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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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      "kind": "callout",
      "text": "PSH's ability to access low-cost, investment-grade, long-term debt is an important competitive advantage for PSH",
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      "text": "PSH has attractive credit characteristics; Simple, transparent, and highly liquid investment portfolio; Significant asset coverage: PSH debt is covered 5.1x by total assets; Underlying portfolio companies are diversified; Proven investment strategy; Facilitates opportunistic issuances",
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      "text": "No margin leverage; No mark-to-market covenants",
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      "text": "Laddered maturities from 2027 to 2039 are well matched with PSH's long-term investment horizon; Weighted-average maturity of 6 years; weighted-average cost of capital of 3.6%",
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      "text": "asset coverage: 5.1x",
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      "text": "(1) Total Assets is defined as Net Asset Value plus Total Debt as of 12/31/25.",
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      "text": "Long-Term Debt Financing Strategy",
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