Debt Obligations

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt Obligations

6.DEBT OBLIGATIONS

Lines of Credit

PSCM obtained a line of credit from JPMorgan Chase Bank, N.A. (the “Lender”) in October 2014 (the “2014 Line of Credit”). The terms of the 2014 Line of Credit, including maturity date, maximum principal amount and interest rate, have been amended from time to time. As of March 31, 2026, the 2014 Line of Credit had a maturity date of January 31, 2027 and a maximum principal amount of $45,000,000. The 2014 Line of Credit is unsecured and personally guaranteed by Mr. Ackman (the “Guarantor”).

During the three months ended March 31, 2026 and 2025, PSCM did not borrow or repay any principal on the 2014 Line of Credit. As of March 31, 2026 and December 31, 2025, $34,800,000 of principal was outstanding and $10,200,000 was left undrawn. The principal amount outstanding on the 2014 Line of Credit is included in loans payable. The outstanding borrowings of the 2014 Line of Credit bear an annual interest rate of the Secured Overnight Financing Rate (“SOFR”) screen rate +2.20%.

The 2014 Line of Credit includes provisions that limit the ability of PSCM to incur additional indebtedness or to create additional liens or other encumbrances on PSCM or the Guarantor’s assets, aside from additional financing from the Lender and certain other permitted indebtedness. The 2014 Line of Credit requires the Guarantor to maintain a net worth of at least $1 billion, exclusive of any interest in PSCM. The Guarantor is also required to maintain at least $250 million of aggregate liquidity that is free and clear of any and all encumbrances, consisting of liquid assets at the bank, and/or beneficial ownership in PSCM or equity in third-party hedge funds with quarterly liquidity or better. PSCM and the Guarantor have complied with the financial covenants imposed by the 2014 Line of Credit agreement throughout the borrowing period.

PSCM obtained an additional line of credit from the Lender in December 2021 (the “2021 Line of Credit”). The terms of the 2021 Line of Credit, including maturity date, maximum principal amount and interest rate, have been amended from time to time. As of March 31, 2026, the 2021 Line of Credit had a maturity date of January 31, 2027 and a maximum principal amount of $80,000,000. The 2021 Line of Credit is permitted indebtedness under the 2014 Line of Credit.

The 2021 Line of Credit is secured by a pledge and security agreement whereby PSCM granted the Lender a security interest in PSCM’s management fees. The 2021 Line of Credit has the same Guarantor and covenants as the 2014 Line of Credit.

During the three months ended March 31, 2026 and 2025, PSCM did not borrow or repay any principal on the 2021 Line of Credit. As of March 31, 2026 and December 31, 2025, there was no principal balance outstanding on the 2021 Line of Credit, and $80,000,000 was left undrawn. Any outstanding borrowings of the 2021 Line of Credit bear an annual interest rate of the SOFR screen rate + 2.35%.

The following table summarizes the Partnership and its subsidiaries’ outstanding debt as of March 31, 2026:

Maturities of Debt	2014 Line of Credit		2021 Line of Credit		Total
2026 (Remaining)	$	—	$	—	$	—
2027		34,800,000		—		34,800,000
2028		—		—		—
2029		—		—		—
2030		—		—		—
Total Debt Obligations	$	34,800,000	$	—	$	34,800,000

The following table summarizes the interest expense and average interest rate of the Partnership and its subsidiaries’ outstanding debt:

	Three months ended March 31,
	2026					2025
	Interest Expense		Average Rate			Interest Expense		Average Rate
2014 Line of Credit	$	514,296		5.91	%	$	568,056		6.53	%
2021 Line of Credit		—		—			—		—
Total Debt Interest	$	514,296				$	568,056