Pershing Square USA (PSUS) director Bruce Herring adds 5,000 shares in open-market buy

Rhea-AI Filing Summary

Pershing Square USA, Ltd. director Bruce Herring bought 5,000 Common Shares of Beneficial Interest in an open-market purchase at $40.25 per share. After this transaction, he directly holds 15,000 common shares. The footnote confirms these shares were acquired through an open market purchase.

Insider Trade Summary

Net Buyer: 5,000 shares ($201,250)

Net Buy 1 txn

Insider Herring Bruce

Role null

Bought 5,000 shs ($201K)

Type	Security	Shares	Price	Value
Purchase	Common Shares of Beneficial Interest	5,000	$40.25	$201K

Holdings After Transaction: Common Shares of Beneficial Interest — 15,000 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Shares purchased: 5,000 shares Purchase price: $40.25 per share Shares owned after: 15,000 shares +1 more

4 metrics

Shares purchased 5,000 shares Open-market purchase of Common Shares of Beneficial Interest

Purchase price $40.25 per share Price paid in the open-market transaction

Shares owned after 15,000 shares Total direct holdings after the transaction

Buy transactions 1 transaction Number of reported insider buy transactions

Key Terms

Common Shares of Beneficial Interest, open-market purchase, beneficial ownership

3 terms

Common Shares of Beneficial Interest financial

"security_title: "Common Shares of Beneficial Interest""

Common Shares of Beneficial Interest are units that represent ownership in a company or organization, like owning a piece of a pie. They give investors voting rights and a chance to share in profits, making them important for those looking to invest and have a say in how the organization is run.

open-market purchase financial

"transaction_action: "open-market purchase""

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

beneficial ownership financial

"Reflects the acquisition of the Issuer's Common Shares of Beneficial Interest"

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.

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Form 4 Insider Transactions: What Each Field Means →

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^*

Herring Bruce

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/17/2026

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	06/17/2026		P(1)		5,000	A	$40.25	15,000	D

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. Reflects the acquisition of the Issuer's Common Shares of Beneficial Interest through open market purchase.

	/s/ Jessica Falzone, attorney-in-fact	06/17/2026
	** 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)

FAQ

What insider transaction did PSUS director Bruce Herring report?

Bruce Herring reported an open-market purchase of 5,000 Pershing Square USA (PSUS) Common Shares of Beneficial Interest at $40.25 per share. This transaction reflects a direct increase in his personal holdings of the company’s common shares.

What is Bruce Herring’s total PSUS shareholding after this transaction?

After the reported purchase, Bruce Herring directly holds 15,000 Pershing Square USA (PSUS) Common Shares of Beneficial Interest. This figure represents his total reported direct ownership following the 5,000-share open-market acquisition at $40.25 per share.

Was the PSUS insider transaction a purchase or sale of shares?

The Pershing Square USA (PSUS) insider transaction was a purchase. Director Bruce Herring executed an open-market buy of 5,000 Common Shares of Beneficial Interest, increasing his direct stake to 15,000 shares according to the reported holdings after the transaction.

At what price did Bruce Herring buy PSUS shares in the open market?

Bruce Herring purchased Pershing Square USA (PSUS) Common Shares of Beneficial Interest at $40.25 per share. The transaction involved 5,000 shares bought in an open-market purchase, as confirmed by both the transaction details and the accompanying footnote disclosure.

How many PSUS insider buy transactions did this Form 4 report?

The filing shows one insider buy transaction for Pershing Square USA (PSUS). It records an open-market purchase of 5,000 Common Shares of Beneficial Interest by director Bruce Herring, with no reported sales, gifts, or derivative exercises in this particular report.