Pershing Square Inc. (PS) sees 45.3% beneficial stake reported by William Ackman

Rhea-AI Filing Summary

Pershing Square Inc. is reported to have a significant shareholder group led by William A. Ackman and WAA Management LLC. William A. Ackman is deemed to beneficially own 181,302,229 shares of Common Stock, representing 45.3% of the outstanding class, based on 400,000,000 shares outstanding as of August 10, 2026.

His beneficial ownership includes 1,500,000 shares held directly, 86,493,537 shares underlying vested M Units exchangeable into Common Stock held by Pershing Square Partner Group, LLC, 76,825,763 shares held by WAA Management LLC, and additional shares held by a GRAT, family trusts, and a spouse-owned LLC. WAA Management LLC separately reports beneficial ownership of 163,319,300 shares, or 40.8% of the class.

Pershing Square Management, LLC holds sole voting power over 180,821,400 of the reported shares under a Voting Proxy Agreement with Mr. Ackman, WAA Management LLC and The PS 2026 GRAT. Voting control of Pershing Square Management, LLC is shared among six members, including Mr. Ackman, and each member disclaims beneficial ownership of shares attributed to the others for Section 13(d) purposes.

Key Figures

Ackman beneficial ownership: 181,302,229 shares Ackman ownership percentage: 45.3% WAA Management LLC ownership: 163,319,300 shares +5 more

8 metrics

Ackman beneficial ownership 181,302,229 shares Beneficially owned Common Stock; 45.3% of class

Ackman ownership percentage 45.3% Percent of Common Stock class based on 400,000,000 shares outstanding

WAA Management LLC ownership 163,319,300 shares Beneficially owned Common Stock; 40.8% of class

WAA Management LLC ownership percentage 40.8% Percent of Common Stock class based on 400,000,000 shares outstanding

Shares outstanding 400,000,000 shares Common Stock outstanding as of August 10, 2026

Shares with sole voting power (ManagementCo) 180,821,400 shares Shares over which Pershing Square Management, LLC has sole voting power

Vested M Units underlying shares 86,493,537 shares Shares of Common Stock underlying Mr. Ackman’s vested M Units

Direct shares held by WAA Management LLC 76,825,763 shares Common Stock directly held by WAA Management LLC

Key Terms

beneficial ownership, dispositive power, M Units, GRAT, +2 more

6 terms

beneficial ownership financial

"Each of the ManagementCo Members expressly disclaims, for purposes of Section 13(d), beneficial ownership"

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.

dispositive power financial

"Sole Dispositive Power 1,500,000.00 8 | Shared Dispositive Power 179,802,229.00"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

M Units financial

"86,493,537 shares of Common Stock underlying Mr. Ackman's vested M Units"

GRAT financial

"16,000,000 shares of Common Stock directly held by The PS 2026 GRAT"

Voting Proxy Agreement financial

"pursuant to a voting proxy agreement (the "Voting Proxy Agreement")"

control person financial

"WAA Management LLC is the relevant entity for which Mr. Ackman may be considered a control person"

A control person is an individual or entity that can significantly influence a company’s decisions and direction through ownership, voting power, or contractual rights—think of them as the captain who can steer the ship. Investors care because a control person’s choices affect corporate strategy, board appointments, and transactions that can raise or lower a stock’s value, and they often carry additional legal responsibilities and disclosure requirements to protect other shareholders.

FAQ

How much of Pershing Square Inc. (PS) stock does William A. Ackman beneficially own?

William A. Ackman beneficially owns 181,302,229 shares of Pershing Square Inc. Common Stock, representing 45.3% of the outstanding class, based on 400,000,000 shares outstanding as of August 10, 2026.

What is WAA Management LLC’s ownership stake in Pershing Square Inc. (PS)?

WAA Management LLC reports beneficial ownership of 163,319,300 shares of Pershing Square Inc. Common Stock, representing 40.8% of the class, calculated using 400,000,000 shares outstanding as of August 10, 2026.

How many Pershing Square Inc. (PS) shares are outstanding for these ownership calculations?

The reported ownership percentages are based on 400,000,000 shares of Pershing Square Inc. Common Stock outstanding as of August 10, 2026, as stated in the issuer’s Quarterly Report for the quarter ended June 30, 2026.

Who holds voting power over most of William A. Ackman’s Pershing Square Inc. (PS) shares?

Pershing Square Management, LLC has sole voting power over 180,821,400 shares of Pershing Square Inc. Common Stock under a Voting Proxy Agreement with William A. Ackman, WAA Management LLC and The PS 2026 GRAT.

What are the key components of William A. Ackman’s beneficial ownership in Pershing Square Inc. (PS)?

His beneficial holdings include 1,500,000 shares held directly, 86,493,537 shares underlying vested M Units, 76,825,763 shares held by WAA Management LLC, 16,000,000 shares held by The PS 2026 GRAT, plus additional family trust and spouse-owned LLC shares.

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Available on EDGAR 08/14/2026 - 06:12 PM Accepted by SEC EDGAR 08/14/2026 - 06:11 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Pershing Square Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

71531U102

(CUSIP Number)

06/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 71531U102

1

Names of Reporting Persons

William A. Ackman

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 480,829.00
7	Sole Dispositive Power 1,500,000.00
8	Shared Dispositive Power 179,802,229.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

181,302,229.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

45.3 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Represents (a) 1,500,000 shares of Common Stock directly held by Mr. Ackman, (b) (i) 86,493,537 shares of Common Stock underlying Mr. Ackman's vested M Units (which may be redeemed by Mr. Ackman, subject to certain conditions, for shares of Common Stock held by Pershing Square Partner Group, LLC ("PSPG") initially on a one-for-one basis, subject to certain adjustments pursuant to the terms of the M Units) and (ii) 76,825,763 shares of Common Stock directly held by WAA Management LLC, of which Mr. Ackman is the sole manager, (c) 16,000,000 shares of Common Stock directly held by The PS 2026 GRAT, of which Mr. Ackman is the trustee, (d) 314,729 shares of Common Stock directly held by trusts for the benefit or, or whose beneficiaries include, Mr. Ackman's family members, and (e) 168,200 shares of Common Stock directly held by a limited liability company wholly owned by Mr. Ackman's spouse. Pershing Square Management, LLC ("ManagementCo") has sole voting power with respect to 180,821,400 of the foregoing shares of Common Stock as the managing member of PSPG and pursuant to a voting proxy agreement (the "Voting Proxy Agreement"). Pursuant to the Voting Proxy Agreement, each of Mr. Ackman, WAA Management LLC and The PS 2026 GRAT has provided an irrevocable proxy to ManagementCo with respect to any shares of Common Stock that each such person, now or in the future, owns (directly or indirectly) or otherwise holds the power to vote (directly or indirectly). Control over ManagementCo is shared among its members: Mr. Ackman, Ryan Israel, Ben Hakim, Michael Gonnella, Anthony Massaro, and Halit Coussin (collectively, the "ManagementCo Members"). Mr. Ackman owns 24.9% of the voting interests in 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 the ManagementCo Members expressly disclaims, for purposes of Section 13(d) of the Exchange Act, beneficial ownership in shares of Common Stock beneficially owned by any other ManagementCo Member. The percent of the class is based on 400,000,000 shares of Common Stock outstanding as of August 10, 2026, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 (the "Form 10-Q").

SCHEDULE 13G

CUSIP Number(s): 71531U102

1

Names of Reporting Persons

WAA Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 163,319,300.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

163,319,300.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

40.8 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: Represents (a) 86,493,537 shares of Common Stock underlying Mr. Ackman's vested M Units and (b) 76,825,763 shares of Common Stock directly held by WAA Management LLC, of which Mr. Ackman is the sole manager. The percent of the class is based on 400,000,000 shares of Common Stock outstanding as of August 10, 2026, as reported in the Issuer's Form 10-Q.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Pershing Square Inc.
(b)	Address of issuer's principal executive offices: 787 Eleventh Avenue, Ninth Floor, New York, New York 10019.
Item 2.
(a)	Name of person filing: This statement is being filed by William A. Ackman and WAA Management LLC (collectively, the "Reporting Persons").
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is 787 Eleventh Avenue, Ninth Floor, New York, New York 10019.
(c)	Citizenship: Mr. Ackman is a citizen of the United States. WAA Management LLC is a Delaware limited liability company.
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 71531U102
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See the responses to Row 9 on the attached cover pages.
(b)	Percent of class: See the responses to Row 11 on the attached cover pages.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See the responses to Row 5 on the attached cover pages.
	(ii) Shared power to vote or to direct the vote: See the responses to Row 6 on the attached cover pages.
	(iii) Sole power to dispose or to direct the disposition of: See the responses to Row 7 on the attached cover pages.
	(iv) Shared power to dispose or to direct the disposition of: See the responses to Row 8 on the attached cover pages.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. WAA Management LLC is the relevant entity for which Mr. Ackman may be considered a control person.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

William A. Ackman

Signature:	/s/ William A. Ackman
Name/Title:	William A. Ackman
Date:	08/14/2026

WAA Management LLC

Signature:	/s/ William A. Ackman
Name/Title:	William A. Ackman / Manager
Date:	08/14/2026

Exhibit Information

Exhibit 99.1: Joint Filing Agreement