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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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  "presentationDate": "2025-02-11 00:00:00",
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  "notes": "The chart uses callout boxes to correlate specific financial events with fluctuations in the debt ratio.",
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      "text": "Total Debt as % of Total Capital",
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      "text": "Note: Total Capital and the ratio of Total Debt to Total Capital are calculated in accordance with the PSH Bonds' Indentures. Total Capital is defined as Net Asset Value plus Total Debt and is net of accrued performance fee. (1) Assumes a 1.04x EUR/USD exchange rate for €500mm EUR-denominated bonds.",
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