{
  "docId": "019de074-61d5-77ad-804e-a10cfea572ae",
  "docSlug": "871a150e8685ea20715b43fc3aa48dd4",
  "documentTitle": "Pershing Square | Investor Presentation Deck | 62 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
  "documentKindSlug": "pitchdeck",
  "documentKindLabel": "Pitch deck",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2023-02-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 27,
  "pageCount": 62,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 24,
  "notes": "The slide provides a detailed breakdown of financial performance for specific hedging instruments.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de074-61d5-77ad-804e-a10cfea572ae/27",
  "deckHref": "/decks/019de074-61d5-77ad-804e-a10cfea572ae",
  "deckJsonHref": "/decks/019de074-61d5-77ad-804e-a10cfea572ae.json",
  "deckAnchorHref": "/decks/019de074-61d5-77ad-804e-a10cfea572ae#slide-27",
  "components": [
    {
      "bbox": {
        "h": 0.07,
        "w": 0.84,
        "x": 0.08,
        "y": 0.785
      },
      "kind": "callout",
      "text": "Across the Pershing Square funds, the interest rate hedging program generated approximately $2.7 billion in total proceeds in 2022",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d707ca8b-b0d9-4c99-ab2a-8af2f97027ea",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.84,
        "x": 0.08,
        "y": 0.21
      },
      "kind": "paragraph",
      "text": "Beginning in December 2020, we acquired out-of-the-money interest rate swaptions to protect our portfolio against an unexpected rise in interest rates",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5442a9af-d8db-4c49-b680-8af0feffa587",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.84,
        "x": 0.08,
        "y": 0.885
      },
      "kind": "source-note",
      "text": "Note: The “Multiple of Capital” information is provided for illustrative purposes only and is not an indication of past or future returns of the Pershing Square funds. (1) Represents proceeds realized upon sale for monetized hedges and market value as of February 7, 2023 for retained hedges. (2) Net Multiple of Capital is provided solely to comply with Rule 206(4)-1 under the Advisers Act and related Frequently Asked Questions issued by the SEC and reflects an adjustment for the respective Pershing Square funds’ (a) quarterly management fee, (b) expenses (calculated using the expense ratio for the applicable time period), and (c) performance fee (if any) charged during relevant time period.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "11bdcf0e-2327-408c-96b8-e76f924ccef2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.38,
        "w": 0.74,
        "x": 0.13,
        "y": 0.335
      },
      "kind": "table",
      "text": "Summary of Interest Rate Hedging Program table with columns: Tenor / Instrument, Premium Paid, Proceeds / Market Value, Multiple of Capital (Gross/Net)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe58fce2-fb3d-4c6f-99d5-9ff92c151884",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.08,
        "y": 0.13
      },
      "kind": "title",
      "text": "Overview of Interest Rate Hedge",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f745e704-0eec-47de-8a31-2ffcdd7c7ba1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "e84e3b22-77d9-4503-98b3-42dad8504e20",
      "evidence": "Summary of Interest Rate Hedging Program table with columns: Tenor / Instrument, Premium Paid, Proceeds / Market Value, Multiple of Capital (Gross/Net)",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}