PERSHING SQUARE INC. SEC Filings

Pershing Square Inc. furnished a detailed financial supplement covering the quarter ended March 31, 2026 and the month ended April 30, 2026, highlighting assets under management (AUM), fee-paying AUM, and non-GAAP fee-related earnings (FRE) and distributable earnings (DE).

Total AUM across core funds and Howard Hughes Holdings Inc. rose to $33,016 million as of April 30, 2026, up from $26,602 million at March 31, 2026, driven largely by the Combined Transaction and PSUS initial public offering, which added about $4,879 million of AUM. Fee-paying AUM increased to $23,276 million from $16,970 million over the same period.

For Q1 2026, FRE was $47.7 million, up from $42.4 million in Q1 2025, on FRE revenue of $61.2 million. Q1 2026 DE was $47.8 million, modestly below $52.3 million a year earlier, as the company absorbed higher expenses and amortization related to recent strategic transactions.

Pershing Square Inc. filed a Form 13F reporting its institutional holdings. The report lists 1 Form 13F information table entry with a total market value of $569,340,000 as shown on the summary page. The filing was signed by William A. Ackman on 05-15-2026.

Pershing Square Partner Group LLC, a major holder of PERSHING SQUARE INC. common stock, recorded internal equity adjustments linked to a larger capital transaction. On April 30, 2026, it disposed of 13,603,657 common shares to the issuer at $0.00 per share as a “disposition to issuer,” leaving 184,289,699 common shares reported as held afterward, in line with a purchase price adjustment arrangement tied to combined public offerings and private placements.

Separately, on April 28, 2026, Pershing Square Partner Group LLC reported 197,893,356 derivative “M Units of PSPG (Obligation to Deliver)” linked to 184,289,699 underlying common shares. These M Units were granted to issuer personnel, including named executive officers, on a pro rata basis and are generally subject to a long-term vesting schedule. Once vested, each M Unit can be redeemed for one share of issuer common stock held by PSPG, with redemption rights that do not expire.

Pershing Square Inc. Chief Financial Officer Michael Gonnella reported a major compensation grant and related share adjustments. On April 28, 2026, he was granted 5,598,461 M Units of Pershing Square Partner Group, LLC, each tied to 5,213,610 underlying shares of Pershing Square common stock. These M Units vest over 10 years under a stepped schedule and, once vested, may be redeemed for Pershing Square common stock on a one-for-one basis, with redemption rights that do not expire.

In connection with Pershing Square’s and Pershing Square USA, Ltd.’s combined IPO and related private placements, Gonnella participated in a purchase price adjustment. On April 30, 2026, 192,426 shares of Pershing Square common stock were returned to the issuer as a disposition to the issuer, and a separate 20,000-share "other" transaction reflects a pro rata adjustment to the number of shares for which each M Unit is redeemable. After these transactions, he directly holds 2,626,804 Pershing Square common shares.

Pershing Square Inc. director and CLO/CCO Halit Coussin reported multiple equity transactions tied to the company’s combined IPO and long-term incentive structure. Coussin was granted 6,984,161 M Units of Pershing Square Partner Group, LLC on April 28, 2026, for no cash cost. These M Units are unvested and may vest over up to 10 years, and each vested unit can be redeemed, subject to conditions and adjustments, for one share of Pershing Square common stock held by PSPG.

In connection with the April 30, 2026 combined IPO and related purchase price adjustment mechanism, Coussin contributed 197,771 Pershing Square common shares back to the issuer as a disposition to the company and had a separate 40,000-share adjustment classified as another transaction. After these transactions, Coussin directly owned 2,719,219 Pershing Square common shares.

Pershing Square Inc. president Hakim Ben reported multiple equity transactions involving the company’s common stock and related partnership units. On April 30, 2026, he received 75,000 shares of common stock as a grant and recorded an additional 20,000-share adjustment classified as another acquisition or disposition.

On the same date, he disposed of 231,388 common shares back to the issuer, and after these transactions he directly held 3,229,632 common shares. Separately, on April 28, 2026, he was granted 10,098,060 M Units of Pershing Square Partner Group, LLC, initially tied to 9,403,895 underlying common shares.

The M Units were granted on a pro rata basis to his prior interest in the partnership, are unvested, and follow a long-term vesting schedule over up to ten years. Once vested, each M Unit may be redeemed, subject to conditions and adjustments, for one share of Pershing Square common stock held by the partnership, with redemption rights that do not expire.

Pershing Square Inc.’s Chief Investment Officer Ryan Israel reported several equity-related changes tied to a combined initial public offering and purchase price adjustment structure. He was granted 23,576,358 M Units of Pershing Square Partner Group, LLC, each redeemable, once vested and subject to conditions, for one share of Pershing Square common stock, with the underlying amount currently shown as 21,955,663 shares.

The M Units are unvested and follow a long-term vesting schedule over up to ten years, with board approval under Rule 16b-3. In connection with the purchase price adjustment mechanism for the combined IPO and related private placements, Israel contributed Pershing Square common stock back to the issuer, including a disposition to the issuer of 667,614 common shares for no additional consideration and a 100,000-share pro rata adjustment. After these transactions, he directly holds 9,144,214 Pershing Square common shares.

Pershing Square Inc. director, CEO and Chairman William A. Ackman reported multiple insider transactions in the company’s common stock. He made open‑market purchases totaling 800,000 shares at weighted average prices around $22–$24 per share, increasing his directly held stake to 1,500,000 shares.

The filing also details non‑market restructurings and transfers. These include a 6,874,237‑share disposition back to the issuer under a purchase price adjustment agreement linked to the company’s combined IPO and private placements, and a 300,000‑share bona fide gift. Ackman was granted 92,878,204 M Units of Pershing Square Partner Group, LLC, which are redeemable into 86,493,537 shares of Pershing Square Inc. common stock on a one‑for‑one basis, subject to adjustments.

Many positions are held indirectly through a spouse‑owned limited liability company, family trusts, a grantor retained annuity trust, and WAA Management LLC, an entity he manages, with portions of this indirect ownership beneficial only to the extent of his pecuniary interest.

PERSHING SQUARE INC. director Nicholas M. Lamotte reported indirect ownership changes in connection with a combined IPO and private placement involving the company and Pershing Square USA, Ltd. Entities associated with him, Consulta Master Fund LP and Consulta SPV II, LP, hold the reported shares.

One indirect position shows 600,000 shares of common stock acquired as a grant or award, linked to the combined private placement and IPO where investors received Pershing Square shares for no additional consideration alongside PSUS Common Shares. Another 304,000-share indirect entry is classified as an "other" acquisition or disposition related to the same combined transaction.

Following these events, Consulta Master Fund LP directly holds 7,654,954 shares of Pershing Square common stock, and Consulta SPV II, LP directly holds 904,000 shares. Lamotte, as Executive Chairman of Consulta Limited, may be deemed to share voting and dispositive power but disclaims beneficial ownership beyond his pecuniary interest.