Pluralsight Inc - Class A

Business model & outlook: long-term compounding with near-term NAV/market-volatility - Management reiterated Pershing Square, Inc. is essentially a “royalty” on long-term earnings growth of its underlying holdings (plus expected multiple rerating as valuations normalize upward). - They expect high growth over multiyear horizons even if quarterly results fluctuate due to market-driven changes in stock multiples. - They emphasized they can potentially “do nothing” (no new vehicles) and still benefit from compounding across a dozen+ high-quality businesses, though they will still optimize the portfolio over time (sell winners at full value; add new attractively valued opportunities).

Fundraising / new vehicles: episodic launches; PS Ventures targeted; performance is the gatekeeper - No fixed timetable for future fundraises beyond a stated launch target for Pershing Square Ventures (PSV). - PSV timing: management said they’re targeting “fall / end of year” for PSV’s launch (subject to SEC filings). - Strategy for new funds: prefer to launch when valuations and volatility create opportunity; they stressed the first priority is performance of existing entities, which drives AUM growth and fee/performance fee potential. - Illustration of performance-driven AUM sensitivity: with their large Fannie Mae/Freddie Mac position (described as ~230M shares), if policy actions lead to a large stock revaluation (they cited a jump from ~$5 to ~$40–$50 scenario), they implied an overnight AUM increase potentially of ~$8–$9B, which they estimated could raise fee-paying permanent assets by ~30%—highlighting how policy/market outcomes can materially affect economics.

PSUS portfolio / competition & why 2Q timing helped - They said the market environment was actually ideal for PSUS: it’s easier to buy when prices fall, and the volatility “served up” attractive discounts. - On competition for deals/capital, they downplayed “competition” as a dominant factor, arguing opportunities were available because quality companies became more attractively priced. - They emphasized capital deployment depended on a “library” of hundreds of tracked companies built over years—so volatility tends to widen mispricings versus fundamentals rather than forcing them to sell good assets prematurely.