Pershing Square (PS) CEO details large indirect share and unit stakes
Filing Impact
Filing Sentiment
Form Type
3
Rhea-AI Filing Summary
Pershing Square Inc. director and CEO William A. Ackman filed an initial Form 3 reporting indirect ownership stakes in the company’s common stock and related units. The filing shows indirect holdings of 300,000, 16,000,000 and 83,700,000 shares of common stock, plus 92,430,722 M Units of Pershing Square Partner Group, LLC.
Footnotes explain that these common shares are held through entities including WAA Management LLC, a grantor retained annuity trust and a family trust, rather than directly by Ackman. The M Units were granted on April 28, 2026, are fully vested, and can be redeemed on a one-for-one basis for Pershing Square common stock held by PSPG, with redemption rights that do not expire. No open-market purchases or sales are reported in this filing.
Positive
- None.
Negative
- None.
Insider Trade Summary
4 transactions reported
Mixed
4 txns
Insider
ACKMAN WILLIAM A, WAA Management LLC
Role
CEO & Chairman | null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | M Units of Pershing Square Partner Group, LLC | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
M Units of Pershing Square Partner Group, LLC — 92,430,722 shares (Indirect, See footnote);
Common Stock — 83,700,000 shares (Indirect, See footnote)
Footnotes (1)
- Reflects shares directly held by WAA Management LLC, of which the Reporting Person is the sole manager. Reflects shares directly held a grantor retained annuity trust, of which the Reporting Person is the trustee. Reflects shares directly held by a trust whose beneficiaries include the Reporting Person's family members. 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 "Exchange Act"). The Reporting Person disclaims beneficial ownership of these shares, except to the extent of any pecuniary interest therein. These M Units ("M Units") of Pershing Square Partner Group, LLC ("PSPG") were granted to the Reporting Person pursuant to an amendment of PSPG's governing document on a pro rata basis of the Reporting Person's prior interest in PSPG on April 28, 2026. These M Units are fully vested. The grant was approved by the board of directors of the Issuer in accordance with Rule 16b-3 under the Exchange Act. Upon vesting, each M Unit may be redeemed by the holder, subject to certain conditions, for shares of Issuer common stock held by PSPG on a one-for-one basis, subject to certain adjustments pursuant to the terms approved by the board of directors of the Issuer. These redemption rights do not expire.
Key Figures
Indirect common stock holding 1: 300,000 shares
Indirect common stock holding 2: 16,000,000 shares
Indirect common stock holding 3: 83,700,000 shares
+3 more
6 metrics
Indirect common stock holding 1
300,000 shares
Total shares following transaction, indirect ownership
Indirect common stock holding 2
16,000,000 shares
Total shares following transaction, indirect ownership
Indirect common stock holding 3
83,700,000 shares
Total shares following transaction, indirect ownership
M Units held
92,430,722 M Units
Pershing Square Partner Group, LLC, fully vested, indirect
Underlying common shares from M Units
92,430,722 shares
Redeemable one-for-one into Pershing Square common stock
M Unit exercise price
$0.0000 per unit
Conversion or exercise price for M Units
Key Terms
grantor retained annuity trust, M Units, beneficial owner, Rule 16b-3, +1 more
5 terms
grantor retained annuity trust financial
"Reflects shares directly held a grantor retained annuity trust, of which the Reporting Person is the trustee."
A grantor retained annuity trust (GRAT) is an estate-planning tool where the person who creates the trust transfers assets into it but receives fixed cash payments (an annuity) from the trust for a set number of years; whatever remains after that term passes to designated beneficiaries. It matters to investors because it can shift future appreciation of assets out of the creator’s taxable estate—like putting an asset into a timed vending machine that pays you fixed amounts while any extra value that grows inside the machine goes to heirs with reduced gift or estate tax consequences.
M Units financial
"These M Units ("M Units") of Pershing Square Partner Group, LLC ("PSPG") were granted to the Reporting Person..."
beneficial owner financial
"The Reporting Person may be deemed to be the beneficial owner of these shares for purposes of Rule 16a-1(a)..."
A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.
Rule 16b-3 regulatory
"The grant was approved by the board of directors of the Issuer in accordance with Rule 16b-3 under the Exchange Act."
Rule 16b-3 is a Securities and Exchange Commission regulation that exempts certain routine, pre-approved transactions by company insiders from automatic liability for short-term trading profits. It acts like a safe harbor: if an insider follows a formal plan or the board approves specific transactions in advance, profits from buying and selling company stock within six months are not automatically reclaimed. Investors care because the rule clarifies when insider trades are permissible and reduces uncertainty about potential clawbacks.
redemption rights financial
"These redemption rights do not expire."
Redemption rights are contractual provisions that allow a holder of a security—such as preferred shares, bonds, or certain fund units—to require the issuer to buy back the security under specified conditions, often at a set price or by a defined formula. For investors they act like a return policy that offers a forced exit or downside protection, affecting a security’s value, liquidity and the issuer’s cash planning.
FAQ
What does William Ackman’s Form 3 for PERSHING SQUARE INC. (PS) report?
The Form 3 reports William A. Ackman’s indirect ownership of Pershing Square Inc. It lists large blocks of common stock and M Units held through entities and trusts, establishing his status as a significant beneficial owner and insider.
What are the M Units of Pershing Square Partner Group, LLC reported for PS?
The Form 3 lists 92,430,722 M Units of Pershing Square Partner Group, LLC held indirectly. Each M Unit is fully vested and may be redeemed, subject to conditions, for one share of Pershing Square common stock held by PSPG, with redemption rights that do not expire.
How are WAA Management LLC and family trusts involved in PS ownership?
Footnotes state that WAA Management LLC directly holds certain shares, with Ackman as sole manager, while other shares are in a grantor retained annuity trust and a family trust. Ackman may be deemed a beneficial owner but disclaims ownership beyond any pecuniary interest.