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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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      "text": "PSH management fees will be reduced dollar for dollar by the proportionate share of fees paid to PSCM by HHH attributable to the HHH common stock held by PSH(1)",
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      "text": "Note: This slide contains Pershing Square's current views and expectations and is provided for illustrative purposes only. This slide does not constitute a guarantee or promise with respect to any outcome and there can be no assurance that these expectations will be achieved. (1) PSH currently owns 16.5 million shares of HHH.",
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      "text": "Reduction in PSH management fees; Improved HHH should enhance the value of PSH's stake in the company; PSH and HHH will pursue distinct yet synergistic investment mandates",
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      "text": "Benefits to PSH from HHH Strategic Transaction",
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