PSUS

SEC source: 0001193125-26-415861 · ownership.xml · nonDerivative · entry 3

ISRAEL RYAN · CIK 0001597463 · Chief Investment Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 756,613

F2 · kind: The price reported in Column 4 is a weighted average price. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this Form 4.

F4 · kind: Reflects the acquisition of the Issuer's Common Shares of Beneficial Interest through multiple open market transactions at prices ranging from $37.50 to $38.15, inclusive.

SEC source: 0001193125-26-415861 · ownership.xml · nonDerivative · entry 2

ISRAEL RYAN · CIK 0001597463 · Chief Investment Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 698,954

F2 · kind: The price reported in Column 4 is a weighted average price. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this Form 4.

F3 · kind: Reflects the acquisition of the Issuer's Common Shares of Beneficial Interest through multiple open market transactions at prices ranging from $37.115 to $37.70, inclusive.

SEC source: 0001193125-26-415861 · ownership.xml · nonDerivative · entry 1

ISRAEL RYAN · CIK 0001597463 · Chief Investment Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 578,138

F1 · kind: Reflects the acquisition of the Issuer's Common Shares of Beneficial Interest through multiple open market transactions at prices ranging from $37.035 to $37.35, inclusive.

F2 · kind: The price reported in Column 4 is a weighted average price. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this Form 4.

SEC source: 0001193125-26-358101 · ownership.xml · nonDerivative · entry 1

POLSKY LISA · CIK 0001390950 · Director · Trustee

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,177

F1 · kind: Reflects the acquisition of the Issuer's Common Shares of Beneficial Interest through open market purchase.

SEC source: 0000796848-26-000011 · primary_doc.xml · nonDerivative · entry 1

TEACHER RETIREMENT SYSTEM OF TEXAS · CIK 0000796848 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 10,143,795

SEC source: 0000796848-26-000007 · primary_doc.xml · nonDerivative · entry 2

TEACHER RETIREMENT SYSTEM OF TEXAS · CIK 0000796848 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 10,150,000

SEC source: 0000796848-26-000007 · primary_doc.xml · nonDerivative · entry 1

TEACHER RETIREMENT SYSTEM OF TEXAS · CIK 0000796848 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 10,175,000

SEC source: 0000796848-26-000006 · primary_doc.xml · nonDerivative · entry 3

TEACHER RETIREMENT SYSTEM OF TEXAS · CIK 0000796848 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 10,200,000

SEC source: 0000796848-26-000006 · primary_doc.xml · nonDerivative · entry 2

TEACHER RETIREMENT SYSTEM OF TEXAS · CIK 0000796848 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 10,220,000

SEC source: 0000796848-26-000006 · primary_doc.xml · nonDerivative · entry 1

TEACHER RETIREMENT SYSTEM OF TEXAS · CIK 0000796848 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 10,245,000

SEC source: 0001193125-26-274438 · ownership.xml · nonDerivative · entry 1

Herring Bruce · CIK 0002028544 · Director · Trustee

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 15,000

F1 · kind: Reflects the acquisition of the Issuer's Common Shares of Beneficial Interest through open market purchase.

SEC source: 0001140361-26-018587 · form4.xml · nonDerivative · entry 1

Botta Nicholas Anthony · CIK 0002026505 · Director · Trustee

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 250,000

F1 · kind: On April 30, 2026, Pershing Square Inc. ("PS") and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement of the Issuer's Common Shares of Beneficial Interest ("Common Shares").

F2 · kind: Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS IPO.

SEC source: 0001140361-26-018583 · form4.xml · nonDerivative · entry 1

Coussin Halit · CIK 0002026110 · Chief Compliance Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 200,000

F1 · kind: On April 30, 2026, Pershing Square Inc. ("PS") and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement of the Issuer's Common Shares of Beneficial Interest ("Common Shares").

F2 · kind: Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS IPO.

SEC source: 0001140361-26-018581 · form4.xml · nonDerivative · entry 2

Hakim Ben · CIK 0001818663 · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 350,000

F1 · kind: On April 30, 2026, Pershing Square Inc. ("PS") and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement (the "PSUS Private Placement") of the Issuer's Common Shares of Beneficial Interest ("Common Shares").

F3 · kind: Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS Private Placement.

SEC source: 0001140361-26-018581 · form4.xml · nonDerivative · entry 1

Hakim Ben · CIK 0001818663 · President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 100,000

F1 · kind: On April 30, 2026, Pershing Square Inc. ("PS") and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement (the "PSUS Private Placement") of the Issuer's Common Shares of Beneficial Interest ("Common Shares").

F2 · kind: Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS IPO.

SEC source: 0001140361-26-018580 · form4.xml · nonDerivative · entry 1

ISRAEL RYAN · CIK 0001597463 · Chief Investment Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 500,000

F1 · kind: On April 30, 2026, Pershing Square Inc. ("PS") and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement of the Issuer's Common Shares of Beneficial Interest ("Common Shares").

F2 · kind: Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS IPO.

SEC source: 0001140361-26-018576 · form4.xml · nonDerivative · entry 1

Falzone Jessica A · CIK 0001766617 · Secretary

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 2,000

F1 · kind: On April 30, 2026, Pershing Square Inc. ("PS") and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS common stock and (ii) an initial public offering and a concurrent private placement (the "PSUS Private Placement") of the Issuer's Common Shares of Beneficial Interest ("Common Shares").

F2 · kind: Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS Private Placement.

SEC source: 0001140361-26-018575 · form4.xml · nonDerivative · entry 1

Gonnella Michael · CIK 0001831649 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 100,000

F1 · kind: On April 30, 2026, Pershing Square Inc. ("PS") and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement of the Issuer's Common Shares of Beneficial Interest ("Common Shares").

F2 · kind: Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS IPO.

SEC source: 0001140361-26-018962 · form4.xml · nonDerivative · entry 4

Pershing Square Management, LLC · CIK 0002027456 · Director · 10% owner · See Remarks

Pershing Square Partner Group LLC · CIK 0002129159 · Director · 10% owner · See Remarks

PERSHING SQUARE INC. · CIK 0002026053 · Director · 10% owner · See Remarks

Pershing Square PSUS Holdings, LLC · CIK 0002129160 · Director · 10% owner · See Remarks

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnotes

Disclosed balance after: 1,000,000

F7 · kind: 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.

F1 · ownership.nature: 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").

F2 · ownership.nature: 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").

F3 · ownership.nature: (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.

F4 · ownership.nature: 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").

SEC source: 0001140361-26-018962 · form4.xml · nonDerivative · entry 3

Pershing Square Management, LLC · CIK 0002027456 · Director · 10% owner · See Remarks

Pershing Square Partner Group LLC · CIK 0002129159 · Director · 10% owner · See Remarks

PERSHING SQUARE INC. · CIK 0002026053 · Director · 10% owner · See Remarks

Pershing Square PSUS Holdings, LLC · CIK 0002129160 · Director · 10% owner · See Remarks

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnotes

Disclosed balance after: 4,000,000

F6 · kind: Reflects the acquisition of Issuer Common Shares by PSUS Holdings on April 30, 2026, in connection with the completion of the PSUS Private Placement.

F1 · ownership.nature: 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").

F2 · ownership.nature: 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").

F3 · ownership.nature: (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.

F4 · ownership.nature: 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").

SEC source: 0001140361-26-018962 · form4.xml · nonDerivative · entry 2

Pershing Square Management, LLC · CIK 0002027456 · Director · 10% owner · See Remarks

Pershing Square Partner Group LLC · CIK 0002129159 · Director · 10% owner · See Remarks

PERSHING SQUARE INC. · CIK 0002026053 · Director · 10% owner · See Remarks

Pershing Square PSUS Holdings, LLC · CIK 0002129160 · Director · 10% owner · See Remarks

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnotes

Disclosed balance after: 342,320

F5 · kind: 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.

F1 · ownership.nature: 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").

F2 · ownership.nature: 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").

F3 · ownership.nature: (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.

F4 · ownership.nature: 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").

SEC source: 0001140361-26-018962 · form4.xml · nonDerivative · entry 1

Pershing Square Management, LLC · CIK 0002027456 · Director · 10% owner · See Remarks

Pershing Square Partner Group LLC · CIK 0002129159 · Director · 10% owner · See Remarks

PERSHING SQUARE INC. · CIK 0002026053 · Director · 10% owner · See Remarks

Pershing Square PSUS Holdings, LLC · CIK 0002129160 · Director · 10% owner · See Remarks

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnotes

Disclosed balance after: 96,342,320

F5 · kind: 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.

F1 · ownership.nature: 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").

F2 · ownership.nature: 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").

F3 · ownership.nature: (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.

F4 · ownership.nature: 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").

SEC source: 0001140361-26-018964 · form4.xml · nonDerivative · entry 1

Herring Bruce · CIK 0002028544 · Director · Trustee

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 10,000

F1 · kind: Reflects the acquisition of the Issuer's Common Shares of Beneficial Interest through multiple open market transactions at prices ranging from $43.30 to $43.45, inclusive.

F2 · kind: The price reported in Column 4 is a weighted average price. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4.

SEC source: 0001140361-26-018381 · form4.xml · nonDerivative · entry 5

ACKMAN WILLIAM A · CIK 0001056513 · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnotes

Disclosed balance after: 56,171

F1 · kind: On April 30, 2026, Pershing Square Inc. ("PS") and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement (the "PSUS Private Placement") of the Issuer's Common Shares of Beneficial Interest ("Common Shares").

F4 · kind: Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS Private Placement.

F6 · ownership.nature: Reflects Issuer Common Shares held by trusts for the benefit of the Reporting Person's family members.

F7 · ownership.nature: The Reporting Person may be deemed to be the beneficial owner of these shares for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended. The Reporting Person disclaims beneficial ownership of these shares, except to the extent of any pecuniary interest therein.

SEC source: 0001140361-26-018381 · form4.xml · nonDerivative · entry 4

ACKMAN WILLIAM A · CIK 0001056513 · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnotes

Disclosed balance after: 21,200

F1 · kind: On April 30, 2026, Pershing Square Inc. ("PS") and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement (the "PSUS Private Placement") of the Issuer's Common Shares of Beneficial Interest ("Common Shares").

F2 · kind: Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS IPO.

F6 · ownership.nature: Reflects Issuer Common Shares held by trusts for the benefit of the Reporting Person's family members.

F7 · ownership.nature: The Reporting Person may be deemed to be the beneficial owner of these shares for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended. The Reporting Person disclaims beneficial ownership of these shares, except to the extent of any pecuniary interest therein.

SEC source: 0001140361-26-018381 · form4.xml · nonDerivative · entry 3

ACKMAN WILLIAM A · CIK 0001056513 · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Indirect · See footnotes

Disclosed balance after: 841,000

F1 · kind: On April 30, 2026, Pershing Square Inc. ("PS") and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement (the "PSUS Private Placement") of the Issuer's Common Shares of Beneficial Interest ("Common Shares").

F2 · kind: Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS IPO.

F5 · ownership.nature: Reflects Issuer Common Shares held by a limited liability company that is wholly owned by the Reporting Person's spouse.

F7 · ownership.nature: The Reporting Person may be deemed to be the beneficial owner of these shares for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended. The Reporting Person disclaims beneficial ownership of these shares, except to the extent of any pecuniary interest therein.

SEC source: 0001140361-26-018381 · form4.xml · nonDerivative · entry 2

ACKMAN WILLIAM A · CIK 0001056513 · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 4,000,000

F3 · kind: Reflects the acquisition of Issuer Common Shares on April 30, 2026 through open market purchase.

SEC source: 0001140361-26-018381 · form4.xml · nonDerivative · entry 1

ACKMAN WILLIAM A · CIK 0001056513 · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,500,000

F1 · kind: On April 30, 2026, Pershing Square Inc. ("PS") and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement (the "PSUS Private Placement") of the Issuer's Common Shares of Beneficial Interest ("Common Shares").

F2 · kind: Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS IPO.