X0609 4 2026-04-30 0002002660 Pershing Square USA, Ltd. PSUS 0002027456 Pershing Square Management, LLC false 787 ELEVENTH AVENUE 9TH FLOOR NEW YORK NY 10019 true true true See Remarks 0002129159 Pershing Square Partner Group LLC false 787 ELEVENTH AVENUE 9TH FLOOR NEW YORK NY 10019 true true true See Remarks 0002026053 PERSHING SQUARE INC. false 787 ELEVENTH AVENUE 9TH FLOOR NEW YORK NY 10019 true true true See Remarks 0002129160 Pershing Square PSUS Holdings, LLC false 787 - 11TH AVENUE 9TH FLOOR NEW YORK NY 10019 true true true See Remarks false Common Shares of Beneficial Interest 2026-04-30 4 A 0 96000000 50 A 96342320 I See footnotes Common Shares of Beneficial Interest 2026-04-30 4 J 0 96000000 50 D 342320 I See footnotes Common Shares of Beneficial Interest 2026-04-30 4 A 0 3657680 50 A 4000000 I See footnotes 7.50% Series A Cumulative Preferred Shares 2026-04-30 4 A 0 1000000 50 A 1000000 I See footnotes In addition to Pershing Square Management, LLC, a Delaware limited liability company ("ManagementCo"), this Form 4 is being filed jointly by Pershing Square Inc., a Nevada corporation ("PS Inc."), Pershing Square Partner Group, LLC ("PSPG"), a Delaware limited liability company, and Pershing Square PSUS Holdings, LLC, a Nevada limited liability company ("PSUS Holdings", and together with ManagementCo, PS Inc. and PSPG, the "Reporting Persons"), each of whom has the same business address as ManagementCo and may be deemed to beneficially own the securities reported on this Form 4 (the "Subject Securities"). ManagementCo holds majority voting power over PS Inc.'s shares (including in its capacity as the managing member of PSPG). PS Inc. holds 100% of the interests in PSUS Holdings. ManagementCo, PSPG and PS Inc. may each be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). ManagementCo is governed by its members, consisting of William A. Ackman, Ryan Israel, Ben Hakim, Michael Gonnella, Anthony Massaro and Halit Coussin (collectively, the "ManagementCo Members"). (Continued from Footnote 2) Mr. Ackman owns 24.9% of the voting interests of ManagementCo, with Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro and Ms. Coussin each owning the remainder of the voting interests equally (approximately 15% each), and the approval of a majority of the voting interests is generally required to approve any action of ManagementCo. Each of PS Inc., PSPG, ManagementCo and the ManagementCo Members disclaims beneficial ownership of any Subject Securities, except to the extent of any pecuniary interest therein. On April 30, 2026, PS Inc. and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS Inc. common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement (the "PSUS Private Placement" and together with the PSUS IPO, the "combined PSUS offering") of the Issuer's Common Shares of Beneficial Interest ("Common Shares") (collectively, the "combined transaction"). Reflects the acquisition of Issuer Common Shares and the immediate resale of such Issuer Common Shares (the "Resale Shares") by PS Inc. on April 30, 2026 in connection with the completion of the combined PSUS offering. Proceeds of the sale of the Resale Shares were immediately delivered to the Issuer and the resale did not result in any proceeds to PS Inc. Reflects the acquisition of Issuer Common Shares by PSUS Holdings on April 30, 2026, in connection with the completion of the PSUS Private Placement. Reflects the issuance of the Issuer's 7.50% Series A Cumulative Preferred Shares ("Preferred Shares") to PSUS Holdings on April 30, 2026, in connection with the completion of the combined transaction. As of the date of this Form 4, PSUS Holdings holds all outstanding shares of Issuer Preferred Shares. Nicholas Botta, a member of the board of trustees of the Issuer, is acting in such capacity as a representative of the Reporting Persons. As a result, each of the Reporting Persons is a trustee by deputization for purposes of Section 16 of the Exchange Act. In addition, each of the Reporting Persons is an affiliate of the investment adviser of the Issuer. PERSHING SQUARE MANAGEMENT, LLC, By: /s/ William A. Ackman, Member and Chief Executive Officer 2026-05-04 PERSHING SQUARE PARTNER GROUP, LLC, By: PERSHING SQUARE MANAGEMENT, LLC, its Managing Member, By: /s/ William A. Ackman, Member and Chief Executive Officer 2026-05-04 PERSHING SQUARE INC., By: /s/ William A. Ackman, Chief Executive Officer and Chairman of the Board 2026-05-04 PERSHING SQUARE PSUS HOLDINGS, LLC, By: /s/ William A. Ackman, Authorized Signatory 2026-05-04