{"transactions":[{"id":308635,"issuer":{"id":4080,"kind":"organization","name":"Howard Hughes Holdings Inc.","symbol":"HHH"},"owners":[{"id":14571,"kind":"person","name":"Pershing Square Capital Management, L.P.","position":1,"cik":"0001336528","reported_name":"Pershing Square Capital Management, L.P.","relationship":{"director":true,"ten_percent_owner":true}},{"id":14572,"kind":"person","name":"Pershing Square HHH Holdings, LLC","position":2,"cik":"0002131683","reported_name":"Pershing Square HHH Holdings, LLC","relationship":{"director":true,"ten_percent_owner":true}},{"id":3337,"kind":"organization","name":"PERSHING SQUARE INC.","position":3,"cik":"0002026053","reported_name":"PERSHING SQUARE INC.","relationship":{"director":true,"ten_percent_owner":true}},{"id":14573,"kind":"person","name":"Pershing Square Partner Group LLC","position":4,"cik":"0002129159","reported_name":"Pershing Square Partner Group LLC","relationship":{"director":true,"ten_percent_owner":true}},{"id":14574,"kind":"person","name":"Pershing Square Management, LLC","position":5,"cik":"0002027456","reported_name":"Pershing Square Management, LLC","relationship":{"director":true,"ten_percent_owner":true}},{"id":14277,"kind":"person","name":"ACKMAN WILLIAM A","position":6,"cik":"0001056513","reported_name":"ACKMAN WILLIAM A","relationship":{"director":true,"ten_percent_owner":true}}],"security":"Series A Non-Voting Exchangeable Perpetual Preferred Stock","published_at":"2026-06-08T22:13:16.000Z","date":"2026-06-04","kind":"grant","planned":false,"acquired":true,"shares":140000,"price":7142.8571,"value":999999994.0,"ownership":{"direct":false,"nature":"See footnotes"},"footnotes":[{"field":"kind","element":"transactionCoding","label":"F3","text":"In connection with the completion of the acquisition of Vantage Group Holdings Ltd. by the Issuer on June 4, 2026, PSH acquired 140,000 shares of the Issuer's Series A Non-Voting Exchangeable Perpetual Preferred Stock, par value $0.01 per share, for an aggregate purchase price of approximately $1.0 billion, pursuant to the Subscription Agreement, dated as of June 4, 2026, by and between Howard Hughes Insurance Holdings, LLC, PSH and the Issuer, as described in greater detail in the Issuer's Form 8-K filed on June 5, 2026."},{"field":"price","element":"transactionPricePerShare","label":"F3","text":"In connection with the completion of the acquisition of Vantage Group Holdings Ltd. by the Issuer on June 4, 2026, PSH acquired 140,000 shares of the Issuer's Series A Non-Voting Exchangeable Perpetual Preferred Stock, par value $0.01 per share, for an aggregate purchase price of approximately $1.0 billion, pursuant to the Subscription Agreement, dated as of June 4, 2026, by and between Howard Hughes Insurance Holdings, LLC, PSH and the Issuer, as described in greater detail in the Issuer's Form 8-K filed on June 5, 2026."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F1","text":"In addition to Pershing Square Capital Management, L.P., a Delaware limited partnership (\"PSCM\"), this Form 4 is being filed jointly by Pershing Square HHH Holdings, LLC, a Nevada limited liability company (\"HHH Holdings\"), Pershing Square Inc., a Nevada corporation (\"PS Inc.\"), Pershing Square Management, LLC, a Delaware limited liability company (\"ManagementCo\"), Pershing Square Partner Group, LLC, a Delaware limited liability company (\"PSPG\"), and William A. Ackman, a citizen of the United States of America (collectively, the \"Reporting Persons\"), each of whom has the same business address as PSCM and may be deemed to beneficially own the securities of the Issuer reported on this Form 4 (the \"Subject Securities\")."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F2","text":"PSCM advises the accounts of Pershing Square, L.P., a Delaware limited partnership (\"PSLP\"), Pershing Square International, Ltd., a Cayman Islands exempted company (\"PSI\"), and Pershing Square Holdings, Ltd., a limited liability company incorporated in Guernsey (\"PSH\" and together with PSLP and PSI, the \"Pershing Square Affiliated Funds\") and PS Redemption, L.P., a Delaware limited partnership (\"RedemptionCo\")."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F4","text":"These Subject Securities are held by PSH through its wholly-owned subsidiaries."}],"balance_after":140000,"source":{"system":"sec-edgar","filing":"0001140361-26-024482","document":"form4.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1056513/000114036126024482/form4.xml","form_type":"4"}},{"id":794144,"issuer":{"id":9114,"kind":"organization","name":"Pershing Square USA, Ltd.","symbol":"PSUS"},"owners":[{"id":14574,"kind":"person","name":"Pershing Square Management, LLC","position":1,"cik":"0002027456","reported_name":"Pershing Square Management, LLC","relationship":{"director":true,"ten_percent_owner":true,"other":true,"other_text":"See Remarks"}},{"id":14573,"kind":"person","name":"Pershing Square Partner Group LLC","position":2,"cik":"0002129159","reported_name":"Pershing Square Partner Group LLC","relationship":{"director":true,"ten_percent_owner":true,"other":true,"other_text":"See Remarks"}},{"id":3337,"kind":"organization","name":"PERSHING SQUARE INC.","position":3,"cik":"0002026053","reported_name":"PERSHING SQUARE INC.","relationship":{"director":true,"ten_percent_owner":true,"other":true,"other_text":"See Remarks"}},{"id":50005,"kind":"person","name":"Pershing Square PSUS Holdings, LLC","position":4,"cik":"0002129160","reported_name":"Pershing Square PSUS Holdings, LLC","relationship":{"director":true,"ten_percent_owner":true,"other":true,"other_text":"See Remarks"}}],"security":"7.50% Series A Cumulative Preferred Shares","published_at":"2026-05-05T01:05:26.000Z","date":"2026-04-30","kind":"grant","planned":false,"acquired":true,"shares":1000000,"price":50,"value":50000000.0,"ownership":{"direct":false,"nature":"See footnotes"},"footnotes":[{"field":"kind","element":"transactionCoding","label":"F7","text":"Reflects the issuance of the Issuer's 7.50% Series A Cumulative Preferred Shares (\"Preferred Shares\") to PSUS Holdings on April 30, 2026, in connection with the completion of the combined transaction. As of the date of this Form 4, PSUS Holdings holds all outstanding shares of Issuer Preferred Shares."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F1","text":"In addition to Pershing Square Management, LLC, a Delaware limited liability company (\"ManagementCo\"), this Form 4 is being filed jointly by Pershing Square Inc., a Nevada corporation (\"PS Inc.\"), Pershing Square Partner Group, LLC (\"PSPG\"), a Delaware limited liability company, and Pershing Square PSUS Holdings, LLC, a Nevada limited liability company (\"PSUS Holdings\", and together with ManagementCo, PS Inc. and PSPG, the \"Reporting Persons\"), each of whom has the same business address as ManagementCo and may be deemed to beneficially own the securities reported on this Form 4 (the \"Subject Securities\")."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F2","text":"ManagementCo holds majority voting power over PS Inc.'s shares (including in its capacity as the managing member of PSPG). PS Inc. holds 100% of the interests in PSUS Holdings. ManagementCo, PSPG and PS Inc. may each be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"). ManagementCo is governed by its members, consisting of William A. Ackman, Ryan Israel, Ben Hakim, Michael Gonnella, Anthony Massaro and Halit Coussin (collectively, the \"ManagementCo Members\")."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F3","text":"(Continued from Footnote 2) Mr. Ackman owns 24.9% of the voting interests of ManagementCo, with Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro and Ms. Coussin each owning the remainder of the voting interests equally (approximately 15% each), and the approval of a majority of the voting interests is generally required to approve any action of ManagementCo. Each of PS Inc., PSPG, ManagementCo and the ManagementCo Members disclaims beneficial ownership of any Subject Securities, except to the extent of any pecuniary interest therein."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F4","text":"On April 30, 2026, PS Inc. and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS Inc. common stock and (ii) an initial public offering (the \"PSUS IPO\") and a concurrent private placement (the \"PSUS Private Placement\" and together with the PSUS IPO, the \"combined PSUS offering\") of the Issuer's Common Shares of Beneficial Interest (\"Common Shares\") (collectively, the \"combined transaction\")."}],"balance_after":1000000,"source":{"system":"sec-edgar","filing":"0001140361-26-018962","document":"form4.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":4,"url":"https://www.sec.gov/Archives/edgar/data/2027456/000114036126018962/form4.xml","form_type":"4"}},{"id":794143,"issuer":{"id":9114,"kind":"organization","name":"Pershing Square USA, Ltd.","symbol":"PSUS"},"owners":[{"id":14574,"kind":"person","name":"Pershing Square Management, LLC","position":1,"cik":"0002027456","reported_name":"Pershing Square Management, LLC","relationship":{"director":true,"ten_percent_owner":true,"other":true,"other_text":"See Remarks"}},{"id":14573,"kind":"person","name":"Pershing Square Partner Group LLC","position":2,"cik":"0002129159","reported_name":"Pershing Square Partner Group LLC","relationship":{"director":true,"ten_percent_owner":true,"other":true,"other_text":"See Remarks"}},{"id":3337,"kind":"organization","name":"PERSHING SQUARE INC.","position":3,"cik":"0002026053","reported_name":"PERSHING SQUARE INC.","relationship":{"director":true,"ten_percent_owner":true,"other":true,"other_text":"See Remarks"}},{"id":50005,"kind":"person","name":"Pershing Square PSUS Holdings, LLC","position":4,"cik":"0002129160","reported_name":"Pershing Square PSUS Holdings, LLC","relationship":{"director":true,"ten_percent_owner":true,"other":true,"other_text":"See Remarks"}}],"security":"Common Shares of Beneficial Interest","published_at":"2026-05-05T01:05:26.000Z","date":"2026-04-30","kind":"grant","planned":false,"acquired":true,"shares":3657680,"price":50,"value":182884000.0,"ownership":{"direct":false,"nature":"See footnotes"},"footnotes":[{"field":"kind","element":"transactionCoding","label":"F6","text":"Reflects the acquisition of Issuer Common Shares by PSUS Holdings on April 30, 2026, in connection with the completion of the PSUS Private Placement."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F1","text":"In addition to Pershing Square Management, LLC, a Delaware limited liability company (\"ManagementCo\"), this Form 4 is being filed jointly by Pershing Square Inc., a Nevada corporation (\"PS Inc.\"), Pershing Square Partner Group, LLC (\"PSPG\"), a Delaware limited liability company, and Pershing Square PSUS Holdings, LLC, a Nevada limited liability company (\"PSUS Holdings\", and together with ManagementCo, PS Inc. and PSPG, the \"Reporting Persons\"), each of whom has the same business address as ManagementCo and may be deemed to beneficially own the securities reported on this Form 4 (the \"Subject Securities\")."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F2","text":"ManagementCo holds majority voting power over PS Inc.'s shares (including in its capacity as the managing member of PSPG). PS Inc. holds 100% of the interests in PSUS Holdings. ManagementCo, PSPG and PS Inc. may each be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"). ManagementCo is governed by its members, consisting of William A. Ackman, Ryan Israel, Ben Hakim, Michael Gonnella, Anthony Massaro and Halit Coussin (collectively, the \"ManagementCo Members\")."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F3","text":"(Continued from Footnote 2) Mr. Ackman owns 24.9% of the voting interests of ManagementCo, with Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro and Ms. Coussin each owning the remainder of the voting interests equally (approximately 15% each), and the approval of a majority of the voting interests is generally required to approve any action of ManagementCo. Each of PS Inc., PSPG, ManagementCo and the ManagementCo Members disclaims beneficial ownership of any Subject Securities, except to the extent of any pecuniary interest therein."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F4","text":"On April 30, 2026, PS Inc. and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS Inc. common stock and (ii) an initial public offering (the \"PSUS IPO\") and a concurrent private placement (the \"PSUS Private Placement\" and together with the PSUS IPO, the \"combined PSUS offering\") of the Issuer's Common Shares of Beneficial Interest (\"Common Shares\") (collectively, the \"combined transaction\")."}],"balance_after":4000000,"source":{"system":"sec-edgar","filing":"0001140361-26-018962","document":"form4.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":3,"url":"https://www.sec.gov/Archives/edgar/data/2027456/000114036126018962/form4.xml","form_type":"4"}},{"id":794142,"issuer":{"id":9114,"kind":"organization","name":"Pershing Square USA, Ltd.","symbol":"PSUS"},"owners":[{"id":14574,"kind":"person","name":"Pershing Square Management, LLC","position":1,"cik":"0002027456","reported_name":"Pershing Square Management, LLC","relationship":{"director":true,"ten_percent_owner":true,"other":true,"other_text":"See Remarks"}},{"id":14573,"kind":"person","name":"Pershing Square Partner Group LLC","position":2,"cik":"0002129159","reported_name":"Pershing Square Partner Group LLC","relationship":{"director":true,"ten_percent_owner":true,"other":true,"other_text":"See Remarks"}},{"id":3337,"kind":"organization","name":"PERSHING SQUARE INC.","position":3,"cik":"0002026053","reported_name":"PERSHING SQUARE INC.","relationship":{"director":true,"ten_percent_owner":true,"other":true,"other_text":"See Remarks"}},{"id":50005,"kind":"person","name":"Pershing Square PSUS Holdings, LLC","position":4,"cik":"0002129160","reported_name":"Pershing Square PSUS Holdings, LLC","relationship":{"director":true,"ten_percent_owner":true,"other":true,"other_text":"See Remarks"}}],"security":"Common Shares of Beneficial Interest","published_at":"2026-05-05T01:05:26.000Z","date":"2026-04-30","kind":"other","planned":false,"acquired":false,"shares":96000000,"price":50,"value":4800000000.0,"ownership":{"direct":false,"nature":"See footnotes"},"footnotes":[{"field":"kind","element":"transactionCoding","label":"F5","text":"Reflects the acquisition of Issuer Common Shares and the immediate resale of such Issuer Common Shares (the \"Resale Shares\") by PS Inc. on April 30, 2026 in connection with the completion of the combined PSUS offering.  Proceeds of the sale of the Resale Shares were immediately delivered to the Issuer and the resale did not result in any proceeds to PS Inc."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F1","text":"In addition to Pershing Square Management, LLC, a Delaware limited liability company (\"ManagementCo\"), this Form 4 is being filed jointly by Pershing Square Inc., a Nevada corporation (\"PS Inc.\"), Pershing Square Partner Group, LLC (\"PSPG\"), a Delaware limited liability company, and Pershing Square PSUS Holdings, LLC, a Nevada limited liability company (\"PSUS Holdings\", and together with ManagementCo, PS Inc. and PSPG, the \"Reporting Persons\"), each of whom has the same business address as ManagementCo and may be deemed to beneficially own the securities reported on this Form 4 (the \"Subject Securities\")."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F2","text":"ManagementCo holds majority voting power over PS Inc.'s shares (including in its capacity as the managing member of PSPG). PS Inc. holds 100% of the interests in PSUS Holdings. ManagementCo, PSPG and PS Inc. may each be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"). ManagementCo is governed by its members, consisting of William A. Ackman, Ryan Israel, Ben Hakim, Michael Gonnella, Anthony Massaro and Halit Coussin (collectively, the \"ManagementCo Members\")."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F3","text":"(Continued from Footnote 2) Mr. Ackman owns 24.9% of the voting interests of ManagementCo, with Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro and Ms. Coussin each owning the remainder of the voting interests equally (approximately 15% each), and the approval of a majority of the voting interests is generally required to approve any action of ManagementCo. Each of PS Inc., PSPG, ManagementCo and the ManagementCo Members disclaims beneficial ownership of any Subject Securities, except to the extent of any pecuniary interest therein."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F4","text":"On April 30, 2026, PS Inc. and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS Inc. common stock and (ii) an initial public offering (the \"PSUS IPO\") and a concurrent private placement (the \"PSUS Private Placement\" and together with the PSUS IPO, the \"combined PSUS offering\") of the Issuer's Common Shares of Beneficial Interest (\"Common Shares\") (collectively, the \"combined transaction\")."}],"balance_after":342320,"source":{"system":"sec-edgar","filing":"0001140361-26-018962","document":"form4.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":2,"url":"https://www.sec.gov/Archives/edgar/data/2027456/000114036126018962/form4.xml","form_type":"4"}},{"id":794141,"issuer":{"id":9114,"kind":"organization","name":"Pershing Square USA, Ltd.","symbol":"PSUS"},"owners":[{"id":14574,"kind":"person","name":"Pershing Square Management, LLC","position":1,"cik":"0002027456","reported_name":"Pershing Square Management, LLC","relationship":{"director":true,"ten_percent_owner":true,"other":true,"other_text":"See Remarks"}},{"id":14573,"kind":"person","name":"Pershing Square Partner Group LLC","position":2,"cik":"0002129159","reported_name":"Pershing Square Partner Group LLC","relationship":{"director":true,"ten_percent_owner":true,"other":true,"other_text":"See Remarks"}},{"id":3337,"kind":"organization","name":"PERSHING SQUARE INC.","position":3,"cik":"0002026053","reported_name":"PERSHING SQUARE INC.","relationship":{"director":true,"ten_percent_owner":true,"other":true,"other_text":"See Remarks"}},{"id":50005,"kind":"person","name":"Pershing Square PSUS Holdings, LLC","position":4,"cik":"0002129160","reported_name":"Pershing Square PSUS Holdings, LLC","relationship":{"director":true,"ten_percent_owner":true,"other":true,"other_text":"See Remarks"}}],"security":"Common Shares of Beneficial Interest","published_at":"2026-05-05T01:05:26.000Z","date":"2026-04-30","kind":"grant","planned":false,"acquired":true,"shares":96000000,"price":50,"value":4800000000.0,"ownership":{"direct":false,"nature":"See footnotes"},"footnotes":[{"field":"kind","element":"transactionCoding","label":"F5","text":"Reflects the acquisition of Issuer Common Shares and the immediate resale of such Issuer Common Shares (the \"Resale Shares\") by PS Inc. on April 30, 2026 in connection with the completion of the combined PSUS offering.  Proceeds of the sale of the Resale Shares were immediately delivered to the Issuer and the resale did not result in any proceeds to PS Inc."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F1","text":"In addition to Pershing Square Management, LLC, a Delaware limited liability company (\"ManagementCo\"), this Form 4 is being filed jointly by Pershing Square Inc., a Nevada corporation (\"PS Inc.\"), Pershing Square Partner Group, LLC (\"PSPG\"), a Delaware limited liability company, and Pershing Square PSUS Holdings, LLC, a Nevada limited liability company (\"PSUS Holdings\", and together with ManagementCo, PS Inc. and PSPG, the \"Reporting Persons\"), each of whom has the same business address as ManagementCo and may be deemed to beneficially own the securities reported on this Form 4 (the \"Subject Securities\")."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F2","text":"ManagementCo holds majority voting power over PS Inc.'s shares (including in its capacity as the managing member of PSPG). PS Inc. holds 100% of the interests in PSUS Holdings. ManagementCo, PSPG and PS Inc. may each be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"). ManagementCo is governed by its members, consisting of William A. Ackman, Ryan Israel, Ben Hakim, Michael Gonnella, Anthony Massaro and Halit Coussin (collectively, the \"ManagementCo Members\")."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F3","text":"(Continued from Footnote 2) Mr. Ackman owns 24.9% of the voting interests of ManagementCo, with Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro and Ms. Coussin each owning the remainder of the voting interests equally (approximately 15% each), and the approval of a majority of the voting interests is generally required to approve any action of ManagementCo. Each of PS Inc., PSPG, ManagementCo and the ManagementCo Members disclaims beneficial ownership of any Subject Securities, except to the extent of any pecuniary interest therein."},{"field":"ownership.nature","element":"natureOfOwnership","label":"F4","text":"On April 30, 2026, PS Inc. and the Issuer completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement of PS Inc. common stock and (ii) an initial public offering (the \"PSUS IPO\") and a concurrent private placement (the \"PSUS Private Placement\" and together with the PSUS IPO, the \"combined PSUS offering\") of the Issuer's Common Shares of Beneficial Interest (\"Common Shares\") (collectively, the \"combined transaction\")."}],"balance_after":96342320,"source":{"system":"sec-edgar","filing":"0001140361-26-018962","document":"form4.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/2027456/000114036126018962/form4.xml","form_type":"4"}},{"id":794139,"issuer":{"id":3337,"kind":"organization","name":"PERSHING SQUARE INC."},"owners":[{"id":14573,"kind":"person","name":"Pershing Square Partner Group LLC","position":1,"cik":"0002129159","reported_name":"Pershing Square Partner Group LLC","relationship":{"director":true,"ten_percent_owner":true}}],"security":"M Units of PSPG (Obligation to Deliver)","published_at":"2026-05-05T01:00:42.000Z","date":"2026-04-28","kind":"other","planned":false,"acquired":false,"shares":197893356,"ownership":{"direct":true},"footnotes":[{"field":"derivative.exercise_price","element":"conversionOrExercisePrice","label":"F3","text":"These M Units (\"M Units\") of Pershing Square Partner Group, LLC (\"PSPG\") were granted on April 28, 2026 to the applicable personnel of the Issuer, including its named executive officers, pursuant to an amendment of PSPG's governing document on a pro rata basis of each recipient's prior interest in PSPG. The grant was approved by the board of directors of the Issuer in accordance with Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the \"Exchange Act\")."},{"field":"derivative.exercise_price","element":"conversionOrExercisePrice","label":"F4","text":"The M Units held by William A. Ackman are fully vested and not subject to vesting or forfeiture, and the M Units of each other holder are subject to vesting and forfeiture. The standard vesting schedule for M Units provides for vesting (i) 6.25% each year during years 1 to 4, (ii) 8.33% each year during years 5 to 7, and (iii) 16.67% each year during years 8 to 10. One holder has a condensed vesting schedule, which follows the aforementioned schedules for years 1 to 4, except all remaining unvested M Units vested at the end of year 5."},{"field":"derivative.exercise_price","element":"conversionOrExercisePrice","label":"F5","text":"Upon vesting, each M Unit may be redeemed by the holder, subject to certain conditions, for shares of Issuer common stock held by PSPG on a one-for-one basis, subject to certain adjustments pursuant to the terms approved by the board of directors of the Issuer. These redemption rights do not expire."},{"field":"derivative.exercise_price","element":"conversionOrExercisePrice","label":"F6","text":"Reflects the pro rata adjustment, pursuant to PSPG's governing document in connection with its Purchase Price Adjustment Contribution, of the number of shares of Issuer common stock for which each M unit may be redeemed."},{"field":"price","element":"transactionPricePerShare","label":"F3","text":"These M Units (\"M Units\") of Pershing Square Partner Group, LLC (\"PSPG\") were granted on April 28, 2026 to the applicable personnel of the Issuer, including its named executive officers, pursuant to an amendment of PSPG's governing document on a pro rata basis of each recipient's prior interest in PSPG. The grant was approved by the board of directors of the Issuer in accordance with Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the \"Exchange Act\")."},{"field":"price","element":"transactionPricePerShare","label":"F4","text":"The M Units held by William A. Ackman are fully vested and not subject to vesting or forfeiture, and the M Units of each other holder are subject to vesting and forfeiture. The standard vesting schedule for M Units provides for vesting (i) 6.25% each year during years 1 to 4, (ii) 8.33% each year during years 5 to 7, and (iii) 16.67% each year during years 8 to 10. One holder has a condensed vesting schedule, which follows the aforementioned schedules for years 1 to 4, except all remaining unvested M Units vested at the end of year 5."},{"field":"price","element":"transactionPricePerShare","label":"F5","text":"Upon vesting, each M Unit may be redeemed by the holder, subject to certain conditions, for shares of Issuer common stock held by PSPG on a one-for-one basis, subject to certain adjustments pursuant to the terms approved by the board of directors of the Issuer. These redemption rights do not expire."},{"field":"price","element":"transactionPricePerShare","label":"F6","text":"Reflects the pro rata adjustment, pursuant to PSPG's governing document in connection with its Purchase Price Adjustment Contribution, of the number of shares of Issuer common stock for which each M unit may be redeemed."},{"field":"derivative.exercise_date","element":"exerciseDate","label":"F3","text":"These M Units (\"M Units\") of Pershing Square Partner Group, LLC (\"PSPG\") were granted on April 28, 2026 to the applicable personnel of the Issuer, including its named executive officers, pursuant to an amendment of PSPG's governing document on a pro rata basis of each recipient's prior interest in PSPG. The grant was approved by the board of directors of the Issuer in accordance with Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the \"Exchange Act\")."},{"field":"derivative.exercise_date","element":"exerciseDate","label":"F4","text":"The M Units held by William A. Ackman are fully vested and not subject to vesting or forfeiture, and the M Units of each other holder are subject to vesting and forfeiture. The standard vesting schedule for M Units provides for vesting (i) 6.25% each year during years 1 to 4, (ii) 8.33% each year during years 5 to 7, and (iii) 16.67% each year during years 8 to 10. One holder has a condensed vesting schedule, which follows the aforementioned schedules for years 1 to 4, except all remaining unvested M Units vested at the end of year 5."},{"field":"derivative.exercise_date","element":"exerciseDate","label":"F5","text":"Upon vesting, each M Unit may be redeemed by the holder, subject to certain conditions, for shares of Issuer common stock held by PSPG on a one-for-one basis, subject to certain adjustments pursuant to the terms approved by the board of directors of the Issuer. These redemption rights do not expire."},{"field":"derivative.exercise_date","element":"exerciseDate","label":"F6","text":"Reflects the pro rata adjustment, pursuant to PSPG's governing document in connection with its Purchase Price Adjustment Contribution, of the number of shares of Issuer common stock for which each M unit may be redeemed."},{"field":"derivative.expiration_date","element":"expirationDate","label":"F3","text":"These M Units (\"M Units\") of Pershing Square Partner Group, LLC (\"PSPG\") were granted on April 28, 2026 to the applicable personnel of the Issuer, including its named executive officers, pursuant to an amendment of PSPG's governing document on a pro rata basis of each recipient's prior interest in PSPG. The grant was approved by the board of directors of the Issuer in accordance with Rule 16b-3 under the Securities Exchange Act of 1934, as amended (the \"Exchange Act\")."},{"field":"derivative.expiration_date","element":"expirationDate","label":"F4","text":"The M Units held by William A. Ackman are fully vested and not subject to vesting or forfeiture, and the M Units of each other holder are subject to vesting and forfeiture. The standard vesting schedule for M Units provides for vesting (i) 6.25% each year during years 1 to 4, (ii) 8.33% each year during years 5 to 7, and (iii) 16.67% each year during years 8 to 10. One holder has a condensed vesting schedule, which follows the aforementioned schedules for years 1 to 4, except all remaining unvested M Units vested at the end of year 5."},{"field":"derivative.expiration_date","element":"expirationDate","label":"F5","text":"Upon vesting, each M Unit may be redeemed by the holder, subject to certain conditions, for shares of Issuer common stock held by PSPG on a one-for-one basis, subject to certain adjustments pursuant to the terms approved by the board of directors of the Issuer. These redemption rights do not expire."},{"field":"derivative.expiration_date","element":"expirationDate","label":"F6","text":"Reflects the pro rata adjustment, pursuant to PSPG's governing document in connection with its Purchase Price Adjustment Contribution, of the number of shares of Issuer common stock for which each M unit may be redeemed."}],"balance_after":197893356,"derivative":{"underlying":"Common Stock","underlying_shares":184289699},"source":{"system":"sec-edgar","filing":"0001140361-26-018959","document":"form4.xml","document_sequence":1,"table":"derivative","row_type":"transaction","position":2,"url":"https://www.sec.gov/Archives/edgar/data/2026053/000114036126018959/form4.xml","form_type":"4"}},{"id":794138,"issuer":{"id":3337,"kind":"organization","name":"PERSHING SQUARE INC."},"owners":[{"id":14573,"kind":"person","name":"Pershing Square Partner Group LLC","position":1,"cik":"0002129159","reported_name":"Pershing Square Partner Group LLC","relationship":{"director":true,"ten_percent_owner":true}}],"security":"Common Stock","published_at":"2026-05-05T01:00:42.000Z","date":"2026-04-30","kind":"disposition_to_issuer","planned":false,"acquired":false,"shares":13603657,"price":0,"value":0.0,"ownership":{"direct":true},"footnotes":[{"field":"kind","element":"transactionCoding","label":"F1","text":"On April 30, 2026, the Issuer and Pershing Square USA, Ltd. (\"PSUS\") completed a combined transaction, consisting of (i) an initial public offering and a concurrent private placement (the \"PS Private Placement\") of Issuer common stock and (ii) an initial public offering and a concurrent private placement (the \"PSUS Private Placement\" and together with the PS Private Placement, the \"combined private placement\") of PSUS's Common Shares of Beneficial Interest (collectively, the \"combined transaction\")."},{"field":"kind","element":"transactionCoding","label":"F2","text":"Pursuant to the Amended and Restated Purchase Price Adjustment Agreement (the \"A&R Purchase Price Adjustment Agreement\") by and among the Issuer, Pershing Square Partner Group, LLC (\"PSPG\") and the other parties thereto, PSPG and other parties thereto contributed Issuer common stock to the Issuer in an aggregate amount equal to the number of shares of Issuer common stock issued in connection with the combined transaction. Each party's contribution (\"Purchase Price Adjustment Contribution\") corresponds to such party's pro rata share of the aggregate number of shares of Issuer common stock held by the parties as of immediately prior to the completion of the combined transaction."}],"balance_after":184289699,"source":{"system":"sec-edgar","filing":"0001140361-26-018959","document":"form4.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/2026053/000114036126018959/form4.xml","form_type":"4"}}]}