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  "documentTitle": "Pershing Square | Investor Presentation Deck | 75 slides",
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  "authorName": "Pershing Square Holdings",
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  "presentationDate": "2025-02-01 00:00:00",
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  "notes": "The chart uses callout boxes to highlight specific financial events (issuances and redemptions) that correlate with fluctuations in the debt ratio.",
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      "text": "Regardless of market or portfolio volatility, PSH has continuously maintained conservative leverage levels and investment grade ratings",
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      "text": "Note: Total Capital and the ratio of Total Debt to Total Capital are calculated in accordance with the PSH Bonds' Indentures. Total Capital is defined as Net Asset Value plus Total Debt and is net of accrued performance fee. (1) Assumes a 1.04x EUR/USD exchange rate for €500mm EUR-denominated bonds.",
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      "text": "Total Debt to Total Capital Ratio Over Time",
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