, "componentCount": 4, "textChars": 134, "nDataPoints": 0, "notes": "Includes tenure in years for each employee; dashed boxes indicate new hires joining in early 2025.", "elementsJson": [ "org_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:59.486+00", "seconds": 2.542, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/18", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-18", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.7, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "diagram", "text": "Hierarchical structure of Pershing Square", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Org chart", "slug": "org-chart", "status": "active", "canonId": "019de52d-04b3-709a-9328-bbcb1643bbc1", "version": 1, "description": null }, "framework": null }, "subkind": "org-chart", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f0a90fd4-eaf8-46a8-acc8-b99a582599ea", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.04, "y": 0.88 }, "kind": "legend", "text": "Joining in early 2025", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7412ab18-f20b-40c7-ace9-455fa01d1781", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.32, "x": 0.34, "y": 0.88 }, "kind": "legend", "text": "Name (Pershing Square Tenure in Years)", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e19ee114-e415-4e55-973e-731a9e1b0fdd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Pershing Square Organization Chart", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "379203e6-16ba-4b0b-b5ad-74a5ac5f248d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "c6d7998b-c76d-4e92-a28c-cf7ccb8dde4a", "evidence": "Visual hierarchy of company roles and reporting lines", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 19:58:59.486+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "org-chart" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 19, "type": "setup", "title": "The slide uses a table to reconcile total post-transaction shares with the specific look-through stake of the Pershing Square team.", "function": "quantify_opportunity", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 540, "nDataPoints": 14, "notes": "The slide uses a table to reconcile total post-transaction shares with the specific look-through stake of the Pershing Square team.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:59.637+00", "seconds": 2.531, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/19", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-19", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.85 }, "kind": "callout", "text": "On a look-through basis, Bill Ackman will own 8.5 million shares of HHH ($764 million at $90 per share)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ec07324f-1780-43f3-b5bf-9b1ab7fdef22", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "investment value: $1.3B", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07a-ea860b0e0f13", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.92, "x": 0.04, "y": 0.2 }, "kind": "paragraph", "text": "The Pershing Square team, through their ownership of Pershing Square HoldCo (90%) and look-through stake in the Pershing Square Funds (28%), will own 14.3 million shares (23.7% of total shares, $1.3 billion at $90 per share)(1)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a89b069-431e-4a76-8dd7-1606e87b6b89", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "(1) Assuming a $900 million primary investment by Pershing Square HoldCo at $90 per share.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "700f8ee4-ce2b-46be-90bc-a92088f4cad8", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.92, "x": 0.04, "y": 0.35 }, "kind": "table", "text": "Pershing Square Employees' Look-Through Investment in HHH", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2bdc0e87-43a9-4fba-ba7e-d97217ae3960", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "$1.3B Investment by Pershing Square Team", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.637+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "574c5060-4e8b-4f61-b8cf-7873b4752a5d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 20, "type": "analysis", "title": "Includes annotations for market events (Global Financial Crisis, Covid-19, Rapid interest rate hiking cycle) and performance periods.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 5, "textChars": 275, "nDataPoints": 6, "notes": "Includes annotations for market events (Global Financial Crisis, Covid-19, Rapid interest rate hiking cycle) and performance periods.", "elementsJson": [ "headline_text", "line_chart", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:00.275+00", "seconds": 3.144, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/20", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-20", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.45, "x": 0.22, "y": 0.18 }, "kind": "callout", "text": "$10,000 invested in the illustrative PSLP / PSH strategy in January 2004 would be worth ~$455,100 today", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:00.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1daffc1e-65de-4b55-afa7-3a68c82b1240", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.95, "x": 0.04, "y": 0.18 }, "kind": "chart", "text": "Cumulative returns chart showing PSLP/PSH vs S&P 500", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:00.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee4368ab-bc5c-449a-80b7-77f08188d5bb", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.95, "x": 0.04, "y": 0.88 }, "kind": "disclaimer", "text": "Note: All market and return data as of February 12, 2025...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:00.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aba724dc-b699-4bd0-8ca7-24632ffdba39", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Cumulative Return: 4,451%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07b-037f9ae013a6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Pershing Square's Cumulative Returns", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:00.275+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f10b652f-2679-4cc7-9083-5668b194ebb1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 21, "type": "setup", "title": "The slide uses a combination of a detailed list and an icon-based summary to communicate the firm's investment philosophy.", "function": "summarize", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 42, "componentCount": 6, "textChars": 799, "nDataPoints": 0, "notes": "The slide uses a combination of a detailed list and an icon-based summary to communicate the firm's investment philosophy.", "elementsJson": [ "headline_text", "bullet_list", "icon_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:58:59.904+00", "seconds": 2.582, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/21", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-21", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Will represent a small percentage of fund capital in the aggregate and an appropriate \"return on invested brain damage\"", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07b-173bb7520d35", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "disclaimer", "text": "Note: The above is intended to be illustrative and there is no guarantee that Pershing Square will be able to identify the constituent investments that reflect these characteristics", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e6a90d3-4f72-4e11-896d-38e7b978f24e", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.4, "x": 0.55, "y": 0.18 }, "kind": "image", "text": "Six icons representing investment principles: cash flow, barriers to entry, external factors, balance sheet, valuation, capital markets, management.", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Icon grid", "slug": "icon-grid", "status": "active", "canonId": "019de52c-fdfe-749d-9990-1db465a3eed4", "version": 1, "description": null }, "framework": null }, "subkind": "icon-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9e7c8d3-88f8-4c39-9cea-cd7c556d3b26", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.35, "x": 0.1, "y": 0.18 }, "kind": "list", "text": "Pershing Square's Core Investment Principles: Key Business Characteristics, Attractive Valuation, Good Management & Governance, Occasional Mispriced Probabilistic Investments", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c5101c8-f241-4927-8f64-db124ecb43ed", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Will represent a small percentage of fund capital in the aggregate and an appropriate \"return on invested brain damage\" — Pershing Square", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07b-19ad5b6ca089", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Commitment to Core Investment Principles", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:58:59.904+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4a4c856-a391-4700-971d-293666ef37ab", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 22, "type": "tension", "function": "frame_problem", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 82, "componentCount": 10, "textChars": 1125, "nDataPoints": 4, "notes": null, "elementsJson": [ "headline_text", "callout_box", "bullet_list", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:05.782+00", "seconds": 8.408, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/22", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-22", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.2 }, "kind": "callout", "text": "As a diversified holding company, HHH will have an attractive investment universe, which we believe Pershing Square is uniquely advantaged to pursue", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:05.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45c6aba6-4bac-484c-9e2b-0a34dc5df3d9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.04, "y": 0.39 }, "kind": "list", "text": "Small-cap companies have underperformed large-cap companies in recent years", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:05.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4eaa40d6-441d-49d6-a745-bba7e6996e3d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.08, "y": 0.74 }, "kind": "list", "text": "Private equity investors typically: 1) focus on 100% control, take-private transactions, 2) have limited experience with obtaining control of public companies outside of sales processes and 3) have a shorter-term investment horizon", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:05.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "54824877-8d9f-4e9a-b633-5d57bcff903f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.08, "y": 0.45 }, "kind": "list", "text": "Over the last three years, the S&P 600 SmallCap index has underperformed the S&P 500 by 6.4% per annum (annualized returns of 5.4% for the S&P 600 SmallCap vs 11.9% for the S&P 500)(1)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:05.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "617f7edf-f1c4-4e90-a0d4-eeac55b51eab", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.04, "y": 0.62 }, "kind": "list", "text": "Few investors have the capability to effectuate controlling investments in small-cap companies and hold those investments on a permanent basis", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:05.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "65f2ebf7-381c-4e89-bdfc-1c3bc1fbe95c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.04, "y": 0.32 }, "kind": "list", "text": "Pershing Square has access to proprietary deal flow", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:05.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "716f5f9d-ee7a-4f31-aecf-27879f3c8925", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.08, "y": 0.69 }, "kind": "list", "text": "Traditional small-cap investors lack the sufficient scale to pursue controlling investments", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:05.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e100a65-82a7-4d35-93c9-4e5a85f155c1", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.88, "x": 0.08, "y": 0.53 }, "kind": "list", "text": "S&P 600 SmallCap is currently trading at ~16.4x forward earnings vs the S&P 500 is currently trading at ~22.1x forward earnings(1)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:05.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f055a3b5-6830-45c0-92e8-dbb87895cb19", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "(1) All market data as of January 31, 2025.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:05.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "832ec53a-fb0f-4534-9431-1a27315cf43d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "HHH Investment Opportunity Set", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:05.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f571245-74e4-4205-be99-e3e2ff7e394d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 23, "type": "setup", "title": "The slide highlights a 935 bps outperformance per annum vs the S&P 500.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "sparse", "densityScore": 24, "componentCount": 5, "textChars": 289, "nDataPoints": 3, "notes": "The slide highlights a 935 bps outperformance per annum vs the S&P 500.", "elementsJson": [ "headline_text", "bar_chart_vertical", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:02.458+00", "seconds": 4.849, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/23", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-23", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.25, "x": 0.65, "y": 0.25 }, "kind": "callout", "text": "935 bps Outperformance Per Annum vs. S&P 500", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.458+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3972e80-8092-418c-a69f-26626259d594", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.7, "x": 0.15, "y": 0.25 }, "kind": "chart", "text": "Annualized Net Returns Since Inception (January 2004)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.458+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69cdf7c2-de20-482f-a5d3-c49beb4acf50", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "disclaimer", "text": "Note: All market and return data as of February 12, 2025. Past performance is not necessarily indicative of future results...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.458+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2642d7b6-97c6-4826-a668-11a4ebe4b40c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Annualized Net Returns: 19.8%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07b-76f43fa3a997", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Pershing Square's 21-Year Track Record", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.458+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8947168f-159d-4379-99d7-7cb34af45ff4", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 24, "type": "setup", "title": "The slide highlights a 1,300 bps per annum outperformance vs S&P 500.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "sparse", "densityScore": 24, "componentCount": 5, "textChars": 296, "nDataPoints": 3, "notes": "The slide highlights a 1,300 bps per annum outperformance vs S&P 500.", "elementsJson": [ "headline_text", "bar_chart_vertical", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:00.1+00", "seconds": 2.322, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/24", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-24", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.25, "x": 0.65, "y": 0.28 }, "kind": "callout", "text": "1,300 bps Outperformance Per Annum vs. S&P 500", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:00.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5637c768-7c4b-4efb-9253-3c6cf14e57ec", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.7, "x": 0.15, "y": 0.25 }, "kind": "chart", "text": "Annualized Net Returns Since January 1, 2018", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:00.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18e046a5-a4ac-459f-8aa1-b112927f0533", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "disclaimer", "text": "Note: All market and return data as of February 12, 2025. Past performance is not necessarily indicative of future results...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:00.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca637a70-e171-41f2-806a-44bc861e358b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Annualized Net Returns: 27.0%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07b-452d63ca757f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "Pershing Square's Permanent Capital Era Track Record", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:00.1+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2466466e-7c07-408b-9ef0-bcb690a5aada", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 25, "type": "setup", "function": "present_framework", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "present_framework", "functionCanon": { "name": "Present framework", "slug": "present_framework", "status": "active", "canonId": "019de52d-1403-7667-9100-d2ac6709f750", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 4, "textChars": 592, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:00.529+00", "seconds": 2.708, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/25", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-25", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "callout", "text": "We will seek to invest in asymmetric hedges to protect HHH against macroeconomic risks and capitalize on market dislocations", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:00.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1999853-f265-4699-ac8f-77ed24d9a47f", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.8, "x": 0.07, "y": 0.32 }, "kind": "list", "text": "Asymmetric payoff structures: Limited upfront investment and carrying costs; Opportunities to generate large multiples of capital; Limited downside in the event potential risk does not transpire", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:00.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0c51c0ff-5436-4a29-b717-db20ab09e4e7", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.9, "x": 0.07, "y": 0.62 }, "kind": "list", "text": "Monetization provides liquidity during periods of market dislocation: Hedges often become valuable when public and private markets are cheap; Enables us to pursue controlling investments in high-quality operating businesses at opportunistic valuations", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:00.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9436b5d-11e5-4389-9284-bcf869e26d37", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Core Hedging Principles", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:00.529+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9f617352-e645-45e6-b280-865675aec22f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 26, "type": "tension", "title": "Uses a table-like structure to frame historical performance as a failure of the target company.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 54, "componentCount": 7, "textChars": 672, "nDataPoints": 5, "notes": "Uses a table-like structure to frame historical performance as a failure of the target company.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:04.604+00", "seconds": 6.521, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/26", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-26", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "callout", "text": "During the last three bear markets, HHH and its former parent GGP suffered severe economic consequences", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc2e08ab-9262-47da-bc48-ef0a83379142", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "In contrast, during each of these bear markets, the Pershing Square Funds generated strong returns with the benefit of our hedging strategies which we outline in greater detail on the following page", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07b-5a481ce11d2e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "stock decline: 71%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07b-5df151147bd9", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.82 }, "kind": "paragraph", "text": "In contrast, during each of these bear markets, the Pershing Square Funds generated strong returns with the benefit of our hedging strategies which we outline in greater detail on the following page", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a2d8d25e-2ccd-411f-be24-3ddd9185f6c0", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "(1) Reflects share price decline from December 31, 2021 to September 30, 2022.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "afc166b4-a06d-41e7-a86c-79272c96fc7d", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.92, "x": 0.04, "y": 0.28 }, "kind": "table", "text": "Risk Factor vs HHH/GGP Performance table", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "80e5f73d-9076-4b91-83f7-e4de87dc960f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "HHH’s Exposure to Macroeconomic Risks", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ceeabaf7-2830-44bb-87df-d2e492d50865", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "50455fb3-0e07-4c60-adbf-bb31663068e1", "evidence": "Contrasts HHH's poor performance with Pershing Square's strong performance to highlight the target's weakness.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:04.604+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "contrast-principle" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 27, "type": "evidence", "title": "The slide highlights the efficacy of Pershing Square's hedging strategy as a counter-narrative to HHH/GGP's performance.", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "balanced", "densityScore": 33, "componentCount": 5, "textChars": 508, "nDataPoints": 12, "notes": "The slide highlights the efficacy of Pershing Square's hedging strategy as a counter-narrative to HHH/GGP's performance.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:03.452+00", "seconds": 5.305, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/27", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-27", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "callout", "text": "Pershing Square’s hedging strategy generated substantial gains during the same three bear markets when HHH/GGP suffered severe economic consequences", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84c10c63-dc8e-4b73-adf5-82f72d91ec73", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.85 }, "kind": "disclaimer", "text": "Note: The “Multiple of Capital” information is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square Funds...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fab23f47-c15d-402a-9d53-07d9e5b8cd64", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Multiple of Capital: 93.4x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07b-d65cbaaa95ff", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.9, "x": 0.05, "y": 0.26 }, "kind": "table", "text": "Risk Factor, Hedging Period, Hedging Instrument, Investment / Carrying Costs, Total Proceeds, Multiple of Capital", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "56b1c66a-f8d8-4631-ba7e-18319a8fa4e7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "Hedging Track Record During Critical Periods for HHH", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "49657c85-900a-4b5e-ae58-3b2958932ae1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "df5548a7-d340-4b73-8240-72eebf6208b0", "evidence": "Table structure comparing risk factors to financial outcomes", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 19:59:03.452+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "frameworkName": "evidence-matrix" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 28, "type": "setup", "title": "The slide emphasizes a long-term track record and unique informational advantages.", "function": "establish_context", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 8, "textChars": 931, "nDataPoints": 0, "notes": "The slide emphasizes a long-term track record and unique informational advantages.", "elementsJson": [ "headline_text", "bullet_list", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:03.265+00", "seconds": 4.91, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/28", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-28", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "callout", "text": "Pershing Square has developed a core competency over the last two decades in macroeconomic research and asymmetric hedging", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.265+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "533de277-3f06-4ccc-8a90-9f7ebf68e5ea", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Increasingly volatile macroeconomic and geopolitical environment creates opportunities for our asymmetric hedging strategy as well as risks for the company", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07b-32ee601a94f8", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.85, "x": 0.08, "y": 0.29 }, "kind": "list", "text": "Systematic research process with a dedicated team; Monitor aggregate macroeconomic data; Closely follow and track rapidly evolving geopolitical environment; Leverage insights from portfolio companies", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.265+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2034284f-1c12-42a2-bc86-a017dc67599a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.51 }, "kind": "list", "text": "Decades-long relationships and reputational equity built with derivative transaction counterparties", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.265+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "888195a4-314c-428a-8b07-7a300e3e18a0", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.08, "y": 0.67 }, "kind": "list", "text": "Substantial experience identifying, executing and trading asymmetric hedges over multiple market cycles", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.265+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a72495a-2b52-4b96-9d17-2ae75867eae8", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.08, "y": 0.6 }, "kind": "list", "text": "Expertise in negotiating ISDA and other counterparty agreements", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.265+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a88a0371-eca0-41ab-94ec-72e17d3f8867", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.78 }, "kind": "paragraph", "text": "Increasingly volatile macroeconomic and geopolitical environment creates opportunities for our asymmetric hedging strategy as well as risks for the company", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.265+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "99c283ce-10dc-482e-99ce-3a97db91245e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Differentiated Hedging Capabilities", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.265+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8b55aac-c51e-4cb1-82fc-6cb67ed61257", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "6ec9cd81-ee5c-4d46-8891-b508863bee36", "evidence": "list/bullet: Systematic research process with a dedicated team; Monitor aggregate macroeconomic data; Closely follow and track rapidly evolving geopolitical environment; Leverage insights from portfolio companies", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:25.765093+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Core Message Extraction", "slug": "core-message-extraction", "status": "active", "bestFor": "Any slide that carries an argument or finding. The diagnostic: if the slide has a chart on it, it needs a core message. Run extraction whenever the current title is a topic (Q3 performance, Customer satisfaction) rather than a claim, or when a reader could reasonably draw more than one conclusion from the visible evidence.", "canonId": "019dd956-bc71-707d-8867-1b2e810175cf", "version": 1, "bodyDocId": "f85613cb-4b77-462f-bfe6-3b862516e1a6", "description": "The discipline of distilling raw analysis, data, or content into a single declarative sentence — the slide's core message — that the audience would walk away with if they remembered nothing else. Process, not artefact: extraction questions run on the raw content until one sentence falls out.", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Architect", "layer": "slide", "agents": [ "Architect" ], "matchId": "0a7af08f-fa06-4b1b-9434-bbe31dc07bcc", "evidence": "callout: Increasingly volatile macroeconomic and geopolitical environment creates opportunities for our asymmetric hedging strategy as well as risks for the company", "pageRefs": null, "priority": null, "whenToUse": "Any slide that carries an argument or finding. The diagnostic: if the slide has a chart on it, it needs a core message. Run extraction whenever the current title is a topic (Q3 performance, Customer satisfaction) rather than a claim, or when a reader could reasonably draw more than one conclusion from the visible evidence.", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:25.802981+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "whyItWorks": "Solves the two failure modes of slide writing simultaneously: the topic title (which outsources interpretation to the audience and produces three different conclusions in three different heads) and the multi-thesis stapler (which exceeds working memory and gets remembered as fragments). Aligns with how readers actually consume decks — Heath & Heath's Find the Core, the journalist's nut graf, and Minto's governing thought all converge on the same cognitive economics.", "antipattern": "Topic titles disguised as core messages (Customer satisfaction, no verb, no stake); multi-thesis sentences stapled with and; hedged sentences (may show signs of possible softening); chart-caption titles (Revenue fell 4%) that restate what the chart already shows instead of naming the so-what; meta-commentary (this slide explores...) that describes the slide rather than concluding it.", "cardinality": null, "narrativePurpose": "Forces the slide author to do the interpretive work before the slide ships, so the audience does not have to do it during the meeting. Wins the WYSIATI battle on purpose — the loudest fragment on the page becomes the author's chosen sentence rather than whichever chart label happens to be largest." } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 29, "type": "appendix", "title": "The slide uses a 'Range of Engagement' vs 'Value Creation' structure to demonstrate historical impact.", "function": "illustrate_case", "rawType": "other", "block": null, "metadata": { "slideType": "other", "slideTypeCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-0af5-71ed-83de-d51ae245fc43", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "balanced", "densityScore": 41, "componentCount": 6, "textChars": 764, "nDataPoints": 0, "notes": "The slide uses a 'Range of Engagement' vs 'Value Creation' structure to demonstrate historical impact.", "elementsJson": [ "headline_text", "bullet_list", "logo_grid", "footnote" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:03.999+00", "seconds": 5.49, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/29", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-29", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Pershing Square has an extensive track record of working closely with portfolio companies on value creation initiatives and business transformations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07b-a4486204ce31", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.9 }, "kind": "disclaimer", "text": "Note: The companies on this page reflect all of the long position portfolio companies, as of December 31, 2024...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a419b0ea-4d07-44e9-8b86-0191c9067b65", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.53, "x": 0.43, "y": 0.35 }, "kind": "image", "text": "Grid of portfolio company logos with years of initial investment", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo grid", "slug": "logo-grid", "status": "active", "canonId": "019de52c-fdd7-7409-93e5-81280a8ca215", "version": 1, "description": null }, "framework": null }, "subkind": "logo-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "854565d6-9332-4957-b7b6-2eb166d2edb4", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.35, "x": 0.04, "y": 0.35 }, "kind": "list", "text": "Governance transformation; CEO & leadership recruitment; Operational improvement; Business re-organization and re-segmentation; Bankruptcy & financial restructurings; Capital markets transactions; Capital allocation optimization; Shareholder advocacy", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "da1f4551-2881-4e32-9dfe-5f2ce1a47437", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "paragraph", "text": "Pershing Square has an extensive track record of working closely with portfolio companies on value creation initiatives and business transformations", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "808e3752-ec03-4363-a9db-ba99d16cf453", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Long-Term Track Record of Value Creation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.999+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44013ce7-142d-41c7-a312-606947a2249a", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "List presentation", "slug": "list-presentation", "status": "active", "bestFor": null, "canonId": "019dd9e1-4ef7-777d-ba68-9074c2b3bcf1", "version": 1, "bodyDocId": null, "description": "Bulleted, numbered, or checklist enumerations.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "155680f0-b459-4fbf-a4ca-de143ea6b923", "evidence": "list/bullet: Governance transformation; CEO & leadership recruitment; Operational improvement; Business re-organization and re-segmentation; Bankruptcy & financial restructurings; Capital markets transactions; Capital al", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:16:25.878068+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 30, "type": "setup", "function": "summarize", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "balanced", "densityScore": 39, "componentCount": 5, "textChars": 828, "nDataPoints": 1, "notes": null, "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:04.45+00", "seconds": 5.752, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/30", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-30", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.85 }, "kind": "callout", "text": "Proof points: Privately negotiated acquisitions of large stakes in Restaurant Brands & Universal Music Group", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.45+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7722b464-b261-43b2-9840-c22dab7504cb", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.21 }, "kind": "callout", "text": "Due to its extensive transactional experience and reputational equity, Pershing Square is well-positioned to pursue privately negotiated control investments", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.45+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "be432140-0745-44c5-b412-2d047d27b9ce", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.85, "x": 0.07, "y": 0.33 }, "kind": "list", "text": "Substantial credibility with management teams, boards and shareholders\n133 years of combined public and private equity investing experience\nTrack record of successful turnarounds and business transformations\nPershing Square's reputational equity has compounded substantially over time", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.45+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "17f076b1-95be-4f4f-a4cf-5d485ea09e51", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.85, "x": 0.12, "y": 0.61 }, "kind": "list", "text": "Allows us to attract and retain the best talent to our firm and portfolio companies\nDeep long-term relationships with CEOs, board directors, important institutional investor groups, investment banks, lawyers and various other advisors", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.45+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "595e8513-8f2e-4181-91f2-479a9fd3ce5b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.89, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Expertise in Privately Negotiated Transactions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.45+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "33728f7d-26d7-45d3-9ecc-0c633045fd55", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Credibility Transfer", "slug": "credibility-transfer", "status": "active", "bestFor": null, "canonId": "019dd956-bd34-759a-8e3b-2f14b571a2a1", "version": 1, "bodyDocId": null, "description": "Borrowing authority from trusted sources or vivid details", "familyLabel": null, "categoryName": "Slide", "categorySlug": "slide" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "f6d2624c-84b2-4da7-96c7-cc2215029b07", "evidence": "callout/primary: Due to its extensive transactional experience and reputational equity, Pershing Square is well-positioned to pursue privately negotiated control investments", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 23:16:25.954356+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 31, "type": "setup", "title": "The slide uses a mix of bullet points and nested sub-bullets to detail specific Pershing Square vehicles (PSH, PSTH, SPARC).", "function": "summarize", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 82, "componentCount": 10, "textChars": 1116, "nDataPoints": 4, "notes": "The slide uses a mix of bullet points and nested sub-bullets to detail specific Pershing Square vehicles (PSH, PSTH, SPARC).", "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:07.249+00", "seconds": 8.439, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/31", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-31", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.19 }, "kind": "callout", "text": "HHH’s access to public and private capital will improve substantially by virtue of Pershing Square’s investment in and leadership of HHH", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:07.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "72a72af5-1d88-4def-8364-05eb23d54a96", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.06, "y": 0.42 }, "kind": "list", "text": "Broad retail investor following (Bill has more than 1.66 million Twitter / X followers)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:07.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1d7aab0d-b855-441c-92b8-0c37156d88ce", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.06, "y": 0.5 }, "kind": "list", "text": "Long-term track record in raising equity and debt capital in public vehicles:", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:07.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "431d0235-33f5-4167-85d8-6c833538923d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.88, "x": 0.1, "y": 0.77 }, "kind": "list", "text": "Pershing Square SPARC Holdings, Ltd., a highly flexible and unique public acquisition company", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:07.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a090319-a913-487d-9b3e-ca3fe39cdc3a", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.88, "x": 0.1, "y": 0.56 }, "kind": "list", "text": "Pershing Square Holdings, Ltd. (\"PSH\"), the largest permanent capital hedge fund in the world, which currently has $16.1 billion in assets and $2.3 billion in investment grade bonds outstanding (S&P BBB+ rated with positive outlook)(1)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:07.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "abe8cc6d-3a7d-476e-af34-1ca99770d390", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.06, "y": 0.31 }, "kind": "list", "text": "Decades-long relationships with wide array of institutional investors including sovereign wealth funds, pension funds, insurance companies, and family offices", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:07.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ed11f067-759a-4465-8d1e-945ca169f841", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.88, "x": 0.1, "y": 0.68 }, "kind": "list", "text": "Pershing Square Tontine Holdings (\"PSTH\"), the largest SPAC ever, which we took public in a $4 billion IPO during the Covid 19 crisis", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:07.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f1a1eec9-8191-48f7-ad52-36f7d0f3a126", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.88, "x": 0.06, "y": 0.84 }, "kind": "list", "text": "Additionally, Pershing Square has raised over $4 billion of equity capital through seven co-investment, special purpose vehicles", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:07.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9c27e45-9e75-4e38-9419-30550d1b784e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.25, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "(1) All market data as of January 31, 2025.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:07.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a3a29e7-7e8a-44d4-9941-05665166372f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Improved Access to Capital", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:07.249+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "af7c6bf0-ea53-4b57-8e27-f8eea4ea80f1", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "059ac8ce-66c7-4dd5-9bb1-b49a597c7560", "evidence": "list/bullet: Pershing Square Holdings, Ltd. (\"PSH\"), the largest permanent capital hedge fund in the world, which currently has $16.1 billion in assets and $2.3 billion in investment grade bonds outstanding (S&P BBB+ rat", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:26.030302+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 32, "type": "setup", "title": "The timeline uses color-coded dots (green for equity, blue for debt) to distinguish transaction types.", "function": "summarize", "rawType": "timeline", "block": null, "metadata": { "slideType": "timeline", "slideTypeCanon": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-0851-75eb-b758-ea2965e7739a", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "sparse", "densityScore": 16, "componentCount": 4, "textChars": 83, "nDataPoints": 8, "notes": "The timeline uses color-coded dots (green for equity, blue for debt) to distinguish transaction types.", "elementsJson": [ "headline_text", "timeline_visual" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:01.495+00", "seconds": 2.613, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/32", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-32", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.7, "w": 0.85, "x": 0.08, "y": 0.2 }, "kind": "diagram", "text": "Chronological list of transactions", "attrs": null, "canon": { "kind": { "name": "Diagram", "slug": "diagram", "status": "active", "canonId": "019de52c-f9f0-734a-81de-15382ff28c65", "version": 1, "description": "Schematic or relational diagram." }, "tool": null, "subkind": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-03c5-73fc-84aa-4180cbf0f5cf", "version": 1, "description": null }, "framework": null }, "subkind": "timeline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:01.495+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b931b03e-c177-42cc-8000-b2ecbedb286c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.06, "x": 0.8, "y": 0.16 }, "kind": "other", "text": "Equity", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:01.495+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a246e918-57dc-4147-8e95-8071528de307", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.06, "x": 0.88, "y": 0.16 }, "kind": "other", "text": "Debt", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:01.495+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ada098b0-5892-4c02-9705-a569952b1754", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Innovative Capital Markets Transactions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:01.495+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ffe4ef1e-1901-4d77-9acb-9d4726c0c698", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "94f0bf59-2450-4037-a5d4-a45e93bc656c", "evidence": "Chronological presentation of events", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 19:59:01.495+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "timeline" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 33, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 4, "componentCount": 2, "textChars": 81, "nDataPoints": 0, "notes": null, "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:01.228+00", "seconds": 2.191, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/33", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-33", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.015, "w": 0.228, "x": 0.5, "y": 0.038 }, "kind": "other", "text": "For more hedge fund materials, visit https://www.10xebitda.com/", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:01.228+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "554444f1-2e9c-4aa7-9282-b071c6a5bbe3", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.303, "x": 0.537, "y": 0.437 }, "kind": "title", "text": "Services Agreement", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:01.228+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f4cb001b-56d6-4a62-87e2-d2187e1934a4", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "dd93dd17-c7b5-4205-9e26-bcd48e840ba9", "evidence": "title/headline: Services Agreement", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:16:26.145982+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 33, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 34, "type": "setup", "function": "propose_solution", "rawType": "propose_solution", "block": null, "metadata": { "slideType": "propose_solution", "slideTypeCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-1274-703c-81c6-5550f451697b", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "dense", "densityScore": 55, "componentCount": 6, "textChars": 1111, "nDataPoints": 4, "notes": null, "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:02.028+00", "seconds": 2.921, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/34", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-34", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.19 }, "kind": "callout", "text": "HHH will benefit from Pershing Square’s entire organizational team and best-in-class advisory and management capabilities through an evergreen Services Agreement", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c999888-6f32-4fd1-93cb-848daf22db38", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Other than third-party transaction costs, HHH will not incur any additional fees or compensation expenses beyond the 1.5% fee by entering into the Services Agreement with Pershing Square", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07b-ea61a6f46469", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.88, "x": 0.07, "y": 0.3 }, "kind": "list", "text": "In consideration for services rendered, Pershing Square will receive a fee of 1.5% per annum of the equity market capitalization of HHH (common & preferred), paid quarterly. No promote, performance allocation or other performance-based fees. Substantial discount to Pershing Square Funds' fee arrangement of 1.5% management fees and 16% to 20% performance fees. Pershing Square team will not receive any cash/stock compensation as employees of HHH. Services Agreement will be subject to termination for cause with customary cure rights.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "086b79a7-f137-4213-9ac9-657ffab4e742", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "management fee: 1.5%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:31+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07b-ed659cf140b6", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.84 }, "kind": "paragraph", "text": "Other than third-party transaction costs, HHH will not incur any additional fees or compensation expenses beyond the 1.5% fee by entering into the Services Agreement with Pershing Square", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6c5d54a7-2dc9-44c6-b43d-252aba9f25ad", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.45, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "HHH Services Agreement", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.028+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2d597b12-4ffc-45c5-a954-e4a212a8af01", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 35, "type": "setup", "title": "Addresses a potential critique regarding compensation structure.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 57, "componentCount": 7, "textChars": 1030, "nDataPoints": 0, "notes": "Addresses a potential critique regarding compensation structure.", "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:02.527+00", "seconds": 3.358, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/35", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-35", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "callout", "text": "Question: Why does the Services Agreement contemplate a 1.5% advisory fee rather than paying the new management team with a more typical cash and stock compensation construct used by most operating businesses?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3537e034-d64e-437e-9833-23af8cbb3e0f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.88, "x": 0.07, "y": 0.36 }, "kind": "list", "text": "Under their existing commercial arrangements with Pershing Square HoldCo, Pershing Square employees cannot take direct compensation as employees of other companies", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0392127f-259d-4e98-b672-ea680fc408e9", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.83, "x": 0.12, "y": 0.45 }, "kind": "list", "text": "Any consideration paid by HHH in exchange for the leadership and resources of Pershing Square employees must be in the form of fees paid to Pershing Square, rather than compensation paid directly to its employees", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f710874-007e-4e60-85b8-e3472c055e42", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.88, "x": 0.07, "y": 0.59 }, "kind": "list", "text": "HHH receives access to the full Pershing Square team and organizational resources", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "735c223b-7617-4235-98a1-17f50980b9c7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.83, "x": 0.12, "y": 0.65 }, "kind": "list", "text": "Replicating the entire Pershing Square team and organization would cost HHH vastly more than the proposed 1.5% advisory fee", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d70d8c5-255d-4e31-9ae4-daf382c7c2c3", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.83, "x": 0.12, "y": 0.74 }, "kind": "list", "text": "Proposed advisory-fee-only construct is one of the lowest-cost fee structures in private equity and public alternatives, and represents a substantial discount to the fees charged by the current Pershing Square Funds", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a4171b89-3e91-4bed-bf74-4b8bc06db243", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.45, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Rationale for Fee Construct", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.527+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3cd51d3c-44c1-4db8-bbb4-ddb143889372", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 36, "type": "setup", "title": "Uses a contrast-based framework to highlight HHH's superior fee and governance structure compared to standard PE.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 28, "componentCount": 5, "textChars": 413, "nDataPoints": 4, "notes": "Uses a contrast-based framework to highlight HHH's superior fee and governance structure compared to standard PE.", "elementsJson": [ "headline_text", "logo_grid", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:01.468+00", "seconds": 2.176, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/36", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-36", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "HHH Services Agreement advisory fee is at the lower end of the private equity fee range with no additional monitoring or other transaction fees", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07c-4587fd3ec828", "parentComponentId": null }, { "bbox": null, "kind": "framework", "text": "Comparison of PE industry standards vs HHH specific terms.", "attrs": null, "canon": { "kind": { "name": "Framework", "slug": "framework", "status": "active", "canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa", "version": 1, "description": "Named conceptual framework instance." }, "tool": null, "subkind": { "name": "Framework instance", "slug": "instance", "status": "active", "canonId": "019de52d-05a2-72af-be0b-7edc60708a03", "version": 1, "description": null }, "framework": null }, "subkind": "instance", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:01.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "84543f60-833c-4cd8-bdee-d598291512ec", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.25, "y": 0.18 }, "kind": "image", "text": "Blackstone, KKR, TPG, General Atlantic, Apollo, Carlyle, Bain Capital", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo grid", "slug": "logo-grid", "status": "active", "canonId": "019de52c-fdd7-7409-93e5-81280a8ca215", "version": 1, "description": null }, "framework": null }, "subkind": "logo-grid", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:01.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9237bc32-ebae-4114-a612-b7b3cd585d15", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "table", "text": "Comparison table showing Management Fees, Performance Fees, Liquidity, and Governance for PE vs HHH.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:01.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45fbaec7-f330-47cd-9d18-13067c559617", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Fee Comparables: Traditional Private Equity", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:01.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "439fa959-09f4-4a81-a2ae-f9a5421ff9d5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "727b4c4d-8134-4c4f-8855-e4bc1e0f041a", "evidence": "Direct side-by-side comparison of industry norms vs subject company.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 19:59:01.468+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 36, "frameworkName": "comparison-frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 37, "type": "setup", "title": "The slide uses a comparison frame to establish a precedent for sponsor ownership stakes.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 47, "componentCount": 6, "textChars": 734, "nDataPoints": 9, "notes": "The slide uses a comparison frame to establish a precedent for sponsor ownership stakes.", "elementsJson": [ "headline_text", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:02.612+00", "seconds": 3.096, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/37", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-37", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.8 }, "kind": "callout", "text": "Similar to Pershing Square's large ownership interest in HHH post-transaction, Brookfield Corporation (NYSE: BN), the sponsor, holds large ownership stakes in BIP, BEP, and BBU", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfb96342-ecd4-4ec0-ba04-762072d22a1b", "parentComponentId": null }, { "bbox": { "h": 0.3, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "list", "text": "Brookfield Infrastructure Partners (BIP): $26B Cap, 26% Ownership, 2008. Brookfield Renewable Energy Partners (BEP): $17B Cap, 46% Ownership, 2011. Brookfield Business Partners (BBU): $5B Cap, 66% Ownership, 2016.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Comparison list", "slug": "comparison", "status": "active", "canonId": "019de52c-fce7-733e-99d3-030a104727bf", "version": 1, "description": null }, "framework": null }, "subkind": "comparison", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfec33da-4dc3-4ecd-b40d-e87158ecf93e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "BN Ownership: 66%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07c-a5447d843a66", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.19 }, "kind": "paragraph", "text": "Brookfield sponsors three large-scale, NYSE-listed alternative investment vehicles with evergreen master service agreements", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6841a659-107d-4dc1-bbd5-b57c9ef4add9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "Source: BIP, BEP, BBU, BN Quarterly Filings as of December 31, 2024. BIP, BEP and BBU capitalization figures reflect average quarterly capitalization over 2024.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4869b2a-fb0a-4169-8754-6bbb0536f050", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Fee Comparables: Brookfield's Listed Entities", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "44d55880-b67a-4ea6-a039-83e902ff5bfb", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e1c53757-e35c-4dec-bdcb-fef36509aa9b", "evidence": "Compares Brookfield entities to Pershing Square to justify ownership structure.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:02.612+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "frameworkName": "comparison-frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 38, "type": "setup", "title": "The slide highlights the fee structure differences between Brookfield's standard entities and HHH, specifically noting HHH's lack of performance fees.", "function": "compare_peers", "rawType": "comparison_table", "block": null, "metadata": { "slideType": "comparison_table", "slideTypeCanon": { "name": "Comparison table", "slug": "comparison_table", "status": "active", "canonId": "019de52d-0a06-73f8-8813-fe022fab1de2", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 8, "textChars": 898, "nDataPoints": 8, "notes": "The slide highlights the fee structure differences between Brookfield's standard entities and HHH, specifically noting HHH's lack of performance fees.", "elementsJson": [ "headline_text", "bullet_list", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:02.464+00", "seconds": 2.905, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/38", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-38", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "HHH advisory fee is calculated as a percentage of equity market capitalization rather than a percentage of total capitalization (1.50% of HHH's equity market capitalization equates to ~1.15% of HHH total capitalization by Brookfield's definition(1))", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07c-7026921499f6", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.7, "x": 0.25, "y": 0.5 }, "kind": "list", "text": "BIP & BEP: 15% to 25% incentive payments... BBU: Incentive payment equivalent to 20% of the growth... HHH Services Agreement has no performance / promote fees", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ccdb169-0e1b-4822-acbb-53e8b26d3bf8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.25, "y": 0.8 }, "kind": "list", "text": "Daily liquidity: Like the Brookfield entities, post-transaction HHH will maintain its NYSE listing", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2fba464-4e8a-4bcf-8a9f-44d3c8e68816", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.7, "x": 0.25, "y": 0.2 }, "kind": "list", "text": "BIP & BBU: 1.25% per annum of total capitalization... BEP: A fixed, inflation-linked fee... HHH advisory fee is calculated as a percentage of equity market capitalization...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f38bcfc1-0c8e-4c14-af4d-023d08eae018", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "management fee: 1.25%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07c-76694cc325be", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.3, "x": 0.05, "y": 0.93 }, "kind": "source-note", "text": "Source: BIP, BEP, BBU, BN Quarterly Filings as of December 31, 2024. (1) Assumes a $90 share price.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d78fe036-34a8-4e7c-a936-fb29a1f66e37", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.9, "x": 0.05, "y": 0.18 }, "kind": "table", "text": "Management / Advisory Fees, Performance Fees, Liquidity", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4ea29ab-207e-446c-b2c0-4048095262a8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Fee Comparables: Brookfield's Listed Entities", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9547c143-ce72-4ec9-a91e-aab45a1ad94c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 39, "type": "setup", "title": "The slide uses a comparison table to justify a lower fee ratio for the proposed HHH entity.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 37, "componentCount": 5, "textChars": 580, "nDataPoints": 48, "notes": "The slide uses a comparison table to justify a lower fee ratio for the proposed HHH entity.", "elementsJson": [ "headline_text", "comparison_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:02.981+00", "seconds": 3.395, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/39", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-39", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.92, "x": 0.04, "y": 0.83 }, "kind": "callout", "text": "As a percentage of equity market capitalization, HHH's proposed \"all-in\" fee ratio of 1.5% is ~120bps lower than BIP's total fee ratio and ~50bps lower than BEP's and BBU's total fee ratios", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a1337b8a-4d64-415f-b9eb-bff3de105f75", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Fees: 1.5%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07c-5c490c5f5c09", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: BIP, BEP, BBU, BN Quarterly Filings as of December 31, 2024. (1) For BIP, BEP and BBU capitalization figures reflect average quarterly capitalization over 2024. For HHH, capitalization figures assume a $90 share price and $900 million primary issuance of common stock.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86d5eac6-fc8f-4a04-a579-bf7130e83095", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.86, "x": 0.07, "y": 0.2 }, "kind": "table", "text": "Capitalization and Fee data for BIP, BEP, BBU, and HHH", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "018263f4-49e3-4ac2-8cc8-72bf84814971", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Fee Comparables: Brookfield's Listed Entities", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "45ea09a0-c026-4bd5-acae-dc4b7ae2ba3b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "98594db8-c60c-4c37-89bb-2800f25dac8f", "evidence": "Compares fee structures of target entities against a benchmark to justify a lower fee.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:02.981+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "comparison-frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 40, "type": "setup", "title": "The slide uses a contrast-based layout to highlight the competitive advantages of the HHH Services Agreement (no performance fees, no upfront commissions, daily", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 4, "textChars": 422, "nDataPoints": 8, "notes": "The slide uses a contrast-based layout to highlight the competitive advantages of the HHH Services Agreement (no performance fees, no upfront commissions, daily liquidity).", "elementsJson": [ "headline_text", "logo_grid", "comparison_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:02.298+00", "seconds": 2.632, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/40", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-40", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "HHH Services Agreement advisory fee is in-line with non-traded REITs with no additional upfront commissions or stockholder servicing fees", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07c-89ec0e0d76bd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.04, "y": 0.9 }, "kind": "source-note", "text": "Source: BREIT, SREIT, KREST Fact Sheets. NAV as of December 31, 2024 for BREIT & KREST and as of November 30, 2024 for SREIT.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a8236b8-e693-4d6f-b21c-805dc6fa7f57", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "table", "text": "Comparison of Management Fees, Performance Fees, and Liquidity between BREIT/SREIT/KREST and HHH Services Agreement.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b35c022-a766-4ee9-8a50-58c6b7f19b0a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Fee Comparables: Non-Traded, Perpetual REITs", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e10c729-4e21-4e16-ba2a-9192feab9c3f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "6caf494d-303c-4805-8a61-c9598fdeac94", "evidence": "Direct comparison of industry peers against a specific subject to highlight advantages.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:02.298+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "comparison-frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 41, "type": "setup", "title": "The slide highlights the total fee burden as a percentage of average NAV.", "function": "quantify_opportunity", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "balanced", "densityScore": 31, "componentCount": 5, "textChars": 427, "nDataPoints": 12, "notes": "The slide highlights the total fee burden as a percentage of average NAV.", "elementsJson": [ "headline_text", "callout_box", "kpi_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:14.272+00", "seconds": 14.582, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/41", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-41", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.11, "w": 0.92, "x": 0.04, "y": 0.19 }, "kind": "callout", "text": "In a hypothetical year where BREIT generates a target return of 12.0%, we estimate an investor would pay an “all-in” fee ratio, including both management fees plus performance fees, of 2.7% of NAV", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:14.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5089fcd0-52c2-4375-a36e-53f267e3f846", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Total Fees: 2.7%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07c-fdbf70ff9bca", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "Source: Illustrative calculation based on BREIT Prospectus and Fact Sheets as of December 31, 2024", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:14.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31a24e1e-45b6-4027-95cc-9f189e48d7b1", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.4, "x": 0.3, "y": 0.36 }, "kind": "table", "text": "Illustrative BREIT Fee Calculation | Assuming $100 Beginning NAV per Share", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:14.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "77574047-7eaa-4046-a378-91f0777bda69", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Fee Comparables: Illustrative BREIT Example", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:14.272+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ce6bd03-51a7-4ef3-8b6c-81119e6dc049", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 42, "type": "setup", "title": "The slide uses a contrast-based layout to highlight the competitive advantages of the HHH Services Agreement (no performance fees, daily liquidity).", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 5, "textChars": 378, "nDataPoints": 10, "notes": "The slide uses a contrast-based layout to highlight the competitive advantages of the HHH Services Agreement (no performance fees, daily liquidity).", "elementsJson": [ "headline_text", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:03.032+00", "seconds": 3.167, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/42", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-42", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "HHH Services Agreement advisory fee is in-line with non-traded private equity vehicles with no additional servicing fees", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07c-c9a02bcd0637", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Management / Advisory Fees", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07c-cd5bd4a80090", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "Source: BXPE, K-PRIME Fact Sheets. NAV as of November 30, 2024.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a7a6d37-873a-4849-a323-f663aa52eaf9", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.9, "x": 0.05, "y": 0.2 }, "kind": "table", "text": "Comparison matrix of Examples, Management Fees, Performance Fees, and Liquidity for K-PRIME, BXPE, and HHH.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7037aefa-f265-41c9-85af-8a9f2f68affd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "Fee Comparables: Non-Traded, Perpetual Private Equity Vehicles", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ecb496b1-89e9-4e8c-9161-ea1854c9fb31", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9649ad3c-8495-4281-93cd-34adc59eda31", "evidence": "Direct comparison of fee structures and liquidity terms between subject and peers.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:03.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "comparison-frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 43, "type": "setup", "title": "The slide uses a table to break down fee attribution by shareholder group, highlighting that only 52% of fees are truly incremental.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 80, "componentCount": 9, "textChars": 1052, "nDataPoints": 20, "notes": "The slide uses a table to break down fee attribution by shareholder group, highlighting that only 52% of fees are truly incremental.", "elementsJson": [ "headline_text", "callout_box", "data_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:08.412+00", "seconds": 8.49, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/43", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-43", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "callout", "text": "Pershing Square HoldCo effectively derives incremental fees only from the portion of HHH shares in the free float (52% of total shares)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:08.412+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68873379-d4c3-40b7-9e6a-67d959e7e6f0", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "$42 million in incremental fees represents ~0.8% of HHH's equity market capitalization post-transaction (at $90 per share)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07d-1251b3ab4176", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "incremental fees: $42 million", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07d-174dc48f20ce", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.65, "y": 0.032 }, "kind": "paragraph", "text": "Reflects fees that Pershing Square HoldCo effectively pays to itself on its own investment in HHH", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:08.412+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21e6252e-ab0c-45b0-9192-2c99637dba0d", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.3, "x": 0.65, "y": 0.045 }, "kind": "paragraph", "text": "Pershing Square Funds will waive any management fees associated with HHH shares they own post-transaction to avoid charging our clients duplicative fees", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:08.412+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d6bf478-b7ef-4849-afab-57346a6cc283", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.3, "x": 0.65, "y": 0.065 }, "kind": "paragraph", "text": "Reflects, effectively, the only incremental fees Pershing Square receives from its Services Agreement with HHH. $42 million in incremental fees represents ~0.8% of HHH's equity market capitalization post-transaction (at $90 per share)", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:08.412+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63ad0f22-b4b0-482a-bf5c-8e0e2e32fe56", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.88 }, "kind": "source-note", "text": "Note: Advisory fees shown in the table above are calculated assuming a $90 per share transaction price.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:08.412+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d5f72a11-ea77-4ddd-be06-02657ef81a36", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.35, "x": 0.25, "y": 0.35 }, "kind": "table", "text": "Illustrative Run-Rate Advisory Fees table showing Shares, Market Cap, Fees, and % of Total for HoldCo, Funds, Group, and Public Float.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:08.412+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d6166774-ba62-4cbf-9756-fc11427154cd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "Pershing Square's Incremental Fees are Limited", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:08.412+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a07c3271-3ad1-40c0-bb13-0601b79d0cc1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "2d39c84a-e35b-441c-858c-3a6e77254ac6", "evidence": "The slide explicitly addresses potential concerns about fee extraction by breaking down the fee structure to show that most is internal or waived.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:08.412+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 44, "type": "tension", "title": "The slide uses a green callout box to highlight the core strategic question.", "function": "frame_problem", "rawType": "problem_statement", "block": null, "metadata": { "slideType": "problem_statement", "slideTypeCanon": { "name": "Problem statement", "slug": "problem_statement", "status": "active", "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4", "version": 1, "description": null }, "function": "frame_problem", "functionCanon": { "name": "Frame problem", "slug": "frame_problem", "status": "active", "canonId": "019de52d-13db-753e-ad70-e9b2d0dab398", "version": 1, "description": null }, "density": "balanced", "densityScore": 29, "componentCount": 4, "textChars": 652, "nDataPoints": 1, "notes": "The slide uses a green callout box to highlight the core strategic question.", "elementsJson": [ "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:02.257+00", "seconds": 2.064, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/44", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-44", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.288, "w": 0.726, "x": 0.137, "y": 0.309 }, "kind": "callout", "text": "The question the Board needs to answer is: Will the addition of the Pershing Square team, its investment expertise and hedging capabilities, along with a change in business strategy to a diversified holding company model deliver at least 150 bps of annual excess equity return for HHH shareholders?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.257+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf1497d4-a1c9-4093-8733-921ee161fe1a", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Will the addition of the Pershing Square team, its investment expertise and hedging capabilities, along with a change in business strategy to a diversified holding company model deliver at least 150 bps of annual excess equity return for HHH shareholders?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07c-bb6d59de10be", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "annual excess equity return: 150 bps", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07c-bdb5fb6b6304", "parentComponentId": null }, { "bbox": { "h": 0.024, "w": 0.426, "x": 0.509, "y": 0.038 }, "kind": "other", "text": "For more hedge fund materials, visit https://www.10xebitda.com/", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.257+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d11a0bba-38e2-4c57-a2a2-ded9a40c1c76", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 45, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 4, "componentCount": 2, "textChars": 87, "nDataPoints": 0, "notes": null, "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:02.553+00", "seconds": 2.223, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/45", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-45", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.42, "x": 0.5, "y": 0.04 }, "kind": "other", "text": "For more hedge fund materials, visit https://www.10xebitda.com/", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7823d33b-0f82-40dc-8c00-c6d92a1bcd3a", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.548, "x": 0.452, "y": 0.435 }, "kind": "title", "text": "Valuation Considerations", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:02.553+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55406a89-f3fa-4dbb-8625-cfb6fc07aaee", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 46, "type": "analysis", "title": "The chart illustrates volatility in REIT valuations relative to NAV over a 21-year period.", "function": "analyze_data", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "balanced", "densityScore": 25, "componentCount": 5, "textChars": 373, "nDataPoints": 1, "notes": "The chart illustrates volatility in REIT valuations relative to NAV over a 21-year period.", "elementsJson": [ "headline_text", "callout_box", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:03+00", "seconds": 2.646, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/46", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-46", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.92, "x": 0.04, "y": 0.19 }, "kind": "callout", "text": "Publicly-traded REITs have historically traded in-line with Green Street's estimates of their NAV", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "61a565c1-eb81-4475-85b0-2dd9253d7bd5", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.92, "x": 0.04, "y": 0.32 }, "kind": "chart", "text": "Historical Share Price Premium / (Discount) to Green Street NAV (2/6/2004 to 2/7/2025)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8a84b00b-7cdb-433b-b7e3-958b1cd01c2b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Premium / (Discount) to Green Street NAV", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07c-e6c192cb6764", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.5, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: Green Street (Equal weighted average reflects all publicly traded REITs in Green Street's coverage)", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fbd987af-1585-45b8-b0fd-28a28295856d", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.45, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "REITs' Historical Premium / Discount to NAV", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0afbfdbd-b810-44e9-ad6c-d1f934766d62", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 47, "type": "tension", "title": "The slide uses a dot-plot style visualization to compare two data series over time.", "function": "expose_gap", "rawType": "valuation_reveal", "block": null, "metadata": { "slideType": "valuation_reveal", "slideTypeCanon": { "name": "Valuation reveal", "slug": "valuation_reveal", "status": "active", "canonId": "019de52d-11ad-7735-8b3c-1701af31f382", "version": 1, "description": null }, "function": "expose_gap", "functionCanon": { "name": "Expose gap", "slug": "expose_gap", "status": "active", "canonId": "019de52d-1795-772d-8f3a-75ccfb93fe58", "version": 1, "description": null }, "density": "balanced", "densityScore": 37, "componentCount": 6, "textChars": 409, "nDataPoints": 8, "notes": "The slide uses a dot-plot style visualization to compare two data series over time.", "elementsJson": [ "headline_text", "callout_box", "scatter_plot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:03.093+00", "seconds": 2.525, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/47", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-47", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.2 }, "kind": "callout", "text": "HHH has historically traded at a ~40% discount to its Investor Day NAV", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf380089-5cef-4f57-b6d6-9d76cbc2ecd8", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.9, "x": 0.05, "y": 0.32 }, "kind": "chart", "text": "Historical Investor Day NAV Estimates & Share Prices", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Dot plot", "slug": "dot", "status": "active", "canonId": "019de52d-0235-738b-bd2b-78f8e24d7cb0", "version": 1, "description": null }, "framework": null }, "subkind": "dot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7df2fef4-9373-49b3-a715-000ff5bdd942", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "disclaimer", "text": "(1) Share price date corresponds to valuation date of NAV estimate (i.e. 3/31/2021 for 2021 Investor Day NAV, 3/31/2022 for 2022 Investor Day NAV & 6/30/2023 for 2023 Investor Day NAV)", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "23f95cdf-8db5-42de-9244-926f384b8a5b", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.25, "x": 0.65, "y": 0.35 }, "kind": "legend", "text": "Investor Day NAV Estimate; Share Price", "attrs": null, "canon": { "kind": { "name": "Legend", "slug": "legend", "status": "active", "canonId": "31361933-3d22-4c70-bbad-0801e9fffc0c", "version": 1, "description": "Color/symbol decoder placed adjacent to a chart or diagram." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39a2968a-1c76-4394-98f9-d1de83a5e386", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Discount to NAV: ~40%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07d-2a8c1c7ead69", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.04, "y": 0.08 }, "kind": "title", "text": "HHH Historical Trading Discount to NAV, Why?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21319e8a-0a96-4bc1-a2f1-db9b67ba911c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "87342f8e-3168-435c-9c2a-7755cfed38da", "evidence": "Comparing NAV estimates to market share prices to highlight valuation gap", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:03.093+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 47, "frameworkName": "comparison-frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 48, "type": "setup", "title": "The slide uses a contrast-based argument to invalidate a common valuation metric.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "dense", "densityScore": 70, "componentCount": 8, "textChars": 1097, "nDataPoints": 1, "notes": "The slide uses a contrast-based argument to invalidate a common valuation metric.", "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:04.142+00", "seconds": 3.361, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/48", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-48", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.2 }, "kind": "callout", "text": "While NAV is an interesting valuation metric for the company to track over time, it is not an appropriate transaction benchmark for HHH", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34eb7f41-9b30-4506-bdbf-aa609261eeb0", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.85, "x": 0.11, "y": 0.79 }, "kind": "list", "text": "HHH is a tax-paying C-Corporation which has a low tax basis in its assets, which makes asset sales not viable", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "02a9463a-5373-4770-b667-99afa3332d65", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.07, "y": 0.43 }, "kind": "list", "text": "In contrast, HHH is a going concern without the potential for short-term, tax-free NAV value monetization", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b4f24fc-a9dd-4cb8-a193-248c5eb78140", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.07, "y": 0.33 }, "kind": "list", "text": "NAV is a relevant valuation construct for tax-free vehicles which own marketable assets that can be liquidated in a short period of time (e.g., REITs)", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "38131145-ef2a-4d7b-8ff0-10b30af4510d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.11, "y": 0.7 }, "kind": "list", "text": "Similarly, if HHH were to divest some or all of its operating assets, it would greatly diminish the company’s control over its MPCs, forfeit long-term growth benefits from densification and destroy intrinsic value", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a32a0190-cd7d-4b77-a2b2-6d36b36f67ee", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.11, "y": 0.61 }, "kind": "list", "text": "No market exists to sell the entirety of HHH’s land in bulk, and even if such a market were to exist, any transaction would be at a substantial discount to the land’s NAV value", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ba815412-4631-45cb-a53e-4ecf50a4e8b9", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.85, "x": 0.11, "y": 0.52 }, "kind": "list", "text": "In NAV calculations, HHH’s land (2/3 of NAV) is typically marked at most recent sale prices or as a present-value calculation of cash flows over a multi-decade period", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c8b67e41-942a-4861-904e-c4d1eb8262c7", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "NAV is Not An Appropriate Benchmark for HHH", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c09ab5a-0f35-44ad-b522-091f5ec0d793", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "3d5acd1c-61bb-45f7-a5b6-8f0a8d04972e", "evidence": "Contrasts HHH against REITs to invalidate NAV as a benchmark.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:04.142+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 48, "frameworkName": "comparison-frame" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 49, "type": "tension", "function": "diagnose_problem", "rawType": "problem_statement", "block": null, "metadata": { "slideType": "problem_statement", "slideTypeCanon": { "name": "Problem statement", "slug": "problem_statement", "status": "active", "canonId": "019de52d-0879-768d-bba8-8da8a5a121d4", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "balanced", "densityScore": 34, "componentCount": 6, "textChars": 545, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:04.13+00", "seconds": 3.172, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/49", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-49", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.2 }, "kind": "callout", "text": "As a standalone MPC company, HHH has a limited natural public shareholder base", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c59bd8c8-291d-498d-861d-d96f4989cb0e", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.89, "x": 0.07, "y": 0.43 }, "kind": "list", "text": "Complicated business to underwrite for traditional real estate investors", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82842ad2-e039-4030-bd41-0e1e0c90c9c7", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.85, "x": 0.11, "y": 0.49 }, "kind": "list", "text": "Multiple asset classes (land bank, office, retail, multi-family)\nMultiple geographies\nInherent lumpiness and quarter-to-quarter variability in free cash flow generation\nDevelopment-centric business model\nLow tax basis", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8d298e07-0423-4f17-b125-375602d4919c", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.89, "x": 0.07, "y": 0.35 }, "kind": "list", "text": "Small-cap, real estate company with a C-Corp, rather than a REIT, corporate structure", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8e9c49af-e7f4-4914-812a-ad25882f76ca", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.89, "x": 0.07, "y": 0.83 }, "kind": "list", "text": "Significant vulnerability to macroeconomic risks", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3a8de08-1f38-4ac3-86d2-8fc1be6baefc", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Limited Investor Base as a Standalone Company", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.13+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb3eec77-042f-4660-a108-988d004fc168", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 50, "type": "setup", "title": "The slide uses a 'preempt_rebuttal' structure to argue that the company has no viable alternatives if the activist's proposal is rejected.", "function": "preempt_rebuttal", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "preempt_rebuttal", "functionCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-18ab-7479-9a7e-820a2f03586a", "version": 1, "description": null }, "density": "balanced", "densityScore": 28, "componentCount": 5, "textChars": 597, "nDataPoints": 0, "notes": "The slide uses a 'preempt_rebuttal' structure to argue that the company has no viable alternatives if the activist's proposal is rejected.", "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:04.098+00", "seconds": 2.659, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/50", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-50", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.21 }, "kind": "callout", "text": "We believe HHH’s challenges in realizing a fair valuation in the public markets will persist if it maintains its current path", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b2516b9e-d722-4cab-a6f2-bf5c1b2c0797", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.82 }, "kind": "callout", "text": "If this proposed transaction fails, we expect investors would correctly conclude there is no potential future strategic alternative for the company", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e1cde240-96d5-49ab-b91a-c785020067f9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.83, "x": 0.13, "y": 0.51 }, "kind": "list", "text": "Further separation of business into constituent parts will incur significant tax friction", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9102179d-63b3-46f6-8c69-2098b490c6ce", "parentComponentId": null }, { "bbox": { "h": 0.35, "w": 0.87, "x": 0.09, "y": 0.34 }, "kind": "list", "text": "Market valuation has not reflected substantial business progress; Limited strategic alternatives; Limited ability to raise capital on a standalone basis; Lack of take-private interest", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9cd88a27-e5c5-4416-b0f7-2e5475f42e51", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Trading Discount Likely to Persist Under Current Path", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:04.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8b7ba6b9-d309-4263-b6c1-5e9733feeb52", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7e22e75e-2b89-4654-be77-910e0d077ecd", "evidence": "The slide explicitly argues against the status quo to force support for the proposed transaction.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 19:59:04.098+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 50, "frameworkName": "preempt_rebuttal" } ], "arcBeats": [], "loops": [], "locked": true }, { "page": 51, "type": "setup", "title": "The slide uses a historical stock chart to support a narrative about investor sentiment during a specific transformation period.", "function": "establish_context", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "balanced", "densityScore": 30, "componentCount": 5, "textChars": 534, "nDataPoints": 1, "notes": "The slide uses a historical stock chart to support a narrative about investor sentiment during a specific transformation period.", "elementsJson": [ "headline_text", "callout_box", "line_chart" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:10.291+00", "seconds": 8.466, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/51", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-51", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "callout", "text": "We believe the company's share price performance from 2013 through 2015 was partially driven by investor anticipation around its eventual transformation into a holding company for Pershing Square's controlling investments", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:10.291+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b14f7e90-d6b9-42b6-83eb-5821a4e42695", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe the company’s share price performance from 2013 through 2015 was partially driven by investor anticipation around its eventual transformation into a holding company for Pershing Square's controlling investments", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07d-3fda2c053be8", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.92, "x": 0.04, "y": 0.34 }, "kind": "chart", "text": "HHH Share Price from 11/9/2010 to 2/12/2025", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:10.291+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a6cb53b-7d1d-41ed-bc77-b4c5d985d17e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "share price: $75", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:56:33+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-f5d1-75b6-b07d-412fa4895249", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Long-Term Share Price Performance", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:10.291+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cbcddcc2-223c-4e3c-8bfb-9d805354e1b1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 52, "type": "setup", "function": "summarize", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 3, "textChars": 439, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text", "callout_box", "bullet_list" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:08.61+00", "seconds": 6.721, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/52", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-52", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.21 }, "kind": "callout", "text": "Post-transaction, HHH will become a modern-day Berkshire Hathaway led by Pershing Square", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:08.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f9ed54fb-3fde-442a-940c-2815345b38c0", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.88, "x": 0.07, "y": 0.37 }, "kind": "list", "text": "Vastly expanded investor base relative to status quo; Substantially greater media & investor interest in an acquisition-driven strategy; Diversified holding company model reduces exposure to real estate sector-specific economic risks; Pershing Square’s hedging capabilities mitigate exposure to macro risks", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:08.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3fa8f12-f5da-4c68-812d-4f0e6d4a0ef6", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Why will New HHH Trade at a Better Valuation?", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:08.61+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dde9b3cc-7c08-4613-af93-3769a26e9d8a", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Thesis archetype", "slug": "thesis-archetype", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b0b-7428-9b26-f171d1e753fb", "version": 1, "bodyDocId": null, "description": "A canonical investment / activist thesis shape (breakup, fraud, governance).", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "efd08ed0-9692-4f7f-89dc-47eddc91bbd7", "evidence": "Why will New HHH Trade at a Better Valuation?", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:16:09.332292+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "whyItWorks": null, "antipattern": null, "cardinality": "optional", "narrativePurpose": null }, { "tool": { "name": "Thesis: Capital return", "slug": "capital-return", "status": "active", "bestFor": null, "canonId": "019df269-17fc-765c-9e3b-cb2463bc256d", "version": 1, "bodyDocId": "019df269-17d7-750a-895a-781a9e06829c", "description": "You argue the target is over-capitalised, has been chronically poor at", "familyLabel": "thesis-archetype", "categoryName": "Competitive", "categorySlug": "competitive" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "be85b197-7300-4c32-b69c-0bfca20aa4aa", "evidence": "Vastly expanded investor base relative to status quo; Substantially greater media & investor interest in an acquisition-driven strategy; Diversified holding company model reduces exposure to real estate sect", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 23:16:09.365522+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 52, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 53, "type": "setup", "function": "state_next_steps", "rawType": "closing_ask", "block": null, "metadata": { "slideType": "closing_ask", "slideTypeCanon": { "name": "Closing ask", "slug": "closing_ask", "status": "active", "canonId": "019de52d-0aa4-750f-8aa1-8d622dd99f5c", "version": 1, "description": null }, "function": "state_next_steps", "functionCanon": { "name": "State next steps", "slug": "state_next_steps", "status": "active", "canonId": "019de52d-14ca-70ac-b534-971f458cdf29", "version": 1, "description": null }, "density": "sparse", "densityScore": 3, "componentCount": 2, "textChars": 66, "nDataPoints": 0, "notes": null, "elementsJson": [ "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:03.867+00", "seconds": 1.672, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/53", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-53", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.02, "w": 0.42, "x": 0.5, "y": 0.04 }, "kind": "source-note", "text": "For more hedge fund materials, visit https://www.10xebitda.com/", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.867+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2aaf9299-606e-407f-a597-3f8253839a64", "parentComponentId": null }, { "bbox": { "h": 0.045, "w": 0.085, "x": 0.825, "y": 0.437 }, "kind": "title", "text": "Q&A", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:03.867+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "83432b5d-71b7-4243-87a1-8bb16f4a5cfd", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. The final", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "b0b9f267-3c0e-4f54-b738-5d258044a405", "evidence": "Q&A", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 23:16:09.434571+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 53, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 54, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 14, "componentCount": 4, "textChars": 301, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:07.409+00", "seconds": 5.091, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/54", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-54", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.9, "x": 0.05, "y": 0.16 }, "kind": "disclaimer", "text": "Unless otherwise specified, the performance results of the funds managed by Pershing Square Capital Management, L.P. (\"PSCM\") included in this presentation are presented on a net of fees basis...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:07.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ddd4db9-6ba9-404f-8eac-9b95ed04d02d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.4, "x": 0.55, "y": 0.03 }, "kind": "other", "text": "For more hedge fund materials, visit https://www.10xebitda.com/", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:07.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9814e99a-bc75-46b5-9128-98010190fc63", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.05, "y": 0.03 }, "kind": "other", "text": "Private & Confidential", "attrs": null, "canon": { "kind": { "name": "Other", "slug": "other", "status": "active", "canonId": "019de52c-fa90-743c-8bf6-20d1fbe82b6d", "version": 1, "description": "Fallback when no canonical kind applies." }, "tool": null, "subkind": { "name": "Unclassified", "slug": "unclassified", "status": "active", "canonId": "019de52d-05ca-77db-81fb-db7d4234bbc0", "version": 1, "description": null }, "framework": null }, "subkind": "unclassified", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:07.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7a6695e-b5a9-4a59-9440-d62eb62f3c76", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.4, "x": 0.05, "y": 0.09 }, "kind": "title", "text": "Additional Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:07.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46c5cf2a-bf9f-4cdc-bf0b-719b5afa25ec", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true }, { "page": 55, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 5, "textChars": 1177, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 19:59:05.436+00", "seconds": 3, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b9c-195693638bae/55", "deck": "/decks/019dd923-622c-750b-8b9c-195693638bae", "deckAnchor": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-55", "deckJson": "/decks/019dd923-622c-750b-8b9c-195693638bae.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.23 }, "kind": "disclaimer", "text": "Since May 1, 2017, PSH has, from time to time, engaged in share repurchases whereby its buyback agent has repurchased Public Shares subject to certain limitations. Any positive impact on performance due to these share buybacks is reflected herein.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:05.436+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "351d3db8-0a17-4393-9708-b4841f2d41e4", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.18 }, "kind": "disclaimer", "text": "Indebtedness does not include, among other things, NAV attributable to any management shares or hedging obligations or other derivative transactions and any obligation to return collateral posted by counterparties in respect thereto.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:05.436+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47b7203f-c07e-491b-8f4a-002dd67300d9", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.33 }, "kind": "disclaimer", "text": "All information provided herein is for informational purposes only and should not be deemed as a recommendation to buy or sell any security mentioned. This presentation contains information and analyses relating to some of the Pershing Square Funds' positions. Pershing Square hereby disclaims any duty to provide any updates or changes to the information contained here including, without limitation, the manner or type of any Pershing Square Fund's investment.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:05.436+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b766f8ac-c51b-4b64-9809-bea4e08414fb", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.28 }, "kind": "disclaimer", "text": "The performance information of any of the Pershing Square Funds included herein does not represent the performance of Pershing Square USA, Ltd. (which has not commenced investment operations as of the date hereof).", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:05.436+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cd49238a-c636-4ccb-a278-dc5f6da4e4fe", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.04, "y": 0.09 }, "kind": "title", "text": "Additional Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 19:59:05.436+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3ecff32-29ed-4614-b0a4-c522acae2a13", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "locked": true } ], "arcBeats": [ { "from": 3, "to": 5, "label": "Situation & Context", "description": "The document provides an overview of the transaction and its context." }, { "from": 13, "to": 14, "label": "Problem & Complication", "description": "The document highlights HHH's limited strategic options as a standalone company." }, { "from": 4, "to": 7, "label": "Solution & Approach", "description": "The document presents Pershing Square's proposed transaction as a solution." }, { "from": 6, "to": 12, "label": "Evidence & Proof", "description": "The document provides valuation tables and data to support the proposal." } ], "loops": [] }