Teacher Retirement System reports 10.3% stake in Pershing Square USA (PSUS)

Rhea-AI Filing Summary

Pershing Square USA, Ltd. ownership filing: Teacher Retirement System of Texas reports beneficial ownership of 10,270,000 shares of Common Shares of Beneficial Interest, representing 10.3% of the class as of 04/30/2026.

The filing lists sole voting power and sole dispositive power over the 10,270,000 shares. The report is signed by Christopher Bowlin, Director, DCR-Investments, dated 05/06/2026.

Insights

Institutional Ownership Specialist

Large passive stake reported by a public pension fund.

The Teacher Retirement System of Texas reports holding 10,270,000 shares (10.3%) of Pershing Square USA, Ltd. as of 04/30/2026. The filing specifies sole voting and sole dispositive authority over those shares.

Such a >10% position typically triggers monitoring by market participants and may affect shareholder engagement dynamics; subsequent filings could disclose changes in intent or voting plans.

Key Figures

Beneficial ownership: 10,270,000 shares Percent of class: 10.3% Report date: 04/30/2026 +2 more

5 metrics

Beneficial ownership 10,270,000 shares Amount beneficially owned as reported

Percent of class 10.3% Percent of class as reported

Report date 04/30/2026 Reporting date for ownership amount

Sole voting power 10,270,000 shares Sole power to vote as reported

Sole dispositive power 10,270,000 shares Sole power to dispose as reported

Key Terms

Schedule 13G, Beneficial ownership, CUSIP

3 terms

Schedule 13G regulatory

"Item 1. Name of issuer: Pershing Square USA, Ltd.; filing identified as Schedule 13G"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Beneficial ownership financial

"Item 4. Ownership (a) Amount beneficially owned: 10,270,000 shares"

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.

CUSIP financial

"CUSIP Number(s): 71531T105"

A CUSIP is a nine-character alphanumeric code that uniquely identifies a U.S. or Canadian financial security—such as a stock, bond, or fund share—like a Social Security number for an investment. It matters to investors because brokers, exchanges and record-keepers use the CUSIP to match trades, track ownership, settle transactions and pull accurate records, reducing errors and ensuring money and securities go to the right place.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Pershing Square USA, Ltd.

(Name of Issuer)

Common Shares of Beneficial Interest

(Title of Class of Securities)

71531T105

(CUSIP Number)

04/30/2026

(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): 71531T105

1

Names of Reporting Persons

TEACHER RETIREMENT SYSTEM OF TEXAS

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

TEXAS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 10,270,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 10,270,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,270,000.00

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)

10.3 %

12

Type of Reporting Person (See Instructions)

EP

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Pershing Square USA, Ltd.
(b)	Address of issuer's principal executive offices: 787 ELEVENTH AVENUE, 9TH FLOOR, NEW YORK, NEW YORK, 10019
Item 2.
(a)	Name of person filing: Teacher Retirement System of Texas
(b)	Address or principal business office or, if none, residence: 4655 Mueller Blvd., Austin, TX 78723
(c)	Citizenship: United States of America
(d)	Title of class of securities: Common Shares of Beneficial Interest
(e)	CUSIP Number(s): 71531T105
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: 10,270,000 shares
(b)	Percent of class: 10.3%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 10,270,000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 10,270,000
	(iv) Shared power to dispose or to direct the disposition of: 0
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.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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.

TEACHER RETIREMENT SYSTEM OF TEXAS

Signature:	Christopher Bowlin
Name/Title:	Director, DCR-Investments
Date:	05/06/2026

FAQ

What stake does Teacher Retirement System of Texas report in Pershing Square USA (PSUS)?

They report beneficial ownership of 10,270,000 shares, equal to 10.3% of the class as of 04/30/2026. The filing shows sole voting and dispositive power over these shares.

What type of SEC filing is this for PSUS?

This is a Schedule 13G beneficial ownership filing. It reports an investor's holdings and voting/dispositive powers in the issuer's common shares on the specified date.

Who signed the ownership report for Teacher Retirement System of Texas?

The report is signed by Christopher Bowlin, Director, DCR-Investments, with a signature date of 05/06/2026. The filing lists the filer’s Austin, TX address.

Does the filing state whether shares are held directly or indirectly?

The filing lists sole voting and sole dispositive power for 10,270,000 shares, indicating control over the shares; it does not provide additional footnote attribution in the excerpt.

What is the CUSIP for Pershing Square USA common shares?

The excerpt shows the CUSIP 71531T105 for Common Shares of Beneficial Interest, used to identify the specific class of securities in the filing.