Pershing Square Inc., the parent company of Pershing Square Capital Management, L.P., and Pershing Square USA, Ltd., a newly formed non-diversified closed-end investment management company registered under the Investment Company Act of 1940, completed a combined initial public offering on the New York Stock Exchange that raised total gross proceeds of approximately US$5 billion for PSUS, inclusive of a concurrent combined private placement of approximately US$2.974 billion in PSUS and Pershing Square Inc. shares. The PSUS common shares of beneficial interest and the Pershing Square Inc. common stock began trading separately on the NYSE on April 29, 2026 under the ticker symbols "PSUS" and "PS", respectively, at an IPO price of US$50.00 per PSUS share. Investors in the PSUS IPO received, for no additional consideration, one Pershing Square Inc. share for every five PSUS shares purchased; private placement investors received 1.5 Pershing Square Inc. shares for every five PSUS shares purchased. The combined private placement, which was settled concurrently with and contingent upon the closing of the combined IPO on April 30, 2026, was distributed to qualified U.S. and international institutional investors, including family offices, pension funds, insurance companies and ultra-high-net-worth investors, on an exempt basis under the U.S. Securities Act of 1933 and, in respect of the offering of shares into Canada, on an exempt basis under applicable Canadian provincial and territorial securities laws (principally the "accredited investor" prospectus exemption in National Instrument 45-106). The combined transaction marked one of the largest and most distinctive asset-management-related listings in recent years.