ISRAEL RYAN 4

What Happened Israel Ryan, Chief Investment Officer of Pershing Square USA, Ltd. (PSUS), acquired 500,000 common shares on April 30, 2026 at $50.00 per share, for a total purchase price of $25,000,000. The acquisition was part of the issuer's initial public offering (the "PSUS IPO") and concurrent private placement, not a secondary open-market trade — a purchase (P) reported on the Form 4.

Key Details

• Transaction date and price: April 30, 2026 — 500,000 shares at $50.00 each.
• Total value: $25,000,000.
• Transaction code: P (purchase); filing covers acquisition in the PSUS IPO (see footnotes).
• Footnotes: F1 notes a combined transaction involving Pershing Square Inc. and PSUS IPOs; F2 confirms these shares were acquired in the PSUS IPO.
• Shares owned after transaction: Not specified in the provided filing details.
• Filing date / timeliness: Form 4 filed May 1, 2026 (appears timely; filed the day after the transaction).

Context This was an acquisition in the company’s IPO/private placement rather than an open-market buy. Purchases reported by insiders are generally more informative than sales because they reflect capital committed to the company, but the filing is factual and does not state the insider’s motivation. No options, awards, gifts, or tax-withholding actions were involved in this reported transaction.