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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": "Over time, we expect HHH to fully exercise its call options on all tranches of PSH's preferred stock and increase its economic ownership of Vantage to 100%",
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      "text": "(1) The preferred stock will bear a mandatory dividend in the event of a default on HHH's obligation to repurchase the stock in certain circumstances. (2) On an as exchanged basis. Subject to a minimum repurchase price equal to the original issue price plus 4% per annum through the date of repurchase.",
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      "text": "PSH Investment: Non-interest-bearing preferred stock, $1B in 14 tranches, exchangeable for common stock after 7 years. Repurchase Call Option: Annual repurchase right for 7 years at 1.50x book value. Governance: Pari passu, change of control trigger.",
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      "text": "PSH Preferred Investment Terms",
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