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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "notes": "Highlights 2021 bond issuances within the broader debt maturity profile.",
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      "text": "PSH's long-term debt management strategy is to manage leverage over time by increasing NAV through strong performance and laddering its maturities through new issuances",
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      "text": "Total Indebtedness to Total Capital: 22.3%",
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      "text": "In 2021, PSH completed two new bond issuances of $1.3 billion and redeemed $369 million of debt due in 2022",
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      "text": "Note: Total Assets and the ratio of Total Debt to Total Assets are calculated in accordance with the PSH Bonds' Indentures. Total Assets is defined as Net Asset Value plus Total Debt and is net of accrued performance fee. (1) Assumes a 1.14x EUR/USD exchange rate.",
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