Pershing Square USA: Ryan Israel buys 256,613 shares

Each purchase consisted of multiple open-market transactions, and the reported prices are weighted averages within disclosed execution ranges.

Rhea-AI Filing Summary

Pershing Square USA, Ltd. (PSUS) Chief Investment Officer Ryan Israel directly purchased 256,613 common shares in three reported transactions. On October 2, 2026, he purchased 78,138 shares at a weighted-average price of $37.2092 per share; on October 5, 2026, he purchased 120,816 shares at $37.4454 per share; and on October 6, 2026, he purchased 57,659 shares at $37.8737 per share.

Each reported purchase consisted of multiple open-market transactions. The disclosed execution-price ranges were $37.035 to $37.35 on October 2, $37.115 to $37.70 on October 5, and $37.50 to $38.15 on October 6, inclusive. No Rule 10b5-1 plan is reported.

Insider Trade Summary

Net Buyer: 256,613 shares

Net Buy 3 txns

Insider ISRAEL RYAN

Role Chief Investment Officer

Bought 256,613 shs ($9.62M)

Type	Security	Shares	Price	Value
Purchase	Common Shares of Beneficial Interest F2, F4	57,659	$37.8737	$2.18M
Purchase	Common Shares of Beneficial Interest F2, F3	120,816	$37.4454	$4.52M
Purchase	Common Shares of Beneficial Interest F1, F2	78,138	$37.2092	$2.91M

Holdings After Transaction: Common Shares of Beneficial Interest — 756,613 shares (Direct)

Footnotes (4)

1. F1. Reflects the acquisition of the Issuer's Common Shares of Beneficial Interest through multiple open market transactions at prices ranging from $37.035 to $37.35, inclusive.
2. F2. 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 purchased at each separate price within the ranges set forth in this Form 4.
3. F3. Reflects the acquisition of the Issuer's Common Shares of Beneficial Interest through multiple open market transactions at prices ranging from $37.115 to $37.70, inclusive.
4. F4. Reflects the acquisition of the Issuer's Common Shares of Beneficial Interest through multiple open market transactions at prices ranging from $37.50 to $38.15, inclusive.

Key Figures

Shares purchased: 78,138 shares Weighted-average purchase price: $37.2092 per share Shares purchased: 120,816 shares +3 more

6 metrics

Shares purchased 78,138 shares October 2, 2026

Weighted-average purchase price $37.2092 per share October 2, 2026

Shares purchased 120,816 shares October 5, 2026

Weighted-average purchase price $37.4454 per share October 5, 2026

Shares purchased 57,659 shares October 6, 2026

Weighted-average purchase price $37.8737 per share October 6, 2026

Key Terms

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

3 terms

Common Shares of Beneficial Interest financial

"acquisition of the Issuer's 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.

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.

open market transactions financial

"through multiple open market transactions"

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many PSUS shares did Ryan Israel buy, and when?

Ryan Israel purchased 256,613 PSUS common shares in three direct transactions: 78,138 on October 2, 2026; 120,816 on October 5, 2026; and 57,659 on October 6, 2026. No Rule 10b5-1 plan is reported.

What prices did Ryan Israel pay for PSUS shares?

The reported weighted-average prices were $37.2092 per share on October 2, 2026, $37.4454 on October 5, and $37.8737 on October 6. The corresponding execution ranges were $37.035 to $37.35, $37.115 to $37.70, and $37.50 to $38.15, inclusive.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/06/2026 - 05:59 PM Accepted by SEC EDGAR 10/06/2026 - 05:59 PM 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^*

ISRAEL RYAN

(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 Investment Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/02/2026

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	10/02/2026		P(1)(2)		78,138	A	$37.2092	578,138	D
Common Shares of Beneficial Interest	10/05/2026		P(2)(3)		120,816	A	$37.4454	698,954	D
Common Shares of Beneficial Interest	10/06/2026		P(2)(4)		57,659	A	$37.8737	756,613	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 $37.035 to $37.35, 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 purchased at each separate price within the ranges set forth in this Form 4.

3. Reflects the acquisition of the Issuer's Common Shares of Beneficial Interest through multiple open market transactions at prices ranging from $37.115 to $37.70, inclusive.

4. Reflects the acquisition of the Issuer's Common Shares of Beneficial Interest through multiple open market transactions at prices ranging from $37.50 to $38.15, inclusive.

	/s/ Jessica Falzone, attorney-in-fact	10/06/2026
	** 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)