Pershing Square (PS) director reports 229,419 indirect shares via SIP Capital Fund

Rhea-AI Filing Summary

PERSHING SQUARE INC. director Kheirallah Marco Racy has filed an initial Form 3 reporting his existing indirect holdings in the company’s common stock. The filing shows 229,419 shares of common stock held indirectly through SIP Capital Fund Ltd.

According to the disclosure, SIP Capital Fund Ltd. is an entity for which Racy serves as investment manager and controlling majority investor. He disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest in them. The filing does not reflect a new purchase or sale, but establishes his starting ownership position as an insider.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Kheirallah Marco Racy

Role null

Type	Security	Shares	Price	Value
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 229,419 shares (Indirect, See Footnote)

Footnotes (1)

1. [object Object]

Key Figures

Indirect common shares held: 229,419 shares

1 metrics

Indirect common shares held 229,419 shares Total indirect holdings reported on Form 3

Key Terms

Form 3, indirect holdings, beneficial ownership, pecuniary interest, +1 more

5 terms

Form 3 regulatory

"has filed an initial Form 3 reporting his existing indirect holdings"

Form 3 is the initial public filing that officers, directors and large shareholders must submit to report their ownership of a company’s securities when they become insiders. It acts like an opening inventory sheet that gives investors a starting point to see who holds significant stakes and to spot later trades or potential conflicts of interest, helping assess insider confidence and transparency.

indirect holdings financial

"reporting his existing indirect holdings in the company’s common stock"

beneficial ownership financial

"He disclaims beneficial ownership of these shares, except to the extent"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of his pecuniary interest in them"

investment manager financial

"Racy serves as investment manager and controlling majority investor"

Understanding Insider Trading Forms →

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
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1. Name and Address of Reporting Person^*

Kheirallah Marco Racy

(Last) (First) (Middle)

C/O PERSHING SQUARE INC.

787 ELEVENTH AVENUE, 9TH FLOOR

(Street)

NEW YORK NEW YORK 10019

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
04/29/2026

3. Issuer Name and Ticker or Trading Symbol
PERSHING SQUARE INC. [ PS ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	229,419	I	See Footnote(1)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Reflects shares directly held by SIP Capital Fund Ltd., of which the Reporting Person is the investment manager and controlling majority investor. The Reporting Person disclaims beneficial ownership over the shares reported herein, except to the extent of his pecuniary interest therein.

Remarks:

Exhibit 24 - Power of Attorney.

	/s/ Halit Coussin, as Attorney-In-Fact	04/29/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)

FAQ

What does the Form 3 filing by Kheirallah Marco Racy at PERSHING SQUARE INC. (PS) show?

The Form 3 reports Racy’s existing indirect holdings of 229,419 common shares in PERSHING SQUARE INC. These shares are held through SIP Capital Fund Ltd., establishing his starting ownership position as an insider without indicating a new buy or sell transaction.

How many PERSHING SQUARE INC. (PS) shares are reported in this Form 3?

The filing shows 229,419 shares of PERSHING SQUARE INC. common stock. These are held indirectly, not in Racy’s personal name, and the Form 3 records this position as his initial ownership as a company insider rather than a new market trade.

Is the ownership in PERSHING SQUARE INC. (PS) held directly by Kheirallah Marco Racy?

No, the 229,419 common shares are held indirectly through SIP Capital Fund Ltd. The filing states Racy is the investment manager and controlling majority investor of this entity, rather than directly holding the shares in his personal brokerage account.

What does it mean that Racy disclaims beneficial ownership in the PERSHING SQUARE INC. (PS) shares?

The disclaimer means Racy does not claim full beneficial ownership of all 229,419 shares. He acknowledges only his pecuniary interest—his economic stake—in shares held by SIP Capital Fund Ltd., which can differ from full voting or investment control over every reported share.

Does this PERSHING SQUARE INC. (PS) Form 3 indicate recent buying or selling activity?

The Form 3 does not indicate new buying or selling. It is an initial ownership report showing an existing indirect position of 229,419 common shares, held through SIP Capital Fund Ltd., when Racy became a reporting insider at PERSHING SQUARE INC.