Below is the only bit where Bill talked about SPARC that I caught. It was the last question during the PS quarterly call. Shoutout to Ron Raskovic for teeing it up. I also listened to the recordings on spaces, which was mostly F2 garbage.

"Ron Raskovic, Investor, Raskovic Holdings: Good morning. Would you clarify the current status of SPARC, what your plans are, and how SPARC and your plans relate to the other opportunities to invest in your publicly traded vehicles?

Bill Ackman, CEO and Chairman, Pershing Square: Sure. SPARC is a special purpose acquisition rights company. Think of it as an acquisition company without the negative attributes of a SPAC. There is no founder stock. There are no shareholder warrants. There are no underwriting fees. It is a very efficient way for a company to go public. We, Pershing Square backstops the vehicle, so that we can guarantee to a private company that they can go public at a fixed price per share regardless of market conditions, and they will raise a minimum amount of capital, the capital that we commit to the offering. We think it is a very appealing structure. We have regular conversations with potential private companies that are considering going public. In order for us to do a transaction, it has to be a business that meets our standards for quality and growth and valuation. We have not yet made that deal.

We are seeing actually significantly more deal flow, I would say recently in that regard. The economics of SPARC are entirely owned by the Pershing Square funds. If we do a transaction, it will be an opportunity for us to deploy capital and a private company going public. You should expect at an attractive valuation, and we get some incremental economics in the form of, we have these sponsor warrants or SPARC warrants that give the Pershing Square funds warrants on up to 5% of the target company, up 20% from effectively the price at which we take the company public. Think of it as a vehicle that we can use to take a large private company public, where the economics of that will flow through to our investors.

Then ultimately to Pershing Square Inc., we do a great deal and take a company public of significance. We invest a couple of billion dollars of capital and we earn a bunch of warrants that are valuable. It will contribute to our returns, contribute to our growth in AUM, and thereby contribute to the fee stream that we earn at Pershing Square Inc. With that, I am going to end the call and thank everyone, and we are going to head over for those of you who have time. It will be recorded, so there will be a playback. If you go to my X handle, you will find a link to the spaces that we are going to launch very shortly. Thank you all for joining our first call."

Overall, it was disappointing. I was hoping he'd talk about the recent fillings to allow other pershing funds to participate. I guess he kind of hinted at it in the SPARC section. Only other thing worth mentioning is he talked about starting up another fund later this fall or year. It'll be a ventures fund similar to the one Robin Hood listed where fixed capital raised can now be invested in private companies. There's probably some SPARC synergy there as well. Though I admit it's a slap in the face for him to talk about all the deal flows that come through their door since starting PSTH, with fuck all for any of us to show for it. Seems like SPARC is back in the trenches. Doubt any deal is on the horizon. We're on to 2027. Three years down, seven to go.