Pershing Square director reports initial holdings
Pershing Square Inc. director and officer Halit Coussin filed an initial ownership report showing a substantial equity stake.
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Form Type
3
Rhea-AI Filing Summary
Pershing Square Inc. director and officer Halit Coussin filed an initial ownership report showing a substantial equity stake. The filing lists 2,890,220 shares of common stock held directly and 7,016,278 M Units of Pershing Square Partner Group, LLC, each tied to one share of common stock.
The M Units were granted based on Coussin’s prior interest in the partnership and are unvested, subject to a long-term vesting and forfeiture schedule. Once vested, each M Unit may be redeemed, subject to conditions, for one share of Pershing Square common stock held by the partnership, with these redemption rights having no stated expiration.
Insider Trade Summary
2 transactions reported
Mixed
2 txns
Insider
Coussin Halit
Role
CLO; CCO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | M Units of Pershing Square Partner Group, LLC | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
M Units of Pershing Square Partner Group, LLC — 7,016,278 contracts (Direct);
Common Stock — 2,890,220 shares (Direct)
Footnotes (2)
- F1. 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. The M Units are unvested and subject to vesting and forfeiture. The standard vesting schedule for M Units provides for vesting (i) 6.25% each year during years 1 to 4, (ii) 8.33% each year during years 5 to 7, and (iii) 16.67% each year during years 8 to 10. The grant was approved by the board of directors of the Issuer in accordance with Rule 16b-3 under the Securities Exchange Act of 1934, as amended.
- F2. 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
Direct common stock holdings: 2,890,220 shares
M Units held: 7,016,278 M Units
M Units vesting years 1–4: 6.25% per year
+3 more
6 metrics
Direct common stock holdings
2,890,220 shares
Total shares of Pershing Square Inc. common stock held directly after reporting
M Units held
7,016,278 M Units
Unvested M Units of Pershing Square Partner Group, LLC tied to common stock
M Units vesting years 1–4
6.25% per year
Standard vesting schedule for M Units during years 1 to 4
M Units vesting years 5–7
8.33% per year
Standard vesting schedule for M Units during years 5 to 7
M Units vesting years 8–10
16.67% per year
Standard vesting schedule for M Units during years 8 to 10
M Unit-to-share ratio
1 M Unit : 1 share
Each vested M Unit may be redeemed for one share of common stock
Key Terms
M Units, vesting schedule, forfeiture, redemption rights, +1 more
5 terms
M Units financial
"These M Units ("M Units") of Pershing Square Partner Group, LLC ("PSPG") were granted to the Reporting Person..."
vesting schedule financial
"The standard vesting schedule for M Units provides for vesting (i) 6.25% each year during years 1 to 4..."
A vesting schedule is a timeline that determines when someone gains full ownership of certain benefits, such as company stock or retirement contributions. Think of it like earning the right to own a gift gradually over time, rather than receiving it all at once. It matters to investors because it affects when they can fully access or sell these benefits, influencing their financial planning and decision-making.
forfeiture financial
"The M Units are unvested and subject to vesting and forfeiture."
redemption rights financial
"Upon vesting, each M Unit may be redeemed by the holder, subject to certain conditions..."
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.
Rule 16b-3 regulatory
"The grant was approved by the board of directors of the Issuer in accordance with Rule 16b-3..."
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.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What does the Pershing Square (PS) Form 3 filing by Halit Coussin show?
The Form 3 shows that Halit Coussin, a director and officer of Pershing Square Inc., holds 2,890,220 shares of common stock and 7,016,278 M Units. These M Units may convert into common stock over time, subject to vesting and forfeiture conditions.
What are the 7,016,278 M Units reported in the Pershing Square (PS) Form 3?
The 7,016,278 M Units are interests in Pershing Square Partner Group, LLC granted to Coussin based on his prior partnership interest. They are unvested, subject to a multi-year vesting and forfeiture schedule, and each vested unit may be redeemed for one share of Pershing Square common stock.
How do the M Units in Pershing Square (PS) vest for Halit Coussin?
M Units follow a long-term vesting schedule: 6.25% each year during years 1–4, 8.33% each year during years 5–7, and 16.67% each year during years 8–10. Units are also subject to forfeiture under the terms of the grant and governing documents.
Can the M Units reported in Pershing Square (PS) Form 3 be converted into common stock?
Yes. Upon vesting and subject to specified conditions, each M Unit may be redeemed for one share of Pershing Square Inc. common stock held by the partnership. The filing notes that these redemption rights do not expire, though they remain subject to the approved terms.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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