{
  "docId": "019de077-8089-70a8-af4b-7abc3eaa282b",
  "docSlug": "38b666bcb7607dce4178f9a0f3665606",
  "documentTitle": "Pershing Square | Investor Presentation Deck | 75 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2025-02-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 14,
  "pageCount": 75,
  "prevPage": 13,
  "nextPage": 15,
  "slideType": "key_messages",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 3,
  "notes": "The slide explains the strategic rationale for postponing the IPO while highlighting the positive fee structure changes and market performance.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de077-8089-70a8-af4b-7abc3eaa282b/14",
  "deckHref": "/decks/019de077-8089-70a8-af4b-7abc3eaa282b",
  "deckJsonHref": "/decks/019de077-8089-70a8-af4b-7abc3eaa282b.json",
  "deckAnchorHref": "/decks/019de077-8089-70a8-af4b-7abc3eaa282b#slide-14",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.92,
        "x": 0.04,
        "y": 0.81
      },
      "kind": "callout",
      "text": "We continue to re-evaluate the PSUS transaction structure and will keep PSH investors informed as regulations allow",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7788a27e-e25b-4aee-8d32-b36e2bfa2644",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.9,
        "x": 0.06,
        "y": 0.44
      },
      "kind": "list",
      "text": "PSUS IPO should result in material reduction of PSH's performance fees. As part of PSH's amended Fee Offset Arrangement... Countercyclical benefit...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1eac0b70-3a64-4b79-b390-ca04460fea1a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.06,
        "y": 0.68
      },
      "kind": "list",
      "text": "PSH discount narrowed substantially in anticipation of PSUS IPO. Discount to NAV narrowed from 38% in October 2023 to 21% in July 2024",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd18a767-eb75-406e-9f2e-833171d00a5d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.18,
        "w": 0.9,
        "x": 0.06,
        "y": 0.2
      },
      "kind": "list",
      "text": "Made the decision to postpone PSUS IPO, initially planned for July 2024. Received substantial interest... However, investor considerations... prompted us to re-evaluate...",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fc59c642-099c-4ce9-96fc-0b09a2727972",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.04,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "(1) Reflects discount on PSHD:LN shares.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "177e8ad2-a4c3-4f09-9e2a-c6cdc57141b6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.36,
        "x": 0.04,
        "y": 0.09
      },
      "kind": "title",
      "text": "PSUS IPO Update",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "db27feef-c111-4589-b020-0c6c9f8a4993",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 19,
      "from": 11,
      "beatId": "c5bc71a8-85fc-4999-9116-20b3139c5b86",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Proposed Solution",
      "beatSlug": null,
      "evidence": "The document outlines strategies to address the discount and proposed transactions.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 19,
      "from": 11,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "8d520cd6-e01d-4de1-85fa-85509cb58dca",
      "evidence": "The document presents the benefits of proposed transactions and strategies to address the discount.",
      "position": 0,
      "objective": "Highlighting the cost of inaction in addressing the discount to NAV",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}