ACKMAN WILLIAM A 4

What Happened
Pershing Square Capital Management, L.P. (part of the Pershing Square reporting group and a >10% owner) reported same-day related-party transactions on April 21, 2026 involving 90,875 shares of Seaport Entertainment Group, Inc. (SEG). The filing shows one "other disposition" and one "other acquisition" (both coded J) at $22.25 per share, with each leg valued at $2,021,969. Footnotes explain this reflects a transfer of shares from PSLP to PS Redemption, L.P. (RedemptionCo) in connection with a special redemption of certain limited partner interests.

Key Details

• Transaction date: April 21, 2026; Filing date: April 23, 2026 (filed within normal reporting window).
• Price: $22.25 per share (footnote cites the closing price on April 21, 2026).
• Share counts/values: 90,875 shares moved; each leg reported at $2,021,969.
• Type/code: Reported as "Other acquisition or disposition (J)" — indicates a related-party transfer rather than an open-market buy/sell.
• Who filed: PSCM (Pershing Square Capital Management, L.P.) filed jointly with affiliated Pershing Square entities and William A. Ackman (see footnotes).
• Ownership after transaction: Not specified in the provided excerpt.
• Relevant footnotes: transfer to RedemptionCo for a special redemption (F1); securities held by Pershing Square Affiliated Funds and RedemptionCo (F4, F7, F8); multiple Pershing Square entities and Ackman may be deemed beneficial owners but disclaim direct ownership except pecuniary interest (F3, F5).
• Filing timeliness: Appears timely (transaction 4/21, filed 4/23).

Context
This appears to be an institutional reallocation tied to a limited-partner redemption, not an executive open-market trade. For retail investors, such transfers among affiliated funds are typically administrative and do not necessarily signal the investment manager increasing or decreasing economic exposure to the company.