Director Bruce Herring buys 10,000 Pershing Square USA (PSUS) shares

Rhea-AI Filing Summary

Pershing Square USA, Ltd. director Bruce Herring bought 10,000 Common Shares of Beneficial Interest in open-market transactions. The trades occurred on April 30, 2026 at a weighted average price of $43.414 per share, with prices ranging from $43.30 to $43.45. Following these purchases, he directly owns 10,000 shares.

Insider Trade Summary

Net Buyer: 10,000 shares ($434,140)

Net Buy 1 txn

Insider Herring Bruce

Role null

Bought 10,000 shs ($434K)

Type	Security	Shares	Price	Value
Purchase	Common Shares of Beneficial Interest	10,000	$43.414	$434K

Holdings After Transaction: Common Shares of Beneficial Interest — 10,000 shares (Direct, null)

Footnotes (1)

1. Reflects the acquisition of the Issuer's Common Shares of Beneficial Interest through multiple open market transactions at prices ranging from $43.30 to $43.45, inclusive. The price reported in Column 4 is a weighted average price. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4.

Key Figures

Shares purchased: 10,000 shares Weighted average price: $43.414 per share Price range: $43.30–$43.45 per share +2 more

5 metrics

Shares purchased 10,000 shares Open-market buy on April 30, 2026

Weighted average price $43.414 per share Price reported in Column 4

Price range $43.30–$43.45 per share Multiple open market transactions

Shares owned after transaction 10,000 shares Direct ownership following the purchases

Net buy shares 10,000 shares Net buy direction in transaction summary

Key Terms

Common Shares of Beneficial Interest, open market transactions, weighted average price

3 terms

Common Shares of Beneficial Interest financial

"Reflects the acquisition of the Issuer's Common Shares of Beneficial Interest through multiple open market transactions"

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 transactions financial

"through multiple open market transactions at prices ranging from $43.30 to $43.45, inclusive"

Open market transactions are the buying and selling of a company’s shares or other securities conducted on public exchanges or through the wider market rather than through private deals or negotiated placements. They matter to investors because these trades change supply and demand in real time—like shoppers affecting a store’s inventory—and so can move prices, signal management or investor sentiment, affect liquidity, and alter ownership stakes that influence future returns and risk.

weighted average price financial

"The price reported in Column 4 is a weighted average price"

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

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)
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)		10,000	A	$43.414	10,000	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 multiple open market transactions at prices ranging from $43.30 to $43.45, inclusive.

2. The price reported in Column 4 is a weighted average price. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this Form 4.

	By: /s/ Jessica Falzone, attorney-in-fact	05/04/2026
	** 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 did Pershing Square USA (PSUS) director Bruce Herring do in this Form 4?

Director Bruce Herring bought 10,000 Pershing Square USA Common Shares of Beneficial Interest in open-market transactions. These trades were reported on a Form 4 and reflect a direct increase in his personal shareholdings in the company.

At what price did Bruce Herring buy PSUS shares according to the Form 4?

Bruce Herring purchased the 10,000 Pershing Square USA shares at a weighted average price of $43.414 per share. The footnotes state that individual trades were executed between $43.30 and $43.45 per share, inclusive.

How many Pershing Square USA (PSUS) shares does Bruce Herring own after this transaction?

After the reported purchases, Bruce Herring directly owns 10,000 Pershing Square USA Common Shares of Beneficial Interest. The Form 4 indicates this figure as his total direct holdings following the April 30, 2026 open-market transactions.

Was Bruce Herring’s PSUS trade an open-market purchase?

Yes. The Form 4 identifies the transaction code as “P,” described as an open-market or private purchase. Footnotes further clarify that the shares were acquired through multiple open market transactions within the reported price range.

Does the Form 4 for PSUS mention a weighted average price for the trades?

Yes. The filing reports a weighted average purchase price of $43.414 per share. A footnote explains that this average reflects numerous trades and that full price breakdowns are available upon request from the issuer, security holders, or SEC staff.