PERSHING SQUARE USA Business Summary

Pershing Square USA Ltd (PSUS) is a non-diversified, closed-end management investment company that operates as a permanent capital vehicle. The company generates revenue primarily through long-term capital appreciation and dividend income derived from a highly concentrated portfolio of 8 to 12 core equity holdings. These investments are typically restricted to liquid, large-capitalization North American companies that exhibit high-quality growth characteristics, predictable recurring cash flows, and significant barriers to entry. Unlike traditional hedge fund structures, PSUS is distinguished by its lack of performance-based fees, charging only a base management fee to provide retail and institutional investors with access to its high-conviction investment strategy. Within the competitive landscape, PSUS contends with major alternative asset managers and investment holding companies such as Blackstone Inc., KKR & Co. Inc., Apollo Global Management, and Berkshire Hathaway. It occupies a unique market niche by offering a "modern Berkshire" model of concentrated, research-intensive investing within a publicly traded, permanent capital structure that avoids the redemption risks associated with open-ended funds. The company is led by its founder and Chief Executive Officer, William A. Ackman, a prominent activist investor who established the broader Pershing Square platform in 2004. The senior leadership team includes Ryan Israel as Chief Investment Officer, Ben Hakim as President, Michael Gonnella as Chief Financial Officer, and Doyoung Jung as Chief Technology Officer. This executive group brings extensive pedigree from top-tier financial institutions and a long-term track record within the Pershing Square ecosystem; for instance, Ryan Israel has been a key architect of the firm’s investment strategy since 2009. The company’s governance is overseen by a Board of Trustees chaired by Barry Barbash, a former Director of the SEC’s Division of Investment Management. Other notable board members include Evan Bakst, Nicholas Botta, Anne Farlow, Bruce Herring, and Lisa Polsky, providing a robust framework of institutional expertise and regulatory oversight.