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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "Pershing Square Holdings",
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      "text": "We believe PSH’s preferred investment is highly compelling both on its own merits and in the significant value creation it will catalyze for HHH",
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      "text": "We believe PSH's preferred investment is highly compelling both on its own merits and in the significant value creation it will catalyze for HHH",
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      "text": "Highly attractive return profile on a stand-alone basis\nContractual exit liquidity mechanism at a pre-determined multiple(1)\nEconomically similar to an investment in the PSH portfolio\nVantage transaction materially enhances the value of HHH, a core holding of PSH",
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      "text": "Prospective returns on PSH’s preferred investment should reflect growth in Vantage’s book value plus the benefit of P / BV multiple expansion from entry to exit\nGrowth in Vantage’s book value should closely track overall PSH portfolio returns\nVantage transaction will accelerate HHH’s transformation into a diversified holding company\nPSH’s existing investment in HHH common stock is ~40% larger than its maximum preferred commitment",
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      "text": "(1) 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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      "kind": "title",
      "text": "PSH Preferred Investment Highlights",
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