[Form 4] Pershing Square USA, Ltd. Insider Trading Activity

Rhea-AI Filing Summary

Pershing Square USA, Ltd. Chief Executive Officer William A. Ackman reported substantial open-market purchases of the fund’s Common Shares of Beneficial Interest. On April 30, 2026, filings show net purchases of 4,897,171 shares at prices including $42 and $50 per share.

About 4,000,000 shares are held directly, while additional shares are held indirectly through a spouse-owned limited liability company and family trusts. Ackman may be deemed a beneficial owner of these indirect holdings but disclaims beneficial ownership except to the extent of any pecuniary interest.

Insights

Equity analyst

Large open-market purchases by PSUS CEO signal a strong personal capital commitment.

William A. Ackman, Chief Executive Officer of Pershing Square USA, Ltd., reported net open-market and related purchases of 4,897,171 Common Shares of Beneficial Interest on April 30, 2026. Transactions occurred at prices including $42 and $50 per share.

Roughly 4,000,000 shares are held directly, with additional shares held indirectly via a spouse-owned LLC and family trusts. The filing states he may be deemed a beneficial owner under Rule 16a-1(a), while disclaiming beneficial ownership except for any pecuniary interest. This combination of sizeable direct ownership and associated indirect holdings represents a meaningful alignment of capital with shareholders.

The absence of derivative positions in the derivativeSummary suggests these are straightforward common-share investments rather than option-related exercises. Future company filings may provide more context on how this ownership stake evolves over time.

Insider Trade Summary

Net Buyer: 4,897,171 shares

Net Buy 5 txns

Insider ACKMAN WILLIAM A

Role Chief Executive Officer

Bought 4,897,171 shs ($240.86M)

Type	Security	Shares	Price	Value
Purchase	Common Shares of Beneficial Interest	3,500,000	$50.00	$175.00M
Purchase	Common Shares of Beneficial Interest	500,000	$42.00	$21.00M
Purchase	Common Shares of Beneficial Interest	841,000	$50.00	$42.05M
Purchase	Common Shares of Beneficial Interest	21,200	$50.00	$1.06M
Purchase	Common Shares of Beneficial Interest	34,971	$50.00	$1.75M

Holdings After Transaction: Common Shares of Beneficial Interest — 4,000,000 shares (Direct); Common Shares of Beneficial Interest — 56,171 shares (Indirect, See footnotes)

Footnotes (7)

1. F1. On April 30, 2026, Pershing Square Inc. ("PS") and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement (the "PSUS Private Placement") of the Issuer's Common Shares of Beneficial Interest ("Common Shares").
2. F2. Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS IPO.
3. F3. Reflects the acquisition of Issuer Common Shares on April 30, 2026 through open market purchase.
4. F4. Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS Private Placement.
5. F5. Reflects Issuer Common Shares held by a limited liability company that is wholly owned by the Reporting Person's spouse.
6. F6. Reflects Issuer Common Shares held by trusts for the benefit of the Reporting Person's family members.
7. F7. 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 Reporting Person disclaims beneficial ownership of these shares, except to the extent of any pecuniary interest therein.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 05/01/2026 - 06:02 AM Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ACKMAN WILLIAM A

(Last) (First) (Middle)

C/O PERSHING SQUARE CAPITAL MGMT., L.P.,

787 ELEVENTH AVENUE, 9TH FLOOR

(Street)

NEW YORK NEW YORK 10019

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Pershing Square USA, Ltd. [ PSUS ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares of Beneficial Interest	04/30/2026		P(1)(2)		3,500,000	A	$50	3,500,000	D
Common Shares of Beneficial Interest	04/30/2026		P(3)		500,000	A	$42	4,000,000	D
Common Shares of Beneficial Interest	04/30/2026		P(1)(2)		841,000	A	$50	841,000	I	See footnotes(5)(7)
Common Shares of Beneficial Interest	04/30/2026		P(1)(2)		21,200	A	$50	21,200	I	See footnotes(6)(7)
Common Shares of Beneficial Interest	04/30/2026		P(1)(4)		34,971	A	$50	56,171	I	See footnotes(6)(7)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. On April 30, 2026, Pershing Square Inc. ("PS") and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS common stock and (ii) an initial public offering (the "PSUS IPO") and a concurrent private placement (the "PSUS Private Placement") of the Issuer's Common Shares of Beneficial Interest ("Common Shares").

2. Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS IPO.

3. Reflects the acquisition of Issuer Common Shares on April 30, 2026 through open market purchase.

4. Reflects the acquisition of Issuer Common Shares on April 30, 2026 in the PSUS Private Placement.

5. Reflects Issuer Common Shares held by a limited liability company that is wholly owned by the Reporting Person's spouse.

6. Reflects Issuer Common Shares held by trusts for the benefit of the Reporting Person's family members.

7. 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 Reporting Person disclaims beneficial ownership of these shares, except to the extent of any pecuniary interest therein.

	By: /s/ William A. Ackman	04/30/2026
	** 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 4 (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 4: SEC 1474 (03-26)