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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2026-02-11 00:00:00",
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  "notes": "The chart uses callout boxes to link specific financial events to fluctuations in the debt ratio.",
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      "kind": "callout",
      "text": "Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings",
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      "text": "Total Debt as % of Total Capital",
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      "text": "Total Debt to Total Capital Ratio: 19.5%",
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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 1.18x EUR/USD exchange rate for the €500mm and €650mm EUR-denominated bonds.",
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      "text": "Total Debt to Total Capital Ratio Over Time",
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      "evidence": "Linking specific debt issuance/redemption events to changes in the debt ratio over time.",
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