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  "documentTitle": "Pershing Square | Investor Presentation Deck | 59 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2024-02-01 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 15,
  "pageCount": 59,
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  "slideType": "key_messages",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide outlines structural changes to fee offsets to benefit PSH shareholders.",
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  "slideHref": "/slides/019de076-e7c7-736a-89f0-fc0736efce35/15",
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      "kind": "list",
      "text": "1. Current balance of the Offset Amount ($36 million) has been eliminated\n2. PSH to receive an additional fee reduction from 20% of management fees earned on any Pershing Square funds that invest in public securities which do not charge performance fees\n3. PSCM intends to launch new investment funds which could substantially reduce PSH performance fees over time",
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      "kind": "source-note",
      "text": "(1) Subject to certain exceptions.",
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      "kind": "subtitle",
      "text": "As of February 7, 2024, the FOA has been amended to (1) further increase and more immediately recognize the potential reduction in PSH performance fees, and (2) align PSH shareholders with PSCM’s future growth",
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      "kind": "title",
      "text": "Amendments to Fee Offset Arrangement",
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      "evidence": "The discussion of strategies to address the discount, access to low-cost debt, and amendments to the fee offset arrangement creates a desire for change and improvement.",
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
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      "evidence": "The presentation emphasizes the benefits of addressing the discount and optimizing the fee offset arrangement.",
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