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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "Pershing Square Holdings",
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  "notes": "The slide emphasizes financial stability and risk mitigation through specific debt structure choices.",
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      "text": "Our ability to access low-cost, investment grade, long-term debt is an important competitive advantage for PSH",
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      "text": "PSH has attractive credit characteristics\nSimple, transparent and highly liquid investment portfolio\nSignificant asset coverage: PSH debt is covered ~5.2x by total assets(1)\nUnderlying portfolio companies are diversified across industries and have relatively low commodity exposure and cyclical risk\nProven investment strategy with a long-term track record\nFacilitates opportunistic issuances",
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      "text": "Laddered maturities from 2027 to 2039 are well matched with PSH's long-term investment horizon",
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      "text": "No margin leverage",
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      "text": "(1) Total Assets is defined as Net Asset Value plus Total Debt as of 12/31/2022.",
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      "text": "Long-Term Debt Financing Strategy",
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