# EDGAR Filing Document

**Accession Number:** 0002002660
**File Stem:** 0001140361-26-015574
**Filing Date:** 2026-4
**Character Count:** 2253787
**Document Hash:** b547188ae21d5ece00e205c3f7b6b4fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-015574.hdr.sgml**: 20260420

**ACCESSION NUMBER**: 0001140361-26-015574

**CONFORMED SUBMISSION TYPE**: N-2/A

**PUBLIC DOCUMENT COUNT**: 35

**FILED AS OF DATE**: 20260420

**DATE AS OF CHANGE**: 20260420

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pershing Square USA, Ltd.
- **CENTRAL INDEX KEY:** 0002002660

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23932
- **FILM NUMBER:** 26874495

**BUSINESS ADDRESS:**
- **STREET 1:** 787 ELEVENTH AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-813-3700

**MAIL ADDRESS:**
- **STREET 1:** 787 ELEVENTH AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPSU, Ltd.
- **DATE OF NAME CHANGE:** 20231129
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pershing Square USA, Ltd.
- **CENTRAL INDEX KEY:** 0002002660

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-294164
- **FILM NUMBER:** 26874494

**BUSINESS ADDRESS:**
- **STREET 1:** 787 ELEVENTH AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-813-3700

**MAIL ADDRESS:**
- **STREET 1:** 787 ELEVENTH AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SPSU, Ltd.
- **DATE OF NAME CHANGE:** 20231129

?xml version='1.0' encoding='ASCII'?

#### **TABLE OF CONTENTS**

#### As filed with the Securities and Exchange Commission on April 20, 2026

#### Securities Act File No. 333-294164

#### 1940 Act File No. 811-23932

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, DC 20549

#### FORM N-2

#### Registration Statement

---

| | |
|:---|:---|
| ***under***  |  |
| ***the Securities Act of 1933*** | **☒**  |
| **Pre-Effective Amendment No. 2** | **☒**  |
| **Post-Effective Amendment No.** | **☐**  |
| **and/or**  |  |
| **Registration Statement**  |  |
| ***Under***  |  |
| ***the Investment Company Act of 1940*** | **☒**  |
| **Amendment No. 8** | **☒** |

---

#### Pershing Square USA, Ltd.

#### (Exact Name of Registrant as Specified in its Declaration of Trust)

#### Pershing Square Holdco, L.P.

#### to be converted to a corporation named

#### Pershing Square Inc.

#### (Exact Name of Co-Registrant as Specified in its Charter)

#### 787 Eleventh Avenue, 9<sup>th</sup> Floor

#### New York, NY 10019

#### (Address of Principal Executive Offices)
(212) 813-3700

#### (Registrant's Telephone Number, Including Area Code)

#### Halit Coussin

#### Pershing Square Capital Management, L.P.

#### 787 Eleventh Avenue, 9<sup>th</sup> Floor

#### New York, NY 10019

#### (Name and Address of Agent for Service)

#### Copies to:

---

| | | |
|:---|:---|:---|
| **Scott D. Miller** <br>**William G. Farrar** <br>**Ken Li** <br>**Sullivan & Cromwell LLP** <br>**125 Broad Street** <br>**New York, NY 10004** <br>(212) 558-4000 | **Joshua Ford Bonnie** <br>**William R. Golden III** <br>**Aarthy S. Thamodaran** <br>**Simpson Thacher & Bartlett LLP** <br>**900 G Street, N.W.** <br>**Washington, D.C. 20001** <br>**Telephone: (202) 636-5500** | **Kevin T. Hardy** <br>**Skadden, Arps, Slate, Meagher &** <br>**Flom LLP** <br>**320 South Canal Street** <br>**Chicago, IL 60606**  |
|  |  | **Michael J. Schwartz** <br>**Skadden, Arps, Slate, Meagher &** <br>**Flom LLP** <br>**One Manhattan West** <br>**New York, New York 10001-8602** |

---

#### Approximate Date of Commencement of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement.
If the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, check the following box ☐

If any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan, check the following box. ☐

If this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto, check the following box ☐

If this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box ☐

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box ☐

It is proposed that this filing will become effective (check appropriate box):

☐ when declared effective pursuant to section 8(c) of the Securities Act

Check each box that appropriately characterizes the Registrant:

&nbsp;&nbsp;&nbsp;&nbsp;☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("1940 Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the 1940 Act).

☐ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the 1940 Act).

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form). 

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934).

☐ If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.

☐ New Registrant (registered or regulated under the 1940 Act for less than 12 calendar months preceding this filing).

**THE REGISTRANTS HEREBY AMEND THIS REGISTRATION STATEMENT ON SUCH DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANTS SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THE REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(a) OF THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATES AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(a), MAY DETERMINE.** 

------

#### **TABLE OF CONTENTS**

#### EXPLANATORY NOTE
This initial public offering ("this offering") of common shares of beneficial interest (the "Common Shares") of Pershing Square USA, Ltd. (the "Company"), a Delaware statutory trust that is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, together with the initial public offering (the "PS Inc. IPO") of the common stock of Pershing Square Inc., a Nevada corporation, as contemplated by the registration statement on Form S-1 related to the PS Inc. IPO (File No. 333-294165) (the "PS Inc. Registration Statement") are component parts of a single offering, which is referred to as the "combined offering." Pershing Square Holdco, L.P. ("PS Holdco"), the co-registrant whose name appears on the cover of this registration statement on Form N-2 (this "Registration Statement"), is a Delaware limited partnership that, prior to the effectiveness of the PS Inc. Registration Statement, will convert into a Nevada corporation by means of a statutory conversion (the "Corporate Conversion") and change its name to "Pershing Square Inc." As used in this Registration Statement, "PS Inc." refers to PS Holdco prior to the consummation of the Corporate Conversion and, following the Corporate Conversion and the combined offering, to Pershing Square Inc. Pershing Square Capital Management, L.P., the Company's investment manager, is a wholly owned subsidiary of PS Inc. PS Inc. currently expects to deliver to each initial investor in this offering, for no additional consideration, 1 share of its common stock for every 5 Common Shares purchased in this offering, including any Common Shares acquired by the underwriters in this offering in connection with the exercise of their option to purchase additional Common Shares from the Company, as further described in the prospectus forming a part of this Registration Statement. Each investor in this offering will be delivered the prospectus of the Company and the prospectus of PS Inc. (the "PS Inc. Prospectus"). The PS Inc. Prospectus is included as an exhibit to this Registration Statement.

------

#### **TABLE OF CONTENTS**

**The information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. SUBJECT TO COMPLETION, DATED APRIL 20, 2026** 

#### PRELIMINARY PROSPECTUS

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares

### Pershing Square USA, Ltd.

### Common Shares

### $50.00 per share
*The Company. Pershing Square USA, Ltd., a Delaware statutory trust (the "Company"), is a non-diversified, closed-end management investment company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and managed by its investment manager, Pershing Square Capital Management, L.P. ("PSCM" or the "Manager"). The Company has not commenced investment operations. The Manager has chosen to operate its investment strategy in a 1940 Act registered closed-end investment company because it believes that this corporate structure offers a tax-efficient investment vehicle for the Manager to implement its strategy, as companies that qualify as regulated investment companies ("RICs") under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), generally are not subject to U.S. federal income tax. Investors may be subject to tax on distributions from the Company and dispositions of the Company's common shares of beneficial interest (the "Common Shares"), or "deemed distributions" in respect of net capital gains retained by the Company (in which case investors may be able to claim a corresponding credit or refund in respect of the entity-level taxes paid by the Company). See "U.S. Federal Income Tax Considerations" for more information.* 

*Investment Objective. The Company's investment objective is to preserve capital and seek maximum, long-term capital appreciation and growth in intrinsic value per share commensurate with reasonable risk, where risk is defined as the probability of permanent loss of capital, rather than price volatility. There can be no assurance that the Company's investment objective will be achieved.* 

*Listing. The Company intends to list the Common Shares on the New York Stock Exchange ("NYSE") under the symbol "PSUS."* 

***No Trading History; Trading Discount. The Common Shares have no history of public trading. Shares of closed-end investment companies frequently trade at a discount from their net asset value. The risk of loss if a discount to net asset value per Common Share ("NAV") were to emerge may be greater for investors expecting to sell their Common Shares in a relatively short period after the completion of the combined offering of which this offering is a component part, as discussed further below under "The Combined Offering."***

**Investing in the Common Shares involves certain risks. See "<u>Risk Factors</u>" beginning on page [49](#tRF) of this prospectus. You should carefully consider these risks together with all of the other information contained in this prospectus before making a decision to purchase Common Shares.** 

**Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.** 

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total<sup>(1)</sup>**  |
| Public Offering Price | $50.00 | $|
| Sales Load<sup>(2)</sup> | $/ % | $/ %  |
| Proceeds, before expenses, to the Company<sup>(3)</sup> | $| $|

---

The Underwriters expect to deliver the Common Shares to purchasers on or about .

#### Global Coordinators and Bookrunners

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Citigroup**  | **UBS** <br>**Investment Bank**  | **BofA** <br>**Securities**  | **Jefferies**  | **Wells Fargo** <br>**Securities** |

---

---

| | | |
|:---|:---|:---|
| **RBC Capital Markets**  | **BTG Pactual**  | **Keefe, Bruyette & Woods, Inc.** <br>***A Stifel Company*** |

---

#### Co-Lead Managers

---

| | | |
|:---|:---|:---|
| **Academy Securities**  | **Huntington Capital Markets**  | **Loop Capital Markets** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Oppenheimer & Co.**  | **Piper Sandler**  | **Roberts & Ryan**  | **Wedbush Securities** |

---

#### Co-Managers

---

| | | |
|:---|:---|:---|
| **Aegis Capital Corp**  | **AmeriVet Securities**  | **C.L. King & Associates**  |
| **CastleOak Securities, L.P.**  | **Clear Street**  | **InspereX**  |
| **Jones**  | R. Seelaus & Co., LLC  | **Samuel A. Ramirez & Company, Inc.**  |
| **Siebert Williams Shank**  |  | **Tigress Financial Partners** |

---

#### Selected Selling Group Members

---

| | |
|:---|:---|
| **Charles Schwab & Co., Inc.**  | **Robinhood Financial LLC** |

---

Prospectus dated 2026

------

#### **TABLE OF CONTENTS**
*(notes continued from front cover)*

&nbsp;&nbsp;&nbsp;&nbsp;(1) The underwriters of this offering (the "Underwriters") have been granted an option to purchase up to     additional Common Shares at the public offering price, less the sales load, within 45 days of the date of this prospectus solely to cover over-allotments, if any. If such option is exercised in full, the total public offering price, sales load paid by the Company and proceeds, before expenses, to the Company, will be $, $ and $, respectively. See "*Underwriting*."

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company will pay an aggregate sales load of $, which is    % of the aggregate offering price. The aggregate sales load consists of a sales load of $1.00 per share (2.0%) in respect of Common Shares sold to institutional investors and a sales load of $1.25 per share (2.5%) in respect of Common Shares sold to retail investors. Certain of the underwriters of this offering (the "Underwriters") will also receive additional fees for structuring the combined offering. The aggregate sales load and structuring fees will be paid by the Company and will be borne by all Common Shareholders. See "*Underwriting*."

&nbsp;&nbsp;&nbsp;&nbsp;(3) PS Inc. will acquire Common Shares from the Company at the public offering price less the sales load for resale to the Underwriters. All of the net proceeds of the combined offering will be received by the Company and the combined offering will not result in any proceeds to PS Inc. The Company estimates that it will incur expenses of approximately $ million, or approximately $ per Common Share (other than the sales load), in connection with this offering.

*(continued from front cover)*

The order in which the Global Coordinators and Bookrunners are listed in this prospectus is random.

*The Manager. Pershing Square Capital Management, L.P. serves as the Company's investment manager and is responsible for the management of the Company. Founded in 2003, the Manager is a leading alternative asset manager led by its founder and Chief Executive Officer, William A. Ackman, who has spent 34 years in the alternative asset management industry. Mr. Ackman is supported by an experienced investment team with an average of 15 years in the industry. The Manager is headquartered in New York City and had 44 employees as of December 31, 2025. As of March 31, 2026, the Manager had $26.6 billion of total assets under management and $17.0 billion of fee-paying assets under management, approximately 96% of which is attributable to permanent capital (as defined herein). The Manager's investment team is highly aligned with its portfolio companies, fund investors and its shareholders due to, among other reasons, the $5.8 billion (as of December 31, 2025) invested by its employees and their affiliates in its funds and Howard Hughes Holdings Inc., its approach to performance compensation, and employee ownership of the company. Mr. Ackman is the largest indirect owner of Pershing Square Holdco, L.P. ("PS Holdco"), the existing parent company of the Manager. Mr. Ackman will remain the largest indirect shareholder of PS Inc. following the statutory conversion of PS Holdco to a Nevada corporation and the change of its name to "Pershing Square Inc."*

------

PSCM also currently serves as the investment manager to its three primary investment funds, which PSCM refers to as its "core funds," Pershing Square Holdings, Ltd., a Guernsey-registered closed-ended investment company whose shares are listed on the London Stock Exchange ("PSH"), Pershing Square, L.P., a private investment fund organized as a Delaware limited partnership ("PSLP"), and Pershing Square International, Ltd., a Cayman Islands exempted company, which operates as a private investment fund ("PSIL"). PSH, PSLP, and PSIL (collectively, the "Affiliated Funds") all have similar investment programs and generally invest in the same assets in similar proportions, subject to certain exceptions. Following the completion of the combined offering, the Company will become one of the Manager's core funds. Each core fund will continue to have a similar investment program and generally invest in the same assets in similar proportions, subject to regulatory, tax, liquidity and other considerations applicable to the Company or the Affiliated Funds.

*Investment Strategy. The Company seeks to achieve its investment objective by acquiring long-term, large minority stakes in 12 to 15 high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which the Manager believes they have underperformed their potential and/or when the Manager believes they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their businesses. PSUS, alongside the other core funds, will accumulate large minority stakes over time. Such stakes will vary in size depending on the size of the portfolio company and the Manager's assessment of potential for loss versus opportunity for gain. Generally, the Manager seeks to accumulate positions of a size across its core funds that enable it to be a significant and influential shareholder, typically making it the largest, or among the largest, active shareholders (i.e., excluding passive investors such as index funds). The Company intends to invest principally in companies with simple, predictable, and free-cash-flow generative businesses, strong balance sheets, and exceptional management and governance, in industries with significant barriers to entry and limited exposure to extrinsic factors it cannot control. The Manager looks for opportunities to assist portfolio companies in accelerating growth, increasing efficiency, improving capital allocation, managing through challenges and otherwise improving performance in order to generate long-term value. The Manager is a long-term investor and pursues a long-term investment strategy in which it generally makes investments for its funds with the expectation of holding the investment for multiple years and does not typically engage in short-term trading of the securities of the companies in which its funds invest. The Manager intends to make investments on behalf of the Company in a manner consistent with the core investment strategy it has historically employed. See "Investment Objective, Strategy and Policies."* 

*Hedging Strategy. The Manager complements its core investment strategy by seeking to identify and execute upon asymmetric hedges in order to protect the investment portfolio against specific macroeconomic risks, and to capitalize on market volatility. The Manager typically structures these hedges using asymmetric instruments such as options and credit default swaps, which offer the opportunity for large gains (relative to the individual asymmetric instruments and the size of the Company's investment portfolio, taken as a whole) if potential risks occur without exposing the Company to significant costs or meaningful losses (relative to the size of the Company's investment portfolio, taken as a whole) if such risks do not occur, as the amount of capital at risk is typically expected to represent a small, single-digit percentage of the Company's total assets. The Manager has historically, and expects to continue to, reinvest profits from asymmetric hedges during periods of market disruption by increasing its funds' investments in existing portfolio companies and by occasionally acquiring new positions, taking advantage of the depressed valuations of common stocks that typically occur during market disruptions. The Manager's opportunistic hedging strategy has allowed it to increase its funds' exposure to high-quality companies at materially discounted valuations, contributing to its long-term investment performance. The Manager believes its opportunistic hedging strategy is highly synergistic to its core investment strategy and is a superior alternative to holding a large cash position or maintaining a continuous hedging program, both of which can be a significant drag on long-term performance. The Manager has substantial experience in negotiating relevant agreements for derivative transactions, and has longstanding relationships with the counterparties to such agreements, allowing it to successfully identify and execute hedges and other derivative transactions on a timely basis over multiple market cycles. See "Investment Objective, Strategy and Policies – Investment Techniques – Hedging Transactions."* 

*Concentration. As part of the Company's investment program, the Manager intends to concentrate the Company's assets in a relatively limited number of investments because the Manager believes that (i) there are a limited number of attractive investments available in the marketplace at any one time, and (ii) investing in a relatively modest number of attractive investments about which it has detailed knowledge provides a better opportunity to generate superior, risk-adjusted, long-term returns when compared with a highly diversified portfolio of investments it can know less well.* 

i

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The concentration of the Company's investment positions is subject to limitations applicable to the Company under the 1940 Act and the Company's qualification as a RIC under Subchapter M of the Code. See "*Investment Objective, Strategy and Policies - Investment Restrictions*" and "*U.S. Federal Income Tax Considerations*."

*The Combined Offering. In recognition of the importance of this offering to the Manager's long-term success and to provide an additional incentive for prospective investors to purchase Common Shares in this offering, Pershing Square Inc., the parent company of the Manager ("PS Inc.") will deliver to each investor who purchases Common Shares in this offering, for no additional consideration, 1 share of its common stock (the "PS Inc. Common Stock"), for every 5 Common Shares purchased in this offering, including any Common Shares acquired by the Underwriters in connection with the exercise of their option to purchase additional Common Shares from the Company as described in this prospectus. This prospectus relates to the distribution of the Common Shares offered hereby. This offering and the initial public offering of the PS Inc. Common Stock (the "PS Inc. IPO") are component parts of a single offering, which is referred to as the "combined offering." The PS Inc. IPO is the initial public offering of PS Inc. Common Stock. Following the combined offering, PS Inc. Common Stock will be listed on the NYSE under the symbol "PS" and PS Inc. will be a public company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Common Shares and the PS Inc. Common Stock will each trade separately on the NYSE, and investors may freely trade each security separately. Please refer to the separate prospectus (the "PS Inc. Prospectus") that is an exhibit to the registration statement of which this prospectus forms a part and is being delivered to all investors in the combined offering for more information about the business and operations of PS Inc. Please also refer to the matters described under the heading "Risk Factors" in the PS Inc. Prospectus with respect to various material risks related to an investment in PS Inc. Common Stock. On the closing date of the combined offering, PS Inc. will acquire from the Company and sell to the Underwriters the Common Shares offered hereby, at the initial public offering price less the sales load, and immediately thereafter deliver to the Company the net proceeds of this offering. All of the net proceeds of the combined offering will be received by the Company and the combined offering will not result in any proceeds to PS Inc.* 

*The Combined Private Placement. In connection with the combined offering, the Company has secured commitments from a group of qualified investors (the "private placement investors") consisting of U.S. and international institutional investors, including family offices (30%), pension funds (25%), insurance companies (22%), ultra-high-net-worth investors (12%) and other investors (11%), to acquire Common Shares at a price of $50.00 per share in a private placement transaction exempt from registration (the "Combined Private Placement" and together with the combined offering, the "combined transaction") under the Securities Act of 1933, as amended (the "Securities Act"), and in connection therewith PS Inc. will deliver to each private placement investor, for no additional consideration, 1.5 shares of PS Inc. Common Stock for every 5 Common Shares purchased in the Combined Private Placement. The Combined Private Placement will include the purchase of an aggregate of 56.3 million Common Shares, which includes the $100 million common shares investment made by the Manager and its affiliates (as further described in this prospectus), representing aggregate proceeds to be received by the Company of $2.8 billion. In connection therewith, PS Inc. will deliver to the private placement investors (excluding its affiliates), for no additional consideration, an aggregate of 16.3 million shares of PS Inc. Common Stock. The agreements with the private placement investors provide that the Combined Private Placement will be settled concurrently with, and will be contingent upon, the closing of the combined offering and the satisfaction of other customary closing conditions.* 

*The Combined Transaction. The Company is seeking an aggregate offering size of at least $5,000,000,000 (inclusive of the gross proceeds of the Combined Private Placement as described above) in the combined transaction. The Company may increase the aggregate offering size based on a number of factors, including market conditions and the amount of investor demand. However, the Company does not intend to increase the aggregate offering size such that the gross proceeds from this offering, combined with the gross proceeds from the Combined Private Placement, would be in excess of $10,000,000,000 (prior to any exercise of the Underwriters' option to purchase additional Common Shares, as further described in this prospectus).*

*Use of Leverage. Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of the Company's 7.50% Series A Cumulative Preferred Shares as described in this prospectus. Following the completion of the combined offering, and the investment of the net proceeds from this offering, subject to market conditions, the* 

ii

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Company intends, as part of its leveraging strategy, to issue unsecured, fixed-rate bonds, and anticipates that over time it will maintain a ratio of approximately 15% to low 20s% debt to total assets in order to enhance its long-term returns. The Company intends to operate with a capital structure that it expects will allow it to be an investment grade bond issuer.

The use of leverage is subject to numerous risks. When leverage is employed, the NAV and the market price of the Common Shares will be more volatile than if leverage was not used. The Company cannot assure you that the use of leverage would result in a higher return on the Common Shares. Any leveraging strategy the Company may employ may not be successful. In addition, the use of leverage is subject to restrictions under the 1940 Act. See "*Use of Leverage*."

\* \* \*

You should read this prospectus, which contains important information about the Company, along with the accompanying PS Inc. Prospectus which is filed as an exhibit to the registration statement of which this prospectus forms a part, which contains important information about PS Inc., before deciding whether to participate in the combined offering, and retain them for future reference. Additional information about the Company is available on the SEC's website at http://www.sec.gov. The Company will also produce both annual and semi-annual reports that will contain important information about the Company. For a free copy of the Company's annual or semi-annual report (following the Company's completion of an annual or semi-annual period, as applicable) or to request other information or ask questions about the Company, please write to the Company at IR@persq.com or call 212-813-3700 or visit the Company's website at www.pershingsquareusa.com (under construction). This reference to the website does not incorporate the contents of the website into this prospectus.

You should not construe the contents of this prospectus as legal, tax or financial advice. You should consult with your own professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Company.

**The Common Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.** 

**You should rely only on the information contained in this prospectus. The Company and PS Inc. have not, and the Underwriters have not, authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. The Company and PS Inc. are not, and the Underwriters are not, making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information in this prospectus is accurate only as of the date of this prospectus. The Company's business, financial condition and prospects may have changed since that date.** 

iii

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#### Prospectus

---

| | |
|:---|:---|
|  | **Page**  |
| [Cautionary Note Regarding Forward-Looking Statements](#tFLS) | [v](#tFLS) |
| [Prospectus Summary](#tPS) | [1](#tPS) |
| [Summary of Company Expenses](#tSCE) | [29](#tSCE) |
| [The Company](#tTC) | [31](#tTC) |
| [Use of Proceeds](#tUOP) | [32](#tUOP) |
| [Investment Objective, Strategy and Policies](#tIOS) | [33](#tIOS) |
| [Use of Leverage](#tUOL) | [45](#tUOL) |
| [Risk Factors](#tRF) | [49](#tRF) |
| [Management of the Company](#tMC) | [71](#tMC) |
| [Portfolio Management](#tPM) | [81](#tPM) |
| [Conflicts of Interest](#tCI) | [91](#tCI) |
| [Control Persons and Principal Holders of Securities](#tCPP) | [96](#tCPP) |
| [Net Asset Value](#tNAV) | [97](#tNAV) |
| [Distributions](#tDIS) | [98](#tDIS) |
| [Dividend Reinvestment Plan](#tDRP) | [99](#tDRP) |
| [Description of Capital Structure](#tDCS) | [101](#tDCS) |
| [Anti-Takeover and Other Provisions in the Company's Governing Documents](#tATO) | [106](#tATO) |
| [Closed-End Investment Company Structure](#tCEIC) | [110](#tCEIC) |
| [Repurchase of Common Shares](#tRCS) | [111](#tRCS) |
| [U.S. Federal Income Tax Considerations](#tUSF) | [112](#tUSF) |
| [The Selling Shareholder](#tSS) | [120](#tSS) |
| [Underwriting](#tUW) | [121](#tUW) |
| [Notice to Investors](#tNTI) | [126](#tNTI) |
| [Proxy Voting](#tPV) | [143](#tPV) |
| [Custodian, Administrator, Transfer Agent and Dividend Disbursing Agent](#tCAT) | [143](#tCAT) |
| [Legal Matters](#tLM) | [143](#tLM) |
| [Fiscal Year](#tFY) | [143](#tFY) |
| [Independent Registered Public Accounting Firm](#tIRP) | [143](#tIRP) |
| [Additional Information](#tAI) | [144](#tAI) |
| [Privacy Notice](#tPN) | [145](#tPN) |
| [Financial Statements](#tFS) | [F-1](#tFS) |
| [Appendix A – Supplemental Performance Information of the Affiliated Funds](#tAPPA) | [A-1](#tAPPA) |
| [Appendix B – Public Company Engagements of the Manager](#tAPPB) | [B-1](#tAPPB) |

---

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#### **TABLE OF CONTENTS**

#### CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
*This prospectus contains forward-looking statements that involve substantial risks and uncertainties. You can identify these statements by the use of forward-looking terminology such as "anticipates," "believes," "expects," "intends," "will," "should," "may," "plans," "continue," "seeks," "estimates," "would," "could," "targets," "projects," "outlook," "potential," "predicts" and variations of these words and similar expressions to identify forward-looking statements, although not all forward-looking statements include these words. You should read statements that contain these words carefully because they discuss our plans, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. The factors listed under "Risk Factors," as well as any cautionary language in this prospectus, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Before you invest in the Common Shares, you should be aware that the occurrence of the events described in "Risk Factors" and elsewhere in this prospectus could have a material adverse effect on our business, results of operation and financial position. The forward-looking statements contained in this prospectus involve a number of risks and uncertainties, including statements concerning:* 

&nbsp;&nbsp;&nbsp;&nbsp;• the current and future business, operations, financial condition, operating results or prospects of the Company and those of the issuers of the securities in which the Company invests;

&nbsp;&nbsp;&nbsp;&nbsp;• the return or impact of current and future investments;

&nbsp;&nbsp;&nbsp;&nbsp;• general market conditions and the state of the general economy, including changes in or a slowing of the general economy, trade barriers and tariffs, inflation risk, interest rate risk, risk of recession, risks related to shutdowns of the U.S. federal government, a failure to increase the U.S. debt ceiling and risks with respect to the stability of the U.S. banking system;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing the operations of the Company or the issuers of securities in which the Company invests;

&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to deploy any capital raised in this offering;

&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to issue unsecured, fixed rate bonds and ability to obtain an investment grade bond issuer rating;

&nbsp;&nbsp;&nbsp;&nbsp;• the Company's contractual arrangements and relationships with third parties, including the Manager, administrator, custodian and transfer agent;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of supply chain constraints on the issuers of the securities in which the Company invests and the global economy;

&nbsp;&nbsp;&nbsp;&nbsp;• uncertainty surrounding global financial stability;

&nbsp;&nbsp;&nbsp;&nbsp;• geopolitical tensions and hostilities, including with respect to the Middle East, Eastern Europe, Taiwan, North Korea and Iran, and the potential for such tensions and hostilities to adversely impact the industries and issuers of the securities in which the Company invests;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks;

&nbsp;&nbsp;&nbsp;&nbsp;• the Manager's ability to anticipate and identify evolving market expectations with respect to environmental, social and governance matters, including the environmental impacts of the Company's portfolio companies' supply chain and operations; and

&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Manager to locate suitable investments for the Company and to monitor and administer the Company's investments.

You should not place undue reliance on these forward-looking statements, which are based on information available to us as of the date of this prospectus. Except as required by the federal securities laws, the Company undertakes no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise.

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#### **TABLE OF CONTENTS**
The forward-looking statements in this prospectus are excluded from the safe harbor protection provided by Section 27A of the Securities Act and Section 21E of the Exchange Act. The Company's actual operating results and financial condition could differ materially from those implied or expressed in the forward-looking statements or from our historical performance for any reason, including the factors set forth in "Risk Factors" and the other information included in this prospectus.

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#### PROSPECTUS SUMMARY
*This is only a summary of information contained elsewhere in this prospectus. This summary does not contain all of the information that you should consider before investing in the Company's Common Shares. You should carefully read the more detailed information contained elsewhere in this prospectus and the PS Inc. Prospectus prior to making an investment in the Company, especially the information set forth under the headings "Investment Objective, Strategy and Policies" and "Risk Factors." Please also refer to the matters described under the heading "Risk Factors" in the PS Inc. Prospectus that accompanies this prospectus and is filed as an exhibit to the registration statement of which this prospectus forms a part with respect to various material risks related to an investment in PS Inc. Common Stock.* 

#### The Company
Pershing Square USA, Ltd., a Delaware statutory trust, is a closed-end investment company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and managed by its investment manager, Pershing Square Capital Management, L.P. ("PSCM" or the "Manager"). The Company has not commenced investment operations. The Manager has chosen to operate its investment strategy in a 1940 Act registered closed-end investment company because it believes that this corporate structure offers a tax-efficient investment vehicle for the Manager to implement its strategy, as companies that qualify as regulated investment companies ("RICs") under Subchapter M of the U.S. Internal Revenue Code of 1986, as amended (the "Code"), generally are not subject to U.S. federal income tax. It is possible the Company may decide to retain some or all of its net capital gains, and to designate the retained amount as a "deemed distribution." In that case, among other consequences, the Company will pay corporate-level tax on the retained amount, Investors will be required to include their share of the deemed distribution in income as if it had actually been distributed to them, and Investors will be entitled to claim a credit or refund equal to their allocable share of the corporate-level tax the Company pays on the retained capital gain. The amount of the deemed distribution net of such tax will be added to the Investor's cost basis for their Common Shares. Investors may be subject to tax on distributions from the Company and dispositions of the Common Shares. See "*U.S. Federal Income Tax Considerations*" for more information. Throughout this prospectus, Pershing Square USA, Ltd. is referred to as the "Company" or as "we," "us," or "our."

#### Common Shares
The Company's common shares of beneficial interest, no par value per share, are called "Common Shares" and the holders of Common Shares are called "Common Shareholders" throughout this prospectus.

#### The Combined Transaction
Pershing Square Inc. ("PS Inc.") is offering Common Shares of PSUS for resale at $50.00 per share through a group of underwriters (the "Underwriters") led by Citigroup Global Markets Inc., UBS Securities LLC, BofA Securities, Inc., Jefferies LLC and Wells Fargo Securities, LLC. You must purchase at least 5 Common Shares ($250.00) in order to participate in this offering. The Underwriters have been granted an option to purchase up to additional Common Shares within 45 days of the date of this prospectus solely to cover over-allotments, if any. See "*Underwriting*."

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#### **TABLE OF CONTENTS**
In recognition of the importance of this offering to the Manager's long-term success and to provide an additional incentive for prospective investors to purchase Common Shares of PSUS in this offering, PS Inc. will deliver to each investor who purchases Common Shares in this offering, for no additional consideration, 1 share of PS Inc. Common Stock for every 5 Common Shares purchased in this offering, including any Common Shares acquired by the Underwriters in connection with the exercise of their option to purchase additional Common Shares from the Company as described in this prospectus. On the closing date of the combined offering, PS Inc. will acquire from the Company and sell to the Underwriters the Common Shares offered hereby, at the initial public offering price less the sales load, and immediately thereafter deliver to the Company the net proceeds of this offering. All of the net proceeds of the combined offering will be received by the Company and the combined offering will not result in any proceeds to PS Inc. This prospectus relates to the foregoing distribution of such Common Shares.

This offering and the initial public offering (the "PS Inc. IPO") of the common stock (the "PS Inc. Common Stock") of PS Inc. are component parts of a single offering, which is referred to as the "combined offering." The PS Inc. IPO is the initial public offering of PS Inc. Common Stock. Following the PS Inc. IPO, PS Inc. Common Stock will be listed on the NYSE under the symbol "PS" and PS Inc. will be a public company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Common Shares and the PS Inc. Common Stock will each trade separately on the NYSE, and investors may freely trade each security separately.

Please refer to the prospectus (the "PS Inc. Prospectus") that is filed as an exhibit to the registration statement of which this prospectus forms a part and is being delivered to all investors in the combined offering for more information about the business and operations of PS Inc. Please also refer to the matters described under the heading "Risk Factors" in the PS Inc. Prospectus with respect to various material risks related to an investment in PS Inc. Common Stock.

In connection with the combined offering, the Company has secured commitments from a group of qualified investors (the "private placement investors") consisting of U.S. and international institutional investors, including family offices (30%), pension funds (25%), insurance companies (22%), ultra-high-net-worth investors (12%) and other investors (11%), to acquire Common Shares at a price of $50.00 per share, and in connection therewith PS Inc. will deliver to each private placement investor, for no additional consideration, 1.5 shares of PS Inc. Common Stock for every 5 Common Shares purchased in the Combined Private Placement in a combined private placement transaction (the "Combined Private Placement" and together with the combined offering, the "combined transaction") exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). The Combined Private Placement will include the purchase of an aggregate of 56.3 million Common Shares, which includes the $100 million

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common shares investment made by the Manager and its affiliates (as further described in this prospectus), representing aggregate proceeds to be received by the Company of $2.8 billion. In connection therewith, PS Inc. will deliver to the private placement investors (excluding its affiliates), for no additional consideration, an aggregate of 16.3 million shares of PS Inc. Common Stock. The agreements with the private placement investors provide that the Combined Private Placement will be settled concurrently with, and will be contingent upon, the closing of the combined offering and the satisfaction of other customary closing conditions. Certain of the Underwriters are also acting as placement agents in the Combined Private Placement and are expected to receive aggregate placement fees of approximately $40.9 million in connection with the Combined Private Placement.

The Company is seeking an aggregate offering size of at least $5,000,000,000 (inclusive of the gross proceeds of the Combined Private Placement) in the combined transaction. The Company may increase the aggregate offering size based on a number of factors, including market conditions and the amount of investor demand. However, the Company does not intend to increase the aggregate offering size such that the gross proceeds from this offering, combined with the gross proceeds from the Combined Private Placement, would be in excess of $10,000,000,000 (prior to any exercise of the Underwriters' option to purchase additional Common Shares, as further described in this prospectus).

#### Investment Objective
The Company's investment objective is to preserve capital and seek maximum, long-term capital appreciation and growth in intrinsic value per share commensurate with reasonable risk, where risk is defined as the probability of permanent loss of capital, rather than price volatility. There can be no assurance that the Company's investment objective will be achieved.

#### Investment Strategy
The Company seeks to achieve its investment objective by acquiring and holding large minority stakes in 12 to 15 high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which the Manager believes they have underperformed their potential and/or when the Manager believes they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their businesses. PSUS, alongside the other core funds, will accumulate large minority stakes over time. Such stakes will vary in size depending on the size of the portfolio company and the Manager's assessment of potential for loss versus opportunity for gain. Generally, the Manager seeks to accumulate positions of a size across its core funds that enable it to be a significant and influential shareholder, typically making it the largest, or among the largest, active shareholders (*i.e*., excluding passive investors such as index funds). The Manager may, from time to time, increase the number of holdings in the Company's investment portfolio as a result of market or economic conditions or due to other considerations.

The Manager is a long-term investor and pursues a long-term investment strategy in which it generally makes investments for its funds with the expectation of holding the investment for

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multiple years and does not typically engage in short-term trading of the securities of the companies in which its funds invest. The Manager believes its commitment to its long term investment strategy provides the management teams and boards of directors of its portfolio companies with the necessary stability and support to create substantial long-term value and serves as an excellent recruitment tool when its portfolio companies seek to hire world-class senior executives who prefer the stability and backing afforded by a significant long-term shareholder. The Manager intends to make investments on behalf of the Company in a manner consistent with the core investment strategy it has historically employed.

Consistent with the Manager's core investment principles and business strategy, it expects to identify investment opportunities for the Company in high-quality companies that have a number of the characteristics enumerated below. The Manager will use these criteria and guidelines in evaluating investments, but may make investments in companies that do not meet all of these criteria.

&nbsp;&nbsp;&nbsp;&nbsp;• **Simple, predictable, and free-cash-flow-generative.** The Manager will generally seek investments in companies with a proven track record of growth and free cash flow generation, and predictable future financial performance that it expects will generate strong, sustainable growth in cash flows over the long term.

&nbsp;&nbsp;&nbsp;&nbsp;• **Formidable barriers to entry**. The Manager will generally seek investments in companies that have long-term sustainable competitive advantages, significant barriers to entry, or "wide moats" around their business, and low risks of disruption due to competition, innovation or new entrants.

&nbsp;&nbsp;&nbsp;&nbsp;• **Limited exposure to extrinsic factors**. The Manager will generally seek investments that are not materially negatively affected by macroeconomic factors, commodity prices, regulatory risks, interest rate volatility and/or cyclical risk.

&nbsp;&nbsp;&nbsp;&nbsp;• **Strong financial position**. The Manager will generally seek investments in companies that are conservatively financed relative to their free-cash-flow generation.

&nbsp;&nbsp;&nbsp;&nbsp;• **Minimal capital markets dependency**. The Manager will generally seek investments in companies that generally do not need to raise equity capital to fund their businesses.

&nbsp;&nbsp;&nbsp;&nbsp;• **Large capitalization**. The Manager will generally seek investments in companies with large enterprise values and significant long-term growth potential.

&nbsp;&nbsp;&nbsp;&nbsp;• **Attractive valuation**. The Manager will seek to make investments in companies at a discount to their intrinsic values with the businesses operated 'as-is,' and at a potentially substantially greater discount relative to their value if the businesses were optimized.

&nbsp;&nbsp;&nbsp;&nbsp;• **Exceptional management and governance**. The Manager will generally seek investments in companies that have trustworthy, talented, experienced, and highly competent

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boards and management teams. The Manager may also seek investments in companies where it believes it can be a catalyst for effectuating corporate change through active corporate engagement.

While the Manager is comfortable making investments in a wide range of industries and asset classes, it generally prefers investments in simple businesses or assets that generate cash flows that can be estimated within a reasonable range over the long term. In seeking investment opportunities, the Manager is willing to accept a high degree of situational, legal, and/or capital structure complexity in the Company's investments if it believes that the resulting complexity allows for a bargain purchase.

The Manager will generally seek to make investments in three broad categories of opportunities: (i) businesses that generate relatively predictable, growing, free cash flows, (ii) businesses or assets that the Manager believes are significantly undervalued and often have a catalyst to realize value, and (iii) mispriced probabilistic securities or investments where the Manager believes that the market price of a security or other investment under- or over-estimates the probability of a favorable change in interest rates or credit conditions, volatility and movement in markets, exchange rates or commodity prices, the outcome of a legal decision, contract or patent award or such other event that is expected to lead to a significant change in the valuation of such security or investment. The Manager intends to concentrate the Company's assets in a relatively limited number of investments because the Manager believes that (i) there are a limited number of attractive investments available in the marketplace at any one time, and (ii) investing in a relatively modest number of attractive investments about which it has detailed knowledge provides a better opportunity to deliver superior, risk-adjusted, long-term returns when compared with a highly diversified portfolio of investments it can know less well.

The Manager complements its core investment strategy by seeking to identify and execute upon asymmetric hedges in order to protect the investment portfolio against specific macroeconomic risks, and to capitalize on market volatility. The Manager typically structures these hedges using asymmetric instruments such as options and credit default swaps, which offer the opportunity for large gains (relative to the individual asymmetric instruments and the size of the Company's investment portfolio, taken as a whole) if potential risks occur without exposing the Company to significant costs or meaningful losses (relative to the size of the Company's investment portfolio, taken as a whole) if such risks do not occur, as the amount of capital at risk is typically expected to represent a small, single-digit percentage of the Company's total assets. The Manager has historically, and expects to continue to, reinvest profits from asymmetric hedges during periods of market disruption by increasing its funds' investments in existing portfolio companies and by occasionally acquiring new positions, taking advantage of the depressed valuations of common stocks that typically occur during market disruptions. The Manager's opportunistic hedging strategy has allowed it to increase its funds' exposure to high-quality companies at materially discounted valuations, contributing to its

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long-term investment performance. The Manager believes its opportunistic hedging strategy is highly synergistic to its core investment strategy and is a superior alternative to holding a large cash position or maintaining a continuous hedging program, which can be a significant drag on long-term performance. The Manager has substantial experience in negotiating relevant agreements for derivative transactions, and has longstanding relationships with the counterparties to such agreements, allowing it to successfully identify and execute hedges and other derivative transactions on a timely basis over multiple market cycles.

The Manager has no overarching strategy or asset allocation model that specifies what percentage of the Company's portfolio should be invested in each investment category. Rather, cash, cash equivalents, and/or U.S. Treasurys are generally the default investment choices until the Manager identifies new opportunities. Allocations among different investment categories are a function of their potential risk and reward compared with available opportunities in the marketplace. Accordingly, the Company may hold significant cash balances on an ongoing basis.

In seeking to achieve the Company's investment objective, the Company may also invest in other types of investments such as equity securities of foreign issuers; securities convertible into equity; rights, options and warrants; swaps (including equity, foreign exchange, total return, interest rate, index, commodity and credit-default swaps), swaptions and other derivatives; instruments such as futures contracts, foreign currency, forward contracts on stock indices and products, exchange-traded funds ("ETFs"), and any other financial instruments the Manager believes will achieve the Company's investment objective. Debt investments made by the Company will typically be in money market funds organized in the United States and in U.S. Treasury bills; however, the Company may also invest in other debt securities, including distressed debt securities of companies in or exiting bankruptcy. The Company may invest in securities sold pursuant to initial public offerings. Investments in options on financial indices may be used to establish or increase long or short positions or to hedge the Company's investments. In order to mitigate market-related downside risk, the Company may acquire put options, short market indices, baskets of securities and/or purchase credit-default swaps, but is not committed to maintaining market hedges at any time.

Under normal circumstances, the Company will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities issued by issuers located in the United States. This policy may be changed without shareholder approval; however, you would be notified in writing 60 days in advance of any changes. A company is considered to be located in the United States if (i) it is organized under the laws of a state comprising the United States and has a principal office within the United States; (ii) it derives at least 50% of its total revenues or profits from businesses in the United States or has at least 50% of its assets in the United States; or (iii) its equity securities are traded principally on a stock exchange in the United States. American

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Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and other types of depositary receipts traded principally on a stock exchange in the United States will count toward the 80% policy.

Derivative instruments used by the Company will be counted toward the Company's 80% policy discussed above to the extent they have investment exposure similar to (or address market risk factors associated with) the securities included within that policy. Such derivative instruments will be valued for such purpose in accordance with the requirements of Rule 35d-1 under the 1940 Act.

The concentration of the Company's investment positions is subject to limitations applicable to the Company under the 1940 Act and its qualification as a RIC under Subchapter M of the Code. See "*Investment Objective, Strategy and Policies - Investment Restrictions*" and "*U.S. Federal Income Tax Considerations*."

The Manager believes that investments that meet the Company's objective are often found in companies undergoing significant changes in strategy, capital structure, corporate governance, management, legal exposure, corporate form, shareholder composition and control, liquidity and financial condition, and in companies that are affected by external changes in the economic and political environment, including changes in the relevant tax code.

The Manager also believes that investment opportunities that meet the Company's objective may at times occur in misunderstood companies, distressed securities, companies in or exiting bankruptcy, spin-offs, rights offerings, liquidations, companies for which litigation is a major asset or liability, under-followed small and mid-capitalization companies and other special situations.

The Manager may seek to be a catalyst to realize value from an investment by taking an engaged role in effectuating corporate change, either working alone or in conjunction with management and/or other investors, where the Manager believes the potential for reward justifies the commitment of time, energy and capital. The Manager believes that these techniques can both accelerate and maximize the realization of value from an investment and that constructive engagement with portfolio companies enables it to effectuate change without paying a control premium.

The Manager believes its long-term investment horizon also increases its influence at its portfolio companies, provides stability and support for management teams and boards of directors of its portfolio companies, and serves as an excellent recruitment tool when its portfolio companies seek to hire world-class senior executives, all of which the Manager believes help to drive its investment performance. Historically, the Manager has shown that it can achieve meaningful influence over companies in which it invests and assist them in creating

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long-term value, with ownership stakes that it has acquired at a lower price than the substantial premium that is typically required to be paid to obtain control of a company.

For more than 22 years, the Manager has accumulated significant experience in engaging with portfolio companies and guiding management teams, boards of directors and other shareholders through strategic and operational changes and restructurings. The Manager believes that its successful track record and reputation as a value-creating owner enhances its ability to generate higher long-term rates of return.

The Company will not make an initial investment in the equity of companies whose securities are not publicly traded (i.e., private equity) but may invest in privately placed securities of public issuers. Notwithstanding the foregoing, it is possible that, in limited circumstances, public companies in which the Company has invested may later be taken private and the Company may make additional investments in the equity or debt of such companies. The Company may make investments in the debt securities of a private company, provided that there is an observable market price for such debt securities.

#### Our Competitive Strengths
The Manager believes that the Company as managed by the Manager has the following key competitive strengths:

&nbsp;&nbsp;&nbsp;&nbsp;• **Disciplined Investment Strategy** 

&nbsp;&nbsp;&nbsp;&nbsp;• *Simple, concentrated approach*. The Manager believes that its core investment strategy has succeeded due to the inherent simplicity of its concentrated approach to fundamental value investing and the alignment of its organization with this approach.

&nbsp;&nbsp;&nbsp;&nbsp;• *Successful investment idea generation, monitoring and execution*. The Manager has a proven expertise and a long history in sourcing attractive investment ideas, finding unconventional sources of value and executing innovative value-creating transactions as well as differentiated expertise in executing privately negotiated transactions. The Manager looks for opportunities to assist portfolio companies in accelerating growth, increasing efficiency, improving capital allocation, managing through challenges and otherwise improving performance in order to generate long-term value.

&nbsp;&nbsp;&nbsp;&nbsp;• *Concentrated, liquid portfolio of simple, predictable and free cash-flow generative businesses*. The Manager expects that the substantial majority of the Company's investment portfolio will be invested in long-term, large minority stakes in 12 to 15 high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which the Manager believes they have underperformed their potential and/or when the Manager believes they are undervalued because the market underestimates their potential or overestimates the impact of certain

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#### **TABLE OF CONTENTS**
negative factors on their businesses. PSUS, alongside the other core funds, will accumulate large minority stakes over time. Such stakes will vary in size depending on the size of the portfolio company and the Manager's assessment of potential for loss versus opportunity for gain. Generally, the Manager seeks to accumulate positions of a size across its core funds that enable it to be a significant and influential shareholder, typically making it the largest, or among the largest, active shareholders (*i.e*., excluding passive investors such as index funds). The Company intends to invest principally in companies with simple, predictable, and free-cash-flow generative businesses, strong balance sheets, and exceptional management and governance, in industries with significant barriers to entry and limited exposure to extrinsic factors it cannot control. The Manager may, from time to time, increase the number of holdings in the Company's investment portfolio as a result of market or economic conditions or due to other considerations. See "*Investment Objective, Strategy and Policies*." The Manager applies a concentrated, research-intensive, fundamental value investing strategy. Investment concentration and modest portfolio turnover allow the Manager the time to do extensive research and actively monitor each investment over the course of ownership.

&nbsp;&nbsp;&nbsp;&nbsp;• *Exposure to the Manager's asymmetric hedging program*. The Manager complements its core investment strategy by seeking to identify and execute upon asymmetric hedges in order to protect the investment portfolio against specific macroeconomic risks, and to capitalize on market volatility. The Manager believes its opportunistic hedging strategy is highly synergistic to its core investment strategy and is a superior alternative to holding a large cash position or maintaining a continuous hedging program, both of which can be a significant drag on long-term performance.

&nbsp;&nbsp;&nbsp;&nbsp;• *Value creation through active corporate engagement*. The Manager may seek to be a catalyst to realize value from an investment by taking an engaged role in effectuating corporate change, either working alone or in conjunction with management and/or other investors, where the Manager believes the potential for reward justifies the commitment of time, energy and capital. The Manager believes that these techniques can both accelerate and maximize the realization of value from an investment and that constructive engagement with portfolio companies enables it to effectuate change without paying a control premium.

&nbsp;&nbsp;&nbsp;&nbsp;• *Focus on managerial, operating and governance changes as levers to create substantial, enduring and* 

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*longer-term value. The Manager may seek investments that it believes will benefit from structural, financial and operational improvements.*

&nbsp;&nbsp;&nbsp;&nbsp;• **Manager's Track Record of Preserving Capital and Generating Strong Returns with Low Correlation to the Broader Equity Market Supported by Stable Permanent Capital Base.** 

&nbsp;&nbsp;&nbsp;&nbsp;• *Proven track record*. For more than 22 years, the Manager has managed portfolios as an engaged investor in large-cap companies. For information on the long-term performance of the core funds managed by the Manager, see *Appendix A - Supplemental Performance Information of the Affiliated Funds*. For a listing of the Manager's public company engagements since its inception in 2004, see *Appendix B - Public Company Engagements of the Manager*.

&nbsp;&nbsp;&nbsp;&nbsp;• *Low correlation to the broader equity market*. The Manager's core investment strategy has exhibited relatively low market correlation (i.e., average returns of the investment strategy were higher than the broader equity market during times in which the returns of the broader equity market declined and similar to the broader equity market during times in which the broader equity market increased).

&nbsp;&nbsp;&nbsp;&nbsp;• *Stability of capital base enables superior, long-term investment returns.* The Manager views the stability of its capital base, substantially all of which is permanent capital, as one of its most important competitive advantages. "Permanent capital" refers to assets under management attributable to entities the capital of which is not subject to withdrawal or redemption at the option of the investor. Assets under management for this purpose is determined based on an entity's gross assets. Permanent capital allows the Manager to take a long-term view and be opportunistic during periods of market volatility, without being exposed to the need to raise capital by selling assets to meet redemptions during such periods. In addition to the Company, Pershing Square Holdings ("PSH"), a Guernsey-registered closed-ended investment company whose shares are listed on the London Stock Exchange and Howard Hughes Holdings Inc. ("HHH") are the Manager's permanent capital vehicles. The Manager believes that permanent capital also enables superior, long-term investment returns. Permanent capital has also been and is expected to continue to be a highly attractive talent attraction and retention tool, allowing the Manager to hire and retain top analysts for its investment team and other high-quality employees throughout the company. Permanent capital and the Manager's long-term investment horizon are also excellent recruitment tools when the Manager's portfolio companies seek to hire world-class senior

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executives who prefer the stability and backing afforded by a significant long-term shareholder who is not required to seek an exit for its holdings due to investor redemptions or limits due to fund life.

&nbsp;&nbsp;&nbsp;&nbsp;• **Highly Experienced Investment Team** 

&nbsp;&nbsp;&nbsp;&nbsp;• *The Manager is led by a renowned investor.* Mr. Ackman works alongside an experienced team and has developed a robust platform to pursue a disciplined investment philosophy.

&nbsp;&nbsp;&nbsp;&nbsp;• *Experienced investment team and robust operations platform*. The Manager's investment team consists of nine members with an average of 17 years of industry experience, including in the investment banking and/or private equity industries. These investment professionals have exceptional academic and professional backgrounds. Each investment team member plays a material role in the construction and management of the portfolio, which has enabled the Manager to hire and retain the highest quality investment professionals.

&nbsp;&nbsp;&nbsp;&nbsp;• *Highly collaborative culture and reputation*. The Manager believes its unique culture and reputation are fundamental to its success. The Manager combines investment excellence with a flat organizational structure. Each member of the Manager's investment team plays a meaningful role in the construction and management of the portfolio. Its collaborative partnership culture, permanent capital base, the highly attractive economics of its business and its approach to employee compensation have resulted in limited employee turnover over time.

&nbsp;&nbsp;&nbsp;&nbsp;• *Public positions taken by management team*. The Manager has a long history of publicizing its investment rationale and utilizing the media as a medium to enhance transparency and to catalyze corporate changes. The Company believes that the Manager's approach of bringing public awareness to its strategies and investment themes among existing and prospective holdings is valuable to Common Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;• *Extensive capital markets experience*. The Manager has been active in raising equity and debt for the entities it manages in the public capital markets since the 2014 initial public offering of PSH. More recently, the Manager has assisted PSH in executing a series of debt financing transactions. In July 2020, Pershing Square Tontine Holdings, Ltd., a special purpose acquisition company co-sponsored by an affiliate of the Manager, completed its $4 billion initial public offering and listed on the NYSE. In addition, the Manager designed and created Pershing Square SPARC Holdings, Ltd. ("SPARC"), a new form of acquisition company, that

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had its Form S-1 Registration Statement declared effective by the SEC in September 2023. On April 7, 2026, the Manager announced that it had made a proposal to the Board of Directors of Universal Music Group N.V. ("UMG") concerning a business combination transaction in which UMG would merge with SPARC, with the newly merged company to become a Nevada corporation ("New UMG") and list its common stock on the NYSE. There is no assurance that the Manager's proposal will be accepted by UMG or result in a transaction as proposed by the Manager or any other transaction.

&nbsp;&nbsp;&nbsp;&nbsp;• **Favorable Structural Features** 

&nbsp;&nbsp;&nbsp;&nbsp;• *No performance fees*. Unlike the other funds managed by the Manager, the Company will not be subject to any performance fees. The Company believes that this has the potential to meaningfully increase long-term NAV performance, which may reduce the likelihood that the Common Shares will trade at a discount to NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• *Liquidity facilitated by NYSE-listing*. Investors in many alternative investment funds own non-traded interests with limited redemption and liquidity features, whereas, the Company intends to be a publicly traded, NYSE-listed, closed-end investment company. The Company expects that it will have significant liquidity supported by its scale, name recognition and the Manager's brand-name profile and substantial media following. The Manager believes that the Company has the potential to be one of the largest U.S.-listed closed-end investment companies and expects that the Manager's brand-name profile and substantial media following will drive substantial investor interest and liquidity in the market for the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;• *Transparent, Weekly NAV*. Most alternative investment funds publish monthly or quarterly net asset values and often rely on opaque, unobservable and lagging valuations for private assets. The Company will publish a weekly NAV based on its concentrated, transparent and highly liquid investment portfolio of publicly traded large-capitalization companies. In addition, the Manager has a history of publicizing its investment rationale and using the media to enhance transparency around its investment rationale, which, combined with the public reporting required under the 1940 Act as well as other types of anticipated public reporting that result from the Manager's investment strategy (such as Schedules 13D and 13F, as applicable), the Company believes it will provide greater transparency to investors than is typical for other investment funds.

&nbsp;&nbsp;&nbsp;&nbsp;• *Favorable capital structure for the Manager's strategy.* The Company will have a favorable capital structure to support the strategy of the Manager. The Company's

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closed-ended structure removes any negative impact from redemptions, lengthens the duration of the capital base available to the Manager and enhances the Manager's ability to successfully execute upon its investment strategy by: (i) providing the Manager with a longer time horizon to realize value from an investment, as there is reduced need for the Manager to manage cash for potential redemptions; (ii) facilitating its active corporate and strategic engagements; (iii) expanding the Manager's investment universe by allowing it to take meaningful stakes in large-cap companies in a way in which few other investors can, as well as larger and potentially less liquid stakes in companies with smaller market capitalizations; and (iv) facilitating constructive relationships with companies in which it seeks to invest.

&nbsp;&nbsp;&nbsp;&nbsp;• *Delivery of PS Inc. Common Stock for no additional consideration*. In recognition of the importance of this offering to the Manager's long-term success and to provide an additional incentive for prospective investors to purchase Common Shares in this offering, PS Inc. will deliver to each investor who purchases Common Shares in this offering, for no additional consideration, 1 share of PS Inc. Common Stock for every 5 Common Shares purchased, including any Common Shares acquired by the Underwriters in connection with the exercise of their option to purchase additional Common Shares from the Company as described in this prospectus. All of the net proceeds of the combined offering will be received by the Company and the combined offering will not result in any proceeds to PS Inc. Similarly, PS Inc. will issue shares of PS Inc. Common Stock to the investors in the Combined Private Placement for no additional consideration. All of the net proceeds of the Combined Private Placement will be received by the Company and the Combined Private Placement will not result in any proceeds to PS Inc.

See "*Investment Objective, Strategy and Policies - Our Competitive Strengths*" for additional information.

#### The Manager
Pershing Square Capital Management, L.P. serves as the Company's investment manager and is responsible for the management of the Company. Founded in 2003, the Manager is a leading alternative asset manager led by its founder and Chief Executive Officer, William A. Ackman, who has spent 34 years in the alternative asset management industry. Mr. Ackman is supported by an experienced investment team with an average of 15 years in the industry. The Manager's investment team is highly aligned with its portfolio companies, fund investors and its shareholders due to, among other reasons, the $5.8 billion (as of December 31, 2025) invested by its employees and their affiliates in its funds and HHH, its approach to performance compensation, and employee ownership of the company. The Manager is headquartered in New York City and had 44 employees as of

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#### **TABLE OF CONTENTS**
December 31, 2025. As of March 31, 2026, the Manager had $26.6 billion of total assets under management and $17.0 billion of fee-paying assets under management, approximately 96% of which is attributable to permanent capital.

Mr. Ackman is the largest indirect owner of PS Holdco, the existing parent company of the Manager. Mr. Ackman will remain the largest indirect shareholder of PS Inc. following the statutory conversion of PS Holdco to a Nevada corporation and the change of its name to "Pershing Square Inc." (the "Corporate Conversion").

PSCM also currently serves as the investment manager to its three primary investment funds, which PSCM refers to as its "core funds," PSH, Pershing Square, L.P., a private investment fund organized as a Delaware limited partnership ("PSLP"), and Pershing Square International, Ltd., a Cayman Islands exempted company, which operates as a private investment fund ("PSIL"). PSH, PSLP and PSIL (collectively, the "Affiliated Funds") all have similar investment programs and generally invest in the same assets in similar proportions, subject to certain exceptions.

Following the completion of the combined offering, the Company will become one of the Manager's core funds. Each core fund will continue to have a similar investment program and generally invest in the same assets in similar proportions, subject to regulatory, tax, liquidity and other considerations applicable to the Company or the Affiliated Funds. The Manager has in the past served and may, from time to time in the future, serve as the investment adviser for co-investment special purpose vehicles established to increase economic exposure to certain investments. See "*Portfolio Management – Entities Managed by the Manager.*"

The Manager's core investment strategy involves acquiring long-term, large minority stakes in high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which the Manager believes they have underperformed their potential and/or when the Manager believes they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their businesses. The Manager looks for opportunities to assist portfolio companies in accelerating growth, increasing efficiency, improving capital allocation, managing through challenges and otherwise improving performance in order to generate long-term value. For information on the long-term performance of the core funds managed by the Manager, see *Appendix A - Supplemental Performance Information of the Affiliated Funds*. For a listing of the Manager's public company engagements since its inception in 2004, see *Appendix B - Public Company Engagements of the Manager.*

The Manager is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and is currently a member of the National

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Futures Association (the "NFA") and is registered with the Commodity Futures Trading Commission (the "CFTC") as a commodity pool operator (a "CPO").

On May 31, 2024, the Manager sold a 10% interest in the Manager for $1.05 billion to a consortium of strategic investors, including institutions, family offices, and alternative asset management industry leaders (the "Strategic Investment") and in connection with the Strategic Investment completed an internal reorganization of its ownership structure pursuant to which PS Holdco became the parent company of the Manager.

On May 5, 2025, PS Holdco completed transactions, including the acquisition of 15% of the shares outstanding of HHH (collectively, the "Howard Hughes Transaction"), pursuant to which it intends to transform HHH, one of the Affiliated Funds' long-term holdings, into a diversified holding company. As a first step, on December 17, 2025, HHH entered into an agreement to acquire Vantage Group Holdings, Ltd. ("Vantage" and such acquisition, the "Vantage Acquisition"), a privately held specialty insurance and reinsurance holding company, for approximately $2.1 billion in cash. In connection with the Vantage Acquisition, it is expected that the Manager will be engaged as investment manager for Vantage and its insurance company subsidiaries. The Vantage Acquisition is expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions. HHH has also announced that, over time, it intends to acquire controlling ownership of high-quality, durable growth public and private operating companies, while continuing to invest in and grow its master planned communities real estate business.

As part of the Howard Hughes Transaction, PS Holdco acquired nine million shares of common stock of HHH for $900 million, representing approximately 15% of the issued and outstanding common stock of HHH. PS Holdco (including through the Affiliated Funds) exercises the power to vote 40% of the issued and outstanding common stock of HHH (making it the largest single shareholder of HHH by voting power), as part of the Manager's overall strategy with respect to HHH. On a combined basis, PS Holdco and the Affiliated Funds hold a 47% total interest in HHH. Additional information regarding the Howard Hughes Transaction is further described herein.

The Manager provides investment management services to the Affiliated Funds pursuant to investment management agreements under which the Manager earns management and performance fees based on each such Affiliated Fund's net asset value. The Manager provides certain services, including investment advisory services, pursuant to the Manager's Services Agreement with HHH (the "Services Agreement") under which the Manager is entitled to (i) a quarterly base management fee of $3,750,000 and (ii) a quarterly variable fee of 0.375% of the value of the HHH stock price relative to a reference price determined in accordance with the Services Agreement, in each case, subject to annual adjustments for inflation. In addition to investment

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advisory services, the Manager also provides HHH with other services, including corporate development, transaction execution and capital markets advisory services.

#### Pershing Square Investment
An affiliate of the Manager will purchase (i) in the Combined Private Placement a number of Common Shares at a price of $50.00 per Common Share such that, together with the Common Shares previously acquired by the Manager, the Manager's aggregate investment in the Common Shares will equal $100 million, and (ii) $50 million aggregate liquidation preference of the Company's 7.50% Series A Cumulative Preferred Shares, no par value per share (the "Series A Preferred Shares"), at a price of $50.00 per Series A Preferred Share in a transaction exempt from registration under the Securities Act (collectively, the "Pershing Square Investment"). The Manager has also agreed with the Company that it and its affiliates will not sell, transfer or otherwise dispose of the Common Shares or the Series A Preferred Shares acquired by it or its affiliates as part of the Pershing Square Investment prior to the date that is the twenty five (25) year anniversary of the closing date of the combined transaction, subject to certain exceptions.

#### Who May Want to Invest
Investors should consider their investment goals, time horizons and risk tolerance before investing in the Company. An investment in the Company is not appropriate for all investors, and the Company is not intended to be a complete investment program. The Company is designed for investors seeking access to the investment acumen of the Manager as a long-term investment and not as a trading vehicle.

#### Use of Proceeds
The Company intends to invest the net proceeds of the combined offering in accordance with its investment objective and policies as stated herein. The Company currently anticipates that it will be able to invest a substantial majority of the net proceeds of the combined offering in accordance with its investment objective and policies within approximately sixty (60) days after the completion of the combined offering.

See "*Use of Proceeds*" for additional information.

#### Use of Leverage
Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares, which will provide greater flexibility under Rule 18f-4 to utilize derivatives. Under Rule 18f-4, the value-at-risk ("VaR") limits are greater (250% relative VaR test rather than 200% relative VaR test) for a closed-end investment company that has preferred shares outstanding than for a closed-end investment company that does not have preferred shares outstanding. Following the completion of the combined offering and the investment of the net proceeds from this offering, subject to market conditions, the Company intends, as part of its leveraging strategy, to issue unsecured, fixed-rate bonds, and anticipates that over time it will maintain a ratio of approximately 15% to low 20s% debt to total assets in order to enhance its long-term returns. The Company intends to operate with a capital structure that it expects will allow it to be an investment grade bond issuer.

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#### **TABLE OF CONTENTS**
The proposed capital structure for the Company is consistent with the Manager's historical practice of accessing a modest amount of low-cost, long-term, covenant-light, investment grade bonds. Historically, the Manager has only agreed to debt incurrence covenants for its core funds at thresholds well above the amount of leverage it intends to use in its core investment strategy and has generally not used any margin borrowings for its core funds. Accordingly, the Manager believes its leverage strategy has the potential to enhance its funds' long-term returns without adding meaningful risk to its funds' portfolios. There can be no assurance that the Company will in the future be able to borrow money on terms that the Manager deems favorable.

Under the 1940 Act, the Company is not permitted to issue "senior securities" if, immediately after the issuance of such senior securities, the Company would have an asset coverage of less than 300%, calculated as the ratio of the Company's total assets less all liabilities and indebtedness not represented by senior securities, over the aggregate amount of the Company's senior securities (*i.e.*, for every dollar of indebtedness outstanding, the Company is required to have at least three dollars of assets) or less than 200% with respect to senior securities representing preferred stock (*i.e.*, for every dollar of preferred stock outstanding, the Company is required to have at least two dollars of assets). The 1940 Act also provides that the Company may not declare distributions or purchase its stock (including through tender offers) if, immediately after doing so, it will have an asset coverage ratio of less than 300% or 200%, as applicable.

Holders of preferred shares will have the right to elect two Trustees at all times. In accordance with the requirements of the 1940 Act, in the event that the Company failed to pay dividends on its preferred shares for two years, holders of preferred shares would become entitled to elect a majority of the Trustees until the dividends are paid.

The Company may also use derivatives, including equity options, in order to obtain security-specific, non-recourse leverage in an effort to reduce the capital commitment to a specific investment, while potentially enhancing the returns on capital invested in that investment. Furthermore, the Company may use derivatives, such as equity and credit derivatives and put options, to achieve a synthetic short position in a company or an equity or credit index without exposing the Company to some of the typical risks of short selling, which include the possibility of unlimited losses and the risks associated with maintaining a stock borrow. In addition, the Company from time to time may enter into total return swaps, which are equity derivatives with inherent recourse leverage. The Company generally does not expect to use total return swaps to obtain leverage, but, rather, to manage regulatory, tax, legal or other issues. The Company must comply with Rule 18f-4 under the 1940 Act with respect to its use of derivatives. Rule 18f-4, among other things, requires the

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Company to adopt and implement a comprehensive written derivatives risk management program and to comply with a relative or absolute limit on fund leverage risk calculated based on VaR.

The use of leverage, if employed, is subject to numerous risks. When leverage is employed, the Company's NAV and the return on the Common Shares will be more volatile than if leverage was not used. A reduction in the Company's NAV may cause a reduction in the return on the Common Shares. The Company cannot assure you that the use of leverage would result in a higher return on the Common Shares.

Any leveraging strategy the Company may employ may not be successful. See "*Use of Leverage*" and "*Risk Factors - Derivatives Risk - Leverage Risk.*"

Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares. The Company expects to issue all of the Series A Preferred Shares to an affiliate of the Manager at a price per share equal to the liquidation preference of the Series A Preferred Shares of $50.00 per share. Pursuant to the terms of the Series A Preferred Shares and in accordance with the requirements of the 1940 Act, the Manager, as the holder of the Series A Preferred Shares, will be entitled to elect two Trustees at all times and in accordance with the requirements of the 1940 Act would become entitled to elect a majority of the Trustees in the event that two full years' dividends on the Series A Preferred Shares are unpaid. The issuance of the Series A Preferred Shares to the Manager was approved by the Company's Board of Trustees (the "Board"), including the Trustees who are not "interested persons" of the Company for purposes of Section 2(a)(19) of the 1940 Act. See "*Use of Leverage - Derivative Transactions*" and "*Description of Capital Structure - Preferred Shares*" for more information.

#### Management of the Company
Pershing Square Capital Management, L.P. acts as the Manager pursuant to a restated investment management agreement with the Company (the "Investment Management Agreement"). Pursuant to the Investment Management Agreement, the Manager is responsible for the management of the Company and administers the affairs of the Company to the extent requested by the Board. As compensation for its services, the Company pays the Manager a fee, payable quarterly in advance on the first business day of each fiscal quarter, based on the Company's NAV on the last day of the previous fiscal quarter equal to 0.50% (or 2.0% on an annualized basis) (the "Management Fee"). In contrast to other funds managed by the Manager, the Manager is not entitled to an incentive allocation or any other form of performance fee from the Company. The Company represents the Manager's first offering of its core investment strategy that is not subject to a performance fee.

The Company's executive officers are:

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#### **TABLE OF CONTENTS**

#### William A. Ackman , Chief Executive Officer

#### Ryan Israel , Chief Investment Officer

#### Ben Hakim , President

#### Michael Gonnella , Chief Financial Officer

#### Halit Coussin , Chief Compliance Officer

#### Jessica A. Falzone , Secretary
For additional information about the Company's executive officers see "*Management of the Company - Executive Officers Who Are Not Trustees.*"

#### Investment Team
Mr. Ackman, Mr. Israel and each of the other members of the PSCM investment team bring significant investment expertise as well as broad industry networks that encompass a wide array of sectors, industry participants, and intermediaries. Mr. Ackman and the other investment professionals work as a team. Analysts are generalists and work in small teams on every investment in the portfolio. The Manager believes that each member of the investment team has complementary skills and experience relevant to its strategy, as well as a track record of working together and providing creative solutions for complex transactions, which the Manager believes represents an important competitive advantage.

The investment team has experience in:

&nbsp;&nbsp;&nbsp;&nbsp;• sourcing, structuring, and executing on a wide range of investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;• providing constructive strategic and operational guidance to management teams and boards of directors, to drive long-term shareholder value creation;

&nbsp;&nbsp;&nbsp;&nbsp;• leveraging insights from their substantial investment, financial, operational oversight and governance experience to help optimize the financial condition, operating performance and strategy of a company; and

&nbsp;&nbsp;&nbsp;&nbsp;• leveraging their extensive network of relationships to augment or complement the senior management team or board of directors of a company.

For additional information about Mr. Ackman and the investment team, see "*Portfolio Management - Investment Team.*"

#### Distributions
The Company intends to elect to be treated and to qualify annually as a RIC under Subchapter M of the Code. The Company intends to distribute at least the minimum amount necessary to qualify for the favorable U.S. federal income tax treatment generally accorded to RICs. Such treatment requires that the Company must, among other things, satisfy certain quarterly asset diversification tests and derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute for each taxable year at least 90% of its "investment company taxable income" (generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). The Company will be subject to tax on any undistributed taxable income or gains, including net capital gain. See "*U.S. Federal Income Tax Considerations.*" Dividends, if any, are expected to be declared and paid annually.

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#### **TABLE OF CONTENTS**
Payments will vary in amount, depending on investment income received and expenses of operation as well as reinvestment activity. **The Company is not a suitable investment for any investor who requires regular dividend income**. See "*Distributions*."

The Company reserves the right to change its dividend distribution policy at the discretion of the Board.

Before investing you should consult your tax adviser.

#### Listing
The Company intends to list the Common Shares on the New York Stock Exchange ("NYSE") under the symbol "PSUS."

#### Selected Risk Considerations
Set forth below are certain selected risk considerations applicable to the Company and an investment in the Common Shares. It is not purported to be complete and the section entitled "*Risk Factors*" should be reviewed carefully before making any decision to invest in the Common Shares. Please also refer to the matters described under the heading "Risk Factors" in the accompanying PS Inc. Prospectus which is filed as an exhibit to the registration statement of which this prospectus forms a part with respect to various material risks related to an investment in PS Inc. Common Stock.

***No Investing History. The Company is a closed-end investment company with no investing history. The Company does not have any historical financial statements or other meaningful operating or financial data on which potential investors may evaluate the Company and its performance.***

***Non-Diversified Status. The Company is a non-diversified company. As defined in the 1940 Act, a non-diversified company may have a significant part of its investments in a smaller number of issuers than can a diversified company. Having a larger percentage of assets in a smaller number of issuers makes a non-diversified company, like the Company, more susceptible to the risk that one single event or occurrence or adverse developments affecting any single issuer can have a significant adverse impact upon the Company and the Company may be more susceptible to greater losses because of these developments.***

***Market and Investment Risk. The Common Shares have no history of public trading and there currently is no public trading market for the Common Shares. Following the combined offering, the Common Shares will be listed on the NYSE. We cannot predict the extent to which investor interest in the Company will lead to the development of an active trading market on the NYSE or how liquid that market might become. An active public market for the Common Shares may not develop or be sustained after the combined offering. If an active public market does not develop or is not sustained, it may be difficult for you to sell your Common Shares at a price that is attractive to you, or at all. As with any stock, the price of the Common Shares will fluctuate with market conditions and other factors, many of which are beyond the Company's control. In addition, there can be no assurance that following the combined offering, the***

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#### **TABLE OF CONTENTS**
combined trading prices of a Common Share and a share of PS Inc. Common Stock will equal or exceed the public offering price of the Common Shares in this offering.

In addition to allocations made to retail investors by the Underwriters, a portion of the Common Shares and the PSI Common Stock offered pursuant to the combined offering will, at request, be offered to retail investors through Charles Schwab & Co., Inc. ("Charles Schwab") and Robinhood Financial, LLC ("Robinhood"), via their respective online brokerage platforms. Charles Schwab and Robinhood will act as selling group members for the combined offering. These platforms are not affiliated with the Company or PS Inc. There may be risks associated with the use of such platforms that we cannot foresee, including risks related to the technology and operation of such platforms, and the publicity and the use of social media by users of such platforms that we cannot control.

The Common Shares are designed for long-term investors and the Company should not be treated as a trading vehicle. Shares of closed-end investment companies frequently trade at a discount from net asset value, which creates a risk of loss for investors purchasing shares in this offering. The risk of loss if a discount to NAV were to emerge may be greater for investors expecting to sell their shares in a relatively short period after the completion of the combined offering. In addition, an investor participating in the combined offering must acquire both the Common Shares and the PS Inc. Common Stock. An investor that desires to invest for a period of time in only the Common Shares or the PS Inc. Common Stock (and not both) may seek to sell the security that it does not intend to hold, which would put downward pricing pressure on the security that is sold. This may increase the likelihood of the Common Shares trading at a discount to NAV. These risks are separate and distinct from the risk that the Company's NAV could decrease as a result of its investment activities. At any point in time, an investment in the Common Shares may be worth less than the original amount invested.

In connection with this offering, the Underwriters may purchase and sell Common Shares in the open market. These transactions may include over-allotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with this offering. Stabilizing transactions consist of certain bids or purchases for the purpose of preventing or retarding a decline in the market price of the Common Shares and syndicate short positions involve the sale by the Underwriters of a greater number of Common Shares than they are required to purchase from PS Inc., as the selling shareholder, in this offering. These activities may stabilize, maintain or otherwise affect the market price of the Common Shares, which may be higher than the price that might otherwise prevail in the open market; and these activities, if commenced, may be discontinued at any time without notice. However, transactions in the Common Shares by the Underwriters may require corresponding purchases or sales by the underwriters of PS Inc. Common Stock, which may make it less likely that the Underwriters engage in any stabilizing transactions and may reduce the effectiveness of any such

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stabilizing transactions, relative to an initial public offering of a fund in which the Underwriters may engage in stabilization transactions without needing to make corresponding transactions in the stock of another entity. Generally, the Underwriters would not be expected to engage in stabilizing transactions or purchase Common Shares to cover syndicate short positions, unless the combined trading price of a Common Share and a share of PS Inc. Common Stock is in the aggregate less than the public offering price of $50.00. This may increase the volatility of the trading price of the Common Shares and the likelihood that the Common Shares trade at a discount to NAV.

In addition, an investment in the Common Shares represents an indirect investment in the securities owned by the Company. The value of, or income generated by, the investments held by the Company are subject to the possibility of rapid and unpredictable fluctuation. These movements may result from factors affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates, changes in inflation or expectations about inflation, economic, political, social and financial market conditions including the level of confidence in financial institutions and the financial system generally, natural/environmental disasters, cyberattacks, terrorism, governmental or quasi-governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and other similar events, that each of which may be temporary or last for extended periods.

Different sectors, industries and security types may react differently to such developments and, when the market performs well, there is no assurance that the Company's investments will increase in value along with the broader markets. Volatility of financial markets, including potentially extreme volatility caused by the events described above, can expose the Company to greater market risk than normal, possibly resulting in greatly reduced liquidity. The Manager potentially could be prevented from considering, managing and executing investment decisions at an advantageous time or price or at all as a result of any domestic or global market or other disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity which could also result in impediments to the normal functioning of workforces, including personnel and systems of the Company's service providers and market intermediaries. Furthermore, during periods in which the Company may use leverage, the Company's investment, market discount and certain other risks will be magnified.

An investment in the Common Shares is subject to risk of the possible loss of the entire amount that you invest.

***Risks Related to Restrictions on Position Size. The Company's portfolio positions may be limited by the concentration and diversification limitations and requirements applicable to registered investment companies under the 1940 Act and to RICs under the Code. These concentration and diversification limitations and requirements could limit the ability of the Manager to utilize the Company's capital to accumulate positions***

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of scale sufficient to successfully employ its investment techniques. In addition, if the concentration of the Company's investments caused it to violate the asset diversification requirements applicable to RICs, the Company could lose its RIC status and thereby become subject to corporate-level taxes.

***Closed-End Investment Company; Liquidity Risk. The Company is a non-diversified closed-end investment company designed primarily for long-term investors and is not intended to be a trading vehicle. Closed-end investment companies differ from open-end investment companies (commonly known as mutual funds) in that investors in a closed-end investment company do not have the right to redeem their shares on a daily basis at a price based on the company's net asset value.***

***Equity Securities Risk. Stock markets are volatile, and the prices of equity securities fluctuate based on changes in a company's financial condition and overall market and economic conditions. Although common stocks have historically generated higher average total returns than fixed-income securities over the long-term, common stocks also have generally experienced significantly more volatility in those returns and, in certain periods, have significantly underperformed relative to fixed-income securities. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Company. A common stock may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. The value of a particular common stock held by the Company may decline for a number of other reasons which directly relate to the issuer, such as management performance, financial leverage, the issuer's historical and prospective earnings, the value of its assets and reduced demand for its goods and services.***

***Not a Complete Investment Program. An investment in the Company's Common Shares should not be considered a complete investment program. The Company is intended for long-term investors seeking capital appreciation. An investment in the Company is not meant to provide a vehicle for those who wish to play short-term swings in the market. Common Shareholders should take into account the Company's investment objective as well as the Common Shareholder's other investments when considering an investment in the Company. Before making an investment decision, a prospective investor should consider (i) the suitability of this investment with respect to his or her investment objectives and personal situation and (ii) factors such as his or her personal net worth, income, age, risk tolerance and liquidity needs.***

***Leverage Risk. Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares as described in this prospectus. Following the completion of the combined offering and the investment of the net proceeds from this offering, subject to market conditions, the Company intends,***

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as part of its leveraging strategy, to issue unsecured, fixed-rate bonds, and anticipates that over time it will maintain a ratio of approximately 15% to low 20s% debt to total assets in order to enhance its long-term returns. The Company intends to operate with a capital structure that it expects will allow it to be an investment grade bond issuer. The Manager's use of leverage has historically involved accessing a modest amount of low-cost, long-term, covenant-light, investment grade bonds. Historically, the Manager has only agreed to debt incurrence covenants for its core funds at thresholds well above the amount of leverage it intends to use in its core investment strategy and has generally not used any margin borrowings for the core funds. There can be no assurance that the Company will be able to utilize leverage on terms that the Manager deems favorable at any given time. The use of leverage creates an opportunity for increased returns on the Company's investment portfolio, but also creates risks for the Common Shareholders, including the likelihood of greater volatility of NAV and the market price of the Common Shares than a comparable portfolio without leverage. The use of leverage is also accompanied by interest expense and other costs of borrowing. If the benefits to NAV of the use of leverage do not exceed such expenses or costs, it will have a negative effect on total return. The Company may also be subject to certain restrictions on investments imposed by the guidelines of one or more rating agencies, which may issue ratings for any debt securities or preferred shares issued by the Company. The Company cannot assure you that the use of leverage, if employed, will result in a higher return on the Common Shares. Any leveraging strategy the Company employs may not be successful.

***Counterparty Risk. The Company and the Manager depend on the services of custodians, counterparties, administrators and other agents, including to carry out certain securities and derivatives transactions and other administrative services. The Company and the Manager are subject to risks of errors and mistakes made by these third parties, which may be attributed to the Company or the Manager and subject the Company and the Manager to reputational damage, penalties or losses. The terms of the contracts with these third-party service providers are often customized and complex, and many of these arrangements occur in markets or relate to products that are subject to limited or no regulatory oversight. The Company may be unsuccessful in seeking reimbursement or indemnification from these third-party service providers.***

The Company is subject to the risk that the counterparty to one or more of these contracts defaults, either voluntarily or involuntarily, on its performance under the contract. Any such default may occur suddenly and without notice to the Company. Moreover, if a counterparty defaults, the Company and the Manager may be unable to take action to cover the Company's exposure, either because the Company lacks contractual recourse or because market conditions make it difficult to take effective action. This inability could occur in times of market stress, when defaults are most likely to occur. In addition, the Company and the Manager may not accurately anticipate the effects of market

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stress or counterparty financial condition, and as a result, the Company and the Manager may not have taken sufficient action to reduce the Company's risks effectively. Default risk may arise from events or circumstances that are difficult to detect, foresee or evaluate. In addition, concerns about, or a default by, one large participant could lead to significant liquidity problems for other participants, which may in turn expose the Company and the Common Shareholders to significant losses.

In the event of the insolvency of a counterparty or any other party that is holding assets of the Company as collateral, the Company might not be able to recover equivalent assets in full as they will rank among the counterparty's unsecured creditors in relation to the assets held as collateral. In addition, the Company's cash held with a counterparty generally will not be segregated from the custodian's or counterparty's own cash, and the Company may therefore rank as an unsecured creditor in relation thereto.

***Legal, Tax and Regulatory Risks. Legal, tax and regulatory changes could occur that may have material adverse effects on the Company. For example, the regulatory and tax environment for derivative instruments in which the Company may participate is evolving, and such changes in the regulation or taxation of derivative instruments may have material adverse effects on the value of derivative instruments held by the Company and the ability of the Company to pursue its investment strategies.***

To qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Company must, among other things, satisfy certain quarterly asset diversification tests and derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute for each taxable year at least 90% of its "investment company taxable income" (generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). The Company intends to distribute at least the minimum amount necessary to qualify for such favorable U.S. federal income tax treatment and will be subject to tax on any undistributed taxable income or gains, including net capital gain.

If, for any taxable year, the Company does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Company's current and accumulated earnings and profits.

The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service (the "IRS") and the U.S. Treasury Department. Revisions in U.S. federal tax laws and interpretations of these laws could adversely affect the tax consequences of your investment.

***Cybersecurity Risk. As in other parts of the economy, the Company and its service providers, as well as exchanges and market participants through or with which the Company trades, and other infrastructures and services on which the Company or***

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its service providers rely, are susceptible to ongoing risks related to cyber incidents and the risks associated with financial, economic, public health, labor and other global market developments and disruptions.

***Management Risk. The Company is subject to management risk because it is an actively managed investment portfolio. The Manager will apply investment techniques and risk analyses in making investment decisions for the Company, but there can be no guarantee that these will produce the desired results.***

***Corporate Engagement Risk. The Manager may pursue active corporate engagement and seek to effectuate corporate, managerial or similar changes with respect to an investment. The costs in time, resources and capital involved in such an investment strategy depend on the circumstances, which are only in part within the Manager's control, and may be significant. Such a strategy requires the accumulation of large positions, which are less liquid than smaller positions and therefore the price at which such positions may be sold when seeking to exit an investment could be adversely affected. In addition, the expenses associated with such an investment strategy, including potential litigation, expenses related to the recruitment and retention of board members, executives and other individuals providing business assistance to the Manager in connection with such an investment strategy (including, for example, consultants and corporate whistleblowers) or other transactional costs, will be borne by the Company. Such expenses may reduce returns or result in losses.***

***Key Personnel Risk. The Manager is dependent on the services of William A. Ackman and Ryan Israel, the Manager's Chief Investment Officer. If the services of Mr. Ackman and Mr. Israel were to become unavailable for any reason, this occurrence could have a material adverse effect on the Company's results, financial performance and the trading price of the Company's Common Shares. All of the investment decisions of the Company are made by the investment team, with Mr. Ackman having ultimate decision-making authority for all portfolio positions. Mr. Ackman, Mr. Israel and the investment team also rely on the diligence, skill and network of business contacts of the other professionals employed by the Manager as well as external advisers and professionals. For a description of the investment team, see "Portfolio Management - Investment Team." The investment team will, among other things, evaluate, negotiate, structure and monitor the Company's investments. The Company's future success will depend on the continued service of Mr. Ackman and Mr. Israel, along with the Manager's ability to retain and motivate its other active key personnel and to strategically recruit, retain and motivate new talent. The departure of Mr. Ackman and Mr. Israel or of a significant number of members of the investment team could have a material adverse effect on the Company's ability to achieve its investment objective. In addition, the Manager may not be successful in its efforts to recruit, retain and motivate the required personnel as the global market for qualified investment professionals is extremely competitive.***

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***Conflicts of Interest Risk. The Manager and its affiliates engage in competing activities and act in multiple capacities, advising the Company, its other funds and HHH, which creates potential conflicts of interest. When allocating investment opportunities conflicts of interest could arise from the fact that incentive allocations or performance fees might be earned by the Manager by allocating such opportunities to its other funds that charge an incentive allocation or other form of performance fee, and not to the Company, which is not subject to an incentive allocation or any other form of performance fee. Conflicts may also arise in connection with pursuing active corporate engagement, where the Manager may acquire fiduciary duties to its various portfolio companies which could potentially conflict with duties owed to the Company. See "Conflicts of Interest."***

***Large Investor Risk. Ownership of Common Shares may be concentrated among certain institutional investors who purchase Common Shares in this offering. The purchase of Common Shares by one or more institutional investors or by the management investors could, depending on the size of such ownership, result in such investors being in a position to exercise significant influence on matters put to a vote of shareholders. Dispositions of shares by large investors could adversely impact the market price and premium or discount to NAV at which the Common Shares trade. The Manager will have an aggregate investment in the Company of $150 million upon the completion of the Pershing Square Investment. The Manager has also agreed with the Company that it will not sell, transfer or otherwise dispose of the Common Shares or the Series A Preferred Shares acquired as part of the Pershing Square Investment prior to the date that is the twenty-five (25) year anniversary of the closing date of the combined offering, subject to certain exceptions.***

#### Anti-Takeover Provisions in the Company's Governing Documents
The Company's Second Amended and Restated Agreement and Declaration of Trust, dated as of July 29, 2024, and as amended through the date hereof (the "Declaration of Trust") and the Company's By-Laws (the "Bylaws" and together with the Declaration of Trust, the "Governing Documents") include provisions that could limit the ability of other entities or persons to acquire control of the Company or convert the Company to an open-end company.

In addition, as a Delaware statutory trust, the Company is subject to the control share acquisition statute contained in Subchapter III of the Delaware Statutory Trust Act (the "DSTA Control Share Statute"), which automatically applies to listed closed-end investment companies, such as the Company. The DSTA Control Share Statute provides that an acquirer of shares above a series of voting power thresholds has no voting rights under the Delaware Statutory Trust Act (the "DSTA") or the governing documents of the Company with respect to shares acquired in excess of that threshold (i.e., the "control shares") unless approved by shareholders.

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#### **TABLE OF CONTENTS**
See "*Anti-Takeover and Other Provisions in the Company's Governing Documents*" and "*Risk Factors - Anti-Takeover Provisions Risk.*"

#### Administrator, Custodian, Transfer Agent and Dividend Disbursing Agent
The Company has engaged State Street Bank and Trust Company ("State Street"), whose principal business address is One Congress Street, Boston, Massachusetts 02114, to serve as the Company's administrator, custodian, transfer agent and dividend disbursing agent. Under the service agreements between State Street and the Company, State Street provides certain administrative services necessary for the operation of the Company. Such services include maintaining certain Company books and records, providing accounting and tax services and preparing certain regulatory filings. State Street also serves as the custodian of the Company's assets pursuant to a custody agreement. Under the custody agreement, State Street holds the Company's assets in compliance with the 1940 Act. Additionally, State Street serves as transfer agent and dividend disbursing agent with respect to the Common Shares and acts as the administrator of the Company's dividend reinvestment plan.

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#### **TABLE OF CONTENTS**

#### SUMMARY OF COMPANY EXPENSES
The following tables contain information about the Company's costs and expenses that Common Shareholders purchasing shares in the combined offering will bear directly or indirectly. The expenses shown in the table under "Annual Expenses" are based on estimated amounts for the Company's first full year of operations. The amounts shown in the tables assume that the Company issues 43.7 million Common Shares in this offering, resulting in an aggregate public offering price of $2.2 billion and a $5 billion aggregate offering amount for the combined transaction, which we refer to as "Scenario 1." In addition, amounts are also shown in footnotes to the tables and example assuming that the Company were to sell 143.7 million Common Shares in this offering, resulting in an aggregate public offering price of $7.2 billion and a $10 billion aggregate offering amount for the combined transaction, which we refer to as "Scenario 2." The purpose of the tables and the example below is to help you understand the fees and expenses that you, as a Common Shareholder purchasing shares in the combined offering, would bear directly or indirectly. The following table should not be considered a representation of the Company's future expenses. Actual expenses may be greater or less than presented depending on the aggregate number of shares ultimately issued in the combined transaction and other factors.

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| | |
|:---|:---|
| **Shareholder Transaction Expenses** |  |
| Sales load, commissions and fees (as a percentage of aggregate offering price)<sup>(1)</sup> | 1.94%  |
| Offering expenses borne by the Company (as a percentage of aggregate offering price)<sup>(2)</sup> | 0.18%  |
| Dividend reinvestment plan fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> |

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| | |
|:---|:---|
| **Annual Expenses** | **Percentage of Average** <br>**Net Assets**<br>**Attributable to** <br>**Common Shares**  |
| Management fee<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%  |
| Interest payments on borrowed funds<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—%  |
| Other expenses<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20%  |
| Total annual expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%  |
| Dividends on preferred shares<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08%  |
| Total annual expenses and dividends on preferred shares<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Sales load, commissions and fees in Scenario 1 are based on (i) a sales load of $1.00 per share (2.0%) for Common Shares sold to institutional investors in this offering and a sales load of $1.25 per share (2.5%) for Common Shares sold to retail investors in this offering, for a total sales load of $45.9 million (assuming 80% of the Common Shares sold in this offering are sold to institutional investors and 20% of the Common Shares sold in this offering are sold to retail investors), (ii) approximately $40.9 million in placement fees to be paid to the placement agents in the combined private placement and (iii) $10 million in structuring fees. In Scenario 2, the Company would pay a total sales load of $150.9 million assuming the same proportion of shares sold to institutional investors and retail investors as in Scenario 1 and therefore the sales load, placement fees and structuring fees would represent 2.02% of the aggregate offering price of the combined transaction. If the mix of shares sold to institutional investors and retail investors in this offering differs from the assumptions set forth above, the sales load, as a percentage of the public offering price (and therefore sales load, placement fees and structuring fees on a combined basis), may be higher than as set forth above in either Scenario 1 or Scenario 2. See "*Underwriting*" for more information.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company estimates that it will incur offering expenses (other than the sales load, placement fees and structuring fees) including legal, accounting, SEC and other filing-related fees of approximately $9.0 million or $0.09 per Common Share in Scenario 1 and approximately $9.8 million or $0.05 per Common Share (0.10%) in Scenario 2. The Company has also agreed to reimburse the Underwriters for certain out-of-pocket expenses, including counsel fees, in connection with the combined transaction.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The service fee of the administrator of the dividend reinvestment plan and expenses for administering the plan will be paid for by the Company. There will be no brokerage charges to Common Shareholders with respect to Common Shares issued directly by the Company as a result of dividends or other distributions payable either in Common Shares or in cash. However, each participant will pay a pro-rata share of brokerage commissions incurred with respect to any purchases of Common Shares in the open market made by the administrator in connection with the reinvestment of cash dividends and other cash distributions under the dividend reinvestment plan. See "*Dividend Reinvestment Plan*."

&nbsp;&nbsp;&nbsp;&nbsp;(4) As compensation for its services, the Company pays the Manager a fee, payable quarterly in advance on the first business day of each fiscal quarter, based on the Company's NAV on the last day of the previous fiscal quarter equal to 0.50% (or 2.0% on an annualized basis).

&nbsp;&nbsp;&nbsp;&nbsp;(5) The Company's borrowings and use of other forms of leverage may increase or decrease from time to time in its discretion. Therefore, the actual amount of interest expense borne by the Company will vary over time in accordance with the level of the Company's borrowings and use of other forms of leverage and variations in market interest rates and the Company may determine not to use leverage at all in the future.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Based on estimated expenses for the Company's first year of operations including an estimate of fees and expenses to be allocated to the Company (0.11% in Scenario 2). See *"Portfolio Management - Allocation of Expenses."* 

&nbsp;&nbsp;&nbsp;&nbsp;(7) Dividends on preferred shares set forth in the table above assumes $50 million aggregate liquidation preference of Series A Preferred Shares (with a dividend rate of 7.50% per annum). Dividends on preferred shares would be 0.04% in Scenario 2 and total annual expenses and dividends on preferred shares would be 2.15% in Scenario 2.

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#### **TABLE OF CONTENTS**

#### Example
The following example illustrates the expenses that you would pay on a $1,000 investment in Common Shares, assuming in Scenario 1 (1) sales load, placement fees and structuring fees of 1.94% of the aggregate offering price of the combined transaction (2.02% in Scenario 2) (in each case as determined and described above) and other offering expenses of 0.18% of the aggregate offering price of the combined transaction (0.10% in Scenario 2), (2) "Total annual expenses" of 2.52% of the Company's NAV in the first year (2.27% in Scenario 2), and "Total annual expenses" of 2.20% of the Company's NAV in each subsequent year (2.11% in Scenario 2), (3) dividends on Series A Preferred Shares (with a dividend rate of 7.50% per annum) of 0.08% of the Company's NAV (0.04% in Scenario 2) and (4) a 5% annual return:\*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1**<br>**Year** | **3**<br>**Years** | **5**<br>**Years** | **10**<br>**Years**  |
| Total Expenses Incurred | &nbsp;&nbsp;&nbsp;&nbsp;$47 | &nbsp;&nbsp;&nbsp;&nbsp;$94 | &nbsp;&nbsp;&nbsp;&nbsp;$143 | &nbsp;&nbsp;&nbsp;&nbsp;$276 |

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**\*** **The example should not be considered a representation of future expenses or returns. Actual expenses may be higher or lower than those assumed. Moreover, the Company's actual rate of return may be higher or lower than the hypothetical 5% return shown in the example. The 5% assumed annual return includes the reinvestment of any dividends or distributions at NAV. In Scenario 2 with the amounts and assumptions set forth above, the expenses incurred on a $1,000 investment in the Common Shares over the same 1 year, 3 year, 5 year and 10 year timeframes would be $44, $89, $135 and $262, respectively. If the mix of shares sold to institutional investors and retail investors in this offering differs from the assumptions set forth above, the sales load, placement fees and structuring fees, as a percentage of the aggregate proceeds of the combined transaction and/or annual expenses, as a percentage of average net assets attributable to Common Shares, may be higher, in which case the expenses that you would pay on an investment in Common Shares would be higher.** 

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#### **TABLE OF CONTENTS**

#### THE COMPANY
Pershing Square USA, Ltd. is a non-diversified, closed-end investment company registered under the 1940 Act. The Company was organized as a Delaware statutory trust on November 28, 2023, pursuant to a Certificate of Trust, and is governed by the laws of the State of Delaware. The Company has a limited operating history and no investing history or history of public trading. Its principal office is located at 787 Eleventh Avenue, 9<sup>th</sup> Floor, New York, New York 10019 and its telephone number is (212) 813-3700.

Pershing Square Capital Management, L.P. serves as the Company's investment manager and is responsible for the management of the Company. The Manager has chosen to operate its investment strategy in a 1940 Act registered closed-end investment company because it believes that this corporate structure offers a tax-efficient investment vehicle for the Manager to implement its strategy, as companies that qualify as RICs under Subchapter M of the Code generally are not subject to U.S. federal income tax. Investors may be subject to tax on distributions from the Company and dispositions of the Common Shares. See "*U.S. Federal Income Tax Considerations*" for more information.

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#### **TABLE OF CONTENTS**

#### USE OF PROCEEDS
On the closing date of the combined offering, PS Inc. will acquire from the Company and sell to the Underwriters the Common Shares offered hereby, at the initial public offering price less the sales load, and immediately thereafter deliver to the Company the net proceeds of this offering.

The proceeds of this offering received by the Company, before expenses, will be approximately $($ if the Underwriters exercise their option to purchase additional Common Shares from the Company in full). The foregoing assumes that the Company will pay an aggregate sales load of $($ per share) in respect of such Common Shares. The aggregate sales load will be paid by the Company and will be borne by all Common Shareholders. PS Inc. is issuing shares of PS Inc. Common Stock to the investors in this offering for no additional consideration. All of the net proceeds of the combined offering will be received by the Company. The combined offering will not result in any proceeds to PS Inc.

The Company intends to invest the net proceeds of the combined offering in accordance with the Company's investment objective and policies as stated below. The Company currently anticipates that it will be able to invest a substantial majority of the net proceeds of the combined offering in accordance with its investment objective and policies within approximately sixty (60) days after the completion of the combined offering.

The proceeds of the Combined Private Placement received by the Company, after deducting placement fees of approximately $40.9 million but before expenses, will be approximately $2.8 billion. The foregoing assumes that the Company will pay placement fees of approximately $40.9 million in respect of the Combined Private Placement. The placement fees will be paid by the Company. PS Inc. will issue shares of PS Inc. Common Stock to the investors in the Combined Private Placement for no additional consideration concurrently with the completion of the combined offering. All of the net proceeds of the Combined Private Placement will be received by the Company. The Combined Private Placement will not result in any proceeds to PS Inc.

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#### **TABLE OF CONTENTS**

#### INVESTMENT OBJECTIVE, STRATEGY AND POLICIES

#### Investment Objective
The Company's investment objective is to preserve capital and seek maximum, long-term capital appreciation and growth in intrinsic value per share commensurate with reasonable risk, where risk is defined as the probability of permanent loss of capital, rather than price volatility. The Company's investment objective is considered non-fundamental and may be changed by the Board without the approval of Common Shareholders. There can be no assurance that the Company's investment objective will be achieved.

#### Investment Strategy and Policies
The Company seeks to achieve its investment objective by acquiring and holding large minority stakes in 12 to 15 high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which the Manager believes they have underperformed their potential and/or when the Manager believes they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their businesses. PSUS, alongside the other core funds, will accumulate large minority stakes over time. Such stakes will vary in size depending on the size of the portfolio company and the Manager's assessment of potential for loss versus opportunity for gain. Generally, the Manager seeks to accumulate positions of a size across its core funds that enable it to be a significant and influential shareholder, typically making it the largest, or among the largest, active shareholders (i.e., excluding passive investors such as index funds). By working with management teams and boards of directors, the Manager seeks to assist portfolio companies in creating substantial long-term value. The Manager may, from time to time, increase the number of holdings in the Company's investment portfolio as a result of market or economic conditions or due to other considerations.

The Manager is a long-term investor and pursues a long-term investment strategy in which it generally makes investments for its funds with the expectation of holding the investment for multiple years and does not typically engage in short-term trading of the securities of the companies in which its funds invest. The Manager believes its commitment to its long term investment strategy provides the management teams and boards of directors of its portfolio companies with the necessary stability and support to create substantial long-term value and serves as an excellent recruitment tool when its portfolio companies seek to hire world-class senior executives who prefer the stability and backing afforded by a significant long-term shareholder. The Manager intends to make investments on behalf of the Company in a manner consistent with the core investment strategy it has historically employed. The Company may be prevented from achieving its investment objective during any time in which the Company's assets are not substantially invested in accordance with its investment strategy and policies.

Consistent with the Manager's core investment principles and business strategy, it expects to identify investment opportunities for the Company in high-quality companies that have a number of the characteristics enumerated below. The Manager will use these criteria and guidelines in evaluating investments, but may make investments in companies that do not meet all of these criteria.

&nbsp;&nbsp;&nbsp;&nbsp;• **Simple, predictable, and free-cash-flow-generative**. The Manager will generally seek investments in companies with a proven track record of growth and free cash flow generation, and predictable future financial performance that it expects will generate strong, sustainable growth in cash flows over the long term.

&nbsp;&nbsp;&nbsp;&nbsp;• **Formidable barriers to entry**. The Manager will generally seek investments in companies that have long-term sustainable competitive advantages, significant barriers to entry, or "wide moats" around their business, and low risks of disruption due to competition, innovation or new entrants.

&nbsp;&nbsp;&nbsp;&nbsp;• **Limited exposure to extrinsic factors**. The Manager will generally seek investments that are not materially negatively affected by macroeconomic factors, commodity prices, regulatory risks, interest rate volatility and/or cyclical risk.

&nbsp;&nbsp;&nbsp;&nbsp;• **Strong financial position**. The Manager will generally seek investments in companies that are conservatively financed relative to their free-cash-flow generation and their underlying asset values.

&nbsp;&nbsp;&nbsp;&nbsp;• **Minimal capital markets dependency**. The Manager will generally seek investments in companies that generally do not need to raise equity capital to fund their businesses.

&nbsp;&nbsp;&nbsp;&nbsp;• **Large capitalization**. The Manager will generally seek investments in companies with large enterprise values and significant long-term growth potential.

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#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;• **Attractive valuation**. The Manager will seek to make investments in companies at a discount to their intrinsic values with the businesses operated 'as-is,' and at a potentially substantially greater discount relative to their value if the businesses were optimized.

&nbsp;&nbsp;&nbsp;&nbsp;• **Exceptional management and governance**. The Manager will generally seek investments in companies that have trustworthy, talented, experienced, and highly competent boards and management teams. The Manager may also seek investments in companies where it believes it can be a catalyst for effectuating corporate change through active corporate engagement.

While the Manager is comfortable making investments in a wide range of industries and asset classes, it generally prefers investments in simple businesses or assets that generate cash flows that can be estimated within a reasonable range over the long term. In seeking investment opportunities, the Manager is willing to accept a high degree of situational, legal, and/or capital structure complexity in the Company's investments if it believes that the resulting complexity allows for a bargain purchase.

The Manager will generally seek to make investments in three broad categories of opportunities: (i) businesses that generate relatively predictable, growing, free cash flows, (ii) businesses or assets that the Manager believes are significantly undervalued and often have a catalyst to realize value, and (iii) mispriced probabilistic securities or investments where the Manager believes that the market price of a security or other investment under- or over-estimates the probability of a favorable change in interest rates or credit conditions, volatility and movement in markets, exchange rates or commodity prices, the outcome of a legal decision, contract or patent award or such other event that is expected to lead to a significant change in the valuation of such security or investment.

The Manager intends to concentrate the Company's assets in a relatively limited number of investments because the Manager believes that (i) there are a limited number of attractive investments available in the marketplace at any one time, and (ii) investing in a relatively modest number of attractive investments about which it has detailed knowledge provides a better opportunity to deliver superior, risk-adjusted, long-term returns when compared with a highly diversified portfolio of investments it can know less well.

The Manager complements its core investment strategy by seeking to identify and execute upon asymmetric hedges in order to protect the investment portfolio against specific macroeconomic risks, and to capitalize on market volatility. The Manager typically structures these hedges using asymmetric instruments such as options and credit default swaps, which offer the opportunity for large gains (relative to the individual asymmetric instruments and the size of the Company's investment portfolio, taken as a whole) if potential risks occur without exposing the Company to significant costs or meaningful losses (relative to the size of the Company's investment portfolio, taken as a whole) if such risks do not occur, as the amount of capital at risk is typically expected to represent a small, single-digit percentage of the Company's total assets. The Manager has historically, and expects to continue to, reinvest profits from asymmetric hedges during periods of market disruption by increasing its funds' investments in existing portfolio companies and by occasionally acquiring new positions, taking advantage of the depressed valuations of common stocks that typically occur during market disruptions. The Manager's opportunistic hedging strategy has allowed it to increase its funds' exposure to high-quality companies at materially discounted valuations, contributing to its long-term investment performance. The Manager believes its opportunistic hedging strategy is highly synergistic to its core investment strategy and is a superior alternative to holding a large cash position or maintaining a continuous hedging program, both of which can be a significant drag on long-term performance. The Manager has substantial experience in negotiating relevant agreements for derivative transactions, and has longstanding relationships with the counterparties to such agreements, allowing it to successfully identify and execute hedges and other derivative transactions on a timely basis over multiple market cycles.

The Manager has no overarching strategy or asset allocation model that specifies what percentage of the Company's portfolio should be invested in each investment category. Rather, cash, cash equivalents, and/or U.S. Treasurys are generally the default investment choices until it identifies new opportunities. Allocations among different investment categories are a function of their potential risk and reward compared with available opportunities in the marketplace. Accordingly, the Company may hold significant cash balances on an ongoing basis.

In seeking to achieve the Company's investment objective, the Company may also invest in other types of investments such as equity securities of foreign issuers; securities convertible into equity; rights, options and warrants; swaps (including equity, foreign exchange, total return, interest rate, index, commodity and credit-default swaps), swaptions and other derivatives; instruments such as futures contracts, foreign currency, forward contracts

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on stock indices and products, ETFs, and any other financial instruments the Manager believes will achieve the Company's investment objective. Debt investments made by the Company will typically be in money market funds organized in the United States and in U.S. Treasury bills; however, the Company may also invest in other debt securities, including distressed debt securities of companies in or exiting bankruptcy. The Company may invest in securities sold pursuant to initial public offerings. Investments in options on financial indices may be used to establish or increase long or short positions or to hedge the Company's investments. In order to mitigate market-related downside risk, the Company may acquire put options, short market indices, baskets of securities and/or purchase credit-default swaps, but is not committed to maintaining market hedges at any time.

Under normal circumstances, the Company will invest at least 80% of its net assets, plus any borrowings for investment purposes, in securities issued by issuers located in the United States. This policy may be changed without shareholder approval; however, you would be notified in writing 60 days in advance of any changes. A company is considered to be located in the United States if (i) it is organized under the laws of a state comprising the United States and has a principal office within the United States; (ii) it derives at least 50% of its total revenues or profits from businesses in the United States or has at least 50% of its assets in the United States; or (iii) its equity securities are traded principally on a stock exchange in the United States. ADRs, GDRs and other types of depositary receipts traded principally on a stock exchange in the United States will count toward the 80% policy.

Derivative instruments used by the Company will be counted toward the Company's 80% policy discussed above to the extent they have investment exposure similar to (or address market risk factors associated with) the securities and/or markets included within that policy. Such derivative instruments will be valued for such purpose in accordance with the requirements of Rule 35d-1 under the 1940 Act.

The concentration of the Company's investment positions is subject to limitations applicable to the Company under the 1940 Act and its qualification as a RIC under Subchapter M of the Code. Pursuant to these restrictions, the Company will not invest more than 25% of its total assets (taken at market value at the time of each investment) in the securities of issuers in any one industry, subject to certain exceptions.

The Manager believes that investments that meet the Company's objective are often found in companies undergoing significant changes in strategy, capital structure, corporate governance, management, legal exposure, corporate form, shareholder composition and control, liquidity and financial condition, and in companies that are affected by external changes in the economic and political environment, including changes in the relevant tax code.

The Manager also believes that investment opportunities that meet the Company's objective may at times occur in misunderstood companies, distressed securities, companies in or exiting bankruptcy, spin-offs, rights offerings, liquidations, companies for which litigation is a major asset or liability, under-followed small and mid-capitalization companies and other special situations.

The Manager believes its long-term investment horizon also increases its influence at its portfolio companies, provides stability and support for management teams and boards of directors of its portfolio companies, and serves as an excellent recruitment tool when its portfolio companies seek to hire world-class senior executives, all of which the Manager believes help to drive its investment performance. The Manager constructively engages with management teams and boards of directors of its portfolio companies to accelerate growth, increase efficiency, improve capital allocation, manage through crises and otherwise improve performance in order to generate long-term value. Historically, the Manager has shown that it can achieve meaningful influence over companies in which it invests and assist them in creating long-term value, with ownership stakes that it has acquired at a lower price than the substantial premium that is typically required to be paid to obtain control of a company. For more than 22 years, the Manager has accumulated significant experience in engaging with portfolio companies and guiding management teams, boards of directors and other shareholders through strategic and operational changes and restructurings. The Manager believes that its successful track record and reputation as a value-creating owner enhances its ability to generate higher long-term rates of return.

The Company will not make an initial investment in the equity of companies whose securities are not publicly traded (i.e., private equity), but may invest in privately placed securities of public issuers. Notwithstanding the foregoing, it is possible that, in limited circumstances, public companies in which the Company has invested may later be taken private and the Company may make additional investments in the equity or debt of such companies. The Company may make investments in the debt securities of a private company, provided that there is an observable market price for such debt securities.

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#### Our Competitive Strengths
The Manager believes that the Company as managed by the Manager has the following key competitive strengths:

#### Disciplined Investment Strategy
&nbsp;&nbsp;&nbsp;&nbsp;• *Simple, concentrated approach*. The Manager believes that its core investment strategy has succeeded due to the inherent simplicity of its concentrated approach to fundamental value investing and the alignment of its organization with this approach. Concentration in a limited number of investments enables it to manage a scalable investment portfolio with a limited number of investment personnel. This strategy allows the Manager to hire and retain qualified investment professionals as each member of the investment team plays a meaningful role in the construction and management of the portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;• *Successful investment idea generation, monitoring and execution*. The Manager has a proven expertise and a long history in sourcing attractive investment ideas, finding unconventional sources of value and executing innovative value-creating transactions as well as differentiated expertise in executing privately negotiated transactions. The Manager looks for opportunities to assist portfolio companies in accelerating growth, increasing efficiency, improving capital allocation, managing through challenges and otherwise improving performance in order to generate long-term value. Fundamental analysis conducted by the Manager typically seeks to identify how a business could be more efficiently operated, structured, managed and financed. Additionally, the Manager has an extensive and flexible investment opportunity set and is not constrained by industry or asset classes.

&nbsp;&nbsp;&nbsp;&nbsp;• *Concentrated, liquid portfolio of simple, predictable and free cash-flow generative businesses*. The Manager expects that the substantial majority of the Company's investment portfolio will be invested in long-term, large minority stakes in 12 to 15 high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which the Manager believes they have underperformed their potential and/or when the Manager believes they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their businesses. PSUS, alongside the other core funds, will accumulate large minority stakes over time. Such stakes will vary in size depending on the size of the portfolio company and the Manager's assessment of potential for loss versus opportunity for gain. Generally, the Manager seeks to accumulate positions of a size across its core funds that enable it to be a significant and influential shareholder, typically making it the largest, or among the largest, active shareholders (*i.e*., excluding passive investors such as index funds). The Manager may, from time to time, increase the number of holdings in the Company's investment portfolio as a result of market or economic conditions or due to other considerations. See "*- Investment Objective, Strategy and Policies*." The Manager applies a concentrated, research-intensive, fundamental value investing strategy. Investment concentration and modest portfolio turnover allow the Manager the time to do extensive research and actively monitor each investment over the course of ownership. Given the portfolio's expected limited turnover and concentration, the Manager's investment approach can be successful even in highly competitive market environments in which there are only a limited number of extraordinary investment opportunities. The Manager is comfortable making investments in a wide range of industries and asset classes, but generally prefers investments in simple businesses or assets that generate cash flows that can be estimated within a reasonable range over the long term, have low sensitivity to macroeconomic factors and low commodity exposure and/or cyclical risk. The Manager is willing to accept a high degree of situational, legal and/or capital structure complexity in its investments if it believes that the potential for reward justifies it. Investment concentration enables the Manager to conduct extensive research and actively monitor each investment over the course of its ownership.

&nbsp;&nbsp;&nbsp;&nbsp;• *Exposure to the Manager's asymmetric hedging program*. The Manager complements its core investment strategy by seeking to identify and execute upon asymmetric hedges in order to protect the investment portfolio against specific macroeconomic risks, and to capitalize on market volatility. The Manager typically structures these hedges using asymmetric instruments such as options and credit default swaps, which offer the opportunity for large gains (relative to the individual asymmetric instruments and the size of the Company's investment portfolio, taken as a whole) if potential risks occur without exposing the Company to significant costs or meaningful losses (relative to the size of the Company's investment portfolio, taken as a whole) if such risks do not occur, as the amount of capital at risk is typically expected

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to represent a small, single-digit percentage of the Company's total assets. The Manager has historically, and expects to continue to, reinvest profits from asymmetric hedges during periods of market disruption by increasing its funds' investments in existing portfolio companies and by occasionally acquiring new positions, taking advantage of the depressed valuations of common stocks that typically occur during market disruptions. The Manager's opportunistic hedging strategy has allowed it to increase its funds' exposure to high-quality companies at materially discounted valuations, contributing to its long-term investment performance. The Manager believes its opportunistic hedging strategy is highly synergistic to its core investment strategy and is a superior alternative to holding a large cash position or maintaining a continuous hedging program, both of which can be a significant drag on long-term performance. The Manager has substantial experience in negotiating relevant agreements for derivative transactions, and has longstanding relationships with the counterparties to such agreements, allowing it to successfully identify and execute hedges and other derivative transactions on a timely basis over multiple market cycles. In addition to conventional top-down macroeconomic research, the Manager is well-positioned to leverage fundamental perspectives from individual companies. The Manager believes individual company research with respect to current and potential future portfolio company investments can yield variant macroeconomic insights and is therefore highly synergistic with the Manager's core equity strategy, which has a coverage universe spanning the vast majority of S&P 500 companies. The Manager has deep experience investing in asymmetric hedges and derivatives across interest rates, currency, commodities, credit and equities.

&nbsp;&nbsp;&nbsp;&nbsp;• *Value creation through active corporate engagement*. The Manager believes its long-term investment horizon also increases its influence at its portfolio companies, provides stability and support for management teams and boards of directors of its portfolio companies, and serves as an excellent recruitment tool when its portfolio companies seek to hire world-class senior executives, all of which the Manager believes help to drive its investment performance. The Manager constructively engages with management teams and boards of directors of its portfolio companies with the goal of accelerating growth, increasing efficiency, improving capital allocation, managing through challenges, and/or better positioning companies which have underperformed or have unrecognized sources of value generation. As part of this corporate engagement, Mr. Ackman and the Manager's other investment professionals have from time to time served on the boards of its portfolio companies. Historically, the Manager has shown that it can achieve meaningful influence over companies in which it invests and assist them in creating long-term value, with ownership stakes that it has acquired at a lower price than the substantial premium that is typically required to be paid to obtain control of a company. The Manager believes that its successful track record and its reputation as a value-creating owner enhances its ability to generate higher rates of return.

&nbsp;&nbsp;&nbsp;&nbsp;• *Focus on managerial, operating and governance changes as levers to create substantial, enduring and longer-term value*. The Manager may seek investments that it believes will benefit from structural, financial, and operational improvements. The Manager's focus on board engagements and oversight to catalyze management, operational and/or governance changes has enabled it to earn attractive returns over longer holding periods. With reduced turnover in the portfolio, the Manager can better understand its investments and reduce frictional costs. The Company believes that the Manager's reputational equity is also enhanced because as a longer-term investor, its recommendations for corporate change are then more welcomed by the companies in which the Company invests and the major shareholders who own them. Longer-term investing in high-quality businesses is also more scalable. Once the Manager is in a position of influence and invested in a high-quality business run by able management who manages the business well and allocates free cash flow intelligently, absent excessive overvaluation or a substantially better use of capital, the Manager believes that there are few good reasons to sell.

#### Manager's Track Record of Preserving Capital and Generating Strong Returns with Low Correlation to the Broader Equity Market Supported by Stable Permanent Capital Base
&nbsp;&nbsp;&nbsp;&nbsp;• *Proven track record*. For more than 22 years, the Manager has managed portfolios as an engaged investor in large-cap companies. For information on the long-term performance of the core funds, see *"Appendix A - Supplemental Performance Information of the Affiliated Funds."* For a listing of the Manager's public company engagements since its inception in 2004, see *"Appendix B - Public Company Engagements of the Manager* "

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&nbsp;&nbsp;&nbsp;&nbsp;• *Low correlation to the broader equity market*. The Manager's core investment strategy has exhibited relatively low market correlation (*i.e*., the average returns of its investment strategy were higher than the broader equity market during times in which the returns of the broader equity market declined and similar to the broader equity market during times in which the broader equity market increased). In addition, the Manager's investment strategy has proven to be defensive in bear markets,<sup>1</sup> outperforming the S&P 500 during the global financial crisis, COVID-19 pandemic, and recent elevated interest rate environment.

&nbsp;&nbsp;&nbsp;&nbsp;• *Stability of capital base enables superior, long-term investment returns*. The Manager views the stability of its capital base, substantially all of which is permanent capital, as one of its most important competitive advantages. Permanent capital allows the Manager to take a long-term view and be opportunistic during periods of market volatility, without being exposed to the need to raise capital by selling assets to meet redemptions during such periods. The Manager believes that permanent capital also enables superior, long-term investment returns. Permanent capital has also been and is expected to continue to be a highly attractive talent attraction and retention tool, allowing the Manager to hire and retain top analysts for its investment team and other high-quality employees throughout the company. Permanent capital and the Manager's long-term investment horizon are also excellent recruitment tools when the Manager's portfolio companies seek to hire world-class senior executives who prefer the stability and backing afforded by a significant long-term shareholder who is not required to seek an exit for its holdings due to investor redemptions or limits due to fund life.

#### Highly Experienced Investment Team, Collaborative Culture and Reputation
&nbsp;&nbsp;&nbsp;&nbsp;• *The Manager is led by a renowned investor.* Mr. Ackman founded the Manager in 2003 and is principally responsible for the Manager's investment policies and implementation. He is the Chairman and Chief Executive Officer of PS Holdco and will be the Chairman and Chief Executive Officer of PS Inc. following the Corporate Conversion. He works alongside an experienced team and has developed a robust platform to pursue a disciplined investment philosophy. The Manager's investment team engages in a deep diligence process in evaluating its investments. The Manager seeks to create a portfolio of investments in companies with strong business fundamentals to minimize potential downside risks. Mr. Ackman has more than 34 years of experience in the hedge fund and asset management industry and is a leading proponent of value creation through active corporate engagement. Prior to forming the Manager, Mr. Ackman co-founded and co-managed Gotham Partners Management Co., LLC, an investment adviser that managed public and private equity hedge fund portfolios. Mr. Ackman also serves as the Executive Chairman of the Board of Directors of HHH and Chairman and Chief Executive Officer of SPARC.

&nbsp;&nbsp;&nbsp;&nbsp;• *Experienced investment team and robust operations platform*. The Manager's investment team consists of nine members with an average of 17 years of industry experience, including in the investment banking and/or private equity industries. These investment professionals have exceptional academic and professional backgrounds. Each investment team member plays a material role in the construction and management of the portfolio, which has enabled the Manager to hire and retain the highest quality investment professionals. The investment team is also supported by 26 professionals who focus on all operational aspects of fund management, including finance, legal and compliance, technology and investor relations. See "*Portfolio Management - The Manager*" below for further information on the investment team. Certain of the Manager's investment and other professionals serve as executive officers of the Company as follows: Mr. Ackman is the Company's Chief Executive Officer, Mr. Israel is the Company's Chief Investment Officer, Mr. Hakim is the Company's President, Mr. Gonnella is the Company's Chief Financial Officer, Ms. Coussin is the Company's Chief Compliance Officer and Ms. Falzone is the Company's Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;• *Highly collaborative culture and reputation*. The Manager believes its unique culture and reputation are fundamental to its success. The Manager combines investment excellence with a flat organizational structure. Each member of the Manager's investment team plays a meaningful role in the construction and management of the portfolio. Its collaborative partnership culture, permanent capital base, the highly attractive economics of its business and its approach to employee compensation have resulted in limited employee turnover over time. The Manager's collaborative culture is also demonstrated in its track record of constructive engagements with boards of directors and oversight of portfolio companies, which has

<sup>1</sup> "Bear markets" refers to S&P 500 index "bear markets," which are commonly defined as a decline of a broad-based securities index (in this case the S&P 500) by 20% or more over at least a two-month period. 

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allowed it to establish a reputation and credibility as a preferred partner. The Manager believes its reputation has been an important driver of its outperformance since inception, allowing it to garner substantial influence and drive long-term value creation in its portfolio companies without paying a control premium.

&nbsp;&nbsp;&nbsp;&nbsp;• *Public positions taken by management team*. The Manager has a long history of publicizing its investment rationale and utilizing the media as a medium to enhance transparency and to catalyze corporate changes. The Company believes that the Manager's approach of bringing public awareness to its strategies and investment themes among existing and prospective holdings is valuable to Common Shareholders. Additionally, regulatory requirements result in the Company's holdings being publicly disclosed periodically providing a high degree of transparency about the portfolio. Given that the majority of the Company's portfolio will generally consist of highly liquid, publicly traded large-capitalization companies generally with North American headquartered operations, the market value of the Company's underlying investments is generally expected to be based on readily available and reliable market data.

&nbsp;&nbsp;&nbsp;&nbsp;• *Extensive capital markets experience*. The Manager has been active in raising equity and debt for the entities it manages in the public capital markets since the 2014 initial public offering of PSH More recently, the Manager has assisted PSH in executing a series of debt financing transactions. In July 2020, Pershing Square Tontine Holdings, Ltd., a special purpose acquisition company co-sponsored by an affiliate of the Manager, completed its $4 billion initial public offering and listed on the NYSE. In addition, the Manager designed and created SPARC, a new form of acquisition company, that had its Form S-1 Registration Statement declared effective by the SEC in September 2023. On April 7, 2026, the Manager announced that it had made a proposal to the Board of Directors of UMG concerning a business combination transaction in which UMG would merge with SPARC, with the newly merged company to become New UMG and list its common stock on the NYSE. There is no assurance that the Manager's proposal will be accepted by UMG or result in a transaction as proposed by the Manager or any other transaction.

#### Favorable Structural Features
&nbsp;&nbsp;&nbsp;&nbsp;• *No performance fees.* Unlike the other funds managed by the Manager and unlike conventional alternative investment funds, which typically charge 15%-30% annual performance fees on realized and unrealized profits in addition to management fees, the Company will not be subject to any performance fees. The Company believes that this has the potential to meaningfully increase long-term NAV performance, which may reduce the likelihood that the Common Shares will trade at a discount to NAV.

&nbsp;&nbsp;&nbsp;&nbsp;• *Liquidity facilitated by NYSE-listing.* Investors in many alternative investment funds own non-traded interests with limited redemption and liquidity features, whereas, the Company intends to be a publicly traded, NYSE-listed, closed-end investment company. The Company expects that it will have significant liquidity supported by its scale, name recognition and the Manager's broad following. The Manager believes that the Company has the potential to be one of the largest U.S.-listed closed-end investment companies and expects that the Manager's brand-name profile and broad retail following, along with a substantial media following, will drive substantial investor interest and liquidity in the market for the Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;• *Transparent, Weekly NAV.* Most alternative investment funds publish monthly or quarterly net asset values and often rely on opaque, unobservable and lagging valuations for private assets. The Company will publish a weekly NAV based on its concentrated, transparent and highly liquid investment portfolio of publicly traded large-capitalization companies. In addition, the Manager has a history of publicizing its investment rationale and using the media to enhance transparency around its investment rationale, which, combined with the public reporting required under the 1940 Act as well as other types of anticipated public reporting that result from the Manager's investment strategy (such as Schedules 13D and 13F, as applicable), the Company believes will make information about its investment portfolio more transparent to investors than the investment portfolios of other alternative investment funds.

&nbsp;&nbsp;&nbsp;&nbsp;• *Favorable capital structure for the Manager's strategy.* The Company will have a favorable capital structure to support the strategy of the Manager. The Company's closed-ended structure removes any negative impact from redemptions, lengthens the duration of the capital base available to the Manager and enhances the Manager's ability to successfully execute upon its investment strategy by: (i) providing the

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Manager with a longer time horizon to realize value from an investment, as there is reduced need for the Manager to manage cash for potential redemptions; (ii) facilitating its active corporate and strategic engagements; (iii) expanding the Manager's investment universe by allowing it to take meaningful stakes in large-cap companies in a way in which few other investors can, as well as larger and potentially less liquid stakes in companies with smaller market capitalizations; and (iv) facilitating constructive relationships with companies in which it seeks to invest.

&nbsp;&nbsp;&nbsp;&nbsp;• *Delivery of PS Inc. Common Stock for no additional consideration.* In recognition of the importance of this offering to the Manager's long-term success and to provide an additional incentive for prospective investors to purchase Common Shares in this offering, PS Inc. will deliver to each investor who purchases Common Shares in this offering, for no additional consideration, 1 share of PS Inc. Common Stock for every 5 Common Shares purchased, including any Common Shares acquired by the Underwriters in connection with the exercise of their option to purchase additional Common Shares from the Company as described in this prospectus. All of the net proceeds of the combined offering will be received by the Company and the combined offering will not result in any proceeds to PS Inc. Similarly, PS Inc. will issue shares of PS Inc. Common Stock to the investors in the Combined Private Placement for no additional consideration. All of the net proceeds of the Combined Private Placement will be received by the Company and the Combined Private Placement will not result in any proceeds to PS Inc.

#### Research and Investment Process
The Manager takes a concentrated, research-intensive, fundamental value approach to investing. The Manager's research process is typically based on a bottom-up analysis, although it includes top-down factors in its overall analysis (e.g., how will a company be impacted by a downturn in the economy, a rise or fall in interest rates, etc.).

Typically, the Manager establishes a limited number of new investment positions per year, from a large number of potential investment opportunities reviewed by the investment team. After identifying appropriate subsets within this broad initial review, the investment team discusses these potential investments to further refine and limit its focus. Once a potential investment is deemed sufficiently promising, the investment team typically performs additional research involving the analysis of public filings and extensive secondary sources and analyzes the historical record of the potential investment, looking for sources of comparable data on both public and private companies. Mr. Ackman is the ultimate decision maker for all investment positions. Mr. Israel is the Manager's Chief Investment Officer.

Mr. Ackman, Mr. Israel and the other investment professionals work as a team. Analysts are generalists and work in small teams on every investment in the portfolio. These teams are fluid and change from investment to investment depending on the availability of resources as well as the specific knowledge and interests of the analysts. All analysts, including those not directly responsible for a specific security, are expected to ask questions, challenge investment theses and voice opinions about investments in the portfolio. The Manager believes that this process results in ideas being thoroughly vetted prior to making an investment, and carefully monitored once in the portfolio. In addition to a weekly investment team meeting at which the entire portfolio and potential new investments are discussed, analysts meet informally throughout each day.

The Manager's collaborative investment process is an important competitive advantage of the firm. The Manager's robust idea generation process yields more opportunities than it utilizes, which allows the Manager to allocate capital only to what the Manager believes are its best ideas. Investments are originated through a wide range of sources, including a proprietary library in which the Manager continuously tracks, updates and reviews hundreds of ideas it has considered over time. Each investment professional has working knowledge of a large number of companies at any point in time, and the members of the investment team are the primary source of its investment ideas. Each idea typically goes through an initial due diligence process conducted by a two-member subset of the investment team, at least one of whom typically has deep industry expertise and serves as a check on the process. The dedicated team conducts initial due diligence, reviews company and industry research, interviews industry experts, and creates a financial model to determine initial views of the company's intrinsic value. Once sufficient work is completed and the Manager determines that an investment idea meets a threshold of potential viability as an investment, Mr. Ackman, the Manager's Portfolio Manager, and/or Mr. Israel, the Manager's Chief Investment Officer, also conduct due diligence on the subject company. All investment proposals are formally presented and discussed at weekly meetings with the entire investment team. The Manager typically begins to execute positions in approved ideas immediately upon investment team approval. Because compensation for the Manager's investment

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professionals is based on overall fund performance rather than the performance of any specific investment, the Manager's investment professionals are incentivized to deliver long-term, overall fund performance.

The Manager complements its core investment strategy by seeking to identify and execute upon asymmetric hedges in order to protect the investment portfolio against specific macroeconomic risks, and to capitalize on market volatility. In order to generate asymmetric investment ideas, the Manager's investment professionals continuously analyze macroeconomic developments, which has the additional benefit of providing insights into macroeconomic considerations that are relevant for its current and potential future portfolio company investments, and the Manager believes that its individual company research also yields variant macroeconomic insights, making its asymmetric hedging strategy highly synergistic with the research-intensive approach of its core investment strategy. For more information, see "- *Investment Techniques - Hedging Transactions*" below.

#### Investment Techniques

#### Concentration
The Company will not attempt to maintain a highly diversified portfolio and intends to concentrate its investment positions. The Company's concentration of investment positions will, however, remain subject to restrictions applicable to the Company as a matter of "fundamental policy." Pursuant to these restrictions, the Company will not invest more than 25% of its total assets (taken at market value at the time of each investment) in the securities of issuers in any one industry, subject to certain exceptions. Under the 1940 Act, a matter of fundamental policy cannot be changed without the affirmative vote of the holders of a majority of the outstanding voting securities of the Company, voting together as a single class. The 1940 Act defines this as the lesser of (i) 67% or more of the Company's voting securities present at a meeting, if the holders of more than 50% of the Company's outstanding voting securities are present or represented by proxy; or (ii) more than 50% of the Company's outstanding voting securities. The Company's concentration of investment positions will also be subject to restrictions necessary in order for the Company to elect to qualify and thereafter maintain its qualification as a RIC under Subchapter M of the Code.

#### Derivatives
The Company may use a variety of financial instruments, such as equity, credit and/or other derivatives, options, interest rate swaps, caps and floors, futures and forward contracts, both for investment purposes and for risk management purposes. For more information see "*Use of Leverage - Derivative Transactions*."

#### Swap Agreements
The Company may enter into swap agreements. Swap agreements can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease the Company's exposure to equity securities, long-term or short-term interest rates, non-U.S. currency values, corporate borrowing rates, or other factors. Swap agreements can take many different forms and are known by a variety of names. The Company is not limited to any particular form of swap agreement if consistent with its investment objective.

Depending on how they are used, swap agreements may increase or decrease the overall volatility of the Company's portfolio. The most significant factor in the performance of swap agreements is the change in the individual equity values, specific interest rate, currency or other factors that determine the amounts of payments due to and from the Company. If a swap agreement calls for payments by the Company, the Company must be prepared to make such payments when due. In addition, if a counterparty's creditworthiness declines, the value of swap agreements with such counterparty may be expected to decline, potentially resulting in losses by the Company.

The Company may also seek both long and short exposure to credit-related instruments by entering into a series of purchase and sale contracts or by investing in, among other instruments, swaps, including equity, foreign exchange, total return, credit default, commodity, index and interest rate swaps; options; forward contracts; and futures contracts and options on futures contracts that provide long or short exposure to other credit obligations.

#### Currency
The Company may invest in securities of non-U.S. issuers and may invest in currencies (including non-U.S. currencies) and currency forward contracts. In addition, the Company may trade in futures contracts (including index futures) and in options on such contracts, as well as in other financial products traded on commodities exchanges.

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The Company also may maintain short positions in forward currency exchange transactions, which would involve the Company agreeing to exchange an amount of a currency the Company did not currently own for another currency at a future date in anticipation of a decline in the value of the currency sold relative to the currency the Company contracted to receive in the exchange.

The Manager generally expects that currency trading will not constitute a material component of the Company's investment program. The Manager's investment in currency derivatives has historically been principally for the purpose of hedging foreign currency risks related to its investments in common equity securities.

#### Futures
The Company may purchase or sell futures contracts or options thereon. The Company's investment program does not limit the Company in its use of futures. Trading in commodity futures contracts and options is a highly specialized activity that may entail greater-than-ordinary investment or trading risks. Furthermore, low margin or premiums normally required in such trading may provide a large amount of leverage, and a relatively small change in the price of a security or contract can produce a disproportionately larger profit or loss.

#### Leverage
Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares, which will provide greater flexibility under Rule 18f-4 to utilize derivatives. Following the completion of the combined transaction and the investment of the net proceeds from the combined transaction, the Company may use leverage for investment purposes, subject to the leverage limits of the 1940 Act. The use of leverage has a number of risks, including the risk that the Company may be required to liquidate assets at a disadvantageous time. Leverage exaggerates the financial markets' effects on the Company's NAV. See "*Use of Leverag*e."

#### Hedging Transactions
The Manager complements its core investment strategy by seeking to identify and execute upon asymmetric hedges in order to protect the investment portfolio against specific macroeconomic risks, and to capitalize on market volatility. The Manager typically structures these hedges using asymmetric instruments such as options and credit default swaps, which offer the opportunity for large gains (relative to the individual asymmetric instruments and the size of the Company's investment portfolio, taken as a whole) if potential risks occur without exposing the Company to significant costs or meaningful losses (relative to the size of the Company's investment portfolio, taken as a whole) if such risks do not occur, as the amount of capital at risk is typically expected to represent a small, single-digit percentage of the Company's total assets. The Manager has historically, and expects to continue to, reinvest profits from asymmetric hedges during periods of market disruption by increasing its funds' investments in existing portfolio companies and by occasionally acquiring new positions, taking advantage of the depressed valuations of common stocks that typically occur during market disruptions. The Manager's opportunistic hedging strategy has allowed it to increase its funds' exposure to high-quality companies at materially discounted valuations, contributing to its long-term investment performance. The Manager believes its opportunistic hedging strategy is highly synergistic to its core investment strategy and is a superior alternative to holding a large cash position or maintaining a continuous hedging program, both of which can be a significant drag on long-term performance. The Manager has substantial experience in negotiating relevant agreements for derivative transactions, and has longstanding relationships with the counterparties to such agreements, allowing it to successfully identify and execute hedges and other derivative transactions on a timely basis over multiple market cycles.

The Manager does not attempt to hedge all macroeconomic, market or other risks inherent in the Company's investments. While the Company may enter into hedging transactions to seek to reduce risk or to capitalize on market volatility, such hedging transactions may result in poorer overall performance for the Company than if it had not engaged in any such transaction. Moreover, it should be noted that the Company's portfolio will always be exposed to certain risks that cannot be hedged.

#### Initial Public Offerings
The Company may invest in securities being offered in a secondary or initial public offering ("IPO"), although the Manager does not expect investments in IPOs to constitute a material component of the Company's investment program. Investing in IPOs is risky, and the price of stocks purchased in IPOs tends to fluctuate more widely than the price of stocks of more established companies.

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#### Other Investment Companies
The Company may invest in securities issued by other investment companies within the limits prescribed by the 1940 Act and the rules and regulations thereunder and any exemptive orders currently or in the future obtained by the Company from the SEC. These securities include shares of open-end investment companies (i.e., mutual funds), including money market funds, other closed-end investment companies and ETFs. As a shareholder in an investment company, the Company will bear its ratable share of that investment company's expenses and would remain subject to payment of the Company's management fees with respect to assets so invested. Shareholders would therefore be subject to two layers of expenses to the extent the Company invests in other investment companies. In addition, the securities of other investment companies could also be leveraged and will therefore be subject to the leverage risks described herein.

#### Subsidiaries
The Company may seek to gain exposure to futures and swaps primarily through investments in PSUS Cayman, Ltd., a wholly-owned subsidiary of the Company organized under the laws of the Cayman Islands (the "Cayman Subsidiary"). In order to comply with certain issuer diversification limits imposed by the Code, the Company may invest up to 25% of its total assets in the Cayman Subsidiary.

The Board has oversight responsibility for the investment activities of the Company, including its investment in the Cayman Subsidiary, and its role as sole shareholder of the Cayman Subsidiary. The Company and the Cayman Subsidiary will be subject to the same investment restrictions and limitations on a consolidated basis and will follow the same compliance policies and procedures as the Company. The Company complies with the provisions of the 1940 Act governing investment policies (Section 8) on a consolidated basis with the Cayman Subsidiary. With respect to any wholly-owned subsidiary of the Company, including the Cayman Subsidiary, the Company will comply with the provisions of the 1940 Act governing capital structure and leverage on an aggregate basis with such subsidiary. Any such subsidiary, including the Cayman Subsidiary, will also comply with the provisions relating to affiliated transactions and custody of the 1940 Act and will have the same custodian as the Company.

#### Portfolio Turnover
While the Manager pursues a long-term investment strategy and does not typically engage in short-term trading of its portfolio companies, portfolio turnover generally involves some expense to the Company, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. The Company's portfolio turnover rate may vary from year to year. Higher portfolio turnover may decrease the after-tax return to individual investors in the Company.

#### Investment Restrictions

#### Fundamental Investment Restrictions
The Company operates under the following restrictions that constitute fundamental policies that, except as otherwise noted, cannot be changed without the affirmative vote of the holders of a majority of the outstanding voting securities of the Company voting together as a single class. The 1940 Act defines a majority of the outstanding voting securities as the lesser of (i) 67% or more of a company's voting securities present at a meeting, if the holders of more than 50% of the company's outstanding voting securities are present or represented by proxy; or (ii) more than 50% of the company's outstanding voting securities. The fundamental policies of the Company are:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Company may not issue senior securities or borrow money except to the extent permitted under (i) the 1940 Act or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction or otherwise as permitted by applicable law. See "*Use of Leverage*."

&nbsp;&nbsp;&nbsp;&nbsp;2. The Company may not act as an underwriter of securities issued by others, except insofar as the Company may be deemed an underwriter under the Securities Act in selling its own securities or portfolio securities and except to the extent permitted under (i) the 1940 Act or interpretations or modifications by the SEC, SEC staff or other authority of competent jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority of competent jurisdiction or otherwise as permitted by applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;3. The Company may not purchase or sell real estate, commodities or commodity contracts, except that, to the extent permitted by applicable law, the Company may (i) invest in securities directly or indirectly secured by real estate or interests therein or issued by entities that invest in real estate or interests therein; (ii) acquire, hold and sell real estate acquired through default, liquidation, or other distributions of an interest in real estate as a result of the Company's ownership of other assets; (iii) invest in instruments directly or indirectly secured by commodities or securities issued by entities that invest in or hold such commodities and acquire temporarily commodities as a result thereof; and (iv) purchase and sell forward contracts, financial futures contracts and options thereon.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Company will not make loans to other persons, except to the extent permitted under the 1940 Act, as such may be interpreted or modified by regulatory authorities having jurisdiction, from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;5. The Company may not invest more than 25% of its total assets (taken at market value at the time of each investment) in the securities of issuers in any one industry. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities and tax-exempt securities of governments or their political subdivisions will not be considered to represent an industry. The Company determines industries by reference to the Global Industry Classification Standard, including by reference to its "sub-industry" classification, as it may be amended from time to time.

The Company's fundamental investment restrictions will be interpreted broadly. For example, the policies will be interpreted to refer to the 1940 Act and the related rules as they are in effect from time to time, and to interpretations and modifications of or relating to the 1940 Act by the SEC, SEC staff or other authority of competent jurisdiction as they are given from time to time. When a policy provides that an investment practice may be conducted as permitted by the 1940 Act, the policy will be interpreted to mean either that the 1940 Act expressly permits the practice or that the 1940 Act does not prohibit the practice.

All percentage limitations in the case of the foregoing fundamental policies apply immediately after a purchase or initial investment and any subsequent change in any applicable percentage resulting from market fluctuations does not require any action.

#### Non-Fundamental Investment Restrictions
All other investment policies of the Company are considered non-fundamental and, along with the Company's investment objective, which is also non-fundamental, may be changed by the Board without prior approval of the Company's outstanding voting securities at any time.

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#### **TABLE OF CONTENTS**

#### USE OF LEVERAGE
Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares, which will provide greater flexibility under Rule 18f-4 to utilize derivatives. Under Rule 18f-4, the VaR limits are greater (250% relative VaR test rather than 200% relative VaR test) for a closed-end investment company that has preferred shares outstanding than for a closed-end investment company that does not have preferred shares outstanding.

Following the completion of the combined transaction and the investment of the net proceeds from the combined transaction, subject to market conditions, the Company intends, as part of its leveraging strategy, to issue unsecured, fixed-rate bonds, and anticipates that over time it will maintain a ratio of approximately 15% to low 20s% debt to total assets in order to enhance its long-term returns. The Company intends to operate with a capital structure that it expects will allow it to be an investment grade bond issuer. The Manager's use of leverage has historically involved accessing a modest amount of low-cost, long-term, covenant-light, investment grade bonds. Historically, the Manager has only agreed to debt incurrence covenants for its core funds at thresholds well above the amount of leverage it intends to use in its strategy and has generally not used any margin borrowings for its core funds. Accordingly, the Manager believes its leverage strategy has the potential to enhance its funds' long-term returns without adding meaningful risk to its funds' portfolios. There can be no assurance that the Company will in the future be able to borrow money on terms that the Manager deems favorable.

The use of leverage, if employed, can create risks. When leverage is employed, the Company's NAV, the market price of the Common Shares and the return to the Common Shareholders will be more volatile than if leverage were not used. Changes in the value of the Company's portfolio, including securities bought with the proceeds of leverage, will be borne entirely by the Common Shareholders. If there is a net decrease or increase in the value of the Company's investment portfolio, leverage will decrease or increase, as the case may be, the Company's NAV to a greater extent than if the Company did not utilize leverage. A reduction in the Company's NAV may cause a reduction in the market price of its shares. Any leveraging strategy the Company employs may not be successful. See "*Risk Factors* - *Leverage Risk*."

Certain types of leverage the Company may use could result in the Company being subject to covenants relating to asset coverage and portfolio composition requirements. The Company may be subject to certain restrictions on investments imposed by one or more lenders or by the guidelines of one or more rating agencies, which may issue ratings for any debt securities or preferred shares issued by the Company. The terms of any borrowings or rating agency guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. The Manager does not believe that these covenants or guidelines will impede it from managing the Company's portfolio in accordance with its investment objective and policies if the Company were to utilize leverage.

Under the 1940 Act, the Company is not permitted to issue senior securities if, immediately after the issuance of such senior securities, the Company would have an asset coverage of less than 300%, calculated as the ratio of the Company's total assets less all liabilities and indebtedness not represented by senior securities, over the aggregate amount of the Company's senior securities (*i.e.*, for every dollar of indebtedness outstanding, the Company is required to have at least three dollars of assets) or less than 200% with respect to senior securities representing preferred stock (*i.e.*, for every dollar of preferred stock outstanding, the Company is required to have at least two dollars of assets). The 1940 Act also provides that the Company may not declare distributions or purchase its stock (including through tender offers) if, immediately after doing so, it will have an asset coverage ratio of less than 300% or 200%, as applicable. Under the 1940 Act, certain short-term borrowings (such as for cash management purposes) are not subject to these limitations if (i) repaid within 60 days, (ii) not extended or renewed and (iii) not in excess of 5% of the total assets of the Company. The Company will initially treat reverse repurchase agreements as derivative transactions for purposes of Rule 18f-4 (as described below).

The Company may also use derivatives, including equity options, in order to obtain security-specific, non-recourse leverage in an effort to reduce the capital commitment to a specific investment, while potentially enhancing the returns on capital invested in that investment. Furthermore, the Company may use derivatives, such as equity and credit derivatives and put options, to achieve a synthetic short position in a company or an equity or credit index without exposing the Company to some of the typical risks of short selling, which include the possibility of unlimited losses and the risks associated with maintaining a stock borrow. In addition, the Company from time to time may enter into total return swaps, which are equity derivatives with inherent recourse leverage.

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The Company generally does not expect to use total return swaps to obtain leverage, but, rather, to manage regulatory, tax, legal or other issues. The Company must comply with Rule 18f-4 under the 1940 Act with respect to its use of derivatives. Rule 18f-4, among other things, requires the Company to adopt and implement a comprehensive written derivatives risk management program and to comply with a relative or absolute limit on fund leverage risk calculated based on VaR.

#### Preferred Shares
The Company's Governing Documents provide that the Board may authorize and issue preferred shares with or without rights as determined by the Board, by action of the Board without prior approval of the holders of the Common Shares. Common Shareholders have no preemptive right to purchase any preferred shares that might be issued. Any such preferred share offering would be subject to the limits imposed by the 1940 Act. In addition, the Company generally is not permitted to declare any cash dividend or other distribution on the Company's Common Shares, or purchase any such Common Shares, unless, at the time of such declaration, the Company would have asset coverage (*i.e.*, subject to the asset coverage requirements described above) of at least 200% after deducting the amount of such dividend or other distribution. The 1940 Act grants to the holders of senior securities representing stock issued by the Company certain voting rights. Failure to maintain certain asset coverage requirements under the 1940 Act could entitle the holders of preferred shares to elect a majority of the Board. See "*Description of Capital Structure - Preferred Shares*."

Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares. The Company expects to issue all of the Series A Preferred Shares to an affiliate of the Manager at a price per share equal to the liquidation preference of the Series A Preferred Shares of $50.00 per share. Pursuant to the terms of the Series A Preferred Shares and in accordance with the requirements of the 1940 Act, the Manager, as the holder of the Series A Preferred Shares, will be entitled to elect two Trustees at all times and in accordance with the requirements of the 1940 Act would become entitled to elect a majority of the Trustees in the event that two full years' dividends on the Series A Preferred Shares are unpaid. The issuance of the Series A Preferred Shares to the Manager was approved by the Board, including the Trustees who are not "interested persons" of the Company for purposes of Section 2(a)(19) of the 1940 Act. Under Rule 18f-4, the VaR limits are greater (250% relative VaR test rather than 200% relative VaR test) for a closed-end investment company that has preferred shares outstanding than for a closed-end investment company that does not have preferred shares outstanding. See "- *Derivative Transactions*" and "*Description of Capital Structure - Preferred Shares*" for more information.

#### Borrowings
The Company is permitted, without prior approval of the Common Shareholders, to borrow money. The Company may issue notes or other evidence of indebtedness (including bank borrowings or commercial paper) and may secure any such borrowings by mortgaging, pledging or otherwise subjecting the Company's assets as security. In connection with such borrowings, the Company may be required to maintain minimum average balances with the lender or to pay a commitment or other fee to maintain a line of credit. Any such requirements will increase the cost of borrowing over the stated interest rate. Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares as described in this prospectus. The Manager's use of leverage for its core funds has historically involved accessing a modest amount of low-cost, long-term, covenant-light, investment grade bonds. Historically, the Manager has only agreed to debt incurrence covenants for its core funds at thresholds well above the amount of leverage it intends to use in its strategy and has generally not used any margin borrowings for its core funds. Accordingly, the Manager believes its leverage strategy has the potential to enhance its funds' long-term returns without adding meaningful risk to its funds' portfolios. There can be no assurance that the Company will be able to utilize leverage on terms that the Manager deems favorable at any given time.

*Limitations. Borrowings by the Company are subject to certain limitations under the 1940 Act, including the amount of asset coverage required. In addition, agreements related to the borrowings may also impose certain requirements, which may be more stringent than those imposed by the 1940 Act. See "Risk Factors - Leverage Risk."* 

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#### **TABLE OF CONTENTS**
*Distribution Preference. The rights of lenders to the Company to receive interest on, and repayment of, principal of any such borrowings will be senior to those of the Common Shareholders and the holders of preferred shares, and the terms of any such borrowings may contain provisions that limit certain activities of the Company, including the payment of dividends to Common Shareholders and the holders of preferred shares in certain circumstances.* 

#### Temporary Borrowings
The Company may also borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of distributions or the settlement of securities transactions which otherwise might require untimely dispositions of Company securities.

#### Derivative Transactions
Derivatives are financial instruments whose value depends upon, or is derived from, the value of something else, such as one or more underlying investments, indices or currencies. The Company and the Manager may use various derivative strategies to try to improve the Company's returns by managing risks, such as by using hedging techniques to try to protect the Company's assets. A derivative contract will obligate or entitle the Company to deliver or receive an asset or cash payment based on the change in value of one or more investments, indices or currencies. Derivatives may be traded on organized exchanges, or in individually negotiated transactions with other parties (these are known as "over-the-counter" derivatives).

Rule 18f-4 under the 1940 Act permits the Company to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits closed-end investment companies, including the Company, from issuing or selling any "senior security" representing indebtedness (unless the company maintains 300% "asset coverage") or any senior security representing stock (unless the company maintains 200% "asset coverage"). Under Rule 18f-4, "Derivatives Transaction" includes (i) any swap, security-based swap, futures contract, forward contract, option, any combination of the foregoing, or any similar instrument, under which a fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (ii) any short sale borrowing; and (iii) reverse repurchase agreements and similar financing transactions (the Company has elected to treat such transactions as derivatives transactions under the rule). Under Rule 18f-4, the Company will execute derivatives and other transactions that potentially create senior securities (except reverse repurchase agreements) subject to a VaR limit, certain other testing and derivatives risk management program requirements and requirements related to Board reporting. Under Rule 18f-4, the VaR limits are greater (250% relative VaR test rather than 200% relative VaR test) for a closed-end investment company that has preferred shares outstanding than for a closed-end investment company that does not have preferred shares outstanding.

The Company must comply with Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires the Company to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and to comply with a relative or absolute limit on fund leverage risk calculated based on VaR. The DRMP is administered by a "derivatives risk manager," who is appointed by the Board.

The Manager has registered as a CPO under the Commodity Exchange Act ("CEA") and expects to rely on CFTC Rule 4.12(c)(3) with respect to its operation of the Company. CFTC Rule 4.12(c)(3) allows for "substituted compliance" with respect to certain CFTC recordkeeping, reporting and disclosure requirements on the basis of the Company's compliance with SEC rules and regulations applicable to the Company and the Manager. As a result, the Manager will not be subject to certain aspects of the CFTC's rules ordinarily applicable to CPOs, including the specific disclosure requirements under CFTC rules in connection with its management of the Company. Certain of the Manager's funds are operated by the Manager pursuant to an exclusion from registration as a CPO with respect to such portfolios under the CEA. Therefore, the Manager is not subject to registration or regulation with respect to such portfolios under the CEA. The CPO of a registered investment company with less than three years of operating history is required under Rule 4.12(c)(3) to disclose the performance of all accounts and pools that are managed by the CPO and that have investment objectives, policies and strategies substantially similar to those of the newly-formed registered investment company. See *Appendix A* - *Supplemental Performance Information of the Affiliated Funds*.

***Futures Contracts and Related Options. The Company may purchase and sell financial futures contracts and related options on financial futures. A futures contract is an agreement to buy or sell a set quantity of an underlying***

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asset at a future date, or to make or receive a cash payment based on the value of a securities index, or some other asset, at a stipulated future date. The terms of futures contracts are standardized. In the case of a financial futures contract based upon a broad index, there is no delivery of the securities comprising the underlying index, margin is uniform, a clearing corporation is the counterparty and the Company makes or receives daily margin payments based on price movements in the index. An option gives the purchaser the right to buy or sell securities or currencies, or in the case of an option on a futures contract, the right to buy or sell a futures contract in exchange for a premium.

***Foreign Currency Forward Contracts. The Company may enter into foreign currency forward contracts to protect the value of its assets against future changes in the level of foreign exchange rates or to enhance returns. A foreign currency forward contract is an obligation to buy or sell a given currency on a future date and at a set price or to make or receive a cash payment based on the value of a given currency at a future date. Delivery of the underlying currency is expected, the terms are individually negotiated, the counterparty is not a clearing corporation or an exchange, and payment on the contract is made upon delivery, rather than daily.***

***Swap Transactions. The Company may enter into swap transactions. Swap agreements are two-party contracts entered into primarily by institutional investors for periods typically ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments, which may be adjusted for an interest factor. There are various types of swaps, including but not limited to credit default swaps, interest rate swaps, total return swaps and index swaps.***

***Swap Options. The Company may enter into swap options. A swap option is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms.***

***Options on Securities and Financial Indices. The Company may purchase and sell put and call options on securities, and financial indices traded on U.S. or non-U.S. securities exchanges or in the over-the-counter market. An option gives the purchaser the right to buy or sell securities in exchange for a premium. The Company will only sell options that are secured either by the Company's ownership of the underlying security or by cash or other liquid assets segregated or earmarked within the Company's account at the custodian or in a separate account at the custodian.***

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#### RISK FACTORS
*An investment in the Common Shares carries a number of risks, including the risk that the entire investment may be lost. In addition to all other information set out in this prospectus, the following specific factors should be considered when deciding whether to make an investment in the Common Shares. The Common Shares are only suitable for investors (i) who understand the potential risk of capital loss, (ii) for whom an investment in the Common Shares is part of a diversified investment program, and (iii) who fully understand and are willing to assume the risks involved in such an investment program.* 

*The Company believes that the risks described below are the material risks relating to the Common Shares at the date of this prospectus. Additional risks and uncertainties not currently known to the Company, or that the Company deems to be immaterial at the date of this prospectus, may also have an adverse effect on the performance of the Company and the value of the Common Shares. The order in which the risks are presented below is not intended to provide an indication of the likelihood of their occurrence or of their magnitude or significance. Prospective investors should review this prospectus carefully and in its entirety and consult with their professional advisers before investing in the Common Shares. Please also refer to the information set forth under the heading "Risk Factors" in the PS Inc. Prospectus that accompanies this prospectus and is an exhibit to the registration statement of which this prospectus forms a part with respect to various material risks related to the PS Inc. Common Stock.* 

#### No Investment History
The Company is a non-diversified, closed-end investment company with no investment history. The Company does not have any meaningful historical financial statements or other meaningful operating or financial data on which potential investors may evaluate the Company and its performance. An investment in the Common Shares is therefore subject to all of the risks and uncertainties associated with a new business, including the risk that the Company will not achieve its investment objective and that the value of any potential investment in the Common Shares could decline substantially as a consequence.

#### Non-Diversified Status and Concentration
The Company is a non-diversified company. As defined in the 1940 Act, a non-diversified company may have a significant part of its investments in a smaller number of issuers than can a diversified company. Having a larger percentage of assets in a smaller number of issuers makes a non-diversified company, like the Company, more susceptible to the risk that one single event or occurrence or adverse developments affecting any single issuer can have a significant adverse impact upon the Company and the Company may be more susceptible to greater losses because of these developments.

In executing the Company's investment strategy, the Manager may accumulate significant positions in particular investments and expects that the substantial majority of the Company's capital will be invested in large minority stakes in 12 to 15 companies, although the Manager may, from time to time, increase the number of holdings in the Company's investment portfolio as a result of market or economic conditions or due to other considerations. From time to time, the Company may invest a significant proportion of its capital in one or a limited set of investments. The Company's investment technique of concentrating investment positions increases the volatility of investment results over time and may exacerbate the risk that a loss in any such position could have a material adverse impact on the Company's NAV and, in turn, the value of any investment in the Company. Although it may at times choose to do so, the Manager is under no obligation to hedge the Company's positions to mitigate such risks.

#### Market and Investment Risk
The Common Shares have no history of public trading and there currently is no public trading market for the Common Shares. Following the combined offering, the Common Shares will be listed on the NYSE. The Common Shares will trade separate from the PS Inc. Common Stock, which will also be listed on the NYSE following the PS Inc. IPO as described in the accompanying PS Inc. Prospectus. Please see the risk factor captioned "*No public market for our common stock currently exists, and an active trading market for our common stock may never develop or be sustained after this offering. Following this offering, our stock price may fluctuate significantly*" in the accompanying PS Inc. Prospectus for additional information. In addition, there can be no assurance that following the combined offering, the combined trading prices of a Common Share and a share of PS Inc. Common Stock will equal or exceed the public offering price of the Common Shares in this offering. In addition to allocations

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made to retail investors by the Underwriters, a portion of the Common Shares and the PSI Common Stock offered pursuant to the combined offering will, at request, be offered to retail investors through Charles Schwab and Robinhood, via their respective online brokerage platforms. Charles Schwab and Robinhood will act as selling group members for the combined offering. These platforms are not affiliated with the Company or PS Inc. There may be risks associated with the use of such platforms that we cannot foresee, including risks related to the technology and operation of such platforms, and the publicity and the use of social media by users of such platforms that we cannot control.

We cannot predict the extent to which investor interest in the Company will lead to the development of an active trading market on the NYSE or how liquid that market might become. An active public market for the Common Shares may not develop or be sustained after the combined offering. If an active public market does not develop or is not sustained, it may be difficult for you to sell your Common Shares at a price that is attractive to you, or at all. As with any stock, the price of the Common Shares will fluctuate with market conditions and other factors, many of which are beyond the Company's control. The Common Shares are designed for long-term investors and the Company should not be treated as a trading vehicle. Shares of closed-end investment companies frequently trade at a discount from net asset value, which creates a risk of loss for investors purchasing shares in this offering. The risk of loss if a discount to NAV were to emerge may be greater for investors expecting to sell their shares in a relatively short period after the completion of the combined offering. In addition, an investor participating in the combined offering must acquire both the Common Shares and the PS Inc. Common Stock. An investor that desires to invest for a period of time in only the Common Shares or the PS Inc. Common Stock (and not both) may seek to sell the security that it does not intend to hold, which would put downward pricing pressure on the security that is sold. This may increase the likelihood of the Common Shares trading at a discount to NAV. These risks are separate and distinct from the risk that the Company's NAV could decrease as a result of its investment activities. At any point in time, an investment in the Common Shares may be worth less than the original amount invested. In connection with this offering, the Underwriters may purchase and sell Common Shares in the open market. These transactions may include over-allotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with this offering. Stabilizing transactions consist of certain bids or purchases for the purpose of preventing or retarding a decline in the market price of the Common Shares and syndicate short positions involve the sale by the Underwriters of a greater number of Common Shares than they are required to purchase from PS Inc., as the selling shareholder, in this offering. These activities may stabilize, maintain or otherwise affect the market price of the Common Shares, which may be higher than the price that might otherwise prevail in the open market; and these activities, if commenced, may be discontinued at any time without notice. However, transactions in the Common Shares by the Underwriters may require corresponding purchases or sales by the underwriters of PS Inc. Common Stock, which may make it less likely that the Underwriters engage in any stabilizing transactions and may reduce the effectiveness of any such stabilizing transactions, relative to an initial public offering of a fund in which the Underwriters may engage in stabilization transactions without needing to take corresponding transactions in the stock of another entity. Generally, the Underwriters would not be expected to engage in stabilizing transactions or purchase Common Shares to cover syndicate short positions, unless the combined trading price of a Common Share and a share of PS Inc. Common Stock is in the aggregate less than the public offering price of $50.00. This may increase the volatility of the trading price of the Common Shares and the likelihood that the Common Shares trade at a discount to NAV.

In addition, an investment in the Common Shares represents an indirect investment in the securities owned by the Company. The value of, or income generated by, the investments held by the Company are subject to the possibility of rapid and unpredictable fluctuation. These movements may result from factors affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates, changes in inflation or expectations about inflation, economic, political, social and financial market conditions including the level of confidence in financial institutions and the financial system generally, natural/environmental disasters, cyberattacks, terrorism, governmental or quasi-governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and other similar events, each of which may be temporary or last for extended periods.

Different sectors, industries and security types may react differently to such developments and, when the market performs well, there is no assurance that the Company's investments will increase in value along with the broader markets. Volatility of financial markets, including potentially extreme volatility caused by the events described above, can expose the Company to greater market risk than normal, possibly resulting in greatly reduced liquidity. The Manager potentially could be prevented from considering, managing and executing investment

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decisions at an advantageous time or price or at all as a result of any domestic or global market or other disruptions, particularly disruptions causing heightened market volatility and reduced market liquidity, which could also result in impediments to the normal functioning of workforces, including personnel and systems of the Company's service providers and market intermediaries. Furthermore, during periods in which the Company may use leverage, the Company's investment, market discount and certain other risks will be magnified.

An investment in the Common Shares is subject to risk of the possible loss of the entire amount that you invest.

#### Closed-End Investment Company; Liquidity Risks
The Company is a non-diversified, closed-end investment company designed primarily for long-term investors and is not intended to be a trading vehicle. Closed-end investment companies differ from open-end investment companies (commonly known as mutual funds) in that investors in a closed-end investment company do not have the right to redeem their shares on a daily basis at a price based on the investment company's net asset value.

#### Equity Securities Risk
Stock markets are volatile, and the prices of equity securities fluctuate based on changes in a company's financial condition and overall market and economic conditions. Although common stocks have historically generated higher average total returns than fixed-income securities over the long-term, common stocks also have generally experienced significantly more volatility in those returns and, in certain periods, have significantly underperformed relative to fixed-income securities. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Company. A common stock may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. The value of a particular common stock held by the Company may decline for a number of other reasons which directly relate to the issuer, such as management performance, financial leverage, the issuer's historical and prospective earnings, the value of its assets and reduced demand for its goods and services. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stocks to which the Company has exposure. Common stock prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Common stocks in which the Company may invest are structurally subordinated to preferred stock, bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and are therefore inherently more risky than preferred stock or debt instruments of such issuers.

Investments in ADRs and other similar global instruments are generally subject to risks associated with equity securities and investments in non-U.S. securities. Unsponsored ADRs (and other similar global programs) are organized independently and without the cooperation of the issuer of the underlying securities. As a result, available information concerning the issuer may not be as current as for sponsored programs and the prices of unsponsored programs may be more volatile than if such instruments were sponsored by the issuer.

#### Decision-Making Authority Risk
Investors have no authority to make decisions or to exercise business discretion on behalf of the Company, except as set forth in the Company's Governing Documents. The authority for all such decisions is generally delegated to the Board, which in turn, has delegated the day-to-day management of the Company's investment activities to the Manager, subject to oversight by the Board.

#### Market and Selection Risk
Market risk is the possibility that the market values of securities owned by the Company will decline. There is a risk that equity and/or bond markets will go down in value, including the possibility that such markets will go down sharply and unpredictably.

Stock markets are volatile, and the prices of equity securities fluctuate based on changes in a company's financial condition and overall market and economic conditions. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a

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significant impact on the Company and its investments. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Company. Also, the price of common stocks is sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stocks to which the Company has exposure. Common stock prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur.

The prices of fixed-income securities tend to fall as interest rates rise, and such declines tend to be greater among fixed-income securities with longer maturities. Market risk is often greater among certain types of fixed-income securities, such as zero coupon bonds that do not make regular interest payments but are instead bought at a discount to their face values and paid in full upon maturity. As interest rates change, these securities often fluctuate more in price than securities that make regular interest payments and therefore subject the Company to greater market risk than a company that does not own these types of securities.

When-issued and delayed delivery transactions are subject to changes in market conditions from the time of the commitment until settlement, which may adversely affect the prices or yields of the securities being purchased. The greater the Company's outstanding commitments for these securities, the greater the Company's exposure to market price fluctuations.

Selection risk is the risk that the securities that the Manager selects will underperform the equity and/or bond market, the market relevant indices or other funds with similar investment objectives and investment strategies. No guarantee or representation is made that the Manager's investment strategy will be successful.

#### Valuation Risk
The Company is subject to valuation risk, which is the risk that one or more of the securities in which the Company invests are valued at prices that the Company is unable to obtain upon sale due to factors such as incomplete data, market instability or human error. Securities for which market quotations are readily available will be valued at the market value thereof. The Manager, which is also the Company's valuation designee designated by the Board pursuant to Rule 2a-5 under the 1940 Act, may use an independent pricing service to value securities at their market value. When market quotations are not readily available or are deemed to be inaccurate or unreliable, the Manager values the Company's investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board. Because the secondary markets for certain investments may be limited, such instruments may be difficult to value. Prior to engaging in a fair value process, the Manager may seek to obtain quotations from independent brokers who may trade in such securities or other financial instruments as a basis to substantiate the perceived value of the subject holding. See "*Net Asset Value*."

As a general principle, the "fair value" of a security or other investment is the amount that the Company might reasonably expect to realize upon its sale. There is no single standard for determining fair value. Rather, in determining the fair value of a security or other investment, the Manager will take into account the relevant factors and surrounding circumstance. Fair value pricing may require determinations that are inherently subjective and inexact about the value of a security or other asset. As a result, there can be no assurance that fair value priced assets will not result in future adjustments to the prices of securities or other assets, or that fair value pricing will reflect a price that the Company is able to obtain upon sale, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. For example, the Company's NAV could be adversely affected if the Company's determinations regarding the fair value of the Company's investments were materially higher than the values that the Company ultimately realizes upon the disposal of such investments. Where market quotations are not readily available, valuation may require more research than for more liquid investments. In addition, elements of judgment may play a greater role in valuation in such cases than for investments with a more active secondary market because there is less reliable objective data available. The Company determines its NAV daily and therefore all assets, including assets valued at fair value, are valued daily. The Company will report its NAV on a weekly and monthly basis as described in more detail under "*Net Asset Value*."

The Company's NAV is a critical component in several operational matters including computation of the Management Fee and other fees. Consequently, variance in the valuation of the Company's investments will impact, positively or negatively, the fees and expenses Common Shareholders will pay.

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#### Reliance on the Manager Risk
The Company is dependent upon services and resources provided by the Manager. The Manager is not required to devote its full time to the business of the Company and there is no guarantee or requirement that any investment professional or other employee of the Manager will allocate a substantial portion of his or her time to the Company. The loss of one or more individuals involved with the Manager could have a material adverse effect on the performance or the continued operation of the Company. For additional information on the Manager, see "*Portfolio Management - The Manager*." In addition, the Board has delegated broad authority to the Manager to manage the business and affairs of the Company. Certain (but not all) of the principal risks associated with the Company's relationship with the Manager are set out below:

***Key Personnel Risk. The Manager is dependent on the services of William A. Ackman and Ryan Israel, the Manager's Chief Investment Officer. If the services of Mr. Ackman and Mr. Israel were to become unavailable for any reason, this occurrence could have a material adverse effect on the Company's results, financial performance and the trading price of the Company's Common Shares. All of the investment decisions of the Company are made by the investment team, with Mr. Ackman having ultimate decision-making authority for all portfolio positions. Mr. Ackman, Mr. Israel and the investment team also rely on the diligence, skill and network of business contacts of the other professionals employed by the Manager as well as external advisers and professionals. For a description of the investment team, see "Portfolio Management - Investment Team." The investment team will, among other things, evaluate, negotiate, structure and monitor the Company's investments. The Company's future success will depend on the continued service of Mr. Ackman and Mr. Israel, along with the Manager's ability to retain and motivate its other active key personnel and to strategically recruit, retain and motivate new talent. The departure of Mr. Ackman and Mr. Israel or of a significant number of members of the investment team could have a material adverse effect on the Company's ability to achieve its investment objective. In addition, the Manager may not be successful in its efforts to recruit, retain and motivate the required personnel as the global market for qualified investment professionals is extremely competitive.***

***Failure to Identify Investment Opportunities Risk. The Company's investment strategy depends on the ability of the Manager to successfully identify attractive investment opportunities. Any failure to identify appropriate investment opportunities would increase the amount of the Company's assets invested in cash or cash equivalents and, as a result, may reduce its rates of return. The Company will face competition for investments from, for example, public and private investment funds, strategic buyers and/or investment banks. Many of these competitors may be substantially larger and have greater financial resources than are available to the Company. There can be no assurance that the Manager will be able to identify and make investments that are consistent with the Company's investment objective or generate attractive returns for the Common Shareholders or that the Company will not be significantly affected by competitive pressures for investment opportunities.***

***Risks Related to Restrictions on Position Size. The Company's portfolio positions may be limited by the concentration and diversification limitations and requirements applicable to registered investment companies under the 1940 Act and to RICs under the Code. These concentration and diversification limitations and requirements could limit the ability of the Manager to utilize the Company's capital to accumulate positions of scale sufficient to successfully employ its investment techniques. In addition, if the concentration of the Company's investments caused it to violate the asset diversification requirements applicable to RICs, the Company could lose its RIC status and thereby become subject to corporate-level taxes.***

***Manager Due Diligence Risk. When assessing an investment opportunity, the Manager has relied and will continue to rely on resources that may provide limited or incomplete information. In some cases, whether or not known to the Manager at the time, such resources may not be sufficient, accurate, complete or reliable. In particular, the Manager has relied and will continue to rely on publicly available information and data filed with various government regulators. Although the Manager has evaluated and will continue to evaluate information and data as it deemed or deems appropriate, and has sought and will continue to seek independent corroboration when reasonably available, the Manager has not and may choose not to evaluate all publicly available information and data with respect to any investment and has often not been and will often not be in a position to confirm the completeness, genuineness or accuracy of the information and data that it did or will evaluate.***

In addition, when assessing an investment opportunity for the Company, investment analyses and decisions by the Manager may be undertaken on an expedited basis in order to take advantage of what it perceives to be short-lived investment opportunities. In such cases, the available information at the time of an investment decision may be limited, inaccurate and/or incomplete.

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As a result, there can be no assurance that due diligence investigations carried out by the Manager will reveal or highlight all relevant facts (including fraud) or risks that may be necessary or helpful in evaluating investment opportunities or foresee future developments that could have a material adverse effect on an investment. Any failure to identify relevant facts may result in inappropriate investment decisions, which may have a material adverse effect on the value of any investment in the Company.

***Misconduct Risk. There is a risk that the Manager's employees could engage in misconduct or other behavior that harms the operations and financial condition of the Company. Employees of the Manager are often required to deal with confidential matters relating to portfolio companies. Additionally, the Manager is subject to a number of obligations and standards arising from its business and authority over the assets it manages, and it is not always possible to detect or deter employee misconduct. The violation of these obligations, or the accusation of any such violation, and standards by any of the Manager's key personnel, employees, joint venture partners, consultants or anyone acting on the Manager's behalf could materially adversely affect the Manager's reputation which could consequently negatively impact the operating performance of the Company and the price of the Common Shares. While the Manager believes it has effective policies and procedures in place designed to deter and detect employee misconduct, the steps it has taken may not be effective in all cases. If any of the Manager's employees were to engage in misconduct or were to be accused of such misconduct, whether or not substantiated, its business and reputation could be adversely affected and a loss of investor confidence could result, which would harm the Company.***

***Limited Liability. The Manager has not assumed any responsibility to the Company other than to render the services described in the Investment Management Agreement, and it will not be responsible for any action of the Board in declining to follow the Manager's advice or recommendations. Pursuant to the Investment Management Agreement, the Manager and certain related persons will not be liable to the Company for their acts under the Investment Management Agreement, absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. The Company has agreed to indemnify and hold harmless the Manager and certain related persons with respect to all costs, charges, expenses, losses, damages or liabilities arising from or in connection with, or concerning, the conduct of the Company's business or affairs or the execution or discharge of the duties, powers, authorities or discretions of the Manager under the Investment Management Agreement, and not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties under the Investment Management Agreement. These protections may lead the Manager to act in a riskier manner when acting on the Company's behalf than it would when acting for its own account.***

***No Prior Registered Investment Companies. The Manager has not previously served as investment adviser to an investment company registered under the 1940 Act. As a result, the Manager will be addressing certain operational and compliance requirements of the 1940 Act for the first time in connection with the commencement of investment operations of the Company. None of the Manager's other funds or HHH are registered under the 1940 Act, unlike the Company, and, therefore, none of them are subject to the investment, leverage and derivative restrictions, diversification requirements and other regulatory requirements imposed on registered investment companies by the 1940 Act and on RICs by the Code. If any of the Manager's other funds or HHH had been registered under the 1940 Act and/or operated as RICs under the Code, their respective returns might have been lower and their ability to undertake certain transactions or investments may have been restricted. As a result, the Manager's future performance will depend on its ability to implement the operational and compliance-related requirements of the 1940 Act, while also successfully implementing its investment strategy within the investment and regulatory parameters applicable to registered investment companies under the 1940 Act. Any failure to do so may have a material adverse effect on the performance of the Company.***

#### Conflicts of Interest Risk
The Manager engages in competing activities and acts in multiple capacities, advising the Company, its other funds and HHH, which creates potential conflicts of interest. When allocating investment opportunities conflicts of interest could arise from the fact that incentive allocations or performance fees might be earned by the Manager by allocating such opportunities to its other funds that charge an incentive allocation or performance fee, and not to the Company, which is not subject to an incentive allocation or any other form of performance fee. Conflicts may also arise in connection with pursuing active corporate engagement, where the Manager may acquire fiduciary duties to its various portfolio companies which could potentially conflict with duties owed to the Company. See "*Conflicts of Interest*."

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In addition, although the Manager does not anticipate that the Howard Hughes Transaction will disrupt the operation of its other funds, including the Company, the Howard Hughes Transaction involves a number of special risks, including the potential diversion of the Manager's attention from its core funds, including the Company, and its core investment strategy, along with increasing demands on the Manager's investment processes and infrastructure. Such risks could adversely affect the business and operations of the Company.

#### Corporate Engagement Risk
The Manager may pursue active corporate engagement and seek to effectuate corporate, managerial or similar changes with respect to an investment. The costs in time, resources and capital involved in such an investment strategy depend on the circumstances, which are only in part within the Manager's control, and may be significant. Such a strategy requires the accumulation of large positions, which are less liquid than smaller positions and therefore the price at which such positions may be sold when seeking to exit an investment could be adversely affected. In addition, the expenses associated with such an investment strategy, including potential litigation, expenses related to the recruitment and retention of board members, executives and other individuals providing business assistance to the Manager in connection with such an investment strategy (including, for example, consultants and corporate whistleblowers) or other transactional costs, will be borne by the Company. Such expenses may reduce returns or result in losses.

The success of the Manager's active corporate engagement may require, among other things: (i) that the Manager properly identify portfolio companies whose equity prices can be improved through active corporate engagement and/or strategic action; (ii) that the Company, together with the other core funds, acquire sufficiently large positions of such portfolio companies at a sufficiently attractive price; (iii) a positive response by the management of portfolio companies to shareholder engagement; (iv) a positive response by other shareholders to the Manager's proposals; and (v) a positive response by the markets to any actions taken by portfolio companies in response to the Manager's proposals. None of the foregoing can be assured.

The Manager may secure the appointment of persons to a portfolio company's board of directors. In doing so, individual(s) (including members, partners, officers, managers, employees or affiliates of the Manager and their respective affiliates or designees) serving on the board of directors of the portfolio company will acquire fiduciary duties to the company and to the company's shareholders, members, unitholders, partners or other owners of the company in addition to the duties such persons owe the Company. Such fiduciary duties may require such individuals to take actions that are in the best interests of the company or its shareholders, members, unitholders, partners or other owners. Accordingly, situations may arise where persons appointed to portfolio company boards may have a conflict of interest between any duties that they owe to the company and its shareholders, members, unitholders, partners or other owners, on the one hand, and any duties that they owe to the Company on the other hand. Pursuing active corporate engagement in respect of the Company's investments may prove ineffective for a variety of reasons, including: (i) opposition of the management, board of directors and/or shareholders of the subject company, which may result in litigation and may erode, rather than increase, shareholder value; (ii) intervention of one or more governmental agencies; (iii) efforts by the subject company to pursue a "defensive" strategy, including a merger with, or a friendly tender offer by, a company other than the Company or its affiliates; (iv) market conditions resulting in material changes in securities prices; (v) the presence of corporate governance mechanisms, such as staggered boards, poison pills and classes of shares with increased voting rights; and (vi) the necessity for compliance with applicable securities laws. In addition, opponents of proposed corporate governance changes may seek to involve regulatory agencies in investigating the transaction or the Company and such regulatory agencies may independently investigate the participants in a transaction, including the Company, as to compliance with securities or other laws. This risk may be exacerbated to the extent the Manager develops and utilizes novel strategies or techniques with respect to its active corporate engagement. Furthermore, successful execution of active corporate engagement may depend on the active cooperation of shareholders and others with an interest in the subject company. Some shareholders may have interests which diverge significantly from those of the Company and some of those parties may be indifferent to the Manager's proposed changes. Moreover, securities that the Manager believes are fundamentally underpriced or incorrectly priced may not ultimately be valued in the capital markets at prices and/or within the timeframe the Manager anticipates, even if the Manager's proposals are successfully implemented by the portfolio company.

The 1940 Act limits the Company's ability to enter into certain transactions with certain of its affiliates. As a result of these restrictions, the Company may be prohibited from buying or selling any security directly from or to any pooled investment vehicle managed by the Manager or any of its affiliated persons. The 1940 Act also prohibits

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certain "joint" transactions with certain of the Company's affiliates, which could include investments in the same portfolio company (whether at the same or different times),including controlling interests. The analysis of whether a particular transaction constitutes a joint transaction requires a review of the relevant facts and circumstances then existing. These limitations may limit the scope of investment opportunities that would otherwise be available to the Company.

***Material Non-Public Information Risk. The Company may substantially participate in or influence the conduct of affairs or management of issuers of securities acquired by it. Members, partners, officers, managers, employees or affiliates of the Manager and its affiliates or designees may serve as directors of, or in a similar capacity with, companies in which the Company invests. In the event that material non-public information is obtained with respect to such companies or the Company becomes subject to trading restrictions pursuant to the internal trading policies of such companies or as a result of applicable law or regulations, the Company may be prohibited for a period of time from purchasing or selling the securities of such companies, and as a result be prevented from increasing its exposure (or maintaining its relative ownership stake, in the case that additional securities are issued by such company) to an investment position which appreciates or divesting from or exiting an investment position which decreases in value. Any such restrictions may have a material adverse effect on the Company and the value of any investment in the Company.***

#### Control Investments Risk
The Company may take a controlling stake in certain investments. These investments may involve a number of risks, such as the risk of liability for environmental damage, product defect, failure to supervise management, violation of governmental regulations and other types of liability. In addition, in connection with the disposition of these investments, the Company may make representations and warranties about such investments' business and financial affairs typical of those made in connection with the sale of any business, or may be responsible for the contents of disclosure documents under applicable securities law. The Company may also be required to indemnify the purchasers of such investments or underwriters to the extent that any such representations and warranties or disclosure documents turn out to be incorrect, inaccurate or misleading. All of these risks or arrangements may create contingent or actual liabilities, and materially affect the Company and any investment in the Company.

#### Non-Control Investments Risk
The Company will generally make investments in companies that it does not control. As a result, these investments are subject to the risk that the company in which the investment is made may make business, financial and management decisions contrary to the Manager's expectations or with which the Manager does not agree or that the majority stakeholders or the management of the company may take risks or otherwise act in a manner that does not serve the interests of the Company. If any of the foregoing were to occur with respect to one or more significant investments, the values of such investments by the Company could decrease.

#### Dividend Risk
Dividends the Company receives on common stocks are not fixed but are declared at the discretion of an issuer's board of directors. There is no guarantee that the companies in which the Company invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time. Securities that pay dividends may be sensitive to changes in interest rates, and as interest rates rise, or fall, the prices of such securities may fall. A sharp rise in interest rates, or other market downturn, could result in a decision to decrease or eliminate a dividend.

#### Restricted and Illiquid Investments Risk
The Company may invest in illiquid or less liquid investments or investments in which no secondary market is readily available or which are otherwise illiquid, including private placement securities (as described under "*Investment Objective, Strategy and Policies – Investment Strategy and Policies*"). The Company may not be able to readily dispose of such investments at prices that approximate those at which the Company could sell such investments if they were more widely traded and, as a result of such illiquidity, the Company may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Company's NAV and ability to make dividend distributions. The financial markets have in recent years experienced periods of extreme secondary market

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supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time.

Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act or that may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. For example, Rule 144A under the Securities Act provides an exemption from the registration requirements of the Securities Act for the resale of certain restricted securities to qualified institutional buyers, such as the Company. However, an insufficient number of qualified institutional buyers interested in purchasing the Rule 144A-eligible securities that the Company holds could affect adversely the marketability of certain Rule 144A securities, and the Company might be unable to dispose of such securities promptly or at reasonable prices. When registration is required to sell a security, the Company may be obligated to pay all or part of the registration expenses and considerable time may pass before the Company is permitted to sell a security under an effective registration statement. If adverse market conditions develop during this period, the Company might obtain a less favorable price than the price that prevailed when the Company decided to sell. The Company may be unable to sell restricted and other illiquid investments at opportune times or prices.

#### Derivatives Risk
The Company may engage in transactions involving derivative instruments, such as options contracts, futures contracts, options on futures contracts, indexed securities, credit linked notes, credit default swaps and other swap agreements. Derivatives are financial instruments whose value depends upon, or is derived from, the value of something else, such as one or more underlying investments, indices or currencies. The Company's investments in derivatives may be for hedging, investment or leverage purposes, or to manage interest rates or the duration of the Company's portfolio. A derivative contract will obligate or entitle the Company to deliver or receive an asset or cash payment based on the change in value of one or more investments, indices or currencies. Derivatives may be traded on organized exchanges, or in individually negotiated transactions with other parties (these are known as "over-the-counter" derivatives). The Company may be limited in its use of derivatives by rules adopted by the SEC governing derivatives transactions such as Rule 18f-4 under the 1940 Act, described below. Although the Company has the flexibility to make use of derivatives, it may choose not to for a variety of reasons, even under very volatile market conditions. Derivative transactions may subject the Company to increased risk of principal loss due to imperfect correlation between the values of the derivatives and the underlying securities or unexpected price or interest rate movements. The use of derivatives may subject the Company to risks, including, but not limited to:

***Counterparty Risk. The risk that the counterparty in a derivative transaction will be unable to honor its financial obligation to the Company, or the risk that the reference entity in a credit default swap or similar derivative will not be able to honor its financial obligations. If the Company's counterparty to a derivative transaction experiences a loss of capital, or is perceived to lack adequate capital or access to capital, it may experience margin calls or other regulatory requirements to increase equity. Under such circumstances, the risk that a counterparty will be unable to honor its financial obligations may be substantially increased. The counterparty risk for cleared derivatives is generally lower than for uncleared over-the-counter derivative transactions since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties' performance under the contract as each party to a trade looks only to the clearing house for performance of financial obligations. However, there can be no assurance that the clearing house, or its members, will satisfy its obligations to the Company.***

***Swaps Risk. A swap is a contract that generally obligates the parties to exchange payments based on a specified reference security, basket of securities, security index or index component. Swaps can involve greater risks than direct investment in securities because swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a counterparty defaulting on the obligation or bankruptcy), credit risk and pricing risk (i.e., swaps may be difficult to value). Certain swaps may also be considered illiquid. It may not be possible for the Company to liquidate a swap position at an advantageous time or price, which may result in significant losses. In a credit default swap, the "buyer" is obligated to pay the "seller" a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. Credit default swap transactions involve greater risks than if the Company had invested in the reference obligation directly.***

***Futures Risk. Futures markets are highly volatile and are influenced by a variety of factors, including national and international political and economic developments. In addition, because of the low margin deposits normally***

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required in futures trading, a high degree of leverage is typical of a futures trading account. As a result, a relatively small price movement in a futures contract may result in substantial losses to the trader. Moreover, futures positions are marked to market each day and variation margin payment must be paid to or by a trader. Positions in futures contracts may be closed out only on the exchange on which they were entered into or through a linked exchange, and no secondary market exists for such contracts. Certain futures exchanges do not permit trading in particular futures contracts at prices that represent a fluctuation in price during a single day's trading beyond certain set limits. If prices fluctuate during a single day's trading beyond those limits, the Company could be prevented from promptly liquidating unfavorable positions and thus be subjected to substantial losses.

***Options Risk. Trading in options involves a number of risks. Specific market movements of the option and the instruments underlying an option cannot be predicted. No assurance can be given that a liquid offset market will exist for any particular option or at any particular time. If no liquid offset market exists, the Company might not be able to effect an offsetting transaction in a particular option. To realize any profit in the case of an option, therefore, the option holder would need to exercise the option and comply with margin requirements for the underlying instrument. A writer could not terminate the obligation until the option expired or the writer was assigned an exercise notice. The purchaser of an option is subject to the risk of losing the entire purchase price of the option. The writer of an option is subject to the risk of loss resulting from the difference between the premium received for the option and the price of the instrument underlying the option that the writer must purchase or deliver upon exercise of the option. The writer of a naked option may have to purchase the underlying contract in the market for substantially more than the exercise price of the option in order to satisfy their delivery obligations. This could result in a large net loss.***

***Currency Risk. The risk that changes in the exchange rate between two currencies will adversely affect the value (in U.S. dollar terms) of an investment.***

***Leverage Risk. The risk associated with certain types of derivative strategies that relatively small market movements may result in large changes in the value of an investment. Certain investments or trading strategies that involve leverage can result in losses that greatly exceed the amount originally invested.***

***Liquidity Risk. The risk that certain derivative positions may be difficult or impossible to close out at the time that the Company would like or at the price that the Company believes the position is currently worth. This risk is heightened to the extent the Company engages in over-the-counter derivative transactions, which are generally less liquid than exchange-traded instruments.***

***Correlation Risk. The risk that changes in the value of a derivative will not match the changes in the value of the portfolio holdings that are being hedged or of the particular market or security to which the Company seeks exposure. Furthermore, the ability to successfully use derivative instruments depends in part on the ability of the Manager to predict pertinent market movements, which cannot be assured.***

***Index Risk. If the derivative is linked to the performance of an index, it will be subject to the risks associated with changes in that index. If the index changes, the Company could receive lower interest payments or experience a reduction in the value of the derivative to below what the Company paid. Certain indexed derivatives may create leverage, to the extent that they increase or decrease in value at a rate that is a multiple of the changes in the applicable index.***

***Hedging Risk. When managing exposure to market risks, the Company may from time to time use futures and forward contracts, options, interest rate swaps, caps, collars and floors or pursue other strategies or use other forms of derivative instruments (over the counter ("OTC") and otherwise) to limit the Company's exposure to changes in the relative values of investments that may result from market developments, including changes in prevailing interest rates, currency exchange rates and commodity prices and to pursue an asymmetric hedging strategy. The use of derivative financial instruments and other risk management strategies may not be properly designed to hedge, manage or otherwise reduce the risks the Manager has identified. In addition, the Manager may not be able to identify, or may not have fully identified, all applicable material market risks to which the Company is exposed. The Manager may also choose not to hedge, in whole or in part, any of the risks that have been identified. The scope of risk management activities undertaken by the Manager varies based on the level and volatility of interest rates, the prevailing foreign currency exchange rates, the types of investments that are made and other changing market conditions. The Manager does not seek to hedge exposure in all currencies or all investments, which means that exposure to certain market risks are not limited. The use of hedging transactions and other derivative instruments to reduce the effects of a decline in the value of a position does not eliminate the possibility of fluctuations in the value***

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of the position or prevent losses if the value of the position declines. Moreover, it may not be possible to limit the exposure to a market development that is so generally anticipated that a hedging or other derivative transaction cannot be entered into at an acceptable price. Further, it may not be possible to fully or perfectly limit exposure against all changes in the value of the Company's investments because the value of investments is likely to fluctuate as a result of a number of factors, some of which will be beyond the Manager's control or ability to hedge. As such, the Company's investment portfolio will always be exposed to certain risks that cannot be hedged.

In addition, the success of any hedging or other derivative transaction generally will depend on the Manager's ability to correctly predict market changes, the degree of correlation between price movements of a derivative instrument and the position being hedged, the creditworthiness of the counterparty and other factors, some of which may be beyond the ability to hedge. The degree of correlation between price movements of the instruments used in connection with hedging activities and price movements in a position being hedged may vary. For various reasons, the Manager may not seek to establish, or be successful in establishing, a perfect correlation between the instruments used in hedging or other derivative transactions and the positions being hedged. An imperfect correlation could prevent the Company from achieving the intended result and give rise to a loss. As a result, while the Company may enter into such a transaction in order to reduce exposure to market risks, unintended market changes may result in poorer overall investment performance than if it had not been executed. Such transactions may also limit the opportunity for gain if the value of a hedged position increases.

Hedging arrangements themselves also may entail certain other risks. These arrangements may require the posting of cash collateral at a time when the Company has insufficient cash such that the posting of the cash is either impossible or requires the sale of assets at prices that do not reflect their underlying value. In addition, if the Company's derivative counterparties or clearinghouses fail to meet their obligations with respect to the posting of cash collateral, efforts to mitigate certain risks may be ineffective. Moreover, these hedging arrangements may generate significant transaction costs, including potential tax costs, that reduce returns.

***Regulatory Risk. Certain categories of derivative contracts, including, without limitation, swaps, futures, certain types of options and non-deliverable currency forwards (collectively referred to as "commodity interests" under CFTC rules), are subject to regulation under the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") in the U.S. and under comparable regimes in Europe, Asia and other non-U.S. jurisdictions. Commodity interests traded in the OTC market are subject to variation and initial margin requirements. The Dodd-Frank Act provisions regarding clearing, mandatory trading, reporting and documentation of swaps and other derivatives have impacted and may continue to impact the costs to the Company of trading these instruments and, as a result, may affect returns to investors in the Company. In addition, the CEA and CFTC rules require advisers to registered investment companies to register with and comply with applicable regulations of the CFTC if a fund that is advised by the investment adviser either (i) enters into derivatives subject to CFTC regulation with a value above a specified threshold based on the fund's liquidation value or (ii) markets itself as providing investment exposure to such instruments. The Manager has registered as a CPO under the CEA. However, the Manager expects to rely on CFTC Rule 4.12(c)(3) with respect to its operation of the Company. CFTC Rule 4.12(c)(3) allows for "substituted compliance" with respect to certain CFTC recordkeeping, reporting and disclosure requirements on the basis of the Company's compliance with SEC rules and regulations applicable to the Company and the Manager. As a result, the Manager will not be subject to certain aspects of the CFTC's rules ordinarily applicable to CPOs, including the specific disclosure requirements under CFTC rules, in connection with its management of the Company. The CPO of a registered investment company with less than three years of operating history is required under Rule 4.12(c)(3) to disclose the performance of all accounts and pools that are managed by the CPO and that have investment objectives, policies and strategies substantially similar to those of the newly-formed registered investment company. See "Appendix A - Supplemental Performance Information of the Affiliated Funds." Certain of the Manager's funds are operated by the Manager pursuant to an exclusion from registration as a CPO with respect to such portfolios under the CEA, and therefore, are not subject to registration or regulation with respect to such portfolios under the CEA.***

Rule 18f-4 under the 1940 Act permits the Company to enter into Derivatives Transactions (as defined below) and certain other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the 1940 Act. Section 18 of the 1940 Act, among other things, prohibits closed-end investment companies, including the Company, from issuing or selling any "senior security" representing indebtedness (unless the company maintains 300% "asset coverage") or any senior security representing stock (unless the company maintains 200% "asset coverage"). Under Rule 18f-4, "Derivatives Transaction" includes (i) any swap,

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security-based swap, futures contract, forward contract, option, any combination of the foregoing, or any similar instrument, under which a company is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (ii) any short sale borrowing; and (iii) reverse repurchase agreements and similar financing transactions (the Company has elected to initially treat all such transactions as derivatives transactions under the rule).

Under Rule 18f-4, the Company will execute derivatives and other transactions that potentially create senior securities (except reverse repurchase agreements) subject to a VaR limit, certain other testing and derivatives risk management program requirements and requirements related to board reporting. Reverse repurchase agreements will be included in the calculation of whether the Company is a limited derivatives user and reverse repurchase agreements and similar financing transactions will be included for purposes of VaR testing. Under Rule 18f-4, the VaR limits are greater (250% relative VaR test rather than 200% relative VaR test) for a closed-end investment company that has preferred shares outstanding than for a closed-end investment company that does not have preferred shares outstanding.

#### Convertible Securities Risk
Convertible securities generally offer lower interest or dividend yields than non-convertible securities of similar quality. The market values of convertible securities tend to decline as interest rates increase and, conversely, to increase as interest rates decline. However, when the market price of the common stock underlying a convertible security exceeds the conversion price, the convertible security tends to reflect the market price of the underlying common stock. As the market price of the underlying common stock declines, the convertible security tends to trade increasingly on a yield basis and thus may not decline in price to the same extent as the underlying common stock. Convertible securities rank senior to common stock in an issuer's capital structure and consequently entail less risk than the issuer's common stock.

The Company may invest in synthetic convertible securities, which are created through a combination of separate securities that possess the two principal characteristics of a traditional convertible security. A holder of a synthetic convertible security faces the risk of a decline in the price of the security or the level of the index involved in the convertible component, causing a decline in the value of the security or instrument, such as a call option or warrant, purchased to create the synthetic convertible security. Should the price of the stock fall below the exercise price and remain there throughout the exercise period, the entire amount paid for the call option or warrant would be lost. Because a synthetic convertible security includes the income-producing component as well, the holder of a synthetic convertible security also faces the risk that interest rates will rise, causing a decline in the value of the income-producing instrument. Synthetic convertible securities are also subject to the risks associated with derivatives.

#### Warrants and Rights Risk
If the price of the underlying stock does not rise above the exercise price before the warrant expires, the warrant generally expires without any value and the Company loses any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock. The failure to exercise subscription rights to purchase common stock would result in the dilution of the Company's interest in the issuing company. The market for such rights is not well developed, and, accordingly, the Company may not always realize full value on the sale of rights.

#### Debt Securities Risk
The values of debt securities may increase or decrease as a result of the following: market fluctuations, changes in interest rates, actual or perceived inability or unwillingness of issuers, guarantors or liquidity providers to make scheduled principal or interest payments, or illiquidity in debt securities markets. To the extent that interest rates rise, certain underlying obligations may be paid off substantially slower than originally anticipated and the value of those securities may fall sharply. A rising interest rate environment may cause the value of the Company's fixed income securities to decrease, an adverse impact on the liquidity of the Company's fixed income securities, and increased volatility of the fixed income markets. During periods of falling interest rates, the income received by the Company may decline. Changes in interest rates will likely have a greater effect on the values of debt securities of longer durations. Returns on investments in debt securities could trail the returns on other investment options, including investments in equity securities. High levels of inflation and/or a significantly changing interest rate environment can lead to heightened levels of volatility and reduced liquidity.

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#### Corporate Debt Risk
Corporate debt instruments pay fixed, variable or floating rates of interest. Some debt securities, such as zero coupon bonds, do not make regular interest payments but are issued at a discount to their principal or maturity value. The value of fixed-income securities in which the Company may invest will change in response to fluctuations in interest rates. In addition, the value of certain fixed-income securities can fluctuate in response to perceptions of creditworthiness, political stability or soundness of economic policies. Fixed-income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (i.e., market risk). Fixed income securities generally are not traded on exchanges. The off-exchange market may be illiquid and there may be times when no counterparty is willing to purchase or sell certain securities. The nature of the market may make valuations difficult or unreliable.

#### Distressed Securities Risk
An investment in the securities of financially distressed issuers can involve substantial risks. These securities may present a substantial risk of default or may be in default at the time of investment. The Company may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. In any reorganization or liquidation proceeding relating to a portfolio company, the Company may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Among the risks inherent in investments in a troubled entity is the fact that it frequently may be difficult to obtain information as to the true financial condition of such issuer. The Manager's judgment about the credit quality of the issuer and the relative value and liquidity of its securities may prove to be wrong.

#### New Issues Risk
The Company may invest in IPOs of U.S. equity securities and there is no assurance that the Company will have access to profitable IPOs. Securities issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may be available for very limited periods. In addition, some companies in IPOs are involved in relatively new industries or lines of business, which may not be widely understood by investors. Some of these companies may be undercapitalized or regarded as developmental stage companies, without revenues or operating income, or the near-term prospects of achieving them. Further, the prices of securities sold in IPOs may be highly volatile or may decline shortly after the IPO. When an IPO is brought to the market, availability may be limited and the Company may not be able to buy any shares at the offering price, or, if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like. The limited number of shares available for trading in some IPOs may make it more difficult for the Company to buy or sell significant amounts of shares.

#### Small-Cap and Mid-Cap Company Risk
Investing in the securities of companies with small or medium-sized market capitalizations ("small-cap" and "mid-cap" companies, respectively) presents some particular investment risks. Small-cap and mid-cap companies may have limited product lines and markets, as well as shorter operating histories, less experienced management and more limited financial resources than larger companies, and may be more vulnerable to adverse general market or economic developments. Stocks of these companies may be less liquid than those of larger companies, and may experience greater price fluctuations than larger companies. In addition, small-cap or mid-cap company securities may not be widely followed by investors, which may result in reduced demand.

#### Issuer-Specific Risk
An individual security may be more volatile, and may perform differently, than the market as a whole. The value of an issuer's securities may deteriorate because of a variety of factors, including disappointing earnings reports by the issuer, unsuccessful products or services, loss of major customers, major litigation against the issuer, or changes in government regulations affecting the issuer or the competitive environment. Certain unanticipated events, such as natural disasters, may have a significant adverse effect on the value of an issuer's securities.

#### Credit Risk
Credit risk is the risk that issuers, guarantors, or insurers may fail, or become less able or unwilling, to pay interest and/or principal when due. Changes in the actual or perceived creditworthiness of an issuer, factors affecting an issuer directly (such as management changes, labor relations, collapse of key suppliers or customers, or material

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changes in overhead), factors affecting the industry in which a particular issuer operates (such as competition or technological advances) and changes in general social, economic or political conditions can increase the risk of default by an issuer, which may affect a security's credit quality or value. Generally, the longer the maturity and the lower the credit quality of a security, the more sensitive it is to credit risk. In addition, lower credit quality may lead to greater volatility in the price of a security and may negatively affect a security's liquidity. Ratings represent a rating agency's opinion regarding the quality of the security and are not a guarantee of quality and do not protect against a decline in the value of a security. A downgrade or default affecting any of the Company's securities, or the issuers of the securities, in which the Company invests could affect the Company's performance. In addition, rating agencies may fail to make timely changes to credit ratings in response to subsequent events and a rating may become stale in that it fails to reflect changes in an issuer's financial condition. The credit quality of a security or instrument can deteriorate suddenly and rapidly, which may negatively impact its liquidity and value. The securities in which the Company invests may be subject to credit enhancement (for example, guarantees, letters of credit, or bond insurance). Entities providing credit or liquidity support also may be affected by credit risk. Credit enhancement is designed to help assure timely payment of the security; it does not protect the Company against losses caused by declines in a security's value due to changes in market conditions.

#### Non-U.S. Securities Risk
The Company may invest in non-U.S. securities. Such investments involve certain risks not involved in domestic investments. Securities markets in foreign countries often are not as developed, efficient or liquid as securities markets in the United States and, therefore, the prices of non-U.S. securities can be more volatile. Certain foreign countries may impose restrictions on the ability of issuers of non-U.S. securities to make payments of principal and interest or dividends to investors located outside the country. In addition, the Company will be subject to risks associated with adverse political and economic developments in foreign countries, which could cause the Company to lose money on its investments in non-U.S. securities. The Company will be subject to additional risks if it invests in non-U.S. securities, which include seizure or nationalization of foreign deposits. Non-U.S. securities may trade on days when the Common Shares are not priced or traded.

Rules adopted under the 1940 Act permit the Company to maintain its non-U.S. securities and foreign currency in the custody of certain eligible non-U.S. banks and securities depositories, and the Company expects that it will generally hold its non-U.S. securities and foreign currency in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently organized or new to the foreign custody business. In addition, there may be limited or no regulatory oversight of their operations. Also, the laws of certain countries limit the Company's ability to recover its assets if a foreign bank, depository or issuer of a security, or any of their agents, goes bankrupt. In addition, it is often more expensive for the Company to buy, sell and hold securities in certain foreign markets than in the United States. The increased expense of investing in foreign markets reduces the amount the Company can earn on its investments and typically results in a higher operating expense ratio for the Company than for investment companies invested only in the United States.

Certain banks in foreign countries may not be eligible sub-custodians for the Company, in which event the Company may be precluded from purchasing securities in certain foreign countries in which it otherwise would invest or the Company may incur additional costs and delays in providing transportation and custody services for such securities outside of such countries. The Company may encounter difficulties in effecting portfolio transactions on a timely basis with respect to any securities of issuers held outside their countries.

The economies of certain foreign markets may not compare favorably with the economy of the United States with respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of payments position. Certain foreign economies may rely heavily on particular industries or foreign capital and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a particular country or countries, changes in international trading patterns, trade barriers and other protectionist or retaliatory measures. Investments in foreign markets may also be adversely affected by governmental actions such as the imposition of capital controls, nationalization of companies or industries, expropriation of assets or the imposition of punitive taxes. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events, military action and other conditions may, without prior warning, lead to the governments of certain countries, or the U.S. Government with respect to certain countries, prohibiting or imposing substantial restrictions through capital controls and/or sanctions on foreign investments in the capital markets or certain industries in those countries. Capital controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory actions of one government against

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another government, such as seizure of assets. Any of these actions could severely impair the Company's ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to transfer the Company's assets or income back into the United States, and could negatively impact the value and/or liquidity of such assets or otherwise adversely affect the Company's operations, causing the Company's assets and the Common Shares to decline in value.

Other potential foreign market risks include foreign exchange controls, difficulties in pricing securities, defaults on foreign government securities, difficulties in enforcing legal judgments in foreign courts and political and social instability. Diplomatic and political developments, including rapid and adverse political changes, social instability, regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets, and the value of the Company's investments, in non-U.S. countries. These factors are extremely difficult, if not impossible, to predict and take into account with respect to the Company's investments.

In general, less information is publicly available with respect to foreign issuers than is available with respect to U.S. companies. Accounting standards in other countries are not necessarily the same as in the United States. If the accounting standards in another country do not require as much detail as U.S. accounting standards, it may be harder for the Manager to completely and accurately determine a company's financial condition.

Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to the same extent as such regulations exist in the United States. They also may not have laws to protect investors that are comparable to U.S. securities laws. For example, some foreign countries may have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company's securities based on material non-public information about that company. In addition, some countries may have legal systems that may make it difficult for the Company to vote proxies, exercise shareholder rights, and pursue legal remedies with respect to its non-U.S. securities.

Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S. investments. Communications between the United States and foreign countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement. At times, settlements in certain foreign countries have not kept pace with the number of securities transactions. These problems may make it difficult for the Company to carry out transactions. If the Company cannot settle or is delayed in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be uninvested with no return earned thereon for some period. If the Company cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Company could be liable for any losses incurred.

While the volume of transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of the NYSE. Accordingly, the Company's non-U.S. securities may be less liquid and their prices may be more volatile than comparable investments in securities in U.S. companies.

#### Leverage Risk
Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares as described in this prospectus. Following the completion of the combined transaction and the investment of the net proceeds from the combined transaction , subject to market conditions, the Company intends, as part of its leveraging strategy, to issue unsecured, fixed-rate investment grade bonds and anticipates that over time it will maintain a ratio of approximately 15% to low 20s% debt to total assets in order to enhance its long-term returns. The Company intends to operate with a capital structure that it expects will allow it to be an investment grade bond issuer. The Manager's use of leverage has historically involved accessing a modest amount of low-cost, long-term, covenant-light, investment grade bonds. Historically, the Manager has only agreed to debt incurrence covenants for the core funds at thresholds well above the amount of leverage it intends to use in its strategy and has generally not used any margin borrowings for the core funds. There can be no assurance that the Company will be able to utilize leverage on terms that the Manager deems favorable at any given time. The use of leverage creates an opportunity for increased returns on the Company's investment portfolio, but also creates risks for the Common

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Shareholders, including the likelihood of greater volatility of NAV and the market price of the Common Shares than a comparable portfolio without leverage. The use of leverage is also accompanied by interest expense and other costs of borrowing. If the benefits to NAV of the use of leverage do not exceed such expenses or costs, it will have a negative effect on total return.

The Company may also be subject to certain restrictions on investments imposed by the guidelines of one or more rating agencies, which may issue ratings for any debt securities or preferred shares issued by the Company. The terms of any borrowings or these rating agency guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the 1940 Act. The Manager does not believe that these covenants or guidelines will impede it from managing the Company's portfolio in accordance with the Company's investment objective and policies.

The Company cannot assure you that the use of leverage, if employed, will result in a higher return on the Common Shares. Any leveraging strategy the Company employs may not be successful.

In addition to the foregoing, the use of leverage treated as indebtedness of the Company for U.S. federal income tax purposes may reduce the amount of Company dividends that are otherwise eligible for the dividends received deduction in the hands of corporate shareholders.

The Company may invest in the securities of other investment companies. Such investment companies may also be leveraged, and will therefore be subject to the leverage risks described above and potentially other risks depending on the types of leverage employed by such investment companies. This additional leverage may in certain market conditions reduce the Company's NAV and the returns to Common Shareholders.

#### Event Risk
Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company's securities may decline significantly.

#### Defensive Investing Risk
For defensive purposes, including in response to adverse market, economic, political or other conditions, the Company may allocate assets into cash or short-term fixed-income securities without limitation. In doing so, the Company may succeed in avoiding losses but may otherwise fail to achieve its investment objective. Further, the value of short-term fixed-income securities may be affected by changing interest rates and by changes in credit ratings of the investments. If the Company holds cash uninvested it will be subject to the credit risk of the depository institution holding the cash.

#### When-Issued, Forward Commitment and Delayed Delivery Transactions Risk
The Company may purchase securities on a when-issued basis (including on a forward commitment or "TBA" (to be announced) basis) and may purchase or sell securities for delayed delivery. When-issued and delayed delivery transactions occur when securities are purchased or sold by the Company with payment and delivery taking place in the future to secure an advantageous yield or price. Securities purchased on a when-issued or delayed delivery basis may expose the Company to counterparty risk of default as well as the risk that securities may experience fluctuations in value prior to their actual delivery. The Company will not accrue income with respect to a when-issued or delayed delivery security prior to its stated delivery date. Purchasing securities on a when-issued or delayed delivery basis can involve the additional risk that the price or yield available in the market when the delivery takes place may not be as favorable as that obtained in the transaction itself.

#### Securities Lending Risk
The Company may lend its portfolio securities (in which case the Company will receive all revenues from such securities lending). By doing so, the Company attempts to increase its income through the receipt of interest on the loan, in addition to the underlying dividends and other income from the securities. In the event of the bankruptcy of the borrower of the securities, the Company could experience delays in recovering the loaned securities or the revenues from securities lending. To the extent that the value of the securities the Company lent has increased, the Company could experience a loss if such securities are not recovered.

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#### Dilution Risk
The voting power of current Common Shareholders will be diluted to the extent that current Common Shareholders do not purchase Common Shares in any future offerings of Common Shares or do not purchase sufficient Common Shares to maintain their percentage interest. If the Company is unable to invest the proceeds of such offering as intended, the Company's NAV may decrease, and the Company may not participate in market advances to the same extent as if such proceeds were fully invested as planned. If the Company sells Common Shares at a price below NAV pursuant to the consent of Common Shareholders, shareholders will experience a dilution of the aggregate NAV because the sale price will be less than the Company's then-current NAV.

#### Market Disruption and Geopolitical Risk and Recent Market Conditions
Factors such as economic slowdowns, equity prices, equity market volatility, asset or market correlations, interest rates, inflation, counterparty risks, availability of credit, economic uncertainty, changes in laws or regulations (including laws relating to the financial markets generally or the taxation or regulation of asset managers), trade barriers and tariffs, disease, supply chain pressures, commodity prices, currency exchange rates and controls, heightened geopolitical tensions, governmental instability or dysfunction, wars or other armed conflicts, U.S. federal government shutdowns, terrorist acts (including cyberterrorism), major or prolonged power outages or network interruptions, pandemics or severe public health events, the effects of climate change and changes in law and/or regulation, and uncertainty regarding government and regulatory policy can have a material impact on the Company's operating results, financial condition, the value of the Company's investments and return on the Common Shares. For example, geopolitical instability has in recent years become more prevalent. The ongoing conflicts in the Middle East, Eastern Europe and Iran, and the global responses thereto, have contributed, and may continue to contribute, to volatility in the global financial markets, which may adversely impact the value of the Company's investments and return on the Common Shares.

Other market, economic and geopolitical factors that may adversely affect the performance of the Company's investments include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;• economic slowdown or recession in the United States and internationally;

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. federal government shutdowns;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in interest rates and/or a lack of availability of credit in the United States and internationally;

&nbsp;&nbsp;&nbsp;&nbsp;• higher prices for commodities and other goods; and

&nbsp;&nbsp;&nbsp;&nbsp;• changes in law and/or regulation, and uncertainty regarding government and regulatory policy.

Despite overall resilience in some geographies, many economies have in recent years experienced periods of deceleration. Further economic deceleration or contraction in the rate of global growth in certain industries, sectors or geographies, including as a result of the ongoing conflicts in the Middle East and Eastern Europe, and any global responses thereto, as discussed above may contribute to poor financial results at the issuers in which the Company invests, which may result in lower returns on the Common Shares. For example, periods of economic weakness have contributed and may in the future contribute to decreased consumer demand for certain goods and services, which could have an adverse effect on certain of the Company's investments. The performance of the issuers in which the Company invests would also likely be negatively impacted if pressure on wages and other inputs increasingly pressures profit margins. To the extent the performance of those companies (as well as valuation multiples) does not improve, the Company may exit positions at values that are less than projected or even at a loss, thereby significantly affecting investment performance.

#### Legal, Tax and Regulatory Risks
Legal, tax and regulatory changes could occur that may have material adverse effects on the Company. The financial services industry generally, and the activities of investment companies and their managers, in particular, have been subject to intense and increasing regulatory oversight. Such scrutiny may increase the Company's exposure to potential liabilities and to legal, compliance and other related costs. Increased regulatory oversight may impose administrative burdens on us, including, without limitation, responding to investigations and implementing new policies and procedures. Such burdens may divert time, attention and resources from portfolio management activities.

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Changes enacted by the current or a subsequent presidential administration could significantly impact the regulation of financial markets in the U.S. Areas subject to potential change, amendment or repeal include trade barriers, tariffs and trade policy, foreign policy, corporate tax rates, energy and infrastructure policies, the environment and sustainability, criminal and social justice initiatives, immigration, healthcare and the oversight of certain federal financial regulatory agencies and the Federal Reserve. Certain of these changes can, and have, been effectuated through executive order. Other potential changes that could be pursued a presidential administration could include an increase in the corporate income tax rate and changes to regulatory enforcement priorities. It is not possible to predict which, if any, of these actions will be taken or, if taken, their effect on the economy, securities markets or the financial stability of the U.S. The Company may be affected by governmental action in ways that are not foreseeable, and there is a possibility that such actions could have a significant adverse effect on the Company and its ability to achieve its investment objective.

In addition, the SEC and its staff are engaged in various initiatives and reviews that seek to improve and modernize the regulatory structure governing investment companies. Any new rules, guidance or regulatory initiatives resulting from these efforts could increase the Company's expenses and impact its returns to Common Shareholders or, in the extreme case, impact or limit the Company's use of various portfolio management strategies or techniques and adversely impact the Company.

To qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Company must, among other things, satisfy certain quarterly asset diversification tests and derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute for each taxable year at least 90% of its "investment company taxable income" (generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). The Company intends to distribute at least the minimum amount necessary to qualify for such favorable U.S. federal income tax treatment and will be subject to tax on any undistributed taxable income or gains, including net capital gain.

If for any taxable year the Company does not qualify as a RIC, all of its taxable income for that year (including its net capital gain) would be subject to tax at regular corporate rates without any deduction for distributions to shareholders, and such distributions would be taxable as ordinary dividends to the extent of the Company's current and accumulated earnings and profits (as determined for U.S. federal income tax purposes).

Recent events have created a climate of heightened uncertainty and introduced new and difficult-to-quantify macroeconomic and political risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, inflation, foreign exchange rates, trade volumes and fiscal and monetary policy. To the extent the U.S. Congress or a presidential administration implements changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, corporate taxes, healthcare, the U.S. regulatory environment, inflation and other areas. Although the Company cannot predict the impact, if any, of these changes to the Company's business, they could adversely affect the Company's business, financial condition, operating results and cash flows. Until the Company knows what policy changes are made and how those changes impact the Company's business and the business of the Company's competitors over the long term, the Company will not know if, overall, the Company will benefit from them or be negatively affected by them.

The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. Revisions in U.S. federal tax laws and interpretations of these laws could adversely affect the tax consequences of your investment.

#### Subsidiary Risk
The Company may seek to gain exposure to futures and swaps primarily through investments in the Cayman Subsidiary. By investing in the Cayman Subsidiary, the Company is indirectly exposed to the risks associated with the Cayman Subsidiary's investments. The investments held by the Cayman Subsidiary are subject to the same risks that apply to similar investments if held directly by the Company. The Cayman Subsidiary is not a registered investment company under the 1940 Act. However, the Company wholly owns and controls the Cayman Subsidiary, making it unlikely that it will take action contrary to the interests of the Company and the Common Shareholders. The Board has oversight responsibility for the investment activities of the Company, including its investment in the Cayman Subsidiary, and its role as sole shareholder of the Cayman Subsidiary. The Company and the Cayman Subsidiary will be subject to the same investment restrictions and limitations on a consolidated basis and will follow the same compliance policies and procedures as the Company. Changes in the laws of the United States and/or the

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Cayman Islands could result in the inability of the Cayman Subsidiary to operate as described herein and could adversely affect the Company. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Cayman Subsidiary. If Cayman Islands law changes such that the Cayman Subsidiary must pay Cayman Islands taxes, the Common Shareholders could suffer decreased investment returns.

#### Execution Risk
The Company's investment and trading strategies depend on its ability to establish and maintain an overall market position in a combination of financial instruments selected by the Manager. The Company's trading orders may not be executed in a timely and efficient manner due to various circumstances, including, for example, trading volume surges or systems failures attributable to the Company, the Manager, the Company's counterparties, brokers, dealers, agents or other service providers. In such event, the Company might only be able to acquire or dispose of some, but not all, of the components of such position, or if the overall position were to need adjustment, the Company might not be able to make such adjustment. As a result, the Company would not be able to achieve the market position selected by the Manager, which may result in a loss. In addition, the Company will rely heavily on electronic execution systems (and may rely on new systems and technology in the future), and such systems may be subject to certain systemic limitations or mistakes, causing the interruption of trading orders made by the Company. Losses resulting from delays in trade execution and settlement could have a material adverse effect on the performance of the Company.

#### Reliance on Third-Party Service Providers Risk
The Company and the Manager are reliant on third-party service providers for certain investment services and technology platforms that facilitate the Company's and the Manager's operations, including, but not limited to, prime brokerage and cloud-based services. The Company and the Manager generally have less control over the delivery of such third-party services, and as a result, may face disruptions to their ability to operate as a result of interruptions of such services. For example, a prolonged global failure of cloud services could result in cascading systems failures.

The Company and the Manager depend on the services of custodians, counterparties, administrators and other agents, including to carry out certain securities and derivatives transactions and other administrative services. The Company is subject to risks of errors and mistakes made by these third parties, which may be attributed to the Company and subject the Company to reputational damage, penalties or losses. The terms of the contracts with these third-party service providers are often customized and complex, and many of these arrangements occur in markets or relate to products that are subject to limited or no regulatory oversight. The Company may be unsuccessful in seeking reimbursement or indemnification from these third-party service providers.

The Company is subject to the risk that the counterparty to one or more of these contracts defaults, either voluntarily or involuntarily, on its performance under the contract. Any such default may occur suddenly and without notice to the Company. Moreover, if a counterparty defaults, the Company and the Manager may be unable to take action to cover the Company's exposure, either because the Company lacks contractual recourse or because market conditions make it difficult to take effective action. This inability could occur in times of market stress, when defaults are most likely to occur. In addition, the Company and the Manager may not accurately anticipate the effects of market stress or counterparty financial condition, and as a result, the Company and the Manager may not have taken sufficient action to reduce the Company's risks effectively. Default risk may arise from events or circumstances that are difficult to detect, foresee or evaluate. In addition, concerns about, or a default by, one large participant could lead to significant liquidity problems for other participants, which may in turn expose the Company and the Common Shareholders to significant losses.

In the event of the insolvency of a counterparty or any other party that is holding assets of the Company as collateral, the Company might not be able to recover equivalent assets in full as they will rank among the counterparty's unsecured creditors in relation to the assets held as collateral. In addition, the Company's cash held with a counterparty generally will not be segregated from the counterparty's own cash, and the Company may therefore rank as an unsecured creditor in relation thereto.

#### Cybersecurity Risk
The Company's operations are highly dependent on technology platforms and other information technology systems (in particular third-party information technology systems). Such systems face ongoing cybersecurity threats and attacks, which, if successful, could result in the loss of the confidentiality, integrity or availability of such

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systems and the data held by such systems. Attacks on such systems could involve attempts intended to obtain unauthorized access to the Company's proprietary information, destroy data, disable, degrade or sabotage such systems, or divert or otherwise steal funds, including through the introduction of computer viruses, "phishing" attempts and other forms of social engineering. Attacks on such systems could also involve ransomware or other forms of cyber extortion. Cyberattacks and other data security threats could originate from a wide variety of external sources, including cyber criminals, nation state hackers, hacktivists and other outside parties. Cyberattacks and other security threats could also originate from the malicious or accidental acts of insiders, such as employees of the Manager, consultants, independent contractors or other service providers.

There has been an increase in the frequency and sophistication of cyber and data security threats, with attacks ranging from those that are common to many businesses to those that are more advanced and persistent, which may target the Company or the Manager because it holds a significant amount of confidential and sensitive information about investors and investments. As a result, the Company may face a heightened risk of a security breach, ransomware attack or other disruption with respect to this information. Measures taken to ensure the integrity of systems may not provide adequate protection, especially because cyberattack techniques are continually evolving, may persist undetected over extended periods of time, and may not be mitigated in a timely manner to prevent or minimize the impact on the Company, the Manager and investors. Such attacks also may be enhanced through malicious actors' use of artificial intelligence. Further, the use of remote work environments, mobile technology and virtual platforms, as well as geopolitical tensions or conflicts, such as the ongoing conflicts in the Middle East and Eastern Europe, may create a heightened risk of cyberattacks or other data security breaches.

In addition, the Company could also suffer losses in connection with updates to, or the failure of its service providers to timely update, technology platforms. The Company and the Manager rely on third-party service providers for certain aspects of their operations, as well as for certain technology platforms, including cloud-based services. See "—*Reliance on Service Providers Risk*." These third-party service providers also face ongoing cybersecurity threats and the risk of compromises to their systems, and as a result, unauthorized individuals could gain, and in some past instances have gained, access to certain confidential data of their clients.

Breaches in the Company's security or in the security of its third-party service providers, whether malicious in nature or through inadvertent transmittal or other loss of data, could potentially jeopardize the information that is processed and stored in, and transmitted through, such computer systems, or otherwise cause interruptions or malfunctions in businesses and operations. If the Manager's systems or those of third-party service providers (or its data stored within) are compromised, either as a result of malicious activity or through inadvertent transmittal or other loss of data, or do not operate properly or are disabled, and if this occurs and the Company or the Manager fails to provide the appropriate regulatory or other notifications in a timely manner, the Company could suffer financial loss, increased costs, a disruption of its operations, liability to its counterparties or investors, regulatory actions (and resulting fines or other penalties), negative publicity or reputational damage. The costs related to cybersecurity or other data security threats or disruptions may not be fully insured or indemnified by other means. Furthermore, any such breach may cause investors to lose confidence in the effectiveness of the Company's and the Manager's security measures and in the Company more generally.

#### Climate Change Risk
The Company faces risks associated with climate change, including risks related to the impact of climate and sustainability-related legislation and regulation, risks related to business trends on climate change and sustainability, and risks stemming from the physical impacts of climate change. Climate and sustainability-related regulations or interpretations of existing laws may result in enhanced disclosure obligations, which could negatively affect the Company and materially increase compliance costs and regulatory scrutiny.

In addition to increasing climate and sustainability-related disclosure obligations, initiatives seeking to address climate change through regulation of greenhouse gas emissions have been adopted by, are pending or have been proposed before international and regional regulatory authorities around the world, which could result in, among other risks, changing legal requirements that could result in increased permitting and compliance costs, changes in business operations, or the discontinuance of certain operations, litigation seeking monetary or injunctive relief related to climate impacts, a declining market for products and services seen as greenhouse gas intensive or less effective than alternatives in reducing greenhouse gas emissions and risks tied to changing customer or community perceptions of an asset's relative contribution to greenhouse gas emissions. These risks could result in a material adverse effect on the value of issuers in which the Company invests and, therefore, the return on the Common

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Shares. Further, significant chronic or acute physical effects of climate change, including extreme weather events such as hurricanes or floods, can also have an adverse impact on certain of the Company's investments, especially those investments that rely on physical factories, stores, plants or other assets located in the affected areas or that focus on tourism or recreational travel.

#### Risks Related to Environmental, Social and Governance Matters
The Company and the Manager may be subject to competing demands from different investors and other stakeholder groups with divergent views on environmental, social and governance ("ESG") matters, including the role of ESG in the investment process. For example in recent years, certain investors have placed increasing importance on the impacts of investments made by private funds, while certain other investors have raised concerns as to whether the incorporation of ESG factors in the investment process may be inconsistent maximizing returns for investors. This divergence in views increases the risk that any action by the Company or the Manager, or lack thereof, with respect to ESG matters will be perceived negatively by at least some stakeholders.

#### Securities Act Liability
The Securities Act contains several provisions providing for private rights of action for investors who suffer losses due to material misstatements or omissions in connection with the offer and sale of securities. You may have additional difficulty determining liability and damages for claims brought under these provisions in connection with the combined offering. Even though this offering and the PS Inc. IPO are component parts of a single offering, it is uncertain how a court would assess liability and calculate any damages to which you may be entitled from PS Inc. in a successful claim, given that investors in the combined offering will pay no additional or separate consideration for shares of PS Inc. Common Stock.

#### Large Investor Risk
Ownership of Common Shares may be concentrated among certain institutional investors who purchase Common Shares in this offering. The purchase of Common Shares by one or more institutional investors or by the management investors could, depending on the size of such ownership, result in such investors being a position to exercise significant influence on matters put to a vote of shareholders. Dispositions of shares by large investors could adversely impact the market price and premium or discount to NAV at which the Common Shares trade. In certain circumstances, dispositions of Common Shares by large investors could potentially limit the Company's use of any capital loss carryforwards and certain other losses to offset future realized capital gains (if any).

The Manager will have an aggregate investment in the Company of $150 million upon the completion of the Pershing Square Investment. The Manager has also agreed with the Company that it will not sell, transfer or otherwise dispose of the Common Shares or the Series A Preferred Shares acquired as part of the Pershing Square Investment prior to the date that is the twenty-five (25) year anniversary of the closing date of the combined offering, subject to certain exceptions. In connection with the completion of the combined offering and the Pershing Square Investment, the Company will enter into the Registration Rights Agreement, pursuant to which the Manager (or its permitted transferees, as applicable) will, following the expiration of the lock-up period of the Common Shares acquired in the Pershing Square Investment (i.e., the date that is the twenty-five (25) year anniversary of the closing date of the combined offering), have the right to cause the Company to use commercially reasonable efforts to file a registration statement and to use best efforts to cause such registration statement to be declared effective as soon as practicable (but in no event later than 60 days) thereafter, providing for the resale, under Rule 415 of the Securities Act, of the Common Shares acquired by the Manager in the Pershing Square Investment and any other equity securities of the Company purchased on the open market, subject to certain conditions as provided in the Registration Rights Agreement. The Company will bear the cost of registering these securities. The registration and availability of such a significant number of Common Shares for trading in the public market may have an adverse effect on the market price of the Common Shares.

#### Forum Selection Clause Risk
The Declaration of Trust includes an exclusive forum provision which states that, unless the Company consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for (i) any derivative suit, action or proceeding brought on behalf of the Company, (ii) any suit, action or proceeding asserting a claim of breach of a fiduciary duty owed by any trustee, officer, or employee of the

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#### **TABLE OF CONTENTS**
Company to the Company or the shareholders, (iii) any suit, action or proceeding asserting a claim against the Company or any trustee, officer, or employee of the Company arising pursuant to any provision of the DSTA, the Declaration of Trust or the Bylaws, or federal law, or (iv) any suit, action or proceeding asserting a claim against the Company or any trustee, officer, or employee of the Company governed by the internal affairs doctrine of the State of Delaware; provided, however, that, in the event that the Court of Chancery of the State of Delaware lacks jurisdiction over any such suit, action or proceeding, the sole and exclusive forum for such action or proceeding shall be another state or federal court located within the State of Delaware. These exclusive forum provisions may increase costs for a shareholder to bring a claim or may limit a shareholder's ability to bring a claim in a judicial forum that they find convenient or favorable. Further, the enforceability of an exclusive forum provision is questionable. These exclusive forum provisions do not apply to any claims, suits, actions or proceedings asserted under the U.S. federal securities laws.

Any person or entity purchasing or otherwise acquiring any interest in any shares of the Company's capital stock shall be deemed to have notice of and to have consented to the exclusive forum provision in the Declaration of Trust. This exclusive forum provision may limit a shareholder's ability to bring a claim in a different judicial forum, including one that it may find favorable or convenient for a specified class of disputes with the Company or the Company's trustees, officers or other shareholders, which may discourage such lawsuits. Alternatively, if a court were to find this provision in the Declaration of Trust inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions.

#### Anti-Takeover Provisions Risk
The Company's Governing Documents include provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Company or to change the composition of the Board and could have the effect of depriving Common Shareholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Company. See "*Anti-Takeover and Other Provisions in the Company's Governing Documents*."

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#### MANAGEMENT OF THE COMPANY

#### Board of Trustees
Pursuant to the Company's Declaration of Trust and Bylaws, the Company's business and affairs are managed under the direction of the Board, which has overall responsibility for monitoring and overseeing the Company's management and operations. The Manager, under the general supervision of the Board, acts as the Company's investment manager. The Board consists of six Trustees. Five of the Trustees are not "interested persons" of the Company or of the Manager for purposes of Section 2(a)(19) of the 1940 Act and are "independent," as determined by the Board.

The following is a list of the names, business addresses, ages, present positions with the Company and length of time served with the Company, principal occupations during the past five years and other directorships held by each Trustee during the past five years.

#### Trustees
Information regarding the Board is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<sup>(1)</sup> and** <br>**Age of Trustee** | **Position(s) Held** <br>**with the** <br>**Company** | **Term of** <br>**Office<sup>(2)</sup> and** <br>**Length of** <br>**Time Served** | **Principal Occupation(s)** <br>**During Past Five Years** | **Number of** <br>**Portfolio** <br>**Companies in** <br>**Fund Complex<sup>(3)</sup>** <br>**Overseen by** <br>**Trustee** | **Other** <br>**Directorships Held** <br>**by the Trustee** <br>**During Past** <br>**Five Years**  |
| **Independent Trustees:**<br>|  |  |  |  |  |
| **Barry Barbash, Age 72** | Trustee and Chairman of the Board | Since 2024 | Current: Investment Management Consultant (2023 - Present); Adjunct Professor (2004 - Present)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Former: Senior Counsel, Willkie Farr and Gallagher LLP (2019 - 2023); Partner, Willkie Farr and Gallagher LLP (1987 - 1993 and 2006 - 2019) | N/A | None.  |
| **Evan Bakst, Age 59** | Trustee | Since 2024 | Current: Managing Partner, Treetop Capital (2013 - Present)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Former: Director, Alphatec Holdings, Inc. (2018 - 2025); Director, Sonacare Medicare, LLC (n/k/a Sonablate Corp.) (2014 - 2021) | N/A | None.  |
| **Anne Farlow, Age 60** | Trustee | Since 2024 | Current: Caledonia Investments plc (2022 - Present); Member of Development Committee, Sidney Sussex College, Cambridge (2023 - Present)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Former: Chairman, Pershing Square Holdings, Ltd. (2014 - 2024) | N/A | Current: Caledonia Investments plc (2022 - Present)  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<sup>(1)</sup> and** <br>**Age of Trustee** | **Position(s) Held** <br>**with the** <br>**Company** | **Term of** <br>**Office<sup>(2)</sup> and** <br>**Length of** <br>**Time Served** | **Principal Occupation(s)** <br>**During Past Five Years** | **Number of** <br>**Portfolio** <br>**Companies in** <br>**Fund Complex<sup>(3)</sup>** <br>**Overseen by** <br>**Trustee** | **Other** <br>**Directorships Held** <br>**by the Trustee** <br>**During Past** <br>**Five Years**  |
| **Bruce Herring, Age 60** | Trustee | Since 2024 | Current: Board Member, Anchor Health (2019 - Present); Member, Board of Trustees, Babson College (2006 - Present); Member, Board of Trustees, Olin College (2020 - Present); Massachusetts Commission on Judicial Conduct (Member, 2021 - Present; Chair, 2025 - Present)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Former: Board Member, Financial Accounting Foundation (2020 – 2024); Board Member, RAW Art Works (2009 - 2025) | N/A | None.  |
| **Lisa Polsky, Age 69** | Trustee | Since 2024 | Current: Trustee for AQR Funds (2025 – Present); Director, HSBC Bank USA, N.A. (2023 - Present); Director, MFA Financial, Inc. (2019 - Present); Director, Vertex Holdco, Inc. (2021 - Present)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Former: Member, Advisory Council, ConsenSys Software, Inc. (2020 - 2022); Trustee, Guardian Life's Variable Products Trust (2016 - 2022); Director, Deutsche Bank AG (2016 - 2021) | N/A | Current: Director, MFA Financial, Inc. (2019 - Present)  |
| **Interested Trustee:**<br>|  |  |  |  |  |
| **Nicholas A. Botta, Age 52** | Trustee | Since 2024 | Former: Vice Chairman, PSCM (2024 – 2025); President, PSCM (2017 - 2024); Director, Pershing Square Holdco GP, LLC (2024 – 2025); Director, Pershing Square International, Ltd. (2014 – 2025); Director, Pershing Square Holdings, Ltd. (2012 – 2024); | N/A | None. |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The business address of each trustee is c/o Pershing Square Capital Management, L.P., 787 Eleventh Avenue, 9<sup>th</sup> Floor, New York, New York 10019.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Trustees shall be elected at an annual meeting or special meeting in lieu thereof called by the Board for that purpose and each Trustee elected shall hold office until his or her successor shall have been elected and shall have qualified.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The "Fund Complex" consists solely of the Company as there are no related or affiliated 1940 Act registered investment companies.

The following is a summary of the experience, qualifications, attributes and skills of each Trustee that support the conclusion, as of the date of this prospectus, that each Trustee should serve as a Trustee of the Company.

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References to the qualifications, attributes and skills of Trustees do not constitute the holding out of any Trustee as being an expert under Section 7 of the Securities Act or the rules and regulations of the SEC and shall not impose any greater responsibility or liability on any such person or the Board by reason thereof.

#### Independent Trustees
***Barry Barbash. Mr. Barbash retired from the full-time practice of law in July of 2023. He was, until his retirement, an active practitioner in the asset management area for more than 40 years. He is the former Director of the SEC's Division of Investment Management, a position he held from 1993 to 1998. In his capacity as Director of the Division of Investment Management, Mr. Barbash had principal oversight responsibility for the U.S. mutual fund and closed-end investment company industry, U.S. and non-U.S. investment managers and U.S. based or sponsored private funds, including hedge funds. From 2006 to 2023, Mr. Barbash was a Partner, and then Senior Counsel, in the Asset Management Group of the law firm of Willkie Farr and Gallagher LLP. His practice included advising financial services company clients on a wide range of transactions and regulatory matters. Mr. Barbash was an associate and then a Partner at Willkie Farr and Gallagher LLP prior to his role as Director of the SEC's Division of Investment Management. He was a Partner with the law firm of Shearman & Sterling LLP, now known as A&O Shearman, from 1998 to 2006. Since his retirement from Willkie Farr and Gallagher LLP, Mr. Barbash has served as an investment management consultant and has taught as an adjunct professor of law at two Washington DC-based law schools.***

Mr. Barbash earned an A.B., *summa cum laude* from Bowdoin College and a J.D. from Cornell Law School.

***Evan Bakst. Mr. Bakst has more than 30 years of private equity and public market investing experience. He is the Founder and Managing Partner of Treetop Capital, a fundamental, value-oriented investment firm focused primarily on private and public small to midcap healthcare companies. Before launching Treetop, Mr. Bakst spent seven years (2005-2012) at Tremblant Capital, a long/short equity hedge fund, where he led the global healthcare group and was a member of the Executive, Operating, Investment and Risk Committees. Prior to joining Tremblant, Mr. Bakst was a Principal at JPMorgan Partners, LLC (2000-2005), where he shared the day-to-day responsibility for managing the healthcare buyout practice. Previously, Mr. Bakst was a Managing Director at The Beacon Group and a Consultant at Bain and Company. Mr. Bakst is currently an observer on the Board of Sonablate Corp. and was formerly on the Boards of Accordant Health Services, Alphatec Holdings, Inc., Cadent Holdings, Inc., FundsXpress Inc., Iasis Healthcare, MedQuest Associates, National Surgical Care, Quality Tubing Inc. and ValueOptions.***

Mr. Bakst earned a B.A. in Economics from the University of California, Berkeley, and an M.B.A. from the Harvard Business School.

***Anne Farlow. Ms. Farlow has significant experience with closed end investment companies, initially as a private equity investment professional and latterly as a non-executive board director. She served as the Chairman of the Board and independent director of Pershing Square Holdings, Ltd., a FTSE100 investment company managed by the Manager from its listing on the London stock exchange in 2014, until May 2024. She is a non-executive director of Caledonia Investments plc, an investment trust listed on the London Stock Exchange, and is on the Development Committee of Sidney Sussex College, Cambridge. Since 2005, she has been an active investor in and non-executive director of various unlisted companies. From 2000 to 2005, she was a director of Providence Equity Partners in London, and was one of the partners responsible for investing a $2.8 billion fund in telecom and media companies in Europe. From 1992 to 2000, she was a director of Electra Partners, and was based in London from 1992 to 1996 and Hong Kong from 1996 to 2000. Prior to working in private equity, Ms. Farlow worked as a banker for Morgan Stanley, and as a management consultant for Bain and Company.***

Ms. Farlow graduated from Cambridge University with a MA in engineering in 1986 and a MEng in chemical engineering in 1987. She obtained an MBA from Harvard Business School in 1991.

***Bruce Herring. Mr. Herring was a member of the Financial Accounting Foundation (FAF) Board of Trustees from 2020 to 2024. Mr. Herring retired in 2018 as President of Strategic Advisers, a Fidelity Investments Company with approximately $340 billion in assets under management, capping a career at Fidelity that spanned more than three decades. As President of Strategic Advisers, he oversaw a team of 300 professionals focused on retail and workplace managed account solutions, wealth planning and personal trust offerings and guidance and planning methodologies. Previously, Mr. Herring served as Chief Investment Officer for the Global Asset Allocation division that managed Fidelity's multi-asset class fund and managed account offerings. In his prior role, he was Group Chief Investment Officer of Fidelity's Equity division where he managed international and domestic funds and portfolio***

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management teams. He also oversaw investment offices in London and Hong Kong. Earlier in his career, he was a portfolio manager running sector based, regional non-U.S., and U.S. equity portfolios for fifteen years. He also directed research in Tokyo and the U.S.

Mr. Herring has served since 2006 as a Trustee for his alma mater, Babson College. He has chaired the Affordability Task Force, the Investment Committee (over 10 years), and the Presidential Search Committee. He is a member of the Executive Committee and for 6 years was Vice Chair of the Babson College Board. He has served as a member of the Massachusetts Commission on Judicial Conduct since 2021 and as its Chair since 2025. He also is a member of the Olin College board of trustees and chairs their Investment Committee. From 2009 to 2025, he served as the Board Chair for RAW Art Works, a nonprofit that supports underserved youth on Boston's north shore. Mr. Herring has also served as a member of the Board of Anchor Health and Fitness since 2019.

Mr. Herring graduated from Babson College with a B.S. in Finance and Investment in 1987. He is also a CFA charterholder.

***Lisa Polsky. Ms. Polsky has served on corporate boards since joining Piper Jaffray's board in 2007, where she chaired the Compensation and Audit Committees. She served on the Board of thinkorswim, an on-line broker, which was sold to TD Ameritrade. She is a Qualified Financial Expert who has chaired Audit Committees for Piper and Guardian Variable Products Trust, and currently chairs the Audit Committee for MFA Financial. Ms. Polsky chaired the Risk Committee for Deutsche Bank U.S. and served on the board of Verifone. Ms. Polsky is currently a member of HSBC's North America and U.S. Bank Boards, and MFA Financial's board where she chaired the Nominating & Governance Committee and currently chairs the Audit Committee. Over her career, Ms. Polsky has been on the Board of the Philadelphia Stock Exchange, chaired the Security Industry Association's Risk Committee, as well as serving on the Boards of the Global Assn. of Risk Professionals (GARP), International Assn. of Financial Engineers (IAFE) and the International Swaps and Derivatives Assn (ISDA). In addition to her Board work, Ms. Polsky has been a Senior Advisor to AQR Capital, and served on the Advisory Boards of ConsenSys, a global blockchain and etherium software web 3 company, and Ultra Capital, a sustainable infrastructure fund. Ms. Polsky has also served as a Trustee for AQR Capital mutual funds since November 2025.***

Ms. Polsky spent the first half of her career building and running businesses. She launched Citibank's FX Option business in 1982, expanding it to cover fixed income, precious metals and equity derivatives. At Bankers Trust, Ms. Polsky ran and helped build the hedge fund business, and launched structured products on funds. She joined Morgan Stanley in 1996, becoming the firm's Chief Risk Officer. She helped expand the risk management function across risk types as well as from banking into asset management. In asset management, Ms. Polsky worked to launch a hedge fund platform with Morgan Stanley alumni. She was also a member of Jane Street Capital, a high-frequency trading firm and market-maker in ETFs, focusing on their risk management framework. Ms. Polsky served as the Chief Risk Officer at CIT from 2010-2015, working closely with the Federal Reserve and other regulators, resolving issues under a Written Agreement and building out the governance and risk frameworks necessary to comply with Enhanced Prudential Standards.

She is in the Risk Management Hall of Fame, the Derivative Strategy Hall of Fame and is a Women's Bond Club Merit Award winner. She is a founding member of Women on Wall Street and an angel investor in 100 Women in Hedge Funds. Ms. Polsky received a B.S. degree in International Business & Economics from New York University in 1979.

#### Interested Trustee
***Nicholas A. Botta. Mr. Botta served as the Manager's Vice-Chairman from 2024 to 2025, as a Director of Pershing Square Holdings, Ltd. from 2012 to 2024 and as a director of Pershing Square International, Ltd. from 2014 to 2025. Until March 2017, when Mr. Botta became President of the Manager, he was the Manager's Chief Financial Officer. Mr. Botta also worked as controller and then as Chief Financial Officer of Gotham Partners from 2000 to 2003. From 1997 to 2000, Mr. Botta was a senior auditor at Deloitte & Touche in its securities group. He was also a senior accountant from 1995 to 1997 for Richard A. Eisner & Co., LLP.***

Mr. Botta received his Bachelor of Accounting from Bernard Baruch College in 1996. Mr. Botta is a certified public accountant.

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#### Executive Officers Who Are Not Trustees
Information regarding the Company's executive officers is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name, Address<sup>(1)</sup> and Age of** <br>**Officer** | **Position(s) Held with the** <br>**Company** | **Term of Office<sup>(2)</sup>** <br>**and Length of** <br>**Time Served** | **Principal Occupation(s)**<br>**During Past Five Years**  |
| **William A. Ackman, Age 59** | Chief Executive Officer | Since 2024 | **Current: Chief Executive Officer, Pershing Square Capital Management, L.P. (2003 - Present); Chairman, Pershing Square Holdco GP, LLC(3) (2024 - Present); CEO and Chairman, Pershing Square SPARC Holdings, Ltd. (2021 - Present); Executive Chairman, Howard Hughes Holdings Inc. (2025 - present); Managing Member of the General Partner, Table Management, L.P., a family office (2011 - Present); Trustee, Pershing Square Foundation (2012 - Present)**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**Former: Director, Universal Music Group, N.V. (2022 - 2025); Chairman, Howard Hughes Holdings Inc. (formerly Howard Hughes Corporation) (2010 - 2024); Chief Executive Officer and Chairman, Pershing Square Tontine Holdings, Ltd. (2020 - 2022)**  |
| **Ryan Israel, Age 41** | Chief Investment Officer | Since 2024 | **Current: Chief Investment Officer, Pershing Square Capital Management, L.P. (2022 - Present); Director, Pershing Square Holdco GP, LLC(3) (2024 - Present); Chief Investment Officer and Director, Howard Hughes Holdings Inc. (2025 - present)**  |
| **Ben Hakim, Age 50** | President | Since 2024 | **Current: President, Pershing Square Capital Management, L.P. (2024 - Present); Director, Pershing Square Holdco GP, LLC(3) (2025 - Present); Director, Howard Hughes Holdings Inc. (2024 - Present); President, Pershing Square SPARC Holdings, Ltd. (2021 - Present)**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**Former: President, Pershing Square Tontine Holdings, Ltd. (2020 - 2022); Chief Financial Officer, Pershing Square Tontine Holdings, Ltd. (2020 - 2020)**  |
| **Michael Gonnella, Age 45** | Chief Financial Officer | Since 2024 | **Current: Chief Financial Officer, Pershing Square Capital Management, L.P. (2017 - Present); Chief Financial Officer, Pershing Square SPARC Holdings, Ltd. (2021 - Present)**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**Former: Chief Financial Officer, Pershing Square Tontine Holdings, Ltd. (2020 - 2022)**  |
| **Halit Coussin, Age 54** | Chief Compliance Officer | Since 2024 | **Current: Chief Legal Officer and Chief Compliance Officer, Pershing Square Capital Management, L.P. (2015 - Present); Director, Pershing Square Holdco GP, LLC(3) (2024 - Present); Director, Pershing Square Holdings, Ltd. (2024 - Present)**  |

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| | | | |
|:---|:---|:---|:---|
| **Name, Address<sup>(1)</sup> and Age of** <br>**Officer** | **Position(s) Held with the** <br>**Company** | **Term of Office<sup>(2)</sup>** <br>**and Length of** <br>**Time Served** | **Principal Occupation(s)**<br>**During Past Five Years**  |
| **Jessica A. Falzone, Age 36** | Secretary | Since 2024 | **Current: Counsel and Compliance Officer, Pershing Square Capital Management, L.P. (2024 - Present); Corporate Secretary, Pershing Square SPARC Holdings, Ltd. (2025 - Present)**<br>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>**Former: Senior Vice President and Counsel, Lazard Asset Management LLC (2023 - 2024); Vice President and Counsel, Lazard Asset Management LLC (2018 - 2023)** |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The business address of each executive officer is c/o Pershing Square Capital Management, L.P., 787 Eleventh Avenue, 9<sup>th</sup> Floor, New York, New York 10019.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each officer serves at the pleasure of the Board or until his or her successor is elected or his or her resignation or removal.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Following the Corporate Conversion will become a member of the board of directors of PS Inc.

The following is information concerning the business experience of the Company's executive officers.

***William A. Ackman, Chief Executive Officer. Mr. Ackman has served as the Founder and Chief Executive Officer of the Manager since its founding in 2003 and has also served as the Chairman of the board of directors of PS Holdco since June 2024. Prior to founding PSCM, Mr. Ackman co-founded and co-managed Gotham Partners Management Co., LLC ("Gotham Partners"), an investment adviser that managed public and private equity hedge fund portfolios, until 2003. Mr. Ackman also serves as Executive Chairman of the HHH Board of Directors since May 2025 and as the Chairman and Chief Executive Officer of SPARC since November 2021. In addition, Mr. Ackman serves on the board of the Pershing Square Foundation which he founded in 2006. Mr. Ackman previously served as Chief Executive Officer and Chairman of Pershing Square Tontine Holdings, Ltd., as a member of the Federal Reserve Bank of New York's Investor Advisory Committee on Financial Markets and as a director of Universal Music Group N.V. Mr. Ackman received a Masters in Business Administration from the Harvard Business School and a Bachelor of Arts magna cum laude from Harvard College.***

***Ryan Israel, Chief Investment Officer. Mr. Israel joined the Manager's investment team in 2009 and has served as Chief Investment Officer of the Manager since August 2022. He has also served as a member of the board of directors of PS Holdco since June 2024. Mr. Israel is also a member of the HHH Board of Directors and serves as Chief Investment Officer for HHH. Mr. Israel was previously an analyst at The Goldman Sachs Group, Inc. in the Technology, Media and Telecom group. Mr. Israel served as a director of Element Solutions Inc. from October 2013 through January 2019. Mr. Israel received his Bachelor of Science from the Wharton School at the University of Pennsylvania, where he graduated summa cum laude and beta gamma sigma in 2007.***

***Ben Hakim, President. Mr. Hakim joined the Manager's investment team in 2012 and has served as President of the Manager since May 2024. He has also served as President of SPARC since November 2021, as a member of the HHH Board of Directors since May 2024 and as a member of the PS Holdco board of directors since February 2025. He previously served as President of Pershing Square Tontine Holdings, Ltd. Mr. Hakim was previously a Senior Managing Director at Blackstone Inc., where he worked in the Mergers & Acquisitions group for 13 years. Mr. Hakim received his Bachelor of Science from Cornell University in 1997.***

***Michael Gonnella, Chief Financial Officer. Mr. Gonnella has served as the Manager's Chief Financial Officer since March 2017. Mr. Gonnella also serves as the Chief Financial Officer of SPARC, and previously served as Chief Financial Officer of Pershing Square Tontine Holdings, Ltd. Mr. Gonnella joined the Manager in 2005. Prior to his appointment as Chief Financial Officer of the Manager, Mr. Gonnella served as senior controller of the Manager. Mr. Gonnella is a certified public accountant and received his Bachelor of Science from Seton Hall University in 2002 and his Master of Accountancy in Taxation from Rutgers Business School.***

***Halit Coussin, Chief Compliance Officer. Ms. Coussin has served as the Manager's Chief Compliance Officer since 2007, Chief Legal Officer since September 2015 and as a member of the PS Holdco board of directors since June 2024 and a director of PSH since November 2024. Prior to joining the Manager in 2007, Ms. Coussin served as***

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an associate attorney at Schulte, Roth & Zabel LLP, where her practice focused on advising hedge fund managers on a variety of regulatory and compliance matters. Ms. Coussin received her LL.M. from New York University in 2000 and her LL.B. *magna cum laude* from Tel Aviv University in 1998.

***Jessica A. Falzone, Secretary. Ms. Falzone joined the Manager in 2024 as Counsel and Compliance Officer. She also serves as Corporate Secretary of Pershing Square SPARC Holdings, Ltd. She previously served as Senior Vice President and Counsel at Lazard Asset Management LLC from February 2023 and Vice President and Counsel from March 2018. Prior to joining Lazard, Ms. Falzone was an associate attorney at Schulte Roth & Zabel LLP. Ms. Falzone received her J.D. from University of Pennsylvania Carey Law School in 2014 and her B.A. summa cum laude from Binghamton University in 2011.***

#### Communications with Trustees
Common Shareholders and other interested parties may contact any member (or all members) of the Board by mail. To communicate with the Board, any individual Trustee or any group or committee of the Board, correspondence should be addressed to the Board or any such individual Trustee or group or committee of Trustees by either name or title. All such correspondence should be sent to Pershing Square USA, Ltd., c/o Pershing Square Capital Management, L.P., 787 Eleventh Avenue, 9<sup>th</sup> Floor, New York, New York 10019.

#### Committees of the Board
The Board has established the Audit Committee and may establish additional committees in the future. The Company does not have a nominating committee; such matters are considered by the full Board, including the independent Trustees, or, when applicable, by only the independent Trustees. The Company does not have a compensation committee because the Company's executive officers do not receive any direct compensation from the Company.

#### Audit Committee
The Audit Committee operates pursuant to a charter approved by the Board. The Audit Committee's charter sets forth the responsibilities of the Audit Committee. The primary function of the Audit Committee is to serve as an independent and objective party to assist the Board in selecting, engaging and discharging the Company's independent accountants, reviewing the plans, scope and results of the audit engagement with the Company's independent accountants, approving professional services provided by the Company's independent accountants (including compensation therefore), reviewing the independence of the Company's independent accountants and reviewing the adequacy of the Company's internal controls over financial reporting. The Audit Committee is presently composed of three persons, including Evan Bakst, Bruce Herring and Lisa Polsky. Each of the members of the Audit Committee meets the independence requirements of Rule 10A-3 of the Exchange Act and, in addition, is not an "interested person" of the Company or of the Manager as defined in Section 2(a)(19) of the 1940 Act. Lisa Polsky serves as the chair of the Audit Committee. The Board has determined that Lisa Polsky qualifies as an "audit committee financial expert" as defined in Item 407 of Regulation S-K under the Exchange Act.

A copy of the charter of the Audit Committee is available in print to any shareholder who requests it, and it will also be available on the Company's website at www.pershingsquareusa.com (under construction).

#### Staffing
The Company does not currently have any directly compensated full-time paid employees and does not expect to have any such employees. The Company's day-to-day investment operations are managed by the Manager. Services necessary for the Company's business are provided by individuals who are employees of the Manager or the administrator, pursuant to the terms of the Investment Management Agreement and the Administration Agreement, as applicable.

#### Board Leadership Structure
The business and affairs of the Company are managed by the Board. Among other things, the Board sets broad policies for the Company, approves the appointment of the Manager, administrator and executive officers and has oversight of the valuation process used to establish the Company's NAV. The role of the Board, and of any of the individual Trustees, is one of oversight and not of management of the Company's day-to-day affairs. The Company's day-to-day operations are managed by the Manager and the other service providers who have been approved by the Board.

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The Board is currently comprised of six Trustees, five of whom (including the chairman) are not "interested persons" of the Company or of the Manager for purposes of Section 2(a)(19) of the 1940 Act and are "independent," as determined by the Board. Generally, the Board acts by majority vote of all the Trustees, including a majority vote of the independent Trustees if required by applicable law.

Under the Company's Governing Documents, the Board may designate one of the Trustees as chair to preside over meetings of the Board and meetings of shareholders, and to perform such other duties as may be assigned to him or her by the Board. The Board has appointed Barry Barbash to serve in the role of chairman of the Board. The chairman's role is to preside at all meetings of the Board and to act as a liaison with the Manager, counsel and other Trustees generally between meetings. The chairman serves as a key point person for dealings between management and the Board. The chairman also may perform such other functions as may be delegated by the Board from time to time.

The Board reviews its leadership structure periodically as part of its annual self-assessment process and believes that its structure is presently appropriate to enable it to exercise its oversight of the Company.

#### Code of Ethics
The Company and the Manager have each adopted a code of ethics compliant with Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to each code may invest in securities for their personal investment accounts, including securities that may be purchased or held by the Company, so long as such investments are made in accordance with the code's requirements. The codes of ethics are included as exhibits to the registration statement of which this prospectus forms a part. The codes of ethics are available on the EDGAR database on the SEC's website at *http://www.sec.gov*. Shareholders may also obtain copies of each code of ethics, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

#### Board's Role in Risk Oversight
The Board expects to perform its risk oversight function primarily through (i) the Audit Committee, which reports to the entire Board and (ii) monitoring by the Company's Chief Compliance Officer in accordance with the Company's compliance policies and procedures.

As described above in more detail under "- *Committees of the Board*," the Audit Committee assists the Board in fulfilling its risk oversight responsibilities. The Audit Committee's risk oversight responsibilities include overseeing the Company's accounting and financial reporting processes, the Company's systems of internal controls regarding finance and accounting and audits of the Company's financial statements and discussing with management the Company's major financial risk exposures and the steps management has taken to monitor and control such exposures, including the Company's risk assessment and risk management policies.

The Board will perform its risk oversight responsibilities with the assistance of the Company's Chief Compliance Officer. The Company's Chief Compliance Officer prepares a written report annually discussing the adequacy and effectiveness of the compliance policies and procedures of the Company and certain of its service providers. The Chief Compliance Officer's report, which is reviewed by the Board, addresses at a minimum (i) the operation of the compliance policies and procedures of the Company and certain of its service providers since the last report; (ii) any material changes to such policies and procedures since the last report; (iii) any recommendations for material changes to such policies and procedures as a result of the Chief Compliance Officer's annual review and (iv) any compliance matter that has occurred since the date of the last report about which the Board would reasonably need to know to oversee the Company's compliance activities and risks. In addition, the Chief Compliance Officer meets separately in executive session with the Non-Interested Trustees at least once each year.

The Company believes that the Board's role in risk oversight is effective and appropriate given the extensive regulation to which the Company is already subject as a closed-end investment company registered with the SEC. Specifically, as a closed-end investment company registered with the SEC the Company must comply with certain regulatory requirements that control the levels of risk in the Company's business and operations. For example, the Company's ability to incur indebtedness is limited such that the Company's asset coverage must equal at least 300% immediately after each time it incurs indebtedness. In addition, the Company intends to elect to be treated and to qualify annually as a RIC under Subchapter M of the Code. As a RIC the Company must, among other things, meet certain income source and asset diversification requirements. See "*U.S. Federal Income Tax Considerations*."

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The Company believes that the extent of the Board's (and the Audit Committee's) role in risk oversight complements the Board's leadership structure because it allows the Company's Non-Interested Trustees executive sessions with the Chief Compliance Officer, auditor and independent valuation providers and otherwise, to exercise oversight of risk without any conflict that might discourage critical review.

The Board believes that Board roles in risk oversight must be evaluated on a case by case basis and that the existing Board role in risk oversight is appropriate. However, the Board continually re-examines the manner in which the Board administers its oversight function on an ongoing basis to ensure that it continues to meet the Company's needs.

#### Trustee Compensation
The Company's Trustees who do not also serve in an executive officer capacity for the Company or the Manager and who are not otherwise "interested persons" of the Company under the 1940 Act receive annual cash retainer fees. Additional annual compensation is payable to the chairman of the Board, the chairperson of the Audit Committee and Trustees serving on the Audit Committee. Such amounts are paid quarterly in arrears. The Trustees do not accrue any pension or retirement benefits as part of Company expenses, nor will they receive any annual benefits upon retirement. The following table sets forth the compensation payable to each independent trustee on an annual basis for the Company's most recently completed Fiscal year.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person, Position** | **Aggregate**<br>**Compensation from**<br>**the Company<sup>(1)(2)</sup>** | **Pension or**<br>**Retirement Benefits**<br>**Accrued as Part of**<br>**Company Expenses** | **Estimated Annual**<br>**Benefits Upon**<br>**Retirement** | **Total**<br>**Compensation from**<br>**the Company and**<br>**Fund Complex<sup>(3)</sup>**<br>**Paid to Trustee**  |
| **Barry Barbash, Trustee and Chairman** | &nbsp;&nbsp;&nbsp;&nbsp;$275000 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$275000  |
| **Evan Bakst, Trustee** | &nbsp;&nbsp;&nbsp;&nbsp;$220000 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$220000  |
| **Anne Farlow, Trustee** | &nbsp;&nbsp;&nbsp;&nbsp;$200000 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$200000  |
| **Bruce Herring, Trustee** | &nbsp;&nbsp;&nbsp;&nbsp;$220000 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$220000  |
| **Lisa Polsky, Trustee** | &nbsp;&nbsp;&nbsp;&nbsp;$240000 |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$240000 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Compensation shown represents the annual compensation due to each Trustee under his or her compensation arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Company does not accrue or propose to pay pension or retirement benefits to Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The "Fund Complex" consists solely of the Company as there are no related or affiliated 1940 Act registered investment companies.

The Company also reimburses each of the Trustees for all reasonable and authorized business expenses in accordance with the Company's policies as in effect from time to time, including reimbursement of reasonable out-of-pocket expenses incurred in connection with attending each Board meeting and each committee meeting not held concurrently with a Board meeting.

The Company will not pay compensation to any Trustees who also serve in an executive officer capacity for the Manager or who are otherwise "interested persons" under the 1940 Act.

#### Trustee Common Share Ownership
None of the Trustees own Common Shares as of the date of this prospectus. The "Fund Complex" consists solely of the Company as there are no related or affiliated 1940 Act registered investment companies. Therefore, none of the Trustees own equity securities in funds in the Fund Complex as of the date of this prospectus.

#### Indemnification of Officers and Trustees; Limitations on Liability
The Governing Documents provide that the Company will indemnify its Trustees and officers and may indemnify its employees or agents against liabilities and expenses incurred in connection with litigation in which they may be involved because of their positions with the Company, to the extent permitted by law. However, nothing in the Governing Documents of the Company protects or indemnifies a trustee, officer, employee or agent of the Company against any liability to which such person would otherwise be subject in the event of such person's willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her position.

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The Company has entered into an Indemnification Agreement with each Trustee, which provides that the Company, subject to certain exceptions, shall indemnify and hold harmless such Trustee against any and all expenses actually and reasonably incurred by the Trustee in any proceeding that the Trustee was or is made or is threatened to be made a party to, or is otherwise involved in, by reason of the fact that the Trustee is or was or has agreed to serve as a Trustee, officer, employee or agent of the Company, to the fullest extent permitted by applicable law. The Company shall not be obligated to indemnify a Trustee where, among other circumstances: (i) the Trustee is liable to the Company or its shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office or (ii) it is finally determined by a final adjudication of a court, arbitrator or administrative body of competent jurisdiction that (A) the Trustee's conduct material to the matter giving rise to the action was committed in bad faith or was the result of active and deliberate dishonesty, (B) the Trustee received an improper personal benefit in money, property or services, or (C) in case of any criminal action, the Trustee had reasonable cause to believe his or her conduct was unlawful.

#### Non-Resident Trustee
Ms. Farlow resides outside of the United States and all or a significant portion of her assets are located outside the United States. Ms. Farlow does not have an authorized agent in the United States to receive service of process. As a result, it may not be possible for investors to effect service of process within the United States or to enforce against her in U.S. courts judgments obtained in such courts predicated upon the civil liability provisions of the U.S. federal securities laws. It may also not be possible to enforce against Ms. Farlow in foreign courts judgments of U.S. courts predicated upon the civil liability provisions of the U.S. federal securities laws. Further, it is not certain that such courts would enforce, in an original action, liabilities against Ms. Farlow predicated solely on U.S. federal securities laws.

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#### PORTFOLIO MANAGEMENT

#### The Manager
Pershing Square Capital Management, L.P. serves as the Company's investment manager. The Manager's principal office is located at 787 Eleventh Avenue, 9<sup>th</sup> Floor, New York, New York 10019, and its telephone number is +1 (212) 813-3700. Subject to the overall supervision of the Board, the Manager will manage the day-to-day operations of, and provide investment advisory and management services to, the Company. See "*Investment Management Agreement*." The Manager is registered with the SEC as an investment adviser under the Advisers Act and with the CFTC as a CPO under the CEA.

Founded in 2003, the Manager is a leading alternative asset manager led by its founder and Chief Executive Officer, William A. Ackman, who has spent 34 years in the alternative asset management industry. Mr. Ackman is supported by an experienced investment team with an average of 15 years in the industry. The Manager's investment team is highly aligned with its portfolio companies, fund investors and its shareholders due to, among other reasons, the $5.8 billion (as of December 31, 2025) invested by its employees and their affiliates in its funds and HHH, its approach to performance compensation, and employee ownership of the company. The Manager is headquartered in New York City and had 44 employees as of December 31, 2025. As of March 31, 2026, the Manager had $26.6 billion of total assets under management and $17.0 billion of fee-paying assets under management, approximately 96% of which is attributable to permanent capital. Following the Corporate Conversion, Mr. Ackman will remain the largest indirect shareholder of PS Inc.

Mr. Ackman is principally responsible for the Manager's investment policies and implementation. Mr. Ackman is the Manager's sole portfolio manager as he retains ultimate decision-making authority for all portfolio positions. Mr. Ackman works closely with members of the Manager's investment team, its professionals and the other resources available to the Manager. In 2022, Mr. Ackman appointed Mr. Israel, who joined the Manager in 2009 (and is the longest tenured member of the investment team other than Mr. Ackman), as the Manager's Chief Investment Officer and announced his intentions that Mr. Israel succeed him as having ultimate decision-making authority over the Manager's investment strategy in the event of his (Mr. Ackman's) departure, death or incapacity.

The Manager also acts as the investment manager for its other funds and HHH, and may act as investment adviser for additional funds and other entities in the future. See "*- Entities Managed by the Manager*" and "*Conflicts of Interest*."

On May 31, 2024, in the Strategic Investment, the Manager sold a 10% interest in its business for $1.05 billion to a consortium of strategic investors, including institutions, family offices, and alternative asset management industry leaders and in connection with the Strategic Investment completed an internal reorganization of its ownership structure pursuant to which PS Holdco became the parent company of the Manager.

On May 5, 2025, PS Holdco completed the Howard Hughes Transaction pursuant to which it intends to transform HHH, one of the Affiliated Funds' long-term holdings, into a diversified holding company. As a first step, on December 17, 2025, HHH entered into the Vantage Acquisition, which will enable HHH to build a profitable insurance company. In connection with the Vantage Acquisition, it is expected that the Manager will be engaged as investment manager for Vantage and its insurance company subsidiaries. The Vantage Acquisition is expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions. HHH has also announced that, over time, it intends to acquire controlling ownership of high-quality, durable growth public and private operating companies, while continuing to invest in and grow its master planned communities real estate business.

As part of the Howard Hughes Transaction, PS Holdco acquired nine million shares of common stock of HHH for $900 million, representing approximately 15% of the issued and outstanding common stock of HHH. PS Holdco (including through the Affiliated Funds) exercises the power to vote 40% of the issued and outstanding common stock of HHH (making it the largest single shareholder of HHH by voting power), as part of the Manager's overall strategy with respect to HHH. On a combined basis, PS Holdco and the Affiliated Funds hold a 47% total interest in HHH. In addition, although the Manager does not anticipate that the Howard Hughes Transaction will disrupt the operation of its other funds, including the Company, the Howard Hughes Transaction involves a number of special risks, including the potential diversion of the Manager's attention from its core funds, including the Company, and its core investment strategy, along with increasing demands on the Manager's investment processes and infrastructure. Such risks could adversely affect the business and operations of the Company.

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In recognition of the importance of this offering to the Manager's long-term success and to provide an additional incentive for prospective investors to purchase Common Shares in this offering, PS Inc. will deliver to each purchaser of Common Shares in this offering, for no additional consideration, 1 share of PS Inc. Common Stock for every 5 Common Shares purchased in this offering, including any Common Shares acquired by the Underwriters in connection with the exercise of their option to purchase additional Common Shares from the Company as described under "*Underwriting*." Similarly, PS Inc. will deliver to each purchaser of Common Shares in the Combined Private Placement, for no additional consideration, 1.5 shares of PS Inc. Common Stock for every 5 Common Shares purchased in the Combined Private Placement.

The PS Inc. IPO is the initial public offering of PS Inc. Common Stock. Following the PS Inc. IPO, PS Inc. Common Stock will be listed on the NYSE under the symbol "PS" and PS Inc. will be a public company subject to the reporting requirements of the Exchange Act. The Common Shares and the PS Inc. Common Stock will each trade separately on the NYSE, and investors may freely trade each security separately.

Immediately prior to the effectiveness of the PS Inc. registration statement on Form S-1 related to the PS Inc. IPO, in the Corporate Conversion, PS Holdco, which is the existing parent company of the Manager, will convert into a Nevada corporation by means of a statutory conversion and change its name to "Pershing Square Inc."

#### Board of Directors of PS Inc.
Concurrent with the closing of the Strategic Investment, PS Holdco established a majority-independent Board of Directors at its general partner, Pershing Square Holdco GP, LLC, consisting of five independent directors and four affiliates of the Manager. Pershing Square Holdco GP, LLC currently indirectly owns 100% of the voting securities of the Manager. Following the Corporate Conversion, the Board of Directors of Pershing Square Holdco GP, LLC will become the Board of Directors of PS Inc. The independent directors are Kerry Murphy Healey, President Emerita of Babson College; Orion Hindawi, Executive Chairman of Tanium; Marco Kheirallah, partner at Lumina Capital; Nicholas M. Lamotte, Executive Chairman of Consulta; and David Coppel Calvo, Chief Commercial Officer, Vice President of Investment and Board Member of Grupo Coppel. The affiliate directors are William A. Ackman, Chairman and CEO of the Manager; Ryan Israel, Chief Investment Officer of the Manager; Ben Hakim, President of the Manager, and Halit Coussin, Chief Legal Officer and Chief Compliance Officer of the Manager.

The following is information concerning the business experience of the independent directors of PS Inc.:

#### Kerry Murphy Healey
Kerry Murphy Healey has served as a member of the PS Holdco board of directors since June 2024. Dr. Healey currently serves as a lecturer at the Princeton School of Public and International Affairs. Dr. Healey was the inaugural president of the Milken Center for Advancing the American Dream in Washington, DC, a position which she held from 2019-2022. Dr. Healey served as the President of Babson College from 2013-2019 and was elected President Emerita by the trustees of Babson College in 2021. Before joining Babson College, Dr. Healey served with distinction as the 70<sup>th</sup> lieutenant governor of Massachusetts from 2003 to 2007, where she worked to lead, enact, and implement a wide range of policy and legislative initiatives for the Romney-Healey Administration. In 2008, Dr. Healey was appointed by Secretary of State Condoleezza Rice as a founding member of the Executive Committee of the U.S. State Department's Public-Private Partnership for Justice Reform in Afghanistan, a position to which she was later reappointed by Secretary of State Hillary Clinton. Prior to her public service, Dr. Healey worked for more than a decade as a public policy consultant to the United States Department of Justice for Cambridge-based think tank Abt Associates. Dr. Healey currently serves on the board of directors of Apollo Global Management Inc. and Marti Technologies, Inc. Dr. Healey holds an A.B. in government from Harvard College and a Ph.D. in political science and law from Trinity College, Dublin. She has been a fellow at the Harvard Kennedy School's Institute of Politics and Harvard's Center for Public Leadership. She is a member of the Council on Foreign Relations and the Trilateral Commission, and a trustee of the American University of Afghanistan, the American University of Bahrain and Western Governors University.

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#### Orion Hindawi
Orion Hindawi has served as a member of the PS Holdco board of directors since June 2024. Mr. Hindawi is the Executive Chairman and former CEO of Tanium, a private venture-backed endpoint management and cyber security company which he co-founded in 2007. Mr. Hindawi served as the CEO of Tanium from 2016 to 2023 and has served as the Executive Chairman of Tanium since February 2023. Mr. Hindawi has led the development of enterprise-scale endpoint security and management platforms for the past 18 years at BigFix, Inc. (acquired by International Business Machines Corp. in 2010) and Tanium, in addition to holding multiple software patents in network communications and systems management.

#### Marco Kheirallah
Marco Kheirallah has served as a member of the PS Holdco board of directors since June 2024. Mr. Kheirallah is a founding partner at Lumina Capital Management, a special situations investment firm founded in 2022 in Brazil. Prior to Lumina Capital Management, beginning in 2010, Mr. Kheirallah was the Founder and Managing Partner at SIP Capital Fund. Mr. Kheirallah also served as the Chief Financial Officer at PDG Realty from 2012 to 2015. Mr. Kheirallah was a Partner at Banco Pactual from 2001 to 2009 and at Banco Matrix from 1996 to 2001. He also served as a Trader at Banco Opportunity from 1994 to 1996 and at Banco BCN from 1992 to 1994. Mr. Kheirallah received his bachelor's degree in Business Administration from Fundação Getulio Vargas, EAESP.

#### Nicholas M. Lamotte
Nicholas M. Lamotte has served as a member of the PS Holdco board of directors since June 2024. Mr. Lamotte is the Executive Chairman of Consulta Limited, a value-oriented investment firm. Mr. Lamotte was appointed Executive Chairman of Consulta Limited in 2024, having served in various roles at Consulta Limited since 2008, including Chief Executive Officer and Chairman of the Board. Prior to joining Consulta Limited, Mr. Lamotte was an analyst at Halcyon Asset Management from 2006 to 2008 and an analyst at The Goldman Sachs Group, Inc. from 2005 to 2006. Mr. Lamotte received a Bachelor of Arts from Brown University, where he graduated *magna cum laude* and was elected to Phi Beta Kappa. Mr. Lamotte has completed the Owner/President Management program at Harvard Business School and has endowed the Nicholas M. Lamotte Scholarship for Business, Entrepreneurship and Organizations at Brown University.

#### David Coppel Calvo
David Coppel Calvo has served as a member of the PS Holdco board of directors since January 2025. Mr. Calvo is the Chief Commercial Officer, Vice President of Investment and Board Member of Grupo Coppel (the "Coppel Group"), one of the largest non-food retailers and financial service providers in Latin America. Prior to assuming his current role in December 2018, Mr. Coppel Calvo previously served in various roles at the Coppel Group since 2008, including Director of Internal Procurement and Supply Chain and President of Coppel Corporation. In addition to serving on the board of directors of the Coppel Group, Mr. Coppel Calvo also currently serves on the board of directors of Corazón Capital and Qualitas and previously served on the board of directors of Bonobos.com Inc., INSIKT – AURA, Fibra Plus and Lululemon Mexico. Mr. Coppel Calvo is also a member of Mexico en Moyimiento. Mr. Coppel Calvo received a Bachelor of Science in Industrial and Systems Engineering from Tecnologico de Monterrey (ITESM) and a Masters in Business Administration from the Pan-American Institute for Senior Business Management (IPADE).

#### Investment Team
Mr. Ackman, Mr. Israel and the other members of the PSCM investment team bring significant investment expertise as well as broad industry networks that encompass a wide array of sectors, industry participants, and intermediaries. Mr. Ackman, Mr. Israel and the other investment professionals work as a team. Analysts are generalists and work in small teams on every investment in the portfolio. The Manager believes that each member of the investment team has complementary skills and experience relevant to its strategy, as well as a track record of working together and providing creative solutions for complex transactions, which the Manager believes represents an important competitive advantage.

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The investment team has experience in:

&nbsp;&nbsp;&nbsp;&nbsp;• sourcing, structuring, and executing on a wide range of investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;• providing constructive strategic and operational guidance to management teams and boards of directors, to drive long-term shareholder value creation;

&nbsp;&nbsp;&nbsp;&nbsp;• leveraging insights from their substantial investment, financial, operational oversight and governance experience to help optimize the financial condition, operating performance and strategy of a company; and

&nbsp;&nbsp;&nbsp;&nbsp;• leveraging their extensive network of relationships to augment or complement the senior management team or board of directors of a company.

The investment team is also supported by 26 professionals who focus on all operational aspects of fund management, including finance, legal and compliance, technology and investor relations.

#### William A. Ackman
William A. Ackman, age 59, has served as the Founder and Chief Executive Officer of the Manager since its founding in 2003 and has also served as the Chairman of the board of directors of PS Holdco since June 2024. Prior to founding PSCM, Mr. Ackman co-founded and co-managed Gotham Partners, an investment adviser that managed public and private equity hedge fund portfolios, until 2003. Mr. Ackman also serves as Executive Chairman of the HHH Board of Directors since May 2025 and as the Chairman and Chief Executive Officer of SPARC since November 2021. In addition, Mr. Ackman serves on the board of the Pershing Square Foundation which he founded in 2006. Mr. Ackman previously served as Chief Executive Officer and Chairman of Pershing Square Tontine Holdings, Ltd., as a member of the Federal Reserve Bank of New York's Investor Advisory Committee on Financial Markets and as a director of Universal Music Group N.V. Mr. Ackman received a Masters in Business Administration from the Harvard Business School and a Bachelor of Arts *magna cum laude* from Harvard College.

#### Ryan Israel
Ryan Israel, age 41, joined the Manager's investment team in 2009 and has served as Chief Investment Officer of the Manager since August 2022. He has also served as a member of the board of directors of PS Holdco since June 2024. Mr. Israel is also a member of the HHH Board of Directors and serves as Chief Investment Officer for HHH. Mr. Israel was previously an analyst at The Goldman Sachs Group, Inc. in the Technology, Media and Telecom group. Mr. Israel served as a director of Element Solutions Inc. from October 2013 through January 2019. Mr. Israel received his Bachelor of Science from the Wharton School at the University of Pennsylvania, where he graduated *summa cum laude* and beta gamma sigma in 2007.

#### Ben Hakim
Ben Hakim, age 50, joined the Manager's investment team in 2012 and has served as President of the Manager since May 2024. He has also served as President of SPARC since November 2021, as a member of the HHH Board of Directors since May 2024 and as a member of the PS Holdco board of directors since February 2025. He previously served as President of Pershing Square Tontine Holdings, Ltd. Mr. Hakim was previously a Senior Managing Director at Blackstone Inc., where he worked in the Mergers & Acquisitions group for 13 years. Mr. Hakim received his Bachelor of Science from Cornell University in 1997.

#### Anthony Massaro
Anthony Massaro, age 38, joined the Manager's investment team in 2013. He is also a director of Seaport Entertainment Group Inc. Mr. Massaro was previously a private equity associate at Apollo Global Management, where he focused on leveraged buyout and distressed debt investments across a wide range of industries. Prior to Apollo, he was an analyst at Goldman Sachs in the Natural Resources group. Mr. Massaro received his Bachelor of Science from the Wharton School at the University of Pennsylvania, where he graduated *summa cum laude* and beta gamma sigma in 2009.

#### Charles Korn
Charles Korn, age 37, joined the Manager's investment team in 2014. Mr. Korn was previously a private equity associate at KKR, where he focused on media, communications and industrials. Prior to KKR, he was an analyst at

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Goldman Sachs in the Technology, Media and Telecom group. Mr. Korn received a degree in Honors Business Administration from The Richard Ivey School of Business at The University of Western Ontario, where he graduated with highest distinction as an Ivey Scholar in 2010.

#### Bharath Alamanda
Bharath Alamanda, age 33, joined the Manager's investment team in 2017. Mr. Alamanda was previously a private equity associate at KKR, where he focused on financial services. Prior to KKR, he was an analyst at Goldman Sachs in the Technology, Media and Telecom Group. Mr. Alamanda received his Bachelor of Science in Engineering from Princeton University, where he graduated *summa cum laude* and phi beta kappa in 2013.

#### Feroz Qayyum
Feroz Qayyum, age 34, joined the Manager's investment team in 2017. Mr. Qayyum was previously a private equity associate at Hellman & Friedman, where he evaluated and oversaw investments across a wide range of industries. Prior to Hellman & Friedman, he was an analyst in the Mergers & Acquisitions group at Evercore. Mr. Qayyum received a degree in Honors Business Administration from The Richard Ivey School of Business at The University of Western Ontario, where he graduated with highest distinction as an Ivey Scholar in 2013.

#### Sonal Khosla
Sonal Khosla, age 28, joined the Manager's investment team in 2025. Ms. Khosla was previously a private equity associate and analyst at KKR, where she focused on industrials. Ms. Khosla received her Bachelor of Science from the Wharton School at the University of Pennsylvania, where she graduated *summa cum laude* in 2020.

#### Jordan Aguiar-Lucander
Jordan Aguiar-Lucander, age 26, joined the Manager's investment team in 2026. Mr. Aguiar-Lucander was previously a private equity senior associate and analyst at Silver Lake, where he focused on technology and technology-enabled investments. Mr. Aguiar-Lucander received his Bachelor of Arts in Mathematics and Economics from Harvard College, where he graduated *cum laude* in 2021.

#### Compensation of the Investment Team
The Manager's financial arrangements with its investment team members, its competitive compensation and its career path emphasis at all levels reflect the value senior management places on its employees. Certain of the Manager's personnel, including most of the members of the investment team, hold indirect profit interests in PS Holdco through PS Partner Group, LLC (and will continue to hold such indirect profit interests in PS Inc. following the Corporate Conversion) and additionally are entitled to receive incentive compensation through holding interests in PS CompCo, LLC, which receives proceeds from the Manager based on the performance of certain advised funds. The senior members of the investment team are thus principally compensated based on the overall performance of the funds and other entities managed by the Manager, rather than the performance of any individual position, which encourages teamwork and aligns their interests with investors.

Personnel who do not participate in the profits of the Manager receive a base salary and are eligible to receive additional compensation in the form of an annual bonus, as determined by the Manager.

#### Common Shares Owned by Mr. Ackman
Mr. Ackman does not own Common Shares as of the date of this prospectus. As of March 31, 2026, the Manager owned 342,320 Common Shares. Upon the completion of the Pershing Square Investment, the Manager will have an aggregate investment in the Company of $150 million, comprised of (i) $100 million of Common Shares and (ii) $50 million aggregate liquidation preference of the Series A Preferred Shares.

#### Other Accounts Managed by Mr. Ackman
Mr. Ackman, as the Company's portfolio manager, also manages the Affiliated Funds and certain other accounts, as indicated below. The following table identifies, as of March 31, 2026: (i) the number of registered investment companies, other pooled investment vehicles and other accounts managed by Mr. Ackman; (ii) the total assets of such registered investment companies, pooled investment vehicles and accounts; and (iii) the number and total assets of such registered companies, pooled investment vehicles and accounts that are subject to an advisory fee based on performance.

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| | | | |
|:---|:---|:---|:---|
|  | **Assets of** <br>**Accounts** | **Number of** <br>**Accounts** <br>**Subject to a** <br>**Performance** <br>**Fee** | **Assets Subject** <br>**to a** <br>**Performance** <br>**Fee**  |
| **Type of Account**<br>|  |  |  |
| Registered investment companies<br>&nbsp;&nbsp;&nbsp;&nbsp;1<sup>(1)</sup> | <sup>(1)</sup> |  | —  |
| Other pooled investment vehicles<br>&nbsp;&nbsp;&nbsp;&nbsp;3<sup>(2)</sup> | $17.7 billion | 3 | $13.2 billion  |
| Other accounts<br>&nbsp;&nbsp;&nbsp;&nbsp;1<sup>(3)</sup> | $8.9 billion |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Refers to the Company. As of March 31, 2026, the Company, which has not commenced investment operations, had total assets of $7.3 million (including deferred offering costs) and net assets of $1,270,303.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Refers to the Affiliated Funds

&nbsp;&nbsp;&nbsp;&nbsp;(3) Refers to HHH. For purposes of this table, HHH is deemed an "other account." Pursuant to the terms of the Services Agreement, the Manager provides certain services to HHH, which includes investment advisory services. In exchange for such investment advisory and other services provided to HHH, the Manager is entitled to (i) a quarterly base management fee of $3,750,000 and (ii) a quarterly variable fee of 0.375% of the value of the HHH stock price relative to a reference price determined in accordance with the Services Agreement, in each case, subject to annual adjustments for inflation.

#### Investment Management Agreement
Under the terms of the Investment Management Agreement, the Manager is responsible for providing investment advisory services to the Company. As compensation for its services, the Company pays the Manager the Management Fee, which is payable quarterly in advance on the first business day of each fiscal quarter, based on the Company's NAV on the last day of the previous fiscal quarter equal to 0.50% (or 2.0% on an annualized basis). After an initial two-year term, the Board will review on an annual basis the Investment Management Agreement to determine whether to continue the Investment Management Agreement.

The Manager bears all of its own costs incurred in providing investment advisory services to the Company and pays the compensation of all officers and Trustees of the Company who are its affiliates. As described below, however, the Company bears all other expenses incurred in the business and operation of the Company. Expenses borne directly by the Company include (but are not limited to):

&nbsp;&nbsp;&nbsp;&nbsp;• the Management Fee;

&nbsp;&nbsp;&nbsp;&nbsp;• the cost of calculating the Company's NAV, including the cost of any third-party pricing or valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses associated with investment research and due diligence including fees and expenses relating to newswire, quotation equipment and services, market data services, third-party providers of research, publications, periodicals, subscriptions and database services, data processing and computer software expenses, due diligence, providers of specialized data and/or analysis related to companies, sectors or asset classes in which the Company has made or intends to make an investment;

&nbsp;&nbsp;&nbsp;&nbsp;• accounting, auditing, entity-level taxes imposed on or with respect to the Company and tax preparation fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;• professional fees and expenses (including fees and expenses of investment bankers, appraisers, public and government relations firms and other consultants and experts);

&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses (including travel and lodging expenses) associated with corporate engagement campaigns, such as fees and expenses related to event hosting and production, public presentations, production, preparation and dissemination of any letters or other communications with respect to plans and proposals regarding the management, ownership, business and capital structure of any portfolio company or prospective investment, creating and maintaining informational websites and engaging in online campaigns including via social media, public relations, public affairs and government relations, forensic and other analyses and investigations, proxy contests, solicitations and tender offers and compensation, indemnification and expenses of any nominees proposed by the Manager as directors or executives of portfolio companies; and all related expenses (such as all costs incurred in connection with identifying and recruiting directors to serve on the board of a portfolio company, proxy solicitors, public relations and other relevant documents, the negotiation of side letters and other related costs);

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&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses (including travel and lodging expenses) relating to unaffiliated advisers, consultants and finders and/or introducers relating to investments and/or prospective investments;

&nbsp;&nbsp;&nbsp;&nbsp;• website development and maintenance, media, marketing, printing and postage expenses, brokerage fees and commissions;

&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses relating to short sales (including dividend and stock borrowing expenses);

&nbsp;&nbsp;&nbsp;&nbsp;• clearing and settlement charges, custodial fees, bank service fees, margin and other interest expense and transaction fees, filing and registration fees (e.g., "blue sky" and corporate filing fees and expenses), insurance fees and expenses, initial offering and organizational expenses and payments for custody of the Company's assets and for the performance of administrative services, and other Company fees and expenses as approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses related to the operations of the company and the listing and trading of its securities on the NYSE or any national securities exchange, including the fees and expenses of Trustees not also serving in an executive officer capacity for the Company or the Manager, fees and expenses related to corporate brokers, rating agencies assigning credit ratings to the Company's securities and the costs of maintenance of the Company's website and communications with shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;• fidelity bond, Trustees and officers errors and omissions liability insurance and other insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;• legal expenses (including those expenses associated with attending, and preparing for Board meetings, as applicable, and generally serving as counsel to the Company or the independent Trustees of the Company, indemnification expenses and fees, expenses, fines, penalties, damages or settlements relating to or arising out of regulatory or similar investigations, inquiries and "sweeps" and pending, threatened and future litigation arising out of the Company's investments);

&nbsp;&nbsp;&nbsp;&nbsp;• underwriting costs and any costs and expenses associated with or related to due diligence performed with respect to the Company's offering of its securities, including, but not limited to, costs associated with or related to due diligence activities performed by, on behalf of, or for the benefit of broker-dealers, registered investment advisors and third-party due diligence providers;

&nbsp;&nbsp;&nbsp;&nbsp;• costs incident to payment or dividends or distributions by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with the Company's share repurchase program, if any;

&nbsp;&nbsp;&nbsp;&nbsp;• costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws, including compliance with The Sarbanes-Oxley Act of 2002;

&nbsp;&nbsp;&nbsp;&nbsp;• any fees, expenses and other costs related to any settlement, litigation, proceeding, arbitration and investigation (collectively, "litigation") and/or threatened litigation arising out of or in connection with current and past investments (including litigation alleging violations of laws, regulations, breach of contract or tort), subject to applicable limitations on indemnification as set forth in the 1940 Act and the Company's organizational documents;

&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses relating to regulatory and self-regulatory organization filings and compliance pertaining to the Company's business and activities, investments or prospective investments including Hart-Scott-Rodino Act, Exchange Act filings and other similar filings, including fees and expenses incurred as a result of failing to make such filings;

&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses related to the organization of the Company, including fees and expenses related to the Company's formation, legal fees and professional and other fees related to the recruitment of the Company's Trustees who are not "interested persons" of the Company (as defined in Section 2(a)(19) of the 1940 Act);

&nbsp;&nbsp;&nbsp;&nbsp;• fees and expenses incurred in the formation, maintenance and liquidation of any special purpose vehicles formed to effect or facilitate the acquisition of any investment;

&nbsp;&nbsp;&nbsp;&nbsp;• wind-up and liquidation fees and expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;• other fees and expenses similar in type and nature to the fees and expenses described above.

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The Company will also bear its allocable cost of expenses incurred by the Manager that are attributable to or incurred for the account of the Company. See "- *Allocation of Expenses.*"

The Manager has not assumed any responsibility to the Company other than to render the services described in the Investment Management Agreement, and it will not be responsible for any action of the Board in declining to follow the Manager's advice or recommendations. Pursuant to the Investment Management Agreement, the Manager and certain related persons will not be liable to the Company for their acts under the Investment Management Agreement, absent willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. The Company has agreed to indemnify, defend and protect the Manager and certain related persons with respect to all damages, liabilities, costs and expenses arising out of or otherwise based upon the performance of any of the Manager's duties or obligations under the Investment Management Agreement or otherwise as the investment manager for the Company, and not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties under the Investment Management Agreement. These protections may lead the Manager to act in a riskier manner when acting on the Company's behalf than it would when acting for its own account.

The Investment Management Agreement also grants the Company a royalty-free license to use the name "Pershing Square USA, Ltd" for so long as the Manager or one of its affiliates remains the Company's investment manager.

The Investment Management Agreement was approved by the Board on October 7, 2025 and by the sole Common Shareholder of the Company as of October 8, 2025 and became effective on October 8, 2025. The Investment Management Agreement will continue in effect for a period of two years from its effective date, and if not sooner terminated, will continue in effect for successive periods of 12 months thereafter, provided that each continuance is specifically approved at least annually by both (i) the vote of a majority of the Board or the vote of a majority of the outstanding voting securities of the Company (as such term is defined in the 1940 Act) and (ii) by the vote of a majority of the Trustees who are not parties to the Investment Management Agreement or "interested persons" (as such term is defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval. The Investment Management Agreement may be terminated as a whole at any time by the Company, without the payment of any penalty, upon the vote of a majority of the Board or a majority of the outstanding voting securities of the Company or by the Manager, on 60 days' written notice by either party to the other which can be waived by the non-terminating party. The Investment Management Agreement will terminate automatically in the event of its "assignment" (as such term is defined in the 1940 Act and the rules thereunder).

A discussion regarding the basis for approvals by the Board of the Investment Management Agreement will be available in the Company's reports to shareholders covering the annual or semi-annual period during which such approval took place.

#### Administration Agreement
State Street serves as administrator to the Company. State Street provides certain administrative services necessary for the operation of the Company. Such services include maintaining certain Company books and records, providing accounting and tax services and preparing certain regulatory filings. For its services as the Company's administrator, the Company pays State Street (i) a fee for fund accounting services, payable quarterly, at an annual rate equal to 4.5 basis points of the first $500 million in NAV, 3.0 basis points of the next $500 million in NAV, 1.5 basis points of the next $500 million in NAV and 0.25 basis points of NAV above $1.5 billion, based on NAV on the last business day of the quarter, (ii) fees for fund administration services, payable quarterly, of $120,000 per year and (iii) fees for additional services as applicable.

The Company will bear all other costs and expenses of its operations, administration and transactions.

#### Entities Managed by the Manager
The Manager currently serves as the investment manager to each of the Affiliated Funds (PSH, PSLP and PSIL), which the Manager refers to as its "core funds." The Affiliated Funds all have similar investment programs and generally invest in the same assets in similar proportions, subject to certain exceptions. Certain of the existing investors in PSLP and PSIL have agreed to redeem an aggregate of $316 million of their interests in such funds (determined based on net asset value as of March 31, 2026) and apply eligible net proceeds of approximately $289 million from such redemption to acquire an aggregate of approximately 5.8 million Common Shares and

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receive an aggregate of approximately 1.7 million shares of PS Inc. Common Stock in the Combined Private Placement. The net asset value used to determine the value at which interests in the private funds will be redeemed will be determined as of a redemption date prior to the completion of this offering, and therefore the amount set forth above will fluctuate as a result of any subsequent changes in net asset value of such funds until the redemption date.

Following the completion of the combined offering, the Company will become one of the Manager's core funds. Each core fund will continue to have a similar investment program and generally invest in the same assets in similar proportions, subject to regulatory, tax, liquidity and other considerations applicable to the Company or the Affiliated Funds.

The Manager may, from time to time, serve as the investment adviser or management company for additional funds or products which may invest alongside the Affiliated Funds. The 1940 Act limits the Company's ability to enter into certain transactions with certain of its affiliates as discussed further below in "*Conflicts of Interest* — *Other Activities*".

The Manager also formed SPARC, a Delaware corporation, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. SPARC filed its Form S-1 Registration Statement (the "SPARC Registration Statement") with the SEC on November 26, 2021 and on September 29, 2023 the SPARC Registration Statement was declared effective by the SEC. As described in the SPARC Registration Statement, SPARC distributed, at no cost, subscription warrants to purchase SPARC shares at a future date (such subscription warrants, "SPARs"). SPARs are a novel security with unique features. SPARC intends that, at the time during which a SPAR holder may elect to exercise its SPARs, the SPARs will be quoted on the OTCQX marketplace of the OTC Markets Group or other quotation service. The Affiliated Funds wholly own Pershing Square SPARC Sponsor, LLC ("SPARC Sponsor"), a Delaware limited liability company, and thus are the only source of funding for SPARC Sponsor. SPARC Sponsor is an affiliate of the Manager. The Manager is a nonmember manager of SPARC Sponsor and SPARC Sponsor is the sponsor entity for SPARC. SPARC will not raise capital from public investors until after SPARC has entered into a definitive agreement for a business combination and distributed to SPAR holders a prospectus included in a post-effective amendment to the SPARC Registration Statement that provides comprehensive disclosure of the proposed business combination. A business combination with one or more target businesses will only take place if and after such post-effective amendment to the SPARC Registration Statement has been declared effective by the SEC. On April 7, 2026, the Manager announced that it had made a proposal to the Board of Directors of UMG concerning a business combination transaction in which UMG would merge with SPARC, with the newly merged company to become New UMG and list its common stock on the NYSE. There is no assurance that the Manager's proposal will be accepted by UMG or result in a transaction as proposed by the Manager or any other transaction. Subject at all times to the limitations of Section 17 of the 1940 Act and the SEC's rules promulgated thereunder, the Company may invest in securities issued by SPARC in connection with or after its business combination with one or more target businesses but will not directly or indirectly acquire securities issued by SPARC or enter into any commitments or transactions to acquire any such securities prior to such time, except to the extent permitted by the 1940 Act.

On May 5, 2025, PS Holdco completed the Howard Hughes Transaction pursuant to which it intends to transform HHH, one of the Affiliated Funds' long-term holdings, into a diversified holding company. As a first step, on December 17, 2025, HHH entered into the Vantage Acquisition, which will enable HHH to build a profitable insurance company. In connection with the Vantage Acquisition, it is expected that the Manager will be engaged as investment manager for Vantage and its insurance company subsidiaries. The Vantage Acquisition is expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions. HHH has also announced that, over time, it intends to acquire controlling ownership of high-quality, durable growth public and private operating companies, while continuing to invest in and grow its master planned communities real estate business. As part of the Howard Hughes Transaction, PS Holdco acquired nine million shares of common stock of HHH for $900 million, representing approximately 15% of the issued and outstanding common stock of HHH. PS Holdco (including through the Affiliated Funds) exercises the power to vote 40% of the issued and outstanding common stock of HHH (making it the largest single shareholder of HHH by voting power), as part of the Manager's overall strategy with respect to HHH. On a combined basis, PS Holdco and the Affiliated Funds hold a 47% total interest in HHH.

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The Manager expects that HHH will own controlling stakes in a diverse portfolio of operating companies with the expectation of holding each position for the long term. The Manager does not anticipate that HHH will concentrate such positions in any one or group of industries or sectors.

The Manager provides investment management services to the Affiliated Funds pursuant to investment management agreements under which the Manager earns management and performance fees based on each such Affiliated Fund's net asset value. The Manager provides certain services, including investment advisory services, pursuant to the Services Agreement with HHH under which the Manager is entitled to (i) a quarterly base management fee of $3,750,000 and (ii) a quarterly variable fee of 0.375% of the value of the HHH stock price relative to a reference price determined in accordance with the Services Agreement, in each case, subject to annual adjustments for inflation. In addition to investment advisory services, the Manager also provides HHH with other services, including corporate development, transaction execution and capital markets advisory services.

#### Allocation of Expenses
When determining the allocation of fees and expenses, the Manager endeavors to allocate such fees and expenses on a fair and equitable basis and only charges expenses to, and allocates expenses among, the funds and other entities it manages to the extent permitted under such entity's governing documents and applicable law. However, such determinations are inherently subjective and may give rise to conflicts of interest (i) between the entities managed by the Manager, on the one hand, and the Manager, who might otherwise bear such fees and expenses, on the other hand and (ii) among such entities. The Manager's conflicts committee generally reviews guidelines for allocations of fees and expenses used by the Manager.

In order to allocate fees and expenses, the Manager first determines whether such fees and expenses are attributable to the entities it manages and, therefore, are to be borne by such entities or whether such fees and expenses are attributable to the Manager and, therefore, are to be borne by the Manager. In certain circumstances, the Manager may determine that an expense is to be shared by the Manager and the entities it manages.

With respect to fees and expenses determined to be attributable to the entities managed by the Manager (as opposed to fees and expenses attributable to the Manager), generally, each of the entities will bear its own operating and other fees and expenses. If any fees and expenses are incurred for the account of more than one of the entities managed by the Manager, the Manager will allocate such fees and expenses among such entities as described below or in such other manner as the Manager considers fair and equitable. Certain fees and expenses allocated to more than one entity may be allocated on a pro rata basis based on the month-end net asset value of each participating entity (such as fees and expenses for certain regulatory filings) or based on each entity's month-end pro rata share of an investment (such as where an expense has been incurred in connection with a particular investment that is in the entity's portfolio at such time). Where appropriate, other fees and expenses may be divided equally among such entities regardless of their relative net asset values. Expenses related to portfolio investments that a fund used to hold but which are no longer in their portfolio are generally allocated among all participating funds pro rata based on the month-end net asset value of each fund preceding the payment date of the relevant invoice, and to the extent the expense has been previously accrued for, the accrual will be reduced by the invoice amount. A fund will not be responsible for such expenses related to investments it did not hold.

In accordance with accounting guidelines, certain expenses may be accrued for prior to receiving an invoice, in which case the expenses will be reflected on the books of the applicable fund as expenses payable and will generally be allocated among the funds based on net asset value or share of the relevant investment, as applicable, at the time of the accrual. Where permitted by accounting guidelines, certain expenses (such as expenses incurred in connection with a bond issuance or organizational expenses) may be amortized, in which case the expense will be incurred throughout the life of the bond or the entity, as applicable.

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#### CONFLICTS OF INTEREST

#### The Manager's Allocation Policies
Inherent conflicts of interest arise from the fact that the Manager provides investment advisory services to the entities it manages, including the Company, its other funds, and HHH. The Manager may face conflicts of interest when allocating investment opportunities among the Company and the other entities it manages, in particular as the Manager and its affiliates may earn incentive allocation or other forms of performance compensation on the gains of its other funds that charge an incentive allocation or performance fee, whereas the Manager is not entitled to any incentive allocation or any other form of performance fee from the Company.

Furthermore, the portfolio strategies employed by the Manager for the other entities it manages could conflict with the transactions and strategies employed for the Company and may affect the prices and availability of the securities, financial instruments and assets in which the Company invests. Conversely, participation in specific investment opportunities may be appropriate, at times, for the Company and the other entities managed by the Manager. Regulation and other factors may affect how, whether and when the Manager rebalances investment positions.

#### Allocation Policy
It is the policy of the Manager to allocate new investment opportunities fairly and equitably over time among the funds and other entities it manages. This means that a proposed investment opportunity will generally be allocated among those funds or such other entities for which participation in the investment opportunity is considered appropriate by the Manager, taking into account, among other considerations: (i) the risk-reward profile of the proposed investment opportunity in light of a fund or such other entity's investment objectives (whether such objectives are considered solely in connection with the specific investment opportunity or in the context of such fund or other entity's overall holdings); (ii) the potential for the proposed investment to create an imbalance in a fund or other entity's investment portfolio; (iii) cash balances, liquidity requirements of the fund or other entity or anticipated cash flows (including as a result of actual or anticipated subscriptions redemptions or withdrawals, as applicable, and tax distributions); (iv) tax considerations; (v) regulatory restrictions or requirements (including diversification requirements) that would or could limit a fund or other entity's ability to participate in the proposed investment opportunity (including, in the case of the Company, restrictions or requirements applicable under the 1940 Act or the Code); (vi) any need to re-size risk in the fund or other entity's investment portfolio; and (vii) any other considerations of a similar nature. In particular, only the Company is subject to the requirements and restrictions of the 1940 Act.

The Manager expects to allocate investment opportunities among the Company and the Affiliated Funds on a proportionate basis pursuant to policies that are intended to result in the Company and the Affiliated Funds generally holding similar securities or other financial instruments relative to their respective adjusted net asset values (which means with respect to any core fund the net asset value plus any accrued (but not crystallized) performance fee/allocation and the amount of any outstanding long-term debt, including the current portion thereof). The considerations described above, however, may result in allocations among the Company and Affiliated Funds being made on a different basis. Similarly, as a result of the considerations described above, the Company or an Affiliated Fund may increase its exposure to an existing investment position, while the Company or some or all of the Affiliated Funds may not participate in such increase. The allocation of investment opportunities may, in particular, take into account cash balances or cash requirements in the Company and Affiliated Funds, including, for example, as a result of actual or anticipated subscriptions or redemptions in the Affiliated Funds.

For purposes of its allocation policy, the Manager may determine to treat more than one security and/or financial instrument as one single investment opportunity, if, among other things, the relevant securities or financial instruments are deemed by the Manager to provide similar exposure to an investment.

The Company and the Affiliated Funds, on the one hand, and HHH, on the other hand, generally pursue their respective primary investment objectives through different investment strategies. The Company and Affiliated Funds' primary investment strategy typically involves the purchase of large minority stakes, whereas HHH's primary investment strategy, in connection with becoming a diversified holding company, will typically involve the acquisition of controlling ownership of high-quality, durable growth public and private operating companies.

In addition to its control-oriented investment strategy, HHH has announced the Vantage Acquisition, which will enable HHH to build a profitable insurance company. In connection with the Vantage Acquisition, it is expected that

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the Manager will be engaged as investment manager for Vantage and its insurance company subsidiaries. The Manager intends to manage the assets of Vantage's insurance company subsidiaries in accordance with applicable regulatory and rating agency requirements. The Manager plans to invest such assets primarily in fixed income securities (including U.S. Treasury bills) and common equity of public companies in a manner consistent with the investment strategy of the Manager's core funds. Accordingly, the Manager believes its strategy for managing Vantage's insurance company subsidiaries' assets will be highly synergistic to its core funds investment strategy and its own cash management practices.

Each of the Company, HHH and the Affiliated Funds may consider a broad range of investment opportunities as part of their investment strategies. The Manager will retain the discretion to allocate investment opportunities among the entities it manages, including allocating a controlling position to the Company or to the Affiliated Funds and recommending a minority position to HHH, based on the particular opportunity and other factors it deems appropriate, and consistent with its contractual and legal obligations to the entities it manages, including those under the Services Agreement with HHH. In certain circumstances, a potential investment target may be attractive as both an investment by HHH and an investment by the Company and/or the Affiliated Funds. Pursuant to the Services Agreement with HHH, the Manager shall provide a preferential right to HHH with respect to opportunities to acquire controlling stakes in any private operating company (including a take-private transaction of a public operating company) that the Manager may identify from time to time, provided that any such investment is consistent with the financial resources of HHH and such investment is suitable for HHH as determined by the Manager in good faith. This preferential right does not apply to opportunities to acquire a private company in connection with efforts to publicly list such private company through an initial public offering, acquisition by a publicly listed special purpose acquisition company or other similar means. In addition, it is possible that both HHH and the Company and/or Affiliated Funds invest in the same asymmetric investments such as opportunistic hedges utilized to protect against specific macroeconomic risks and/or to capitalize on market volatility.

In the event the Manager determines that an investment opportunity should be allocated to both HHH and one or more of the Company and Affiliated Funds, the Manager will determine the appropriate target size of such investment opportunity as a percentage of each of the Company and/or participating Affiliated Funds', as applicable, adjusted net asset value, and will separately determine (after obtaining HHH's approval) the appropriate target size of the new investment opportunity for HHH. Once the target size of a new investment is determined for the Company and/or each participating Affiliated Fund, as applicable, and for HHH, the Manager will allocate trades in proportion to such target size.

#### Portfolio Companies
The Manager may pursue active corporate engagement with respect to an investment. In doing so, the Manager may cause the Company, either alone or otherwise, to accumulate a significant position in the securities of a portfolio company, and may secure the appointment of persons selected by the Manager to the portfolio company's management team or board of directors. In doing so, the Manager may acquire fiduciary duties to the portfolio company and to the portfolio company's other shareholders. Such fiduciary duties may require such individuals to take actions that are in the best interests of the company or its shareholders, members, unitholders, partners or other owners. Accordingly, the Manager may have a conflict of interest between the fiduciary duties (if any) that it owes to such portfolio company(ies) and its (their) shareholders, on the one hand, and those it owes to the Company and the Common Shareholders, on the other hand. In addition, in the event that Mr. Ackman or any other members of the Manager join a portfolio company's management team or board of directors, and material non-public information is obtained with respect to such company or the Company becomes subject to trading restrictions pursuant to the internal trading policies of such company or as a result of applicable law or regulations, the Company may be prohibited for a period of time from purchasing or selling the securities of such company, and as a result be prevented from increasing its exposure (or maintaining its relative ownership stake, in the case that additional securities are issued by such company) to an investment position which appreciates or divesting from or exiting an investment position which decreases in value. Any such restrictions may have a material adverse effect on the Company and the value of any investment in the Company.

#### Special Purpose Vehicles
The Manager has in the past established and may in the future establish special purpose vehicles to make investments in one or more securities or financial instruments. This may be the case, for example, where the Manager proposes to acquire a large position in an issuer without causing the funds it manages to become overly exposed to that issuer.

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Each special purpose vehicle is likely to be different and allocation of each such opportunity will be dependent upon the facts and circumstances specific to that unique situation (such as, strategy, industry, size, and projected timeline of the investment). As a general matter, the Manager, in allocating such opportunities to potential co-investors, expects to take into account various facts and circumstances including, but not limited to, whether a certain investor adds strategic value, industry expertise or other similar synergies, whether a potential investor has expressed an interest in evaluating such opportunities, whether the investor has the ability to review the co-investment opportunity and provide capital within the time frame required under the circumstances, whether a potential investor has a history of participating in co-investment opportunities with the Manager, the size of the potential investor's interest to be held in the investment, whether the potential investor has demonstrated a long-term and/or continuing commitment to the potential success of the Manager and its funds, and such other factors that the Manager deems relevant under the circumstances. In addition, given their specific purposes, such special purpose vehicles may be allocated more or less than their pro-rata share of certain securities and financial instruments or may accumulate securities and financial instruments at a faster or slower rate than the Company. Conversely, upon a determination to wind-up a special purpose vehicle, such vehicle may divest its securities and financial instruments at a faster or slower rate than the Company or may do so at a time when the Company is purchasing such securities and financial instruments.

#### Other Activities
The Manager is not restricted from forming additional investment funds, entering into other investment advisory relationships, exercising investment responsibility, engaging in other business (or non-business) activities or directly or indirectly purchasing, selling, holding or otherwise dealing with any securities for the account of any such other business or for other entities (including, without limitation, for or on behalf of entities that invest or may invest in other entities it manages). These activities may be in competition with the Company or involve substantial time and resources of the Manager. In particular, there are challenges and risks inherent in the Howard Hughes Transaction. The Howard Hughes Transaction involves a number of special risks, including the potential diversion of the Manager's attention from its core funds, including the Company, and its core investment strategy, along with increasing demands on the Manager's investment processes and infrastructure. Such risks could adversely affect the business and operations of the Company.

The Manager has agreed with PSH that it will offset the variable performance fee payable by PSH to the Manager in an amount equal to 20% of any management fees the Manager earns from funds it manages that invest in public securities that do not have performance fees, which includes the Company. Although the officers and employees of the Manager will devote as much time to the Company as the Manager deems appropriate, the officers and employees may have conflicts in allocating their time and services among the Company and the other existing or any future entities they manage.

Subject to the limitations of the 1940 Act, the Manager may, at its sole discretion, offer co-investment opportunities to third parties, including, without limitation, certain shareholders and other funds. Co-investment opportunities may be made available through limited partnerships, limited liability companies or other entities formed to make such investments. The Manager may earn management fees and/or performance-based compensation (which may or may not be different from the fees and/or compensation charged to or received from us) in respect of such co-investments.

The 1940 Act limits the Company's ability to enter into certain transactions with certain of its affiliates. As a result of these restrictions, the Company may be prohibited from buying or selling any security directly from or to any pooled investment vehicle managed by the Manager or any of its affiliated persons, including HHH. The 1940 Act also prohibits certain "joint" transactions with certain of the Company's affiliates, which could include investments in the same portfolio company (whether at the same or different times), including controlling interests. The analysis of whether a particular transaction constitutes a joint transaction requires a review of the relevant facts and circumstances then existing. These limitations may limit the scope of investment opportunities that would otherwise be available to the Company and that are available to the other entities managed by the Manager, which are not regulated under the 1940 Act.

Mr. Ackman oversees the management of his family office, the mandate of which is to invest in investment funds as well as direct real estate, private equity, venture capital and/or other private investments for the benefit of Mr. Ackman, members of his immediate family and certain employees of the family office. While day-to-day management of the family office has been delegated to its employees, Mr. Ackman retains oversight and ultimate

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control over the operation of the family office. The Company does not expect that Mr. Ackman's oversight role will affect his ability to fulfill his obligations to the Manager or otherwise interfere with the operations of the Manager. The Company does not directly invest in real estate properties, venture capital or private investments of the kind in which the family office invests. There can be no assurance, however, that investments for the family office would not also be appropriate for the Company or would not affect, adversely or otherwise, the Company's investments. Mr. Ackman and the employees of the family office are subject to the Insider Trading Policies and Code of Ethics which are further described below. See "*- Officers and Employees of the Manager May Have Access to Non-Public Information*."

#### Portfolio Transactions
Subject to policies established by the Board, the Manager is responsible for placing purchase and sale orders and the allocation of brokerage commissions on behalf of the Company. Transactions in equity securities are in most cases effected on U.S. stock exchanges and involve the payment of negotiated brokerage commissions. In general, there may be no stated commission in the case of securities traded in over-the-counter markets, but the prices of those securities may include undisclosed commissions or mark-ups. Principal transactions are not entered into with affiliates of the Company. The Company has no obligations to deal with any broker or group of brokers in executing transactions in portfolio securities. In executing transactions, the Manager seeks to obtain the best price and execution for the Company, taking into account such factors as price, size of order, difficulty of execution and operational facilities of the firm involved and the firm's risk in positioning a block of securities. While the Manager generally seeks reasonably competitive commission rates, the Company does not necessarily pay the lowest commission available.

Subject to obtaining the best price and execution, brokers who provide supplemental research, market and statistical information to the Manager may receive orders for transactions by the Company. The term "research, market and statistical information" includes advice as to the value of securities, and advisability of investing in, purchasing or selling securities, and the availability of securities or purchasers or sellers of securities, and furnishing analyses and reports concerning issues, industries, securities, economic factors and trends, portfolio strategy and the performance of accounts. Information so received will be in addition to and not in lieu of the services required to be performed by the Manager under the Investment Management Agreement, and the expenses of the Manager will not necessarily be reduced as a result of the receipt of such supplemental information. Such information may be useful to the Manager in providing services to entities other than the Company, and not all such information is used by the Manager in connection with the Company. Conversely, such information provided to the Manager by brokers and dealers through whom other entities managed by the Manager effect securities transactions may be useful to the Manager in providing services to the Company.

#### Officers and Employees of the Manager May Have Access to Non-Public Information
The Manager has adopted a code of ethics (the "Code of Ethics") covering partners, employees and certain affiliates of the Manager ("Access Persons") that governs personal securities trading and is designed to ensure compliance with applicable statutes and regulatory requirements and to prevent transactions suspected of being in conflict with the Company's best interests or the best interests of other entities managed by the Manager. Among other restrictions, the Code of Ethics generally prohibits personal securities trading of Access Persons that anticipates or competes with the Company's trading activity or would result from exposure to material non-public information.

Access Persons may from time to time come into possession of material non-public or other confidential information about public companies that, if disclosed, might affect an investor's decision to buy, sell or hold a security. Under applicable law and the Manager's internal policies (the "Insider Trading Policies"), Access Persons would be prohibited from improperly disclosing or using such information for their personal benefit or for the benefit of any person, regardless of whether such person is an entity managed by the Manager. Accordingly, Access Persons are prohibited from communicating such material non-public or other confidential information, and such Access Persons will have no responsibility or liability for failing to disclose such information to shareholders or other entities managed by the Manager as a result of following the Code of Ethics and the Insider Trading Policies of the Manager.

Subject to the applicable requirements of the Code of Ethics, certain Access Persons may trade in securities for their own accounts. In addition, certain Access Persons may purchase or sell securities or engage in transactions at

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the same time as the Company and, therefore, may potentially affect prices or available opportunities. Any such trading by Access Persons, however, will be subject to required pre-clearance by the Manager's Chief Compliance Officer and must be in accordance with the Manager's compliance manual.

#### Relationship with Service Providers
Certain of the Company's service providers have different divisions with separate relationships with the Company and/or with the Manager and its partners and/or employees (in their individual capacities). The existence of multiple relationships with these different divisions or the same division of the Company's service providers may give rise to conflicts of interest with respect to the Company or the Manager.

#### Conflicts Committee
The Manager has established a Conflicts Committee that is responsible for (i) identifying potential conflicts of interest that may arise in its business and considering ways to address and mitigate them; (ii) considering new or potential conflicts that have not previously been addressed or that are otherwise not addressed in the Manager's standard policies; and (iii) reviewing at least annually the adequacy of disclosure to investors regarding potential conflicts of interest and the effectiveness of existing policies designed to address potential conflicts. The Conflicts Committee comprises the Manager's Portfolio Manager, Mr. Ackman, the President, Chief Compliance Officer, Chief Financial Officer and Head of Investor Relations, along with two affiliates of the Manager. See "*Portfolio Management - The Manager*." In the context of its oversight duty, the Board is also kept regularly informed of the policies, reviews and decisions of the Manager's Conflicts Committee.

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#### CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES
A shareholder who beneficially owns more than 25% of the outstanding voting securities of the Company may be deemed to be a "control person" of the Company for purposes of the 1940 Act. As of the date of this prospectus, the Company does not know of any persons, other than the Manager, who own of record or beneficially, 5% or more of the Common Shares as of that date.

#### Pershing Square Investment
An affiliate of the Manager will purchase (i) in the Combined Private Placement a number of Common Shares at a price of $50.00 per Common Share such that, together with the Common Shares previously acquired by the Manager, the Manager's aggregate investment in the Common Shares will equal $100 million, and (ii) $50 million aggregate liquidation preference of the Series A Preferred Shares, at a price of $50.00 per Series A Preferred Share in a transaction exempt from registration under the Securities Act. The Manager has also agreed with the Company that it and its affiliates will not sell, transfer or otherwise dispose of the Common Shares or the Series A Preferred Shares acquired as part of the Pershing Square Investment prior to the date that is the twenty five (25) year anniversary of the closing date of the combined offering, subject to certain exceptions.

#### Registration Rights Agreement
In connection with the completion of the combined offering and the Pershing Square Investment, the Company will enter into the Registration Rights Agreement with the Manager, pursuant to which the Manager (or its permitted transferees, as applicable) will, following the expiration of the lock-up period of the Common Shares acquired in the Pershing Square Investment (i.e., the date that is the twenty five (25) year anniversary of the closing date of the combined offering), have the right to cause the Company to use commercially reasonable efforts to file a registration statement and to use best efforts to cause such registration statement to be declared effective as soon as practicable (but in no event later than 60 days) thereafter, providing for the resale, under Rule 415 of the Securities Act, of the Common Shares acquired by the Manager or its affiliates in the Pershing Square Investment and any other equity securities of the Company purchased by the Manager or its affiliates on the open market, subject to certain conditions as provided in the Registration Rights Agreement. The parties to the Registration Rights Agreement (which would include any affiliate of the Manager's acquiring securities in the Pershing Square Investment and any permitted transferees) will be entitled to make up to 10 demand registrations that the Company register these securities and will have certain "piggyback rights" with respect to other registration statements filed by the Company. The Company will bear the cost of registering these securities.

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#### NET ASSET VALUE
The Company will determine its NAV daily, as of the close of regular trading on the NYSE (generally, 4:00 p.m. Eastern Time). The Company will determine its NAV by dividing the value of the Company's securities, cash and other assets (including interest accrued but not collected) less all its liabilities (including accrued expenses, the liquidation preference of any outstanding preferred shares and dividends payable) by the total number of Common Shares outstanding.

On a weekly basis, the Company will report its NAV, which is calculated as of the close of business on each Tuesday and posted on the following day that is a business day in New York. In the event that Tuesday is not a business day in New York, the Company will report the close-of-business NAV as of the business day immediately preceding that Tuesday. In addition, on a monthly basis, the Company will report its end-of-month NAV which is calculated as of the close of business on the last day of the month and posted on the following day that is a business day in New York. For weeks that include a month-end NAV report, the Company will report only the month-end NAV and not report the Tuesday (weekly) NAV. Following completion of the combined offering, the Company's NAV information will be reported on its website (www.pershingsquareusa.com (under construction)) in order to satisfy the conditions for exemption from account statement distribution under CFTC Rule 4.12(c)(3).

The Company's portfolio investments are valued based upon market quotations or, if market quotations are not readily available, at fair value as determined in good faith under valuation policies and procedures overseen by the Board. These valuation policies and procedures include pricing methodologies for determining the fair value of certain types of securities and other assets held by the Company that do not have quoted market prices, and authorize the use of other pricing sources, such as bid and ask prices supplied by independent brokers and evaluated prices supplied by independent pricing services.

Exchange-traded options, futures and options on futures are valued at the settlement price determined by the exchange.

The Board has designated the Manager as the "valuation designee" pursuant to Rule 2a-5 under the 1940 Act (the "Valuation Designee"). The Company may use fair value pricing determined by the Valuation Designee for (i) securities and other investments (except for interests in investment funds) for which market quotations are not readily available at the valuation date on a particular business day (including any security or other investment for which there is a lapse in the provision of prices by any reliable pricing source for a period of seven business days), (ii) securities and other investments for which, in the judgment of the Valuation Designee, the market prices or values available do not represent the fair value of the instrument, (iii) securities and other investments (other than interests in investment funds) determined to be illiquid, and (iv) investment fund interests, in the unlikely event that an investment fund does not report a value to the Valuation Designee on a timely basis at the end of the investment fund's fiscal period.

Different valuation methods may result in differing values for the same investment. The fair value of a portfolio investment that the Company uses to determine its NAV may differ from the investment's quoted or published price. Fair value pricing procedures are designed to result in prices for the Company's securities and its NAV that are reasonable in light of the circumstances which make or have made market quotations unavailable or unreliable. There is no assurance, however, that fair value pricing will accurately reflect the market value of an investment.

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#### DISTRIBUTIONS
The Company intends to distribute at least the minimum amount necessary to qualify for the favorable U.S. federal income tax treatment generally accorded to RICs. Such treatment requires that the Company must, among other things, satisfy certain quarterly asset diversification tests and derive in each taxable year at least 90% of its gross income from certain prescribed sources and distribute for each taxable year at least 90% of its "investment company taxable income" (generally, ordinary income plus the excess, if any, of net short-term capital gain over net long-term capital loss). The Company will be subject to tax on any undistributed taxable income or gains, including net capital gain.

Dividends, if any, are expected to be declared and paid annually. Payments will vary in amount, depending on investment income received and expenses of operation as well as reinvestment activity. The Company is not a suitable investment for any investor who requires regular dividend income.

The Company reserves the right to change its dividend distribution policy at the discretion of the Board.

To the extent that any portion of the Company's distributions are considered a return of capital to shareholders for U.S. federal income tax purposes, such portion would not be considered dividends for U.S. federal income tax purposes, and would represent a return of the amounts that such shareholders invested. Although such return of capital distributions are not currently taxable to shareholders, such distributions will have the effect of lowering a shareholder's tax basis in such shares, and could result in a higher tax liability when the shares are sold, even if they have not increased in value, or in fact, have lost value. If the total distributions made in any tax year exceed investment company taxable income, net tax-exempt income and net capital gain, such excess distributed amount would be treated as ordinary dividend income to the extent of the Company's current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) and as return of capital thereafter.

Each year, a statement on Form 1099-DIV (or Form 1099-B, as applicable) identifying the sources of the distributions (*i.e.*, paid from ordinary income, paid from net capital gains, and/or a return of capital, which is a nontaxable distribution) will be furnished to shareholders subject to IRS reporting. The Company's ordinary distributions may exceed the Company's earnings, especially during the period before the Company has substantially invested the proceeds from this offering.

As discussed above and under "*U.S. Federal Income Tax Considerations*," to qualify for and maintain RIC tax treatment, the Company is required to distribute on a timely basis with respect to each tax year dividends for U.S. federal income tax purposes of an amount at least equal to 90% of the sum of the Company's "investment company taxable income" and net tax-exempt interest income, determined without regard to any deduction for dividends paid, for such tax year. The Company intends to distribute at least the minimum amount necessary to qualify for such favorable U.S. federal income tax treatment and will be subject to tax on any undistributed taxable income or gains, including net capital gain. The Code imposes a 4% nondeductible excise tax on the Company to the extent the Company does not distribute by the end of any calendar year at least the sum of (i) 98% of ordinary income (taking into account certain deferrals and elections) for the calendar year, (ii) 98.2% of capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending on October 31 of the calendar year (unless an election is made to use the Company's fiscal year) and (iii) any ordinary income and capital gain net income for previous calendar years that were not distributed during such calendar years and on which the Company paid no U.S. federal income tax. For purposes of the excise tax, amounts of investment company taxable income and net capital gain that were not distributed and on which the Company paid U.S. federal income tax for a tax year ending in the relevant calendar year are deemed distributed in such calendar year. The Company can offer no assurance that it will achieve results that will permit the payment of any cash distributions. If the Company issues senior securities, the Company will be prohibited from making distributions if doing so causes it to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of the Company's borrowings. Any such limitations would adversely impact the Company's ability to make distributions to shareholders.

Before investing you should consult your tax adviser.

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#### DIVIDEND REINVESTMENT PLAN
The Company has adopted a dividend reinvestment plan that provides for reinvestment of cash dividends and other cash distributions ("Cash Dividends") on behalf of record holders of Common Shares, unless a Common Shareholder elects to receive cash as provided below. As a result, if the Board authorizes, and the Company declares, a Cash Dividend, the Common Shareholders who have not "opted out" of the dividend reinvestment plan will have Cash Dividends automatically reinvested in additional Common Shares, rather than receiving the Cash Dividends. In this way, a Common Shareholder can maintain an undiluted investment while still allowing the Company to pay out the required distributable income. Other than through the dividend reinvestment plan, the Company has no current plan to issue additional Common Shares following the completion of the combined transaction.

In the case of Common Shareholders such as banks, brokers or other nominees that hold Common Shares for others who are the beneficial owners, the administrator will administer the plan on the basis of the number of Common Shares certified from time to time by the record shareholder and held for the account of beneficial owners who participate in the plan. Beneficial owners should contact their bank, broker or other nominee for more information.

No action will be required on the part of Common Shareholders to have Cash Dividends reinvested in Common Shares. Common Shareholders may elect to receive an entire Cash Dividend by notifying State Street, the administrator, in writing or by telephone so that such notice is received by the administrator by 1:00 p.m. Eastern time on the record date for such Cash Dividend. The administrator will set up an account for Common Shares acquired through the plan for Common Shareholders who have not elected to receive Cash Dividends in cash and hold such Common Shares in non-certificated form.

The Common Shares are acquired by the administrator for a participant's account, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares from the Company ("Newly Issued Shares") or (ii) by purchase of outstanding Common Shares on the open market ("Open-Market Purchases") on the NYSE or elsewhere. If, on a Cash Dividend payment date, the Company's NAV is equal to or less than the market price per Common Share on the NYSE plus estimated brokerage commissions (such condition being referred to as "market premium"), the administrator will invest the Cash Dividend amount in Newly Issued Shares on behalf of the Common Shareholder. The number of Newly Issued Shares to be credited to the Common Shareholder's account will be determined by dividing the dollar amount of the Cash Dividend by the Company's NAV on the date the shares are issued, unless the Company's NAV is less than 95% of the then current market price per Common Share, in which case the dollar amount of the Cash Dividend will be divided by 95% of the then current market price per Common Share on the NYSE. If on the Cash Dividend payment date the Company's NAV is greater than the market price per Common Share on the NYSE, the plan administrator will invest the Cash Dividend amount in Common Shares acquired on behalf of the participant in Open-Market Purchases.

The administrator's service fee, if any, and expenses for administering the plan will be paid for by the Company. There will be no brokerage charges to Common Shareholders with respect to Common Shares issued directly by the Company as a result of dividends or other distributions payable either in Common Shares or in cash. However, each participant will pay a pro-rata share of brokerage commissions incurred with respect to the administrator's Open-Market Purchases in connection with the reinvestment of Cash Dividends.

Common Shareholders who receive dividends and other distributions in the form of Common Shares are subject to the same federal, state and local tax consequences as are Common Shareholders who elect to receive their dividends or other distributions in cash. A Common Shareholder's basis for determining gain or loss upon the sale of Common Shares received in a dividend or other distribution from the Company will be equal to the total dollar amount of the dividend or other distribution payable to the Common Shareholder. Any Common Shares received in a distribution will have a new holding period for tax purposes commencing on the day following the day on which the Common Shares are credited to the U.S. Common Shareholder's account.

Participants may terminate their accounts under the plan by writing to the administrator at State Street Corp - Transfer Agency, 1 Heritage Dr. North Quincy, MA 02171 or by calling the administrator at 617 985-9686. Such termination will be effective immediately if the participant's notice is received by the administrator at least 10 days prior to any dividend or other distribution record date; otherwise, such termination will be effective only with respect to any subsequent dividend or other distribution.

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The plan may be terminated by the Company upon notice in writing mailed to each participant at least 30 days prior to the effectiveness thereof and at least 30 days prior to any record date for the payment of any Cash Dividend by the Company. Additional information about the plan may be obtained by contacting the administrator by mail at State Street Corp - Transfer Agency, 1 Heritage Dr. North Quincy, MA 02171 or by telephone at 617-985-9686.

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#### DESCRIPTION OF CAPITAL STRUCTURE
The following is a brief description of the terms of the Company's Common Shares and the Series A Preferred Shares. This description does not purport to be complete and is qualified by reference to the Company's Governing Documents and the Statement of Preferences of the Series A Preferred Shares (the "Series A Statement of Preferences"), each of which are filed as exhibits to the registration statement of which this prospectus forms a part.

#### Common Shares
The Company is an unincorporated statutory trust organized under the laws of Delaware pursuant to a Certificate of Trust, dated November 28, 2023 (as amended by the Certificate of Amendment, dated February 6, 2024). Pursuant to the Declaration of Trust, the Company is authorized to issue an unlimited number of Common Shares. Each Common Share, when issued and paid for in accordance with the terms of this offering, will be validly issued, fully paid and non-assessable. All Common Shares are equal as to dividends, assets and voting privileges and have no conversion, preemptive or other subscription rights.

*Listing. The Company intends to list the Common Shares on the NYSE under the symbol "PSUS."* 

*Voting Rights. Together with the holders of any outstanding preferred shares, holders of the Common Shares will vote as a single class to elect the Board and on additional matters with respect to which the 1940 Act mandates a vote by the Company's outstanding voting securities. Holders of preferred shares will have a right to elect two of the Company's Trustees, and will have certain other voting rights. See "Anti-Takeover and Other Provisions in the Company's Governing Documents."* 

The presence in person or by proxy of shareholders entitled to cast a majority of the votes entitled to be cast at a meeting of the Company's shareholders constitutes a quorum at the meeting, unless applicable law or the Governing Documents requires a separate vote of one or more classes of the Company's shares, in which case the presence in person or by proxy of the holders of shares entitled to cast a majority of the votes entitled to be cast by each such class on such a matter will constitute a quorum.

The Declaration of Trust provides that Trustees shall be elected by the affirmative vote of a majority of the shares of the Company present in person or represented by proxy and entitled to vote thereon, voting together as a single class; provided that in the event that the 1940 Act requires any Trustee to be elected by the holders of preferred shares, such Trustees to be elected solely by the holders of preferred shares shall be elected by the affirmative vote of a majority of the preferred shares present in person or represented by proxy and entitled to vote thereon, voting as a separate class, and the remaining Trustees shall be elected by the affirmative vote of a majority of the shares of the Company present in person or represented by proxy and entitled to vote, voting together as a single class.

With respect to all other matters, the Declaration of Trust provides that unless the Declaration of Trust, the Bylaws or a resolution of the Board specifying a greater or a lesser vote requirement for the transaction of any item of business, the affirmative vote of a majority of the shares of the Company present in person or represented by proxy and entitled to vote thereon shall be the act of the shareholders with respect to such matter and where a separate vote of one or more classes or series of shares is required on any matter, the affirmative vote of a majority of the shares of such class or series of shares present in person or represented by proxy and entitled to vote thereon shall be the act of the shareholders of such class or series with respect to such matter.

Under the rules of the NYSE currently applicable to listed companies, the Company will be required to hold an annual meeting of shareholders in each fiscal year.

*Issuance of Additional Common Shares. The provisions of the 1940 Act generally require that the public offering price (less underwriting discounts and commissions) of common shares sold by a closed-end investment company must equal or exceed the net asset value of such company's common shares (calculated within 48 hours of the pricing of such offering), unless such sale is made with the consent of a majority of its common shareholders. The Company may, from time to time, seek the consent of Common Shareholders to permit the issuance and sale by the Company of Common Shares at a price below the Company's then-current NAV, subject to certain conditions. If such consent is obtained, the Company may, contemporaneous with and in no event more than one year following the receipt of such consent, sell Common Shares at price below NAV in accordance with any conditions adopted in connection with the giving of such consent. Additional information regarding any consent of Common Shareholders obtained by the Company and the applicable conditions imposed on the issuance and sale by the Company of Common Shares at a price below NAV will be disclosed in the prospectus relating to any such offering of* 

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Common Shares at a price below NAV. Until such consent of Common Shareholders, if any, is obtained, the Company may not sell Common Shares at a price below NAV. Because the Management Fee is based upon the Company's NAV, the Manager's interests in recommending the issuance and sale of Common Shares at a price below NAV may conflict with the interests of the Company and its Common Shareholders. Other than through its dividend reinvestment plan, the Company has no current plan to issue additional Common Shares following the completion of the combined transaction.

#### Preferred Shares
The Company's Governing Documents provide that the Board may authorize and issue preferred shares with rights as determined by the Board, by action of the Board without prior approval of the holders of the Common Shares. Common Shareholders have no preemptive right to purchase any preferred shares that might be issued. Under the 1940 Act, the Company may not issue preferred shares if, immediately after issuance, the Company would have asset coverage (as defined in the 1940 Act) of less than 200% as further described below. Any preferred shares issued by the Company would have special voting rights and a liquidation preference over the Common Shares as further described below.

Issuance of preferred shares constitutes leverage and could entail special risks to the Common Shareholders. See "*Risk Factors - Leverage Risk*."

***Series A Preferred Shares. Concurrently with the closing of the combined transaction, the Company intends to issue, in a transaction exempt from registration under the Securities Act, $50 million aggregate liquidation preference of its Series A Preferred Shares. The Company expects to issue all of the Series A Preferred Shares to an affiliate of the Manager at a price per share equal to the liquidation preference of the Series A Preferred Shares of $50.00 per share. The issuance of the Series A Preferred Shares to the Manager was approved by the Board including the Trustees who are not "interested persons" of the Company as defined in Section 2(a)(19) of the 1940 Act. Under Rule 18f-4, the VaR limits are greater (250% relative VaR test rather than 200% relative VaR test) for a closed-end investment company that has preferred shares outstanding than for a closed-end investment company that does not have preferred shares outstanding. See "Use of Leverage - Derivative Transactions" for more information. Set forth below is a general summary of the terms of the Series A Preferred Shares as set forth in the Series A Statement of Preferences.***

*Dividends. Dividends on the Series A Preferred Shares will accumulate at an annual rate of 7.50% of the liquidation preference of $50.00 per share, will be cumulative from the date of original issuance and will be payable quarterly on March 1, June 1, September 1, and December 1 in each year, following the initial issuance.* 

*Liquidation Preference. In the event of any liquidation, dissolution or winding up of the affairs of the Company, whether voluntary or involuntary, the holders of the Series A Preferred Shares shall be entitled to receive out of the assets of the Company available for distribution to shareholders, after satisfying claims and obligations of the Company pursuant to Delaware law but before any distribution or payment shall be made in respect of the Common Shares or any other shares of the Company ranking junior to the Series A Preferred Shares as to liquidation payments, an amount per share equal to the liquidation preference of the Series A Preferred Shares of $50.00 per share, plus an amount equal to all unpaid dividends and distributions accumulated to and including the date fixed for such distribution or payment (whether or not earned or declared by the Company, but excluding interest thereon), and such holders shall be entitled to no further participation in any distribution or payment in connection with any such liquidation, dissolution or winding up.* 

If, upon any liquidation, dissolution or winding up of the affairs of the Company, whether voluntary or involuntary, the assets of the Company available for distribution among the holders of all outstanding Series A Preferred Shares, and any other outstanding class or series of preferred shares of the Company ranking on a parity with the Series A Preferred Shares as to payment upon liquidation, shall be insufficient to permit the payment in full to such holders of Series A Preferred Shares of the liquidation preference on the Series A Preferred Shares plus accumulated and unpaid dividends and distributions and the amounts due upon liquidation with respect to such other preferred shares, then such available assets shall be distributed among the holders of Series A Preferred Shares and such other preferred shares ratably in proportion to the respective preferential liquidation amounts to which they are entitled. Unless and until the liquidation preference plus accumulated and unpaid dividends and distributions have been paid in full to the holders of Series A Preferred Shares, no dividends or distributions will be made to holders of the Common Shares or any other shares of the Company ranking junior to the Series A Preferred Shares as to liquidation.

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*Holder Redemption Right. Commencing on the date that is the ten (10) year anniversary of the completion of the combined offering, the Series A Preferred Shares may be redeemed by the holder thereof, in whole or in part, for cash at the per-share liquidation preference thereof, plus an amount equal to any accumulated but unpaid dividends and distributions (whether or not earned or declared) to the date fixed for redemption (the "Redemption Price").* 

*Preemptive, Exchange or Conversion Rights. The Series A Preferred Shares will have no preemptive, exchange or conversion rights.* 

*Voting Rights. The 1940 Act requires that the holders of any preferred shares, which includes the Series A Preferred Shares, voting separately as a single class, have the right to elect at least two Trustees at all times. The remaining Trustees will be elected by holders of Common Shares and preferred shares, voting together as a single class. In addition, subject to the prior rights, if any, of the holders of any other class of senior securities outstanding, the holders of any preferred shares, including the Series A Preferred Shares, have the right to elect a majority of the Trustees at any time two years' dividends on any preferred shares are unpaid. The 1940 Act also requires that, in addition to any approval by shareholders that might otherwise be required, the approval of the holders of a majority of any outstanding preferred shares, voting separately as a class, would be required to (1) adopt any plan of reorganization (as such term is used in the 1940 Act) within the meaning of Section 18(a)(2)(D) of the 1940 Act that would adversely affect the preferred shares and (2) take any action requiring a vote of security holders under Section 13(a) of the 1940 Act, including, among other things, changes in the Company's sub-classification as a closed-end investment company or changes in its fundamental investment restrictions. As a result of these voting rights, the Company's ability to take any such actions may be impeded to the extent that there are any preferred shares outstanding. Holders of preferred shares, including Series A Preferred Shares, will have equal voting rights with holders of Common Shares (one vote per share, unless otherwise required by the 1940 Act) and will vote together with holders of Common Shares as a single class.* 

*Restrictions on Dividends and Other Distributions for the Series A Preferred Shares. So long as any Series A Preferred Shares are outstanding, the Company may not pay any dividend or distribution (other than a dividend or distribution paid in Common Shares or, subject to compliance with the 1940 Act, in options, warrants or rights to subscribe for or purchase Common Shares or other shares, if any, ranking junior to the Series A Preferred Shares as to dividends and distributions and upon liquidation) in respect of the Common Shares or call for redemption, redeem, purchase or otherwise acquire for consideration any Common Shares (except by conversion into or exchange for shares of the Company ranking junior to the Series A Preferred Shares as to the payment of dividends or distributions and the distribution of assets upon liquidation), unless, in each case: (1) the Company has declared and paid (or provided to the relevant dividend paying agent) all cumulative dividends and distributions on the Series A Preferred Shares due on or prior to the date of such Common Shares dividend or distribution; (2) the Company has redeemed the full number of Series A Preferred Shares to be redeemed pursuant to any mandatory redemption provision in Series A Statement of Preferences; and (3) after making the dividend, distribution, redemption or other acquisition of Common Shares, the Company meets applicable asset coverage requirements described below under "1940 Act Limitations."* 

*1940 Act Limitations. Under the 1940 Act, the Company may not issue preferred shares, declare any dividend (except a dividend payable in Common Shares) or any other distribution on the Common Shares or purchase any Common Shares unless, immediately after such issuance, dividend, distribution or purchase, it has an "asset coverage" of at least 200% of the liquidation value of the outstanding preferred shares (i.e., such liquidation value may not exceed 50% of the value of the Company's total assets). For these purposes, "asset coverage" means the ratio of (i) total assets less all liabilities and indebtedness not represented by "senior securities" to (ii) the amount of "senior securities representing indebtedness" plus the "involuntary liquidation preference" of the preferred shares. "Senior security" generally means any bond, note, or similar security evidencing indebtedness and any class of shares having priority over any other class as to distribution of assets or payment of dividends. "Senior security representing indebtedness" means any "senior security" other than equity shares. The "involuntary liquidation preference" of the preferred shares is the amount that holders of preferred shares would be entitled to receive in the event of an involuntary liquidation of the Company in preference to the Common Shares.* 

*Asset Coverage Mandatory Redemption. The Company may, at its option, consistent with its Governing Documents and the 1940 Act, and in certain circumstances will be required to, mandatorily redeem the Series A Preferred Shares, at the Redemption Price, in the event that the Company fails to maintain the asset coverage requirements specified under the 1940 Act on a quarterly valuation date and such failure is not cured on or before 60 days following such failure.* 

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The number of Series A Preferred Shares that will be redeemed in the case of a mandatory redemption will equal the minimum number of outstanding Series A Preferred Shares, the redemption of which, if such redemption had occurred immediately prior to the opening of business on the applicable cure date, would have resulted in the relevant asset coverage requirement having been met or, if the required asset coverage cannot be so restored, all of the Series A Preferred Shares. In the event that Series A Preferred Shares are redeemed due to a failure to satisfy the 1940 Act asset coverage requirements, the Company may, but is not required to, redeem a sufficient number of preferred shares so that the Company's assets exceed the asset coverage requirements under the 1940 Act after the redemption by 10% (that is, 220% asset coverage).

If the Company does not have funds legally available for the redemption of, or is otherwise unable to redeem, all the Series A Preferred Shares to be redeemed on any redemption date, the Company will redeem on such redemption date that number of Series A Preferred Shares for which it has legally available funds, or is otherwise able to redeem, from the holders whose shares are to be redeemed ratably on the basis of the redemption price of such shares, and the remainder of those shares to be redeemed will be redeemed on the earliest practicable date on which the Company will have funds legally available for the redemption of, or is otherwise able to redeem, such Series A Preferred Shares upon written notice of redemption.

If fewer than all Series A Preferred Shares are to be redeemed, such redemption will be made as among the holders of that series *pro rata* in accordance with the respective number of Series A Preferred Shares held by each such holder on the record date for such redemption. If fewer than all Series A Preferred Shares held by any holder are to be redeemed, the notice of redemption mailed to such holder will specify the number of shares to be redeemed from such holder, which may be expressed as a percentage of shares held on the applicable record date.

*Optional Redemption by the Company. The Series A Preferred Shares are not subject to optional redemption by the Company unless such redemption is necessary, in the judgment of the Board, to maintain the Company's status as a RIC under the Code, in which case the Company may redeem the Series A Preferred Shares, in whole or in part, upon not less than thirty (30) nor more than sixty (60) days' prior notice, for cash at the Redemption Price.* 

#### Access to Records
Any shareholder will have access to the books and records of the Company as described in Section 3819 of the DSTA.

#### Registration Rights
In connection with the completion of the combined offering and the Pershing Square Investment, the Company will enter into the Registration Rights Agreement, pursuant to which the Manager (or its permitted transferees, as applicable) will, following the expiration of the lock-up period of the Common Shares acquired in the Pershing Square Investment (i.e., the date that is the twenty five (25) year anniversary of the closing date of the combined offering), have the right to cause the Company to use commercially reasonable efforts to file a registration statement and to use best efforts to cause such registration statement to be declared effective as soon as practicable (but in no event later than 60 days) thereafter, providing for the resale, under Rule 415 of the Securities Act, of the Common Shares acquired by the Manager or its affiliates in the Pershing Square Investment and any other equity securities of the Company purchased by the Manager or its affiliates on the open market, subject to certain conditions as provided in the Registration Rights Agreement. The parties to the Registration Rights Agreement (which would include any affiliate of the Manager's acquiring securities in the Pershing Square Investment and any permitted transferees) will be entitled to make up to 10 demand registrations that the Company register these securities and will have certain "piggyback rights" with respect to other registration statements filed by the Company. The Company will bear the cost of registering these securities.

#### Reports to Shareholders
The Company will also produce both annual and semi-annual reports that will contain important information about the Company. For a free copy of the Company's annual or semi-annual report (following the Company's completion of an annual or semi-annual period, as applicable) or to request other information or ask questions about the Company, please write to the Company at IR@persq.com or call 212-813-3700 or visit the Company's website at www.pershingsquareusa.com (under construction). This reference to the website does not incorporate the contents of the website into this prospectus.

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#### **TABLE OF CONTENTS**

#### Provisions in Conflict with Law or Regulation
The Company's Declaration of Trust provides that, if the Board determines, with the advice of counsel, that any provision of the Declaration of Trust is in conflict with the 1940 Act, the regulated investment company provisions of the Code or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of the Declaration of Trust; provided, however, that such determination shall not affect any of the remaining provisions of the Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination.

#### Enforcement of Judgments Rendered by Foreign Courts
Federal and state courts in the United States will recognize judgments entered by courts outside of the United States subject to limited exceptions. Although the law varies from state to state, the majority of states, including Delaware, have adopted, in whole or in part, the Uniform Foreign-Country Money Judgments Recognition Act (the "Judgments Recognition Act"). The Judgments Recognition Act permits the recognition of money judgments entered by foreign countries provided they are final, conclusive and enforceable where rendered. The Judgments Recognition Act contains several exceptions to recognition, including but not limited to foreign judgments rendered under a judicial system that does not provide impartial tribunals or procedures compatible with the requirements of due process of law, and foreign judgments entered in a court without personal jurisdiction over the defendant. Generally, judgments that do not fall under these exceptions may be recognized without consideration of the underlying merits, and once recognized, the judgment creditor may avail itself of various judgment enforcement mechanisms in the state of recognition.

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#### **TABLE OF CONTENTS**

#### ANTI-TAKEOVER AND OTHER PROVISIONS IN THE COMPANY'S GOVERNING DOCUMENTS
The Company's Governing Documents include provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Company or to change the composition of the Board. These provisions, however, have the advantage of potentially requiring persons seeking control of the Company to negotiate with the Company's management regarding the price to be paid and facilitating the continuity of the Company's investment objective and policies.

Any of the Trustees may be removed by action taken by two-thirds of the remaining Trustees. In addition, for cause only, and not without cause, a Trustee may be removed by action taken by a majority of the remaining Trustees, followed by the affirmative vote of the holders of not less seventy-five percent (75%) of the outstanding shares then entitled to vote in an election of such Trustee at a meeting that has been called for such purpose. "Cause" shall require (i) a final judicial determination by a court of competent jurisdiction that a Trustee has committed any action relating to the performance of his or her duties as a Trustee of the Company that constitutes gross negligence, fraud or willful misconduct, or (ii) that a Trustee has been indicated or convicted in a court of competent jurisdiction of a felony for (A) a crime involving fraud, moral turpitude or violence; or (B) an intentional or material violation of applicable securities or regulatory laws.

The Declaration of Trust requires a vote by a majority of the Trustees followed by the holders of at least seventy-five percent (75%) of the Common Shares and, if issued, preferred shares, voting together as a single class, except as described below, to authorize:

&nbsp;&nbsp;&nbsp;&nbsp;(1) a conversion of the Company from a closed-end company to an open-end company; or

&nbsp;&nbsp;&nbsp;&nbsp;(2) a merger or consolidation of the Company with any corporation, association, trust or other organization or a sale, lease or exchange of all or substantially all of the property owned or held by or for the account of the Company or the Trustees in such capacity.

*unless such transaction has already been authorized by the affirmative vote of two-thirds of the total number of Trustees fixed in accordance with the Company's Governing Documents and two-thirds of the Trustees who are not "interested persons" of the Company for purposes of Section 2(a)(19) of the 1940 Act, in which case the affirmative vote of "a majority of the outstanding voting securities" (as such term is defined in the 1940 Act), voting together as a single class shall be required.* 

In the case of the conversion of the Company to an open-end company, or if it is the case that any of the foregoing transactions constitute a plan of reorganization (as such term is used in the 1940 Act) within the meaning of Section 18(a)(2)(D) of the 1940 Act which adversely affects the preferred shares, approval, adoption or authorization of the action in question will also require the affirmative vote of the holders of at least two-thirds of the preferred shares outstanding at the time, voting as a separate class, unless such transaction has already been authorized by the affirmative vote of two-thirds of the total number of Trustees fixed in accordance with the Company's Governing Documents and two-thirds of the Trustees who are not "interested persons" of the Company for purposes of Section 2(a)(19) of the 1940 Act, in which case the affirmative vote of the holders of at least a majority of the Company's preferred shares outstanding at the time, voting as a separate class, would be required.

Approval of shareholders would not be required, however, for any transaction, whether deemed a merger, consolidation, reorganization or otherwise whereby the Company issues shares in connection with the acquisition of assets (including those subject to liabilities) from any other investment company or similar entity.

The overall effect of the provisions described above is to render more difficult the accomplishment of a merger or the assumption of control by a third party. They provide, however, the advantage of potentially requiring persons seeking control of the Company to negotiate with the Board regarding the price to be paid and facilitating the continuity of the Company's investment objective and policies. The voting requirements set forth above are in excess of those required under the DSTA, which does not provide an enumerated threshold for many of the matters discussed in this section of the prospectus.

The Board has considered the foregoing anti-takeover provisions and concluded that they are in the best interests of the Company and its Common Shareholders.

The Company is organized as a Delaware statutory trust and thus is subject to the control share acquisition statute contained in the DSTA Control Share Statute. The DSTA Control Share Statute applies to any closed-end investment company organized as a Delaware statutory trust and listed on a national securities exchange, such as the Company.

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#### **TABLE OF CONTENTS**
The DSTA Control Share Statute defines "control beneficial interests" (referred to as "control shares" herein) by reference to a series of voting power thresholds and provides that a holder of control shares acquired in a control share acquisition has no voting rights under the DSTA or the Company's Governing Documents with respect to the control shares acquired in the control share acquisition, except to the extent approved by the Company's shareholders by the affirmative vote of two-thirds of all the votes entitled to be cast on the matter, excluding all interested shares (generally, shares held by the acquiring person and their associates and shares held by Company insiders).

The DSTA Control Share Statute provides for a series of voting power thresholds above which shares are considered control shares. Whether one of these thresholds of voting power is met is determined by aggregating the holdings of the acquiring person as well as those of his, her or its "associates." These thresholds are:

&nbsp;&nbsp;&nbsp;&nbsp;• 10% or more, but less than 15% of all voting power;

&nbsp;&nbsp;&nbsp;&nbsp;• 15% or more, but less than 20% of all voting power;

&nbsp;&nbsp;&nbsp;&nbsp;• 20% or more, but less than 25% of all voting power;

&nbsp;&nbsp;&nbsp;&nbsp;• 25% or more, but less than 30% of all voting power;

&nbsp;&nbsp;&nbsp;&nbsp;• 30% or more, but less than a majority of all voting power; or

&nbsp;&nbsp;&nbsp;&nbsp;• a majority or more of all voting power.

Under the DSTA Control Share Statute, once a threshold is reached, an acquirer has no voting rights with respect to shares in excess of that threshold (*i.e.*, the control shares) until approved by a vote of shareholders, as described above, or otherwise exempted by the Board. The DSTA Control Share Statute contains a statutory process for an acquiring person to request a shareholder meeting for the purpose of considering the voting rights to be accorded control shares. An acquiring person must repeat this process at each threshold level.

Under the DSTA Control Share Statute, an acquiring person's "associates" are broadly defined to include, among others, relatives of the acquiring person, anyone in a control relationship with the acquiring person, any investment fund or other collective investment vehicle that has the same investment adviser as the acquiring person, any investment adviser of an acquiring person that is an investment fund or other collective investment vehicle and any other person acting or intending to act jointly or in concert with the acquiring person.

Voting power is the power (whether such power is direct or indirect or through any contract, arrangement, understanding, relationship or otherwise) to directly or indirectly exercise or direct the exercise of the voting power of shares of the Company in the election of the Company's Trustees (either generally or with respect to any subset, series or class of trustees, including any Trustees elected solely by a particular series or class of shares, such as the preferred shares). Thus, Company preferred shares acquired in excess of the above thresholds would be considered control shares with respect to the preferred share class vote for two Trustees.

The DSTA Control Share Statute requires shareholders to disclose to the Company any control share acquisition within ten (10) days of such acquisition, and also permits the Company to require a shareholder or an associate of such person to disclose the number of shares owned or with respect to which such person or an associate thereof can directly or indirectly exercise voting power. Further, the DSTA Control Share Statute requires a shareholder or an associate of such person to provide to the Company within 10 days of receiving a request therefor from the Company any information that the Company's Trustees reasonably believe is necessary or desirable to determine whether a control share acquisition has occurred.

The DSTA Control Share Statute does not provide that the Company can generally "opt out" of the application of the DSTA Control Share Statute; rather, specific acquisitions or classes of acquisitions may be exempted by the Board, either in advance or retroactively, but other aspects of the DSTA Control Share Statute, which are summarized above, would continue to apply. The DSTA Control Share Statute further provides that the Board is under no obligation to grant any such exemptions. The Board believes that the application of the DSTA Control Share Statute to the Company is in the best interests of the Company and its Common Shareholders and the Board has not exempted any acquisitions or classes of acquisitions for purposes of the DSTA Control Share Statute.

The foregoing is only a summary of the material terms of the DSTA Control Share Statute. Shareholders should consult their own counsel with respect to the application of the DSTA Control Share Statute to any particular circumstance. Some uncertainty around the general application under the 1940 Act of state control share statutes

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exists as a result of recent federal and state court decisions that have held that certain control share bylaws and the opting in to certain state control share statutes are inconsistent with the 1940 Act. Additionally, in some circumstances uncertainty may also exist in how to enforce the control share restrictions contained in state control share statutes against beneficial owners who hold their shares through financial intermediaries.

The Company's Bylaws provide that, with respect to an annual meeting of shareholders, the nomination of individuals for election as Trustees and the proposal of other business to be considered by the shareholders may be made only (1) pursuant to the Company's notice of the meeting given by or at the direction of the Board or any duly authorized committee thereof, (2) otherwise by or at the direction of the Board or (3) by any one or more shareholders who (i) are each at the time the required notice is delivered to the Secretary of the Company and on the record date for the determination of shareholders entitled to notice of and to vote at such annual meeting of shareholders, (ii) are each entitled to make nominations or proposals and to vote at the meeting and (iii) comply with the advance notice procedures set forth in the Bylaws. To be timely, a shareholder's notice shall set forth all required information and must be delivered to the Secretary of the Company at its principal executive offices not later than the close of business on the one hundred twentieth (120<sup>th</sup>) day, nor earlier than the close of business on the one hundred fiftieth (150<sup>th</sup>) day, prior to the anniversary date of the preceding year's annual meeting. In the event, however, that the date of the annual meeting is more than thirty (30) days before or more than seventy (70) days after such anniversary date, notice by the shareholder must be so delivered not earlier than the close of business on the one hundred fiftieth (150<sup>th</sup>) day prior to such annual meeting and not later than the close of business on the later of the one hundred twentieth (120<sup>th</sup>) day prior to such annual meeting or the tenth (10<sup>th</sup>) day following the day on which public announcement of the date of such meeting is first made by the Company. The foregoing does not affect any right of a shareholder to request inclusion of a proposal pursuant to Rule 14a-8 of the Exchange Act.

The Company's Bylaws provide that, with respect to an annual meeting of shareholders, the nomination of individuals for election as Trustees and the proposal of other business to be considered by the shareholders must satisfy a series of requirements relating to, among other things, (i) the shareholder giving notice and the beneficial owners, if any, on whose behalf the nomination is made, (ii) as to each person the shareholder proposes to nominate for election as Trustee, potential conflicts of interest or relationships and fitness to be a Trustee of a closed-end investment company, and (iii) as to any other business that the shareholder proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting, the text of the proposal or business (including the text of any resolutions proposed for consideration), the reasons for conducting such business at the meeting and any material interest in such business of such shareholder and the beneficial owner, if any, on whose behalf the proposal is made.

The purpose of requiring shareholders to give the Company advance notice of nominations and other business at annual meetings of shareholders is to afford the Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by the Board, to inform shareholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting annual meetings of shareholders. Although the Governing Documents do not give the Board any power to disapprove shareholder nominations for the election of Trustees or proposals recommending certain action at annual meetings of shareholders that satisfy the requirements of the Governing Documents, they may have the effect of precluding a contest for the election of Trustees or the consideration of shareholder proposals if proper procedures are not followed and of discouraging or deterring a third party from conducting a solicitation of proxies to elect its own slate of trustees or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to the Company and its shareholders.

The Company's Governing Documents provide that a special meeting of shareholders may be called at any time only by a majority of the Trustees or the Chief Executive Officer and will be limited to the purposes for any such special meeting set forth in the notice thereof or otherwise at the direction of the Board. Shareholders will not be entitled to make nominations or other proposals at any special meeting of shareholders.

The Declaration of Trust also contains provisions regarding derivative and direct claims of shareholders. Under the Declaration of Trust, shareholders of the Company may not bring a derivative action to enforce the rights of the Company unless certain conditions are met, including that, prior to the commencement of such derivative action, the complaining shareholders have made a written demand to the Board requesting that the Board cause the Company to file the action itself. The Declaration of Trust details information, certifications, undertakings, and acknowledgments that must be included in the demand and requires at least 10% of the shareholders of the Company to join in

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bringing any derivative action. Within 30 calendar days after the receipt of a shareholder demand submitted in accordance with the requirements of Delaware law and the Declaration of Trust, the independent Trustees will consider the merits of the claim and determine whether maintaining a suit would be in the best interests of the Company. If the demand for derivative action has been considered by the Board, and a majority of the independent Trustees, after considering the merits of the claim, has determined that maintaining a suit would not be in the best interests of the Company (or class, as applicable), the complaining shareholders shall be barred from commencing the derivative action.

The Declaration of Trust further provides that a group of shareholders may not bring or maintain a direct action or claim for monetary damages against the Company or the Trustees predicated upon an express or implied right of action under the Declaration of Trust or the 1940 Act (excepting rights of action permitted under Section 36(b) of the 1940 Act), nor shall any single shareholder, who is similarly situated to one or more other shareholders with respect to the alleged injury, have the right to bring such an action, unless shareholders who hold at least 10% of the outstanding shares of the Company have obtained authorization from the Trustees to bring the action. The requirement of authorization shall not be excused under any circumstances, including claims of alleged interest on the part of the Trustees. A request for authorization shall be mailed to the Secretary of the Company at the Company's principal office and shall set forth with particularity the nature of the proposed court action, proceeding or claim and the essential facts relied upon by the group of shareholders or shareholder to support the allegations made in the request. The Trustees shall consider such request within 90 days of its receipt by the Company. In their sole discretion, the Trustees may submit the matter to a vote of shareholders of the Company or class of shares, as appropriate. Any decision by the Trustees to settle or to authorize (or not to settle or to authorize) such court action, proceeding or claim, or to submit the matter to a vote of shareholders, shall be made in their business judgment and shall be binding on all shareholders.

These provisions in the Declaration of Trust regarding derivative and direct claims of shareholders do not apply to claims made under the U.S. federal securities laws.

The Declaration of Trust also includes an exclusive forum provision which states that, unless the Company consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware shall be the sole and exclusive forum for (i) any derivative suit, action or proceeding brought on behalf of the Company, (ii) any suit, action or proceeding asserting a claim of breach of a fiduciary duty owed by any trustee, officer, or employee of the Company to the Company or the shareholders, (iii) any suit, action or proceeding asserting a claim against the Company or any trustee, officer, or employee of the Company arising pursuant to any provision of the DSTA, the Declaration of Trust or the Bylaws, or federal law, or (iv) any suit, action or proceeding asserting a claim against the Company or any trustee, officer, or employee of the Company governed by the internal affairs doctrine of the State of Delaware; provided, however, that, in the event that the Court of Chancery of the State of Delaware lacks jurisdiction over any such suit, action or proceeding, the sole and exclusive forum for such action or proceeding shall be another state or federal court located within the State of Delaware. These exclusive forum provisions may increase costs for a shareholder to bring a claim or may limit a shareholder's ability to bring a claim in a judicial forum that they find convenient or favorable. Further, the enforceability of an exclusive forum provision is questionable. These exclusive forum provisions do not apply to any claims, suits, actions or proceedings asserted under the U.S. federal securities laws.

The Declaration of Trust provides that the Board may, subject to certain exceptions, amend the Declaration of Trust without any vote of the shareholders to make any change that does not adversely affect the relative rights or preferences of any class or series of shares. The affirmative vote of seventy-five percent (75%) of the shareholders is however required for amendments to certain provisions of the Declaration of Trust, including provisions relating to the election and removal of Trustees, approval requirements for a merger of the Company, conversion of the Company to an open-end company, and changes to the amendment provisions of the Declaration of Trust. In addition, shareholders have no authority to adopt, amend or repeal the Bylaws. Under the Declaration of Trust and the Bylaws, the Trustees have the exclusive power to amend or repeal the Bylaws or adopt new Bylaws at any time, provided that the Trustees shall not adopt Bylaws which are in conflict with the Declaration of Trust. Action by the Trustees with respect to the Bylaws requires an affirmative vote of a majority of the Trustees.

The Company's Governing Documents will be on file with the SEC prior to the completion of the combined offering. See "*Additional Information*."

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#### CLOSED-END INVESTMENT COMPANY STRUCTURE
Closed-end investment companies differ from open-end investment companies (commonly referred to as mutual funds) in that closed-end investment companies generally list their shares for trading on a securities exchange and do not redeem their shares at the option of the shareholder. By comparison, mutual funds issue securities redeemable at net asset value at the option of the shareholder and typically engage in a continuous offering of their shares. Mutual funds are subject to continuous asset in-flows and out-flows that can complicate portfolio management, whereas closed-end investment companies generally can stay more fully invested in securities consistent with the closed-end investment company's investment objective and policies. In addition, in comparison to open-end investment companies, closed-end investment companies have greater flexibility in their ability to make certain types of investments, including investments in illiquid securities.

However, shares of closed-end investment companies listed for trading on a securities exchange frequently trade at a discount from net asset value but in some cases trade at a premium. The market price may be affected by trading volume of the shares, general market and economic conditions and other factors beyond the control of the closed-end investment company. The foregoing factors may result in the market price of the Common Shares being greater than, less than or equal to NAV. The Board has reviewed the structure of the Company in light of its investment objective and policies and has determined that the closed-end structure is in the best interests of the shareholders. The Company reserves the right, at any time to merge or reorganize with another company, liquidate or convert into an open-end company, in each case subject to applicable approvals by shareholders and the Board as required by law and the Company's Governing Documents.

In the event of conversion to an open-end company, the Common Shares would cease to be listed on the NYSE or other national securities exchange or market system. Shareholders of an open-end company may require the company to redeem their shares at any time (except in certain circumstances as authorized by or under the 1940 Act) at net asset value, less any applicable redemption charge, as might be in effect at the time of a redemption. The Company would expect to pay all such redemption requests in cash but intends to reserve the right to pay redemption requests in a combination of cash or securities. If such partial payment in securities were made, investors may incur brokerage costs in converting such securities to cash. If the Company were converted to an open-end company, it is likely that new Common Shares would be sold at NAV plus a sales load.

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#### **TABLE OF CONTENTS**

#### REPURCHASE OF COMMON SHARES
Because the Company is a closed-end investment company, the Common Shareholders will not have the right to cause the Company to redeem their Common Shares. Instead, the Common Shares will trade in the open market at a price that will be a function of several factors, including NAV, relative demand for and supply of such shares in the market, general market and economic conditions and other factors. Notice is hereby given in accordance with Section 23(c) of the 1940 Act that the Company may purchase at market prices from time to time the Common Shares in the open market but is under no obligation to do so.

Notwithstanding the foregoing, at any time if the Company has preferred shares outstanding, the Company may not purchase, redeem or otherwise acquire any of its Common Shares unless (i) all accrued preferred shares dividends have been paid and (ii) at the time of such purchase, redemption or acquisition, the Company has an asset coverage of at least 200% after deducting the amount of such purchase, redemption or acquisition, as applicable. Similarly, if the Company has outstanding indebtedness, the Company may not purchase, redeem or acquire its capital stock unless the Company has an asset coverage of at least 300% after deducting the amount of such purchase, redemption or acquisition, as applicable. See "*Use of Leverage*." Any service fees incurred in connection with any tender offer made by the Company will be borne by the Company and will not reduce the stated consideration to be paid to tendering shareholders.

Subject to its investment restrictions, the Company may borrow to finance the repurchase of the Common Shares or to make a tender offer for those shares. Interest on any borrowings to finance share repurchase transactions or the accumulation of cash by the Company in anticipation of share repurchases or tenders will reduce the Company's net income. Any share repurchase, tender offer or borrowing approved by the Board would have to comply with the Exchange Act, the 1940 Act, and the rules and regulations thereunder.

The Board will review periodically the trading range and activity of the Company's shares with respect to its NAV and the Board may take certain actions to seek to reduce or eliminate any such discount. Such actions may include open market repurchases or tender offers for the Common Shares at NAV. There can be no assurance that the Board will decide to undertake any of these actions or that, if undertaken, such actions would result in the Common Shares trading at a price equal to or close to NAV.

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#### U.S. FEDERAL INCOME TAX CONSIDERATIONS
The following is a summary of certain U.S. federal income tax considerations affecting the Company and the ownership and disposition of the Common Shares. This discussion assumes you hold your Common Shares as capital assets for U.S. federal income tax purposes (generally, assets held for investments) and is applicable only to holders who purchase Common Shares in this offering. This discussion is based upon current provisions of the Code, the regulations promulgated thereunder and judicial and administrative authorities, all of which are subject to change or differing interpretations by the courts or the IRS, possibly with retroactive effect.

This discussion does not describe all of the tax consequences that may be relevant to you in light of your particular circumstances, including the alternative minimum tax, the Medicare tax on certain investment income, U.S. federal estate and gift taxes, the effects of any state, local or non-U.S. tax laws, and the different consequences that may apply if you are subject to special rules that apply to certain types of investors, such as:

&nbsp;&nbsp;&nbsp;&nbsp;• banks, financial institutions or financial services entities;

&nbsp;&nbsp;&nbsp;&nbsp;• S corporations;

&nbsp;&nbsp;&nbsp;&nbsp;• governments or agencies or instrumentalities thereof;

&nbsp;&nbsp;&nbsp;&nbsp;• RICs;

&nbsp;&nbsp;&nbsp;&nbsp;• real estate investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;• expatriates or former long-term residents of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;• insurance companies;

&nbsp;&nbsp;&nbsp;&nbsp;• broker-dealers;

&nbsp;&nbsp;&nbsp;&nbsp;• taxpayers subject to mark-to-market accounting rules;

&nbsp;&nbsp;&nbsp;&nbsp;• persons holding Common Shares as part of a "straddle," hedge, integrated transaction or similar transaction;

&nbsp;&nbsp;&nbsp;&nbsp;• U.S. holders (as defined below) whose functional currency is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;• persons that actually or constructively own 5% or more of the Company's Common Shares by vote or value;

&nbsp;&nbsp;&nbsp;&nbsp;• persons that acquired the Company's Common Shares pursuant to an exercise of employee share options, in connection with employee share incentive plans or otherwise as compensation or in connection with services;

&nbsp;&nbsp;&nbsp;&nbsp;• accrual-method taxpayers who are required under Section 451(b) of the Code to recognize income for U.S. federal income tax purposes no later than when such income is taken into account in applicable financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;• controlled foreign corporations or passive foreign investment companies; and

&nbsp;&nbsp;&nbsp;&nbsp;• tax-exempt entities.

This discussion also does not consider the tax treatment of entities treated as partnerships or other pass-through entities for U.S. federal income tax purposes or persons who hold Common Shares through such entities. If a partnership (or other entity or arrangement classified as a partnership for U.S. federal income tax purposes) is the beneficial owner of the Company's securities, the U.S. federal income tax treatment of a partner in the partnership generally will depend on the status of the partner and the activities of the partner and the partnership. If you are a partner of a partnership holding Common Shares, we urge you to consult your tax adviser.

**The discussion set forth herein does not constitute tax advice and potential investors are urged to consult their tax adviser to determine the specific U.S. federal, state, local and foreign tax consequences to them of investing in the Company.** 

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#### **TABLE OF CONTENTS**

#### Taxation of the Company
The Company intends to elect to be treated and to qualify annually as a RIC under Subchapter M of the Code. Accordingly, the Company must, among other things, meet certain income, asset diversification and distribution requirements.

&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company must derive in each taxable year at least 90% of its gross income from the following sources: (i) dividends, interest (including tax-exempt interest), payments with respect to certain securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including gain from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or foreign currencies; and (ii) interests in "qualified publicly traded partnerships" (as defined in the Code). Generally, a qualified publicly traded partnership includes a partnership the interests of which are traded on an established securities market or readily tradable on a secondary market (or the substantial equivalent thereof).

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Company must diversify its holdings so that, at the end of each quarter of each taxable year (i) at least 50% of the market value of the Company's total assets is represented by cash and cash items, U.S. government securities, the securities of other RICs and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Company's total assets and not more than 10% of the outstanding voting securities of such issuer and (ii) not more than 25% of the market value of the Company's total assets is invested in the securities (other than U.S. government securities and the securities of other RICs) of (a) any one issuer, (b) any two or more issuers that the Company controls (as determined under applicable tax rules) and that are determined to be engaged in the same business or similar or related trades or businesses or (c) any one or more "qualified publicly traded partnerships." These asset diversification requirements are subject to certain special and complex measurement rules. For example, the Company generally will not fail to satisfy the asset diversification requirements solely as a result of a change in value with respect to assets held by the Company as of the end of a prior quarter.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Company must distribute in each taxable year at least 90% of its investment company taxable income (generally, its ordinary income and the excess of any net short-term capital gain over net long-term capital loss).

As long as the Company qualifies as a RIC, the Company generally will not be subject to U.S. federal income tax to the extent that it distributes its investment company taxable income and net realized capital gains. The Company intends to distribute at least the minimum amount necessary to qualify for the favorable U.S. federal income tax treatment generally accorded to RICs. The Company will be subject to income tax at regular corporate rates on any taxable income or gains that it does not distribute to its Common Shareholders.

The Company will either distribute or retain for reinvestment all or part of its net capital gain (which consists of the excess of its net long-term capital gain over its net short-term capital loss). If any such gain is retained, the Company will be subject to a corporate income tax on such retained amount, including any amount designated as undistributed capital gain pursuant to the following sentence. In that event, the Company expects to designate the retained amount as undistributed capital gain in a notice to its Common Shareholders, each of whom (i) will be required to include in income for U.S. federal income tax purposes as long-term capital gain its share of such undistributed amounts, (ii) will be entitled to credit its proportionate share of the tax paid by the Company against its U.S. federal income tax liability and to claim refunds to the extent that the credit exceeds such liability and (iii) will increase its basis in its Common Shares by the amount of undistributed capital gain included in such Common Shareholder's gross income net of the tax deemed paid by the shareholder under clause (ii).

The Code imposes a 4% nondeductible excise tax on the Company to the extent the Company does not distribute by the end of any calendar year at least the sum of (i) 98% of its ordinary income (taking into account certain deferrals and elections but not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to use the Company's fiscal year) and (iii) any income or gains realized, but not distributed, and on which the Company paid no federal income tax, in preceding years. In addition, the minimum amounts that must be distributed in any year to avoid the excise tax will be decreased to reflect any over-distribution from the previous year and amounts of investment company taxable income and net capital gain realized, but not distributed, and on which the Company paid U.S. federal income tax

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#### **TABLE OF CONTENTS**
for a tax year ending in the relevant calendar year are deemed distributed in such calendar year for purposes of the excise tax. While the Company intends to distribute any income and capital gain in the manner necessary to minimize imposition of the 4% nondeductible excise tax, there can be no assurance that sufficient amounts of the Company's taxable income and capital gain will be distributed to entirely avoid the imposition of the excise tax. In that event, the Company will be liable for the excise tax only on the amount by which it does not meet the foregoing distribution requirement.

Certain of the Company's investment practices are subject to special and complex U.S. federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower-taxed long-term capital gains or "qualified dividend income" into higher-taxed short-term capital gains or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iv) cause the Company to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur, (vi) adversely alter the characterization of certain complex financial transactions and (vii) produce income that will not be "qualified" income for purposes of the 90% gross income requirement described above. These U.S. federal income tax provisions could therefore affect the amount, timing and character of distributions to Common Shareholders. The Company intends to structure and monitor its transactions and may make certain tax elections and may be required to dispose of securities to mitigate the effect of these provisions and prevent disqualification of the Company as a RIC (which may adversely affect the net after-tax return to the Company).

If for any taxable year the Company does not qualify as a RIC, all of its taxable income (including its net capital gain) will be subject to tax at regular corporate rates without any deduction for distributions to Common Shareholders. The Company could be required to recognize unrealized gains, pay taxes and make distributions (which could be subject to interest charges) before requalifying for taxation as a RIC. The remainder of this discussion assumes that the Company will qualify for taxation as a RIC.

#### Taxation of Common Shareholders

#### Purchase Price Allocation and Basis
While not free from doubt, your acquisition pursuant to the combined offering of (1) Common Shares and (2) shares of PS Inc. Common Stock for no additional consideration in conjunction therewith should be treated for U.S. federal income tax purposes as the acquisition of both such Common Shares and such shares of PS Inc. Common Stock for the aggregate purchase price paid in the combined offering. Under this treatment, for U.S. federal income tax purposes, your aggregate tax basis in the Common Shares and shares of PS Inc. Common Stock that you receive will equal the total purchase price you pay in the combined offering, and you must allocate the purchase price between the Common Shares and the shares of PS Inc. Common Stock you received pursuant to the combined offering based on the relative fair market values of the shares acquired in the combined offering. The portion of the purchase price allocated to your Common Shares will be your tax basis in such Common Shares and the portion of the purchase price allocated to the shares of PS Inc. Common Stock that you receive will be your tax basis in such shares of PS. Inc. Common Stock. We believe that one reasonable method for determining fair market value is to use the volume weighted average trading prices of the Common Shares and shares of PS Inc. Common Stock on the first day of trading of the Common Shares and the PS Inc. Common Stock on the New York Stock Exchange. We intend, promptly following the completion of the first day of trading of the Common Shares and the PS Inc. Common Stock on the New York Stock Exchange, to provide additional guidance on our website regarding the computation of basis using this method based on our determination of such weighted average trading prices. However, there can be no assurance that the IRS or a court will agree with any such determination.

Your aggregate tax basis in the Common Shares and shares of PS Inc. Common Stock that you receive will equal the total purchase price you pay in the combined offering even if the combined volume weighted average trading prices of your Common Shares and shares of PS Inc. Common Stock on the first day of trading equal an aggregate amount greater than (or less than) your total purchase price.

Investors should note that the allocation of tax basis between the Common Shares and shares of PS Inc. Common Stock pursuant to the formula discussed herein may differ from the allocation of the proceeds of the offering to the Company. In addition, this allocation of tax basis may differ from the allocation of the purchase price for certain purposes by your broker. In addition, Investors who seek to dispose of either Common Shares or shares of

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#### **TABLE OF CONTENTS**
PS Inc. Common Stock prior to the determination of the fair market values following the first day of trading may not know the portion of their aggregate tax basis that will ultimately be allocated to such security, and as a result may not know the exact amount of gain or loss that may result from such disposition until such determination.

**No statutory, administrative or judicial authority directly addresses the treatment of a transaction similar to the combined offering for U.S. federal income tax purposes and, therefore, the foregoing treatment of the Common Shares and the purchase price allocation between Common Shares and shares of PS Inc. Common Stock received in the combined offering (including the method of determining the relative fair market values of such shares detailed above) are not binding on the IRS or the courts. Because there are no authorities that directly address the treatment of a transaction similar to the combined offering for U.S. federal income tax purposes, no assurance can be given that the IRS or the courts will agree with the characterization described above or our determination regarding allocation of tax basis, and any alternative characterization or allocation could result in different and potentially adverse consequences for you, the Company, or PS Inc. Accordingly, you are urged to consult your tax adviser regarding the tax consequences of participating in the combined offering, including the allocation of tax basis between the Common Shares and shares of PS Inc. Common Stock.** 

#### U.S. Holders
This section applies to you if you are a "U.S. holder." A U.S. holder is a beneficial owner of Common Shares who or that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized in or under the laws of the United States, any state thereof or the District of Columbia.

&nbsp;&nbsp;&nbsp;&nbsp;• an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;• a trust (i) the administration of which is subject to the primary supervision of a United States court and which has one or more United States persons (within the meaning of the Code) who have the authority to control all substantial decisions of the trust or (ii) that has in effect a valid election under applicable Treasury regulations to be treated as a United States person.

*Distributions. Distributions paid to you by the Company from its net capital gain, which is the excess of net long-term capital gain over net short-term capital loss, if any, that the Company properly reports as capital gains dividends ("capital gain dividends") are taxable as long-term capital gains, regardless of how long you have held your Common Shares. All other dividends paid to you by the Company (including dividends from short-term capital gains) from its current or accumulated earnings and profits as determined for U.S. federal income tax purposes ("ordinary income dividends") are generally subject to tax as ordinary income.* 

In the case of corporate shareholders, properly reported ordinary income dividends paid by the Company generally will be eligible for the dividends received deduction to the extent that the Company's income consists of dividend income from U.S. corporations and certain holding period requirements are satisfied. If you are a non-corporate shareholder (including a shareholder who is an individual), any properly reported ordinary income dividend that you receive from the Company generally will be eligible for taxation at reduced maximum rates to the extent that (i) the ordinary income dividend is attributable to "qualified dividend income" (*i.e.*, generally dividends paid by U.S. corporations and certain foreign corporations) received by the Company, (ii) the Company satisfies certain holding period and other requirements with respect to the stock on which such qualified dividend income was paid and (iii) you satisfy certain holding period and other requirements with respect to your Common Shares. Qualified dividend income eligible for these special rules is not actually treated as capital gains, however, and thus will not be included in the computation of your net capital gain and generally cannot be used to offset any capital losses. In general, you may include as qualified dividend income only that portion of the dividends that may be and are so reported by the Company as qualified dividend income. Dividend income from "passive foreign investment companies" and, in general, dividend income from real estate investment trusts is not eligible for the reduced rate for qualified dividend income and is taxed at ordinary income rates.

Distributions of earnings from dividends paid by certain "qualified foreign corporations" can, however, qualify for the lower federal income tax rates on qualified dividends. Distributions of earnings from non-qualifying

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#### **TABLE OF CONTENTS**
dividends, interest income, other types of ordinary income and short-term capital gains will be taxed at the ordinary income tax rate applicable to the taxpayer. There can be no assurance as to what portion of the Company's distributions will qualify for favorable treatment as qualified dividend income.

Any distributions you receive that are in excess of the Company's current and accumulated earnings and profits (as determined for U.S. federal income tax purposes) will be treated as a tax-free return of capital to the extent of your adjusted tax basis in your Common Shares, and thereafter as capital gain from the sale of Common Shares. The amount of any Company distribution that is treated as a tax-free return of capital will reduce your adjusted tax basis in your Common Shares, thereby increasing your potential gain or reducing your potential loss on any subsequent sale or other disposition of your Common Shares. In determining the extent to which a distribution will be treated as being made from the Company's earnings and profits, earnings and profits will be allocated on a pro rata basis first to distributions with respect to any of the Company's preferred shares, and then to the Company's Common Shares.

It is possible the Company may decide to retain some or all of its net capital gains, and to designate the retained amount as a "deemed distribution." In that case, among other consequences, the Company will pay corporate-level tax on the retained amount, you will be required to include your share of the deemed distribution in income as if it had actually been distributed to you, and you will be entitled to claim a credit or refund equal to your allocable share of the corporate-level tax the Company pays on the retained capital gain. The amount of the deemed distribution net of such tax will be added to your cost basis for your Common Shares.

Since the Company expects to pay tax on any retained capital gains at its regular corporate capital gain tax rate, and since that rate may be in excess of the maximum rate currently payable by non-corporate U.S. holders on long-term capital gains, the amount of tax that non-corporate U.S. holders will be treated as having paid may exceed the tax they owe on the capital gain dividend. If applicable, such excess generally may be claimed as a credit or refund against your other U.S. federal income tax obligations. If you are not subject to U.S. federal income tax or otherwise required to file a U.S. federal income tax return, you would be required to file a U.S. federal income tax return on the appropriate form in order to claim a refund for the taxes the Company paid. In order to utilize the deemed distribution approach, the Company must provide written notice to its shareholders prior to the expiration of 60 days after the close of the relevant tax year.

Dividends and other taxable distributions are taxable to you even if they are reinvested in additional Common Shares. Dividends and other distributions paid by the Company are generally treated as received by you at the time the dividend or distribution is made. If, however, the Company pays you a dividend in January that was declared in the previous October, November or December and you were the Common Shareholder of record on a specified date in one of such months, then such dividend will be treated for U.S. federal income tax purposes as being paid by the Company and received by you on December 31 of the year in which the dividend was declared. In addition, the Company may, under certain circumstances, elect to treat other dividends that are paid during the following taxable year as if they had been paid during the taxable year in question for purposes of determining the Company's dividends paid deduction. If the Company makes such an election, the U.S. holder will still be treated as receiving the dividend in the taxable year in which the distribution was made.

Under the dividend reinvestment plan, U.S. holders who have not "opted out" of the Company's dividend reinvestment plan will have their cash distributions automatically reinvested in additional Common Shares, rather than receiving cash distributions. Any distributions reinvested under the plan will nevertheless remain taxable to U.S. holders. A U.S. holder will have an adjusted basis in the additional Common Shares purchased through the plan equal to the amount of the reinvested distribution. The additional Common Shares will have a new holding period commencing on the day following the day on which such Common Shares are credited to the U.S. holder's account.

The Company (or the applicable withholding agent) will send you information after the end of each year setting forth the amount and tax status of any distributions paid to you by the Company. The IRS currently requires that a RIC that has two or more classes of stock allocate to each such class proportionate amounts of each type of its income (such as ordinary income, capital gains, and qualified dividend income) based upon the percentage of total dividends paid to each class for the tax year. Accordingly, the Company intends each year to allocate capital gain dividends, dividends eligible for dividends received deduction, and dividends that constitute qualified dividend income, if any, between its Common Shares and preferred shares in proportion to the total dividends paid to each class with respect to such tax year.

*Sale of Common Shares. The sale or other disposition of Common Shares (including upon the liquidation of the Company) will generally result in capital gain or loss to you and will be long-term capital gain or loss if you have* 

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held such Common Shares for more than one year. The amount of the gain or loss will be measured by the difference between your adjusted tax basis in your Common Shares and the amount of proceeds received in exchange for such Common Shares. Any loss upon the sale or other disposition of Common Shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain dividends received (including amounts credited as an undistributed capital gain) by you with respect to such Common Shares. Any loss you recognize on a sale or other disposition of Common Shares will be disallowed if you acquire other Common Shares (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after your sale or exchange of the Common Shares. In such case, your tax basis in the Common Shares acquired will be adjusted to reflect the disallowed loss.

Current U.S. federal income tax law taxes both long-term and short-term capital gain of corporations at the rates applicable to ordinary income. For non-corporate taxpayers, short-term capital gain is currently taxed at rates applicable to ordinary income while long-term capital gain generally is taxed at reduced maximum rates. The deductibility of capital losses is subject to limitations.

#### Non-U.S. Holders
This section applies to you if you are a "Non-U.S. holder." A Non-U.S. holder is a beneficial owner of Common Shares who is not a U.S. holder (as defined above). Whether an investment in the Common Shares is appropriate for a Non-U.S. holder will depend on your particular circumstances. Non-U.S. holders should consult their tax adviser before investing in the Common Shares.

Distributions of the Company's "investment company taxable income" to Non-U.S. holders (including, except as described below interest income and realized net short-term gains in excess of realized long-term capital losses, which generally would be free of federal withholding tax if paid to Non-U.S. holders directly) will be subject to withholding of federal tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent such distributions do not exceed the Company's current and accumulated earnings and profits unless an applicable exception applies. If such distributions are income effectively connected (or treated as effectively connected) with a U.S. trade or business ("ECI") of the Non-U.S. holder (and, if a treaty applies, are attributable to a U.S. permanent establishment of the Non-U.S. holder), the Company will not be required to withhold U.S. federal tax if the Non-U.S. holder complies with applicable certification and disclosure requirements, although the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. holders (and, in the case of a non-U.S. holder that is a corporation, may be subject to an additional "branch profits tax," as described below). Special certification requirements apply to a Non-U.S. holder that is a non-U.S. partnership or non-U.S. trust, and such entities are urged to consult their tax adviser.

U.S.-source withholding taxes are not generally imposed on dividends paid by RICs to the extent the dividends are reported as "interest-related dividends" or "short-term capital gain dividends." Interest-related dividends and short-term capital gain dividends generally represent distributions of interest or short-term capital gains that would not have been subject to U.S. withholding tax at the source if they had been received directly by a non-U.S. person, and that satisfy certain other requirements. No assurances can be given as to whether any of the Company's distributions will be reported as eligible for this exemption from withholding tax. In addition, Non-U.S. holders should be aware that U.S. withholding rules require the Company (or its withholding agent) to withhold on distributions in the absence of certainty as to whether such distributions are eligible for the exemption from withholding tax. Since amounts designated as interest-related dividends may be reduced to the extent such amounts exceed the Company's "qualified net interest income" for the taxable year in which such dividend is distributed, the Company will generally not be certain that the entire amount of mid-year distributions of interest-related dividends is, in fact, properly treated as such. Accordingly, such distributions to Non-U.S. holders may be subject to over-withholding by the Company (or its withholding agent).

Actual or deemed distributions of the Company's net capital gains to a Non-U.S. holder, and gains realized by a Non-U.S. holder upon the sale of its Common Shares (including upon a liquidation of the Company), will not be subject to U.S. federal income tax unless the distributions or gains, as the case may be, are ECI of the Non-U.S. holder (and, if an income tax treaty applies, are attributable to a U.S. permanent establishment maintained by the Non-U.S. holder) or, in the case of an individual, the Non-U.S. holder was present in the United States for 183 days or more during the taxable year and certain other conditions are met. If the Company distributes its net capital gains in the form of deemed rather than actual distributions, a Non-U.S. holder will be entitled to a U.S. federal income tax credit or tax refund equal to the allocable share of the corporate-level tax the Company pays on the capital gains

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deemed to have been distributed; however, in order to obtain the refund, the Non-U.S. holder must obtain a U.S. taxpayer identification number and file a U.S. federal income tax return even if the Non-U.S. holder would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return.

If any actual or deemed distributions of the Company's net capital gains, or any gains realized upon the sale or redemption of its Common Shares, are ECI of the Non-U.S. holder (and, if an income tax treaty applies, are attributable to a U.S. permanent establishment maintained by the Non-U.S. holder), such amounts will be subject to U.S. income tax, on a net-income basis, in the same manner, and at the graduated rates applicable to, a U.S. holder. For a corporate Non-U.S. holder, the after-tax amount of distributions (both actual and deemed) and gains realized upon the sale or redemption of the Common Shares that are ECI (and, if an income tax treaty applies, are attributable to a U.S. permanent establishment maintained by the Non-U.S. holder), may under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable treaty).

#### Non-U.S. holders should consult their tax adviser with respect to the U.S. federal income tax consequences of an investment in the Common Shares.

#### FATCA
Under legislation commonly referred to as the "Foreign Account Tax Compliance Act" (or "FATCA"), the applicable withholding agent generally will be required to withhold 30% of any payment of dividends on the Common Shares paid to (i) a non-U.S. financial institution (whether such financial institution is the beneficial owner or an intermediary) unless such non-U.S. financial institution agrees to verify, report and disclose its U.S. account holders and meets certain other specified requirements or (ii) a non-financial non-U.S. entity (whether such entity is the beneficial owner or an intermediary) unless such entity certifies that it does not have any substantial U.S. owners or provides the name, address and taxpayer identification number of each U.S. owner and such entity meets certain other specified requirements. If payments of this withholding tax are made, Non-U.S. holders that are otherwise eligible for an exemption from, or reduction in, withholding of U.S. federal income.

Taxes with respect to such interest or dividends will be required to seek a credit or refund from the IRS to obtain the benefit of such exemption or reduction. The Company will not pay any additional amounts in respect of any amounts withheld. This withholding may be applied to reduce any future distributions to which you may be entitled.

#### Foreign Taxation
Income earned and gain realized by the Company from sources within a foreign country may be subject to withholding and other taxes imposed by that country. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes.

The imposition of such taxes will reduce the amount of dividends and distributions paid to the Company's shareholders. If more than 50% of the value of a Company's total assets at the close of its taxable year consists of securities of foreign corporations, that Company will be eligible and may elect to treat a proportionate amount of certain foreign taxes paid by it as a distribution to each shareholder which would generally permit each shareholder either (1) to credit this amount (subject to applicable limitations) or (2) to deduct this amount for purposes of computing its U.S. federal income tax liability. The Company will notify you if it makes this election. A number of limitations apply to a taxpayer's ability to use foreign tax deductions or credits.

#### Backup Withholding and Information Reporting
Backup withholding may apply to distributions on the Common Shares with respect to certain U.S. holders. Such U.S. holders generally will be subject to backup withholding unless such U.S. holders provide their correct taxpayer identification number and certain other information, certified under penalties of perjury, to the dividend paying agent, or otherwise establishes an exemption from backup withholding. Any amount withheld under backup withholding is allowed as a credit against such U.S. holder's U.S. federal income tax liability, provided the proper information is provided to the IRS. Generally, the Company must report to the IRS and to Non-U.S. holders the amount of interest and dividends paid to the Non-U.S. holders and the amount of tax, if any, withheld with respect to those payments. Copies of the information returns reporting such dividend payments and any withholding may also be made available to the tax authorities in the country in which the holder resides under the provisions of an

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applicable treaty or agreement. In general, a Non-U.S. holder will not be subject to backup withholding with respect to payments of dividends if (a) the Non-U.S. holder provides its name and address, and certifies, under penalties of perjury, to the applicable withholding agent that it is not a U.S. person (which certification may be made on an IRS W-8BEN or W-8BEN-E (or successor form)) or (b) the Non-U.S. holder holds the Common Shares through certain foreign intermediaries or certain foreign partnerships, and satisfies the certification requirements of applicable Treasury regulations. A Non-U.S. holder will be subject to information reporting and, depending on the circumstances, backup withholding with respect to the proceeds of the sale or other disposition (including a redemption) of the Common Shares within the United States or conducted through certain U.S.-related payors, unless the payor of the proceeds receives the statement described above or the Non-U.S. holder otherwise establishes an exemption. Backup withholding is not an additional tax. Any amounts withheld from payments made to a shareholder may be refunded or credited against such shareholder's U.S. federal income tax liability, if any, provided that the required information is furnished to the IRS.

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#### THE SELLING SHAREHOLDER
On the closing date of the combined offering, PS Inc. will acquire from the Company and sell to the Underwriters the Common Shares offered hereby, at the public offering price less the sales load, and immediately thereafter deliver to the Company the net proceeds of this offering. This prospectus relates to the foregoing distribution of such Common Shares. PS Inc. is a co-registrant on the registration statement of which this prospectus forms a part and will also be an "underwriter" within the meaning of Section 2(a)(11) of the Securities Act. Therefore, it will be subject to the prospectus delivery and liability provisions under the Securities Act. This prospectus describes all material relationships between the Company and PS Inc.

The following table sets forth (i) the number and percentage of the outstanding Common Shares that PS Inc. beneficially owned before this offering, (ii) the number of Common Shares to be purchased by PS Inc. and resold in this offering by PS Inc. and (iii) the number and percentage of the outstanding Common Shares that will be beneficially owned by PS Inc. after this offering. The number of Common Shares outstanding upon completion of this offering will be [ ] (assuming the Underwriters do not exercise their option to purchase additional Common Shares from the Company as described in this prospectus).

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares Beneficially Owned** <br>**Prior to this Offering<sup>(1)</sup>** | **Shares Beneficially Owned** <br>**Prior to this Offering<sup>(1)</sup>** | **Shares to be** <br>**Purchased** <br>**and** <br>**Resold in this** <br>**Offering** | **Shares Beneficially** <br>**Owned after this** <br>**Offering<sup>(2)</sup>**  |
|  | **Number** | **Percent** | **Number** | **Number** |
| **Selling Shareholder:**<br>|  |  |  |  |
| Pershing Square Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;100%<br>&nbsp;&nbsp;&nbsp;&nbsp;% |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Purchased by the Manager in the Initial Manager Investment in order to fund the Company's initial operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Includes the [•] Common Shares purchased by the Manager in the Pershing Square Investment.

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#### UNDERWRITING
The Underwriters named below, acting through Citigroup Global Markets Inc., UBS Securities LLC, BofA Securities, Inc., Jefferies LLC and Wells Fargo Securities, LLC as their representatives (the "Representatives"), have severally agreed, subject to the terms and conditions of an underwriting agreement with PS Inc., the Manager and the Company (the "Underwriting Agreement"), to purchase from PS Inc., as the selling shareholder, the number of Common Shares set forth opposite their respective names. The Underwriters are committed to purchase and pay for all such Common Shares (other than those covered by the over-allotment option described below) if any are purchased.

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| | |
|:---|:---|
| **Underwriter** | **Number** <br>**of** <br>**Shares**  |
| Citigroup Global Markets Inc. |  |
| UBS Securities LLC |  |
| BofA Securities, Inc. |  |
| Jefferies LLC |  |
| Wells Fargo Securities, LLC |  |
| RBC Capital Markets, LLC |  |
| Banco BTG Pactual S.A. - Cayman Branch |  |
| Keefe, Bruyette & Woods, Inc. |  |
| Academy Securities, Inc. |  |
| Huntington Securities, Inc. |  |
| Loop Capital Markets LLC |  |
| Oppenheimer & Co. Inc. |  |
| Piper Sandler & Co. |  |
| Roberts & Ryan, Inc. |  |
| Wedbush Securities Inc. |  |
| Aegis Capital Corp. |  |
| AmeriVet Securities, Inc.  |  |
| C.L. King & Associates, Inc. |  |
| CastleOak Securities, L.P. |  |
| Clear Street LLC |  |
| InspereX LLC |  |
| JonesTrading Institutional Services LLC |  |
| R. Seelaus & Co., LLC |  |
| Samuel A. Ramirez & Company, Inc. |  |
| Siebert Williams Shank & Co., LLC |  |
| Tigress Financial Partners LLC |  |
| Total |  |

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If an Underwriter fails to purchase the Common Shares it has agreed to purchase, the Underwriting Agreement provides that one or more substitute underwriters may be found, the purchase commitments of the remaining Underwriters may be increased or the Underwriting Agreement may be terminated.

The Underwriters have been granted an option, exercisable for 45 days from the date of this prospectus, to purchase up to an additional Common Shares solely to cover over-allotments, if any, at the initial offering price. The Underwriters may exercise such option solely for the purpose of covering over-allotments incurred in the sale of the Common Shares offered hereby. To the extent that the Underwriters exercise this option, each of the Underwriters will have a firm commitment, subject to certain conditions, to purchase an additional number of Common Shares proportionate to such Underwriter's initial commitment.

The Underwriting Agreement provides that the obligations of the Underwriters to purchase the Common Shares included in this offering are subject to approval of certain legal matters by counsel and certain other conditions.

The Company has agreed to pay a sales load to the Underwriters in amount equal to $1.00 per Common Share (2.0% of the public offering price) with respect to Common Shares sold to institutional investors and $1.25 per

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Common Share (2.5% of the public offering price per Common Share) with respect to shares sold to retail investors, which, assuming no exercise of the Underwriters' option to purchase additional Common Shares, will amount to an aggregate sales load of $(% of the public offering price per Common Share), or $ in total, assuming full exercise of the Underwriters' option to purchase additional Common Shares in the same proportion of Common Shares subject to the institutional commission and Common Shares subject to the retail commission, respectively. The aggregate sales load will be borne by all Common Shareholders. The Company will bear all of its costs associated with this offering.

The Company estimates that the total expenses of this offering, including registration, filing and listing fees, printing and legal and accounting expenses, but excluding the sales load, will be approximately $. The Company and/or PSI, Inc. have also agreed to reimburse the Underwriters for certain out-of-pocket expenses, including counsel fees, in connection with this offering the combined transaction, in an amount of $3,500,000.

Each of the underwriters in this offering is acting as an underwriter in the PS Inc. IPO. The Underwriters have separately entered into an underwriting agreement in respect of the PS Inc. IPO with PS Inc. (the "PS Inc. Underwriting Agreement"). The delivery of the PS Inc. Common Stock to the Underwriters under the PS Inc. Underwriting Agreement is conditioned upon the completion of this offering and the Underwriters are committed to acquire all shares of the PS Inc. Common Stock offered in the PS Inc. IPO, if they purchase any Common Shares.

The Representatives have advised the Company and PS Inc. that the Underwriters may pay up to $ per Common Share from the sales load to selected dealers who sell Common Shares and that such dealers may reallow a concession of up to $ per Common Share to certain other dealers who sell Common Shares in connection with the sale of Common Shares.

Investors must pay for any Common Shares purchased on or before , 2026.

Prior to the combined offering, there has been no public or private market for the Common Shares of the Company. There can be no assurance that the price at which the Common Shares sell after the combined offering will not be lower than the price at which they are sold by the Underwriters or that an active trading market in the Common Shares will develop and continue after the combined offering.

The Company intends to list the Common Shares on the NYSE under the symbol "PSUS."

In connection with the requirements for listing the Common Shares on the NYSE, the Underwriters have undertaken to sell lots of 100 or more Common Shares to a minimum of 400 beneficial owners in the United States. The minimum investment requirement is 5 Common Shares ($250.00).

The Underwriters have informed the Company and PS Inc. that they do not intend sales to discretionary accounts to exceed five percent of the total number of Common Shares offered by them.

The Company, the Manager and PS Inc. have each agreed to indemnify the Underwriters and their controlling persons for certain liabilities, including liabilities under the Securities Act, or to contribute to payments the Underwriters may be required to make in respect of those liabilities, except in the cases of willful misfeasance, bad faith, gross negligence or reckless disregard of applicable obligations and duties.

The Company and PS Inc. have agreed not to offer, sell or register with the SEC any additional equity securities of the Company, other than issuances and sales (1) of the Common Shares offered hereby or (2) pursuant to the Company's dividend reinvestment plan, for a period of 180 days after the date of the Underwriting Agreement without the prior written consent of the Representatives.

An affiliate of the Manager will purchase (i) in the Combined Private Placement a number of Common Shares at a price of $50.00 per Common Share such that, together with the Common Shares previously acquired by the Manager, the Manager's aggregate investment in the Common Shares will equal $100 million, and (ii) $50 million aggregate liquidation preference of the Series A Preferred Shares at a price of $50.00 per Series A Preferred Share in a transaction exempt from registration under the Securities Act. The Manager has also agreed with the Company that it will not sell, transfer or otherwise dispose of the Common Shares or the Series A Preferred Shares acquired by it or its affiliates as part of the Pershing Square Investment prior to the date that is the twenty five (25) year anniversary of the closing date of the combined transaction, subject to certain exceptions. The Company will not pay any sales load with respect to Common Shares acquired by the Manager in connection with the Pershing Square Investment.

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In connection with the combined offering, the Company has secured commitments from the private placement investors, which are a group consisting of U.S. and international institutional investors, including family offices (30%), pension funds (25%), insurance companies (22%), ultra-high-net-worth investors (12%) and other investors (11%), to acquire Common Shares in the Combined Private Placement, and in connection therewith PS Inc. will deliver to each private placement investor, for no additional consideration, 1.5 shares of PS Inc. Common Stock for every 5 Common Shares purchased in the Combined Private Placement. The Combined Private Placement will include the purchase of an aggregate of 56.3 million Common Shares, which includes the $100 million common shares investment made by the Manager and its affiliates, representing aggregate proceeds to be received by the Company of $2.8 billion. In connection therewith, PS Inc. will deliver to the private placement investors (excluding its affiliates), for no additional consideration, an aggregate of 16.3 million shares of PS Inc. Common Stock. The agreements with the private placement investors provide that the Combined Private Placement will be settled concurrently with, and will be contingent upon, the closing of the combined offering and the satisfaction of other customary closing conditions. Certain of the Underwriters are also acting as placement agents in the Combined Private Placement and are expected to receive aggregate placement fees of approximately $40.9 million in connection with the Combined Private Placement. The Company and/or PSUS have also agreed to reimburse certain expenses of the placement agents in the Combined Private Placement in an amount of $500,000.

The Company is seeking an aggregate offering size of at least $5,000,000,000 (inclusive of the gross proceeds of the Combined Private Placement) in the combined transaction. The Company may increase the aggregate offering size based on a number of factors, including market conditions and the amount of investor demand. However, the Company does not intend to increase the aggregate offering size such that the gross proceeds from this offering, combined with the gross proceeds from the Combined Private Placement, would be in excess of $10,000,000,000 (prior to any exercise of the Underwriters' option to purchase additional Common Shares, as further described in this prospectus).

Certain investors, including PS Inc., employees of PS Inc. and the Manager and their affiliates, who have indicated an interest in purchasing Common Shares in this offering have agreed that for a period of 180 days from the date of this prospectus, such party will not, without the prior written consent of the Representatives, on behalf of the Underwriters, offer, pledge, sell, contract to sell or otherwise dispose of or agree to sell or otherwise dispose of, directly or indirectly, or hedge any Common Shares or any securities convertible into or exchangeable for Common Shares, provided, however, that such party may sell or otherwise dispose of Common Shares pursuant to certain limited exceptions. The Representatives in their sole discretion may release any of the securities subject to these lock-up agreements at any time. In addition to allocations made to retail investors by the underwriters, a portion of the Common Shares and the PSI Common Stock offered pursuant to the combined offering will, at request, be offered to retail investors through Charles Schwab and Robinhood, via their respective online brokerage platforms. Charles Schwab and Robinhood will act as selling group members for the combined offering. These platforms are not affiliated with the Company or PS Inc. Purchases through these platforms will be subject to the terms, conditions and requirements set by such platforms. Any purchase of Common Shares and delivery PSI Common Stock in the combined offering through these platforms will initially be offered at the offering price of $50.00 per Common Share. Information contained on, or that can be accessed through, such brokerage platforms does not constitute part of this prospectus.

In connection with this offering, the Underwriters may purchase and sell Common Shares in the open market. These transactions may include over-allotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with this offering. Stabilizing transactions consist of certain bids or purchases for the purpose of preventing or retarding a decline in the market price of the Common Shares and syndicate short positions involve the sale by the Underwriters of a greater number of Common Shares than they are required to purchase from PS Inc., as the selling shareholder, in this offering. The Underwriters also may impose a penalty bid, whereby selling concessions allowed to syndicate members or other broker-dealers in respect of the Common Shares sold in this offering for their account may be reclaimed by the syndicate if such Common Shares are repurchased by the syndicate in stabilizing or covering transactions. These activities may stabilize, maintain or otherwise affect the market price of the Common Shares, which may be higher than the price that might otherwise prevail in the open market; and these activities, if commenced, may be discontinued at any time without notice. These transactions may be effected on the NYSE or otherwise. To close a covered short position, the Underwriters purchase Common Shares in the open market or exercise the Underwriters' option to purchase additional Common Shares. In determining the source of shares to close the covered short position, the underwriters typically consider, among other things, the price of Common Shares available for purchase in the open market as compared to the price at which they may

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purchase Common Shares through the Underwriters' option to purchase additional Common Shares. The exercise of the Underwriters' option to purchase additional Common Shares will include the delivery of a corresponding number of shares of PS Inc. Common Stock. However, transactions in the Common Shares by the Underwriters may require corresponding purchases or sales by the underwriters of PS Inc. Common Stock, which may make it less likely that the Underwriters engage in any stabilizing transactions and may reduce the effectiveness of any such stabilizing transactions, relative to an initial public offering of a fund in which the Underwriters may engage in stabilization transactions without needing to make corresponding transactions in the stock of another entity. Generally, the Underwriters would not be expected to engage in stabilizing transactions or purchase Common Shares to cover syndicate short positions, unless the combined trading price of a Common Share and of a corresponding fraction of a share of PS Inc. Common Stock is in the aggregate less than the public offering price of $50.00. This may increase the volatility of the trading price of the Common Shares and the likelihood that the Common Shares trade at a discount to NAV. To the extent the Underwriters generate a net profit from purchasing Common Shares and PS Inc. Common Stock at combined trading prices below the public offering price to close out any syndicate short position, the Underwriters have agreed to pay any such net profit to the Company.

Solely for the purpose of facilitating the delivery of the Common Shares and the PS Inc. Common Stock, the public offering price of $50.00 may be reflected as a public offering price of $49.99 for a Common Share and $0.01 for the corresponding fraction of a share of PS Inc. Common Stock. However, all of the net proceeds of the combined offering will be received by the Company and the combined offering will not result in any proceeds to PS Inc.

A prospectus in electronic format may be made available on websites maintained by one or more Underwriters or selected dealers, if any, participating in this offering. The Representatives may agree to allocate a number of Common Shares to Underwriters for delivery to their online brokerage account holders. Internet distributions will be allocated by the Representatives to Underwriters that may make Internet distributions on the same basis as other allocations.

Other than in the United States, no action has been taken by the Company or the Underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the combined offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

Banco BTG Pactual S.A. - Cayman Branch is not a broker-dealer registered with the U.S. Securities and Exchange Commission, or SEC, and therefore may not make sales of any Common Shares in the United States or to U.S. persons except in compliance with applicable U.S. laws and regulations. To the extent that Banco BTG Pactual S.A. - Cayman Branch intends to sell the Common Shares in the United States, it will do so only through BTG Pactual US Capital, LLC or one or more U.S. registered broker-dealers, or otherwise as permitted by applicable U.S. law.

The Company and PS Inc. anticipate that from time to time certain of the Underwriters may act as brokers or dealers in connection with the execution of the Company's portfolio transactions after they have ceased to be Underwriters and, subject to certain restrictions, may act as brokers while they are Underwriters. Certain Underwriters have performed investment banking and advisory services for the Manager and its affiliates from time to time, for which they have received customary fees and expenses. Certain Underwriters may, from time to time, engage in transactions with or perform services for the Manager and its affiliates in the ordinary course of business.

Total underwriting compensation determined in accordance with Financial Industry Regulatory Authority, Inc. ("FINRA") rules is summarized as follows. The Company and/or PSI has agreed to reimburse the Underwriters for certain out-of-pocket expenses, including counsel fees, in connection with this offering in an amount of $3,500,000, which amount will not exceed % of the total public offering price of the Common Shares offered hereby if the over-allotment option is not exercised. A structuring fee of $10 million (in the aggregate) will be paid by the Company to Citigroup Global Markets Inc., UBS Securities LLC, BofA Securities, Inc, Jefferies LLC and Wells Fargo Securities, LLC for structuring the combined offering, which amount will not exceed % of the total

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public offering price of the Common Shares offered hereby if the over-allotment option is not exercised. The sum of all compensation to the Underwriters in connection with this offering, including the sales load, all forms of additional payments to the Underwriters, if any, and the reimbursement by the Company of certain expenses of the Underwriters, will not exceed % of the total public offering price of the Common Shares offered hereby if the over-allotment option is not exercised.

An affiliate of Academy Securities, Inc. has committed to purchase in the Combined Private Placement $500,000 of Common Shares at a price per share of $50.00 and in connection therewith will receive one share of PS Inc. Common Stock for every 5 Common Shares purchased in the Combined Private Placement. These securities will be deemed to be underwriting compensation in connection with this offering.

The principal business address of Citigroup Global Markets Inc. is 388 Greenwich Street, New York, New York 10013. The principal business address of UBS Securities LLC is 11 Madison Avenue, New York, New York 10010. The principal business address of BofA Securities, Inc. is One Bryant Park, New York, New York 10036. The principal business address of Jefferies LLC is 520 Madison Avenue, New York, New York 10022. The principal business address of Wells Fargo Securities, LLC is 550 South Tryon Street, Charlotte, North Carolina 28202.

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#### NOTICE TO INVESTORS

#### For Prospective Investors Located in Australia
This prospectus: (i) does not constitute a disclosure document or a prospectus under Chapter 6D.2 of the Corporations Act 2001 (cth) (the "Corporations Act"); (ii) has not been, and will not be, lodged with the Australian Securities and Investments Commission ("ASIC"), as a disclosure document for the purposes of the Corporations Act and does not purport to include the information required of a disclosure document for the purposes of the Corporations Act; and (iii) may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the categories of investors, available under section 708 of the Corporations Act ("Exempt Investors").

The Common Shares may not be directly or indirectly offered for subscription or purchased or sold, and no invitations to subscribe for or buy the Common Shares may be issued, and no draft or definitive offering memorandum, advertisement or other offering material relating to any Common Shares may be distributed in Australia, except where disclosure to investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with all applicable Australian laws and regulations. By submitting a subscription for the Common Shares, an investor represents and warrants that it is an exempt investor.

As any offer of Common Shares under this document will be made without disclosure in Australia under Chapter 6D.2 of the Corporations Act, the offer of those securities for resale in Australia within 12 months may, under section 707 of the Corporations Act, require disclosure to investors under Chapter 6D.2 if none of the exemptions in section 708 applies to that resale. By applying for the Common Shares you undertake to us that you will not, for a period of 12 months from the date of issue of the Common Shares, offer, transfer, assign or otherwise alienate those Common Shares to investors in Australia except in circumstances where disclosure to investors is not required under Chapter 6D.2 of the Corporations Act or where a compliant disclosure document is prepared and lodged with ASIC.

#### For Prospective Shareholders in Bahrain
This prospectus and the Common Shares have not been reviewed, approved or registered by the Central Bank of Bahrain ("CBB"), the Bahrain Bourse or the Ministry of Industry and Commerce of the Kingdom of Bahrain. None of these authorities has passed upon the merits of an investment in the Common Shares or the adequacy of this prospectus.

This prospectus does not constitute, and may not be used in connection with, an offer to the public in Bahrain. No marketing, promotion or offering of the Common Shares will be conducted in or from within Bahrain, and no mass or general advertising will be undertaken in Bahrain. Any sale to persons in Bahrain will occur only on a strictly cross-border, reverse-enquiry basis. All subscription documents will be executed, and all subscription monies will be paid to and received, outside Bahrain. The distribution of this prospectus and any related offering materials in or into Bahrain is restricted. This prospectus may not be issued, passed to, or made available to the public generally in Bahrain.

By subscribing, each person in Bahrain represents, warrants and agrees that its approach to the Company was unsolicited and not the result of any marketing, promotion, invitation or inducement made in or from within Bahrain; that no in-person marketing meetings, roadshows or other promotional activities occurred with it in Bahrain; that all subscription documentation will be executed and all subscription monies will be remitted from and received outside Bahrain; that it will not reproduce or distribute this prospectus or any offering materials in or into Bahrain; and that it understands this prospectus is intended only for persons who are "Accredited Investors" as defined by the CBB and does not constitute a public offer in Bahrain.

#### For Prospective Investors Located in Barbados
The Common Shares have not been and will not be registered or approved by the Financial Services Commission of Barbados (the "<u>FSC</u>") under the Barbados Mutual Funds Act, Cap. 320B or the Securities Act, Cap. 318A, and no Barbadian regulator has reviewed this prospectus. Accordingly, this prospectus does not constitute, and should not be construed as, an offer, sale, or invitation for subscription or purchase of any Common Shares in Barbados.

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#### **TABLE OF CONTENTS**

#### For Prospective Shareholders in The Bahamas
The securities described herein have not been registered with, approved or licensed by the Securities Commission of The Bahamas ("SCB") and no prospectus or issuance certificate has been filed or approved in The Bahamas. This document does not constitute, and may not be used in connection with, an offer to the public in The Bahamas.

Interests will be offered and sold in or into The Bahamas only in circumstances that do not constitute a public offering and solely to "Accredited Investors" as defined in the Securities Industry Regulations, 2012. No general solicitation, advertising or public marketing will be undertaken in or into The Bahamas. The Company is not administered or managed in or from The Bahamas.

These materials are provided solely at the specific request of the recipient on a confidential basis and may not be reproduced or distributed in or into The Bahamas. Subscription documents should be executed, and subscription monies paid and received, outside The Bahamas. Persons in The Bahamas are responsible for complying with any applicable Bahamian laws, including exchange control requirements of the Central Bank of The Bahamas.

#### For Prospective Investors Located in Brazil
The Company is not listed with any stock exchange, organized over the counter market or electronic system of securities trading. The Common Shares have not been and will not be registered with any securities exchange commission or other similar authority, including the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários, or the "CVM"). The Common Shares will not be directly or indirectly offered or sold within Brazil through any public offering, as determined by Brazilian law and by the rules issued by the CVM, including Law No. 6,385 (Dec. 7, 1976) and CVM Rule No. 400 (Dec. 29, 2003), as amended from time to time, or any other law or rules that may replace them in the future.

Acts involving a public offering in Brazil, as defined under Brazilian laws and regulations and by the rules issued by the CVM, including Law No. 6,385 (Dec. 7, 1976) and CVM Rule No. 400 (Dec. 29, 2003), as amended from time to time, or any other law or rules that may replace them in the future, must not be performed without such prior registration. Persons in Brazil wishing to acquire Common Shares should consult with their own counsel as to the applicability of these registration requirements or any exemption therefrom. Without prejudice to the above, the sale and solicitation of Common Shares is limited to qualified investors as defined by CVM Rule No. 409 (Aug. 18, 2004), as amended from time to time or as defined by any other rule that may replace it in the future.

This prospectus is intended solely for the use of the addressee and cannot be delivered or disclosed in any manner whatsoever to any person or entity other than the addressee.

#### For Prospective Investors Located in the British Virgin Islands
This prospectus and the Common Shares have not been registered, recognized, approved or licensed by the British Virgin Islands Financial Services Commission (the "BVI FSC"). Neither the BVI FSC nor any other authority in the British Virgin Islands ("BVI") has passed upon the merits of an investment in the Common Shares or the adequacy of this prospectus. This prospectus does not constitute, and there will not be, an offering of the Common Shares to the public in the BVI. The Common Shares are not being offered or sold, and no invitation to subscribe for the Common Shares is being made in or from within the BVI. No person is authorized, in or from within the BVI, to make any invitation or inducement to any other person to subscribe for or purchase the Common Shares, or otherwise to promote the Company.

Notwithstanding the foregoing, the Common Shares may be offered and sold (i) on a reverse-enquiry or unsolicited basis to persons in the BVI and (ii) from outside the BVI to BVI-domiciled companies, BVI corporate trustees and BVI partnerships comprised wholly of non-natural persons (together, "BVI Entities"), provided that no person promotes the Company in or from within the BVI, no in-person marketing occurs in the BVI, and all subscription documentation is executed and all subscription monies are received outside the BVI. By subscribing, each person or entity in the BVI (each, a "BVI Person") represents, warrants and agrees that its approach to the Company was unsolicited and not the result of any promotion, invitation or inducement made in or from within the BVI; that it did not participate in any in-person marketing meetings, roadshows or other promotional activities in the BVI; that all subscription documentation will be executed and all subscription monies will be remitted from and received outside the BVI; and that it will not reproduce or distribute this prospectus or any offering materials in or from within the BVI. If such BVI Person is a BVI-domiciled company, a BVI corporate trustee or a BVI partnership comprised wholly of non-natural persons, it further represents that any solicitation, if any, occurred from outside the BVI.

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#### **TABLE OF CONTENTS**

#### For Prospective Shareholders in Canada
No prospectus has been filed with any securities commission or similar regulatory authority in Canada in connection with the offer and sale of the Common Shares. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this document or on the merits of the Common Shares and any representation to the contrary is an offence. The offer and sale of the Common Shares in Canada is being made on a private placement basis and is exempt from the requirement that the issuer prepare and file a prospectus under applicable Canadian securities laws. Any resale of Common Shares acquired by a Canadian investor in the combined offering must be made in accordance with applicable Canadian securities laws, which resale restrictions may under certain circumstances apply to resales of the Common Shares outside of Canada.

The Company is not, and may never be, a "reporting issuer," as such term is defined under applicable Canadian securities legislation, in any province or territory of Canada in which the Common Shares will be offered and there currently is no public market for any of the Common Shares in Canada, and one may never develop.

*Representations of purchasers* 

Each Canadian investor who purchases the Common Shares will be deemed to have represented to the Company, the underwriters and to each dealer from whom a purchase confirmation is received, as applicable that:

&nbsp;&nbsp;&nbsp;&nbsp;A. Where required by law, the investor is purchasing the Common Shares as principal, or is deemed to be purchasing as principal in accordance with applicable securities laws of the province in which such investor is resident, for its own account and not as agent for the benefit of another person, and for investment only and not with a view to resale or distribution;

&nbsp;&nbsp;&nbsp;&nbsp;B. The investor, or any ultimate purchaser for which the investor is acting as agent, is entitled under applicable Canadian securities laws to purchase the Common Shares without the benefit of a prospectus qualified under such securities laws, and without limiting the generality of the foregoing, is (i) an "accredited investor" as defined in section 1.1 of National Instrument 45-106 *Prospectus Exemptions* ("NI 45-106") or, in Ontario, in section 73.3(1) of the *Securities Act* (Ontario), and (ii) a "permitted client" as defined in section 1.1 of National Instrument 31-103 *Registration Requirements, Exemptions and Ongoing Registrant Obligations*; and

&nbsp;&nbsp;&nbsp;&nbsp;C. The investor is not a person created or used solely to purchase or hold the Common Shares as an "accredited investor" as described in paragraph (m) of the definition of "accredited investor" in section 1.1 of NI 45-106.

*Rights of action for damages or rescission* 

Securities legislation in certain of the Canadian provinces provides certain purchasers of securities pursuant to an offering document (such as this prospectus), including where the distribution involves an "eligible foreign security" as such term is defined in Ontario Securities Commission Rule 45-501 *Ontario prospectus and registration exemptions* and in Multilateral Instrument 45-107 *Listing Representation and Statutory Rights of Action Disclosure Exemptions*, as applicable, with a remedy for damages or rescission, or both, in addition to any other rights they may have at law, where the offering document (such as this prospectus), or other offering document that constitutes an offering memorandum, and any amendment thereto, contains a "misrepresentation," as defined in the applicable securities legislation. These remedies, or notice with respect to these remedies, must be exercised or delivered, as the case may be, by the purchaser within the time limits prescribed by applicable securities legislation and are subject to limitations and defenses under applicable securities legislation. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

*Underwriting conflicts* 

Pursuant to section 3a.3 of National Instrument 33-105 *Underwriting Conflicts* ("NI 33-105") (or section 3a.4 in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction), the combined offering is conducted pursuant to an exemption from the requirement that Canadian investors be provided with certain underwriter conflicts of interest disclosure that would otherwise be required pursuant to subsection 2.1(1) of NI 33-105.

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#### **TABLE OF CONTENTS**
*Language of documents* 

Each purchaser residing in the Province of Québec hereby agrees that it is the purchaser's express wish that all documents evidencing or relating in any way to the sale of the securities and all other contracts and related documents be drafted in the English language. *Chaque acheteur residant dans la province de Québec reconnaît que c'est sa volonté expresse que tous les documents faisant foi ou se rapportant de quelque manière à la vente des titres et tous les autre contrats et documents s'y rapportant soient rédigés en anglais.*

#### For Prospective Shareholders in China
The Common Shares may not be marketed, offered or sold directly or indirectly in a public manner within the People's Republic of China (the "PRC," for the purpose of this prospectus, excluding Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan) and neither this prospectus nor any offering material or information contained herein relating to the Common Shares, may be supplied to the public in the PRC or used in connection with any offer for the subscription or sale of the Common Shares to the public in the PRC.

The Common Shares may only be marketed, offered or sold in a non-public manner to not more than 200 specific institutional investors, including qualified domestic institutional investors as defined in the trial measures for the administration of securities investment outside the PRC by qualified domestic institutional investors![](ny20064799x10_characters1.jpg)

, qualified domestic insurance companies, qualified domestic trust companies, qualified domestic commercial banks and other qualified domestic investors (collectively, "Qualified Domestic Investors"). Other persons should not act or rely on this prospectus or any of its contents.

No public media or other means of public distribution or announcement will be used within the PRC in connection with the Common Shares or the delivery or distribution of this prospectus. This prospectus is being supplied to you solely for your information and may not be reproduced, redistributed, disclosed or passed on, in any way, to any other person or published, in whole or in part, for any other purpose. Neither this prospectus nor any part of it is intended as or constitutes provision of any consultancy or advisory service of securities investment or public inducement.

Subject to the foregoing, the distribution of this prospectus does not constitute a public offering of the securities under the securities laws of the PRC![](ny20064799x10_characters1.jpg)

, and is not intended as, and does not constitute, providing consulting or advisory service of securities investment as defined under the PRC laws.

#### For Prospective Shareholders in the European Economic Area
For the purposes of Directive 2011/61/EU of the European Parliament and the (European) Commission on Alternative Investment Fund Managers , as amended (including by Directive (EU) 2024/927) (the "Directive"), the Company will constitute a non-EU AIF whose AIFM is the management company, itself a non-EU AIFM (as each of the foregoing terms is defined in the directive). As of the date hereof, each member state of the European Economic Area ("EEA") has adopted domestic legislation implementing the directive into its national law. Under the Directive, "marketing" (as defined in the Directive) to or with any investor domiciled or with a registered office in the EEA will be restricted by such laws and no such marketing will take place except as permitted by such laws.

Unless stated otherwise below, the Common Shares can only be marketed to investors domiciled, or with a registered office, in a member state of the EEA in which such marketing is permitted by applicable national law to those investors that are considered to be a professional client or may, on request, be treated as a professional client, within the meaning of Annex II to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU.

#### AIFMD Supplement
The below contains information for investors and prospective investors required by (i) Directive 2011/61/EU of the European Parliament and the Council of the European Union on alternative investment fund managers, as amended (including by Directive (EU) 2024/927) (the "AIFMD") and any implementing legislation and regulations thereunder, including, without limitation, Commission Delegated Regulation (EU) No 231/2013 supplementing the AIFMD with regard to exemptions, general operating conditions, depositaries, leverage, transparency, supervision

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#### **TABLE OF CONTENTS**
and other applicable regulations implementing the AIFMD and (ii) the Alternative Investment Company Managers (Amendment Etc.) EU Exit Regulations 2019, the Alternative Investment Company Managers Regulations 2013 and the relevant provisions of the U.K. Financial Conduct Authority's handbook of rules and guidance (the "FCA Handbook"), in each case as may be altered, amended, added to or cancelled from time to time (together, the "AIFMD Rules"). This AIFMD Supplement has not been prepared, and should not be relied upon, for any other purpose.

The contents of this AIFMD Supplement should not be considered legal, tax or financial advice and prospective investors should consult with their own counsel and advisers as to all matters concerning an investment in the Company.

**LOCATION OF DISCLOSURES AND OTHER RESPONSES REQUIRED BY ARTICLE 23 OF THE AIFMD AND THE UK'S FINANCIAL CONDUCT AUTHORITY HANDBOOK, INVESTMENT FUNDS SOURCEBOOK, FUND RULE 3.2.2** 

Set out below is information required to be disclosed by Article 23 of AIFMD or, in the case of the United Kingdom, FUND Rule 3.2.2 of the United Kingdom Financial Conduct Authority's Handbook of rules and guidance. References are to the relevant page and section of this Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;(a) **Name of the AIF** 

Pershing Square USA, Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;(b) **Investment strategy and objectives of the AIF** 

For a description of the Company's investment strategy, see "*Prospectus Summary*" starting on page [1](#tPS) and "*Investment Objective, Strategy and Policies*" starting on page [33](#tIOS).

&nbsp;&nbsp;&nbsp;&nbsp;(c) **If the AIF is a feeder AIF, information on where the master AIF is established** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(d) **If the AIF is a fund of funds, information on where the underlying funds are established** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(e) **Types of assets in which the AIF may invest** 

For a description of the types of assets in which the Company may invest, see *"Prospectus Summary*" starting on page [1](#tPS) and "*Investment Objective, Strategy and Policies*" starting on page [33](#tIOS).

&nbsp;&nbsp;&nbsp;&nbsp;(f) **Investment techniques that the AIF, or the AIFM on behalf of the AIF, may employ and all associated risks.** 

For a description of the investment techniques that the Manager may employ on behalf of the Company, see *"Prospectus Summary*" starting on page [1](#tPS) and "*Investment Objective, Strategy and Policies*" starting on page [33](#tIOS).

For a description of the associated risks, see "*Risk Factors*" starting on page [49](#tRF) - "*No Investment History*"; "*Non-Diversified Status and Concentration*"; "*Market and Investment Risk*"; "*Private Offering Risks*"; "*Closed-End Fund: Liquidity Risks*"; "*Equity Securities Risk*"; "*Decision-Making Authority Risk*"; "*Market and Selection Risk*"; "*Valuation Risk*"; "*Reliance on the Manager Risk*"; "*Conflicts of Interest Risk*"; "*Corporate Engagement Risk*"; "*Dividend Risk*"; "*Restricted and Illiquid Investments Risk*"; "*Derivatives Risk*"'; "*Counterparty Risk*"; "*Swaps Risk*"; "*Futures Risk*"; "*Options Risk*"; "*Currency Risk*"; "*Leverage Risk*"; "*Liquidity Risk*"; "*Correlation Risk*"; "*Index Risk*"; "*Hedging Risk*"; "*Regulatory Risk*"; "*Convertible Securities Risk*"; "*Warrants and Rights Risk*"; "*Debt Securities Risk*"; "*Corporate Debt Risk*"; "*Distressed Securities Risk*"; "*New Issues Risk*"; "*Small-Cap and Mid-Cap Company Risk*"; "*Issuer Specific Risk*"; "*Credit Risk*"; "*Non-U.S. Securities Risk*"; "*Leverage Risk*"; "*Event Risk*"; "*Defensive Investing Risk*"; "*When-Issued, Forward Commitment and Delayed Delivery Transactions Risk*"; "*Securities Lending Risk*"; "*Dilution Risk*"; "*Market Disruption and Geopolitical Risk and Recent Market Conditions*"; "*Legal, Tax and Regulatory Risks*"; "*Subsidiary Risk*"; "*Execution Risk*"; "*Reliance on Third-Party Service Providers Risk*"; "*Cybersecurity Risk*"; "*Climate Change Risk*"; "*Risks Related to Environmental, Social and Governance Matters*"; "*Securities Act Liability*"; "*Large Investor Risk*"; "*Forum Selection Clause Risk*"; "*Anti-Takeover Provisions Risk*".

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&nbsp;&nbsp;&nbsp;&nbsp;(g) **Any applicable investment restrictions** 

For a description of certain investment restrictions applicable to the Company, see "*Investment Objective, Strategy, and Policies – Investment Restrictions*" starting on page [43](#tIR). The Company's portfolio positions may also be limited by the concentration and diversification limitations and requirements applicable to registered investment companies under the 1940 Act and to RICs under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;(h) **Circumstances in which the AIF may use leverage** 

See "*Prospectus Summary*" starting on page [1](#tPS) and "*Use of Leverage"* starting on page [45](#tUOL).

&nbsp;&nbsp;&nbsp;&nbsp;(i) **Types and sources of leverage permitted and the associated risks** 

See "*Use of Leverage*" starting on page [45](#tUOL).

For a description of the associated risks, see "*Prospectus Summary* - *Selected Risk Considerations – Leverage Risk*" starting on page [23](#tLRK); "*Risk Factors – Leverage Risk*" on page [63](#tLR), "*Use of Leverage – Borrowings"* on page [46](#tBOR), *"Use of Leverage – Derivative Transactions*" on page [47](#tDT) and "*Description of Capital Structure – Preferred Shares*" on page [102](#tPSS).

&nbsp;&nbsp;&nbsp;&nbsp;(j) **Restrictions on the use of leverage and collateral and asset re-use arrangements** 

For a description on the restrictions of the Company's use of leverage see "*Use of Leverage*" starting on page [45](#tUOL).

For restrictions on re-use see "*Dividend Reinvestment Plan*" starting on page [99](#tDRP).

For restrictions on the use of collateral, see "*Investment Objective, Strategy and Policies – Investment Restrictions"* on page [43](#tIR).

&nbsp;&nbsp;&nbsp;&nbsp;(k) **Maximum level of leverage which the AIFM is entitled to employ on behalf of the AIF** 

The Company will be subject to the leverage limits applicable under the 1940 Act as well as the VaR leverage limits set forth in Rule 18f-4, see "*Prospectus Summary – Use of Leverage*" starting on page [16](#tUL) and "*Use of Leverage*" starting on page [45](#tUOL).

&nbsp;&nbsp;&nbsp;&nbsp;(l) **Procedures by which the AIF may change its investment strategy or investment policy, or both** 

The investment strategy and policies of the Company (aside from the fundamental investment restrictions listed in "*Investment Objective, Strategy and Policies – Investment Restrictions - Fundamental Investment Restrictions"* on page [43](#tFIR)) may be changed by the Board without prior approval at any time – see "*Investment Objective, Strategy and Policies – Investment Restrictions - Non-Fundamental Investment Restrictions*" on page [44](#tNFI).

&nbsp;&nbsp;&nbsp;&nbsp;(m) **Main legal implications of the contractual relationship entered into for the purpose of investment** 

Once invested, the investor will be a Common Shareholder in the Company. The main legal implications of the contractual relationship entered into by an investor are specified within "*Description of Capital Structure – Common Shares*" beginning on page [101](#tCS).

&nbsp;&nbsp;&nbsp;&nbsp;(n) **For additional information on the main legal implications of the contractual relationship entered into for the purpose of investments, prospective investors must also review the Partnership Agreements and the related Subscription Agreements. Identity of the AIFM, the AIF's depositaries, auditor and any other service providers, their duties and investors' rights** 

The Company is not a partnership and does not have partnership agreements or subscription agreements. The rights of Common Shareholders are governed by the Declaration of Trust and the Bylaws. See "*Description of Capital Structure*" on page [101](#tDCS) and "*Anti-Takeover and Other Provisions in the Company's Governing Documents*" on page [106](#tATO).

For the identity of the Manager, see "*Prospectus Summary – The Manager*" on page [13](#tTM).

For the identity of Administrator, see "*Custodian, Administrator, Transfer Agent and Dividend Disbursing Agent*" on page [143](#tCAT) and "*Portfolio Management* – *Administration Agreement*" on page [88](#tAAG).

For the identity of Legal Counsel, see "*Legal Matters*" on page [143](#tLM).

------

For a discussion of the Company's Audit Committee, see "*Management of the Company – Committees of the Board – Audit Committee*" on page [77](#tACE).

For the identity of the Auditor, see "*Independent Registered Public Accounting Firm*" on page [143](#tIRP).

&nbsp;&nbsp;&nbsp;&nbsp;(o) **How the AIFM complies with the requirements relating to professional liability risk** 

The professional liability coverage provisions of the AIFMD do not apply to the Manager because the Company is a "non-EU AIF" and the Manager is a "non-EU AIFM" for purposes of the AIFMD. However, to cover potential liability risks resulting from activities that the Manager may carry out, the Manager has key man insurance and directors and officers/errors and omissions insurance. The Manager also has general liability, property and umbrella insurance.

&nbsp;&nbsp;&nbsp;&nbsp;(p) **AIFM management functions delegated by the AIFM** 

The Manager has not delegated any management function.

&nbsp;&nbsp;&nbsp;&nbsp;(q) **Safe-keeping function delegated by the Depositary** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(r) **The identity of each delegate appointed** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(s) **Any conflicts of interest that may arise from such delegations** 

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(t) **Valuation procedure and of the pricing methodology for valuing assets, including the methods used in valuing any hard-to-value assets** 

For the valuation procedures used by the Company, see "*Net Asset Value*" on page [97](#tNAV).

For risks and considerations related to valuing the Company, see "*Risk Factors – Valuation Risk*" starting on page [52](#tVR).

&nbsp;&nbsp;&nbsp;&nbsp;(u) **Liquidity risk management, including the redemption rights of investors in normal and exceptional circumstances, of existing redemption arrangements with investors, and the possibility and conditions for using liquidity management tools selected in accordance with Article 16(2b)** 

For liquidity, see "*Prospectus Summary – Our Competitive Strengths*" on page [8](#tOCS), "*Prospectus Summary – Selected Risk Considerations*" starting on page [20](#tSRC), "*Investment Objective, Strategy and Policies – Favorable Structural Features*" on page [39](#tFSF), "*Risk Factors - Closed-End Investment Company; Liquidity Risks*" on page [51](#tCEI), and "*Risk Factors – Restricted and Illiquid Investments Risk*" on page [56](#tRII).

For redemption, see "*Prospectus Summary – Selected Risk Considerations*" on page [20](#tSRC), "*Risk Factors – Closed-End Investment Company; Liquidity Risks*" on page [51](#tCEI), "*Closed-End Investment Company Structure*" on page [110](#tCEIC) and "*Repurchase of Common Shares*" on page [111](#tRCS).

The liquidity management tools requirements under Article 16(2b) of the AIFMD do not apply to the Manager because the Manager is a "non-EU AIFM" for purposes of the AIFMD.

&nbsp;&nbsp;&nbsp;&nbsp;(v) **A description of fees, charges and expenses, and the maximum amounts directly or indirectly borne by investors** 

See "*Prospectus Summary – Our Competitive Strengths*" on page [8](#tOCS), "*Summary of Company Expenses*" on page [29](#tSCE), "*Investment Objective, Strategy and Policies – Our Competitive Strengths – Favourable Structural Features"* on page [39](#tFSF), "*Portfolio Management*" starting on page [81](#tPM), and "*Repurchase of Common Shares"* on page [111](#tRCS).

&nbsp;&nbsp;&nbsp;&nbsp;(w) **A list of fees, charges and expenses that are borne by the AIFM in connection with the operation of the AIF and that will be directly or indirectly allocated to the AIF** 

The Manager bears all costs incurred by it in providing investment advisory services to the Company, and the Company's operating expenses are primarily borne directly by the Company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

A description of those expenses is set out in "*Summary of Company Expenses*" on page [29](#tSCE) and "*Portfolio Management – Investment Management Agreement*" on page [86](#tIMA2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

To the extent the Manager incurs fees or expenses attributable to or incurred for the account of the Company, or shared across the Company and other entities managed by the Manager, such fees and expenses will be allocated to the Company on a fair and equitable basis. Such shared expenses may include, without limitation: (i) fees and expenses for certain regulatory filings, allocated on a pro rata basis by reference to month-end net asset value of each participating entity; (ii) fees and expenses incurred in connection with a particular investment held across multiple funds, allocated based on each entity's pro rata share of that investment; and (iii) other expenses incurred for the account of more than one entity managed by the Manager, allocated in such manner as the Manager considers fair and equitable, including on an equal basis regardless of relative net asset values where appropriate.

The estimated amount of expenses allocated to the Company is included within the "*Other Expenses*" line item in the Fund's expense table. For further details of the allocation methodology, see "*Portfolio Management – Allocation of Expenses*" on page [90](#tAOE2) and "*Summary of Company Expenses*" on page [29](#tSCE).

&nbsp;&nbsp;&nbsp;&nbsp;(x) **Fair treatment of investors** 

See "*Prospectus Summary* - *Selected Risk Considerations* - *Conflicts of Interest Risk*" on page [27](#tCIR), "*Risk Factors* - *Conflicts of Interest Risk*" on page [54](#tCOI) and "*Conflicts of Interest*" on page [91](#tCI).

&nbsp;&nbsp;&nbsp;&nbsp;(y) **Investors who obtain preferential treatment or the right to obtain preferential treatment** 

The Company has not entered into side letters or other similar agreements granting preferential rights.

&nbsp;&nbsp;&nbsp;&nbsp;(z) **Procedure and conditions for the issue and sale of units or shares** 

For a description of the offering of the Common Shares, see "*Prospectus Summary*" starting on page [1](#tPS), "*Use of Proceeds*" on page [32](#tUOP), "*The Selling Shareholder*" on page [120](#tSS) and "*Underwriting*" starting on page [121](#tUW).

&nbsp;&nbsp;&nbsp;&nbsp;(aa) **Availability of latest net asset value of the AIF and per unit or share of the AIF** 

See "*Net Asset Value*" on page [97](#tNAV) and "*Description of Capital Structure – Access to Records*" on page [104](#tATR).

&nbsp;&nbsp;&nbsp;&nbsp;(bb) **Availability of the latest annual report** 

The Company has not commenced investment operations, and therefore there is no annual report currently available. For access to future records, see "*Description of Capital Structure – Reports to Shareholders*" on page [104](#tRTSS).

&nbsp;&nbsp;&nbsp;&nbsp;(cc) **Availability of any historical performance information on the AIF** 

The Company has not, as of the date of this Prospectus, made any investments.

&nbsp;&nbsp;&nbsp;&nbsp;(dd) **Identity of prime brokers, description of material arrangements with prime brokers and management of conflicts, transfer and re-use of AIF assets and any transfer of liability to the prime broker** 

The Company has not appointed a prime broker. The Company's assets are held by State Street as Custodian, see "*Custodian, Administrator, Transfer Agent and Dividend Disbursing Agent*" on page [143](#tCAT). <br>

&nbsp;&nbsp;&nbsp;&nbsp;(ee) **Availability of periodic and regular information** 

See "*Net Asset Value*" on page [97](#tNAV) and "*Reports to Shareholders*" on page [104](#tRTSS).

&nbsp;&nbsp;&nbsp;&nbsp;(ff) **Sustainable Finance Disclosure Regulation** 

This disclosure provides the sustainability-related information required under Article 6(1) and Article 4(1)(b) of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (as amended, the "SFDR") as at March 10, 2021.

------

In accordance with the SFDR, for the purposes of this disclosure, "sustainability risk" means an environmental, social or governance event or condition that, if it occurs, could cause an actual or a potential material negative impact on the value of an investment, and "sustainability factors" means environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery matters.

*The manner in which the Manager integrates sustainability risks into its investment decisions* 

The Manager has adopted a two-part approach to the integration of sustainability risks into its investment decisions: (i) investment selection and (ii) stewardship.

The Manager believes that good corporate governance, including the management of sustainability risks by a portfolio company's management, mitigates risk and creates long-term value for shareholders. The most important criterion in the Manager's investment selection process is its view of the long-term quality of a business, which is informed by, among other things, its assessment of the long-term impact of the company on all of its stakeholders and society at large, and how its management and board manage sustainability risks. Assessing the sustainability risks of a potential investment is a critical component of the Manager's investment selection process.

The Manager is a fundamental value investor that utilizes an active approach to stewardship. Its strategy is to make investments in high quality, durable growth businesses over which it often has substantial influence. The Manager employs that influence in a manner that is intended to create long-term value for investors. In many instances, the Manager has identified companies with excellent governance and significant engagement on ESG issues, including environmental stewardship programs, community engagement, and diversity and inclusion initiatives. In other instances, the Manager believes that engagement with the management of certain investee companies to improve their ESG practices can improve long-term shareholder value.

*The results of the Manager's assessment of the likely impacts of sustainability risks on the returns of the Company and statement on consideration of adverse impacts* 

The Manager believes that the likely impact of sustainability risks on the Company's returns are limited in light of its approach to investment selection. The Manager assesses the impacts of sustainability risks on the long-term success of each of its portfolio companies by seeking to deeply understand the business and the industry in which it operates. This due diligence process enables the Manager to avoid making investments where it concludes that the sustainability risks associated with core business products or services do not align with its investment principles.

The Manager's assessment of sustainability risks and factors is limited, however, by the availability and quality of available data. Data addressing sustainability factors is not always disclosed by investee companies, may not otherwise be available and/or may be incomplete or inaccurate. Furthermore, most of the available information on a company's sustainability factors is generally based on historical data, which may not fully reflect the future performance of that company, or the sustainability risks it is exposed to. While the Manager seeks to incorporate all appropriate information into its investment decision-making process, there can be no assurance that such policies and methodologies will capture all relevant information on sustainability risks and factors with respect to investee companies. The Manager does not take into consideration the adverse impacts of its investment decisions in respect of the Company on a defined set of sustainability factors within the meaning of SFDR, as the Company does not have a sustainability focus and because the Manager does not believe incorporating the limited and mixed quality of data available in respect of such adverse impacts into its investment decision making process to be consistent with the investment objectives of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(gg) **EU Taxonomy Regulation Statement** 

The following statement is made pursuant to Article 7 of Regulation (EU) 2020/852 (the "Taxonomy Regulation"): The investments underlying the Company do not take into account the EU criteria for environmentally sustainable economic activities.

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#### For Prospective Shareholders in the Netherlands
The Common Shares have not been and will not be offered, sold, transferred or delivered in the Netherlands, as part of their initial distribution or at any time thereafter, directly or indirectly, other than to individuals or legal entities which are or are considered to be 'qualified investors' (*gekwalificeerde beleggers*) within the meaning of article 1:1 of the Dutch Financial Supervision Act (wet op het financieel toezicht, the "WFT"). The AIFM makes use of the National Private Placement Regime ("NPPR") referred to in article 1:13b of the WFT. As a consequence, the combined offering does not require PSCM or the Company to have a license pursuant to the WFT. In accordance with the NPPR, PSCM is subject to certain reporting requirements vis-à-vis the Netherlands Authority for the Financial Markets (*Stichting Autoriteit Financiële Markten*).

#### For Prospective Shareholders in the United Kingdom
For the purposes of the Alternative Investment Fund Managers Regulations 2013/1773 (as amended) ("UK AIFMR"), the Company will constitute a non-UK AIF whose AIFM is the management company, itself a non-UK AIFM (as each of the foregoing terms is defined in UK AIFMR). Under UK AIFMR, "marketing" (as defined in UK AIFMR) to or with any investor domiciled or with a registered office in the United Kingdom will be restricted by UK AIFMR and no such marketing will take place except as permitted by UK AIFMR.

Unless stated otherwise below, the Common Shares can only be marketed to investors domiciled, or with a registered office, in the United Kingdom to those investors that are considered to be a professional client or may, on request, be treated as a professional client, within the meaning of point (8) of article 2(1) of Regulation (EU) No. 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

For the purposes of investors in the United Kingdom, this communication is being made to and directed only at persons who: (i) have professional experience of participating in unregulated schemes falling within article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (as amended, the "CIS Order") and fall within article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "FPO"); or (ii) fall within article 22(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the CIS Order and article 49(5)(a) to (d) of the FPO; or (iii) persons to whom this report may otherwise be lawfully made to or directed at, <u>provided</u>, that such persons are also "qualified investors" as defined in section 86 of the Financial Services and Markets Act 2000, all such persons together being referred to as relevant persons. The investments and investment activity to which this communication relates are available to, and will only be engaged in with, relevant persons. No other person should act or rely on it.

#### For Prospective Shareholders in Hong Kong
The contents of this prospectus have not been reviewed or approved by any regulatory authority in Hong Kong. This prospectus does not constitute an offer or invitation to the public in Hong Kong to acquire Common Shares. Accordingly, unless permitted by the securities laws of Hong Kong, no person may issue or have in its possession for the purposes of issue, this prospectus or any advertisement, invitation or document relating to the Common Shares, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong other than in relation to Common Shares which are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" (as such term is defined in the Securities and Futures Ordinance of Hong Kong (cap. 571) (the "SFO") and the subsidiary legislation made thereunder) or in circumstances which do not result in this prospectus being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinances of Hong Kong (Cap. 32) (the "CWMPO") or which do not constitute an offer or an invitation to the public for the purposes of the SFO or the CWMPO. The offer of the Common Shares is personal to the person to whom this prospectus has been delivered by or on behalf of the Company, and a subscription for Common Shares will only be accepted from such person. No person to whom a copy of this prospectus is issued may issue, circulate or distribute this prospectus in Hong Kong or make or give a copy of this prospectus to any other person. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice.

#### For Prospective Investors Located in India
This prospectus and the Common Shares have not been registered with, reviewed or approved by the Securities and Exchange Board of India ("SEBI"), the Reserve Bank of India ("RBI"), the Registrar of Companies ("ROC"), or any other Indian authority. No Indian authority has passed upon the merits of an investment in the Common

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#### **TABLE OF CONTENTS**
Shares or the adequacy of this prospectus. This prospectus does not constitute, and may not be used in connection with, an offer or invitation to the public in India, or a "prospectus" for registration with the ROC. The Common Shares will not be marketed, offered or sold in or into India except in a manner consistent with private placement practices and on a strictly reverse-enquiry basis. No cold-calling, mass solicitation, general advertising, or roadshows will be undertaken in India. All subscription documents will be executed, and all subscription monies will be paid and received, outside India. The distribution of this prospectus and any related offering materials in or into India is restricted. This prospectus may not be reproduced or distributed for the purpose of an offer or solicitation in India. Persons in India who receive this prospectus must inform themselves about and observe any applicable legal or regulatory restrictions.

By subscribing, each investor who is resident in, or located in, India represents, warrants and agrees that its approach was wholly unsolicited and not the result of any marketing, invitation or inducement in or into India; that it did not participate in any in-person marketing meetings, roadshows or other promotional activities in India; that all subscription documentation will be executed and all subscription monies will be remitted from and received outside India; that it will not distribute offering materials in or into India; and that it is permitted under applicable Indian exchange control and overseas investment rules (including, as applicable, the Foreign Exchange Management Act and the Overseas Investment/Liberalised Remittance Scheme framework) to acquire and hold the Common Shares and has obtained, and will maintain, any required approvals or consents.

#### For Prospective Shareholders in Indonesia
This prospectus and the Common Shares have not been registered with, reviewed or approved by the Financial Services Authority of the Republic of Indonesia (Otoritas Jasa Keuangan or "OJK"). This prospectus does not constitute, and may not be used in connection with, an offering that constitutes a public offering in Indonesia. The Common Shares may not be offered or sold, directly or indirectly, in or into Indonesia or to any Indonesian party in a manner that would constitute a public offering under Indonesian law. No public advertising, mass solicitation or mass-media distribution in or into Indonesia will be undertaken. Subscription documents will not be executed in, and subscription monies will not be paid to or received in, Indonesia. The distribution of this prospectus and any related offering materials in or into Indonesia is restricted. This prospectus may not be reproduced or distributed for the purpose of an offer or solicitation in Indonesia. Persons in Indonesia who receive this prospectus must observe all applicable legal or regulatory restrictions.

By subscribing, each Indonesian party represents and agrees that it has not received any offer, invitation or inducement made in or into Indonesia or through Indonesian mass media; that no in-person marketing in Indonesia occurred with it; that all subscription documentation will be executed and all subscription monies will be remitted from and received outside Indonesia; and that it will not distribute offering materials in or into Indonesia and understands that the offering is not a public offering in Indonesia.

#### For Prospective Shareholders in Israel
The Common Shares have not been registered and are not expected to be registered under the Israeli Securities Law - 1968 (the "Securities Law") or under the Israeli Joint Investment Trust Law - 1994 due to applicable exemptions. Accordingly, the Common Shares will only be offered and sold in Israel pursuant to applicable private placement exemptions, to parties that qualify as both (i) Sophisticated Investors described in Section 15a(b)(1) of the Securities Law and (ii) as "Qualified Customers" for purposes of Section 3(a)(11) of the Law for the Regulation of Provision of Investment Advice, Marketing Investments and Portfolio Management - 1995 (the "Investment Advisor Law"). Neither the Company nor the Manager is a licensed investment marketer under the Investment Advisor Law and neither the Company nor the Manager maintains insurance as required under such law. The Company and the Manager may be deemed to be providing investment marketing services but are not investment advisors for purposes of Israeli law. Any investment marketing which may be deemed provided under Israeli law in connection with an investment in the Company is deemed provided on a one time only basis and neither the Company nor the Manager will provide any ongoing investment marketing or investment advisory services to the investor. If any recipient in Israel of a copy of this prospectus is not qualified as described above, such recipient should promptly return this prospectus to the Company. By retaining a copy of this prospectus you are hereby confirming that you qualify as both a Sophisticated Investor and Qualified Customer, fully understand the ramifications thereof and agree to be treated as such by the Company.

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#### For Prospective Shareholders in Mexico
The Common Shares have not been and will not be registered with the National Securities Registry (*Registro Nacional de Valores*) maintained by the National Banking and Securities Commission of Mexico (*Comisión Nacional Bancaria y de Valores*; the "CNBV") and may not be offered or sold publicly in Mexico or otherwise be subject to intermediation activities in Mexico, except that the Common Shares may be offered and sold to investors in Mexico qualifying as institutional or accredited investors pursuant to the private placement exemptions provided in article 8 of the Mexican Securities Market Law (*Ley del Mercado de Valores*). This prospectus is solely our responsibility and has not been reviewed or authorized by the CNBV and may not be publicly distributed in Mexico. In making an investment decision, all investors, including any Mexican investor who may acquire Common Shares from time to time, must rely on their own examination of the terms of the combined offering and the Common Shares, including the merits and risks involved.

#### For Prospective Shareholders in Japan
No public offering of the Common Shares is being made to investors resident in Japan and no securities registration statement pursuant to Article 4, paragraph 1, of the Financial Instruments and Exchange Act (Act No. 25 of 1948, as amended) (the "FIEA") has been made or will be made in respect of the combined offering of the Common Shares in Japan pursuant to an exemption from the registration requirements applicable to a private placement of securities to Qualified Institutional Investors (as defined in Article 10 of the Cabinet Ordinance Concerning Definitions under Article 2 of the FIEA (Ordinance No. 14 of 1995, as amended)) as set forth in Article 2, Paragraph 3, Item 2 (a) of the FIEA or small number investors as set forth in Article 2, Paragraph 3, Item 3 of the FIEA. The Common Shares may not be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan unless they are offered or sold pursuant to an exemption from the registration requirements of, and in compliance with, the FIEA and any applicable laws and regulations of Japan. Neither the Financial Services Agency of Japan nor the Kanto Local Finance Bureau has passed upon the accuracy or adequacy of this prospectus or otherwise approved or authorized the combined offering of the Common Shares in Japan or to investors resident in Japan.

#### For Prospective Investors Located in the State of Qatar and the Qatar Financial Centre ("QFC")
This prospectus is provided on an exclusive basis to the specifically intended recipient thereof, for the recipient's personal use only and on the basis that the recipient is willing and able to conduct an independent investigation of the risks involved in this prospectus, the underlying instruments and any related documents. Nothing in this prospectus constitutes, is intended to constitute, shall be treated as constituting or shall be deemed to constitute, any offer or sale of securities in the State of Qatar or in the QFC to the public or the inward marketing of securities or an attempt to do business or conduct activities, as a bank, an investment company or otherwise in the State of Qatar or in the QFC.

This prospectus, the underlying instruments and any related documents have not been reviewed, approved, registered or licensed by or with the Qatar Central Bank, the Qatar Financial Centre Regulatory Authority, the Qatar Financial Markets Authority or any other regulator in the State of Qatar, the QFC or under any laws of the State of Qatar or the QFC. No transaction will be concluded in your jurisdiction. Recourse against the dealer, and those involved with it, may be limited or difficult and may have to be pursued in a jurisdiction outside Qatar and the QFC. Any distribution of this prospectus by the recipient to third parties in Qatar or the QFC beyond the terms hereof is not authorized and shall be at the liability of such recipient.

Any enquiries regarding the financial services or securities contained herein should be made by contacting the adviser.

#### For Prospective Investors Located in the Kingdom of Saudi Arabia
This document may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Rules on the Offer of Securities and Continuing Obligations issued by the Saudi Arabian Capital Market Authority.

The Capital Market Authority does not make any representation as to the accuracy or completeness of this document and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this document. Prospective purchasers of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of this document, you should consult an authorized financial adviser.

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#### **TABLE OF CONTENTS**

#### For Prospective Shareholders in Singapore
This prospectus and any other material in connection with the offer or sale is not a prospectus as defined in the Securities and Futures Act 2001 of Singapore (the "SFA"). Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. You should consider carefully whether the investment is suitable for you.

This prospectus has not been and will not be registered as a prospectus with the Monetary Authority of Singapore (the "MAS") and the combined offering is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. The Company is not authorised or recognised by the MAS and the Common Shares are not allowed to be offered to the retail public. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Common Shares may not be circulated or distributed, nor may the Common Shares be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 4A of the SFA, (ii) to a relevant person including an accredited investor under Section 305(1) of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

Certain resale restrictions apply to the offer and investors are advised to acquaint themselves with such restrictions. The Common Shares, or interests in those shares, may not be offered or sold or transferred to any person in Singapore other than to an institutional investor or accredited investor as defined in Section 4A of the SFA, to a relevant person as defined in Section 305(5) of the SFA, or as permitted in writing by the Company or the Manager and in accordance with the conditions of any other applicable provision of the SFA.

Where the Common Shares are subscribed for or purchased under Section 305 of the SFA by a relevant person which is:

&nbsp;&nbsp;&nbsp;&nbsp;(a) a corporation (which is not an accredited investor) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,

shares, debentures and units of shares and debentures of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferred within 6 months after that corporation or that trust has acquired the Common Shares or interests pursuant to an offer made under Section 305 except:

&nbsp;&nbsp;&nbsp;&nbsp;(1) to an institutional investor or to a relevant person defined in Section 305(5) of the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures of that corporation or such rights and interest in that trust are acquired at a consideration of not less than S$200,000 (or its equivalent in a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of units in a collective investment scheme, securities, securities-based derivatives contracts or other assets, and further for corporations, in accordance with the conditions specified in Section 275(1A) of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;(2) where no consideration is or will be given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;(3) where the transfer is by operation of law; or

&nbsp;&nbsp;&nbsp;&nbsp;(4) as specified in Section 305A(5) of the SFA.

You should therefore ensure that your own transfer arrangements comply with the applicable restrictions under the SFA. You should seek legal advice to ensure compliance with the above restrictions.

#### For Prospective Investors Located in South Africa
This prospectus and the Common Shares have not been approved by the Financial Sector Conduct Authority ("FSCA") under the Collective Investment Schemes Control Act, 2002 ("CISCA") and are not registered for public offer in South Africa. This prospectus does not constitute, and may not be used for, an offer to the public in South Africa. No marketing, promotion or solicitation will be conducted in or into South Africa. Any sale to persons in South Africa will occur only in response to a genuine, specific and unsolicited reverse enquiry, and all subscription

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documents will be executed and all subscription monies will be paid and received outside South Africa. The distribution of this prospectus and any related offering materials in or into South Africa is restricted. This prospectus may not be reproduced or distributed for the purpose of an offer or solicitation in South Africa.

By subscribing, each South African investor represents, warrants and agrees that its approach was a genuine, specific and unsolicited reverse enquiry; that it did not receive any marketing, promotion or solicitation in or into South Africa; that no in-person marketing meetings or roadshows occurred with it in South Africa; that all subscription documentation will be executed and all subscription monies will be remitted from and received outside South Africa; and that it will not distribute offering materials in or into South Africa. The investor acknowledges that the Company is not approved under CISCA and that this prospectus does not constitute a public offer in South Africa.

#### For Prospective Investors Located in Switzerland
The Company has not been approved for offering to non-qualified investors by the Swiss Financial Market Supervisory Authority FINMA (FINMA) pursuant to article 120(1) of the Swiss Federal Act on Collective Investment Schemes (CISA). Banque Heritage SA, with its registered office at 61 Route de Chêne, 1208 Geneva, Switzerland has been appointed as representative and paying agent of the Company in Switzerland (the "Representative" and the "Paying Agent"). Accordingly, the Common Shares may only be offered (within the meaning of article 3(g) of the Swiss Federal Act on Financial Services (FinSA)) or marketed (within the meaning of article 127a of the Collective Investment Schemes Ordinance), directly or indirectly, in or from Switzerland and this prospectus and any other offering documents relating to the Company may only be made available in or from Switzerland to professional clients as defined in article 4(3) and article 5 (high-net-worth retail clients and private investment structures created for them if they declare that they wish to be treated as professional clients) or to private clients within the meaning of article 4(2) FinSA who are in a long-standing investment advisory- or investment management relationship with a regulated financial intermediary and who did not declare that they shall not be treated as qualified investors in accordance with article 10 (3ter) CISA. The prospectus as well as the annual reports may be obtained free of charge from the representative. In respect of the Common Shares offered in Switzerland, the place of performance is the registered office of the Representative. The place of jurisdiction is at the registered office of the Representative or at the registered office or place of residence of the investor.

#### For Prospective Investors Located in the Dubai International Financial Centre (DIFC)
This prospectus relates to a company which is not subject to any form of regulation or approval by the Dubai Financial Services Authority ("DFSA").

This prospectus is only intended for recipients who are classified as 'Deemed' Professional Clients under the DFSA Rulebook or following their request for such prospectus.

The DFSA has no responsibility for reviewing or verifying any prospectus or other documents in connection with the Company. Accordingly, the DFSA has not approved this prospectus or any other associated documents nor taken any steps to verify the information set out in this prospectus, and has no responsibility for it.

The Common Shares to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers should conduct their own due diligence on the Common Shares.

If you do not understand the contents of this document you should consult an authorised financial adviser.

#### For Prospective Investors Located in the Abu Dhabi Global Market (ADGM)
This communication is sent strictly within the context of, and constitutes, an Exempt Communication.

This document relates to the Common Shares which is not subject to any form of regulation or approval by the Financial Services Regulatory Authority of the Abu Dhabi Global Market (the "FSRA"). The FSRA accepts no responsibility for reviewing or verifying any prospectus or documents in connection with the Common Shares. Accordingly, the FSRA has not approved this document or any other associated documents nor taken any steps to verify the information set out in this document, and has no responsibility for it.

The financial product to which this document relates may be illiquid and/or subject to restrictions on its resale. Prospective purchasers should conduct their own due diligence on the financial product.

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This document does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase the Common Shares in the Abu Dhabi Global Market and accordingly should not be construed as such.

If you do not understand the contents of this document you should consult an authorised financial adviser.

#### For Prospective Investors Located in United Arab Emirates (Excluding the Dubai International Financial Centre (DIFC) and the Abu Dhabi Global Market (ADGM))
This document, and the information contained herein, does not constitute, and is not intended to constitute, a public offer of securities in the United Arab Emirates ("UAE") and accordingly should not be construed as such. The Common Shares are only being offered to a limited number of exempt Professional Investors in the UAE who fall under one of the following categories: federal or local governments, government institutions and agencies, or companies wholly owned by any of them. The Common Shares have not been approved by or licensed or registered with the UAE Central Bank, the Securities and Commodities Authority, the Dubai Financial Services Authority, the Financial Services Regulatory Authority or any other relevant licensing authorities or governmental agencies in the UAE (the "Authorities"). The Authorities assume no liability for any investment that the named addressee makes as an exempt Professional Investor. The document is for the use of the named addressee only and should not be given or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof).

#### For Prospective Shareholders in Jersey
Consent under the Control of Borrowing (Jersey) Order 1958 has not been obtained for the circulation of this prospectus. Accordingly, the offer that is the subject of this prospectus may only be made in Jersey where the offer is not an offer to the public or the offer is valid in the United Kingdom or Guernsey and is circulated in Jersey only to persons similar to those to whom, and in a manner similar to that in which, it is for the time being circulated in the United Kingdom or Guernsey as the case may be. By accepting this offer each prospective investor in Jersey represents and warrants that he or she is in possession of sufficient information to be able to make a reasonable evaluation of the offer.

#### For Prospective Shareholders in Thailand
This document is provided to you as permitted by applicable laws and regulations, or solely at your request, and is not intended to be an offer, sale, or invitation for subscription or purchase of any interests in the Company in Thailand. This document has not been, and will not be, reviewed or approved by the Office of the Securities and Exchange Commission of Thailand. Accordingly, this document and any other documents and materials, in connection with the offer or sale, or invitations for subscription or purchase of any interests in the Company, may not be circulated or distributed, nor may the interests in the Company be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any members of the public in Thailand, unless it is conducted by an entity holding appropriate securities business license under Thai law in accordance with the relevant laws and regulations.

#### For Prospective Investors in Turkey
The securities described herein have not been, and will not be, registered with the Capital Markets Board of Turkey (the "CMB"), and no prospectus or issuance certificate has been approved by the CMB. This document does not constitute, and may not be used in connection with, a public offering in Turkey. No general solicitation, advertisement, or marketing will be carried out in or into Turkey. These materials are provided solely at the specific unsolicited request of the investor, on a confidential basis, and may not be reproduced or distributed in or into Turkey. Any sale to a person resident in Turkey will occur only on a genuine, unsolicited reverse-enquiry basis. Subscription documents will not be executed in, and subscription monies will not be paid to or received in, Turkey. Turkish residents are responsible for complying with applicable Turkish law, including routing transactions through a locally licensed intermediary and transferring payments via Turkish banks, as required.

By reviewing this document, each person resident in Turkey represents and agrees that it requested this information on an unsolicited basis and that it will not reproduce or distribute this document in or into Turkey.

#### For Prospective Shareholders in Chile
On June 27, 2012, the CMF issued General Rule No. 336 (Norma de Carácter General No. 336), or NCG 336, which is intended to govern the private offering of securities in Chile. NCG 336 provides that the offering of

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securities that meet the conditions described therein shall not be considered public offerings in Chile and shall be exempted from complying with the general rules applicable to public offerings.

The following information is provided to prospective investors pursuant to NCG 336:

&nbsp;&nbsp;&nbsp;&nbsp;(i) Date of commencement of the offer: as set forth on the cover page of this prospectus. The offer of the Common Shares is subject to NCG 336.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The subject matter of this offer are securities not registered with the securities registry (registro de valores) or the foreign securities registry (registro de valores extranjeros) kept by the CMF. As a consequence, the Common Shares are not subject to the oversight of the CMF.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Since the Common Shares are not registered in Chile, there is no obligation to provide public information regarding the Common Shares in Chile.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Common Shares shall not be subject to public offering in Chile unless registered with the relevant securities registry kept by the CMF.

#### For Prospective Shareholders in Colombia
The Common Shares have not been and will not be registered with the Colombian National Registry of Securities and Issuers (*Registro Nacional de Valores y Emisores – RNVE*) maintained by the Financial Superintendence of Colombia (*Superintendencia Financiera de Colombia*; the "SFC") and, therefore, the Common Shares may not be publicly offered or sold in Colombia. However, the Common Shares may be offered in Colombia under Colombian law pursuant to the private placement exemption set forth in the Colombian regulation (*Decree 2555 of 2010*), in accordance of which an offering shall be deemed a private placement if it is addressed to fewer than one hundred (100) specific persons (*article 6.1.1.1.1, Decree 2555 of 2010*). These materials are solely our responsibility and have not been reviewed or authorized by the SFC and may not be publicly distributed in Colombia. In making an investment decision, all investors, including any Colombian investor who may acquire Common Shares from time to time, must rely on their own examination of the terms of the private placement and the Common Shares, including the merits and risks involved.

#### For Prospective Shareholders in Kuwait
This prospectus is not for general circulation to the public in Kuwait. The Common Shares have not been licensed for offering in Kuwait by the Kuwait Capital Markets Authority or any other relevant Kuwaiti government agency. The offering of the Common Shares in Kuwait on the basis of a private placement or public offering is, therefore, restricted in accordance with Law No. 7 of 2010 and the bylaws thereto (as amended). No private or public offering of the Common Shares is being made in Kuwait, and no agreement relating to the sale of the Common Shares will be concluded in Kuwait. No marketing or solicitation or inducement activities are being used to offer or market the Common Shares in Kuwait.

#### For Prospective Shareholders in Peru
The Common Shares have not been and will not be registered with or approved by the Peruvian Superintendency of Capital Markets (*Superintendencia del Mercado de Valores,* or the "Peruvian SMV") or the Lima Stock Exchange (*Bolsa de Valores de Lima*, or the "BVL" or the "Lima Stock Exchange"). Accordingly, this offering will not be a public offering in Peru.

Peruvian securities laws and regulations on public offerings will not be applicable to the offering of the Common Shares and, therefore, the disclosure obligations set forth therein will not be applicable to the Company and PS Inc., before or after their acquisition by prospective investors. Offering materials relating to the offering of the Common Shares are being supplied to those Peruvian investors who have expressly requested them. Such materials may not be distributed to any person or entity other than the intended recipients. Accordingly, the Common Shares cannot be offered or sold in Peru, except if: (i) such Common Shares were previously registered with the Peruvian SMV, or (ii) such offering is considered a private offering under the Peruvian securities laws and regulations. The Peruvian securities laws establish, among other things, that an offer directed exclusively to institutional investors (as defined by Peruvian law) qualifies as a private offering. In making an investment decision, institutional investors (as defined by Peruvian law) must rely on their own examination of the terms of the offering of the Common Shares to determine their ability to invest in the Common Shares.

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No offer or invitation to subscribe for or sell the Common Shares or beneficial interests therein can be made in Peru except in compliance with the Peruvian securities laws and regulations.

In making an investment decision, institutional investors must rely on their own examination of the terms of the offering of the Common Shares to determine their ability to invest in them.

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#### PROXY VOTING
In accordance with SEC requirements, the Manager has adopted Proxy Voting Policies and Procedures (the "Proxy Policies") to address how the Manager will vote proxies that it receives for its funds' investments. The Proxy Policies seek to ensure that the Manager votes proxies (or similar instruments) in the best interests of its funds and ahead of the Manager's interests, including when there may be conflicts of interest in voting proxies. The Manager does not anticipate any conflicts of interest between the Manager and its funds in terms of proxy voting. If the Manager, however, encounters an identifiable conflict of interest with respect to a particular vote, with sufficient time before a vote, the Manager's Chief Compliance Officer or conflicts committee will determine how to vote the proxy consistent with the best interests of the fund (or HHH, if applicable) and in a manner not affected by the conflict of interest. The conflicts committee may opt for a voting procedure by which guidance is sought from outside legal counsel on matters involving a conflict of interest. Clients (including Common Shareholders) may not direct the Manager's proxy voting but may obtain a copy of the Proxy Policies and/or information regarding how the Manager voted proxies for particular portfolio companies by contacting the Manager.

#### CUSTODIAN, ADMINISTRATOR, TRANSFER AGENT AND DIVIDEND DISBURSING AGENT
The Company has engaged State Street, whose principal business address is One Congress Street, Boston, Massachusetts 02114, to serve as the Company's administrator, custodian, transfer agent and dividend disbursing agent. Under the service agreements between State Street and the Company, State Street provides certain administrative services necessary for the operation of the Company. Such services include maintaining certain Company books and records, providing accounting and tax services and preparing certain regulatory filings. State Street serves as the custodian of the Company's assets pursuant to a custody agreement. Under the custody agreement, the custodian holds the Company's assets in compliance with the 1940 Act.

For its services as the Company's administrator, the Company pays State Street (i) a fee for fund accounting services, payable quarterly, at an annual rate equal to 4.5 basis points of the first $500 million in net asset value, 3.0 basis points of the next $500 million in net asset value, 1.5 basis points of the next $500 million in net asset value and 0.25 basis points of net asset value above $1.5 billion, based on net asset value on the last business day of the quarter, (ii) fees for fund administration services, payable quarterly, of $120,000 per year and (iii) fees for additional services as applicable.

State Street also serves as transfer agent and dividend disbursing agent with respect to the Common Shares and acts as the administrator of the Company's dividend reinvestment plan.

#### LEGAL MATTERS
The validity of the Common Shares offered hereby will be passed upon for the Company by Richards, Layton & Finger, P.A. Certain other legal matters will be passed upon by Sullivan & Cromwell LLP as counsel to the Company in connection with the offering of the Common Shares. Certain legal matters will be passed on for the Underwriters by Skadden, Arps, Slate, Meagher & Flom LLP.

#### FISCAL YEAR
For accounting purposes, the Company's fiscal year is the 12-month period ending on December 31. For tax purposes, the Company has adopted the 12-month period ending December 31 of each year as its taxable year.

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP has been engaged as the Company's Independent Registered Public Accounting Firm and provides auditing services to the Company. Ernst & Young LLP's principal business address is One Manhattan West, New York, NY 10001.

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#### ADDITIONAL INFORMATION
We have filed with the SEC a registration statement on Form N-2, together with all amendments and related exhibits, under the Securities Act, with respect to the Common Shares offered by this prospectus. The registration statement contains additional information about us and the Common Shares being offered by this prospectus.

The Company is subject to the informational requirements of the Exchange Act and the 1940 Act and is required to file reports, proxy statements and other information with the SEC. The SEC maintains an internet site that contains reports, proxy and information statements and other information filed electronically by us with the SEC, which are available on the SEC's website at *http://www.sec.gov.* Copies of these reports, proxy and information statements and other information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov, or by writing the SEC's Public Reference Section, 100 F Street, N.E., Washington, D.C. 20549. Following the completion of the combined offering, Mr. Ackman, the Chief Executive Officer of the Manager, intends to use his X (formerly Twitter) account (@BillAckman) as a means of publicly disseminating current information about the Company from time to time including information about new and disposed of investments and hedges, as well as his views on macroeconomic, geopolitical and other developments. Accordingly investors should monitor this account in addition to following the Company's SEC filings and the Company's website (www.pershingsquareusa.com (under construction)), as well as the Company's press releases and investor presentations and events. Information included in Mr. Ackman's X account or on the Company's website is not a part of or incorporated by reference into this prospectus.

As required by FUND Rule 3.2 (Investor Information) of the United Kingdom Financial Conduct Authority's Handbook of Rules and Guidance and European Union Regulation 2015/2365 of the European Parliament and of the Council of November 25, 2015 on transparency of securities financing transactions and of reuse and amending European Union Regulation 648/2012 (the "SFTR"), where applicable the Manager will make available to any investor at the principal place of business of the Manager (or such other means as is determined by the Manager) any information required by the SFTR, including the use of securities financing transactions by the Company and total return swaps in accordance with the provisions of instruments used. With respect to any such securities financing transactions and total return swaps and should the Company enter into such transactions, the information provided will include the rationale for their use, the type of assets that can be subject to them, the maximum and expected proportion of assets under management subject to them, criteria to select counterparties, acceptable collateral, valuation methodology and information on safekeeping of assets and collateral.

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#### PRIVACY NOTICE

#### Introduction
Your privacy is very important to us.

This notice (this "Privacy Notice") is provided by Pershing Square USA, Ltd., and sets forth the Company's policies for the collection, use, storage, sharing, disclosure (collectively, "processing") and protection of nonpublic personal information and personal data (together, "personal information") relating to current, prospective and former investors in the Company.

References to "you" or an "investor" in this Privacy Notice mean any investor who is an individual, or any individual connected with an investor who is a legal person, as applicable.

#### Who to Contact About This Privacy Notice
This Privacy Notice is being provided in accordance with the applicable requirements under the privacy and data protection laws that apply in the jurisdictions where the Company operates (collectively, the "Data Protection Laws"). The Company is considered to be a data controller in respect of any personal information it holds about you for the purposes of certain Data Protection Laws. This means that the Company determines the purposes and the means of the processing of your personal information.

Please contact Investor Relations by calling +1 (212) 813-3700 or by writing to the following address: ir@persq.com, for any questions about this Privacy Notice or requests with regards to the personal data we hold.

#### The Types of Personal Information the Company May Hold
The categories of personal information the Company may collect include names, residential or business addresses or other contact details, account details, information about assets, transactions, or investment activities or other personal information, as specified under the applicable Data Protection Laws.

#### How the Company Collects Personal Information
The Company may collect personal information about you through (i) information provided directly to the Company by you, or another person on your behalf; (ii) information you provide to the Company in correspondence and conversations with the Company's representatives; and (iii) information that the Company obtains, directly or indirectly, in relation to any transactions between you and the Company, such as when you purchase securities from the Company.

The Company may also receive your personal information from third parties or other sources, such as the Company's affiliates, publicly accessible databases or registers, tax authorities, governmental agencies and supervisory authorities, or other publicly accessible sources.

#### How the Company May Use Personal Information
The Company may process your personal information for the purposes of administering the relationship between you and the Company (including processing your transactions, communications and reporting), marketing of the Company's products and services, monitoring and analyzing the Company's activities, and complying with applicable legal or regulatory requirements (including, as may be applicable, anti-money laundering, fraud prevention, tax reporting, sanctions compliance, or responding to requests for information from supervisory authorities, or law enforcement agencies).

Where legally required, the Company will use one of the permitted grounds under the applicable Data Protection Laws to process your personal information. Such grounds include, for example, circumstances where:

&nbsp;&nbsp;&nbsp;&nbsp;(i) processing is necessary to perform the Company's obligations in providing a financial product or service to you;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Company is required to comply with a legal or regulatory obligation applicable to it; or

&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Company, or a third party on the Company's behalf, has determined that it is necessary for our legitimate interests to collect and use your personal information, such as if we believe that you have a reasonable expectation for us or a third party to collect or use your personal information for such purpose.

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#### What Are the Consequences of Failing to Provide Personal Information
Where personal information is required to satisfy a statutory obligation (including compliance with applicable anti-money laundering or sanctions requirements) or a contractual requirement, failure to provide such information may result in the Company not being able to provide services to you. Where there is suspicion of unlawful activity, failure to provide personal information may result in the submission of a report to the relevant law enforcement agency or supervisory authority.

#### How the Company May Share Personal Information
The Company may disclose information about you to its affiliates, service providers, or other third parties to accept your investment, administer and maintain your account(s), or otherwise perform its contractual obligations, or as may otherwise be permitted or required by law. The Company may also need to share your personal information with regulatory, tax or law enforcement authorities to comply with applicable legal or regulatory requirements, respond to court orders, or in the context of litigation, government, regulatory or self-regulatory organization requirements or requests for information, administrative proceedings, or investigations. The Company will also release information about you if you direct us to do so.

It may also be necessary, under anti-money laundering and similar laws, to disclose information about you to facilitate the establishment of trading relationships for the Company with the Company's prime brokers, custodians, executing brokers or other trading counterparties.

The Company may also disclose information about you, or your transactions and experiences with the Company, including to its affiliates or service providers for the Company's everyday business purposes, such as administration of its business, record-keeping, maintaining security of its information technology systems, reporting and monitoring of its activities, investor relations activities, and compliance with applicable legal and regulatory requirements.

#### Retention Periods and Security Measures
The Company will not retain personal information for longer than is necessary in relation to the purpose for which it is collected, subject to the applicable Data Protection Laws. Personal information will be retained for the duration of your investment in the Company and for a minimum of five years after a withdrawal of your investment, or liquidation of the Company. The Company may retain personal information for a longer period for the purpose of marketing its products and services or compliance with applicable law. From time to time, the Company will review the purpose for which personal information has been collected and decide whether to retain it or to delete if it no longer serves any purpose to the Company.

To protect your personal information from unauthorized access and use, the Company applies organizational and technical security measures in accordance with applicable Data Protection Laws. These measures include computer safeguards and secured files and buildings.

#### Additional Information under the U.S. Gramm-Leach-Bliley Act 1999 (Reg S-P) and Fair Credit Reporting Act (Reg S-AM)
For purposes of U.S. federal law, this Privacy Notice applies to current and former investors who are individuals or Individual Retirement Accounts. The Company is providing this additional information under U.S. federal law.

The Company may disclose information about its investors, prospective investors or former investors to affiliates (i.e., financial and non-financial companies related by common ownership or control) or non-affiliates (i.e., financial or non-financial companies not related by common ownership or control) for the Company's everyday business purposes, such as to process your transactions, maintain your account(s) or respond to court orders and legal investigations. Thus, it may be necessary or appropriate, under anti-money laundering and similar laws, to disclose information about the Company's investors in order to accept subscriptions from them. The Company will also release information about you if you direct us to do so.

The Company does not share your information with non-affiliates for them to market their own services to you. The Company may disclose information you provide to us to companies that perform marketing services on our behalf, such as any placement agent retained by the Company.

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The Company will notify you of any material personal data breaches affecting you in accordance with the requirements of applicable Data Protection Laws.

#### Additional Information for Individual Investors in Europe
As an individual investor, you may have certain rights under the EU General Data Protection Regulation and the same as it forms part of the law of the United Kingdom (together, "GDPR") or the Swiss Federal Act on Data Protection (as revised) ("FADP"), each to the extent applicable, in relation to the Company's processing of your personal data and any processing carried out on your behalf. Subject to applicable law, these rights may include: (i) the right to request access to your personal data; (ii) the right to request rectification of your personal data; (iii) the right to request erasure of your personal data (the "right to be forgotten"); (iv) the right to restrict the Company's processing or use of your personal data; (v) the right to object to the Company's processing or use where it has considered this to be necessary for its legitimate interests (such as in the case of the Company's marketing activities); (vi) where relevant, the right to request the portability of your personal data; (vii) if your consent to processing has been obtained, the right to withdraw your consent at any time; and (viii) the right to lodge a complaint with a supervisory authority. Please note that the right to be forgotten that applies in certain circumstances under GDPR is not likely to be available in respect of the personal data the Company holds, given the purpose for which we collect such data, as described above.

Due to the international nature of the Company's business, your personal data may be transferred to jurisdictions that are not considered to offer equivalent protection to personal data as under the GDPR or FADP ("Third Countries"). The Company will take steps reasonably necessary to ensure that your personal data is treated securely and in accordance with this Privacy Notice and applicable Data Protection Laws when it is processed in, or otherwise accessed from, Third Countries - which may include entering into appropriate contractual undertakings with service providers who process personal data on our behalf in such Third Countries. The Company may also be required to transfer your personal data to its regulators or government agencies in Third Countries in cases where such transfers are necessary in the context of administrative proceedings, such as requests for information, examinations or investigations, or to other relevant parties in Third Countries where it is necessary for the purposes of establishing, bringing, or defending legal claims, or for another legitimate business purpose, such as compliance with our legal or regulatory obligations under foreign law.

If you require further information about these protective measures, you can request it using the contact details provided above.

#### Complaining to Supervisory Authorities
Subject to applicable Data Protection Law, you may have the right to lodge a complaint with a supervisory authority such as the Information Commissioner's Office in the United Kingdom or a data protection authority in a member state of the European Economic Area of your usual residence or place of work or of the place of the alleged breach if you consider that the processing of your personal data carried out by the Company, the Company's administrator or any other service provider to the Company, has breached applicable Data Protection Law.

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#### INDEX TO FINANCIAL STATEMENTS

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| | |
|:---|:---|
| **Pershing Square USA, Ltd.**<br>**Audited Financial Statements** | **Page**  |
| [Report of Independent Registered Public Accounting Firm](#tARIR) | [F-2](#tARIR) |
| [Statement of Assets and Liabilities as of September 30, 2025](#tASAL) | [F-3](#tASAL) |
| [Schedule of Investments as of September 30, 2025](#tASOI) | [F-4](#tASOI) |
| [Statements of Operations for the period from November 28, 2023 (inception) to September 30, 2025](#tASOP) | [F-5](#tASOP) |
| [Notes to the Financial Statements](#tANUF) | [F-6](#tANUF) |

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| | |
|:---|:---|
| **Pershing Square USA, Ltd.**<br>**Unaudited Financial Statements** | **Page**  |
| [Statement of Assets and Liabilities (Unaudited) as of March 31, 2026](#tUSAL) | [F-11](#tUSAL) |
| [Schedule of Investments (Unaudited) as of March 31, 2026](#tUSOI) | [F-12](#tUSOI) |
| [Statement of Operations (Unaudited) for the six months ended March 31, 2026](#tUSOP) | [F-13](#tUSOP) |
| [Notes to the Unaudited Financial Statements](#tUNUF) | [F-14](#tUNUF) |

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#### Report of Independent Registered Public Accounting Firm
To the Shareholder and Board of Directors (Trustees) of Pershing Square USA, Ltd.

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Pershing Square USA, Ltd. (the "Company"), including the schedule of investments, as of September 30, 2025 and the related statements of operations for the period from January 1, 2025 through September 30, 2025, the year ended December 31, 2024, and the period from November 28, 2023 (inception) to December 31, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company at September 30, 2025, and the results of its operations for the period from January 1, 2025 through September 30, 2025, the year ended December 31, 2024, and the period from November 28, 2023 (inception) to December 31, 2023, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company's internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025, by correspondence with the custodians and brokers. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ Ernst & Young LLP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

We have served as the auditor of the Company since 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

New York, NY

October 28, 2025

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#### Statement of Assets and Liabilities

#### As of September 30, 2025

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| | |
|:---|:---|
| **Assets**<br>|  |
| Cash | $18331  |
| Investments in securities, at fair value (cost $2,163,055) | 2163055  |
| Deferred offering costs | 1674292  |
| Other assets | 10368  |
| **Total assets** | 3866046 |
| **Liabilities**<br>|  |
| Legal fees payable | 1290219  |
| Deferred offering costs payable | 1253881  |
| Trustee compensation payable | 288750  |
| Accounting fees payable | 37500  |
| Consulting fees payable | 9587  |
| Other expenses payable | 3579  |
| **Total liabilities** | 2883516  |
| **Net assets** | $982530  |
| **Net assets consist of:**<br>|  |
| Common shares, unlimited shares authorized, 318,320 shares issued and outstanding | $15916000  |
| Accumulated earnings/(loss) | (14933470)  |
| **Net assets** | $982530  |
| **Net asset value per share** | $3.09 |

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See accompanying notes to the Financial Statements.

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#### **TABLE OF CONTENTS**

#### Schedule of Investments

#### As of September 30, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value**  |
| **Short-Term Investments – 220.2%**<br>|  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds Treasury Trust Fund, 4.00%<sup>(i)</sup> | 2142790 | $2142790  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Treasury Instruments Fund, 4.00%<sup>(i)</sup> | 20265 | 20265  |
| **Total Short-Term Investments (cost $2,163,055)** |  | 2163055  |
| **Total Investments – 220.2% (cost $2,163,055)** |  | 2163055  |
| Other assets less liabilities – (120.2)% |  | (1180525)  |
| **Net Assets – 100.0%** |  | $982530 |

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&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents the 7-day effective yield as of September 30, 2025.

See accompanying notes to the Financial Statements.

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#### **TABLE OF CONTENTS**

#### Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
|  | **For the period from** <br>**January 1, 2025** <br>**to September 30, 2025** | **For the year ended** <br>**December 31, 2024** | **For the period from** <br>**November 28, 2023** <br>(inception) to <br>**December 31, 2023**  |
| **Investment income**<br>|  |  |  |
| Interest income | &nbsp;&nbsp;&nbsp;&nbsp;$85302 | &nbsp;&nbsp;$18233 | &nbsp;&nbsp;&nbsp;&nbsp;$—  |
| **Expenses**<br>|  |  |  |
| Trustee compensation expense | &nbsp;&nbsp;&nbsp;&nbsp;866250 | &nbsp;&nbsp;615369 | &nbsp;&nbsp;&nbsp;&nbsp;—  |
| Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;173723 | &nbsp;&nbsp;9255307 | &nbsp;&nbsp;&nbsp;&nbsp;52203  |
| Accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;105500 | &nbsp;&nbsp;101500 | &nbsp;&nbsp;&nbsp;&nbsp;—  |
| Consulting fees | &nbsp;&nbsp;&nbsp;&nbsp;23790 | &nbsp;&nbsp;311778 | &nbsp;&nbsp;&nbsp;&nbsp;—  |
| Filing fees | &nbsp;&nbsp;&nbsp;&nbsp;2944 | &nbsp;&nbsp;3389980 | &nbsp;&nbsp;&nbsp;&nbsp;—  |
| Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;41413 | &nbsp;&nbsp;97248 | &nbsp;&nbsp;&nbsp;&nbsp;—  |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;(1213620) | &nbsp;&nbsp;(13771182) | &nbsp;&nbsp;&nbsp;&nbsp;(52203)  |
| Net investment income/(loss) | &nbsp;&nbsp;&nbsp;&nbsp;(1128318) | &nbsp;&nbsp;(13752949) | &nbsp;&nbsp;&nbsp;&nbsp;(52203)  |
| Net change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;$(1128318) | &nbsp;&nbsp;$(13752949) | &nbsp;&nbsp;&nbsp;&nbsp;$(52203) |

---

See accompanying notes to the Financial Statements.

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#### **TABLE OF CONTENTS**

#### Notes to the Financial Statements

#### As of September 30, 2025
&nbsp;&nbsp;&nbsp;&nbsp;1. **ORGANIZATION** 

Pershing Square USA, Ltd. (the "Company" or "PSUS"), a Delaware statutory trust, is a closed-end investment company registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), managed by its investment manager, Pershing Square Capital Management, L.P. ("PSCM" or the "Investment Manager"). The Company was formed on November 28, 2023.

The Company's investment objective is to preserve capital and seek maximum, long-term capital appreciation and growth in intrinsic value per share commensurate with reasonable risk, where risk is defined as the probability of permanent loss of capital, rather than price volatility. The Company will seek to achieve its investment objective by acquiring long-term, large minority stakes in 12 to 15 high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which PSCM believes they have underperformed their potential and/or when PSCM believes they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their business. Large minority stakes will be accumulated over time and will vary in size depending on the size of the portfolio company. The Company intends to invest principally in companies with simple, predictable, and free-cash-flow generative businesses, strong balance sheets, and exceptional management and governance in industries with significant barriers to entry and limited exposure to extrinsic factors it cannot control. PSCM looks for opportunities to assist portfolio companies in accelerating growth, increasing efficiency, improving capital allocation, managing through challenges and otherwise improving performance in order to generate long-term value. PSCM pursues a long-term investment strategy and does not typically engage in short-term trading in the shares of the portfolio companies in which it invests.

PSCM, a Delaware limited partnership, is registered as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended. The Company's Board of Trustees (the "Board") has overall responsibility for monitoring and overseeing the Company's management and operations. Subject to the overall supervision of the Board, the Investment Manager manages the Company's day-to-day operations and provides the Company with investment advisory and management services.

The Company has no operations to date other than matters relating to its organization and the sale and issuance of the Company's common shares of beneficial interest (the "Common Shares"). The Investment Manager has purchased 318,320 Common Shares for a total purchase price of $15,916,000 or $50.00 per share. The Company intends to raise additional capital through the issuance of the Common Shares in an initial public offering (the "PSUS IPO"). The Common Shares are expected to be listed on the New York Stock Exchange, subject to notice of issuance, under the symbol "PSUS."

In recognition of the importance of the PSUS IPO to PSCM's long-term success and to provide an additional incentive for prospective investors to purchase Common Shares in the PSUS IPO, Pershing Square Inc., the prospective parent company of PSCM ("PSI") intends to deliver to each investor who purchases Common Shares in the PSUS IPO, for no additional consideration, a quantity of PSI common stock (the "PSI Common Stock") to be determined at a future date. The PSUS IPO and the initial public offering of the PSI Common Stock (the "PSI IPO") are component parts of a single offering, which is referred to as the "combined offering." Following the combined offering, the PSI Common Stock will be listed on the NYSE under the symbol "PS" and PSI will be a public company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended. The Common Shares and the PSI Common Stock will each trade separately on the NYSE, and investors may freely sell each security separately.

Board of Trustees

The Board consists of six Trustees. Five of the Trustees are not "interested persons" of the Company or of the Investment Manager for purposes of Section 2(a)(19) of the 1940 Act and are "independent," as determined by the Board.

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#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;2. **SIGNIFICANT ACCOUNTING POLICIES** 

Basis of Presentation

The Company's financial statements and the following significant accounting policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP") and are stated in United States Dollars. Such policies are consistently followed by the Company in the preparation of its financial statements.

Management has determined that the Company is an investment company in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies*. The Company applies the specialized accounting guidance outlined therein.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Fair Value Measurement

Investments in money market funds are carried at the fund's net asset value per share, which approximates fair value.

The Company considers all investments with a maturity of three months or less at the time of purchase to be short-term investments. As of September 30, 2025, short-term investments of $2,163,055, as presented in the statement of assets and liabilities and schedule of investments, were comprised of two money market funds which are invested in U.S. Treasury obligations.

Interest Income

Interest income related to cash and short-term investments is recognized when earned.

Offering Costs

Offering costs consist of fees related to underwriting, legal, regulatory filings, printing, and other costs for services directly related to the Company's offering of the Common Shares and the preparation and filing of the registration statement. On August 1, 2024, the Company postponed its initial plans for an initial public offering for more than 90 days and, as a result, offering costs incurred by the Company from November 28, 2023 (inception) to August 1, 2024 (the date on which the Company withdrew its registration statement on Form N-2) were expensed. Offering costs incurred subsequent to August 1, 2024, in anticipation of a future offering, were deferred and recorded as assets. As of September 30, 2025, total offering costs incurred amounted to $1,674,292, consisting solely of legal fees, and are presented in the statement of assets and liabilities as deferred offering costs. Upon the issuance of the Common Shares in the PSUS IPO, total deferred offering costs will be charged to capital.

Prior to May 31, 2024, the Investment Manager paid certain of the Company's expenses which were later reimbursed by the Company (further discussed in Note 6) as the Company did not have sufficient capital.

Organizational Expenses

The Company is responsible for the costs of its formation and organization and recognizes these expenses when incurred. These expenses are categorized as professional fees or other expenses based on the definitions herein. Prior to May 31, 2024, the Investment Manager paid certain of the Company's organizational expenses which were later reimbursed by the Company (further discussed in Note 6) as the Company did not have sufficient capital.

Professional Fees

Professional fees include, but are not limited to, expenses relating to accounting, investment valuation, administrative services, auditing and tax preparation expenses, legal fees and expenses, fees of investment bankers, advisers, appraisers, public and government relations firms and other consultants and experts, and investment-related fees and expenses including research but excluding investment transaction costs. Since the Company's inception, professional fees consist of accounting fees, consulting fees and legal fees as presented separately in the statements of operations.

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Other Expenses

Other expenses include, but are not limited to, printing and postage expenses, bank service fees, insurance expenses, listing-related fees and expenses relating to corporate engagement, certain regulatory registrations in connection with the Company's business and investment activities.

Filing Fees

Filing fees include, but are not limited to, regulatory fees prior to August 1, 2024 related to the Company's filing of its registration statement on Form N-2 and other filings with the SEC and the Financial Industry Regulatory Authority including with respect to the Company's withdrawal of its registration statement, printer expenses for Edgar filings and investment-related filings fees.

Taxation

As of September 30, 2025, the Company is a Delaware statutory trust with a single beneficial owner, PSCM, and is disregarded for U.S. federal income tax purposes. The Company intends to elect to be treated and to qualify annually as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As long as the Company qualifies as a RIC, the Company generally will not be subject to U.S. federal income taxes to the extent that it distributes its investment company taxable income and net realized capital gains. No federal income tax provision is required as the Company intends to distribute at least the minimum amount necessary to qualify for the favorable U.S. federal income tax treatment generally accorded to RICs. The Company plans to file U.S. federal and applicable state and local tax returns.

The Company accounts for income taxes under ASC 740, *Income Taxes*, which provides guidance related to the evaluation of uncertain tax positions. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more likely than not" to be sustained by the applicable tax authority. Tax positions not deemed to meet a "more likely than not" threshold would be recorded as a tax expense in the current year. The Company would account for interest and penalties, if any, as a component of tax expense. The Company has evaluated its tax positions and has concluded that there are no significant tax positions requiring recognition, measurement, or disclosure in the financial statements. The Company's U.S. federal tax returns are subject to examination for a period of three years after they are filed.

&nbsp;&nbsp;&nbsp;&nbsp;3. **INVESTMENT MANAGER AND ADMINISTRATOR AGREEMENTS** 

Investment Manager

The Investment Manager is the investment adviser to the Company pursuant to the Investment Management Agreement ("IMA") and is responsible for the management of the Company and the administration of the affairs of the Company to the extent requested by the Company's Board.

As compensation for its services, the Investment Manager will receive a quarterly management fee payable in advance on the first business day of each fiscal quarter in an amount equal to 0.50% (2.0% per annum) based on the Company's net asset value ("NAV") on the last day of the previous fiscal quarter (the "Management Fee"). No Management Fee will be charged until the completion of the PSUS IPO. The Investment Manager will not be entitled to an incentive allocation or any other form of performance fee pursuant to the IMA.

Administrator, Custodian, Transfer Agent and Dividend Disbursing Agent

State Street Bank and Trust Company ("State Street") will serve as the Company's administrator, custodian, transfer agent and dividend disbursing agent. Under the service agreements between State Street and the Company, State Street will provide certain administrative services necessary for the operation of the Company, including maintaining certain Company books and records, providing accounting and tax services, and preparing certain regulatory filings. State Street will also serve as the custodian of the Company's assets pursuant to a custody agreement. Under the custody agreement, State Street holds the Company's assets in compliance with the 1940 Act. Additionally, State Street will serve as transfer agent and dividend disbursing agent with respect to the Common Shares and as administrator of the Company's dividend reinvestment plan. State Street will receive fees for these services following the completion of the PSUS IPO.

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&nbsp;&nbsp;&nbsp;&nbsp;4. **CONCENTRATION OF CREDIT RISK** 

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash held in accounts at financial institutions, which, at times, may exceed the Federal Deposit Insurance Coverage of $250,000, and short-term investments at financial institutions. The Company has not experienced losses on these financial instruments and management believes the Company is not exposed to a significant credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;5. **SHARE CAPITAL** 

The Company is authorized to issue an unlimited number of Common Shares and intends to offer Common Shares at $50.00 per share at the PSUS IPO. All holders of Common Shares will have equal rights as it relates to dividend distributions, assets and voting privileges. Holders of Common Shares will have no conversion, preemptive or other subscription rights. As of September 30, 2025, 318,320 Common Shares were issued and outstanding, held solely by the Investment Manager.

The Company is authorized to issue preferred shares subject to the Board's approval and without prior approval of the holders of Common Shares. Any preferred shares issued by the Company would have special voting rights and a liquidation preference over the Common Shares. As of September 30, 2025, no preferred shares were issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;6. **RELATED PARTY TRANSACTIONS** 

Common Shares Held by the Investment Manager

The Investment Manager is the sole shareholder of the Company as of September 30, 2025 and made its initial contribution on February 15, 2024. For the year ended December 31, 2024, the Investment Manager contributed aggregate capital of $13,816,000 to the Company in exchange for 276,320 Common Shares at $50.00 per share. For the period from January 1, 2025 to September 30, 2025, the Investment Manager contributed capital of $2,100,000 to the Company in exchange for 42,000 Common Shares at $50.00 per share. Currently, the Investment Manager is the Company's only source of funding through the Company's issuance and sale of Common Shares to the Investment Manager.

Trustee Compensation

The Company's Trustees who do not also serve in an executive officer capacity for the Company or the Investment Manager and who are not otherwise "interested persons" of the Company under the 1940 Act receive annual cash retainer fees. Additional annual compensation is payable to the chairman of the Board, the chairperson of the Audit Committee and Trustees serving on the Audit Committee. Such amounts are paid quarterly in arrears. On June 19, 2024, the Trustees were appointed to the Board. For the year ended December 31, 2024, Trustee compensation expense totaled $615,369 as presented in the statements of operations. For the period from January 1, 2025 to September 30, 2025, Trustee compensation expense totaled $866,250 as presented in the statements of operations, of which $288,750 was payable, as presented in the statement of assets and liabilities.

The Company also reimburses each of the Trustees for reasonable and authorized business expenses in accordance with the Company's policies, including reimbursement of out-of-pocket expenses incurred in connection with attending board or committee meetings.

Reimbursement to the Investment Manager

The Investment Manager agreed to pay certain of the Company's expenses until the Company had sufficient capital. The Company fully repaid the Investment Manager on May 31, 2024 for a total of $1,023,559. For the period from November 28, 2023 (inception) to December 31, 2023, the Investment Manager paid an aggregate amount of $618,515 and for the period from January 1, 2024 to May 31, 2024, the Investment Manager paid an aggregate amount of $405,044. The Company intends to pay for its outstanding payables and ongoing costs from its capital and no further reimbursement is expected to be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;7. **GUARANTEES** 

The Company may enter into contracts that contain a variety of indemnification obligations. The Company's maximum exposure under these arrangements is unknown. However, the Company has not had prior material claims or losses pursuant to these contracts and expects the risk of material loss to be remote.

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&nbsp;&nbsp;&nbsp;&nbsp;8. **COMMITMENTS AND CONTINGENCIES** 

As of September 30, 2025, no commitments or contingencies existed.

&nbsp;&nbsp;&nbsp;&nbsp;9. **SUBSEQUENT EVENTS** 

The Investment Manager has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. This evaluation did not result in any additional subsequent events that necessitated disclosures and/or adjustments.

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#### Statement of Assets and Liabilities (Unaudited)

#### As of March 31, 2026

---

| | |
|:---|:---|
| **Assets**<br>|  |
| Cash | $10894  |
| Investments in securities, at fair value (cost $1,428,643) | 1428643  |
| Deferred offering costs | 5860505  |
| Other assets | 13290  |
| **Total assets** | 7313332  |
| **Liabilities**<br>|  |
| Deferred offering costs payable | 4308165  |
| Professional fees payable | 1422622  |
| Trustee compensation payable | 288750  |
| Other expenses payable | 23492  |
| **Total liabilities** | 6043029  |
| **Net assets** | $1270303  |
| **Net assets consist of:**<br>|  |
| Common shares, unlimited shares authorized, 342,320 shares issued and outstanding | $17116000  |
| Accumulated earnings/(loss) | (15845697)  |
| **Net assets** | $1270303  |
| **Net asset value per share** | $3.71 |

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See accompanying notes to the unaudited Financial Statements.

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#### **TABLE OF CONTENTS**

#### Schedule of Investments (Unaudited)

#### As of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Fair Value**  |
| **Short-Term Investments – 112.5%**<br>|  |  |
| &nbsp;&nbsp;&nbsp;BlackRock Liquidity Funds Treasury Trust Fund, 3.56%<sup>(i)</sup> | 1427950 | $1427950  |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Financial Square Treasury Instruments Fund, 3.58%<sup>(i)</sup> | 693 | 693  |
| **Total Short-Term Investments (cost $1,428,643)** |  | 1428643  |
| **Total Investments – 112.5% (cost $1,428,643)** |  | 1428643  |
| Other assets less liabilities – (12.5)% |  | (158340)  |
| **Net Assets – 100.0%** |  | $1270303 |

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&nbsp;&nbsp;&nbsp;&nbsp;(i) Represents the 7-day effective yield as of March 31, 2026.

See accompanying notes to the unaudited Financial Statements.

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#### **TABLE OF CONTENTS**

#### Statement of Operations (Unaudited)

#### For the six months ended March 31, 2026

---

| | |
|:---|:---|
| **Investment income**<br>|  |
| Interest income | $16673  |
| **Expenses**<br>|  |
| Trustee compensation expense | 577500  |
| Professional fees | 281119  |
| Other expenses | 70279  |
| Total expenses | (928898)  |
| Net investment income/(loss) | (912225)  |
| Net change in net assets resulting from operations | $(912225) |

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See accompanying notes to the unaudited Financial Statements.

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#### **TABLE OF CONTENTS**

#### Notes to the Unaudited Financial Statements

#### As of March 31, 2026
&nbsp;&nbsp;&nbsp;&nbsp;1. **ORGANIZATION** 

Pershing Square USA, Ltd. (the "Company" or "PSUS"), a Delaware statutory trust, is a non-diversified, closed-end investment company registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), managed by its investment manager, Pershing Square Capital Management, L.P. ("PSCM" or the "Investment Manager"). The Company was formed on November 28, 2023.

The Company's investment objective is to preserve capital and seek maximum, long-term capital appreciation and growth in intrinsic value per share commensurate with reasonable risk, where risk is defined as the probability of permanent loss of capital, rather than price volatility. The Company seeks to achieve its investment objective by acquiring and holding large minority stakes in 12 to 15 high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which PSCM believes they have underperformed their potential and/or when PSCM believes they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their businesses. PSUS, alongside the three primary investment funds for which PSCM serves as investment manager (the "core funds"), will accumulate large minority stakes over time. Such stakes will vary in size depending on the size of the portfolio company and PSCM's assessment of potential for loss versus opportunity for gain. Generally, PSCM seeks to accumulate positions of a size across its core funds that enable it to be a significant and influential shareholder, typically making it the largest, or among the largest, active shareholders (i.e., excluding passive investors such as index funds). By working with management teams and boards of directors, PSCM seeks to assist portfolio companies in creating substantial long-term value. PSCM may, from time to time, increase the number of holdings in the Company's investment portfolio as a result of market or economic conditions or due to other considerations.

PSCM, a Delaware limited partnership, is registered as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended. The Company's Board of Trustees (the "Board") has overall responsibility for monitoring and overseeing the Company's management and operations. Subject to the overall supervision of the Board, the Investment Manager manages the Company's day-to-day operations and provides the Company with investment advisory and management services.

The Company has no operations to date other than matters relating to its organization and the sale and issuance of the Company's common shares of beneficial interest (the "Common Shares"). The Investment Manager has purchased 342,320 Common Shares for a total purchase price of $17,116,000 or $50.00 per share. The Company intends to raise additional capital through the issuance of the Common Shares in an initial public offering (the "PSUS IPO"). The Common Shares are expected to be listed on the New York Stock Exchange, subject to notice of issuance, under the symbol "PSUS."

In recognition of the importance of the PSUS IPO to PSCM's long-term success and to provide an additional incentive for prospective investors to purchase Common Shares in the PSUS IPO, Pershing Square Inc., the prospective parent company of PSCM ("PS Inc."), will deliver to each initial investor in the PSUS IPO, for no additional consideration, 1 share of common stock of PS Inc. (the "PS Inc. Common Stock") for every 5 Common Shares purchased in the PSUS IPO. The tax basis in the Common Shares and shares of PS Inc. Common Stock received in the PSUS IPO will equal the total purchase price of $50.00 paid in the combined offering. The Company and PS Inc. believe that a reasonable method for determining the allocation of tax basis would be to use the volume-weighted average trading prices of the Common Shares and shares of PS Inc. Common Stock on the first day of trading on the New York Stock Exchange ("NYSE").

The PSUS IPO and the initial public offering of the PS Inc. Common Stock (the "PS Inc. IPO") are component parts of a single offering, which is referred to as the "combined offering." Following the combined offering, the PS Inc. Common Stock will be listed on the NYSE under the symbol "PS" and PS Inc. will be a public company subject to the reporting requirements of the Securities Exchange Act of 1934, as amended. The Common Shares and the PS Inc. Common Stock will each trade separately on the NYSE.

In connection with the combined offering, certain qualified investors (the "private placement investors") have been offered the opportunity to acquire Common Shares at a price of $50.00 per share in a private placement transaction (the "PSUS Private Placement") exempt from registration under the Securities Act of 1933, as amended. PS Inc. will deliver to each private placement investor, for no additional consideration, 1.5 shares of PS Inc.

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#### **TABLE OF CONTENTS**
Common Stock for every 5 Common Shares purchased in the PSUS Private Placement (the "PS Private Placement" and together with the PSUS Private Placement, the "combined private placement" and together with the combined offering, the "combined transaction"). The agreements with the private placement investors provide that the combined private placement will be completed substantially concurrently with, and its completion will be contingent upon, the closing of the combined offering and the satisfaction of other customary closing conditions. The Company has secured approximately $2.8 billion in commitments for the combined private placement (including the $100 million investment by PS Inc. as discussed below).

The Common Shares delivered to investors in the PSUS Private Placement will be "restricted securities," as defined in Rule 144 under the Securities Act and may not be sold absent registration under the Securities Act or compliance with Rule 144 thereunder or in reliance on another exemption from registration. Beginning six months after the closing of the PSUS Private Placement, a holder of Common Shares acquired in the PSUS Private Placement will be able to sell such Common Shares pursuant to Rule 144 without volume or manner of sale restrictions, as long as (i) such holder is not at the time of such sale, and has not been at any time during the three months preceding such sale, an affiliate of the Company and (ii) in the case of any such sale that occurs prior to the first anniversary of the closing of the PSUS Private Placement, the Company has at the time of such sale filed all required reports under the Exchange Act.

PS Inc. or an affiliate thereof will purchase (i) in the combined private placement, a number of Common Shares at a price of $50.00 per Common Share such that PS Inc.'s investment, together with the Common Shares previously acquired by PSCM, results in an aggregate investment of $100 million, and (ii) a $50 million aggregate liquidation preference of the Company's Series A Preferred Shares at a price of $50.00 per Series A Preferred Share in a transaction exempt from registration under the Securities Act. PS Inc. has agreed with the Company that it will not sell, transfer, or otherwise dispose of the Common Shares or the Series A Preferred Shares acquired by it or its affiliates prior to the date that is the 25-year anniversary of the closing date of the combined transaction, subject to certain exceptions.

Board of Trustees

The Board consists of six Trustees. Five of the Trustees are not "interested persons" of the Company or of the Investment Manager for purposes of Section 2(a)(19) of the 1940 Act and are "independent," as determined by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;2. **SIGNIFICANT ACCOUNTING POLICIES** 

Basis of Presentation

The Company's financial statements and the following significant accounting policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP") and are stated in United States Dollars. Such policies are consistently followed by the Company in the preparation of its financial statements.

Management has determined that the Company is an investment company in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies*. The Company applies the specialized accounting guidance outlined therein.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Fair Value Measurement

Investments in money market funds are carried at the fund's net asset value per share, which approximates fair value.

The Company considers all investments with a maturity of three months or less at the time of purchase to be short-term investments. As of March 31, 2026, short-term investments of $1,428,643, as presented in the statement of assets and liabilities and schedule of investments, were comprised of two money market funds which are invested in U.S. Treasury obligations.

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Interest Income

Interest income related to cash and short-term investments is recognized when earned.

Offering Costs

Offering costs consist of fees related to underwriting, legal, regulatory filings, printing, and other costs for services directly related to the Company's offering of the Common Shares and the preparation and filing of the registration statement. On August 1, 2024, the Company postponed its initial plans for an initial public offering for more than 90 days and, as a result, offering costs of $8,721,234 incurred by the Company from November 28, 2023 (inception) to August 1, 2024 (the date on which the Company withdrew its registration statement on Form N-2) were expensed. Offering costs incurred subsequent to August 1, 2024, in anticipation of a future offering, were deferred and recorded as assets. As of March 31, 2026, total deferred offering costs incurred amounted to $5,860,505, consisting of legal, accounting and filing fees, of which $4,308,165 remains payable, presented as deferred offering costs and deferred offering costs payable in the statement of assets and liabilities.

Upon the issuance of the Common Shares in the PSUS IPO and the PSUS Private Placement, all deferred offering costs will be charged to capital.

Organizational Expenses

The Company is responsible for the costs of its formation and organization and recognizes these expenses when incurred. These expenses are categorized as professional fees or other expenses based on the definitions herein.

Professional Fees

Professional fees include, but are not limited to, expenses relating to accounting, investment valuation, administrative services, auditing and tax preparation expenses, legal fees and expenses, fees of investment bankers, advisers, appraisers, public and government relations firms and other consultants and experts, and investment-related fees and expenses including research but excluding investment transaction costs.

Other Expenses

Other expenses include, but are not limited to, printing and postage expenses, bank service fees, insurance expenses, listing-related fees, expenses relating to corporate engagement and certain regulatory registrations in connection with the Company's business and investment activities.

Income Taxes

As of March 31, 2026, the Company is a Delaware statutory trust with a single beneficial owner, PSCM. The Company intends to elect to be treated and to qualify annually as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As long as the Company qualifies as a RIC, the Company generally will not be subject to U.S. federal income taxes to the extent that it distributes its investment company taxable income and net realized capital gains. While no federal income tax provision is expected to be required as the Company intends to distribute at least the minimum amount necessary to qualify for the favorable U.S. federal income tax treatment generally accorded to RICs, the Company will be subject to tax on any undistributed taxable income or gains, including net capital gain. The Company plans to file U.S. federal and applicable state and local tax returns.

The Company accounts for income taxes under ASC 740, *Income Taxes*, which provides guidance related to the evaluation of uncertain tax positions. ASC 740 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether the tax positions are "more likely than not" to be sustained by the applicable tax authority. Tax positions not deemed to meet a "more likely than not" threshold would be recorded as a tax expense in the current year. The Company would account for interest and penalties, if any, as a component of tax expense. The Company has evaluated its tax positions and has concluded that there are no significant tax positions requiring recognition, measurement, or disclosure in the financial statements. The Company's U.S. federal tax returns are subject to examination for a period of three years after they are filed.

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&nbsp;&nbsp;&nbsp;&nbsp;3. **INVESTMENT MANAGER AND ADMINISTRATOR AGREEMENTS** 

Investment Manager

The Investment Manager is the investment adviser to the Company pursuant to the Investment Management Agreement ("IMA") and is responsible for the management of the Company and the administration of the affairs of the Company to the extent requested by the Company's Board.

As compensation for its services, the Investment Manager will receive a quarterly management fee payable in advance on the first business day of each fiscal quarter in an amount equal to 0.50% (2.0% per annum) based on the Company's net asset value ("NAV") on the last day of the previous fiscal quarter (the "Management Fee"). No Management Fee is charged until the completion of the PSUS IPO. The Investment Manager will not be entitled to an incentive allocation or any other form of performance fee pursuant to the IMA.

Administrator, Custodian, Transfer Agent and Dividend Disbursing Agent

State Street Bank and Trust Company ("State Street") will serve as the Company's administrator, custodian, transfer agent and dividend disbursing agent. State Street will provide certain administrative services necessary for the operation of the Company, including maintaining certain Company books and records, providing accounting and tax services, and preparing certain regulatory filings. State Street will also serve as the custodian of the Company's assets and hold such assets in compliance with the 1940 Act. Additionally, State Street will serve as transfer agent and dividend disbursing agent with respect to the Common Shares and as administrator of the Company's dividend reinvestment plan. State Street will receive fees for these services following the completion of the PSUS IPO.

&nbsp;&nbsp;&nbsp;&nbsp;4. **CONCENTRATION OF CREDIT RISK** 

Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash held in accounts at financial institutions, which, at times, may exceed the Federal Deposit Insurance Coverage of $250,000, and short-term investments at financial institutions. The Company has not experienced losses on these financial instruments and management believes the Company is not exposed to a significant credit risk.

&nbsp;&nbsp;&nbsp;&nbsp;5. **SHARE CAPITAL** 

The Company is authorized to issue an unlimited number of Common Shares and intends to sell Common Shares at a price of $50.00 per share in the combined transaction. All holders of Common Shares will have equal rights relating to dividend distributions, assets and voting privileges. Holders of Common Shares will have no conversion, preemptive or other subscription rights. As of March 31, 2026, 342,320 Common Shares were issued and outstanding, held solely by the Investment Manager.

Upon the issuance of the Common Shares in the combined transaction, the Company's deferred offering expenses, as discussed in Note 2, will be charged to capital and borne by all shareholders. In addition, all expenses net of interest income accumulated prior to the Company's IPO, reflected as an accumulated loss of $15,845,697 on the statement of assets and liabilities as of March 31, 2026, will also be borne by all shareholders upon completion of the combined transaction.

The Company is authorized to issue preferred shares subject to the Board's approval and without prior approval of the holders of Common Shares. Any preferred shares issued by the Company would have special voting rights and a liquidation preference over the Common Shares. As discussed in Note 1, in connection with the combined transaction, the Company intends to issue $50 million aggregate liquidation preference of Series A Preferred Shares at a price of $50.00 per Series A Preferred Share to PS Inc. or an affiliate thereof. As of March 31, 2026, no preferred shares were issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;6. **RELATED PARTY TRANSACTIONS** 

Common Shares Held by the Investment Manager

The Investment Manager is the sole shareholder of the Company as of March 31, 2026 and made its initial contribution on February 15, 2024. Since the initial contribution, the Investment Manager has contributed aggregate capital of $17,116,000 to the Company in exchange for 342,320 Common Shares at $50.00 per share. For the six months ended March 31, 2026, the Investment Manager contributed capital of $1,200,000 to the Company in exchange for 24,000 Common Shares at $50.00 per share. Currently, the Investment Manager is the Company's sole source of funding through the Company's issuance and sale of Common Shares to the Investment Manager.

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Trustee Compensation

The Company's Trustees who do not also serve in an executive officer capacity for the Company or the Investment Manager and who are not otherwise "interested persons" of the Company under the 1940 Act, receive annual cash retainer fees. Additional annual compensation is payable to the chairman of the Board, the chairperson of the Audit Committee and Trustees serving on the Audit Committee. Such amounts are paid quarterly in arrears. On June 19, 2024, the Trustees were appointed to the Board. For the six months ended March 31, 2026, Trustee compensation expense totaled $577,500 as presented in the statement of operations, of which $288,750 was payable as presented in the statement of assets and liabilities.

The Company also reimburses each of the Trustees for reasonable and authorized business expenses in accordance with the Company's policies, including reimbursement of out-of-pocket expenses incurred in connection with attending board or committee meetings.

&nbsp;&nbsp;&nbsp;&nbsp;7. **GUARANTEES** 

The Company may enter into contracts that contain a variety of indemnification obligations. The Company's maximum exposure under these arrangements is unknown. However, the Company has not experienced material claims or losses pursuant to these contracts and expects the risk of material loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;8. **COMMITMENTS AND CONTINGENCIES** 

In connection with both the combined private placement and the combined offering, the Company and PS Inc. intend to enter into separate reimbursement arrangements with the placement agents and the IPO's managing underwriters, respectively. Under the first arrangement, which is in respect of the combined private placement, the Company and PS Inc. will agree to severally and not jointly reimburse the placement agents for reasonable and documented legal fees and expenses, subject to an aggregate cap of $500,000, with payment due upon the earlier of a closing of the combined private placement or June 30, 2026 (subject to extension under certain circumstances) if no such closing has occurred. Under the second arrangement, which is in respect of the combined offering, the Company and PS Inc. will agree to severally and not jointly reimburse the IPO underwriters for reasonable and documented legal fees and expenses, subject to an aggregate cap of $3,500,000, with payment due upon the earlier of a closing of the combined offering or June 30, 2026 (subject to extension under certain circumstances), provided that no closing has occurred and a closing is not reasonably likely to occur. In both instances, should the respective transaction fail to close by June 30, 2026 (subject to extension under certain circumstances), PS Inc. will bear sole responsibility for reimbursing the applicable counterparties for the full amount of reasonable and documented legal fees and expenses incurred, without regard to the caps described above.

As of March 31, 2026, no other material commitments or contingencies existed.

&nbsp;&nbsp;&nbsp;&nbsp;9. **SUBSEQUENT EVENTS** 

The Investment Manager has evaluated the need for additional disclosures and/or adjustments resulting from subsequent events. This evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments.

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#### APPENDIX A – SUPPLEMENTAL PERFORMANCE INFORMATION OF THE AFFILIATED FUNDS
The Company is a non-diversified, closed-end management investment company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The performance information presented below is for: (i) Pershing Square Holdings, Ltd. ("PSH"), a Guernsey-registered closed-ended investment company; (ii) Pershing Square, L.P. ("PSLP"), a private investment fund organized as a Delaware limited partnership; and (iii) Pershing Square International, Ltd. ("PSIL"), a Cayman Islands exempted company, which operates as a private investment fund (collectively, the "Affiliated Funds"), each of which is currently managed by the Manager, which has managed each Affiliated Fund since its respective inception.

The supplemental performance information presented below illustrates the past performance of all funds managed by the Manager with investment objectives, policies and strategies that are substantially similar to the investment objectives, policies and strategies of the Company. There can be no assurance that the Company will achieve comparable results or that the returns generated by the Company will equal or exceed those of any Affiliated Fund, or that the Company will be able to implement its investment strategy or achieve its investment objective. The Company's investments may be made under different economic conditions and may include different underlying investments than those of the Affiliated Funds. See "Risk Factors" beginning on page [49](#tRF) of the prospectus for more information.

The supplemental performance information presented below is not the performance record of the Company and should not be considered a substitute for the Company's own performance. Past returns are not indicative of future performance.

The tables and graphs below set forth (i) under the heading "Composite Returns," the historical composite weighted-average Net Returns (as defined below) of PSH, PSLP and PSINTL on an annual (with respect to the 1-Year period) and annualized basis (with respect to all other periods) and on a cumulative basis for the specified periods ending December 31, 2025 and March 31, 2026 (weighted based on each Affiliated Fund's respective beginning-of-month assets under management), (ii) under the heading "Annualized Returns," the historical net annual (with respect to the 1-Year period) and annualized (with respect to all other periods) total returns of each of the Affiliated Funds for the specified periods ending December 31, 2025 and March 31, 2026, (iii) under the heading "Cumulative Returns," the (a) cumulative return and (b) annualized return an investor would have earned as of December 31, 2025 and as of March 31, 2026 if such investor invested in PSLP at its January 1, 2004 inception and converted its investment to PSH at its launch on December 31, 2012 (the "Conversion Date") and (iv) under the heading "Annual Returns," the historical net annual returns of each of the Affiliated Funds since their respective inceptions for the calendar years indicated.

The columns titled "PSH Net Return," "PSLP Net Return," and "PSIL Net Return" show the returns of PSH, PSLP and PSIL, respectively, after performance fees, management fees and other expenses incurred by each fund and are based on net amounts invested after deduction of any applicable sales load but before any taxes or tax withholding incurred by investors ("Net Returns"). The columns titled "Illustrative PSH Net Return," "Illustrative PSLP Net Return," and "Illustrative PSIL Net Return" show hypothetical net returns an investor in the applicable Affiliated Fund would have earned if such Affiliated Fund had paid only a 2.0% management fee (and did not pay any performance fees or incentive allocation), which is equivalent to the management fee that will be charged to the Company, after other expenses and any applicable sales load but before any taxes or tax withholding incurred by investors. These illustrative net returns are not actual returns and should not be considered a substitute for the Company's own performance. There can be no assurance that the Company will achieve comparable results or that the returns generated by the Company will equal the illustrative net returns set forth herein.

In the case of the graphs shown under the heading "Cumulative Returns," the line showing PSH/PSLP Net Return shows the cumulative Net Returns assuming an investor invested in PSLP up to the Conversion Date and converted its investment in PSLP to PSH from and after the Conversion Date. The line showing PSH/PSLP Illustrative Net Return shows the hypothetical cumulative net returns an investor would have earned in PSLP up to the Conversion Date and PSH from and after the Conversion Date if such investor had paid only a 2.0% management fee, which is equivalent to the management fee that will be charged by the Manager to the Company, and did not pay any incentive fees. These illustrative net returns are not actual returns and should not be considered a substitute for the Company's own performance. There can be no assurance that the Company will achieve comparable results or that the returns generated by the Company will equal the illustrative net returns set forth herein.

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#### **TABLE OF CONTENTS**
None of the Affiliated Funds are registered under the 1940 Act, and, therefore, none of them are subject to the investment restrictions, leverage and derivative restrictions, diversification requirements and other regulatory requirements imposed on registered investment companies by the 1940 Act and on regulated investment companies by the U.S. Internal Revenue Code of 1986, as amended (the "Code"). If any or all of the Affiliated Funds had been registered under the 1940 Act and/or operated as regulated investment companies under the Code, their respective returns might have been lower and their ability to undertake certain transactions or investments may have been restricted.

#### Composite Returns

#### As of December 31, 2025 (Annualized)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Composite** <br>**Return** | **S&P** <br>**500** | **MSCI** <br>**World** <br>**Index** | **HFRX** <br>**Equity** <br>**Hedge** <br>**Index**  |
| **1-Year (Annual)** | &nbsp;&nbsp;&nbsp;20.7% | 17.9% | 21.6% | 10.1%  |
| **5-Year** | &nbsp;&nbsp;&nbsp;14.1% | 14.4% | 12.7% | 6.6%  |
| **10-Year** | &nbsp;&nbsp;&nbsp;15.7% | 14.8% | 12.7% | 4.7% |

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#### As of March 31, 2026 (Annualized)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Composite** <br>**Return** | **S&P** <br>**500** | **MSCI** <br>**World** <br>**Index** | **HFRX** <br>**Equity** <br>**Hedge** <br>**Index**  |
| **1-Year (Annual)** | &nbsp;&nbsp;&nbsp;2.7% | 17.8% | 19.4% | &nbsp;&nbsp;8.2%  |
| **5-Year** | &nbsp;&nbsp;&nbsp;8.8% | 12.0% | 10.8% | &nbsp;&nbsp;5.7%  |
| **10-Year** | &nbsp;&nbsp;&nbsp;17.0% | 14.1% | 12.4% | &nbsp;&nbsp;4.9% |

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#### As of December 31, 2025 (Cumulative)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Composite** <br>**Return** | **S&P** <br>**500** | **MSCI** <br>**World**<br>**Index** | **HFRX** <br>**Equity** <br>**Hedge** <br>**Index**  |
| **1-Year** | &nbsp;&nbsp;20.7% | 17.9% | 21.6% | 10.1%  |
| **5-Year** | &nbsp;&nbsp;93.0% | 96.0% | 81.5% | 37.7%  |
| **10-Year** | &nbsp;&nbsp;329.0% | 297.8% | 231.9% | 59.1% |

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#### As of March 31, 2026 (Cumulative)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Composite** <br>**Return** | **S&P** <br>**500** | **MSCI** <br>**World** <br>**Index** | **HFRX** <br>**Equity** <br>**Hedge** <br>**Index**  |
| **1-Year** | &nbsp;&nbsp;2.7% | 17.8% | 19.4% | 8.2%  |
| **5-Year** | &nbsp;&nbsp;52.1% | 76.6% | 66.8% | 32.2%  |
| **10-Year** | &nbsp;&nbsp;380.4% | 275.4% | 220.9% | 61.4% |

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#### Annualized Returns

#### As of December 31, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PSH Net** <br>**Return** | **PSLP** <br>**Net** <br>**Return** | **PSIL** <br>**Net** <br>**Return** | **S&P** <br>**500** | **MSCI** <br>**World** <br>**Index** | **HFRX** <br>**Equity** <br>**Hedge** <br>**Index**  |
| **1-Year (Annual)** | &nbsp;&nbsp;20.9% | 18.3% | 17.9% | 17.9% | 21.6% | 10.1%  |
| **5-Year** | &nbsp;&nbsp;14.1% | 11.9% | 11.0% | 14.4% | 12.7% | 6.6%  |
| **10-Year** | &nbsp;&nbsp;15.5% | 13.3% | 12.7% | 14.8% | 12.7% | 4.7% |

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#### **TABLE OF CONTENTS**

#### As of March 31, 2026

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PSH Net** <br>**Return** | **PSLP** <br>**Net** <br>**Return** | **PSIL** <br>**Net** <br>**Return** | **S&P** <br>**500** | **MSCI** <br>**World** <br>**Index** | **HFRX** <br>**Equity** <br>**Hedge** <br>**Index** |
| **1-Year (Annual)** | &nbsp;&nbsp;2.7% | 1.8% | -1.2% | 17.8% | 19.4% | &nbsp;&nbsp;8.2%  |
| **5-Year** | &nbsp;&nbsp;8.8% | 7.2% | 6.4% | 12.0% | 10.8% | &nbsp;&nbsp;5.7%  |
| **10-Year** | &nbsp;&nbsp;17.0% | 14.2% | 13.5% | 14.1% | 12.4% | &nbsp;&nbsp;4.9% |

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#### As of December 31, 2025

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PSH Net** <br>**Return** | **Illustrative** <br>**PSH Net** <br>**Return** | **PSLP** <br>**Net** <br>**Return** | **Illustrative** <br>**PSLP Net** <br>**Return** | **PSIL** <br>**Net** <br>**Return** | **Illustrative** <br>**PSIL Net** <br>**Return** | **S&P** <br>**500** | **MSCI** <br>**World** <br>**Index** | **HFRX** <br>**Equity** <br>**Hedge** <br>**Index**  |
| **1-Year (Annual)** | &nbsp;&nbsp;20.9% | &nbsp;&nbsp;&nbsp;24.1% | 18.3% | &nbsp;&nbsp;&nbsp;22.2% | 17.9% | &nbsp;&nbsp;&nbsp;21.7% | 17.9% | 21.6% | 10.1%  |
| **2-Year** | &nbsp;&nbsp;15.4% | &nbsp;&nbsp;&nbsp;17.6% | 13.1% | &nbsp;&nbsp;&nbsp;15.8% | 13.1% | &nbsp;&nbsp;&nbsp;15.8% | 21.4% | 20.4% | 8.9%  |
| **3-Year** | &nbsp;&nbsp;18.9% | &nbsp;&nbsp;&nbsp;21.2% | 15.6% | &nbsp;&nbsp;&nbsp;18.2% | 15.6% | &nbsp;&nbsp;&nbsp;18.1% | 23.0% | 21.7% | 8.2%  |
| **4-Year** | &nbsp;&nbsp;11.2% | &nbsp;&nbsp;&nbsp;12.6% | 9.3% | &nbsp;&nbsp;&nbsp;11.0% | 9.1% | &nbsp;&nbsp;&nbsp;10.7% | 11.1% | 10.4% | 5.3%  |
| **5-Year** | &nbsp;&nbsp;14.1% | &nbsp;&nbsp;&nbsp;16.1% | 11.9% | &nbsp;&nbsp;&nbsp;14.2% | 11.0% | &nbsp;&nbsp;&nbsp;13.1% | 14.4% | 12.7% | 6.6%  |
| **6-Year** | &nbsp;&nbsp;21.9% | &nbsp;&nbsp;&nbsp;25.1% | 18.3% | &nbsp;&nbsp;&nbsp;21.9% | 17.4% | &nbsp;&nbsp;&nbsp;20.8% | 15.1% | 13.3% | 6.3%  |
| **7-Year** | &nbsp;&nbsp;26.3% | &nbsp;&nbsp;&nbsp;29.2% | 21.7% | &nbsp;&nbsp;&nbsp;25.0% | 20.7% | &nbsp;&nbsp;&nbsp;23.7% | 17.3% | 15.3% | 6.9%  |
| **8-Year** | &nbsp;&nbsp;22.6% | &nbsp;&nbsp;&nbsp;24.9% | 18.6% | &nbsp;&nbsp;&nbsp;21.2% | 18.1% | &nbsp;&nbsp;&nbsp;20.6% | 14.3% | 12.1% | 4.7%  |
| **9-Year** | &nbsp;&nbsp;19.3% | &nbsp;&nbsp;&nbsp;21.2% | 16.1% | &nbsp;&nbsp;&nbsp;18.4% | 15.6% | &nbsp;&nbsp;&nbsp;17.7% | 15.1% | 13.3% | 5.3%  |
| **10-Year** | &nbsp;&nbsp;15.5% | &nbsp;&nbsp;&nbsp;17.2% | 13.3% | &nbsp;&nbsp;&nbsp;15.2% | 12.7% | &nbsp;&nbsp;&nbsp;14.5% | 14.8% | 12.7% | 4.7% |

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#### As of March 31, 2026

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PSH Net** <br>**Return** | **Illustrative** <br>**PSH Net** <br>**Return** | **PSLP** <br>**Net** <br>**Return** | **Illustrative** <br>**PSLP Net** <br>**Return** | **PSIL** <br>**Net** <br>**Return** | **Illustrative** <br>**PSIL Net** <br>**Return** | **S&P** <br>**500** | **MSCI** <br>**World** <br>**Index** | **HFRX** <br>**Equity** <br>**Hedge** <br>**Index**  |
| **1-Year (Annual)** | &nbsp;&nbsp;2.7% | &nbsp;&nbsp;&nbsp;5.4% | 1.8% | &nbsp;&nbsp;&nbsp;5.1% | -1.2% | &nbsp;&nbsp;&nbsp;1.9% | 17.8% | 19.4% | &nbsp;&nbsp;8.2%  |
| **2-Year** | &nbsp;&nbsp;2.3% | &nbsp;&nbsp;&nbsp;3.7% | 2.2% | &nbsp;&nbsp;&nbsp;4.0% | 1.3% | &nbsp;&nbsp;&nbsp;3.0% | 12.8% | 13.3% | &nbsp;&nbsp;6.3%  |
| **3-Year** | &nbsp;&nbsp;10.9% | &nbsp;&nbsp;&nbsp;13.1% | 8.7% | &nbsp;&nbsp;&nbsp;11.2% | 8.1% | &nbsp;&nbsp;&nbsp;10.5% | 18.3% | 17.3% | &nbsp;&nbsp;7.4%  |
| **4-Year** | &nbsp;&nbsp;7.0% | &nbsp;&nbsp;&nbsp;8.4% | 5.5% | &nbsp;&nbsp;&nbsp;7.2% | 4.9% | &nbsp;&nbsp;&nbsp;6.5% | 11.2% | 10.8% | &nbsp;&nbsp;5.0%  |
| **5-Year** | &nbsp;&nbsp;8.8% | &nbsp;&nbsp;&nbsp;10.4% | 7.2% | &nbsp;&nbsp;&nbsp;9.1% | 6.4% | &nbsp;&nbsp;&nbsp;8.2% | 12.0% | 10.8% | &nbsp;&nbsp;5.7%  |
| **6-Year** | &nbsp;&nbsp;17.9% | &nbsp;&nbsp;&nbsp;20.9% | 14.8% | &nbsp;&nbsp;&nbsp;18.2% | 13.6% | &nbsp;&nbsp;&nbsp;16.8% | 18.4% | 17.1% | &nbsp;&nbsp;8.6%  |
| **7-Year** | &nbsp;&nbsp;17.9% | &nbsp;&nbsp;&nbsp;20.6% | 14.8% | &nbsp;&nbsp;&nbsp;17.9% | 13.6% | &nbsp;&nbsp;&nbsp;16.5% | 14.4% | 12.8% | &nbsp;&nbsp;5.8%  |
| **8-Year** | &nbsp;&nbsp;21.4% | &nbsp;&nbsp;&nbsp;23.6% | 17.1% | &nbsp;&nbsp;&nbsp;19.8% | 16.5% | &nbsp;&nbsp;&nbsp;19.0% | 13.8% | 11.8% | &nbsp;&nbsp;4.4%  |
| **9-Year** | &nbsp;&nbsp;17.4% | &nbsp;&nbsp;&nbsp;19.3% | 14.3% | &nbsp;&nbsp;&nbsp;16.5% | 13.6% | &nbsp;&nbsp;&nbsp;15.7% | 13.8% | 12.0% | &nbsp;&nbsp;4.8%  |
| **10-Year** | &nbsp;&nbsp;17.0% | &nbsp;&nbsp;&nbsp;18.6% | 14.2% | &nbsp;&nbsp;&nbsp;16.2% | 13.5% | &nbsp;&nbsp;&nbsp;15.3% | 14.1% | 12.4% | &nbsp;&nbsp;4.9% |

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#### Since PSH Inception (December 31, 2012)

#### As of December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| **PSH Net** <br>**Return** | **Illustrative** <br>**PSH Net** <br>**Return** | **S&P 500** | **MSCI** <br>**World** <br>**Index** | **HFRX Equity** <br>**Hedge** <br>**Index**  |
| 13.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4% |

---

#### As of March 31, 2026

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| | | | | |
|:---|:---|:---|:---|:---|
| **PSH Net** <br>**Return** | **Illustrative** <br>**PSH Net** <br>**Return** | **S&P 500** | **MSCI** <br>**World** <br>**Index** | **HFRX Equity** <br>**Hedge** <br>**Index** |
| 11.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2% |

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#### **TABLE OF CONTENTS**

#### Since PSLP Inception (January 1, 2004)

#### As of December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| **PSLP Net**<br>**Return** | **Illustrative** <br>**PSLP Net** <br>**Return** | **S&P 500** | **MSCI** <br>**World** <br>**Index** | **HFRX Equity** <br>**Hedge** <br>**Index**  |
| 15.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3% |

---

#### As of March 31, 2026

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| | | | | |
|:---|:---|:---|:---|:---|
| **PSLP Net** <br>**Return** | **Illustrative** <br>**PSLP Net** <br>**Return** | **S&P 500** | **MSCI** <br>**World** <br>**Index** | **HFRX Equity** <br>**Hedge** <br>**Index**  |
| 14.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2% |

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#### Since PSIL Inception (January 1, 2005)

#### As of December 31, 2025

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| | | | | |
|:---|:---|:---|:---|:---|
| **PSIL Net** <br>**Return** | **Illustrative** <br>**PSIL Net** <br>**Return** | **S&P 500** | **MSCI** <br>**World** <br>**Index** | **HFRX Equity** <br>**Hedge** <br>**Index**  |
| 13.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3% |

---

#### As of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PSIL Net** <br>**Return** | **Illustrative** <br>**PSIL Net** <br>**Return** | **S&P 500** | **MSCI** <br>**World** <br>**Index** | **HFRX Equity** <br>**Hedge** <br>**Index**  |
| 12.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2% |

---

#### Since PSLP Inception (January 1, 2004) and converted to PSH on the Conversion Date (Cumulative Returns)

#### As of December 31, 2025
![](ny20064799x10_linechart01.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents net asset value net returns an investor would have earned if she/he invested in PSLP at its January 1, 2004 inception and converted to PSH at its launch on December 31, 2012.

------

#### **TABLE OF CONTENTS**
&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents hypothetical net asset value net returns an investor would have earned if she/he invested in PSLP at its January 1, 2004 inception and converted to PSH at its launch on December 31, 2012, assuming PSLP and PSH only paid a 2.0% management fee (assumed to be accrued monthly throughout the year) and did not pay any performance fees.

#### As of March 31, 2026
![](ny20064799x10_linechart02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;(1) Represents net asset value net returns an investor would have earned if she/he invested in PSLP at its January 1, 2004 inception and converted to PSH at its launch on December 31, 2012.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents hypothetical net asset value net returns an investor would have earned if she/he invested in PSLP at its January 1, 2004 inception and converted to PSH at its launch on December 31, 2012, assuming PSLP and PSH only paid a 2.0% management fee (assumed to be accrued monthly throughout the year) and did not pay any performance fees.

#### Since PSLP Inception (January 1, 2004) and converted to PSH on the Conversion Date (Annualized Return)

#### As of December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PSLP/PSH Net** <br>**Return** | **Illustrative** <br>**PSLP/PSH Net** <br>**Return** | **S&P 500** | **MSCI World Index** | **HFRX Equity Hedge** <br>**Index**  |
| 16.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3% |

---

#### As of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **PSLP/PSH** <br>**Net Return** | **Illustrative** <br>**PSLP/PSH Net** <br>**Return** | **S&P 500** | **MSCI World Index** | **HFRX Equity Hedge** <br>**Index**  |
| 15.2%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2% |

---

#### Annual Returns

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PSH Net** <br>**Return** | **PSLP Net** <br>**Return** | **PSIL Net** <br>**Return** | **S&P 500** | **MSCI** <br>**World** <br>**Index** | **HFRX** <br>**Equity** <br>**Hedge** <br>**Index**  |
| **2004** |  | 42.59% |  | 10.9% | 15.2% | 2.2%  |
| **2005** |  | 39.93% | 36.18% | 4.9% | 10.0% | 4.2%  |
| **2006** |  | 22.54% | 22.48% | 15.8% | 20.7% | 9.2%  |
| **2007** |  | 22.01% | 22.33% | 5.6% | 9.6% | 3.2%  |
| **2008** |  | -12.96% | -11.86% | -37.0% | -40.3% | -25.5%  |
| **2009** |  | 40.59% | 41.21% | 26.4% | 30.8% | 13.1%  |

---

------

#### **TABLE OF CONTENTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PSH Net** <br>**Return** | **PSLP Net** <br>**Return** | **PSIL Net** <br>**Return** | **S&P 500** | **MSCI** <br>**World** <br>**Index** | **HFRX** <br>**Equity** <br>**Hedge** <br>**Index**  |
| **2010** |  | 29.67% | 21.68% | 15.1% | 12.3% | 8.9%  |
| **2011** |  | -1.12% | -2.01% | 2.1% | -5.0% | -19.1%  |
| **2012** |  | 13.25% | 12.36% | 16.0% | 16.5% | 4.8%  |
| **2013** | 9.57% | 9.69% | 9.30% | 32.4% | 27.4% | 11.1%  |
| **2014** | 40.39% | 36.93% | 36.96% | 13.7% | 5.5% | 1.4%  |
| **2015** | -20.53% | -16.21% | -16.49% | 1.4% | -0.3% | -2.3%  |
| **2016** | -13.46% | -9.60% | -10.11% | 12.0% | 8.1% | 0.1%  |
| **2017** | -4.01% | -1.58% | -3.18% | 21.8% | 23.1% | 10.0%  |
| **2018** | -0.65% | -1.21% | 1.76% | -4.4% | -8.2% | -9.4%  |
| **2019** | 58.07% | 44.14% | 42.78% | 31.5% | 28.4% | 10.7%  |
| **2020** | 70.23% | 56.56% | 55.09% | 18.4% | 16.5% | 4.6%  |
| **2021** | 26.91% | 22.89% | 19.04% | 28.7% | 22.4% | 12.1%  |
| **2022** | -8.83% | -7.81% | -8.37% | -18.1% | -17.7% | -3.2%  |
| **2023** | 26.65% | 20.81% | 20.65% | 26.3% | 24.4% | 6.9%  |
| **2024** | 10.24% | 8.24% | 8.60% | 25.0% | 19.2% | 7.8%  |
| **2025** | 20.90% | 18.28% | 17.87% | 17.9% | 21.6% | 10.1% |

---

The S&P 500 is an unmanaged capitalization-weighted index that measures the performance of the large-capitalization segment of the U.S. market. The index includes 500 leading U.S. stocks representing all major industries.

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The index captures large and mid-capitalization representation across 23 developed markets countries.

The HFRX Equity Hedge Index is constructed and maintained by Hedge Fund Research, Inc. The HFRX Equity Hedge Index includes funds that maintain long and short positions in primarily equity and equity derivative securities and employ a broad range of fundamental and quantitative techniques in their investment process.

These indices do not reflect any fees, expenses or sales loads. It is not possible to invest directly in an index. The volatility of the indices presented may be materially different from that of the performance of the Company and/or the Affiliated Funds. In addition, the indices employ different guidelines and criteria than the Company and the Affiliated Funds; as a result, the holdings in the Company and the Affiliated Funds differ significantly from the securities that comprise the indices. The indices allow for comparison of the Affiliated Funds' performance with that of well-known, appropriate and widely recognized indices; the indices are not intended to be reflective or indicative of the Affiliated Funds' or the Company's past or future performance.

------

#### APPENDIX B – PUBLIC COMPANY ENGAGEMENTS OF THE MANAGER
The list below reflects all of the long position portfolio companies and short positions of the Affiliated Funds (along with the year of initial investment) from the inception of PSLP on January 1, 2004 through December 31, 2025, in respect of which (a) the Manager or any Affiliated Fund, as applicable, has designated a representative to the board, filed a Schedule 13D, Form 4 or a similar filing pursuant to the applicable law of another jurisdiction or has made a filing or notification under the Hart-Scott-Rodino Antitrust Improvements Act of 1976; or (b) the Manager has publicly recommended changes to the company's strategy in an investment-specific white paper, letter or presentation. Past performance is not necessarily indicative of future results. There can be no assurance that the Manager will be able to identify and make investments that are consistent with the Company's investment objective or generate attractive returns for the Common Shareholders. This information is not intended to represent the anticipated portfolio composition of the Company or any anticipated portfolio holding. See "*Risk Factors*" beginning on page [49](#tRF) of this prospectus for more information.

---

| | |
|:---|:---|
| **Long Positions** |  |
| Wendy's International, Inc. | 2004  |
| Sears Roebuck & Co. | 2004  |
| Plains Resources Inc. | 2004  |
| Atlantic Realty Trust, Inc. | 2004  |
| Sizeler Property Investors, Inc. | 2004  |
| McDonald's Corporation | 2005  |
| Sears Canada Inc. | 2005  |
| Borders Group, Inc. | 2006  |
| Ceridian Corporation | 2006  |
| Target Corporation | 2007  |
| General Growth Properties, Inc. | 2008  |
| Longs Drug Stores Corporation | 2008  |
| EMC Corporation | 2008  |
| Landry's Restaurants, Inc. | 2009  |
| The Howard Hughes Corporation\* | 2010  |
| Fortune Brands Home & Security Inc. | 2010  |
| Beam Inc. | 2010  |
| Alexander & Baldwin, Inc. | 2010  |
| J.C. Penney Company, Inc. | 2010  |
| Canadian Pacific Railway Limited | 2011  |
| Justice Holdings Ltd. | 2011  |
| The Procter & Gamble Company | 2012  |
| Burger King Worldwide Inc. (now known as Restaurant Brands International Inc.)\*\* | 2012  |
| Platform Specialty Products Corporation | 2013  |
| Air Products & Chemicals, Inc. | 2013  |
| Federal National Mortgage Association | 2013  |
| Federal Home Loan Mortgage Corporation | 2013  |
| Zoetis Inc. | 2014  |
| Allergan, Inc. | 2014  |
| Valeant Pharmaceuticals International, Inc. | 2015  |
| Nomad Foods Ltd. | 2015  |
| Mondelez International, Inc. | 2015  |
| Chipotle Mexican Grill, Inc. | 2016  |
| Automatic Data Processing, Inc. | 2017  |
| Starbucks Corporation | 2018  |
| United Technologies Corporation | 2018  |
| Lowe's Companies Inc. | 2018  |
| Hilton Worldwide Holdings Inc. | 2018  |

---

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **Long Positions** |  |
| Agilent Technologies Inc. | 2019  |
| Starbucks Corporation | 2020  |
| Pershing Square Tontine Holdings, Ltd. | 2020  |
| Universal Music Group N.V. | 2021  |
| Canadian Pacific Kansas City Limited | 2021  |
| Alphabet Inc. | 2023  |
| Pershing Square SPARC Holdings, Ltd. | 2023  |
| Seaport Entertainment Group Inc. | 2024  |
| Brookfield Corporation | 2024  |
| Nike Inc. | 2024  |
| Hertz Global Holdings, Inc. | 2024 |

---

---

| | |
|:---|:---|
| **Short Positions** |  |
| MBIA Inc. | 2004  |
| The Ambac Financial Group, Inc. | 2005  |
| Federal National Mortgage Association | 2007  |
| Federal Home Loan Mortgage Corporation | 2007  |
| Financial Securities Assurance | 2007  |
| Herbalife Ltd. | 2012 |

---

\* Now Howard Hughes Holdings Inc.

\*\* The original investment was made in Justice Delaware Holding, Inc., (a predecessor to Burger King Worldwide Inc.). Represents the year of initial investment. In 2020, the Manager (and its affiliated reporting persons) filed an initial Schedule 13D after previously filing a Schedule 13G with respect to the investment when it (along with its affiliated reporting persons) ceased to be eligible to file a Schedule 13G by virtue of the exemption under Section 13(d)(6)(B) of the Exchange Act. 

------

### Shares

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

### Pershing Square USA, Ltd.

#### Common Shares

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### $50.00 per share

#### Prospectus

#### Citigroup

#### UBS Investment Bank

#### BofA Securities

#### Jefferies

#### Wells Fargo Securities

#### RBC Capital Markets

#### BTG Pactual

#### Keefe, Bruyette & Woods, Inc.

#### Academy Securities

#### Huntington Capital Markets

#### Loop Capital Markets

#### Oppenheimer & Co.

#### Piper Sandler & Co.

#### Roberts & Ryan

#### Wedbush Securities

#### Aegis Capital Corp.

#### AmeriVet Securities

#### C.L. King & Associates

#### CastleOak Securities, L.P.

#### Clear Street

#### InspereX

#### Jones
R. Seelaus & Co., LLC

#### Samuel A. Ramirez & Company, Inc.

#### Siebert Williams Shank

#### Tigress Financial Partners

#### Charles Schwab & Co., Inc.

#### Robinhood Financial LLC
Until (25 days after the date of this prospectus), all dealers that effect transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.

------

#### **TABLE OF CONTENTS**

#### PART C: OTHER INFORMATION

---

| | |
|:---|:---|
| **Item 25.**<br>| **Financial Statements and Exhibits**  |

---

---

| | |
|:---|:---|
| 1. | Financial Statements  |
|  | The Company's (a) audited statement of assets and liabilities as of September 30, 2025 and statements of operations for the period from (i) November 28, 2023 (inception) to December 31, 2023, (ii) for the year ended December 31, 2024 and (iii) for the period from January 1, 2025 to September 30, 2025 and the notes thereto and report of independent registered public accountants thereon indicating that the Company has met the net worth requirements of Section 14(a) of the 1940 Act and (b) unaudited statement of assets and liabilities as of March 31, 2026 and statement of operations for the period from October 1, 2025 to March 31, 2026 and the notes thereto are included in Part A.  |
| 2. | Exhibits:  |
|  | (a)(1) [Certificate of Trust, dated November 28, 2023(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-a1.htm)  |
|  | (a)(2) [Certificate of Amendment, dated February 6, 2024(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-a2.htm)  |
|  | (a)(3) [Second Amended and Restated Agreement and Declaration of Trust of the Company, dated as of July 29, 2024(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-a3.htm)  |
|  | (a)(4) [Form of Statement of Preferences with respect to the Company's 7.50% Series A Cumulative Preferred Shares(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-a4.htm)  |
|  | (b) [By-Laws of the Company, dated as of July 15, 2024(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-b.htm)  |
|  | (c) Not Applicable  |
|  | (d) Not Applicable  |
|  | (e) [Form of Dividend Reinvestment Plan of the Company(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-e.htm)  |
|  | (f) Not Applicable  |
|  | (g) [Investment Management Agreement, dated as of October 8, 2025, between the Company and Pershing Square Capital Management, L.P. (the "Manager")(+)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-g.htm)  |
|  | (h) [Form of Underwriting Agreement(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126014333/ny20064799x4_ex-h.htm)  |
|  | (i) Not Applicable  |
|  | (j) [Form of Custody Agreement between the Company and State Street Bank and Trust Company(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-j.htm)  |
|  | (k)(1) [Form of Administration Agreement between the Company and State Street Bank and Trust Company(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-k1.htm)  |
|  | (k)(2) [Form of Transfer Agency and Service Agreement between the Company and State Street Bank and Trust Company(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-k2.htm)  |
|  | (k)(3) [Form of Share Issuance Agreement, by and between the Company and PS Inc.(\*)](ny20064799x10_exk3.htm)  |
|  | (k)(4) [Form of Anchor Subscription Agreement, by and between the Company and Pershing Square PSUS Holdings, LLC(\*)](ny20064799x10_exk4.htm)  |
|  | (k)(5) [Form of Registration Rights Agreement, by and between the Company and Pershing Square PSUS Holdings, LLC(\*)](ny20064799x10_exk5.htm)  |
|  | (k)(6) [Form of Indemnification Agreement, by and between the Company and the Trustees(\*)](ny20064799x10_exk6.htm) |
|  | (l) Opinion and Consent of Richards, Layton & Finger, P.A.(+)  |
|  | (m) Not Applicable  |
|  | (n)(1) [Consents of Independent Registered Public Accounting Firm(\*) (Ernst & Young LLP)](ny20064799x10_exn1.htm)  |
|  | (n)(2) [Consent of Independent Registered Public Accounting Firm(\*) (KPMG LLP)](ny20064799x10_exn2.htm)  |
|  | (o) Not Applicable  |
|  | (p)(1) [Subscription Agreement, dated as of May 21, 2024, by and between the Company and the Manager(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-p1.htm)  |
|  | (p)(2) [Subscription Agreement, dated as of May 22, 2024, by and between the Company and the Manager(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-p2.htm)  |
|  | (p)(3) [Subscription Agreement, dated as of May 31, 2024, by and between the Company and the Manager(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-p3.htm)  |

---

------

#### **TABLE OF CONTENTS**

---

| |
|:---|
| (p)(4) [Subscription Agreement, dated as of July 16, 2024, by and between the Company and the Manager(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-p4.htm) |
| (p)(5) [Subscription Agreement, dated as of October 9, 2024, by and between the Company and the Manager(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126014333/ny20064799x4_ex-p5.htm) |
| (p)(6) [Subscription Agreement, dated as of December 10, 2024, by and between the Company and the Manager(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126014333/ny20064799x4_ex-p6.htm) |
| (p)(7) [Subscription Agreement, dated as of January 30, 2025, by and between the Company and the Manager(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126014333/ny20064799x4_ex-p7.htm) |
| (p)(8) [Subscription Agreement, dated as of March 26, 2026, by and between the Company and the Manager(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126014333/ny20064799x4_ex-p8.htm)  |
| (q) Not Applicable  |
| (r)(1) [Code of Ethics of Registrant(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-r1.htm)  |
| (r)(2) [Code of Ethics of the Manager(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-r2.htm)  |
| (s) [Filing fee table(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex107.htm)  |
| [(t) Prospectus of Pershing Square Inc. (Pershing Square Holdco, L.P.)(\*)](ny20064799x10_ext.htm)  |
| (u) [Form of Combined Private Placement Subscription Agreement(\*\*)](https://www.sec.gov/Archives/edgar/data/2002660/000114036126008532/ny20064799x1_ex-u.htm) |

---

(\*) Filed herewith.

(\*\*) Previously filed.

(+) To be filed by subsequent amendment.

---

| | |
|:---|:---|
| **Item 26.**<br>| **Marketing Arrangements**  |

---

Reference is made to Exhibit (h) to this Registration Statement.

---

| | |
|:---|:---|
| **Item 27.**<br>| **Other Expenses of Issuance and Distribution**  |

---

The following table sets forth the estimated expenses expected to be incurred in connection with the issuance and distribution of the securities being registered pursuant to this Registration Statement:

---

| | |
|:---|:---|
| Legal Fees and Expenses | $[•]  |
| Independent Registered Public Accounting Firm Fees | $[•]  |
| New York Stock Exchange Listing Fees | $[•]  |
| FINRA Fees | $226000  |
| Securities and Exchange Commission Filing Fees | $[•]  |
| Miscellaneous | $[•]  |
| Total | $[•] |

---

---

| | |
|:---|:---|
| **Item 28.**<br>| **Persons Controlled by or under Common Control with Registrant**  |

---

None.

---

| | |
|:---|:---|
| **Item 29.**<br>| **Number of Holders of Securities**  |

---

As of April 20, 2026, the number of record holders of each class of securities of the Company was as follows:

---

| | |
|:---|:---|
| **Title of Class** | **Number of** <br>**Record** <br>**Holders**  |
| Common shares of beneficial interest, no par value | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

As of [•], the number of record holders of each class of securities of PS Inc. was as follows:

---

| | |
|:---|:---|
| **Title of Class** | **Number of** <br>**Record** <br>**Holders**  |
| Common stock, par value $0.001 | &nbsp;&nbsp;&nbsp;&nbsp;[•] |

---

------

---

| | |
|:---|:---|
| **Item 30.**<br>| **Indemnification**  |

---

#### Indemnification Under Governing Documents
*The Company* 

The Company's Second Amended and Restated Agreement and Declaration of Trust, dated as of July 29, 2024, and as amended through the date hereof (the "Declaration of Trust") and the Registrant's By-Laws (the "Bylaws" and together with the Declaration of Trust, the "Governing Documents") provide that the Company will indemnify its Trustees and officers and may indemnify its employees or agents against liabilities and expenses incurred in connection with litigation in which they may be involved because of their positions with the Company, to the extent permitted by law. However, nothing in the Governing Documents of the Registrant protects or indemnifies a trustee, officer, employee or agent of the Company against any liability to which such person would otherwise be subject in the event of such person's willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her position.

The Company has entered into an Indemnification Agreement with each Trustee, which provides that the Company, subject to certain exceptions, shall indemnify and hold harmless such Trustee against any and all expenses actually and reasonably incurred by the Trustee in any proceeding that the Trustee was or is made or is threatened to be made a party to, or is otherwise involved in, by reason of the fact that the Trustee is or was or has agreed to serve as a Trustee, officer, employee or agent of the Company, to the fullest extent permitted by applicable law. The Company shall not be obligated to indemnify a Trustee where, among other circumstances: (i) the Trustee is liable to the Company or its shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office or (ii) it is finally determined by a final adjudication of a court, arbitrator or administrative body of competent jurisdiction that (A) the Trustee's conduct material to the matter giving rise to the action was committed in bad faith or was the result of active and deliberate dishonesty, (B) the Trustee received an improper personal benefit in money, property or services, or (C) in case of any criminal action, the Trustee had reasonable cause to believe his or her conduct was unlawful.

*PS Inc.* 

Following the Corporate Conversion, PS Inc. will be a Nevada corporation and generally governed by Chapter 78 of the Nevada Revised Statutes ("NRS"). NRS 78.138(7) provides that, subject to limited statutory exceptions and unless the articles of incorporation or an amendment thereto (in each case filed on or after October 1, 2003) provide for greater individual liability, a director or officer is not individually liable to a corporation or its shareholders or creditors for any damages as a result of any act or failure to act in his or her capacity as a director or officer unless the presumption of Nevada's "business judgment rule" (as codified in NRS 78.138(3)) has been rebutted and it is proven that: (i) the director's or officer's act or failure to act constituted a breach of his or her fiduciary duties as a director or officer and (ii) the breach of those duties involved intentional misconduct, fraud or a knowing violation of law.

NRS 78.7502 permits a corporation to indemnify, pursuant to that statutory provision, a present or former director, officer, employee or agent of the corporation, or of another entity or enterprise (including as a manager of a limited liability company), for which such person is or was serving in such capacity at the request of the corporation, who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding, except an action by or in the right of the corporation, against expenses, including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred in connection therewith, arising by reason of such person's service in such capacity if such person (i) is not liable pursuant to NRS 78.138, or (ii) acted in good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to a criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful. In the case of actions brought by or in the right of the corporation, however, no indemnification pursuant to NRS 78.7502 may be made for any claim, issue or matter as to which such person has been adjudged by a court of competent jurisdiction, after exhaustion of all appeals therefrom, to be liable to the corporation or for amounts paid in settlement to the corporation, unless and only to the extent that the court in which the action or suit was brought or other court of competent jurisdiction determines upon application that in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses as the court deems proper.

Any discretionary indemnification pursuant to the statutory mechanism provided under NRS 78.7502, unless ordered by a court or advanced to a director or officer by the corporation in accordance with the NRS, may be made

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#### **TABLE OF CONTENTS**
by a corporation only as authorized in each specific case upon a determination that indemnification of the director, officer, employee or agent is proper in the circumstances. Such determination must be made (1) by the shareholders, (2) by the board of directors by majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding, (3) if a majority vote of a quorum consisting of directors who were not parties to the action, suit or proceeding so orders, by independent legal counsel in a written opinion, or (4) if a quorum consisting of directors who were not parties to the action, suit or proceeding cannot be obtained, by independent legal counsel in a written opinion.

NRS 78.751 further provides that indemnification pursuant to the statutory mechanism provided under NRS 78.7502 does not exclude any other rights to which a person seeking indemnification or advancement of expenses may be entitled under the corporation's articles of incorporation, or any bylaw, agreement, vote of shareholders or disinterested directors or otherwise, for either an action in the person's official capacity or an action in another capacity while holding office, except that indemnification, unless ordered by a court pursuant to NRS 78.7502 or for the advancement of expenses, may not be made to or on behalf of any director or officer finally adjudged by a court of competent jurisdiction, after exhaustion of any appeals, to be liable for intentional misconduct, fraud or a knowing violation of law, and such misconduct, fraud or violation was material to the cause of action. Pursuant to NRS 78.751(5), a right to indemnification or to advancement of expenses arising under a provision of the articles of incorporation or any bylaw is not eliminated or impaired by an amendment to such provision after the occurrence of the act or omission that is the subject of the civil, criminal, administrative or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such act or omission has occurred.

PS Inc.'s governing documents provide that to the fullest extent permitted under Nevada law and other applicable law, it shall indemnify its directors and officers in their respective capacities as such and in any and all other capacities in which any of them serves at PS Inc.'s request. PS Inc. also intends to enter into indemnification agreements with its directors and executive officers. These agreements will require PS Inc., subject to limited exceptions, to indemnify these individuals to the fullest extent permitted under Nevada law against liabilities that may arise by reason of their service to PS Inc., and to advance expenses they incur as a result of any proceeding to which they are or are threatened to be made a party or participant.

#### Other Indemnification
The Company has agreed to indemnify and hold harmless the Manager and certain related persons with respect to all costs, charges, expenses, losses, damages or liabilities arising from or in connection with, or concerning, the conduct of the Registrant's business or affairs or the execution or discharge of the duties, powers, authorities or discretions of the Manager under the Investment Management Agreement, and not arising out of willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties under the Investment Management Agreement.

The Company, PS Inc. and the Manager have each agreed to indemnify the underwriters of this offering (the "Underwriters") and their controlling persons for certain liabilities, including liabilities under the Securities Act, or to contribute to payments the Underwriters may be required to make in respect of those liabilities, except in the cases of willful misfeasance, bad faith, gross negligence or reckless disregard of applicable obligations and duties. In addition, the Underwriters have also agreed to indemnify the Company, PS Inc. and the Manager against certain liabilities.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrants pursuant to the foregoing provisions, or otherwise, the Registrants have been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrants of expenses incurred or paid by a director, officer or controlling person of the Registrants in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrants will, unless in the opinion of their counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

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#### **TABLE OF CONTENTS**

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|:---|:---|
| **Item 31.**<br>| **Business and Other Connections of the Manager**  |

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The Manager, a limited partnership organized under the laws of Delaware, acts as investment manager to the Company. The Company is fulfilling the requirement of this Item 31 to provide information as to any other business, profession, vocation or employment of a substantial nature engaged in by the Manager or those officers, directors and partners during the past two years, by incorporating by reference the information contained in the Form ADV of the Manager filed with the commission pursuant to the Advisers Act of 1940 (Commission File No. 801-63688).

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|:---|:---|
| **Item 32.**<br>| **Location of Accounts and Records**  |

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The accounts and records of the Registrants are maintained at 787 Eleventh Avenue, 9<sup>th</sup> Floor, New York, NY 10019 and, in the case of the Company in part at the offices of State Street. The Company's securities are held under a custody agreement by State Street. The address of the Company's custodian is One Congress Street, Suite 1, Boston, MA 02114. State Street will also act as the Company's transfer agent, distribution paying agent and registrar. The principal business address of the Company's transfer agent is One Heritage Drive, North Quincy, MA 02171.

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|:---|:---|
| **Item 33.**<br>| **Management Services**  |

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Not Applicable.

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|:---|:---|
| **Item 34.**<br>| **Undertakings**  |

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&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrants undertake to suspend the offering of Common Shares until the prospectus is amended, if subsequent to the effective date of this registration statement, its net asset value declines more than ten percent from its net asset value as of the later of the effective date of the registration statement or its net asset value increases to an amount greater than its net proceeds as stated in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;2. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;3. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;4. (a)

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| | |
|:---|:---|
| For the purposes of determining any liability under the Securities Act of 1933, the information omitted  | from the form of prospectus filed as part of a registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrants under Rule 424(b)(1) under the Securities Act of 1933 shall be deemed to be part of the Registration Statement as of the time it was declared effective.  |

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&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;5. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;6. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrants pursuant to the foregoing provisions, or otherwise, the Registrants have been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrants of expenses incurred or paid by a director, officer or controlling person of the Registrants in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrants will, unless in the opinion of their counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;7. The Registrants undertake to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.

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#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has caused this Pre-Effective Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York, on the 20th day of April, 2026.

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| | |
|:---|:---|
| Pershing Square USA, Ltd.  | Pershing Square USA, Ltd.  |
| By: | /s/ William A. Ackman |
|  | Chief Executive Officer |

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Pursuant to the requirements of the Securities Act and the 1940 Act, this Pre-Effective Amendment No. 2 to the Registration Statement has been signed below by the following persons in the capacities set forth below on April 20, 2026.

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| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ William A. Ackman | Chief Executive Officer<br>(Principal Executive Officer) |
| William A. Ackman  | Chief Executive Officer<br>(Principal Executive Officer) |
| \* | Chief Financial Officer<br>(Principal Financial Officer and<br>Principal Accounting Officer)  |
| Michael Gonnella | Chief Financial Officer<br>(Principal Financial Officer and<br>Principal Accounting Officer)  |
| \* | Chairman of the Board  |
| Barry P. Barbash | Chairman of the Board  |
| \* | Trustee  |
| Evan Bakst  | Trustee  |
| \* | Trustee  |
| Nicholas A. Botta  | Trustee  |
| \* | Trustee  |
| Anne Farlow  | Trustee  |
| \* | Trustee  |
| Bruce Herring  | Trustee  |
| \* | Trustee  |
| Lisa Polsky | Trustee  |

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|:---|:---|
| \*By: | /s/ William A. Ackman |
|  | William A. Ackman |
|  | as attorney-in-fact |

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#### **TABLE OF CONTENTS**

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Co-Registrant has caused this Pre-Effective Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York, on the 20th day of April, 2026.

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| | |
|:---|:---|
|  | Pershing Square Holdco, L.P.  |
| By: | Pershing Square Holdco GP, LLC,<br>its general partner  |
| By: | /s/ William A. Ackman |
| Name: | William A. Ackman |
| Title: | Authorized Signatory |

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Pursuant to the requirements of the Securities Act and the 1940 Act, this Pre-Effective Amendment No. 2 to the Registration Statement has been signed below by the following persons in the capacities set forth below on April 20, 2026.

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| | |
|:---|:---|
| **Signature** | **Title**  |
| /s/ William A. Ackman | Chief Executive Officer and Chairman<br>(Principal Executive Officer)  |
| William A. Ackman  | Chief Executive Officer and Chairman<br>(Principal Executive Officer)  |
| \* | Director  |
| Ryan Israel  | Director  |
| \* | Director  |
| Halit Coussin  | Director  |
| \* | Director  |
| Ben Hakim  | Director  |
| \* | Director  |
| Kerry Murphy Healey  | Director  |
| \* | Director  |
| Orion Hindawi  | Director  |
| \* | Director  |
| Marco Kheirallah  | Director  |
| \* | Director  |
| Nicholas M. Lamotte  | Director  |
| \* | Director  |
| David Coppel Calvo  | Director  |
| \* | Chief Financial Officer<br>(Principal Financial Officer and<br>Principal Accounting Officer)  |
| Michael Gonnella | Chief Financial Officer<br>(Principal Financial Officer and<br>Principal Accounting Officer)  |

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| | |
|:---|:---|
| \*By:  | /s/ William A. Ackman  |
|  | William A. Ackman  |
|  | as attorney-in-fact  |

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#### **TABLE OF CONTENTS**

#### EXHIBIT LIST

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| | |
|:---|:---|
| [(k)(3)](ny20064799x10_exk3.htm) | Form of Share Issuance Agreement, by and between the Company and PS Inc.  |
| [(k)(4)](ny20064799x10_exk4.htm) | Form of Anchor Subscription Agreement, by and between the Company and Pershing Square PSUS Holdings, LLC  |
| [(k)(5)](ny20064799x10_exk5.htm) | Form of Registration Rights Agreement, by and between the Company and Pershing Square PSUS Holdings, LLC  |
| [(k)(6)](ny20064799x10_exk6.htm) | Form of Indemnification Agreement, by and between the Company and the Trustees |
| [(n)(1)](ny20064799x10_exn1.htm) | Consents of Independent Registered Public Accounting Firm (Ernst & Young LLP) |
| [(n)(2)](ny20064799x10_exn2.htm) | Consent of Independent Registered Public Accounting Firm (KPMG LLP) |
| [(t)](ny20064799x10_ext.htm) | Prospectus of Pershing Square Inc. (Pershing Square Holdco, L.P.) |

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## Ex-99.(K)(3)

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#### Exhibit (k)(3)

#### Pershing Square USA, Ltd.

#### SHARE ISSUANCE AGREEMENT

THIS SHARE ISSUANCE AGREEMENT (this "<u>Agreement</u>") is made as of [*●*], 2026 between Pershing Square USA, Ltd., a Delaware statutory trust ("<u>PSUS</u>"), and Pershing Square Inc., a Nevada corporation ("<u>PS Inc.</u>").

#### WITNESSETH

WHEREAS, PSUS and PS Inc. have filed a registration statement on Form N-2 and PS Inc. has filed a registration statement on Form S-1 (together, the "<u>Registration Statements</u>"), with the Securities and Exchange Commission (the "<u>SEC</u>"), each of which has been declared effective by the SEC, for a combined initial public offering of common shares of beneficial interest of PSUS ("<u>PSUS Shares</u>") and common stock of PS Inc. ("<u>PSI Common Stock</u>") (the "<u>Combined Offering</u>"); and

WHEREAS, PSUS, PS Inc. and Pershing Square Capital Management, L.P. are concurrently entering into an underwriting agreement (the "<u>Underwriting Agreement</u>") with a group of underwriters (the "<u>Underwriters</u>") led by Citigroup Global Markets Inc., UBS Securities LLC, BofA Securities, Inc., Jefferies LLC and Wells Fargo Securities, LLC, in connection with the Combined Offering, pursuant to which PSUS has agreed to issue and sell to PS Inc. for resale to the Underwriters, and the Underwriters have agreed to purchase from PS Inc. at the Firm Shares Closing Time (as defined in the Underwriting Agreement) an aggregate of [•] PSUS Shares (the "<u>Resale Shares</u>"), subject to the terms and conditions set forth therein.

NOW, THEREFORE, in consideration of the premises and the mutual promises herein made and in consideration of the representations, warranties and covenants herein contained, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Share Issuance and Delivery of Purchase Price</u>. Upon the terms and subject to the conditions of this Agreement, at the Closing (as defined below), (i) PSUS shall issue and sell to PS Inc., and PS Inc. shall purchase from PSUS, a number of PSUS Shares equal to the number of Resale Shares (the "<u>Share Issuance</u>" and such shares, the "<u>Primary Issuance Shares</u>"), which Primary Issuance Shares shall immediately thereafter be delivered for resale by PS Inc. to the Underwriters pursuant to the Underwriting Agreement and (ii) PS Inc. shall deliver or cause to be delivered to PSUS an amount by wire transfer of immediately available funds that is equal to the net proceeds to be received by PS Inc. from the Underwriters in respect of the Resale Shares pursuant to the Underwriting Agreement (such amount, the "<u>Purchase Price</u>") and represents a price per Resale Share of $50.00 less the applicable sales load.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Time and Place of Closing</u>. The closing of the Share Issuance (the "<u>Closing</u>") shall take place concurrent with the Firm Shares Closing Time; <u>provided</u>, that, at the Closing all of the conditions set forth in <u>Section 5</u> and <u>Section 6</u> hereof shall have been satisfied or waived by the party entitled to the benefits thereto.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties of PS Inc.</u>. PS Inc. hereby represents and warrants to PSUS as of the date hereof as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Organization and Authority*. (i) PS Inc. is duly incorporated or organized, validly existing and in good standing under the laws of Nevada and has all necessary entity power and authority to enter into this Agreement, to carry out its obligations hereunder and to perform the actions contemplated hereby, (ii) the execution and delivery of this Agreement by PS Inc. and the performance by it of its obligations hereunder have been duly authorized by all requisite corporate action on its part and (iii) this Agreement has been duly executed and delivered by PS Inc., and (assuming due authorization, execution and delivery by PSUS) this Agreement constitutes a legal, valid and binding obligation of PS Inc. enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors rights generally, and general principles of equity (regardless of whether such enforceability is considered in a proceeding in law or equity).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *No Conflicts*. The execution, delivery and performance of this Agreement by PS Inc. does not (i) violate, conflict with or result in the breach of any provision of PS Inc.'s articles of incorporation or bylaws, (ii) conflict with or violate any law, governmental regulation or governmental order applicable to PS Inc. or any of its assets, properties or businesses or (iii) conflict with, result in any breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights pursuant to, any contract, agreement or arrangement by which PS Inc. is bound, except to the extent that any conflict, breach, default or other violation under <u>clause (ii)</u> or <u>(iii)</u> above would not reasonably be expected to have a material adverse effect on PS Inc. and its subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations and Warranties of PSUS</u>. PSUS hereby represents and warrants to PS Inc. as of the date hereof as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Organization and Authority*. (i) PSUS has been duly organized and is validly existing as a statutory trust under the laws of the State of Delaware and has all necessary trust power and authority to enter into this Agreement, to carry out its obligations hereunder and to perform the actions contemplated hereby, (ii) the execution and delivery of this Agreement, the performance by it of its obligations hereunder and the performance by it of the actions contemplated hereby have been duly authorized by all requisite trust action on its part and (iii) this Agreement has been duly executed and delivered by PSUS, and (assuming due authorization, execution and delivery by PS Inc.) this Agreement constitutes a legal, valid and binding obligation of PSUS enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors rights generally, and general principles of equity (regardless of whether such enforceability is considered in a proceeding in law or equity).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *No Conflicts*. The execution, delivery and performance of this Agreement by PSUS does not (i) violate, conflict with or result in the breach of any provision of PSUS's declaration of trust or bylaws, (ii) conflict with or violate any law, governmental regulation or governmental order applicable to PSUS or any of its assets, properties or businesses or (iii) conflict with, result in any breach of, constitute a default (or event which with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights pursuant to, any contract, agreement or arrangement by which PSUS is bound, except to the extent that any conflict, breach, default or other violation under <u>clause (ii)</u> or <u>(iii)</u> above would not reasonably be expected to have a material adverse effect on PSUS and its subsidiaries, taken as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Valid Issuance of Issued Shares; Capitalization*. The Primary Issuance Shares have been duly authorized and when delivered to PS Inc. against payment of the Purchase Price (which Purchase Price represents a price per Resale Share that is not less than the net asset value per share thereof determined not less than 48 hours prior to the date hereof) will be validly issued, fully paid and nonassessable, and the issuance of the Primary Issuance Shares is not subject to the preemptive or other similar rights of any securityholder of PSUS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Conditions to the Obligations of PSUS</u>. The obligation of PSUS to consummate the Closing is subject to the fulfillment (or waiver in writing by PSUS), as of the Closing, of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Representations and Warranties*. Each of the representations and warranties of PS Inc. set forth in <u>Section 3</u> shall be true and correct.

&nbsp;&nbsp;&nbsp;&nbsp;<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Satisfaction of Closing Conditions under the Underwriting Agreement*. Each of the closing conditions set forth in Section 7 of the Underwriting Agreement shall have been satisfied or waived in accordance with its terms such that the Firm Shares Closing Time shall occur concurrent with the Closing under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Conditions to the Obligations of PS Inc.</u>. The obligation of PS Inc. to consummate the Closing is subject to the fulfillment (or waiver in writing by PS Inc.), as of the Closing, of the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Representations and Warranties*. Each of the representations and warranties of PSUS set forth in <u>Section 4</u> shall be true and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Satisfaction of Closing Conditions under the Underwriting Agreement*. Each of the closing conditions set forth in Section 7 of the Underwriting Agreement shall have been satisfied or waived in accordance with its terms such that the Firm Shares Closing Time shall occur concurrent with the Closing under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Termination</u>. This Agreement may be terminated (a) by written mutual consent of PSUS and PS Inc. or (b) automatically at such date and time as the Underwriting Agreement has been terminated in accordance with its terms.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Notices</u>. All notices and other communications hereunder shall be in writing as set forth below. All notices shall be (a) mailed by United States registered or certified mail, return receipt requested, postage prepaid, deposited in a United States post office or a depository for the receipt of mail regularly maintained by the post office, (b) sent by email, or (c) sent by any reputable overnight courier service (with all fees prepaid). All notices shall only be considered to have been given (and to be effective) (i) if sent by United States mail, upon receipt, (ii) if sent by email, on the date received (provided, that no auto-generated error or non-delivery message is generated in response thereto) or (iii) if sent by courier, on the date of receipt. Notices may also be delivered by hand, in which case they shall be considered to have been given (and to be effective) on the date of receipt:

<br> (a) if to PSUS:

Pershing Square USA, Ltd.

787 Eleventh Avenue, 9th Floor

New York, New York 10019

Attention: Chief Legal Officer (email: legal@persq.com)

<br> (b) if to PS Inc.:

Pershing Square, Inc.

787 Eleventh Avenue, 9th Floor

New York, New York 10019

Attention: Chief Legal Officer (email: legal@persq.com)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Governing Law; Jurisdiction; Waiver of Jury Trial*. This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of Delaware, without giving effect to any applicable principles of conflict of laws rules that would cause the laws of another State to otherwise govern this letter agreement. The parties hereto hereby (a) submit to the personal jurisdiction of the Delaware Court of Chancery, or in the event (but only in the event) that such court does not have subject matter jurisdiction over an action or proceeding, to the personal jurisdiction of the United States District Court for the District of Delaware, and (b) waive any claim of improper venue or any claim that those courts are an inconvenient forum. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS LETTER AGREEMENT OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Amendment and Waiver; Assignment*. This Agreement may only be amended, restated, supplemented or otherwise modified by an instrument in writing signed by each of the parties. Any provision of this Agreement may be waived if, and only if, such amendment or waiver is in writing and is signed by the party with respect to which such waiver is applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Severability*. If any term or other provision of this Agreement is held to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions is not affected in any manner materially adverse to any party. Upon a determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the Share Issuance and payment of the Purchase Price be consummated as originally contemplated to the fullest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Counterparts*. This Agreement may be executed and delivered (including by transmission of a .pdf file) in one or more counterparts, and by the different parties in separate counterparts, each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Copies of executed counterparts transmitted by telecopy or other electronic transmission service shall be considered original executed counterparts for purposes of this <u>Section 9(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *No Third Party Beneficiaries*. This Agreement shall be binding upon and inure solely to the benefit of the parties and their permitted assigns and successors and nothing herein, express or implied, is intended to or shall confer upon any other person, any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Construction*. The parties hereto are sophisticated and have been represented by attorneys throughout the Issuance who have carefully negotiated the provisions hereof. As a consequence, each party hereto acknowledges and agrees it has had the opportunity to draft, review and edit the language of this Agreement and that no presumption for or against any party arising out of drafting all or any part of this Agreement will be applied in any dispute relating to, in connection with or involving this Agreement. Accordingly, the parties hereby waive the benefit of any rule of law, or any legal decision which would require that in cases of uncertainty, the language of a contract should be interpreted most strongly against the party who drafted such language.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *Headings*. The descriptive headings herein are inserted for convenience of reference only and are not intended to be part of or to affect the meaning or interpretation of this Agreement.

[*Signature Pages Follow*]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

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| |
|:---|
| PERSHING SQUARE USA, LTD. |
| By: |
| Title: |
| PERSHING SQUARE INC. |
| By: |
| Title: |

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[*Signature Page to PSUS Share Issuance Agreement*]<br>

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## Ex-99.(K)(4)

#### Exhibit (k)(4)

#### ANCHOR SUBSCRIPTION AGREEMENT

This ANCHOR SUBSCRIPTION AGREEMENT, dated as of [•], 2026 (as it may from time to time be amended, this "***Agreement***"), is entered into by and between Pershing Square USA, Ltd., a Delaware statutory trust (the "***Company***"), and Pershing Square PSUS Holdings, LLC, a Nevada limited liability company (the "***Purchaser***").

WHEREAS, the Company is a closed-end investment company that has registered with the U.S. Securities and Exchange Commission (the "***Commission***") on Form N-8A under the Investment Company Act of 1940, as amended (the "***1940 Act***");

WHEREAS, in connection with the combined initial public offering (the "***Combined Offering***") of the Company's common shares of beneficial interest, no par value (the "***Common Shares***") and the common stock (the "***PS Inc. Common Stock***") of Pershing Square Inc. ("***PS Inc.***"), the parent company of the Purchaser, the Company has filed a Registration Statement on Form N-2 with the Commission in an offering registered under the Securities Act of 1933, as amended (the "***Securities Act***") and concurrently with the closing of the Combined Offering, the Company and PS Inc. will complete a combined private placement (the "***Combined Private Placement***") of the Common Shares and PS Inc. Common Stock; and

WHEREAS, the Company desires to issue and sell and Purchaser desires to purchase (i) [•] shares of the Common Shares (the "***PS Common Shares***") and (ii) 1,000,000 shares of the Company's preferred shares designated as its 7.50% Series A Cumulative Preferred Shares, no par value per share (the "***Preferred Shares***" and together with the PS Common Shares, the "***Shares***"), in a transaction exempt from registration under the Securities Act in reliance on Section 4(a)(2) thereof;

NOW, THEREFORE, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

<u>AGREEMENT</u>

**Section 1. Purchase and Sale of the Subscribed Shares.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. On the Closing Date (as defined below), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, the (i) PS Common Shares for a purchase price of $[•] and (ii) the Preferred Shares for a purchase price of $50,000,000.00, and an aggregate purchase price of $[•] (the "***Aggregate Purchase Price***"), subject to the terms and conditions set forth herein. The closing of the purchase and sale of the Shares shall take place simultaneously with the closing of the Combined Private Placement and the date of such closing shall be referred to herein as the "***Closing Date***."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The closing of the purchase and sale of the Shares shall take place by remote communications and by the exchange of signatures by electronic transmission on the Closing Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. As payment in full for the Shares being purchased under this Agreement, the Purchaser shall pay (or cause to be paid on its behalf) the Aggregate Purchase Price. The Purchaser shall pay the Aggregate Purchase Price by wire transfer of immediately available funds in accordance with the Company's wiring instructions, on the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Company shall deliver to the Purchaser evidence of the issuance of the Shares to the Purchaser, credited to book-entry accounts maintained by the transfer agent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Preferred Shares shall have the terms set forth in the Statement of Preferences (the "***Statement of Preferences***") in the form attached hereto as ***Exhibit A***.

**Section 2. Representations and Warranties of the Company.**

As a material inducement to the Purchaser to enter into this Agreement and purchase the Shares, the Company hereby represents and warrants to the Purchaser (which representations and warranties shall survive the Closing Date) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Organization and Trust Power</u>. The Company is a statutory trust validly existing and in good standing under the laws of the State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite trust powers and authority necessary to execute and deliver this Agreement and carry out the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>The Shares</u>. The Shares have been duly authorized and upon the issuance of the Shares pursuant to <u>Section 1.A</u>, the Shares will be validly issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Authorization; No Breach</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The execution, delivery and performance of this Agreement, the issuance and sale of the Shares and the consummation of the other transactions contemplated hereby have been duly authorized by the Company as of the Closing Date, and no further approval or authorization is required on the part of the Company or its shareholders. This Agreement constitutes a valid and binding obligation of the Company, enforceable in accordance with its terms subject to subject to (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights generally or (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The execution and delivery by the Company of this Agreement, the issuance and sale of the Shares and the consummation of the other transactions contemplated hereby do not and will not as of the Closing Date (a) conflict with or result in a breach of the terms, conditions or provisions of the Second Amended and Restated Agreement and Declaration of Trust or the By-Laws of the Company (in effect on the date hereof or as may be amended prior to the closing of the Combined Private Placement), (b) (1) constitute a default under or result in the creation of any lien, security interest, charge or encumbrance upon the Company's capital stock or assets under, (2) result in a violation of, or (3) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing with, any court or administrative or governmental body or agency under, any material law, statute, rule, regulation, agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof under federal or state securities laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Governmental Consents</u>. Assuming the accuracy of the representations made by the Purchaser in this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement except for filings pursuant to applicable state securities laws, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>No Other Representations</u>. Except for the foregoing representations and warranties, the Company does not make, and hereby disclaims, any other representations or warranties. The Purchaser acknowledges and agrees that in entering into this Agreement it has not relied and is not relying on any representations, warranties or other statements whatsoever, whether written or oral (from or by the Company or any Person acting on their behalf) other than those expressly set out in this Agreement (or other related documents referred to herein) and that it will not have any right or remedy with respect to this Agreement arising out of any representation, warranty or other statement not expressly set out in this Agreement.

**Section 3. Representations and Warranties of the Purchaser.**

As a material inducement to the Company to enter into this Agreement and issue and sell the Shares to the Purchaser, the Purchaser hereby represents and warrants to the Company (which representations and warranties shall survive the Closing Date) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Organization and Requisite Authority</u>. The Purchaser is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Nevada. The Purchaser possesses all requisite limited liability company power and authority necessary to carry out the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Authorization; No Breach</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors' rights and to general equitable principles (whether considered in a proceeding in equity or law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance with the terms hereof by the Purchaser does not and shall not as of the Closing Date conflict with or result in a breach by the Purchaser of the terms, conditions or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser is subject.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Investment Representations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Purchaser is acquiring the Shares for the Purchaser's own account, for investment purposes only and not with a view towards, or for resale in connection with, any public sale or distribution thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Purchaser is an "accredited investor" as such term is defined in Rule 501(a) of Regulation D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Purchaser understands that the offer and sale of the Shares to the Purchaser has not been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act that depends upon, among other things, the *bona fide* nature of the investment intent and the accuracy of the Purchaser's representations as expressed herein. The Purchaser understands that the Shares are "***restricted securities***" under applicable U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Shares indefinitely unless they are registered with the Commission and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the holding period for the Shares, and on requirements relating to the Company which are outside of the Purchaser's control, and which the Company is under no obligation and may not be able to satisfy. The Purchaser understands that the offering of the Shares is not and is not intended to be part of the Combined Offering, and that the Purchaser will not be able to rely on the protection of Section 11 of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Purchaser did not purchase the Shares as a result of any general solicitation or general advertising within the meaning of Rule 502(c) under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Purchaser has been furnished with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Shares, which have been requested by the Purchaser. The Purchaser has been afforded the opportunity to ask questions of the executive officers and trustees of the Company. The Purchaser understands that its investment in the Shares involves a high degree of risk and it has sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to the acquisition of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Purchaser understands that no U.S. federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Shares or the fairness or suitability of the investment in the Shares by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Purchaser has such knowledge and experience in financial and business matters, is capable of evaluating the merits and risks of an investment in the Shares and is able to bear the economic risk of an investment in the Shares in the amount contemplated under this Agreement for an indefinite period of time. The Purchaser has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Shares. The Purchaser can afford a complete loss of its investments in the Shares.

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**Section 4. Restrictions on Transfer.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Securities Law Restrictions</u>. The Purchaser agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all or any part of the Shares unless, prior thereto (i) a registration statement on the appropriate form under the Securities Act and applicable state securities laws with respect to the Shares proposed to be transferred shall then be effective or (ii) the Company has received an opinion from counsel reasonably satisfactory to the Company, that such registration is not required because such transaction is exempt from registration under the Securities Act and the rules promulgated by the Commission thereunder and with all applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Restrictive Legends</u>. All certificates or book entries representing the Shares shall have endorsed thereon legends substantially as follows:

"THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Lock-up Period</u>. The Purchaser agrees that it shall not, without the prior written consent of the Company, Transfer any of the Shares until the date that is the twenty-five (25) year anniversary of the Closing Date (the "***Lock-up Period***"). "***Transfer***" shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b). Notwithstanding the foregoing sentence, Purchaser may, during the Lock-up Period, (i) transfer any Shares to an Affiliate without the prior written consent of the Company and (ii) pledge or grant a security interest in, and permit any foreclosure upon or other enforcement of any pledge or security interest with respect to, any direct or indirect equity interests in the Purchaser in connection with a bona fide credit facility or debt financing of the Purchaser or its Affiliates, including any transaction resulting in an indirect Transfer of the Shares. "***Affiliate***" shall mean (i) as to any Person, any other Person that, directly or indirectly, through one or more intermediaries, is in control of, is controlled by, or is under common control with, such Person or (ii) as to any Person that is a natural Person, means any such Person's spouse, parents, children and siblings, whether by blood, adoption or marriage, or any trust or similar entity for the benefit of any of the foregoing Persons. For purposes of this definition, "***control***" of a Person means the power, directly or indirectly, to direct or cause the direction of the management and policies of such Person, whether by contract or otherwise. Notwithstanding anything to the contrary, investment funds or other clients of the Purchaser or any Affiliate thereof that provides investment advisory services, and any portfolio companies thereof, will not be deemed an Affiliate of Purchaser. "***Person***" means any individual, person, entity, general partnership, limited partnership, limited liability partnership, limited liability company, corporation, joint venture, trust, business trust, cooperative, association, foreign trust or foreign business organization. For purpose of this Section 4(C), "***Shares***" shall mean all Common Shares and Preferred Shares held by the Purchaser and its Affiliates as of the Closing Date.

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**Section 5. Conditions of the Purchaser's Obligations.**

The obligations of the Purchaser to purchase and pay for the Shares are subject to the fulfillment, on or before the Closing Date, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Representations and Warranties</u>. The representations and warranties of the Company contained in <u>Section 2</u> shall be true and correct at and as of the Closing Date as though then made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Performance</u>. The Company shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>No Injunction</u>. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Statement of Preferences</u>. The Preferred Shares conform to the provisions of the Statement of Preferences and the relative rights, preferences, interests and powers of such Preferred Shares are set forth in the Statement of Preferences. The Statement of Preferences shall have been duly authorized and executed by the Company in compliance with the Delaware Statutory Trust Act and shall be in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Offering</u>. The closing of the Combined Offering shall occur substantially concurrently with (or immediately prior to) the closing of the transactions contemplated by this Agreement.

**Section 6. Conditions of the Company's Obligations.**

The obligations of the Company to the Purchaser under this Agreement to issue the Shares are subject to the fulfillment, on or before the Closing Date, of each of the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Representations and Warranties</u>. The representations and warranties of the Purchaser contained in <u>Section 3</u> shall be true and correct at and as of the Closing Date as though then made.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Performance</u>. The Purchaser shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by the Purchaser on or before the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>No Injunction</u>. No litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Offering</u>. The closing of the Combined Offering shall occur substantially concurrently with (or immediately prior to) the closing of the transactions contemplated by this Agreement.

**Section 7. Termination.**

This Agreement may be terminated at any time (A) as mutually agreed by the Company and the Purchaser or (B) upon the election of either the Company or the Purchaser upon written notice to the other party if the closing of the Combined Offering does not occur prior to June 30, 2026.

**Section 8. Survival of Representations and Warranties.**

All of the representations and warranties contained herein shall survive the Closing Date.

**Section 9. Miscellaneous.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Further Assurances</u>. The Purchaser agrees to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Notices</u>. All notices, statements or other documents which are required or contemplated by this Agreement shall be in writing and delivered: (i) personally or sent by first-class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Entire Agreement</u>. This Agreement embodies the entire agreement and understanding between the Purchaser and the Company with respect to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof. No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or be used to interpret, change or restrict, the express terms and provisions of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Waivers and Consents</u>. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted, only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and shall not constitute a continuing waiver or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Successors and Assigns</u>. Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary herein, the parties may not assign this Agreement, other than assignments by the Purchaser to affiliates thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Severability</u>. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, none of which need contain the signatures of more than one party, but all such counterparts taken together shall constitute one and the same agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>No Waiver of Rights, Powers and Remedies</u>. No failure or delay by a party hereto in exercising any right, power or remedy under this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this Agreement shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>No Broker or Finder</u>. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create any liability on the other. Each of the parties hereto agrees to indemnify and hold the other harmless from any claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such claim.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Descriptive Headings; Interpretation</u>. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement. The words "include," "includes" and "including" will be deemed to be followed by "without limitation." Pronouns in masculine, feminine and neuter genders will be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words "this Agreement," "herein," "hereof," "hereby," "hereunder," and words of similar import refer to this Agreement as a whole and not to any particular section unless expressly so limited. The parties hereto intend that each representation, warranty and covenant contained herein will have independent significance. If any party hereto has breached any representation, warranty or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty or covenant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Governing Law</u>. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and governed by the laws of New York applicable to contracts wholly performed within the borders of such state, without giving effect to the conflict of law principles thereof. The parties hereto irrevocably submit to the exclusive jurisdiction of any federal court sitting in the Southern District of New York or any state court located in New York County, State of New York, over any suit, action or proceeding arising out of or relating to this Agreement. To the fullest extent they may effectively do so under applicable law, the parties hereto irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that they are not subject to the jurisdiction of any such court, any objection that they may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. <u>Amendments</u>. This Agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties hereto.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement to be effective as of the date first set forth above.

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| |
|:---|
| **PERSHING SQUARE USA, LTD.** |
| By: |
| Name: |
| Title: |

---

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| | |
|:---|:---|
| **PERSHING SQUARE PSUS HOLDINGS, LLC** | **PERSHING SQUARE PSUS HOLDINGS, LLC** |
| By: | Pershing Square Holdco, LP, its Member |
| By: |  |
| Name: | William Ackman |
| Title: | Chief Executive Officer |

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[*Signature Pge to Anchor Subscription Agreement*]<br>

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#### Exhibit A

#### Statement of Preferences

#### <br>

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## Ex-99.(K)(5)

#### Exhibit (k)(5)

#### REGISTRATION RIGHTS AGREEMENT

This Registration Rights Agreement (this "***Agreement***") is entered into as of [•], 2026, between Pershing Square USA, Ltd., a Delaware statutory trust (the "***Company***"), Pershing Square PSUS Holdings, LLC, a Nevada limited liability company (the "***Holder***" and collectively with any Person who hereafter becomes a party to this Agreement pursuant to <u>Section 5.2</u> of this Agreement, the "***Holders***").

#### RECITALS

**WHEREAS**, the Company is a closed-end investment company that has registered with the U.S. Securities and Exchange Commission (the "***Commission***") on Form N-8A under the Investment Company Act of 1940, as amended (the "***1940 Act***");

**WHEREAS**, in connection with the combined initial public offering (the "***Combined Offering***") of the Company's common shares of beneficial interest, no par value (the "***Common Shares***") and the common stock (the "***PS Inc. Common Stock***") of Pershing Square Inc. ("***PS Inc.***"), the parent company of each of the Manager (as defined below) and the Holder, the Company has filed a Registration Statement on Form N-2 with the Commission in an offering registered under the Securities Act of 1933, as amended (the "***Securities Act***") and concurrently with the closing of the Combined Offering, the Company and PS Inc. will complete a combined private placement of the Common Shares and PS Inc. Common Stock; and

**WHEREAS**, (i) the Company and Pershing Square Capital Management, L.P., a Delaware limited partnership (the "***Manager***") entered into Subscription Agreements, dated as of May 21, 2024, May 22, 2024, May 31, 2024, July 16, 2024, October 9, 2024, December 10, 2024, January 30, 2025 and March 26, 2026, respectively, pursuant to which the Manager purchased an aggregate of 342,320 Common Shares (the "***Initial Manager Shares***") at a purchase price of $50.00 per Common Share for an initial aggregate purchase price of $17,116,000.00 of Common Shares, which Initial Manager Shares were transferred by the Manager to the Holder prior to the date hereof and (ii) in connection with the Combined Offering, the Company and the Holder have entered into that certain Anchor Subscription Agreement, dated as of as of [•], 2026, pursuant to which the Manager purchased an aggregate of 1,657,680 Common Shares in a transaction exempt from registration under the Securities Act (the "***Anchor PS Shares***" and together with the Initial Manager Shares, the "***PS Shares***") at a purchase price of $50.00 per Common Share for an aggregate purchase price of $82,884,000, resulting in an aggregate investment in the Common Shares of $100,000,000.00; and

**WHEREAS**, the Company and the Holders desire to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration rights with respect to certain securities of the Company, as set forth in this Agreement.

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**NOW**, **THEREFORE**, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

#### ARTICLE 1

#### DEFINITIONS

1.1 <u>Definitions</u>. The terms defined in this <u>Article 1</u> shall, for all purposes of this Agreement, have the respective meanings set forth below:

"***1940 Act***" shall have the meaning given in the Recitals hereto.

"***Adverse Disclosure***" shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive Officer or principal financial officer of the Company, after consultation with counsel to the Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for not making such information public.

"***Agreement***" shall have the meaning given in the Preamble.

"***Anchor PS Shares***" shall have the meaning given in the Recitals hereto.

"***Board***" shall mean the Board of Trustees of the Company.

"***Business Day***" means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are generally authorized or required by law or regulation to close in the City of New York, New York.

"***Closing Date***" shall mean the closing of the Combined Offering.

"***Combined Offering***" shall have the meaning given in the Recitals hereto.

"***Commission***" shall have the meaning given in the Recitals hereto.

"***Common Shares***" shall have the meaning given in the Recitals hereto.

"***Company***" shall have the meaning given in the Preamble.

"***Demand Registration***" shall have the meaning given in <u>Section 2.2.1</u>.

"***Demanding Holder***" shall have the meaning given in <u>Section 2.2.1</u>.

"***Exchange Act***" shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

"***Holders***" shall have the meaning given in the Preamble.

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"***Manager***" shall have the meaning given in the Recitals hereto.

"***Maximum Number of Securities***" shall have the meaning given in <u>Section 2.2.3</u>.

"***Misstatement***" shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the case of a Prospectus, in the light of the circumstances under which they were made) not misleading.

"***Person***" means any individual, person, entity, general partnership, limited partnership, limited liability partnership, limited liability company, corporation, joint venture, trust, business trust, cooperative, association, foreign trust or foreign business organization.

"***Piggyback Registration***" shall have the meaning given in <u>Section 2.3.1</u>.

"***Private Placement PS Shares***" shall have the meaning given in the Recitals hereto.

"***Prospectus***" shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

"***PS Inc. Common Stock***" shall have the meaning given in the Recitals hereto.

"***PS Shares***" shall have the meaning given in the Recitals hereto.

"***Registrable Security***" shall mean (a) the PS Shares, (b) any other equity security of the Company issued or issuable with respect to the PS Shares by way of a stock dividend or stock split or by way of a conversion from or exercise of a warrant, or in connection with a combination of shares, recapitalization, merger, consolidation or reorganization and (c) any other Common Shares or other equity securities of the Company that the Holders may have purchased in the open market; <u>provided</u>, <u>however</u>, that, as to any particular Registrable Security, such securities shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding; (D) such securities have been sold without registration pursuant to Rule 144; or (E) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

"***Registration***" shall mean a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements of the Securities Act and the 1940 Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

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"***Registration Expenses***" shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all registration and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any securities exchange on which the Common Shares is then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications of Registrable Securities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) printing, messenger, telephone and delivery expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) reasonable fees and disbursements of counsel for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection with such Registration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) reasonable fees and expenses of one (1) legal counsel selected by the Holder initiating an Underwritten Shelf Offering or a majority-in-interest of the Demanding Holders initiating a Demand Registration to be registered for offer and sale in the applicable Registration.

"***Registration Statement***" shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

"***Requesting Holder***" shall have the meaning given in <u>Section 2.2.1</u>.

"***Rule 144***" means Rule 144 under the Securities Act or any successor rule thereto.

"***Securities Act***" shall mean the Securities Act of 1933, as amended from time to time.

"***Shelf Registration Statement***" shall have the meaning given in <u>Section 2.1.1</u>.

"***Shelf Takedown***" shall have the meaning given in <u>Section 2.1.1</u>.

"***Transfer***" shall mean the (a) sale or assignment of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b).

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"***Underwriter***" shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer's market-making activities.

"***Underwritten Offering***" means a registered offering of securities conducted by one or more underwriters pursuant to the terms of an underwriting agreement.

"***Underwritten Shelf Offering***" shall have the meaning given in <u>Section 2.1.3</u>.

#### ARTICLE 2

#### REGISTRATIONS

2.1 <u>Shelf Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1 <u>Shelf Registration Statement</u>. If requested by the Holders of then-outstanding Registrable Securities, at any time on or after the date that is the twenty five (25) year anniversary of the Closing Date, the Company shall (i) use commercially reasonable efforts to file a registration statement on Form N-2 (or any appropriate form) for a secondary offering (including any successor registration statement) covering the resale of the Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor rule promulgated thereafter by the Commission) (a "***Shelf Registration Statement***"), (ii) use best efforts to cause the Shelf Registration Statement to be declared effective under the Securities Act as soon as practicable thereafter, but in no event later than sixty (60) days thereafter, and (iii) use commercially reasonable efforts to maintain the effectiveness of such Shelf Registration Statement with respect to the Registrable Securities. Furthermore, if permitted under the Securities Act at the time of filing the Shelf Registration Statement, such Shelf Registration Statement shall be an "automatic shelf registration statement" as defined in Rule 405 under the Securities Act. Each Holder shall be entitled, at any time and from time to time when a Shelf Registration Statement is effective, to sell any or all of the Registrable Securities covered by such Shelf Registration Statement (a "***Shelf Takedown***"). A Holder shall give the Company prompt written notice of the consummation of a Shelf Takedown.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2 <u>Additional Registrable Securities; Additional Selling Shareholders</u>. At any time and from time to time that a Shelf Registration Statement is effective, if a Holder of Registrable Securities requests (i) the registration under the Securities Act of additional Registrable Securities pursuant to such Shelf Registration Statement or (ii) that such Holder be added as a selling shareholder in such Shelf Registration Statement, the Company shall as promptly as practicable amend or supplement the Shelf Registration Statement to cover such additional Registrable Securities and/or Holder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3 <u>Underwritten Shelf Offering</u>. Any Holder of then-outstanding Registrable Securities may determine to commence an Underwritten Offering off of the Shelf Registration Statement ("***Underwritten Shelf Offering***"). Any such Holder and the Company shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Shelf Offering by the Holder initiating such Underwritten Shelf Offering (provided that such investment banker or bankers and managers shall be reasonably satisfactory to the Company). The Holder initiating the Underwritten Shelf Offering shall have the right, after consultation with the Company, to determine the plan of distribution, including the price at which the Registrable Securities are to be sold and the underwriting commissions, discounts and fees.

2.2 <u>Demand Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 <u>Request for Registration</u>. Subject to the provisions of <u>Section 2.2.3</u> and <u>Section 2.4</u> hereof, at any time and from time to time on or after the date that is the twenty five (25) year anniversary of the Closing Date, Holders of then-outstanding Registrable Securities (the "***Demanding Holders***") may make a written demand for Registration of all or part of their Registrable Securities, which written demand shall describe the amount and type of securities to be included in such Registration and the intended method(s) of distribution thereof (such written demand, a "***Demand Registration***"). The Company shall, within three (3) Business Days of the Company's receipt of the Demand Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable Securities who thereafter wishes to include all or a portion of such Holder's Registrable Securities in a Registration pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder's Registrable Securities in such Registration, a "***Requesting Holder***") shall so notify the Company, in writing, within five (5) Business Days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have their Registrable Securities included in a Registration pursuant to a Demand Registration and the Company shall effect, as soon thereafter as practicable, but not more than forty-five (45) days immediately after the Company's receipt of the Demand Registration, the Registration of all Registrable Securities requested by the Demanding Holders and Requesting Holders pursuant to such Demand Registration. Under no circumstances shall the Company be obligated to effect more than an aggregate of ten (10) Registrations pursuant to a Demand Registration under this <u>Section 2.2.1</u> with respect to any or all Registrable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 <u>Underwritten Offering</u>. Subject to the provisions of <u>Section 2.2.3</u> and <u>Section 2.4</u> hereof, if a majority-in-interest of the Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder or Requesting Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder's participation in such Underwritten Offering and the inclusion of such Holder's Registrable Securities in such Underwritten Offering to the extent provided herein. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this <u>Section 2.2.2</u> and the Company shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the majority-in-interest of the Demanding Holders initiating the Demand Registration (provided that such investment banker or bankers and managers shall be reasonably satisfactory to the Company). The majority-in-interest of the Demanding Holders initiating the Demand Registration shall have the right, after consultation with the Company, to determine the plan of distribution, including the price at which the Registrable Securities are to be sold and the underwriting commissions, discounts and fees.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 <u>Reduction of Underwritten Offering</u>. If the managing Underwriter or Underwriters in an Underwritten Offering pursuant to a Demand Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that the dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell, taken together with all other Common Shares or other equity securities that the Company desires to sell and the Common Shares, if any, as to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held by any other shareholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the "***Maximum Number of Securities***"), then the Company shall include in such Underwritten Offering, as follows: (i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) holds prior to such Underwritten Offering) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (i), Common Shares or other equity securities for the account of other Persons that the Company is obligated to register pursuant to separate written contractual piggy-back registration rights such Persons and that can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), Common Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 <u>Demand Registration Withdrawal</u>. A majority-in-interest of the Demanding Holders initiating a Demand Registration or a majority-in-interest of the Requesting Holders (if any), pursuant to a Registration under <u>Section 2.2.1</u> shall have the right to withdraw from a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Registration pursuant to a Demand Registration prior to its withdrawal under this <u>Section 2.2.4</u>.

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2.3 <u>Piggyback Registration</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.1 <u>Piggyback Rights</u>. If, at any time on or after the date that is the twenty five (25) year anniversary of the Closing Date, the Company proposes to file a Registration Statement under the Securities Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible into equity securities, for its own account or for the account of shareholders of the Company (or by the Company and by the shareholders of the Company, including, without limitation, pursuant to <u>Section 2.2</u> hereof), other than a Registration Statement (i) filed in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company's existing shareholders, (iii) for an offering of debt that is convertible into equity securities of the Company or (iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable but not less than seven (7) Business Days before the anticipated filing date of such Registration Statement, which notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in writing within five (5) Business Days after receipt of such written notice (such Registration a "***Piggyback Registration***"). The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its best efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested by the Holders pursuant to this <u>Section 2.3.1</u> to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering under this <u>Section 2.3.1</u> shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.2 <u>Reduction of Piggyback Registration</u>. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing that the dollar amount or number of Common Shares that the Company desires to sell, taken together with (i) the Common Shares, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements with Persons other than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities as to which Registration has been requested pursuant to <u>Section 2.3</u> hereof, and (iii) the Common Shares, if any, as to which Registration has been requested pursuant to separate written contractual piggy-back registration rights of other shareholders of the Company, exceeds the Maximum Number of Securities, then:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If the Registration is undertaken for the Company's account, the Company shall include in any such Registration (A) first, Common Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to <u>Section 2.3.1</u> hereof and Common Shares or other equity securities, if any, as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other shareholders of the Company (pro rata based on the respective number of Common Shares or other equity securities that each shareholder holds prior to such Underwritten Offering), which can be sold without exceeding the Maximum Number of Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Registration is pursuant to a request by Persons other than the Holders of Registrable Securities, then the Company shall include in any such Registration (A) first, Common Shares or other equity securities, if any, of such requesting Persons, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to <u>Section 2.3.1</u> and Common Shares or other equity securities for the account of other Persons that the Company is obligated to register pursuant to separate written contractual arrangements with such Persons (pro rata based on the respective number of Common Shares or other equity securities that each shareholder holds prior to such Underwritten Offering), which can be sold without exceeding the Maximum Number of Securities; and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), Common Shares or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.3 <u>Piggyback Registration Withdrawal</u>. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback Registration. The Company (whether on its own good faith determination or as the result of a request for withdrawal by Persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement. Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with the Piggyback Registration prior to its withdrawal under this <u>Section 2.3.3</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3.4 <u>Unlimited Piggyback Registration Rights</u>. For purposes of clarity, any Registration effected pursuant to <u>Section 2.3</u> hereof shall not be counted as a Registration pursuant to a Demand Registration effected under <u>Section 2.2</u> hereof.

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2.4 <u>Restrictions on Registration Rights</u>. If (A) during the period starting with the date sixty (60) days prior to the Company's good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of, a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand Registration pursuant to <u>Section 2.2.1</u> and it continues to actively employ, in good faith, all reasonable efforts to cause the applicable Registration Statement to become effective; (B) the Holders have requested an Underwritten Offering and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (C) in the good faith judgment of the Board such Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential to defer the filing of such Registration Statement at such time, then in each case the Company shall furnish to such Holders a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the Company for such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of such Registration Statement. In such event, the Company shall have the right to defer such filing for a period of not more than thirty (30) days; <u>provided</u>, <u>however</u>, that the Company shall not defer its obligation in this manner more than once in any 12-month period.

#### ARTICLE 3

#### PROCEDURES

3.1 <u>General Procedures</u>. Whenever the Company is required to effect the registration of any Registrable Securities pursuant to <u>Article 2</u> of this Agreement, the Company shall use commercially reasonable efforts to effect the registration and sale of such Registrable Securities in accordance with the intended method(s) of distribution thereof as promptly as practicable, and in connection with any such request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.1 prepare and file with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such Registration Statement have been sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.2 prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus, as may be requested by the Holders or any Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.3 prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters, if any, and the Holders of Registrable Securities included in such Registration, and such Holders' legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such Holders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.4 prior to any public offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered by the Registration Statement under such securities or "blue sky" laws of such jurisdictions in the United States as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions; <u>provided</u>, <u>however</u>, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise so subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.5 cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are then listed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.6 provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.7 advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if such stop order should be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.8 at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish a copy thereof to each seller of such Registrable Securities or its counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.9 notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes a Misstatement, and then to correct such Misstatement as set forth in <u>Section 3.4</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.10 permit a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter to participate, at each such Person's own expense, in the preparation of the Registration Statement, and cause the Company's officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration; <u>provided</u>, <u>however</u>, that such representatives or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such information;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.11 obtain a "cold comfort" letter from the Company's independent registered public accountants in the event of an Underwritten Offering, in customary form and covering such matters of the type customarily covered by "cold comfort" letters as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.12 on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a majority in interest of the participating Holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.13 in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the managing Underwriter of such offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.14 make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months beginning with the first day of the Company's first full calendar quarter after the effective date of the Registration Statement which satisfies the provisions of <u>Section 11(a)</u> of the Securities Act and Rule 158 thereunder (or any successor rule promulgated thereafter by the Commission);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.15 if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of [$25],000,000, use its reasonable efforts to make available senior executives of the Company to participate in customary "road show" presentations that may be reasonably requested by the Underwriter in any Underwritten Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.16 otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection with such Registration, including, without limitation, making available senior executives of the Company to participate in any due diligence sessions that may be reasonably requested by the Underwriter in any Underwritten Offering.

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3.2 <u>Registration Expenses</u>. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the Holders shall bear Underwriters' commissions and discounts relating to the sale of Registrable Securities, and, other than as set forth in the definition of "Registration Expenses," all reasonable fees and expenses of any legal counsel representing the Holders.

3.3 <u>Requirements for Participation in Underwritten Offerings</u>. No Person may participate in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder unless such Person (i) agrees to sell such Person's securities on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements.

3.4 <u>Suspension of Sales; Adverse Disclosure</u>. Upon receipt of written notice from the Company that a Registration Statement or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until he, she or it is advised in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company's control, the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in no event more than thirty (30) days, determined in good faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised its rights under this <u>Section 3.4</u>.

3.5 <u>Reporting Obligations</u>. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to <u>Sections 13(a)</u> or <u>15(d)</u> of the Exchange Act and <u>Section 30(b)(2)</u> of the 1940 Act and to promptly furnish the Holders with true and complete copies of all such filings. The Company further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable such Holder to sell Registrable Securities held by such Holder without registration under the Securities Act within the limitation of the exemptions provided by Rule 144, including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.

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#### ARTICLE 4

#### INDEMNIFICATION AND CONTRIBUTION

4.1 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.1 The Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and each Person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including attorneys' fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly for use therein. The Company shall indemnify the Underwriters, their officers and directors and each Person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.2 In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including, without limitation, reasonable attorneys' fees) resulting from any untrue statement of material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; <u>provided</u>, <u>however</u>, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each Person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.3 Any Person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person's right to indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party's reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such claim or litigation.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.4 The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions as are reasonably requested by any indemnified party for contribution to such party in the event the Company's or such Holder's indemnification is unavailable for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.5 If the indemnification provided under <u>Section 4.1</u> hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party's and indemnified party's relative intent, knowledge, access to information and opportunity to correct or prevent such action; <u>provided</u>, <u>however</u>, that the liability of any Holder under this <u>Section 4.1.5</u> shall be limited to the amount of the net proceeds received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in <u>Sections 4.1.1</u>, <u>4.1.2</u> and <u>4.1.3</u> above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this <u>Section 4.1.5</u> were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations referred to in this <u>Section 4.1.5</u>. No Person guilty of fraudulent misrepresentation (within the meaning of <u>Section 11(f)</u> of the Securities Act) shall be entitled to contribution pursuant to this <u>Section 4.1.5</u> from any Person who was not guilty of such fraudulent misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.6 No party shall be entitled to indemnification under this <u>Article 4</u> if such indemnification of such party would violate Section 17(i) of the 1940 Act.

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#### ARTICLE 5

#### MISCELLANEOUS

5.1 <u>Notices</u>. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail, telecopy, telegram or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third Business Day following the date on which it is mailed and, in the case of notices delivered by courier service, hand delivery, electronic mail, telecopy, telegram or facsimile, at such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, to: 787 Eleventh Avenue, 9th Floor, New York, NY 10019, Attention: Steve Milankov, and, if to any Holder, at such Holder's address or facsimile number as set forth in the Company's books and records. Any party may change its address for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery of such notice as provided in this <u>Section 5.1</u>.

5.2 <u>Assignment; No Third Party Beneficiaries</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.1 This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.2 This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and the permitted assigns of the Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.3 This Agreement shall not confer any rights or benefits on any Persons that are not parties hereto, other than as expressly set forth in this Agreement and <u>Section 5.2</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.4 No assignment by any party hereto of such party's rights, duties and obligations hereunder shall be binding upon or obligate the Company unless and until the Company shall have received (i) written notice of such assignment as provided in <u>Section 5.1</u> hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment made other than as provided in this <u>Section 5.2</u> shall be null and void.

5.3 <u>Counterparts</u>. This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

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5.4 <u>Governing Law; Venue</u>. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THE AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN NEW YORK COUNTY IN THE STATE OF NEW YORK. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.

5.5 <u>Amendments and Modifications</u>. Upon the written consent of the Company and the Holders of at least a majority in interest of the Registrable Securities at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions, covenants or conditions may be amended or modified; <u>provided</u>, <u>however</u>, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in his, her or its capacity as a holder of the shares of beneficial interest in the Company, in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

5.6 <u>Other Registration Rights</u>. The Company represents and warrants that no Person, other than Holders of Registrable Securities, has any right to require the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration Statement filed by the Company for the sale of securities for its own account or for the account of any other Person.

5.7 <u>Term</u>. This Agreement shall terminate upon the date as of which (A) all of the Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the Commission)) or (B) the Holders of all Registrable Securities are permitted to sell the Registrable Securities under Rule 144 without limitation on the amount of securities sold or the manner of sale. The provisions of <u>Section 3.5</u> and <u>Article 5</u> shall survive any termination.

5.8 <u>Surviving Corporation</u>. In the event of any merger, consolidation or reorganization involving the Company in which the Company is not the surviving entity, the Company shall cause the surviving entity, upon and as a condition to the consummation of the merger, consolidation or reorganization, to execute an amendment to this Agreement pursuant to which the surviving corporation agrees to assume all of the obligations of the Company hereunder.

[*SIGNATURE PAGES FOLLOW*]

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**IN WITNESS WHEREOF**, the undersigned have caused this Agreement to be executed as of the date first written above.

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| | |
|:---|:---|
| **COMPANY:**<br> **** <br>**PERSHING SQUARE USA, LTD.** | **COMPANY:**<br> **** <br>**PERSHING SQUARE USA, LTD.** |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| **HOLDER:**<br>**PERSHING SQUARE PSUS HOLDINGS, LLC** | **HOLDER:**<br>**PERSHING SQUARE PSUS HOLDINGS, LLC** |
| By: | Pershing Square Holdco, LP, its Member |
| By: |  |
| Name: | William Ackman |
| Title: | Chief Executive Officer |

---

[Signature Page to Registration Rights Agreements]<br>

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## Ex-99.(K)(6)

#### Exhibit (k)(6)

#### FORM OF INDEMNIFICATION AGREEMENT

This Indemnification Agreement, dated as of June 26, 2024 (this "**Agreement**"), is entered into by and between Pershing Square USA, Ltd., a Delaware statutory trust (the "**Indemnitor**"), and the Indemnitee named on the signature page hereto ("**Indemnitee**").

WHEREAS, at the request of the Indemnitor, Indemnitee currently serves as a [trustee] [and] [officer] of the Indemnitor;

WHEREAS, Indemnitee may be subjected to actions, suits or proceedings arising as a result of the Indemnitee's service as a [trustee] [and] [officer] of the Indemnitor;

WHEREAS, as an inducement to Indemnitee to continue to serve as a [trustee] [and] [officer] of the Indemnitor, the Indemnitor has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such actions, suits or proceedings, to the fullest extent permitted by law; and

WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and the advancement of expenses.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth below, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

**Section 1.**

**Indemnification**.

To the fullest extent permitted by applicable law in effect on the date hereof and as amended from time to time (provided, however, that to the fullest extent permitted by applicable law, no change in applicable law shall have the effect of reducing the benefits available to Indemnitee hereunder based on applicable law as in effect on the date hereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indemnitor shall indemnify Indemnitee if Indemnitee was or is made or is threatened to be made a party to, or is otherwise involved in, as a witness or otherwise, any threatened, pending or completed action, suit or proceeding (brought by or in the right of the Indemnitor or otherwise), whether civil, criminal, administrative, regulatory, legislative or investigative and whether formal or informal, including any appeal therefrom, (i) by reason of the fact that Indemnitee is or was or has agreed to serve as a trustee, officer, employee or agent of the Indemnitor, or by reason of any action alleged to have been taken or omitted to be taken by Indemnitee in any such capacity, or (ii) by reason of the fact that Indemnitee is or was serving or has agreed to serve at the request of the Indemnitor as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity (each such entity, a "**Primary Obligor**") or by reason of any action alleged to have been taken or omitted to be taken by Indemnitee in any such capacity (each such action, suit or proceeding, a "**Proceeding**"). The indemnification of Indemnitee of the type identified in clause (ii) of this Section 1(a) shall be secondary to any and all indemnification to which such person is entitled from the relevant Primary Obligor (the "**Primary Indemnification**"), and will only be paid to the extent the Primary Indemnification is not paid and/or does not provide coverage. No such Primary Obligor shall be entitled to contribution or indemnification from or subrogation against the Indemnitor. If, notwithstanding the foregoing, the Indemnitor makes an indemnification payment or advances expenses to such an Indemnitee, the Indemnitor shall be subrogated to the rights of such Indemnitee against the relevant Primary Obligor.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnification provided by this Section 1 shall be from and against all loss and liability suffered and expenses (including attorneys' fees), judgments, fines, penalties, interest and amounts paid in settlement actually and reasonably incurred by or on behalf of Indemnitee in connection with any such Proceeding, and shall be broadly construed to include, without limitation, indemnification for any actual or alleged act or omission to act.

**Section 2.**

**Advance Payment of Expenses**. To the fullest extent permitted by applicable law, expenses (including attorneys' fees) incurred by Indemnitee in appearing at, participating in or defending any Proceeding or in connection with an enforcement action as contemplated by Section 4(f), shall be paid by the Indemnitor in advance of the final disposition of such Proceeding within 30 days after receipt by the Indemnitor of a statement or statements from Indemnitee requesting such advance or advances from time to time (which shall include or be preceded by (a) invoices received by the Indemnitee in connection with such expenses, but in the case of invoices for legal services, any references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by applicable law or court rules may be omitted, and (b) a written affirmation by Indemnitee of Indemnitee's good faith belief that the standard of conduct necessary for indemnification by the Indemnitor as authorized by law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion of any expenses advanced to Indemnitee relating to claims, issues or matters in the action, suit or proceeding as to which it shall ultimately be established that the standard of conduct has not been met), whether prior to or after final disposition of any action, suit or proceeding. Notwithstanding anything to the contrary herein, for so long as the Indemnitor is registered under the Investment Company Act of 1940, as amended (the "**<u>Investment Company</u> <u>Act</u>**"), and to the extent required under the Investment Company Act, any advancement of expenses shall be subject to at least one of the following as a condition of the advancement:

(i) Indemnitee shall provide adequate security for his or her undertaking, (ii) the Indemnitor shall be insured against losses arising by reason of any lawful advances or (iii) a majority of a quorum of the Disinterested Non-Party Trustees (as defined below), or Independent Counsel (as defined below), in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full-trial-type inquiry), that there is no reason to believe that Indemnitee ultimately will be found to not be entitled to indemnification. The Indemnitee hereby undertakes to repay any amounts advanced (without interest) to the extent that it is ultimately determined that Indemnitee is not entitled under this Agreement to be indemnified by the Indemnitor in respect thereof, it being understood that Indemnitee may make any such payment in cash, through the delivery of equity interests in the Indemnitor (valued at fair value at the time of such delivery), or any combination thereof. Such undertaking shall be unsecured and accepted without reference to the financial ability of the Indemnitee to make repayment and without regard to Indemnitee's ultimate entitlement to indemnification under the other provisions of this Agreement. This Section 2 shall be subject to Section 4(c) and shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 7.

**Section 3.**

**<u>Indemnification for Expenses of a Party Who is Wholly or Partially</u> <u>Successful</u>**. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee is, by reason of Indemnitee's conduct indemnifiable hereunder, a party to and is successful, on the merits or otherwise, in any Proceeding, Indemnitee shall be indemnified against all expenses incurred by Indemnitee or on Indemnitee's behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Indemnitor shall indemnify Indemnitee against all expenses incurred by Indemnitee or on Indemnitee's behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Agreement, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, by reason of settlement, judgment, order or otherwise, shall be deemed to be a successful result as to such claim, issue or matter.

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**Section 4.**

**Procedure for Indemnification; Notification and Defense of Claim**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Indemnitee shall notify the Indemnitor in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement hereunder as soon as reasonably practicable following receipt by Indemnitee of written notice thereof or Indemnitee's otherwise becoming aware thereof. The written notification to Indemnitor shall include a description of the nature of the action, suit or proceeding and the facts underlying such action, suit or proceeding, in each case to the extent known by Indemnitee. The failure to promptly notify the Indemnitor of the commencement of the action, suit or proceeding, or of Indemnitee's request for indemnification, will not relieve the Indemnitor from any liability that it may have to Indemnitee hereunder, except to the extent the Indemnitor is materially prejudiced in its defense of such action, suit or proceeding as a result of such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To obtain indemnification under this Agreement, Indemnitee shall submit to the Indemnitor a written request therefor including such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to enable the Indemnitor to determine whether and to what extent Indemnitee is entitled to indemnification hereunder. The Secretary of the Indemnitor shall, promptly upon receipt of such a request for indemnification, advise the Board of Trustees of the Indemnitor (the "Board of Trustees") that Indemnitee has requested indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon written request by Indemnitee for indemnification pursuant to Section 4(a)(i), a determination, if required by applicable law and/or the Amended and Restated Agreement and Declaration of Trust of the Indemnitor (as may be amended from time to time, the "**Declaration of Trust**"), with respect to Indemnitee's entitlement thereto shall promptly be made by the Board of Trustees (or a duly authorized committee thereof) or by Independent Counsel, provided that the determination shall be made by Independent Counsel if so requested by Indemnitee and not otherwise prohibited by applicable law and/or the Declaration of Trust. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination in the discretion of the Board of Trustees or Independent Counsel. Any expenses actually and reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Indemnitor (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Indemnitor shall indemnify and hold Indemnitee harmless therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) With respect to any action, suit or proceeding of which the Indemnitor is so notified as provided in this Agreement, the Indemnitor shall, subject to the last two sentences of this Section 4(c), be entitled to assume the defense of such action, suit or proceeding, with counsel reasonably acceptable to Indemnitee, upon the delivery to Indemnitee of written notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such counsel by the Indemnitor, the Indemnitor will not be liable to Indemnitee under this Agreement for any subsequently-incurred fees of separate counsel engaged by Indemnitee with respect to the same action, suit or proceeding unless the employment of separate counsel by Indemnitee has been previously authorized in writing by the Indemnitor. Notwithstanding the foregoing, if Indemnitee, based on the advice of his or her counsel, shall have reasonably concluded (with written notice being given to the Indemnitor setting forth the basis for such conclusion) that, in the conduct of any such defense, there is or is reasonably likely to be a conflict of interest or position between the Indemnitor and Indemnitee, then (i) if such conflict is with respect to a significant issue as determined by the Indemnitee, with advice of counsel, the Indemnitor will not be entitled, without the written consent of Indemnitee, to assume such defense and (ii) counsel selected by the Indemnitee shall conduct the defense of the Indemnitee to the extent reasonably determined by such counsel to be necessary to protect the interests of the Indemnitee, and the Indemnitor shall indemnify the Indemnitee therefore to the extent otherwise permitted under this Agreement. In addition, the Indemnitor will not be entitled, without the written consent of Indemnitee, to assume the defense of (1) any claim brought by or in the right of the Indemnitor or (2) any action, suit or proceeding for which the Indemnitor shall not have provided to Indemnitee written notice of Indemnitor's election to assume the defense of within 30 days after receiving notice of such action, suit or proceeding as provided in this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the fullest extent permitted by applicable law, the Indemnitor's assumption of the defense of an action, suit or proceeding in accordance with Section 4(c) will constitute an irrevocable acknowledgement by the Indemnitor that any loss and liability suffered by Indemnitee and expenses (including attorneys' fees), judgments, fines and amounts paid in settlement by or for the account of Indemnitee incurred in connection therewith are indemnifiable by the Indemnitor under Section 1 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The determination whether to grant Indemnitee's indemnification request shall be made promptly and in any event within 30 days following the Indemnitor's receipt of a request for indemnification in accordance with Section 4(a)(ii). If the Indemnitor determines that Indemnitee is entitled to such indemnification or, as contemplated by Section 4(d), the Indemnitor has acknowledged such entitlement, the Indemnitor will make payment to Indemnitee of the indemnifiable amount within such 30 day period. If the Indemnitor is not deemed to have so acknowledged such entitlement or the Indemnitor's determination of whether to grant Indemnitee's indemnification request shall not have been made within such 30 day period, the requisite determination of entitlement to indemnification shall, subject to Section 7, nonetheless be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) In the event that (i) the Indemnitor determines in accordance with this Section 4 that Indemnitee is not entitled to indemnification under this Agreement, (ii) the Indemnitor denies a request for indemnification, in whole or in part, or fails to respond or make a determination of entitlement to indemnification within 30 days following receipt of a request for indemnification as described above, (iii) payment of indemnification is not made within such 30 day period, (iv) advancement or indemnification of expenses is not timely made in accordance with Section 2 or Section 3, or (v) the Indemnitor or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication in any court of competent jurisdiction (subject to Section 21) of his or her entitlement to such indemnification or advancement of expenses. Indemnitee's expenses (including attorneys' fees) incurred in connection with determining Indemnitee's right to indemnification or advancement of expenses, in whole or in part, in any such proceeding or otherwise shall also be indemnified by the Indemnitor to the fullest extent permitted by applicable law (whether such efforts are successful or unsuccessful).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Indemnitee shall be presumed to be entitled to indemnification and advancement of expenses under this Agreement upon submission of a request therefor in accordance with Section 2, Section 3 or Section 4 of this Agreement, as the case may be. The Indemnitor shall have the burden of proof in overcoming such presumption, and such presumption shall be used as a basis for a determination of entitlement to indemnification and advancement of expenses unless the Indemnitor overcomes such presumption by clear and convincing evidence. No determination by the Indemnitor (including by trustees or any Independent Counsel) that the Indemnitee has not satisfied any applicable standard of conduct shall be a defense to any claim by the Indemnitee for indemnification or reimbursement or advance payment of expenses by the Indemnitor hereunder or create a presumption that the Indemnitee has not met any applicable standard of conduct. The termination of any proceeding by judgment, order, settlement, conviction or upon a plea of *nolo contendere* or its equivalent, shall not, of itself, create a presumption that the Indemnitee did not meet the requisite standard of conduct described herein for indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Indemnitor for some portion of expenses, judgments, fines, penalties, interest and amounts paid in settlement, but not the total amount thereof, the Indemnitor shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

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**Section 5.**

**Insurance; Subrogation; Investment Company Act**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Indemnitor will use its reasonable best efforts to acquire trustees and officers liability insurance, on terms and conditions deemed appropriate by the Board of Trustees, with a reputable insurance company providing Indemnitee with coverage, subject to the terms and conditions of such policy or policies, for any liability asserted against, and incurred by, Indemnitee or on Indemnitee's behalf by reason of the fact that Indemnitee is or was or has agreed to serve as a trustee, officer, employee or agent of the Indemnitor, or serving at the request of the Indemnitor as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity, or arising out of Indemnitee's status as such. Indemnitee shall be named as an insured in all policies of trustee and officer liability insurance in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of Indemnitor's officers and trustees. If, at the time of the receipt of a notice of a claim pursuant to the terms of this Agreement, Indemnitor has trustee and officer liability insurance in effect, Indemnitor shall give prompt notice of the commencement of such proceeding to the insurers in accordance with the procedures set forth in the respective policies. Indemnitor shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of any payment by the Indemnitor under this Agreement, the Indemnitor shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee with respect to any insurance policy. Indemnitee shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Indemnitor to bring suit to enforce such rights in accordance with the terms of such insurance policy. The Indemnitor shall pay or reimburse all expenses actually and reasonably incurred by Indemnitee in connection with such subrogation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Indemnitor shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as expenses hereunder (including, but not limited to, judgments, fines and amounts paid in settlement, and excise taxes with respect to an employee benefit plan or penalties) if and to the extent that (i) Indemnitee has otherwise actually received such payment under this Agreement or any insurance policy, contract, agreement or otherwise, or (ii) for so long as the Indemnitor is registered under the Investment Company Act, indemnification or payment or reimbursement of expenses would not be permissible under the Investment Company Act.

**Section 6.**

**Certain Definitions**. For purposes of this Agreement, the following definitions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The term "**action, suit or proceeding**" shall be broadly construed and shall include, without limitation, the investigation (formal or informal), preparation, prosecution, defense, settlement, arbitration, mediation and appeal of, and the giving of testimony in, any threatened, pending or completed investigation, audit, claim, action, suit, arbitration, alternative dispute resolution mechanism, hearing or other proceeding, whether civil, criminal, administrative, regulatory, legislative or investigative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term "**Disinterested Non-Party Trustee**" means a trustee of the Indemnitor who (1) is not an "interested person" of the Indemnitor as defined in Section 2(a)(19) of the Investment Company Act and (2) who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The term "**expenses**" shall be broadly construed and shall include, without limitation, all direct and indirect costs of any type or nature whatsoever (including, without limitation, all attorneys' fees, retainers, court costs, fees of experts and other professionals, witness fees, travel expenses, duplicating, printing and binding costs, telephone charges, postage, delivery service fees, facsimile transmission charges, secretarial services, any federal, state, local or foreign taxes imposed on Indemnitee as a result of actual or deemed receipt of any payments under this Agreement, appeal bonds, all other disbursements and other out-of-pocket costs of the types customarily incurred in connection with, or as a result of, prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a deponent or a witness, or otherwise participating in any action, suit or proceeding and reasonable compensation for time spent by Indemnitee for which Indemnitee is not otherwise compensated by the Indemnitor or any third party), actually and reasonably incurred by Indemnitee in connection with either the investigation, defense or appeal of an action, suit or proceeding or establishing or enforcing a right to indemnification under this Agreement or otherwise incurred in connection with a claim that is indemnifiable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The term "**Independent Counsel**" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Indemnitor or Indemnitee in any matter material to either such party, or (ii) any other party to or witness in the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Indemnitor or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The term "**judgments, fines and amounts paid in settlement**" shall be broadly construed and shall include, without limitation, all direct and indirect payments of any type or nature whatsoever (including, without limitation, all penalties and amounts required to be forfeited or reimbursed to the Indemnitor), as well as any penalties or excise taxes assessed on a person with respect to an employee benefit plan.

**Section 7.**

**Limitation on Indemnification**. Notwithstanding any other provision herein to the contrary:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Claims Initiated by Indemnitee</u>. The Indemnitor shall not be obligated pursuant to this Agreement to indemnify or advance expenses to Indemnitee with respect to any action, suit or proceeding (or part thereof) initiated by Indemnitee, except with respect to any compulsory counterclaim brought by Indemnitee or an action, suit or proceeding brought to establish or enforce a right to indemnification or advancement of expenses under this Agreement (which shall be governed by the provisions of Section 4(f) of this Agreement), unless such action, suit or proceeding (or part thereof) was authorized or consented to by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 16(b) Matters</u>. The Indemnitor shall not be obligated pursuant to this Agreement to indemnify Indemnitee on account of any action, suit or proceeding in which Indemnitee agrees to or is liable for disgorgement of profits made from the purchase or sale by Indemnitee of securities pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Bad Faith or Misconduct Generally</u>. The Indemnitor shall not be obligated pursuant to this Agreement to indemnify Indemnitee on account of conduct by Indemnitee where such conduct has been determined by a final (not interlocutory) judgment or other adjudication of a court or arbitrator or administrative body of competent jurisdiction as to which there is no further right or option of appeal or the time within which an appeal must be filed has expired without such filing to have been (i) material to the matter giving rise to the action, suit or proceeding and (x) was committed in bad faith or (y) was the result of active and deliberate dishonesty, (ii) Indemnitee actually received an improper personal benefit in money, property or services, or (iii) in the case of any criminal action, suit or proceeding, Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Liability to the Indemnitor or its Shareholders</u>. The Indemnitor shall not be obligated pursuant to this Agreement to indemnify Indemnitee in respect of any liability to the Indemnitor or its shareholders to which the Indemnitee would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the Indemnitee's duties involved in the conduct of his or her office.

**Section 8.**

**Certain Settlement Provisions**. Notwithstanding any other provision herein to the contrary, the Indemnitor shall have no obligation to indemnify Indemnitee under this Agreement for any amounts paid in settlement of any action, suit or proceeding without the Indemnitor's prior written consent. The Indemnitor shall not settle any action, suit or proceeding in any manner that would impose any fine or other obligation on Indemnitee without Indemnitee's prior written consent. Neither the Indemnitor nor Indemnitee will unreasonably withhold his, her or its consent to any proposed settlement.

**Section 9.**

**Savings Clause**. If any provision or provisions (or portion thereof) of this Agreement shall be invalidated on any ground by any court of competent jurisdiction, then the Indemnitor shall nevertheless indemnify Indemnitee if Indemnitee was or is made or is threatened to be made a party or is otherwise involved in any threatened, pending or completed action, suit or proceeding (brought by or in the right of the Indemnitor or otherwise), whether civil, criminal, administrative, regulatory, legislative or investigative and whether formal or informal, including appeals, by reason of the fact that Indemnitee is or was or has agreed to serve as a trustee, officer, employee or agent of the Indemnitor, or is or was serving or has agreed to serve at the request of the Indemnitor as a director, officer, employee or agent (which, for the purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity, or by reason of any action alleged to have been taken or omitted in such capacity, from and against all loss and liability suffered and expenses, liabilities, judgments, fines and amounts paid in settlement reasonably incurred by or on behalf of Indemnitee in connection with such action, suit or proceeding, including any appeals, to the fullest extent permitted by any applicable portion of this Agreement that shall not have been invalidated and to the fullest extent permitted by applicable law.

**Section 10.**

In order to provide for just and equitable contribution in circumstances in which the indemnification provided for herein is held by a court of competent jurisdiction to be unavailable to Indemnitee in whole or in part, it is agreed that, in such event, the Indemnitor shall, to the fullest extent permitted by applicable law, contribute to the payment of all of Indemnitee's loss and liability suffered and expenses (including attorney's fees), liabilities judgments, fines and amounts paid in settlement reasonably incurred by or on behalf of Indemnitee in connection with any action, suit or proceeding, including any appeals, in an amount that is just and equitable in the circumstances; provided, that, without limiting the generality of the foregoing, such contribution shall not be required where such holding by the court is due to any limitation on indemnification set forth in Section 7 or 8 hereof.

**Section 11.**

**Severability**. If any provision of this Agreement is invalid or unenforceable under any applicable law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform with such applicable law. Any provision hereof which may be held invalid or unenforceable under any applicable law shall not affect the validity or enforceability of any other provisions hereof, and to this extent the provisions hereof shall be severable.

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**Section 12.**

**Form and Delivery of Communications**. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand, upon receipt by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier, one day after deposit with such courier and with written verification of receipt, or (d) sent by email or facsimile transmission, with receipt of oral confirmation that such transmission has been received. Notice to the Indemnitor shall be directed to: 787 Eleventh Avenue, 9th Floor, New York, New York 10019, Email: legal@persq.com and notice to the Indemnitee shall be directed to the Indemnitee as set forth on the signature page hereto, or such other address, email or facsimile number as may have been furnished by such party by notice in accordance with this Section 12.

**Section 13.**

**Nonexclusivity; Survival of Rights**. The provisions for indemnification and advancement of expenses set forth in this Agreement shall be in addition to, but not exclusive of, any other rights which Indemnitee may have at any time under applicable law, any governing documents of Indemnitor or any other agreement, vote of shareholders or trustees (or a committee of trustees), or otherwise, both as to action in Indemnitee's official capacity and as to action in any other capacity as a result of Indemnitee's serving as a trustee or officer of Indemnitor. Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of the Declaration of Trust or bylaws of the Indemnitor, this Agreement or any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in respect of Indemnitee's conduct indemnifiable hereunder prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment, alteration or repeal.

**Section 14.**

**Enforcement**. The Indemnitor shall be precluded from asserting in any judicial proceeding that the procedures and presumptions of this Agreement are not valid, binding and enforceable. The Indemnitor agrees that its execution of this Agreement shall constitute a stipulation by which it shall be irrevocably bound in any court of competent jurisdiction in which a proceeding by Indemnitee for enforcement of his or her rights hereunder shall have been commenced, continued or appealed, that its obligations set forth in this Agreement are unique and special, and that failure of the Indemnitor to comply with the provisions of this Agreement will cause irreparable and irremediable injury to Indemnitee, for which a remedy at law will be inadequate. As a result, in addition to any other right or remedy Indemnitee may have at law or in equity with respect to breach of this Agreement, Indemnitee shall be entitled to injunctive or mandatory relief directing specific performance by the Indemnitor of its obligations under this Agreement.

**Section 15.**

**No Construction as Employment Agreement**. Nothing contained herein shall be construed as giving Indemnitee any right to be retained as a trustee, officer, employee and/or agent of the Indemnitor.

**Section 16.**

**Duration**. This Agreement shall continue until and terminate on the later of (a) the date that Indemnitee shall no longer serve in any of the following capacities: as a trustee, officer, employee or agent of Indemnitor or as a director, officer, employee or agent (which, for purposes hereof, shall include a trustee, fiduciary, partner or manager or similar capacity) of another corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other entity at the request of Indemnitor and (b) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to this Agreement).

**Section 17. <u>Interpretation of Agreement</u>**. It is understood that the parties hereto intend this Agreement to be interpreted and enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by applicable law.

------

**Section 18.**

**Entire Agreement**. Subject to Section 13, this Agreement and the documents expressly referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are expressly superseded by this Agreement.

**Section 19.** 

**Modification and Waiver**. No supplement, modification, waiver or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. For the avoidance of doubt, this Agreement may not be terminated by the Indemnitor without Indemnitee's prior written consent.

**Section 20.** 

**Successor and Assigns**. All of the terms and provisions of this Agreement shall be binding upon, shall inure to the benefit of and shall be enforceable by the parties hereto and their respective successors, assigns, heirs, executors, administrators and legal representatives. The Indemnitor shall require and cause any direct or indirect successor (whether by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Indemnitor, by written agreement in form and substance reasonably satisfactory to Indemnitee, to expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Indemnitor would be required to perform if no such succession had taken place.

**Section 21.**

**Governing Law**. The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflicts of laws rules. If a court of competent jurisdiction shall make a final determination that the provisions of the law of any state other than Delaware govern indemnification by the Indemnitor of Indemnitee, then the indemnification provided under this Agreement shall in all instances be enforceable to the fullest extent permitted under such law, notwithstanding any provision of this Agreement to the contrary.

**Section 22.** 

**Exclusive Delaware Jurisdiction; Jury Trial Waiver, etc.**. The parties, to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Act, 12 <u>Del.</u> <u>C.</u> §§ 3801 <u>et seq</u>., as from time to time amended, (a) irrevocably agree that any claims, suits, actions or proceedings arising out of or relating in any way to this Agreement (regardless of whether such claims, suits, actions or proceedings (i) sound in contract, tort, fraud or otherwise, (ii) are based on common law, statutory, equitable, legal or other grounds, or (iii) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, provided, however, that the courts of the United States of America located in the State of Delaware shall, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Investment Company Act, the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended and the courts of the United States of America, (b) irrevocably submit to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (c) irrevocably agree not to, and waive any right to, assert in any such claim, suit, action or proceeding that (i) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (ii) such claim, suit, action or proceeding is brought in an inconvenient forum, or (iii) the venue of such claim, suit, action or proceeding is improper, (d) expressly waive any requirement for the posting of a bond by a party bringing such claim, suit, action or proceeding, (e) consent to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (e) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (f) **IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUCH CLAIM, SUIT, ACTION OR PROCEEDING**.

**Section 23.** 

**Counterparts**. This Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument, notwithstanding that both parties are not signatories to the original or same counterpart. Each party understands and agrees that any portable document format (PDF) file, facsimile or other reproduction of its signature on any counterpart shall be equal to and enforceable as its original signature and that any such reproduction shall be a counterpart hereof that is fully enforceable in any court of competent jurisdiction.

**Section 24.** 

**Headings and Section References**. The section and subsection headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Section references are to this Agreement unless otherwise specified.

------

This Indemnification Agreement has been duly executed and delivered to be effective as of the date first stated above.

---

| |
|:---|
| PERSHING SQUARE USA, LTD. |
| By |
| Name: |
| Title: |

---

------

---

| |
|:---|
| INDEMNITEE: |
| Name: |
| Email: |
| Facsimile: |
| Address: |

---

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## Ex-99.(N)(1)

#### Exhibit (n)(1)

#### Consent of Independent Registered Public Accounting Firm

We consent to the references to our firm under the captions "Independent Registered Public Accounting Firm" in the Preliminary Prospectus, dated April 20, 2026, included in this Pre-Effective Amendment No. 2 to the Registration Statement (Form N-2, File No. 333-294164) of Pershing Square USA, Ltd. (the "Registration Statement").

We also consent to the use of our report dated October 28, 2025, with respect to the financial statements of Pershing Square USA, Ltd. as of September 30, 2025 and for the period from January 1, 2025 to September 30, 2025, the year ended December 31, 2024, and the period from November 28, 2023 (inception) to December 31, 2023, included in this Registration Statement, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP

New York, NY

April 20, 2026

------

Consent of Independent Registered Public Accounting Firm

We consent to the use of our report dated March 9, 2026, with respect to the consolidated financial statements of Pershing Square Holdco, L.P., included in Amendment No. 2 to the Registration Statement (Form S-1, File No. 333-294165) and related Prospectus of Pershing Square Holdco, L.P., in this Pre-Effective Amendment No. 2 to the Registration Statement (Form N-2, File No. 333-294164) of Pershing Square USA, Ltd.

/s/ Ernst & Young LLP

New York, NY

April 20, 2026

------

## Ex-99.(N)(2)

#### Exhibit (n)(2)

#### <br>

---

| | |
|:---|:---|
| ![](ny20064799x10_exn2-logo.jpg) |  |
|  | KPMG LLP<br> 2323 Ross Avenue<br> Suite 1400<br> Dallas, TX 75201 |

---

#### Consent of Independent Registered Public Accounting Firm

We consent to the use of our report dated February 19, 2026, with respect to the consolidated financial statements of Howard Hughes Holdings Inc., and the effectiveness of internal control over financial reporting, included herein and to the reference to our firm under the heading "Experts" in the prospectus of Pershing Square Holdco, L.P.

/s/ KPMG LLP

Dallas, Texas

April 20, 2026

------

## Ex-99.(T)

------

**Exhibit (t)**<br>

#### <br>

#### **TABLE OF CONTENTS**

**The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. SUBJECT TO COMPLETION** 

<br> #### PRELIMINARY PROSPECTUS, DATED APRIL 20, 2026
![](logo_pershingsquareinc.jpg)<br>

#### Pershing Square Inc.

#### Common Stock

#### (par value $0.001)
This prospectus is being provided to you along with the separate prospectus ("PSUS Prospectus") of Pershing Square USA, Ltd. ("PSUS") related to the proposed distribution (together with related transactions, the "PSUS IPO") of common shares of beneficial interest of PSUS (the "PSUS Shares" and each, a "PSUS Share") at a public offering price of $50.00 per share. This offering and the PSUS IPO are component parts of a single offering, which we refer to as the "combined offering." PSUS is a non-diversified, closed-end investment company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Our wholly owned subsidiary, Pershing Square Capital Management, L.P., serves as the investment manager of PSUS.

We are issuing our shares in this offering only to the initial investors in the PSUS IPO. We currently expect to deliver to each initial investor in the PSUS IPO, for no additional consideration, 1 share of our common stock for every 5 PSUS Shares purchased in the PSUS IPO, including any PSUS Shares acquired by the underwriters in connection with the exercise of their option to purchase additional PSUS Shares, as described in the accompanying PSUS Prospectus. The combined offering will not result in any proceeds to us.

Prior to the combined offering, there has been no public market for our common stock. We have applied to list our shares of common stock on the New York Stock Exchange (the "NYSE") under the trading symbol "PS" concurrently with the listing on the NYSE of the PSUS Shares in connection with the PSUS IPO. Shares of our common stock and the PSUS Shares will each trade separately on the NYSE, and investors may freely sell each security separately.

PSUS has secured $2.8 billion in commitments (which includes the $100 million common shares investment we have agreed to make) from a number of qualified investors (the "private placement investors") consisting of U.S. and international institutional investors, including family offices (30%), pension funds (25%), insurance companies (22%), ultra-high-net-worth investors (12%) and other investors (11%), that have agreed to acquire an aggregate of 56.3 million PSUS Shares at a price of $50.00 per share in a private placement transaction (the "PSUS Private Placement") exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). We will deliver to each private placement investor (but not to us in connection with our $100 million private placement investment), for no additional consideration, 1.5 shares of our common stock for every 5 PSUS Shares purchased in the PSUS Private Placement, for an aggregate of 16.3 million shares of our common stock, in a private placement transaction exempt from registration under the Securities Act (the "PS Private Placement" and together with the PSUS Private Placement, the "combined private placement"). We refer to the combined private placement and the combined offering together as the "combined transaction." The agreements with the private placement investors provide that the combined private placement will be settled concurrently with, and will be contingent upon, the closing of the combined offering and the satisfaction of other customary closing conditions. PSUS currently expects to raise between $5 billion and $10 billion in the combined transaction, consisting of the $2.8 billion in the PSUS Private Placement and between $2.2 billion and $7.2 billion, respectively, in the PSUS IPO. See "Unaudited Pro Forma Consolidated Financial Information."

Upon completion of the combined transaction, assuming PSUS raises $5 billion in the combined transaction and assuming PSUS raises $10 billion in the combined transaction, certain members of our senior management will initially own, directly or indirectly, 63.9% or 60.1%, respectively, of the outstanding shares of our common stock (or 63.6% or 59.2%, respectively, if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus). PS Holdco GP Managing Member, LLC ("ManagementCo"), an entity managed by these members of our senior management, will have voting power over all of these shares, and as a result, will initially have voting power over 74.6% or 70.2% of our outstanding common stock (or 74.3% or 69.2% if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares), assuming PSUS raises $5 billion in the combined transaction and assuming PSUS raises $10 billion in the combined transaction, respectively. As a result, upon completion of the combined transaction, we will be a "controlled company" within the meaning of the corporate governance standards of the NYSE. See "Summary—Implications of Being a Controlled Company."

In addition, we have implemented a special voting arrangement that would have no impact for so long as ManagementCo continues to have the power to vote a majority of our common stock, but, in the event this were no longer the case, would protect our firm from change of control events, such as the risk that changes in the ownership of our voting securities could be deemed to have resulted in an "assignment" of our investment management agreements under the 1940 Act or the Investment Advisers Act of 1940, as amended, or a "change of control" under the indentures governing the senior notes of Pershing Square Holdings, Ltd. More specifically, ManagementCo will hold a Special Voting Share (as defined herein) that has no economic rights and has voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of our common stock. See "Description of Capital Stock—Preferred Stock—Special Voting Share." Because the shares of our common stock over which ManagementCo will initially have voting power will provide it with in excess of a simple majority of the voting power of the outstanding shares of our common stock, the Special Voting Share will initially provide only a single additional vote to ManagementCo.

We are an "emerging growth company" as defined under the federal securities laws and, as such, may elect to comply with certain reduced public company reporting requirements. See "Summary—Implications of Being an Emerging Growth Company."

#### In reviewing this prospectus, you should carefully consider the matters described in the section titled "Risk Factors" beginning on page 31 of this prospectus.

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total** |
| Initial public offering price<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0  | &nbsp;&nbsp; $0 |
| Underwriting discounts and commissions<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |
| &nbsp;&nbsp; Proceeds, before expenses, to Pershing Square Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp; $0 |

---

(1)<br> The shares of our common stock in this offering are being issued only to the initial investors in the PSUS IPO for no additional consideration.

(2) The underwriters for this offering and the offering of PSUS Shares in the PSUS IPO will be the same. The underwriters will receive no discounts or commissions in connection with this offering. In connection with the PSUS IPO, the underwriters will receive a commission and be reimbursed for certain out-of-pocket expenses and certain underwriters will also receive structuring fees. Please see the section titled "Underwriting" in the accompanying PSUS Prospectus and in this prospectus for a description of arrangements with the underwriters. 

The underwriters expect to deliver the shares of our common stock to the initial investors in the PSUS IPO in New York, New York on or about , 2026.

#### Global Coordinators & Bookrunners

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Citigroup** | **UBS** <br>**Investment Bank** | **BofA** <br>**Securities** | **Jefferies** | **Wells Fargo** <br>**Securities** |

---

#### Bookrunners

---

| | | |
|:---|:---|:---|
| **RBC Capital Markets** | **BTG Pactual** | **Keefe, Bruyette & Woods, Inc.**<br>***A Stifel Company*** |

---

#### Co-Lead Managers

---

| | | |
|:---|:---|:---|
| **Academy Securities** | **Huntington Capital Markets**  | **Loop Capital Markets** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Oppenheimer & Co.** | **Piper Sandler**  | **Roberts & Ryan** | **Wedbush Securities** |

---

#### Co-Managers

---

| | | |
|:---|:---|:---|
| **Aegis Capital Corp.** | **AmeriVet Securities** | **C.L. King & Associates** |
| **CastleOak Securities, L.P.** | **Clear Street** | **InspereX** |
| **Jones** | R. Seelaus & Co., LLC | **Samuel A. Ramirez & Company, Inc.** |
| **Siebert Williams Shank** |  | **Tigress Financial Partners** |

---

#### Selected Selling Group Members

---

| | |
|:---|:---|
| **Charles Schwab & Co., Inc.** | **Robinhood Financial LLC** |

---

The date of this prospectus is , 2026

------

#### **TABLE OF CONTENTS**
**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Summary](#tSUM) | &nbsp;&nbsp;&nbsp; [1](#tSUM) |
| [Risk Factors](#tRF) | &nbsp;&nbsp; [31](#tRF) |
| [Forward-Looking Statements](#tFLS) | &nbsp;&nbsp; [62](#tFLS) |
| [Market and Industry Data](#tMAR) | &nbsp;&nbsp; [62](#tMAR) |
| [Trademarks, Service Marks and Trade Names](#tTRA) | &nbsp;&nbsp; [62](#tTRA) |
| &nbsp;&nbsp; [Use of Proceeds](#tUSE) | &nbsp;&nbsp; [63](#tUSE) |
| [Dividend Policy](#tDIV) | &nbsp;&nbsp; [64](#tDIV) |
| [Capitalization](#tCAP) | &nbsp;&nbsp; [65](#tCAP) |
|  [Unaudited Pro Forma Consolidated Financial Information](#tUPF) | &nbsp;&nbsp; [66](#tUPF) |
|  [Management's Discussion and Analysis of Financial Condition and Results of Operations](#tMDA) | &nbsp;&nbsp; [76](#tMDA) |
| [Business](#tBUS) | [105](#tBUS) |
| [Management](#tMAN) | [139](#tMAN) |

---

---

| | |
|:---|:---|
| [Executive Compensation](#tEC) | [145](#tEC) |
| [Director Compensation](#tDC) | [154](#tDC) |
|  [Certain Relationships and Related Person Transactions](#tCER) | [155](#tCER) |
| &nbsp;&nbsp; [Principal Stockholders](#tPS) | [160](#tPS) |
| &nbsp;&nbsp; [Description of Capital Stock](#tDES) | [163](#tDES) |
| [Certain U.S. Federal Income Tax Consequences](#tCUF) | [172](#tCUF) |
| &nbsp;&nbsp; [Shares Eligible for Future Sale](#tSE) | [176](#tSE) |
| [Underwriting](#tUNW) | [178](#tUNW) |
| &nbsp;&nbsp; [Legal Matters](#tLM) | [193](#tLM) |
| [Experts](#tEX) | [193](#tEX) |
| [Where You Can Find More Information](#tWYC) | [193](#tWYC) |
| &nbsp;&nbsp; [Index to Financial Statements](#tFS) | [F-1](#tFS) |

---

**Neither we nor the underwriters have authorized anyone to provide any information other than that contained in this prospectus, any amendment or supplement to this prospectus or in any free writing prospectuses we have prepared. We and the underwriters take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We and the underwriters are offering shares of our common stock only in jurisdictions where offers are permitted. The information in this prospectus is accurate only as of the date of this prospectus, regardless of the time of delivery of this prospectus or any delivery of shares of our common stock. Our business, financial condition, results of operations, and prospects may have changed since that date.** 

Through and including , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter.

For investors outside the United States: Neither we nor the underwriters have done anything that would permit our initial public offering or possession or distribution of this prospectus in any jurisdiction where action for that purpose is required, other than in the United States. Persons outside the United States who come into possession of this prospectus must inform themselves about, and observe any restrictions relating to, the offering of the shares of our common stock and the distribution of this prospectus outside of the United States.

#### Financial Statement Presentation
Except as disclosed in the prospectus, the historical consolidated financial statements and summary historical consolidated financial information and other financial information included in this registration statement are those of Pershing Square Holdco, L.P. or its predecessor, Pershing Square Capital Management, L.P. ("PSCM"), and do not give effect to the Corporate Conversion and the other transactions described in "Summary—Reorganization Transactions." See "Summary—Reorganization Transactions" and "Unaudited Pro Forma Consolidated Financial Information" for more information.

Certain amounts, percentages, and other figures included in this prospectus have been subject to rounding adjustments. Percentage amounts included in this prospectus have been calculated, in some cases, not on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this prospectus may vary from those obtained by performing the same calculations using the figures on the face of our consolidated financial statements included elsewhere in this prospectus. Certain other amounts that appear in this prospectus may not sum due to rounding.

i<br>

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#### **TABLE OF CONTENTS**

#### Certain Definitions
As used in this prospectus, "Pershing Square," the "Company," "our company," "we," "us" and "our" refer (i) prior to the consummation on May 31, 2024 of the transaction pursuant to which a consortium of strategic investors (the "Strategic Investors") acquired minority interests in our business (the "Strategic Investment"), to PSCM, a Delaware limited partnership, and its consolidated subsidiaries, (ii) after the Strategic Investment but prior to the consummation of the Corporate Conversion, described under "Summary—Reorganization Transactions," to Pershing Square Holdco, L.P. and its consolidated subsidiaries and (iii) following the Corporate Conversion and the combined offering, to Pershing Square Inc. and its consolidated subsidiaries, including PSCM. In addition, unless otherwise noted or the context requires otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;• "assets under management" or "AUM" means, with respect to our core funds and PSVII, the net assets of our core funds and PSVII as
 calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") or International Financial Reporting Standards ("IFRS"), as applicable, while adding back the principal value of PSH's outstanding bonds without double
 counting the investment made by any of our funds in PSVII. Assets under management or AUM means, with respect to HHH, the market capitalization of HHH plus its net mortgages, notes, and loans payable as disclosed in its most recent
 publicly available filing;

&nbsp;&nbsp;&nbsp;&nbsp;• "combined offering" refers collectively to this initial public offering of shares of our common stock together with the initial
 public offering of PSUS Shares;

&nbsp;&nbsp;&nbsp;&nbsp;• "combined private placement" refers collectively to the offer and sale of PSUS Shares in a private placement transaction exempt
 from registration under the Securities Act and the offer and sale of shares of our common stock in a private placement transaction exempt from registration under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;• "combined transaction" refers collectively to the combined offering and the combined private placement;

&nbsp;&nbsp;&nbsp;&nbsp;• "core funds" or "funds" refers collectively to PSLP, PSINTL, PSH and, following the combined offering, PSUS;

&nbsp;&nbsp;&nbsp;&nbsp;• "Howard Hughes Transaction" or "HHH Transaction" refers collectively to the transactions contemplated by the Share Purchase
 Agreement, dated May 5, 2025, by and between HHH and Pershing Square Holdco, L.P., and related agreements, including (i) the HHH Services Agreement, (ii) the Shareholder Agreement, dated May 5, 2025, by and between HHH, Pershing Square
 Holdco, L.P. and PSCM, (iii) the Standstill Agreement, dated May 5, 2025, by and between HHH and Pershing Square Holdco, L.P. and (iv) the Registration Rights Agreement, dated May 5, 2025, by and between the HHH, Pershing Square Holdco,
 L.P., Pershing Square, L.P., Pershing Square Holdings, Ltd. and Pershing Square International, Ltd.;

&nbsp;&nbsp;&nbsp;&nbsp;• "fee-paying assets under management" or "Fee-Paying AUM" means, with respect to our core funds and PSVII, the AUM we manage and
 earn a performance fee and/or management fee from. Fee-paying assets under management or Fee-Paying AUM means, with respect to HHH, the market capitalization of HHH;

&nbsp;&nbsp;&nbsp;&nbsp;• "Founder" refers to William A. Ackman, our Founder and Chief Executive Officer and Chairman of our board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;• "HHH" refers to Howard Hughes Holdings Inc., a Delaware corporation (NYSE: HHH);

&nbsp;&nbsp;&nbsp;&nbsp;• "HHH Services Agreement" refers to the Services Agreement, dated May 5, 2025, by and between HHH and PSCM, attached hereto as
 Exhibit 10.18, pursuant to which HHH has agreed to pay PSCM certain fees in consideration of the investment advisory and other services we provide to HHH;

&nbsp;&nbsp;&nbsp;&nbsp;• "ManagementCo" refers to PS Holdco GP Managing Member, LLC, an entity managed by members of our senior management;

&nbsp;&nbsp;&nbsp;&nbsp;• "Net Asset Value" or "NAV," means, with respect to PSH, net assets, calculated as total assets less total liabilities, in
 accordance with IFRS. Net Asset Value or NAV, with respect to PSLP and PSINTL, means the net assets of each such fund, calculated as total assets less total liabilities (including any

ii<br>

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#### **TABLE OF CONTENTS**
accrued performance fee or incentive allocation) and, with respect to PSUS, means its net assets, calculated as securities, cash and other assets (including interest accrued but not collected) less all liabilities (including accrued expenses, the liquidation preference of any outstanding preferred shares and dividends payable), in each case, in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;• our "other investment vehicles" refers to PSVII, for periods prior to its liquidation on December 31, 2024, and other
 co-investment vehicles which we may sponsor from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;• "permanent capital" means capital that is not subject to withdrawal or redemption at the option of the fund investor or
 stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;• "permanent capital AUM" refers to the portion of Fee-Paying AUM that is not subject to withdrawal or redemption at the option of
 the fund investor or stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;• our "pre-IPO management owners" refers to our pre-IPO owners excluding the Strategic Investors;

&nbsp;&nbsp;&nbsp;&nbsp;• our "pre-IPO owners" refers to the stockholders of Pershing Square Inc. immediately following the Corporate Conversion but prior
 to the combined offering;

&nbsp;&nbsp;&nbsp;&nbsp;• our "private funds" refers to PSINTL and PSLP;

&nbsp;&nbsp;&nbsp;&nbsp;• "PSGP" refers to Pershing Square GP, LLC, a Delaware limited liability company, which is the general partner of PSLP;

&nbsp;&nbsp;&nbsp;&nbsp;• "PSH" refers to Pershing Square Holdings, Ltd., a Guernsey limited liability company, which commenced investing on December 31,
 2012 and has its shares admitted to trading on the London Stock Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;• "PSINTL" refers to Pershing Square International, Ltd., a Cayman Islands exempted company, which commenced investing in January
 2005;

&nbsp;&nbsp;&nbsp;&nbsp;• "PSLP" refers to Pershing Square, L.P., a private investment fund organized as a Delaware limited partnership, which commenced
 investing in January 2004;

&nbsp;&nbsp;&nbsp;&nbsp;• "PSUS" refers to Pershing Square USA, Ltd., a Delaware statutory trust, which has filed the registration statement on Form N-2
 (File Nos. 333-294164 and 811-23932) relating to the initial public offering of the PSUS Shares with the Securities and Exchange Commission;

&nbsp;&nbsp;&nbsp;&nbsp;• "PSUS Prospectus" refers to the prospectus filed by PSUS related to the proposed distribution of its common shares of beneficial
 interest;

&nbsp;&nbsp;&nbsp;&nbsp;• "PSVII" refers to PS VII Master, L.P. and its affiliated funds;

&nbsp;&nbsp;&nbsp;&nbsp;• "Vantage" refers to Vantage Group Holdings Ltd., a privately held specialty insurance and reinsurance holding company; and

&nbsp;&nbsp;&nbsp;&nbsp;• "Vantage Acquisition" refers to the proposed acquisition by HHH of Vantage, as agreed to on December 17, 2025 and expected to
 close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions.

iii<br>

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#### Questions And Answers About This Offering
*The following questions and answers briefly address some questions you may have about this offering. They do not include all the information that may be important to you. We encourage you to read carefully this entire prospectus.* 

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| ***Q:***<br>| ***Will I be able to participate in this offering if I do not participate in the PSUS IPO?*** |

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| A:<br>| No. This offering and the PSUS IPO are component parts of a single offering, which we refer to as the "combined offering." We are issuing our shares in this offering only to the initial investors in the PSUS IPO. We currently expect to deliver to each initial investor in the PSUS IPO, for no additional consideration, 1 share of our common stock for every 5 PSUS Shares purchased in the PSUS IPO. If you elect to purchase PSUS Shares in the PSUS IPO, you are not required to take any action in order to participate in and receive shares of our common stock in this offering.  |

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| ***Q:***<br>| ***Will Pershing Square Inc. receive any proceeds from the combined transaction?*** |

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| A:<br>| No. We are issuing shares of our common stock to the initial investors in the PSUS IPO for no additional consideration, and we will not receive any proceeds from the PSUS IPO. Accordingly, the combined offering will not result in any proceeds to us. See the accompanying PSUS Prospectus for more information on the use of the net proceeds from the PSUS IPO by PSUS. Similarly, we will issue shares of our common stock to the private placement investors for no additional consideration, and we will not receive any proceeds from the PSUS Private Placement. Accordingly, the combined private placement also will not result in any proceeds to us. |

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| ***Q:***<br>| ***What are the reasons for this offering?*** |

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| A:<br>| The purpose of this offering is to give investors in PSUS an interest in Pershing Square Inc. at no additional cost in recognition of the importance of the PSUS IPO to our long-term success and to provide an additional incentive for prospective investors to purchase PSUS Shares in the PSUS IPO. Although the combined offering will not result in any proceeds to us, we expect to benefit from a successful PSUS IPO, which we anticipate will result in a material expansion of our fee-paying permanent capital AUM and revenue. |

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In addition, the combined offering will result in Pershing Square Inc. becoming publicly traded, which we believe will enhance our access to capital for our growth initiatives and our ability to attract and retain investment professionals and other employees.

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| ***Q:***<br>| ***When will shares of common stock in Pershing Square Inc. begin trading on the NYSE?*** |

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| A:<br>| We have applied to list our shares of common stock on the NYSE under the trading symbol "PS" concurrently with the listing on the NYSE of the PSUS Shares in connection with the PSUS IPO. We anticipate that separate trading on the NYSE of each security will begin on the first trading day following the pricing of the PSUS IPO. Investors who purchase PSUS Shares in the PSUS IPO and receive shares of our common stock in the combined offering may freely sell each security separately on the NYSE once trading begins. See "Risk Factors—Risks Related to the Combined Offering and Ownership of Our Common Stock—*No public market for our common stock currently exists, and an active trading market for our common stock may never develop or be sustained after the combined offering. Following the combined offering, our stock price may fluctuate significantly.*"  |

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#### SUMMARY
*This summary highlights information contained elsewhere in this prospectus and does not contain all of the information you should consider before investing in shares of our common stock. You should read this entire prospectus carefully, including the section titled "Risk Factors" and the financial statements and the related notes thereto included elsewhere in this prospectus before you decide to invest in shares of our common stock.* 

#### Who We Are
We are an alternative asset management company that manages pools of permanent capital invested in long-term, high-return investment strategies. Our growth is principally driven by the long-term compounding of our assets under management and the opportunistic launch of new permanent capital vehicles that enable us to pursue new investment verticals or to pursue our core investment strategies in new jurisdictions.

***Durable Permanent Capital Base. Nearly all of our assets under management consist of permanent capital—assets that are not subject to withdrawal or redemption at the option of the fund investor or shareholder. The permanency of our capital is due to durable contractual arrangements. Our growth is largely organic, driven by the long-term compound annual returns of our permanent capital vehicles and the retention and reinvestment of our assets, rather than by continual fundraising and the launch of an ever-increasing number of new products and strategies. In contrast to other private equity alternative asset managers who must raise increasingly larger funds in order to replace liquidated funds and to grow their fee-paying assets, our Fee-Paying AUM growth is largely driven by our long-term investment returns. Even if one were to ignore the potential additions to our growth from the future launch of new investment vehicles, we believe that our existing permanent capital funds and vehicles, which will include PSUS following the combined offering, will enable us to achieve high, long-term, compound rates of growth in Fee-Paying AUM, revenues, and profits driven by our long-term investment returns and asset retention. Our strategy of organic growth via the compounding and retention of our assets is less sensitive to the market for raising capital and does not require the organizational complexity and expense of a large fundraising operation. While new fund launches can lead to step-change 'overnight' increases in our Fee-Paying AUM, we believe that they are not required for us to generate highly attractive long-term returns for shareholders.***

***Simple, Lean, High-Margin Business Model. We pursue a unified investment strategy across our investment vehicles that leverages the core competencies of a limited number of investment professionals, resulting in a highly scalable and profitable operating model. We believe our systems, investment team, and other organizational resources are capable of managing an asset base many times larger than our current AUM.***

***Predictable and Recurring Fee-Related Earnings. We benefit from predictable and recurring revenues primarily consisting of management fees, which, in the case of our core funds, are typically equal to 1.5% of net asset value per annum paid quarterly, and a senior claim on performance fees, which are paid annually as long as our funds have generated a positive return above a previous year's high-water mark. Unlike private equity fund managers whose incentive fees are earned only when the manager generates realized gains in excess of an annual preferred return (typically 8%), our performance fees are paid annually as long as the mark-to-market net asset value of a fund at year-end increases above its high-water mark, whether these gains are realized or unrealized, and without the requirement for a fund to achieve a preferred return.***

Unlike other publicly traded alternative asset managers that receive a pro rata share of the performance fees paid by their funds with the balance paid to compensate employees, Pershing Square Inc. retains a preferred interest in performance fees—generally, the annual performance fees from each fund earned on the first five percentage points of return net of the management fee, which we refer to as "Preferred Performance Fees"—and pays the balance of performance fees, which we refer to as the "Subordinated Performance Fees," to CompCo (as defined below), an entity that compensates its members (including our investment professionals and certain other employees). Pershing Square Inc. retains a senior claim on the Preferred Performance Fees, a claim which accrues to a subsequent year or years in the event it is not fully paid in any one year. This arrangement increases the certainty and predictability to us of performance-related revenue because as long as our funds can achieve a 5% annual compound return net of their management fees over the long-term, the Preferred Performance Fees will be fully paid.

***Long-Tenured and Highly Aligned Investment Team. We believe we have been able to attract and retain some of the best industry talent in the investment management business. We believe that the highly attractive***

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economics of our business—with one of the largest amounts of invested capital per employee in the industry—along with our unique permanent capital base and family-oriented collaborative culture make us a highly desirable place to work. We believe that our approach to employee compensation, together with the significant levels of employee investment in our funds, creates a high degree of alignment between our team and our investors.

***Governance and C-Corporation Structure. We have designed the governance arrangements of Pershing Square Inc. to foster alignment between our management and our public investors. Despite the fact that the substantial majority of our stock is held by our management, our board is comprised of a majority of independent directors, our board committees are comprised of independent directors, and we have committed to operate with best-in-class governance principles that are not required for controlled companies. Furthermore, both our management and public shareholders will own common stock of our publicly traded corporation in contrast to the two-tiered, "UP-C" ownership structures frequently employed by other publicly traded alternative investment managers, in which differences in the ownership interests held by management and public investors and complicated tax receivable agreements can create misaligned incentives.***

***Brand and Reputation. Since our founding more than 22 years ago, we have established a strong track record of outperforming the market and have built substantial reputational equity due to our history of constructive engagements with portfolio company leadership teams, board of directors, and retail and institutional shareholders. We believe we have also earned a reputation for being a good partner to our fund investors even if such actions come at a cost to us and are not contractually required. We believe our brand and reputation have enabled us to launch new funds and investment vehicles and raise capital to pursue new opportunities.***

We believe this combined offering, which coincides with two milestone transactions that we believe are transformational for our business, represents an attractive entry point for new owners of Pershing Square. Upon completion of the combined offering, PSUS will be our first permanent capital vehicle marketed to U.S. investors and represents a material expansion of our permanent capital AUM.

On May 5, 2025, we completed the Howard Hughes Transaction in which we acquired 15% of the shares outstanding of Howard Hughes Holdings Inc. ("HHH") (for a total interest in HHH of 47% including shares held by our core funds), which we expect will further drive our long-term growth. We intend to transform HHH, a long-term holding of our core funds, into a diversified holding company. On December 17, 2025, HHH entered into an agreement to acquire Vantage Group Holdings, Ltd. ("Vantage" and such acquisition, the "Vantage Acquisition"), a privately held specialty insurance and reinsurance holding company, for approximately $2.1 billion in cash. In connection with the Vantage Acquisition, it is expected that PSCM will be engaged as investment manager for Vantage and its insurance company subsidiaries.

The Vantage Acquisition is expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions. We believe that the Vantage Acquisition will anchor HHH's transformation into a diversified holding company by combining our investment capabilities with Vantage management's insurance expertise and operations, enabling HHH to build and grow a profitable insurance company, which has the potential to serve as an important source of long-term value creation for HHH and our shareholders. HHH has also announced that, over time, it intends to acquire controlling ownership of high-quality, durable growth public and private operating companies, while continuing to invest in and grow its master planned communities ("MPC") real estate business.

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Pershing Square is a leading alternative asset manager with approximately $30.7 billion in total assets under management ("AUM") and approximately $20.7 billion in fee-paying assets under management ("Fee-Paying AUM"), of which 96% is permanent capital, as of December 31, 2025. For the year ended December 31, 2025, we generated total revenue of approximately $762.5 million and GAAP net income attributable to Pershing Square Holdco, L.P. of approximately $249.8 million.

#### Permanent Capital
We view the stability of our capital base, substantially all of which is permanent capital, as one of our most important competitive advantages. Permanent capital allows us to take a long-term view and be opportunistic during periods of market volatility, without being exposed to the need to raise capital by selling assets to meet redemptions during such periods. We expect to continue to drive significant organic AUM growth by

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implementing our investment strategy and compounding our capital at high rates of return, in contrast to other asset managers whose growth requires fundraising first to maintain and then to grow fee-paying assets.

We believe our permanent capital AUM also enables superior, long-term investment returns and produces a financial profile for our business characterized by steady, predictable and recurring management fees because our results are less sensitive to the market for raising capital. Our financial profile further benefits from performance fees, earned and paid annually, contingent only on our funds' mark-to-market appreciation above an annual high-water mark, rather than episodic and unpredictable realization events and the need to generate realized returns in excess of a preferred return or hurdle rate.

Permanent capital has been and is expected to continue to be a highly attractive talent attraction and retention tool, enabling us to hire and retain top analysts for our investment team and other high-quality employees throughout our company. Permanent capital and our long-term investment horizon are also excellent recruitment tools when our portfolio companies seek to hire experienced CEOs who prefer the stability and backing afforded by a significant long-term shareholder who is not required to seek an exit for its holdings due to investor redemptions or the necessity to exit due to their finite-lived funds.

#### Our Investment Strategy and Team
Our investment strategy has proven to be highly scalable and profitable because fewer professionals are required to manage a concentrated portfolio consisting of long-term holdings with limited trading activity. Over the last 22 years, we have developed the organizational talent and systems capable of managing an asset base many times larger than our current AUM.

We employ a disciplined, research-intensive approach to fundamental value investing to preserve and grow our permanent capital AUM at high rates of return using a set of core investment principles and opportunistic asymmetric hedges. From time to time, we may choose to complement our organic growth by selectively launching new permanent capital funds and other vehicles that leverage our brand and core competencies to create large 'overnight' (after the completion of a new offering or negotiated transaction) increases in our capital base without the requirement for significant new investment in personnel, infrastructure, and operating costs. The HHH Transaction and the combined offering are good examples of our growth strategy.

Founded in 2003, we are led by our Founder and Chief Executive Officer, William A. Ackman, who has spent 34 years in the alternative asset management industry. Mr. Ackman is supported by an experienced investment team who have an average of 15 years' experience in the industry. Our investment team is highly aligned with our portfolio companies, fund investors and our stockholders due to, among other reasons, the $5.8 billion (as of December 31, 2025) invested by our employees and their affiliates in our funds and HHH, our approach to performance compensation, and our employee ownership of our company. We are headquartered in New York City and had 44 employees as of December 31, 2025.

In our core investment strategy, we seek to acquire long-term, large minority stakes in high-quality, predominantly North American-listed, large-capitalization companies at attractive valuations. We seek investments in companies with simple, predictable, free-cash-flow generative businesses, strong financial profiles, and exceptional management and governance in industries with significant barriers to entry and limited exposure to extrinsic factors we cannot control. We look for opportunities to assist portfolio companies in accelerating growth, increasing efficiency, improving capital allocation, managing through challenges and otherwise improving performance in order to generate long-term value.

On May 5, 2025, we completed the Howard Hughes Transaction, in which we acquired 15% of the shares outstanding of HHH (for a total interest in HHH of 47% including shares held by our core funds). We provide HHH with investment advisory, corporate development, transaction execution and capital markets advisory services to support HHH's new diversified holding company strategy. In consideration of our services, HHH pays us the HHH Base Management Fee and the HHH Variable Management Fee (each as defined below). See "Business—Advisory Fees and Compensation—HHH Fees" for more information.

We complement our investment strategy by opportunistically utilizing hedges both to protect our funds' portfolios against specific macroeconomic risks and to capitalize on market volatility. We typically structure our hedges using asymmetric instruments, such as options and credit default swaps, which offer the opportunity for large gains if potential risks occur without exposing our funds to significant costs or meaningful losses if such risks do not occur. Historically, we have reinvested the profits from these asymmetric hedges in existing portfolio positions and new

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investments during periods of market disruption when valuations are generally low. Our asymmetric hedging strategy has proven to be a substantial contributor to our investment strategy's long-term performance.

#### Our Track Record
The graph below illustrates the cumulative net returns that an investor who invested in our first core fund, PSLP, at its inception on January 1, 2004 and transferred its capital account to our first core permanent capital fund, PSH, at its launch on December 31, 2012 would have received, as compared to the returns such investor would have received had it invested in the S&P 500 during the same time period.

#### Pershing Square Cumulative Net Returns vs. S&P 500 <br>

#### Since Inception Through December 31, 2025
![](ny20040230x24_linechart01.jpg) <br>

(1) Represents the cumulative net returns assuming an investor had invested in PSLP at its inception on January 1, 2004 and converted to PSH on December 31, 2012, after performance fees, management fees and other expenses incurred by each fund. See "Business—Advisory Fees and Compensation" for a description of applicable performance fees and management fees. Illustrates the hypothetical returns of an investor assuming these dates of investment in such funds. **Actual performance returns of each investor in PSLP and/or PSH during this timeframe may have varied (in some cases, materially) and are dependent on a number of factors, including, but not limited to, the timing of an investor's investment. For example, if an investor had invested in PSLP at a later date and/or had not converted from PSLP to PSH on December 31, 2012, its respective returns might have been lower.** Illustrates the past performance of PSLP and PSH, and past returns are not indicative of future performance. **This performance information is presented in connection with the offering of our common stock and is for illustrative purposes only. It is not the performance record of PSUS and should not be considered a substitute for the performance of PSUS. There can be no assurance that any of our funds will achieve comparable or greater results in the future, or that any of our funds will be able to implement their investment strategy or achieve their investment objective.** Our funds' investments may be made under different economic conditions and may include different underlying investments in the future. Furthermore, PSLP, PSH and the other funds and accounts managed by us prior to the combined offering are not registered under the 1940 Act, unlike PSUS, and, therefore, none of them are subject to the investment restrictions, leverage and derivative restrictions, diversification requirements and other regulatory requirements imposed on registered investment companies by the 1940 Act and on regulated investment companies by the U.S. Internal Revenue Code of 1986, as amended (the "Code"). If such funds or accounts had been registered under the 1940 Act and/or operated as regulated investment companies under the Code, their respective returns might have been lower and their ability to undertake certain transactions or investments may have been restricted. See the accompanying PSUS Prospectus for additional information about PSUS and the risks associated with an investment in PSUS Shares. The historical performance information presented herein does not reflect the impact of any sales load or transaction fees.

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(2) Represents the multiple of invested capital assuming an investor had invested in PSLP at its inception on January 1, 2004 and converted to PSH on December 31, 2012 equal to the Net Asset Value, after performance fees, management fees and other expenses incurred by each fund, divided by cumulative invested capital.

(3) The S&P 500 is an unmanaged capitalization-weighted index that measures the performance of the large-capitalization segment of the U.S. market. The index includes 500 leading U.S. stocks representing all major industries. The S&P 500 does not reflect any fees, expenses or sales loads. It is not possible to invest directly in the S&P 500 index. The volatility of the S&P 500 presented may be materially different from that of the performance of our funds. In addition, the S&P 500 employs different guidelines and criteria than our funds; as a result, the holdings in our funds may differ significantly from the securities that comprise the S&P 500. The S&P 500 allows for comparison of our funds' performance with that of a well-known, appropriate and widely recognized index; the S&P 500 is not intended to be reflective or indicative of our funds' past or future performance.

(4) Represents the cumulative net returns from investing in the S&P 500 with dividend reinvestment. Illustrates the hypothetical returns of an investor assuming these dates of investment in the S&P 500. Actual performance returns of each investor in the S&P 500 during this timeframe may have varied (in some cases, materially) and are dependent on a number of factors, including, but not limited to, the timing of an investor's investment. If an investor had invested in the S&P 500 at a later date, for example, its respective returns might have been lower.

(5) Represents the multiple of invested capital from investing in the S&P 500 with dividend reinvestment equal to total fair value divided by cumulative invested capital.

(6) The three bear markets of the last 22 years were the global financial crisis in 2008; the COVID-19 pandemic in 2020; and the recent elevated interest rate environment in 2022. Our asymmetric hedging strategy has contributed to our substantial outperformance versus the S&P 500 during these bear markets.

As depicted in the chart above, the history of our firm may be thought of as comprising three distinct phases. In the first 12 years, our approach evolved from an initial period of transactional activism, in which we executed on value-creation opportunities by catalyzing corporate events, to a form of more "quiet" long-term corporate engagement as we established a reputation for helping portfolio companies create value. We went through a challenging period of underperformance from August 2015 to December 2017, after which we made a number of strategic changes, including ending active fundraising for our two open-ended private funds, Pershing Square, L.P. ("PSLP") and Pershing Square International, Ltd. ("PSINTL").

In January 2018, we began our "permanent capital era" by focusing on growing our permanent capital base through generating and compounding long-term returns and renewing our commitment to our core investment principles. On May 31, 2024, we sold a 10% interest in our business for $1.05 billion to a consortium of strategic investors (the "Strategic Investors"), which included institutions, family offices, and alternative asset management industry leaders (the "Strategic Investment"). In connection with the Strategic Investment, we completed an internal reorganization of our ownership structure pursuant to which Pershing Square Holdco, L.P. ("PS Holdco") became the parent company of PSCM. On May 5, 2025, we completed the Howard Hughes Transaction representing another milestone in our permanent capital strategy.

#### Our Funds and Investment Vehicles
We currently manage three primary investment funds, which we refer to as our existing core funds. Our fund investors include retail investors, high net worth individuals, family offices, funds of funds, and institutional investors. Our largest vehicle, Pershing Square Holdings, Ltd. ("PSH"), is a FTSE 100-listed, closed-end investment company publicly traded on the London Stock Exchange. With approximately $15.0 billion in Fee-Paying AUM, PSH accounts for approximately 73% of our total Fee-Paying AUM as of December 31, 2025. In addition, we manage two private funds, PSLP and PSINTL, with approximately $1.5 billion and $409 million in AUM, respectively, and $648 million and $225 million in Fee-Paying AUM, respectively, in each case, as of December 31, 2025. We no longer market our private funds to investors, but we keep the private funds open for employees and long-term investors of Pershing Square.

Certain of the existing investors in our private funds have agreed to redeem an aggregate of $316 million of their interests in the private funds (determined as of the date of this prospectus based on the private funds' net asset value as of March 31, 2026) and apply eligible net proceeds of approximately $289 million from such redemption to acquire an aggregate of approximately 5.8 million PSUS Shares and receive an aggregate of approximately 1.7 million shares of our common stock in the combined private placement. The final net asset value used to determine the value at which interests in the private funds will be redeemed will be determined as of a redemption date prior to the completion of the PSUS IPO, and therefore, the amount set forth above will fluctuate as a result of any subsequent changes in net asset value until such redemption date.

Our core funds each have a similar investment program and generally invest in the same assets in similar proportions, subject to regulatory, tax, liquidity and other considerations.

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#### Overview of Our Existing Core Funds, HHH and PSUS<br>

#### As of December 31, 2025 (except in the case of PSUS)
![](ny20040230x24_table01.jpg)<br>

(1) As of December 31, 2025, PSH's AUM includes bond proceeds of $2.3 billion and €1.15 billion (translated into USD at the prevailing exchange rate at the reporting date). As of December 31, 2025, PSH's Fee-Paying AUM does not reflect the bonds outstanding.

(2)<br> As of December 31, 2025, HHH's AUM reflects its market capitalization as of such date plus its net mortgages, notes, and loans payable as reported in its Quarterly Report on Form 10-Q for the quarter ending September 30, 2025.

\* In the case of AUM, represents the assumed aggregate offering sizes in the PSUS IPO and PSUS Private Placement, including amounts invested by us, and in the case of Fee-Paying AUM, represents the assumed aggregate offering sizes in the PSUS IPO and PSUS Private Placement, excluding amounts invested by us.

Following the combined offering, our core funds will include PSUS, which we expect to be our flagship NYSE-listed permanent capital vehicle, which will also pursue our core investment strategy and will represent a material expansion of our permanent capital AUM. As a registered and regulated investment company, PSUS will be subject to certain restrictions pursuant to the 1940 Act and the Code, including investment, leverage and derivative restrictions and diversification requirements. We do not anticipate that compliance with these restrictions will materially impede the ability of PSUS to pursue our core investment strategy. See "Risk Factors—Risks Relating to Our Funds and HHH and Our Investment Strategy—*The PSUS IPO will cause a material portion of our Fee-Paying AUM to consist of registered investment company assets."*

#### Our Management and Performance Fees
Under the terms of the investment management agreements with the funds we manage, we generate revenues from (i) predictable and recurring management fees based on Net Asset Value, which are paid on a quarterly basis and (ii) other than with respect to PSUS, we receive annual performance fees based on NAV appreciation above a high-water mark. Generally, we pay our investment professionals and certain other employees our realized performance fees in excess of an amount allocated to us in the form of a preferred entitlement that we refer to as "Preferred Performance Fees." Preferred Performance Fees are earned from the first five percentage points of fund returns, net of management fees, above the applicable high-water mark from certain core funds and subject to certain other offsettable fees. To the extent realized performance fees are insufficient to pay us some or all of the Preferred Performance Fee, the unpaid portion accrues to subsequent crystallization periods until paid in full. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Components of Our Results of Operations—Income—Performance Fees—Allocation of Performance Fee Revenue" for additional information. We believe this Preferred Performance Fee arrangement results in recurring revenue that is less volatile and more predictable than conventional performance fee arrangements employed by other alternative asset managers, while enabling us to allocate substantial performance fees to compensate, attract and retain investment professionals and certain other employees.

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Under the terms of the HHH Services Agreement, we also generate revenues from HHH, in exchange for the investment advisory and other services we provide to HHH, consisting of (i) a quarterly base fee of $3,750,000 (the "HHH Base Management Fee") and (ii) a quarterly variable fee of 0.375% of the value of the HHH stock price relative to a reference price determined in accordance with the agreement (the "HHH Variable Management Fee" and together with the HHH Base Management Fee, the "HHH Fees"), in each case, subject to annual adjustments for inflation based on the Personal Consumption Expenditures Price Index, Excluding Food and Energy, as reported by the Bureau of Economic Analysis (the "Core PCE Price Index"). See "Business—Advisory Fees and Compensation—HHH Fees" for more information.

Since our founding in 2003, we have also raised capital through seven single-name, co-investment special purpose vehicles ("SPVs") to increase economic exposure to certain investments. For example, in September 2021, we raised approximately $1.1 billion through PS VII Master, L.P. and its affiliated funds (collectively, "PSVII") for our funds' investment in Universal Music Group.

#### Our Core Investment Strategy
Our core investment strategy involves acquiring large minority stakes in high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which we believe they have underperformed their potential and/or when we believe they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their businesses. At any given time, we intend for our core funds to own a concentrated portfolio of such positions with the expectation of holding each position for the long term. We historically have not concentrated such positions in any one or group of industries.

This investment approach enhances our ability to operate efficiently as fewer investment professionals are required to manage a concentrated portfolio consisting of long-term holdings with limited trading activity. Our long-term investment horizon also increases our influence over our portfolio companies, provides stability and support for management teams and boards of directors of our portfolio companies, and serves as an excellent recruitment tool when our portfolio companies seek to hire world-class senior executives, all of which we believe help to drive our investment performance. We constructively engage with management teams and boards of directors of our portfolio companies with a goal of accelerating growth, increasing efficiency, improving capital allocation, managing through challenges, and/or better positioning companies which have underperformed or have unrecognized sources of value generation. As part of our corporate engagement, our investment professionals have from time to time served on the boards of our portfolio companies. Historically, we have shown that we can achieve meaningful influence over companies in which we invest and assist them in creating long-term value with ownership stakes that we have acquired at a lower price than the substantial premium that is typically required to be paid to obtain control of a company. For example, after initiating our investment in Chipotle Mexican Grill, Inc. in 2016, we were able to add new directors to the board, help identify and retain new senior leadership, and drive key strategic initiatives to execute a turnaround of the company.

Our collaborative investment process is an important competitive advantage of our firm. Our idea generation process yields more opportunities than we utilize, which allows us to allocate capital to only what we believe to be our best ideas. Investments are originated through a wide range of sources, including our proprietary library in which we continuously track, update and review hundreds of investments that we have considered over time. Our investment professionals have a working knowledge of a large number of companies and are the primary sources of our investment ideas. Each investment idea typically goes through an initial due diligence process conducted by a two-member investment team, at least one of whom typically has relevant industry expertise. The dedicated team conducts initial due diligence, reviews company and industry research, interviews industry experts, and does financial analysis to determine our initial view of a company's business quality and intrinsic value.

Once sufficient work is completed and we determine that an investment idea meets the threshold of potential viability as an investment, Mr. Ackman, our Portfolio Manager, and/or Ryan Israel, our Chief Investment Officer, also conduct due diligence on the subject company. All investment proposals are formally presented and discussed in meetings with the investment team. We typically begin to acquire positions in approved ideas immediately upon investment team approval. Because compensation for our investment professionals is based on overall fund performance rather than the performance of any specific investment, our investment professionals are incentivized to deliver long-term, overall fund performance.

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We complement our core investment strategy by seeking to identify and execute upon asymmetric hedges both to protect our funds' portfolios against specific macroeconomic risks and to capitalize on market volatility. In order to generate asymmetric investment ideas, our investment professionals continuously analyze macroeconomic, political, and other global developments, which has the additional benefit of providing insights into macroeconomic considerations that are relevant for our current and potential future portfolio company investments. We believe that our individual company research with respect to our current and potential future portfolio company investments also yields variant macroeconomic insights, making our asymmetric hedging strategy highly synergistic with the research-intensive approach of our core investment strategy.

We believe our core investment strategy and commitment to always being a good partner to our investors have been responsible, in significant part, for the successful growth of our business; however, our strategy and approach to doing business comes with certain risks.

While we believe the concentrated portfolios of our core funds create operational efficiencies, they necessarily involve more exposure for our funds to the performance of each investment, with the attendant risk that a material loss in any one investment position could have a material adverse impact on the NAV of our funds and impact our results.

While our core investment strategy of acquiring non-controlling stakes generally enables us to avoid paying a control premium and gives us substantial influence over our portfolio companies, we face the risk that a portfolio company may make business, financial or management decisions contrary to our expectations or with which we do not agree or otherwise act in a manner that does not serve our interests. In the event a portfolio company were to resist or act against our influence, we may be forced to reconsider the investment value proposition, including whether to take a more engaged role in effectuating corporate change or exit the investment. For a discussion of other risks associated with our core investment strategy, see "Risk Factors—Risks Relating to Our Funds and HHH and Our Investment Strategy."

We have historically taken steps to benefit our investors that in the short term can impact the fees we collect. For example, in an effort to address the persistent discount at which PSH trades to NAV, in February 2024, we expanded the fee offset arrangement that reduces the performance fees we receive from PSH as a function of the fees we receive from other funds we manage, including the management fees that we will receive from PSUS upon completion of the combined offering, in order to increase demand for PSH shares by making it a more attractive fund for investors. The goal of the revised fee offset arrangement is to eventually eliminate the incentive fees PSH pays by increasing the fee income from growing other existing and new funds under management. Similarly, in connection with the Howard Hughes Transaction, we reduced the management fees payable to PSCM by each of the core funds by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by each such fund attributable to its fee-paying capital. While such extra-contractual givebacks to our investors have an economic cost to us, we believe that our reputation for being a good partner to our investors, even if not required by the governing fund contracts, has been and will continue to be a long-term driver of Pershing Square Inc.'s long-term intrinsic value.

#### HHH's Diversified Holding Company Strategy
On May 5, 2025, we completed the Howard Hughes Transaction pursuant to which we intend to transform HHH, a long-term holding of our core funds, into a diversified holding company. As a first step, on December 17, 2025, HHH entered into an agreement to acquire Vantage, a privately held specialty insurance and reinsurance holding company, for approximately $2.1 billion in cash.

The Vantage Acquisition is expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions. We believe that the Vantage Acquisition will anchor HHH's transformation into a diversified holding company by combining our investment capabilities with Vantage management's insurance expertise and operations, enabling HHH to build and grow a profitable insurance company, which has the potential to serve as an important source of long-term value creation for HHH and our shareholders. HHH has also announced that, over time, it intends to acquire controlling ownership of high-quality, durable growth public and private operating companies, while continuing to invest in and grow its MPC real estate business.

PSCM intends to manage the assets of Vantage's insurance company subsidiaries in accordance with applicable regulatory and rating agency requirements. Subject to applicable law, PSCM plans to invest such assets primarily in fixed income securities (including U.S. Treasury bills) and common stocks of public companies in a manner consistent with the investment strategy of our core funds. Accordingly, we believe PSCM's strategy for managing the assets of

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Vantage's insurance company subsidiaries will be highly synergistic to our core funds' investment strategy and our own cash management practices. PSCM also plans to manage the assets of Vantage's insurance company subsidiaries in a low-leverage fashion, meaning that they will write relatively small amounts of premium relative to capital, with the result that they will likely have lower ratios of invested assets to capital than a typical U.S. property-and-casualty insurance company. We believe this low-leverage approach will allow Vantage's insurance company subsidiaries to prudently invest a relatively higher percentage of their respective assets in common stocks, as opposed to fixed income securities, compared with a typical U.S. property-and-casualty insurance company. Accordingly, we expect Vantage's insurance company subsidiaries will be able to generate higher returns on their assets compared with more highly leveraged U.S. property-and-casualty insurance companies, which generally derive their profits principally from underwriting and a predominantly fixed-income investment strategy.

We will support HHH's new diversified holding company strategy by providing HHH with investment advisory and other services that leverage our existing core competencies. For example, we believe the idea generation and diligence processes we utilize in our core investment strategy, as well as our extensive track record and reputational equity from working closely with portfolio companies and institutional investors throughout our history, will allow us to help HHH successfully pursue privately negotiated control investments. In addition, we believe the variant insights from our asymmetric hedging strategy, which has proven to be a substantial contributor to our long-term investment performance, will allow us to help protect HHH against macroeconomic risks and to capitalize on market dislocations. We believe our investment acumen, transactional experience and operational infrastructure will assist us in creating long-term value at HHH.

Although we expect the investment strategy of HHH will differ in some respects from that of our core funds, including, for example, with respect to the Vantage Acquisition and acquisition of controlling ownership stakes in operating companies, we anticipate that the type of companies in which HHH will acquire controlling interests will be sufficiently similar to the type of companies in which our core funds invest (i.e., companies with simple, predictable, free-cash-flow generative businesses), but of substantially smaller size. In addition, we expect to invest the assets of Vantage's insurance company subsidiaries in fixed income securities and common stocks of public companies in a manner consistent with the investment strategy of our core funds. As such, we do not anticipate that the Howard Hughes Transaction will require us to materially increase our fixed costs or headcount or disrupt the operation of our core funds.

There are challenges and risks inherent in the Howard Hughes Transaction. Transforming HHH into a diversified holding company will be a new and complex process for us, and there can be no assurance that the anticipated benefits of the transaction will be fully realized. For a discussion of risks associated with the Howard Hughes Transaction, see "Risk Factors."

#### Our History and Evolution

Over time, our approach began to evolve toward deeper long-term active operating engagements. For instance, in 2010, Mr. Ackman joined the board of directors of General Growth Properties, Inc. ("GGP") and led a financial restructuring with the perspective and influence of a major common stockholder, which included the identification and recruitment of new management for the company. In 2012, we won a proxy fight for control of the board of directors of Canadian Pacific Railway (now known as Canadian Pacific Kansas City), replaced the substantial majority of the incumbent board with our nominees, and then proceeded to recruit a leading industry veteran to lead a turnaround of the company. In 2016, our affiliates joined the board of Chipotle Mexican Grill, Inc. in the midst of a food safety crisis and assisted the company in recruiting a new CEO and senior leadership team who executed a successful turnaround. We believe that these and other such corporate engagements and our record of recruiting experienced senior leadership have allowed us to steadily establish a reputation and credibility as a preferred partner to portfolio companies and their shareholders, especially during challenging periods at these businesses.

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Prior to 2014, we primarily raised capital through private funds with periodic redemption rights. One historical impediment to our strategy of long-term corporate engagements was the open-ended nature of our capital base where the liquidity needs of our shorter-term fund investors were inconsistent with our long-term investment horizon. In 2014, PSH converted into a closed-end investment company and listed its shares on Euronext Amsterdam in a $2.9 billion IPO, the largest European IPO of 2014, to become our first publicly traded permanent capital fund with $6.2 billion in AUM at the completion of the offering (PSH subsequently listed on the London Stock Exchange in May 2017 and recently delisted from Euronext Amsterdam in January 2025). At that time, as of October 1, 2014, 34% of our assets under management for our funds and other investment vehicles was in the form of permanent capital.

In 2015, we made an investment that led to a period of poor investment performance, during which our investment strategy's annual returns substantially underperformed that of the S&P 500. The loss on this one investment had a disproportionate effect on our overall fund performance because market participants sold and/or shorted our portfolio company holdings and attempted to cause a short squeeze by buying stock in the one company we were short. They did so because they believed, correctly as it turned out, that the occurrence of a large publicly visible loss on one high-profile investment would trigger investor redemptions and require us to liquidate positions in our two open-ended funds, PSLP and PSINTL, which comprised approximately two-thirds of our assets under management at that time.

In 2017, we reflected on the root causes of our underperformance and formulated a turnaround strategy, which we believe has been largely responsible for our funds' track record of substantial outperformance since that time. Our turnaround strategy consisted of four pillars: (1) exiting the problematic investments, which included exiting activist short selling as an investment strategy (though short selling had never been a material component of our investment strategy); (2) restructuring Pershing Square into a smaller investment-centric organization; (3) stabilizing our capital base by the purchase by our Founder and other employees of a large minority ownership interest in PSH; and (4) reinforcing the implementation of our core investment principles.

Early in 2018, we announced that we would no longer seek to raise capital for our two open-ended funds. This decision to focus on PSH and permanent capital was largely driven by our experience in our challenging period. Through compounded returns, net of dividends and stock buybacks of 29.5% of shares outstanding, PSH has grown organically to reach $15.0 billion in Fee-Paying AUM as of December 31, 2025. Including the Fee-Paying AUM of HHH, permanent capital represents 96% of our Fee-Paying AUM as of December 31, 2025. Permanent capital will represent an even greater portion of our Fee-Paying AUM following the completion of the PSUS IPO.

At the time we launched PSH, we believed the ability to earn a performance fee was critical to our ability to attract and retain talent. We chose a listing venue outside of the United States for PSH where applicable regulatory requirements would not preclude us from earning a performance fee. Organizing PSH as a non-U.S. fund listed outside of the United States has presented certain challenges. We believe that certain tax attributes of PSH make it an unattractive investment for many taxable U.S. investors. Furthermore, applicable regulatory restrictions both limit the ability of many U.S. investors to own PSH and inhibit our ability to market PSH to U.S. investors. We believe that these factors have caused PSH to trade at a discount to its NAV.

The establishment of PSUS represents the next evolution of our strategy. As our flagship NYSE-listed permanent capital vehicle which charges only a management fee and without the regulatory marketing limitations, U.S. ownership restrictions, and unfavorable tax characteristics of PSH for U.S. taxpayers, we believe that PSUS will not experience the challenges inherent to PSH and other offshore closed-end investment companies.

Our shift to a permanent capital strategy has enabled us to minimize marketing and fundraising efforts, allowing our investment professionals to dedicate substantially all of their business time and attention to the identification, monitoring and oversight of our portfolio companies. Our permanent capital base has enabled us to invest with a long-term ownership horizon as we are no longer beholden to the risks of short-term investor capital flows, which we experienced during our challenging period. Our last activist investment was initiated in 2016, and our investment approach is now characterized by constructive and productive corporate engagements. By exiting short selling as an investment strategy, our funds are also no longer exposed to the risk of a short squeeze.

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We believe the benefits from our investment strategy's evolution are significant, as our current approach focused on long-term constructive engagement and investment in high-quality large-capitalization companies is highly scalable, allowing us to continue to generate high returns and compound our assets and reputational equity over the long-term.

#### Our Market Opportunity
As alternative asset management remains a broadly attractive and growing industry, we believe our differentiated business model positions us to capitalize on favorable market trends:

#### Greater Equity Market and Single-Name Stock Price Volatility
In recent years, there has been significant equity market and single-name stock price volatility, even for large publicly traded companies. We believe this volatility is due to several factors. Index funds have increasingly become the largest effectively permanent owners of a growing percentage of the market capitalization of public companies. This large index ownership has increased the impact that short-term, highly leveraged investors who rapidly buy and sell securities can have on price discovery as such investors now comprise a growing percentage of the daily trading of companies. Because these shorter-term investors generally have a low tolerance for mark-to-market losses, this creates large amounts of stock price volatility for even the largest companies that disappoint or surprise investors. Unexpected macroeconomic data and unanticipated geopolitical events have also contributed to market volatility. We believe such volatility is beneficial to concentrated, long-term, fundamental value investors that manage permanent capital as it can create attractive buying opportunities coupled with a high degree of share price liquidity.

#### Democratization of Alternative Investments
Individual investors are expected to be the fastest growing segment among investors allocating to alternative assets and are projected to increase their alternatives allocations from $4 trillion to $13 trillion over the 10-year period from 2022 to 2032. High minimum initial investment commitment requirements and limited liquidity have historically been and in some cases remain barriers for individual investors to invest in alternative investments. We believe we are well positioned to benefit from the democratization of alternative investments as PSUS will not have any minimum investment requirements, and retail investors, following the PSUS IPO, will be able to purchase PSUS Shares directly on the NYSE.

#### Retail Investor Growth in Public Equity Market Participation
Direct ownership of stocks increased from 15% to 21% of U.S. families between 2019 to 2022, the largest change on record, according to the U.S. Federal Reserve. PSUS, which we expect will be our flagship NYSE-listed permanent capital vehicle, will be our first fund marketed to both U.S. retail and institutional investors.

#### Our Competitive Strengths

#### Track Record of Outperformance
We have a strong track record of low-correlated outperformance and resilience driven by investment discipline, constructive engagement with our portfolio companies, and profits from our unique asymmetric hedging strategy. Our core investment strategy has exhibited relatively low market correlation to the broader equity market (i.e., average returns of the investment strategy, net of fees, have been higher than the broader equity market during times in which the returns of the broader equity market declined and similar to the broader equity market during times in which the broader equity market increased). Our permanent capital strategy has generally proven to be defensive in down markets, outperforming the S&P 500 during the global financial crisis, the COVID-19 pandemic, and the recent elevated interest rate environment, as illustrated in the graph above titled "Pershing Square Cumulative Net Returns vs. S&P 500." We have underperformed the S&P 500 in certain years, for example, during our challenging period from 2015 to 2017, and in 2024 when our performance lagged the overall performance of the S&P 500. Our long-term goal is to substantially outperform market indexes; however, we do not expect to outperform the stock market each year.

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The chart below presents the annualized net returns an investor who invested in PSH would have experienced from January 1, 2018, the beginning of our current permanent capital era, through December 31, 2025, as compared to the returns such investor would have received had it invested in the S&P 500 during the same time period.

#### Pershing Square Permanent Capital Era Annualized Net Returns vs. S&P 500<br>

#### From January 1, 2018 Through December 31, 2025
![](ny20040230x24_barchart01.jpg)<br>

&nbsp;&nbsp;&nbsp;&nbsp;<br>

(1) Represents the annualized net returns from investing in PSH, after performance fees, management fees and other expenses incurred by the fund. See "Business—Advisory Fees and Compensation" for a description of applicable performance fees and management fees. Illustrates the past performance of PSH, and past returns are not indicative of future performance. If the annualized net returns from investing in PSLP and PSINTL from January 1, 2018 through December 31, 2025, after performance fees, management fees and other expenses incurred by such funds, were also included, the annualized net returns of our core funds, on a weighted-average aggregate basis, would have been 22.3%, representing 800 bps of outperformance per annum versus the S&P 500. The lower net returns of our core funds, on such aggregate basis, versus of PSH are primarily attributed to the higher percentage payable as performance fees by PSLP and PSINTL, as compared to PSH, and the fact that PSLP and PSINTL do not employ leverage in the form of low-cost, long-term debt in pursuing our core investment strategy, unlike PSH. **This performance information is presented in connection with the offering of our common stock and is for illustrative purposes only. It is not the performance record of PSUS and should not be considered a substitute for the performance of PSUS. There can be no assurance that any of our funds will achieve comparable or greater results in the future, or that any of our funds will be able to implement their investment strategy or achieve their investment objective.** Our funds' investments may be made under different economic conditions and may include different underlying investments in the future. Furthermore, PSH and the other funds and accounts managed by us prior to the combined offering are not registered under the 1940 Act, unlike PSUS, and, therefore, none of them are subject to the investment restrictions, leverage and derivative restrictions, diversification requirements and other regulatory requirements imposed on registered investment companies by the 1940 Act and on regulated investment companies by the Code. If such funds or accounts had been registered under the 1940 Act and/or operated as regulated investment companies under the Code, their respective returns might have been lower and their ability to undertake certain transactions or investments may have been restricted. See the accompanying PSUS Prospectus for additional information about PSUS and the risks associated with an investment in PSUS Shares. The historical performance information presented herein does not reflect the impact of any sales load or transaction fees.

(2) The S&P 500 is an unmanaged capitalization-weighted index that measures the performance of the large-capitalization segment of the U.S. market. The index includes 500 leading U.S. stocks representing all major industries. The S&P 500 does not reflect any fees, expenses or sales loads. It is not possible to invest directly in the S&P 500 index. The volatility of the S&P 500 presented may be materially different from that of the performance of our funds. In addition, the S&P 500 employs different guidelines and criteria than our funds; as a result, the holdings in our funds may differ significantly from the securities that comprise the S&P 500. The S&P 500 allows for comparison of our funds' performance with that of a well-known, appropriate and widely recognized index; the S&P 500 is not intended to be reflective or indicative of our funds' past or future performance. 

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#### Permanent Capital with a Capital-Light, High-Growth Business Model
We believe that we are the only publicly traded alternative asset manager with permanent capital comprising nearly all of our AUM, with a small single-digit percentage of our Fee-Paying AUM in our two private funds comprised of investors who have invested with us for many years, typically a decade or more. We define "permanent capital" as capital that is not subject to withdrawal or redemption at the option of the fund investor or stockholder. In contrast to the non-traded "perpetual" capital vehicles sponsored by other alternative asset managers, PSH does not have any redemption provisions or mandatory share repurchase requirements that are at the election of the fund investor or stockholder, and has comparatively low distributions as a percentage of NAV. Similarly, any return of capital by HHH, a NYSE-listed operating company, whether in the form of dividends or share repurchases, would be made only at the discretion of its board of directors and not at the election of its stockholders, and HHH intends to retain all of its capital for long-term investment. As of December 31, 2025, 96% of our Fee-Paying AUM is permanent capital. Permanent capital will represent an even greater portion of our AUM following the completion of the PSUS IPO and the continued growth of HHH.

#### Composition of Fee-Paying AUM <br>

#### As of December 31, 2025
![](ny20040230x24_piechart01.jpg)<br>

We view the stability of our capital base, substantially all of which is permanent capital, as one of our most important competitive advantages. Permanent capital allows us to take a long-term view and be opportunistic during periods of market volatility without being exposed to the need to raise capital by selling assets to meet redemptions during such periods. We expect to continue to drive significant organic AUM growth by implementing our investment strategy and compounding our capital at high rates of return, in contrast to other asset managers whose growth requires fundraising first to maintain and then to grow their managed assets. We believe our permanent capital enables us to generate superior, long-term investment returns and produces a financial profile for Pershing Square that is characterized by steady, predictable and recurring fees. Because we do not require the headcount and other substantial costs required of a large fundraising operation, we can achieve greater operating leverage as our AUM can grow without the need to increase the size of our organization.

Permanent capital has also been and is expected to continue to be a highly attractive talent attraction and retention tool, allowing us to hire and retain top analysts for our investment team and other high-quality employees throughout our company. Permanent capital and our long-term investment horizon are also excellent recruitment tools when our portfolio companies seek to hire experienced senior executives who prefer the stability and backing afforded by a significant long-term shareholder who is not required to seek an exit for its holdings due to investor redemptions or investment holding periods due to fund life considerations.

Our permanent capital base is managed through durable contractual arrangements. Our investment management agreement with PSH can only be terminated with the approval of 66 2/3% of the voting shares and 66 2/3% of the public shares of PSH. Because our Founder and certain of our other employees, together with their affiliates, directly or indirectly hold 28% of the outstanding public shares of PSH at December 31, 2025, a decision to terminate the investment management agreement as of such date would have required the affirmative approval of 93% of the remaining outstanding public shares. Moreover, as described in "Certain Relationships and Related Person

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Transactions—Other Transactions—Our Right to Acquire PSH Shares," we will have the right to acquire the shares of PSH held by our Founder and certain of our other current and former employees and their affiliates at any time after the ninth anniversary of the Corporate Conversion and on or prior to the tenth anniversary of the Corporate Conversion.

Similarly, the HHH Services Agreement has an initial 10-year term, with successive automatic 10-year renewal terms unless the agreement is terminated or not renewed in accordance with its terms. The HHH Services Agreement may not be terminated by HHH except in limited prescribed circumstances such as fraud, misrepresentation or embezzlement by PSCM and with the approval of two-thirds of the disinterested members of its board of directors or in the event of a sale of the company which must be approved by a majority vote of the board of directors and a subsequent vote of a majority of shareholders present at a shareholder meeting. We note that Pershing Square Inc. and our core funds own 47% of the outstanding shares of HHH. HHH may only elect not to renew the HHH Services Agreement if the non-renewal is approved by a unanimous vote of the disinterested members of its board of directors and by holders of at least 70% of the outstanding shares of HHH common stock, excluding any shares held by us or our affiliates. Under the HHH Standstill Agreement, we, and our affiliates, are generally limited to an ownership cap of 47% and a voting cap of 40% of the outstanding shares of HHH common stock. See "Business—Termination of Investment Management Agreements and HHH Services Agreement and Key Man Protection" for additional information.

#### Recurring Fee-Related Earnings Stream
We generate substantially all of our revenue from management fees and performance fees. We retain all of the management fees earned from our funds. We pay our investment professionals and certain other employees our realized performance fees in excess of an amount allocated to us in the form of a preferred entitlement that we refer to as "Preferred Performance Fees." Preferred Performance Fees are performance fees earned on the first five percentage points of fund returns, net of management fees, above the applicable high-water mark for certain of our core funds and subject to certain other offsettable fees. To the extent realized performance fees from a fund are insufficient to pay us some or all of the Preferred Performance Fee in any year, the unpaid portion accrues to subsequent periods until paid in full. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Components of Our Results of Operations—Income—Performance Fees—Allocation of Performance Fee Revenue" for an illustration of our Preferred Performance Fee arrangement for the allocation of performance fee revenue, as well as the relevant high-water marks, over the six-year period ending December 31, 2025.

We have structured the Preferred Performance Fees as a senior claim on our funds' performance fees to increase the stability and certainty of these future cash flows to Pershing Square Inc. Because our Preferred Performance Fees are paid from the first dollars of realized performance fees, which are contingent on the mark-to-market appreciation in the NAV of our funds above an applicable high-water mark, the amount of the Preferred Performance Fees that is paid in any year can vary depending upon the performance of our funds. In other words, if a fund does not generate a 5% return, net of the management fee, the amount of Preferred Performance Fees from that fund will be lower than if the fund generated a return in excess of 5% net of the management fee. The applicable high-water mark used to calculate the Preferred Performance Fees also can vary from year to year depending on changes in the Net Asset Value and the amount of fee-paying capital in a fund. Because the Preferred Performance Fees are paid from the first dollars of fund profit and are accrued in the event there are insufficient fund returns in any one year, as long as each fund that pays performance fees generates a 5% annual return, net of the management fee, over the long-term, the Preferred Performance Fees will be fully paid.

We believe that our Preferred Performance Fee arrangement results in recurring revenue that is less volatile and more predictable over the long-term when compared with conventional performance fee arrangements for two reasons: (1) our performance fees are paid annually subject only to our funds generating a return in excess of their high-water mark, and (2) our performance fees are determined based on mark-to-market returns including realized and unrealized gains. The structure of our Preferred Performance Fee arrangement makes for more consistent and stable cash flows compared to the performance fees of other alternative investment managers whose private equity funds generally require the sale of an asset at a price which generates cash returns in excess of a preferred return or hurdle rate. As a result of our Preferred Performance Fee arrangement, we believe that effectively all of our revenues from management fees and Preferred Performance Fees can be considered to be stable and recurring fee-related earnings.

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#### Core Investment Strategy Creates a High-Margin Business with a Largely Fixed Cost Base
Our core funds each have a similar investment program, which is to acquire long-term, large minority stakes in high-quality, predominantly North American-listed, large-capitalization companies at attractive valuations. Our core funds generally invest in the same assets in similar proportions, subject to regulatory, tax, liquidity and other applicable considerations. We view our core investment strategy as an important competitive advantage as we allocate capital only to our best ideas. Our core investment strategy also has proven to benefit from economies of scale, as, in general, the greater our percentage ownership of a company, the greater our influence over that company, influence which has helped us drive portfolio company and fund performance as well as organic growth in our AUM.

Our core investment strategy has proven to be highly scalable because fewer investment professionals are required to manage a concentrated portfolio consisting of long-term holdings with limited trading activity. We have nine investment professionals managing $30.7 billion in AUM as of December 31, 2025, and believe that we can significantly increase our AUM without materially increasing our headcount, infrastructure or other assets. The result is a high-margin operating model with a primarily fixed cost base (which excludes incentive compensation-related expense which is paid to employees out of realized performance fees only after first allocating to the Company the accrued Preferred Performance Fee).

Our business is also minimally capital intensive, apart from investments we make alongside other investors when we have launched new funds or completed corporate transactions. In light of our largely fixed cost base, highly scalable investment strategy, and minimal capital intensity, we benefit from substantial operating leverage as we grow our AUM.

#### History of Capital Markets Innovations
From time to time throughout our history, we have complemented our organic growth in AUM by launching new funds or completing innovative transactions that leverage our core competencies to create large 'overnight' increases in our Fee-Paying AUM without requiring significant new investments in infrastructure and operating costs. We have been at the forefront of two pronounced recent shifts in the asset management industry: the democratization of alternative investments and the surge in retail investor participation in public equity markets. For example, in 2014, we converted PSH into a closed-end investment company and listed its shares on Euronext Amsterdam (and later listed PSH on the London Stock Exchange in May 2017). As a result of PSH's public listing on the London Stock Exchange, PSH became our first publicly traded permanent capital fund with AUM of $6.2 billion as of October 2014.

In July 2020, our core funds sponsored the largest special purpose acquisition company ("SPAC") in history, Pershing Square Tontine Holdings, Ltd. ("PSTH"), which raised $4 billion in its initial public offering, before it was ultimately liquidated and all capital raised was returned to investors in 2022 due to PSTH's inability to close a transaction with Universal Music Group ("UMG") because necessary regulatory approvals were unable to be obtained in a timely fashion. We fulfilled our obligation to acquire 10% of UMG by acquiring the stake directly in our core funds along with a co-investment vehicle which we raised for that purpose.

We created a new form of acquisition company, Pershing Square SPARC Holdings, Ltd. ("SPARC"), a special purpose acquisition rights company, which we believe to be a more efficient and improved successor to the traditional SPAC, thereby providing investors in PSTH a free option to invest in our next acquisition company transaction. Our registration statement for SPARC became effective on September 29, 2023. SPARC has no founder stock, shareholder warrants, or underwriting fees, and represents a highly efficient approach to going public with Pershing Square as an anchor, committed capital sponsor. On April 7, 2026, we announced that we had made a proposal to the UMG board of directors concerning a business combination transaction in which UMG would merge with SPARC, with the newly merged company becoming a Nevada corporation listed on the NYSE. The proposal contemplates that our core funds would waive their sponsor warrants in SPARC. There is no assurance that our proposal will be accepted by UMG or result in the transaction we proposed or any other transaction.

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The launch of PSUS, which would be our first flagship NYSE-listed permanent capital vehicle, will be our first fund marketed to both U.S. retail and institutional investors. Subject to the applicable requirements of the 1940 Act and the Code, as discussed elsewhere, PSUS is designed to be a near-mirror image of PSH, but without performance fee compensation and the regulatory marketing limitations, U.S. ownership restrictions, and tax characteristics of PSH.

The Howard Hughes Transaction has enabled us to create a permanent capital vehicle in a corporate form that we intend to use to acquire controlling interests in public and private companies and, as a result of the Vantage Acquisition, to build a profitable insurance company whose assets we will manage.

#### PSUS IPO Will Substantially Increase Our Fee-Paying AUM
The PSUS IPO will materially increase our permanent capital and our Fee-Paying AUM, which will lead to substantial growth in our predictable and recurring management fee revenue and fee-related earnings. PSUS will pursue our core investment strategy enabling it to leverage our existing investment acumen and infrastructure. We believe the launch and management of PSUS will not require an increase in our fixed costs, making the additional revenue from PSUS a highly material contribution to our earnings and cash flows. See "Unaudited Pro Forma Consolidated Financial Information" and the accompanying PSUS Prospectus for additional information on PSUS.

#### Howard Hughes Transaction Drives Long-Term Value Creation
We believe the Howard Hughes Transaction will allow us to build a fast-growing, high-returning diversified holding company that acquires control positions in companies meeting our criteria for business quality and durable growth alongside continued growth in the cash flows from HHH's MPC real estate business. Our first initiative for HHH was to acquire or create an insurance company, the investment assets of which would be managed by PSCM. On December 17, 2025, HHH entered into an agreement to acquire Vantage, a privately held specialty insurance and reinsurance company, for approximately $2.1 billion in cash.

The Vantage Acquisition is expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions. We believe that the Vantage Acquisition will anchor HHH's transformation into a diversified holding company by combining our investment capabilities with Vantage management's insurance expertise and operations, enabling HHH to build and grow a profitable insurance company, which has the potential to serve as an important source of long-term value creation for HHH and our shareholders. PSCM intends to manage the assets of Vantage's insurance company subsidiaries similarly to how we manage the assets of our core funds, but with consideration to issues particular to regulated insurance companies.

We view the Howard Hughes Transaction as highly synergistic to our core investment strategy and competencies. We intend to leverage the idea generation and diligence processes we utilize in our core investment strategy, along with our extensive track record and reputational equity developed from working closely with portfolio companies, to assist HHH in pursuing privately negotiated control investments. We also intend to leverage our variant insights from our asymmetric hedging strategy to help protect HHH from macroeconomic risks and to capitalize on market dislocations.

We believe the Howard Hughes Transaction will not require us to materially increase our fixed costs or headcount, making the additional value created from such transaction, including from the quarterly HHH Fees paid to PSCM, highly accretive to our earnings and cash flows.

#### Highly Collaborative Culture and Reputation as a Preferred Partner to Portfolio Companies
We believe our firm's unique culture is fundamental to our success. Our company combines investment excellence with a flat organizational structure. Each member of our investment team plays a meaningful role in the construction and management of our portfolio. Our collaborative partnership culture, permanent capital base, the highly attractive economics of our business and our approach to employee compensation have resulted in limited employee turnover.

Our collaborative culture is also demonstrated by our track record of constructive engagements with boards of directors and oversight of our portfolio companies, which has allowed us to establish an excellent reputation and credibility as a preferred partner. We believe our reputation has been an important driver of our outperformance since inception, allowing us to garner substantial influence and drive long-term value creation in our portfolio companies without paying a control premium.

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#### Alignment of Interests
We believe we have successfully built a business model that aligns our interests with our portfolio companies, investors in our funds, and the stockholders of Pershing Square Inc. Our employees and their affiliates' capital invested in our funds and HHH totaled $5.8 billion as of December 31, 2025, accounting for approximately 26% of the aggregate value of our funds' NAV, before any accrued performance fee, and HHH's market capitalization, which is substantially higher, both as a percentage and absolute dollar investment, than the typical amount of sponsor investments of other alternative asset manager teams. We also have agreed to increase our existing $17.1 million investment in PSUS to $150 million by investing $100 million in common shares in the PSUS Private Placement and an additional $50 million in a private placement of preferred shares to be issued by PSUS in connection with and upon completion of the PSUS IPO. Our employees will own the substantial majority of Pershing Square Inc. shares after the combined transaction.

Our employee compensation is tied to aggregate fund performance rather than the performance of any one or more portfolio companies or investments of our funds. Our Preferred Performance Fee arrangement increases our alignment with our investors as the substantial majority of our investment professionals' compensation comes from performance fees remaining after payment by PSCM of the Preferred Performance Fee to us. For additional information, see "—Reorganization Transactions" and "—Implications of Being a Controlled Company" below. To further align certain of our senior professionals with our long-term investment horizon, in connection with the combined offering, certain of our senior professionals will receive interests in PS Partner Group (as defined below in "—Reorganization Transactions—Holdco Reorganization") that may become redeemable, subject to certain conditions, for shares of our common stock held by PS Partner Group. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests in PS Partner Group."

To minimize circumstances that may lead to or give the appearance of conflicts of interest with our fund investors, we maintain policies that restrict the type of investments our employees can make in their personal accounts and require regular disclosure to us of their personal securities holdings and transactions.

#### Our Growth Strategy
We intend to drive long-term shareholder value by pursuing a growth strategy of compounding our permanent capital at high rates of return and by launching new permanent capital funds and executing corporate transactions, like the HHH Transaction, that will enable us to grow our permanent capital assets.

#### Generate High Rates of Long-Term Returns To Drive Organic Growth in Fee-Paying AUM
Generating high rates of long-term returns is key to our strategy and has been fundamental to our ability to scale our business over time. Since our founding, a long-term investment in our funds has generated substantially superior returns for investors versus an investment in the S&P 500, our benchmark index. Our strategy has proven to be highly scalable because fewer investment professionals are required to manage a concentrated portfolio consisting of long-term holdings with limited trading activity, and because our long-term, large ownership stakes increase our influence over our portfolio companies, which we believe helps to drive our investment performance.

We view our selective asymmetric hedging strategy as highly synergistic to our core investment strategy and a superior alternative to a large cash position or a continuous hedging program, both of which can be a significant drag on long-term performance. Accordingly, we believe that our core investment strategy complemented by our asymmetric hedging strategy will allow us to continue to compound our permanent capital at high rates of return, creating continued rapid organic growth in our AUM. Because of our high-margin, minimally capital-intensive operating model, our growth in Fee-Paying AUM from investment returns and new permanent capital initiatives should drive substantial increases in our revenues, our earnings, and our cash flow, which will be available for future investment opportunities and for dividends or share repurchases.

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#### Selective Launches of New Permanent Capital Funds Can Drive Large Percentage Increases in Fee-Paying Assets
We will continue to evaluate opportunities to selectively launch new permanent capital funds that leverage our core competencies and create large 'overnight' increases in our Fee-Paying AUM without requiring significant new investments in infrastructure and operating costs. For example, we may consider launching new permanent capital funds that focus on investments with asymmetric payoff structures and/or opportunistic private investments, which leverage our substantial experience with asymmetric hedges and history of privately negotiated transactions. In light of our relatively small current Fee-Paying AUM compared with other publicly traded alternative asset managers, new permanent capital fund launches can drive large percentage increases in Fee-Paying AUM, operating profits, and cash flow. The combined offering and the HHH Transaction are emblematic of this approach to growth. In the event we identify additional compelling opportunities for selective expansion, we believe we are well positioned to capitalize on such opportunities.

#### Reorganization Transactions

#### Holdco Reorganization
In connection with the Strategic Investment, effective as of May 31, 2024, PSCM completed an internal reorganization of its ownership structure (the "Holdco Reorganization") pursuant to which Pershing Square Holdco, L.P., a Delaware limited partnership formed for purposes of the Holdco Reorganization, became the indirect, sole owner of PSCM. As a result of the Holdco Reorganization and subsequent related transfers of interests, our owners who previously held interests directly in PSCM now hold their interests through Pershing Square Partner Group, LLC, a Delaware limited liability company ("PS Partner Group"), and/or Pershing Square Holdco, L.P. Following the Holdco Reorganization and prior to the combined offering, PS Partner Group and our owners who previously held interests directly in PSCM own approximately 90% of the issued and outstanding limited partnership interests in Pershing Square Holdco, L.P. In addition, such owners also hold interests in PS CompCo, LLC, a Delaware limited liability company ("CompCo"), which entered into the Variable Compensation Agreement, dated as of May 31, 2024 (as amended and restated on March 3, 2026, the "VCA"), with Pershing Square Holdco, L.P. and PSCM. For further discussion of the VCA and its contemplated termination and replacement in connection with the combined offering, see "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Variable Compensation Agreement" and "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Subordinated Profits Interest."

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The diagram below depicts our current organizational structure prior to the Corporate Conversion and the combined transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![](ny20040230x24_diagram01a.jpg) <br>

(1) Following the Holdco Reorganization and subsequent related transfers of interests, our current and former employees of PSCM, including our Founder, as well as former members of our advisory board (collectively, the "Partners") own interests in Pershing Square Partner Group, LLC ("PS Partner Group") and/or Pershing Square Holdco, L.P.

(2) Following the Holdco Reorganization, PS Holdco GP Managing Member, LLC ("ManagementCo") is the managing member of PS Partner Group. As managing member of PS Partner Group, ManagementCo has no economic interests in PS Partner Group but sole voting control over PS Partner Group.

(3) ManagementCo is directly or indirectly owned by certain members of our senior management comprising our Founder, Ryan Israel, Ben Hakim, Michael Gonnella, Anthony Massaro and Halit Coussin. Our Founder 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% of such voting interests each).

(4) Following the Holdco Reorganization but prior to the Corporate Conversion, Pershing Square Holdco GP, LLC ("Holdco GP") is the general partner of Pershing Square Holdco, L.P. As general partner of Pershing Square Holdco, L.P., Holdco GP has no economic interests in Pershing Square Holdco, L.P. but has the power to manage the business and affairs of Pershing Square Holdco, L.P. Holdco GP, in turn, is managed by a board of directors. ManagementCo, as sole member of Holdco GP, controls the election of the members of such board of directors.

(5) Following the Holdco Reorganization, our Partners own interests in CompCo. As described in "Business—Advisory Fees and Compensation—Allocation of Performance Fee Revenue," generally we pay our investment professionals and certain other employees our performance fees remaining after payment by PSCM of the Preferred Performance Fee to us. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Subordinated Profits Interest."

(6)<br> Represents a contractual entitlement under the VCA. See "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Variable Compensation Agreement."

(7) Following the Holdco Reorganization and subsequent related transfers of interests, but prior to the Corporate Conversion, our Founder, together with his affiliated entities, directly or indirectly, owns 51.5% of CompCo and 34.0% of PS Partner Group and directly owns 22.5% of Pershing Square Holdco, L.P.

(8) Each of the Strategic Investors owns an interest of 3% or less of our business.

(9)<br> Certain wholly owned intermediate holding companies are not depicted in the structure chart.

(10) Generally, the General Partner or the Managing Member, as the case may be, has all rights and powers to manage and administer the business and affairs of the relevant entity; and the Limited Partners or the non-managing Members, as the case may be, generally have no voting or approval rights, except with respect to limited minority protection rights as set forth in the applicable organizational document.

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#### Corporate Conversion
Prior to the effectiveness of each of the registration statement of which this prospectus forms a part and the PSUS Registration Statement, Pershing Square Holdco, L.P. will convert into a Nevada corporation by means of a statutory conversion and change its name to Pershing Square Inc. We refer to this conversion throughout this prospectus as the "Corporate Conversion." Prior to the Corporate Conversion, (i) the economic interests of Pershing Square Holdco, L.P. are owned by its limited partners, (ii) the non-economic controlling interest in Pershing Square Holdco, L.P. is owned by its general partner, Pershing Square Holdco GP, LLC ("Holdco GP") and (iii) Holdco GP is managed by a board of directors, where ManagementCo, as sole member of Holdco GP, controls the election of the members of such board of directors. In connection with the Corporate Conversion, (i) the limited partners of Pershing Square Holdco, L.P. will become holders of shares of common stock of Pershing Square Inc., (ii) the board of directors of Holdco GP will become the board of directors of Pershing Square Inc., and (iii) the non-economic interest of Holdco GP will be converted into the Special Voting Share in Pershing Square Inc. and, following the dissolution of Holdco GP immediately thereafter, ManagementCo will become the holder of the Special Voting Share in Pershing Square Inc. and, accordingly, will continue to control the election of the members of the board of directors of Pershing Square Inc., and generally control the outcome of all other matters requiring the approval of our stockholders, including the amendment of our articles of incorporation and bylaws and the approval of significant corporate transactions such as a change in control, merger, consolidation or sale of assets.

In contrast to the two-tiered, "UP-C" ownership structures frequently employed in initial public offerings by businesses that have been organized as partnerships for U.S. federal income tax purposes including many publicly traded alternative asset management companies, our public stockholders and our pre-IPO owners will hold their economic interests in our company through a single class of common stock issued by Pershing Square Inc. We believe this single-tier traditional C-corporation structure, without a tax receivable agreement, provides greater simplicity and materially improved alignment among all of our shareholders.

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The diagram below depicts our organizational structure immediately following the combined transaction. Because the capital raised through the combined transaction is not readily determinable until the date of pricing of the PSUS IPO, which impacts the information regarding the ownership of shares of our common stock, we have contemplated the effects of the combined transaction under two scenarios: (i) Scenario 1, in which PSUS raises $5 billion of capital through the PSUS IPO and PSUS Private Placement; and (ii) Scenario 2, in which PSUS raises an additional $5 billion through the PSUS IPO and PSUS Private Placement, for an aggregate capital raise of $10 billion.

![](ny20040230x24_diagram01b.jpg) <br>

(1) Certain of our active investment professionals and employees will continue to own interests in PS Partner Group that may become redeemable, subject to certain conditions, for shares of our common stock held by PS Partner Group. Accordingly, any such redemption will not be dilutive to our public shareholders. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests in PS Partner Group." 

(2) Prior to the completion of the combined transaction, PS Partner Group and our other pre-IPO owners, excluding the Strategic Investors, to whom we refer as the "pre-IPO management owners," will contribute a number of shares to us in an amount equal to the number of shares of our common stock offered in this offering and the PS Private Placement. Accordingly, although the combined transaction will result in a decrease in the ownership of our common stock by the pre-IPO management owners, on the one hand, and an increase in the ownership by the initial investors in the combined transaction, on the other hand, it will not result in any change in the total number of our shares of common stock outstanding. See "—The Offering" below.

(3) ManagementCo will remain the managing member of PS Partner Group. As managing member of PS Partner Group, ManagementCo will have no economic interests in PS Partner Group but sole voting control over PS Partner Group. ManagementCo will also hold the Special Voting Share that has no economic rights and has voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. See "Description of Capital Stock—Preferred Stock—Special Voting Share."

(4) ManagementCo will continue to be directly or indirectly owned by certain members of our senior management initially comprising our Founder, Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro and Ms. Coussin. Our Founder will continue to own 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% of such voting interests each). The approval by members of ManagementCo holding at least 80% of its then outstanding units shall be required to exercise ManagementCo's voting power in us to remove our Founder as a member of our board of directors, other than in certain cases of cause. For so long as our Founder and his affiliates (including family members) retain a substantial equity interest in our business, he and his designated successors will be members of ManagementCo. The successors to the members of ManagementCo other than our Founder shall be designated by a majority vote of the then current members of ManagementCo, provided that, at all times, at least a majority in interest of the members of ManagementCo shall be investment team members. Each of our Founder, Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro and Ms. Coussin will provide an irrevocable voting proxy to ManagementCo with respect to any shares of our common stock which they own or over which they hold the power to vote. 

(5)<br> Our investment professionals and certain other employees will continue to own interests in CompCo, and ManagementCo will remain the managing member of CompCo. As described in "Business— Advisory Fees and Compensation—Allocation of Performance Fee

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Revenue," generally we pay our investment professionals and certain other employees our performance fees remaining after payment by PSCM of the Preferred Performance Fee to us. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Subordinated Profits Interest."

(6) Represents a profits interest substantially economically equivalent to the current contractual entitlement under the VCA. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Subordinated Profits Interest." 

(7) Our Founder, together with his affiliated entities, directly or indirectly, will own 58.1% of CompCo under both Scenario 1 and Scenario 2 and 47.8% or 46.3% of PS Partner Group under Scenario 1 and Scenario 2, respectively, and will directly own 22.5% of shares of our common stock under both Scenario 1 and Scenario 2.

(8) Under both Scenario 1 and Scenario 2, each of the Strategic Investors will continue to own an interest of 3% or less in our business.

(9) Under both Scenario 1 and Scenario 2, the private placement investors will own 4% of our shares of common stock. 

(10)<br> Certain wholly owned intermediate holding companies are not depicted in the structure chart.

(11) Generally, the General Partner or the Managing Member, as the case may be, has all rights and powers to manage and administer the business and affairs of the relevant entity; and the Limited Partners or the non-managing Members, as the case may be, generally have no voting or approval rights, except with respect to limited minority protection rights as set forth in the applicable organizational document. 

#### Implications of Being a Controlled Company
Following the combined transaction, ManagementCo will continue to control a simple majority of the voting power of shares eligible to vote on matters submitted to the vote of our stockholders and, accordingly, will generally control the outcome of all matters requiring the approval of our stockholders, including the election of our directors, the amendment of our articles of incorporation and bylaws and significant corporate transactions such as a change in control, merger, consolidation or sale of assets. As a result, we will be a "controlled company" within the meaning of the corporate governance standards of the NYSE. We have chosen to be a controlled company because we believe that it will protect our firm from change of control events, such as the risk that changes in the ownership of our voting securities could be deemed to have resulted in an "assignment" of our investment management agreements under the 1940 Act or the Investment Advisers Act of 1940, as amended (the "Advisers Act"), or a "change of control" under the indentures governing the senior notes of PSH.

Under the NYSE corporate governance standards, a company of which more than 50% of the voting power is beneficially owned by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance standards, including the requirements that (1) a majority of its board of directors consist of independent directors, (2) its board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities and (3) its board of directors have a nominating and corporate governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

We do not intend to rely on these exemptions from certain corporate governance standards although we are permitted to do so. At the time of the combined offering, a majority of our board of directors will consist of independent directors and our Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee each will be composed entirely of independent directors.

#### Implications of Being an Emerging Growth Company
As a company with less than $1.235 billion in revenue during our most recently completed fiscal year prior to the initial filing date of the registration statement of which this prospectus forms a part, we qualify as an "emerging growth company" as defined in Section 2(a) of the Securities Act of 1933, as amended (the "Securities Act"), as modified by the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As an emerging growth company, we may take advantage of specified reduced disclosure and other requirements that are otherwise applicable generally to public companies that are not emerging growth companies. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;• presentation of only two years of audited financial statements and only two years of related management's discussion and
 analysis of financial condition and results of operations in this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;• reduced disclosure about our executive compensation arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;• no non-binding stockholder advisory votes on executive compensation or golden parachute arrangements;

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&nbsp;&nbsp;&nbsp;&nbsp;• exemption from any requirement of the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a
 supplement to the auditor's report providing additional information about the audit and the financial statements (i.e., an auditor discussion and analysis); and

&nbsp;&nbsp;&nbsp;&nbsp;• exemption from the auditor attestation requirement in the assessment of our internal control over financial reporting.

We may take advantage of these exemptions for up to five years or such earlier time that we are no longer an emerging growth company. We will cease to be an emerging growth company upon the earliest of: (1) the end of the fiscal year following the fifth anniversary of the combined offering; (2) the first fiscal year after our annual gross revenues are $1.235 billion or more; (3) the date on which we have, during the previous three-year period, issued more than $1.0 billion in non-convertible debt securities; or (4) the date on which we are deemed to be a "large accelerated filer" under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We have taken advantage of reduced disclosure regarding executive compensation arrangements and the presentation of certain historical financial information in this prospectus, and we may choose to take advantage of some but not all of these reduced disclosure obligations in future filings. If we do, the information that we provide stockholders may be different from what you might get from other public companies in which you hold stock.

The JOBS Act permits an emerging growth company like us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We have elected to use this extended transition period until we are no longer an emerging growth company or until we affirmatively and irrevocably opt out of the extended transition period. Accordingly, this election allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies. When a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, will adopt the new or revised standard at the time private companies adopt the new or revised standard, unless early adoption is permitted by the standard. As a result, our consolidated financial statements may not be comparable to the financial statements of companies that comply with new or revised accounting pronouncements as of public company effective dates.

#### Investment Risks
An investment in shares of our common stock involves substantial risks and uncertainties that may adversely affect our business, financial condition and results of operations. Some of the more significant challenges and risks relating to an investment in our company include, among other things, the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Difficult global market, economic or geopolitical conditions may materially adversely affect our investment performance and our
 business.

&nbsp;&nbsp;&nbsp;&nbsp;• A period of economic slowdown, which may occur across one or more industries, sectors or geographies, has contributed and could
 in the future create operating performance challenges for certain of our funds' investments, which could adversely affect our operating results and cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;• We depend on our Founder, Chief Investment Officer, and other key personnel and the loss of their services would have a material
 adverse effect on our business, results and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;• We are substantially dependent upon our investment management agreements with PSH and PSUS, each of which may be terminated
 under certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;• We are also dependent upon the HHH Services Agreement, which may be terminated under certain circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;• An investment in our common stock is not an investment in our funds or HHH, and their returns should not be considered as
 indicative of any returns expected on our common stock, although poor investment performance by our funds or HHH could have a materially adverse impact on our revenues and, therefore, the returns on our common stock.

&nbsp;&nbsp;&nbsp;&nbsp;• We could be financially harmed by employee misconduct and damage to our reputation.

&nbsp;&nbsp;&nbsp;&nbsp;• Extensive regulation of our business affects our activities and creates the potential for significant liabilities and penalties.
 The possibility of increased regulatory focus could result in additional burdens on our business.

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&nbsp;&nbsp;&nbsp;&nbsp;• We are subject to substantial risks of litigation and regulatory proceedings and may face significant liabilities and damage to
 our professional reputation as a result of litigation and regulatory proceedings and negative publicity.

&nbsp;&nbsp;&nbsp;&nbsp;• No public market for our common stock currently exists, and an active trading market for our common stock may never develop or
 be sustained after the combined offering. Following the combined offering, our stock price may fluctuate significantly.

&nbsp;&nbsp;&nbsp;&nbsp;• ManagementCo controls us and its interests may conflict with ours or yours in the future.

&nbsp;&nbsp;&nbsp;&nbsp;• The disproportionate voting rights of ManagementCo will have the effect of concentrating voting control with ManagementCo, will
 limit or preclude your ability to influence corporate matters and may have a potential adverse effect on the price of our common stock.

&nbsp;&nbsp;&nbsp;&nbsp;• Our share structure involving a Special Voting Share differs from a more typical multi-class capital structure.

&nbsp;&nbsp;&nbsp;&nbsp;• You may have additional difficulty determining liability and monetary damages for claims brought under the liability provisions
 of the Securities Act in connection with the combined offering.

Please see "Risk Factors" for a more fulsome discussion of these and other factors you should consider before making an investment in shares of our common stock. Please also refer to the matters described under the heading "Risk Factors" in the accompanying PSUS Prospectus with respect to various material risks related to an investment in PSUS Shares.

#### Corporate Information
Pershing Square Holdco, L.P. is a Delaware limited partnership. Prior to the effectiveness of each of the registration statement of which this prospectus forms a part and the PSUS Registration Statement, Pershing Square Holdco, L.P. will convert into a Nevada corporation pursuant to a statutory conversion and change its name to Pershing Square Inc. Our principal executive offices are located at 787 Eleventh Avenue, 9th Floor, New York, New York 10019 and our telephone number is +1 (212) 813-3700. Following the completion of the combined offering, we will maintain a website at www.pershingsquareinc.com. The information on, or accessible from, our website is not part of this prospectus by reference or otherwise.

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#### THE OFFERING

#### Common stock offered by Pershing Square Inc.
This offering and the PSUS IPO are component parts of a single offering, which we refer to as the "combined offering." We currently expect to deliver to each initial investor in the PSUS IPO, for no additional consideration, 1 share of our common stock for every 5 PSUS Shares purchased in the PSUS IPO, including any PSUS Shares acquired by the underwriters in connection with the exercise of their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus.

PSUS has secured $2.8 billion in commitments (which includes the $100 million common shares investment we have agreed to make) from a number of qualified investors (the "private placement investors") consisting of U.S. and international institutional investors, including family offices (30%), pension funds (25%), insurance companies (22%), ultra-high-net-worth investors (12%) and other investors (11%), that have agreed to acquire an aggregate of 56.3 million PSUS Shares at a price of $50.00 per share in a private placement transaction (the "PSUS Private Placement") exempt from registration under the Securities Act. We will deliver to each private placement investor (but not to us in connection with our $100 million private placement investment), for no additional consideration, 1.5 shares of our common stock for every 5 PSUS Shares purchased in the PSUS Private Placement, for an aggregate of 16.3 million shares of our common stock, in a private placement transaction exempt from registration under the Securities Act (the "PS Private Placement" and together with the PSUS Private Placement, the "combined private placement"). We refer to the combined private placement and the combined offering together as the "combined transaction." The agreements with the private placement investors provide that the combined private placement will be settled concurrently with, and will be contingent upon, the closing of the combined offering and the satisfaction of other customary closing conditions.

No fractional shares of our common stock will be delivered in the combined transaction. If an initial investor in the PSUS IPO or a private placement investor in the PSUS Private Placement would be entitled to receive a fractional interest in a share of our common stock, we will round down to the nearest whole number of shares to be issued to such investor.

#### Common stock outstanding after giving effect to the combined transaction
400,000,000 shares. As described in "Summary— Reorganization Transactions," the issuance of shares of our common stock to the initial investors in the PSUS IPO and the private placement investors in the PSUS

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Private Placement will be accompanied by a contribution to us of an equal number of shares of our common stock by PS Partner Group and our other pre-IPO owners, excluding the Strategic Investors, to whom we refer as the "pre-IPO management owners." Accordingly, although the combined transaction will result in a decrease in the ownership of our common stock by the pre-IPO management owners, on the one hand, and an increase in the ownership by the initial investors in the combined transaction, on the other hand, it will not result in any change in the total number of our shares of common stock outstanding. See "Summary—Reorganization Transactions" for additional information.

#### Use of proceeds
The combined transaction will not result in any proceeds to Pershing Square Inc. In the combined offering, we are issuing shares of our common stock to the initial investors in the PSUS IPO for no additional consideration and, for the avoidance of doubt, 100% of the net proceeds of the PSUS IPO will be received by PSUS. See the accompanying PSUS Prospectus for more information on the use of the net proceeds from the PSUS IPO by PSUS. Similarly in the combined private placement, we are issuing shares of our common stock to the private placement investors in the PSUS Private Placement for no additional consideration and, for the avoidance of doubt, 100% of the net proceeds of the PSUS Private Placement will be received by PSUS.

#### Voting rights
Holders of our common stock are entitled to one vote for each share held of record on all matters on which stockholders are entitled to vote generally.

Upon completion of the combined transaction, ManagementCo will initially have voting power over 74.6% or 70.2% of our outstanding common stock (or 74.3% or 69.2% if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus), assuming PSUS raises $5 billion in the combined transaction and assuming PSUS raises $10 billion in the combined transaction, respectively. In addition, ManagementCo will hold a Special Voting Share that will have voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. Because ManagementCo will initially have voting power in excess of a simple majority of the voting power of the outstanding shares of our common stock, the Special Voting Share will initially provide only a single additional vote to ManagementCo. The Special Voting

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Share will provide ManagementCo with additional voting power only in the event the shares of our common stock over which ManagementCo has voting power decrease in the future below a simple majority of the voting power.

We believe this voting arrangement will protect our firm from change of control events, such as the risk that changes in the ownership of our voting securities could be deemed to have resulted in an "assignment" of our investment management agreements under the 1940 Act or the Advisers Act or a "change of control" under the indentures governing the senior notes of PSH. See "Summary—Implications of Being a Controlled Company" and "Description of Capital Stock—Preferred Stock—Special Voting Share."

#### Dividend policy
The declaration, amount and payment of any dividends or other distributions in the future will be made at the sole discretion of our board of directors in accordance with applicable law and we may reduce or discontinue entirely the payment of such dividends or other distributions at any time. Our board of directors may take into account, among other things, our results of operations, cash requirements, financial condition, contractual restrictions and other factors that our board of directors may deem relevant. See "Dividend Policy."

#### Controlled company
Upon completion of the combined transaction, ManagementCo will initially have voting power over 74.6% or 70.2% of our outstanding common stock (or 74.3% or 69.2% if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus), assuming PSUS raises $5 billion in the combined transaction and assuming PSUS raises $10 billion in the combined transaction, respectively. As a result, we will be a "controlled company" under the corporate governance standards of the NYSE. Although as a controlled company, we qualify for exemptions from certain corporate governance requirements of the NYSE, we do not intend to rely on such exemptions. See "Summary—Implications of Being a Controlled Company" and "Description of Capital Stock—Preferred Stock—Special Voting Share" for additional information.

#### Risk factors
See "Risk Factors" for a discussion of risks you should carefully consider before deciding to invest in our common stock.

#### Trading symbol
"PS."

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In this prospectus, unless otherwise indicated, the number of shares of common stock outstanding and the other information based thereon does not reflect the:

&nbsp;&nbsp;&nbsp;&nbsp;• 20,000,000 shares of common stock that are available for award under our equity incentive plan (the "Equity Incentive Plan"),
 which includes shares of our common stock underlying 2,817,000 restricted stock units ("RSUs") to be awarded to certain employees and other service providers in connection with the combined offering. These shares will be issuable upon
 settlement of such RSUs, contingent upon satisfaction of the vesting conditions set forth in the corresponding RSU award agreements.

See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Equity Incentive Plan."

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#### Summary Historical and Pro Forma Consolidated Financial Information
The following table presents (i) the summary historical consolidated financial and other data for Pershing Square Holdco, L.P. and its consolidated subsidiaries and Pershing Square Capital Management, L.P., the predecessor reporting entity of Pershing Square Holdco, L.P., and its consolidated subsidiaries and (ii) the summary pro forma consolidated financial and other data for Pershing Square Inc. and its consolidated subsidiaries for the periods and at the dates indicated.

We derived the summary historical consolidated statements of operations and cash flow data for the years ended December 31, 2024 and 2025 and the summary historical consolidated statements of financial condition data as of December 31, 2024 and 2025 from the audited consolidated financial statements of Pershing Square Holdco, L.P. included elsewhere in this prospectus.

Our historical results are not necessarily indicative of the results that may be expected for any future period. You should read the summary historical consolidated financial data below, together with the consolidated financial statements and related notes thereto, as well as "Capitalization," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the other financial information included elsewhere in this prospectus.

We derived the summary unaudited pro forma condensed consolidated financial data of Pershing Square Inc. presented below from our unaudited pro forma condensed consolidated financial statements included elsewhere in this prospectus. The summary unaudited pro forma condensed consolidated statement of operations data for the year ended December 31, 2025 gives effect to the transactions described under "Unaudited Pro Forma Consolidated Financial Information" as if they had occurred on January 1, 2025. The summary unaudited pro forma condensed consolidated statement of financial condition data as of December 31, 2025 gives effect to the transactions described under "Unaudited Pro Forma Consolidated Financial Information," except for the Howard Hughes Transaction, as if they had occurred on December 31, 2025. The capital raised through the combined transaction is not readily determinable until the date of pricing of the PSUS IPO, which impacts the accounting for certain transaction accounting adjustments presented in the unaudited pro forma condensed consolidated financial information. Therefore, we have contemplated the effects of the combined transaction under two scenarios: (i) Scenario 1, in which PSUS raises $5 billion of capital through the PSUS IPO and PSUS Private Placement; and (ii) Scenario 2, in which PSUS raises an additional $5 billion through the PSUS IPO and PSUS Private Placement, for an aggregate capital raise of $10 billion. The following summary unaudited condensed consolidated pro forma financial information is presented for illustrative purposes only and is not necessarily indicative of the operating results or financial position that would have occurred if the relevant transactions had been consummated on the dates indicated, nor is it indicative of future operating results or financial position. See "Unaudited Pro Forma Consolidated Financial Information."

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pershing Square** <br>**Holdco, L.P.<sup>(1)</sup>** | **Pershing Square** <br>**Holdco, L.P.<sup>(1)</sup>** | **Pershing Square Inc.**  | **Pershing Square Inc.**  |
|  | **Audited Historical** | **Audited Historical** | **Unaudited Pro Forma**  | **Unaudited Pro Forma**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,** <br>**2025**  | **Year Ended December 31,** <br>**2025**  |
| **(in thousands)** | **2024** | **2025** | **Year Ended December 31,** <br>**2025**  | **Year Ended December 31,** <br>**2025**  |
|  |  |  | **Scenario 1** <br>**$5 Billion** <br>**PSUS** <br>**IPO and** <br>**PSUS** <br>**Private** <br>**Placement** | **Scenario 2** <br>**$10 Billion** <br>**PSUS** <br>**IPO and** <br>**PSUS** <br>**Private** <br>**Placement**  |
| **Summary Statement of Operations Data:**<br>|  |  |  |  |
| Revenue<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | $206067 | $230420 | &nbsp;&nbsp; $237074 | &nbsp;&nbsp; $242239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance fees<sup>(2)</sup> | &nbsp;&nbsp; 249431 | &nbsp;&nbsp; 532088 | &nbsp;&nbsp;&nbsp;&nbsp; 512088 | &nbsp;&nbsp;&nbsp;&nbsp; 492088 |
| Total revenue | &nbsp;&nbsp; 455498 | &nbsp;&nbsp; 762508 | &nbsp;&nbsp;&nbsp;&nbsp; 749162 | &nbsp;&nbsp;&nbsp;&nbsp; 734327 |
| Expenses<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Profit-sharing partner compensation<sup>(2)</sup> | &nbsp;&nbsp; 339133 | &nbsp;&nbsp; 459079 | &nbsp;&nbsp; 1009345 | &nbsp;&nbsp; 1091012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliates fee rebate | &nbsp;&nbsp;&nbsp; 69301 | &nbsp;&nbsp;&nbsp; 77580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; General and administrative expense | &nbsp;&nbsp;&nbsp; 50812 | &nbsp;&nbsp;&nbsp; 42074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Employee compensation and benefits | &nbsp;&nbsp;&nbsp; 13164 | &nbsp;&nbsp;&nbsp; 20228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization expense | &nbsp;&nbsp;&nbsp;&nbsp; 2778 | &nbsp;&nbsp;&nbsp;&nbsp; 2301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2301 |
| Total expenses | &nbsp;&nbsp; 475188 | &nbsp;&nbsp; 601262 | &nbsp;&nbsp; 1099118 | &nbsp;&nbsp; 1182435 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Pershing Square** <br>**Holdco, L.P.<sup>(1)</sup>** | **Pershing Square** <br>**Holdco, L.P.<sup>(1)</sup>** | **Pershing Square Inc.**  | **Pershing Square Inc.**  |
|  | **Audited Historical** | **Audited Historical** | **Unaudited Pro Forma**  | **Unaudited Pro Forma**  |
|  | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,** <br>**2025**  | **Year Ended December 31,** <br>**2025**  |
| **(in thousands)** | **2024** | **2025** | **Year Ended December 31,** <br>**2025**  | **Year Ended December 31,** <br>**2025**  |
|  |  |  | **Scenario 1** <br>**$5 Billion** <br>**PSUS** <br>**IPO and** <br>**PSUS** <br>**Private** <br>**Placement** | **Scenario 2** <br>**$10 Billion** <br>**PSUS** <br>**IPO and** <br>**PSUS** <br>**Private** <br>**Placement**  |
| Operating income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19690) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161246 | &nbsp;&nbsp;&nbsp; (349956) | &nbsp;&nbsp;&nbsp; (448108) |
| Other income (expenses)<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on HHH shares held at fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp;&nbsp; 110700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16910  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unrealized gain (loss) on investment in Pershing Square, L.P. held at fair value<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3096) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8833) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8833) |
| Total non-operating income (expenses) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142773 | &nbsp;&nbsp;&nbsp;&nbsp; 127413 | &nbsp;&nbsp;&nbsp;&nbsp; 127413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net income (loss) before taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18375  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304019 | &nbsp;&nbsp;&nbsp; (222543) | &nbsp;&nbsp;&nbsp; (320695) |
| &nbsp;&nbsp;&nbsp;&nbsp; Income tax expense (benefit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22309 | &nbsp;&nbsp;&nbsp;&nbsp; (77050) | &nbsp;&nbsp;&nbsp;&nbsp; (99006) |
| Net income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281710 | &nbsp;&nbsp;&nbsp; (145493) | &nbsp;&nbsp;&nbsp; (221689) |
| &nbsp;&nbsp; Net (income) loss attributable to non-controlling interest<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31933) | &nbsp;&nbsp;&nbsp;&nbsp; (31933) | &nbsp;&nbsp;&nbsp;&nbsp; (31933) |
|  Net income (loss) attributable to Pershing Square Holdco, L.P. | $(14151) | $249777 | $(177426) | $(253622) |
|  **Summary Statement of Financial Condition Data (at period end):**<br>|  |  |  |  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp; $964857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $55398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7135 |
| Total assets | &nbsp;&nbsp;&nbsp; 1318793 | &nbsp;&nbsp;&nbsp; 1701202 | &nbsp;&nbsp; 2703090 | &nbsp;&nbsp; 3651440 |
| Total debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp;&nbsp; 134415 | &nbsp;&nbsp;&nbsp;&nbsp; 134415 |
| Total liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622089 | &nbsp;&nbsp;&nbsp;&nbsp; 999954 | &nbsp;&nbsp; 1215184 |
| Total partners' capital | &nbsp;&nbsp;&nbsp;&nbsp; $967258 | &nbsp;&nbsp; $1079113 | $1703136 | $2436256 |
| **Summary Statement of Cash Flows Data:**<br>|  |  |  |  |
| Net cash provided by (used in) operating activities | &nbsp;&nbsp;&nbsp;&nbsp; $294481 | &nbsp;&nbsp;&nbsp; $(134233) |  |  |
| &nbsp;&nbsp; Net cash provided by (used in) investing activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1558) | &nbsp;&nbsp;&nbsp;&nbsp; (607679) |  |  |
| Net cash provided by (used in) financing activities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667399 | &nbsp;&nbsp;&nbsp;&nbsp; (167546) |  |  |
| **Summary Other Financial and Operational Data:<sup>(3)</sup>**<br>|  |  |  |  |
| &nbsp;&nbsp; Assets Under Management (at period end) | $17090738 | $30665570 |  |  |
| Fee-Paying Assets Under Management (at period end) | &nbsp;&nbsp; 14010882 | &nbsp;&nbsp; 20659723 |  |  |
| Permanent Capital AUM (at period end) | &nbsp;&nbsp; 13011230 | &nbsp;&nbsp; 19787024  |  |  |
| Fee-Related Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297925 |  |  |
| Distributable Earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312533 |  |  |

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(1)<br> For periods prior to May 31, 2024, the historical financial results presented of Pershing Square Holdco, L.P. reflect the financial results of its predecessor reporting entity, Pershing Square Capital Management, L.P.

(2) Includes amounts attributable to consolidated variable interest entities ("VIEs") for which Pershing Square Holdco, L.P. does not have any direct equity interests.

(3) See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Operating Metrics" and "Management's Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures" for additional information regarding our use of these metrics and data and a reconciliation of distributable earnings and fee-related earnings, which are non-GAAP financial measures, to the most directly comparable financial measure calculated in accordance with GAAP.

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#### RISK FACTORS
*An investment in shares of our common stock involves risks. You should carefully consider the following information about these risks, together with the other information contained in this prospectus, before investing in shares of our common stock. The disclosures in this section reflect our beliefs and opinions as to factors that could materially and adversely affect us in the future. References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past. Please also refer to the matters described under the heading "Risk Factors" in the accompanying PSUS Prospectus with respect to various material risks related to an investment in PSUS Shares.* 

#### Risks Related to Our Business and Industry

#### Difficult global market, economic or geopolitical conditions may materially adversely affect our investment performance and our business.
The success and growth of our business are highly dependent upon conditions in the global financial markets and economic and geopolitical conditions throughout the world that are outside of our control and difficult to predict. Our revenue is comprised, in part, of management fees based on the Net Asset Value of our funds and the market capitalization of HHH. Declines in the value of the investments held by our funds or HHH may reduce the fees we earn and, in turn, have a material adverse effect on our revenues. See "—Risks Relating to Our Funds and HHH and Our Investment Strategy—*Poor performance of our funds and our other investment vehicles would cause a decline in our revenues, results of operations and cash flows*" and "—*Decreases in the market capitalization of HHH would cause a decline in our assets, revenues, results of operations and cash flows*."

Factors such as economic slowdowns, equity prices, equity market volatility, asset or market correlations, interest rates, inflation, counterparty risks, availability of credit, economic uncertainty, changes in laws or regulation (including laws relating to the financial markets generally or the taxation or regulation of asset managers), trade barriers and tariffs, disease, supply chain pressures, commodity prices, currency exchange rates and controls, heightened geopolitical tensions, governmental instability or dysfunction, wars or other armed conflicts, terrorist acts (including cyberterrorism), major or prolonged power outages or network interruptions, pandemics or severe public health events, the effects of climate change and changes in law and/or regulation, and uncertainty regarding government and regulatory policy can have a material impact on the value of the investments held by our funds or HHH or our general ability to conduct business. Difficult market, economic and geopolitical conditions can negatively impact those valuations and our ability to conduct business, which in turn would reduce or even eliminate our revenues and profitability, thereby having a material adverse effect on our business, financial condition or results of operations. For example, geopolitical instability has in recent years become more prevalent. The ongoing conflicts in Eastern Europe and the Middle East, and the global responses thereto, have contributed, and may continue to contribute to volatility in the global financial markets, which may adversely impact the performance of our funds' investments and/or our ability to selectively expand into complementary businesses.

As our funds primarily invest in publicly traded equity securities, stock market volatility, including a sharp decline in the stock market may adversely affect our results, including our revenues and net income. Moreover, in the pursuit of our core investment strategy, our funds typically invest the substantial majority of their capital in a limited number of core investments, thereby making their unrealized mark-to-market valuations particularly sensitive to sharp changes in the price of any of these positions. Further, although the equity markets are not the only markets in which we invest, should we experience another period of challenging equity markets, our funds may experience increased difficulty in realizing value from investments.

***A period of economic slowdown, which may occur across one or more industries, sectors or geographies, has contributed and could in the future create operating performance challenges for certain investments held by our funds or HHH, which could adversely affect our operating results and cash flows.***

Despite overall resilience in some geographies, many global economies have in recent years experienced periods of deceleration. Further economic deceleration or contraction in the rate of global growth in certain industries, sectors or geographies, including as a result of the ongoing conflicts in Eastern Europe and the Middle East, and any global responses thereto, as discussed above, may contribute to poor financial results at the companies in which our funds and HHH invest, which may result in lower investment returns for our funds and HHH. For example, periods of economic weakness have contributed and may in the future contribute to decreased consumer demand for certain

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goods and services, which could have an adverse effect on certain investments held by our funds or HHH. The performance of these portfolio companies would also likely be negatively impacted if pressure on wages and other inputs increasingly pressures profit margins. To the extent the performance of those companies (as well as valuation multiples) does not improve, our funds may exit positions at values that are less than we projected or even at a loss, thereby significantly affecting investment performance. In addition, as our funds typically invest the substantial majority of their capital in a limited number of core investments, we may have outsized exposure to particular sectors or regions, which can exacerbate the impact on our funds of an economic slowdown in such sectors or regions. See "—Risks Relating to Our Funds and HHH and Our Investment Strategy—*Our funds and our other investment vehicles are exposed to a concentration of investments, which can exacerbate volatility and investment risk.*"

***We depend on our Founder, Chief Investment Officer and other key personnel and the loss of their services would have a material adverse effect on our business, results and financial condition.***

The success of our business depends on the efforts, judgment, skill and personal reputations of our Founder and Chief Executive Officer, Mr. Ackman, our Chief Investment Officer, Mr. Israel, and other key personnel. The expertise in investing and risk management of our key personnel, their business contacts and their relationships with investors and third parties are each critical elements in operating and expanding our business. For example, all of the investment decisions of our funds are made by our investment team, with Mr. Ackman having ultimate decision-making authority for all portfolio positions. Mr. Ackman, Mr. Israel and the investment team also rely on the diligence, skill and network of business contacts of our other professionals as well as external advisers and professionals. Accordingly, our success will depend on the continued service of these individuals, who are not obligated to remain employed with us. Although we have historically experienced low turnover, senior investment professionals and other key personnel have left our company in the past and others may do so in the future, and we cannot predict the impact that the departure of any key personnel will have on our ability to achieve our investment objectives.

#### We are substantially dependent upon our investment management agreements with PSH and PSUS, each of which may be terminated under certain circumstances.
PSH represents a significant majority of our assets under management and we expect PSUS to represent a material portion of our assets under management in periods following the combined offering. Accordingly, we are substantially dependent on our investment management agreements with PSH and PSUS.

Our investment management agreement with PSH may be terminated by PSH as of December 31 of each year upon four months' prior notice. In addition, any assignment by us of the PSH investment management agreement under the Advisers Act would require the consent of PSH. PSH is managed by a majority-independent board of directors that is elected by its stockholders (the "PSH Board"). Any decision by the PSH Board to terminate the investment management agreement or to withhold consent to an assignment by us under the Advisers Act would only be effective if 66 2/3% of the voting shares and 66 2/3% of the public shares of PSH support such decision. See "Business—Termination of Investment Management Agreements and HHH Services Agreement and Key Man Protection—PSH." Termination by PSH, or failure to obtain the consent of PSH for any assignment, of our investment management agreement with PSH would have a material adverse effect on our business, financial condition and the results of our operations.

Our Founder and certain of our other employees, together with their affiliates, directly or indirectly hold 28% of the outstanding public shares of PSH as of December 31, 2025. As a result, a decision to terminate the investment management agreement by record holders as of such date would have required the affirmative approval of 93% of the remaining outstanding public shares. As described in "Certain Relationships and Related Person Transactions—Other Transactions—Our Right to Acquire PSH Shares," we will have the right to acquire the shares of PSH held by our Founder and certain of our other current and former employees and their affiliates at any time after the ninth anniversary of the Corporate Conversion and on or prior to the tenth anniversary of the Corporate Conversion. However, if we do not exercise our right to acquire these shares on or before the tenth anniversary of the Corporate Conversion, our Founder and other employees and their affiliates will not be restricted from selling or otherwise transferring their PSH shares after that date. Any sale or transfer of such PSH shares could increase the risk that our investment management agreement with PSH might be terminated.

Our investment management agreement with PSUS may be terminated as a whole at any time by PSUS, without the payment of any penalty, upon the vote of a majority of the PSUS board of trustees (the "PSUS

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Board") or a majority of the outstanding voting securities of PSUS, on 60 days' written notice. Five of the six trustees of the PSUS Board are not "interested persons" of us or PSUS for purposes of Section 2(a)(19) of the 1940 Act and are "independent," as determined by the PSUS Board. Following the PSUS IPO, subject to certain exceptions, the PSUS Board will be elected by PSUS's public shareholders. Pursuant to the requirements of the 1940 Act, at least 40% of the trustees serving on the PSUS Board at any time must not be "interested persons" of us or PSUS. See "Business—Termination of Investment Management Agreements and HHH Services Agreement and Key Man Protection—PSUS" and refer to the accompanying PSUS Prospectus for more detail. In addition, our investment management agreement with PSUS will terminate automatically in the event of its "assignment" (as such term is defined in the 1940 Act). Termination of our investment management agreement with PSUS would have a material adverse effect on our business, financial condition and the results of our operations.

As described under "Summary—Implications of Being a Controlled Company," we have chosen to be a controlled company because we believe that it will protect our firm from change of control events, such as the risk that changes in the ownership of our voting securities could be deemed to have resulted in an "assignment" of our investment management agreements under the 1940 Act or the Advisers Act.

#### We are also dependent upon the HHH Services Agreement, which may be terminated under certain circumstances.
Our revenues depend in part upon the fees earned from HHH in connection with the Howard Hughes Transaction. Accordingly, we are also dependent on the HHH Services Agreement.

The HHH Services Agreement has an initial 10-year term, with successive automatic 10-year renewal terms unless the agreement is terminated or not renewed in accordance with its terms. The HHH Services Agreement may not be terminated by HHH except with the approval of two-thirds of the disinterested members of its board of directors and only under limited prescribed circumstances, such as fraud, misrepresentation or embezzlement by PSCM, or a change in control of HHH, and HHH may only elect not to renew the HHH Services Agreement if the non-renewal is approved by a unanimous vote of the disinterested members of its board of directors and by holders of at least 70% of the outstanding shares of HHH common stock, excluding any shares held by us or our affiliates. See "Business—Termination of Investment Management Agreements and HHH Services Agreement and Key Man Protection" for additional information.

The HHH Board of Directors, subject to certain exceptions including our right to nominate directors, will be elected by HHH's public stockholders, and we will not be able to fully control the outcome of matters submitted to a vote of HHH's stockholders. See also "—Risks Relating to Our Funds and HHH and Our Investment Strategy—*We are not a majority stockholder in HHH, exposing us to the risk of decisions made by others with whom we may not agree*." As described in "Business—Legal Proceedings," certain alleged stockholders of HHH have filed a complaint in the Delaware Court of Chancery seeking, among other things, a declaratory judgment that the HHH Services Agreement is invalid and unenforceable under the Delaware General Corporation Law and related injunctive relief. Termination by HHH of the HHH Services Agreement, or a determination that it is unenforceable and a failure to reach a new services agreement on substantially the same economic terms, would have a material adverse effect on our business, financial condition and the results of our operations.

***An investment in our common stock is not an investment in our funds or HHH, and their returns should not be considered as indicative of any returns expected on our common stock, although poor investment performance by our funds or HHH could have a materially adverse impact on our revenues and, therefore, the returns on our common stock.***

An investment in shares of our common stock is not an investment in our funds or HHH. The returns on our common stock are not directly linked to the historical or future performance of the funds or other investment vehicles we manage or of HHH. See also "Risks Relating to Our Funds and HHH and Our Investment Strategy—*The historical returns attributable to our funds and HHH, including those presented in this prospectus, should not be considered as indicative of the future results of our funds or HHH or of our future results or of any returns expected on an investment in our common stock*." Even if our funds or HHH experience positive performance and their assets under management increase, holders of our common stock may not experience a corresponding positive return on their shares.

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However, poor performance of our funds will cause a decline in the management fee revenue from such funds and, in some cases, in the performance fee revenue we receive that year, and accordingly, our business, financial condition or results of operations would suffer, thus negatively impacting the price of our common stock. See "—Risks Relating to Our Funds and HHH and Our Investment Strategy—*Poor performance of our funds and our other investment vehicles would cause a decline in our revenues, results of operations and cash flows*." Similarly, poor performance of HHH's stock price could cause a decline in the HHH Variable Management Fee we receive, which could negatively impact our business, financial condition or results of operations or the price of our common stock. See "—Risks Relating to Our Funds and HHH and Our Investment Strategy—*Decreases in the market capitalization of HHH would cause a decline in our assets, revenues, results of operations and cash flows.*"

#### We face intense competition in attracting and retaining talented professionals.
Our investment performance and ability to successfully manage our business is largely dependent on the talents and efforts of highly skilled individuals. Accordingly, our ability to continue to perform effectively in our business and our future success and growth depend on our ability to retain and motivate our active key personnel and to strategically recruit, retain and motivate new talent to the extent necessary. We may not be successful in our efforts to recruit, retain and motivate the required personnel as the global market for qualified investment professionals is extremely competitive. Although we believe our arrangement for the allocation of performance fee revenue, as described in "Business— Advisory Fees and Compensation—Allocation of Performance Fee Revenue" and "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Variable Compensation Agreement," provides substantial incentives to attract and retain talent, poor performance of our funds could reduce the incentive compensation available for our employees. Under our allocation arrangement, our investment professionals and certain other employees are generally entitled to participate in any realized performance fees remaining after payment by PSCM of the Preferred Performance Fee to us. In the event of poor performance of our funds, there may be no realized performance fees, or no realized performance fees in excess of the Company's preferred entitlement, which could materially adversely impact our ability to attract and retain investment professionals and other employees.

#### We face substantial competition in all aspects of our business.
The investment management industry is highly competitive, and investors are increasingly fee sensitive. Our funds and HHH compete against a large number of investment funds and vehicles offered by other investment management companies, investment dealers and banks, and institutions we compete with may have greater infrastructure and financial resources than us. We compete with these firms on the basis of investment performance, diversity of funds and products, scope and quality of services, reputation and the ability to develop and successfully launch new investment strategies to meet the changing needs of investors and generate strong returns. In the case of a new product or strategy, our lack of available long-term records of prior investment performance for such product or strategy may put us at a competitive disadvantage until such records are established. We also may compete against similarly positioned passive strategies. Market demand for index funds and other passive strategies may reduce opportunities for active managers and contribute to fee compression. To the extent current or potential investors decide to invest in funds or products sponsored by our competitors, our business, financial condition or results of operations may be materially adversely affected.

#### We could be financially harmed by employee misconduct and damage to our reputation.
Our business is highly competitive and we benefit from being highly regarded in our industry. We view our reputation as one of our most carefully guarded assets which we believe has enabled us to attract and retain world-class talent to our firm and our portfolio companies and to create opportunities for investment. Negative publicity about us could give rise to reputational risk which could significantly harm our existing business and business prospects.

There is a risk that our employees could engage in misconduct or other behavior that adversely affects our reputation, business and ability to successfully implement our investment strategy and in turn harm the operations and financial condition of our funds or HHH. Our business often requires that we deal with confidential matters relating to our portfolio companies. Additionally, we are subject to a number of obligations and standards arising from our asset management business and our authority over the assets we manage, and it is not always possible to detect or deter employee misconduct. The violation of these obligations, or the accusation of any such

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violation, and standards by any of our key personnel, employees, joint venture partners, consultants or anyone acting on our behalf could materially adversely affect our reputation which could consequently negatively impact the operating performance of our funds or HHH and the price of our common stock.

While we believe we have effective policies and procedures in place designed to deter and detect employee misconduct, the steps we have taken may not be effective in all cases. If any of our employees were to engage in misconduct or were to be accused of such misconduct, whether or not substantiated, our business and reputation could be adversely affected and a loss of investor confidence could result, which would harm our funds or HHH and, consequently, harm us. We could also be subject to litigation, regulatory investigations or sanctions and suffer serious harm to our reputation, financial position and current and future business relationships as a result of this employee misconduct. In addition, a prolonged period of remote work, such as the one experienced during the COVID-19 pandemic, may require us to develop and implement additional precautions in order to detect and prevent employee misconduct. Such additional precautions, which may include the implementation of security and other restrictions, may make our systems more difficult and costly to operate and may not be effective in all cases in preventing employee misconduct in a remote work environment.

***Extensive regulation of our business affects our activities and creates the potential for significant liabilities and penalties. The possibility of increased regulatory focus could result in additional burdens on our business.***

Our business is subject to extensive regulation, including periodic examinations, inquiries and investigations, by governmental agencies and self-regulatory organizations in the jurisdictions in which we operate around the world. As a public company subject to the registration and reporting provisions of the Exchange Act, we will be subject to regulation and oversight by the SEC. In addition, PSCM is registered as an investment adviser under the Advisers Act and subject to regulation by the SEC and registered with the Commodity Futures Trading Commission (the "CFTC") as a commodity pool operator and subject to regulation by the CFTC. These and other authorities have regulatory powers dealing with many aspects of financial services, including the authority to grant, and in specific circumstances to cancel, permissions to carry on particular activities. Many of these regulators, including U.S. and foreign government agencies and self-regulatory organizations, as well as state securities commissions in the United States, are also empowered to conduct examinations, inquiries, investigations and administrative proceedings that can result in fines, suspensions of personnel, changes in policies, procedures or disclosure or other sanctions, including censure, the issuance of cease-and-desist orders, the suspension or expulsion of a broker-dealer or investment adviser from registration or memberships, a requirement to cease operating as an investment adviser to certain types of funds, or the commencement of a civil or criminal lawsuit against us or our personnel.

We are subject to U.S. and foreign laws related to trade controls and the prevention of financial crime, including anti-corruption and anti-bribery laws, such as the U.S. Foreign Corrupt Practices Act ("FCPA"), anti-money laundering laws, and economic sanctions. Anti-money laundering and anti-terrorist financing ("AML/CFT") laws may impose certain regulatory obligations, including as relates to disclosure of certain information to relevant governmental authorities. For instance, the U.S. Corporate Transparency Act and its implementing regulations (collectively, the "CTA") went into effect January 1, 2024 and requires certain legal entities to report beneficial ownership information to the U.S. Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN"), though due to various ongoing litigation, legislative, and regulatory efforts, the go-forward enforceability of the CTA and scope of the CTA's reporting requirements are somewhat unclear. Additionally, in August 2024, FinCEN issued a final rule that will, effective January 1, 2026, require certain investment advisers, including registered investment advisers, to, among other measures, adopt an AML/CFT program, file certain reports (such as suspicious activity reports) with FinCEN, and maintain certain associated records. Further, on May 21, 2024, FinCEN and the SEC issued a proposed rule that would require certain investment advisers to establish, document, and maintain customer identification programs, though as of the date of this prospectus, it is unclear when this rulemaking will be finalized.

Economic sanction laws in the United States and other jurisdictions may prohibit transacting with or in certain countries and with certain individuals and companies. In the United States, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") administers and enforces laws, Executive Orders and regulations establishing U.S. economic and trade sanctions which prohibit, among other things, transactions with, and the provision of services to, certain foreign countries, territories, entities, and individuals. Further, the U.S. Treasury Department's Outbound Investment Security Program, which became effective on January 2, 2025, provides for a targeted national security regulatory framework directed at controlling outbound investment

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activities from the United States in certain sectors that pose a threat to national security, including the semiconductors and microelectronics, quantum information technologies and artificial intelligence sectors in the People's Republic of China (PRC), Hong Kong and Macau (collectively, "China"). The framework imposes notification requirements and prohibitions on specified investments activities. As a result of these types of sanctions and restrictions, we may incur delays and costs or be altogether prohibited from making a particular investment, all of which could adversely affect our ability to meet our investment objectives.

While we have policies and procedures designed to ensure compliance by us and our personnel with applicable trade controls and financial crimes laws, such policies and procedures may not be effective in all instances to prevent violations. Any determination that we have violated such laws could subject us to, among other things, civil and criminal penalties or material fines, profit disgorgement, injunctions on future conduct, securities litigation, and reputational harm or a general loss of investor confidence, any one of which could adversely affect our business prospects, financial position or the price of our common stock. Additionally, anti-corruption, anti-money laundering, economic sanctions, and other financial crimes and trade control laws imposed by non-U.S. jurisdictions, such as EU and UK sanctions or blocking statutes and the UK Bribery Act, may also impose stricter or more onerous requirements than those imposed by the United States, and complying with such requirements may disrupt our business or cause us to incur significantly more costs to comply with those laws. Different laws may also contain conflicting provisions, making compliance with all laws more difficult.

The financial services industry in recent years has been the subject of heightened scrutiny. In recent years, the SEC staff's stated examination priorities and published observations from examinations have included investment management firms' collection of fees and allocation of expenses, their marketing and valuation practices and the existence of, and adherence to, policies and procedures with respect to conflicts of interest, among other topics. Any additional rulemaking by the SEC may result in material alterations to how we operate our business. There can be no assurance that any new SEC or other regulatory rules and amendments will not have a material adverse effect on us, our funds or HHH or their investors.

In addition, prior to the launch of PSUS, we did not have experience managing a fund registered under the 1940 Act, which imposes additional obligations on a registered fund's manager. Should we not succeed in meeting those obligations, the risk of regulatory action or sanction, which could adversely impact our reputation, would be heightened.

We are also subject from time to time to requests for information, inquiries and informal or formal investigations by the SEC and other regulatory authorities, with which we routinely cooperate. Such investigations have previously and may in the future result in penalties and other sanctions. SEC actions and initiatives can have an adverse effect on our financial results, including as a result of the imposition of a sanction, a limitation on our or our personnel's activities or a change in our historic practices. Even if an investigation or proceeding did not result in a sanction, or the sanction imposed against us or our personnel by a regulator were small in monetary amount, the legal costs associated with the investigation may be significant and any adverse publicity relating to the investigation, proceeding or imposition of sanctions could harm our reputation and cause us to lose existing investors or fail to gain new investors.

In addition, certain states and other regulatory authorities have required investment managers to register as lobbyists, and we are currently registered as such in Texas and California and may in the future register in additional jurisdictions. Other states or municipalities may consider similar legislation or adopt regulations or procedures with similar effect. These registration requirements impose significant compliance obligations on registered lobbyists and their employers, which may include annual registration fees, periodic disclosure reports and internal recordkeeping.

#### Changing regulations regarding derivatives and commodity interest transactions could negatively impact our business.
The regulation of derivatives and commodity interest transactions in the United States and other countries is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. Our funds and HHH may enter into derivatives transactions for various purposes, including to manage the financial risks related to their investments and businesses. Accordingly, the impact of this evolving regulatory regime on our business and our funds is difficult to predict, but it could be substantial and adverse.

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Certain of our funds are registered with the CFTC as commodity pools, and their risk management or other commodities interest-related activities may be subject to CFTC oversight. Certain CFTC rules expose asset management firms, such as us, to increased registration and reporting requirements in connection with transactions in futures, swaps, and other derivatives regulated by the CFTC. Our business may incur increased ongoing costs associated with monitoring compliance with CFTC regulations and complying with the various registration and reporting requirements. In addition, newly instituted and amended regulations could significantly increase the cost of entering into derivative contracts (including through requirements to post collateral, which could negatively impact our available liquidity), materially alter the terms of derivative contracts, reduce the availability of derivatives to protect against risks that we encounter, reduce our ability to restructure existing derivative contracts and increase exposure to less creditworthy counterparties. If we reduce use of derivatives as a result of such regulations (and any new regulations), our results of operations may be adversely impacted.

***We are subject to scrutiny from regulators, elected officials, investors and other stakeholders with respect to environmental, social and governance matters, which may constrain investment opportunities for our funds and harm our brand and reputation.***

We, our funds and other investment vehicles and HHH are subject to scrutiny from regulators, elected officials, investors and other stakeholders with respect to environmental, social and governance ("ESG") matters. We may be subject to competing demands from different investors and other stakeholder groups with divergent views on ESG matters, including the role of ESG in the investment process. For example in recent years, certain investors have placed increasing importance on the impacts of investments made by private funds, while certain other investors have raised concerns as to whether the incorporation of ESG factors in the investment process may be inconsistent with maximizing returns for investors. This divergence in views increases the risk that any action by us or our funds, or lack thereof, with respect to ESG matters, consistent with and subject to our desire to create long-term value for investors and shareholders and applicable legal, regulatory and contractual requirements, will be perceived negatively by at least some stakeholders and adversely impact our reputation and business.

Regulatory initiatives to require asset managers to make disclosures regarding ESG matters have become increasingly common, which may further increase the number and type of investors who place importance on these issues and who demand certain types of reporting from us or our funds, as well as potentially increasing our regulatory and compliance costs. Governmental authorities of certain U.S. states have also requested information from and scrutinized certain asset managers with respect to such managers' ESG policies or involvement in certain alliances or other multi-stakeholder initiatives relating to issues such as climate change and responsible investment. In addition, there has been increased regulatory focus on ESG-related practices by asset managers, particularly with respect to the accuracy of statements made regarding ESG practices, initiatives and investment strategies. Outside of the United States, the European regulatory environment on ESG matters for asset managers and financial services firms similarly continues to evolve and increase in complexity, making compliance more costly and time-consuming.

***Climate change, and climate change and sustainability-related legislation and regulation, business trends and physical impacts, could adversely affect our business and the operations of our funds, and any actions we take or fail to take in response to such matters could damage our reputation.***

We, our funds and HHH face risks associated with climate change including risks related to the impact of climate and sustainability-related legislation and regulation, risks related to business trends on climate change and sustainability, and risks stemming from the physical impacts of climate change.

Climate and sustainability-related regulations or interpretations of existing laws may result in enhanced disclosure obligations, which could negatively affect us and our funds or HHH and materially increase our compliance costs and regulatory scrutiny. For example, in October 2023, California enacted climate disclosure laws that could require us and/or certain of our funds to report on our Scope 1, 2 and 3 greenhouse gas emissions, among other climate-related financial risks and matters.

The European Union ("EU") and the United Kingdom ("UK") have also adopted several initiatives to improve transparency around how asset managers define, measure and disclose the impact of sustainability-related factors on the performance of their funds and financial products, including but not limited to the EU Corporate Sustainability Reporting Directive ((EU) 2022/2464) ("CSRD"), the EU Corporate Sustainability Due Diligence Directive ((EU) 2024/1760) ("CSDDD"), the EU Sustainable Finance Disclosure

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Regulation ((EU) 2022/1288) ("SFDR"), the EU Regulation on the establishment of a framework to facilitate sustainable investment ((EU) 2020/852) (the "Taxonomy Regulation") and the UK Sustainability Disclosure Requirements ("SDR") and investment labels regime. Compliance with any of the foregoing may give rise to substantial costs and failure to comply may result in fines and/or other regulatory sanctions as well as potential civil liability.

To the extent that our funds, other investment vehicles or HHH are offered to investors in the EU or the UK, they may become subject to, respectively, the SFDR and Taxonomy Regulation and/or the UK's SDR and investment labels regime. Such regimes may impose costs on us and may adversely impact our ability to manage our funds and investment vehicles in a profitable manner. In addition, for funds taking into account environmental or social factors other than as they relate to risk management in the investment management of their portfolios, the regulatory requirements under SFDR, the Taxonomy Regulation and the SDR are extensive and prescriptive. Our funds are not currently subject to these more detailed requirements, but if they were to become so, additional costs would result which may decrease the earnings of Pershing Square Inc.

In November 2025, the European Commission proposed significant changes to the SFDR regime, which are anticipated to come into effect during 2028. There is significant uncertainty as to the final form that such rules could take. Furthermore, companies that are in scope of CSRD are required to provide detailed reporting on an extensive set of ESG data points, including in relation to policies and procedures, sustainability-related risks to, and adverse sustainability impacts caused by, the relevant company. While we and our funds are not currently expected to be in scope of CSRD, certain of our funds' investments may be and there can be no guarantee that we will not be determined to be in scope of CSRD in the future. Similarly, the CSDDD which will apply to in-scope companies from July 26, 2029, imposes requirements on in-scope companies to conduct upstream and limited downstream due diligence on its business partners along its chain of activities in order to identify, assess, prevent, mitigate or cease adverse impacts on human rights and the environment. While our funds are not expected to be in scope of CSDDD, whether we or our subsidiaries are in scope will depend on the level of revenue generated in the EU, and it is possible that certain of our funds' investments will be in scope of CSDDD.

On February 26, 2025, the European Commission proposed an "omnibus simplification package" and, following extensive negotiations between the EU legislators, the final text was published in the Official Journal on February 26, 2026. The changes significantly reduce the scope of application of both CSRD and CSDDD and seek to simplify the sustainability-related disclosure and due diligence obligations therein. Nonetheless, companies in scope of either regime are still expected to be subject to a significant additional compliance burden. Our business may incur increased ongoing costs associated with monitoring developments and assessing whether we fall in scope of these rules. The reduced sustainability reporting contemplated by the proposed omnibus simplification package could potentially also have a negative impact on data availability for SFDR reporting requirements.

In addition to increasing climate and sustainability-related disclosure obligations, initiatives seeking to address climate change through regulation of greenhouse gas emissions have been adopted by, are pending or have been proposed before international and regional regulatory authorities around the world, which could result in, among other risks, changing legal requirements that could result in increased permitting and compliance costs, changes in business operations or the discontinuance of certain operations, litigation seeking monetary or injunctive relief related to climate impacts, a declining market for products and services seen as greenhouse gas intensive or less effective than alternatives in reducing greenhouse gas emissions and risks tied to changing customer or community perceptions of an asset's relative contribution to greenhouse gas emissions. These risks could result in a material adverse effect on the value of certain investments and, therefore, the returns of our funds or HHH. Further, significant chronic or acute physical effects of climate change, including extreme weather events such as hurricanes or floods, can also have an adverse impact on certain of these investments, especially those investments that rely on physical factories, stores, plants or other assets located in the affected areas or that focus on tourism or recreational travel.

Our reputation may be harmed if certain stakeholders believe that we are not adequately or appropriately responding to climate change, including through the way in which we operate our business, the composition of the investments held by our funds and HHH, the new investments made by our funds or HHH or the decisions we make to continue to conduct or change our activities in response to climate change considerations. Moreover,

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we face business trends related to climate change risks. See "—*We are subject to increasing scrutiny from regulators, elected officials, investors and other stakeholders with respect to environmental, social and governance matters, which may constrain investment opportunities for our funds and harm our brand and reputation*."

***Cybersecurity and data protection risks could result in the loss of data, interruptions in our business, and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations.***

Our operations are highly dependent on our technology platforms and other information technology systems (including third-party information technology systems). Such systems face ongoing cybersecurity threats and attacks, which, if successful, could result in the loss of the confidentiality, integrity or availability of such systems and the data held by such systems. Attacks on such systems could involve, and in some instances have in the past involved, attempts intended to obtain unauthorized access to our proprietary information, destroy data, disable, degrade or sabotage our systems, or divert or otherwise steal funds, including through the introduction of computer viruses, "phishing" attempts and other forms of social engineering. Attacks on such systems could also involve ransomware or other forms of cyber extortion. Cyberattacks and other data security threats could originate from a wide variety of external sources, including cyber criminals, nation state hackers, hacktivists and other outside parties. Cyberattacks and other security threats could also originate from the malicious or accidental acts of insiders, such as employees, consultants, independent contractors or other service providers.

There has been an increase in the frequency and sophistication of the cyber and data security threats we face, with attacks ranging from those that are common to many businesses to those that are more advanced and persistent, which may target us because we hold a significant amount of confidential and sensitive information about our investors, our funds and our investments. As a result, we may face a heightened risk of a security breach, ransomware attack or other disruption with respect to this information. Measures we take to ensure the integrity of our systems may not provide adequate protection, especially because cyberattack techniques are continually evolving, may persist undetected over extended periods of time and may not be mitigated in a timely manner to prevent or minimize the impact on us, our funds or our investors. Such attacks also may be enhanced through malicious actors' use of artificial intelligence. Further, the use of remote work environments, mobile technology and virtual platforms as well as geopolitical tensions or conflicts, such as the ongoing conflicts in Eastern Europe and in the Middle East, may create a heightened risk to us of cyberattacks or other data security breaches.

In addition, we could also suffer losses in connection with updates to, or the failure to timely update, our technology platforms. We rely on third-party service providers for certain aspects of our business, including for the administration of certain fund operations, as well as for certain technology platforms, including cloud-based services. See "—Risks Relating to Our Funds and HHH and Our Investment Strategy—*We are reliant on third-party service providers for certain aspects of our business, and are subject to risks in using custodians, counterparties, administrators and other agents*." These third-party service providers also face ongoing cybersecurity threats and the risk of compromises of their systems, and as a result, unauthorized individuals could gain, and in some past instances have gained, access to certain confidential data of their clients.

Breaches in our security or in the security of our third-party service providers, whether malicious in nature or through inadvertent transmittal or other loss of data, could potentially jeopardize the information of our business, including our employees, investors, funds and other investment vehicles, HHH, investments and business partners, that is processed and stored in, and transmitted through, our computer systems, or otherwise cause interruptions or malfunctions in businesses and operations. If our systems or those of our third-party service providers (or our data stored within) are compromised, either as a result of malicious activity or through inadvertent transmittal or other loss of data, or do not operate properly or are disabled, and if this occurs and we fail to provide the appropriate regulatory or other notifications in a timely manner, we could suffer financial loss, increased costs, a disruption of our businesses, liability to our counterparties, funds or investors, regulatory actions (and resulting fines or other penalties), negative publicity or reputational damage. The costs related to cyber or other data security threats or disruptions may not be fully insured or indemnified by other means. Furthermore, any such breach may cause our investors to lose confidence in the effectiveness of our security measures and in us more generally.

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Our portfolio companies also rely on data processing systems and the secure processing, storage and transmission of information, including payment and health information, which in some instances are provided by third parties. The businesses of our portfolio companies, or their national or regional profile, could also expose them to a greater risk than others of being subject to a cyberattack or security breach, which could have material adverse consequences on the value of their investments.

Finally, technology platforms, data and intellectual property are also subject to a heightened risk of theft or compromise to the extent we, our funds or HHH, or their portfolio companies engage in operations outside the United States, in particular in those jurisdictions that do not have comparable levels of legal protection or that require companies to forego certain intellectual property or related rights in order to operate there. Any such direct or indirect compromise of these assets could have a material adverse impact on us and our funds and their investments.

***Use of artificial intelligence technology by us or third parties could lead to the exposure of our data or other adverse effects and such technology also may lead to more effective threat actors.***

Recent technological advances in artificial intelligence ("AI") and machine-learning technologies (collectively, "AI Technologies"), including, for example, the OpenAI ChatGPT application, may create opportunities for us, our funds and our other investment vehicles and HHH, as well as risks. As AI Technologies and their current and potential future applications continue to rapidly evolve, it is not possible to predict the full extent of the current or future risks related to AI Technologies. While the actual use of AI Technologies varies across our business, funds, other investment vehicles and HHH, we continue to evaluate the rapidly evolving landscape of AI Technologies and their attendant risks.

AI Technologies are reliant on the collection and analysis of large amounts of data and complex algorithms. In this respect, it is not possible or practical to incorporate all relevant data into models that AI Technologies utilize, nor do we expect to be involved in the collection of such data or development of algorithms in the ordinary course of our business. Therefore, it is possible that the data in such models may contain a degree of inaccuracy and error, potentially to a material degree, and that such data and algorithms could otherwise be inadequate or flawed, which would likely degrade the effectiveness of AI Technologies and could adversely impact us to the extent we, our funds, our other investment vehicles and HHH, our affiliates and our service providers or other third parties engaged by us rely on the work product of such AI Technologies.

AI Technologies may also be more susceptible to cybersecurity threats given the volume of data they utilize, which, in turn, could make us more susceptible to cybersecurity threats (such as those described under "—*Cybersecurity and data protection risks could result in the loss of data, interruptions in our business, and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations*") to the extent we rely on AI Technologies. Further, we, our funds and HHH could be exposed to risks to the extent third-party service providers or any counterparties use AI Technologies in their business activities notwithstanding any preventative policies aimed at restricting or governing the use of such technologies. We are not able to control the way third-party products are developed, trained or maintained or the way third-party services utilizing AI Technologies are provided to us.

Use of AI Technologies could include the input of our confidential information (including non-public information and personal information) by third parties in contravention of non-disclosure agreements or by our personnel or other related parties in contravention of our policies and procedures and, in each case, could result in such confidential information becoming part of a dataset that is generally accessible by AI Technologies applications and users. The misuse or misappropriation of our data could have an adverse impact on our reputation and could subject us to legal and regulatory investigations and/or actions.

Furthermore, the use of AI Technologies could be affected by claims of infringement, misappropriation or other violations of intellectual property, including based on the use of large datasets used to train AI Technologies or the use of output generated by AI Technologies, in either case which contain or are substantially similar to material protected by intellectual property, including patents, copyrights or trademarks. Moreover, AI Technologies will likely be competitive with certain business practices or increase the obsolescence of certain organizations' products or services (which might include competitiveness with, or contributing to the obsolescence of, other AI Technologies). In addition, AI Technologies could significantly disrupt the markets in

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which we operate, which could have a material effect on our business, financial condition and results of operations. Any such developments could affect any use of our or related third parties' AI Technologies and adversely impact, whether directly or indirectly, our business and funds or HHH.

The legal and regulatory frameworks within which AI Technologies operate also continue to rapidly evolve, and it is impossible to predict the full extent of current or future risks related thereto. Regulations related to AI Technologies, which can have extraterritorial effect, may impose on us certain obligations and costs related to monitoring and compliance. For example, various U.S. states are in the process of enacting (or have already enacted) laws and regulations pertaining to the development, use and training of AI Technologies. At the federal level, the current Presidential Administration issued America's AI Action Plan in July 2025, which includes recommended policy actions to accelerate AI innovation, build American AI infrastructure, and lead in international AI diplomacy and security, and a subsequent December 2025 Executive Order stating the policy of sustaining and enhancing the United States' global AI dominance through a minimally burdensome national policy framework for AI and, among other things, directing the U.S. Attorney General to establish an AI Litigation Task Force to challenge burdensome U.S. state AI laws inconsistent with that policy. The potential conflict between the U.S. federal government's deregulatory efforts and the U.S. states' efforts to regulate AI Technologies creates an uncertain legal landscape that may result in heightened compliance costs.

The current Presidential Administration may continue to implement new executive orders and/or other rule making relating to AI Technologies in the future. In the EU, a regulation applicable to certain AI Technologies and the data used to train, test and deploy them (the "EU AI Act") entered into force in August 2024 and its obligations are becoming applicable in phases, the first of which began on February 2, 2025. The EU AI Act has already prohibited certain AI practices and introduced certain AI literacy provisions and is due to impose significant requirements on both the providers and deployers of certain AI Technologies. The EU AI Act also sets out significant sanctions for breaches, including fines of up to 7% of annual worldwide turnover or €35 million, whichever is higher, for the most serious breaches. Moreover, claims for damages in respect of AI Technologies may also be possible (and in certain jurisdictions, facilitated by revisions to regulations on liability). The EU is currently considering targeted amendments to the EU AI Act. The costs of preparing for, monitoring and complying with regulations related to AI Technologies, and any claims or penalties as the result of any use of or reliance on AI Technologies, could, if applicable, adversely affect us and/or third parties connected to us (whether directly or indirectly), which could affect our business and funds.

***Failure or alleged failure to comply with applicable data and privacy laws and regulations could subject us to ongoing costs and, in some cases, fines and reputational harm.***

We are subject to numerous laws and regulations in the United States and around the world regarding privacy and the collection, storage, use, processing, transfer, transmission, disclosure and protection of personal, sensitive or other regulated data, the scope of which is rapidly evolving, subject to differing interpretations, and may be inconsistent between states within a country or between countries. Any inability or perceived inability to adequately address privacy concerns, or comply with applicable laws and regulations, even if unfounded, could result in regulatory and third-party liability, increased costs, disruption to our operations, and reputational damage.

We and the companies in which our funds and HHH invest are subject to data security and privacy compliance obligations that impose compliance costs and risks of penalties, and which could increase significantly as such laws and regulations evolve globally. For example, we have obligations under existing laws and regulations, including, by example but without limitation, the requirements of the General Data Protection Regulation (EU) 2016/679 ("GDPR"), the UK version of the GDPR ("UK GDPR") as supplemented by the Data Protection Act 2018, the Cayman Islands Data Protection Act (2021 Revision), the Gramm Leach Bliley Act ("GLBA"), Regulation S-P issued by the SEC under GLBA ("Regulation S-P") and the California Consumer Privacy Act of 2018, as amended. The SEC has adopted changes to Regulation S-P, which require, among other things, that registered investment advisers notify affected individuals of a breach involving their personal information when there has been an incident that rises to the level of being a reportable breach and develop, implement and maintain written policies and procedures for an incident response program. Further legislative evolution in the field of data security and privacy is also expected. For example, the UK's Data (Use and Access) Act received Royal Assent on June 19, 2025 and is making various amendments to the current UK data protection regime, including to bring the maximum fine threshold for infringement of certain requirements relating to direct marketing and the use of cookies (currently £500,000) in line with the UK GDPR threshold (i.e., the higher of £17.5 million or 4% of annual global turnover), as well as introducing new data sharing

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frameworks. In addition, on November 19, 2025, the EU published a proposal to make certain simplifications to the GDPR and other data, privacy and cybersecurity related laws, including the ePrivacy Directive and EU AI Act. There is increasing divergence between EEA and UK requirements, which may create a greater dual regulatory compliance burden in circumstances where entities are subject to both regimes.

Certain jurisdictions are considering passing laws and regulations relating to data and digital services, and we may need to comply with additional laws or reporting obligations in the future. We cannot predict how such laws or regulations may develop, and the costs of monitoring, interpreting and, where applicable, complying with such laws and regulations could adversely affect our business, financial condition and results of operations, and could also impact the companies in which our funds invest, which could (directly or indirectly) affect our investment results. The continued development of these laws and regulations and their interpretations may increase our compliance costs, restrict our ability to offer services in certain locations, result in negative publicity and subject us to significant costs or penalties associated with litigation and/or regulatory action, all of which could adversely affect our business, financial condition, and results of operations.

As data protection and privacy laws, and regulatory and judicial interpretations thereof, continue to develop, it could be more difficult and/or more costly for us or the companies in which our funds and HHH invest to collect, store, use, transmit and process personal and sensitive information. Further, in addition to imposing substantial data protection governance and security requirements on companies, giving individuals extensive rights to control how companies handle their personal data and imposing data breach notification and other requirements, some data protection and privacy laws, such as the GDPR and UK GDPR, restrict cross-border transfers of personal information. Even where such transfers can be made, subject to compliance with certain conditions under the applicable data protection and privacy laws, analyzing, selecting and adhering to a relevant mechanism in order to make cross-border transfers permissible can still result in operational costs and complexities. Furthermore, requirements for data transfers continue to evolve and are subject to legal challenge. If mechanisms used by us for cross-border transfers are deemed to be insufficient, we may face increased exposure to regulatory actions, substantial fines and injunctions against processing personal information. Moreover, data protection and privacy laws may also impose restrictions on transfers of certain non-personal data, and certain jurisdictions have passed or are considering passing laws requiring or which may encourage local data residency. These and other restrictions and requirements around transfers of data, and other changes in data protection and privacy laws (or interpretations thereof) as they continue to develop could impact our operations, or those of HHH or a portfolio company, and increase the cost and complexity of delivering our services.

Although we take reasonable efforts to comply with all applicable laws and regulations and have invested and continue to invest human and technology resources into data privacy compliance efforts, there can be no assurance that we will not be subject to regulatory or individual legal action, including fines, in the event of a security incident, alleged non-compliance with applicable data protection and privacy laws or regulations, or other claim that an individual's privacy rights have been violated. We could incur significant costs in investigating and defending such claims and, if found liable, or be required to make changes to our business practices. Further, these proceedings and any subsequent adverse outcomes may subject us to negative publicity and an erosion of trust. In addition, we could be adversely affected if legislation or regulations are expanded to require changes in our business practices or if governing jurisdictions interpret or implement their legislation or regulations in ways that adversely affect our business, financial condition and results of operations. Many regulators have indicated an intention to take more aggressive enforcement actions regarding data privacy matters, and private litigation resulting from such matters is increasing and resulting in large judgments and settlements.

***We are subject to substantial risks of litigation and regulatory proceedings and may face significant liabilities and damage to our professional reputation as a result of litigation and regulatory proceedings and negative publicity.***

In the ordinary course of business, we are subject to the risk of litigation and face significant regulatory oversight. In recent years, the volume of claims and amount of damages sought in litigation and regulatory proceedings against the financial services industry in general have been increasing. The investment decisions we make in our asset management business and the activities of our investment professionals may subject our funds, HHH and us to the risk of third-party litigation. For example, we may be subject to litigation arising from investor dissatisfaction with the performance of our funds, including certain losses due to the failure of a particular investment strategy or improper trading activity if we violate restrictions in our funds' organizational documents.

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We also are exposed to risks of litigation relating to claims that we have not properly addressed conflicts of interest. From time to time we, our funds and HHH have been and may in the future be subject to litigation, including securities class action lawsuits by stockholders. For example, in December 2017 our funds paid $193.75 million to settle a class action with stockholders of Allergan who had brought insider trading allegations against us and Valeant Pharmaceuticals International Inc. Any litigation arising in such circumstances is likely to be protracted, expensive and surrounded by circumstances that could be materially damaging to our reputation and business. We are also subject from time to time to formal or informal investigations or inquiries by the SEC and other governmental and self-regulatory organizations in connection with our trading and other activities.

In addition, to the extent investors in our funds or HHH suffer losses resulting from fraud, gross negligence, willful misconduct or other similar misconduct, investors may have remedies against us, our funds or HHH, our investment professionals or our affiliates under the federal securities law and/or state law. While the boards of directors or trustees to our funds or HHH, including their officers, other employees and affiliates, are generally indemnified to the fullest extent permitted by law with respect to their conduct in connection with the management of the entity's business and affairs, such indemnity does not extend to actions determined to have involved fraud, willful misconduct or other similar misconduct.

Any private lawsuits or regulatory actions brought against us and resulting in a finding of substantial legal liability could materially adversely affect our business, financial condition or results of operations or cause significant reputational harm to us, which could seriously harm our business. Recently, there has been increased activity on the part of certain activist and other organized groups with respect to investments made by private funds. Such groups have at times contacted and otherwise sought to engage with government and regulatory bodies and fund investors, which could lead to negative publicity that could harm our reputation.

We depend to a large extent on our business relationships and our reputation for being a good partner to pursue investment opportunities for our funds. As a result, allegations of improper conduct by private litigants, regulators or employees, whether the ultimate outcome is favorable or unfavorable to us, as well as negative publicity and press speculation about us, our investment activities, our workplace environment, or the asset management industry in general, whether or not valid, may harm our reputation, which may be more damaging to our business than to other types of businesses. Additionally, the pervasiveness of social media, coupled with increased public focus on the externalities of business activities, could further magnify the reputational risks associated with negative publicity.

#### We may not be able to maintain sufficient insurance to cover us for potential litigation or other risks.
We may not be able to obtain or maintain sufficient insurance on commercially reasonable terms or with adequate coverage levels against potential liabilities we may face in connection with potential claims, which could have a material adverse effect on our business. We may face a risk of loss from a variety of claims, including claims related to securities, antitrust, contracts, cybersecurity, fraud and various other potential claims, whether or not such claims are valid. Insurance and other safeguards might only partially reimburse us for our losses, if at all, and if a claim is successful and exceeds or is not covered by our insurance policies, we may be required to pay a substantial amount in respect of such successful claim. Certain losses of a catastrophic nature, such as losses arising as a result of wars, systemic risk associated with cyber-kinetic warfare, earthquakes, floods, typhoons, terrorist attacks or other similar events, may be uninsurable or may only be insurable at rates that are so high that maintaining coverage would cause an adverse impact on our business and our funds. In general, losses related to terrorism and catastrophic nation-state hacks are becoming harder and more expensive to insure against. Some insurers are excluding coverage of terrorist acts and catastrophic nation-state hacks from their all-risk policies. In some cases, insurers are offering significantly limited coverage against terrorist acts for additional premiums, which can greatly increase the total cost of casualty insurance for a property. As a result, we and our funds or HHH may not be insured or fully insured against terrorism or certain other catastrophic losses.

#### Another pandemic or global health crisis like the COVID-19 pandemic may adversely impact our performance and results of operations.
From 2020 to 2022, in response to the COVID-19 pandemic, many countries instituted quarantine restrictions and took other measures to limit the spread of the virus. This resulted in labor shortages and disruption of supply chains and contributed to prolonged disruption of the global economy. A widespread reoccurrence of another pandemic or

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global health crisis could increase the possibility of periods of similar restrictions on business operations, which may materially adversely impact our business, financial condition, results of operations, liquidity and prospects and exacerbate many of the other risks discussed in this "Risk Factors" section.

In the event of another pandemic or global health crisis like the COVID-19 pandemic, our portfolio companies may experience decreased revenues and earnings, which may adversely impact our ability to realize value from such investments and in turn reduce our revenues. Certain sectors in which our funds and HHH have or may have investments, including hospitality, retail and travel, could be particularly negatively impacted, as was the case during the COVID-19 pandemic. The companies in which our funds and HHH invest may also face increased credit and liquidity risk due to volatility in financial markets and limited access to or higher cost of financing, which may adversely impact the value of these investments.

A pandemic or global health crisis may also pose enhanced operational risks. For example, our employees may become sick or otherwise unable to perform their duties for an extended period, and extended public health restrictions and remote working arrangements may impact employee morale, integration of new employees and preservation of our culture. Remote working environments may also be less secure and more susceptible to hacking attacks, including phishing and social engineering attempts, as discussed above. Moreover, our third-party service providers could be impacted by an inability to perform due to pandemic-related restrictions or by failures of, or attacks on, their technology platforms.

***If Pershing Square Inc. were deemed an "investment company" under the 1940 Act, applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business.***

The 1940 Act and the rules thereunder contain detailed parameters for the organization and operation of investment companies. Among other things, the 1940 Act and the rules thereunder limit or prohibit transactions with affiliates, impose limitations on the issuance of debt and equity securities, generally prohibit the issuance of options and impose certain governance requirements. We intend to conduct our operations so that Pershing Square Inc. will not be deemed to be an investment company under the 1940 Act. In applying the tests under Section 3(a)(1) of the 1940 Act to Pershing Square Inc., we believe that we are not captured by the definition of an investment company because the most substantial portions of our assets (measured by fair market value as determined in good faith by our board) and our income each quarter is derived from our asset management business rather than any other source including our principal investment activities. If anything were to happen which would cause Pershing Square Inc. to be deemed to be an investment company under the 1940 Act, requirements imposed by the 1940 Act, including limitations on our capital structure, ability to transact business with affiliates and ability to compensate key employees, could make it impractical for us to continue our business as currently conducted, impair the agreements and arrangements between Pershing Square Inc. and its investment professionals, and materially adversely affect our business, financial condition and results of operations. In addition, we could be required to limit the amount of investments that we make as a principal and structure such investments or otherwise conduct our business in a manner that does not subject us to the registration and other requirements of the 1940 Act.

#### Risks Relating to Our Funds and HHH and Our Investment Strategy

#### Poor performance of our funds and our other investment vehicles would cause a decline in our revenues, results of operations and cash flows.
We derive revenue from management and performance fees based on assets under management and the performance of each of our funds and our other investment vehicles. If such funds and/or other investment vehicles perform poorly, our revenues, results of operations and cash flows decline because the value of our assets under management decreases, which in turn results in a reduction in our management fees and, in some cases, may result in a reduction in the performance fee revenue we receive that year from our funds.

#### Decreases in the market capitalization of HHH would cause a decline in our assets, revenues, results of operations and cash flows.
Pershing Square Inc. owns 15% and our core funds own 32% of the HHH shares outstanding. A decrease in the market capitalization of HHH would cause a decline in the value of our HHH shares. We also derive revenue from the HHH Fees based, with respect to the HHH Variable Management Fee, on the value of the HHH stock

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price relative to a reference price, as determined at the end of each quarter in accordance with the HHH Services Agreement. See "Business— Advisory Fees and Compensation—HHH Fees" for more information. Accordingly, we may experience fluctuations in the HHH Variable Management Fee earned from quarter to quarter. Furthermore, if the HHH stock price were to decline below the reference price in a given quarter, we would receive no HHH Variable Management Fee for that quarter which could adversely impact our revenues, results of operations and cash flows. The HHH stock price could decline if HHH performs poorly or for other factors beyond HHH's control, including but not limited to general economic, market or political conditions.

***The historical returns attributable to our funds and HHH, including those presented in this prospectus, should not be considered as indicative of the future results of our funds or HHH or of our future results or of any returns expected on an investment in our common stock.***

Although the historical and potential future returns of our funds and HHH are correlated with our financial results, returns on our common stock are not directly linked to such returns. As disclosed in "Management's Discussion and Analysis of Financial Condition and Results of Operation," our primary source of income comes from the management and performance fees derived from our funds and not from an investment of our own capital in our funds. We also receive management fees from HHH in return for our investment advisory and other services and not from a return on an investment of our own capital in HHH. Accordingly, any positive performance of our funds or HHH will not necessarily result in positive returns on an investment in our common stock. See "—Risks Related to the Combined Offering and Ownership of Our Common Stock—*The market price of shares of our common stock may be volatile, which could cause the value of your investment to decline*" for a discussion of the factors other than performance of our funds and of HHH which could have an impact on the price of shares of our common stock. However, poor performance of our funds and HHH's stock price would cause a decline in our revenue and would therefore have a negative effect on our performance and likely the returns on an investment in our common stock. Moreover, with respect to the historical returns of our funds:

&nbsp;&nbsp;&nbsp;&nbsp;• we may create new products or strategies in the future that reflect different investment strategies (or whose management fees
 represent a more significant proportion of the fees than has historically been the case), as well as a varied geographic and industry exposure as compared to our present funds, and any such new product or strategy could have different
 returns from our existing or previous funds;

&nbsp;&nbsp;&nbsp;&nbsp;• the rates of returns of our funds reflect unrealized gains as of the applicable measurement date that may never be realized, which
 may adversely affect the ultimate value realized from those funds' investments;

&nbsp;&nbsp;&nbsp;&nbsp;• our funds' returns in some years benefited from investment opportunities and general market conditions that may not repeat
 themselves, our current or future investment funds might not be able to avail themselves of comparable investment opportunities or market conditions, and the circumstances under which our current or future funds may make future
 investments may differ significantly from those conditions prevailing in the past; and

&nbsp;&nbsp;&nbsp;&nbsp;• the rates of return of our funds reflect our historical cost structure, which may vary in the future due to various factors
 enumerated elsewhere in this prospectus and other factors beyond our control, including changes in laws.

The future internal rate of return for any current or future fund may vary considerably from the historical internal rate of return generated by any particular fund, or for our funds as a whole. Similarly, the future rate of return and stock price for HHH may vary considerably from its historical rate of return and stock price, particularly because HHH will pursue a different investment strategy as a result of the Howard Hughes Transaction. In addition, future returns will be affected by the applicable risks described elsewhere in this prospectus, including risks of the industries and businesses in which a particular fund or in which HHH invests.

#### The anticipated benefits of the Howard Hughes Transaction may not be realized, or those benefits may take longer to realize than expected.
We believe that there are significant benefits and synergies that may be realized from the Howard Hughes Transaction. However, the anticipated transformation of HHH into a diversified holding company pursuant to the Howard Hughes Transaction will be a new and complex process for us, and the efforts to realize the benefits of this transaction may disrupt our and HHH's existing operations. The full benefits of the transaction may not be

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realized as expected or may not be achieved within the anticipated time frame, or at all. Failure to achieve the anticipated benefits of the Howard Hughes Transaction could adversely affect HHH's and our future business, financial condition, operating results and prospects and negatively impact the price of our common stock.

In addition, although we do not anticipate that the Howard Hughes Transaction will require us to materially increase our fixed costs or headcount or disrupt the operation of our core funds, we may in fact need to increase our fixed costs or headcount and/or there may be some disruption to the operation of our core funds. Furthermore, the Howard Hughes Transaction involves a number of special risks, including the potential diversion of management's and our investment team's attention from our core funds; entry into markets or businesses in which we or HHH may have limited or no experience; increasing demands on our investment processes and infrastructure; and enhanced regulatory scrutiny and greater reputational and litigation risk. Such risks may disrupt HHH's or our ongoing business and limit the anticipated benefits to us of the Howard Hughes Transaction.

#### We are not a majority stockholder in HHH, exposing us to the risk of decisions made by others with whom we may not agree.
We are not a majority stockholder in HHH and do not have full discretionary authority over the investments of HHH. In connection with the Howard Hughes Transaction, we agreed generally to limit the voting power of the shares of HHH common stock held by us and our affiliates to 40% of the total voting power of HHH shares outstanding and we and our affiliates have limited our beneficial ownership of HHH common stock to 47%.

Additionally, we agreed to a provision establishing that a majority of HHH directors will be independent, under applicable stock exchange standards, so long as we own more than 10% of HHH common stock. Although we provide investment advisory and other services to support HHH's new diversified holding company strategy, and following completion of the Vantage Acquisition, Vantage and its insurance company subsidiaries, we are subject to the risk that HHH may make business, financial or management decisions contrary to our expectations or with which we do not agree (including with respect to the use of the capital we have invested in HHH in connection with the Howard Hughes Transaction) or that the other stockholders or the management of HHH may take risks or otherwise act in a manner that does not serve our interests. If any of the foregoing were to occur, our business, financial condition and results of operations could suffer as a result.

#### Our funds and our other investment vehicles are exposed to a concentration of investments, which can exacerbate volatility and investment risk.
In the pursuit of our core investment strategy, our funds and our other investment vehicles accumulate significant positions in particular investments, typically investing the substantial majority of their capital in a limited number of core investments. Our investment strategy of concentrating investment positions can increase the volatility of investment results over time and may exacerbate the risk that a loss in any such position could have a material adverse impact on the NAV of the funds and other investment vehicles and, in turn, the management fees we receive from them. Although we may at times choose to do so, we are under no obligation to hedge positions to mitigate such risks. See "—*Risk management activities may not be successful and, in some cases, may negatively impact our business*." In addition, we may in the future concentrate such investment positions in any one or group of industries, which could further exacerbate the impact of an economic slowdown in such industries on the NAV and performance of our funds and other investment vehicles and, in turn, our management fees and performance fees. Such volatility and investment risk could have a material adverse effect on our business, financial condition and results of operations.

#### Our investment strategies may not be successful, which would negatively affect us.
Investments are exposed to the risk of the loss of capital. Our funds and HHH invest in securities and operating companies utilizing an investment strategy that may involve substantial risks. The prices of their respective investments and assets are volatile and market movements are difficult to predict. No guarantee or representation is made that their investment strategies will be successful. In addition, our funds may utilize such investment techniques as concentration of investments, forward transactions, foreign currency transactions, uncovered option transactions, securities lending, short sales, investments in non-marketable securities and futures and options on futures transactions, among others, which could under certain circumstances magnify the impact of any adverse market or investment developments.

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There can be no assurance that the investments made by our funds or HHH will increase in value or that our funds and HHH will not incur significant losses. Such investment risk could have a material adverse effect on our business, financial condition and results of operations.

#### We may fail to identify suitable investment opportunities.
Our investment strategies for our funds and HHH depend on our ability to successfully identify attractive investment opportunities. Any failure to identify and make appropriate investment opportunities would increase the amount of their assets invested in cash or cash equivalents and, as a result, may reduce their rates of return. Our funds and HHH face competition for investments from, for example, public and private investment funds, strategic buyers and/or investment banks. Many of these competitors may be substantially larger and have greater financial resources than are available to our funds and HHH. There can be no assurance that we will be able to identify and make investments for our funds, or that HHH will be able to make investments, that are consistent with our investment objectives or that generate attractive returns for investors, or that our funds and HHH will not be significantly affected by competitive pressures for investment opportunities, which could in turn have a material adverse effect on our business, financial condition and results of operations.

#### The due diligence we perform may not reveal all relevant facts in connection with such investment.
When assessing an investment opportunity, we have relied and will continue to rely on resources that may provide limited or incomplete information. In some cases, whether or not known to us at the time, such resources may not be sufficient, accurate, complete or reliable. In particular, we have relied and will continue to rely on publicly available information and data filed with various government regulators. Although we have evaluated and will continue to evaluate information and data as we deemed or deem appropriate, and have sought and will continue to seek independent corroboration when reasonably available, we have not and may choose not to evaluate all publicly available information and data with respect to any investment and have often not been and will often not be in a position to confirm the completeness, genuineness or accuracy of the information and data that we did or will evaluate.

In addition, when assessing an investment opportunity, our investment analyses and decisions may be undertaken on an expedited basis in order to take advantage of what we perceive to be short-lived investment opportunities. In such cases, the available information at the time of an investment decision may be limited, inaccurate and/or incomplete.

As a result, there can be no assurance that due diligence investigations we carry out will reveal or highlight all relevant facts (including fraud) or risks that may be necessary or helpful in evaluating investment opportunities or foresee future developments that could have a material adverse effect on an investment. Any failure to identify relevant facts may result in inappropriate investment decisions, which may have a material adverse effect on the value of the investments of our funds and HHH, which in turn may have a material adverse effect on our business, financial condition and results of operations.

***Our funds and other investment vehicles generally make investments in companies that we do not control, exposing us to the risk of decisions made by others with whom we may not agree.***

Our funds and our other investment vehicles generally make investments in companies that we do not control. As a result, these investments are subject to the risk that the company in which we invest may make business, financial or management decisions contrary to our expectations or with which we do not agree or the majority stakeholders or the management of the company may take risks or otherwise act in a manner that does not serve our interests. If any of the foregoing were to occur with respect to one or more significant investments, the values of such investments by our funds and our other investment vehicles could decrease and our business, financial condition and results of operations could suffer as a result.

#### Risk management activities may not be successful and, in some cases, may negatively impact our business.
When managing exposure to market risks, our funds and HHH may from time to time use futures and forward contracts, options, interest rate swaps, caps, collars and floors or pursue other strategies or use other forms of derivative instruments (over the counter ("OTC") and otherwise) to limit our exposure to changes in the relative values of investments that may result from market developments, including changes in prevailing

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interest rates, currency exchange rates and commodity prices. The use of derivative financial instruments and other risk management strategies may not be properly designed to hedge, manage or otherwise reduce the risks we have identified. In addition, we may not be able to identify, or may not have fully identified, all applicable material market risks to which we are exposed.

Our funds and HHH may also choose not to hedge, in whole or in part, any of the risks that have been identified. The scope of risk management activities undertaken by us varies based on the level and volatility of interest rates, the prevailing foreign currency exchange rates, the types of investments that are made and other changing market conditions. We do not seek to hedge our exposure in all currencies or all investments, which means that our exposure to certain market risks are not limited. The use of hedging transactions and other derivative instruments to reduce the effects of a decline in the value of a position does not eliminate the possibility of fluctuations in the value of the position or prevent losses if the value of the position declines. Moreover, it may not be possible to limit the exposure to a market development that is so generally anticipated that a hedging or other derivative transaction cannot be entered into at an acceptable price. Further, it may not be possible to fully or perfectly limit our exposure against all changes in the value of investments because the value of investments is likely to fluctuate as a result of a number of factors, some of which will be beyond our control or ability to hedge. As such, the portfolios of our funds and HHH will always be exposed to certain risks that cannot be hedged.

In addition, the success of any hedging or other derivative transaction generally will depend on our ability to correctly predict market changes, the degree of correlation between price movements of a derivative instrument and the position being hedged, the creditworthiness of the counterparty and other factors, some of which may be beyond our ability to hedge. The degree of correlation between price movements of the instruments used in connection with hedging activities and price movements in a position being hedged may vary. For various reasons, we may not seek to establish, or be successful in establishing, a perfect correlation between the instruments used in hedging or other derivative transactions and the positions being hedged. An imperfect correlation could prevent us from achieving the intended result and give rise to a loss. As a result, while our funds and HHH may enter into such a transaction in order to reduce exposure to market risks, unintended market changes may result in poorer overall investment performance than if it had not been executed. Such transactions may also limit the opportunity for gain if the value of a hedged position increases.

Hedging arrangements themselves also may entail certain other risks. These arrangements may require the posting of cash collateral at a time when a fund has insufficient cash such that the posting of the cash is either impossible or requires the sale of assets at prices that do not reflect their underlying value. In addition, if our derivative counterparties or clearinghouses fail to meet their obligations with respect to the posting of cash collateral, our efforts to mitigate certain risks may be ineffective. Moreover, these hedging arrangements may generate significant transaction costs, including potential tax costs, that reduce the returns generated by a fund.

Finally, the regulation of derivatives and commodity interest transactions in the United States and other countries is a rapidly changing area of law and is subject to ongoing modification by governmental and judicial action. Newly instituted and amended regulations could significantly increase the cost of entering into derivative contracts (including through requirements to post collateral, which could negatively impact available liquidity), materially alter the terms of derivative contracts, reduce the availability of derivatives to protect against risks, reduce our ability to restructure our existing derivative contracts and increase our exposure to less creditworthy counterparties. Furthermore, the CFTC may in the future require certain foreign exchange products to be subject to mandatory clearing, which could increase the cost of entering into currency hedges. See also "—Risks Related to Our Business and Industry—Changing regulations regarding derivatives and commodity interest transactions could negatively impact our business."

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#### Our foreign investments may be subject to various risks, thus exposing us to risk.
Our funds and HHH may invest in securities trading in markets less mature than those of the United States. Investing in these securities involves particular risks for our funds and our other investment vehicles, including:

&nbsp;&nbsp;&nbsp;&nbsp;• political and economic risks, such as expropriation and nationalization, the potential difficulty of repatriating any investment
 returns and general social, political and economic instability;

&nbsp;&nbsp;&nbsp;&nbsp;• potential lack of liquidity and greater price volatility, which may affect, among other things, the ability to exit a position;

&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in pricing securities;

&nbsp;&nbsp;&nbsp;&nbsp;• defaults on foreign government securities;

&nbsp;&nbsp;&nbsp;&nbsp;• the imposition of withholding or other taxes on interest, dividends or other distributions, payments on certain derivative
 instruments, capital gains, other income or gross sale or disposition proceeds;

&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in the rate of exchange between currencies and costs associated with currency conversion or foreign exchange
 controls;

&nbsp;&nbsp;&nbsp;&nbsp;• certain government policies that may restrict our investment opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;• lower quality accounting and financial reporting standards;

&nbsp;&nbsp;&nbsp;&nbsp;• a less effective or less developed regulatory environment, including limited or no supervision and regulation of stock exchanges,
 brokers and the sales of securities;

&nbsp;&nbsp;&nbsp;&nbsp;• differences in the legal and regulatory environment, including less developed or less comprehensive bankruptcy laws;

&nbsp;&nbsp;&nbsp;&nbsp;• fewer investor protections and less stringent requirements relating to fiduciary duties;

&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in enforcing contractual obligations;

&nbsp;&nbsp;&nbsp;&nbsp;• heightened exposure to corruption risk;

&nbsp;&nbsp;&nbsp;&nbsp;• higher transaction costs of investing;

&nbsp;&nbsp;&nbsp;&nbsp;• less publicly available information about companies;

&nbsp;&nbsp;&nbsp;&nbsp;• absence of an independent judicial system and exposure to economic, political or nationalistic influences, resulting in
 difficulties in pursuing legal remedies or obtaining and enforcing judgments or in voting proxies and exercising stockholder rights; and

&nbsp;&nbsp;&nbsp;&nbsp;• a less favorable environment for pursuing our investment strategy.

#### Our trading orders may not be executed in a timely fashion.
Our investment and trading strategies depend on the ability to establish and maintain overall market positions in a combination of investments and financial instruments. Our trading orders may not be executed in a timely and efficient manner due to various circumstances, including, for example, trading volume surges, systems failures or human error attributable to us, our funds or HHH, counterparties, brokers, dealers, agents or other service providers. In such event, our funds and HHH might only be able to acquire or dispose of some, but not all, of the components of such position, or if the overall position were to need adjustment, our funds and HHH might not be able to make such adjustment. As a result, our funds and HHH would not be able to achieve the desired market position, which may result in a loss. In addition, our funds and HHH rely heavily on electronic execution systems (and may rely on new systems and technology in the future), and such systems may be subject to certain systemic limitations or mistakes, causing the interruption of trading orders made by our funds and HHH. Losses resulting from delays in trade execution and settlement could have a material adverse effect on the performance of our funds and HHH, which in turn could lead to lower management fees and, in some cases, may lead to lower performance fee revenue, causing a material adverse effect on our business, financial condition and results of operations.

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***We are reliant on third-party service providers for certain aspects of our business, and are subject to risks in using custodians, counterparties, administrators and other agents.***

We are reliant on third-party service providers for certain investment services and technology platforms that facilitate the continued operation of our business, including but not limited to prime brokerage and cloud-based services. We generally have less control over the delivery of such third-party services, and as a result, may face disruptions to our ability to operate our business as a result of interruptions of such services. For example, a prolonged global failure of cloud services provided to us could result in cascading systems failures.

Our funds and HHH depend on the services of custodians, counterparties, administrators and other agents, including to carry out certain securities and derivatives transactions and other administrative services. We are subject to risks of errors and mistakes made by these third parties, which may be attributed to us and subject us to reputational damage, penalties or losses. The terms of the contracts with these third-party service providers are often customized and complex, and many of these arrangements occur in markets or relate to products that are subject to limited or no regulatory oversight. We may be unsuccessful in seeking reimbursement or indemnification from these third-party service providers.

Our funds and HHH are subject to the risk that the counterparty to one or more of these contracts defaults, either voluntarily or involuntarily, on its performance under the contract. Any such default may occur suddenly and without notice to us. Moreover, if a counterparty defaults, we may be unable to take action to cover our exposure, either because we lack contractual recourse or because market conditions make it difficult to take effective action. This inability could occur in times of market stress, which is when defaults are most likely to occur. In addition, we may not accurately anticipate the effects of market stress or counterparty financial condition, and as a result, we may not have taken sufficient action to reduce our risks effectively. Default risk may arise from events or circumstances that are difficult to detect, foresee or evaluate. In addition, concerns about, or a default by, one large participant could lead to significant liquidity problems for other participants, which may in turn expose us to significant losses.

In the event of a counterparty default, particularly a default by a major investment bank or a default by a counterparty to a significant number of our contracts, one or more of our funds or HHH may have outstanding trades that they cannot settle or are delayed in settling. As a result, our funds or HHH could incur material losses and the resulting market impact of a major counterparty default could harm our business, financial condition and results of operation.

In the event of the insolvency of a custodian, counterparty or any other party that is holding assets of our funds or HHH as collateral, our funds or HHH might not be able to recover equivalent assets in full as they will rank among the custodian's or counterparty's unsecured creditors in relation to the assets held as collateral. In addition, our cash held with a custodian or counterparty generally will not be segregated from the custodian's or counterparty's own cash, and our funds and HHH may therefore rank as unsecured creditors in relation thereto.

#### Our investment strategies are subject to numerous additional risks.
Our investment strategies are subject to numerous additional risks, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;• Our funds and HHH may invest in risky instruments, such as swaps and certain options and other custom instruments, which are
 subject to the risk of non-performance by the swap counterparty, including risks relating to the creditworthiness of the swap counterparty, market risk, liquidity risk and operations risk; credit-default swaps, characterized by volatile
 pricing, potentially illiquid markets, difficulty in predicting triggering events and various other risks; and future contracts and forward contracts, which are subject to the risk of bank failure or non-performance;

&nbsp;&nbsp;&nbsp;&nbsp;• Our funds and HHH may invest in risky investments, such as distressed securities or illiquid investments, and such investments may
 involve material risks;

&nbsp;&nbsp;&nbsp;&nbsp;• New investment instruments are continually developing and investments in such investment instruments may involve material and as
 yet unanticipated risks;

&nbsp;&nbsp;&nbsp;&nbsp;• Our funds and HHH may employ hedging, including dynamic hedging approaches which may ultimately fail to achieve the intended risk
 mitigation if the market experiences rapid changes in price, volatility, or liquidity;

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&nbsp;&nbsp;&nbsp;&nbsp;• While we pursue a long-term investment strategy, our funds and HHH retain the flexibility to engage in short-selling as a
 short-term trading-related technique, which could result in material losses due to the theoretical risk of an unlimited increase in the market price of a short sale of an investment instrument;

&nbsp;&nbsp;&nbsp;&nbsp;• Our funds and HHH may be limited in their ability to engage in short-selling or other short-term trading-related techniques as a
 result of regulatory mandates which may limit our ability to engage in hedging activities and therefore impair our investment strategies;

&nbsp;&nbsp;&nbsp;&nbsp;• Our funds and HHH retain the flexibility to use margin leverage for short-term management of cash flows, which subjects the funds
 to changes in the value that broker-dealers ascribe to a given security or position, the amount of margin required to support such security or position, the borrowing rate to finance such security or position and/or such broker-dealers'
 willingness to continue to provide any such credit to the funds;

&nbsp;&nbsp;&nbsp;&nbsp;• Our funds and HHH depend on their ability to access sufficient sources of debt financing at attractive rates to execute any
 leverage strategies, and there is no guarantee that they will be able to access sufficient debt or other financing at attractive rates or at all; and

&nbsp;&nbsp;&nbsp;&nbsp;• Our funds and HHH may invest through their respective affiliates, in which case their investments may be subordinated to the
 claims of such affiliates' creditors.

***Given the priority we afford the interests of the investors in our funds and our other investment vehicles and our focus on achieving superior investment performance, we may reduce our fees or otherwise alter the terms under which we do business when we deem it in the best interest of our fund investors — even in circumstances where such actions might be contrary to the short-term interests of our stockholders.***

In pursuing the interests of the investors in our funds and our other investment vehicles, we may take actions that could reduce the profits we could otherwise realize in the short term. While we believe that our commitment to the investors in our funds and our other investment vehicles and our discipline in this regard is in the long-term interest of us and our stockholders, this approach may have an adverse impact on our short-term profitability, and there is no guarantee that it will be beneficial in the long term. We may voluntarily reduce management fee rates and terms for certain of our funds or other investment vehicles and/or certain investors in such funds or other investment vehicles, when we deem it appropriate, even when doing so may reduce our short-term revenue. For example, for eight consecutive quarters beginning in 2018, we reduced the management fees paid to us by certain of our funds to account for their litigation settlement-related expenses. Similarly, in connection with the Howard Hughes Transaction, we reduced the management fees paid to PSCM by each of the core funds by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by each such fund attributable to its fee-paying capital. As another example, we waived performance fees for certain investors in our private funds until such time as any losses incurred by them from a direct investment in one of our co-investment vehicles were recovered. Furthermore, employees and affiliates of PSCM, or other individuals who have provided material assistance to PSCM, benefit from preferential fees.

#### The PSUS IPO will cause a material portion of our Fee-Paying AUM to consist of registered investment company assets.
The PSUS IPO will cause a material portion of our Fee-Paying AUM to consist of registered investment company assets. Neither we nor PSCM or any of our other affiliates has previously served as an investment adviser to an investment company registered under the 1940 Act. As a result, we will be addressing certain operational and compliance requirements of the 1940 Act for the first time in connection with the launch of PSUS. None of the other funds we currently manage prior to the combined offering are registered under the 1940 Act, unlike PSUS, and, therefore, none of them are subject to the investment, leverage and derivative restrictions, diversification requirements and other regulatory requirements imposed on registered investment companies by the 1940 Act and on regulated investment companies by the Code. If any of the other funds we manage had been registered under the 1940 Act and/or operated as regulated investment companies under the Code, their respective returns might have been lower and their ability to undertake certain transactions or investments may have been restricted. As a result, our future performance will depend on our ability to implement the operational and compliance-related requirements of the 1940 Act, while also successfully implementing our investment strategy within the investment and regulatory parameters

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applicable to registered investment companies under the 1940 Act. Any failure to do so may have a material adverse effect on the performance of PSUS, which in turn could lead to lower management fees causing a material adverse effect on our business, financial condition and results of operations.

#### Risks Related to Taxation
***Changes in relevant tax laws, regulations or treaties or an adverse interpretation of these items by tax authorities could adversely impact our effective tax rate and tax liability.***

Our effective tax rate and tax liability are based on the application of current income tax laws, regulations and treaties, including state and local income tax laws and regulations. These laws, regulations and treaties are complex, and the manner in which they apply to us and our funds is sometimes open to interpretation. Significant management judgment is required in determining our provision for income taxes, our deferred tax assets and liabilities and any valuation allowance recorded against our net deferred tax assets. Although management believes its application of current laws, regulations and treaties to be correct and sustainable upon examination by the tax authorities, the tax authorities (including the Internal Revenue Service ("IRS")) could challenge our interpretation, resulting in additional tax liability or adjustment to our income tax provision that could increase our effective tax rate.

In addition, past and future changes to tax laws and regulations, including to state and local tax laws and regulations, may have an adverse impact on us. For example, the Inflation Reduction Act of 2022 imposes, among other things, a minimum "book" tax on certain large corporations and creates a new excise tax on net stock repurchases made by certain publicly traded corporations. Furthermore, President Trump recently signed into the law the One Big Beautiful Bill Act which includes several new provisions (and other amendments) to the Code. The application and implication of the One Big Beautiful Bill Act to the Company is not yet clear given the lack of official guidance and interpretation or practical application. These and other changes could materially change the amount and/or timing of taxes we could be required to pay and may increase tax-related regulatory and compliance costs.

#### Risks Related to the Combined Offering and Ownership of Our Common Stock
***No public market for our common stock currently exists, and an active trading market for our common stock may never develop or be sustained after the combined offering. Following the combined offering, our stock price may fluctuate significantly.***

There currently is no public trading market for shares of our common stock. Following the combined offering, our common stock will be listed on the NYSE. Our common stock will trade separately on the NYSE from PSUS Shares, which will also be listed on the NYSE following the combined offering as described in the accompanying PSUS Prospectus. We cannot predict the extent to which investor interest in our company will lead to the development of an active trading market on the NYSE or how liquid that market might become. An active public market for our common stock may not develop or be sustained after the combined offering. If an active public market does not develop or is not sustained, it may be difficult for you to sell your shares of our common stock at a price that is attractive to you, or at all.

We cannot predict the prices at which our common stock may trade after the combined offering. Prior to the opening trade, there will not be a price at which the underwriters initially sell shares of our common stock to the public. The absence of a predetermined initial public offering price could impact the range of buy and sell orders collected by the underwriters from various broker-dealers. Consequently, upon listing on the NYSE, the public trading price of our common stock may be more volatile than where an initial public offering is conducted with a predetermined initial offering price and could decline significantly and rapidly from the opening price. As a result, we also cannot assure you that, following the combined offering, the combined trading prices of a PSUS Share and a share of our common stock will equal or exceed the public offering price of a PSUS Share in the PSUS IPO. In addition, there may be some investor rotation for a period following the combined offering. An investor in the combined offering that desires to invest in only the PSUS Shares or shares of our common stock (and not both) may seek to sell or short the security that it does not intend to hold, and such activity may put downward pricing pressure and/or increase volatility in the trading markets for our common stock and the PSUS Shares. A range of other factors, some of which may be beyond our control, may cause the market price of our common stock to fluctuate widely. See

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"—*The market price of shares of our common stock may be volatile, which could cause the value of your investment to decline.*" Low trading volume for our common stock, which may occur if an active trading market does not develop, among other reasons, would amplify the effect of such factors on our stock price volatility.

In connection with the combined offering, the underwriters may purchase and sell shares of our common stock and/or PSUS Shares in the open market, including over-allotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with the combined offering, which may require corresponding purchases or sales by the underwriters of shares of the other component security in the open market. In connection with the combined offering, the underwriters may engage in "covered" short sales in an amount of shares representing the underwriters' option to purchase additional shares. To close a covered short position, the underwriters purchase shares in the open market or exercise the underwriters' option to purchase additional shares. In determining the source of shares to close the covered short position, the underwriters typically consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the underwriters' option to purchase additional shares. Purchases in the open market to cover short positions, as well as other purchases underwriters may undertake for their own accounts, may have the effect of preventing a decline in the trading price of shares of the subject securities. Generally, the Underwriters would not be expected to engage in stabilizing transactions or cover syndicate short positions, unless the combined trading price of one PSUS Share and a corresponding fraction of a share of our common stock is in the aggregate less than the public offering price of $50.00.

To the extent that the underwriters do not engage in stabilizing transactions with respect to the trading of our common stock on the NYSE, there could be greater volatility in the public price of our common stock during the period immediately following the closing of the combined offering. Furthermore, stabilizing transactions by the underwriters with respect to the trading of the PSUS Shares on the NYSE, including over-allotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with the PSUS IPO, may require corresponding purchases or sales by the underwriters of shares of our common stock in the open market, and therefore stabilizing transactions with respect to the trading of PSUS Shares may affect the trading market for our common stock, including in potentially unexpected ways. Each of these factors contributes to the potential volatility in the price for our common stock following the combined offering.

#### ManagementCo controls us and its interests may conflict with ours or yours in the future.
Upon completion of the combined transaction, ManagementCo, an entity managed by members of our senior management, will initially have voting power over 74.6% or 70.2% of our outstanding common stock (or 74.3% or 69.2% if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus), assuming PSUS raises $5 billion in the combined transaction and assuming PSUS raises $10 billion in the combined transaction, respectively, and will also hold a Special Voting Share that has no economic rights and has voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. Because the shares of our common stock over which ManagementCo will initially have voting power will provide it with in excess of a simple majority of the voting power of the outstanding shares of our common stock, the Special Voting Share will initially provide only a single additional vote to ManagementCo.

Even if the shares of our common stock over which ManagementCo has voting power decrease in the future below a simple majority of the voting power, the additional voting power provided to ManagementCo by the Special Voting Share means ManagementCo will still be able to control the election of our board of directors and generally control the outcome of all other matters requiring the approval of our stockholders, including the amendment of our articles of incorporation and bylaws and significant corporate transactions such as a change in control, merger, consolidation or sale of assets. Accordingly, ManagementCo will have significant influence with respect to our management, business plans and policies, including the appointment and removal of our officers. In particular, ManagementCo will be able to significantly influence or effectively prevent a change of control of our company or a change in the composition of our board of directors and could preclude any unsolicited acquisition of our company. The concentration of ownership could deprive you of an opportunity to receive a premium for your shares of common stock as part of a sale of our company and ultimately might affect the market price of our common stock. See "Description of Capital Stock—Anti-Takeover Effects of Our Articles of Incorporation and Bylaws and Certain Provisions of Nevada Law—Voting Rights of ManagementCo."

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ManagementCo will also control PS Partner Group and CompCo, which will allow ManagementCo to have oversight and control over a significant portion of our executives' compensation. Following the combined offering, a significant portion of our executives' compensation will be comprised of (i) Subordinated Performance Fees distributed by CompCo and (ii) interests in PS Partner Group that may become redeemable, subject to certain conditions, for shares of our common stock held by PS Partner Group. For additional information, see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering."

***The disproportionate voting rights of ManagementCo will have the effect of concentrating voting control with ManagementCo, will limit or preclude your ability to influence corporate matters, may discourage or delay acquisition attempts for us that you might consider favorable and may have a potential adverse effect on the price of our common stock.***

Following the Reorganization Transactions, ManagementCo will hold our single outstanding Special Voting Share. The Special Voting Share will have no economic rights and will have voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. See "Description of Capital Stock—Preferred Stock—Special Voting Share." Because the shares of our common stock over which ManagementCo will initially have voting power will provide it with in excess of a simple majority of the voting power of the outstanding shares of our common stock, the Special Voting Share initially provide only a single additional vote to ManagementCo. However, should the shares of our common stock over which ManagementCo has voting power decrease in the future below a simple majority of the voting power, the additional voting power provided to ManagementCo by the Special Voting Share would create a disparity between ManagementCo's voting power and its economic interest in us, which disparity could be significant. ManagementCo will be able to control all matters submitted to our stockholders for majority approval, even if ManagementCo has voting power over less than 50% of the voting power of shares of our common stock. See "Description of Capital Stock—Anti-Takeover Effects of Our Articles of Incorporation and Bylaws and Certain Provisions of Nevada Law—Voting Rights of ManagementCo."

Our common stockholders' voting rights are further restricted by the provision in our articles of incorporation stating that if any person (other than ManagementCo or any person of which ManagementCo, or a wholly owned subsidiary of ManagementCo, serves as general partner or managing member or holds a majority by voting power of the interests entitled to vote generally in the election of the board of directors, managers or equivalent governing body of such person) directly or indirectly controls shares of our common stock representing more than 24.9% of the aggregate total votes to which the outstanding shares of common stock and the Special Voting Share would otherwise entitle their holders, then the shares of common stock in excess of such percentage directly or indirectly controlled by such person will not be entitled to vote on any matter and will not be considered to be outstanding when sending notices of a meeting of stockholders to vote on any matter (unless otherwise required by law), calculating required votes, determining the presence of a quorum or for other similar purposes under our articles of incorporation. See "Description of Capital Stock—Common Stock" and "Description of Capital Stock—Anti-Takeover Effects of Our Articles of Incorporation and Bylaws and Certain Provisions of Nevada Law—Loss of Voting Rights."

This concentration of control with ManagementCo and restriction on the voting rights of other holders of our common stock will limit or preclude the ability of other holders of our common stock to influence corporate matters for the foreseeable future, which, in turn increases the risk of divergent views over strategy or business combination and an increased risk of conflict or litigation caused by such divergent views. This concentrated control also could discourage, delay or prevent a transaction involving a change in control of our company, including actions that our stockholders may deem advantageous, or negatively affect the trading price of our common stock. In addition, this concentrated control could discourage proxy contests and make it more difficult for you and other stockholders to elect directors of your choosing and to cause us to take other corporate actions you desire. For further discussion of these and other such anti-takeover provisions, see "Description of Capital Stock—Anti-Takeover Effects of Our Articles of Incorporation and Bylaws and Certain Provisions of Nevada Law."

#### Our share structure involving a Special Voting Share differs from a more typical multi-class capital structure.
Our share structure involving a Special Voting Share differs from a more typical multi-class capital structure. In a typical multi-class capital structure, the shares of a certain class may give its holder additional voting power that is in direct proportion to the number of shares held by such holder. Consequently, the

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disposition by such holder of a number of such shares would result in a proportionate decrease in such holder's voting power. In contrast, the Special Voting Share will provide ManagementCo with voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. Because the shares of our common stock over which ManagementCo will initially have voting power will provide it with in excess of a simple majority of the voting power of the outstanding shares of our common stock, the Special Voting Share will initially provide only a single additional vote to ManagementCo. However, should the shares of our common stock over which ManagementCo has voting power decrease in the future below a simple majority of the voting power, the additional voting power provided to ManagementCo by the Special Voting Share would create a disparity between ManagementCo's voting power and its economic interest in us, which disparity could be significant. ManagementCo will be able to control all matters submitted to our stockholders for majority approval, even if ManagementCo has voting power over less than 50% of the voting power of shares of our common stock. Accordingly, you should have no expectation of having the ability to influence the outcome of any matters that are subject to stockholder approval.

#### We cannot predict the impact our share structure may have on the trading price of our common stock.
We cannot predict whether our share structure will result in a lower or more volatile market price of our common stock, in adverse publicity or other adverse consequences. Certain index providers have in the past announced restrictions on including companies with multiple class share structures in certain of their indices. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, exclusion from stock indices would likely preclude investment by many of these funds and could make our common stock less attractive to other investors. As a result, the market price of our common stock could be materially adversely affected.

#### The market price of shares of our common stock may be volatile, which could cause the value of your investment to decline.
Even if a trading market develops, the market price of our common stock may be highly volatile and could be subject to wide fluctuations. Securities markets worldwide experience significant price and volume fluctuations. This market volatility, as well as general economic, market or political conditions, could reduce the market price of shares of our common stock regardless of our operating performance. In addition, our operating results could be below the expectations of public market analysts and investors due to a number of potential factors, including variations in our quarterly operating results or dividends, if any, to stockholders, additions or departures of key personnel, failure to meet analysts' earnings estimates, publication of research reports about our industry, litigation and government investigations, changes or proposed changes in laws or regulations or differing interpretations or enforcement thereof affecting our business, adverse market reaction to any indebtedness we may incur or securities we may issue in the future, changes in market valuations of similar companies or speculation in the press or investment community, announcements by our competitors, adverse publicity about the industries we participate in or individual scandals, and in response the market price of shares of our common stock could decrease significantly.

In the past few years, stock markets have experienced extreme price and volume fluctuations. In the past, following periods of volatility in the overall market and the market price of a company's securities, securities class action litigation has often been instituted against these companies. Such litigation, if instituted against us, could result in substantial costs and a diversion of our management's attention and resources.

Furthermore, in addition to allocations made to retail investors by the underwriters, a portion of the PSUS Shares and our common stock offered pursuant to the combined offering will, upon request, be offered to retail investors through Charles Schwab & Co., Inc. ("Charles Schwab") and Robinhood Financial, LLC ("Robinhood") via their respective online brokerage platforms. Charles Schwab and Robinhood will act as selling group members for the combined offering. These platforms are not affiliated with us. There may be risks associated with the use of such platforms, including risks related to the technology and operation of such platforms, and the publicity and the use of social media by users of such platforms that we cannot foresee and/or control.

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***We will be a "controlled company" within the meaning of the corporate governance standards of the NYSE and, as a result, will qualify for exemptions from certain corporate governance requirements. If we rely on such exemptions in the future, you will not have the same protections afforded to stockholders of companies that are subject to such requirements.***

After the completion of the combined transaction, ManagementCo will continue to control a majority of the combined voting power of our capital stock entitled to vote generally in the election of directors. As a result, we will be a "controlled company" within the meaning of the corporate governance standards of the NYSE. Under these corporate governance standards, a company of which more than 50% of the voting power in the election of directors is held by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance requirements. For example, controlled companies:

&nbsp;&nbsp;&nbsp;&nbsp;• are not required to have a board that is composed of a majority of "independent directors," as defined under the rules of such
 exchange;

&nbsp;&nbsp;&nbsp;&nbsp;• are not required to have a compensation committee that is composed entirely of independent directors with a written charter
 addressing the committee's purpose and responsibilities; and

&nbsp;&nbsp;&nbsp;&nbsp;• are not required to have a nominating and corporate governance committee that is composed entirely of independent directors with a
 written charter addressing the committee's purpose and responsibilities.

Although we do not intend to rely on the exemptions from these corporate governance requirements, if we do rely on such exemptions in the future, you will not have the same protections afforded to stockholders of companies that are subject to all of the corporate governance requirements of the NYSE.

Regardless of whether we rely on such exemptions in the future, ManagementCo will also have oversight and control over a significant portion of our executives' compensation. Following the combined offering, a significant portion of our executives' compensation will be comprised of (i) Subordinated Performance Fees distributed by CompCo and (ii) interests in PS Partner Group that may become redeemable, subject to certain conditions, for shares of our common stock held by PS Partner Group. Both CompCo and PS Partner Group will be controlled by ManagementCo, not our board of directors. For additional information, see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering."

***We are an "emerging growth company," and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our common stock less attractive to investors.***

We are an "emerging growth company" as defined in the JOBS Act. We will remain an "emerging growth company" until the earliest to occur of:

&nbsp;&nbsp;&nbsp;&nbsp;• the last day of the fiscal year during which our total annual revenue equals or exceeds $1.235 billion (subject to adjustment for
 inflation);

&nbsp;&nbsp;&nbsp;&nbsp;• the last day of the fiscal year following the fifth anniversary of the combined offering;

&nbsp;&nbsp;&nbsp;&nbsp;• the date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt; or

&nbsp;&nbsp;&nbsp;&nbsp;• the date on which we are deemed to be a "large accelerated filer" under the Exchange Act.

We may take advantage of exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies, including but not limited to, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

In addition, the JOBS Act permits an emerging growth company like us to take advantage of an extended transition period to comply with new or revised accounting standards applicable to public companies. We have elected to use this extended transition period until we are no longer an emerging growth company or until we affirmatively and irrevocably opt out of the extended transition period. Accordingly, this election allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies. When a standard is issued or revised and it has different application dates for public or private companies, we, as an emerging growth company, will adopt the new or revised standard at the time

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private companies adopt the new or revised standard, unless early adoption is permitted by the standard. As a result, our consolidated financial statements may not be comparable to the financial statements of companies that comply with new or revised accounting pronouncements as of public company effective dates.

Investors may find our common stock less attractive because we may rely on these exemptions. If some investors find our common stock less attractive as a result, there may be a less active trading market for our common stock and our per share trading price may be materially adversely affected and more volatile.

***We will incur increased costs and become subject to additional regulations and requirements as a result of becoming a public company, which could lower our profits, make it more difficult to run our business or divert management's attention from our business.***

As a public company, we will be required to commit significant resources and management time and attention to the requirements of being a public company, which will cause us to incur significant legal, accounting and other expenses that we have not incurred as a private company, including costs associated with public company reporting requirements. We also will incur costs associated with the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") and related rules implemented by the SEC and the NYSE, and compliance with these requirements will place significant demands on our legal, accounting and finance staff and on our accounting, financial and information systems. In addition, we might not be successful in implementing these requirements. The expenses incurred by public companies generally for reporting (including the aforementioned increasingly prominent reporting requirements related to greenhouse gas emissions activity and climate-related financial risks) and corporate governance purposes have been increasing.

We expect these rules and regulations to increase our legal and financial compliance costs and to make some activities more time-consuming and costly, although we are currently unable to estimate these costs with any degree of certainty. These laws and regulations also could make it more difficult or costly for us to obtain certain types of insurance, including director and officer liability insurance, and we may be forced to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. These laws and regulations could also make it more difficult for us to attract and retain qualified persons to serve on our board of directors, our board committees or as our executive officers. Furthermore, if we are unable to satisfy our obligations as a public company, we could be subject to delisting of our common stock, fines, sanctions and other regulatory action and potentially civil litigation.

***Failure to comply with requirements to design, implement and maintain effective internal controls could have a material adverse effect on our business and stock price.***

As a privately held company, we were not required to evaluate our internal control over financial reporting in a manner that meets the standards of publicly traded companies required by Section 404(a) of the Sarbanes-Oxley Act, or Section 404. As a public company, we will have significant requirements for enhanced financial reporting and internal controls. We are an emerging growth company, and thus we are exempt from the auditor attestation requirement of Section 404(b) of the Sarbanes-Oxley Act until such time as we no longer qualify as an emerging growth company. See also "—*We are an "emerging growth company," and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our common stock less attractive to investors.*" Regardless of whether we continue to qualify as an emerging growth company, we will still need to implement substantial internal control systems and procedures in order to satisfy the reporting requirements under the Exchange Act and applicable requirements.

The process of designing and implementing effective internal controls is a continuous effort that requires us to anticipate and react to changes in our business and the economic and regulatory environments and to expend significant resources to maintain a system of internal controls that is adequate to satisfy our reporting obligations as a public company. If we are unable to establish or maintain appropriate internal financial reporting controls and procedures, it could cause us to fail to meet our reporting obligations on a timely basis, result in material misstatements in our consolidated financial statements and harm our results of operations. In addition, we will be required, pursuant to Section 404, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting in the second annual report following the completion of this offering. This assessment will need to include disclosure of any material weaknesses identified by our management in our internal control over financial reporting. The rules governing the standards that must be met for our management to assess our internal control over financial reporting are complex and require significant documentation, testing and possible

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remediation. Testing and maintaining internal controls may divert our management's attention from other matters that are important to our business. Once we are no longer an "emerging growth company," our auditors will be required to issue an attestation report on the effectiveness of our internal controls on an annual basis.

In connection with the implementation of the necessary procedures and practices related to internal control over financial reporting, we may identify deficiencies that we may not be able to remediate in time to meet the deadline imposed by the Sarbanes-Oxley Act for compliance with the requirements of Section 404. In addition, we may encounter problems or delays in completing the remediation of any deficiencies identified by our independent registered public accounting firm in connection with the issuance of their attestation report. Our testing, or the subsequent testing (if required) by our independent registered public accounting firm, may reveal deficiencies in our internal controls over financial reporting that are deemed to be material weaknesses. Any material weaknesses could result in a material misstatement of our annual or quarterly consolidated financial statements or disclosures that may not be prevented or detected, which may in turn result in sanctions or investigations by the NYSE, the SEC or other regulatory authorities. Failure to remedy any material weakness in our internal control over financial reporting, or to implement or maintain other effective control systems required of public companies, could also restrict our future access to the capital markets.

***If securities or industry analysts do not publish research or reports about our business, or if they downgrade their recommendations regarding our common stock, our stock price and trading volume could decline.***

The trading market for our common stock will be influenced by the research and reports that industry or securities analysts publish about us or our business. If any of the analysts who cover us downgrade our common stock or publish inaccurate or unfavorable research about our business, our common stock price may decline. If analysts cease coverage of us or fail to regularly publish reports on us, we could lose visibility in the financial markets, which in turn could cause our common stock price or trading volume to decline and our common stock to be less liquid.

#### We may not have sufficient funds to pay dividends or other distributions on our common stock.
Although we intend to pay dividends on our common stock to the extent that we have sufficient funds legally available for such purpose, the declaration, amount and payment of any future dividends or other distributions on shares of common stock will be at the sole discretion of our board of directors in accordance with applicable law and we may reduce or discontinue entirely the payment of such dividends or other distributions at any time. Our board of directors may take into account, among other things, our results of operations, cash requirements, financial condition, contractual restrictions and other factors that our board of directors may deem relevant. Because we are a holding company and have no direct operations, we will only be able to pay dividends or other distributions from funds we receive from our subsidiaries. In addition, our ability to pay dividends or other distributions may be limited by the agreements governing any indebtedness we or our subsidiaries may incur in the future. Therefore, we cannot assure you that you will receive any dividends or other distributions on your common stock. See "Dividend Policy."

#### You may be diluted by the future issuance of additional common stock in connection with our incentive plans, acquisitions or otherwise.
After the combined transaction, we will have 600,000,000 shares of common stock authorized but unissued. Our articles of incorporation will authorize us to issue these shares of common stock and options, rights, warrants and appreciation rights relating to common stock for the consideration and on the terms and conditions established by our board of directors in its sole discretion, whether in connection with acquisitions or otherwise. Additionally, we have reserved an aggregate of 20,000,000 shares of common stock for issuance under our Equity Incentive Plan, which will be in effect for a period of 10 years from the date of its adoption (unless earlier terminated by our board of directors pursuant to its terms), and we expect to award 2,817,000 RSUs to certain employees and other service providers under the Equity Incentive Plan in connection with the combined offering. Any common stock that we issue, including under our Equity Incentive Plan or other equity incentive plans that we may adopt in the future, would dilute the percentage ownership held by the initial investors in the PSUS IPO who receive shares of our common stock in the combined offering.

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#### We may issue additional series of preferred stock whose terms could materially adversely affect the voting power or value of our common stock.
Upon the completion of the combined offering, ManagementCo will hold the Special Voting Share, a series of preferred stock, that has no economic rights and has voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. See "Description of Capital Stock—Preferred Stock—Special Voting Share."

Our articles of incorporation will authorize us to issue, without the approval of our stockholders, one or more additional classes or series of preferred stock having such voting powers, designations, preferences, limitations, restrictions and relative rights, including preferences over our common stock respecting dividends and distributions, as our board of directors may determine. See "Description of Capital Stock—Preferred Stock—Additional Series of Preferred Stock." The terms of one or more classes or series of preferred stock could adversely impact the voting power or value of our common stock. For example, we might grant holders of preferred stock the right to elect some number of our directors in all events or on the happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or liquidation preferences we might assign to holders of preferred stock could affect the residual value of the common stock.

#### Substantial sales of our common stock following the combined transaction could cause the market price of our common stock to decline.
The sale of substantial amounts of shares of our common stock in the public or private markets, or the perception that such sales could occur, could harm the prevailing market price of shares of our common stock. These sales, or the possibility that these sales may occur, also might make it more difficult for you to sell shares of our common stock in the future at a time and at a price that you deem appropriate. Upon completion of the combined transaction, we will have a total of 400,000,000 shares of our common stock outstanding. See "Summary—Reorganization Transactions" for more information.

All of the shares of our common stock delivered to the initial investors in the PSUS IPO in the combined offering will be freely tradable, without restriction or further registration under the Securities Act, by persons other than our "affiliates," as that term is defined under Rule 144 of the Securities Act ("Rule 144"). See "Shares Eligible for Future Sale." The initial investors in the PSUS IPO that receive shares of our common stock in the combined offering generally may sell those shares immediately in the public market. Although we have no actual knowledge of any plan or intention of any significant initial investor in the PSUS IPO to sell our common stock following the offering, it is likely that some of the initial investors in the PSUS IPO, possibly including significant investors, will sell their shares of our common stock. The sales of significant amounts of our common stock or the perception in the market that this will occur may decrease the market price of our common stock.

The shares of our common stock to be delivered to the private placement investors in the combined private placement will be "restricted securities," as defined in Rule 144 and may not be sold absent registration under the Securities Act or compliance with Rule 144 or in reliance on another exemption from registration.

The shares of our common stock held by our pre-IPO owners and management, including our Founder, after the combined offering will also be subject to certain restrictions on resale. We, PS Partner Group, and our officers and directors will sign lock-up agreements with the underwriters that will, subject to certain customary exceptions, restrict the sale of the shares of our common stock held by them for a period ending 180 days after the date of this prospectus. The representatives of the underwriters may, in their sole discretion, release all or any portion of the shares of common stock subject to such lock-up agreements at any time. See "Underwriting." In addition, in connection with the Strategic Investment, our pre-IPO owners, including our Founder and certain other senior professionals as well as the Strategic Investors, agreed not to sell interests in us held by them until the first anniversary of the combined offering. Our articles of incorporation will memorialize this one-year transfer restriction for shares of our common stock held by our pre-IPO owners. See "Description of Capital Stock—Common Stock" for additional information. Possible sales of these shares in the market following the waiver or expiration of such lock-up agreements and transfer restrictions could exert downward pressure on our stock price.

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Upon the expiration of the applicable lock-up agreements and transfer restrictions described above, all of such shares will be eligible for resale in the public market subject, in the case of shares held by our affiliates, to the volume, manner of sale and other limitations under Rule 144. We expect that our Founder will continue to be considered an affiliate following the expiration of the one-year transfer restriction based on his expected share ownership. Certain of our other stockholders may also be considered affiliates at the time of expiration of the applicable lock-up agreement or transfer restriction. However, as a result of the registration rights agreements with ManagementCo and our pre-IPO owners, certain shares of our common stock may be eligible for future sale without complying with the conditions of Rule 144. See "Shares Eligible for Future Sale—Lock-Up Agreements, Transfer Restrictions and Registration Rights" and "Certain Relationships and Related Person Transactions—Registration Rights Agreements."

We intend to file one or more registration statements on Form S-8 under the Securities Act to register shares of our common stock or securities convertible into or exchangeable for shares of our common stock issued pursuant to our Equity Incentive Plan. Any such Form S-8 registration statements will automatically become effective upon filing. Accordingly, shares registered under such registration statements will be available for sale in the open market. If equity securities are granted under the Equity Incentive Plan and it is perceived they will be sold in the public market, then the price of our common stock could decline.

In the future, we may also issue our securities in connection with investments or acquisitions. The number of shares of our common stock issued in connection with an investment or acquisition could constitute a material portion of our then outstanding shares of common stock. As restrictions on resale end, the market price of our shares of common stock could drop significantly if the holders of these restricted shares sell them or are perceived by the market as intending to sell them. These factors could also make it more difficult for us to raise additional funds through future offerings of our common stock or other securities or to use our common stock as consideration for acquisitions of other businesses, investments or other corporate purposes.

***You may have additional difficulty determining liability and monetary damages for claims brought under the liability provisions of the Securities Act in connection with the combined offering.***

The Securities Act contains several provisions providing for private rights of action for investors who suffer losses due to material misstatements or omissions in connection with the offer and sale of securities. You may have additional difficulty determining liability and damages for claims brought under these provisions in connection with the combined offering. Even though this offering and the PSUS IPO are component parts of a single offering, it is uncertain how a court would assess liability and calculate any damages to which you may be entitled from us in a successful claim, given that investors in the combined offering will pay no additional or separate consideration for our shares of common stock.

***Our articles of incorporation will designate the Eighth Judicial District Court of the State of Nevada or the federal district courts of the United States of America, as applicable, as the sole and exclusive forum, and waive trial by jury, for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with the Company or the Company's directors, officers or other employees.***

Our articles of incorporation will provide that, unless we consent to the selection of an alternative forum, the Eighth Judicial District Court of the State of Nevada will, to the fullest extent permitted by law, be the sole and exclusive forum for: (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a breach of fiduciary duty owed by any current or former director, officer, stockholder or employee of the Company to the Company or our stockholders; (iii) any internal action (as defined in NRS 78.046), including any action arising under Nevada Revised Statutes ("NRS") Chapter 78, our articles of incorporation, our bylaws, any agreement entered into pursuant to NRS 78.365 or as to which the NRS confers jurisdiction on the District Court of the State of Nevada; or (iv) any action asserting a claim against us that is governed by the internal affairs doctrine.

Our articles of incorporation further will provide that, unless we consent in writing to the selection of an alternative forum, to the fullest extent permitted by law, the federal district courts of the United States of America will be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the federal securities laws of the United States, including, in each case, the applicable rules and regulations promulgated thereunder.

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Our articles of incorporation further will provide that, to the fullest extent not inconsistent with any applicable U.S. federal laws, any and all "internal actions" (as defined in NRS 78.046) must be tried in a court of competent jurisdiction (subject to the exclusive forum provisions in our articles of incorporation) before the presiding judge as the trier of fact and not before a jury. Pursuant to NRS 78.046 (as amended effective May 30, 2025, pursuant to Assembly Bill No. 239), such requirement will conclusively operate as a waiver of the right to trial by jury by each party to any such internal action.

Any person or entity purchasing or otherwise acquiring any interest in any shares of our capital stock shall be deemed to have notice of and to have consented to the forum and jury waiver provisions in our articles of incorporation. These choice-of-forum and jury waiver provisions may limit a stockholder's ability to bring a claim in a different judicial forum, even if such stockholder may believe such different forum or trial by jury to be favorable or convenient for a specified class of disputes with the Company or the Company's directors, officers, other stockholders or employees, which may discourage such lawsuits. Alternatively, if a court were to find these provisions of our articles of incorporation inapplicable or unenforceable with respect to one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions or before a jury, which could materially adversely affect our business, financial condition and results of operations and result in a diversion of the time and resources of our management and board of directors.

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#### FORWARD-LOOKING STATEMENTS
This prospectus contains forward-looking statements that reflect our current views with respect to, among other things, our operations and financial performance. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "approximately," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include but are not limited to those described under "Risk Factors." These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this prospectus. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

#### MARKET AND INDUSTRY DATA
This prospectus includes market and industry data and forecasts that we have derived from independent consultant reports, publicly available information, various industry publications, other published industry sources and our internal data and estimates. Independent consultant reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable.

Although we believe that these third-party sources are reliable, we do not guarantee the accuracy or completeness of this information, and neither we nor the underwriters have independently verified this information. Some market data and statistical information are also based on our good faith estimates, which are derived from management's knowledge of our industry and such independent sources referred to above. Certain market, ranking and industry data included elsewhere in this prospectus, including the size of certain markets and our size or position and the positions of our competitors within these markets, including our services relative to our competitors, are based on estimates of our management. These estimates have been derived from our management's knowledge and experience in the markets in which we operate, as well as information obtained from surveys, reports by market research firms, our investors, business organizations and other contacts in the markets in which we operate and have not been verified by independent sources. Unless otherwise noted, all of our market share and market position information presented in this prospectus is an approximation.

Our internal data and estimates are based upon information obtained from business organizations and other contacts in the markets in which we operate and our management's understanding of industry conditions. While we are not aware of any misstatements regarding any market, industry or similar data presented herein, such data involves risks and uncertainties and is subject to change based on various factors, including those described in "Risk Factors." These and other factors could cause our future performance to differ materially from our assumptions and estimates. See "Forward-Looking Statements."

#### TRADEMARKS, SERVICE MARKS AND TRADE NAMES
We own or have the right to use the trademarks, service marks and trade names used in connection with our business. All trademarks, service marks and trade names referred to in this prospectus are the property of their respective owners. Solely for convenience, the trademarks, service marks and trade names referred to in this prospectus are without the® and™ or SM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks, service marks and trade names. We do not intend our use or display of other companies' trade names, trademarks, or service marks to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

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#### USE OF PROCEEDS
The combined offering will not result in any proceeds to Pershing Square Inc. We are issuing shares of our common stock to the initial investors in the PSUS IPO for no additional consideration and, for the avoidance of doubt, 100% of the net proceeds of the PSUS IPO will be received by PSUS. See the accompanying PSUS Prospectus for more information on the use of the net proceeds from the PSUS IPO by PSUS. Similarly, the combined private placement will not result in any proceeds to Pershing Square Inc. We will issue shares of our common stock to the private placement investors in the PSUS Private Placement for no additional consideration and, for the avoidance of doubt, 100% of the net proceeds of the PSUS Private Placement will be received by PSUS.

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#### DIVIDEND POLICY
The declaration, amount and payment of any dividends or other distributions in the future will be made at the sole discretion of our board of directors in accordance with applicable law and we may reduce or discontinue entirely the payment of such dividends or other distributions at any time. Our board of directors may take into account, among other things, our results of operations, cash requirements, financial condition, contractual restrictions and other factors that our board of directors may deem relevant. Because we are a holding company and have no direct operations, we will only be able to pay dividends or other distributions from funds we receive from our subsidiaries. In addition, our ability to pay dividends or other distributions may be limited by the agreements governing any indebtedness we or our subsidiaries may incur in the future.

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#### CAPITALIZATION
The following table sets forth our consolidated cash and cash equivalents and capitalization as of December 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;• on a historical basis; and

&nbsp;&nbsp;&nbsp;&nbsp;• on a pro forma basis, giving effect to the combined transaction and the other transactions described in "Summary—Reorganization
 Transactions" and "Unaudited Pro Forma Consolidated Financial Information."

The information below is illustrative only and our capitalization following the combined transaction will be adjusted based on the actual number of PSUS Shares purchased in the PSUS IPO (including any PSUS Shares acquired by the underwriters in connection with the exercise of their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus). Cash and cash equivalents are not components of our total capitalization. You should read this table together with the other information contained in this prospectus, including "Summary—Reorganization Transactions," "Unaudited Pro Forma Consolidated Financial Information," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the historical financial statements and related notes thereto included elsewhere in this prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | | **Unaudited** <br>**Pershing Square** <br>**Inc.** <br>**Pro Forma** | **Unaudited** <br>**Pershing Square** <br>**Inc.** <br>**Pro Forma** |
|  | <br>**Pershing** <br>**Square** <br>**Holdco, L.P.** <br>**Actual** | **Scenario 1 –** <br>**$5 billion** <br>**PSUS**<br>**IPO and PSUS**<br>**Private**<br>**Placement** | **Scenario 2 –** <br>**$10 billion** <br>**PSUS** <br>**IPO and PSUS** <br>**Private** <br>**Placement**  |
| **(in thousands, except per share amounts)**<br>|  |  |  |
| Cash and cash equivalents | $55398  | &nbsp;&nbsp;&nbsp;&nbsp; $7135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7135  |
| Partners' capital controlling interests | &nbsp;&nbsp; 1016418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  Common stock, par value $0.001 per share; no shares authorized and no shares issued and outstanding on an actual basis; 1,000,000,000 shares authorized and 400,000,000 shares issued and outstanding on a pro forma basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |
|  Special Voting Share, par value $0.001 per share; no shares authorized and no shares issued and outstanding on an actual basis; and one share authorized and one share issued and outstanding on a pro forma basis | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Non-controlling interests<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62695 |
| Retained earnings (accumulated deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (161087) | &nbsp;&nbsp;&nbsp;&nbsp; (180808) |
| Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1801128 | &nbsp;&nbsp;&nbsp;&nbsp; 2553969 |
| Total partners' capital | &nbsp;&nbsp; 1079113 | &nbsp;&nbsp;&nbsp;&nbsp; 1703136 | &nbsp;&nbsp;&nbsp;&nbsp; 2436256 |
| Total capitalization | $1701202  | &nbsp;&nbsp;&nbsp;&nbsp; $2703090 | &nbsp;&nbsp;&nbsp;&nbsp; $3651440 |

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(1) Amount relates to consolidated VIEs for which we do not have any direct equity interests. 

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#### UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL INFORMATION
The following unaudited pro forma condensed consolidated financial information gives pro forma effect to the Howard Hughes Transaction, the transactions described in "Summary—Reorganization Transactions—Corporate Conversion" and, except as described in the following sentence, the consummation of the combined transaction (collectively, the "Transactions") as though they had occurred as of the dates specified in accordance with Article 11 of the SEC's Regulation S-X, as amended.

The unaudited pro forma condensed consolidated financial information has been derived from the historical consolidated financial statements included elsewhere in this prospectus. The pro forma adjustments to the unaudited pro forma condensed consolidated statement of operations for the year ended December 31, 2025 assume that the Transactions occurred on January 1, 2025. The pro forma adjustments to the unaudited pro forma condensed consolidated statement of financial condition as of December 31, 2025 assume that the Transactions, except for the Howard Hughes Transaction, occurred on December 31, 2025. No adjustments related to the Howard Hughes Transaction have been applied to the unaudited pro forma condensed consolidated statement of financial condition as of December 31, 2025, as the impact is already reflected in the historical consolidated statement of financial condition as of December 31, 2025.

The unaudited pro forma condensed consolidated financial information is based upon available information and assumptions that we believe are reasonable and supportable. The unaudited pro forma condensed consolidated financial information is for illustrative and informational purposes only and is not necessarily indicative of the results of operations or financial position of the Company that would have occurred if the Transactions had been completed as of the dates set forth above, nor is it indicative of the future consolidated results of operations or financial condition of the Company. Further, pro forma adjustments represent management's best estimates based on information available as of the date of this prospectus and are subject to change as additional information becomes available.

Transaction accounting adjustments include the following:

&nbsp;&nbsp;&nbsp;&nbsp;• The effect of the Howard Hughes Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;• The effect of the "Offering Transactions" including:

&nbsp;&nbsp;&nbsp;&nbsp;○ The effect of our anticipated capital structure following the combined transaction and related
 transactions, including the conversion of Pershing Square Holdco, L.P. into a Nevada corporation pursuant to a statutory conversion;

&nbsp;&nbsp;&nbsp;&nbsp;○ The effect of replacing, in part, the LTIP with certain interests of PS Partner Group that may
 become redeemable, subject to certain conditions, for shares of our common stock held by PS Partner Group (see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests
 in PS Partner Group" for additional information);

&nbsp;&nbsp;&nbsp;&nbsp;○ The effect of the issuance of RSU awards under the Equity Incentive Plan in connection with the
 combined offering (see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Equity Incentive Plan" for additional information);

&nbsp;&nbsp;&nbsp;&nbsp;○ The one-time expenses associated with this offering and the PS Private Placement and related
 transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;○ The effect of the consummation of the PSUS IPO and PSUS Private Placement, as described in further
 detail below.

We have not made any pro forma adjustments relating to any incremental reporting, compliance, or investor relations costs that we may incur as a public company, as estimates of such expenses are not determinable.

The unaudited pro forma condensed consolidated financial information should be read together with "Summary—Reorganization Transactions—Corporate Conversion," "Capitalization," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Certain Relationships and Related Person Transactions" and the historical consolidated financial statements and related notes thereto included elsewhere in this prospectus.

The capital raised through the combined transaction is not readily determinable until the date of pricing of the PSUS IPO, which impacts the accounting for certain transaction accounting adjustments presented in the

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unaudited pro forma condensed consolidated financial information. Therefore, we have contemplated the effects of the combined transaction under two scenarios, which are presented separately within the unaudited pro forma condensed consolidated financial information. The two scenarios are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Scenario 1 – PSUS raises $5 billion of capital through the PSUS IPO and PSUS Private Placement, consisting of $2.2 billion raised
 in the PSUS IPO and $2.8 billion raised in the PSUS Private Placement (which includes the $100 million common shares investment we have agreed to make in the PSUS Private Placement as part of the Anchor Investment, as described in
 "Business—The Funds and HHH—Pershing Square USA, Ltd.");

&nbsp;&nbsp;&nbsp;&nbsp;• Scenario 2 – PSUS raises an additional $5 billion through the PSUS IPO and PSUS Private Placement, for an aggregate capital raise
 of $10 billion, consisting of $7.2 billion raised in the PSUS IPO and $2.8 billion raised in the PSUS Private Placement (which includes the $100 million common shares investment we have agreed to make in the PSUS Private Placement as part
 of the Anchor Investment).

In both Scenario 1 and Scenario 2, as part of the Anchor Investment, we also intend to invest $50 million in a private placement of preferred shares to be issued by PSUS in connection with and upon completion of the PSUS IPO. See "Business—The Funds and HHH—Pershing Square USA, Ltd." for more information on the Anchor Investment.

The Scenario 2 Offering Transactions adjustment column within the unaudited pro forma condensed consolidated statement of operations and unaudited pro forma condensed consolidated statement of financial condition table presents the incremental adjustments to illustrate the effects of the incremental capital raise described above.

There may be differences between these preliminary estimates and assumptions used to prepare the following unaudited pro forma condensed combined financial information and the final accounting which could have a material impact on our future results of operations and financial position.

#### Howard Hughes Transaction
On May 5, 2025, we completed the Howard Hughes Transaction. Upon completion of the transaction, we along with our existing funds owned 46.9% of outstanding shares of HHH common stock, although we have agreed generally to limit our voting power to 40.0% and our beneficial ownership to 47.0% (of which 15.2% is held by the Company and 31.7% is held by our core funds). Under the terms of the HHH Services Agreement, we provide investment advisory and other services to HHH and earn (i) a quarterly base fee of $3,750,000 ($15,000,000 on an annual basis) (the "HHH Base Management Fee"), subject to annual adjustment for inflation based on the Core PCE Price Index, and (ii) a quarterly variable fee equal to 0.375% of the excess value of the quarter-end stock price of shares of HHH common stock over an initial reference share price of $66.1453, subject to annual adjustment for inflation based on the Core PCE Price Index, multiplied by a reference share count of 59,393,938 shares, in each case, subject to adjustment for stock splits, reclassifications or similar capital changes (the "HHH Variable Management Fee" and together with the HHH Base Management Fee, the "HHH Fees"). See "Business—Advisory Fees and Compensation—HHH Fees" for more information. Because the HHH Variable Management Fee, if any, will be based on the future equity market capitalization of HHH, the impact of the HHH Variable Management Fee has been excluded from the unaudited pro forma condensed consolidated financial information presented herein, except for HHH Variable Management Fees earned subsequent to May 5, 2025, which are reflected in our historical audited consolidated statement of operations for the year ended December 31, 2025.

In connection with the Howard Hughes Transaction, we reduced the management fees paid to PSCM by each of the core funds by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by each such fund attributable to its fee-paying capital.

We have elected to account for the investment in HHH using the fair value option, in accordance with ASC 825-10, *Financial Instruments*. As a part of the election, we will recognize any changes in the fair value of the investment in HHH which was acquired as a result of the HHH Transaction each reporting period. The impact of any future changes in the fair value of the investment in HHH has been excluded from the unaudited pro forma condensed consolidated financial information presented herein.

#### PSUS Private Placement
PSUS has secured $2.8 billion in commitments (which includes the $100 million common shares investment we have agreed to make) from a number of qualified investors (the "private placement investors") consisting of U.S. and international institutional investors, including family offices, pension funds, insurance companies, ultra-high-net-worth

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investors and other investors, that have agreed to acquire an aggregate of 56.3 million PSUS Shares at a price of $50.00 per share in a private placement transaction (the "PSUS Private Placement") exempt from registration under the Securities Act. We will deliver to each private placement investor (but not to us in connection with our $100 million private placement investment), for no additional consideration, 1.5 shares of our common stock for every 5 PSUS Shares purchased in the PSUS Private Placement, for an aggregate of 16.3 million shares of our common stock, in a private placement transaction exempt from registration under the Securities Act (the "PS Private Placement" and together with the PSUS Private Placement, the "combined private placement"). We refer to the combined private placement and the combined offering together as the "combined transaction." The agreements with the private placement investors provide that the combined private placement will be settled concurrently with, and will be contingent upon, the closing of the combined offering and the satisfaction of other customary closing conditions.

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#### Unaudited Pro Forma Condensed Consolidated Statement of Operations <br>

#### For the Year Ended December 31, 2025

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | | |  | | **Scenario 1 – $5 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement**  | **Scenario 1 – $5 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement**  | **Scenario 1 – $5 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement**  | **Scenario 1 – $5 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement**  | **Scenario 2 – $10 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement** | **Scenario 2 – $10 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement** | **Scenario 2 – $10 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement** | **Scenario 2 – $10 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement** |
|  | <br>**Historical** | <br>**Howard** <br>**Hughes** <br>**Transaction**  |  | <br>**As Adjusted** <br>**Before** <br>**Offering** <br>**Transactions** | **Offering** <br>**Transactions** <br>**Adjustments** |  | **Pershing** <br>**Square Inc.** <br>**Pro Forma** |  | **Offering** <br>**Transactions** <br>**Adjustments** |  | **Pershing** <br>**Square Inc.** <br>**Pro Forma** |  |
| **Revenue**<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Management fees | $230420 | &nbsp;&nbsp; $(1549) | 1(a) | &nbsp;&nbsp;&nbsp; $228995 | &nbsp;&nbsp; $100000 | 1(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $237074 |  | &nbsp;&nbsp;&nbsp; $100000 | 1(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $242239 |  |
| &nbsp;&nbsp; Management fees |  | &nbsp;&nbsp;&nbsp;&nbsp; 5151 | 1(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (91921) | 1(m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (94835) | 1(m) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |
| &nbsp;&nbsp; Management fees |  | &nbsp;&nbsp;&nbsp; (5027) | 1(o) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |
| Performance fees<sup>(1)</sup> | &nbsp;&nbsp; 532088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 532088 | &nbsp;&nbsp;&nbsp; (20000) | 1(i)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512088 |  | &nbsp;&nbsp;&nbsp; (20000) | 1(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492088 |  |
| &nbsp;&nbsp; **Total revenue** | &nbsp;&nbsp; **762508** | &nbsp;&nbsp;&nbsp; **(1425)** |  | &nbsp;&nbsp;&nbsp; **761083** | &nbsp;&nbsp;&nbsp; **(11921)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **749162** |  | &nbsp;&nbsp;&nbsp; **(14835)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **734327** |  |
| **Expenses**<br>|  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Profit-sharing partner compensation<sup>(1)</sup>  | &nbsp;&nbsp; 459079  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 459079 | &nbsp;&nbsp;&nbsp; 464594 | 1(j) | &nbsp;&nbsp;&nbsp;&nbsp; 1009345 |  | &nbsp;&nbsp;&nbsp; 61946 | 1(j) | &nbsp;&nbsp;&nbsp;&nbsp; 1091012 |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; (62234) | 1(k) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 19721 | 1(e)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; 147906 | 1(e)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |
| Affiliates fee rebate | &nbsp;&nbsp;&nbsp; 77580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 77580 | &nbsp;&nbsp;&nbsp; (77580) | 1(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |
|  General and administrative expense |  |  |  |  |  |  |  |  |  |  |  |  |
|  General and administrative expense | &nbsp;&nbsp;&nbsp; 42074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 42074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9056 | 1(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50744 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50744 |  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (386) | 1(r) |  |  |  |  |  |  |
| &nbsp;&nbsp; Employee compensation and benefits | &nbsp;&nbsp;&nbsp; 20228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 20228 | &nbsp;&nbsp;&nbsp;&nbsp; 12375 | 1(t) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36728 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1650 | 1(t) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38378 |  |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4125 | 1(l) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |
| &nbsp;&nbsp; Depreciation and amortization expense | &nbsp;&nbsp;&nbsp;&nbsp; 2301 | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 2301 | &nbsp;&nbsp; — |  | 2301 |  | &nbsp;&nbsp;&nbsp; — |  | 2301 |  |
| **Total expenses** | &nbsp;&nbsp; **601262** | &nbsp;&nbsp; **—** |  | &nbsp;&nbsp;&nbsp; **601262** | &nbsp;&nbsp; **497856** |  | **1099118** |  | &nbsp;&nbsp;&nbsp; **83317** |  | **1182435** |  |
| **Operating income** <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss) | &nbsp;&nbsp; **161246**  | &nbsp;&nbsp;&nbsp; **(1425)**  |  | &nbsp;&nbsp;&nbsp; **159821** | &nbsp;&nbsp; **(509777)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(349956)** |  | &nbsp;&nbsp;&nbsp; **(98152)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(448108)** |  |
|  Unrealized gain (loss) on HHH shares held at fair value | &nbsp;&nbsp; 110700  |  |  | &nbsp;&nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110700 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110700 |  |
| Interest income | &nbsp;&nbsp;&nbsp; 16910  | &nbsp;&nbsp; (12480) | 1(n) | &nbsp;&nbsp;&nbsp;&nbsp; 4430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99) | 1(r) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4331 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4331 |  |
| &nbsp;&nbsp; Unrealized gain (loss) on investment in Pershing Square, L.P. held at fair value<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 12224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 12224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12224 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12224 |  |
| &nbsp;&nbsp; Investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750 | 1(s) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750 |  |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp; 5241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 5241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5241 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5241 |  |
| &nbsp;&nbsp; Interest expense | &nbsp;&nbsp;&nbsp;&nbsp; (2302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; (2302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2302 | 1(p) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8833) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8833) |  |
| &nbsp;&nbsp; Interest expense |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (458) | 1(u) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |
| &nbsp;&nbsp; Interest expense |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (8375)  | 1(q) |  |  | &nbsp;&nbsp;&nbsp; — |  |  |  |
|  **Total non-operating income (expenses)** | **142773** | &nbsp;&nbsp; **(12480)** |  | &nbsp;&nbsp;&nbsp; **130293** | &nbsp;&nbsp; **(2880)** |  | **127413** |  | &nbsp;&nbsp;&nbsp; **—** |  | **127413** |  |
|  **Net income (loss) before taxes** | &nbsp;&nbsp; **304019**  | &nbsp;&nbsp; **(13905)** |  | &nbsp;&nbsp;&nbsp; **290114**  | &nbsp;&nbsp; **(512657)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(222543)** |  | &nbsp;&nbsp;&nbsp; **(98152)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(320695)** |  |
|  Income tax expense (benefit) | &nbsp;&nbsp;&nbsp; 22309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (556)  | 1(c)  | &nbsp;&nbsp;&nbsp; 21753  | &nbsp;&nbsp; (98803)  | 1(f)  | (77050) |  | &nbsp;&nbsp;&nbsp; (21956)  | 1(f)  | (99006) |  |
| **Net income (loss)** | &nbsp;&nbsp; **281710** | &nbsp;&nbsp; **(13349)** |  | &nbsp;&nbsp;&nbsp; **268361**  | &nbsp;&nbsp; **(413854)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(145493)** |  | &nbsp;&nbsp;&nbsp; **(76196)**  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(221689)** |  |
|  Less: Net (income) loss attributable to non-controlling interest<sup>(1)</sup> | &nbsp;&nbsp; (31933) | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (31933) | &nbsp;&nbsp; — |  | (31933) |  | &nbsp;&nbsp;&nbsp; — |  | (31933) |  |
|  **Net income (loss) attributable to Pershing Square Inc.** | **$249777** | &nbsp;&nbsp; **$(13349)** |  | &nbsp;&nbsp;&nbsp; **$236428** | &nbsp;&nbsp; **$(413854)** |  | **$(177426)** |  | &nbsp;&nbsp;&nbsp; **$(76196)** |  | **$(253622)** |  |
|  Basic and diluted weighted average shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  |  | &nbsp;&nbsp; 400000471 | 1(h) |  |  | &nbsp;&nbsp; 400000471 | 1(h) |
|  Basic and diluted earnings per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44) | 1(h) |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.63) | 1(h) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(1) Includes amounts attributable to consolidated VIEs for which Pershing Square Holdco, L.P. does not have any direct equity interests. 

The accompanying notes form an integral part of these unaudited pro forma condensed consolidated financial statements.<br>

69<br>

------

#### **TABLE OF CONTENTS**

#### Unaudited Pro Forma Condensed Consolidated Statement of <br>

#### Financial Condition <br>

#### As of December 31, 2025

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(in thousands)** | | **Scenario 1 — $5 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement** | **Scenario 1 — $5 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement** | **Scenario 1 — $5 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement** | **Scenario 2 — $10 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement**  | **Scenario 2 — $10 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement**  | **Scenario 2 — $10 billion** <br>**PSUS IPO and PSUS** <br>**Private Placement**  |
|  | <br>**Historical** | **Offering** <br>**Transactions** <br>**Adjustments** |  | **Pershing**<br>**Square Inc.**<br>**Pro Forma** | **Offering**<br>**Transactions**<br>**Adjustment** |  | **Pershing** <br>**Square Inc.** <br>**Pro Forma**  |
| **Assets:**<br>|  |  |  |  |  |  |  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp; $55398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(8741)  | 2(a)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7135  |
| Cash and cash equivalents |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4125) | 2(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash and cash equivalents |  | &nbsp;&nbsp;&nbsp;&nbsp; (134100) | 2(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash and cash equivalents |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34800)  | 2(d) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash and cash equivalents |  | &nbsp;&nbsp;&nbsp;&nbsp; 134100 | 2(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash and cash equivalents |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (597) | 2(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Restricted cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119  |
| Performance fees receivable | &nbsp;&nbsp;&nbsp;&nbsp; 497330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 497330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 497330 |
| Due from affiliates<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) | 2(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15611 |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1345 |
| Investment in Pershing Square, L.P., at fair value<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79288 |
| &nbsp;&nbsp; Investment in PSUS, at fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 134100 | 2(b) | &nbsp;&nbsp;&nbsp;&nbsp; 134100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 134100 |
| Investment in HHH, at fair value | &nbsp;&nbsp;&nbsp;&nbsp; 717930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 717930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 717930 |
| Deferred HHH Services Agreement premium | &nbsp;&nbsp;&nbsp;&nbsp; 283158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 283158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 283158 |
| Deferred share issuance asset | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 919207 | 2(f) | &nbsp;&nbsp;&nbsp;&nbsp; 919207 | &nbsp;&nbsp;&nbsp; 948350 | 2(f) | &nbsp;&nbsp; 1867557 |
| Lease right-of-use assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28441 |
| Fixed assets and leasehold improvements, net of accumulated depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14984 |
| Deferred sublease incentive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4129 |
| &nbsp;&nbsp; Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3153) | 2(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 |
| &nbsp;&nbsp; **Total assets** | **$1701202** | **$1001888** |  | **$2703090** | &nbsp;&nbsp;&nbsp; **948350** |  | **$3651440** |
| **Liabilities:**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Accrued compensation and benefits<sup>(1)</sup> | &nbsp;&nbsp; $426094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; $426094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; $426094 |
| Performance fee distribution payable<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54839  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54839  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54839 |
| Affiliate fee rebate payable  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24144  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24144 |
| Deferred revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3786 |
| Distribution payable to partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10104  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10104  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10104 |
| Accounts payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3287) | 2(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5333 |
| Taxes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17029  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31094  | 2(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48123 |
| Operating lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42673 |
| Loans payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34800) | 2(d) | &nbsp;&nbsp;&nbsp;&nbsp; 134415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp; 134415 |
| Loans payable |  | &nbsp;&nbsp;&nbsp;&nbsp; 134415 | 2(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Deferred tax liability | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 250443  | 2(i)  | &nbsp;&nbsp;&nbsp;&nbsp; 250443  | &nbsp;&nbsp;&nbsp; 215230 | 2(i) | &nbsp;&nbsp;&nbsp;&nbsp; 465673 |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **622089** | &nbsp;&nbsp;&nbsp;&nbsp; **377865** |  | &nbsp;&nbsp;&nbsp;&nbsp; **999954** | &nbsp;&nbsp;&nbsp; **215230** |  | &nbsp;&nbsp; **1215184** |
| &nbsp;&nbsp; Commitments and contingencies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Equity**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp; Partners' capital controlling interests | &nbsp;&nbsp; 1016418 | &nbsp;&nbsp; (1015952)  | 2(c)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; Partners' capital controlling interests |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (466)  | 2(g) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Common stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | 2(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |
| Special Voting Share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Non-controlling interest in consolidated variable interest entities<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62695 |
| Retained earnings (accumulated deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8741)  | 2(a)  | &nbsp;&nbsp;&nbsp; (161087) | &nbsp;&nbsp;&nbsp; (19721) | 2(h) | &nbsp;&nbsp;&nbsp; (180808)  |
| Retained earnings (accumulated deficit) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4125) | 2(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Retained earnings (accumulated deficit) |  | &nbsp;&nbsp;&nbsp;&nbsp; (147906) | 2(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (315) | 2(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; Additional paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1015552  | 2(c) | &nbsp;&nbsp; 1801128 | &nbsp;&nbsp;&nbsp; 948350 | 2(f) | &nbsp;&nbsp; 2553969 |
| &nbsp;&nbsp; Additional paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 919207 | 2(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19721 | 2(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp; Additional paid-in capital |  | &nbsp;&nbsp;&nbsp;&nbsp; 147906 | 2(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (215230) | 2(i) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (281537)  | 2(i)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Total equity** | &nbsp;&nbsp; **1079113** | &nbsp;&nbsp;&nbsp;&nbsp; **624023** |  | &nbsp;&nbsp; **1703136** | &nbsp;&nbsp;&nbsp; **733120** |  | &nbsp;&nbsp; **2436256** |
| **Total liabilities and equity** | **$1701202** | **$1001888** |  | **$2703090** | **$948350** |  | **$3651440** |

---

(1) Includes amounts attributable to consolidated VIEs for which Pershing Square Holdco, L.P. does not have any direct equity interests.

The accompanying notes form an integral part of these unaudited pro forma condensed consolidated financial statements.<br>

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#### **TABLE OF CONTENTS**

#### Notes to the Unaudited Pro Forma Condensed Consolidated Financial Information
The unaudited pro forma condensed consolidated statement of operations for the year ended December 31, 2025 and the unaudited pro forma condensed consolidated statement of financial condition as of December 31, 2025 include the following adjustments:

1. **Adjustments to the Unaudited Pro Forma Condensed Consolidated Statement of Operations** 

The adjustments to the unaudited pro forma condensed consolidated statement of operations for the year ended December 31, 2025 are as follows:

(a)<br> *Management fees* – Reflects the recurring reduction of management fees paid to PSCM by the core funds in connection with the Howard Hughes Transaction as outlined within the section above titled "Howard Hughes Transaction."

(b)<br> *Management fees* – Reflects the recurring HHH Base Management Fee as outlined within the section above titled "Howard Hughes Transaction."

(c)<br> *Income tax expense (benefit)* – Reflects the tax effects of the transaction accounting adjustments related to the Howard Hughes Transaction.

(d) *Affiliates fee rebate* – Reflects the adjustment to eliminate the affiliates fee rebate for PSH. We historically rebated management and performance fees attributable to shares of PSH held by our employees and their affiliates. Following the Holdco Reorganization, we ceased to provide these rebates, which were continued instead by PS Partner Group and CompCo. Following the combined offering, PS Partner Group and CompCo will no longer rebate the fees of employees invested in PSH. 

(e) *Profit-sharing partner compensation* – Certain senior professionals are eligible to receive an additional interest in the LTIP upon the occurrence of a "Terminal Value Event," including, for this purpose, this offering. See "Executive Compensation—Narrative Disclosure to Summary Compensation Table—LTIP" and "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Termination and Change of Control Provisions" for more information. The adjustment reflects the incremental compensation recognized for the additional interests which will be vested in the LTIP upon the consummation of the combined offering. The following table reflects the adjustment in the two scenarios as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** <br>**December 31, 2025**  | **For the Year Ended** <br>**December 31, 2025**  |
| **(in thousands)**  | **Scenario 1** <br>**–$5 billion** <br>**PSUS IPO** <br>**and PSUS** <br>**Private** <br>**Placement**  | **Scenario 2** <br>**–$10 billion** <br>**PSUS IPO** <br>**and PSUS** <br>**Private** <br>**Placement**  |
| Profit-sharing partner compensation  | $147906  | $167627 |

---

(f) *Income tax expense (benefit) –* Prior to the effectiveness of the registration statement of which this prospectus forms a part, as part of the Corporate Conversion, Pershing Square Holdco, L.P. will convert into a Nevada corporation by means of a statutory conversion and change its name to Pershing Square Inc. Reflects the pro forma tax impact, inclusive of the Offering Transactions adjustments, assuming Pershing Square Holdco, L.P. was subject to U.S. federal tax for the periods presented. 

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#### **TABLE OF CONTENTS**
(g) *Management fees –* As described in "Business—The Funds and HHH—Pershing Square USA, Ltd." and the accompanying PSUS Prospectus, pursuant to the investment management agreement between PSUS and PSCM, as investment manager, PSCM will be paid a quarterly management fee equal to 0.5% (2.0% on an annual basis) of the Net Asset Value of PSUS, payable in advance at the beginning of each quarter. Represents the adjustment to reflect the recurring management fees PSCM would have earned from PSUS assuming PSUS had fee-paying capital for the period presented in an amount equal to an assumed aggregate offering size in the PSUS IPO and PSUS Private Placement as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31, 2025**  | **For the Year Ended**<br>**December 31, 2025**  |
| **(in thousands)**  | **Scenario 1**<br>**–$5 billion**<br>**PSUS IPO**<br>**and PSUS**<br>**Private**<br>**Placement** | **Scenario 2**<br>**–$10 billion**<br>**PSUS IPO**<br>**and PSUS**<br>**Private**<br>**Placement** |
| Management fees | $100000 | $200000 |

---

This offering is conditioned upon the consummation of the PSUS IPO, and the combined private placement is contingent upon the closing of the combined offering and the satisfaction of other customary closing conditions.

(h) *Earnings (loss) per share* – Represents the pro forma basic and diluted earnings (loss) per share calculated after giving effect to the shares of our common stock delivered in the combined transaction, including the portion of the RSUs to be awarded under the Equity Incentive Plan which will vest at the end of the year in which the combined offering is completed. 

(i)<br> *Performance fees* – As described in "Business—Advisory Fees and Compensation—PSH—<br>

Performance Fee," pursuant to the investment management agreement between PSH and PSCM, as investment manager, the performance fee PSCM is paid by PSH is reduced by the "potential reduction amount," consisting of (a) 20% of any performance fees earned from non-PSH funds, including PSLP and PSINTL, and (b) 20% of any management fees earned from certain future non-PSH funds that do not have performance fees, which will include PSUS following the consummation of the PSUS IPO. Represents the adjustment to reflect the recurring reduction in the performance fees PSCM would have received from PSH assuming an aggregate offering size in the PSUS IPO and PSUS Private Placement as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended** <br>**December 31, 2025**  | **For the Year Ended** <br>**December 31, 2025**  |
| **(in thousands)**  | **Scenario 1** <br>**–$5 billion** <br>**PSUS IPO** <br>**and PSUS** <br>**Private** <br>**Placement**  | **Scenario 2** <br>**–$10 billion** <br>**PSUS IPO** <br>**and PSUS** <br>**Private** <br>**Placement**  |
| Performance fees  | $(20000)  | $(40000) |

---

This offering is conditioned upon the consummation of the PSUS IPO, and the combined private placement is contingent upon the closing of the combined offering and the satisfaction of other customary closing conditions.

(j) *Profit-sharing partner compensation* – In connection with the combined offering, the LTIP will be amended and replaced in part by certain interests of PS Partner Group that may become redeemable, subject to vesting and certain other conditions, for shares of our common stock held by PS Partner Group, in order to continue to align certain of our senior professionals with our long-term investment horizon. For further information, see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests in PS Partner Group." Represents the adjustment to reflect the annual amortization expense associated with the vesting of such interests of PS Partner Group held by profit-sharing partners. 

(k)<br> *Profit-sharing partner compensation –* Historically, we have accounted for our profit-sharing arrangement and the discretionary portion of our LTIP awards as compensation expense. Both of

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these awards were considered cash-based profit-sharing arrangements in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification 710 Compensation-General. Following the combined offering, the profit-sharing arrangement and LTIP related to interests in PS Partner Group and Pershing Square Inc. and its consolidated subsidiaries (including PSCM) will cease. Amounts historically allocated to profit-sharing partners and LTIP participants will instead be distributed in the form of dividends to all holders of our common stock, including former profit-sharing partners and LTIP participants, in their capacity as equity holders. As a result, certain amounts paid to former profit-sharing partners and LTIP participants will no longer be accounted for as compensation expense in accordance with ASC 710. Certain amounts paid to CompCo will continue to be accounted for as profit-sharing partner compensation.

(l)<br> *General and administrative expense and Employee compensation and benefits* – Reflects estimated offering and one-time transaction costs not reflected in the historical period.

(m) *Management fees* – Reflects the reduction in management fees related to the amortization of the deferred asset which will be recognized in connection with the issuance of shares of our common stock to the initial investors in the PSUS IPO and the private placement investors for no additional consideration. The deferred asset will be amortized as contra-revenue in management fees on a straight-line basis over a period of 10 years. The following table reflects the adjustment in the two scenarios as follows:

---

| | | |
|:---|:---|:---|
|  | **For the Year Ended**<br>**December 31, 2025** | **For the Year Ended**<br>**December 31, 2025** |
| **(in thousands)** | **Scenario 1**<br>**–$5 billion**<br>**PSUS IPO**<br>**and PSUS**<br>**Private**<br>**Placement** | **Scenario 2**<br>**–$10 billion**<br>**PSUS IPO**<br>**and PSUS**<br>**Private**<br>**Placement** |
| Management fees | $(91921) | $(186756) |

---

(n) *Interest income* – The Howard Hughes Transaction was consummated using a portion of the proceeds received from the Strategic Investment. Reflects the adjustment to remove the interest income related to the proceeds used in the Howard Hughes Transaction. 

(o) *Amortization of deferred HHH Services Agreement premium* – Reflects the incremental amortization of the deferred asset which was recognized in connection with the Howard Hughes Transaction. We recognized a $292.8 million deferred asset for the premium paid above HHH's publicly traded share price (the "HHH Premium"), which is deemed for accounting purposes to represent the amount paid to obtain the HHH Services Agreement, when we completed the Howard Hughes Transaction. The HHH Premium is amortized as contra-revenue in management fees on a straight-line basis over a period of 20 years beginning May 5, 2025. 

(p)<br> *Interest expense* – Reflects the adjustment to the historical interest expense as we intend to repay our outstanding loan balance on or immediately prior to the completion of the combined offering.

(q) *Interest expense* – Reflects the adjustment to recognize the incremental interest expense associated with the Term Loan Facility, as described in "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Senior Secured Credit Facilities," to facilitate our investment in PSUS as noted in adjustment 2(e) below, which adjustment is not impacted by the amount of capital raised through the PSUS IPO and PSUS Private Placement. The increase in our interest expense ($8.4 million for the year ended December 31, 2025) is calculated based on an interest rate of SOFR + 1.75%, inclusive of our commitment fee. An increase or decrease in the interest rate of 1/8% would result in an increase or decrease in estimated interest expense of $0.2 million for the year ended December 31, 2025.

(r)<br> *General and administrative and interest income* – Reflects the adjustment to deconsolidate PSUS, which will no longer be a consolidated subsidiary following the combined offering.

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(s) *Investment income* – Reflects the adjustment to record the investment income that we will earn through a 7.5% dividend on the preferred shares of PSUS to be purchased by us as part of the Anchor Investment.

(t) *Employee compensation and benefits* – Reflects the adjustment to record the amortization associated with the vesting of the RSUs to be awarded under the Equity Incentive Plan based on their estimated fair value, which will be amortized on a straight-line basis over the service period, which is generally 10 years. For purposes of presenting the unaudited pro forma condensed consolidated financial information, we have estimated the fair value of shares of our common stock based on management's forecast of our fee-related earnings, inclusive of fees assumed to be earned from PSUS in Scenario 1 and Scenario 2, trading multiples of public peers and discussion with underwriters and research analysts. Upon closing of the combined offering, the fair value of the RSUs will be based on the observable price of shares of our common stock.

(u)<br> *Interest expense* – Represents the adjustment to record the amortization of the deferred financing costs recognized in connection with the Term Loan Facility, which is further described in adjustment 2(e) below.

2. **Adjustments to the Unaudited Pro Forma Condensed Consolidated Statement of Financial Condition** 

The adjustments to the unaudited pro forma condensed consolidated statement of financial condition as of December 31, 2025 are as follows:

(a) *Cash and cash equivalents* – Reflects the adjustment related to estimated unpaid offering costs and other one-time transaction costs associated with this offering with a corresponding decrease to retained earnings. We may incur additional costs through the completion of the combined offering which we expect to be settled in cash. 

(b)<br> *Cash and cash equivalents* – Reflects the adjustment related to the Anchor Investment we have agreed to make in PSUS as described in "Business—The Funds and HHH—Pershing Square USA, Ltd."

(c) *Partners' capital and common stock* – Reflects 400,000,000 shares of our common stock outstanding after giving effect to the Corporate Conversion as described in "Summary—Corporate Conversion." As described elsewhere in this prospectus, the issuance of shares of our common stock to the initial investors in the PSUS IPO and to the private placement investors in the PSUS Private Placement will be accompanied by a contribution to us of an equal number of shares of our common stock by the pre-IPO management owners. Accordingly, the combined transaction will not result in any change in the total number of shares of our common stock outstanding. 

(d)<br> *Loan payable* – We intend to repay our outstanding loan balance on or immediately prior to the completion of the combined offering.

(e) *Loan payable* – As noted in adjustment 2(b) above, we have agreed to make the Anchor Investment in PSUS. To facilitate this investment, we intend to finance the purchase of PSUS Shares using borrowings under the Term Loan Facility. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Senior Secured Credit Facilities" for more information. We have also recognized $1.4 million in deferred financing costs associated with the Term Loan Facility. The adjustment is not impacted by the amount of capital raised through the PSUS IPO and PSUS Private Placement. 

(f) *Deferred share issuance asset* – Reflects the recognition of the deferred asset which will be recognized in connection with the issuance of shares of our common stock to the initial investors in the PSUS IPO and the private placement investors for no additional consideration.

The amount of the deferred share issuance asset is calculated based on the portion of the total proceeds raised by PSUS allocated to the shares of our common stock issued, using an estimated relative fair value of the shares of our common stock and PSUS Shares issued. For purposes of presenting the unaudited pro forma condensed consolidated financial information, the fair value of shares of our common stock has been estimated based on management's forecast of our fee-related

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earnings, inclusive of fees assumed to be earned from PSUS in Scenario 1 and Scenario 2, trading multiples of public peers and discussion with underwriters and research analysts. The fair value of PSUS Shares has been estimated based on cash on hand and proceeds to be raised in Scenario 1 and Scenario 2 as PSUS will have no other material assets or liabilities upon completion of the combined offering. Upon closing of the combined offering, the estimated fair value of the shares of our common stock and PSUS Shares will be based on their observable prices.

The deferred asset will be amortized as contra-revenue in management fees on a straight-line basis over a period of 10 years. The 10-year amortization period is based on the initial 2-year contractual term for the investment management agreement between PSCM and PSUS and estimated eight 1-year renewals. The 10-year amortization period is an estimate of useful life prepared in accordance with GAAP. In estimating the 10-year amortization period we considered (1) the incremental switching costs that PSUS would incur to replace its investment manager, which are likely to be significant, as compared to renewal which does not require PSUS to pay any incremental costs; (2) the difficulty that PSUS would likely encounter in engaging an investment manager with a comparable track record offering comparable terms; and (3) the relative importance of the Pershing Square brand to PSUS.

The following table reflects the adjustment in the two scenarios as follows:

---

| | | |
|:---|:---|:---|
|  | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2025** |
| **(in thousands)** | **Scenario 1**<br>**–$5 billion**<br>**PSUS IPO**<br>**and PSUS**<br>**Private**<br>**Placement** | **Scenario 2**<br>**–$10 billion**<br>**PSUS IPO**<br>**and PSUS**<br>**Private**<br>**Placement** |
| Deferred share issuance asset | $919207 | $1867557 |

---

(g)<br> *Deconsolidation of PSUS* – Reflects the adjustment to deconsolidate PSUS, which will no longer be a consolidated subsidiary following the combined offering.

(h) *Additional paid-in capital* – Certain senior professionals are eligible to receive an additional interest in the LTIP upon the occurrence of a "Terminal Value Event," including, for this purpose, this offering. See "Executive Compensation—Narrative Disclosure to Summary Compensation Table—LTIP" and "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Termination and Change of Control Provisions" for more information. The adjustment reflects the stock-based compensation expense which will be recognized upon the consummation of the combined offering. The following table reflects the adjustment in the two scenarios as follows: 

---

| | | |
|:---|:---|:---|
|  | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2025** |
| **(in thousands)** | **Scenario 1** <br>**–$5 billion** <br>**PSUS IPO and** <br>**PSUS Private**<br>**Placement** | **Scenario 2**<br>**–$10 billion**<br>**PSUS IPO and**<br>**PSUS Private**<br>**Placement**  |
| Additional paid-in capital | &nbsp;&nbsp; $147906 | &nbsp;&nbsp; $167627 |

---

(i) *Income taxes* – Prior to the effectiveness of the registration statement of which this prospectus forms a part, as part of the Corporate Conversion, Pershing Square Holdco, L.P. will convert into a Nevada corporation by means of a statutory conversion and change its name to Pershing Square Inc. Reflects the pro forma tax impact, inclusive of the Offering Transaction adjustments, assuming Pershing Square Holdco, L.P. was subject to U.S. federal tax for the periods presented.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION <br>

#### AND RESULTS OF OPERATIONS
*The following discussion should be read in conjunction with the "Summary Historical and Pro Forma Consolidated Financial Information," "Unaudited Pro Forma Consolidated Financial Information" and the financial statements and related notes thereto included elsewhere in this prospectus. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management's expectations. Factors that could cause such differences are discussed in "Forward-Looking Statements" and "Risk Factors."* 

#### Business Overview
We are a leading alternative asset manager with approximately $30.7 billion in total AUM and $20.7 billion in Fee-Paying AUM, of which 96% is permanent capital, as of December 31, 2025. We believe our business model is simple and highly scalable. We employ a disciplined, research-intensive approach to fundamental value investing to preserve and grow our permanent capital at high rates of return using a set of core investment principles and opportunistic asymmetric hedges. We complement our organic growth from time to time with innovations like the Howard Hughes Transaction and by selectively launching other investment funds and completing other corporate transactions that create permanent capital, in each case, that leverage our core competencies to create large 'overnight' (after the completion of a new offering or corporate transaction) increases in our capital base without the requirement for significant new investment in personnel, infrastructure, and operating costs. We believe that we have a distinctive business approach as compared to other alternative asset managers and are well positioned to continue to compound our permanent capital at high rates of return, while continuing to explore opportunities that leverage our core competencies.

We conduct our business and generate substantially all of our revenues primarily in the United States through one operating and reportable segment. Our single reportable segment reflects the allocation of our resources, operational decision-making and assessment of our financial performance by our chief operating decision maker using a consolidated, "one-firm approach," with a single expense pool.

#### Trends Affecting Our Business
We benefit from AUM that principally consists of "permanent capital" defined as capital that is not subject to withdrawal or redemption at the option of the fund investor or stockholder. Our organic AUM growth relies primarily on compounding our permanent capital at high rates of return. As a result, unlike alternative asset managers who rely in large part on frequent fundraising to replace capital from traditional fixed-term drawdown funds and/or open-ended funds, our results are less sensitive to the market for raising investment capital, and we do not require the headcount and other costs required of a large fundraising operation enabling us to achieve greater operating leverage. Our permanent capital also enables us to invest with a long-term ownership horizon because we are not beholden to short-term investor capital flows.

We generate substantially all of our revenue from management fees and performance fees. We retain all of the management fees earned from our funds. With respect to performance fees, Pershing Square Inc. is entitled to the "Preferred Performance Fees," which are the performance fees earned on the first five percentage points of fund returns, net of management fees, above the applicable high-water mark from certain core funds and subject to certain other offsettable fees.

Any realized performance fees in excess of the Preferred Performance Fees, which we refer to as the "Subordinated Performance Fees," are paid to CompCo and used to compensate our investment professionals and certain other employees. To the extent realized performance fees are insufficient to pay us some or all of the Preferred Performance Fee, the unpaid portion accrues to subsequent crystallization periods until paid in full. We believe this arrangement results in recurring revenue that is less volatile and more predictable than conventional performance fee arrangements, with the result that effectively all of our earnings are stable, recurring fee-related earnings. See "—Key Components of Our Results of Operations—Income—Performance Fees—Allocation of Performance Fee Revenue" for an illustration of our Preferred Performance Fee arrangement for the allocation of performance fee revenue, as well as the relevant high-water marks, over the six-year period ending December 31, 2025.

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#### **TABLE OF CONTENTS**
Because the management fees we earn are a function of the Fee-Paying AUM of our funds and the market capitalization of HHH, and the Preferred Performance Fees we receive depend on appreciation in Net Asset Value above a fund's high-water mark, our results are correlated with the performance of our funds and HHH. Our results and the performance of our funds and HHH, in turn, may be influenced by the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;• *Macroeconomic Factors.* Changes in commodity and retail price inflation, the interest rate
 environment, consumer demand levels, and other market, economic and geopolitical conditions in the United States and, to an extent, the rest of the world can materially affect the value of the investments held by our funds and HHH. We
 believe our disciplined investment philosophy, which focuses on seeking investments that are not materially negatively affected by extrinsic factors that we cannot control (i.e., factors that are not inherent to the business itself), has
 historically contributed to the stability of our performance throughout market cycles. We also look for opportunities to benefit from macroeconomic trends where we have variant views from the public market consensus through our asymmetric
 hedging strategy, which has been a substantial contributor to our investment strategy's long-term performance.

&nbsp;&nbsp;&nbsp;&nbsp;• *Market Dynamics.* In recent years, there has been significant equity market and
 single-name stock price volatility driven in part by the outsized impact of trading activity by short-term, highly leveraged investors who rapidly buy and sell securities based on small surprises in short-term company performance or
 macroeconomic data. We view such volatility as beneficial to fundamental value investors that manage permanent capital because it can create attractive buying opportunities coupled with a high degree of liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;• *Commitment to Fund Investors*. Our fund investors come first. While we believe that our
 commitment to our fund investors is in the long-term interest of our business and our common stockholders, in prioritizing our fund investors, we may take actions that could reduce our profits in the short term. For example, in February
 2024, we amended the investment management agreement between PSH and PSCM to provide for a fee offset arrangement that reduces the performance fees we receive from PSH as a function of the fees we receive from other funds we manage, which
 will include "offsettable management fees" from PSUS upon completion of the PSUS IPO. For more information, please see "—Key Components of our Results of Operations—Income—Performance Fees." Similarly in connection with the Howard Hughes
 Transaction, we reduced the management fees paid to PSCM by each of the core funds by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by each such fund attributable to its fee-paying capital.

&nbsp;&nbsp;&nbsp;&nbsp;• *Selective Launch of Other Investment Funds.* In addition to continuing to compound our
 permanent capital at high rates of return, our growth strategy may include launching new funds or completing transactions that increase our permanent capital that leverage our core competencies from time to time. Such opportunistic
 inorganic AUM growth will be impacted by fundamental asset management trends that include (i) the shifting asset allocation preferences of individual investors and (ii) participation rates by retail investors in public equity markets. We
 believe our track record of innovation, large brand-name profile and substantial media following will assist us in launching new funds and strategies that are responsive to evolving investor demands.

#### Howard Hughes Transaction
On May 5, 2025, we completed the Howard Hughes Transaction. Upon completion of the transaction, we along with our existing funds owned 46.9% of outstanding shares of HHH common stock, although we have agreed generally to limit our voting power to 40.0% and our beneficial ownership to 47.0% of which 15.2% is held by the Company and 31.7% is held by the core funds. Under the terms of the HHH Services Agreement, we provide investment advisory and other services to HHH and earn (i) a quarterly base fee of $3,750,000 ($15,000,000 on an annual basis) (the "HHH Base Management Fee") and (ii) a quarterly variable fee equal to 0.375% of the excess value of the quarter-end stock price of shares of HHH common stock over an initial reference share price of $66.1453, multiplied by a reference share count of 59,393,938 shares (the "HHH Variable Management Fee" and together with the HHH Base Management Fee, the "HHH Fees"). The HHH

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#### **TABLE OF CONTENTS**
Base Management Fee and reference share price are subject to annual adjustment for inflation based on the Core PCE Price Index, and the reference share price and reference share count are subject to adjustment for stock splits, reclassifications or similar capital changes. We are not entitled to any type of performance fee or incentive allocation from HHH.

#### PSUS IPO and PSUS Private Placement
As reflected in "Unaudited Pro Forma Consolidated Financial Information," we present two scenarios for how much capital may be raised in the PSUS IPO and the PSUS Private Placement. We do not expect to incur material incremental recurring general and administrative expense as a result of raising PSUS, although we will incur one-time transaction costs. We have agreed to increase our existing $17.1 million investment in PSUS to a $150 million investment in PSUS comprising (i) $100 million of common shares in the PSUS Private Placement and (ii) $50 million of preferred shares to be issued by PSUS in a private placement in connection with and upon completion of the PSUS IPO. See "Business—The Funds and HHH—Pershing Square USA, Ltd." for more information. We intend to finance this additional investment using borrowings under the Term Loan Facility,

As investment manager, PSCM will provide management services to PSUS and earn a quarterly management fee equal to 0.5% (2.0% on an annual basis) of the NAV of PSUS, payable in advance at the beginning of each quarter. Upon completion of the PSUS IPO, a portion of these management fees from PSUS, or the "offsettable management fees," will reduce the performance fees we receive from PSH. We are not entitled to any type of performance fee or incentive allocation from PSUS.

We currently expect to deliver to each initial investor in the PSUS IPO, for no additional consideration, 1 share of our common stock for every 5 PSUS Shares purchased in the PSUS IPO, including any PSUS Shares acquired by the underwriters in the PSUS IPO in connection with the exercise of their option to purchase additional PSUS Shares. Similarly, we will deliver to each private placement investor (but not to us in connection with our $100 million private placement investment) in the PSUS Private Placement, for no additional consideration, 1.5 shares of our common stock for every 5 PSUS Shares purchased in the PSUS Private Placement.

Following the completion of the combined offering, we will recognize a deferred asset for the relative fair value (the "Share Value") of the shares of our common stock delivered, for no additional consideration, to each initial investor in the PSUS IPO and each private placement investor. The Share Value will be amortized as contra-revenue in management fees on a straight-line basis over a period of 10 years beginning on the closing date of the combined offering. See "Unaudited Pro Forma Consolidated Financial Information" for more information.

#### Holdco Reorganization
In connection with the Strategic Investment, effective as of May 31, 2024, PSCM completed an internal reorganization of its ownership structure (the "Holdco Reorganization") pursuant to which Pershing Square Holdco, L.P., a Delaware limited partnership formed for purposes of the Holdco Reorganization, became the indirect, sole owner of PSCM. As a result of the Holdco Reorganization and subsequent related transfers of interests, our owners who previously held interests directly in PSCM now hold their interests through Pershing Square Partner Group, LLC, a Delaware limited liability company ("PS Partner Group") and/or Pershing Square Holdco, L.P. Following the Holdco Reorganization and prior to the combined offering, PS Partner Group and our owners who previously held interests directly in PSCM own approximately 90% of the issued and outstanding limited partnership interests in Pershing Square Holdco, L.P. In addition, such owners also hold interests in PS CompCo, LLC, a Delaware limited liability company ("CompCo"), which entered into the Variable Compensation Agreement, dated as of May 31, 2024 (as amended and restated on March 3, 2026, the "VCA"), with Pershing Square Holdco, L.P. and PSCM. For further discussion of the VCA and its contemplated termination and replacement in connection with the combined offering, see "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Variable Compensation Agreement" and "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Subordinated Profits Interest."

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#### **TABLE OF CONTENTS**

#### Corporate Conversion
We have historically been treated as a partnership for U.S. tax purposes and have not been subject to U.S. federal income taxes, although PSCM is subject to certain state and local taxes as discussed in Note 2, "Significant Accounting Policies—Income Taxes" of the audited consolidated financial statements included elsewhere in this prospectus. Prior to the effectiveness of the registration statement of which this prospectus forms a part, Pershing Square Holdco, L.P. will convert into a Nevada corporation by means of a statutory conversion and change its name to Pershing Square Inc. We refer to this conversion throughout this prospectus as the "Corporate Conversion." See "Summary—Reorganization Transactions—Corporate Conversion" for more information on the Corporate Conversion. Accordingly, following the combined offering, we will be taxed as a corporation for U.S. federal and state income tax purposes and, as a result, we will be subject to U.S. federal income taxes, in addition to state and local taxes, with respect to our allocable share of any taxable income generated by us. For further discussion of the tax impact of the Corporate Conversion, see "Unaudited Pro Forma Consolidated Financial Information."

#### Basis of Accounting
Pershing Square Holdco, L.P. is considered our predecessor for accounting purposes for periods following the HoldCo Reorganization but prior to the Corporate Conversion. PSCM is considered Pershing Square Holdco, L.P.'s predecessor for accounting purposes for periods prior to the HoldCo Reorganization.

The HoldCo Reorganization was accounted for as a common control transaction. Pershing Square Holdco, L.P. was formed for the sole purpose of effectuating the HoldCo Reorganization and had no assets, liabilities or operating results prior to the HoldCo Reorganization, which did not result in any changes in the underlying business or operations of the Company. All balances and disclosures for periods prior to May 31, 2024, the date of the Holdco Reorganization, represent the historical activities of PSCM, the predecessor reporting entity to Pershing Square Holdco, L.P.

We have elected to account for the Howard Hughes Transaction using the fair value option, in accordance with ASC 825-10, *Financial Instruments*. As a part of the election, we will recognize any changes in the fair value of the transaction each reporting period.

#### Key Components of Our Results of Operations

#### Income
We generate substantially all of our revenue from management fees and performance fees under the terms of the investment management agreements with the funds we manage. We also earn revenue from management fees under the terms of the HHH Services Agreement.

The simplified diagram below depicts the management fees and performance fees we earn from HHH and our existing core funds. The diagram below is presented for illustrative purposes only to facilitate an understanding of our revenue streams.

![](ny20040230x24_diagram01c.jpg)<br>

\*<br> Management fee presented on an annual basis.

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#### **TABLE OF CONTENTS**
*Management Fees* 

Management fees consist of fees earned by PSCM for providing management and administrative services to our funds and other investment vehicles. PSCM acts as an investment manager providing management and administrative services to PSH, our private funds and other investment vehicles and, following the combined offering, PSUS, in accordance with each of their investment management agreements. As compensation for services to PSH and our private funds, PSCM receives a quarterly management fee equal to 0.375% (1.5% on an annual basis) of the Net Asset Value, before any accrued performance fees or allocation, (i) with respect to PSH, of its fee-paying shares, (ii) with respect to PSLP, of the capital accounts relating to each of its fee-paying limited partners, and (iii) with respect to PSINTL, of each series of its fee-paying shares of PSINTL.

In connection with the Howard Hughes Transaction, we reduced the management fees paid to PSCM by each of the core funds by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by each such fund attributable to its fee-paying capital. As compensation for services to PSVII prior to its liquidation on December 31, 2024, PSCM received a quarterly management fee equal to 0.0625% (0.25% on an annual basis) of the balance of each fee-paying capital account of PSVII. Following the combined offering, PSCM will also receive a quarterly management fee from PSUS equal to 0.5% (2.0% on an annual basis) of the Net Asset Value of PSUS. Management fees from our funds are recognized over the period during which the related services are performed. See "Business—Advisory Fees and Compensation."

Management fees earned from our funds are generally calculated and paid to us quarterly in advance, based on the amount of fee-paying assets at the beginning of the quarter. Management fees are prorated for capital contributions in our private funds received during the quarter. Accordingly, changes in our management fee revenue from quarter to quarter are driven by changes in the quarterly balances of fee-paying assets and the relative magnitude and timing of contributions and withdrawals in a given quarter.

*Management Fees – HHH Fees*

Management fees also consist of the quarterly HHH Fees earned by PSCM for providing investment advisory and other services to HHH pursuant to the terms of the HHH Services Agreement. Pursuant to the HHH Services Agreement, we will support HHH's new diversified holding company strategy by providing services to HHH, such as (i) investment advisory services, (ii) making recommendations with respect to hedging, balance sheet optimization and capital allocation, (iii) executing transactions, (iv) assisting HHH with business and corporate development functions, (v) making voting recommendations for HHH's investments, (vi) assisting with and advising on fundraising, (vii) monitoring operations of HHH and its investments, subject to the day-to-day authority and responsibility of HHH's management, (viii) providing recommendations for persons to serve as designees or deputies of HHH's Chief Investment Officer, (ix) engaging and supervising HHH's third-party service providers, (x) making dividend payment recommendations and (xi) providing other services as may be agreed upon.

As compensation for providing services to HHH, we will earn (i) a quarterly HHH Base Management Fee of $3,750,000 ($15,000,000 on an annual basis) and (ii) a quarterly HHH Variable Management Fee equal to 0.375% of the excess value of the quarter-end stock price of shares of HHH common stock over an initial reference share price of $66.1453, multiplied by a reference share count of 59,393,938 shares. The HHH Base Management Fee and reference share price are subject to annual adjustment for inflation, based on the Core PCE Price Index, and the reference share price and reference share count are subject to adjustment for stock splits, reclassifications or similar capital changes. See "Business—Advisory Fees and Compensation—HHH Fees" for more information.

The HHH Base Management Fee is calculated and paid to us quarterly in advance at the beginning of each quarter. The HHH Variable Management Fee is calculated and paid to us quarterly no later than fifteen days following the end of each quarter, based on the volume-weighted average trading price of shares of HHH common stock for the fifteen trading days ending on the last trading day of such quarter. Accordingly, changes in our revenue from the HHH Variable Management Fee will be driven by changes in the stock price of shares of HHH common stock from quarter to quarter. As of December 31, 2025, the reference share price was $66.1453 and the volume-weighted average trading price of shares of HHH common stock for the fifteen trading days ending on December 31, 2025 was $81.1647.

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*Management Fees – Contra-Revenue* 

We recognized a $292.8 million deferred asset for the premium paid above HHH's publicly traded share price (the "HHH Premium"), which is deemed for accounting purposes to represent the amount paid to obtain the HHH Services Agreement, when we completed the Howard Hughes Transaction. The HHH Premium is amortized as contra-revenue in management fees on a straight-line basis over a period of 20 years beginning May 5, 2025.

In addition, in periods following the completion of the combined offering, we will recognize a deferred asset for the relative fair value (the "Share Value") of the shares of our common stock delivered, for no additional consideration, to each initial investor in the PSUS IPO and each private placement investor. The Share Value will be amortized as contra-revenue in management fees on a straight-line basis over a period of 10 years beginning on the closing date of the combined offering.

*Performance Fees* 

Performance fees consist of fees and allocations earned by PSCM, as investment manager, from certain of our funds and other investment vehicles generally based on the NAV appreciation of such funds above a high-water mark. We recognize performance fees from PSH on a "net" basis giving effect to the fee offset arrangement as described below.

Performance fees or allocation, if earned, are payable upon the occurrence of crystallization events, which include, but are not limited to, December 31 of each year, withdrawals from our private funds and PSH's payment of a dividend. Any crystallized or accrued performance fees for PSINTL and PSH earned during the year and outstanding at year-end are reported within performance fees receivable.

Pursuant to the investment management agreement between PSH and PSCM, the annual performance fee PSCM earns from PSH is offset by (i) 20% of any performance fees and allocation earned by us and our affiliates for the same period from certain non-PSH funds (currently including PSLP and PSINTL) managed by us or any of our affiliates and (ii) 20% of any management fees earned from certain non-PSH funds (currently none but following the PSUS IPO, PSUS) that do not have performance fees or allocations as part of their terms. We refer to this arrangement as the "fee offset arrangement." In the event the offsettable fees in respect of a previous calculation period were not fully utilized in reducing the PSH performance fee for that period, the amount not utilized is carried forward. See "Business—Advisory Fees and Compensation—PSH—Performance Fee" for more information.

We consolidate the results of Pershing Square GP, LLC ("PSGP"), which earns a performance allocation from PSLP, and PSVII GP, which earned a performance allocation from PSVII prior to its liquidation on December 31, 2024. However, because we do not have any direct equity interests in PSGP or PSVII GP, 100% of these performance allocations are reflected in non-controlling interest on our consolidated statements of operations. See "—Net (Income) Loss Attributable to Non-Controlling Interest" for more information. A portion of the performance allocation PSGP receives from PSLP is available to offset the performance fee payable by PSH pursuant to the fee offset arrangement described above.

*Allocation of Performance Fee Revenue* 

In periods following the Holdco Reorganization, our consolidated statements of operations data reflect an arrangement for the allocation of performance fee revenue from our funds and other investment vehicles pursuant to the Variable Compensation Agreement (as amended and restated, the "VCA") that we entered into in connection with the Strategic Investment.

The VCA has two primary purposes: (1) to provide the company with a preferred return-like entitlement of performance fees, which we refer to as the "Preferred Performance Fees," received by our principal operating subsidiary, PSCM, and (2) to provide an important source of compensation for certain of our personnel, including our investment professionals, consistent with our historical practice of tying a significant portion of the compensation earned by such personnel, including our named executive officers, directly to the performance of the funds we manage. For additional information about the terms of the VCA, see "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Variable Compensation Agreement."

The table below presents the allocation of realized performance fees, as adjusted for offsettable fees pursuant to the fee offset arrangement and VCA, as between us and CompCo that would have been required by the VCA and the successor arrangement to be implemented in connection with the combined offering using our actual results for the

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periods presented. As illustrated below, the Preferred Performance Fee that we are entitled to receive for a given period is a function of the applicable high-water mark of the fee-paying investors in the fund, as calculated as of January 1 for such period, as adjusted for capital activity and share buybacks. Preferred Performance Fees are earned from the first five percentage points of fund returns, net of management fees, above the applicable high-water mark from certain core funds and subject to certain other offsettable fees. The amount of the Preferred Performance Fees that is paid in any period depends on our realized performance fees. As a result, variability in our fund performance, which impacts both the high-water mark for a period (and accordingly the corresponding Preferred Performance Fee) and our realized performance fees, can result in variability in the amounts paid to us in any period in respect of the accrued Preferred Performance Fees. Any portion of the Preferred Performance Fee that we are entitled to receive from a fund that is not paid in a given period will accrue to the next period's Preferred Performance Fee for such fund until paid by such fund.

While our Preferred Performance Fee arrangement for the allocation of performance fee revenue may result in variability in the amounts paid to us and CompCo from year to year, particularly if realized performance fees are not sufficient to satisfy the accrued Preferred Performance Fees, we believe it creates a more stable stream of recurring fee-related earnings over the long-term because of the consistency in the calculation of the Preferred Performance Fee that we are entitled to receive.

The table below has not been prepared in accordance with Article 11 of Regulation S-X and is presented for illustrative purposes only to facilitate an understanding of how the VCA and the successor arrangement to be implemented in connection with the combined offering operate. For further discussion of the VCA and its contemplated termination and replacement in connection with the combined offering, see "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Variable Compensation Agreement" and "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Subordinated Profits Interest."

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pershing Square Holdings, Ltd.**  | **Pershing Square Holdings, Ltd.**  | **Pershing Square Holdings, Ltd.**  | **Pershing Square Holdings, Ltd.**  | **Pershing Square Holdings, Ltd.**  | **Pershing Square Holdings, Ltd.**  | **Pershing Square Holdings, Ltd.**  | **Pershing Square Holdings, Ltd.**  |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |  |
| **(in millions)** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |  |
|  High water mark of performance fee-paying investors<sup>(1)</sup> | $5198.3 | $9052.5 | $10935.8 | $10524.0 | $11899.7 | $12543.8 | [A]  |
| Current year's Preferred Performance Fee<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $41.6 | &nbsp;&nbsp;&nbsp;&nbsp; $72.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $87.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $84.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $95.2 | &nbsp;&nbsp;&nbsp;&nbsp; $100.4 | [B] = [A] \* 16% \* 5%  |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Offsettable Management Fees<sup>(3)</sup> | $— | $— | $— | $— | $— | $— | [C]  |
|  **Current year's Preferred Performance Fee owed to the Company<sup>(4)</sup>** | **$41.6** | **$72.4** | **$87.5** | **$84.2** | **$95.2** | **$100.4** | **[D] = [B] + [C]**  |
| Realized PSH Performance Fees<sup>(5)</sup> | &nbsp;&nbsp;&nbsp; $665.6 | &nbsp;&nbsp;&nbsp; $453.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $306.2 | &nbsp;&nbsp;&nbsp;&nbsp; $226.6 | &nbsp;&nbsp;&nbsp;&nbsp; $489.2 | [E]  |
| &nbsp;&nbsp;&nbsp;&nbsp; Plus: Offsettable Performance Fees<sup>(6)</sup> | $16.0 | $3.6 | $— | $2.1 | $1.7 | $2.6 | [F]  |
| &nbsp;&nbsp; **PSH Performance Fees available for allocation<sup>(7)</sup>** | &nbsp;&nbsp;&nbsp; **$681.6** | &nbsp;&nbsp;&nbsp; **$456.9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$308.2** | &nbsp;&nbsp;&nbsp;&nbsp; **$228.2** | &nbsp;&nbsp;&nbsp;&nbsp; **$491.8** | **[G] = [E] + [F]**  |
| &nbsp;&nbsp; Current year's Preferred Performance Fee paid to the Company<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $41.6 | &nbsp;&nbsp;&nbsp;&nbsp; $72.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $84.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $95.2 | &nbsp;&nbsp;&nbsp;&nbsp; $100.4 | [H] = MIN ([D], [G])  |
|  Preferred Performance Fee Carryforward<sup>(9)</sup> from prior year(s) paid to the Company<sup>(10)</sup> | $— | $— | $— | $87.5 | $— | $— | [I] = MIN (([G] - [H]), Prior Year [K])  |
|  **Total Preferred Performance Fees paid to the Company<sup>(11)</sup>** | **$41.6** | **$72.4** | **$—** | **$171.7** | **$95.2** | **$100.4** | **[J] = [H] + [I]**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Preferred Performance Fee Carryforward<sup>(9)</sup>* | &nbsp;&nbsp;&nbsp;&nbsp; *$—* | &nbsp;&nbsp;&nbsp;&nbsp; *$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *$87.5* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *$—* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *$—* | [K] = MAX (([D] + Prior Year [K] - [J]), 0)  |
|  Subordinated Performance Fees paid to CompCo<sup>(12)</sup> | $640.0 | $384.5 | $— | $136.5 | $133.1 | $391.5 | [L] = [G] - [J] |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pershing Square International, Ltd.**  | **Pershing Square International, Ltd.**  | **Pershing Square International, Ltd.**  | **Pershing Square International, Ltd.**  | **Pershing Square International, Ltd.**  | **Pershing Square International, Ltd.**  | **Pershing Square International, Ltd.**  | **Pershing Square International, Ltd.**  |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |  |
| **(in millions)** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |  |
|  High water mark of performance fee paying investors<sup>(1)</sup> | &nbsp;&nbsp; $593.2 | &nbsp;&nbsp; $391.8 | &nbsp;&nbsp; $389.9 | &nbsp;&nbsp; $361.9 | &nbsp;&nbsp; $384.0 | &nbsp;&nbsp; $281.8 | [A]  |
|  **Current year's Preferred Performance Fee owed to the Company<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **$4.7** | &nbsp;&nbsp;&nbsp;&nbsp; **$3.1** | &nbsp;&nbsp;&nbsp;&nbsp; **$3.1** | &nbsp;&nbsp;&nbsp;&nbsp; **$2.9** | &nbsp;&nbsp;&nbsp;&nbsp; **$3.1** | &nbsp;&nbsp;&nbsp;&nbsp; **$2.3** | **[B] = [A] \* 20% \* 80% \* 5%**  |
| Realized PSINTL Performance Fees<sup>(5)</sup> | &nbsp;&nbsp; $79.9 | &nbsp;&nbsp; $18.2 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $10.3 | &nbsp;&nbsp;&nbsp;&nbsp; $8.3 | &nbsp;&nbsp; $13.1 | [C]  |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Offsettable Performance Fees<sup>(6)</sup> | &nbsp;&nbsp; $(16.0) | &nbsp;&nbsp; $(3.6) | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2.1) | &nbsp;&nbsp; $(1.7) | &nbsp;&nbsp; $(2.6) | [D]  |
| &nbsp;&nbsp; **PSINTL Performance Fees available for allocation<sup>(7)</sup>** | &nbsp;&nbsp; **$63.9** | &nbsp;&nbsp; **$14.5** | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; **$8.3** | &nbsp;&nbsp;&nbsp;&nbsp; **$6.6** | &nbsp;&nbsp; **$10.5** | **[E] = [C] + [D]**  |
| &nbsp;&nbsp; Current year's Preferred Performance Fee paid to the Company<sup>(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $4.7 | &nbsp;&nbsp;&nbsp;&nbsp; $3.1 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2.9 | &nbsp;&nbsp;&nbsp;&nbsp; $3.1 | &nbsp;&nbsp;&nbsp;&nbsp; $2.3 | [F] = MIN ([B], [E])  |
|  Preferred Performance Fee Carryforward<sup>(9)</sup> from prior year paid to the Company<sup>(10)</sup> | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3.1 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | [G] = MIN (([E] - [F]), Prior Year [I])  |
|  **Total Preferred Performance Fees paid to the Company<sup>(11)</sup>** | &nbsp;&nbsp; **$4.7** | &nbsp;&nbsp; **$3.1** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$6.0** | &nbsp;&nbsp; **$3.1** | &nbsp;&nbsp; **$2.3** | **[H] = [F] + [G]**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *Preferred Performance Fee Carryforward<sup>(9)</sup>* | &nbsp;&nbsp;&nbsp;&nbsp; *$—* | &nbsp;&nbsp;&nbsp;&nbsp; *$—* | &nbsp;&nbsp;&nbsp;&nbsp; *$3.1* | &nbsp;&nbsp;&nbsp;&nbsp; *$—* | &nbsp;&nbsp;&nbsp;&nbsp; *$—* | &nbsp;&nbsp;&nbsp;&nbsp; *$—* | [I] = MAX (([B] + Prior Year [I] - [H]), 0)  |
|  Subordinated Performance Fees paid to CompCo<sup>(12)</sup> | &nbsp;&nbsp; $59.2 | &nbsp;&nbsp; $11.4 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2.3 | &nbsp;&nbsp; $3.6 | &nbsp;&nbsp; $8.3 | [J] = [E] - [H] |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(1) The high-water mark can vary from year to year depending on changes in the Net Asset Value and amount of fee-paying assets in a fund. 

(2) Represents an amount equal to the performance fees PSCM would have earned from the fund, as described under "Business—Advisory Fees and Compensation," if such fund had experienced a return, net of management fees, of 5% per annum above its high-water mark, subject to certain adjustments for non-PSH funds which reflect the fee offset arrangement described above and under "Business—Advisory Fees and Compensation—PSH—Performance Fees." For non-PSH funds subject to the VCA (currently only PSINTL), the performance fees that would have been earned if such fund had experienced a net of management fees return of 5% per annum above its high-water mark are reduced by the offsettable performance fees for such fund. As an example, for PSINTL, which pays PSCM a 20% performance fee, of which 20% is an offsettable performance fee pursuant to the fee offset arrangement, the current year's Preferred Performance Fee owed to the Company would represent 0.8% of PSINTL's high-water mark (the product of 80% \* 20% \* 5%). For clarity, the current year's Preferred Performance Fee initially calculated for PSH, which pays PSCM a 16% performance fee, is not similarly reduced by the fee offset arrangement and represents 0.8% of PSH's high-water mark (the product of 16% \* 5%). 

(3) Includes the gross amount of management fees available from certain non-PSH funds pursuant to the investment management agreement between PSH and PSCM to reduce the Preferred Performance Fee calculated for PSH. As of the date hereof, no fund generates such offsettable management fees. Following the completion of the PSUS IPO, the gross amount of such offsettable management fees will consist of 20% of PSUS's management fees.

(4) Represents an amount equal to the performance fees PSCM would have earned from PSH, as described under "Business—Advisory Fees and Compensation," if PSH had experienced a return, net of management fees, of 5% per annum above its high-water mark, subject to certain adjustments for the offsettable management fees. As of the date hereof, no fund generates offsettable management fees. Following the completion of the PSUS IPO, the gross amount of such offsettable management fees will consist of 20% of PSUS's management fees. 

(5) Refers to the performance fees PSCM earned from the fund, after giving effect to the fee offset arrangement. Pursuant to the investment management agreement between PSH and PSCM, a portion of the performance fees available from certain non-PSH funds reduce the performance fee paid by PSH to PSCM. As of the date hereof, the gross amount of such offsettable performance fees consists of (i) 20% of PSLP's performance allocations and (ii) 20% of PSINTL's performance fees. 

(6) In the case of PSH, the offsettable performance fees of PSINTL (i.e., 20% of the realized performance fees of PSINTL) are added back to the realized PSH performance fees for purposes of determining the PSH performance fees available for allocation. To avoid double counting, these offsettable performance fees of PSINTL are excluded from the calculation of the PSINTL performance fees available for allocation. 

(7) Refers to the amount available in a given year, if any, to satisfy payment of the Preferred Performance Fee and any Preferred Performance Fee Carryforward, as described in note (9), then owed to the Company. 

(8) Refers to the amount distributed to us from PSCM with respect to the current year's Preferred Performance Fee, had this arrangement been in effect for the period presented, in an amount equal to the lesser of (i) the current year's Preferred Performance Fee then owed to the Company and (ii) the performance fees available for allocation to the Company and CompCo. For example, had this arrangement been in effect, we would not have received any distribution from PSCM in respect of the Preferred Performance Fee for 2022 because no performance fees were generated that year due to the funds' failure to achieve NAV appreciation above their respective high-water marks, resulting in no performance fees available for allocation to the Company and CompCo. As a result, the Preferred Performance Fee owed to the Company for 2022 was carried forward to 2023, a year in which the funds generated sufficient performance fees to pay the Preferred Performance Fee owed to the Company for 2023 and the Preferred Performance Fee Carryforward from 2022. Had the performance fees earned by the funds in 2023 not been sufficient to satisfy the Preferred Performance Fee owed to the Company for 2023 and/or the Preferred Performance Fee Carryforward from 2022, the unpaid portion would have continued to be carried forward to subsequent years until it was paid in full.

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(9) Refers to the unpaid portion, if any, of the current year's Preferred Performance Fee owed to the Company had this arrangement been in effect for the period presented. The Preferred Performance Fee Carryforward, if any, shall accrue to subsequent periods until satisfied in full. For example, had this arrangement been in effect, a Preferred Performance Fee Carryforward would have been generated in 2022 for the reasons described above in note (8).

(10) Refers to the amount distributed to us from PSCM with respect to the Preferred Performance Fee Carryforward from prior years, had this arrangement been in effect for the period presented, in an amount equal to the lesser of (i) the accrued Preferred Performance Fee Carryforward and (ii) the performance fees available for allocation to the Company and CompCo, less the amounts distributed to us from PSCM with respect to the current year's Preferred Performance Fee.

(11) Refers to the total amount distributed to us from PSCM with respect to the current year's Preferred Performance Fee owed to the Company and any Preferred Performance Fee Carryforward from prior years had this arrangement been in effect for the period presented. 

(12) Refers to the amount distributed to CompCo from PSCM, had this arrangement been in effect for the period presented, in an amount equal to the difference, if any, between the performance fees available for allocation to the Company and CompCo and the Total Preferred Performance Fees paid to the Company. 

#### Expenses
*Profit-Sharing Partner Compensation* 

Profit-sharing partner compensation consists of expense related to our cash-based profits interests awards as well as a portion of our Long-Term Incentive Plan.

Prior to the Holdco Reorganization, we had profit-sharing arrangements whereby certain personnel and former members of our advisory board, which was dissolved on April 1, 2023, were granted profits participation interests ("Profits Interest Awards") in Pershing Square, PSGP and PSVII GP. Profits Interest Awards entitled the profit-sharing partners to a portion of the net profits earned by Pershing Square, PSGP, PSVII GP and any future Pershing Square entity from performance fees or allocations and management fees, as applicable. Profits Interest Awards do not represent a substantive class of equity under ASC 718, *Compensation* and are accounted for as cash-based profit-sharing arrangements. As such, amounts distributed or allocated to profit-sharing partners are included in profit-sharing partner compensation in the consolidated statements of operations.

The Company also established a Long-Term Incentive Plan ("LTIP") in January 2017 for the benefit of certain profit-sharing partners (the "LTIP Partners"). Similar to the Profits Interest Awards, awards under the LTIP (the "LTIP Awards") entitle the LTIP Partners to cash distributions pursuant to the terms of their respective agreements and grant them a reduced percentage of their Profits Interest Awards upon retirement under certain circumstances as described in the LTIP. Certain LTIP Partners' LTIP Awards vest after 10 years of tenure as a profit-sharing partner. The LTIP Awards are treated as a separate class of profits interests from the Profits Interest Awards. The LTIP Awards have been accounted for based on their substance. Portions of the LTIP Awards in which rights to distributions of profits are based fully on the discretion of the managing member of PSCM are in substance a profit-sharing arrangement and are therefore recorded within profit-sharing partner compensation. Other portions of the LTIP Awards, when fully vested, entitle LTIP Partners upon retirement to a distribution equal to the percentage outlined in each of their agreements in perpetuity and represent a substantive class of equity. In connection with the combined offering, the LTIP will be replaced in part by certain interests of PS Partner Group that may become redeemable, subject to vesting and certain other conditions, for shares of our common stock held by PS Partner Group, in order to continue to align certain of our senior professionals with our long-term investment horizon. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests in PS Partner Group."

In conjunction with the Holdco Reorganization and as discussed above, we implemented an arrangement for the allocation of performance fee revenue between us and our senior professionals. In addition, in connection with the Holdco Reorganization, former holders of LTIP Awards in PSCM received interests in PS Partner Group which were treated to the same extent as LTIP Awards. The unvested portion of interests in PS Partner Group will be amortized over a 10-year period on a straight-line basis.

Following the combined offering, the profit-sharing arrangement and LTIP related to interests in PS Partner Group and Pershing Square Inc. and its consolidated subsidiaries (including PSCM) will cease. Amounts historically allocated to profit-sharing partners and LTIP participants will instead be distributed in the form of dividends to all holders of our common stock, including former profit-sharing partners and LTIP participants, in their capacity as equity holders and therefore, amounts distributed to former profit-sharing partners and LTIP

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participants will no longer be accounted for as compensation expense in accordance with ASC 710. The LTIP will otherwise remain in full force and effect with respect to the existing interests held by LTIP participants in all other applicable Pershing Square entities, including CompCo and PSGP.

We may also grant awards under our Equity Incentive Plan to employees, directors, consultants and advisors subsequent to the combined offering. These equity awards will be recorded as an expense in our consolidated statements of operations. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Equity Incentive Plan" for a discussion of the plan. We do not currently plan to grant awards under the Equity Incentive Plan to our executive officers.

*Affiliates Fee Rebate* 

Affiliates fee rebate consists of expense related to the fee rebates provided to employees and their affiliates who own PSH shares. We historically rebated management and performance fees attributable to shares of PSH held by our employees and their affiliates. Following the Holdco Reorganization, we ceased to provide these rebates, which were continued instead by PS Partner Group and CompCo. The affiliate fee rebate paid by PS Partner Group following the Holdco Reorganization is recognized as an expense. Following the combined offering, PS Partner Group and CompCo will no longer rebate the fees of employees invested in PSH.

*General and Administrative Expense* 

General and administrative expense includes occupancy expenses, aircraft expenses, professional fees, IT related expenses, café expenses, charitable donations, travel and entertainment expenses, insurance expenses, office expenses and other expenses. We expect to incur additional general and administrative expense as a result of operating as a public company, including expenses to comply with the rules and regulations of the SEC and NYSE, as well as higher expenses for directors and officers insurance, investor relations and professional services.

While we have historically incurred expenses related to charitable donations, we do not intend to incur any future expenses related to charitable donations as a public company.

On December 20, 2024, we distributed both the corporate aircraft and the aircraft note (as described in Note 6 to the audited consolidated financial statements included elsewhere in this prospectus) to PS Partner Group and ultimately to Mr. Ackman via a non-pro rata distribution. Accordingly, for periods following December 20, 2024, we no longer incur aircraft operating expenses arising from Mr. Ackman's personal use of the aircraft, although we expect to incur fees related to air travel when we charter this or other aircraft for certain flights taken in furtherance of firm business.

*Employee Compensation and Benefits* 

Employee compensation and benefits reflects all compensation-related items not directly related to partners who participate in the profit-sharing arrangements and the LTIP, and includes salaries, benefits, payroll taxes and discretionary cash bonuses. Employee compensation and benefits also includes the cost of benefits paid to partners who participate in the profit-sharing arrangements and the LTIP. We generally recognize employee compensation and benefit expenses over the related service period. On an annual basis, discretionary cash bonuses generally comprise a significant portion of total employee compensation and benefits for employees who do not hold profit interests. Discretionary cash bonuses are dependent upon a variety of factors, including the performance of PSH, PSUS (following the completion of the PSUS IPO), our private funds and other investment vehicles for the year. In connection with the completion of the combined offering, we expect to grant RSUs under our Equity Incentive Plan to certain employees and other service providers. For further discussion of the impact on employee compensation and benefits from subsequent changes to compensation arrangements, see "Unaudited Pro Forma Consolidated Financial Information."

*Depreciation and Amortization* 

Depreciation and amortization expense primarily consists of depreciation and amortization expenses associated with our fixed assets. Depreciation includes expenses associated with the corporate aircraft, office furniture and fixtures, office computers, equipment and software. Amortization includes expenses associated with

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our leasehold improvements. Depreciation of fixed assets is calculated using the straight-line method over a period of three to seven years. Leasehold improvements are amortized over the shorter of the expected useful life or the remaining term of the related lease agreement. Fixed assets and leasehold improvements are recorded at cost less accumulated depreciation and amortization.

On December 20, 2024, we transferred the corporate aircraft and therefore, for periods following such date, we no longer incur depreciation expense related to the corporate aircraft.

#### Other Income (Expenses)
*Unrealized Gain (Loss) on HHH Shares Held at Fair Value* 

We account for our investment in HHH using the fair value option, in accordance with ASC 825-10 Financial Instruments. As a part of the election, we recognize any changes in the fair value of the investment in HHH as non-operating income or loss, commensurate with appreciation or depreciation in the value of HHH's publicly traded share price as of the end of the reporting period.

*Interest Income* 

Interest income consists of interest earned from our cash on hand.

*Unrealized Gain (Loss) on Investment in Pershing Square, L.P. Held at Fair Value* 

Unrealized gain (loss) on investment in Pershing Square, L.P. held at fair value consists of the gain or loss related to PSGP's investment in PSLP. PSGP's investment in PSLP is held at fair value, which is determined using the Net Asset Value of PSLP in accordance with the Accounting Standards Codification ("ASC") 820, *Fair Value Measurement,* "practical expedient," as defined by GAAP.

*Other Income (Expense)* 

Other income (expense) primarily consists of our office space sublease and license, reimbursement of aircraft expense and reimbursement of office services.

Prior to December 31, 2025, Mr. Ackman's family office, TABLE Management, L.P. ("TABLE"), licensed a portion of our office space under a license agreement which also granted TABLE the use of certain office-related services. As of December 31, 2025, TABLE no longer licenses office space from us, and, as a result, following such date, we no longer receive the related income or bear the associated license expense. In addition, we sublease a portion of Pershing Square's office space to NEOX Public Benefit LLC ("Subtenant"), an entity partially owned by Mr. Ackman. The sublease commenced on December 5, 2022, with rent payments commencing on May 1, 2023 following five months of rent abatement, and expires on December 31, 2033. Prior to the combined offering, we intend to terminate our sublease arrangement with Subtenant who will enter into a direct relationship with the landlord, and we will no longer receive the related income or bear the associated lease expense, although Subtenant may continue the use of certain office-related services for which we will continue to receive certain related income.

Historically from time to time, Mr. Ackman made personal use of PSCM's corporate aircraft and, in such cases, PSCM was reimbursed for that portion of the aircraft's operating expense. On December 20, 2024, we distributed both the corporate aircraft and the aircraft note to PS Partner Group and ultimately to Mr. Ackman via a non-pro rata distribution. As a result, following such date, we no longer receive reimbursements related to aircraft expenses.

*Interest Expense* 

Interest expense primarily consists of interest incurred on borrowings and debt issuance costs that are amortized using the effective interest method, over the term of the debt.

On December 20, 2024, we distributed both the corporate aircraft and the aircraft note to PS Partner Group and ultimately to Mr. Ackman via a non-pro rata distribution. As a result, following such date, we no longer receive reimbursements related to aircraft expenses and we no longer incur interest expense related to the aircraft note.

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#### Income Tax
Income tax expense consists of taxes paid or payable by our operating subsidiaries. We are subject to the provisions of ASC 740, *Income Taxes*. This standard requires the evaluation of tax positions taken or expected to be taken in the course of preparing our tax returns to determine whether it is "more-likely-than-not" to be sustained by the applicable tax authority. Uncertain tax positions in which the benefit to be realized does not meet the "more-likely-than-not" threshold would be recorded as a tax expense in the current year.

We have been and, prior to the Corporate Conversion, will continue to be a partnership for U.S. tax purposes and not subject to U.S. federal income taxes. Accordingly, no provision has been made for federal income taxes of us since the partners are individually liable for the taxes on their share of our taxable income or loss prior to this date.

We are subject to certain state and local taxes. UBT is recorded on a quarterly basis at the rate of 4% based on the net taxable income apportioned to New York City. Commercial Rent Tax is recorded on a quarterly basis at the rate of 6% based on the amount of commercial rent subject to tax. We record interest and penalties related to income taxes, if any, within income tax expense.

PS Holdco and PS Partner Group elected to be subject to both the New York State and New York City Pass-Through Entity Tax (together, "PTET") for the year ended December 31, 2025, and PSCM made the same elections for the year ended December 31, 2024. PTET grants eligible partners a tax credit on their individual New York State and New York City income tax returns, and any PTET owed is a joint liability of (i) PS Holdco or PS Partner Group and (ii) each partner.

Upon completion of the Corporate Conversion in connection with the combined offering, we will become a corporation for U.S. federal and state income tax purposes and will be subject to U.S. federal income taxes, in addition to state and local taxes.

#### Net (Income) Loss Attributable to Non-Controlling Interest
A portion of the equity and income or loss from entities that are consolidated but not wholly owned by us is allocated to other owners. The aggregate of the income or loss and corresponding equity that is not owned by us is included within non-controlling interest in the consolidated financial statements. We do not hold any direct equity interests in PSGP, the general partner for PSLP, or PSVII GP, the general partner for PSVII. As a result, all income or loss related to both entities is allocated to non-controlling interest, and their capital balances represent the economic interests of other owners in PSGP and PSVII GP, as applicable.

#### Key Operating Metrics
We have developed and use various key operating metrics to assess and monitor the operating performance of our business. We believe that these metrics provide useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management team.

Our calculations of total assets under management, fee-paying assets under management and permanent capital AUM may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers. In addition, our calculation of total assets under management includes the fair value of invested capital in our funds from our personnel regardless of whether such invested capital is subject to fees. Our definitions of total assets under management and fee-paying assets under management are not based on any definition of total assets under management and fee-paying assets under management that is set forth in the agreements governing the investment funds we manage.

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#### Total Assets Under Management
Total assets under management reflects (i) with respect to our core funds and PSVII, the net assets of our core funds and PSVII as calculated in accordance with GAAP or IFRS, as applicable, while adding back accrued performance fees and the principal value of PSH's outstanding bonds (approximately $2.3 billion and $3.7 billion as of December 31, 2024 and December 31, 2025, respectively) without double counting the investment made by any of our funds in PSVII and (ii) with respect to HHH, the market capitalization of HHH plus its net mortgages, notes, and loans payable as disclosed in its most recent publicly available filing.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets Under Management**  | **Assets Under Management**  | **Assets Under Management**  | **Assets Under Management**  | **Assets Under Management**  | **Assets Under Management**  |
| **(in millions)** | **PSH<sup>(1)</sup>** | **PSLP** | **PSINTL** | **PSVII<sup>(2)</sup>** | **Total** <br>**Funds**  |
| **Balance at December 31, 2023** | $14414.6 | $1384.3 | $591.7 | $1519.5 | $17910.1  |
| &nbsp;&nbsp; Private Funds Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40.8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40.8  |
| Private Funds Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (246.0) | &nbsp;&nbsp; (209.2) | &nbsp;&nbsp; (1422.4) | &nbsp;&nbsp; (1877.6)  |
| PSH Dividends | &nbsp;&nbsp;&nbsp;&nbsp; (107.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (107.2)  |
| PSH Buybacks | &nbsp;&nbsp;&nbsp;&nbsp; (117.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (117.9)  |
| Management Fees  | &nbsp;&nbsp;&nbsp;&nbsp; (188.8)  | &nbsp;&nbsp;&nbsp;&nbsp; (11.1)  | &nbsp;&nbsp;&nbsp;&nbsp; (6.0)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.2)  | &nbsp;&nbsp;&nbsp;&nbsp; (206.1) |
| Performance Fees | &nbsp;&nbsp;&nbsp;&nbsp; (226.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (8.3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (234.9)  |
| Appreciation (Depreciation) in Market Value | &nbsp;&nbsp;&nbsp; 1589.1 | &nbsp;&nbsp;&nbsp;&nbsp; 159.9 | &nbsp;&nbsp;&nbsp;&nbsp; 65.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96.9) | &nbsp;&nbsp;&nbsp; 1717.5  |
|  Increase (Decrease) in EUR FX Translation of PSH Bond Proceeds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34.1)  |
| **Balance at December 31, 2024** | **$15329.2** | **$1328.0** | **$433.6** | **$—** | **$17090.7** |

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(1) As of December 31, 2024 and 2023, PSH's AUM includes bond proceeds of $1.8 billion and €500 million (translated into USD at the prevailing exchange rate at the reporting date). 

(2)<br> PSVII was liquidated as of December 31, 2024 and had no assets under management as of December 31, 2024.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Assets Under Management** | **Assets Under Management** | **Assets Under Management** | **Assets Under Management** | **Assets Under Management** | **Assets Under Management** |
| **(in millions)** | **PSH<sup>(1)</sup>** | **PSLP** | **PSINTL** | **HHH** | **Total**<br>**Funds & HHH**  |
| **Balance at December 31, 2024** | $15329.2 | $1328.0 | $433.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $17090.7  |
| Private Funds Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104.3 | &nbsp;&nbsp;&nbsp;&nbsp; 80.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184.3  |
| Private Funds Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (232.2) | &nbsp;&nbsp; (199.6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (431.8)  |
| Initiation of HHH Services Agreement<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9256.4 | &nbsp;&nbsp;&nbsp; 9256.4  |
| PSH Dividends | &nbsp;&nbsp;&nbsp;&nbsp; (118.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (118.1)  |
| PSH Buybacks | &nbsp;&nbsp;&nbsp;&nbsp; (369.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (369.1)  |
| Management Fees | &nbsp;&nbsp;&nbsp;&nbsp; (208.0) | &nbsp;&nbsp;&nbsp;&nbsp; (10.4) | &nbsp;&nbsp;&nbsp;&nbsp; (4.5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (222.9)  |
| Performance Fees | &nbsp;&nbsp;&nbsp;&nbsp; (489.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (502.3) |
|  Appreciation (Depreciation) in Market Value / Market Capitalization<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 3222.6 | &nbsp;&nbsp;&nbsp;&nbsp; 340.9 | &nbsp;&nbsp;&nbsp; 112.7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 768.6 | &nbsp;&nbsp;&nbsp; 4444.8  |
| PSH Bond Issuance | &nbsp;&nbsp;&nbsp; 1235.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1235.5  |
|  Increase (Decrease) in EUR FX Translation of PSH Bond Proceeds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98.0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98.0  |
| **Balance at December 31, 2025** | **$18700.9** | **$1530.6** | **$409.0** | **$10025.0** | &nbsp;&nbsp; **$30665.6** |

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(1) As of December 31, 2025, PSH's AUM includes bond proceeds of $2.3 billion and €1.15 billion (translated into USD at the prevailing exchange rate at the reporting date).

(2)<br> Reflects HHH's market capitalization at market open on May 5, 2025 plus its net mortgages, notes, and loans payable as reported in its Quarterly Report on Form 10-Q for the quarter ending March 31, 2025.

(3)<br> Appreciation (depreciation) in market capitalization is only applicable to HHH.

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The table below presents the AUM of our core funds and HHH as of January 1, 2020 and as of December 31 for each of the last six years.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Assets Under Management ($ in millions)** | **Assets Under Management ($ in millions)** | **Assets Under Management ($ in millions)** | **Assets Under Management ($ in millions)** | **Assets Under Management ($ in millions)** | **Assets Under Management ($ in millions)** | **Assets Under Management ($ in millions)** | **CAGR**  |
| **Fund** | **January 1,** <br>**2020** | **December 31,** <br>**2020** | **December 31,** <br>**2021** | **December 31,** <br>**2022<sup>(3)</sup>** | **December 31,** <br>**2023** | **December 31,** <br>**2024** | **December 31,** <br>**2025** | **(2020-2025)<sup>(4)</sup>**  |
| &nbsp;&nbsp;&nbsp;&nbsp; PSH<sup>(1)</sup> | $7121 | $11153 | $14409 | $12215 | $14415 | $15329 | $18701 | 17%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *% Growth*<br>|  | *57%* | *29%* | *(15%)* | *18%* | *6%* | *22%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PSLP | 727 | 903 | 1472 | 1217 | 1384 | 1328 | 1531 | 13%  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *% Growth* |  | *24%* | *63%* | *(17%)* | *14%* | *(4%)* | *15%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PSINTL  | 726 | 510 | 629 | 520 | 592 | 434 | 409 | (9%)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *% Growth* |  | *(30%)* | *23%* | *(17%)* | *14%* | *(27%)* | *(6%)* |  |
| **Total Core Funds** | **$8573** | **$12566** | **$16510** | **$13951** | **$16391** | **$17091** | **$20641** | **16%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *% Growth* |  | *47%* | *31%* | *(15%)* | *17%* | *4%* | *21%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HHH<sup>(2)</sup> |  |  |  |  |  |  | 10025 |  |
| **Total Core Funds & HHH** | **$8573** | **$12566** | **$16510** | **$13951** | **$16391** | **$17091** | **$30666** | **24%**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *% Growth* |  | *47%* | *31%* | *(15%)* | *17%* | *4%* | *79%* |  |

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(1) As of December 31, 2025, PSH's AUM includes bond proceeds of $2.3 billion and €1.15 billion (translated into USD at the prevailing exchange rate at the reporting date). As of December 31, 2024, 2023 and 2022, PSH's AUM includes bond proceeds of $1.8 billion and €500 million (translated into USD at the prevailing exchange rate at the reporting date). As of December 31, 2021, PSH's AUM includes bond proceeds of $2.43 billion and €500 million (translated into USD at the prevailing exchange rate at the reporting date). As of December 31, 2020, PSH's AUM includes bond proceeds of $2.1 billion. As of January 1, 2020, PSH's AUM includes bond proceeds of $1.4 billion.

(2)<br> As of December 31, 2025, HHH's AUM reflects its market capitalization as of such date plus its net mortgages, notes, and loans payable as reported in its Quarterly Report on Form 10-Q for the quarter ending September 30, 2025.

(3) AUM decreased from 2021 to 2022 as a result of (a) certain investor redemptions from our private funds and a share repurchase program with respect to PSH, (b) a debt redemption as one of PSH's outstanding bonds reached maturity, (c) a quarterly dividend payment to the PSH shareholders, (d) negative performance in our underlying portfolio related to decreases in the stock prices of some of our portfolio companies, (e) crystallization of a performance fee with respect to PSINTL and (f) fluctuations in the value of PSH's bonds denominated in Euros based on exchange rates.

(4)<br> Compound Annual Growth Rate ("CAGR") is presented from January 1, 2020 through December 31, 2025 (with the exception of HHH on its own as its calculation period is less than one year).

#### Fee-Paying Assets Under Management
Fee-Paying AUM refers to (i) with respect to our core funds and PSVII, the AUM we manage and earn a performance fee and/or management fee from for our core funds and PSVII and (ii) with respect to HHH, the market capitalization of HHH. We believe this measure is useful to stockholders as it provides insight into the capital base upon which we earn our fees.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fee-Paying Assets Under Management**  | **Fee-Paying Assets Under Management**  | **Fee-Paying Assets Under Management**  | **Fee-Paying Assets Under Management**  | **Fee-Paying Assets Under Management**  | **Fee-Paying Assets Under Management**  |
| **(in millions)** | **PSH<sup>(1)</sup>** | **PSLP** | **PSINTL** | **PSVII<sup>(2)</sup>** | **Total**<br>**Funds**  |
| **Balance at December 31, 2023** | $12062.6 | $742.6 | $426.0 | $67.3 | $13298.5  |
| &nbsp;&nbsp; Private Funds Subscriptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.6  |
| Private Funds Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (143.0) | &nbsp;&nbsp; (129.5) | &nbsp;&nbsp; (62.8) | &nbsp;&nbsp;&nbsp;&nbsp; (335.3)  |
| PSH Dividends | &nbsp;&nbsp;&nbsp;&nbsp; (107.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (107.2)  |
| PSH Buybacks | &nbsp;&nbsp;&nbsp;&nbsp; (117.9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (117.9)  |
| Management Fees  | &nbsp;&nbsp;&nbsp;&nbsp; (188.8)  | &nbsp;&nbsp;&nbsp; (11.1)  | &nbsp;&nbsp;&nbsp;&nbsp; (6.0)  | &nbsp;&nbsp;&nbsp; (0.2)  | &nbsp;&nbsp;&nbsp;&nbsp; (206.1)  |
| Performance Fees / Allocations | &nbsp;&nbsp;&nbsp;&nbsp; (226.6) | &nbsp;&nbsp;&nbsp; (14.5) | &nbsp;&nbsp;&nbsp;&nbsp; (8.3) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (249.4)  |
| Appreciation (Depreciation) in Market Value | &nbsp;&nbsp;&nbsp; 1589.1 | &nbsp;&nbsp;&nbsp;&nbsp; 84.3 | &nbsp;&nbsp;&nbsp;&nbsp; 47.6 | &nbsp;&nbsp;&nbsp; (4.3) | &nbsp;&nbsp;&nbsp; 1716.7  |
| **Balance at December 31, 2024** | **$13011.2** | **$669.8** | **$329.8** | **$—** | **$14010.9** |
| Less: Non-Permanent Fee-Paying AUM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; (669.8)  | &nbsp;&nbsp; (329.8)  | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (999.6)  |
| **Permanent Fee-Paying AUM** | **$13011.2**  | **$—** | **$—** | **$—** | **$13011.2** |

---

(1)<br> PSH's Fee-Paying AUM does not reflect the bonds outstanding as described in footnotes 1 to the tables immediately above titled "Assets Under Management."

(2)<br> PSVII was liquidated as of December 31, 2024 and had no assets under management as of December 31, 2024.

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fee-Paying Assets Under Management**  | **Fee-Paying Assets Under Management**  | **Fee-Paying Assets Under Management**  | **Fee-Paying Assets Under Management**  | **Fee-Paying Assets Under Management**  | **Fee-Paying Assets Under Management**  |
| **(in millions)**  | **PSH<sup>(1)</sup>**  | **PSLP**  | **PSINTL**  | **HHH**  | **Total** <br>**Funds & HHH**  |
| **Balance at December 31, 2024**  | $13011.2  | $669.8  | $329.8  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp; $14010.9  |
| Private Funds Subscriptions  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.9  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.9  |
| Private Funds Redemptions  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; (149.0)  | &nbsp;&nbsp; (157.6)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; $(306.6)  |
| Private Funds Transfer  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.9  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.9  |
| Initiation of HHH Services Agreement<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; 4007.3  | &nbsp;&nbsp; $4007.3  |
| PSH Dividends  | &nbsp;&nbsp;&nbsp;&nbsp; (118.1)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; $(118.1)  |
| PSH Buybacks  | &nbsp;&nbsp;&nbsp;&nbsp; (369.1)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; $(369.1)  |
| Management Fees  | &nbsp;&nbsp;&nbsp;&nbsp; (208.0)  | &nbsp;&nbsp;&nbsp; (10.4)  | &nbsp;&nbsp;&nbsp;&nbsp; (4.5)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; $(222.9)  |
| Performance Fees / Allocations  | &nbsp;&nbsp;&nbsp;&nbsp; (489.2)  | &nbsp;&nbsp;&nbsp; (29.7)  | &nbsp;&nbsp;&nbsp; (13.1)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; $(532.1) |
|  Appreciation (Depreciation) in Market Value / Market Capitalization<sup>(3)</sup>  | &nbsp;&nbsp;&nbsp; 3222.6 | &nbsp;&nbsp;&nbsp; 158.5  | &nbsp;&nbsp;&nbsp;&nbsp; 70.1  | &nbsp;&nbsp;&nbsp;&nbsp; 730.3 | &nbsp;&nbsp; $4181.5 |
| **Balance at December 31, 2025**  | **$15049.4** | **$648.0**  | **$224.7**  | **$4737.6** | &nbsp;&nbsp; **$20659.7** |
| Less: Non-Permanent Fee-Paying AUM<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (648.0) | &nbsp;&nbsp; (224.7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (872.7) |
| &nbsp;&nbsp; **Permanent Capital AUM** | **$15049.4** | **$—** | **$—** | **$4737.6** | &nbsp;&nbsp; **$19787.0** |

---

(1)<br> PSH's Fee-Paying AUM does not reflect the bonds outstanding as described in footnotes 1 to the tables immediately above titled "Assets Under Management."

(2)<br> Reflects the market capitalization of HHH at market open on May 5, 2025.

(3)<br> Appreciation (depreciation) in market capitalization is only applicable to HHH.

(4)<br> Non-Permanent Fee-Paying AUM refers to the portion of Fee-Paying AUM that is subject to withdrawal or redemption at the option of the fund investor or stockholder.

The table below presents the Fee-Paying AUM of our core funds and HHH as of January 1, 2020 and as of December 31 for each of the last six years.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fee-Paying Assets Under Management ($ in millions)** | **Fee-Paying Assets Under Management ($ in millions)** | **Fee-Paying Assets Under Management ($ in millions)** | **Fee-Paying Assets Under Management ($ in millions)** | **Fee-Paying Assets Under Management ($ in millions)** | **Fee-Paying Assets Under Management ($ in millions)** | **Fee-Paying Assets Under Management ($ in millions)** | **CAGR**  |
| **Fund** | **January 1,** <br>**2020** | **December 31,** <br>**2020** | **December 31,** <br>**2021** | **December 31,** <br>**2022<sup>(2)</sup>** | **December 31,** <br>**2023** | **December 31,** <br>**2024** | **December 31,** <br>**2025** | **(2020-2025)<sup>(3)</sup>**  |
| &nbsp;&nbsp;&nbsp;&nbsp; PSH<sup>(1)</sup> | $5721 | $9053 | $11409 | $9880 | $12063 | $13011 | $15049 | *17%*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *% Growth* |  | *58%* | *26%* | *(13%)* | *22%* | *8%* | *16%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PSLP | 610 | 667 | 735 | 634 | 743 | 670 | 648 | *1%*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *% Growth* |  | *9%* | *10%* | *(14%)* | *17%* | *(10%)* | *(3%)* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PSINTL | 717 | 495 | 397 | 333 | 426 | 330 | 225 | *(18%)*  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *% Growth* |  | *(31%)* | *(20%)* | *(16%)* | *28%* | *(23%)* | *(32%)* |  |
| **Total Core Funds** | **$7047** | **$10215** | **$12541** | **$10847** | **$13231** | **$14011** | **$15922** | ***15%***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *% Growth* |  | *45%* | *23%* | *(14%)* | *22%* | *6%* | *14%* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HHH  |  |  |  |  |  |  | 4738 |  |
| **Total Core Funds & HHH** | **$7047** | **$10215** | **$12541** | **$10847** | **$13231** | **$14011** | **$20660** | ***20%***  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *% Growth* |  | *45%* | *23%* | *(14%)* | *22%* | *6%* | *47%* |  |

---

(1)<br> PSH's Fee-Paying AUM does not reflect the bonds outstanding as described in footnotes 1 to the tables immediately above titled "Assets Under Management."

(2) Fee-Paying AUM decreased from 2021 to 2022 as a result of (a) certain investor redemptions from our private funds and a share repurchase program with respect to PSH, (b) a quarterly dividend payment to the PSH shareholders, (c) negative performance in our underlying portfolio related to decreases in the stock prices of some of our portfolio companies and (d) crystallization of a performance fee with respect to PSINTL.

(3)<br> Compound Annual Growth Rate ("CAGR") is presented from January 1, 2020 through December 31, 2025 (with the exception of HHH on its own as its calculation period is less than one year).

#### Permanent Capital AUM
Permanent capital AUM refers to the portion of Fee-Paying AUM that is not subject to withdrawal or redemption at the option of the fund investor or stockholder. We believe this measure is useful to stockholders as our permanent capital base allows us to take a long-term view and be opportunistic during periods of market volatility, enables superior, long-term investment and produces a financial profile characterized by steady,

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predictable and recurring management fees. Permanent capital is also a differentiating talent attraction and retention tool, allowing us to hire and retain the top analysts for our own investment team, high-quality employees throughout our company, and experienced senior executives for our portfolio companies.

The following table compares permanent capital AUM for our core funds and HHH as of December 31, 2023, 2024 and 2025. We anticipate that our permanent capital AUM will materially increase following the PSUS IPO as we expect PSUS will be our flagship NYSE-listed permanent capital vehicle.

---

| | | | |
|:---|:---|:---|:---|
| **Permanent Capital AUM (in millions)** | **As of**  | **As of**  | **As of**  |
|  | **December 31, 2023** | **December 31, 2024** | **December 31, 2025**  |
| Core Funds and HHH<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $12062.6 | &nbsp;&nbsp;&nbsp;&nbsp; $13011.2 | &nbsp;&nbsp;&nbsp;&nbsp; $19787.0 |

---

(1) Periods prior to May 5, 2025 do not reflect HHH's permanent capital AUM. HHH's permanent capital AUM as of December 31, 2025 reflects the market capitalization of HHH at market open on May 5, 2025 adjusted for appreciation or depreciation in such market capitalization as of the end of the reporting period.

#### Recent Developments
As of March 31, 2026, AUM for PSH, PSLP, PSINTL, HHH, and total AUM for our core funds and HHH was $16.1 billion, $1.3 billion, $341 million, $8.9 billion and $26.6 billion, respectively, and Fee-Paying AUM for PSH, PSLP, PSINTL, HHH, and total core AUM for our funds and HHH was $12.5 billion, $533 million, $185 million, $3.8 billion and $17.0 billion, respectively. As of March 31, 2026, PSH's AUM includes bond proceeds of $2.3 billion and €1.15 billion (translated into USD at the prevailing exchange rate at the reporting date), and PSH's Fee-Paying AUM does not reflect such bonds outstanding. As of March 31, 2026, permanent capital AUM for our core funds and HHH was $16.3 billion.

#### Fund Performance
The tables below provide performance information for our core funds to facilitate an understanding of our results of operations for the periods presented. The tables below provide the contributors and detractors to gross performance of the funds' portfolios for the twelve-month periods ended December 31, 2024 and December 31, 2025. The fund return information for individual funds reflected in this discussion and analysis is not necessarily indicative of the future performance of any particular fund. An investment in us is not an investment in any of our funds. This track record presentation is unaudited and does not purport to represent the respective fund's financial results in accordance with GAAP or IFRS, as applicable. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns. See "Risk Factors—Risks Related to Our Business and Industry—*The historical returns attributable to our funds and HHH, including those presented in this prospectus, should not be considered as indicative of the future results of our funds or HHH or of our future results or of any returns expected on an investment in our common stock*."

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Pershing Square Holdings, Ltd.** | **Pershing Square Holdings, Ltd.** | **Pershing Square, L.P.** | **Pershing Square, L.P.** | **Pershing Square International, Ltd.**  | **Pershing Square International, Ltd.**  |
| **January 1, 2024 - December 31, 2024** | **January 1, 2024 - December 31, 2024** | **January 1, 2024 - December 31, 2024** | **January 1, 2024 - December 31, 2024** | **January 1, 2024 - December 31, 2024**  | **January 1, 2024 - December 31, 2024**  |
| Alphabet Inc.  | &nbsp;&nbsp;&nbsp; 4.9%  | Alphabet Inc.  | &nbsp;&nbsp;&nbsp; 4.2%  | Alphabet Inc.  | &nbsp;&nbsp;&nbsp; 4.4%  |
| Chipotle Mexican Grill, Inc.  | &nbsp;&nbsp;&nbsp; 4.4% | Chipotle Mexican Grill, Inc. | &nbsp;&nbsp;&nbsp; 3.9% | Chipotle Mexican Grill, Inc.  | &nbsp;&nbsp;&nbsp; 4.1%  |
| Hilton Worldwide Holdings Inc.  | &nbsp;&nbsp;&nbsp; 4.0%  | &nbsp;&nbsp; Brookfield Corporation  | &nbsp;&nbsp;&nbsp; 3.3%  | &nbsp;&nbsp; Brookfield Corporation  | &nbsp;&nbsp;&nbsp; 3.4%  |
| &nbsp;&nbsp; Brookfield Corporation  | &nbsp;&nbsp;&nbsp; 3.8% | Hilton Worldwide Holdings Inc.  | &nbsp;&nbsp;&nbsp; 3.3% | Hilton Worldwide Holdings Inc.  | &nbsp;&nbsp;&nbsp; 3.2%  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corporation | &nbsp;&nbsp;&nbsp; 2.3% | &nbsp;&nbsp; Federal Home Loan Mortgage Corporation | &nbsp;&nbsp;&nbsp; 2.3% | &nbsp;&nbsp; Federal Home Loan Mortgage Corporation | &nbsp;&nbsp;&nbsp; 2.5%  |
| Federal National Mortgage Association | &nbsp;&nbsp;&nbsp; 2.2% | Federal National Mortgage Association | &nbsp;&nbsp;&nbsp; 1.8% | Federal National Mortgage Association | &nbsp;&nbsp;&nbsp; 2.3%  |
| &nbsp;&nbsp; Share Buyback Accretion | &nbsp;&nbsp;&nbsp; 0.4% | Howard Hughes Holdings Inc. | &nbsp;&nbsp;&nbsp; (0.7)% | Howard Hughes Holdings Inc. | &nbsp;&nbsp;&nbsp; (0.5)%  |
| Howard Hughes Holdings Inc. | &nbsp;&nbsp;&nbsp; (0.6)% | Restaurant Brands International Inc. | &nbsp;&nbsp;&nbsp; (1.3)% | Restaurant Brands International Inc.  | &nbsp;&nbsp;&nbsp; (1.4)%  |
| Bond Interest Expense  | &nbsp;&nbsp;&nbsp; (0.6)% | &nbsp;&nbsp; Nike, Inc.  | &nbsp;&nbsp;&nbsp; (1.5)% | &nbsp;&nbsp; Nike, Inc.  | &nbsp;&nbsp;&nbsp; (1.6)%  |
| Restaurant Brands International Inc.  | &nbsp;&nbsp;&nbsp; (1.6)% | &nbsp;&nbsp; Interest Rate Swaptions | &nbsp;&nbsp;&nbsp; (1.6)% | Interest Rate Swaptions  | &nbsp;&nbsp;&nbsp; (1.6)%  |
| Universal Music Group N.V. | &nbsp;&nbsp;&nbsp; (1.7)% | Universal Music Group N.V. | &nbsp;&nbsp;&nbsp; (1.6)% | Universal Music Group N.V. | &nbsp;&nbsp;&nbsp; (2.2)%  |
| Interest Rate <br>Swaptions | &nbsp;&nbsp;&nbsp; (1.9)% | &nbsp;&nbsp; All Other Positions and Other Income/Expense  | &nbsp;&nbsp;&nbsp; (0.1)%  | &nbsp;&nbsp; All Other Positions and Other Income/Expense  | &nbsp;&nbsp;&nbsp; (0.2)%  |
| Nike, Inc. | &nbsp;&nbsp;&nbsp; (2.2)% |  |  |  |  |
| All Other Positions and Other Income/Expense | &nbsp;&nbsp;&nbsp;&nbsp;0.4% |  |  |  |  |
| **Contributors Less Detractors (Gross Return)<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;13.8% | **Contributors Less Detractors (Gross Return)<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;12.0% | **Contributors Less Detractors (Gross Return)<sup>(1)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;12.4% |

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Pershing Square Holdings, Ltd**  | **Pershing Square Holdings, Ltd**  | **Pershing Square, L.P.**  | **Pershing Square, L.P.**  | **Pershing Square International, Ltd**  | **Pershing Square International, Ltd**  |
| **January 1, 2025 - December 31, 2025**  | **January 1, 2025 - December 31, 2025**  | **January 1, 2025 - December 31, 2025**  | **January 1, 2025 - December 31, 2025**  | **January 1, 2025 - December 31, 2025**  | **January 1, 2025 - December 31, 2025**  |
| &nbsp;&nbsp; Alphabet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10.3% | &nbsp;&nbsp; Alphabet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9.0% | &nbsp;&nbsp; Alphabet Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8.4% |
| Federal National Mortgage Association | &nbsp;&nbsp; 5.8%  | &nbsp;&nbsp; Federal Home Loan Mortgage Corporation | &nbsp;&nbsp;&nbsp; 5.2%  | Federal Home Loan Mortgage Corporation | &nbsp;&nbsp;&nbsp;&nbsp;5.9%  |
|  Federal Home Loan Mortgage Corporation | &nbsp;&nbsp;&nbsp;&nbsp;5.0%  | Federal National Mortgage Association | &nbsp;&nbsp;&nbsp;&nbsp;4.7%  | Federal National Mortgage Association | &nbsp;&nbsp;&nbsp;&nbsp;5.1%  |
| Brookfield Corporation  | &nbsp;&nbsp;&nbsp;&nbsp;3.5%  | Brookfield Corporation  | &nbsp;&nbsp;&nbsp;&nbsp;3.0%  | Brookfield Corporation  | &nbsp;&nbsp;&nbsp;&nbsp;3.0% |
| &nbsp;&nbsp; Uber Technologies, Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;2.7% | Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.2% | Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.1%  |
| Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.4% | &nbsp;&nbsp; Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.2% | &nbsp;&nbsp; Uber Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2.1% |
| Share Buyback Accretion | &nbsp;&nbsp;&nbsp;&nbsp;1.2%  | Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;1.1%  | Hilton Worldwide Holdings Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;0.9%  |
| Hilton Worldwide Holdings Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1.0%  | Hilton Worldwide Holdings Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;0.8%  | Restaurant Brands International Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;0.6%  |
| Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | &nbsp;&nbsp; Meta Platforms, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;0.6% | &nbsp;&nbsp; Meta Platforms, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| &nbsp;&nbsp; Meta Platforms, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;0.7% | Restaurant Brands International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;0.5% | Universal Music Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;0.6% |
| Restaurant Brands International Inc. | &nbsp;&nbsp;&nbsp;&nbsp;0.5%  | &nbsp;&nbsp; Nike, Inc.  | &nbsp;&nbsp;&nbsp; (1.8)%  | &nbsp;&nbsp; Howard Hughes Holdings Inc.  | &nbsp;&nbsp;&nbsp;&nbsp;0.5%  |
| Bond Interest Expense  | &nbsp;&nbsp; (0.8)%  | Chipotle Mexican Grill, Inc.  | &nbsp;&nbsp;&nbsp; (3.3)%  | &nbsp;&nbsp; Nike, Inc.  | &nbsp;&nbsp;&nbsp; (1.9)%  |
| &nbsp;&nbsp; Nike, Inc.  | &nbsp;&nbsp; (2.5)%  | &nbsp;&nbsp; All Other Positions and Other Income/Expense  | &nbsp;&nbsp;&nbsp;&nbsp;0.4%  | Chipotle Mexican Grill, Inc.  | &nbsp;&nbsp;&nbsp; (3.6)%  |
| Chipotle Mexican Grill, Inc.  | &nbsp;&nbsp; (4.6)%  |  |  | All Other Positions and Other Income/Expense | &nbsp;&nbsp;&nbsp; (0.2)% |
| &nbsp;&nbsp; All Other Positions and Other Income/Expense  | &nbsp;&nbsp;&nbsp;&nbsp;0.6%  |  |  |  |  |
| &nbsp;&nbsp; **Contributors Less Detractors (Gross Return)<sup>(1)</sup>**  | &nbsp;&nbsp; **26.5%**  | &nbsp;&nbsp; **Contributors Less Detractors (Gross Return)<sup>(1)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;24.6%  | &nbsp;&nbsp; **Contributors Less Detractors (Gross Return)<sup>(1)</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp;24.1% |

---

(1) Represents the gross returns from investing in the fund, before the deduction of management fees and accrued or crystallized performance fees, if any. Inclusion of such fees would produce lower returns than presented here. Gross returns reflected above (a) include only returns on the investment in the underlying issuer and the hedge positions that directly relate to the securities that reference the underlying issuer; (ii) do not reflect the cost or benefit of hedges that do not relate to the securities that reference the underlying issuer; and (iii) do not reflect the cost or benefit of portfolio hedges. Contributors or detractors to performance of 50 basis points or more are listed separately, while contributors or detractors to performance of less than 50 basis points are aggregated, except for bond interest expense and share buyback accretion, if any. The contributors and detractors to gross returns presented herein are for illustrative purposes only. The securities listed above may not have been held for the entire calendar year. **This performance information is presented in connection with the offering of our common stock and is for illustrative purposes only. It is not the performance record of PSUS and should not be considered a substitute for the performance of PSUS. There can be no assurance that any of our funds will achieve comparable or greater results in the future, or that any of our funds will be able to implement their investment strategy or achieve their investment objective.** Our funds' investments may be made under different economic conditions and may include different underlying investments in the future. Furthermore, PSH, PSLP, and PSINTL and the other funds and accounts managed by us prior to the combined offering are not registered under the 1940 Act, unlike PSUS, and, therefore, none of them are subject to the investment restrictions, leverage and derivative restrictions, diversification requirements and other regulatory requirements imposed on registered investment companies by the 1940 Act and on regulated investment companies by the Code. If such funds or accounts had been registered under the 1940 Act and/or operated as regulated investment companies under the Code, their respective returns might have been lower and their ability to undertake certain transactions or investments may have been restricted. See the accompanying PSUS Prospectus for additional information about PSUS and the risks associated with an investment in PSUS Shares. 

For the three-month period ended March 31, 2026, gross returns for PSH, PSLP and PSINTL were (15.9)%, (13.8)% and (15.3)%, respectively. For more information on gross returns, refer to footnote 1 to the tables immediately above.

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#### Consolidated Results of Operations
The following tables set forth information regarding our consolidated results of operations for the years ended December 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Year**<br>**Ended December 31,** | **For the Year**<br>**Ended December 31,** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change**  |
| **($ in thousands)** | **2024** | **2025** | $**%** |
| **Revenue**<br>|  |  |  |
| Management fees<sup>(1)</sup> | $206067 | $230420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12%  |
| Performance fees<sup>(2)</sup> | &nbsp;&nbsp; 249431 | &nbsp;&nbsp; 532088 | &nbsp;&nbsp;&nbsp;&nbsp; 113%  |
| **Total revenue** | &nbsp;&nbsp; 455498 | &nbsp;&nbsp; 762508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67%  |
| **Expenses**<br>|  |  |  |
| Profit-sharing partner compensation<sup>(2)</sup> | &nbsp;&nbsp; 339133 | &nbsp;&nbsp; 459079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35%  |
| &nbsp;&nbsp; Affiliates fee rebate | &nbsp;&nbsp;&nbsp; 69301 | &nbsp;&nbsp;&nbsp; 77580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12%  |
| General and administrative expense | &nbsp;&nbsp;&nbsp; 50812 | &nbsp;&nbsp;&nbsp; 42074 | &nbsp;&nbsp;&nbsp;&nbsp; (17%)  |
| Employee compensation and benefits | &nbsp;&nbsp;&nbsp; 13164 | &nbsp;&nbsp;&nbsp; 20228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54%  |
| Depreciation and amortization expense | &nbsp;&nbsp;&nbsp;&nbsp; 2778 | &nbsp;&nbsp;&nbsp;&nbsp; 2301 | &nbsp;&nbsp;&nbsp;&nbsp; (17%)  |
| **Total expenses** | &nbsp;&nbsp; 475188 | &nbsp;&nbsp; 601262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27%  |
| **Operating income (loss)** | &nbsp;&nbsp; (19690) | &nbsp;&nbsp; 161246 | &nbsp;&nbsp;&nbsp;&nbsp; 919%  |
| **Non-operating income (expenses)**<br>|  |  |  |
| Unrealized gain on HHH shares held at fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 110700 | &nbsp;&nbsp;&nbsp;&nbsp; 100% |
| Interest income | &nbsp;&nbsp;&nbsp; 28508 | &nbsp;&nbsp;&nbsp; 16910 | &nbsp;&nbsp;&nbsp;&nbsp; (41%)  |
|  Unrealized gain on investment in Pershing Square, L.P. held at fair value<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6986 | &nbsp;&nbsp;&nbsp; 12224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75%  |
| &nbsp;&nbsp; Other income | &nbsp;&nbsp;&nbsp;&nbsp; 5667 | &nbsp;&nbsp;&nbsp;&nbsp; 5241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8%)  |
| &nbsp;&nbsp; Interest expense | &nbsp;&nbsp;&nbsp;&nbsp; (3096) | &nbsp;&nbsp;&nbsp;&nbsp; (2302) | &nbsp;&nbsp;&nbsp;&nbsp; (26)%  |
| **Total non-operating income** | &nbsp;&nbsp;&nbsp; 38065 | &nbsp;&nbsp; 142773 | &nbsp;&nbsp;&nbsp;&nbsp; 275%  |
| **Net income before taxes** | &nbsp;&nbsp;&nbsp; 18375 | &nbsp;&nbsp; 304019 | &nbsp;&nbsp; 1,555%  |
| Income tax expense | &nbsp;&nbsp;&nbsp; 15985 | &nbsp;&nbsp;&nbsp; 22309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40%  |
| **Net income** | &nbsp;&nbsp;&nbsp;&nbsp; 2390 | &nbsp;&nbsp; 281710 | &nbsp;&nbsp; 11,687%  |
|  Less: Net (income) loss attributable to non-controlling interest | &nbsp;&nbsp; (16541) | &nbsp;&nbsp; (31933) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93%  |
| &nbsp;&nbsp;&nbsp; **Net income (loss) attributable to Pershing Square** <br>**Holdco, L.P.** | $(14151) | $249777 | &nbsp;&nbsp; 1,865% |

---

(1) We recognized a $292.8 million deferred asset for the HHH Premium, which is deemed for accounting purposes to represent the amount paid to obtain the HHH Services Agreement, when we completed the Howard Hughes Transaction. The HHH Premium is amortized as contra-revenue in management fees on a straight-line basis over a period of 20 years beginning May 5, 2025.

(2) Includes amounts attributable to consolidated variable interest entities for which Pershing Square Holdco, L.P. does not have any direct equity interests. 

#### Comparison of the Years Ended December 31, 2024 and 2025

#### Revenue
*Management Fees* 

Total management fees increased by $34.0 million, or 16%, on a gross basis, and $24.4 million, or 12%, net of the HHH contra-revenue, from the year ended December 31, 2024 to the year ended December 31, 2025, primarily driven by an increase of $17.1 million in fees earned pursuant to the HHH Services Agreement and an increase of $9.6 million in management fees earned from PSH offset by a decrease of $1.5 million in management fees earned from PSINTL.

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*Performance Fees* 

Total performance fees increased $282.7 million, or 113%, from the year ended December 31, 2024 to the year ended December 31, 2025, primarily due to an increase in performance fees earned from PSH. The increase in performance fees was driven by an increase in gross returns of 26.5% for the year ended December 31, 2025 compared to gross returns of 13.8% for the year ended December 31, 2024. See "—Fund Performance" above for more information.

#### Expenses
*Profit-Sharing Partner Compensation* 

Profit-sharing partner compensation increased $119.9 million, or 35%, from the year ended December 31, 2024 to the year ended December 31, 2025. The increase was primarily driven by an increase of $248.7 million in the Subordinated Performance Fees offset by a $111.3 million reduction in new permanent profits interests grants.

*Affiliates Fee Rebate* 

The affiliates fee rebate increased $8.3 million, or 12%, from the year ended December 31, 2024 to the year ended December 31, 2025, primarily driven by an increase in fee rebates to partners as a result of higher earned management fees and performance fees.

*General and Administrative Expense* 

General and administrative expense decreased $8.7 million, or 17%, from the year ended December 31, 2024 to the year ended December 31, 2025, primarily driven by a decrease of $6.4 million in aircraft expense and a decrease of $4.6 million in professional fees, offset by an increase of $1.8 million in travel-related expenses.

*Employee Compensation and Benefits* 

Employee compensation and benefits increased $7.1 million, or 54%, from the year ended December 31, 2024 to the year ended December 31, 2025, primarily driven by an increase in headcount.

*Depreciation and Amortization Expense* 

Depreciation and amortization expense had an immaterial decrease in the amount of $0.5 million, or 17%, from the year ended December 31, 2024 to the year ended December 31, 2025.

#### Non-operating Income (Expenses)
*Unrealized gain on HHH shares held at fair value*

Unrealized gain on HHH shares held at fair value increased by $110.7 million, or 100%, from the year ended December 31, 2024 to the year ended December 31, 2025, as a result of the HHH Transaction which took place in May 2025 and the share price of HHH's publicly traded common stock on December 31, 2025.

*Interest Income* 

Interest income decreased by $11.6 million, or 41%, from the year ended December 31, 2024 to the year ended December 31, 2025. Interest income for the year ended December 31, 2024 was primarily related to interest on cash and cash equivalents as a result of the Strategic Investment. Cash and cash equivalents have decreased for the year ended December 31, 2025 as a result of the Howard Hughes Transaction, which has led to a decrease in interest income for the period.

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#### **TABLE OF CONTENTS**
*Unrealized Gain on Investment in Pershing Square, L.P. Held at Fair Value* 

Unrealized gain on investment in PSLP held at fair value increased by $5.2 million, or 75%, from the year ended December 31, 2024 to the year ended December 31, 2025. As of December 31, 2025 and 2024, PSGP had an ownership interest of approximately 5.2% and 4.5%, respectively, in PSLP. For the years ended December 31, 2025 and 2024, PSGP recorded a gain of $12.2 million and $7.0 million, respectively, from its investment in PSLP based on PSLP's performance.

*Other Income*

Other income had an immaterial decrease in the amount of $0.4 million, or 8%, from the year ended December 31, 2024 to the year ended December 31, 2025.

*Interest Expense* 

Interest expense had an immaterial decrease in the amount of $0.8 million, or 26%, from the year ended December 31, 2024 to the year ended December 31, 2025.

*Income Tax Expense* 

Income tax expense increased by $6.3 million, or 40%, from the year ended December 31, 2024 to the year ended December 31, 2025, which was primarily related to the New York City Unincorporated Business Tax ("UBT").

*Net (Income) Loss Attributable to Non-Controlling Interest* 

Net income attributable to non-controlling interest increased by $15.4 million, or 93%, from the year ended December 31, 2024 to the year ended December 31, 2025, which was directly attributable to the increased gain allocated from PSLP. For the year ended December 31, 2024, the net income allocated from PSLP and PSVII was $16.5 million. For the year ended December 31, 2025, the net income allocated from PSLP was $31.9 million. PSVII was liquidated as of December 31, 2024 and had no assets under management as of December 31, 2024.

#### Consolidated Changes in Financial Condition
The following table sets forth information regarding our consolidated changes in financial condition as of December 31, 2024 and 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,**  | **As of December 31,**  | **Change**  |
| **($ in thousands)** | **2024**  | **2025**  | $**%**  |
| **Assets**<br>|  |  |  |
| Cash and cash equivalents  | $964857  | $55398  | &nbsp;&nbsp;&nbsp;&nbsp; (94%)  |
| Restricted cash  | 119  | 119  | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| Performance fees receivable  | 232670  | 497330  | &nbsp;&nbsp;&nbsp;&nbsp; 114%  |
| Due from affiliates<sup>(1)</sup> | 8069  | 15614  | &nbsp;&nbsp;&nbsp;&nbsp; 93%  |
| Prepaid expenses  | 866  | 1345  | &nbsp;&nbsp;&nbsp;&nbsp; 55%  |
|  Investment in Howard Hughes Holdings Inc. shares, at fair value  | —  | 717930  | &nbsp;&nbsp;&nbsp;&nbsp; 100%  |
| Deferred HHH Services Agreement premium  | —  | 283158 | &nbsp;&nbsp;&nbsp;&nbsp; 100%  |
| Investment in Pershing Square, L.P., at fair value<sup>(1)</sup> | 59513  | 79288  | &nbsp;&nbsp;&nbsp;&nbsp; 33%  |
| &nbsp;&nbsp; Lease right-of-use assets  | 30590  | 28441  | &nbsp;&nbsp;&nbsp;&nbsp; (7%)  |
|  Fixed assets and leasehold improvements (net of accumulated depreciation of $15,292 and $17,593)  | 16835  | 14984  | &nbsp;&nbsp;&nbsp;&nbsp; (11%)  |
| Deferred sublease incentive  | 4640  | 4129  | &nbsp;&nbsp;&nbsp;&nbsp; (11%)  |
| Other assets  | 634  | 3466  | &nbsp;&nbsp;&nbsp;&nbsp; 447%  |
| **Total assets** | 1318793  | 1701202  | &nbsp;&nbsp;&nbsp;&nbsp; 29%  |
| **Liabilities**<br>|  |  |  |
| Accrued compensation and benefits<sup>(1)</sup> | 170115  | 426094  | &nbsp;&nbsp;&nbsp;&nbsp; 150%  |
| Performance fee distributions payable<sup>(1)</sup> | 49283  | 54839  | &nbsp;&nbsp;&nbsp;&nbsp; 11%  |

---

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| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,**  | **As of December 31,**  | **Change**  |
| **($ in thousands)** | **2024**  | **2025**  | $**%**  |
| &nbsp;&nbsp; Affiliates fee rebate payable  | 21662  | 24144  | &nbsp;&nbsp;&nbsp;&nbsp; 11%  |
| Taxes payable  | 13628  | 17029  | &nbsp;&nbsp;&nbsp;&nbsp; 25%  |
| Distributions payable to partners | 8736  | 10104  | &nbsp;&nbsp;&nbsp;&nbsp; 16%  |
| Accounts payable | 6982  | 8620  | &nbsp;&nbsp;&nbsp;&nbsp; 23%  |
| Deferred revenue | —  | 3786  | &nbsp;&nbsp;&nbsp;&nbsp; 100%  |
| Operating lease liabilities  | 46329  | 42673  | &nbsp;&nbsp;&nbsp;&nbsp; (8%)  |
| Loans payable  | 34800  | 34800  | &nbsp;&nbsp;&nbsp;&nbsp; 0%  |
| **Total liabilities**  | 351535  | 622089  | &nbsp;&nbsp;&nbsp;&nbsp; 77%  |
| **Partners' capital**<br>|  |  |  |
| Partners' capital controlling interests  | 920469  | 1016418  | &nbsp;&nbsp;&nbsp;&nbsp; 10%  |
|  Non-controlling interest in consolidated variable interest entities<sup>(1)</sup> | 46789  | 62695  | &nbsp;&nbsp;&nbsp;&nbsp; 34%  |
| **Total partners' capital**  | 967258  | 1079113 | &nbsp;&nbsp;&nbsp;&nbsp; 12%  |
| **Total liabilities and partners' capital**  | $1318793  | $1701202 | &nbsp;&nbsp;&nbsp;&nbsp; 29% |

---

(1) Includes amounts attributable to consolidated variable interest entities for which Pershing Square Holdco, L.P. does not have any direct equity interests.

#### Comparison of Balances as of December 31, 2024 and December 31, 2025
*Cash and Cash Equivalents* 

Cash and cash equivalents decreased by $909.5 million, or 94%, from December 31, 2024 to December 31, 2025, primarily driven by the use of cash for the HHH Transaction which was completed in May 2025.

*Performance Fees Receivable* 

Performance fees receivable increased by $264.7 million, or 114%, from December 31, 2024 to December 31, 2025, primarily due to an increase in the performance fees receivable from PSH. See "—Comparison of the Years Ended December 31, 2024 and 2025—Revenue—Performance Fees."

*Investment in HHH Shares, at Fair Value* 

Investment in HHH shares, at fair value increased by $717.9 million, or 100%, from December 31, 2024 to December 31, 2025, due to the Howard Hughes Transaction which was completed in May 2025.

*Deferred HHH Services Agreement Premium* 

Deferred HHH Services Agreement premium increased by $283.2 million, or 100%, from December 31, 2024 to December 31, 2025, due to the HHH Premium, which is deemed for accounting purposes to represent the amount paid above HHH's publicly traded share price to obtain the HHH Services Agreement, offset by the amortization. The HHH Premium is amortized as contra-revenue in management fees on a straight-line basis over a period of 20 years with a start date of May 5, 2025.

*Accrued Compensation and Benefits* 

Accrued compensation and benefits increased by $256.0 million, or 150%, from December 31, 2024 to December 31, 2025, primarily due to increased profit-sharing partner compensation. Distributions of profit-sharing partner compensation are accrued in the year in which our performance fees crystalize, but are not paid out until after year end.

#### Non-GAAP Financial Measures
We report certain financial measures that are not required by, or presented in accordance with, GAAP. Management uses these non-GAAP financial measures to assess the performance of our business across reporting periods and believes this information is useful to investors for the same reasons. See below for our definitions of Fee-Related Earnings ("FRE") and Distributable Earnings ("DE").

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#### Fee-Related Earnings
FRE is a non-GAAP financial measure used by us to evaluate our business by highlighting earnings from recurring management fees and Preferred Performance Fees. We believe FRE is useful to investors because it provides additional insights into the fee-driven operating profitability of our business that is not directly based on the net income of the funds we manage. FRE represents management fees and Preferred Performance Fees less the compensation directly related to the management fees and performance fees, which includes salaries, benefits, payroll taxes and discretionary cash bonuses and other operating expenses, and after deducting "Subordinated Performance Fees," which consist of amounts in excess of Preferred Performance Fees which are payable to CompCo pursuant to the VCA.

As described above, we implemented the VCA in connection with the Strategic Investment. However, in order to facilitate comparisons with our results following the combined offering, we have presented FRE for the periods presented on a basis that reflects the allocation of our historical performance fees as between the Preferred Performance Fees and Subordinated Performance Fees that the VCA would have required. Although the VCA will be terminated in connection with the combined offering and PSCM will issue the Preferred Profits Interest (as defined below) and the Subordinated Profits Interest (as defined below) to CompCo, the terms of the Preferred Profits Interest and the Subordinated Profits Interest will generally provide for the same calculation of Preferred Performance Fees and Subordinated Performance Fees, and the same allocation of such fees between us and CompCo, as currently provided by the VCA. For further information, see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Subordinated Profits Interest."

#### Distributable Earnings
DE is a non-GAAP financial measure used to assess performance and amounts available for distribution or dividends, including to our personnel and owners of PS Partner Group and holders of our common stock. DE represents FRE plus interest income or less interest expense, as applicable.

These non-GAAP financial measures should not be considered a substitute for, superior to or an alternative to net income attributable to Pershing Square Holdco, L.P., which is the most directly comparable GAAP measure. Further, these non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider non-GAAP financial measures in isolation or as a substitute for GAAP measures including revenues, net income (loss) and net income attributable to Pershing Square Holdco, L.P. We may calculate or present these non-GAAP financial measures differently than other companies who report measures with the same or similar names, and as a result, the non-GAAP financial measures we report may not be comparable.

The following tables set forth our FRE and DE calculations and a reconciliation of DE and FRE to the most directly comparable financial measure calculated in accordance with GAAP for the years ended December 31, 2020, 2021, 2022, 2023, 2024 and 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Pershing Square Holdco, L.P.** | **Pershing Square Holdco, L.P.** | **Pershing Square Holdco, L.P.** | **Pershing Square Holdco, L.P.** | **Pershing Square Holdco, L.P.** | **Pershing Square Holdco, L.P.** |  |
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **CAGR<sup>(5)</sup>**  |
| **($ in thousands)** | **2020** | **2021** | **2022** | **2023** | **2024**  | **2025** | **2020-2025** |
| Management fees | $117286 | $162443 | $163515 | $170801 | $206067 | $230420 | 14% |
| Management fees – contra-revenue<sup>(1)</sup> |  |  |  |  |  | 9612 |  |
| Preferred Performance Fees – current year<sup>(2)</sup> | 46332 | 75555 | 33 | 87087 | 98269 | 102604 |  |
| Preferred Performance Fees – carryforwards |  |  |  | 90573 |  |  |  |
| **FRE revenue** | **$163618** | **$237998** | **$163548** | **$348461** | **$304336** | **$342636** | **16%**  |
| &nbsp;&nbsp;&nbsp;&nbsp; ***% Growth*** |  | ***45%*** | ***(31%)*** | ***113%*** | ***(13%)*** | ***13%*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Employee compensation and benefits | $(19170) | $(12699) | $(10859) | $(13124) | $(13164) | $(20228) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: General and administrative expense, net<sup>(3)</sup> | (11029) | (13428) | (21801) | (18380) | (45145) | (36834) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Depreciation and amortization expense | (2762) | (2985) | (5035) | (2758) | (2778) | (2301) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Plus: Non-recurring expenses<sup>(4)</sup> |  |  |  |  | 25890 | 14652 |  |
| **Less: FRE expenses** | **$(32961)** | **$(29112)** | **$(37695)** | **$(34262)** | **$(35197)** | **$(44711)** | ***6%***  |
| &nbsp;&nbsp;&nbsp;&nbsp; ***% Growth*** |  | ***(12%)*** | ***29%*** | ***(9%)*** | ***3%*** | ***27%*** |  |
| **Fee-related earnings** | **$130657** | **$208886** | **$125853** | **$314199** | **$269139** | **$297925** | ***18%***  |
| &nbsp;&nbsp;&nbsp;&nbsp; ***% Margin*** | ***79.9%*** | ***87.8%*** | ***77.0%*** | ***90.2%*** | ***88.4%*** | ***87.0%*** |  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Pershing Square Holdco, L.P.** | **Pershing Square Holdco, L.P.** | **Pershing Square Holdco, L.P.** | **Pershing Square Holdco, L.P.** | **Pershing Square Holdco, L.P.** | **Pershing Square Holdco, L.P.** |  |
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **CAGR<sup>(5)</sup>**  |
| **($ in thousands)** | **2020** | **2021** | **2022** | **2023** | **2024**  | **2025** | **2020-2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; ***% Growth*** |  | ***60%*** | ***(40%)*** | ***150%*** | ***(14%)*** | ***11%*** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income (expense), net | $(1139) | $(932) | $(2529) | $(6330) | $25413 | $14608 |  |
| **Distributable earnings** | **$129518** | **$207954** | **$123324** | **$307869** | **$294552** | **$312533** | ***19%***  |
| &nbsp;&nbsp;&nbsp;&nbsp; ***% Growth*** |  | ***61%*** | ***(41%)*** | ***150%*** | ***(4%)*** | ***6%*** |  |

---

(1) We recognized a $292.8 million deferred asset for the HHH Premium, which is deemed for accounting purposes to represent the amount paid to obtain the HHH Services Agreement, when we completed the Howard Hughes Transaction. The HHH Premium is amortized as contra-revenue in management fees on a straight-line basis over a period of 20 years beginning May 5, 2025.

(2) Reflects total performance fees less performance fees from Pershing Square, L.P. See footnote 3 in the table immediately below. 

(3)<br> Reflects general and administrative expense less other income.

(4) Refers to non-recurring expenses that do not represent the ongoing cost of running our business and are not reflective of our operational performance. For the year ended December 31, 2024, includes expenses related to the Strategic Investment and for the year ended December 31, 2025, includes expenses related to the HHH Transaction and the combined transaction.

(5)<br> Compound Annual Growth Rate ("CAGR") is presented from January 1, 2020 through December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  | **Pershing Square Holdco, L.P.**  |
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** |
| **($ in thousands)** | **2020** | **2021** | **2022** | **2023** | **2024** | **2025**  |
| Net income (loss) attributable to Pershing Square Holdco, L.P. | $481852 | $300064 | $51839 | $209460 | $(14151) | $249777  |
| Net (income) loss attributable to non-controlling interest | (60000) | (31678) | 4729 | (24261) | (16541) | (31933)  |
| **Net income** | **$541852** | **$331742** | **$47110** | **$233721** | **$2390** | **$281710**  |
| &nbsp;&nbsp;&nbsp;&nbsp; *% Margin* | 56.2% | 48.7% | 28.8% | 45.6% | 0.5% | 36.9%  |
| Income tax expense | 17400 | 10516 | 4793 | 18170 | 15985 | 22309  |
| **Net income before taxes** | **$559252** | **$342258** | **$51903** | **$251891** | **$18375** | **$304019**  |
| Subordinated Performance Fees<sup>(1)</sup> | (699174) | (395863) |  | (138829) | (136618) | (399741)  |
| Management fees – contra-revenue<sup>(2)</sup> |  |  |  |  |  | 9612  |
| Gain on lease modification |  |  | (3570) |  |  | —  |
| Gain on unvested compensation |  | (897) |  |  |  | —  |
| Unrealized (gain) loss allocated from Pershing Square, L.P.<sup>(3)</sup> | (4496) | (15763) | 4737 | (11362) | (6986) | (12224)  |
| Unrealized (gain) loss on HHH shares held at fair value |  |  |  |  |  | (110700) |
| Performance fees from Pershing Square, L.P.<sup>(3)</sup> | (70585) | (35935) | (13) | (19408) | (14543) | (29742)  |
| Non-recurring expenses<sup>(4)</sup> |  |  |  |  | 25890 | 14652  |
| Affiliates fee rebate<sup>(5)</sup> | 164037 | 141041 | 34849 | 115706 | 69301 | 77580  |
| Profit-sharing partner compensation<sup>(6)</sup> | 210584 | 183936 | 35418 | 115830 | 339133 | 459077  |
| Performance fee offset<sup>(7)</sup> | (30100) | (10823) |  | (5959) |  | —  |
| **Distributable earnings** | **$129518** | **$207954** | **$123324** | **$307869** | **$294552** | **$312533**  |
| &nbsp;&nbsp;&nbsp;&nbsp; ***% Growth*** |  | ***61%*** | ***(41%)*** | ***150%*** | ***(4%)*** | ***6%*** |
| Interest income (expense), net | $1139 | $932 | $2529 | $6330 | $(25413) | $(14608)  |
| **Fee-related earnings** | **$130657** | **$208886** | **$125853** | **$314199** | **$269139** | **$297925**  |
| &nbsp;&nbsp;&nbsp;&nbsp; ***% Growth*** |  | ***60%*** | ***(40%)*** | ***150%*** | ***(14%)*** | ***11%*** |

---

(1)<br> PSCM pays the Subordinated Performance Fees to CompCo, an entity that compensates its members (including our investment professionals and certain other employees). As such, the Subordinated Performance Fees are not available to us for distribution or dividends.

(2) We recognized a $292.8 million deferred asset for the HHH Premium, which is deemed for accounting purposes to represent the amount paid to obtain the HHH Services Agreement, when we completed the Howard Hughes Transaction. The HHH Premium is amortized as contra-revenue in management fees on a straight-line basis over a period of 20 years beginning May 5, 2025. 

(3)<br> The operations of PSGP, the general partner of PSLP, are consolidated with our results under GAAP rules, but we have no equity interest in PSGP and, as a result, the gain/loss allocated from PSLP is attributable to non-controlling interest.

(4) Refers to non-recurring expenses that do not represent the ongoing cost of running our business and are not reflective of our operational performance. For the year ended December 31, 2024, includes expenses related to the Strategic Investment and for the year ended December 31, 2025, includes expenses related to the HHH Transaction and the combined transaction. 

(5) We have historically rebated management and performance fees attributable to shares of PSH held by our employees and their affiliates. Such rebates will not continue following the completion of the combined offering, and therefore in order to facilitate period-to-period comparability, we have presented DE for the historical periods presented on a basis that excludes such affiliates fee rebate. 

(6) Prior to or following the completion of the combined offering, shares of our common stock and/or certain interests of PS Partner Group will be granted to the partners in PS Partner Group in exchange for their existing profit-sharing interests. As a result, all cash-based 

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profit-sharing distributions which had previously been treated as a compensation expense prior to the completion of the combined offering will be treated as equity distributions subsequent to such offering. Therefore, in order to facilitate period-to-period comparability, we have presented DE for the historical periods presented on a basis that excludes such profit-sharing partner compensation.

(7) Refers to the portion of the fees earned by certain of our funds that serves to reduce the performance fee paid by PSH to PSCM. As such, the amount of the performance fee offset is not available to us for distribution or dividends. 

#### Liquidity and Capital Resources

#### Overview
We have historically financed our operations and working capital through net cash provided by operating activities, primarily from management fees and performance fees, and borrowings under our 2014 line of credit (the "2014 Line of Credit") and the 2021 Line of Credit. Going forward, we intend to finance our operations and working capital through net cash provided by operating activities and borrowings under our Revolving Facility (as defined below).

We expect that our cash flow from operations, current cash and cash equivalents, and the availability of borrowings under our Revolving Facility will be sufficient to fund our operations and planned capital expenditures and to service our debt obligations for the next twelve months and the foreseeable future.

#### 2014 Line of Credit and 2021 Line of Credit
We entered into the 2014 Line of Credit and 2021 Line of Credit on October 3, 2014, and December 15, 2021, respectively. See Note 6, "Debt Obligations" to our consolidated financial statements included elsewhere in this prospectus.

Each of the 2014 Line of Credit and the 2021 Line of Credit includes provisions that restrict or limit, among other things, the ability of Pershing Square to incur additional indebtedness or to create additional liens or other encumbrances on Pershing Square or the guarantor, Mr. Ackman's, assets, aside from additional financing from Pershing Square as defined in the agreement, financing related to its aircraft as discussed under "Aircraft Loan," and certain other permitted indebtedness. Each of the 2014 Line of Credit and the 2021 Line of Credit requires the guarantor to maintain a net worth of at least $1 billion, exclusive of any interest in Pershing Square. The guarantor is also required to maintain at least $250 million of aggregate liquidity that is free and clear of any and all encumbrances, consisting of liquid assets at the bank, and/or beneficial ownership in Pershing Square or equity in third-party hedge funds with quarterly liquidity or better.

In addition, the 2021 Line of Credit is secured by a pledge and security agreement whereby Pershing Square granted the lender a security interest in Pershing Square's management fees.

Pershing Square and the guarantor have complied with the financial covenants imposed by the 2014 Line of Credit and the 2021 Line of Credit throughout the borrowing period. As of December 31, 2025, $34,800,000 was outstanding under the 2014 Line of Credit, and we had no borrowings under the 2021 Line of Credit. We intend to repay any amounts outstanding under, and close, the 2014 Line of Credit and 2021 Line of Credit at or prior to the completion of the combined offering.

#### Senior Secured Credit Facilities
We and a syndicate of banks, led by Bank of America, N.A., as administrative agent, intend to enter into a credit agreement (the "Credit Agreement") prior to the completion of the combined offering. The Credit Agreement will consist of (i) a senior secured revolving credit facility (the "Revolving Facility") in an initial aggregate principal amount of $100 million, subject to increase prior to the closing date of the Credit Agreement pursuant to any reallocation as described in clause (ii), and (ii) a senior secured term loan facility (the "Term Loan Facility," and together with the Revolving Facility, the "Senior Credit Facilities") of up to $150 million aggregate principal amount, provided that such amount may be reduced at our election to the amount required to fund the Anchor Investment in PSUS, where the amount of any such reduction shall be allocated to the Revolving Facility.

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Borrowings under the Senior Credit Facilities will bear interest at a rate equal to, at our option, either (i) Term SOFR, plus an applicable margin or (ii) a base rate equal to the highest of (a) the federal funds effective rate plus 0.50%, (b) the rate of interest in effect as publicly announced by Bank of America from time to time as its "prime rate," (c) Term SOFR plus 1.00% and (d) 1.00%. The applicable margins will vary based on our consolidated leverage ratio.

Loans under the Term Loan Facility will not be subject to amortization prior to maturity. The Senior Credit Facilities will mature on the third anniversary of the closing date of the Credit Agreement, at which time all outstanding loans and other obligations will be due and payable.

The obligations under the Credit Agreement are expected to be guaranteed by certain of our subsidiaries and secured by first-priority liens on substantially all of the assets of the loan parties, subject to customary exceptions and exclusions. The Credit Agreement is expected to include customary representations and warranties, affirmative and negative covenants, financial covenants and events of default for a credit facility of this type.

The Credit Agreement remains subject to the negotiation and execution of definitive documentation and satisfaction of customary conditions to closing.

#### Cash Flows
The following table summarizes our cash flows for the years ended December 31, 2024 and 2025:

---

| | | |
|:---|:---|:---|
| **Pershing Square Holdco, L.P.** | **Pershing Square Holdco, L.P.** | **Pershing Square Holdco, L.P.** |
|  | **For the Year Ended December 31,**  | **For the Year Ended December 31,**  |
| **(in thousands)** | **2024** | **2025** |
| Net cash provided by (used in) operating activities | &nbsp;&nbsp;&nbsp;&nbsp; $294481 | &nbsp;&nbsp;&nbsp;&nbsp; $(134233) |
| &nbsp;&nbsp; Net cash provided by (used in) investing activities | &nbsp;&nbsp;&nbsp;&nbsp; (1558) | &nbsp;&nbsp;&nbsp;&nbsp; (607679) |
| Net cash provided by (used in) financing activities | &nbsp;&nbsp;&nbsp;&nbsp; 667399 | &nbsp;&nbsp;&nbsp;&nbsp; (167546) |

---

*Cash Flows from Operating Activities* 

For the year ended December 31, 2024, net cash provided by operating activities was $294.5 million resulting from net income of $2.4 million adjusted for non-cash depreciation and amortization expense, non-cash lease expense, amortization of our LTIP Awards, and profit-sharing partner compensation. Cash flows provided by operating activities were also impacted by changes in operating assets and liabilities of $173.8 million, primarily due to an $89.0 million decrease in performance fees receivable, a $62.7 million decrease in amounts due from affiliates, and a $72.7 million increase in accrued compensation and benefits, offset by a $56.1 million decrease in the affiliates fee rebate payable.

For the year ended December 31, 2025, net cash used in operating activities was $134.2 million, resulting from net income of $281.7 million, adjusted for non-cash depreciation and amortization expense, non-cash lease expense, and amortization of our LTIP awards and the deferred HHH Services Agreement premium amounting to $15.7 million, and a $110.7 million unrealized gain on investments held at fair value. Cash flows used in operating activities were also impacted by changes in operating assets and liabilities of $320.9 million, primarily due to a $264.7 million increase in performance fees receivable and a $292.8 million increase related to the deferred asset for the HHH Premium, offset by a $256.0 increase in accrued compensation and benefits.

*Cash Flows from Investing Activities* 

For the year ended December 31, 2024, net cash used in investing activities was insignificant.

For the year ended December 31, 2025, net cash used in investing activities of $607.7 million was primarily related to the Howard Hughes Transaction.

*Cash Flows from Financing Activities* 

For the year ended December 31, 2024, net cash provided by financing activities was $667.4 million consisting of $1.0 billion in proceeds from capital contributions as a result of the Strategic Investment and $16.4 million proceeds from loans, partially offset by $298.7 million of payments made for capital distributions, $80.5 million of loan repayments, and $16.5 million of payments made for offering costs related to the PSUS Shares and equity interests of Pershing Square Holdco, L.P.

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For the year ended December 31, 2025, net cash used in financing activities of $167.5 million was primarily related to payments made for capital distributions.

#### Contractual Obligations and Commercial Commitments
The following table presents our contractual obligations and other commitments as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Total** | **Less than**<br>**1 year** | **1-3** <br>**years** | **3-5** <br>**years** | **More than**<br>**5 years**  |
|  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  | **(in thousands)**  |
| 2014 Line of Credit | $34800 | &nbsp;&nbsp;&nbsp;&nbsp; $— | $34800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—  |
| 2021 Line of Credit | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Interest on 2014 Line of Credit<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 2247  | &nbsp;&nbsp; 2074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Operating lease obligations | $53726 | $6429 | $12806 | &nbsp;&nbsp; 13549 | $20942 |

---

(1) Estimated interest payments on our 2014 Line of Credit include estimated future interest payments calculated using 5.96% interest rate in effect as of December 31, 2025. 

#### Critical Accounting Policies and Estimates
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of income and expenses during the reported period. While management believes that the estimates utilized in preparing the consolidated financial statements are reasonable and prudent, actual results could differ from those estimates.

An accounting policy is considered to be critical if the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change, and the effect of the estimates and assumptions on financial condition or operating performance.

#### Consolidation
We consolidate all subsidiaries in accordance with GAAP and FASB ASC 810, *Consolidation* ("ASC 810"). We consolidate all entities that we control either as the primary beneficiary of a variable interest entity ("VIE") or through a majority voting interest. We identify VIEs we must consolidate by evaluating (1) whether we hold a variable interest in an entity, (2) whether the entity is a VIE, and (3) whether our involvement would make us the primary beneficiary. Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities ("VOEs"). Under the VOE model, we consolidate those entities for which we hold a majority voting interest. The determination of whether or not to consolidate a variable interest entity under GAAP, which may include our funds, requires a significant amount of judgment. As none of our funds are currently consolidated, the fees earned from our funds under our investment management agreements are recorded as revenue. If any of our funds become consolidated, the fees earned from the fund would be eliminated in consolidation.

In evaluating whether we hold a variable interest in an entity, fees we receive from the entity (including management fees and performance fees) that are customary and commensurate with the level of services we provide are not considered variable interests where we do not also hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity.

If there are entities where we hold a variable interest, we must then determine whether each of these entities qualifies as a VIE and, if so, whether we are the primary beneficiary. In general, a VIE is a corporation, partnership, limited liability company, trust or any other legal structure used to conduct activities or hold assets that: (i) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (ii) has a group of equity owners that lack the power to direct its activities that significantly impact economic performance, or (iii) has a group of equity owners that do not have the obligation to proportionally absorb losses or the right to proportionally receive returns generated by its operations.

In evaluating whether we are the primary beneficiary of a VIE, we evaluate our economic interests in the entity held either directly or indirectly by us. VIEs are consolidated when an entity, as the primary beneficiary,

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holds a controlling financial interest in the VIE. An enterprise is deemed to have a controlling financial interest in a VIE if a) the enterprise has the power to direct the activities of a VIE that impacts the economic performance and b) the enterprise has the obligation to absorb losses, or the right to receive benefits that could potentially be significant to the VIE.

We have evaluated PSH, our private funds and other investment vehicles, our respective general partners and any affiliated entities, as applicable, for consolidation with us in accordance with ASC 810. As we do not hold economic interests in PSH, our private funds and other investment vehicles that would absorb more than an insignificant amount of their expected losses or returns, we do not hold a variable interest in any of PSH, our private funds and other investment vehicles. We also do not hold a majority of the voting interests in PSH, our private funds and other investment vehicles. As a result, PSH, our private funds and other investment vehicles are not required to be consolidated with us under ASC 810.

Prior to December 20, 2024, we consolidated the accounts of a trust for our corporate aircraft (the "Aircraft Trust") created between us, as trustor, and Delaware Trust Company, as owner trustee, and the Aircraft Trust's assets and liabilities and its results of operations are included in our consolidated financial statements.

We also consolidate the accounts of both PSUS, beginning February 15, 2024, and West Side Services, LLC as they are wholly owned subsidiaries.

#### Equity Method Investments
We recognize investments in entities which we can exercise significant influence over but do not control as equity method investments. Unless the fair value option is elected, under the equity method of accounting, the investor's share of the underlying investment's income or losses is recognized, and the carrying value of the investment is adjusted accordingly.

We have evaluated our investment in HHH and PSGP's investment in PSLP and determined that we exercise significant influence over these investments and have elected to account for these investments at fair value with changes in fair value recorded in earnings.

#### Revenue Recognition
We recognize revenue in accordance with ASC 606, Revenue from Contracts with Customers ("ASC 606"). Revenue is recognized when we transfer promised goods or services to customers in an amount that reflects the consideration to which we expect to be entitled to in exchange for those goods or services. ASC 606 requires an entity to: (i) identify the contract(s) with a customer, which includes assessing the collectability of the consideration to which it will be entitled in exchange for the goods or services transferred to the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation.

Under the terms of the investment management agreements with the funds we manage, we generate revenues from (i) predictable and recurring management fees based on NAV, which are paid on a quarterly basis and (ii) annual performance fees based on NAV appreciation above a high-water mark. Performance fees are considered variable consideration and are therefore constrained and not recognized as revenue until it is probable that a significant reversal will not occur.

Performance fees include both performance fees earned in our capacity as the investment manager of PSINTL and PSH and performance allocations earned by the general partners of PSLP. In contrast to certain fund structures where carried interest allocations crystallize at the end of the life of the fund or upon liquidation, the performance fees and performance allocations we are eligible to receive are payable upon the occurrence of crystallization events, which include, but are not limited to, December 31 of each year, withdrawals from the private funds and PSH's payment of a dividend. We recognize performance fees as revenue upon crystallization of such performance fees. We have concluded that only once crystallization has occurred is it probable that a significant reversal will not occur given the realization of any performance fees and performance allocations are subject to factors outside our control including market volatility.

Until December 31, 2024, we were also eligible to earn a performance allocation from PSVII Master, L.P. However, no performance allocation ever crystallized prior to the cessation of the fund's operations.

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Under the terms of the HHH Services Agreement, we also generate revenues from HHH, in exchange for the investment advisory and other services we provide to HHH, consisting of the HHH Base Management Fee and HHH Variable Management Fee. The HHH Variable Management Fee, if any, is calculated following the close of the final business day of each quarter. We have concluded that only once the final business day of the quarter has closed is it probable that a significant reversal of the HHH Variable Management Fee will not occur given the determination is subject to factors outside our control including market volatility.

#### Recent Accounting Developments
Information regarding recent accounting developments and their impact on Pershing Square, if any, can be found in Note 2, "Significant Accounting Policies" of the audited consolidated financial statements included elsewhere in this prospectus.

#### Quantitative and Qualitative Disclosures about Market Risk
Our exposure to market risks primarily relates to PSCM's role as investment advisor to our funds and the impact of movements in the underlying value of their investments. Our management fees and performance fees are the primary sources of revenue that could be impacted. The underlying value of our funds' investments may fluctuate in response to general equity and other market conditions.

We also have exposure to market risks from PSCM's provision of investment advisory and other services to HHH pursuant to the HHH Services Agreement and the impact of changes in the market capitalization of HHH. The HHH Variable Management Fee is the source of revenue that could be impacted. The market capitalization of HHH may fluctuate in response to general equity and other market conditions.

Additionally, interest rate movements can adversely impact the amount of interest that we pay on debt obligations bearing variable rates.

#### Effect on Management Fees and Performance Fees
PSCM provides investment management services to our funds in exchange for a management fee. Such management fees increase or decrease in direct proportion to the effect of changes in the market value of the related funds.

PSCM also earns a quarterly management fee from our investment in HHH, consisting of the HHH Base Management Fee and HHH Variable Management Fee, in exchange for the investment advisory and other services provided to HHH. The HHH Variable Management Fee increases or decreases in direct proportion to the value of the HHH stock price relative to a reference price, subject to certain adjustments, at the end of each quarter.

PSCM also earns annual performance fees and allocations from our funds based on NAV appreciation above a high-water mark. The performance fees or allocation, if earned, are payable upon the occurrence of crystallization events, which include, but are not limited to, December 31 of each year, withdrawals from our private funds and PSH's payment of a dividend. Changes in the fair value of the funds' investments may materially impact performance fees and allocations depending upon the respective funds' performance to date as compared to the high-water mark.

#### Exchange Rate Risk
As of December 31, 2025, we have foreign currency exchange rate exposure, because (1) our funds may hold investments or debt that are denominated in non-U.S. dollar currencies that may be affected by movements in the rate of exchange between the U.S. dollar and non-U.S. dollar currencies and (2) some of our portfolio companies do business globally and have exposure to currencies other than the U.S. dollar. Our funds often attempt to hedge some of their non-U.S. dollar currency exposure by issuing debt in non-U.S. currencies that the funds are exposed to or by entering into derivative transactions, principally forward contracts and occasionally foreign currency options.

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#### Interest Rate Risk
Our exposure to interest rate risk is influenced primarily by changes in interest rates on interest payments related to our debt obligations. We had $34.8 million outstanding under our debt obligations as of both December 31, 2025 and December 31, 2024. See Note 6, "Debt Obligations" to our consolidated financial statements. Management periodically reviews our exposure to interest rate fluctuations and may implement strategies to manage the exposure. As of December 31, 2025, we did not have any interest rate swaps in place for these borrowings. Based on our debt obligations as of December 31, 2025, we estimate that interest expense relating to variable-rate debt would increase by approximately $0.3 million on an annual basis in the event interest rates were to increase one percentage point during the period.

#### Credit Risk
We maintain our cash with a federally insured financial institution. We invest substantially all of our cash in U.S. Treasury money market funds and U.S. Treasury bills. As of December 31, 2025, our cash balances not invested in money market funds were held in Federal Deposit Insurance Corporation insured bank accounts, which at times, may be in excess of federally insured limits.

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#### BUSINESS
Pershing Square is a leading alternative asset manager with approximately $30.7 billion in total assets under management ("AUM") and approximately $20.7 billion in fee-paying assets under management ("Fee-Paying AUM"), of which 96% is permanent capital, as of December 31, 2025. For the year ended December 31, 2025, we generated total revenue of approximately $762.5 million and GAAP net income attributable to Pershing Square Holdco, L.P. of approximately $249.8 million.

#### Permanent Capital
We view the stability of our capital base, substantially all of which is permanent capital, as one of our most important competitive advantages. Permanent capital allows us to take a long-term view and be opportunistic during periods of market volatility, without being exposed to the need to raise capital by selling assets to meet redemptions during such periods. We expect to continue to drive significant organic AUM growth by implementing our investment strategy and compounding our capital at high rates of return, in contrast to other asset managers whose growth requires fundraising first to maintain and then to grow fee-paying assets.

We believe our permanent capital AUM also enables superior, long-term investment returns and produces a financial profile for our business characterized by steady, predictable and recurring management fees because our results are less sensitive to the market for raising capital. Our financial profile further benefits from performance fees, earned and paid annually, contingent only on our funds' mark-to-market appreciation above an annual high-water mark, rather than episodic and unpredictable realization events and the need to generate realized returns in excess of a preferred return or hurdle rate.

Permanent capital has been and is expected to continue to be a highly attractive talent attraction and retention tool, enabling us to hire and retain top analysts for our investment team and other high-quality employees throughout our company. Permanent capital and our long-term investment horizon are also excellent recruitment tools when our portfolio companies seek to hire experienced CEOs who prefer the stability and backing afforded by a significant long-term shareholder who is not required to seek an exit for its holdings due to investor redemptions or the necessity to exit due to their finite-lived funds.

#### Our Investment Strategy and Team
Our investment strategy has proven to be highly scalable and profitable because fewer professionals are required to manage a concentrated portfolio consisting of long-term holdings with limited trading activity. Over the last 22 years, we have developed the organizational talent and systems capable of managing an asset base many times larger than our current AUM.

We employ a disciplined, research-intensive approach to fundamental value investing to preserve and grow our permanent capital AUM at high rates of return using a set of core investment principles and opportunistic asymmetric hedges. From time to time, we may choose to complement our organic growth by selectively launching new permanent capital funds and other vehicles that leverage our brand and core competencies to create large 'overnight' (after the completion of a new offering or negotiated transaction) increases in our capital base without the requirement for significant new investment in personnel, infrastructure, and operating costs. The HHH Transaction and the combined offering are good examples of our growth strategy.

Founded in 2003, we are led by our Founder and Chief Executive Officer, William A. Ackman, who has spent 34 years in the alternative asset management industry. Mr. Ackman is supported by an experienced investment team who have an average of 15 years' experience in the industry. Our investment team is highly aligned with our portfolio companies, fund investors and our stockholders due to, among other reasons, the $5.8 billion (as of December 31, 2025) invested by our employees and their affiliates in our funds and HHH, our approach to performance compensation, and our employee ownership of our company. We are headquartered in New York City and had 44 employees as of December 31, 2025.

In our core investment strategy, we seek to acquire long-term, large minority stakes in high-quality, predominantly North American-listed, large-capitalization companies at attractive valuations. We seek investments in companies with simple, predictable, free-cash-flow generative businesses, strong financial profiles, and exceptional management and governance in industries with significant barriers to entry and limited exposure to

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extrinsic factors we cannot control. We look for opportunities to assist portfolio companies in accelerating growth, increasing efficiency, improving capital allocation, managing through challenges and otherwise improving performance in order to generate long-term value.

On May 5, 2025, we completed the Howard Hughes Transaction, in which we acquired 15% of the shares outstanding of HHH (for a total interest in HHH of 47% including shares held by our core funds). We provide HHH with investment advisory, corporate development, transaction execution and capital markets advisory services to support HHH's new diversified holding company strategy. In consideration of our services, HHH pays us the HHH Base Management Fee and the HHH Variable Management Fee (each as defined below). See "—Advisory Fees and Compensation—HHH Fees" for more information.

We complement our investment strategy by opportunistically utilizing hedges both to protect our funds' portfolios against specific macroeconomic risks and to capitalize on market volatility. We typically structure our hedges using asymmetric instruments, such as options and credit default swaps, which offer the opportunity for large gains if potential risks occur without exposing our funds to significant costs or meaningful losses if such risks do not occur. Historically, we have reinvested the profits from these asymmetric hedges in existing portfolio positions and new investments during periods of market disruption when valuations are generally low. Our asymmetric hedging strategy has proven to be a substantial contributor to our investment strategy's long-term performance.

#### Our Track Record
The graph below illustrates the cumulative net returns that an investor who invested in our first core fund, PSLP, at its inception on January 1, 2004 and transferred its capital account to our first core permanent capital fund, PSH, at its launch on December 31, 2012 would have received, as compared to the returns such investor would have received had it invested in the S&P 500 during the same time period.

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#### Pershing Square Cumulative Net Returns vs. S&P 500 <br>

#### Since Inception Through December 31, 2025
![](ny20040230x24_linechart01.jpg) <br>

(1) Represents the cumulative net returns assuming an investor had invested in PSLP at its inception on January 1, 2004 and converted to PSH on December 31, 2012, after performance fees, management fees and other expenses incurred by each fund. See "Business—Advisory Fees and Compensation" for a description of applicable performance fees and management fees. Illustrates the hypothetical returns of an investor assuming these dates of investment in such funds. **Actual performance returns of each investor in PSLP and/or PSH during this timeframe may have varied (in some cases, materially) and are dependent on a number of factors, including, but not limited to, the timing of an investor's investment. For example, if an investor had invested in PSLP at a later date and/or had not converted from PSLP to PSH on December 31, 2012, its respective returns might have been lower.** Illustrates the past performance of PSLP and PSH, and past returns are not indicative of future performance. **This performance information is presented in connection with the offering of our common stock and is for illustrative purposes only. It is not the performance record of PSUS and should not be considered a substitute for the performance of PSUS. There can be no assurance that any of our funds will achieve comparable or greater results in the future, or that any of our funds will be able to implement their investment strategy or achieve their investment objective.** Our funds' investments may be made under different economic conditions and may include different underlying investments in the future. Furthermore, PSLP, PSH and the other funds and accounts managed by us prior to the combined offering are not registered under the 1940 Act, unlike PSUS, and, therefore, none of them are subject to the investment restrictions, leverage and derivative restrictions, diversification requirements and other regulatory requirements imposed on registered investment companies by the 1940 Act and on regulated investment companies by the U.S. Internal Revenue Code of 1986, as amended (the "Code"). If such funds or accounts had been registered under the 1940 Act and/or operated as regulated investment companies under the Code, their respective returns might have been lower and their ability to undertake certain transactions or investments may have been restricted. See the accompanying PSUS Prospectus for additional information about PSUS and the risks associated with an investment in PSUS Shares. The historical performance information presented herein does not reflect the impact of any sales load or transaction fees. 

(2) Represents the multiple of invested capital assuming an investor had invested in PSLP at its inception on January 1, 2004 and converted to PSH on December 31, 2012 equal to the Net Asset Value, after performance fees, management fees and other expenses incurred by each fund, divided by cumulative invested capital. 

(3) The S&P 500 is an unmanaged capitalization-weighted index that measures the performance of the large-capitalization segment of the U.S. market. The index includes 500 leading U.S. stocks representing all major industries. The S&P 500 does not reflect any fees, expenses or sales loads. It is not possible to invest directly in the S&P 500 index. The volatility of the S&P 500 presented may be materially different from that of the performance of our funds. In addition, the S&P 500 employs different guidelines and criteria than our funds; as a result, the holdings in our funds may differ significantly from the securities that comprise the S&P 500. The S&P 500 allows for comparison of our funds' performance with that of a well-known, appropriate and widely recognized index; the S&P 500 is not intended to be reflective or indicative of our funds' past or future performance. 

(4) Represents the cumulative net returns from investing in the S&P 500 with dividend reinvestment. Illustrates the hypothetical returns of an investor assuming these dates of investment in the S&P 500. Actual performance returns of each investor in the S&P 500 during this timeframe may have varied (in some cases, materially) and are dependent on a number of factors, including, but not limited to, the timing of an investor's investment. If an investor had invested in the S&P 500 at a later date, for example, its respective returns might have been lower. 

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(5) Represents the multiple of invested capital from investing in the S&P 500 with dividend reinvestment equal to total fair value divided by cumulative invested capital. 

(6) The three bear markets of the last 22 years were the global financial crisis in 2008; the COVID-19 pandemic in 2020; and the recent elevated interest rate environment in 2022. Our asymmetric hedging strategy has contributed to our substantial outperformance versus the S&P 500 during these bear markets.

As depicted in the chart above, the history of our firm may be thought of as comprising three distinct phases. In the first 12 years, our approach evolved from an initial period of transactional activism, in which we executed on value-creation opportunities by catalyzing corporate events, to a form of more "quiet" long-term corporate engagement as we established a reputation for helping portfolio companies create value. We went through a challenging period of underperformance from August 2015 to December 2017, after which we made a number of strategic changes, including ending active fundraising for our two open-ended private funds, Pershing Square, L.P. ("PSLP") and Pershing Square International, Ltd. ("PSINTL").

In January 2018, we began our "permanent capital era" by focusing on growing our permanent capital base through generating and compounding long-term returns and renewing our commitment to our core investment principles. On May 31, 2024, we sold a 10% interest in our business for $1.05 billion to a consortium of strategic investors (the "Strategic Investors"), which included institutions, family offices, and alternative asset management industry leaders (the "Strategic Investment"). In connection with the Strategic Investment, we completed an internal reorganization of our ownership structure pursuant to which PS Holdco became the parent company of PSCM. On May 5, 2025, we completed the Howard Hughes Transaction representing another milestone in our permanent capital strategy.

#### Our Funds and Investment Vehicles
We currently manage three primary investment funds, which we refer to as our existing core funds. Our fund investors include retail investors, high net worth individuals, family offices, funds of funds, and institutional investors. Our largest vehicle, Pershing Square Holdings, Ltd. ("PSH"), is a FTSE 100-listed, closed-end investment company publicly traded on the London Stock Exchange. With approximately $15.0 billion in Fee-Paying AUM, PSH accounts for approximately 73% of our total Fee-Paying AUM as of December 31, 2025. In addition, we manage two private funds, PSLP and PSINTL, with approximately $1.5 billion and $409 million in AUM, respectively, and $648 million and $225 million in Fee-Paying AUM, respectively, in each case, as of December 31, 2025. We no longer market our private funds to investors, but we keep the private funds open for employees and long-term investors of Pershing Square.

Certain of the existing investors in our private funds have agreed to redeem an aggregate of $316 million of their interests in the private funds (determined as of the date of this prospectus based on the private funds' net asset value as of March 31, 2026) and apply eligible net proceeds of approximately $289 million from such redemption to acquire an aggregate of approximately 5.8 million PSUS Shares and receive an aggregate of approximately 1.7 million shares of our common stock in the combined private placement. The final net asset value used to determine the value at which interests in the private funds will be redeemed will be determined as of a redemption date prior to the completion of the PSUS IPO, and therefore, the amount set forth above will fluctuate as a result of any subsequent changes in net asset value until such redemption date.

Our core funds each have a similar investment program and generally invest in the same assets in similar proportions, subject to regulatory, tax, liquidity and other considerations.

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#### Overview of Our Existing Core Funds, HHH and PSUS<br>

#### As of December 31, 2025 (except in the case of PSUS)
![](ny20040230x24_table01.jpg)<br>

(1) As of December 31, 2025, PSH's AUM includes bond proceeds of $2.3 billion and €1.15 billion (translated into USD at the prevailing exchange rate at the reporting date). As of December 31, 2025, PSH's Fee-Paying AUM does not reflect the bonds outstanding.

(2)<br> As of December 31, 2025, HHH's AUM reflects its market capitalization as of such date plus its net mortgages, notes, and loans payable as reported in its Quarterly Report on Form 10-Q for the quarter ending September 30, 2025.

\* In the case of AUM, represents the assumed aggregate offering sizes in the PSUS IPO and PSUS Private Placement, including amounts invested by us, and in the case of Fee-Paying AUM, represents the assumed aggregate offering sizes in the PSUS IPO and PSUS Private Placement, excluding amounts invested by us.

Following the combined offering, our core funds will include PSUS, which we expect to be our flagship NYSE-listed permanent capital vehicle, which will also pursue our core investment strategy and will represent a material expansion of our permanent capital AUM. As a registered and regulated investment company, PSUS will be subject to certain restrictions pursuant to the 1940 Act and the Code, including investment, leverage and derivative restrictions and diversification requirements. We do not anticipate that compliance with these restrictions will materially impede the ability of PSUS to pursue our core investment strategy. See "Risk Factors—Risks Relating to Our Funds and HHH and Our Investment Strategy—*The PSUS IPO will cause a material portion of our Fee-Paying AUM to consist of registered investment company assets.*"

#### Our Management and Performance Fees
Under the terms of the investment management agreements with the funds we manage, we generate revenues from (i) predictable and recurring management fees based on Net Asset Value, which are paid on a quarterly basis and (ii) other than with respect to PSUS, we receive annual performance fees based on NAV appreciation above a high-water mark. Generally, we pay our investment professionals and certain other employees our realized performance fees in excess of an amount allocated to us in the form of a preferred entitlement that we refer to as "Preferred Performance Fees." Preferred Performance Fees are earned from the first five percentage points of fund returns, net of management fees, above the applicable high-water mark from certain core funds and subject to certain other offsettable fees.

To the extent realized performance fees are insufficient to pay us some or all of the Preferred Performance Fee, the unpaid portion accrues to subsequent crystallization periods until paid in full. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Components of Our Results of Operations—Income—Performance Fees—Allocation of Performance Fee Revenue" for additional information. We believe this Preferred Performance Fee arrangement results in recurring revenue that is less volatile and more predictable than conventional performance fee arrangements employed by other alternative asset managers, while enabling us to allocate substantial performance fees to compensate, attract and retain investment professionals and certain other employees.

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Under the terms of the HHH Services Agreement, we also generate revenues from HHH, in exchange for the investment advisory and other services we provide to HHH, consisting of (i) a quarterly base fee of $3,750,000 (the "HHH Base Management Fee") and (ii) a quarterly variable fee of 0.375% of the value of the HHH stock price relative to a reference price determined in accordance with the agreement (the "HHH Variable Management Fee" and together with the HHH Base Management Fee, the "HHH Fees"), in each case, subject to annual adjustments for inflation based on the Personal Consumption Expenditures Price Index, Excluding Food and Energy, as reported by the Bureau of Economic Analysis (the "Core PCE Price Index"). See "—Advisory Fees and Compensation—HHH Fees" for more information.

Since our founding in 2003, we have also raised capital through seven single-name, co-investment special purpose vehicles ("SPVs") to increase economic exposure to certain investments. For example, in September 2021, we raised approximately $1.1 billion through PS VII Master, L.P. and its affiliated funds (collectively, "PSVII") for our funds' investment in Universal Music Group.

#### Our Core Investment Strategy
Our core investment strategy involves acquiring large minority stakes in high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which we believe they have underperformed their potential and/or when we believe they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their businesses. At any given time, we intend for our core funds to own a concentrated portfolio of such positions with the expectation of holding each position for the long term. We historically have not concentrated such positions in any one or group of industries.

This investment approach enhances our ability to operate efficiently as fewer investment professionals are required to manage a concentrated portfolio consisting of long-term holdings with limited trading activity. Our long-term investment horizon also increases our influence over our portfolio companies, provides stability and support for management teams and boards of directors of our portfolio companies, and serves as an excellent recruitment tool when our portfolio companies seek to hire world-class senior executives, all of which we believe help to drive our investment performance. We constructively engage with management teams and boards of directors of our portfolio companies with a goal of accelerating growth, increasing efficiency, improving capital allocation, managing through challenges, and/or better positioning companies which have underperformed or have unrecognized sources of value generation. As part of our corporate engagement, our investment professionals have from time to time served on the boards of our portfolio companies. Historically, we have shown that we can achieve meaningful influence over companies in which we invest and assist them in creating long-term value with ownership stakes that we have acquired at a lower price than the substantial premium that is typically required to be paid to obtain control of a company. For example, after initiating our investment in Chipotle Mexican Grill, Inc. in 2016, we were able to add new directors to the board, help identify and retain new senior leadership, and drive key strategic initiatives to execute a turnaround of the company.

Our collaborative investment process is an important competitive advantage of our firm. Our idea generation process yields more opportunities than we utilize, which allows us to allocate capital to only what we believe to be our best ideas. Investments are originated through a wide range of sources, including our proprietary library in which we continuously track, update and review hundreds of investments that we have considered over time. Our investment professionals have a working knowledge of a large number of companies and are the primary sources of our investment ideas. Each investment idea typically goes through an initial due diligence process conducted by a two-member investment team, at least one of whom typically has relevant industry expertise. The dedicated team conducts initial due diligence, reviews company and industry research, interviews industry experts, and does financial analysis to determine our initial view of a company's business quality and intrinsic value.

Once sufficient work is completed and we determine that an investment idea meets the threshold of potential viability as an investment, Mr. Ackman, our Portfolio Manager, and/or Mr. Israel, our Chief Investment Officer, also conduct due diligence on the subject company. All investment proposals are formally presented and discussed in meetings with the investment team. We typically begin to acquire positions in approved ideas immediately upon investment team approval. Because compensation for our investment professionals is based on overall fund performance rather than the performance of any specific investment, our investment professionals are incentivized to deliver long-term, overall fund performance.

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We complement our core investment strategy by seeking to identify and execute upon asymmetric hedges both to protect our funds' portfolios against specific macroeconomic risks and to capitalize on market volatility. In order to generate asymmetric investment ideas, our investment professionals continuously analyze macroeconomic, political, and other global developments, which has the additional benefit of providing insights into macroeconomic considerations that are relevant for our current and potential future portfolio company investments. We believe that our individual company research with respect to our current and potential future portfolio company investments also yields variant macroeconomic insights, making our asymmetric hedging strategy highly synergistic with the research-intensive approach of our core investment strategy.

We believe our core investment strategy and commitment to always being a good partner to our investors have been responsible, in significant part, for the successful growth of our business; however, our strategy and approach to doing business comes with certain risks.

While we believe the concentrated portfolios of our core funds create operational efficiencies, they necessarily involve more exposure for our funds to the performance of each investment, with the attendant risk that a material loss in any one investment position could have a material adverse impact on the NAV of our funds and impact our results.

While our core investment strategy of acquiring non-controlling stakes generally enables us to avoid paying a control premium and gives us substantial influence over our portfolio companies, we face the risk that a portfolio company may make business, financial or management decisions contrary to our expectations or with which we do not agree or otherwise act in a manner that does not serve our interests. In the event a portfolio company were to resist or act against our influence, we may be forced to reconsider the investment value proposition, including whether to take a more engaged role in effectuating corporate change or exit the investment. For a discussion of other risks associated with our core investment strategy, see "Risk Factors—Risks Relating to Our Funds and HHH and Our Investment Strategy."

We have historically taken steps to benefit our investors that in the short term can impact the fees we collect. For example, in an effort to address the persistent discount at which PSH trades to NAV, in February 2024, we expanded the fee offset arrangement that reduces the performance fees we receive from PSH as a function of the fees we receive from other funds we manage, including the management fees that we will receive from PSUS upon completion of the combined offering, in order to increase demand for PSH shares by making it a more attractive fund for investors. The goal of the revised fee offset arrangement is to eventually eliminate the incentive fees PSH pays by increasing the fee income from growing other existing and new funds under management. Similarly, in connection with the Howard Hughes Transaction, we reduced the management fees payable to PSCM by each of the core funds by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by each such fund attributable to its fee-paying capital. While such extra-contractual givebacks to our investors have an economic cost to us, we believe that our reputation for being a good partner to our investors, even if not required by the governing fund contracts, has been and will continue to be a long-term driver of Pershing Square Inc.'s long-term intrinsic value.

#### HHH's Diversified Holding Company Strategy
On May 5, 2025, we completed the Howard Hughes Transaction pursuant to which we intend to transform HHH, a long-term holding of our core funds, into a diversified holding company. As a first step, on December 17, 2025, HHH entered into an agreement to acquire Vantage, a privately held specialty insurance and reinsurance holding company, for approximately $2.1 billion in cash.

The Vantage Acquisition is expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions. We believe that the Vantage Acquisition will anchor HHH's transformation into a diversified holding company by combining our investment capabilities with Vantage management's insurance expertise and operations, enabling HHH to build and grow a profitable insurance company, which has the potential to serve as an important source of long-term value creation for HHH and our shareholders. HHH has also announced that, over time, it intends to acquire controlling ownership of high-quality, durable growth public and private operating companies, while continuing to invest in and grow its MPC real estate business.

PSCM intends to manage the assets of Vantage's insurance company subsidiaries in accordance with applicable regulatory and rating agency requirements. Subject to applicable law, PSCM plans to invest such assets primarily in fixed income securities (including U.S. Treasury bills) and common stocks of public companies in a manner consistent with the investment strategy of our core funds. Accordingly, we believe

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PSCM's strategy for managing the assets of Vantage's insurance company subsidiaries will be highly synergistic to our core funds' investment strategy and our own cash management practices. PSCM also plans to manage the assets of Vantage's insurance company subsidiaries in a low-leverage fashion, meaning that they will write relatively small amounts of premium relative to capital, with the result that they will likely have lower ratios of invested assets to capital than a typical U.S. property-and-casualty insurance company. We believe this low-leverage approach will allow Vantage's insurance company subsidiaries to prudently invest a relatively higher percentage of their respective assets in common stocks, as opposed to fixed income securities, compared with a typical U.S. property-and-casualty insurance company. Accordingly, we expect Vantage's insurance company subsidiaries will be able to generate higher returns on their assets compared with more highly leveraged U.S. property-and-casualty insurance companies, which generally derive their profits principally from underwriting and a predominantly fixed-income investment strategy.

We will support HHH's new diversified holding company strategy by providing HHH with investment advisory and other services that leverage our existing core competencies. For example, we believe the idea generation and diligence processes we utilize in our core investment strategy, as well as our extensive track record and reputational equity from working closely with portfolio companies and institutional investors throughout our history, will allow us to help HHH successfully pursue privately negotiated control investments. In addition, we believe the variant insights from our asymmetric hedging strategy, which has proven to be a substantial contributor to our long-term investment performance, will allow us to help protect HHH against macroeconomic risks and to capitalize on market dislocations. We believe our investment acumen, transactional experience and operational infrastructure will assist us in creating long-term value at HHH.

Although we expect the investment strategy of HHH will differ in some respects from that of our core funds, including, for example, with respect to the Vantage Acquisition and acquisition of controlling ownership stakes in operating companies, we anticipate that the type of companies in which HHH will acquire controlling interests will be sufficiently similar to the type of companies in which our core funds invest (i.e., companies with simple, predictable, free-cash-flow generative businesses), but of substantially smaller size. In addition, we expect to invest the assets of Vantage's insurance company subsidiaries in fixed income securities and common stocks of public companies in a manner consistent with the investment strategy of our core funds. As such, we do not anticipate that the Howard Hughes Transaction will require us to materially increase our fixed costs or headcount or disrupt the operation of our core funds.

There are challenges and risks inherent in the Howard Hughes Transaction. Transforming HHH into a diversified holding company will be a new and complex process for us, and there can be no assurance that the anticipated benefits of the transaction will be fully realized. For a discussion of risks associated with the Howard Hughes Transaction, see "Risk Factors."

#### Our History and Evolution

Over time, our approach began to evolve toward deeper long-term active operating engagements. For instance, in 2010, Mr. Ackman joined the board of directors of General Growth Properties, Inc. ("GGP") and led a financial restructuring with the perspective and influence of a major common stockholder, which included the identification and recruitment of new management for the company. In 2012, we won a proxy fight for control of the board of directors of Canadian Pacific Railway (now known as Canadian Pacific Kansas City), replaced the substantial majority of the incumbent board with our nominees, and then proceeded to recruit a leading industry veteran to lead a turnaround of the company. In 2016, our affiliates joined the board of Chipotle Mexican Grill, Inc. in the midst of a food safety crisis and assisted the company in recruiting a new CEO and senior leadership

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team who executed a successful turnaround. We believe that these and other such corporate engagements and our record of recruiting experienced senior leadership have allowed us to steadily establish a reputation and credibility as a preferred partner to portfolio companies and their shareholders, especially during challenging periods at these businesses.

Prior to 2014, we primarily raised capital through private funds with periodic redemption rights. One historical impediment to our strategy of long-term corporate engagements was the open-ended nature of our capital base where the liquidity needs of our shorter-term fund investors were inconsistent with our long-term investment horizon. In 2014, PSH converted into a closed-end investment company and listed its shares on Euronext Amsterdam in a $2.9 billion IPO, the largest European IPO of 2014, to become our first publicly traded permanent capital fund with $6.2 billion in AUM at the completion of the offering (PSH subsequently listed on the London Stock Exchange in May 2017 and recently delisted from Euronext Amsterdam in January 2025). At that time, as of October 1, 2014, 34% of our assets under management for our funds and other investment vehicles was in the form of permanent capital.

In 2015, we made an investment that led to a period of poor investment performance, during which our investment strategy's annual returns substantially underperformed that of the S&P 500. The loss on this one investment had a disproportionate effect on our overall fund performance because market participants sold and/or shorted our portfolio company holdings and attempted to cause a short squeeze by buying stock in the one company we were short. They did so because they believed, correctly as it turned out, that the occurrence of a large publicly visible loss on one high-profile investment would trigger investor redemptions and require us to liquidate positions in our two open-ended funds, PSLP and PSINTL, which comprised approximately two-thirds of our assets under management at that time.

In 2017, we reflected on the root causes of our underperformance and formulated a turnaround strategy, which we believe has been largely responsible for our funds' track record of substantial outperformance since that time. Our turnaround strategy consisted of four pillars: (1) exiting the problematic investments, which included exiting activist short selling as an investment strategy (though short selling had never been a material component of our investment strategy); (2) restructuring Pershing Square into a smaller investment-centric organization; (3) stabilizing our capital base by the purchase by our Founder and other employees of a large minority ownership interest in PSH; and (4) reinforcing the implementation of our core investment principles.

Early in 2018, we announced that we would no longer seek to raise capital for our two open-ended funds. This decision to focus on PSH and permanent capital was largely driven by our experience in our challenging period. Through compounded returns, net of dividends and stock buybacks of 29.5% of shares outstanding, PSH has grown organically to reach $15.0 billion in Fee-Paying AUM as of December 31, 2025. Including the Fee-Paying AUM of HHH, permanent capital represents 96% of our Fee-Paying AUM as of December 31, 2025. Permanent capital will represent an even greater portion of our Fee-Paying AUM following the completion of the PSUS IPO.

At the time we launched PSH, we believed the ability to earn a performance fee was critical to our ability to attract and retain talent. We chose a listing venue outside of the United States for PSH where applicable regulatory requirements would not preclude us from earning a performance fee. Organizing PSH as a non-U.S. fund listed outside of the United States has presented certain challenges. We believe that certain tax attributes of PSH make it an unattractive investment for many taxable U.S. investors. Furthermore, applicable regulatory restrictions both limit the ability of many U.S. investors to own PSH and inhibit our ability to market PSH to U.S. investors. We believe that these factors have caused PSH to trade at a discount to its NAV.

The establishment of PSUS represents the next evolution of our strategy. As our flagship NYSE-listed permanent capital vehicle which charges only a management fee and without the regulatory marketing limitations, U.S. ownership restrictions, and unfavorable tax characteristics of PSH for U.S. taxpayers, we believe that PSUS will not experience the challenges inherent to PSH and other offshore closed-end investment companies.

Our shift to a permanent capital strategy has enabled us to minimize marketing and fundraising efforts, allowing our investment professionals to dedicate substantially all of their business time and attention to the identification, monitoring and oversight of our portfolio companies. Our permanent capital base has enabled us to invest with a long-term ownership horizon as we are no longer beholden to the risks of short-term investor capital flows, which we experienced during our challenging period. Our last activist investment was initiated in 2016, and our investment approach is now characterized by constructive and productive corporate engagements. By exiting short selling as an investment strategy, our funds are also no longer exposed to the risk of a short squeeze.

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We believe the benefits from our investment strategy's evolution are significant, as our current approach focused on long-term constructive engagement and investment in high-quality large-capitalization companies is highly scalable, allowing us to continue to generate high returns and compound our assets and reputational equity over the long-term.

#### Our Market Opportunity
As alternative asset management remains a broadly attractive and growing industry, we believe our differentiated business model positions us to capitalize on favorable market trends:

#### Greater Equity Market and Single-Name Stock Price Volatility
In recent years, there has been significant equity market and single-name stock price volatility, even for large publicly traded companies. We believe this volatility is due to several factors. Index funds have increasingly become the largest effectively permanent owners of a growing percentage of the market capitalization of public companies. This large index ownership has increased the impact that short-term, highly leveraged investors who rapidly buy and sell securities can have on price discovery as such investors now comprise a growing percentage of the daily trading of companies. Because these shorter-term investors generally have a low tolerance for mark-to-market losses, this creates large amounts of stock price volatility for even the largest companies that disappoint or surprise investors. Unexpected macroeconomic data and unanticipated geopolitical events have also contributed to market volatility. We believe such volatility is beneficial to concentrated, long-term, fundamental value investors that manage permanent capital as it can create attractive buying opportunities coupled with a high degree of share price liquidity.

#### Democratization of Alternative Investments
Individual investors are expected to be the fastest growing segment among investors allocating to alternative assets and are projected to increase their alternatives allocations from $4 trillion to $13 trillion over the 10-year period from 2022 to 2032. High minimum initial investment commitment requirements and limited liquidity have historically been and in some cases remain barriers for individual investors to invest in alternative investments. We believe we are well positioned to benefit from the democratization of alternative investments as PSUS will not have any minimum investment requirements, and retail investors, following the PSUS IPO, will be able to purchase PSUS Shares directly on the NYSE.

#### Retail Investor Growth in Public Equity Market Participation
Direct ownership of stocks increased from 15% to 21% of U.S. families between 2019 to 2022, the largest change on record, according to the U.S. Federal Reserve. PSUS, which we expect will be our flagship NYSE-listed permanent capital vehicle, will be our first fund marketed to both U.S. retail and institutional investors.

#### Our Competitive Strengths

#### Track Record of Outperformance
We have a strong track record of low-correlated outperformance and resilience driven by investment discipline, constructive engagement with our portfolio companies, and profits from our unique asymmetric hedging strategy. Our core investment strategy has exhibited relatively low market correlation to the broader equity market (i.e., average returns of the investment strategy, net of fees, have been higher than the broader equity market during times in which the returns of the broader equity market declined and similar to the broader equity market during times in which the broader equity market increased). Our permanent capital strategy has generally proven to be defensive in down markets, outperforming the S&P 500 during the global financial crisis, the COVID-19 pandemic, and the recent elevated interest rate environment, as illustrated in the graph above titled "Pershing Square Cumulative Net Returns vs. S&P 500." We have underperformed the S&P 500 in certain years, for example, during our challenging period from 2015 to 2017, and in 2024 when our performance lagged the overall performance of the S&P 500. Our long-term goal is to substantially outperform market indexes; however, we do not expect to outperform the stock market each year.

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The chart below presents the annualized net returns an investor who invested in PSH would have experienced from January 1, 2018, the beginning of our current permanent capital era, through December 31, 2025, as compared to the returns such investor would have received had it invested in the S&P 500 during the same time period.

#### Pershing Square Permanent Capital Era Annualized Net Returns vs. S&P 500 <br>

#### From January 1, 2018 Through December 31, 2025
![](ny20040230x24_barchart01.jpg)<br>

(1) Represents the annualized net returns from investing in PSH, after performance fees, management fees and other expenses incurred by the fund. See "—Advisory Fees and Compensation" below for a description of applicable performance fees and management fees. Illustrates the past performance of PSH, and past returns are not indicative of future performance. If the annualized net returns from investing in PSLP and PSINTL from January 1, 2018 through December 31, 2025, after performance fees, management fees and other expenses incurred by such funds, were also included, the annualized net returns of our core funds, on a weighted-average aggregate basis, would have been 22.3%, representing 800 bps of outperformance per annum versus the S&P 500. The lower net returns of our core funds, on such aggregate basis, versus of PSH are primarily attributed to the higher percentage payable as performance fees by PSLP and PSINTL, as compared to PSH, and the fact that PSLP and PSINTL do not employ leverage in the form of low-cost, long-term debt in pursuing our core investment strategy, unlike PSH. **This performance information is presented in connection with the offering of our common stock and is for illustrative purposes only. It is not the performance record of PSUS and should not be considered a substitute for the performance of PSUS. There can be no assurance that any of our funds will achieve comparable or greater results in the future, or that any of our funds will be able to implement their investment strategy or achieve their investment objective.** Our funds' investments may be made under different economic conditions and may include different underlying investments in the future. Furthermore, PSH and the other funds and accounts managed by us prior to the combined offering are not registered under the 1940 Act, unlike PSUS, and, therefore, none of them are subject to the investment restrictions, leverage and derivative restrictions, diversification requirements and other regulatory requirements imposed on registered investment companies by the 1940 Act and on regulated investment companies by the Code. If such funds or accounts had been registered under the 1940 Act and/or operated as regulated investment companies under the Code, their respective returns might have been lower and their ability to undertake certain transactions or investments may have been restricted. See the accompanying PSUS Prospectus for additional information about PSUS and the risks associated with an investment in PSUS Shares. The historical performance information presented herein does not reflect the impact of any sales load or transaction fees. 

(2) The S&P 500 is an unmanaged capitalization-weighted index that measures the performance of the large-capitalization segment of the U.S. market. The index includes 500 leading U.S. stocks representing all major industries. The S&P 500 does not reflect any fees, expenses or sales loads. It is not possible to invest directly in the S&P 500 index. The volatility of the S&P 500 presented may be materially different from that of the performance of our funds. In addition, the S&P 500 employs different guidelines and criteria than our funds; as a result, the holdings in our funds may differ significantly from the securities that comprise the S&P 500. The S&P 500 allows for comparison of our funds' performance with that of a well-known, appropriate and widely recognized index; the S&P 500 is not intended to be reflective or indicative of our funds' past or future performance. 

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#### Permanent Capital with a Capital-Light, High-Growth Business Model
We believe that we are the only publicly traded alternative asset manager with permanent capital comprising nearly all of our AUM, with a small single-digit percentage of our Fee-Paying AUM in our two private funds comprised of investors who have invested with us for many years, typically a decade or more. We define "permanent capital" as capital that is not subject to withdrawal or redemption at the option of the fund investor or stockholder. In contrast to the non-traded "perpetual" capital vehicles sponsored by other alternative asset managers, PSH does not have any redemption provisions or mandatory share repurchase requirements that are at the election of the fund investor or stockholder, and has comparatively low distributions as a percentage of NAV. Similarly, any return of capital by HHH, a NYSE-listed operating company, whether in the form of dividends or share repurchases, would be made only at the discretion of its board of directors and not at the election of its stockholders, and HHH intends to retain all of its capital for long-term investment. As of December 31, 2025, 96% of our Fee-Paying AUM is permanent capital. Permanent capital will represent an even greater portion of our AUM following the completion of the PSUS IPO and the continued growth of HHH.

#### Composition of Fee-Paying AUM <br>

#### As of December 31, 2025
![](ny20040230x24_piechart01.jpg)<br>

We view the stability of our capital base, substantially all of which is permanent capital, as one of our most important competitive advantages. Permanent capital allows us to take a long-term view and be opportunistic during periods of market volatility without being exposed to the need to raise capital by selling assets to meet redemptions during such periods. We expect to continue to drive significant organic AUM growth by implementing our investment strategy and compounding our capital at high rates of return, in contrast to other asset managers whose growth requires fundraising first to maintain and then to grow their managed assets. We believe our permanent capital enables us to generate superior, long-term investment returns and produces a financial profile for Pershing Square that is characterized by steady, predictable and recurring fees. Because we do not require the headcount and other substantial costs required of a large fundraising operation, we can achieve greater operating leverage as our AUM can grow without the need to increase the size of our organization.

Permanent capital has also been and is expected to continue to be a highly attractive talent attraction and retention tool, allowing us to hire and retain top analysts for our investment team and other high-quality employees throughout our company. Permanent capital and our long-term investment horizon are also excellent recruitment tools when our portfolio companies seek to hire experienced senior executives who prefer the stability and backing afforded by a significant long-term shareholder who is not required to seek an exit for its holdings due to investor redemptions or investment holding periods due to fund life considerations.

Our permanent capital base is managed through durable contractual arrangements. Our investment management agreement with PSH can only be terminated with the approval of 66 2/3% of the voting shares and 66 2/3% of the public shares of PSH. Because our Founder and certain of our other employees, together with their affiliates, directly or indirectly hold 28% of the outstanding public shares of PSH at December 31, 2025, a decision to terminate the investment management agreement as of such date would have required the affirmative approval of 93% of the remaining outstanding public shares. Moreover, as described in "Certain Relationships and Related Person

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Transactions—Other Transactions—Our Right to Acquire PSH Shares," we will have the right to acquire the shares of PSH held by our Founder and certain of our other current and former employees and their affiliates at any time after the ninth anniversary of the Corporate Conversion and on or prior to the tenth anniversary of the Corporate Conversion.

Similarly, the HHH Services Agreement has an initial 10-year term, with successive automatic 10-year renewal terms unless the agreement is terminated or not renewed in accordance with its terms. The HHH Services Agreement may not be terminated by HHH except in limited prescribed circumstances such as fraud, misrepresentation or embezzlement by PSCM and with the approval of two-thirds of the disinterested members of its board of directors or in the event of a sale of the company which must be approved by a majority vote of the board of directors and a subsequent vote of a majority of shareholders present at a shareholder meeting. We note that Pershing Square Inc. and our core funds own 47% of the outstanding shares of HHH. HHH may only elect not to renew the HHH Services Agreement if the non-renewal is approved by a unanimous vote of the disinterested members of its board of directors and by holders of at least 70% of the outstanding shares of HHH common stock, excluding any shares held by us or our affiliates. Under the HHH Standstill Agreement, we, and our affiliates, are generally limited to an ownership cap of 47% and a voting cap of 40% of the outstanding shares of HHH common stock. See "—Termination of Investment Management Agreements and HHH Services Agreement and Key Man Protection" below for additional information.

#### Recurring Fee-Related Earnings Stream
We generate substantially all of our revenue from management fees and performance fees. We retain all of the management fees earned from our funds. We pay our investment professionals and certain other employees our realized performance fees in excess of an amount allocated to us in the form of a preferred entitlement that we refer to as "Preferred Performance Fees." Preferred Performance Fees are performance fees earned on the first five percentage points of fund returns, net of management fees, above the applicable high-water mark for certain of our core funds and subject to certain other offsettable fees. To the extent realized performance fees from a fund are insufficient to pay us some or all of the Preferred Performance Fee in any year, the unpaid portion accrues to subsequent periods until paid in full. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Components of Our Results of Operations—Income—Performance Fees—Allocation of Performance Fee Revenue" for an illustration of our Preferred Performance Fee arrangement for the allocation of performance fee revenue, as well as the relevant high-water marks, over the six-year period ending December 31, 2025.

We have structured the Preferred Performance Fees as a senior claim on our funds' performance fees to increase the stability and certainty of these future cash flows to Pershing Square Inc. Because our Preferred Performance Fees are paid from the first dollars of realized performance fees, which are contingent on the mark-to-market appreciation in the NAV of our funds above an applicable high-water mark, the amount of the Preferred Performance Fees that is paid in any year can vary depending upon the performance of our funds. In other words, if a fund does not generate a 5% return, net of the management fee, the amount of Preferred Performance Fees from that fund will be lower than if the fund generated a return in excess of 5% net of the management fee. The applicable high-water mark used to calculate the Preferred Performance Fees also can vary from year to year depending on changes in the Net Asset Value and the amount of fee-paying capital in a fund. Because the Preferred Performance Fees are paid from the first dollars of fund profit and are accrued in the event there are insufficient fund returns in any one year, as long as each fund that pays performance fees generates a 5% annual return, net of the management fee, over the long-term, the Preferred Performance Fees will be fully paid.

We believe that our Preferred Performance Fee arrangement results in recurring revenue that is less volatile and more predictable over the long-term when compared with conventional performance fee arrangements for two reasons: (1) our performance fees are paid annually subject only to our funds generating a return in excess of their high-water mark, and (2) our performance fees are determined based on mark-to-market returns including realized and unrealized gains. The structure of our Preferred Performance Fee arrangement makes for more consistent and stable cash flows compared to the performance fees of other alternative investment managers whose private equity funds generally require the sale of an asset at a price which generates cash returns in excess of a preferred return or hurdle rate. As a result of our Preferred Performance Fee arrangement, we believe that effectively all of our revenues from management fees and Preferred Performance Fees can be considered to be stable and recurring fee-related earnings.

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#### Core Investment Strategy Creates a High-Margin Business with a Largely Fixed Cost Base
Our core funds each have a similar investment program, which is to acquire long-term, large minority stakes in high-quality, predominantly North American-listed, large-capitalization companies at attractive valuations. Our core funds generally invest in the same assets in similar proportions, subject to regulatory, tax, liquidity and other applicable considerations. We view our core investment strategy as an important competitive advantage as we allocate capital only to our best ideas. Our core investment strategy also has proven to benefit from economies of scale, as, in general, the greater our percentage ownership of a company, the greater our influence over that company, influence which has helped us drive portfolio company and fund performance as well as organic growth in our AUM.

Our core investment strategy has proven to be highly scalable because fewer investment professionals are required to manage a concentrated portfolio consisting of long-term holdings with limited trading activity. We have nine investment professionals managing $30.7 billion in AUM as of December 31, 2025, and believe that we can significantly increase our AUM without materially increasing our headcount, infrastructure or other assets. The result is a high-margin operating model with a primarily fixed cost base (which excludes incentive compensation-related expense which is paid to employees out of realized performance fees only after first allocating to the Company the accrued Preferred Performance Fee).

Our business is also minimally capital intensive, apart from investments we make alongside other investors when we have launched new funds or completed corporate transactions. In light of our largely fixed cost base, highly scalable investment strategy, and minimal capital intensity, we benefit from substantial operating leverage as we grow our AUM.

#### History of Capital Markets Innovations
From time to time throughout our history, we have complemented our organic growth in AUM by launching new funds or completing innovative transactions that leverage our core competencies to create large 'overnight' increases in our Fee-Paying AUM without requiring significant new investments in infrastructure and operating costs. We have been at the forefront of two pronounced recent shifts in the asset management industry: the democratization of alternative investments and the surge in retail investor participation in public equity markets. For example, in 2014, we converted PSH into a closed-end investment company and listed its shares on Euronext Amsterdam (and later listed PSH on the London Stock Exchange in May 2017). As a result of PSH's public listing on the London Stock Exchange, PSH became our first publicly traded permanent capital fund with AUM of $6.2 billion as of October 2014.

In July 2020, our core funds sponsored the largest special purpose acquisition company ("SPAC") in history, Pershing Square Tontine Holdings, Ltd. ("PSTH"), which raised $4 billion in its initial public offering, before it was ultimately liquidated and all capital raised was returned to investors in 2022 due to PSTH's inability to close a transaction with Universal Music Group ("UMG") because necessary regulatory approvals were unable to be obtained in a timely fashion. We fulfilled our obligation to acquire 10% of UMG by acquiring the stake directly in our core funds along with a co-investment vehicle which we raised for that purpose.

We created a new form of acquisition company, Pershing Square SPARC Holdings, Ltd. ("SPARC"), a special purpose acquisition rights company, which we believe to be a more efficient and improved successor to the traditional SPAC, thereby providing investors in PSTH a free option to invest in our next acquisition company transaction. Our registration statement for SPARC became effective on September 29, 2023. SPARC has no founder stock, shareholder warrants, or underwriting fees, and represents a highly efficient approach to going public with Pershing Square as an anchor, committed capital sponsor. On April 7, 2026, we announced that we had made a proposal to the UMG board of directors concerning a business combination transaction in which UMG would merge with SPARC, with the newly merged company becoming a Nevada corporation listed on the NYSE. The proposal contemplates that our core funds would waive their sponsor warrants in SPARC. There is no assurance that our proposal will be accepted by UMG or result in the transaction we proposed or any other transaction.

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The launch of PSUS, which would be our first flagship NYSE-listed permanent capital vehicle, will be our first fund marketed to both U.S. retail and institutional investors. Subject to the applicable requirements of the 1940 Act and the Code, as discussed elsewhere, PSUS is designed to be a near-mirror image of PSH, but without performance fee compensation and the regulatory marketing limitations, U.S. ownership restrictions, and tax characteristics of PSH.

The Howard Hughes Transaction has enabled us to create a permanent capital vehicle in a corporate form that we intend to use to acquire controlling interests in public and private companies and, as a result of the Vantage Acquisition, to build a profitable insurance company whose assets we will manage.

#### PSUS IPO Will Substantially Increase Our Fee-Paying AUM
The PSUS IPO will materially increase our permanent capital and our Fee-Paying AUM, which will lead to substantial growth in our predictable and recurring management fee revenue and fee-related earnings. PSUS will pursue our core investment strategy enabling it to leverage our existing investment acumen and infrastructure. We believe the launch and management of PSUS will not require an increase in our fixed costs, making the additional revenue from PSUS a highly material contribution to our earnings and cash flows. See "Unaudited Pro Forma Consolidated Financial Information" and the accompanying PSUS Prospectus for additional information on PSUS.

#### Howard Hughes Transaction Drives Long-Term Value Creation
We believe the Howard Hughes Transaction will allow us to build a fast-growing, high-returning diversified holding company that acquires control positions in companies meeting our criteria for business quality and durable growth alongside continued growth in the cash flows from HHH's MPC real estate business. Our first initiative for HHH was to acquire or create an insurance company, the investment assets of which would be managed by PSCM. On December 17, 2025, HHH entered into an agreement to acquire Vantage, a privately held specialty insurance and reinsurance company, for approximately $2.1 billion in cash.

The Vantage Acquisition is expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions. We believe that the Vantage Acquisition will anchor HHH's transformation into a diversified holding company by combining our investment capabilities with Vantage management's insurance expertise and operations, enabling HHH to build and grow a profitable insurance company, which has the potential to serve as an important source of long-term value creation for HHH and our shareholders. PSCM intends to manage the assets of Vantage's insurance company subsidiaries similarly to how we manage the assets of our core funds, but with consideration to issues particular to regulated insurance companies.

We view the Howard Hughes Transaction as highly synergistic to our core investment strategy and competencies. We intend to leverage the idea generation and diligence processes we utilize in our core investment strategy, along with our extensive track record and reputational equity developed from working closely with portfolio companies, to assist HHH in pursuing privately negotiated control investments. We also intend to leverage our variant insights from our asymmetric hedging strategy to help protect HHH from macroeconomic risks and to capitalize on market dislocations.

We believe the Howard Hughes Transaction will not require us to materially increase our fixed costs or headcount, making the additional value created from such transaction, including from the quarterly HHH Fees paid to PSCM, highly accretive to our earnings and cash flows.

#### Highly Collaborative Culture and Reputation as a Preferred Partner to Portfolio Companies
We believe our firm's unique culture is fundamental to our success. Our company combines investment excellence with a flat organizational structure. Each member of our investment team plays a meaningful role in the construction and management of our portfolio. Our collaborative partnership culture, permanent capital base, the highly attractive economics of our business and our approach to employee compensation have resulted in limited employee turnover.

Our collaborative culture is also demonstrated by our track record of constructive engagements with boards of directors and oversight of our portfolio companies, which has allowed us to establish an excellent reputation and credibility as a preferred partner. We believe our reputation has been an important driver of our outperformance since inception, allowing us to garner substantial influence and drive long-term value creation in our portfolio companies without paying a control premium.

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#### Alignment of Interests
We believe we have successfully built a business model that aligns our interests with our portfolio companies, investors in our funds, and the stockholders of Pershing Square Inc. Our employees and their affiliates' capital invested in our funds and HHH totaled $5.8 billion as of December 31, 2025, accounting for approximately 26% of the aggregate value of our funds' NAV, before any accrued performance fee, and HHH's market capitalization, which is substantially higher, both as a percentage and absolute dollar investment, than the typical amount of sponsor investments of other alternative asset manager teams. We also have agreed to increase our existing $17.1 million investment in PSUS to $150 million by investing $100 million in common shares in the PSUS Private Placement and an additional $50 million in a private placement of preferred shares to be issued by PSUS in connection with and upon completion of the PSUS IPO. Our employees will own the substantial majority of Pershing Square Inc. shares after the combined transaction.

Our employee compensation is tied to aggregate fund performance rather than the performance of any one or more portfolio companies or investments of our funds. Our Preferred Performance Fee arrangement increases our alignment with our investors as the substantial majority of our investment professionals' compensation comes from performance fees remaining after payment by PSCM of the Preferred Performance Fee to us. For additional information, see "Summary—Reorganization Transactions" and "Summary—Implications of Being a Controlled Company." To further align certain of our senior professionals with our long-term investment horizon, in connection with the combined offering, certain of our senior professionals will receive interests in PS Partner Group that may become redeemable, subject to certain conditions, for shares of our common stock held by PS Partner Group. See "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests in PS Partner Group."

To minimize circumstances that may lead to or give the appearance of conflicts of interest with our fund investors, we maintain policies that restrict the type of investments our employees can make in their personal accounts and require regular disclosure to us of their personal securities holdings and transactions.

#### Our Growth Strategy
We intend to drive long-term shareholder value by pursuing a growth strategy of compounding our permanent capital at high rates of return and by launching new permanent capital funds and executing corporate transactions, like the HHH Transaction, that will enable us to grow our permanent capital assets.

#### Generate High Rates of Long-Term Returns To Drive Organic Growth in Fee-Paying AUM
Generating high rates of long-term returns is key to our strategy and has been fundamental to our ability to scale our business over time. Since our founding, a long-term investment in our funds has generated substantially superior returns for investors versus an investment in the S&P 500, our benchmark index. Our strategy has proven to be highly scalable because fewer investment professionals are required to manage a concentrated portfolio consisting of long-term holdings with limited trading activity, and because our long-term, large ownership stakes increase our influence over our portfolio companies, which we believe helps to drive our investment performance.

We view our selective asymmetric hedging strategy as highly synergistic to our core investment strategy and a superior alternative to a large cash position or a continuous hedging program, both of which can be a significant drag on long-term performance. Accordingly, we believe that our core investment strategy complemented by our asymmetric hedging strategy will allow us to continue to compound our permanent capital at high rates of return, creating continued rapid organic growth in our AUM. Because of our high-margin, minimally capital-intensive operating model, our growth in Fee-Paying AUM from investment returns and new permanent capital initiatives should drive substantial increases in our revenues, our earnings, and our cash flow, which will be available for future investment opportunities and for dividends or share repurchases.

#### Selective Launches of New Permanent Capital Funds Can Drive Large Percentage Increases in Fee-Paying Assets
We will continue to evaluate opportunities to selectively launch new permanent capital funds that leverage our core competencies and create large 'overnight' increases in our Fee-Paying AUM without requiring significant new investments in infrastructure and operating costs. For example, we may consider launching new permanent capital funds that focus on investments with asymmetric payoff structures and/or opportunistic private

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investments, which leverage our substantial experience with asymmetric hedges and history of privately negotiated transactions. In light of our relatively small current Fee-Paying AUM compared with other publicly traded alternative asset managers, new permanent capital fund launches can drive large percentage increases in Fee-Paying AUM, operating profits, and cash flow. The combined offering and the HHH Transaction are emblematic of this approach to growth. In the event we identify additional compelling opportunities for selective expansion, we believe we are well positioned to capitalize on such opportunities.

#### Investment Objective

#### Core Funds
The investment objective of our core funds is to preserve capital and seek maximum, long-term capital appreciation and growth in intrinsic value per share commensurate with reasonable risk. We define risk as the probability of permanent loss of capital, rather than price volatility. Our core funds' investment strategy typically involves the purchase by our funds of large minority stakes in high-quality, predominantly North American-listed, large-capitalization growth companies at attractive valuations during periods in which we believe they have underperformed their potential and/or when we believe they are undervalued because the market underestimates their potential or overestimates the impact of certain negative factors on their businesses. Occasionally, our funds may purchase controlling positions in companies if we believe there is an attractive value proposition.

By working with management teams and boards of directors we seek to assist portfolio companies in creating substantial long-term value. We pursue a long-term investment strategy in which we generally make investments for our funds with the expectation of holding the investment for multiple years and do not typically engage in short-term trading of the securities of the companies in which our funds invest. We make investments on behalf of our funds with the expectation of holding each position for the long term. At any given time, we intend our core funds to own a concentrated portfolio of positions, although we may, from time to time, increase the number of holdings in the core funds' investment portfolios as a result of market or economic conditions or due to other considerations. We believe our commitment to making long-term investments provides the management teams and boards of directors of our portfolio companies with the necessary stability and support to create substantial long-term value and serves as an excellent recruitment tool when our portfolio companies seek to hire world-class senior executives who prefer the stability and backing afforded by a significant long-term shareholder.

Consistent with our core investment principles and business strategy, we seek to identify investment opportunities for our funds in high-quality companies that have a number of the characteristics enumerated below. We use these criteria and guidelines in evaluating investments, but may make investments in companies that do not meet all of these criteria.

&nbsp;&nbsp;&nbsp;&nbsp;• **Simple, predictable, and free-cash-flow-generative.** We generally seek investments in
 companies with a proven track record of growth and free cash flow generation, and predictable future financial performance that we expect will generate strong, sustainable growth in cash flows over the long-term.

&nbsp;&nbsp;&nbsp;&nbsp;• **Formidable barriers to entry**. We generally seek investments in companies that have
 long-term sustainable competitive advantages, significant barriers to entry, or "wide moats" around their business, and low risks of disruption due to competition, innovation or new entrants.

&nbsp;&nbsp;&nbsp;&nbsp;• **Limited exposure to extrinsic factors**. We generally seek investments that are not
 materially negatively affected by macroeconomic factors, commodity prices, regulatory risks, interest rate volatility and/or cyclical risk.

&nbsp;&nbsp;&nbsp;&nbsp;• **Strong financial profile**. We generally seek investments in companies that are
 conservatively financed relative to their free-cash-flow generation and their underlying asset values.

&nbsp;&nbsp;&nbsp;&nbsp;• **Minimal capital markets dependency**. We generally seek investments in companies that
 generally do not need to raise equity capital to fund their businesses.

&nbsp;&nbsp;&nbsp;&nbsp;• **Large capitalization**. We generally seek investments in companies with large enterprise
 values and significant long-term growth potential.

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&nbsp;&nbsp;&nbsp;&nbsp;• **Attractive valuation**. We seek to make investments in companies at a discount to their
 intrinsic value with the businesses operated 'as-is,' and at a potentially substantially greater discount relative to their value if the businesses were optimized.

&nbsp;&nbsp;&nbsp;&nbsp;• **Exceptional management and governance**. We generally seek investments in companies that
 have trustworthy, talented, experienced, and highly competent boards and management teams and that have implemented incentive compensation and robust governance structures designed to foster close shareholder alignment. We typically
 prefer to make investments in companies without controlling shareholders. However, at times, we may also seek investments in other companies where we believe we can be a catalyst for effectuating corporate change through active corporate
 engagement.

While we are comfortable making investments in a wide range of industries and assets, we generally prefer investments in simple businesses or assets that generate cash flows that can be estimated within a reasonable range over the long term. In seeking investment opportunities for our funds, we are willing to accept a high degree of situational, legal, and/or capital structure complexity if we believe that the resulting complexity allows for a bargain purchase.

We generally seek to make investments on behalf of the core funds in three broad categories of opportunities: (i) businesses that generate relatively predictable, growing, free cash flows; (ii) businesses or assets that we believe are significantly undervalued and often have a catalyst to realize value; and (iii) mispriced probabilistic securities or investments where we believe that the market price of a security or other investment under- or over-estimates the probability of a favorable change in interest rates or credit conditions, volatility and movement in markets, exchange rates or commodity prices, the outcome of a legal decision, contract or patent award or such other event that is expected to lead to a significant change in the valuation of such security or investment.

The substantial majority of the core funds' respective portfolios are typically allocated to a limited number of core holdings principally in companies headquartered in North America and listed in the United States, but occasionally in companies headquartered elsewhere, as was the case with our Universal Music Group investment.

We intend to continue to concentrate the core funds' assets in a relatively limited number of investments because we believe that (i) there are a limited number of attractive investments available in the marketplace at any one time and (ii) investing in a relatively modest number of attractive investments about which we have detailed knowledge provides a better opportunity to deliver superior, risk-adjusted, long-term returns when compared with a highly diversified portfolio of investments we can know less well.

While we typically pursue a long-term investment strategy for our core funds, our core funds may also make short sale investments that offer absolute return opportunities. In addition, the core funds may short individual securities to hedge or reduce our long exposures. We also opportunistically utilize hedges both to protect the investment portfolios of our core funds against specific macroeconomic risks and to capitalize on market volatility. We generally structure these asymmetric hedges using derivative investments where the amount of capital at risk is finite (an amount which typically represents a small, single-digit percentage of a fund's total assets), with the potential to earn large multiples of the invested capital if the identified risk or macro event occurs. This hedging strategy offers the potential for profits which occur when unanticipated market-disrupting events take place. Alternatively, profitable hedges may decline in value if the identified risk abates before a fund has exited the hedge.

We have historically reinvested, and expect to continue to reinvest, profits from our asymmetric hedges during periods of market disruption by increasing our investments in existing portfolio companies and occasionally acquiring new positions, taking advantage of the depressed valuations of common stocks which typically occur during market disruptions. Our opportunistic hedging strategy has allowed us to increase our exposure to high-quality companies at materially discounted valuations, contributing to our long-term investment performance. We believe our opportunistic hedging strategy is a superior alternative to holding a large cash position or maintaining a continuous hedging program, which can be a significant drag on long-term performance.

We have substantial experience in negotiating relevant agreements for derivative transactions, and we have longstanding relationships with the counterparties to such agreements, which have historically allowed us to successfully identify and execute hedges and other derivative transactions on a timely basis over multiple market cycles.

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We have no overarching strategy or asset allocation model that specifies what percentage of the core funds' portfolios should be invested in each investment category. Rather, cash, cash equivalents, and/or U.S. Treasurys are generally the default investment choices until we identify new opportunities. The core funds' allocations among different investment categories are a function of their potential risk and reward compared with available opportunities in the marketplace. Accordingly, the core funds may hold significant cash balances on an ongoing basis.

We believe that investments that meet the investment objective of our core funds are often found in companies undergoing significant changes in strategy, capital structure, corporate governance, management, legal exposure, corporate form, stockholder composition and control, liquidity and financial condition, and in companies that are affected by external changes in the economic and political environment, including changes in the relevant tax code. We also believe that investment opportunities that meet our core funds' investment objective may at times occur in misunderstood companies, distressed securities, companies in or exiting bankruptcy, spin-offs, rights offerings, liquidations, companies for which litigation is a major asset or liability, under-followed small and mid-capitalization companies and other special situations.

In certain situations, if we believe the potential for reward justifies the commitment of time, energy and capital, we may seek to be a catalyst to realize value from an investment by taking an engaged role in effectuating corporate change, either working alone or in conjunction with management and/or other investors. We believe that these techniques can both accelerate and maximize the realization of value from an investment and that constructive engagement with portfolio companies enables us to effectuate change without paying a control premium. For more than 22 years, we have accumulated significant experience in engaging with portfolio companies and guiding management teams, boards of directors and other stockholders through strategic and operational changes and restructurings. We believe that our successful track record and reputation as a value-creating owner enhances our ability to generate higher long-term rates of return.

The core funds will not make an initial investment in the equity of companies whose securities are not publicly traded (i.e., private equity) but may invest in privately placed securities of public issuers and publicly traded securities of private issuers. Notwithstanding the foregoing, it is possible that, in limited circumstances, public companies in which the core funds have invested may later be taken private and we may make additional investments in the equity or debt of such companies. The core funds may make investments in the debt securities of a private company, provided that there is an observable market price for such debt securities.

We generally implement substantially similar investment objectives, policies and strategies at each of the core funds. Allocation of investment opportunities among our core funds is typically made in a manner determined by us in our sole discretion, after taking into account (i) the "target allocation" to a particular strategy, geography, sector or other relevant characteristics of the subject opportunity, (ii) target levels of diversification of the relevant fund, and (iii) other factors that we believe in our sole discretion are relevant under the circumstances, including cash balances, liquidity requirements of a fund or anticipated cash flows, tax considerations and regulatory restrictions that would or could limit a fund's ability to participate in the proposed investment opportunity or require that a fund maintain a level of diversification, including requirements applicable to PSUS under the 1940 Act and the Code. See "—Allocation of Opportunities" below for more information on the allocation of investment opportunities between the core funds and HHH.

The leverage strategy we have employed for our funds has historically involved accessing a modest amount of low-cost, long-term, covenant-light, investment grade debt for certain of our funds. Historically, we have only agreed to debt incurrence covenants for our funds at thresholds well above the amount of leverage such funds intend to use in their strategy and have generally not used any margin borrowings for the funds we manage. Accordingly, we believe our leverage strategy has the potential to enhance our long-term returns without adding meaningful risk to our funds' portfolios. Since inception PSH has raised approximately $4.6 billion in investment grade bonds. PSUS similarly may issue debt securities or preferred shares if it believes that market conditions would be conducive to the successful implementation of a leveraging strategy through such issuances, as described in the accompanying PSUS Prospectus. The ability of PSH and PSUS to execute their leverage strategies depend on their ability to access sufficient sources of debt financing at attractive rates. The absence of available sources of sufficient debt financing at attractive rates for extended periods of time could therefore materially and adversely affect PSH and/or PSUS.

We take a concentrated, research-intensive, fundamental value approach to investing across our core funds. Our research process is based on detailed bottom-up analysis, although we include top-down factors in our

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overall analysis (e.g., how will a company be impacted by a downturn in the economy, a rise or fall in interest rates, etc.). Typically, we establish a limited number of new investment positions per year, from a large number of potential investment opportunities reviewed by the investment team. After identifying appropriate subsets within this broad initial review, the investment team discusses these potential investments to further refine and limit its focus. Once a potential investment is deemed sufficiently promising, the investment team typically performs additional research involving the analysis of public filings and extensive secondary sources and analyzes the historical record of the potential investment, looking for sources of comparable data on both public and private companies. We believe individual company research with respect to our current and potential future portfolio company investments can also yield variant macroeconomic insights allowing us to opportunistically structure asymmetric hedges both to protect the investment portfolios of our core funds against specific macroeconomic risks and to capitalize on market volatility. Our Founder is the ultimate decision maker for all investment positions. Mr. Israel is our Chief Investment Officer.

Our Founder, Mr. Israel, and the other investment professionals work as a team. Analysts are generalists and work in small teams on every investment in the portfolio. These teams are fluid and change from investment to investment depending on the availability of resources as well as the specific knowledge and interests of the analysts. All analysts, including those not directly responsible for a specific security, are expected to ask questions, challenge investment theses and voice opinions about investments in the portfolio. We believe that this process results in ideas being thoroughly vetted prior to making an investment, and carefully monitored once in the portfolio. In addition to a weekly investment team meeting at which the entire portfolio and potential new investments are discussed, analysts meet informally throughout each day.

#### HHH
The investment objective of HHH is to seek long-term growth in intrinsic value per share. HHH's investment strategy as a diversified holding company typically involves the acquisition of control positions in high-quality, durable growth public and private companies. Our first investment initiative for HHH was to acquire or create an insurance company whose assets we will manage, and on December 17, 2025, HHH entered into an agreement to acquire Vantage, a privately held specialty insurance and reinsurance holding company.

The Vantage Acquisition is expected to close in the second quarter of 2026, subject to customary regulatory approvals and closing conditions. In connection with the Vantage Acquisition, it is expected that PSCM will be engaged as investment manager for Vantage and its insurance company subsidiaries. We believe that the Vantage Acquisition will anchor HHH's transformation into a diversified holding company by combining our investment capabilities with Vantage management's insurance expertise and operations, enabling HHH to build and grow a profitable insurance company, which has the potential to serve as an important source of long-term value creation for HHH and our shareholders. HHH's investment strategy also will continue to consist of investing in and growing its existing core real estate development and MPC real estate business.

We will not have full discretionary authority over the investments of HHH. However, HHH generally will seek to identify opportunities in companies that meet our core investment criteria, as described above. Although HHH's diversified portfolio of operating companies may include businesses in which we and HHH have limited prior experience, HHH intends to attract and retain personnel with the relevant industry knowledge and experience to successfully direct the day-to-day activities of its operating companies. We believe the benefits of diversification for HHH are significant, including mitigating the current risk that a majority of HHH's assets are allocated to its real estate development and MPC real estate business which has significant exposure to risks related to interest rates, the housing market and regulatory barriers. Pursuant to its intended diversified holding company strategy, HHH intends to operate in a manner not requiring registration as an investment company under the 1940 Act.

We will support HHH's transformation into a diversified holding company by providing investment advisory and other ancillary services to HHH, consistent with the terms of the HHH Services Agreement. Such services include (i) investment advisory services to HHH, (ii) making recommendations with respect to hedging, balance sheet optimization and capital allocation, (iii) executing transactions, (iv) assisting HHH with business and corporate development functions, (v) making voting recommendations for HHH's investments, (vi) assisting with and advising on fundraising, (vii) monitoring operations of HHH and its investments, subject to the day-to-day

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authority and responsibility of HHH's management, (viii) providing recommendations for persons to serve as designees or deputies of HHH's Chief Investment Officer, (ix) engaging and supervising HHH's third-party service providers, (x) making dividend payment recommendations and (xi) providing other services as may be agreed upon.

In addition to HHH's control oriented investment strategy, HHH also intends to use the Vantage Acquisition to build a profitable insurance company which has the potential to serve as an important source of long-term value creation for HHH and our shareholders. PSCM intends to manage the assets of Vantage's insurance company subsidiaries similarly to how we manage the assets of our core funds, but with consideration to issues particular to regulated insurance companies.

We intend to leverage the concentrated, research-intensive approach to investing used with our core funds, as described above, to assist HHH in identifying opportunities. We also intend to leverage our over 22 years of experience in engaging with portfolio companies and guiding management teams, boards of directors and other stockholders through strategic and operational changes and restructurings, as well as our successful track record and reputation as a value-creating owner, to assist HHH in successfully pursuing privately negotiated control investments. In addition, we intend to leverage the variant insights from our asymmetric hedging strategy to protect HHH against macroeconomic risks and allow HHH to capitalize on market volatility.

Our Founder is the Executive Chairman of the HHH Board of Directors, and Mr. Israel is HHH's Chief Investment Officer. Mr. Israel and, until May 7, 2026, Mr. Hakim also serve on the HHH Board of Directors. Our Founder, Mr. Israel and Mr. Hakim will not receive compensation from HHH for such services. On April 20, 2026, HHH announced that Marc Grandisson, former CEO of Arch Capital Group Ltd. (NASDAQ: ACGL), a global specialty insurance, reinsurance, and mortgage insurance company, will join the HHH Board of Directors, effective May 7, 2026, as one of our board appointees replacing Mr. Hakim. Mr. Grandisson has also agreed to serve as a strategic adviser to us, effective March 2027, at which time he will be entitled to receive an award of 400,000 RSUs that vest over four years.

We believe our history of constructive engagement with HHH, dating back to 2010 when we recruited the management team and were at the forefront of the creation of The Howard Hughes Corporation, will allow us to create value through the Howard Hughes Transaction.

#### Allocation of Opportunities
As discussed above, our core funds' primary investment strategy typically involves the purchase of large minority positions whereas HHH's primary investment strategy typically involves the acquisition of control positions. However, each of our funds and HHH may consider a broad range of investment opportunities as part of their investment strategies. PSCM will retain the discretion to allocate investment opportunities among our funds and HHH, including allocating a controlling position to our core funds and recommending a minority position to HHH, based on the particular opportunity and other factors it deems appropriate, and consistent with its contractual and legal obligations to our funds and HHH, including those under the HHH Services Agreement.

#### Risk Management
We define investment risk as the probability of a permanent loss of capital rather than price volatility. We do not use formulaic approaches to risk management. Instead, risk management is integrated into the portfolio management process. Our primary risk management tool is the extensive research we complete prior to an initial investment by the funds. The factors we consider in assessing long investment opportunities include:

&nbsp;&nbsp;&nbsp;&nbsp;• volatility/predictability of the businesses;

&nbsp;&nbsp;&nbsp;&nbsp;• correlation with macroeconomic factors;

&nbsp;&nbsp;&nbsp;&nbsp;• financial leverage;

&nbsp;&nbsp;&nbsp;&nbsp;• defensible market positions; and

&nbsp;&nbsp;&nbsp;&nbsp;• discount to intrinsic value.

We do not have a formulaic approach in evaluating correlations between investments, but we are mindful of sector and industry exposures and other fundamental correlations between the businesses in which we invest.

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As part of our strategy to mitigate investment risk, we seek to invest the substantial majority of the core funds' capital in high-quality, low-leverage, North American, large-cap companies. Accordingly, the primary risks in the core funds' portfolio are company specific risks which are managed through investment selection and due diligence. The public nature of the investments in the core funds' portfolio and portfolio concentrations allows us to monitor and evaluate every investment on a daily basis.

We seek to limit the core funds' exposure to the risks that may be associated with the use of financial leverage and short sales. As described above, we also seek to opportunistically utilize asymmetric hedges to protect the investment portfolios of our core funds against specific macroeconomic risks. In addition to our asymmetric hedging strategy, the core funds may also use derivatives, including equity options, in order to obtain security-specific non-recourse leverage in an effort to reduce the capital commitment to a specific investment, while potentially enhancing the returns on the capital invested in that investment. The core funds may also use derivatives, such as equity and credit derivatives and put options, to achieve a synthetic short position in a company without exposing a fund to some of the typical risks of short selling, which include the possibility of unlimited losses and the risks associated with maintaining a stock borrow. The core funds generally do not use total return swaps to obtain leverage, but rather to manage regulatory, tax, legal, share ownership restrictions, or other issues. PSUS's use of derivatives is subject to compliance with Rule 18f-4 under the 1940 Act.

To mitigate credit risk arising in connection with trading in financial instruments, we seek to have the funds enter into transactions only with reputable counterparties that we believe to be creditworthy. We hedge counterparty risks via cash, U.S. Treasurys, short-term U.S. Treasury money market funds collateral, and through the use of credit default swaps.

#### The Funds and HHH
Our wholly owned subsidiary, PSCM, serves as the investment manager of PSH, our private funds, and following the PSUS IPO, PSUS, and provides investment advisory and other services to HHH. In addition, following the closing of the Vantage Acquisition, it is expected that PSCM will be engaged as investment manager for Vantage and its insurance company subsidiaries.

The following table provides an overview of our core funds and HHH:

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| | | | |
|:---|:---|:---|:---|
| **Core Fund<sup>(1)(2)</sup>** | **Launch Date** | **Assets Under** <br>**Management as of** <br>**December 31, 2025** | **Availability**  |
| PSH<sup>(3)</sup> | December 31, 2012 | $18.7 billion | Shares traded on London Stock Exchange  |
| PSLP | January 1, 2004 | $1.5 billion | Open but not actively marketing  |
| PSINTL | January 1, 2005 | $409.0 million | Open but not actively marketing  |
| PSUS | \*  | —  | Shares to be traded on the NYSE following the PSUS IPO  |
| **Total AUM — Core Funds** |  | $20.6 billion |  |
| HHH<sup>(4)</sup> |  | $10.0 billion | Shares traded on the NYSE |
| **Total AUM — Core Funds and HHH** |  | $30.7 billion |  |

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\*<br> PSUS will commence investment operations concurrently with the consummation of the PSUS IPO.

(1)<br> There are no separately managed account arrangements, and we do not manage any proprietary accounts.

(2) Employees are permitted to invest in PSLP, PSINTL and PSH. Employee investments in PSLP and PSINTL are subject to quarterly liquidity and are not charged any management or incentive fees, and we have historically rebated the management and performance fees charged to PSH shares held by our employees and their affiliates. In 2024, we rebated 100% of our employees' and their affiliates' fees. Following the Holdco Reorganization, we ceased to provide these rebates, which were instead continued by PS Partner Group and CompCo. Following the combined offering, PS Partner Group and CompCo will no longer rebate the fees of employees invested in PSH. See "Certain Relationships and Related Person Transactions—Other Transactions—Fee Waivers and Rebates."

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(3) As of December 31, 2025, PSH's AUM includes bond proceeds of $2.3 billion and €1.15 billion (translated into USD at the prevailing exchange rate at the reporting date). 

(4)<br> As of December 31, 2025, HHH's AUM reflects its market capitalization as of such date plus its net mortgages, notes, and loans payable as reported in its Quarterly Report on Form 10-Q for the quarter ending September 30, 2025.

#### Pershing Square SPARC Holdings, Ltd.
We are the non-member manager of Pershing Square SPARC Sponsor, LLC ("SPARC Sponsor"), which is the sponsor entity of Pershing Square SPARC Holdings, Ltd. ("SPARC"). PSH and our private funds are the non-managing members of SPARC Sponsor. On September 29, 2023, the SEC declared effective a registration statement on Form S-1 filed by SPARC relating to the proposed issuance and distribution of subscription warrants to purchase common stock of SPARC, referred to as "SPARs." SPARC has since begun to pursue potential business combination opportunities with private, high-quality, growth companies. On April 7, 2026, we announced that we had made a proposal to the UMG board of directors concerning a business combination transaction in which UMG would merge with SPARC, with the newly merged company becoming a Nevada corporation listed on the NYSE. The proposal contemplates that our core funds would waive their sponsor warrants in SPARC. There is no assurance that our proposal will be accepted by UMG or result in the transaction we proposed or any other transaction.

#### Howard Hughes Transaction
On May 5, 2025, we completed the Howard Hughes Transaction pursuant to which we intend to transform one of our funds' portfolio companies, HHH, into a diversified holding company. HHH will also seek to acquire, over time, controlling ownership of high-quality, durable growth public and private operating companies while continuing to grow its MPC real estate business. We provide HHH with investment advisory and other services, including corporate development, transaction execution and capital markets advisory services to support its new diversified holding company strategy. Upon completion of the Howard Hughes Transaction, we acquired nine million shares of HHH common stock for $900 million, representing approximately 15% of the issued and outstanding HHH common stock, and also generally hold the power to vote 40% of the issued and outstanding HHH common stock, making us the largest single stockholder of HHH by voting power.

#### Pershing Square USA, Ltd.
Our wholly owned subsidiary, PSCM, serves as the investment manager of Pershing Square USA, Ltd., a non-diversified, closed-end investment company that is registered under the 1940 Act. On March 10, 2026, PSUS filed with the SEC a registration statement on Form N-2 relating to the proposed PSUS IPO (including the issuance to us and resale by us of PSUS Shares). Please refer to the accompanying PSUS Prospectus for more information about PSUS.

In connection with the PSUS IPO and PSUS Private Placement, we have agreed to (i) increase our existing $17.1 million investment in PSUS to a $150 million investment in PSUS comprising (a) $100 million of common shares in the PSUS Private Placement and (b) $50 million of preferred shares to be issued by PSUS in a private placement in connection with and upon completion of the PSUS IPO and (ii) maintain such investment (or substantially equivalent economic position) for at least 25 years following the consummation of the combined transaction, subject to certain exceptions and unless prohibited by applicable law (the "Anchor Investment"). We intend to finance this additional investment using borrowings under the Term Loan Facility,

We will be paid a quarterly management fee equal to 0.5% (2.0% on an annual basis) of the Net Asset Value of PSUS, payable in advance at the beginning of each quarter. We are not entitled to any type of performance fee or incentive allocation from PSUS.

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#### Advisory Fees and Compensation
Our primary source of income comes from the management and performance fees derived from the funds. We also earn income from the fees paid by HHH. A brief summary of these fees is provided below.

#### PSH
*Management Fee* 

We are generally paid a quarterly management fee equal to 0.375% (1.5% on an annual basis) of the Net Asset Value, before any accrued performance fees, of fee-paying shares of PSH, payable in advance at the beginning of each quarter.

In connection with the Howard Hughes Transaction, we reduced the management fees payable to PSCM by PSH by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by PSH.

*Performance Fee* 

We receive a "variable performance fee" from PSH in an amount equal to (i) 16% of the gains attributable to each share of PSH (the "16% performance fee"), minus (ii) the "additional reduction" (as defined below). The variable performance fee is payable upon the occurrence of crystallization events, which include December 31 of each year and PSH's payment of a dividend. Any 16% performance fees paid in connection with dividends are pro-rated to reflect the ratio of the dividend to PSH's Net Asset Value at the time the dividend is paid. Accordingly, no variable performance fee can be higher than the 16% performance fee but it may, as a result of the additional reduction, be lower (although it can never be a negative amount).

The "additional reduction" is an amount equal to the lesser of the 16% performance fee and the "potential reduction amount" (as defined below).

The "potential reduction amount" is a notional amount equal to (i) 20% of the aggregate performance fees and allocation earned by us and our affiliates for the same calculation period on the gains of other current and certain future funds managed by us or any of our affiliates (including PSLP and PSINTL) plus (ii) 20% of any management fees earned from certain future funds that do not have performance fees or allocations as part of their terms (including, following the PSUS IPO, PSUS), plus (iii) if the potential reduction amount in respect of the previous calculation period was not fully utilized in reducing the variable performance fee for that period, the amount not utilized (which is in effect carried forward). We refer to this arrangement pursuant to which a portion of the performance fees and management fees of certain other funds serve to reduce the performance fee paid by PSH to PSCM as the "fee offset arrangement."

For purposes of calculating the variable performance fee, "gains" refer to the net realized and unrealized increase (if any) in the Net Asset Value attributable to the relevant shares (calculated before giving effect to the variable performance fee) above a high-water mark applicable to such shares, that in each case have accrued at the relevant crystallization event.

A "high-water mark" with respect to any share of PSH is the highest Net Asset Value attributable to that share at the end of any period (typically, each December 31 and any other crystallization event outside of a dividend payment) for which a performance fee is paid, provided that in the circumstances where PSH pays a dividend, the high-water mark will be reduced by the percentage of the Net Asset Value represented by such dividend. The high-water mark for the shares at the end of any period is calculated after the Net Asset Value per share is reduced by the management fee and the variable performance fee, in each case accruing at, or before, the relevant crystallization event.

#### PSLP
*Management Fee* 

We are generally paid quarterly a management fee equal to 0.375% (1.5% on an annual basis) of the Net Asset Value, before any accrued performance allocation, of the capital accounts relating to each limited partner of PSLP, payable in advance at the beginning of each quarter and prorated for any partial quarter. We have waived,

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and may in the future waive, in our sole discretion the management fee with respect to the capital accounts of our Founder and other personnel and their affiliates and certain other investors, including accounts related to Pershing Square Foundation and other donor advised funds associated with our personnel. As of December 31, 2025, the Fee-Paying AUM of PSLP was 42%.

In connection with the Howard Hughes Transaction, we reduced the management fees payable to PSCM by PSLP by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by PSLP attributable to its fee-paying capital.

*Performance Fee* 

The general partner of PSLP, PSGP, is entitled to a performance allocation of (1) 20% in respect of those limited partners who elect upon subscription to be subject to such 20% performance allocation, and (2) 30% above an annual 5% hard hurdle (non-cumulative) in respect of those limited partners who elect upon subscription to be subject to such 30% performance allocation, in each case reduced by loss carry forward accounts (if any). Although we do not have any direct equity interests in PSGP, a portion of the performance allocation earned from PSLP is available to offset the variable performance fee we receive from PSH pursuant to the "potential reduction amount" described above under "—PSH—Performance Fee."

#### PSINTL
*Management Fee* 

We are generally paid quarterly a management fee equal to 0.375% (1.5% on an annual basis) of the Net Asset Value, before any accrued performance fee, of each series of fee-paying shares of PSINTL, payable in advance at the beginning of each quarter and prorated for any partial quarter. We have waived, and may in the future waive, in our sole discretion, the management fee with respect to the capital accounts of our Founder and other personnel and their affiliates and certain other investors, including accounts related to Pershing Square Foundation and other donor advised funds associated with our personnel. As of December 31, 2025, the Fee-Paying AUM of PSINTL was 55%.

In connection with the Howard Hughes Transaction, we reduced the management fees payable to PSCM held by PSINTL by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by PSINTL attributable to its fee-paying capital.

*Performance Fee* 

We receive a performance fee from PSINTL with respect to the fee-paying series of shares of PSINTL (Classes A, C, D, E and G). Stockholders in Classes A, C, D and E, which each have different redemption rights, pay us a performance fee equal to 20% of the increase, if any, in the Net Asset Value (before performance fees) of each series of each class of shares, during each fiscal year, above the Net Asset Value thereof for the fiscal year with respect to which a performance fee was most recently payable. Stockholders in Class G pay us a performance fee equal to 30% above an annual 5% hard-hurdle (non-cumulative), and are otherwise subject to the same management fee arrangements as those stockholders in Classes A, C, D and E. Stockholders in Class F are our affiliates or charitable entities directed, supported, or controlled by our employees or affiliates, and are not charged a management fee or performance fee.

The performance fee is calculated based on both realized gains and losses and unrealized appreciation and depreciation of securities held in PSINTL's portfolio, calculated on a series-by-series basis. A separate series is issued for each subscription for shares.

#### PSVII
*Management Fee* 

Prior to its liquidation on December 31, 2024, we were generally entitled to a quarterly management fee equal to 0.0625% (0.25% on an annual basis) of the balance of each capital account, payable in advance at the beginning of each quarter and prorated for any partial quarter, although with limited exceptions, we had waived the management fee with respect to the capital accounts for most investors.

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#### Allocation of Performance Fee Revenue
In connection with the Strategic Investment, we implemented an arrangement for the allocation of performance fee revenue as between us and our investment professionals among others. Pursuant to this arrangement reflected in the VCA, for each crystallization period, we are entitled to receive the following amounts with respect to certain funds we manage (our "Preferred Performance Fee" with respect to the applicable fund): (i) with respect to PSH, an amount equal to the 16% performance fee that would have been earned if PSH had experienced a "net of management fee" return of 5% per annum above its high-water mark (and following the termination and replacement of the VCA in connection with the combined offering, minus any offsettable management fees which with respect to any fund refers to the portion of such management fee that would offset performance fees payable by PSH as described above); and (ii) with respect to certain other funds subject to the VCA (currently only PSINTL), an amount equal to the applicable performance fee that would have been earned if such fund had experienced a "net of management fee" return of 5% per annum above its high-water mark minus any offsettable performance fees which with respect to any fund refers to the portion of such performance fee that would offset performance fees payable by PSH as described above.

The calculation of the Preferred Performance Fee that we are entitled to receive from any fund is not dependent on the actual amount of performance fees earned from such fund. However, the amount of Preferred Performance Fees actually distributed to us from PSCM will be limited by the performance fees (and applicable offsettable performance fees) that PSCM actually receives from the applicable fund. In the case of PSH, PSCM's performance fees are subject to a fee offset arrangement, as described above, that reduces the amount of performance fees paid by PSH based on management fees and performance fees earned from certain other funds, and a portion of such offsettable performance fees will be made available by PSCM to pay the Preferred Performance Fees with respect to PSH or will be paid to CompCo as Subordinated Performance Fees in case of any applicable excess above the payment of the Preferred Performance Fees with respect to PSH. Any portion of the Preferred Performance Fee that we are entitled to receive from a fund that is not paid in a given period will accrue to the next period's Preferred Performance Fee for such fund until paid by such fund. For further information, see "Executive Compensation—Narrative Disclosure to Summary Compensation Table—Variable Compensation Agreement" and "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Subordinated Profits Interest." See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Components of Our Results of Operations—Income—Performance Fees—Allocation of Performance Fee Revenue" for an illustration of our Preferred Performance Fee arrangement for the allocation of performance fee revenue over the six-year period ending December 31, 2025.

#### HHH Fees
*HHH Base Management Fee*

We are paid quarterly a base fee by HHH of $3,750,000 ($15,000,000 on an annual basis) (the "HHH Base Management Fee"), payable in advance at the beginning of each quarter. The HHH Base Management Fee shall be prorated in the case of the second quarter of 2025. The HHH Base Management Fee is subject to annual adjustment for inflation based on the Core PCE Price Index, with the first such adjustment to occur on January 1, 2026.

*HHH Variable Management Fee*

We are paid quarterly a variable fee by HHH, payable no later than fifteen days from the end of each quarter, equal to 0.375% of the (x) excess value of (a) the volume-weighted average trading price of shares of HHH common stock for the fifteen trading days ending on the last trading day of such quarter over (b) an initial reference share price equal to $66.1453 multiplied by (y) the reference share count equal to 59,393,938 shares (the "HHH Variable Management Fee" and together with the HHH Base Management Fee, the "HHH Fees").

The reference share price is subject to annual adjustment for inflation based on the Core PCE Price Index, with the first such adjustment to occur on January 1, 2026, and subject to adjustment for stock splits, reclassifications or similar capital changes. The reference share count is also subject to adjustment for stock splits, reclassifications or similar capital changes but generally shall not be adjusted for the issuance of new shares of HHH common stock.

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If the HHH Services Agreement is terminated, PSCM will be entitled to any HHH Fees earned prior to such termination, provided that the quarter-end stock price for purposes of calculating the HHH Variable Management Fee will be based on the volume-weighted average trading price for the fifteen trading days ending on the date the agreement is terminated.

#### Other Investment Funds
We may offer other investment funds, including co-investment opportunities alongside the funds, to third parties selected by us in our sole discretion, including certain existing investors of the funds and/or the existing other investment funds. Co-investment opportunities may be made available through limited partnerships, limited liability companies or other special-purpose entities formed to make such investments, such as PSVII, which was formed for the purpose of investing in the securities of Universal Music Group. The terms will vary from product to product and will be determined at their establishment.

#### Termination of Investment Management Agreements and HHH Services Agreement and Key Man Protection

#### PSH
Our investment management agreement with PSH may be terminated by PSH as of December 31 of each year upon four months prior notice. In addition, any assignment by us, or any event that may be deemed an assignment, of the PSH investment management agreement under the Advisers Act, would require the consent of PSH. PSH is managed by a majority-independent board of directors that is elected by its stockholders. Any decision by the PSH board to terminate the investment management agreement or to withhold consent to an assignment under the Advisers Act would only be effective if 66 2/3% of the voting shares and 66 2/3% of the public shares of PSH support such decision. Our Founder and certain of our other employees, together with their affiliates, directly or indirectly hold public shares of PSH that represented 28% of the outstanding public shares of PSH at December 31, 2025. As a result, a decision to terminate the investment management agreement by record holders as of such date would have required the affirmative approval of 93% of the remaining outstanding public shares.

Additionally, under the indentures for certain senior notes issued by PSH (the "legacy notes"), if a Key Man Event (defined as Mr. Ackman's death, permanent disability or withdrawal as managing member of the general partner to PSCM) occurs, the specified debt to capital ratio in the debt covenant is reduced from 1.0 to 3.0 to 1.0 to 4.0. If at the time of the Key Man Event, PSH's debt to capital ratio is above 1.0 to 4.0, PSH will be required to either reduce its debt or issue additional equity to meet the new 1.0 to 4.0 ratio within 180 days, which may require PSH to liquidate certain of its positions to generate cash to meet the new ratio. If the Key Man Event covenant requires a reduction in existing leverage to meet the new 1.0 to 4.0 ratio, the outstanding legacy notes become callable at 101% of par in the amount necessary to achieve the required debt to capital ratio and the Company may select which notes to redeem. We have historically limited PSH's debt to capital ratio to a 33.0% threshold but have never exceeded 25.0%. As of December 31, 2025, PSH had a debt to capital ratio of 19.5% and an average ratio of 18.3% since PSH's first debt issuance.

#### PSUS
Our investment management agreement with PSUS may be terminated as a whole at any time by PSUS, without the payment of any penalty, upon the vote of a majority of the PSUS Board or a majority of the outstanding voting securities of PSUS or by us, on 60 days' written notice by either party to the other, which can be waived by the non-terminating party. In addition, our investment management agreement with PSUS will terminate automatically in the event of its "assignment" (as such term is defined in the 1940 Act). Five of the six trustees of the PSUS Board are not "interested persons" of us or PSUS for purposes of Section 2(a)(19) of the 1940 Act and are "independent," as determined by the PSUS Board. Following the PSUS IPO, subject to certain exceptions, the PSUS Board will be elected by PSUS's public shareholders. Pursuant to the requirements of the 1940 Act, at least 40% of the trustees serving on the PSUS Board at any time must not be "interested persons" of us or PSUS.

#### HHH Services Agreement
The HHH Services Agreement has an initial 10-year term, with successive automatic 10-year renewal terms unless the agreement is terminated or not renewed in accordance with its terms. The HHH Services Agreement may be terminated by HHH, with the approval of two-thirds of the disinterested members of its board of

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directors, with 120 days' prior written notice (or 30 days' prior written notice for causes (i), (ii), (iii) or (iv)) in the event of any of the following: (i) a material default by PSCM that causes material harm and is not cured within 60 days; (ii) fraud, misrepresentation or embezzlement by PSCM; (iii) PSCM acts in a manner constituting bad faith, willful misconduct or gross negligence or engages in criminal conduct in the performance of its duties; (iv) PSCM faces bankruptcy or insolvency; (v) upon a change of control of HHH; and (vi) with unanimous approval of the disinterested members of the HHH Board of Directors, if we or our affiliates no longer beneficially own all of the shares of HHH common stock purchased in connection with the Howard Hughes Transaction during the first 10 years following the closing date of such transaction (or 75% of such shares thereafter). In the event that the HHH Services Agreement is terminated pursuant to a change of control, HHH will pay PSCM a make-whole fee intended to approximate the present value of the total fees (both base and variable) that PSCM would have received had it continued to provide services for the remainder of the then-current term of the agreement. HHH may also elect not to renew the HHH Services Agreement if the non-renewal is approved by a unanimous vote of the disinterested members of its board of directors and by holders of at least 70% of the outstanding shares of HHH common stock, excluding any shares held by us or our affiliates. The HHH Board of Directors, subject to certain exceptions, will be elected by HHH's public stockholders. Subject to the terms of the Shareholder Agreement we entered into in connection with the HHH Transaction, for so long as we (together with investment funds managed by us) beneficially own at least 17.5% of the fully diluted shares of HHH common stock, we have the right to nominate for election three directors to the HHH Board of Directors under the current HHH Board size.

The HHH Services Agreement may also be terminated by PSCM (i) in the event of a material default by HHH that causes material harm and is not cured within 120 days or (ii) if HHH makes a general assignment for the benefit of its creditors or faces bankruptcy or insolvency.

If the HHH Services Agreement is terminated, PSCM will be entitled to any fees earned prior to such termination. See "—Advisory Fees and Compensation—HHH Fees" for more information.

#### PSLP and PSINTL
A "Key Man Event" is deemed to occur upon Mr. Ackman's death or permanent disability. During the 90-day period following notice of a Key Man Event, subscriptions and redemptions will not be permitted. In certain circumstances following a Key Man event, limited partners or stockholders, as the case may be, of each fund may redeem all or some of their shares without being subject to the 20% Net Asset Value threshold, as described more fully in the funds' articles of association, and without being charged any redemption fees, other than the amount necessary to cover any extraordinary expenses associated with such redemption.

#### Technology and Cybersecurity
Our business relies heavily on technology to support its operational, financial and information needs, and we consider our information security program a key component of our approach to risk management.

We have developed a comprehensive information security program in accordance with guidelines published by the National Institute of Standards and Technology, the International Organization for Standardization, industry practice and regulatory guidance applicable to us as an investment manager and commodity pool operator of the funds. In implementing and maintaining our program, we evaluate the risk of internal and external threats to and vulnerabilities of our information and technology systems, including inadvertent alteration or destruction of electronic data; network inaccessibility; unauthorized access to our data; viruses and malware; loss, destruction or theft of critical hardware; interception and compromise of electronic transmissions; and inadequate policies and procedures of third-party service providers.

To address these risks, our information security program is focused on the following key areas:

&nbsp;&nbsp;&nbsp;&nbsp;• *Governance.* Our Information Security Committee, led by members of our management team,
 meets semi-annually and as needed to assess information security-related risks to our business, oversee the implementation of our information security controls, policies and procedures, and review their effectiveness. Our board of
 directors receives regular updates on our information security operations.

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&nbsp;&nbsp;&nbsp;&nbsp;• *Technical controls*. We deploy a variety of robust controls as part of our information
 security program including network and network storage configuration requirements, encryption of sensitive data, access controls, user identification and multi-factor authentication, firewalls, intrusion prevention and detection systems
 and anti-malware functionality.

&nbsp;&nbsp;&nbsp;&nbsp;• *Supervision of service providers.* We have implemented a risk-based approach to identify,
 oversee and mitigate risks presented by third parties with access to our information, as well as the risks to our business posed by cyber incidents affecting third-party systems.

&nbsp;&nbsp;&nbsp;&nbsp;• *Assessment and testing.* We evaluate the effectiveness of our policies and controls
 through regular third-party assessments and simulation exercises and use internal and external cyber penetration testing to identify critical vulnerabilities. We adjust our cybersecurity policies and controls as necessary based on the
 information provided by these reviews.

&nbsp;&nbsp;&nbsp;&nbsp;• *Incident response.* We maintain incident response and recovery plans to facilitate the
 detection and assessment of cyber incidents and to guide our response to a cybersecurity incident, and we conduct incident simulations on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;• *Training and awareness.* We provide regular, mandatory information security training for
 all personnel on our information security program and how to avoid common cyber-attacks. Specialized training is provided to personnel whom we identify as vulnerable to simulated threats.

For a discussion of how risks from cybersecurity threats could affect our business, see "Risk Factors—Risks Related to Our Business and Industry—*Cybersecurity and data protection risks could result in the loss of data, interruptions in our business, and damage to our reputation, and subject us to regulatory actions, increased costs and financial losses, each of which could have a material adverse effect on our business and results of operations*."

#### Regulation and Compliance
Our business is subject to extensive regulation, including periodic examinations and regulatory investigations, by governmental and self-regulatory organizations in the jurisdictions in which we operate around the world. The level of regulation and supervision to which we are subject to varies from jurisdiction to jurisdiction and is based on the type of business activity involved.

We have operated for years within a framework that requires our being able to monitor and comply with a broad range of legal and regulatory developments that affect our activities, and we take our obligation to comply with all such laws, regulations, and internal policies seriously. We, in conjunction with our outside advisors and counsel, seek to manage our business and operations in compliance with such regulation and supervision. Our reputation depends on the integrity and business judgment of our employees, and we strive to maintain a culture of compliance throughout the firm. Rigorous legal and compliance analysis of our businesses and investments is important to our culture. We strive to maintain a culture of compliance through the use of policies and procedures, such as our code of ethics, compliance systems, and education and training for our people. We maintain and follow policies and procedures that are tailored to our business to facilitate compliance with the Advisers Act and other securities laws.

Our compliance team is composed of eight experienced and dedicated professionals who seek a strong, committed and globally consistent compliance culture throughout our Company. The compliance team's reporting line is independent of the investment team it supports and ultimately reports to our Chief Legal Officer & Chief Compliance Officer. The compliance team conducts regular reviews to monitor whether procedures are performed appropriately and conducts an annual review of the adequacy and implementation of all compliance policies and procedures. In addition, we have retained a third-party compliance advisor for assistance with ongoing compliance monitoring (including carrying out focused quarterly reviews on our behalf) and as a consultant with respect to compliance-related issues.

#### United States
In the United States, PSCM is registered with the SEC as an investment adviser under the Advisers Act. As a registered investment adviser, we are subject to the requirements and regulations of the Advisers Act. Such requirements relate to, among other things, fiduciary duties to advisory clients, maintaining an effective compliance program and code of ethics, investment advisory contracts, solicitation agreements, conflicts of

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interest, recordkeeping and reporting requirements, disclosure requirements, advertising and custody requirements, political contributions, limitations on agency cross and principal transactions between an adviser and advisory clients and general anti-fraud prohibitions. In addition, as a registered investment adviser, we are subject to routine periodic and other examinations by the staff of the SEC. The Advisers Act generally grants the SEC broad administrative powers, including the power to limit or restrict an investment adviser from conducting advisory activities if it fails to comply with federal securities laws. Additional sanctions that may be imposed for failure to comply with applicable requirements include the prohibition of individuals from associating with an investment adviser, the revocation of registrations and other censures and fines.

PSCM is also registered with the CFTC as a commodity pool operator under the Commodity Exchange Act with respect to certain funds. We rely on the CFTC's Regulation 4.7(b) ("Regulation 4.7") exemption with respect to PSINTL and PSLP. Under the exemption provided by Regulation 4.7, we are not required to file any offering memorandum with the CFTC, and the CFTC will not pass upon the merits of participating in a pool or upon the adequacy of accuracy of an offering memorandum. Nonetheless, commodity pool operators and commodity trading advisors that qualify for relief under Regulation 4.7 remain subject to certain disclosure, reporting and recordkeeping requirements. We do not rely on any exemption with respect to PSH. We expect to rely on CFTC Rule 4.12(c)(3) with respect to PSUS, which allows for "substituted compliance" with respect to certain CFTC recordkeeping, reporting and disclosure requirements. As a result, we will not be subject to certain aspects of the CFTC's rules ordinarily applicable to CPOs, including the specific disclosure requirements under CFTC rules in connection with our management of PSUS. However, the CPO of a registered investment company with less than three years of operating history, such as PSUS, is required under Rule 4.12(c)(3) to disclose the performance of all accounts and pools that are managed by the CPO and that have investment objectives, policies and strategies substantially similar to those of the newly-formed registered investment company.

#### The EU AIFMD and the UK AIFM Law
We have registered certain of our funds for marketing in the United Kingdom ("UK") and are therefore subject to the UK Alternative Investment Fund Managers Regulations 2013 as amended from time to time (the "AIFM Law"). Additionally, we have registered certain of our funds for marketing under national laws implementing the EU's Alternative Investment Fund Managers Directive (the "AIFMD") in Finland, Sweden, Belgium and the Netherlands. As Pershing Square Inc.'s source of income derives from the management of these funds by one or more subsidiaries, the costs of complying with the AIFMD and the AIFM Law may impact this income and the AIFM Law and the AIFMD may have an adverse effect on the continued operation of our funds where interests are offered to or placed with investors in the European Economic Area (the "EEA") and the UK. The AIFMD and the AIFM Law are complex and key aspects of it remain subject to interpretation, as well as continuing reform and update.

The AIFMD and the AIFM Law impose significant regulatory requirements on alternative investment fund managers ("AIFMs"), operating within the EEA and the UK, as well as prescribing certain conditions with regard to regulatory standards, cooperation and transparency that need to be satisfied for non-EU and non-UK AIFMs to market alternative investment funds ("AIFs") into EEA Member States and the UK (such as those of our funds which have been registered to market under AIFMD and the AIFM Law). In order to market one of our AIFs to investors in the EEA or the UK, the non-EEA and non-UK investment adviser of that AIF is required to comply with the marketing conditions in the AIFMD or the AIFM Law (as applicable) and any additional national restrictions, assuming that national private placement is available. The AIFMD and the AIFM Law conditions are, broadly, that the AIFM complies with specific notification or registration requirements and certain additional transparency requirements requiring disclosures to investors in the AIF and to EEA or UK regulators, such as annual reporting and regulatory filing requirements; the AIFM complies with requirements relating to the acquisition of substantial stakes in, or control of, EEA or UK companies; and the jurisdictions in which the non-EEA or non-UK AIFM and the relevant AIF are organized satisfy certain conditions with regard to regulatory standards, cooperation and transparency.

A non-EEA or non-UK investment adviser, such as Pershing Square, is not required to comply with all of the requirements set out in the AIFMD or the AIFM Law. Accordingly, and subject to the below, investors in our funds may not receive the full protections or benefits available under AIFMD or the AIFM Law, which would otherwise be available to investors in an EEA or UK AIF managed by an EEA AIFM or UK AIFM.

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Directive (EU) 2024/927 ("AIFMD II"), amending the AIFMD in the EU, was published in the Official Journal of the European Union on 26 March 2024 and entered into force on 15 April 2024. EU member states will have until 16 April 2026 to implement AIFMD II.

AIFMD II will amend or introduce provisions under the AIFMD including: regulatory reporting requirements, investor disclosures, prohibitions on AIFs or AIFMs being established in certain high-risk jurisdictions for AML purposes, licensing permissions for AIFMs, governance requirements and delegation. These will primarily affect fund managers established and licensed in the EEA. By virtue of their registrations to market under AIFMD in the EEA, it is possible that certain of our funds may be affected by the prohibitions on AIFs or AIFMs being established in certain high-risk jurisdictions for AML purposes, changes to investor disclosures and reporting requirements. The implementation of AIFMD II could have a negative impact on us including, but not limited to, increasing costs borne by us or our funds to ensure compliance with it, with these increased costs reducing any income paid to the Company.

By virtue of their registrations to market under AIFMD and the AIFM Law, certain of our funds may also be required to comply with limited parts of other EU and UK regulation such as the GDPR. For a discussion of how risks in relation to compliance with applicable data protection and privacy laws and regulations, such as the GDPR, affect our business, see "Risk Factors—Risks Related to Our Business and Industry—*Failure or alleged failure to comply with applicable data and privacy laws and regulations could subject us to ongoing costs and, in some cases, fines and reputational harm*."

#### The EEA EMIR and UK EMIR
Certain of our funds trade OTC derivatives with counterparties in the EU and the UK. Regulation (EU) No 648/2012, as amended ("EEA EMIR") regulates the operation of the derivatives market in the EEA. The United Kingdom has onshored EEA EMIR and a similar set of rules therefore now apply in the UK notwithstanding the UK's withdrawal from the European Union ("UK EMIR").

Broadly, EEA EMIR's and UK EMIR's requirements in respect of derivative transactions are: (i) mandatory clearing of OTC derivative transactions declared subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative transactions which may include the requirement for the two parties to such a transaction to exchange margin; and (iii) reporting and record-keeping requirements in respect of all derivative transactions.

The application of these requirements is dependent on the classification of the counterparties as financial counterparties ("FCs") or non-financial counterparties ("NFCs"). Financial counterparties and non-financial counterparties are further divided into those which have entered into derivative transactions having a notional value above certain specified thresholds ("FC+" or "NFC+") and those which have not ("FC-" and "NFC-").

When the relevant fund enters into an OTC derivative transaction with a counterparty established in the EEA/UK, such counterparty will require that this is conducted in compliance with the applicable requirements under EEA EMIR/UK EMIR. In particular, this may mean the parties either clear the transaction or, if the clearing obligation does not apply, enter into arrangements to exchange margin in respect of the transaction.

Compliance with the relevant EEA EMIR/ UK EMIR requirements (as applicable) is likely to increase the administrative burdens and costs of doing business for those of our funds trading OTC derivatives with counterparties in the EU and UK. In addition, over time divergences may arise between the rules under EEA EMIR and UK EMIR thus imposing additional compliance requirements upon the relevant Fund.

#### Other Jurisdictions
We and certain funds that we advise are registered with, have been licensed by or have obtained authorizations to be marketed in other jurisdictions outside of the United States. These registrations, licenses or authorizations relate to providing investment advice, marketing of securities and other regulated activities. Failure to comply with the laws and regulations governing these subsidiaries and funds that have been registered, licensed, or authorized could expose us to liability and/or damage our reputation.

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#### Other Regulatory Considerations
Because our business and that of our funds and HHH is dynamic and is expected to change over time, we may be subject to new or additional regulatory constraints or requirements in the future. There are a number of pending or recently enacted legislative and regulatory initiatives that could significantly affect our business. Please see "Risk Factors—Risks Related to Our Business and Industry—*Extensive regulation of our business affects our activities and creates the potential for significant liabilities and penalties. The possibility of increased regulatory focus could result in additional burdens on our business,*" *"—Changing regulations regarding derivatives and commodity interest transactions could negatively impact our business and the business of our funds"* and *"*—*We are subject to increasing scrutiny from regulators, elected officials, investors and other stakeholders with respect to environmental, social and governance matters, which may constrain investment opportunities for our funds and harm our brand and reputation.*" This prospectus cannot address or anticipate every possible current or future regulation that may affect our or our funds' or HHH's businesses; however, such regulations may have a significant impact on investors in a fund, the operations of a fund or HHH, or our management activities, including restricting the types of investments a fund may make, to whom the funds may be sold, requiring additional disclosures or reporting to investors or regulatory authorities or requiring registration of a fund and/or PSCM as its investment adviser with one or more regulatory authority. Such regulatory constraints or requirements may give rise to additional costs or otherwise reduce any income received by Pershing Square Inc. in respect of our funds.

#### Human Capital Management
Our employees are integral to our culture of integrity, professionalism, excellence and cooperation. The intellectual capital collectively possessed by our employees is our most important asset. We hire qualified people, train them and encourage them to work together to provide their best thinking to the Company for the benefit of the investors in the funds we manage. As of December 31, 2025, we had 44 employees, including nine investment professionals. We have an investment team, a legal and compliance team, a technology team, a trading team, a finance team, a public relations team and an investor relations teams. See "Management" elsewhere in this prospectus for more information on our executive officers. We face intense competition in attracting and retaining talented professionals. Our ability to continue to compete effectively in our businesses will depend upon our ability to attract new employees and retain and motivate our existing employees.

#### Compensation and Benefits
Our compensation is designed to attract and retain employees and align their interests with those of the investors in our funds. We believe our high proportion of permanent capital and industry-leading assets-to-employee ratio as well as our allocation of performance fee revenue, in particular, allow us to provide appropriate incentives to attract and retain talent and align their interests with those of the investors in our funds. As described in "Business—Advisory Fees and Compensation—Allocation of Performance Fee Revenue," in connection with the Strategic Investment, we implemented an arrangement for the allocation of performance fee revenue, which entitles our investment professionals and certain other employees to substantial incentive compensation. In addition, some key personnel receive incentive compensation in the form of profit participation interests in both our company and the general partners of PSLP and PSVII. The senior members of the investment team are principally compensated based on the funds' overall performance, rather than the performance of any individual position, which encourages teamwork and aligns their interests with the funds' investors.

Personnel who do not have profit participation interests in our company receive a base salary and are eligible to receive additional compensation in the form of a discretionary annual bonus.

#### Health and Wellness
We believe that healthy team members are more productive, and we invest heavily in benefits and initiatives to support our employees. In addition to medical, dental, vision, life insurance, disability insurance, and retirement benefits, we provide generous primary and non-primary caregiver leave and domestic partner health insurance. We also provide employees with access to a medical advisor at no cost to help them navigate complex health situations and concerns.

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#### Culture, Sustainability and Governance
We believe that a strong culture, a focus on sustainability and best-in-class governance are fundamentally aligned with running a successful business. Our interest in culture, sustainability and governance ("CSG") considerations relates to their impact on our investments and to how we operate our own business.

With respect to our investments, we view CSG as central to our investment objective to preserve capital and seek maximum, long-term capital appreciation and growth in intrinsic value per share commensurate with reasonable risk. As a concentrated, research-intensive, fundamental value investor in the public markets, the most important criterion in our investment selection process is our assessment of the long-term quality of a business. We believe that exceptional management teams demonstrate their ability to create long-term value for stockholders by managing CSG risks responsibly, integrating CSG into business practices, and by operating sustainably. As such, we consider the exposure of a business to CSG risks and its approach to CSG issues, both at the time of our initial investment and as part of our ongoing stewardship of a company. We analyze CSG risks as part of our existing due diligence process in order to understand potential key risk factors in our investments. Although we have rejected potential investments for unacceptable exposure to CSG-related risks, often our analysis confirms for us that companies we are considering already have appropriate CSG practices in place. In other cases, our due diligence may identify opportunities for long-term value creation through engagement with the business to address potential CSG-related concerns.

With respect to our own business operations, we take seriously our responsibility to maintain high ethical standards, care for our employees and affiliates, thoughtfully manage our environmental footprint and behave as responsible members of our local and broader community. We aim to responsibly manage our environmental footprint, and our goal is to be carbon-neutral. To meet that goal, we have implemented environmentally sustainable practices throughout our office space, including recycling, waste reduction and energy efficiency programs. We also intend to purchase carbon credits to offset the emissions that we are unable to eliminate, such as business travel.

Regarding our employee relations and community membership, we are committed to fostering a collaborative work environment and have established a Culture Committee to help guide our efforts to enhance our culture and company. Within this focus on our culture, we value our employees' diversity of personal experience, socioeconomic status, background, political views, race, religion, country of origin and ethnicity, sexual orientation, personal interests, perspectives and more. We are committed to fostering an inclusive culture in compliance with all applicable laws, including the recruitment, retention and development of talent with a wide spectrum of background and experiences on our investment and operational teams. We will continue to advance these initiatives and seek other opportunities to foster a culture that is welcoming for all.

We also offer our employees volunteer opportunities and encourage them to participate in various philanthropic efforts, both independently and in partnership with the Pershing Square Foundation, a charitable family foundation founded by our Founder in 2006.

#### Legal Proceedings
We may from time to time be involved in litigation and claims incidental to the conduct of our business. Like other businesses in our industry, we are subject to scrutiny by the regulatory agencies that have or may in the future have regulatory authority over us and our business activities, which could result in regulatory agency investigations or litigation related to regulatory compliance matters.

On February 9, 2026, certain alleged stockholders of HHH, Charter Township of Shelby Fire & Police Retirement System, MVS Marine LLC and Kurtis Solberg (the "Plaintiffs"), filed a lawsuit in the Delaware Court of Chancery against PSCM LP, PS Holdco and Mr. Ackman (the "Pershing defendants") and Mr. Hakim and certain other directors of HHH (the "HHH director defendants"), captioned *Charter Township of Shelby Fire & Police Retirement System v. Pershing Square Capital Management, L.P.*, C.A. No. 2026-0184-BWD. The lawsuit alleges claims on behalf of a putative class of HHH stockholders and derivatively on behalf of HHH and contends that the HHH Transaction amounted to a transfer of control of HHH to the Pershing defendants; that the HHH director defendants breached their fiduciary duties by approving the transaction at an unfair price; and that the Pershing defendants aided and abetted those alleged breaches of fiduciary duty. The Plaintiffs also seek a declaratory judgment that the HHH Services Agreement is invalid and unenforceable under the Delaware General

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Corporation Law. The complaint seeks, among other things, injunctive relief preventing enforcement of the HHH Services Agreement; certain other equitable relief; unspecified damages; and an award of costs and disbursements, including attorneys' fees. We believe these claims have no merit and intend to contest these claims vigorously.

We are not currently subject to any pending judicial, administrative or arbitration proceedings that we expect to have a material impact on our results of operations or financial condition. The possibility of increased regulatory focus could result in additional burdens on our business. In addition, the possibility of tax or other legislative measures being adopted in some countries could materially adversely affect us. See "Risk Factors—Risks Related to Our Business and Industry—*Extensive regulation of our business affects our activities and creates the potential for significant liabilities and penalties. The possibility of increased regulatory focus could result in additional burdens on our business*" and "—*We are subject to substantial risks of litigation and regulatory proceedings and may face significant liabilities and damage to our professional reputation as a result of litigation and regulatory proceedings and negative publicity*."

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#### MANAGEMENT

#### Directors and Executive Officers
The following table sets forth the names, ages and positions of our directors and executive officers at the time of the combined offering.

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position**  |
| William A. Ackman | &nbsp;&nbsp; 59 | Chief Executive Officer and Chairman of the Board  |
| Ryan Israel | &nbsp;&nbsp; 41 | Chief Investment Officer and Director  |
| Halit Coussin | &nbsp;&nbsp; 54 | Chief Legal Officer, Chief Compliance Officer and Director  |
| Michael Gonnella | &nbsp;&nbsp; 45 | Chief Financial Officer  |
| Ben Hakim | &nbsp;&nbsp; 50 | President and Director  |
| David Coppel Calvo | &nbsp;&nbsp; 47 | Director |
| Kerry Murphy Healey | &nbsp;&nbsp; 65 | Director  |
| Orion Hindawi | &nbsp;&nbsp; 46 | Director  |
| Marco Kheirallah | &nbsp;&nbsp; 52 | Director  |
| Nicholas M. Lamotte | &nbsp;&nbsp; 43 | Director |

---

**William A. Ackman has served as our Founder and Chief Executive Officer since founding PSCM in 2003, and as Chairman of our board of directors since June 2024. Prior to founding PSCM, Mr. Ackman co-founded and co-managed Gotham Partners Management Co., LLC ("Gotham Partners"), an investment adviser that managed public and private equity hedge fund portfolios, until 2003. Mr. Ackman also serves as Executive Chairman of the HHH Board of Directors since May 2025 and as the Chairman and Chief Executive Officer of SPARC since November 2021. In addition, Mr. Ackman serves on the board of the Pershing Square Foundation, which he founded in 2006. Mr. Ackman previously served as Chief Executive Officer and Chairman of Pershing Square Tontine Holdings, Ltd., as a member of the Federal Reserve Bank of New York's Investment Advisory Committee on Financial Markets and as a director of Universal Music Group N.V. Mr. Ackman received a Masters in Business Administration from the Harvard Business School and a Bachelor of Arts *magna cum laude* from Harvard College.** 

**Ryan Israel has served as our Chief Investment Officer since August 2022 and as a member of our board of directors since June 2024. Mr. Israel joined our investment team in 2009. Mr. Israel is also a member of the HHH Board of Directors and serves as Chief Investment Officer for HHH. Mr. Israel was previously an analyst at The Goldman Sachs Group, Inc. in the Technology, Media and Telecom group. Mr. Israel served as a director of Element Solutions Inc. from October 2013 through January 2019. Mr. Israel received his Bachelor of Science from the Wharton School at the University of Pennsylvania, where he graduated *summa cum laude* and beta gamma sigma in 2007.** 

**Halit Coussin has served as our Chief Legal Officer and Chief Compliance Officer since September 2015 and as a member of our board of directors since June 2024 and a director of PSH since November 2024. Prior to joining our company in 2007, Ms. Coussin served as an associate attorney at Schulte, Roth & Zabel LLP, where her practice focused on advising hedge fund managers on a variety of regulatory and compliance matters. Ms. Coussin received her LL.M. from New York University in 2000 and her LL.B. *magna cum laude* from Tel Aviv University in 1998.** 

**Michael Gonnella has served as our Chief Financial Officer since March 2017. Mr. Gonnella also serves as the Chief Financial Officer of SPARC, and previously served as Chief Financial Officer of Pershing Square Tontine Holdings, Ltd. Mr. Gonnella joined our firm in 2005. Prior to his appointment as our Chief Financial Officer, Mr. Gonnella served as our senior controller. Mr. Gonnella is a certified public accountant and received his Bachelor of Science from Seton Hall University in 2002 and his Master of Accountancy in Taxation from Rutgers Business School.** 

**Ben Hakim has served as our President since June 2024 and as a member of our board of directors since February 2025. Mr. Hakim joined our investment team in 2012. He has also served as President of SPARC since November 2021 and as a member of the HHH Board of Directors (from which he is expected to step down** 

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effective May 7, 2026) since May 2024 and previously served as President of Pershing Square Tontine Holdings, Ltd. Mr. Hakim was previously a Senior Managing Director at Blackstone Inc., where he worked in the Mergers & Acquisitions group for 13 years. Mr. Hakim received his Bachelor of Science from Cornell University in 1997.

**David Coppel Calvo has served as a member of our board of directors since January 2025. Mr. Coppel Calvo is the Chief Commercial Officer, Vice President of Investment and Board Member of Grupo Coppel (the "Coppel Group"), one of the largest non-food retailers and financial service providers in Latin America. Prior to assuming his current role in December 2018, Mr. Coppel Calvo previously served in various roles at the Coppel Group since 2008, including Director of Internal Procurement and Supply Chain and President of Coppel Corporation. In addition to serving on the board of directors of the Coppel Group, Mr. Coppel Calvo also currently serves on the board of directors of Corazón Capital and Qualitas and previously served on the board of directors of Bonobos.com Inc., INSIKT – AURA, Fibra Plus and Lululemon Mexico. Mr. Coppel Calvo is also a member of *Mexico en Moyimiento*. Mr. Coppel Calvo received a Bachelor of Science in Industrial and Systems Engineering from Tecnologico de Monterrey (ITESM) and a Masters in Business Administration from the Pan-American Institute for Senior Business Management (IPADE).** 

**Kerry Murphy Healey has served as a member of our board of directors since June 2024. Dr. Healey currently serves as a lecturer at the Princeton School of Public and International Affairs. Dr. Healey was the inaugural president of the Milken Center for Advancing the American Dream in Washington, DC, a position which she held from 2019-2022. Dr. Healey served as the President of Babson College from 2013-2019 and was elected President Emerita by the trustees of Babson College in 2021. Before joining Babson College, Dr. Healey served with distinction as the 70th lieutenant governor of Massachusetts from 2003 to 2007, where she worked to lead, enact, and implement a wide range of policy and legislative initiatives for the Romney-Healey Administration. In 2008, Dr. Healey was appointed by Secretary of State Condoleezza Rice as a founding member of the Executive Committee of the U.S. State Department's Public-Private Partnership for Justice Reform in Afghanistan, a position to which she was later reappointed by Secretary of State Hillary Clinton. Prior to her public service, Dr. Healey worked for more than a decade as a public policy consultant to the United States Department of Justice for Cambridge-based think tank Abt Associates. Dr. Healey currently serves on the board of directors of Apollo Global Management Inc. and Marti Technologies, Inc. Dr. Healey holds an A.B. in government from Harvard College and a Ph.D. in political science and law from Trinity College, Dublin. She has been a fellow at the Harvard Kennedy School's Institute of Politics and Harvard's Center for Public Leadership. She is a member of the Council on Foreign Relations and the Trilateral Commission, and a trustee of the American University of Afghanistan, the American University of Bahrain and Western Governors University.** 

**Orion Hindawi has served as a member of our board of directors since June 2024. Mr. Hindawi is the Executive Chairman and former CEO of Tanium, a private venture-backed endpoint management and cyber security company which he co-founded in 2007. Mr. Hindawi served as the CEO of Tanium from 2016 to 2023 and has served as the Executive Chairman of Tanium since February 2023. Mr. Hindawi has led the development of enterprise-scale endpoint security and management platforms for the past 18 years at BigFix, Inc. (acquired by International Business Machines Corp. in 2010) and Tanium, in addition to holding multiple software patents in network communications and systems management.** 

**Marco Kheirallah has served as a member of our board of directors since June 2024. Mr. Kheirallah is a founding partner at Lumina Capital Management, a special situations investment firm founded in 2022 in Brazil. Prior to Lumina Capital Management, beginning in 2010, Mr. Kheirallah was the Founder and Managing Partner at SIP Capital Fund. Mr. Kheirallah also served as the Chief Financial Officer at PDG Realty from 2012 to 2015. Mr. Kheirallah was a Partner at Banco Pactual from 2001 to 2009 and at Banco Matrix from 1996 to 2001. He also served as a Trader at Banco Opportunity from 1994 to 1996 and at Banco BCN from 1992 to 1994. Mr. Kheirallah received his bachelor's degree in Business Administration from Fundação Getulio Vargas, EAESP.** 

**Nicholas M. Lamotte has served as a member of our board of directors since June 2024. He is the Executive Chairman of Consulta Limited, a value-oriented investment firm. Mr. Lamotte was appointed Executive Chairman of Consulta Limited in 2024, having served in various roles at Consulta Limited since 2008, including Chief Executive Officer and Chairman of the Board. Prior to joining Consulta Limited, Mr. Lamotte was an analyst at Halcyon Asset Management from 2006 to 2008 and an analyst at The Goldman Sachs Group, Inc. from 2005 to 2006. Mr. Lamotte received a Bachelor of Arts from Brown University, where he graduated** 

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*magna cum laude and was elected to Phi Beta Kappa. Mr. Lamotte has completed the Owner/President Management program at Harvard Business School and has endowed the Nicholas M. Lamotte Scholarship for Business, Entrepreneurship and Organizations at Brown University.* 

#### Composition of the Board of Directors After the Combined Offering
Our business and affairs are managed under the direction of our board of directors. Upon completion of the combined offering, our articles of incorporation and bylaws will provide that our board of directors will consist of such number of directors as may from time to time be fixed by our board of directors. Our directors will be elected at each year's annual meeting of stockholders.

#### Director Independence
Our board of directors has affirmatively determined that each of Mr. Coppel Calvo, Dr. Healey, Mr. Hindawi, Mr. Kheirallah and Mr. Lamotte qualifies as an independent director under the NYSE listing standards.

#### Background and Experience of Directors
When considering whether directors and nominees have the experience, qualifications, attributes or skills, taken as a whole, to enable our board of directors to satisfy its oversight responsibilities effectively in light of our business and structure, the board of directors focuses primarily on each person's background and experience as reflected in the information discussed in each of the directors' individual biographies set forth above. We believe that our directors provide an appropriate mix of experience and skills relevant to the size and nature of our business. In particular, the members of our board of directors considered the following important characteristics, among others:

&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Ackman – our board of directors considered Mr. Ackman's perspective, experience, expertise and thorough knowledge of our
 industry as our Founder and Chief Executive Officer.

&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Israel – our board of directors considered Mr. Israel's experience, expertise and knowledge of our industry as our Chief
 Investment Officer.

&nbsp;&nbsp;&nbsp;&nbsp;• Ms. Coussin – our board of directors considered Ms. Coussin's experience, expertise and knowledge of our industry as our Chief
 Legal Officer and Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Hakim – our board of directors considered Mr. Hakim's experience, expertise and knowledge of our industry as our President.

&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Coppel Calvo – our board of directors considered Mr. Coppel Calvo's perspective, expertise and experience in significant
 leadership roles in the retail and financial services industries.

&nbsp;&nbsp;&nbsp;&nbsp;• Dr. Healey – our board of directors considered Dr. Healey's perspective, experience in significant leadership roles in government
 and academia, expertise and service as a director on other public company boards including the board of a global asset manager.

&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Hindawi – our board of directors considered Mr. Hindawi's perspective, expertise and experience in significant leadership
 roles in the technology industry.

&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Kheirallah – our board of directors considered Mr. Kheirallah's perspective, expertise and experience in significant
 leadership roles in the financial services and investment management industries.

&nbsp;&nbsp;&nbsp;&nbsp;• Mr. Lamotte – our board of directors considered Mr. Lamotte's perspective, expertise and experience in significant leadership
 roles in the financial services and investment management industries.

#### Controlled Company Exception
Upon completion of the combined transaction, ManagementCo, an entity managed by members of our senior management, will initially have voting power over 74.6% or 70.2% of our outstanding common stock (or 74.3% or 69.2% if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares as described in the accompanying PSUS Prospectus), assuming PSUS raises $5 billion in the combined transaction

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and assuming PSUS raises $10 billion in the combined transaction, respectively, and will also hold a Special Voting Share that will have voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. See "Description of Capital Stock—Preferred Stock—Special Voting Share." As a result, we will be a "controlled company" within the meaning of the corporate governance standards of the NYSE.

Under these corporate governance standards, a company of which more than 50% of the voting power is beneficially owned by an individual, group or another company is a "controlled company" and may elect not to comply with certain corporate governance standards, including the requirements that (1) a majority of its board of directors consist of independent directors, (2) its board of directors have a compensation committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities and (3) its board of directors have a nominating and corporate governance committee that is composed entirely of independent directors with a written charter addressing the committee's purpose and responsibilities.

Although we are permitted to rely on these exemptions from certain corporate governance standards, we intend that, at the time of the combined offering, a majority of our board of directors will consist of independent directors and our Audit Committee, Compensation Committee and Nominating and Corporate Governance Committee each will be composed entirely of independent directors.

#### Board Committees
We anticipate that, prior to the completion of the combined offering, our board of directors will establish the following committees: an audit committee, a compensation committee and a nominating and corporate governance committee. The expected composition and responsibilities of each committee are described below. Our board of directors may also establish from time to time any other committees that it deems necessary or desirable. Members will serve on these committees until their resignation or until otherwise determined by our board of directors.

#### Audit Committee
Upon the completion of the combined offering, we expect our audit committee will consist of Mr. Coppel Calvo, Mr. Kheirallah and Mr. Lamotte, with Mr. Lamotte serving as chair. Our audit committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;• selecting and hiring our independent auditors and approving the audit and non-audit services to be performed by our independent
 auditors;

&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in evaluating the qualifications, performance and independence of our independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in monitoring the quality and integrity of our financial statements and our accounting and
 financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;• assisting the board of directors in monitoring our compliance with legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing the adequacy and effectiveness of our internal control over financial reporting processes;

&nbsp;&nbsp;&nbsp;&nbsp;• overseeing our internal audit function;

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing with management and our independent auditors our annual and quarterly financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;• establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal
 accounting controls or auditing matters and the confidential, anonymous submission by our employees of concerns regarding questionable accounting or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;• preparing the audit committee report that the rules and regulations of the SEC require to be included in our annual proxy
 statement.

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The SEC rules and the NYSE rules require us to have one independent audit committee member upon the listing of our common stock on the NYSE, a majority of independent directors within 90 days of the effective date of the registration statement and all independent audit committee members within one year of the effective date of the registration statement. Mr. Coppel Calvo, Mr. Kheirallah and Mr. Lamotte qualify as independent directors under the NYSE listing standards and the independence standards of Rule 10A-3 of the Exchange Act. We will have a fully independent audit committee upon listing.

#### Compensation Committee
Upon the completion of the combined offering, we expect our compensation committee will consist of Dr. Healey, Mr. Hindawi and Mr. Kheirallah, with Dr. Healey serving as chair. Our compensation committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving corporate goals and objectives relevant to the compensation of our CEO, evaluating our CEO's performance
 in light of those goals and objectives, and, either as a committee or together with the other independent directors (as directed by the board of directors), determining and approving our CEO's compensation level based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and approving, or making recommendations to the board of directors with respect to, the compensation of our other
 executive officers, including annual base salary, bonus and equity-based incentives and other benefits;

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and recommending the compensation of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and discussing annually with management our "Compensation Discussion and Analysis" disclosure to the extent required by
 SEC rules;

&nbsp;&nbsp;&nbsp;&nbsp;• preparing the compensation committee report to the extent required by the SEC to be included in our annual proxy statement; and

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing and making recommendations with respect to our equity compensation plans.

While we are electing to have a fully independent compensation committee even though it is not required, our compensation committee will not have oversight and control over all executive compensation decisions. Following the combined offering, a significant portion of our executives' compensation will be comprised of (i) Subordinated Performance Fees distributed by CompCo and (ii) certain interests of PS Partner Group that may become redeemable, subject to certain conditions, for shares of our common stock held by PS Partner Group. Both CompCo and PS Partner Group will be controlled by ManagementCo, not our board of directors. For additional information, see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering."

#### Nominating and Corporate Governance Committee
Upon the completion of the combined offering, we expect our nominating and corporate governance committee will consist of Mr. Coppel Calvo, Dr. Healey and Mr. Lamotte, with Mr. Coppel Calvo serving as chair. The nominating and corporate governance committee will be responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;• assisting our board of directors in identifying prospective director nominees and recommending nominees to the board of directors;

&nbsp;&nbsp;&nbsp;&nbsp;• overseeing the evaluation of the board of directors and management;

&nbsp;&nbsp;&nbsp;&nbsp;• reviewing developments in corporate governance practices and developing and recommending a set of corporate governance guidelines;
 and

&nbsp;&nbsp;&nbsp;&nbsp;• recommending members for each committee of our board of directors.

Our stockholders may provide suggestions for prospective director nominees to the chair of our nominating and corporate governance committee.

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#### Compensation Committee Interlocks and Insider Participation
We do not presently have a compensation committee. Decisions regarding the compensation of our executive officers have historically been made by Mr. Ackman in consultation with other members of our senior leadership. Upon the completion of the combined offering, we will have a compensation committee whose members will consist of Dr. Healey, Mr. Hindawi and Mr. Kheirallah.

None of our executive officers serves as a member of the board of directors or the compensation committee (or other committee performing equivalent functions) of any other entity that has one or more executive officers serving on our board of directors or compensation committee.

#### Code of Ethics
We will adopt a new Code of Business Conduct and Ethics that applies to all of our officers, directors and employees, which will be posted on our website. We will also adopt a Code of Ethics for Senior Financial Officers, which will apply to certain of our financial professionals, including our principal executive officer, principal financial officer, principal accounting officer and controller, or persons performing similar functions, and will be posted on our website. Our Code of Ethics for Senior Financial Officers is a "code of ethics," as defined in Item 406(b) of Regulation S-K. We will make any legally required disclosures regarding amendments to, or waivers of, provisions of both the Code of Business Conduct and Ethics and the Code of Ethics for Senior Financial Officers on our website. The information contained on, or accessible from, our website is not part of this prospectus by reference or otherwise.

#### Director Compensation
Our board of directors will adopt a policy with respect to the compensation payable to our non-employee directors upon consummation of the combined offering pursuant to which each non-employee director will be eligible to receive annual compensation for his or her service in accordance with market practice.

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#### EXECUTIVE COMPENSATION
This discussion provides an overview of the material elements of our executive compensation program and provides a description of the compensation earned by our principal executive officer and our two other most highly compensated executive officers for the year ended December 31, 2025. These individuals are referred to as our "named executive officers."

#### Quarterly Profit-Sharing Distributions
We make quarterly profit-sharing distributions of available excess cash to each of our named executive officers in proportion to their respective profit-sharing percentages. Prior to the Holdco Reorganization, such distributions were comprised of separate allocations of profits arising from management fees received by PSCM and performance fees received by, or performance allocations to, PSCM and certain of its affiliates, including PSGP. As discussed below, effective as of the Holdco Reorganization, direct interests held by our personnel, including our named executive officers, in PSCM were contributed (indirectly) to Pershing Square Holdco, L.P. In lieu of holding direct interests in PSCM, our applicable personnel, including our named executive officers, received profits-interest awards in PS Partner Group in the same applicable profit-sharing percentages as they held in PSCM (subject to ordinary course changes in such allocations). As discussed below, such personnel also hold profit-sharing interests in CompCo. Accordingly, following the Holdco Reorganization, such distributions have been comprised of (i) proceeds received by PS Partner Group (pursuant to its ownership of limited partnership interests in Pershing Square Holdco, L.P.), (ii) PSGP's performance allocation (which it earns in connection with its services as the general partner to PSLP) and (iii) proceeds received by CompCo (pursuant to the VCA discussed below).

Such distributions are made pursuant to awards under our Long-Term Incentive Plan, dated April 17, 2017 (as amended from time to time, the "LTIP"). For Mr. Ackman, 100% of such distributions (excluding those from CompCo) were accounted for as capital distributions in 2025. For each of Messrs. Israel and Hakim, 25% of such distributions (excluding those from CompCo) were accounted for as capital distributions attributable to their Permanent Profits-Interests (as defined below) under the LTIP in 2025, while the remaining portion of these distributions were recorded as profit-sharing partner compensation. We do not account for capital distributions as compensation.

Accordingly, in addition to the amounts reflected in the table below, (i) Mr. Ackman received capital distributions in 2025 in the amount of $107,503,624, reflecting the full amount of his profit-sharing distributions and (ii) Messrs. Israel and Hakim received $5,258,059 and $2,119,686, respectively, in respect of their Permanent Profits-Interests. For additional information, see "—Narrative Disclosure to Summary Compensation Table—Long-Term Incentive Plan" below and Note 2, "Significant Accounting Policies" of the audited consolidated financial statements included elsewhere in this prospectus.

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#### Summary Compensation Table
The following table provides summary information concerning compensation earned by our named executive officers for the years ended December 31, 2024 and 2025.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and** <br>**Principal Position**  | **Year**  | **Salary** <br>**($)<sup>(1)</sup>**  | **Bonus** <br>**($)<sup>(1)</sup>** | **Stock** <br>**Awards ($)**  | **Option** <br>**Awards** <br>**($)<sup>(1)</sup>**  | **Non-Equity** <br>**Incentive Plan** <br>**Compensation** <br>**($)<sup>(1)</sup>**  | **All Other** <br>**Compensation** <br>**($)<sup>(2)</sup>**  | **Total** <br>**($)**  |
| &nbsp;&nbsp;&nbsp; William A. Ackman<br>*Chief Executive Officer* | 2025 |  |  |  |  |  | 142775160  | 142775160 |
|  | 2024 |  |  |  |  |  | &nbsp;&nbsp; 46647594 | &nbsp;&nbsp; 46647594 |
| &nbsp;&nbsp;&nbsp; Ryan Israel<br>*Chief Investment Officer* | 2025 |  |  |  |  |  | &nbsp;&nbsp; 44045910  | &nbsp;&nbsp; 44045910  |
|  | 2024 |  |  |  |  |  | &nbsp;&nbsp; 27997302 | &nbsp;&nbsp; 27997302 |
| &nbsp;&nbsp;&nbsp; Ben Hakim<br>*President*  | 2025 |  |  |  |  |  | &nbsp;&nbsp; 17771413  | &nbsp;&nbsp; 17771413 |

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(1)<br> We did not pay salaries or bonuses or grant option awards to our named executive officers in 2025.

(2) Includes distributions received under the LTIP from PS Partner Group, PSCM and PSGP, as applicable, in respect of 2025 for Messrs. Israel and Hakim of $15,774,176 and $6,359,057, respectively, in proportion to each officer's profit-sharing percentages thereunder (and not attributable to their Permanent Profits-Interests). Such distributions are recorded as profit-sharing partner compensation in our audited consolidated financial statements. 

Includes cash distributions received under the LTIP from CompCo in respect of 2025 for Messrs. Ackman, Israel and Hakim of $139,698,760, $28,261,234 and $11,401,856, respectively, in accordance with their respective profit-sharing percentages.

This column also includes the following amounts related to benefits and perquisites received by Mr. Ackman in 2025 (with each perquisite calculated based on the aggregate incremental cost to the Company, other than security services, which reflect the total cost incurred by the Company for such services, as described in greater detail below under "Narrative Disclosure to Summary Compensation Table—Security"): $40,000 related to public relations services; and $3,025,900 related to security services for the Company, Mr. Ackman and members of his family. Please refer to "Narrative Disclosure to Summary Compensation Table—Security" below for further details.

For each of our named executive officers, amounts also include $10,500 in Company contributions to our 401(k) savings plan in 2025.

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#### Narrative Disclosure to Summary Compensation Table

#### Long-Term Incentive Plan
PSCM acts as an investment manager providing management and administrative services to our funds in accordance with each of their investment management agreements. As compensation for services to our funds, PSCM receives quarterly management fees based on the Net Asset Value of the applicable fund. In addition, PSCM earns performance fees from certain funds for serving as their investment manager. Likewise, certain of our affiliates, including PSGP, receive performance allocations for serving as the general partner to certain of our funds. Performance fees and the performance allocation are generally based on the NAV appreciation of the applicable fund through the end of the fiscal year or upon capital withdrawals, above a high-water mark. The performance fees/allocations, if earned, are payable upon the occurrence of crystallization events, which generally include, but are not limited to, December 31 of each year, withdrawals from our private funds and PSH's payment of a dividend. For additional information, see Note 2, "Significant Accounting Policies" of the audited consolidated financial statements included elsewhere in this prospectus.

We have historically tied a significant portion of the compensation earned by certain partners (the "LTIP Partners"), including Messrs. Israel and Hakim, directly to the performance of the funds we manage, in the form of awards of participating profits interests under the LTIP (the "LTIP Awards").

LTIP Awards historically entitled the LTIP Partners to cash distributions of management fee-based and/or performance fee-based net profits earned by PSCM and applicable Pershing Square entities ("LTIP Entities") pursuant to the terms of their respective agreements and, subject to applicable vesting schedules, entitled them to a reduced percentage of their total LTIP Awards (the "Permanent Profits-Interests") following a Qualifying Termination (as defined below under "—Termination and Change of Control Provisions") in perpetuity (subject to permissible dilution and other terms of the LTIP). As of December 31, 2025, each of Messrs. Israel and Hakim have vested in their Permanent Profits-Interest to the maximum extent under the applicable vesting schedule.

The portion of an LTIP Partner's LTIP Awards attributable to their Permanent Profits-Interests represents a substantive class of equity, and distributions in respect of such Permanent Profits-Interests are recorded as capital distributions. The remaining portion of an LTIP Partner's LTIP Award is in substance a profit-sharing arrangement and is therefore recorded as profit-sharing partner compensation. Holders of LTIP Awards are also entitled to a portion of the consideration related to a Terminal Value Event as defined in the LTIP, including, but not limited to, a sale or transfer of all or any portion of equity interests in LTIP Entities, including through an initial public offering, as described further below under "—Termination and Change of Control Provisions."

Effective as of the Holdco Reorganization, direct interests held by our personnel, including our named executive officers, in PSCM were contributed (indirectly) to Pershing Square Holdco, L.P., and the LTIP was amended to cause such interests to cease to be considered LTIP Awards. In lieu of such direct interests in PSCM, our applicable personnel, including our named executive officers, received profits-interest awards, including LTIP Awards, in the same applicable profit-sharing percentages as they held in PSCM (subject to ordinary course changes in such allocations), in PS Partner Group. In addition, such personnel also hold profits-interests awards, including LTIP Awards, in CompCo, which entered into the Variable Compensation Agreement, dated as of May 31, 2024 (as amended and restated on March 3, 2026, the "VCA"), attached hereto as Exhibit 10.9, with Pershing Square Holdco, L.P. and PSCM. Following the Holdco Reorganization and prior to the combined offering, PS Partner Group and our owners who previously held interests directly in PSCM own approximately 90% of the issued and outstanding limited partnership interests in Pershing Square Holdco, L.P. For 2025, distributions received by our named executive officers pursuant to the LTIP were primarily comprised of proceeds received by PS Partner Group (pursuant to its ownership of limited partnership interests in Pershing Square Holdco, L.P.), PSGP (which earns a performance allocation in connection with its services as the general partner to PSLP), and CompCo (pursuant to the VCA), which were distributed to their respective owners, including our named executive officers, in accordance with their respective profit-sharing percentages. The LTIP amendment provided that the interests in PS Partner Group and CompCo received by former holders of LTIP Awards in PSCM, including Messrs. Israel and Hakim, would be treated as LTIP Awards in those entities.

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#### Variable Compensation Agreement
In connection with the Strategic Investment, we implemented an arrangement for the allocation of performance fee revenue from our funds and other investment vehicles as encapsulated in the VCA.

The VCA has two primary purposes: (1) to provide the company with a preferred return-like entitlement of performance fees received by our principal operating subsidiary, PSCM and (2) to provide an important source of compensation for certain of our personnel, including our investment professionals, consistent with our historical practice of tying a significant portion of the compensation earned by such personnel, including our named executive officers, directly to the performance of the funds we manage. In furtherance of these purposes, the VCA provides for the following:

&nbsp;&nbsp;&nbsp;&nbsp;• we are entitled to receive from PSCM (directly or indirectly): (i) 100% of management fees earned from all our funds and HHH,
 minus any "offsettable management fees" which with respect to any fund (currently none but expected to include PSUS upon completion of the combined offering) refers to the portion of its management fees that are available to offset
 performance fees payable by PSH; and (ii) the following amounts with respect to certain funds we manage (our "Preferred Performance Fee" with respect to the applicable fund): (a) with respect to PSH, an amount equal to the 16% performance
 fee that would have been earned if PSH had experienced a "net of management fee" return of 5% per annum above its high-water mark; and (b) with respect to certain other funds subject to the VCA (currently only PSINTL), an amount equal to
 the applicable performance fee that would have been earned if such fund had experienced a "net of management fee" return of 5% per annum above its high-water mark minus any "offsettable performance fees" which with respect to such fund
 refers to the portion of such performance fee that would offset performance fees payable by PSH; and

&nbsp;&nbsp;&nbsp;&nbsp;• CompCo is entitled to receive from PSCM the following amounts, in each case solely to the extent such amount exceeds the Preferred
 Performance Fees we receive from PSCM (the "Subordinated Performance Fees"): (i) with respect to PSH, all performance fees received from PSH, inclusive of any portion of offsettable management fees (currently none) and offsettable
 performance fees (currently only PSINTL's) received from certain other funds subject to the VCA that would offset performance fees payable by PSH; and (ii) with respect to certain other funds subject to the VCA (currently only PSINTL),
 all performance fees received from such fund, exclusive of any offsettable performance fees that would offset performance fees payable by PSH.

The calculation of the Preferred Performance Fee that we are entitled to receive from any fund is not dependent on the actual amount of performance fees earned from such fund. However, the amount of Preferred Performance Fees actually distributed to us from PSCM will be limited by the performance fees (and applicable offsettable performance fees) that PSCM actually receives from the applicable fund. In the case of PSH, PSCM's performance fees are subject to a fee offset arrangement, as described above, that reduces the amount of performance fees paid by PSH based on management fees and performance fees earned from certain other funds, and a portion of such offsettable performance fees will be made available by PSCM to pay the Preferred Performance Fees with respect to PSH or will be paid to CompCo as Subordinated Performance Fees in case of any applicable excess above the payment of the Preferred Performance Fees with respect to PSH.

The Subordinated Performance Fees will be an important source of compensation for certain of our personnel, including all investment professionals, consistent with our historical practice of tying a significant portion of the compensation earned by such personnel, including our named executive officers, directly to the performance of the funds we manage. Any portion of the Preferred Performance Fee that we are entitled to receive from a fund that is not paid in a given period will accrue to the next period's Preferred Performance Fee for such fund until paid by such fund. Further, any Preferred Performance Fee with respect to one fund shall not be payable to us from the proceeds received from another fund. See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Key Components of Our Results of Operations—Income—Performance Fees—Allocation of Performance Fee Revenue" for an illustration of our Preferred Performance Fee arrangement for the allocation of performance fee revenue over the six-year period ended December 31, 2025.

In connection with the combined offering, the VCA will be terminated and PSCM will issue the Preferred Profits Interest to us and the Subordinated Profits Interest to CompCo, which will generally provide for the same calculation of Preferred Performance Fees and Subordinated Performance Fees, respectively, and the same

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allocation of such fees between us and CompCo, respectively, as currently provided by the VCA. However, in connection with this termination of the VCA, the offsettable management fees will no longer reduce our entitlement to 100% of the management fees earned from our funds and will no longer be made available by PSCM to pay the Preferred Performance Fees with respect to PSH or paid to CompCo as Subordinated Performance Fees in case of any applicable excess. Instead, the offsettable management fees will serve to reduce the Preferred Performance Fee which we are entitled to receive with respect to PSH by such amount. See "—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Subordinated Profits Interest."

#### Policies and Practices Related to the Timing of Equity Awards
We do not have a policy or practice in relation to the timing or the determination of the terms of a grant of options or other equity awards (including LTIP Awards) in relation to the disclosure of material nonpublic information by the Company. Any grants under our equity plans will be made in accordance with applicable laws and the applicable rules of the national securities exchange on which our common stock is then listed, including any such laws or rules relating to the timing of a grant of options or other awards in relation to the disclosure of material nonpublic information by the Company. We have not timed the disclosure of material nonpublic information for the purpose of affecting the value of our executive compensation.

#### Clawback Policy
We intend to adopt a compensation clawback policy to comply with SEC and stock exchange listing rules implementing the requirements of Dodd-Frank Wall Street Reform and Consumer Protection Act. Under the policy, we will be required in certain situations to recoup incentive-based compensation paid or payable to certain of our current or former executive officers, including our named executive officers, in the event of an accounting restatement.

#### Employee Benefits and Perquisites
In addition to the perquisites and benefits identified in the Summary Compensation Table above, our named executive officers are also eligible to receive the same benefits we provide, and to participate in all plans we offer, to our other full-time employees, including: health and dental insurance; group term life insurance; long-term disability insurance; other health and welfare benefits; and other voluntary benefits. We maintain a defined contribution savings plan under Section 401(k) of the U.S. Internal Revenue Code of 1986, as amended (the "Code"). All employees and profit-sharing partners are eligible to participate in the 401(k) plan. The 401(k) plan allows participants to invest in a variety of mutual funds across several fund families, and we make a safe harbor contribution in the amount of 3% of each participant's eligible compensation, subject to certain Code limitations. The safe harbor contribution is provided to employees and profit-sharing partners (including our named executive officers), regardless of whether they elect to contribute to the 401(k) plan.

#### Security
We believe that the personal safety and security of our senior executives is critical to the Company and its shareholders. Pursuant to our executive security program, we may provide security services to certain executives, which include home security systems and monitoring and, in some cases, personal security services, which may include protection of family members. These protections are provided due to the range of security issues and threats that have been and may continue to be encountered by our senior executives from time to time.

Additionally, based on an independent, third-party security study, the disinterested members of our board of directors approved the provision of certain additional personal security services to Mr. Ackman due to heightened security considerations. Given Mr. Ackman's role as our chief executive officer, the enhanced media attention that Mr. Ackman is subject to, and the current threat landscape, the security study for Mr. Ackman recommended that Mr. Ackman use private aviation for all air travel, whether for personal, commuting, or business purposes. The security study also recommended the implementation of additional security measures for Mr. Ackman's travel in elevated-risk destinations.

We view the security services provided to Mr. Ackman, and any additional security services we may provide in the future for our other executive officers and employees, as an integral part of our risk management program and as necessary and appropriate business expenses. However, such services may be viewed as conveying a

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personal benefit to Mr. Ackman. The Company is unable to disaggregate the incremental cost of these services to Mr. Ackman. Accordingly, we have reported the total cost of such services to the Company in the "All Other Compensation" column of the Summary Compensation Table as required by Item 402 of Regulation S-K.

#### Outstanding Equity Awards at December 31, 2025
As of December 31, 2025, there were no stock or option awards outstanding for each of Messrs. Ackman, Israel and Hakim.

#### Termination and Change of Control Provisions
As discussed above, effective as of the Holdco Reorganization, interests in PSCM are no longer considered LTIP Awards and no interests in Pershing Square Holdco, L.P. are considered LTIP Awards, and upon consummation of the combined offering, we (i.e., Pershing Square Inc. and its consolidated subsidiaries, including PSCM) will not be subject to the LTIP, which will continue to apply to certain other entities. See "—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—LTIP."

Except as provided under the LTIP, none of our named executive officers are currently party to any arrangement that provides for severance benefits. See "—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—LTIP."

As described above, PSCM (including on behalf of its affiliates) maintained the LTIP under which Messrs. Israel and Hakim (along with certain other key employees) were issued a certain number of LTIP Awards. Under the LTIP, each participant is entitled to, with respect to LTIP Entities, (i) certain cash distributions of management fee-based and performance fee-based net profits following the participant's Qualifying Termination and (ii) additional consideration payable in connection with certain corporate transactions (referred to as "Terminal Value Events"), each as further described below.

Pursuant to the LTIP, if a participant is terminated without "cause," by the participant for "good reason," as a result of death/disability, or as a result of a qualifying retirement (each, a "Qualifying Termination"), the participant is entitled to the following (the "Termination Benefit") with respect to LTIP Entities: (i) a certain percentage (the "Applicable Percentage") of performance fee-based net profits with respect to the calendar year of such termination (the "Termination Year") in respect of the participant's applicable LTIP Awards held immediately prior to such participant's termination of employment, (ii) the portion of management fee-based net profits allocated to such participant on or prior to the participant's termination date in respect of the participant's LTIP Awards, and (iii) management fee-based net profits with respect to the participant's Permanent Profits-Interests for the remaining calendar quarters of the Termination Year. The "Applicable Percentage" is the greater of (x) the number of days the participant was employed during the Termination Year divided by 365, and (y) 33.33% or, for certain LTIP Partners, including Messrs. Israel and Hakim, 25% in the case the participant is terminated as a result of retirement. For purposes of the LTIP, "good reason" generally means (i) a material and not temporary (*e.g.,* as opposed to a project or a period where an employee otherwise reporting to such LTIP Partner would report to someone else at Pershing Square) reduction of the LTIP Partner's duties, authorities, responsibilities, reporting relationships, role or position and/or (ii) our material breach of the LTIP.

Upon a participant's Qualifying Termination, such participant's LTIP Awards convert into a combination of "Permanent Profits-Interests" and "Sunset Profits-Interests," pursuant to a formula set forth in the LTIP. In addition to the Termination Benefit, following a Qualifying Termination each participant is entitled to receive with respect to the LTIP Entities (i) a portion of the performance fee-based net profits for the first three years following termination in respect of both the Sunset Profits-Interests and Permanent Profits-Interests, and then, thereafter, only with respect to Permanent Profits-Interests, and (ii) a portion of the management fee-based net profits each year following the participant's Qualifying Termination with respect to Permanent Profits-Interest only.

The LTIP also entitles participants to consideration in connection with a "Terminal Value Event" with respect to LTIP Entities. A "Terminal Value Event" is generally defined as any sale or transfer of all or any portion of the LTIP Entity's equity interests, other than the issuance of profits-interests awards, or an initial public offering, merger, consolidation, or similar transaction, a sale of assets (e.g., advisory agreements), or any other similar transaction involving or relating to the LTIP Entity and a third party. Participants who are employed at the time of the Terminal Value Event (or who were terminated without "cause" or for "good reason" within twelve months prior) are entitled to consideration in connection with the Terminal Value Event with respect to

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the LTIP Entities, which is generally equal to a portion of the upside in value of the applicable LTIP Entity involved in the transaction. For participants who are employed at the time of a Terminal Value Event, the participant participates in each Terminal Value Event with respect to the Permanent Profits-Interests he or she would have been entitled to receive with respect to the LTIP Entity if terminated without "cause" on the date of the Terminal Value Event, or (B) for participants who have been terminated without "cause" or who terminated for "good reason" within 12 months prior to the Terminal Value Event, the participant participates in each the Terminal Value Event with respect to his or her Permanent Profits-Interests with respect to the LTIP Entity outstanding at such time, in each of cases (A) and (B) multiplied by a certain "TVE Tenure Factor" (which ranges from 1.0 to 1.333 based on years of service).

#### Pension Benefits and Non-Qualified Deferred Compensation
Our named executive officers do not participate in any pension or non-qualified deferred compensation plans and received no pension benefits or non-qualified deferred compensation during the year ended December 31, 2025.

#### Compensation Arrangements To Be Adopted in Connection with the Combined Offering

#### LTIP
In connection with the combined offering, the LTIP will be amended to, among other things, cease applying to PS Partner Group and Pershing Square Inc. and its consolidated subsidiaries (including PSCM), and to cease applying to any LTIP participants that retired or were otherwise terminated on or prior to the combined offering. For all other LTIP participants, the LTIP will otherwise remain in full force and effect with respect to interests in all other applicable Pershing Square entities, including PSGP and CompCo.

Following the combined offering, interests in PS Partner Group held by our applicable personnel, including certain of our named executive officers, will be subject to vesting, redemption (for corresponding interests in Pershing Square Inc. held by PS Partner Group) and forfeiture in accordance with the terms of the M Units, as described further below in "—Redeemable Interests in PS Partner Group."

Under the amended LTIP, our Founder will be entitled to a reduced percentage of his total interests in LTIP Entities following an applicable departure (similar to the LTIP Awards and Permanent Profits-Interests for other LTIP Partners discussed above in "—Narrative Disclosure to Summary Compensation Table—Long-Term Incentive Plan").

#### Redeemable Interests in PS Partner Group
In connection with the combined offering, we and PS Partner Group adopted the terms, and approved the grant, of redeemable interests, which we refer to as "M Units," in PS Partner Group to our applicable personnel, including our named executive officers. Upon vesting (as further discussed below), such M Units may be redeemed, subject to certain conditions, for a proportional number of shares of our common stock held by PS Partner Group. Accordingly, the issuance and redemption of M Units will not be dilutive to our public shareholders.

The M Units in PS Partner Group held by Mr. Ackman will be considered fully vested and not subject to vesting or forfeiture. The M Units in PS Partner Group held by each other recipient will initially be considered unvested and subject to vesting and forfeiture (the "Unvested M Units"). The standard vesting schedule for Unvested M Units provides for (i) vesting 6.25% each year during years 1 to 4, (ii) vesting 8.33% each year during years 5 to 7, and (iii) vesting 16.67% each year during years 8 to 10. If a recipient of M Units terminates as a result of death or disability, or is terminated without cause, such recipient shall be entitled to catch-up vesting as if their vesting schedule provided for annual vesting on a straight-line basis over 10 years (i.e., 10% each year). One recipient has a condensed vesting schedule, which follows the aforementioned schedules except that it has a cliff vest of all Unvested M Units in year 5. Subject to certain requirements, recipients will also receive prorated vesting for the elapsed portion of the year in which their applicable termination occurs. In addition, recipients of Unvested M Units will be entitled to accelerated vesting of 100% of their Unvested M Units in the event that PS Partner Group is subject to a qualifying change in control, dissolution or liquidation.

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In the event a recipient of Unvested M Units forfeits any Unvested M Units, the proportional number of shares of our common stock held by PS Partner Group corresponding to such number of forfeited Unvested M Units will be reallocated pro rata to the remaining active holders of M Units. Accordingly, in such event, the M Units held by such remaining holders will become redeemable for a proportionately greater number of shares of our common stock.

Under the terms of the M Units, dividends and other proceeds attributable to our common stock held by PS Partner Group will be distributed as and when received by PS Partner Group to each recipient of M Units pro rata, without regard to whether their respective M Units are vested or unvested.

PS Partner Group will be controlled by ManagementCo, not our board of directors. Accordingly, while the terms of the M Units, and the grant of such M Units to each recipient, were adopted and approved by us, as applicable, neither our Compensation Committee nor our stockholders will have control over any future compensatory decisions made by PS Partner Group. For further information, see "Summary—Reorganization Transactions—Corporate Conversion" and "Summary—Implications of Being a Controlled Company.''

#### Variable Compensation Agreement and Subordinated Profits Interest
In connection with the combined offering, the VCA will be terminated and PSCM will issue a profits interest to us (the "Preferred Profits Interest") and to CompCo (the "Subordinated Profits Interest"). The terms of the Preferred Profits Interest and the Subordinated Profits Interest will generally provide for the same calculation of Preferred Performance Fees and Subordinated Performance Fees, and the same allocation of such fees between us and CompCo, as currently provided by the VCA. However, the offsettable management fees will no longer reduce our entitlement to 100% of the management fees earned from our funds and will no longer be made available by PSCM to pay the Preferred Performance Fees with respect to PSH or paid to CompCo as Subordinated Performance Fees in case of any applicable excess, as currently contemplated under the VCA. Instead, the offsettable management fees will serve to reduce the Preferred Performance Fee which we are entitled to receive with respect to PSH by such amount.

CompCo will be controlled by ManagementCo, not our board of directors. Accordingly, neither our Compensation Committee nor our stockholders will have control over compensatory decisions made by CompCo. For further information, see "Summary—Reorganization Transactions—Corporate Conversion" and "Summary—Implications of Being a Controlled Company."

#### Equity Incentive Plan
Our board of directors expects to adopt, and we expect our stockholders to approve, the Equity Incentive Plan prior to the completion of the offering, in order to provide a means through which we intend to attract, retain and motivate key personnel and to align their interests with those of our stockholders. Awards under the Equity Incentive Plan may be granted to any (i) individual employed by us or our subsidiaries; (ii) director or officer of us or our subsidiaries; or (iii) consultant or advisor to us or our subsidiaries who may be offered securities registrable pursuant to a registration statement on Form S-8 under the Securities Act (or, for consultants or advisors outside of the U.S., may be offered securities consistent with the applicable law). The Equity Incentive Plan will generally be administered by the Compensation Committee or such other committee of our board of directors to which it has properly delegated power, or if no such committee or subcommittee exists, our board of directors (as applicable, the "Committee"), subject to the right of the Committee to delegate all or any portion of its authority to one or more of officers (subject to certain limitations).

The Equity Incentive Plan reserves 20,000,000 shares for issuance and has a term of 10 years from the date of its adoption (unless earlier terminated by our board of directors pursuant to its terms).

All awards granted under the Equity Incentive Plan will vest and/or become exercisable in such manner and on such date or dates or upon such event or events as determined by the Committee. Awards available for grant under the Equity Incentive Plan include non-qualified stock options and incentive stock options, restricted shares of our common stock, restricted stock units, or other equity-based awards tied to the value of our shares.

Awards are generally subject to adjustment in the event of (i) any dividend (other than regular cash dividends) or other distribution, recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, split-off, spin-off, combination, repurchase or exchange of shares of common stock or other securities, issuance of warrants or other rights to acquire shares of common stock or other securities, or

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other similar transactions or events (including a change in control of the Company), or (ii) unusual or nonrecurring events affecting the Company, including changes in applicable rules, rulings, regulations or other requirement. In addition, in connection with any change in control, the Committee may, in its sole discretion, provide for any one or more of the following: (i) a substitution or assumption of, acceleration of the vesting of, the exercisability of, or lapse of restrictions on, any one or more outstanding awards and (ii) cancellation of any one or more outstanding awards and payment to the holders of such awards that are vested as of such cancellation (including any awards that would vest as a result of the occurrence of such event but for such cancellation) the value of such awards, if any, as determined by the Committee.

Our board of directors may amend, alter, suspend, discontinue, or terminate the Equity Incentive Plan or any portion thereof at any time, but no such amendment, alteration, suspension, discontinuance or termination may be made without stockholder approval if (i) such approval is required under applicable law; (ii) it would materially increase the number of securities which may be issued under the Equity Incentive Plan (except for increases in connection with certain corporate events); or (iii) it would materially modify the requirements for participation in the Equity Incentive Plan. Any such amendment, alteration, suspension, discontinuance or termination that would materially and adversely affect the rights of any participant or any holder or beneficiary of any award will not to that extent be effective without such individual's consent.

All awards granted under the Equity Incentive Plan are subject to reduction, cancellation, forfeiture or recoupment to the extent necessary to comply with (i) any clawback, forfeiture or other similar policy adopted by our board of directors or the Compensation Committee and as in effect from time to time and (ii) applicable law or listing exchange requirement.

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#### DIRECTOR COMPENSATION
Each independent director on the board of directors of the general partner to Pershing Square Holdco, L.P. currently receives a quarterly cash retainer of $75,000. Directors are also reimbursed for reasonable out-of-pocket expenses incurred in connection with the performance of their duties as directors, including travel expenses in connection with their attendance in-person at board and committee meetings. The following table provides summary information concerning compensation paid or accrued by us to or on behalf of our independent directors during 2025. None of the directors included in the table below had any stock or option awards outstanding as of December 31, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name<sup>(1)</sup>** | **Fees Earned** <br>**or Paid in** <br>**Cash** <br>**($)** | **Stock** <br>**Awards** <br>**($)** | **Option** <br>**Awards** <br>**($)** | **Non-Equity** <br>**Incentive Plan** <br>**Compensation** <br>**($)** | **Non-Qualified** <br>**Deferred** <br>**Compensation** <br>**Earnings** <br>**($)** | **All Other** <br>**Compensation** <br>**($)** | **Total** <br>**($)**  |
| &nbsp;&nbsp; David Coppel Calvo<sup>(2)</sup> | &nbsp;&nbsp; 294167 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 294167  |
| Kerry Murphy Healey | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 300000  |
| Orion Hindawi | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 300000  |
| Marco Kheirallah | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 300000  |
| Nicholas M. Lamotte | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 300000 |
| Christine Todd<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 6667 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6667 |

---

(1)<br> Our executive directors, including Messrs. Ackman, Hakim and Israel and Ms. Coussin, were not separately compensated for their service on the board.

(2)<br> Mr. Coppel Calvo joined the board on January 29, 2025.

(3)<br> Ms. Todd departed from the board on January 8, 2025.

As described in "Summary—Reorganization Transactions," prior to the effectiveness of each of this registration statement and the PSUS Registration Statement, Pershing Square Holdco, L.P. will convert into a Nevada corporation pursuant to a statutory conversion and change its name to Pershing Square Inc., and the board of directors (and members thereof) of the general partner to Pershing Square Holdco, L.P. will become the board of directors (and members thereof) of Pershing Square Inc.

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#### CERTAIN RELATIONSHIPS AND RELATED PERSON TRANSACTIONS
The agreements described in this section, or forms of such agreements as they will be in effect at the time of the combined offering, are filed as exhibits to the registration statement of which this prospectus forms a part, and the following descriptions are qualified by reference thereto.

#### Howard Hughes Transaction
On May 5, 2025, we entered into the Share Purchase Agreement and related agreements with HHH in connection with the Howard Hughes Transaction. See "Business" for more information regarding the transaction.

#### Corporate Conversion
Prior to the completion of the combined offering, we will complete the Corporate Conversion described in "Summary—Reorganization Transactions—Corporate Conversion." See "Principal Stockholders" for information regarding the number of shares of our common stock that will be held by our Founder and other directors and officers following the combined offering.

#### Contribution of Shares of Our Common Stock
We will deliver shares of our common stock to the initial investors in the PSUS IPO and to the private placement investors in the PSUS Private Placement, as described in "Management's Discussion and Analysis of Financial Condition and Results of Operation—PSUS IPO and PSUS Private Placement." As described in "Summary—Reorganization Transactions," this issuance of shares of our common stock will be effected by a contribution from PS Partner Group (and certain of our employees or other owners who previously held interests directly in PSCM) to us of the number of shares that we are obligated to deliver to the initial investors in the PSUS IPO and the private placement investors in the PSUS Private Placement.

#### Registration Rights Agreements
In connection with the combined offering, we will enter into a registration rights agreement with ManagementCo. This agreement will provide for customary "demand" registrations and "piggyback" registration rights. This registration rights agreement also will provide that we will pay certain expenses relating to such registrations and indemnify such registration rights holders against (or make contributions in respect of) certain liabilities which may arise under the Securities Act.

In connection with the Strategic Investment, our pre-IPO owners, including the Strategic Investors, were granted certain "demand" and "piggyback" registration rights and were also entitled to have us pay certain expenses relating to such registrations and entitled to indemnification rights against certain liabilities which may arise under the Securities Act. In connection with the combined offering, we will enter into an additional registration rights agreement with such pre-IPO owners memorializing the foregoing and the right for a majority in interest of the Strategic Investors, until the first anniversary of the combined offering, upon the resignation or removal from our board of directors of Mr. Lamotte, to nominate one director to our board of directors for so long as the Strategic Investors, collectively, beneficially own shares of our common stock representing an investment in us that is equal to at least two-thirds of their collective investment in Pershing Square Holdco, L.P. as of the closing date of the Strategic Investment.

#### Other Transactions

#### Fee Waivers and Rebates
We waive management and performance fees on investments in our private funds by our employees and their affiliates. We have also historically rebated management and performance fees attributable to shares of PSH held by our employees and their affiliates. Following the Holdco Reorganization, we ceased to provide these rebates, which were continued instead by PS Partner Group and CompCo. For the year ended December 31, 2025, the affiliates fee rebate was $77,579,860 (2024: $69,300,950). Following the combined offering, PS Partner Group and CompCo will no longer rebate the fees of employees invested in PSH.

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#### Subordinated Performance Fees
In connection with the Strategic Investment, we implemented an arrangement for the allocation of performance fee revenue from our funds and other investment vehicles pursuant to the VCA. This arrangement increases the certainty and predictability to us of performance-related revenue and provides an important source of compensation for our investment professionals. Under the VCA, Pershing Square Inc. retains the Preferred Performance Fees—generally, the annual performance fees from each fund earned on the first five percentage points of return net of the management fee—and pays the balance of performance fees—the Subordinated Performance Fees—to CompCo, an entity that compensates its members (including our investment professionals and certain other employees). CompCo is controlled by ManagementCo, and certain of our personnel, including each of our executive officers, hold profit-sharing interests in CompCo. For further information on the ownership structure of CompCo and ManagementCo, see "Summary—Reorganization Transactions—Corporate Conversion." In connection with the combined offering, the VCA will be terminated and PSCM will issue the Preferred Profits Interest to us and the Subordinated Profits Interest to CompCo, which will generally provide for the same calculation of Preferred Performance Fees and Subordinated Performance Fees, respectively, and the same allocation of such fees between us and CompCo, respectively, as currently provided by the VCA. For further information, see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Subordinated Profits Interest."

For the year ended December 31, 2025, the second year in which our Preferred Performance Fee arrangement for the allocation of performance fee revenue was in effect, PSCM made aggregate distributions to CompCo of Subordinated Performance Fees, which were in turn distributed by CompCo to our investment professionals and certain other employees, of $385,350,074 (2024: $136,618,188), which amount is included in profit-sharing partner compensation in our consolidated statements of operations.

#### Corporate Aircraft
Prior to December 20, 2024, we owned a corporate aircraft that was used by our leadership team for business-related travel. The initial cost of the aircraft was $46,027,163. From time to time, Mr. Ackman made personal use of the aircraft. In such cases, we were reimbursed for that portion of the aircraft's operating expenses. For the year ended December 31, 2024, Mr. Ackman agreed to reimburse us $701,578 for that portion of the aircraft's operating expenses, which amount has been paid. As of December 31, 2025, $0 (2024: $1,121) of the reimbursed expenses remained outstanding and unpaid.

On December 20, 2024, ownership of our corporate aircraft was transferred to WAFH V LLC (the "Trust"), the beneficial owner of which is an entity wholly owned by Mr. Ackman. In connection with this transfer, the associated aircraft note (as described in Note 6 to the audited consolidated financial statements included elsewhere in this prospectus) with a carrying amount of $9,774,534 was transferred to the Trust. Accordingly, following such date, we no longer incur aircraft operating expenses arising from Mr. Ackman's personal use of this aircraft (or are reimbursed by Mr. Ackman for his personal use of such aircraft).

Concurrently with such transfer, we entered into an Aircraft Lease Agreement (the "Aircraft Lease Agreement") with the Trust, pursuant to which we lease the aircraft for business purposes on an as-needed basis on a fixed hourly rate. The Aircraft Lease Agreement has an initial term of six months and renews for successive six month periods unless terminated by either party upon 30 days' notice. For the year ended December 31, 2025, $850,098 (2024: $8,781) of payments to the Trust related to the use of the aircraft had been made under the Aircraft Lease Agreement, which amount is included in general and administrative expense in our consolidated statements of operations.

While the Trust remains responsible for the aircraft's fixed costs, we are responsible for variable costs and incidental expenses associated with use of the aircraft. To facilitate aircraft operations, we entered into a Pilot and Flight Services Agreement with Executive Jet Management, Inc. ("EJM"), pursuant to which EJM provides pilot staffing, flight crew, and other flight management services. For the year ended December 31, 2025, we paid $1,026,586 (2024: $5,243) to EJM for services rendered under this agreement.

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#### Office Space Sublease
Mr. Ackman is a partial owner of NEOX Public Benefit LLC (the "Subtenant"), which subleases a portion of our office space. The sublease commenced on December 5, 2022, with rent payments commencing on May 1, 2023 following five months of rent abatement, and expires on December 31, 2033. For the year ended December 31, 2025, the Subtenant paid $2,919,044 (2024: $2,499,409) in rent and $597,485 (2024: $648,317) for office-related services, which amounts are both included in other income in our consolidated statements of operations. In addition, the landlord has agreed to pay us an amount of $1,660,000 for the reimbursement of certain costs incurred by the Subtenant, which we are expected to pay directly to the Subtenant within 30 days following receipt of such reimbursement. Prior to the combined offering, we intend to terminate our sublease arrangement with Subtenant who will enter into a direct relationship with the landlord and we will no longer receive the related income or bear the associated lease expense, although Subtenant may continue the use of certain office-related services for which we will continue to receive certain related income.

#### Office Space License
Prior to December 31, 2025, Mr. Ackman's family office, TABLE Management, L.P. ("TABLE") licensed a portion of our office space under a license agreement which also granted TABLE the use of certain office-related services. For the year ended December 31, 2025. TABLE paid $1,179,477 for office space (2024: $1,129,046) and $536,319 (2024: $688,590) for office-related services under the license agreement, which amounts are both included in other income in our consolidated statements of operations. As of December 31, 2025, TABLE no longer licenses office space from us, and, as a result, following such date, we no longer receive the related income or bear the associated license expense.

#### Ownership in Landlord Entity
Mr. Ackman and his affiliates indirectly own 50% of Georgetown Eleventh Avenue Owners, LLC, the owner of the building in which we rent office space. For the year ended December 31, 2025, we paid approximately $6,561,075 (2024: $6,641,725) in rent to Georgetown Eleventh Avenue Owners, LLC.

#### Strategic Investment
As set forth in the table below, each of Messrs. Coppel Calvo, Hindawi, Kheirallah and Lamotte and Dr. Healey invested in the Strategic Investment, either individually or through an investment vehicle or trust.

---

| | | |
|:---|:---|:---|
| **Director**  | **Investment Size**  | **Interest**  |
| David Coppel Calvo | $70 million  | Direct or indirect ownership of 16% of Pacat LP., which invested in the Strategic Investment.<sup>(1)</sup>  |
| Kerry Murphy Healey | $2 million  | Individual.  |
| Orion Hindawi | $5 million  | 100% beneficial owner of an irrevocable trust that invested in the Strategic Investment.  |
| Marco Kheirallah | $6 million  | 61% beneficial owner of SIP Capital Fund Ltd., which invested in the Strategic Investment.  |
| Nicholas M. Lamotte | $200 million  | Executive Chairman of Consulta Limited, the investment manager of Consulta SPV II, LP. Consulta SPV II, LP invested in the Strategic Investment.<sup>(2)</sup> |

---

(1)<br> Certain of Mr. Coppel Calvo's immediate family members also directly or indirectly own interests in Pacat LP.

(2) Mr. Lamotte and certain members of his immediate family may be deemed to be the beneficial owners of Consulta SPV II, LP by virtue of their beneficial ownership interests in the entity and in Consulta Limited. Mr. Lamotte and his immediate family disclaim beneficial ownership of the securities held by Consulta SPV II, LP except to the extent of their pecuniary interest therein.

#### Our Right To Acquire PSH Shares
Our Founder, Mr. Israel, a former employee and certain of their affiliates (the "Subject PSH Shares Holders") directly or indirectly hold an aggregate of 46,265,743 public shares of PSH (the "Subject PSH Shares"). We entered into an agreement (the "PSH Share Agreement") with the Subject PSH Shares Holders whereby we have the right, but not the obligation, on the terms and subject to the conditions provided in the

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PSH Share Agreement, to acquire the Subject PSH Shares (or in the case of any Subject PSH Shares held through a holding entity, 100% of the issued and outstanding ownership interests of such holding entity) at any time after the ninth anniversary of the Corporate Conversion and on or before the tenth anniversary of the Corporate Conversion in exchange for shares of Pershing Square Inc. common stock. For purposes of determining the number of shares of our common stock to be issued to the Subject PSH Share Holders in the event we elect to exercise this right, (i) the Subject PSH Shares (and/or the holding entities holding such shares, as applicable) will be valued at a price per share equal to the volume-weighted average price per share of PSH as reported on the London Stock Exchange over the twenty trading-day period ending on the exercise date, and (ii) shares of our common stock will be valued at a price per share equal to the volume-weighted average price per share as reported on the NYSE over the twenty trading-day period ending on the exercise date. The value of any entity holding Subject PSH Shares shall be the value of such shares using the foregoing valuation methodology (i) increased by the amount of any cash held by such entity arising from dividends on the Subject PSH Shares and (ii) decreased by the amount of any accrued tax liability for income realized from dividends on the Subject PSH Shares.

We may exercise our right at any time during the one-year period immediately preceding the tenth anniversary of the Corporate Conversion. The PSH Share Agreement restricts transfers of the Subject PSH Shares prior to the exercise or expiry of our right, subject to certain exceptions for permitted transfers. The PSH Share Agreement conditions our right to acquire the Subject PSH Shares, among other things, on our ability to effect such acquisition in a manner that generally will be tax-free for U.S. federal income tax purposes to the Subject PSH Shares Holders and in a manner that will not result in a change of control under certain bond indentures of PSH. Any decision by us to exercise our right to acquire the Subject PSH Shares would be subject to our related person transaction policy described below in "—Statement of Policy Regarding Transactions with Related Persons."

#### Other
PS Holdco and PS Partner Group elected to be subject to both the New York State and New York City Pass-Through Entity Tax (together, "PTET") for the year ended December 31, 2025, and PSCM made the same elections for the year ended December 31, 2024. PTET grants eligible partners a tax credit on their individual New York State and New York City income tax returns, and any PTET owed is a joint liability of (i) PS Holdco or PS Partner Group and (ii) each partner. For the year ended December 31, 2025, PS Holdco and PS Partner Group made PTET payments totaling $32,937,551 (2024: $71,304,813) on behalf of our partners. These PTET payments were recorded, as applicable, in profit-sharing partner compensation and/or capital distributions according to each partner's participation in the LTIP. For Mr. Ackman, PTET payments were recorded as capital distributions. As of December 31, 2025, PTET accruals of $10,104,536 and $3,224,380 (2024: $8,736,219 and $3,263,171) were recorded in distributions payable to partners and accrued compensation and benefits, respectively. As a result of the Corporate Conversion, we will not incur any PTET liability following the combined offering.

#### Statement of Policy Regarding Transactions with Related Persons
Prior to the completion of the combined offering, our board of directors will adopt a written statement of policy regarding transactions with related persons, which we refer to as our "related person policy." Our related person policy requires that a "related person" (as defined in paragraph (a) of Item 404 of Regulation S-K) must promptly disclose to our chief legal officer any "related person transaction" (defined as any transaction that is anticipated would be reportable by us under Item 404(a) of Regulation S-K in which we were or are to be a participant and the amount involved exceeds $120,000 and in which any related person had or will have a direct or indirect material interest) and all material facts with respect thereto. Our chief legal officer will then promptly communicate that information to our audit committee. No related person transaction entered into following the combined offering will be executed without the approval or ratification of our board of directors or a duly authorized committee of our board of directors. It is our policy that directors interested in a related person transaction will recuse themselves from any vote on a related person transaction in which they have an interest.

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#### Indemnification of Directors and Officers
Our bylaws provide that we will indemnify our directors and officers to the fullest extent permitted by Nevada law, subject to limited exceptions. In addition, our articles of incorporation will limit the individual liability of our directors and officers to the fullest extent permitted by Nevada law. We also intend to enter into indemnification agreements with our directors and executive officers. These agreements will require us to indemnify these individuals to the fullest extent permitted under Nevada law against liabilities that may arise by reason of their service to us, and to advance expenses, including attorneys' fees, incurred by them in defending against proceedings to which they are or are threatened to be made a party or participant, subject to limited exceptions. There is no pending litigation or proceeding naming any of our directors or officers to which indemnification is being sought, and we are not aware of any pending or threatened litigation that may result in claims for indemnification by any director or officer.

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#### PRINCIPAL STOCKHOLDERS
The following tables set forth information regarding the beneficial ownership of shares of our common stock by (1) each person known to us to beneficially own more than 5% of our outstanding common stock, (2) each of our directors and named executive officers and (3) all of our directors and executive officers as a group.

This beneficial ownership information is presented after giving effect to the Reorganization Transactions, including the Corporate Conversion. Information is provided with respect to the amount and percentage of shares of our common stock immediately before the combined transaction and following the issuance of our common stock in the combined transaction, assuming no exercise of the option of the underwriters in the PSUS IPO to purchase additional PSUS Shares and, separately, assuming full exercise of the option of the underwriters in the PSUS IPO to purchase additional PSUS Shares.

The amounts and percentages of shares beneficially owned are reported on the basis of SEC regulations governing the determination of beneficial ownership of securities. Under SEC rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares voting power or investment power, which includes the power to dispose of or to direct the disposition of such security. A person is also deemed to be a beneficial owner of any securities of which that person has a right to acquire beneficial ownership within 60 days. Securities that can be so acquired are deemed to be outstanding for purposes of computing such person's ownership percentage, but not for purposes of computing any other person's percentage. Under these rules, more than one person may be deemed to be a beneficial owner of the same securities and a person may be deemed to be a beneficial owner of securities as to which such person has no economic interest.

Except as otherwise indicated in the footnotes below, each of the beneficial owners has, to our knowledge, sole voting and investment power with respect to the indicated shares. Unless otherwise noted, the address of each beneficial owner is c/o Pershing Square Inc., 787 Eleventh Avenue, 9th Floor, New York, New York 10019.

The capital raised through the combined transaction is not readily determinable until the date of pricing of the PSUS IPO, which impacts the information regarding the beneficial ownership of shares of our common stock. Therefore, we have contemplated the effects of the combined transaction under two scenarios: (i) Scenario 1, in which PSUS raises $5 billion of capital through the PSUS IPO and PSUS Private Placement; and (ii) Scenario 2, in which PSUS raises an additional $5 billion through the PSUS IPO and PSUS Private Placement, for an aggregate capital raise of $10 billion.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Scenario 1 – $5 Billion** <br>**PSUS IPO and PSUS Private Placement** | **Scenario 1 – $5 Billion** <br>**PSUS IPO and PSUS Private Placement** | **Scenario 1 – $5 Billion** <br>**PSUS IPO and PSUS Private Placement** | **Scenario 1 – $5 Billion** <br>**PSUS IPO and PSUS Private Placement** |
| **Name of Beneficial Owner**  | **Before the** <br>**Combined** <br>**Transaction** | **Before the** <br>**Combined** <br>**Transaction** | **After the Combined** <br>**Transaction if the** <br>**Underwriters' Option in** <br>**the PSUS IPO Is Not** <br>**Exercised**  | **After the Combined** <br>**Transaction if the** <br>**Underwriters' Option in** <br>**the PSUS IPO Is Not** <br>**Exercised**  | **After the Combined** <br>**Transaction if the** <br>**Underwriter' Option in** <br>**the PSUS IPO Is Exercised**  | **After the Combined** <br>**Transaction if the** <br>**Underwriter' Option in** <br>**the PSUS IPO Is Exercised**  |
|  | **Number of** <br>**Common** <br>**Stock**  | **% of** <br>**Common** <br>**Stock**  | **Number of** <br>**Common** <br>**Stock**  | **% of** <br>**Common** <br>**Stock**  | **Number of** <br>**Common** <br>**Stock** <br>| **% of** <br>**Common** <br>**Stock**  |
| **5% beneficial owners:** <br>|  |  |  |  |  |  |
| PS Holdco GP Managing Member, LLC<sup>(1)</sup>  | 360000000 | &nbsp;&nbsp;&nbsp;&nbsp; 90.0% | 298501192 | &nbsp;&nbsp;&nbsp;&nbsp; 74.6% | 297332395 | &nbsp;&nbsp;&nbsp;&nbsp; 74.3% |
| **Directors and named executive officers:** <br>|  |  |  |  |  |  |
| William A. Ackman<sup>(2)(3)(4)</sup>  | 181862555 | &nbsp;&nbsp;&nbsp;&nbsp; 45.5% | 179465566 | &nbsp;&nbsp;&nbsp;&nbsp; 44.9% | 178762859 | &nbsp;&nbsp;&nbsp;&nbsp; 44.7% |
| Ryan Israel<sup>(2)(3)</sup>  | &nbsp;&nbsp; 35441672 | &nbsp;&nbsp;&nbsp;&nbsp; 8.9% | &nbsp;&nbsp; 30975037 | &nbsp;&nbsp;&nbsp;&nbsp; 7.7% | &nbsp;&nbsp; 30853752 | &nbsp;&nbsp;&nbsp;&nbsp; 7.7% |
| Halit Coussin<sup>(2)(3)</sup>  | &nbsp;&nbsp; 10643145 | &nbsp;&nbsp;&nbsp;&nbsp; 2.7% | &nbsp;&nbsp;&nbsp; 9175918 | &nbsp;&nbsp;&nbsp;&nbsp; 2.3% | &nbsp;&nbsp;&nbsp; 9139990 | &nbsp;&nbsp;&nbsp;&nbsp; 2.3% |
| &nbsp;&nbsp; Ben Hakim<sup>(2)(3)</sup> | &nbsp;&nbsp; 14286311 | &nbsp;&nbsp;&nbsp;&nbsp; 3.6% | &nbsp;&nbsp; 12528495 | &nbsp;&nbsp;&nbsp;&nbsp; 3.1% | &nbsp;&nbsp; 12479440 | &nbsp;&nbsp;&nbsp;&nbsp; 3.1% |
| &nbsp;&nbsp; David Coppel Calvo<sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 2676557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* | &nbsp;&nbsp;&nbsp; 3126557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* | &nbsp;&nbsp;&nbsp; 3126557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* |
| Kerry Murphy Healey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* |
| &nbsp;&nbsp; Orion Hindawi<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* |
| Marco Kheirallah<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* |
| Nicholas M. Lamotte<sup>(8)</sup> | &nbsp;&nbsp;&nbsp; 7654954 | &nbsp;&nbsp;&nbsp;&nbsp; 1.9% | &nbsp;&nbsp;&nbsp; 8254954 | &nbsp;&nbsp;&nbsp;&nbsp; 2.1% | &nbsp;&nbsp;&nbsp; 8254954 | &nbsp;&nbsp;&nbsp;&nbsp; 2.1% |
|  All directors and executive officers as a group (10 persons)<sup>(2)(3)</sup>  | 253062268 | &nbsp;&nbsp;&nbsp;&nbsp; 63.3% | 244023602 | &nbsp;&nbsp;&nbsp;&nbsp; 61.0% | 243114626 | &nbsp;&nbsp;&nbsp;&nbsp; 60.8% |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Scenario 2 – $10 Billion** <br>**PSUS IPO and PSUS Private Placement** | **Scenario 2 – $10 Billion** <br>**PSUS IPO and PSUS Private Placement** | **Scenario 2 – $10 Billion** <br>**PSUS IPO and PSUS Private Placement** | **Scenario 2 – $10 Billion** <br>**PSUS IPO and PSUS Private Placement** |
| **Name of Beneficial Owner**  | **Before the** <br>**Combined** <br>**Transaction** | **Before the** <br>**Combined** <br>**Transaction** | **After the Combined** <br>**Transaction if the** <br>**Underwriters' Option in** <br>**the PSUS IPO Is Not** <br>**Exercised**  | **After the Combined** <br>**Transaction if the** <br>**Underwriters' Option in** <br>**the PSUS IPO Is Not** <br>**Exercised**  | **After the Combined** <br>**Transaction if the** <br>**Underwriters' Option in** <br>**the PSUS IPO Is Exercised**  | **After the Combined** <br>**Transaction if the** <br>**Underwriters' Option in** <br>**the PSUS IPO Is Exercised**  |
|  | **Number of** <br>**Common** <br>**Stock**  | **% of** <br>**Common** <br>**Stock**  | **Number of** <br>**Common** <br>**Stock**  | **% of** <br>**Common** <br>**Stock**  | **Number of** <br>**Common** <br>**Stock** <br>| **% of** <br>**Common** <br>**Stock**  |
| **5% beneficial owners:** <br>|  |  |  |  |  |  |
| PS Holdco GP Managing Member, LLC<sup>(1)</sup>  | 360000000 | &nbsp;&nbsp;&nbsp;&nbsp; 90.0% | 280718462 | &nbsp;&nbsp;&nbsp;&nbsp; 70.2% | 276875753 | &nbsp;&nbsp;&nbsp;&nbsp; 69.2% |
| **Directors and named executive officers:** <br>|  |  |  |  |  |  |
| William A. Ackman<sup>(2)(3)(4)</sup>  | 181862555 | &nbsp;&nbsp;&nbsp;&nbsp; 45.5% | 169011843 | &nbsp;&nbsp;&nbsp;&nbsp; 42.3% | 166698268 | &nbsp;&nbsp;&nbsp;&nbsp; 41.7% |
| Ryan Israel<sup>(2)(3)</sup>  | &nbsp;&nbsp; 35441672 | &nbsp;&nbsp;&nbsp;&nbsp; 8.9% | &nbsp;&nbsp; 29037369 | &nbsp;&nbsp;&nbsp;&nbsp; 7.3% | &nbsp;&nbsp; 28639881 | &nbsp;&nbsp;&nbsp;&nbsp; 7.2% |
| Halit Coussin<sup>(2)(3)</sup>  | &nbsp;&nbsp; 10643145 | &nbsp;&nbsp;&nbsp;&nbsp; 2.7% | &nbsp;&nbsp;&nbsp; 8601553 | &nbsp;&nbsp;&nbsp;&nbsp; 2.2% | &nbsp;&nbsp;&nbsp; 8483808 | &nbsp;&nbsp;&nbsp;&nbsp; 2.1% |
| &nbsp;&nbsp; Ben Hakim<sup>(2)(3)</sup> | &nbsp;&nbsp; 14286311 | &nbsp;&nbsp;&nbsp;&nbsp; 3.6% | &nbsp;&nbsp; 11743553 | &nbsp;&nbsp;&nbsp;&nbsp; 2.9% | &nbsp;&nbsp; 11582797 | &nbsp;&nbsp;&nbsp;&nbsp; 2.9% |
| &nbsp;&nbsp; David Coppel Calvo<sup>(5)</sup> | &nbsp;&nbsp;&nbsp; 2676557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* | &nbsp;&nbsp;&nbsp; 3126557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* | &nbsp;&nbsp;&nbsp; 3126557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* |
| Kerry Murphy Healey | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* |
| &nbsp;&nbsp; Orion Hindawi<sup>(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* |
| Marco Kheirallah<sup>(7)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \* |
| Nicholas M. Lamotte<sup>(8)</sup> | &nbsp;&nbsp;&nbsp; 7654954 | &nbsp;&nbsp;&nbsp;&nbsp; 1.9% | &nbsp;&nbsp;&nbsp; 8254954 | &nbsp;&nbsp;&nbsp;&nbsp; 2.1% | &nbsp;&nbsp;&nbsp; 8254954 | &nbsp;&nbsp;&nbsp;&nbsp; 2.1% |
|  All directors and executive officers as a group (10 persons)<sup>(2)(3)</sup>  | 253062268 | &nbsp;&nbsp;&nbsp;&nbsp; 63.3% | 230272904 | &nbsp;&nbsp;&nbsp;&nbsp; 57.6% | 227283340 | &nbsp;&nbsp;&nbsp;&nbsp; 56.8% |

---

\* Represents less than 1%. 

(1) Assuming Scenario 1, includes 187,181,953 or 186,096,633 shares of common stock directly held by Pershing Square Partner Group, LLC, including 144,113,451 or 143,196,768 shares of common stock underlying the M Units granted to our senior professionals to be delivered to such professionals in accordance with the terms of the M Units, assuming the underwriters in the PSUS IPO do not exercise their option to purchase additional PSUS Shares and assuming the underwriters in the PSUS IPO do exercise in full their option to purchase additional PSUS Shares, respectively. Assuming Scenario 2, includes 170,726,350 or 167,157,309 shares of common stock directly held by Pershing Square Partner Group, LLC, including 130,253,359 or 127,238,347 shares of common stock underlying the M Units granted to our senior professionals to be delivered to such professionals in accordance with the terms of the M Units, assuming the underwriters in the PSUS IPO do not exercise their option to purchase additional PSUS Shares and assuming the underwriters in the PSUS IPO do exercise in full their option to purchase additional PSUS Shares, respectively. For additional information on the terms of the M Units, see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests in PS Partner Group." PS Holdco GP Managing Member, LLC ("ManagementCo") is the managing member of PS Partner Group. 

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As managing member, ManagementCo has no economic interests in PS Partner Group but sole voting control over PS Partner Group. Control over the voting and dispositive power of ManagementCo is shared among its members, consisting of our Founder, Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro and Ms. Coussin. In addition, includes shares subject to the voting proxy arrangement described in footnote 2 below.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

ManagementCo will also be the sole holder of a Special Voting Share. The Special Voting Share will have no economic rights but will have voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. Because the shares of our common stock over which ManagementCo will initially have voting power will provide it with in excess of a simple majority of the voting power of the outstanding shares of our common stock, the Special Voting Share will initially provide only a single additional vote to ManagementCo.

(2) Shares subject to the voting proxy arrangement, pursuant to which each of our Founder, Mr. Israel, Mr. Hakim, Mr. Gonnella, Mr. Massaro and Ms. Coussin will provide an irrevocable voting proxy to ManagementCo with respect to any shares of common stock which they own or over which they hold the power to vote.

(3) Excludes shares of common stock underlying unvested M Units, which shares are currently reflected in the amount beneficially owned by ManagementCo as described in footnote 1 above. For additional information on the vesting and other terms of the M Units, see "Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests in PS Partner Group."

(4) Assuming Scenario 1, includes 89,465,566 or 88,762,859 shares of common stock underlying Mr. Ackman's vested M Units, which shares are also reflected in the amount beneficially owned by ManagementCo as described in footnote 1 above, assuming the underwriters in the PSUS IPO do not exercise their option to purchase additional PSUS Shares and assuming the underwriters in the PSUS IPO do exercise in full their option to purchase additional PSUS Shares, respectively. Assuming Scenario 2, includes 79,011,843 or 76,698,268 shares of common stock underlying Mr. Ackman's vested M Units, which shares are also reflected in the amount beneficially owned by ManagementCo as described in footnote 1 above, assuming the underwriters in the PSUS IPO do not exercise their option to purchase additional PSUS Shares and assuming the underwriters in the PSUS IPO do exercise in full their option to purchase additional PSUS Shares, respectively. Also includes 74,000,000 shares of common stock directly held by WAA Management LLC, of which Mr. Ackman is the sole manager, and 16,000,000 shares of common stock directly held by The PS 2026 GRAT, of which Mr. Ackman is the trustee, under both Scenario 1 and Scenario 2, whether or not the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares.

(5) Reflects 2,676,557 shares of common stock directly held by Pacat LP, where Mr. Coppel Calvo has voting and dispositive power over the shares held by Pacat LP, and 450,000 shares of common stock directly held by Crecer C LP, where Mr. Coppel Calvo may be deemed to have shared voting and dispositive power over the shares held by Crecer C LP.

(6)<br> Reflects shares directly held by a trust over which Mr. Hindawi is a trustee.

(7)<br> Reflects shares directly held by SIP Capital Fund Ltd., of which Mr. Kheirallah is the investment manager and controlling majority investor.

(8) Reflects 7,654,954 shares of common stock directly held by Consulta SPV II, LP and 600,000 shares of common stock directly held by Consulta Master Fund LP. Mr. Lamotte is Executive Chairman of Consulta Limited, the investment manager of Consulta SPV II, LP and Consulta Master Fund LP, and may be deemed to have shared voting and dispositive power over the shares held by each of Consulta SPV II, LP and Consulta Master Fund LP. 

Under both Scenario 1 and Scenario 2, if the offering size of the PSUS IPO increases or decreases by $100 million, the percentage of our common stock beneficially owned by PS Holdco GP Managing Member, LLC, Mr. Ackman, and all of our directors and executive officers as a group, respectively, would decrease or increase, as applicable, by 0.2%, 0.1% and 0.1%, respectively (whether or not the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares).

Similarly, under Scenario 1, if the offering size of the PSUS IPO increases or decreases by $100 million, the number of shares of our common stock underlying the M Units granted to our senior professionals to be delivered to such professionals in accordance with the terms of the M Units would decrease or increase, as applicable, by 0.1% (whether or not the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares). Under Scenario 2, if the offering size of the PSUS IPO increases or decreases by $100 million, the number of shares of our common stock underlying the M Units granted to our senior professionals would decrease or increase, as applicable, by 0.1% (or 0.2% if the underwriters in the PSUS IPO exercise in full their option to purchase additional PSUS Shares).

For information relating to our material relationships and related person transaction with our principal stockholders, see the section titled "Certain Relationships and Related Person Transactions."

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#### DESCRIPTION OF CAPITAL STOCK
The following is a description of the material terms of, and is qualified in its entirety by, our articles of incorporation and bylaws, as each will be in effect upon the consummation of the combined offering, the forms of which are filed as exhibits to the registration statement of which this prospectus forms a part. Under "Description of Capital Stock," "we," "us," "our," and "our company" refer to Pershing Square Inc. and not to any of its subsidiaries.

Our purpose is to engage in any lawful act or activity for which corporations may be organized under the NRS. Upon the consummation of the combined offering, our authorized capital stock will consist of 1,000,000,000 shares of common stock, par value $0.001 per share, and 100,000,000 shares of preferred stock, par value $0.001 per share, of which one (1) share is designated as the Special Voting Share. Unless our board of directors determines otherwise, we will issue all shares of our capital stock in uncertificated form.

#### Common Stock
In general, holders of shares of our common stock are entitled to one vote for each share held of record on all matters on which stockholders are entitled to vote generally, including the election or removal of directors. If at any time any person or group (other than ManagementCo or any person of which ManagementCo, or a wholly owned subsidiary of ManagementCo, serves as general partner or managing member or holds a majority by voting power of the interests entitled to vote generally in the election of the board of directors, managers or equivalent governing body of such person) directly or indirectly controls shares of our common stock representing more than 24.9% of the aggregate total votes to which the outstanding shares of common stock and the Special Voting Share would otherwise entitle their holders, then the shares of common stock in excess of such percentage directly or indirectly controlled by such person or group will not be entitled to vote on any matter and will not be considered to be outstanding when sending notices of a meeting of stockholders to vote on any matter (unless otherwise required by law), calculating required votes, determining the presence of a quorum or for other similar purposes under our articles of incorporation.

The holders of our common stock do not have cumulative voting rights in the election of directors.

Holders of shares of our common stock are entitled to receive dividends or other distributions when, as and if declared by our board of directors out of funds legally available therefor, subject to any statutory or contractual restrictions on the payment of dividends or other distributions and to the rights of the holders of any outstanding series of our preferred stock.

Upon our liquidation, dissolution or winding up and after payment in full of all amounts required to be paid to creditors, and subject to the rights of the holders of any outstanding series of preferred stock, the holders of shares of our common stock will be entitled to receive pro rata our remaining assets available for distribution to stockholders.

All shares of our common stock that will be outstanding at the time of the completion of the combined offering will be fully paid and non-assessable. The common stock will not be subject to further calls or assessments by us. Holders of shares of our common stock do not have preemptive, subscription, redemption or conversion rights. There will be no redemption or sinking fund provisions applicable to the common stock. The rights, powers, preferences and privileges of holders of our common stock will be subject to those of the holders of any shares of our preferred stock or any other series or class of stock we may authorize and issue in the future.

Our articles of incorporation will provide that shares of our common stock held by our pre-IPO owners may not be sold until the first anniversary of the combined offering.

#### Preferred Stock

#### Special Voting Share
Our articles of incorporation will designate one share of our authorized preferred stock as the Special Voting Share. The Special Voting Share will have voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our

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common stock over which the holder then has voting power, to give the holder a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. The Special Voting Share will vote together with our common stock as a single class, except as otherwise required by law or our articles of incorporation.

Following completion of the combined offering, ManagementCo, an entity managed by members of our senior management, will hold the one (1) issued and outstanding Special Voting Share, and accordingly, will be able to control the election of the members of our board of directors and generally control the outcome of all other matters requiring the approval of our stockholders. For so long as our Founder and his affiliates (including family members) hold at least 5% of the outstanding shares of our common stock, ManagementCo has agreed to appoint a director (a "Founder Nominee") designated by our Founder or his affiliates (including family members), as applicable, to our board of directors, provided that this director nomination right shall be temporarily suspended to the extent that it would entitle our Founder and his affiliates (including family members) to appoint 25% or more of the members of our board of directors. The approval by members of ManagementCo holding at least 80% of its then outstanding units shall be required to exercise ManagementCo's voting power in us to remove a Founder Nominee as a member of our board of directors, other than in certain cases of cause. Subject to applicable law, the Special Voting Share shall not be transferable by ManagementCo except to us.

The holder of our Special Voting Share does not have any right to receive dividends or any other distributions. Upon our liquidation, dissolution or winding up, our articles of incorporation provide that the holder of the Special Voting Share is entitled to receive, after payment of our debts and liabilities and subject to the rights of any class or series of our stock having a preference over the Special Voting Share as to distributions upon a liquidation, dissolution or winding up, and before any payment of any distributions of assets to our common stock, out of our assets available for distribution, a liquidating distribution in an amount equal to the par value of the Special Voting Share.

#### Additional Series of Preferred Stock
Our articles of incorporation authorize our board of directors to establish one or more additional series of preferred stock (including convertible preferred stock). Unless required by law or by any stock exchange, and subject to the terms of our articles of incorporation, the authorized but unissued shares of preferred stock will be available for designation and issuance by our board of directors without further action by holders of our common stock or the Special Voting Share. Our board of directors is able to determine, with respect to any series of preferred stock, the powers (including voting powers), preferences and relative, participating, optional or other special rights, and the qualifications, limitations, or restrictions thereof, of that series, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;• the designation of the series;

&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares of the series, which our board of directors may, except where otherwise provided in the preferred stock
 designation, increase (but not above the total number of authorized shares of the class) or decrease (but not below the number of shares then outstanding);

&nbsp;&nbsp;&nbsp;&nbsp;• whether dividends or other distributions, if any, will be cumulative or non-cumulative and the rate of any such dividends or
 distributions applicable to the series;

&nbsp;&nbsp;&nbsp;&nbsp;• the dates at which dividends or other distributions, if any, will be payable on the shares of such series;

&nbsp;&nbsp;&nbsp;&nbsp;• the redemption rights and price or prices, if any, for shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;• the terms and amounts of any sinking fund provided for the purchase or redemption of shares of the series;

&nbsp;&nbsp;&nbsp;&nbsp;• the amounts payable on shares of the series in the event of any voluntary or involuntary liquidation, dissolution or winding-up of
 our affairs or other event;

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&nbsp;&nbsp;&nbsp;&nbsp;• whether the shares of the series will be convertible into shares of any other class or series, or any other security, of us or any
 other entity, and, if so, the specification of the other class or series or other security, the conversion price or prices or rate or rates, any rate adjustments, the date or dates as of which the shares will be convertible, and all other
 terms and conditions upon which the conversion may be made;

&nbsp;&nbsp;&nbsp;&nbsp;• restrictions on the issuance of shares of the same series or of any other class or series of our capital stock; and

&nbsp;&nbsp;&nbsp;&nbsp;• the voting powers, if any, of the holders of the series.

The powers, preferences and relative, participating, optional or other special rights, and the qualifications, limitations, or restrictions thereof, of each series of our preferred stock may differ from those of any and all other series outstanding at any time. We could issue one or more series of preferred stock that could, depending on the terms of the series, impede or discourage an acquisition attempt or other transaction that some, or a majority, of the holders of our common stock might believe to be in their best interests or in which the holders of our common stock might receive a premium over the market price of the shares of our common stock. Additionally, the issuance of one or more additional series of our preferred stock may adversely affect the rights or interests of holders of our common stock by restricting dividends or other distributions on the common stock, diluting the voting power of the common stock or subordinating the rights of the common stock to distributions upon a liquidation, dissolution or winding up or other event. As a result of these or other factors, the issuance of one or more additional series of preferred stock could have an adverse impact on the market price of our common stock.

#### Dividends
The NRS only permits the board of directors of a corporation, subject to any restrictions in the articles of incorporation, to declare and pay dividends or other distributions if, after giving effect to the dividend or other distribution (a) the corporation would not be able to pay its debts as they become due in the usual course of business; or (b) except as otherwise specifically allowed by the articles of incorporation, the corporation's total assets would be less than the sum of its total liabilities plus the amount that would be needed, if the corporation were to be dissolved immediately after the time of the distribution, to satisfy the preferential rights upon such dissolution of holders of shares of any class or series of the capital stock of the corporation having preferential rights superior to those receiving the distribution. Our articles of incorporation provide that we are allowed to make any distribution that otherwise would be prohibited by NRS 78.288(2)(b) and, accordingly, we will not be subject to the "balance sheet" test described in clause (b) of the immediately preceding sentence. The declaration, amount and payment of any dividends or other distributions in the future will be made at the sole discretion of our board of directors in accordance with applicable law and we may reduce or discontinue entirely the payment of such dividends or other distributions at any time. Our board of directors may take into account, among other things, our results of operations, cash requirements, financial condition, contractual restrictions and other factors that our board of directors may deem relevant.

#### Dissenter's and Appraisal Rights
Under the NRS, with certain exceptions, our stockholders will have dissenter's rights in connection with a merger, statutory conversion or statutory exchange in which we are a constituent entity or certain corporate actions pursuant to which a stockholder would be obligated as a result thereof to accept money or scrip rather than receive a fraction of a share in exchange for the cancellation of all of the stockholder's outstanding shares. Pursuant to the NRS, stockholders who properly demand and perfect dissenter's rights in connection with any corporate action giving rise to dissenter's rights will have the right to receive payment of the fair value of their shares as determined by the District Court of the State of Nevada, plus interest, as calculated in accordance with the applicable provisions of the NRS, on the amount determined to be the fair value, from the effective time of the corporate action giving rise to dissenter's rights through the date of payment of the judgment.

#### Stockholder Derivative Actions
Under Nevada law, any of our stockholders may bring an action in our name to enforce a right of the Company and procure a judgment in our favor, also known as a derivative action, provided that the stockholder bringing the action is a holder of our shares at the time of the transaction to which the action relates or such stockholder's stock thereafter devolved by operation of law. To bring such an action, the stockholder must

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otherwise comply with Nevada law regarding derivative actions, including by making a pre-suit demand on our board of directors to pursue the claims or satisfying its burden to show that any pre-suit demand would be futile, and demonstrating that it is a fair and adequate representative of the interests of similarly situated stockholders. Derivative actions may not be dismissed—including if there is a settlement—without notice to the stockholders and court approval. Our articles of incorporation have vested an independent and disinterested litigation demand committee with sole and exclusive authority to consider the merits of any such demands and make decisions and take actions with respect to any such demands, including whether to initiate a proceeding. This provision may affect a stockholder's ability to commence, maintain or control a derivative proceeding.

#### Stockholder Meetings
Our bylaws provide that annual stockholder meetings will be held at a date, time and physical location, if any, as exclusively selected by our board of directors. Our articles of incorporation provide that special meetings of the stockholders may be called only by or at the direction of our board of directors, the chairman of our board or our chief executive officer or by or at the direction of our board of directors or the chairman of our board at the request of ManagementCo. To the extent permitted under applicable law, we may conduct meetings solely by means of remote communications, including by webcast.

#### Anti-Takeover Effects of Our Articles of Incorporation and Bylaws and Certain Provisions of Nevada Law
Our articles of incorporation, bylaws and the NRS contain provisions that are summarized in the following paragraphs and may have the effect of increasing the likelihood of continuity and stability in the composition of our board of directors. These provisions may also help us avoid costly takeover battles, reduce our vulnerability to a hostile or abusive change of control and protect the ability of our board of directors to enhance long-term stockholder value in connection with any unsolicited offer to acquire us. However, these provisions may have an anti-takeover effect and may delay, deter or prevent a merger or acquisition of our company by means of a tender offer, proxy contest or other takeover attempt that a stockholder might consider in its best interest, including those attempts that might result in a premium over the prevailing market price for the shares of common stock held by stockholders.

#### Voting Rights of ManagementCo
As described above in "—Preferred Stock—Special Voting Share," the Special Voting Share will have voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of common stock. As a result, ManagementCo will be able to control all matters requiring the approval of a majority of our stockholders, including the election of our directors, the amendment of our articles of incorporation and bylaws and significant corporate transactions such as a change in control, merger, consolidation or sale of assets, even if ManagementCo has voting power over less than 50% of the voting power of shares of our common stock, although ManagementCo will be unable to remove a director without the approval of two-thirds of the voting power of our stockholders. This concentrated control could discourage others from initiating a potential merger, takeover or other change of control transaction that other stockholders may view as beneficial.

We have created this voting arrangement, and the provision described below under "—Loss of Voting Rights," to protect our firm from change of control events, such as the risk that changes in the ownership of our voting securities could be deemed to have resulted in an "assignment" of our investment management agreements under the 1940 Act or the Advisers Act or a "change of control" under the indentures governing the senior notes of PSH.

#### Loss of Voting Rights
As described above in "—Common Stock," if at any time any person or group (other than ManagementCo or any person of which ManagementCo, or a wholly owned subsidiary of ManagementCo, serves as general partner or managing member or holds a majority by voting power of the interests entitled to vote generally in the election of the board of directors, managers or equivalent governing body of such person) directly or indirectly controls shares of our common stock representing more than 24.9% of the aggregate total votes to which the

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outstanding shares of common stock and the Special Voting Share would otherwise entitle their holders, then the shares of common stock in excess of such percentage directly or indirectly controlled by such person or group will not be entitled to vote on any matter and will not be considered to be outstanding when sending notices of a meeting of stockholders to vote on any matter (unless otherwise required by law), calculating required votes, determining the presence of a quorum or for other similar purposes under our articles of incorporation.

#### Authorized but Unissued Capital Stock
Nevada law does not require stockholder approval for any issuance of shares that are authorized and available for issuance. However, the listing requirements of the NYSE, which would apply so long as the shares of common stock remain listed on the NYSE, require stockholder approval of certain issuances equal to or exceeding 20% of the then outstanding voting power of our capital stock or the then outstanding number of shares of common stock. These additional shares may be used for a variety of corporate purposes, including future public offerings, to raise additional capital or to facilitate acquisitions.

Our board of directors may generally issue shares of one or more additional series of preferred stock on terms designed to discourage, delay or prevent a change of control of our company or change the composition of our board. Moreover, our authorized but unissued shares of preferred stock will be available for future issuances in one or more additional series without stockholder approval and could be utilized for a variety of corporate purposes, including future offerings to raise additional capital, to facilitate acquisitions and employee benefit plans.

One of the effects of the existence of authorized and unissued and unreserved common stock or preferred stock may be to enable our board of directors to issue shares to persons who are supportive of or aligned with current management, which issuance could render more difficult or discourage an attempt to obtain control of our company by means of a merger, tender offer, proxy contest or otherwise, and thereby protect the continuity in the composition of our board and in our management and possibly deprive our stockholders of opportunities to sell their shares of common stock at prices higher than prevailing market prices.

#### Restrictions on Business Combinations
Nevada's "combinations with interested stockholders" statutes (NRS 78.411 through 78.444, inclusive) provide that specified types of business "combinations" between certain Nevada corporations and any person deemed to be an "interested stockholder" of the corporation are prohibited for two years after such person first becomes an "interested stockholder" unless the corporation's board of directors approves the combination (or the transaction by which such person becomes an "interested stockholder") in advance, or unless the combination is approved by the board of directors and 60% of the corporation's voting power not beneficially owned by the interested stockholder, its affiliates and associates. Furthermore, in the absence of prior approval certain restrictions may apply even after such two-year period. For purposes of these statutes, an "interested stockholder" is any person who is (1) the beneficial owner, directly or indirectly, of 10% or more of the voting power of the outstanding voting shares of the corporation, or (2) an affiliate or associate of the corporation and at any time within the two previous years was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then-outstanding shares of the corporation. The definition of the term "combination" is sufficiently broad to cover most significant transactions between a corporation and an "interested stockholder."

These statutes generally apply to Nevada corporations with 200 or more stockholders of record. However, a Nevada corporation may elect in its articles of incorporation not to be governed by these particular laws, but if such election is not made in the corporation's original articles of incorporation, the amendment (1) must be approved by the affirmative vote of the holders of stock representing a majority of the outstanding voting power of the corporation not beneficially owned by interested stockholders or their affiliates and associates, and (2) is not effective until 18 months after the vote approving the amendment and does not apply to any combination with a person who first became an interested stockholder on or before the effective date of the amendment. We have made such an opt-out election in our original articles of incorporation.

#### Control Share Acquisitions
Nevada's "acquisition of controlling interest" statutes, NRS 78.378 to 78.3793 prohibit an acquirer, under certain circumstances, from voting its shares of a target corporation's stock after crossing certain ownership threshold percentages, unless the acquirer obtains approval of the target corporation's disinterested stockholders.

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The statute specifies three thresholds: one-fifth or more but less than one-third, one-third but less than a majority, and a majority or more, of the outstanding voting power. Generally, once an acquirer crosses one of the above thresholds, those shares in an offer or acquisition and acquired within 90 days thereof become "control shares" and such control shares are deprived of the right to vote until disinterested stockholders restore the right. These provisions also provide that if control shares are accorded full voting rights and the acquiring person has acquired a majority or more of all voting power, all other stockholders who do not vote in favor of authorizing voting rights to the control shares are entitled to demand payment for the fair value of their shares in accordance with Nevada's dissenter's rights statutes.

A corporation may elect to not be governed by, or "opt out" of, the control share provisions by making an election in its articles of incorporation or bylaws, provided that the opt-out election must be in place on the 10th day following the date an acquiring person has acquired a controlling interest, that is, crossing any of the three thresholds described above. We have opted out of the control share statutes in our articles of incorporation.

#### Number of Directors; Removal of Directors; Vacancies and Newly Created Directorships
Under NRS 78.335, subject to limited statutory exceptions and unless the articles of incorporation or an amendment thereto provide for a higher voting threshold, any director or one or more of the incumbent directors may be removed as such only by the vote of stockholders representing not less than two-thirds of the voting power of the issued and outstanding stock entitled to vote, which is currently the minimum proportion permitted under Nevada law for such purpose, however, our articles of incorporation will provide that if the NRS is at any time amended to so provide in the future, any of our directors may be removed by such lower percentage, but not less than a majority of the voting power of the issued and outstanding stock entitled to vote, as the NRS may permit. Our articles of incorporation provide that the total number of directors constituting our board of directors may be fixed exclusively by a resolution adopted by our board of directors and further provides that all vacancies, including those caused by an increase in the number of directors, may be filled by a majority of the remaining directors, though less than a quorum.

#### No Cumulative Voting
Under Nevada law, the right to vote cumulatively does not exist unless the articles of incorporation specifically authorize cumulative voting. Our articles of incorporation do not authorize cumulative voting. Therefore, stockholders holding a majority of the voting power of the shares of our capital stock entitled to vote generally in the election of directors will be able to elect all of our directors.

#### Special Stockholder Meetings
Our articles of incorporation provide that special meetings of our stockholders may be called at any time only by or at the direction of the board of directors, the chairman of our board or our chief executive officer or by or at the direction of our board of directors or the chairman of our board at the request of ManagementCo. Our bylaws prohibit the conduct of any business at a special meeting other than as specified in the notice for such meeting. These provisions may have the effect of deterring, delaying or discouraging hostile takeovers, or changes in control or management of our company.

#### Stockholder Action by Written Consent
Pursuant to NRS 78.320, unless otherwise provided in the articles of incorporation or bylaws and unless prohibited by the rules of the NYSE, any action required or permitted to be taken at any annual or special meeting of the stockholders may be taken without a meeting, without prior notice and without a vote, if, before or after the action, a written consent setting forth the action is signed by the holders of at least a majority of the voting power of the stockholders, or if a different proportion of voting power is required for such an action at a meeting, that proportion of written consents. Our articles of incorporation do not prohibit, and our bylaws expressly permit, action by the written consent of our stockholders.

#### Director Nominations and Stockholder Proposals
Our articles of incorporation and our bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors. These provisions will not apply to

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the director nomination right of a majority in interest of the Strategic Investors so long as such right remains in effect. See "Certain Relationships and Related Person Transactions—Registration Rights Agreements" for additional information. In order for any matter to be "properly brought" before a meeting, a stockholder will have to comply with advance notice requirements and provide us with certain information. Generally, to be timely, a stockholder's notice must be received at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary date of the immediately preceding annual meeting of stockholders (which date shall, for purposes of our first annual meeting of stockholders following the combined offering, be deemed to have occurred on June 1 of the preceding calendar year). In the event that the date of the annual meeting is advanced by more than 30 days, or delayed by more than 70 days, from the anniversary date of the previous year's meeting, or if no annual meeting was held in the preceding year, a stockholder's notice must be received at our principal executive offices not less than the later of 90 days prior to the upcoming meeting or the tenth day following the public announcement of the upcoming meeting nor more than 120 days prior to the upcoming annual meeting of stockholders. Our articles of incorporation and our bylaws allow the board of directors to adopt such rules and regulations for the conduct of meetings as it shall deem appropriate which may have the effect of precluding the conduct of certain business at a meeting if the rules and regulations are not followed. These provisions may also defer, delay or discourage a potential acquirer from conducting a solicitation of proxies to elect the acquirer's own slate of directors or otherwise attempting to influence or obtain control of our company.

#### Exclusive Forum and Limited Waiver of Jury Trial
To prevent having to litigate claims in multiple jurisdictions and the threat of inconsistent or contrary rulings by different courts, among other considerations, our articles of incorporation include forum selection provisions.

More specifically, our articles of incorporation and bylaws provide that, unless we consent in writing to the selection of an alternative forum, the Eighth Judicial District Court of the State of Nevada (or, if such court lacks subject matter jurisdiction, the state and federal courts in the State of Nevada) will, to the fullest extent permitted by law, be the sole and exclusive forum for: (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a breach of fiduciary duty owed by any current or former director, officer, stockholder or employee of the Company to the Company or our stockholders; (iii) any internal action (as defined in NRS 78.046), including any action asserting a claim against us arising under NRS Chapter 78, our articles of incorporation, our bylaws, any agreement entered into pursuant to NRS 78.365 or as to which the NRS confers jurisdiction on the District Court of the State of Nevada; or (iv) any action asserting a claim against us that is governed by the internal affairs doctrine.

Our articles of incorporation further will provide that, to the fullest extent not inconsistent with any applicable U.S. federal laws, any and all "internal actions" (as defined in NRS 78.046) must be tried in a court of competent jurisdiction (subject to the exclusive forum provisions in our articles of incorporation) before the presiding judge as the trier of fact and not before a jury. Pursuant to NRS 78.046 (as amended effective May 30, 2025, pursuant to Assembly Bill No. 239), such requirement will conclusively operate as a waiver of the right to trial by jury by each party to any such internal action.

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To the fullest extent permitted by law, any person or entity purchasing or otherwise acquiring or holding any interest in shares of capital stock of our company shall be deemed to have notice of and consented to the exclusive forum and jury waiver provisions in our articles of incorporation. However, investors will not be deemed to have waived compliance with the federal securities laws and the rules and regulations thereunder as a result of such provisions.

#### Limitations on Liability and Indemnification of Officers and Directors
The NRS authorizes corporations to limit or eliminate, subject to limited statutory exceptions and unless the articles of incorporation or an amendment thereto (in each case filed on or after October 1, 2003), provide for greater individual liability, the individual liability of directors and officers to corporations and their stockholders and creditors for any damages as a result of any act or failure to act in such individual's capacity as a director or officer, unless the statutory presumption established under NRS 78.138(3) (namely that directors and officers, in deciding upon matters of business, are presumed to act in good faith, on an informed basis and with a view to the interests of the corporation) has been rebutted, and it is proven that (i) the director's or officer's act or failure to act constituted a breach of his or her fiduciary duties as a director or officer, and (ii) such breach involved intentional misconduct, fraud or a knowing violation of law. Our articles of incorporation include a provision that eliminates the individual liability of our directors and officers to the fullest extent permitted under Nevada law. The effect of these provisions is to eliminate the rights of us and our stockholders or creditors to recover monetary damages from a director or officer for breach of fiduciary duty as a director or officer, including breaches involving grossly negligent behavior but not intentional misconduct, fraud or a knowing violation of law.

Our bylaws generally provide that we must indemnify and advance expenses to our directors and officers to the fullest extent authorized by the NRS, subject to limited exceptions. We also are expressly authorized to carry directors' and officers' liability insurance providing indemnification for our directors, officers and certain employees for some liabilities. We believe that these indemnification and advancement provisions and insurance are useful to attract and retain qualified directors and executive officers.

The limitation of liability under Nevada law, and the limitations on liability, indemnification and advancement provisions in our articles of incorporation and bylaws, may discourage stockholders from bringing a lawsuit against directors and officers for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood of derivative litigation against directors, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, your investment may be adversely affected to the extent we pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions.

There is currently no pending material litigation or proceeding involving any of our directors, officers or employees for which indemnification is sought.

#### Limited Fiduciary Duty of Controlling Stockholders
Pursuant to NRS 78.240 (as amended effective May 30, 2025, pursuant to Assembly Bill No. 239), no stockholder (other than a "controlling stockholder" as discussed below) has any fiduciary duty to us or any other stockholder, and each stockholder (other than a "controlling stockholder"), regardless of such stockholder's relative ownership of shares, is entitled to exercise or withhold the voting power of such shares in such stockholder's personal interest and without regard to any other person or interest.

A "controlling stockholder" is defined as a stockholder of a corporation having the voting power, by virtue of such stockholder's relative beneficial ownership of shares or otherwise pursuant to the articles of incorporation, to elect at least a majority of the corporation's directors. The only fiduciary duty of a controlling

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stockholder of a corporation, in such person's capacity as a stockholder, is to refrain from exerting undue influence over any director or officer of the corporation with the purpose and proximate effect of inducing a breach of fiduciary duty by such director or officer, for which breach the director or officer is liable pursuant to NRS 78.138, and which breach:

&nbsp;&nbsp;&nbsp;&nbsp;• directly relates to the initiation, evaluation, negotiation, authorization or approval by the board of directors, or a committee
 thereof, of a contract or transaction to which the controlling stockholder or any of its affiliates or associates is a party or in which the controlling stockholder or any of its affiliates or associates has a material and nonspeculative
 financial interest; and

&nbsp;&nbsp;&nbsp;&nbsp;• results in material, nonspeculative and non-ratable financial benefit to the controlling stockholder, which benefit excludes, and
 results in a material and nonspeculative detriment to the other stockholders generally.

However, the exercise or withholding of voting power by a controlling stockholder, or the indication or implication by a controlling stockholder as to whether or to what extent such voting power may be exercised or withheld, does not, by itself, constitute or indicate a breach of this limited fiduciary duty. A controlling stockholder is presumed to have not breached its fiduciary duty with respect to any contract or transaction if it is authorized or approved, or recommended to the board of directors, by a committee of the board consisting only of disinterested directors.

Due to the anticipated aggregate voting power of our capital stock by ManagementCo (including its holding of the Special Voting Share) at the time of this offering, ManagementCo would be deemed, at such time, to be a "controlling stockholder" under the statutory provisions described above.

#### Listing
We have applied to list our common stock on the NYSE under the trading symbol "PS." Our common stock will trade separately on the NYSE from PSUS Shares, which will also be listed on the NYSE following the PSUS IPO as described in the accompanying PSUS Prospectus.

#### Transfer Agent and Registrar
The transfer agent and registrar (the "Transfer Agent") for shares of our common stock will be Broadridge Financial Solutions, LLC.

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#### CERTAIN U.S. FEDERAL INCOME TAX CONSEQUENCES
The following is a summary of certain U.S. federal income tax consequences of the ownership and disposition of our common stock and our potential treatment as a personal holding company. Except with respect to the allocation of purchase price between your shares of our common stock and PSUS Shares, this summary deals only with common stock that is held as a capital asset by a non-U.S. holder (as defined below).

A "U.S. holder" means a beneficial owner of our common stock (other than an entity or arrangement treated as a partnership for U.S. federal income tax purposes) that is, for U.S. federal income tax purposes, any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or any other entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under
 the laws of the United States, any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;• an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;• a trust if it (1) is subject to the primary supervision of a court within the United States and one or more United States persons
 have the authority to control all substantial decisions of the trust or (2) has a valid election in effect under applicable United States Treasury regulations to be treated as a United States person.

A "non-U.S. holder" means a beneficial owner of our common stock (other than an entity or arrangement treated as a partnership for U.S. federal income tax purposes) that is not a U.S. holder.

This summary is based upon provisions of the Code, and regulations, rulings and judicial decisions as of the date hereof. Those authorities may be changed, perhaps retroactively, so as to result in U.S. federal income tax consequences different from those summarized below. This summary does not address all of the U.S. federal income tax consequences that may be relevant to you in light of your particular circumstances, nor does it address the Medicare tax on net investment income, U.S. federal estate and gift taxes or the effects of any state, local or non-U.S. tax laws. In addition, it does not represent a detailed description of the United States federal income tax consequences applicable to you if you are subject to special treatment under the U.S. federal income tax laws (including if you are a person subject to special rates of withholding or other U.S. taxation, U.S. expatriate, foreign pension fund, "controlled foreign corporation," "passive foreign investment company" or a partnership or other pass-through entity for United States federal income tax purposes). We cannot assure you that a change in law will not alter significantly the tax considerations that we describe in this summary.

If a partnership (or other entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our common stock, the tax treatment of a partner generally will depend upon the status of the partner and the activities of the partnership. If you are a partnership or a partner of a partnership considering an investment in our common stock, you should consult your tax advisors.

**If you are considering the purchase of our common stock, you should consult your own tax advisors concerning the particular U.S. federal income tax consequences to you of the ownership and disposition of our common stock, as well as the consequences to you arising under other U.S. federal tax laws and the laws of any other taxing jurisdiction.** 

#### Taxation of the Company - Personal Holding Companies
Although we do not expect to be treated as a personal holding company, or PHC, for U.S. federal income tax purposes, we could be subject to additional U.S. federal income tax on a portion of our income if it is determined that we are a PHC. A U.S. corporation will be classified as a PHC for U.S. federal income tax purposes in a given taxable year if (1) at any time during the last half of such taxable year, five or fewer individuals (without regard to their citizenship or residency and including as individuals for this purpose certain entities such as certain tax-exempt organizations and pension funds) own or are deemed to own (pursuant to certain constructive ownership rules) more than 50% of the stock of the corporation by value and (2) at least 60% of the corporation's adjusted ordinary gross income, as determined for U.S. federal income tax purposes, for such taxable year, consists of PHC income (which includes, among other things, dividends, interest, royalties, annuities and, under certain circumstances, rents). No assurance can be given that we will not become a PHC following the combined offering or in the future.

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If we are or were to become a PHC in a given taxable year, we would be subject to an additional 20% PHC tax on our undistributed PHC income, which includes the company's taxable income, subject to certain adjustments. If we were to become a PHC and had significant amounts of undistributed PHC income, the amount of PHC tax could be material; in that event, distribution of such income would reduce the PHC income subject to tax.

#### Allocation of Purchase Price and Basis for U.S. Holders and Non-U.S. Holders
While not free from doubt, your acquisition pursuant to the combined offering of (1) PSUS Shares and (2) shares of our common stock for no additional consideration in conjunction therewith should be treated for U.S. federal income tax purposes as the acquisition of both such PSUS Shares and such shares of our common stock for the aggregate purchase price paid in the combined offering. Under this treatment, for U.S. federal income tax purposes, your aggregate tax basis in the PSUS Shares and shares of our common stock that you receive will equal the total purchase price you pay in the combined offering, and you must allocate the purchase price between the PSUS Shares and the shares of our common stock you received pursuant to the combined offering based on the relative fair market values of the shares acquired in the combined offering. The portion of the purchase price allocated to your PSUS Shares will be your tax basis in such PSUS Shares and the portion of the purchase price allocated to the shares of our common stock that you receive will be your tax basis in such shares of our common stock. We believe that one reasonable method for determining fair market value is to use the volume-weighted average trading prices of the PSUS Shares and shares of our common stock on the first day of trading of the PSUS Shares and shares of our common stock on the NYSE. We intend, promptly following the completion of the first day of trading of the PSUS Shares and the shares of our common stock on the NYSE, to provide additional guidance on our website regarding the computation of basis using this method based on our determination of such weighted average trading prices. However, there can be no assurance that the IRS or a court will agree with any such determination.

Your aggregate tax basis in the PSUS Shares and shares of our common stock that you receive will equal the total purchase price you pay in the combined offering even if the combined volume-weighted average trading prices of your PSUS Shares and shares of our common stock on the first day of trading equal an aggregate amount greater than (or less than) your total purchase price.

Investors should note that the allocation of tax basis between the PSUS Shares and shares of our common stock pursuant to the formula discussed herein may differ from the allocation of the proceeds of the combined offering to PSUS. In addition, this allocation of tax basis may differ from the allocation of the purchase price for certain purposes by your broker. In addition, investors who seek to dispose of either PSUS Shares or shares of our common stock prior to the determination of the fair market values following the first day of trading may not know the portion of their aggregate tax basis that will ultimately be allocated to such security, and as a result may not know the exact amount of gain or loss that may result from such disposition until such determination.

No statutory, administrative or judicial authority directly addresses the treatment of a transaction similar to the combined offering for U.S. federal income tax purposes and, therefore, the foregoing treatment of the PSUS Shares and shares of our common stock and the purchase price allocation between the PSUS Shares and shares of our common stock received in the combined offering (including the method of determining the relative fair market values of such shares detailed above) are not binding on the IRS or the courts. Because there are no authorities that directly address the treatment of a transaction similar to the combined offering for U.S. federal income tax purposes, no assurance can be given that the IRS or the courts will agree with the characterization described above or our determination regarding allocation of tax basis, and any alternative characterization or allocation could result in different and potentially adverse consequences for you, PSUS, or the Company. Accordingly, you are urged to consult your own tax advisor regarding the tax consequences of participating in the combined offering, including the allocation of tax basis between the PSUS Shares and shares of our common stock.

#### Tax Consequences for Non-U.S. Holders

#### Dividends
In the event that we make a distribution of cash or other property (other than certain pro rata distributions of our stock) in respect of our common stock, the distribution generally will be treated as a dividend for U.S. federal income tax purposes to the extent it is paid from our current or accumulated earnings and profits, as

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determined under U.S. federal income tax principles. Any portion of a distribution that exceeds our current and accumulated earnings and profits generally will be treated first as a tax-free return of capital, causing a reduction in the adjusted tax basis of a non-U.S. holder's common stock, and to the extent the amount of the distribution exceeds a non-U.S. holder's adjusted tax basis in our common stock, the excess will be treated as gain from the disposition of our common stock (the tax treatment of which is discussed below under "—Gain on Disposition of Common Stock").

Dividends paid to a non-U.S. holder generally will be subject to withholding of U.S. federal income tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. However, dividends that are effectively connected with the conduct of a trade or business by the non-U.S. holder within the United States (and, if required by an applicable income tax treaty, are attributable to a U.S. permanent establishment) are not subject to the withholding tax, provided certain certification and disclosure requirements are satisfied. Instead, such dividends are subject to U.S. federal income tax on a net income basis generally in the same manner as if the non-U.S. holder were a United States person as defined under the Code. Any such effectively connected dividends received by a foreign corporation may be subject to an additional "branch profits tax" at a 30% rate or such lower rate as may be specified by an applicable income tax treaty.

A non-U.S. holder who wishes to claim the benefit of an applicable treaty rate for dividends will be required (a) to provide the applicable withholding agent with a properly executed Internal Revenue Service ("IRS") Form W-8BEN or Form W-8BEN-E (or other applicable form) certifying under penalty of perjury that such holder is not a United States person as defined under the Code and is eligible for treaty benefits or (b) if our common stock is held through certain foreign intermediaries, to satisfy the relevant certification requirements of applicable U.S. Treasury regulations. Special certification and other requirements apply to certain non-U.S. holders that are pass-through entities rather than corporations or individuals.

A non-U.S. holder eligible for a reduced rate of U.S. federal withholding tax pursuant to an income tax treaty may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS.

#### Gain on Disposition of Common Stock
Subject to the discussion of backup withholding below, any gain realized by a non-U.S. holder on the sale or other disposition of our common stock generally will not be subject to U.S. federal income tax unless:

&nbsp;&nbsp;&nbsp;&nbsp;• the gain is effectively connected with a trade or business of the non-U.S. holder in the United States (and, if required by an
 applicable income tax treaty, is attributable to a U.S. permanent establishment of the non-U.S. holder);

&nbsp;&nbsp;&nbsp;&nbsp;• the non-U.S. holder is an individual who is present in the United States for 183 days or more in the taxable year of that
 disposition, and certain other conditions are met; or

&nbsp;&nbsp;&nbsp;&nbsp;• we are or have been a "United States real property holding corporation" for U.S. federal income tax purposes and certain other
 conditions are met.

A non-U.S. holder described in the first bullet point immediately above will be subject to tax on the gain derived from the sale or other disposition in the same manner as if the non-U.S. holder were a United States person as defined under the Code. In addition, if any non-U.S. holder described in the first bullet point immediately above is a foreign corporation, the gain realized by such non-U.S. holder may be subject to an additional "branch profits tax" at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. An individual non-U.S. holder described in the second bullet point immediately above will be subject to a 30% (or such lower rate as may be specified by an applicable income tax treaty) tax on the gain derived from the sale or other disposition, which gain may be offset by United States source capital losses even though the individual is not considered a resident of the United States.

If the third bullet were to apply, then except as described below, gain recognized by a non-U.S. holder on the disposition of our common stock would generally be subject to tax in the same manner as if the non-U.S. holder were a United States person as defined under the Code. Generally, a corporation is a "United States real property holding corporation" if the fair market value of its United States real property interests equals or exceeds 50% of the sum of the fair market value of its worldwide real property interests and its other assets used or held for use in a trade or business (all as determined for United States federal income tax

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purposes). We believe we are not and do not anticipate becoming a "United States real property holding corporation" for U.S. federal income tax purposes. Because the determination of whether we are a United States real property holding corporation depends on the fair market value of our United States real property interests relative to the fair market value of our non-U.S. real property interests and our other business assets, there can be no assurance we will not be a United States real property holding corporation at the time of the Corporate Conversion or will not become one in the future. Even if we were to become a United States real property holding corporation, gain arising from a non-U.S. holder's sale or other taxable disposition of shares of our common stock will not be subject to U.S. federal income tax if our common stock is "regularly traded," as defined by applicable Treasury Regulations, on an established securities market and such non-U.S. holder owns, actually and constructively, five percent (5%) or less of our common stock throughout the shorter of the five-year period ending on the date of the sale or other taxable disposition or the non-U.S. holder's holding period.

#### Information Reporting and Backup Withholding
Distributions paid to a non-U.S. holder and the amount of any tax withheld with respect to such distributions generally will be reported to the IRS. Copies of the information returns reporting such distributions and any withholding may also be made available to the tax authorities in the country in which the non-U.S. holder resides under the provisions of an applicable income tax treaty.

A non-U.S. holder will not be subject to backup withholding on distributions received if such holder certifies under penalty of perjury that it is a non-U.S. holder (and the payor does not have actual knowledge or reason to know that such holder is a United States person as defined under the Code), or such holder otherwise establishes an exemption.

Information reporting and, depending on the circumstances, backup withholding will apply to the proceeds of a sale or other disposition of our common stock within the United States or conducted through certain United States-related financial intermediaries, unless the beneficial owner certifies under penalty of perjury that it is a non-U.S. holder (and the payor does not have actual knowledge or reason to know that the beneficial owner is a United States person as defined under the Code), or such owner otherwise establishes an exemption.

Backup withholding is not an additional tax and any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against a non-U.S. holder's U.S. federal income tax liability provided the required information is timely furnished to the IRS.

#### Additional Withholding Requirements
Under Sections 1471 through 1474 of the Code (such Sections commonly referred to as "FATCA"), a 30% U.S. federal withholding tax may apply to any dividends paid on our common stock to (i) a "foreign financial institution" (as specifically defined in the Code and whether such foreign financial institution is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically on IRS Form W-8BEN-E, evidencing either (x) an exemption from FATCA, or (y) its compliance (or deemed compliance) with FATCA (which may alternatively be in the form of compliance with an intergovernmental agreement with the United States) in a manner which avoids withholding, or (ii) a "non-financial foreign entity" (as specifically defined in the Code and whether such non-financial foreign entity is the beneficial owner or an intermediary) which does not provide sufficient documentation, typically on IRS Form W-8BEN-E, evidencing either (x) an exemption from FATCA, or (y) adequate information regarding certain substantial United States beneficial owners of such entity (if any). If a dividend payment is both subject to withholding under FATCA and subject to the withholding tax discussed above under "—Dividends," an applicable withholding agent may credit the withholding under FATCA against, and therefore reduce, such other withholding tax. While withholding under FATCA would also have applied to payments of gross proceeds from the sale or other taxable disposition of our common stock, proposed U.S. Treasury regulations (upon which taxpayers may rely until final regulations are issued) eliminate FATCA withholding on payments of gross proceeds entirely. You should consult your own tax advisors regarding these requirements and whether they may be relevant to your ownership and disposition of our common stock.

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#### SHARES ELIGIBLE FOR FUTURE SALE
Prior to the combined transaction, there has been no public market for shares of our common stock. We cannot predict the effect, if any, future sales of shares of common stock, or the availability for future sale of shares of common stock, in the public market will have on the market price of shares of our common stock prevailing from time to time. The sale of substantial amounts of shares of our common stock in the public market, or the perception that such sales could occur, could harm the prevailing market price of shares of our common stock and could impair our future ability to raise capital through the sale of our equity or equity-related securities at a time and price that we deem appropriate. See "Risk Factors— Risks Related to the Combined Offering and Ownership of Our Common Stock—*Substantial sales of our common stock following the combined offering could cause the market price of our common stock to decline*."

Upon completion of the combined transaction, we will have a total of 400,000,000 shares of our common stock outstanding. The shares of our common stock delivered to the initial investors in the PSUS IPO in the combined offering will be freely tradable without restriction or further registration under the Securities Act by persons other than our "affiliates." Under the Securities Act, an "affiliate" of an issuer is a person that directly or indirectly controls, is controlled by or is under common control with that issuer. The 375.0 million or 355.0 million shares of our common stock to be held by our pre-IPO owners and management, assuming PSUS raises $5 billion in the combined transaction and assuming PSUS raises $10 billion in the combined transaction, respectively, and the 16.3 million shares of our common stock to be delivered to the private placement investors in the combined private placement will be "restricted securities," as defined in Rule 144 and may not be sold absent registration under the Securities Act or compliance with Rule 144 or in reliance on another exemption from registration.

We will enter into a registration rights agreement with ManagementCo and a registration rights agreement with our pre-IPO owners, in each case, that will require us to register under the Securities Act the resale of these shares of common stock. See "Certain Relationships and Related Person Transactions—Registration Rights Agreements." Such securities registered under any such registration statement will be available for sale in the open market unless restrictions apply.

In addition, 20,000,000 shares may be granted under our Equity Incentive Plan, which will be in effect for a period of 10 years from the date of its adoption (unless earlier terminated by our board of directors pursuant to its terms). We intend to file one or more registration statements on Form S-8 under the Securities Act to register shares of our common stock or securities convertible into or exchangeable for shares of our common stock issued pursuant to our Equity Incentive Plan. Any such Form S-8 registration statements will automatically become effective upon filing. Accordingly, shares registered under such registration statements will be available for sale in the open market.

Our articles of incorporation authorize us to issue additional shares of common stock and options, rights, warrants and appreciation rights relating to common stock for the consideration and on the terms and conditions established by our board of directors in its sole discretion. In accordance with the NRS and the provisions of our articles of incorporation, we may also issue preferred stock that has designations, preferences, rights, powers and duties that are different from, and may be senior to, those applicable to shares of common stock. See "Description of Capital Stock."

#### Lock-Up Agreements, Transfer Restrictions and Registration Rights
We, PS Partner Group, and our officers and directors have agreed, subject to certain exceptions, that we and they will not offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any shares of our common stock or securities convertible into or exchangeable or exercisable for any shares of our common stock, enter into a transaction that would have the same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of our common stock, whether any of these transactions are to be settled by delivery of our common stock or other securities, in cash or otherwise, or publicly disclose the intention to make any such offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement, without, in each case, the prior written consent of the representatives of the underwriters for a period ending 180 days after the date of this prospectus. These agreements are subject to certain exceptions, as set forth in "Underwriting."

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In addition, in connection with the Strategic Investment, our pre-IPO owners, including our Founder and certain other senior professionals and the Strategic Investors, have agreed not to sell interests in us held by them until the first anniversary of the combined offering. Our articles of incorporation will memorialize this one-year transfer restriction for shares of our common stock held by our pre-IPO owners. See "Description of Capital Stock—Common Stock" for more information.

Following the expiration of the applicable lock-up period or transfer restriction, certain stockholders will have the right, subject to certain conditions, to require us to register the sale of their shares of our common stock under federal securities laws. See "Certain Relationships and Related Person Transactions—Registration Rights Agreements." If these stockholders exercise this right, our other existing stockholders may require us to register their registrable securities.

Following the applicable lock-up period or transfer restriction described above, shares of our common stock that are restricted securities or are held by our affiliates as of the date of this prospectus will be eligible for sale in the public market in compliance with the requirements of Rule 144, which are described in greater detail below.

#### Rule 144
In general, under Rule 144, as currently in effect, a person who is not deemed to be our affiliate for purposes of Rule 144 or to have been one of our affiliates at any time during the three months preceding a sale and who has beneficially owned the shares of common stock proposed to be sold for at least six months, including the holding period of any prior owner other than our affiliates, is entitled to sell those shares of common stock without complying with the manner of sale, volume limitation or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. If such a person has beneficially owned the shares of common stock proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then that person is entitled to sell those shares of common stock without complying with any of the requirements of Rule 144. In general, six months after the effective date of the registration statement of which this prospectus forms a part, under Rule 144, as currently in effect, our affiliates or persons selling shares of common stock on behalf of our affiliates are entitled to sell, within any three-month period, a number of shares of common stock that does not exceed the greater of (1) 1% of the number of shares of common stock then outstanding and (2) the average weekly trading volume of the shares of common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to that sale. Sales under Rule 144 by our affiliates or persons selling shares of common stock on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

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#### UNDERWRITING
We and the underwriters named below (the "underwriters"), acting through Citigroup Global Markets Inc., UBS Securities LLC, BofA Securities, Inc., Jefferies LLC and Wells Fargo Securities, LLC as their representatives (the "Representatives"), have entered into an underwriting agreement (the "Underwriting Agreement") with respect to the shares of our common stock being delivered to each initial investor in the PSUS IPO. Each of the underwriters named below is also acting as an underwriter in the PSUS IPO, pursuant to an underwriting agreement (the "PSUS Underwriting Agreement") among the underwriters, PSUS, Pershing Square Capital Management, L.P., as investment manager to PSUS, and us, as the selling shareholder in the PSUS IPO. Subject to certain conditions, each underwriter has severally agreed to accept delivery of the number of shares of our common stock set forth opposite their respective names. The underwriters are committed to accept delivery of all such shares of our common stock (other than those covered by the over-allotment option described below) if any PSUS Shares are purchased in the PSUS IPO. The underwriters for this offering and the offering of PSUS Shares in the PSUS IPO will be the same. The underwriters are committed to purchase all of the PSUS Shares offered in the PSUS IPO (other than those covered by the over-allotment option described below) and to acquire all shares of our common stock offered in this offering, if they purchase any PSUS Shares.

---

| | |
|:---|:---|
| **Underwriter** | **Number of Shares** |
| Citigroup Global Markets Inc. |  |
| UBS Securities LLC |  |
| BofA Securities, Inc. |  |
| Jefferies LLC |  |
| Wells Fargo Securities, LLC |  |
| RBC Capital Markets, LLC |  |
| Banco BTG Pactual S.A.—Cayman Branch |  |
| Keefe, Bruyette & Woods, Inc.  |  |
| Academy Securities, Inc.  |  |
| &nbsp;&nbsp; Huntington Securities, Inc.  |  |
| Loop Capital Markets LLC  |  |
| Oppenheimer & Co. Inc.  |  |
| Piper Sandler & Co.  |  |
| Roberts & Ryan, Inc.  |  |
| Wedbush Securities Inc.  |  |
| Aegis Capital Corp.  |  |
| AmeriVet Securities, Inc.  |  |
| C.L. King & Associates, Inc.  |  |
| CastleOak Securities, L.P.  |  |
| Clear Street LLC  |  |
| InspereX LLC  |  |
| &nbsp;&nbsp; JonesTrading Institutional Services LLC  |  |
| R. Seelaus & Co., LLC  |  |
| Samuel A. Ramirez & Company, Inc.  |  |
| &nbsp;&nbsp; Siebert Williams Shank & Co., LLC  |  |
| Tigress Financial Partners LLC  |  |
| **Total** |  |

---

If an underwriter fails to purchase any PSUS Shares it has agreed to purchase in connection with the PSUS IPO, the Underwriting Agreement provides that if one or more substitute underwriters is found in connection with the PSUS IPO, such substitute underwriter will accept delivery of our shares of common stock in proportion to the number of PSUS Shares agreed to be sold to such substitute underwriter in connection with the PSUS IPO. Additionally, if an underwriter fails to accept delivery of the shares of our common stock it has agreed to accept, the Underwriting Agreement provides that one or more substitute underwriters may be found, the delivery commitments of the remaining underwriters may be increased or the Underwriting Agreement may be terminated.

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Pursuant to the PSUS Underwriting Agreement, the underwriters have an option, exercisable for 45 days from the date of this prospectus, to purchase up to an additional PSUS Shares to cover over-allotments, if any, at the initial offering price of the PSUS Shares. The Underwriting Agreement provides for the delivery of up to additional shares of our common stock to cover over-allotments upon the exercise by the underwriters of such option. The underwriters may exercise such option solely for the purpose of covering over-allotments. Generally, the Underwriters would not be expected to engage in stabilizing transactions or purchase securities to cover syndicate short positions, unless the combined trading price of one PSUS Share and a corresponding fraction of a share of our common stock is in the aggregate less than the public offering price of $50.00. To the extent that the underwriters exercise this option, each of the underwriters will have a firm commitment, subject to certain conditions, to purchase an additional number of PSUS Shares, and deliver the applicable number of additional shares of our common stock, proportionate to such underwriter's initial commitment.

Solely for the purpose of facilitating the delivery of our common stock and the PSUS Shares, the public offering price of our common stock may be reflected as $0.01 per 0.2 shares and the public offering price of the PSUS Shares may be reflected as $49.99 per PSUS Share in certain communications related to the settlement of the combined offering. However, for the avoidance of doubt, 100% of the net proceeds of the PSUS IPO will be received by PSUS and the combined offering will not result in any proceeds to us.

The Underwriting Agreement provides that the obligations of the underwriters to accept delivery of the shares of our common stock included in this offering are subject to approval of certain legal matters by counsel and certain other conditions.

As described in the PSUS Prospectus, in connection with the PSUS IPO, the underwriters of the PSUS IPO will receive a commission equal to a percentage of the aggregate public offering price of the PSUS Shares sold in the PSUS IPO pursuant to the PSUS Underwriting Agreement. In addition, as described in the PSUS Prospectus, PSUS and/or the Company will reimburse the underwriters of the PSUS IPO for certain out-of-pocket expenses, including counsel fees, in connection with the PSUS IPO, in an amount of $3,500,000. As described in the PSUS Prospectus, certain underwriters will also receive fees for structuring the combined offering. No additional compensation will be paid to the underwriters in connection with this offering.

We will bear all costs associated with this offering, except that any underwriting fees in connection with the combined offering will be paid by PSUS. We estimate that the total expenses of this offering, including registration, filing and listing fees, printing and legal and accounting expenses, but excluding the underwriting discounts and commissions to the underwriters of the PSUS IPO, will be approximately $32,000,000.

Prior to the combined offering, there has been no public or private market for the shares of our common stock. Moreover, prior to the opening trade, there will not be a price at which underwriters initially sold shares of our common stock to the public as there would be in a traditional underwritten initial public offering. This lack of an initial public offering price could impact the range of buy and sell orders collected by the NYSE from various broker-dealers. Consequently, the public price of our common stock may be more volatile than in a traditional underwritten initial public offering and could, upon listing on the NYSE, decline significantly and rapidly from the opening price. Furthermore, there can be no assurance that an active trading market in the shares of our common stock will develop and continue after the combined offering. See the section titled "Risk Factors—Risks Related to the Combined Offering and Ownership of Our Common Stock."

The shares of our common stock are expected to be listed on the NYSE under the trading or ticker symbol "PS," subject to notice of issuance. The shares of our common stock will trade separately on the NYSE from PSUS Shares, which will also be listed on the NYSE following the PSUS IPO as described in the accompanying PSUS Prospectus.

In connection with the requirements for listing the shares of our common stock on the NYSE, the underwriters have undertaken to deliver lots of 100 or more shares of our common stock to a minimum of 400 beneficial owners in the United States. The minimum investment requirement is 5 PSUS Shares with which the underwriters will deliver 1 share of our common stock.

The underwriters have informed us that they do not intend delivery of our shares of common stock to discretionary accounts to exceed five percent of the total number of shares of common stock offered by them.

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We have agreed to indemnify the underwriters for or to contribute to the losses arising out of certain liabilities, including liabilities under the Securities Act, or to contribute to payments the underwriters may be required to make in respect of those liabilities, except in the cases of willful misfeasance, bad faith or gross negligence.

We, PS Partner Group, and our officers and directors have agreed, subject to enumerated exceptions, that for a period ending 180 days after the date of this prospectus, we and they will not, without the prior written consent of the Representatives, offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any shares of our common stock or securities convertible into or exchangeable or exercisable for any shares of our common stock, enter into a transaction that would have the same effect, or enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of our common stock, whether any of these transactions are to be settled by delivery of our common stock or other securities, in cash or otherwise, or publicly disclose the intention to make any such offer, sale, pledge or disposition, or to enter into any transaction, swap, hedge or other arrangement. The Representatives, in their sole discretion, may release all or any portion of the shares of our common stock subject to these lock-up agreements at any time.

In addition to allocations made to retail investors by the underwriters, a portion of the PSUS Shares and our common stock offered pursuant to the combined offering will, upon request, be offered to retail investors through Charles Schwab and Robinhood, via their respective online brokerage platforms. Charles Schwab and Robinhood will act as selling group members for the combined offering. These platforms are not affiliated with us or PSUS. Purchases through these platforms will be subject to the terms, conditions and requirements set by such platforms. Any purchase of PSUS Shares and delivery of our common stock in the combined offering through these platforms will initially be offered at the offering price of $50.00 per PSUS Share. Information contained on, or that can be accessed through, such brokerage platforms does not constitute part of this prospectus.

In connection with the combined offering, the underwriters may purchase and sell shares of our common stock and/or PSUS Shares in the open market, including over-allotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with the combined offering, which may require corresponding purchases or sales by the underwriters of shares of the other component security in the open market. Stabilizing transactions consist of certain bids or purchases for the purpose of preventing or retarding a decline in the market price of the subject securities and syndicate short positions involve the sale by the underwriters of a greater number of subject securities than they are required to deliver in the offering. The underwriters also may impose a penalty bid, whereby selling concessions allowed to syndicate members or other broker dealers may be reclaimed by the syndicate if the securities they have sold are repurchased by the syndicate in stabilizing or covering transactions. These activities aim to stabilize, maintain or otherwise affect the market price of the subject securities, which may be higher than the price that might otherwise prevail in the open market. Stabilizing transactions by the underwriters with respect to the trading of shares of our common stock and/or PSUS Shares on the NYSE, including over-allotment and stabilizing transactions and purchases to cover syndicate short positions created in connection with the combined offering, may require corresponding purchases or sales by the underwriters of the other component security in the open market, and therefore stabilizing transactions with respect to the trading of one security may affect the trading market for the other security, including in potentially unexpected ways. See "Risk Factors—Risks Related to the Combined Offering and Ownership of Our Common Stock—*No public market for our common stock currently exists, and an active trading market for our common stock may never develop or be sustained after the combined offering. Following the combined offering, our stock price may fluctuate significantly*."

A prospectus in electronic format may be made available on websites maintained by one or more underwriters or selected dealers, if any, participating in the combined offering. The Representatives may agree to allocate a number of shares of our common stock to underwriters for delivery to their online brokerage account holders. Internet distributions will be allocated by the Representatives to underwriters that may make Internet distributions on the same basis as other allocations.

Certain underwriters have performed investment banking and advisory services for us and our affiliates from time to time, for which they have received customary fees and expenses. Certain underwriters may, from time to time, engage in transactions with or perform services for us and our affiliates in the ordinary course of business.

The principal business address of Citigroup Global Markets Inc. is 388 Greenwich Street, New York, New York 10013. The principal business address of UBS Securities LLC is 11 Madison Avenue, New York,

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New York 10010. The principal business address of BofA Securities, Inc. is One Bryant Park, New York, New York 10036. The principal business address of Jefferies LLC is 520 Madison Avenue, New York, New York 10022. The principal business address of Wells Fargo Securities, LLC is 550 South Tryon Street, Charlotte, North Carolina 28202.

#### Other Relationships
An affiliate of Academy Securities, Inc. has committed to purchase in the combined private placement $500,000 of PSUS Shares at a price per share of $50.00 and in connection therewith will receive 1 share of our common stock for every 5 PSUS Shares purchased in the combined private placement. These securities will be deemed to be underwriting compensation in connection with the PSUS IPO.

#### Selling Restrictions
Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be offered or delivered, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and delivery of any such securities be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

Banco BTG Pactual S.A.—Cayman Branch is not a broker-dealer registered with the U.S. Securities and Exchange Commission, or SEC, and therefore may not make sales of any shares of our common stock in the United States or to U.S. persons except in compliance with applicable U.S. laws and regulations. To the extent that Banco BTG Pactual S.A.—Cayman Branch intends to sell shares of our common stock in the United States, it will do so only through BTG Pactual US Capital, LLC or one or more U.S. registered broker-dealers, or otherwise as permitted by applicable U.S. law.

#### For Prospective Investors Located in Australia
This prospectus: (i) does not constitute a disclosure document or a prospectus under Chapter 6D.2 of the Corporations Act 2001 (cth) (the "Corporations Act"); (ii) has not been, and will not be, lodged with the Australian Securities and Investments Commission ("ASIC"), as a disclosure document for the purposes of the Corporations Act and does not purport to include the information required of a disclosure document for the purposes of the Corporations Act; and (iii) may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the categories of investors, available under section 708 of the Corporations Act ("Exempt Investors").

The shares of our common stock may not be directly or indirectly offered for subscription or delivered, and no invitations to subscribe for or buy the shares of our common stock may be issued, and no draft or definitive offering memorandum, advertisement or other offering material relating to any shares of our common stock may be distributed in Australia, except where disclosure to investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with all applicable Australian laws and regulations. By submitting a subscription for the shares of our common stock, an investor represents and warrants that it is an exempt investor.

As any offer of shares of our common stock under this document will be made without disclosure in Australia under Chapter 6D.2 of the Corporations Act, the offer of those securities for resale in Australia within 12 months may, under section 707 of the Corporations Act, require disclosure to investors under Chapter 6D.2 if none of the exemptions in section 708 applies to that resale. By applying for the shares of our common stock you undertake to us that you will not, for a period of 12 months from the date of issue of the shares of our common stock, offer, transfer, assign or otherwise alienate those shares of our common stock to investors in Australia except in circumstances where disclosure to investors is not required under Chapter 6D.2 of the Corporations Act or where a compliant disclosure document is prepared and lodged with ASIC.

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#### For Prospective Investors Located in Brazil
The Company is not listed with any stock exchange, organized over the counter market or electronic system of securities trading. The shares of our common stock have not been and will not be registered with any securities exchange commission or other similar authority, including the Brazilian Securities and Exchange Commission (*Comissão de Valores Mobiliários*, or the "CVM"). The shares of our common stock will not be directly or indirectly offered or delivered within Brazil through any public offering, as determined by Brazilian law and by the rules issued by the CVM, including Law No. 6,385 (Dec. 7, 1976) and CVM Rule No. 400 (Dec. 29, 2003), as amended from time to time, or any other law or rules that may replace them in the future.

Acts involving a public offering in Brazil, as defined under Brazilian laws and regulations and by the rules issued by the CVM, including Law No. 6,385 (Dec. 7, 1976) and CVM Rule No. 400 (Dec. 29, 2003), as amended from time to time, or any other law or rules that may replace them in the future, must not be performed without such prior registration. Persons in Brazil wishing to acquire shares of our common stock should consult with their own counsel as to the applicability of these registration requirements or any exemption therefrom. Without prejudice to the above, the delivery and solicitation of shares of our common stock is limited to qualified investors as defined by CVM Rule No. 409 (Aug. 18, 2004), as amended from time to time or as defined by any other rule that may replace it in the future.

This prospectus is intended solely for the use of the addressee and cannot be delivered or disclosed in any manner whatsoever to any person or entity other than the addressee.

#### For Prospective Stockholders in Canada
No prospectus has been filed with any securities commission or similar regulatory authority in Canada in connection with the offer and delivery of the shares of our common stock. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon this document or on the merits of the shares of our common stock and any representation to the contrary is an offence. The offer and delivery of the shares of our common stock in Canada is being made on a private placement basis and is exempt from the requirement that the issuer prepare and file a prospectus under applicable Canadian securities laws. Any resale of shares of our common stock acquired by a Canadian investor in the combined offering must be made in accordance with applicable Canadian securities laws, which resale restrictions may under certain circumstances apply to resales of the shares of our common stock outside of Canada.

The Company is not, and may never be, a "reporting issuer," as such term is defined under applicable Canadian securities legislation, in any province or territory of Canada in which the shares of our common stock will be offered and there currently is no public market for any of the shares of our common stock in Canada, and one may never develop.

*Representations of Purchasers* 

Each Canadian investor who receives shares of our common stock will be deemed to have represented to the Company, the underwriters and to each dealer from whom a delivery confirmation is received, as applicable that:

A. Where required by law, the investor is acquiring the shares of our common stock as principal, or is deemed to be acquiring as principal in accordance with applicable securities laws of the province in which such investor is resident, for its own account and not as agent for the benefit of another person, and for investment only and not with a view to resale or distribution; 

B. The investor, or any ultimate holder for which the investor is acting as agent, is entitled under applicable Canadian securities laws to acquire the shares of our common stock without the benefit of a prospectus qualified under such securities laws, and without limiting the generality of the foregoing, is (i) an "accredited investor" as defined in section 1.1 of National Instrument 45-106 Prospectus Exemptions ("NI 45-106") or, in Ontario, in section 73.3(1) of the Securities Act (Ontario), and (ii) a "permitted client" as defined in section 1.1 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations; and 

C.<br> The investor is not a person created or used solely to acquire or hold the shares of our common stock as an "accredited investor" as described in paragraph (m) of the definition of "accredited investor" in section 1.1 of NI 45-106.

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*Rights of Action for Damages or Rescission* 

Securities legislation in certain of the Canadian provinces provides certain purchasers of securities pursuant to an offering document (such as this prospectus), including where the distribution involves an "eligible foreign security" as such term is defined in Ontario Securities Commission rule 45-501 Ontario prospectus and registration exemptions and in Multilateral Instrument 45-107 Listing Representation and Statutory Rights of Action Disclosure Exemptions, as applicable, with a remedy for damages or rescission, or both, in addition to any other rights they may have at law, where the offering document (such as this prospectus), or other offering document that constitutes an offering memorandum, and any amendment thereto, contains a "misrepresentation," as defined in the applicable securities legislation. These remedies, or notice with respect to these remedies, must be exercised or delivered, as the case may be, by the purchaser within the time limits prescribed by applicable securities legislation and are subject to limitations and defences under applicable securities legislation. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for particulars of these rights or consult with a legal advisor.

*Underwriting Conflicts* 

Pursuant to section 3a.3 of National Instrument 33-105 Underwriting Conflicts ("NI 33-105") (or section 3a.4 in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction), the combined offering is conducted pursuant to an exemption from the requirement that Canadian investors be provided with certain underwriter conflicts of interest disclosure that would otherwise be required pursuant to subsection 2.1(1) of NI 33-105.

*Language of Documents* 

Each purchaser residing in the Province of Québec hereby agrees that it is the purchaser's express wish that all documents evidencing or relating in any way to the sale of the securities and all other contracts and related documents be drafted in the English language. *Chaque acheteur residant dans la province de Québec reconnaît que c'est sa volonté expresse que tous les documents faisant foi ou se rapportant de quelque manière à la vente des titres et tous les autre contrats et documents s'y rapportant soient rédigés en anglais.*

#### For Prospective Stockholders in China
The shares of our common stock may not be marketed, offered or delivered directly or indirectly in a public manner within the People's Republic of China (the "PRC," for the purpose of this prospectus, excluding Hong Kong Special Administrative Region, Macau Special Administrative Region and Taiwan) and neither this prospectus nor any offering material or information contained herein relating to the shares of our common stock, may be supplied to the public in the PRC or used in connection with any offer for the subscription of the shares of our common stock to the public in the PRC.

The shares of our common stock may only be marketed, offered or delivered in a non-public manner to not more than 200 specific institutional investors, including qualified domestic institutional investors as defined in the trial measures for the administration of securities investment outside the PRC by qualified domestic institutional investors (![](ny20040230x24_characters01.jpg)), qualified domestic insurance companies, qualified domestic trust companies, qualified domestic commercial banks and other qualified domestic investors (collectively, "Qualified Domestic Investors"). Other persons should not act or rely on this prospectus or any of its contents.

No public media or other means of public distribution or announcement will be used within the PRC in connection with the shares of our common stock or the delivery or distribution of this prospectus. This prospectus is being supplied to you solely for your information and may not be reproduced, redistributed, disclosed or passed on, in any way, to any other person or published, in whole or in part, for any other purpose. Neither this prospectus nor any part of it is intended as or constitutes provision of any consultancy or advisory service of securities investment or public inducement.

Subject to the foregoing, the distribution of this prospectus does not constitute a public offering of the securities under the securities laws of the PRC (![](ny20040230x24_characters02.jpg)), and is not intended as, and does not constitute, providing consulting or advisory service of securities investment as defined under the PRC laws.

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#### For Prospective Stockholders in the European Economic Area
For the purposes of Directive 2011/61/EU of the European Parliament and the (European) Commission on Alternative Investment Fund Managers (the "Directive"), the Company will constitute a non-EU AIF whose AIFM is the management company, itself a non-EU AIFM (as each of the foregoing terms is defined in the directive). As of the date hereof, each member state of the European Economic Area ("EEA") has adopted domestic legislation implementing the directive into its national law. Under the Directive, "marketing" (as defined in the Directive) to or with any investor domiciled or with a registered office in the EEA will be restricted by such laws and no such marketing will take place except as permitted by such laws.

Unless stated otherwise below, the shares of our common stock can only be marketed to investors domiciled, or with a registered office, in a member state of the EEA in which such marketing is permitted by applicable national law to those investors that are considered to be a professional client or may, on request, be treated as a professional client, within the meaning of Annex II to Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU.

#### For Prospective Stockholders in the Netherlands
The shares of our common stock have not been and will not be offered, transferred or delivered in the Netherlands, as part of their initial distribution or at any time thereafter, directly or indirectly, other than to individuals or legal entities which are or are considered to be 'qualified investors' (*gekwalificeerde beleggers*) within the meaning of article 1:1 of the Dutch Financial Supervision Act (*wet op het financieel toezicht*, the "WFT"). The AIFM makes use of the National Private Placement Regime ("NPPR") referred to in article 1:13b of the WFT. As a consequence, the offering of the shares of our common stock does not require the Company to have a license pursuant to the WFT. In accordance with the NPPR, the Company is subject to certain reporting requirements vis-à-vis the Netherlands Authority for the Financial Markets (*Stichting Autoriteit Financiële Markten*).

#### For Prospective Stockholders in the United Kingdom
For the purposes of the Alternative Investment Fund Managers Regulations 2013/1773 (as amended) ("UK AIFMR"), the Company will constitute a non-UK AIF whose AIFM is the management company, itself a non-UK AIFM (as each of the foregoing terms is defined in UK AIFMR). Under UK AIFMR, "marketing" (as defined in UK AIFMR) to or with any investor domiciled or with a registered office in the United Kingdom will be restricted by UK AIFMR and no such marketing will take place except as permitted by UK AIFMR.

Unless stated otherwise below, the shares of our common stock can only be marketed to investors domiciled, or with a registered office, in the United Kingdom to those investors that are considered to be a professional client or may, on request, be treated as a professional client, within the meaning of point (8) of article 2(1) of Regulation (EU) No. 600/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

For the purposes of investors in the United Kingdom, this communication is being made to and directed only at persons who: (i) have professional experience of participating in unregulated schemes falling within article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 (as amended, the "CIS Order") and fall within article 19 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "FPO"); or (ii) fall within article 22(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the CIS Order and article 49(5)(a) to (d) of the FPO; or (iii) persons to whom this report may otherwise be lawfully made to or directed at, provided, that such persons are also "qualified investors" as defined in paragraph 15 of Schedule 1 to the Public Offers and Admissions to Trading Regulations 2024, all such persons together being referred to as relevant persons. The investments and investment activity to which this communication relates are available to, and will only be engaged in with, relevant persons. No other person should act or rely on it.

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#### For Prospective Stockholders in Hong Kong
The contents of this prospectus have not been reviewed or approved by any regulatory authority in Hong Kong. This prospectus does not constitute an offer or invitation to the public in Hong Kong to acquire shares of our common stock. Accordingly, unless permitted by the securities laws of Hong Kong, no person may issue or have in its possession for the purposes of issue, this prospectus or any advertisement, invitation or document relating to the shares of our common stock, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong other than in relation to shares of our common stock which are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" (as such term is defined in the Securities and Futures Ordinance of Hong Kong (cap. 571) (the "SFO") and the subsidiary legislation made thereunder) or in circumstances which do not result in this prospectus being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinances of Hong Kong (Cap. 32) (the "CWMPO") or which do not constitute an offer or an invitation to the public for the purposes of the SFO or the CWMPO. The offer of the shares of our common stock is personal to the person to whom this prospectus has been delivered by or on behalf of the Company, and a subscription for shares of our common stock will only be accepted from such person. No person to whom a copy of this prospectus is issued may issue, circulate or distribute this prospectus in Hong Kong or make or give a copy of this prospectus to any other person. You are advised to exercise caution in relation to the offer. If you are in any doubt about any of the contents of this prospectus, you should obtain independent professional advice.

#### For Prospective Stockholders in Israel
The shares of our common stock have not been registered and are not expected to be registered under the Israeli Securities Law – 1968 (the "Securities Law") or under the Israeli Joint Investment Trust Law – 1994 due to applicable exemptions. Accordingly, the shares of our common stock will only be offered and delivered in Israel pursuant to applicable private placement exemptions, to parties that qualify as both (i) Sophisticated Investors described in Section 15a(b)(1) of the Securities Law and (ii) as "Qualified Customers" for purposes of Section 3(a)(11) of the Law for the Regulation of Provision of Investment Advice, Marketing Investments and Portfolio Management – 1995 (the "Investment Advisor Law"). The Company is not a licensed investment marketer under the Investment Advisor Law and the Company does not maintain insurance as required under such law. The Company may be deemed to be providing investment marketing services but is not an investment advisor for purposes of Israeli law. If any recipient in Israel of a copy of this prospectus is not qualified as described above, such recipient should promptly return this prospectus to the Company. By retaining a copy of this prospectus you are hereby confirming that you qualify as both a Sophisticated Investor and Qualified Customer, fully understand the ramifications thereof and agree to be treated as such by the Company.

#### For Prospective Stockholders in Mexico
The shares of our common stock have not been and will not be registered with the National Securities Registry (*Registro Nacional de Valores*) maintained by the National Banking and Securities Commission of Mexico (*Comisión Nacional Bancaria y de Valores*; the "CNBV") and may not be offered or delivered publicly in Mexico or otherwise be subject to intermediation activities in Mexico, except that the shares of our common stock may be offered and delivered to investors in Mexico qualifying as institutional or accredited investors pursuant to the private placement exemptions provided in article 8 of the Mexican Securities Market Law (*Ley del Mercado de Valores*). This prospectus is solely our responsibility and has not been reviewed or authorized by the CNBV and may not be publicly distributed in Mexico. In making an investment decision, all investors, including any Mexican investor who may acquire shares of our common stock from time to time, must rely on their own examination of the terms of the combined offering and the shares of our common stock, including the merits and risks involved.

#### For Prospective Stockholders in Japan
No public offering of the shares of our common stock is being made to investors resident in Japan and no securities registration statement pursuant to Article 4, paragraph 1, of the Financial Instruments and Exchange Act (Act No. 25 of 1948, as amended) (the "FIEA") has been made or will be made in respect of the offering of the shares of our common stock in Japan pursuant to an exemption from the registration requirements applicable to a private placement of securities to Qualified Institutional Investors (as defined in Article 10 of the Cabinet Ordinance Concerning Definitions under Article 2 of the FIEA (Ordinance No. 14 of 1995, as amended) as set

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forth in Article 2, Paragraph 3, Item 2 (a) of the FIEA or small number investors as set forth in Article 2, Paragraph 3, Item 3 of the FIEA. The shares of our common stock may not be offered or delivered, directly or indirectly, in Japan or to, or for the benefit of, any resident of Japan unless they are offered or delivered pursuant to an exemption from the registration requirements of, and in compliance with, the FIEA and any applicable laws and regulations of Japan. Neither the Financial Services Agency of Japan nor the Kanto Local Finance Bureau has passed upon the accuracy or adequacy of this prospectus or otherwise approved or authorized the offering of the shares of our common stock in Japan or to investors resident in Japan.

#### For Prospective Investors Located in the State of Qatar and the Qatar Financial Centre ("QFC")
This prospectus is provided on an exclusive basis to the specifically intended recipient thereof, for the recipient's personal use only and on the basis that the recipient is willing and able to conduct an independent investigation of the risks involved in this prospectus, the underlying instruments and any related documents. Nothing in this prospectus constitutes, is intended to constitute, shall be treated as constituting or shall be deemed to constitute, any offer or sale of securities in the State of Qatar or in the QFC to the public or the inward marketing of securities or an attempt to do business or conduct activities, as a bank, an investment company or otherwise in the State of Qatar or in the QFC.

This prospectus, the underlying instruments and any related documents have not been reviewed, approved, registered or licensed by or with the Qatar Central Bank, the Qatar Financial Centre Regulatory Authority, the Qatar Financial Markets Authority or any other regulator in the State of Qatar, the QFC or under any laws of the State of Qatar or the QFC. No transaction will be concluded in your jurisdiction. Recourse against the dealer, and those involved with it, may be limited or difficult and may have to be pursued in a jurisdiction outside Qatar and the QFC. Any distribution of this prospectus by the recipient to third parties in Qatar or the QFC beyond the terms hereof is not authorized and shall be at the liability of such recipient.

Any enquiries regarding the financial services or securities contained herein should be made by contacting the adviser.

#### For Prospective Investors Located in the Kingdom of Saudi Arabia
This document may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Rules on the Offer of Securities and Continuing Obligations issued by the Saudi Arabian Capital Market Authority.

The Capital Market Authority does not make any representation as to the accuracy or completeness of this document and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this document. Prospective purchasers of the securities offered hereby should conduct their own due diligence on the accuracy of the information relating to the securities. If you do not understand the contents of this document, you should consult an authorized financial adviser.

#### For Prospective Stockholders in Singapore
This prospectus and any other material in connection with the offer or sale is not a prospectus as defined in the Securities and Futures Act 2001 of Singapore (the "SFA"). Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. You should consider carefully whether the investment is suitable for you.

This prospectus has not been and will not be registered as a prospectus with the Monetary Authority of Singapore (the "MAS") and the combined offering is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. The Company is not authorised or recognised by the MAS and the shares of common stock are not allowed to be offered to the retail public. Accordingly, this prospectus and any other document or material in connection with the offer or delivery, or invitation for subscription or purchase, of the shares of our common stock may not be circulated or distributed, nor may the shares of our common stock be offered or delivered, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 4A of the SFA, or (ii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

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Certain resale restrictions apply to the offer and investors are advised to acquaint themselves with such restrictions. The shares of our common stock, or interests in those shares, may not be offered or delivered or transferred to any person in Singapore other than to an institutional investor under Section 4A of the SFA or as permitted in writing by the Company and in accordance with the conditions of any other applicable provision of the SFA.

You should therefore ensure that your own transfer arrangements comply with the restrictions. You should seek legal advice to ensure compliance with the above arrangement.

#### For Prospective Investors Located in Switzerland
The Company has not been approved for offering to non-qualified investors by the Swiss Financial Market Supervisory Authority FINMA ("FINMA") pursuant to article 120(1) of the Swiss Federal Act on Collective Investment Schemes ("CISA") and no representative or paying agent in Switzerland has been appointed pursuant to article 120(4) CISA. Accordingly, the shares of our common stock may only be offered (within the meaning of article 3(g) of the Swiss Federal Act on Financial Services ("FinSA")) or marketed (within the meaning of article 127a of the Collective Investment Schemes Ordinance), directly or indirectly, in or from Switzerland and this prospectus and any other offering documents relating to the Company may only be made available in or from Switzerland to professional clients as defined in article 4(3) or private clients within the meaning of article 4(2) FinSA who are in a long-standing investment advisory or investment management relationship with a regulated financial intermediary and who did not declare that they shall not be treated as qualified investors in accordance with article 10 (3ter) CISA. Investors in the shares of our common stock do not benefit from the specific investor protection provided by CISA and the supervision by FINMA in connection with the approval for offering or the appointment of a representative and paying agent in Switzerland.

#### For Prospective Investors Located in the Dubai International Financial Centre (DIFC)
This prospectus relates to a company which is not subject to any form of regulation or approval by the Dubai Financial Services Authority ("DFSA").

This prospectus is only intended for recipients who are classified as 'Deemed' Professional Clients under the DFSA Rulebook or following their request for such prospectus.

The DFSA has no responsibility for reviewing or verifying any prospectus or other documents in connection with the Company. Accordingly, the DFSA has not approved this prospectus or any other associated documents nor taken any steps to verify the information set out in this prospectus, and has no responsibility for it.

The shares of our common stock to which this prospectus relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers should conduct their own due diligence on the shares of our common stock.

If you do not understand the contents of this document you should consult an authorised financial adviser.

#### For Prospective Investors Located in the Abu Dhabi Global Market (ADGM)
This communication is sent strictly within the context of, and constitutes, an Exempt Communication.

This document relates to the shares of our common stock which is not subject to any form of regulation or approval by the Financial Services Regulatory Authority of the Abu Dhabi Global Market (the "FSRA"). The FSRA accepts no responsibility for reviewing or verifying any prospectus or documents in connection with the shares of our common stock. Accordingly, the FSRA has not approved this document or any other associated documents nor taken any steps to verify the information set out in this document, and has no responsibility for it.

The financial product to which this document relates may be illiquid and/or subject to restrictions on its resale. Prospective investors should conduct their own due diligence on the financial product.

This document does not constitute or form part of any offer to issue or deliver, or any solicitation of any offer to subscribe for the shares of our common stock in the Abu Dhabi Global Market and accordingly should not be construed as such.

If you do not understand the contents of this document you should consult an authorised financial adviser.

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#### For Prospective Investors Located in United Arab Emirates (Excluding the Dubai International Financial Centre (DIFC) and the Abu Dhabi Global Market (ADGM))
This document, and the information contained herein, does not constitute, and is not intended to constitute, a public offer of securities in the United Arab Emirates ("UAE") and accordingly should not be construed as such. The shares of our common stock are only being offered to a limited number of exempt Professional Investors in the UAE who fall under one of the following categories: federal or local governments, government institutions and agencies or companies wholly owned by any of them. The shares of our common stock have not been approved by or licensed or registered with the UAE Central Bank, the Securities and Commodities Authority, the Dubai Financial Services Authority, the Financial Services Regulatory Authority or any other relevant licensing authorities or governmental agencies in the UAE (the "Authorities"). The Authorities assume no liability for any investment that the named addressee makes as an exempt Professional Investor. The document is for the use of the named addressee only and should not be given or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof).

#### For Prospective Stockholders in Jersey
Consent under the Control of Borrowing (Jersey) Order 1958 has not been obtained for the circulation of this prospectus. Accordingly, the offer that is the subject of this prospectus may only be made in Jersey where the offer is not an offer to the public or the offer is valid in the United Kingdom or Guernsey and is circulated in Jersey only to persons similar to those to whom, and in a manner similar to that in which, it is for the time being circulated in the United Kingdom or Guernsey as the case may be. By accepting this offer each prospective investor in Jersey represents and warrants that he or she is in possession of sufficient information to be able to make a reasonable evaluation of the offer.

#### For Prospective Stockholders in Thailand
This document is provided to you as permitted by applicable laws and regulations, or solely at your request, and is not intended to be an offer, sale, or invitation for subscription or purchase of any interests in the Company in Thailand. This document has not been, and will not be, reviewed or approved by the Office of the Securities and Exchange Commission of Thailand. Accordingly, this document and any other documents and materials, in connection with the offer or delivery, or invitations for subscription or purchase of any interests in the Company, may not be circulated or distributed, nor may the interests in the Company be offered or delivered, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to the public or any members of the public in Thailand, unless it is conducted by an entity holding appropriate securities business license under Thai law in accordance with the relevant laws and regulations.

#### For Prospective Stockholders in Chile
On June 27, 2012, the CMF issued General Rule No. 336 (Norma de Carácter General No. 336), or NCG 336, which is intended to govern the private offering of securities in Chile. NCG 336 provides that the offering of securities that meet the conditions described therein shall not be considered public offerings in Chile and shall be exempted from complying with the general rules applicable to public offerings.

The following information is provided to prospective investors pursuant to NCG 336:

1)<br> Date of commencement of the offer: as set forth on the cover page of this registration statement. The offer of the shares of our common stock is subject to NCG 336.

2) The subject matter of this offer are securities not registered with the securities registry (registro de valores) or the foreign securities registry (registro de valores extranjeros) kept by the CMF. As a consequence, the shares of our common stock are not subject to the oversight of the CMF.

3)<br> Since the shares of our common stock are not registered in Chile, there is no obligation to provide public information regarding the shares of our common stock in Chile.

4)<br> The shares of our common stock shall not be subject to public offering in Chile unless registered with the relevant securities registry kept by the CMF.

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#### For Prospective Stockholders in Colombia
The shares of our common stock have not been and will not be registered with the Colombian National Registry of Securities and Issuers (*Registro Nacional de Valores y Emisores – RNVE*) maintained by the Financial Superintendence of Colombia (*Superintendencia Financiera de Colombia*; the "SFC") and, therefore, the shares of our common stock may not be publicly offered or delivered in Colombia. However, the shares of our common stock may be offered in Colombia under Colombian law pursuant to the private placement exemption set forth in the Colombian regulation (*Decree 2555 of 2010*), in accordance of which an offering shall be deemed a private placement if it is addressed to fewer than one hundred (100) specific persons (*article 6.1.1.1.1, Decree 2555 of 2010*). These materials are solely our responsibility and have not been reviewed or authorized by the SFC and may not be publicly distributed in Colombia. In making an investment decision, all investors, including any Colombian investor who may acquire shares of our common stock from time to time, must rely on their own examination of the terms of the offering and shares of our common stock, including the merits and risks involved.

#### For Prospective Stockholders in Kuwait
This document is not for general circulation to the public in Kuwait. The shares of our common stock have not been licensed for offering in Kuwait by the Kuwait Capital Markets Authority or any other relevant Kuwaiti government agency. The offering of the shares of our common stock in Kuwait on the basis of a private placement or public offering is, therefore, restricted in accordance with Law No. 7 of 2010 and the bylaws thereto (as amended). No private or public offering of the shares of our common stock is being made in Kuwait, and no agreement relating to the sale of the shares of our common stock will be concluded in Kuwait. No marketing or solicitation or inducement activities are being used to offer or market the shares of our common stock in Kuwait.

#### For Prospective Stockholders in Peru
The shares of our common stock have not been and will not be registered with or approved by the Peruvian Superintendency of Capital Markets (*Superintendencia del Mercado de Valores,* or the "Peruvian SMV") or the Lima Stock Exchange (*Bolsa de Valores de Lima,* or the "BVL" or the "Lima Stock Exchange"). Accordingly, this offering will not be a public offering in Peru.

Peruvian securities laws and regulations on public offerings will not be applicable to the offering of the shares of our common stock and, therefore, the disclosure obligations set forth therein will not be applicable to us, before or after their acquisition by prospective investors. Offering materials relating to the offering of shares of our common stock are being supplied to those Peruvian investors who have expressly requested them. Such materials may not be distributed to any person or entity other than the intended recipients. Accordingly, the shares of our common stock cannot be offered or delivered in Peru, except if: (i) such shares of our common stock were previously registered with the Peruvian SMV, or (ii) such offering is considered a private offering under the Peruvian securities laws and regulations. The Peruvian securities laws establish, among other things, that an offer directed exclusively to institutional investors (as defined by Peruvian law) qualifies as a private offering. In making an investment decision, institutional investors (as defined by Peruvian law) must rely on their own examination of the terms of the offering of the shares of our common stock to determine their ability to invest in such shares.

No offer or invitation to subscribe for or sell shares of our common stock or beneficial interests therein can be made in Peru except in compliance with the Peruvian securities laws and regulations.

In making an investment decision, institutional investors must rely on their own examination of the terms of the offering of shares of our common stock to determine their ability to invest in them.

#### For Prospective Shareholders in Bahrain
This prospectus and the shares of our common stock have not been reviewed, approved or registered by the Central Bank of Bahrain ("CBB"), the Bahrain Bourse or the Ministry of Industry and Commerce of the Kingdom of Bahrain. None of these authorities has passed upon the merits of an investment in our common stock or the adequacy of this prospectus.

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This prospectus does not constitute, and may not be used in connection with, an offer to the public in Bahrain. No marketing, promotion or offering of shares of our common stock will be conducted in or from within Bahrain, and no mass or general advertising will be undertaken in Bahrain. Any sale to persons in Bahrain will occur only on a strictly cross-border, reverse-enquiry basis. All subscription documents will be executed, and all subscription monies will be paid to and received, outside Bahrain. The distribution of this prospectus and any related offering materials in or into Bahrain is restricted. This prospectus may not be issued, passed to, or made available to the public generally in Bahrain.

By subscribing, each person in Bahrain represents, warrants and agrees that its approach to the Company was unsolicited and not the result of any marketing, promotion, invitation or inducement made in or from within Bahrain; that no in-person marketing meetings, roadshows or other promotional activities occurred with it in Bahrain; that all subscription documentation will be executed and all subscription monies will be remitted from and received outside Bahrain; that it will not reproduce or distribute this prospectus or any offering materials in or into Bahrain; and that it understands this prospectus is intended only for persons who are "Accredited Investors" as defined by the CBB and does not constitute a public offer in Bahrain.

#### For Prospective Investors Located in the British Virgin Islands
This prospectus and the shares of our common stock have not been registered, recognized, approved or licensed by the British Virgin Islands Financial Services Commission (the "BVI FSC"). Neither the BVI FSC nor any other authority in the British Virgin Islands ("BVI") has passed upon the merits of an investment in shares of our common stock or the adequacy of this prospectus. This prospectus does not constitute, and there will not be, an offering of shares of our common stock to the public in the BVI. The shares of our common stock are not being offered or sold, and no invitation to subscribe for shares of our common stock is being made in or from within the BVI. No person is authorized, in or from within the BVI, to make any invitation or inducement to any other person to subscribe for or purchase shares of our common stock, or otherwise to promote the Company.

Notwithstanding the foregoing, shares of our common stock may be offered and sold (i) on a reverse-enquiry or unsolicited basis to persons in the BVI and (ii) from outside the BVI to BVI-domiciled companies, BVI corporate trustees and BVI partnerships comprised wholly of non-natural persons (together, "BVI Entities"), provided that no person promotes the Company in or from within the BVI, no in-person marketing occurs in the BVI, and all subscription documentation is executed and all subscription monies are received outside the BVI. By subscribing, each person or entity in the BVI (each, a "BVI Person") represents, warrants and agrees that its approach to the Company was unsolicited and not the result of any promotion, invitation or inducement made in or from within the BVI; that it did not participate in any in-person marketing meetings, roadshows or other promotional activities in the BVI; that all subscription documentation will be executed and all subscription monies will be remitted from and received outside the BVI; and that it will not reproduce or distribute this prospectus or any offering materials in or from within the BVI. If such BVI Person is a BVI-domiciled company, a BVI corporate trustee or a BVI partnership comprised wholly of non-natural persons, it further represents that any solicitation, if any, occurred from outside the BVI.

#### For Prospective Investors Located in India
This prospectus and the shares of our common stock have not been registered with, reviewed or approved by the Securities and Exchange Board of India ("SEBI"), the Reserve Bank of India ("RBI"), the Registrar of Companies ("ROC"), or any other Indian authority. No Indian authority has passed upon the merits of an investment in shares of our common stock or the adequacy of this prospectus. This prospectus does not constitute, and may not be used in connection with, an offer or invitation to the public in India, or a "prospectus" for registration with the ROC. The shares of our common stock will not be marketed, offered or sold in or into India except in a manner consistent with private placement practices and on a strictly reverse-enquiry basis. No cold-calling, mass solicitation, general advertising, or roadshows will be undertaken in India. All subscription documents will be executed, and all subscription monies will be paid and received, outside India. The distribution of this prospectus and any related offering materials in or into India is restricted. This prospectus may not be reproduced or distributed for the purpose of an offer or solicitation in India. Persons in India who receive this prospectus must inform themselves about and observe any applicable legal or regulatory restrictions.

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By subscribing, each investor who is resident in, or located in, India represents, warrants and agrees that its approach was wholly unsolicited and not the result of any marketing, invitation or inducement in or into India; that it did not participate in any in-person marketing meetings, roadshows or other promotional activities in India; that all subscription documentation will be executed and all subscription monies will be remitted from and received outside India; that it will not distribute offering materials in or into India; and that it is permitted under applicable Indian exchange control and overseas investment rules (including, as applicable, the Foreign Exchange Management Act and the Overseas Investment/Liberalised Remittance Scheme framework) to acquire and hold shares of our common stock and has obtained, and will maintain, any required approvals or consents.

#### For Prospective Shareholders in Indonesia
This prospectus and the shares of our common stock have not been registered with, reviewed or approved by the Financial Services Authority of the Republic of Indonesia (Otoritas Jasa Keuangan or "OJK"). This prospectus does not constitute, and may not be used in connection with, an offering that constitutes a public offering in Indonesia. The shares of our common stock may not be offered or sold, directly or indirectly, in or into Indonesia or to any Indonesian party in a manner that would constitute a public offering under Indonesian law. No public advertising, mass solicitation or mass-media distribution in or into Indonesia will be undertaken. Subscription documents will not be executed in, and subscription monies will not be paid to or received in, Indonesia. The distribution of this prospectus and any related offering materials in or into Indonesia is restricted. This prospectus may not be reproduced or distributed for the purpose of an offer or solicitation in Indonesia. Persons in Indonesia who receive this prospectus must observe all applicable legal or regulatory restrictions.

By subscribing, each Indonesian party represents and agrees that it has not received any offer, invitation or inducement made in or into Indonesia or through Indonesian mass media; that no in-person marketing in Indonesia occurred with it; that all subscription documentation will be executed and all subscription monies will be remitted from and received outside Indonesia; and that it will not distribute offering materials in or into Indonesia and understands that the offering is not a public offering in Indonesia.

#### For Prospective Investors Located in South Africa
This prospectus and the shares of our common stock have not been approved by the Financial Sector Conduct Authority ("FSCA") under the Collective Investment Schemes Control Act, 2002 ("CISCA") and are not registered for public offer in South Africa. This prospectus does not constitute, and may not be used for, an offer to the public in South Africa. No marketing, promotion or solicitation will be conducted in or into South Africa. Any sale to persons in South Africa will occur only in response to a genuine, specific and unsolicited reverse enquiry, and all subscription documents will be executed and all subscription monies will be paid and received outside South Africa. The distribution of this prospectus and any related offering materials in or into South Africa is restricted. This prospectus may not be reproduced or distributed for the purpose of an offer or solicitation in South Africa.

By subscribing, each South African investor represents, warrants and agrees that its approach was a genuine, specific and unsolicited reverse enquiry; that it did not receive any marketing, promotion or solicitation in or into South Africa; that no in-person marketing meetings or roadshows occurred with it in South Africa; that all subscription documentation will be executed and all subscription monies will be remitted from and received outside South Africa; and that it will not distribute offering materials in or into South Africa. The investor acknowledges that the Company is not approved under CISCA and that this prospectus does not constitute a public offer in South Africa.

#### For Prospective Investors Located in Barbados
The shares of our common stock have not been and will not be registered or approved by the Financial Services Commission of Barbados (the "FSC") under the Barbados Mutual Funds Act, Cap. 320B or the Securities Act, Cap. 318A, and no Barbadian regulator has reviewed this prospectus. Accordingly, this prospectus does not constitute, and should not be construed as an offer, sale, or invitation for subscription or purchase of any shares of our common stock in Barbados.

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#### For Prospective Investors Located in Turkey
The securities described herein have not been, and will not be, registered with the Capital Markets Board of Turkey (the "CMB"), and no prospectus or issuance certificate has been approved by the CMB. This document does not constitute, and may not be used in connection with, a public offering in Turkey. No general solicitation, advertisement, or marketing will be carried out in or into Turkey. These materials are provided solely at the specific unsolicited request of the investor, on a confidential basis, and may not be reproduced or distributed in or into Turkey. Any sale to a person resident in Turkey will occur only on a genuine, unsolicited reverse enquiry basis. Documents to purchase the securities described herein will not be executed in, and monies to purchase such securities will not be paid to or received in, Turkey. Turkish residents are responsible for complying with applicable Turkish law, including routing transactions through a locally licensed intermediary and transferring payments via Turkish banks, as required.

By reviewing this document, each person resident in Turkey represents and agrees that it requested this information on an unsolicited basis and that it will not reproduce or distribute this document in or into Turkey.

#### For Prospective Shareholders in The Bahamas
The securities described herein have not been registered with, approved or licensed by the Securities Commission of The Bahamas ("SCB") and no prospectus or issuance certificate has been filed or approved in The Bahamas. This document does not constitute, and may not be used in connection with, an offer to the public in The Bahamas.

Interests will be offered and sold in or into The Bahamas only in circumstances that do not constitute a public offering and solely to "Accredited Investors" as defined in the Securities Industry Regulations, 2012. No general solicitation, advertising or public marketing will be undertaken in or into The Bahamas. The Fund is not administered or managed in or from The Bahamas.

These materials are provided solely at the specific request of the recipient on a confidential basis and may not be reproduced or distributed in or into The Bahamas. Subscription documents should be executed, and subscription monies paid and received, outside The Bahamas. Persons in The Bahamas are responsible for complying with any applicable Bahamian laws, including exchange control requirements of the Central Bank of The Bahamas.

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#### LEGAL MATTERS
Certain legal matters in connection with this offering will be passed upon for us by Simpson Thacher & Bartlett LLP, Washington, D.C. The validity of the shares of common stock issued in this offering will be passed upon for us by Brownstein Hyatt Farber Schreck, LLP, Las Vegas, Nevada. Certain legal matters in connection with this offering will be passed upon for the underwriters by Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York.

#### EXPERTS
The consolidated financial statements of Pershing Square Holdco, L.P. at December 31, 2025 and 2024, and for each of the two years in the period ended December 31, 2025, appearing in this prospectus and registration statement have been audited by Ernst & Young LLP, independent registered public accounting firm, as set forth in their report thereon appearing elsewhere herein, and are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.

The consolidated financial statements of Howard Hughes Holdings Inc. as of December 31, 2025 and 2024, and for each of the years in the three-year period ended December 31, 2025, and management's assessment of the effectiveness of internal control over financial reporting as of December 31, 2025 have been included herein in reliance upon the report of KPMG LLP, independent registered public accounting firm, appearing elsewhere herein, and upon the authority of said firm as experts in accounting and auditing.

#### WHERE YOU CAN FIND MORE INFORMATION
We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of common stock offered by this prospectus. This prospectus, filed as part of the registration statement, does not contain all of the information set forth in the registration statement and its exhibits and schedules, portions of which have been omitted as permitted by the rules and regulations of the SEC. For further information about us and shares of our common stock, we refer you to the registration statement and to its exhibits and schedules. Statements in this prospectus about the contents of any contract, agreement or other document are not necessarily complete and in each instance we refer you to the copy of such contract, agreement or document filed as an exhibit to the registration statement. You may inspect these reports and other information without charge at a website maintained by the SEC. The address of this site is www.sec.gov.

Upon the completion of this offering, we will become subject to the informational requirements of the Exchange Act and will be required to file reports and other information with the SEC. You will be able to inspect copies of these materials without charge at the SEC's website. We intend to make available to our common stockholders annual reports containing consolidated financial statements audited by an independent registered public accounting firm.

Following the completion of this offering, Mr. Ackman, our Founder and Chief Executive Officer, intends to use his X (formerly Twitter) account (@BillAckman) as a means of publicly disseminating current information about the Company and the funds from time to time including information about new and disposed of investments and hedges, as well as his views on macroeconomic, geopolitical and other developments. Accordingly investors should monitor this account in addition to following the Company's SEC filings and the Company's website (www.pershingsquareinc.com), as well as the Company's press releases and investor presentations and events. Information on, or accessible from, Mr. Ackman's X account or on the Company's website is not part of this prospectus by reference or otherwise.

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#### INDEX TO FINANCIAL STATEMENTS

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|:---|:---|
| **Pershing Square Holdco, L.P.** <br>**Audited Consolidated Financial Statements** | **Page**  |
| [Report of Independent Registered Public Accounting Firm](#tRIR2) | [F-2](#tRIR2) |
| [Consolidated Statements of Financial Condition as of December 31, 2025 and 2024](#tCSF2) | [F-3](#tCSF2) |
| [Consolidated Statements of Operations for the Years Ended December 31, 2025 and 2024](#tCSO2) | [F-4](#tCSO2) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Changes in Partners' Capital for the Years Ended December 31, 2025 ](#tCSCF2)<br> [and 2024](#tCSCF2) | [F-5](#tCSCF2) |
| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2025 and 2024](#tCSC2) | [F-6](#tCSC2) |
| [Notes to Consolidated Financial Statements](#tNCF2) | [F-7](#tNCF2) |

---

---

| | |
|:---|:---|
| **Howard Hughes Holdings Inc.** <br>**Audited Consolidated Financial Statements** | **Page** |
| [Management's Report on Internal Control over Financial Reporting](#t1MRIC) | [F-31](#t1MRIC) |
| [Report of Independent Registered Public Accounting Firm](#t1ROI) | [F-32](#t1ROI) |
| [Consolidated Balance Sheets as of December 31, 2025 and 2024](#t1CBS) | [F-34](#t1CBS) |
| [Consolidated Statements of Operations for the Years Ended December 31, 2025, 2024, and 2023](#t1CSO) | [F-35](#t1CSO) |
| &nbsp;&nbsp;&nbsp; [Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2025, ](#t1CSC)<br> [2024, and 2023](#t1CSC) | [F-36](#t1CSC) |
| [Consolidated Statements of Equity for the Years Ended December 31, 2025, 2024, and 2023](#t1CSE) | [F-37](#t1CSE) |
| [Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024, and 2023](#t1CSCF) | [F-38](#t1CSCF) |
| [Notes to Consolidated Financial Statements](#t2NCFS) | [F-40](#t2NCFS) |

---

F-1<br>

------

#### **TABLE OF CONTENTS**

#### Report of Independent Registered Public Accounting Firm
To the Partners of Pershing Square Holdco, L.P. and the Board of Directors of Pershing Square Holdco GP, LLC

#### Opinion on the Financial Statements
We have audited the accompanying consolidated statements of financial condition of Pershing Square Holdco, L.P. (the "Partnership") as of December 31, 2025 and 2024, the related consolidated statements of operations, changes in partners' capital and cash flows for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Partnership at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the Partnership's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Partnership's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ Ernst & Young LLP

We have served as the Partnership's auditor since 2010.

New York, New York

March 9, 2026

F-2<br>

------

#### **TABLE OF CONTENTS**

#### <br>

#### Consolidated Statements of Financial Condition

---

| | | |
|:---|:---|:---|
| **Year ended December 31,** | **2025** | **2024**  |
| **Assets**<br>|  |  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp; **$55397767** | &nbsp;&nbsp; $964856513  |
| Restricted cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **118935** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118935  |
| Performance fees receivable | &nbsp;&nbsp;&nbsp;&nbsp; **497330469** | &nbsp;&nbsp;&nbsp;&nbsp; 232670263  |
| Due from affiliates<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **15613554** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8069477  |
| Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1344606** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865523  |
| Investment in Howard Hughes Holdings Inc. ("HHH"), at fair value | &nbsp;&nbsp;&nbsp;&nbsp; **717930000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Deferred HHH Services Agreement premium | &nbsp;&nbsp;&nbsp;&nbsp; **283158457** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Investment in Pershing Square, L.P., at fair value<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **79288239** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59512945  |
| Lease right-of-use assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **28440786** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30589920  |
|  Fixed assets and leasehold improvements (net of accumulated depreciation of **$17,592,861** and $15,292,146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **14983725** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16835002  |
| Deferred sublease incentive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4129121** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4639939  |
| Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3465870** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634149  |
| **Total assets** | **$1701201529** | $1318792666  |
| **Liabilities**<br>|  |  |
| Accrued compensation and benefits<sup>(1)</sup> | &nbsp;&nbsp; **$426093557** | &nbsp;&nbsp;&nbsp; $170114923  |
| Performance fee distributions payable<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **54838527** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49282797  |
| Affiliates fee rebate payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **24143741** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21661699  |
| Taxes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **17029108** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13627356  |
| Distributions payable to partners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **10104536** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8736219  |
| Accounts payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8620401** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6981829  |
| Deferred revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3786000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp; Operating lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **42672771** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46329394  |
| &nbsp;&nbsp; Loans payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **34800000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34800000  |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **622088641** | &nbsp;&nbsp;&nbsp;&nbsp; 351534217  |
| **Commitments and Contingencies (see Note 7)**<br>|  |  |
| **Partners' capital**<br>|  |  |
| Partners' capital controlling interests | &nbsp;&nbsp; **1016418004** | &nbsp;&nbsp;&nbsp;&nbsp; 920469068  |
| Non-controlling interest in consolidated variable interest entities<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **62694884** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46789381  |
| &nbsp;&nbsp; Total partners' capital | &nbsp;&nbsp; **1079112888** | &nbsp;&nbsp;&nbsp;&nbsp; 967258449  |
| **Total liabilities and partners' capital** | **$1701201529** | $1318792666 |

---

<sup>(1)</sup> Includes amounts attributable to consolidated variable interest entities ("VIEs") for which Pershing Square Holdco, L.P. does not have any direct equity interests.

The accompanying notes form an integral part of these consolidated financial statements.<br>

F-3<br>

------

#### **TABLE OF CONTENTS**

#### <br>

#### Consolidated Statements of Operations

---

| | | |
|:---|:---|:---|
| **Year ended December 31,** | **2025** | **2024**  |
| **Revenue**<br>|  |  |
| Management fees (net of contra-revenue of **$9,611,543** and $0) | **$230420369** | $206066898  |
| Performance fees<sup>(1)</sup> | &nbsp;&nbsp; **532087325** | &nbsp;&nbsp; 249430688  |
| &nbsp;&nbsp; **Total revenue** | &nbsp;&nbsp; **762507694** | &nbsp;&nbsp; 455497586 |
| **Expenses**<br>|  |  |
| Profit-sharing partner compensation<sup>(1)</sup> | &nbsp;&nbsp; **459079001** | &nbsp;&nbsp; 339132746  |
| Affiliates fee rebate | &nbsp;&nbsp;&nbsp; **77579860** | &nbsp;&nbsp;&nbsp; 69300950  |
| General and administrative expense | &nbsp;&nbsp;&nbsp; **42074054** | &nbsp;&nbsp;&nbsp;&nbsp; 50811911  |
| Employee compensation and benefits | &nbsp;&nbsp;&nbsp; **20228019** | &nbsp;&nbsp;&nbsp; 13164376  |
| &nbsp;&nbsp; Depreciation and amortization expense | &nbsp;&nbsp;&nbsp;&nbsp; **2300715** | &nbsp;&nbsp;&nbsp;&nbsp; 2778063  |
| **Total expenses** | &nbsp;&nbsp; **601261649** | &nbsp;&nbsp; 475188046 |
| **Operating income (loss)** | &nbsp;&nbsp; **161246045** | &nbsp;&nbsp; (19690460)  |
| **Non-operating income (expenses)**<br>|  |  |
| Unrealized gain (loss) on HHH shares held at fair value | &nbsp;&nbsp; **110700000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Interest income | &nbsp;&nbsp;&nbsp; **16910323** | &nbsp;&nbsp;&nbsp; 28508310  |
|  Unrealized gain (loss) on investment in Pershing Square, L.P. held at fair value<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; **12224037** | &nbsp;&nbsp;&nbsp;&nbsp; 6986422  |
| Other income | &nbsp;&nbsp;&nbsp;&nbsp; **5240476** | &nbsp;&nbsp;&nbsp;&nbsp; 5666428  |
| Interest expense | &nbsp;&nbsp;&nbsp;&nbsp; **(2302369)** | &nbsp;&nbsp;&nbsp;&nbsp; (3095596)  |
| **Total non-operating income (expenses)** | &nbsp;&nbsp; **142772467** | &nbsp;&nbsp;&nbsp; 38065564 |
| **Net income (loss) before taxes** | &nbsp;&nbsp; **304018512** | &nbsp;&nbsp;&nbsp; 18375104  |
| Income tax expense | &nbsp;&nbsp;&nbsp; **22308640** | &nbsp;&nbsp;&nbsp; 15985175  |
| **Net income (loss)** | &nbsp;&nbsp; **281709872** | &nbsp;&nbsp;&nbsp;&nbsp; 2389929  |
| Less: Net (income) loss attributable to non-controlling interest | &nbsp;&nbsp; **(31933262)** | &nbsp;&nbsp; (16541033)  |
| **Net income (loss) attributable to Pershing Square Holdco, L.P.** | **$249776610** | $(14151104) |

---

(1) Includes amounts attributable to consolidated VIEs for which Pershing Square Holdco, L.P. does not have any direct equity interests. 

The accompanying notes form an integral part of these consolidated financial statements.<br>

F-4<br>

------

#### **TABLE OF CONTENTS**

#### <br>

#### Consolidated Statements of Changes in Partners' Capital

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Controlling** <br>**Interest - GP<sup>(1)</sup>** | **Controlling** <br>**Interest - LPs<sup>(1)</sup>** | **Limited Partner** <br>**Interest -** <br>**PS Holdco<sup>(2)</sup>** | **Non-controlling** <br>**Interest** | **Total**  |
| **As of December 31, 2023** | $3418131 | &nbsp;&nbsp;&nbsp; $75426004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $45847566 | &nbsp;&nbsp; $124691701  |
| Capital contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1647202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1647202  |
| Capital distributions | &nbsp;&nbsp; (1500428) | &nbsp;&nbsp; (148542421) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8099218) | &nbsp;&nbsp;&nbsp; (158142067)  |
| &nbsp;&nbsp; Net income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 313638 | &nbsp;&nbsp;&nbsp;&nbsp; 31050107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5079321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36443066  |
| **As of May 31, 2024** | &nbsp;&nbsp;&nbsp; **2231341** | &nbsp;&nbsp;&nbsp; **(40419108)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; **42827669** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4639902**  |
| General Partner transfer<sup>(1)</sup> | &nbsp;&nbsp; (2231341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2231341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Limited Partner transfer<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40419108 | &nbsp;&nbsp;&nbsp;&nbsp; (40419108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Capital contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1165766679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 1165766679  |
| Capital distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (145049016) | &nbsp;&nbsp;&nbsp; (7500000) | &nbsp;&nbsp;&nbsp; (152549016)  |
|  Offering costs for Pershing Square Holdco, L.P. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16545979) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16545979)  |
| &nbsp;&nbsp; Net income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (45514849) | &nbsp;&nbsp;&nbsp; 11461712 | &nbsp;&nbsp;&nbsp;&nbsp; (34053137)  |
| **As of December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; **920469068** | &nbsp;&nbsp;&nbsp; **46789381** | &nbsp;&nbsp;&nbsp;&nbsp; **967258449**  |
| Capital contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1461901** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1461901**  |
| Capital distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; **(155289575)** | &nbsp;&nbsp; **(16027759)** | &nbsp;&nbsp;&nbsp; **(171317334)**  |
| &nbsp;&nbsp; Net income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; **249776610** | &nbsp;&nbsp;&nbsp; **31933262** | &nbsp;&nbsp;&nbsp;&nbsp; **281709872**  |
| **As of December 31, 2025** | **$—** | **$—** | **$1016418004** | **$62694884** | **$1079112888** |

---

(1)<br> These balances represent the former classes of equity of Pershing Square Capital Management, L.P. prior to the Reorganization (defined and described in Note 1) which took place on May 31, 2024.

(2)<br> Pershing Square Holdco GP, LLC, the general partner of Pershing Square Holdco, L.P., did not have a capital balance at any time during the periods disclosed and is therefore not shown in the Consolidated Statements of Changes in Partners' Capital.

The accompanying notes form an integral part of these consolidated financial statements.<br>

F-5<br>

------

#### **TABLE OF CONTENTS**

#### <br>

#### Consolidated Statements of Cash Flows

---

| | | |
|:---|:---|:---|
| **Year ended December 31,**  | **2025** | **2024**  |
| **Cash flows from operating activities**<br>|  |  |
| Net income | **$281709872** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2389929  |
|  Adjustments to reconcile net income to net cash provided by (used in) operating activities:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Amortization of deferred HHH Services Agreement premium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **9611543** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2300715** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2778063  |
| &nbsp;&nbsp;&nbsp; Non-cash lease expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2302819** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2782814  |
| &nbsp;&nbsp;&nbsp; Amortization of LTIP grants in profit-sharing partner compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1461901** | &nbsp;&nbsp;&nbsp;&nbsp; 112737683  |
| &nbsp;&nbsp;&nbsp; Unrealized (gain) loss on HHH shares held at fair value | &nbsp;&nbsp; **(110700000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Changes in operating assets and liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Performance fees receivable | &nbsp;&nbsp; **(264660206)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89026283  |
| &nbsp;&nbsp;&nbsp; Due from affiliates | &nbsp;&nbsp;&nbsp;&nbsp; **(7544077)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62671548  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(479083)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536375  |
| &nbsp;&nbsp;&nbsp; Deferred HHH Services Agreement premium | &nbsp;&nbsp; **(292770000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Investment in Pershing Square, L.P. | &nbsp;&nbsp;&nbsp; **(19775294)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6307697  |
| &nbsp;&nbsp;&nbsp; Deferred sublease incentive | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **510818** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698573  |
| &nbsp;&nbsp;&nbsp; Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **321218** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Accrued compensation and benefits | &nbsp;&nbsp;&nbsp; **255978634** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72688143  |
| &nbsp;&nbsp;&nbsp; Taxes payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3401752** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804022  |
| &nbsp;&nbsp;&nbsp; Deferred revenue | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3786000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Accounts payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1638572** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1401191  |
| &nbsp;&nbsp;&nbsp; Affiliates fee rebate payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2482042** | &nbsp;&nbsp;&nbsp;&nbsp; (56064460)  |
| &nbsp;&nbsp;&nbsp; Operating lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp; **(3810308)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4276979)  |
| **Net cash provided by (used in) operating activities** | &nbsp;&nbsp; **(134233082)** | &nbsp;&nbsp;&nbsp;&nbsp; 294480882  |
| **Cash flows from investing activities**<br>|  |  |
| Purchase of investment in HHH, net | &nbsp;&nbsp; **(607230000)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Purchases of fixed assets and leasehold improvements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(449438)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1557877)  |
| **Net cash provided by (used in) investing activities** | &nbsp;&nbsp; **(607679438)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1557877) |
| **Cash flows from financing activities**<br>|  |  |
| Payments for capital distributions | &nbsp;&nbsp; **(164393287)** | &nbsp;&nbsp;&nbsp; (298747239)  |
| Offering costs for Pershing Square USA, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; **(3152939)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (321218)  |
| Proceeds from capital contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp; 1047164069  |
| Proceeds from borrowings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16384813  |
| Repayment of borrowings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp; (80535856)  |
| Offering costs for Pershing Square Holdco, L.P. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp; (16545979)  |
| **Net cash provided by (used in) financing activities** | &nbsp;&nbsp; **(167546226)** | &nbsp;&nbsp;&nbsp;&nbsp; 667398590 |
| Net change in cash and cash equivalents and restricted cash | &nbsp;&nbsp; **(909458746)** | &nbsp;&nbsp;&nbsp;&nbsp; 960321595  |
| Cash and cash equivalents and restricted cash, beginning of period | &nbsp;&nbsp;&nbsp; **964975448** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4653853  |
| **Cash and cash equivalents and restricted cash, end of period** | **$55516702** | $964975448  |
| **Supplemental disclosures:**<br>|  |  |
| Cash paid during the period for income tax expense | &nbsp;&nbsp;&nbsp; **$19437613** | &nbsp;&nbsp;&nbsp;&nbsp; $15181153  |
| Cash paid during the period for interest expense | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2358213** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4332283  |
| Non-cash activities:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Capital contributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1461901** | &nbsp;&nbsp;&nbsp;&nbsp; 120249812  |
| *Reconciliation of cash and cash equivalents and restricted cash*<br>|  |  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp;&nbsp; **55397767** | &nbsp;&nbsp;&nbsp;&nbsp; 964856513  |
| Restricted cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **118935** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118935  |
| **Total cash and cash equivalents and restricted cash, end of period** | **$55516702** | $964975448 |

---

The accompanying notes form an integral part of these consolidated financial statements.<br>

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>

#### Notes to Consolidated Financial Statements
1. **ORGANIZATION** 

Pershing Square Holdco, L.P., a Delaware limited partnership ("PS Holdco" or the "Partnership"), was formed on April 11, 2024. Pershing Square Holdco GP, LLC, a Delaware limited liability company, serves as the general partner of PS Holdco. PS Holdco is the successor reporting entity to Pershing Square Capital Management, L.P., a Delaware limited partnership ("PSCM"), formed on December 17, 2003 that commenced operations on January 2, 2004.

On May 31, 2024, as part of an internal reorganization of PSCM (the "Reorganization"), PS Holdco became the indirect owner of PSCM and its general partner, PS Management GP, LLC, a Delaware limited liability company ("PSCM GP"). Prior to the Reorganization, 99% of the limited partnership interests of PSCM (the "PSCM LP Interests") were owned by Mr. William Ackman and other limited partners, and 1% of the PSCM LP Interests were owned by PSCM GP. At the time of the Reorganization, PSCM GP did not have any holdings other than its 1% interest in PSCM. Mr. Ackman was the managing member and sole owner of PSCM GP.

As part of the Reorganization, Mr. Ackman contributed his limited liability company interests in PSCM GP, and the limited partners of PSCM contributed the PSCM LP Interests to Pershing Square Partner Group, LLC, a Delaware limited liability company ("PSPG"). Immediately thereafter, PSPG contributed its interests in PSCM GP and the PSCM LP Interests to PS Holdco, and PS Holdco then contributed both interests to Pershing Square Intermediate Holdings, LLC, a Delaware limited liability company and wholly owned subsidiary of PS Holdco ("Intermediate Holdings"). As a result of the Reorganization, Intermediate Holdings is the sole limited partner of PSCM, and PS Holdco is the indirect owner of PSCM and PSCM GP.

On May 31, 2024, a consortium of strategic investors purchased a 10% minority equity interest in PS Holdco for a purchase price of $1.05 billion. Following the sale, PSPG owns 90% of the issued and outstanding limited partnership interests of PS Holdco.

On the same date, PS CompCo, LLC, a Delaware limited liability company ("CompCo" which was formerly named PS VariableCo, LLC), PSCM and PS Holdco entered into the Variable Compensation Agreement ("VCA"). The terms of the VCA specify the allocation of any performance fees earned by PSCM between PS Holdco and CompCo. Refer to Note 4 "Variable Compensation Agreement" for more details on the VCA.

#### Investment Manager and Managed Funds
PSCM is the investment manager to Pershing Square, L.P., a Delaware limited partnership ("PSLP"), Pershing Square International, Ltd., a Cayman Islands exempted company ("PSINTL" and together with PSLP, the "Private Funds"), and Pershing Square Holdings, Ltd., a publicly traded Guernsey limited liability company ("PSH", and collectively with the Private Funds, the "Core Funds"). The Core Funds generally implement substantially similar investment objectives, policies and strategies.

Prior to December 31, 2024, PSCM was also the investment adviser to PS VII, L.P., a Delaware limited partnership ("PSVII LP"), PS VII International, L.P., a Cayman Islands exempted limited partnership ("PSVII Intl"), PS VII Master, L.P., a Cayman Islands exempted limited partnership ("PSVII Master"), PS VII A International, L.P., a Cayman Islands exempted limited partnership ("PSVIIA"), and PS VII Employee Fund, LLC, a Delaware limited liability company ("PSVII Employee Fund" and together with PSVII LP, PSVII Intl, PSVII Master, and PSVIIA, the "PSVII Funds" and collectively with the Core Funds, the "Pershing Square Funds"). The PSVII Funds operated collectively as a co-investment vehicle that primarily invested in securities of (or otherwise sought to be exposed to the value of securities issued by) Universal Music Group, N.V. ("UMG"). PSVII GP, LLC, the general partner of PSVII Master, PSVII LP, PSVII Intl and PSVIIA ("PSVII GP"), determined to cease the operations of PSVII Master and PSVIIA and distribute its assets to limited partners as of December 31, 2024. All subsequent references to the PSVII Funds throughout these financial statements are applicable only up to their cessation date of December 31, 2024.

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
PSCM is a concentrated, research-intensive, fundamental value investor in the public markets. PSCM's investment objective with respect to the Core Funds is to preserve capital and seek maximum, long-term capital appreciation commensurate with reasonable risk. PSCM defines risk as the probability of a permanent loss of capital, rather than price volatility. In its value approach to investing, PSCM seeks to identify and have the Core Funds primarily invest in long (and occasionally short) investment opportunities that PSCM believes exhibit significant valuation discrepancies between current trading prices and intrinsic business (or net asset) value, often with a catalyst for value recognition.

The substantial majority of the Core Funds' portfolio is typically allocated to 8 to 12 core holdings usually comprising liquid, listed large capitalization North American companies. The Core Funds may make investments in a wide range of industry sectors, geographies and asset classes. PSCM seeks to invest in high-quality businesses, which it believes have limited downside and generate predictable, recurring cash flows. PSCM is an active and engaged investor that works with the companies in the Core Funds' portfolio to create substantial, enduring and long-term shareholder value. PSCM aims to manage risks through careful investment selection and portfolio construction, and may use opportunistic hedging strategies to mitigate market-related downside risk or to take advantage of asymmetric profit opportunities.

On May 5, 2025, PS Holdco and Howard Hughes Holdings Inc. ("HHH") entered into a Share Purchase Agreement (the "HHH Share Purchase Agreement") whereby PS Holdco purchased 9,000,000 shares of HHH's common stock, par value $0.01 per share, at a purchase price of $100 per share for an aggregate purchase price of $900,000,000. Following the completion of this purchase, PS Holdco owned 15.2% of HHH common stock, while the Core Funds, which PS Holdco does not consolidate, owned 31.7% of HHH common stock, providing PS Holdco and its affiliates with a collective voting power of 46.9% of the outstanding HHH common stock. Pursuant to a Standstill Agreement between PS Holdco and HHH dated May 5, 2025, PS Holdco, PSCM and the Core Funds are, in the aggregate, generally subject to a voting cap of 40% of the outstanding common stock of HHH (with all shares in excess of the cap voted proportionally to HHH shareholders other than PS Holdco, PSCM and the Core Funds).

In connection with the HHH Share Purchase Agreement, PSCM entered into a Services Agreement with HHH dated May 5, 2025 (the "HHH Services Agreement" and together with the HHH Share Purchase Agreement, the "HHH Agreements"), pursuant to which PSCM provides HHH with investment, advisory and other services. In consideration for these services, PSCM will receive a quarterly fixed fee (the "Base Management Fee") and be eligible to receive a quarterly variable fee (the "Variable Management Fee" and together with the Base Management Fee, the "HHH Fees"). The HHH Services Agreement has an initial 10-year term, with successive automatic 10-year renewal terms unless the agreement is terminated or not renewed in accordance with its terms. HHH may elect not to renew the HHH Services Agreement if the non-renewal is approved by a unanimous vote of the disinterested members of its board of directors and, subsequently, by holders of at least 70% of the outstanding shares of HHH common stock, excluding any shares held by PSCM and its affiliates (including PS Holdco). The HHH Services Agreement may be terminated by HHH in prescribed circumstances such as (i) with the approval of two-thirds of the disinterested members of its board of directors upon (a) a default of any material provision of the HHH Services Agreement by PSCM or any of its permitted assignees or subcontractors that results in material harm to HHH, (b) fraud, misappropriation or embezzlement by PSCM or any of its permitted assignees or subcontractors against HHH, (c) action(s) by PSCM or any of its permitted assignees or subcontractors constituting bad faith, willful misconduct, gross negligence, or criminal conduct in the performance of its duties under the HHH Services Agreement, (d) PSCM's entry into bankruptcy, insolvency or reorganization proceedings or (e) certain changes of control of HHH or (ii) with the prior unanimous approval of the disinterested members of its board of directors, upon PS Holdco and its affiliates (and their permitted transferees), in the aggregate, ceasing to own at least 9,000,000 shares of HHH's common stock, subject to equitable adjustment to reflect the effect of any stock split, reverse stock split or other capital reorganization, reclassification or adjustment with similar effect) on or prior to May 5, 2035 or ceasing to own at least 75% of such number of shares thereafter, in each case as a result of sales of shares to third parties.

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
On August 5, 2025 in connection with the HHH Services Agreement, each of the Core Funds amended and restated its investment management agreement ("IMA") to reduce the management fees PSCM will earn by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by the relevant Core Fund attributable to fee-paying capital.

PSCM's primary sources of revenue are (i) management fees from the Core Funds and, prior to December 31, 2024, PSVII Master, (ii) the HHH Fees and (iii) performance fees from PSH and PSINTL. The Core Funds and PSVII Master pay management fees based on a percentage of their net asset value (before any accrued performance fees), and performance fees are based on a percentage charged of the net profits of PSH and PSINTL above a prior high-water mark. In addition, as described under "Consolidation" in Note 2, the performance allocations earned by the general partners of PSLP and PSVII Master are consolidated with PSCM's and the Partnership's revenue despite neither entity being the recipient of the funds resulting from the performance allocations. For any given period, the Partnership's revenues will be primarily driven by the performance of these funds.

PSCM is registered with the U.S. Securities and Exchange Commission ("SEC") as an investment adviser under the Advisers Act and with the Commodity Futures Trading Commission ("CFTC") as the commodity pool operator of the Core Funds under the Commodity Exchange Act, as amended.

#### Other Subsidiaries and Relationships
Pershing Square USA, Ltd. ("PSUS") is a Delaware statutory trust formed on November 28, 2023 and is registered with the SEC under the Investment Company Act of 1940, as amended, as a closed-end, non-diversified management investment company. PSCM has purchased PSUS common shares for the purpose of providing operating capital and is currently the sole equity holder of PSUS common shares. Refer to Note 4 for details on the share purchases.

West Side Services, LLC, a Delaware limited liability company, is a wholly owned subsidiary of PSCM related to certain of its office operations.

PSCM is the non-member manager of Pershing Square SPARC Sponsor, LLC ("SPARC Sponsor"), a Delaware limited liability company. The Core Funds are the non-managing members of SPARC Sponsor. SPARC Sponsor is the sponsor entity of Pershing Square SPARC Holdings, Ltd. ("SPARC"), a Delaware corporation formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other business combination transaction with one or more businesses. SPARC is actively looking for target companies for its business combination.

On December 15, 2025, the Partnership entered into a PSH Share Agreement with Mr. Ackman and certain other affiliates (together with Mr. Ackman, the "Shareholders") for no consideration, pursuant to which each Shareholder granted the Partnership the right, but not the obligation, to acquire from such Shareholder a certain percentage of the outstanding ordinary shares of PSH (the "Subject PSH Shares") in exchange for shares in the Partnership's publicly listed successor entity at an agreed upon ratio (the "PSH Share Acquisition"). As of December 31, 2025, the Subject PSH Shares represented approximately 26% of the total number of PSH shares issued and outstanding. Pursuant to the PSH Share Agreement, the Partnership has the right to consummate the PSH Share Acquisition at any time on or after the ninth anniversary, and on or before the tenth anniversary, of the IPO of the Partnership. As such, no PSH shares were acquired as of December 31, 2025.

2. **SIGNIFICANT ACCOUNTING POLICIES** 

#### Basis of Presentation
The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). The consolidated financial statements include the accounts of the Partnership, its wholly owned subsidiaries, and entities in which the Partnership is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
The Partnership accounted for the Reorganization, described under "Organization" in Note 1, as a common control transaction. The Reorganization resulted in a change in reporting entity from PSCM to PS Holdco. All balances and disclosures for periods prior to May 31, 2024, the date of the Reorganization, represent the historical activities of PSCM, the predecessor reporting entity to PS Holdco.

All amounts are stated in U.S. dollars. The following is a summary of the significant accounting and reporting policies used in preparing the Partnership's consolidated financial statements.

#### Use of Estimates
The preparation of the Partnership's consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of income and expenses during the reported period. While management believes that the estimates utilized in preparing the consolidated financial statements are reasonable and prudent, actual results could differ from those estimates.

#### Consolidation
The Partnership consolidates all subsidiaries in accordance with GAAP and Financial Accounting Standards Board ("FASB") ASC 810, *Consolidation* ("ASC 810").

The Partnership consolidates the accounts of both Intermediate Holdings, as a 100% directly owned subsidiary, and PSCM, as a 100% indirectly owned subsidiary. The Partnership includes both entities' assets and liabilities and their results of operations in the Partnership's consolidated financial statements.

The Partnership consolidates all entities that it, or any of its subsidiaries (for the remainder of this Consolidation section, any reference to the "Partnership" also includes all of its subsidiaries), control either as the primary beneficiary of a variable interest entity ("VIE") or through a majority voting interest. The Partnership identifies VIEs it must consolidate by evaluating (i) whether it holds a variable interest in an entity, (ii) whether the entity is a VIE, and (iii) whether the Partnership's involvement would make it the primary beneficiary. Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities ("VOEs"). Under the VOE model, the Partnership consolidates those entities for which it holds a majority voting interest.

In evaluating whether the Partnership holds a variable interest in an entity, fees received from the entity (including management fees and performance fees) that are customary and commensurate with the level of services provided are not considered variable interests where the Partnership does not also hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity.

If there are entities where the Partnership holds a variable interest, the Partnership must then determine whether each entity qualifies as a VIE and, if so, whether the Partnership is the primary beneficiary. A VIE is a corporation, partnership, limited liability company, trust or other legal structure used to conduct activities or hold assets that has: (i) insufficient equity to carry out its principal activities without additional subordinated financial support, (ii) a group of equity owners that lack the power to direct its activities that significantly impact economic performance, or (iii) a group of equity owners that do not have the obligation to proportionally absorb losses or the right to proportionally receive returns generated by its operations.

In evaluating whether the Partnership is the primary beneficiary of a VIE, the Partnership evaluates its economic interests in the entity held either directly or indirectly. VIEs are consolidated when an entity, as the primary beneficiary, holds a controlling financial interest in the VIE. An enterprise is deemed to have a controlling financial interest in a VIE if (i) the enterprise has the power to direct the activities of a VIE that impacts the economic performance and (ii) the enterprise has the obligation to absorb losses, or the right to receive benefits that could potentially be significant to the VIE.

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
The Partnership has evaluated the Pershing Square Funds, their respective general partners and any affiliated entities, as applicable, for consolidation with the Partnership in accordance with ASC 810. As the Partnership does not hold economic interests in the Pershing Square Funds that would absorb more than an insignificant amount of their expected losses or returns, the Partnership does not hold a variable interest in any of the Pershing Square Funds. The Partnership also does not hold a majority of the voting interests in the Pershing Square Funds. As a result, the Pershing Square Funds are not required to be consolidated with the Partnership under ASC 810.

Conversely, the Partnership has determined to consolidate Pershing Square GP, LLC ("PSGP"), the general partner of PSLP, and PSVII GP under ASC 810. As PSCM compensates its personnel using the performance allocations received by PSGP and PSVII GP, PSCM is exposed to variability in the expected losses or returns of these entities and holds a variable interest in both PSGP and PSVII GP. PSCM, as investment manager of the Pershing Square Funds, has the power to direct the activities of PSGP and PSVII GP that most significantly impact its economic performance (i.e. PSGP and PSVII GP's receipt of performance allocations), and PSCM is the primary beneficiary of such economic performance as a result of using PSGP and PSVII GP's performance allocations to compensate PSCM's personnel.

The following tables summarize the consolidated balances of PSGP:

---

| | | |
|:---|:---|:---|
| **Summarized Financial Information - Pershing Square GP, LLC** | **December 31, 2025** | **December 31, 2024**  |
| *Statements of Financial Condition*<br>|  |  |
| Assets<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investment in Pershing Square, L.P., at fair value | &nbsp;&nbsp;&nbsp; **$79288239** | &nbsp;&nbsp;&nbsp; $59512945  |
| &nbsp;&nbsp;&nbsp; Due from affiliates | &nbsp;&nbsp;&nbsp; **11800000** | &nbsp;&nbsp;&nbsp; 7500000  |
| **Total assets** | &nbsp;&nbsp;&nbsp; **$91088239** | &nbsp;&nbsp;&nbsp; $67012945  |
| Liabilities and Equity<br>|  |  |
| &nbsp;&nbsp;&nbsp; Accrued compensation and benefits | &nbsp;&nbsp;&nbsp; **$16593355** | &nbsp;&nbsp;&nbsp; $12723564  |
| &nbsp;&nbsp;&nbsp; Performance fee distributions payable | &nbsp;&nbsp;&nbsp; **11800000** | &nbsp;&nbsp;&nbsp; 7500000  |
| **Total liabilities** | &nbsp;&nbsp;&nbsp; **28393355** | &nbsp;&nbsp;&nbsp; 20223564  |
| &nbsp;&nbsp;&nbsp; Non-controlling interest | &nbsp;&nbsp;&nbsp; **62694884** | &nbsp;&nbsp;&nbsp; 46789381  |
| **Total liabilities and equity** | &nbsp;&nbsp;&nbsp; **$91088239** | &nbsp;&nbsp;&nbsp; $67012945 |

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| | | |
|:---|:---|:---|
| *Statements of Operations* <br>|  |  |
| &nbsp;&nbsp;&nbsp; Performance allocation from Pershing Square, L.P.<sup>(1)</sup> | **$29742303** | $14543002  |
| &nbsp;&nbsp;&nbsp; Unrealized gain (loss) on investment in Pershing Square, L.P. held at fair value | &nbsp;&nbsp;&nbsp; **12224037** | &nbsp;&nbsp;&nbsp; 6986422  |
| &nbsp;&nbsp;&nbsp; Profit-sharing partner compensation | &nbsp;&nbsp; **(10033078)** | &nbsp;&nbsp; (4988391)  |
| **Net income (loss) attributable to non-controlling interest** | **$31933262** | $16541033 |

---

(1)<br> Included in performance fees on PS Holdco's Consolidated Statements of Operations

The Partnership does not have any variable interests in VIEs that are not consolidated. The Partnership also consolidates the accounts of PSUS, PSCM GP and West Side Services, LLC as they are wholly owned subsidiaries of PSCM.

Prior to December 20, 2024, the Partnership consolidated the accounts of a trust for the Partnership's corporate aircraft created between the Partnership as trustor and Delaware Trust Company as owner trustee. The Partnership no longer owns this aircraft as it was distributed in kind to Mr. Ackman on December 20, 2024. Refer to Note 4 "Corporate Aircraft" for details on the distribution.

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>

#### Non-controlling Interests
A portion of the equity and income or loss from entities that are consolidated but not wholly owned by the Partnership is allocated to other owners. The portion allocated to other owners is included within non-controlling interest in the consolidated financial statements. The Partnership does not hold any direct equity interests in PSGP or PSVII GP. As a result, all net income related to both entities is allocated to non-controlling interest, and the capital balances of PSGP and PSVII GP represent the direct equity interests of other owners in PSGP and PSVII GP, as applicable.

Non-controlling interest is presented as a separate component of partners' capital in the Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Partners' Capital to clearly distinguish the controlling interests in the Partnership (general partner and limited partner interests) from the non-controlling interests in PSGP and PSVII GP, as applicable. Net income in the Consolidated Statements of Operations includes the net income attributable to the holders of non-controlling interests in the VIEs. Income and losses are allocated to the non-controlling interest in proportion to their relative ownership interests.

#### Revenue Recognition
PSCM receives management fees and performance fees from certain Pershing Square Funds in exchange for investment management services. These revenues are derived from PSCM's IMAs with each fund. PSCM also receives the HHH Fees in exchange for investment, advisory and other services, pursuant to the HHH Services Agreement.

The Partnership recognizes revenue in accordance with ASC 606, *Revenue from Contracts with Customers* ("ASC 606"). Revenue is recognized when the Partnership transfers promised goods or services to customers in an amount that reflects the consideration to which the Partnership expects to be entitled in exchange for those goods or services. ASC 606 requires an entity to: (i) identify the contract(s) with a customer, which includes assessing the collectability of the consideration to which it will be entitled in exchange for the goods or services transferred to the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when the entity satisfies a performance obligation.

*Management Fees* 

PSCM acts as investment manager providing management and administrative services to the Pershing Square Funds in accordance with each of their IMAs. As compensation for such services, PSCM receives a quarterly management fee of 0.375%, equal to 1.50% annually, of the net asset value (before any accrued performance fees or allocations) of the Core Funds, and a quarterly management fee of 0.0625%, equal to 0.25% on an annual basis, of the net asset value (before any accrued performance allocation) of the PSVII Funds. The Core Funds reduce management fees by an amount equal to the HHH Fees multiplied by the percentage of HHH's shares outstanding held by the relevant Core Fund attributable to fee-paying capital. Management fees are recognized in the period during which the related services are performed.

Management fees are generally calculated and paid to PSCM quarterly in advance, based on the amount of fee-paying assets under management at the beginning of the quarter. Management fees are prorated for capital contributions in the Private Funds received during the quarter. Accordingly, changes in PSCM's management fee revenue from quarter to quarter are driven by changes in fee-paying assets and the relative magnitude and timing of contributions and withdrawals.

*Management Fees - HHH Fees* 

Pursuant to the HHH Services Agreement, PSCM receives from HHH: (i) the quarterly Base Management Fee of $3.75 million, which is adjusted annually for inflation and (ii) the quarterly Variable Management Fee equal to 0.375% of the increase in HHH's equity market capitalization above a reference market capitalization

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
(the "Reference Market Cap"). The Reference Market Cap is determined by multiplying the post-transaction share count (the "Reference Share Count") by a reference market price (the "Reference Market Price"), which is adjusted annually for inflation, subject to equitable adjustment for stock splits, reclassifications or similar capital changes.

Consistent with ASC 606, the Partnership considers the HHH Agreements to be one contract as they were executed at the same time with a single commercial objective. As a result, the $900,000,000 purchase price was recognized as two separate amounts following the execution of the HHH Agreements: (i) a $607,230,000 investment in HHH, which was calculated as 9,000,000 shares multiplied by HHH's publicly traded price of $67.47 as of the close of business on May 2, 2025, the most recent observable price at the time (refer to "Fair Value of Financial Instruments" for details on the classification and fair value election for this investment), and (ii) a $292,770,000 deferred asset for the premium paid above HHH's publicly traded share price (the "HHH Premium"), which is deemed to represent the amount paid to obtain the HHH Services Agreement.

The HHH Premium will be amortized straight-line as contra-revenue in management fees over a period of 20 years, with the first period's amortization being prorated for a start date of May 5, 2025. For the year ended December 31, 2025, the HHH Premium amortization recognized as contra-revenue totaled $9,611,543. The estimated amortization expense related to the HHH Premium for each of the next five fiscal years is $14,638,500.

The Partnership assessed the HHH Premium for impairment and determined that it was fully recoverable over the amortization period of 20 years; therefore, no impairment was recognized.

*Performance Fees* 

PSCM earns performance fees from PSINTL and PSH as their investment manager, and PSGP receives a performance allocation from PSLP as its general partner. Performance fees and the performance allocation are based on the net income of each Core Fund through the end of the fiscal year or upon capital withdrawals, above a prior high-water mark. The performance fees/allocation, if earned, are payable upon the occurrence of crystallization events, which include, but are not limited to, December 31 of each year, withdrawals from the Private Funds and PSH's payment of a dividend. Any crystallized or accrued performance fees for PSINTL and PSH earned during the year and outstanding at year-end are reported within performance fees receivable. See Note 4 for further disclosure regarding Core Fund performance fees.

#### Cash and Cash Equivalents
The Partnership considers all highly liquid financial instruments with a maturity of three months or less at the time of purchase to be cash equivalents. As of December 31, 2025, cash and cash equivalents was comprised of $1,339,595 (2024: $1,776,964) of cash held at a U.S. bank and $54,058,172 (2024: $963,079,549) of cash equivalents held in two money market funds invested in U.S. Treasury obligations (JPMorgan 100% U.S. Treasury Securities Money Market Fund and UBS Select 100% US Treasury Preferred Fund Class T). Money market funds are carried at net asset value, which approximates fair value, and would be considered Level I if they were included in the fair value hierarchy. The interest earned on cash invested in money market funds is recorded in interest income.

#### Restricted Cash
The Partnership has provided various security deposits held by service providers in the normal course of business. Such security deposits are generally restricted until the termination of each service provider's contract period.

#### Due from Affiliates
The Pershing Square Funds, partners, employees and other affiliates reimburse the Partnership from time to time for expenses the Partnership pays on their behalf. Reimbursements owed to the Partnership are reflected in due from affiliates. See Note 4 for further disclosure of transactions with related parties.

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
As of December 31, 2025, due from affiliates was primarily comprised of (i) PSGP's capital withdrawal from PSLP of $11,800,000 that was not received as of the balance sheet date, and (ii) the Variable Management Fee of $3,345,230 receivable from HHH.

As of December 31, 2024, due from affiliates was primarily comprised of $7,500,000 of PSGP's capital withdrawal from PSLP that was not received as of December 31, 2024.

As of December 31, 2025 and 2024, no allowance related to due from affiliates was deemed necessary.

#### Fair Value of Financial Instruments
The Partnership's assets and liabilities that qualify as financial instruments under GAAP are generally recorded at fair value or at an amount where the carrying value approximates fair value due to the instrument's short-term nature.

The Partnership's investment in HHH is classified as an equity method investment as the Partnership is deemed to exert significant influence over HHH, given (i) the Partnership's ability to vote based on its direct ownership and the Core Funds' ownership of HHH and (ii) PSCM's right to designate directors on the Board of Directors of HHH. The Partnership has elected the fair value option for this investment, and changes in fair value are, therefore, recognized through profit and loss. The Partnership's investment in HHH is a Level I investment in the fair value hierarchy as its shares are publicly traded and quoted prices are readily available.

As of December 31, 2025, the Partnership's investment in HHH was valued at $717,930,000, which represented an ownership percentage of approximately 15.2%. For the year ended December 31, 2025, the Partnership recorded an unrealized gain of $110,700,000 from its investment in HHH.

The summarized financial information of the Partnership's equity method investment in HHH is as follows. The summarized Statement of Operations is presented for the period from May 5, 2025, the inception date of the Partnership's investment in HHH, through December 31, 2025.

---

| | |
|:---|:---|
| **Summarized Financial Information - HHH** | **December 31, 2025**  |
| *Statement of Financial Condition*<br>|  |
| Assets<br>|  |
| &nbsp;&nbsp;&nbsp; Net investment in real estate | &nbsp;&nbsp; $7367055000  |
| &nbsp;&nbsp;&nbsp; All other assets | &nbsp;&nbsp;&nbsp; 3272406000  |
| **Total assets** | **$10639461000**  |
| Liabilities and Equity<br>|  |
| &nbsp;&nbsp;&nbsp; Mortgages, notes, and loans payable, net | &nbsp;&nbsp; $5109828000  |
| &nbsp;&nbsp;&nbsp; All other liabilities | &nbsp;&nbsp;&nbsp; 1687387000  |
| **Total liabilities** | &nbsp;&nbsp;&nbsp; **6797215000**  |
| &nbsp;&nbsp;&nbsp; Total equity | &nbsp;&nbsp;&nbsp; 3842246000  |
| &nbsp;&nbsp; **Total liabilities and equity** | **$10639461000** |

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| | |
|:---|:---|
|  | **For the period from**<br>**May 5, 2025 to**<br>**December 31, 2025**  |
| *Statement of Operations*<br>|  |
| &nbsp;&nbsp;&nbsp; Total revenues | $1229024000  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; (948112000)  |
| &nbsp;&nbsp;&nbsp; Total other income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (294000)  |
| **Operating income** | &nbsp;&nbsp;&nbsp;&nbsp; **280618000**  |
| **Net income (loss)** | &nbsp;&nbsp;&nbsp;&nbsp; **121035000**  |
| **Net income (loss) attributable to common stockholders** | **$121427000** |

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
PSGP's investment in PSLP is considered an equity method investment as PSCM is deemed to exert significant influence over PSLP as the fund's investment manager. The Partnership has elected the fair value option for this investment. Fair value for PSGP's investment in PSLP is determined using the net asset value of PSLP in accordance with the "practical expedient" as defined by GAAP.

As of December 31, 2025, PSGP had an investment of $79,288,239 (2024: $59,512,945) in PSLP, which represented an ownership percentage of approximately 5.2% (2024: 4.5%). For the year ended December 31, 2025, PSGP recorded a gain of $12,224,037 (2024: gain of $6,986,422) from its investment in PSLP.

The summarized financial information of the Partnership's equity method investment in PSLP is as follows:

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| | | |
|:---|:---|:---|
| **Summarized Financial Information - Pershing Square, L.P.** | **December 31, 2025** | **December 31, 2024**  |
| *Statements of Financial Condition*<br>|  |  |
| Assets<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments and derivative contracts | **$1617395505** | $1388621627  |
| &nbsp;&nbsp;&nbsp; Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **28012056** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31896578  |
| &nbsp;&nbsp; **Total assets** | **$1645407561** | $1420518205  |
| Liabilities and Equity<br>|  |  |
| &nbsp;&nbsp;&nbsp; Other liabilities | **$114759041** | $92556743  |
| **Total liabilities** | &nbsp;&nbsp;&nbsp;&nbsp; **114759041** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92556743  |
| &nbsp;&nbsp;&nbsp; Partners' capital | &nbsp;&nbsp; **1530648520** | &nbsp;&nbsp; 1327961462  |
| **Total liabilities and equity** | **$1645407561** | $1420518205 |

---

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,** | **Year ended December 31,** |
| *Statements of Operations*<br>| **2025** | **2024** |
| &nbsp;&nbsp;&nbsp; Net gain from investments in securities and derivative contracts | **$331635242** | $145537342  |
| &nbsp;&nbsp;&nbsp; Investment income | &nbsp;&nbsp;&nbsp;&nbsp; **11579153** | &nbsp;&nbsp;&nbsp; 16122457  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; **(12643683)** | &nbsp;&nbsp; (12811605)  |
| **Net income** | **$330570712** | $148848194 |

---

Partners in PSGP can withdraw all of their partnership interest each calendar quarter upon 45 days prior written notice, but are subject to (i) PSCM's contractual or regulatory restrictions on trading, or "trading windows" whereby PSCM may be in possession of any material nonpublic information regarding one or more of PSLP's portfolio companies and (ii) any other limitations on withdrawals as set forth in the general partner agreement.

#### Fixed Assets and Leasehold Improvements, Net of Accumulated Depreciation and Amortization
Fixed assets and leasehold improvements consist of leasehold improvements principally for the build-out of the Partnership's office space, furniture and fixtures, office computers and equipment along with computer software. The Partnership previously owned a corporate aircraft, which it distributed in-kind to Mr. Ackman on December 20, 2024. Refer to Note 4 "Corporate Aircraft" for details on the distribution.

Fixed assets and leasehold improvements are recorded at cost less accumulated depreciation and amortization. Depreciation of fixed assets is calculated using the straight-line method over a period of three to seven years. Leasehold improvements are amortized over the shorter of the expected useful life or the remaining term of the related lease agreement. Total depreciation and amortization expense of the Partnership for the year ended December 31, 2025 was $2,300,715 (2024: $2,778,063). The Partnership evaluates fixed assets for impairment whenever events or changes in circumstances indicate that an asset's carrying value may not be fully recovered. The Partnership has determined that there was no impairment to be recorded for its fixed assets.

F-15<br>

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
The following table provides the gross balances for each class of fixed assets and total accumulated depreciation and amortization for all asset classes:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2024**  |
| **Asset Class** | **Useful Life** |  |  |
| Leasehold Improvements | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; **$28395531** | &nbsp;&nbsp; $28333531  |
| Furniture and Fixtures | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; **2173959** | &nbsp;&nbsp;&nbsp;&nbsp; 2071436  |
| Office Computers and Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; **1528371** | &nbsp;&nbsp;&nbsp;&nbsp; 1260768  |
| Computer Software | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **478725** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461413  |
| Total Fixed Assets and Leasehold Improvements (gross) |  | &nbsp;&nbsp;&nbsp; **32576586** | &nbsp;&nbsp;&nbsp; 32127148  |
| Less: Accumulated Depreciation and Amortization |  | &nbsp;&nbsp; **(17592861)** | &nbsp;&nbsp; (15292146)  |
| **Total Fixed Assets and Leasehold Improvements (net)** |  | &nbsp;&nbsp; **$14983725** | &nbsp;&nbsp; $16835002 |

---

#### Accounts Payable
Accounts payable is comprised of primarily general and administrative expenses as well as interest expense that were accrued but not paid as of year-end. For more details on general and administrative expenses, refer to Note 5.

#### Income Taxes
The Partnership is a partnership for U.S. tax purposes and is not subject to U.S. federal income taxes. Accordingly, no provision has been made for federal income taxes of the Partnership since the partners are individually liable for the taxes on their share of the Partnership's taxable income or loss.

The Partnership is subject to certain state and local taxes. New York City Unincorporated Business Tax ("UBT") is recorded on a quarterly basis at the rate of 4% based on the net taxable income apportioned to New York City. Commercial Rent Tax ("CRT") is recorded on a quarterly basis at the rate of 6% based on the amount of commercial rent subject to tax. The Partnership records interest and penalties related to income taxes, if any, within income tax expense. For the year ended December 31, 2025, the Partnership recorded $22,308,640 (2024: $15,985,175) of tax expense, which primarily relates to UBT. As of December 31, 2025, $16,494,887 of UBT expense remained payable (2024: $13,627,356).

For the 2025 tax year, the Partnership and its parent entity PSPG both elected to be subject to the New York State Pass-Through Entity Tax ("NYS PTET") and the New York City Pass-Through Entity Tax ("NYC PTET" and together with NYS PTET, "PTET"). The Partnership's predecessor entity PSCM made the same elections for the 2024 tax year.

PTET grants eligible partners a tax credit on their individual New York State and New York City income tax returns. Any PTET owed is a joint liability of (i) the Partnership or PSPG and (ii) each partner. For the year ended December 31, 2025, the Partnership and PSPG made quarterly PTET payments totaling $32,937,551 (2024: $71,304,813) on behalf of their partners. These PTET payments were recorded, as applicable, in profit-sharing partner compensation and/or capital distributions according to each partner's participation in LTIP (defined below). For Mr. Ackman, PTET payments were recorded as capital distributions.

As of December 31, 2025, PTET accruals of $10,104,536 and $3,224,380 (2024: $8,736,219 and $3,263,171) were recorded in distributions payable to partners and accrued compensation and benefits, respectively.

The Partnership is subject to the provisions of ASC 740*, Income Taxes.* This standard requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership's tax returns to determine whether it is "more-likely-than-not" to be sustained by the applicable tax authority. Uncertain tax positions in which the benefit to be realized does not meet the "more-likely-than-not" threshold would be recorded as a tax expense in the current year. For the years ended December 31, 2025 and 2024, the Partnership

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
did not accrue interest or penalties related to uncertain tax positions. The Partnership has evaluated its tax positions for the years ended December 31, 2025 and 2024 and does not believe that there will be a significant change to the uncertain tax positions within twelve months of the reporting date. The Partnership's tax returns for tax years 2022 and forward are open to examination by the IRS.

#### Lessee arrangements
PSCM leases office space, other real estate and certain equipment under operating leases. In accordance with ASC 842, *Leases* ("ASC 842"), the Partnership determines if an arrangement is or contains a lease at inception date by evaluating whether the arrangement conveys the right to use an identified asset and whether the Partnership obtains substantially all of the economic benefits from and has the ability to direct the use of the asset.

Under ASC 842, the Partnership elected the practical expedient to not separate lease and non-lease components. The Partnership also elected to apply the short-term lease recognition exemption which eliminates the requirement to present in the Consolidated Statements of Financial Condition leases with a term of 12 months or less. These two practical expedients were elected for all classes of underlying assets.

For short-term leases, instead of recognizing a lease liability and right-of-use asset ("ROU asset"), the Partnership recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a short-term lease, the Partnership evaluates the lease term and the purchase option in the same manner as all other leases.

At the commencement date of a lease which does not qualify as a short-term lease, the Partnership recognizes a lease liability and an ROU asset representing the Partnership's right to use the underlying asset over the lease term. The initial measurement of the lease liability is calculated on the basis of the present value of the remaining lease payments, and the ROU asset is measured on the basis of this liability, adjusted by prepaid and accrued rent, lease incentives and initial direct costs. Operating lease cost is recognized on a straight-line basis over the lease term, with the cost presented as a component of general and administrative expense. The Partnership does not have finance leases.

PSCM's leases require other payments such as costs related to service components, real estate taxes, common area maintenance and insurance. These costs are generally variable in nature and based on the actual costs incurred and required by the lease. As the Partnership has elected to not separate lease and non-lease components for all classes of underlying assets, all variable costs associated with the leases are expensed in the period incurred and are disclosed within general and administrative expense. PSCM's lease agreements do not contain any material residual value guarantees or material restrictive financial covenants. For details on PSCM's leases with related parties, refer to Note 4. Neither the Partnership nor PSCM has any leases that have not yet commenced that create significant rights and obligations for the lessee.

When determining the lease term, the Partnership does not include renewal options unless the renewals are deemed to be reasonably certain of being exercised at the lease commencement date.

ASC 842 requires that a lessee use the rate implicit in the lease when measuring the lease liability and ROU asset, unless that rate is not readily determinable. Alternatively, the Partnership is permitted to use its incremental borrowing rate ("IBR") which is defined as the rate of interest that the Partnership would have to pay to borrow an amount equal to the lease payments on a collateralized basis, over a similar term and in a similar economic environment. Since the rate implicit in the lease is not readily determinable, the Partnership uses its incremental borrowing rate when measuring its or PSCM's leases. The IBR is calculated by considering the Partnership's synthetic credit standing and existing line of credit, the impact of collateral and the term of the lease.

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>

#### Offering Costs
Offering costs consist of fees related to underwriting, legal advice, regulatory filings, printing and other costs for services directly related to the offering of common shares of PSUS or equity interests of PS Holdco.

All PSUS offering costs incurred subsequent to July 31, 2024, the date of postponement of PSUS's initial planned IPO, have been deferred and are recorded in other assets in anticipation of a future offering. PSUS offering costs incurred prior to July 31, 2024 were written off to general and administrative expense.

Refer to Note 5 for details on the treatment of PS Holdco's offering costs in the current period.

#### Other Income
Other income is primarily comprised of (i) payments received from TABLE Management, L.P. ("TABLE") related to their office license agreement with PSCM, (ii) office space sublease income and the reimbursement of office services from NEOX Public Benefit LLC and (iii) the reimbursement of expenses related to the corporate aircraft from Mr. Ackman. Refer to Note 4 for more details on each relationship.

#### Employee Benefit Plan
The Partnership has a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. All employees and profit-sharing partners are eligible to participate in the savings plan (the "Plan"). The Plan allows participants to invest in a variety of mutual funds across several fund families. The Partnership makes a safe harbor contribution in the amount of 3% of each participant's eligible compensation, subject to certain Internal Revenue Code limitations. The safe harbor contribution is processed on a per payroll basis for employees and annually for profit-sharing partners, regardless of whether they elect to contribute to the Plan. Safe harbor contributions are vested immediately. For the year ended December 31, 2025, expenses related to the Plan were $419,590 (2024: $383,946) and are included in employee compensation and benefits.

#### Employee Compensation and Benefits
Employee compensation and benefits reflects all compensation-related items not directly related to the profit-sharing arrangements and the long-term incentive plan discussed below, and includes salaries, benefits, payroll taxes and discretionary cash bonuses. Employee compensation and benefits also includes the cost of benefits paid to partners who participate in the profit-sharing arrangements and the long-term incentive plan. The Partnership generally recognizes employee compensation and benefit expenses over the related service period. On an annual basis, discretionary cash bonuses generally comprise a significant portion of total employee compensation and benefits for employees who do not hold profits interests. Discretionary cash bonuses are dependent upon a variety of factors, including the performance of the Pershing Square Funds for the year.

#### Profit-Sharing Arrangements
Prior to the Reorganization, PSCM had profit-sharing arrangements whereby certain personnel were granted profits participation interests ("Profits Interest Awards") in PSCM, PSGP and PSVII GP. Profits Interest Awards entitled the profit-sharing partners to a portion of the net profits earned by PSCM, PSGP, PSVII GP and any future Pershing Square entity from performance fees/allocations and management fees, as applicable.

Following the Reorganization, the Profits Interest Awards in PSGP and PSVII GP remained unchanged. The Profits Interest Awards in PSCM were contributed to PSPG, and each profit-sharing partner was admitted as a member of CompCo. Upon admission to CompCo, each profit-sharing partner holds Profits Interest Awards in two vehicles at the same percentages as the awards they previously held in PSCM (subject to ordinary course changes in such allocations): (i) PSPG, and (ii) CompCo. Refer to Note 4 "Variable Compensation Agreement" for more details.

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
Profits Interest Awards do not represent a substantive class of equity under ASC 718, *Compensation* ("ASC 718") and are accounted for as cash-based profit-sharing arrangements. As such, amounts distributed or allocated to profit-sharing partners are included in profit-sharing partner compensation in the Consolidated Statements of Operations.

#### Long-Term Incentive Plan
Prior to the Reorganization, and similar to the Profits Interest Awards, awards under the Long-Term Incentive Plan ("LTIP" and the "LTIP Awards") entitled certain profit-sharing partners (the "LTIP Partners") to cash distributions of management fee-based and performance-based net profits pursuant to the terms of their respective agreements and granted them a reduced percentage of their Profits Interest Awards upon retirement under certain circumstances as described in the LTIP. Certain LTIP Partners' LTIP Awards vested after 10 years of tenure as a profit-sharing partner.

Following the Reorganization, the LTIP Awards related to PSGP and PSVII GP remained unchanged. The LTIP Awards related to PSCM were contributed to PSPG, and each LTIP Partner was admitted as a member of CompCo. Upon admission to CompCo, each LTIP Partner holds LTIP Awards in two vehicles at the same percentages as the awards they previously held in PSCM (subject to ordinary course changes in such allocations): (i) PSPG, and (ii) CompCo.

The LTIP Awards are treated as a separate class of profits interests from the Profits Interest Awards.

The LTIP Awards are accounted for based on their substance. Portions of the LTIP Awards where rights to distributions of profits are based fully on the discretion of Mr. Ackman, or any successor thereof, are in substance a profit-sharing arrangement and are therefore recorded within profit-sharing partner compensation. Other portions of the LTIP Awards, when fully vested, entitle LTIP Partners upon retirement to a distribution equal to the percentage outlined in each of their agreements in perpetuity (the "permanent profits-interests") and represent a substantive class of equity. The fair value of such awards is recognized on a straight-line basis over a service period of up to 10 years. The amortization of these awards is included in profit-sharing partner compensation in the Consolidated Statements of Operations.

LTIP Partners are also entitled to a portion of the consideration related to a Terminal Value Event as defined in the LTIP, including, but not limited to, a sale or transfer of all or any portion of the Partnership's equity interests, including through an initial public offering. The Partnership accounts for forfeitures of permanent profits-interests as they occur.

For the year ended December 31, 2025, the Partnership did not grant additional permanent profits-interests. For the year ended December 31, 2024, the Partnership granted additional permanent profits-interests valued at $111,282,207, all of which vested immediately upon grant.

During the year ended December 31, 2025, $1,461,901 (2024: $1,455,475) of permanent profits-interests that were granted in prior years vested, and no permanent profits-interests were forfeited. The Partnership expects to recognize compensation expense on its currently unvested permanent profits-interests of $752,958 over a weighted average period of 1 year.

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
The following table summarizes the components of profit-sharing partner compensation expense as well as the total distributions resulting from permanent profits-interests:

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| | | |
|:---|:---|:---|
| **Year ended December 31** | **2025** | **2024**  |
| &nbsp;&nbsp; CompCo Subordinated Performance Fee<sup>(1)</sup> | **$385350074** | $136618188  |
| Profit-sharing partner compensation | &nbsp;&nbsp;&nbsp; **72267026** | &nbsp;&nbsp;&nbsp; 89776876  |
| Amortization of unvested grants of permanent profits-interests | &nbsp;&nbsp;&nbsp;&nbsp; **1461901** | &nbsp;&nbsp;&nbsp;&nbsp; 1455475  |
| New grants of permanent profits-interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp; 111282207  |
| **Total profit-sharing partner compensation** | **$459079001** | $339132746  |
| **LTIP permanent profits-interest distributions** | **$37440632** | $41633980 |

---

(1) Refer to Note 4 "Variable Compensation Agreement" for more details on both CompCo and the related service contract. The profit-sharing partner compensation expense resulting from the 2025 Subordinated Performance Fee is net of UBT withholding of $14,390,666.

The measurement of the fair value of permanent profits-interests requires the Partnership to make estimates about future operating results and appropriate risk-adjusted discount rates. The methods used to estimate the fair value include the market approach and the income approach, each of which involves a significant degree of judgment. The Partnership engaged a third-party valuation specialist to assist in developing models for both methods. Under the market approach, fair value is determined by multiplying the net fee-related earnings ("FRE") of the Partnership by the relevant valuation multiple of comparable public companies. Under the income approach, fair value is determined through a discounted cash flow analysis.

The following table summarizes information about the significant assumptions used to develop the fair value of permanent profits-interests for the year ended December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Earning Streams** | **Methodology** | **Unobservable Input** | **2025** | **October 23, 2024<sup>(1)</sup>** | **July 1, 2024<sup>(1)</sup>**  |
| Net FRE earnings | Income approach | Discount rate | N/A | **13.0%–15.0% (14.0%)** | **11.0%–13.0% (12.0%)**  |
| Net FRE earnings | Income approach | Exit multiple | N/A | **14.0x–16.0x (15.0x)** | **16.0x–18.0x (17.0x)**  |
| Performance fees | Income approach | Discount rate | N/A | **14.5%–19.5% (17.0%)** | **11.5%–16.5% (14.0%)**  |
| Performance fees | Income approach | Exit multiple | N/A | **11.5x–12.5x (12.0x)** | **14.5x–15.5x (15.0x)**  |
| Net FRE earnings | Market approach | Net FRE multiples | N/A | **16.0x–26.0x (21.0x)** | **18.0x–28.0x (23.0x)** |

---

(1)<br> Multiples disclosed as weighted averages, and inputs in parentheses are the midpoints of the disclosed ranges

#### Recent Accounting Pronouncements
In November 2023, the FASB issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires entities with a single reportable segment to provide all disclosures in accordance with Topic 280 and amends current guidance for reportable segment disclosure requirements. This guidance is effective for public entities for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. The Partnership adopted this standard on December 31, 2024 on a retrospective basis, and, as a result, the Partnership included Note 9 to the Consolidated Financial Statements. Adoption of ASU 2023-07 did not have an impact in the Consolidated Statements of Financial Condition, Consolidated Statements of Operations, or Consolidated Statements of Cash Flows.

In December 2023, the FASB issued ASU 2023-09 amending ASC 740, *Income Taxes*, to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The new guidance requires all entities to disclose, on an annual basis, income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. ASU 2023-09 is effective for

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
annual periods beginning after December 15, 2025 for private companies and after December 15, 2024 for public companies, with early adoption permitted. ASU 2023-09 should be applied prospectively, but entities may apply it retrospectively. The Partnership is currently assessing its impact.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires disaggregated disclosure of certain expenses including employee compensation, depreciation and intangible asset amortization on an annual and interim basis. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Partnership is currently assessing the impact of ASU 2024-03.

3. **PARTNERS' CAPITAL** 

The Partnership makes quarterly distributions of excess cash in proportion to each partner's ownership percentage. Cash distributions made at the start of the year include any performance fees earned in the prior year.

PS Holdco records all cash distributions resulting from PSPG's Profits Interest Awards and the non-permanent portion of PSPG's LTIP Awards in profit-sharing partner compensation. The portion of cash distributions resulting from the LTIP Awards that are permanent profits-interests are recorded as capital distributions. All cash distributions made to the Partnership's strategic investors are recorded as capital distributions.

In the case of performance fees which are paid and/or distributed at the start of the year following when they were earned, the Partnership accrues the portion which is classified as capital distributions in performance fee distributions payable.

4. **RELATED PARTY TRANSACTIONS** 

#### Management Fees
PSCM earns most of its management fees and all of its performance fees/allocations from the Pershing Square Funds, which are considered related parties as PSCM manages their operations and makes investment decisions on their behalf as investment manager. PSCM may elect to waive the management fee with respect to certain partners or shareholders of the Pershing Square Funds in accordance with each Pershing Square Fund's organizational documents. For the year ended December 31, 2025, PSCM earned management fees from the Core Funds of $222,898,715 (2024: $206,066,898 from the Pershing Square Funds).

Pursuant to the HHH Services Agreement, on May 5, 2025 PSCM began earning the Base Management Fee and the Variable Management Fee from HHH. For the year ended December 31, 2025, PSCM earned a Base Management Fee of $9,848,901 and a Variable Management Fee of $7,284,296. The HHH Fees are recorded in management fees. For the year ended December 31, 2025, PSCM reduced management fees for the Core Funds by $4,107,791, which was calculated as the HHH Fees multiplied by the percentage of HHH's shares outstanding held by the Core Funds that were attributable to fee-paying capital.

As of December 31, 2025, the Variable Management Fee for the three months ended December 31, 2025 remained receivable and is recorded in due from affiliates. PSCM also received in advance the $3,786,000 Base Management Fee for the three months ended March 31, 2026, which is recorded in deferred revenue as of December 31, 2025.

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
The following table presents a summary of all sources of management fees:

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| | | |
|:---|:---|:---|
| **Year ended December 31** | **2025** | **2024**  |
| Pershing Square Holdings, Ltd. | **$207995255** | $188818228  |
| Pershing Square, L.P. | &nbsp;&nbsp;&nbsp; **10373793** | &nbsp;&nbsp;&nbsp; 11071033  |
| Pershing Square International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; **4529667** | &nbsp;&nbsp;&nbsp;&nbsp; 6007199  |
| PS VII Master, L.P. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170438  |
| HHH Base Management Fee | &nbsp;&nbsp;&nbsp;&nbsp; **9848901** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| HHH Variable Management Fee | &nbsp;&nbsp;&nbsp;&nbsp; **7284296** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total Management Fees - Gross** | **$240031912** | $206066898  |
| &nbsp;&nbsp; Less: Amortization of HHH Premium | &nbsp;&nbsp;&nbsp;&nbsp; **(9611543)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Total Management Fees - Net** | **$230420369** | $206066898 |

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#### Performance Fees
*Pershing Square International, Ltd.* 

PSCM receives a performance fee in connection with its services as investment manager to PSINTL (such performance fee, the "PSINTL Performance Fee"). The PSINTL Performance Fee is recognized as revenue by PSCM at the end of each fiscal year and on a quarterly basis from redeeming investors in PSINTL during the year. The PSINTL Performance Fee is an amount equal to 20% of the increase, if any, in the net asset value (before performance fees) of each series and class of shares in PSINTL (except Class F and Class G as described below) above the net asset value for the fiscal year for which a performance fee was most recently payable.

The board of directors of PSINTL may issue shares subject to a lower or no management fee and/or performance fee for members, partners, officers, managers, employees or affiliates of PSCM or other shareholders in the board of directors' sole discretion. Class F shareholders are affiliates of PSCM or charitable entities directed, supported, or controlled by employees or affiliates of PSCM and are not charged a management fee or performance fee. Class G shares are subject to a PSINTL Performance Fee of 30% above an annual 5% hard hurdle (non-cumulative).

For the year ended December 31, 2025, the PSINTL Performance Fee totaled $13,146,491 (2024: $8,299,501). As of December 31, 2025, $10,708,077 (2024: $7,314,090) was receivable from PSINTL.

*Pershing Square Holdings, Ltd.* 

On February 7, 2024, PSCM and the board of PSH announced an amendment to the performance fee provisions in PSCM's investment management agreement with PSH. Prior to the amendment, PSCM received a "Variable Performance Fee" from PSH in an amount equal to 16% of the NAV appreciation (before giving effect to accrued performance fees) attributable to the fee-paying shares of PSH above a high-water mark minus a fee reduction of 20% of the performance fees earned by PSCM from non-PSH funds. However, PSH would not benefit from the potential fee reduction until PSCM had first recovered $120 million of costs it incurred in connection with PSH's IPO in 2014. The amendment eliminated PSCM's right to receive the outstanding unrecovered IPO costs (which had been reduced to $36 million as of the time of the amendment), and expanded the fee reduction to also include 20% of management fees earned from any non-PSH Pershing Square funds that invest in public securities and do not charge performance fees. As of December 31, 2025 and December 31, 2024, there was no non-PSH fund that generated management fees and did not charge a performance fee.

The Variable Performance Fee, if earned, is payable upon the occurrence of crystallization events, which include, but are not limited to, December 31 of each year and PSH's payment of a dividend. Variable Performance Fees resulting from dividends are pro-rated to reflect the ratio of the dividend to PSH's net asset value at the time the dividend is paid. Payment of the Variable Performance Fee is subject to a hold-back where 1% is held until completion of PSH's financial statement audit.

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#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
For the year ended December 31, 2025, the Variable Performance Fee totaled $489,198,531 (2024: $226,588,185). As of December 31, 2025, $486,622,392 (2024: $225,356,173) of the Variable Performance Fee remained receivable from PSH.

*Variable Compensation Agreement* 

Per the VCA, PS Holdco is entitled to receive from PSCM the following performance fee amounts: (i) with respect to PSH, an amount equal to the 16% performance fee that would have been earned if PSH had experienced a net of management fee return of 5% per year above its high-water mark; and (ii) with respect to other funds subject to the VCA (currently only PSINTL), an amount equal to the applicable performance fee (20% for PSINTL) that would have been earned if such fund experienced a net of management fee return of 5% per year above its high-water mark less the portion of such performance fee that would offset performance fees payable by PSH ((i) and (ii) collectively the "Preferred Performance Fee").

Further, per the VCA, CompCo is entitled to receive from PSCM the following amounts, in each case solely to the extent such amount exceeds the applicable Preferred Performance Fee and net of any applicable taxes: (i) with respect to PSH, all performance fees received from PSH, inclusive of the portion of management fees and performance fees (currently only PSINTL) received from other funds that would offset performance fees payable by PSH, and (ii) with respect to other funds subject to the VCA (currently only PSINTL), all performance fees received from such fund, exclusive of the portion of such performance fees that would offset performance fees payable by PSH ((i) and (ii) collectively the "Subordinated Performance Fee").

For the year ended December 31, 2025, the Preferred Performance Fee and Subordinated Performance Fee totaled $102,604,282 (2024: $98,269,498) and $399,740,740 (2024: $136,618,188), respectively.

As CompCo is a vehicle used to compensate employees, the Partnership considers its relationship with CompCo to be a service contract and therefore records the Subordinated Performance Fee in profit-sharing partner compensation. The Preferred Performance Fee is recorded in both profit-sharing partner compensation and capital distributions in accordance with the methodology discussed in Note 3.

#### Performance Allocations
*Pershing Square, L.P.* 

PSGP receives a performance allocation in connection with its services as the general partner to PSLP. At the end of each fiscal year or upon investor withdrawals, for each PSLP limited partner's capital account that has been allocated net income, a performance allocation shall be made to the capital account of PSGP (the "PSLP Performance Allocation"). Tranche A limited partnership interests are subject to a PSLP Performance Allocation of 20% and Tranche G limited partnership interests are subject to a PSLP Performance Allocation of 30% above an annual 5% hard hurdle (non-cumulative), in each case reduced by the balance of such limited partner's loss carry forward account (if any).

For the year ended December 31, 2025, the PSLP Performance Allocation totaled $29,742,303 (2024: $14,543,002). The Partnership has no direct equity interest in PSGP, and as a result, all income from PSGP is reflected in net income attributable to non-controlling interest. PSGP may, in its sole discretion, elect to waive the PSLP Performance Allocation with respect to any limited partner of PSLP.

*PSVII Master, L.P.* 

Prior to December 31, 2024, PSVII GP was eligible to receive a performance allocation in connection with its services as the general partner to PSVII Master; however, no performance allocation ever crystallized.

Following PSVII GP's decision to cease the operations of PSVII Master as of December 31, 2024, the Partnership no longer receives management fees from PSVII Master or a performance allocation in PSVII GP.

F-23<br>

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>

#### Howard Hughes Holdings Inc.
As part of the HHH Share Purchase Agreement, HHH agreed to reimburse the Partnership for up to $25 million of reasonable and documented expenses incurred by the Partnership in connection with the negotiation and execution of the transaction. The Partnership incurred $22,501,828 of such expenses, all of which were reimbursed by HHH. These expenses and associated reimbursements were treated as transaction costs with no net impact to the cost to obtain the HHH shares.

#### Pershing Square USA, Ltd.
As of December 31, 2025, the Partnership has purchased 318,320 (2024: 276,320) common shares of PSUS at a price of $50.00 per share for a total investment of $15,916,000 (2024: $13,816,000). The purchases were made to provide PSUS with capital for organizational costs.

#### Affiliates Fee Rebate
Prior to the Reorganization, management fees and performance fees paid by PSH public shares held by PSCM's partners, employees and certain of their affiliated entities were rebated (the "Affiliate Rebate") by PSCM to such shareholders on a quarterly basis for management fees and on an annual basis for crystallized performance fees. The Affiliate Rebate was accounted for as an expense in PSCM's financial statements.

Following the Reorganization, the Affiliate Rebate is an allocation of part of PSPG's distribution from PS Holdco to the affiliated PSH shareholders. The Affiliate Rebate is recognized by PS Holdco as an expense paid by PSPG on PS Holdco's behalf. For the year ended December 31, 2025, the Affiliate Rebate totaled $77,579,860 (2024: $69,300,950). As of December 31, 2025, $24,143,741 (2024: $21,661,699) of the Affiliate Rebate remained payable.

#### Corporate Aircraft
Prior to December 20, 2024, the Partnership owned a corporate aircraft which was used by senior management for business related travel. From time to time, Mr. Ackman made personal use of the aircraft. In such cases, the Partnership was reimbursed by Mr. Ackman for the aircraft's operating expenses. For the year ended December 31, 2024, Mr. Ackman reimbursed the Partnership for aircraft expenses of $701,578.

On December 20, 2024, the Partnership distributed both the corporate aircraft and the Aircraft Note (defined in Note 6) to PSPG and ultimately Mr. Ackman via a non-pro rata distribution (the "Aircraft Distribution").

#### Office Space Sublease
PSCM subleases a portion of PSCM's office space to NEOX Public Benefit LLC ("Subtenant"), an entity affiliated with Mr. Ackman. The sublease commenced on December 5, 2022 and expires on December 31, 2033. Rent payments under the sublease commenced on May 1, 2023 following five months of rent abatement. PSCM provided an improvement allowance of $4,380,125, which was applied solely against the aggregate cost and expense of the performance of the Subtenant's initial improvements in the subleased premise. In addition, the landlord has agreed to pay PSCM an amount of $1,660,000 for the reimbursement of certain costs incurred by Subtenant, which PSCM is expected to pay directly to the Subtenant within 30 days following receipt of such reimbursement.

For the year ended December 31, 2025, the Subtenant paid (i) $2,919,044 (2024: $2,499,409) of rent, and (ii) $597,485 (2024: $648,317) for office-related services. Both amounts are included in other income in the Consolidated Statements of Operations.

F-24<br>

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>

#### Office Space License
PSCM licenses a portion of its office space to Mr. Ackman's family office, TABLE, under a license agreement. The agreement grants TABLE the use of a designated portion of PSCM's office space and certain office-related services, including information technology and general administrative services. For the year ended December 31, 2025, TABLE paid (i) $1,179,477 (2024: $1,129,046) for office space, and (ii) $536,319 (2024: $688,590) for office-related services under the license agreement. Both amounts are included in other income.

#### Ownership in Landlord Entity
Georgetown Eleventh Avenue Owners, LLC (the "Landlord"), owns the building in which PSCM rents office space. Mr. Ackman and certain of Mr. Ackman's affiliates are indirectly invested in the Landlord.

5. **GENERAL AND ADMINISTRATIVE EXPENSE** 

The following table presents the components of general and administrative expense:

---

| | | |
|:---|:---|:---|
| **Year ended December 31** | **2025** | **2024**  |
| &nbsp;&nbsp; Professional fees | **$25482550** | $30111052  |
| Occupancy | &nbsp;&nbsp;&nbsp; **5832817** | &nbsp;&nbsp;&nbsp; 5645516  |
| Travel and entertainment | &nbsp;&nbsp;&nbsp; **3315145** | &nbsp;&nbsp;&nbsp; 1545665  |
| Information technology | &nbsp;&nbsp;&nbsp; **2582864** | &nbsp;&nbsp;&nbsp; 2639763  |
| &nbsp;&nbsp; Office costs | &nbsp;&nbsp;&nbsp; **2419092** | &nbsp;&nbsp;&nbsp; 2366238  |
| Other expenses | &nbsp;&nbsp;&nbsp; **1394480** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856316  |
| &nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **629267** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578048  |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **256549** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Dues & memberships | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **161290** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200407  |
| Aircraft | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp; 6373906  |
| &nbsp;&nbsp; Charitable donations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495000  |
| **Total General and Administrative Expense** | **$42074054** | $50811911 |

---

For the year ended December 31, 2025, professional fees includes $11,158,078 (2024: $7,577,643) of expensed offering costs related to PS Holdco's potential future initial public offering, which is planned to be executed in conjunction with the IPO of PSUS. The Partnership does not anticipate it will be the direct recipient of the funds raised in the offering, so all related offering costs are being expensed as they are incurred.

6. **DEBT OBLIGATIONS** 

#### Lines of Credit
PSCM obtained a line of credit from JPMorgan Chase Bank, N.A. (the "Lender") in October 2014 (the "2014 Line of Credit"). The terms of the 2014 Line of Credit, including maturity date, maximum principal amount and interest rate, have been amended from time to time. As of December 31, 2025, the 2014 Line of Credit had a maturity date of January 31, 2027 and a maximum principal amount of $45,000,000. The 2014 Line of Credit is unsecured and personally guaranteed by Mr. Ackman (the "Guarantor").

During the year ended December 31, 2025, PSCM did not borrow or repay any principal on the 2014 Line of Credit (2024: borrowed $16,384,813 and repaid $2,750,709). As of December 31, 2025 and 2024, $34,800,000 of principal was outstanding and $10,200,000 was left undrawn. The principal amount outstanding on the 2014 Line of Credit is included in loans payable. The outstanding borrowings of the 2014 Line of Credit bear an annual interest rate of the SOFR screen rate +2.20%.

The 2014 Line of Credit includes provisions that restrict or limit, among other things, the ability of PSCM to incur additional indebtedness or to create additional liens or other encumbrances on PSCM or the Guarantor's assets, aside from additional financing from the Lender, financing related to its aircraft as discussed under

F-25<br>

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
"Aircraft Loan," and certain other permitted indebtedness. The 2014 Line of Credit requires the Guarantor to maintain a net worth of at least $1 billion, exclusive of any interest in PSCM. The Guarantor is also required to maintain at least $250 million of aggregate liquidity that is free and clear of any and all encumbrances, consisting of liquid assets at the bank, and/or beneficial ownership in PSCM or equity in third-party hedge funds with quarterly liquidity or better. PSCM and the Guarantor have complied with the financial covenants imposed by the 2014 Line of Credit agreement throughout the borrowing period.

PSCM obtained an additional line of credit from the Lender in December 2021 (the "2021 Line of Credit"). The terms of the 2021 Line of Credit, including maturity date, maximum principal amount and interest rate, have been amended from time to time. As of December 31, 2025, the 2021 Line of Credit had a maturity date of January 31, 2027 and a maximum principal amount of $80,000,000. The 2021 Line of Credit is permitted indebtedness under the 2014 Line of Credit.

The 2021 Line of Credit is secured by a pledge and security agreement whereby PSCM granted the Lender a security interest in PSCM's management fees. The 2021 Line of Credit has the same Guarantor and covenants as the 2014 Line of Credit.

During the year ended December 31, 2025, PSCM did not borrow or repay any principal on the 2021 Line of Credit (2024: repaid $76,700,000). As of December 31, 2025 and 2024, there was no principal balance outstanding on the 2021 Line of Credit, and $80,000,000 was left undrawn. The outstanding borrowings of the 2021 Line of Credit bear an annual interest rate of the SOFR screen rate + 2.35%.

#### Aircraft Loan
Prior to the Aircraft Distribution described in Note 4, the Partnership, through a wholly owned subsidiary, had entered into a promissory note (the "Aircraft Note") with the Lender to assist in the financing of the aircraft. Mr. Ackman served as guarantor of the Aircraft Note. The terms of the Aircraft Note, including maturity date and interest rate, were amended from time to time. Pursuant to the final amendment, installment payments of $321,206 were paid quarterly over a 60-month period, with a final payment of approximately $9.8 million that would have been due on April 30, 2025.

The outstanding borrowings of the Aircraft Note bore an annual interest rate of 1.91%. Following the Aircraft Distribution, and as of December 31, 2025 and December 31, 2024, the Partnership held no liability related to the Aircraft Note.

The Aircraft Note included provisions that restricted or limited, among other things, the ability of PSCM to incur additional indebtedness or to create additional liens or other encumbrances on the guarantor's assets, aside from financing related to the 2014 Line of Credit and the 2021 Line of Credit, additional financing from the Lender and certain other permitted indebtedness. The Aircraft Note required the guarantor to maintain a net worth of at least $1 billion, exclusive of any interest in PSCM. The guarantor was also required to maintain unencumbered liquid assets in an aggregate amount not less than 50% of all amounts outstanding under the Aircraft Note. PSCM and the guarantor complied with the financial covenants imposed by the Aircraft Note throughout the borrowing period.

F-26<br>

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
The following table summarizes the Partnership and its subsidiaries' outstanding debt as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Maturities of Debt** | **2014 Line of** <br>**Credit** | **2021 Line of** <br>**Credit** | **Total**  |
| 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—  |
| 2027 | &nbsp;&nbsp; 34800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 34800000  |
| 2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| 2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp; **Total Debt Obligations** | **$34800000** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$—** | **$34800000** |

---

The following table summarizes the interest expense and average interest rate of the Partnership and its subsidiaries' outstanding debt:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2025** | **2025** | **2024**  | **2024**  |
|  | **Interest** <br>**Expense** | **Average** <br>**Rate** | **Interest** <br>**Expense** | **Average** <br>**Rate**  |
| **2014 Line of Credit** | **$2282439** | &nbsp;&nbsp; **6.47%** | $2438769 | &nbsp;&nbsp; 7.30%  |
| **2021 Line of Credit** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 466826 | &nbsp;&nbsp; 7.46%  |
| **Aircraft Note** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 190001 | 1.90%  |
| **Total Debt Interest** | **$2282439** |  | $3095596 |  |

---

7. **COMMITMENTS AND CONTINGENCIES** 

#### Litigation
From time to time, the Partnership may be involved in litigation and claims incidental to the conduct of the Partnership's business, including without limitation, the investment activities of the Pershing Square Funds. PSCM is subject to regulation, oversight and examination by regulatory agencies in the U.S. and globally that have, or may in the future have, regulatory authority over the Partnership and its business activities. This regulatory environment may result in agency examinations, investigations, litigation and subpoenas, and material costs related to each. As of December 31, 2025 and 2024, there were no known regulatory investigations, claims or litigation against the Partnership.

#### Other Contingencies, Risks and Uncertainties
From time to time, in the normal course of business, the Partnership may enter into contracts that contain a variety of indemnification provisions. The Partnership's maximum exposure under these arrangements is unknown, as any such exposure involves possible future claims that may be, but have not yet been made against the Partnership, based on events which have not yet occurred. However, the Partnership has not had prior material claims or losses pursuant to these contracts and believes the risk of material loss to be remote and therefore, no liability has been recorded. Other than as disclosed above and in Note 6, there were no other commitments or contingencies as of December 31, 2025 and 2024.

F-27<br>

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
8. **LEASES** 

#### Partnership as a lessee
PSCM has several operating lease agreements for its office, other real estate and certain equipment. PSCM's office lease represents a significant majority of the total lease commitment; it is noncancelable and expires on January 31, 2034. PSCM has the option to extend the office lease term for an additional 15 years at the end of the initial term. Because PSCM is not reasonably certain to exercise the renewal option, the option is not considered in determining the lease term, and associated potential option payments are excluded from lease payments.

Between 2021 and 2022, PSCM provided various landlord incentives which were capitalized as deferred sublease incentive and continue to be amortized over the life of the lease. As of December 31, 2025, the unamortized portion of the deferred sublease incentive was $4,129,121 (2024: $4,639,939).

The following table presents the components of PSCM's right-of-use assets and liabilities related to leases:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **December 31,** <br>**2025** | **December 31,** <br>**2024**  |
| **Component of Lease Balances** | **Statements of Financial Condition Line Item**<br>|  |  |
| Operating lease assets | Lease right-of-use assets | **$28440786** | $30589920  |
| Operating lease liabilities | Operating lease liabilities | &nbsp;&nbsp; **42672771** | &nbsp;&nbsp; 46329394 |

---

The following table presents the components of PSCM's lease cost and the classification of such costs:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Year ended December 31,**  | **Year ended December 31,**  |
|  |  | **2025** | **2024**  |
| **Component of Lease Cost** | **Statements of Operations Line Item**<br>|  |  |
| Operating lease cost | General and administrative expense | **$4919227** | $5568248  |
| Variable lease cost | General and administrative expense | &nbsp;&nbsp;&nbsp;&nbsp; **475201** | &nbsp;&nbsp;&nbsp;&nbsp; 569484  |
| Sublease income | Other income | &nbsp;&nbsp; **(5232325)** | &nbsp;&nbsp; (4965362)  |
| **Total lease expense** | **Total lease expense** | **$162103** | $1172370 |

---

The following table includes the future maturities of operating lease payments for subsequent periods:

---

| | |
|:---|:---|
| **For the Years Ended December 31,**  | **Operating Lease**  |
| 2026 | &nbsp;&nbsp;&nbsp; $6428598  |
| 2027 | &nbsp;&nbsp;&nbsp;&nbsp; 6418749  |
| 2028 | &nbsp;&nbsp;&nbsp;&nbsp; 6387350  |
| 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 6756768  |
| 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 6792245  |
| Thereafter | &nbsp;&nbsp;&nbsp; 20942755  |
| &nbsp;&nbsp;&nbsp; **Total future minimum lease payments** | **$53726465**  |
| Less: liability accretion | &nbsp;&nbsp; (11053694)  |
| &nbsp;&nbsp;&nbsp; **Total lease liabilities** | **$42672771** |

---

The following table includes additional information related to PSCM's operating leases:

---

| | | |
|:---|:---|:---|
|  | **Year ended December 31,**  | **Year ended December 31,**  |
|  | **2025** | **2024**  |
| Cash paid for amounts included in the measurement of operating lease liabilities | **$6426717** | $7059918  |
| Right-of-use asset balance changes due to new / remeasured operating lease liabilities | **153685** | —  |
| Weighted-average remaining lease term – Operating leases | 8.1 years | 9.1 years  |
| Weighted-average discount rate – Operating leases | **5.93%** | 5.93% |

---

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>

#### Partnership as a lessor
The following table includes future sublease income payments expected to be received under the sublease:

---

| | |
|:---|:---|
| **For the Years Ended December 31,**  | **Operating Lease**  |
| 2026 | &nbsp;&nbsp; $2978485  |
| 2027 | &nbsp;&nbsp;&nbsp; 2978485  |
| 2028 | &nbsp;&nbsp;&nbsp; 3142010  |
| 2029 | &nbsp;&nbsp;&nbsp; 3223772  |
| 2030 | &nbsp;&nbsp;&nbsp; 3223772  |
| Thereafter | &nbsp;&nbsp;&nbsp; 9834841  |
| **Total sublease income receivable** | **$25381365** |

---

9. **SEGMENT INFORMATION** 

The Partnership, together with its subsidiaries, conducts its business and generates substantially all of its revenues in the United States through one operating and reportable segment. The Partnership's single reportable segment reflects the allocation of the entity's resources, operational decision-making and assessment of financial performance by the Partnership's chief operating decision makers (the "CODM") using a consolidated, 'one-firm approach,' with a single expense pool.

The Partnership's CODM is the operational leadership group, which includes the chief executive officer, president, chief financial officer and chief legal and compliance officer. The CODM reviews the Partnership's assets using the same categorization as presented in the Consolidated Statements of Financial Condition. The CODM utilizes net income (loss) as presented in the Consolidated Statements of Operations as the primary financial measure for assessing the performance of the Partnership, monitoring budget versus actual results and determining discretionary compensation. The CODM also reviews the Partnership's significant expenses at a level consistent with that which is presented in the Consolidated Statements of Operations.

10. **CREDIT RISK** 

The Partnership may invest its cash in U.S. Treasury money market funds. As of December 31, 2025 and 2024, the Partnership's cash balances not invested in money market funds were held in Federal Deposit Insurance Corporation insured bank accounts, which at times, may be in excess of federally insured limits.

11. **SUBSEQUENT EVENTS** 

The Partnership has evaluated the need for disclosures and/or adjustments resulting from subsequent events. This evaluation did not result in any additional subsequent events that necessitated disclosure and/or adjustment other than as disclosed below.

#### Performance Fees
All performance fees reported as receivable as of December 31, 2025 were received by PSCM as of February 25, 2026.

#### Litigation
On February 9, 2026, certain alleged stockholders of HHH filed a lawsuit in the Delaware Court of Chancery against PSCM, PS Holdco and Mr. Ackman (the "Pershing defendants") and Mr. Hakim and certain other directors of HHH (the "HHH director defendants"). The lawsuit alleges claims on behalf of a putative class of HHH stockholders and derivatively on behalf of HHH and contends that the HHH Share Purchase Agreement and related transactions amounted to a transfer of control of HHH to the Pershing defendants at an unfair price; that the HHH director defendants breached their fiduciary duties by approving the transaction; and that the Pershing defendants aided and abetted those alleged breaches of fiduciary duty. The plaintiffs also seek a

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#### <br>

#### &nbsp;&nbsp;&nbsp;&nbsp; <br>
declaratory judgment that the HHH Services Agreement is invalid and unenforceable under the Delaware General Corporation Law. The complaint seeks, among other things, injunctive relief preventing enforcement of the HHH Services Agreement; certain other equitable relief; unspecified damages; and an award of costs and disbursements, including attorneys' fees. The Partnership cannot reasonably estimate the amount or range of any potential loss, if any, related to these claims. Accordingly, no accrual has been recorded as of December 31, 2025.

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#### Management's Report on Internal Control over Financial Reporting
Management of Howard Hughes Holdings Inc. (the Company) is responsible for establishing and maintaining a system of internal control over financial reporting designed to provide reasonable assurance that transactions are executed in accordance with management authorization and that such transactions are properly recorded and reported in the financial statements, and that records are maintained so as to permit preparation of the financial statements in accordance with U.S. generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.

Management has assessed the effectiveness of the Company's internal control over financial reporting utilizing the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework (2013 Framework). Management concluded, based on its assessment, that the Company's internal control over financial reporting was effective as of December 31, 2025.

KPMG LLP, an independent registered public accounting firm, has audited the Company's internal control over financial reporting as of December 31, 2025, as stated in their report which is included in this Annual Report on Form 10-K (Annual Report).

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#### Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of <br>

Howard Hughes Holdings Inc.:

#### Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting
We have audited the accompanying consolidated balance sheets of Howard Hughes Holdings Inc. (the Company) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes and financial statement schedule III (collectively, the consolidated financial statements). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025 based on criteria established in *Internal Control – Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission.

#### Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's consolidated financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

#### Definition and Limitations of Internal Control Over Financial Reporting
A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made

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#### **TABLE OF CONTENTS**
only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

#### Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

#### Master Planned Communities (MPC) cost of sales estimates
As discussed in Note 1 to the consolidated financial statements, when developed residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs, based on relative sales value, that benefit the property sold. For purposes of allocating development costs, estimates of future revenues and future development costs are re-evaluated throughout the year, with adjustments being allocated prospectively to the remaining parcels available for sale. MPC cost of sales estimates are highly judgmental as they are sensitive to cost escalation and sales price escalation, which are subject to judgment and affected by expectations about future market or economic conditions. The Company recognized MPC cost of sales of $188.7 million for the year ended December 31, 2025.

We identified the evaluation of estimated future development costs and revenues that drive the MPC cost of sales estimates as a critical audit matter. Subjective auditor judgment was required to evaluate the cost escalation and sales price escalation assumptions.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the process to estimate MPC cost of sales. This included controls related to management's monitoring and review of the assumptions noted above. We tested the assumptions related to cost escalation and sales price escalation by:

&nbsp;&nbsp;&nbsp;&nbsp;• agreeing the current year estimates for revenues and costs to actual results, where applicable

&nbsp;&nbsp;&nbsp;&nbsp;• comparing the Company's historical cost escalation and sales price escalation estimates to actual results to assess the Company's
 ability to accurately estimate these amounts

&nbsp;&nbsp;&nbsp;&nbsp;• performing site visits for certain MPC developments, as needed and historically when warranted, to compare the overall status of
 the developments to what is reflected within the MPC cost of sales estimates

&nbsp;&nbsp;&nbsp;&nbsp;• comparing expected price per acre for each property type available for sale to applicable market data

&nbsp;&nbsp;&nbsp;&nbsp;• comparing the cost and sales price escalation rates throughout the duration of the development to available market data.

/s/ KPMG LLP <br>

We have served as the Company's auditor since 2022.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

Dallas, Texas <br>

February 19, 2026

F-33<br>

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#### **TABLE OF CONTENTS**

#### HOWARD HUGHES HOLDINGS INC. <br>

#### CONSOLIDATED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| <br>*thousands except par values and share amounts* | **2025** | **2024**  |
| **ASSETS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Master Planned Communities assets | &nbsp;&nbsp; **$2635077**  | $2511662  |
| &nbsp;&nbsp;&nbsp; Buildings and equipment | &nbsp;&nbsp;&nbsp; **4028862**  | &nbsp;&nbsp; 3841872  |
| &nbsp;&nbsp;&nbsp; Less: accumulated depreciation | &nbsp;&nbsp; **(1082124)**  | &nbsp;&nbsp;&nbsp; (949533)  |
| &nbsp;&nbsp;&nbsp; Land | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **307625**  | &nbsp;&nbsp;&nbsp;&nbsp; 302446  |
| &nbsp;&nbsp;&nbsp; Developments | &nbsp;&nbsp;&nbsp; **1477615**  | &nbsp;&nbsp; 1341029  |
| Net investment in real estate | &nbsp;&nbsp;&nbsp; **7367055**  | &nbsp;&nbsp; 7047476  |
| &nbsp;&nbsp; Investments in unconsolidated ventures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **170122**  | &nbsp;&nbsp;&nbsp;&nbsp; 169566  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp; **1468507**  | &nbsp;&nbsp;&nbsp;&nbsp; 596083  |
| Restricted cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **628651**  | &nbsp;&nbsp;&nbsp;&nbsp; 402420  |
| Accounts receivable, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **134122**  | &nbsp;&nbsp;&nbsp;&nbsp; 105185  |
| Municipal Utility District (MUD) receivables, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **459729**  | &nbsp;&nbsp;&nbsp;&nbsp; 463799  |
| Deferred expenses, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **160966**  | &nbsp;&nbsp;&nbsp;&nbsp; 139350  |
| Operating lease right-of-use assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **5231**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5806  |
| Other assets, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **245078**  | &nbsp;&nbsp;&nbsp;&nbsp; 281551  |
| &nbsp;&nbsp;&nbsp; **Total assets** | **$10639461**  | $9211236  |
| **LIABILITIES**<br>|  |  |
| Mortgages, notes, and loans payable, net | &nbsp;&nbsp; **$5109828**  | $5127469  |
| Operating lease obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4868**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5456  |
| Deferred tax liabilities, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **164472**  | &nbsp;&nbsp;&nbsp;&nbsp; 142100  |
| Accounts payable and other liabilities | &nbsp;&nbsp;&nbsp; **1518047**  | &nbsp;&nbsp; 1094437  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp;&nbsp; **6797215**  | &nbsp;&nbsp; 6369462  |
| Commitments and Contingencies (see Note 12)<br>|  |  |
| **EQUITY**<br>|  |  |
| Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
|  Common stock: $0.01 par value; 150,000,000 shares authorized, 65,910,640 issued, and 59,370,353 outstanding as of December 31, 2025, and 56,610,009 shares issued, and 50,116,150 outstanding as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **659**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566  |
| Additional paid-in capital | &nbsp;&nbsp;&nbsp; **4458838**  | &nbsp;&nbsp; 3576274  |
| Retained earnings (accumulated deficit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(62096)**  | &nbsp;&nbsp;&nbsp; (185993)  |
| Accumulated other comprehensive income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(1827)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1968  |
|  Treasury stock, at cost, 6,540,287 shares as of December 31, 2025, and 6,493,859 shares as of December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; **(620118)**  | &nbsp;&nbsp;&nbsp; (616589)  |
| &nbsp;&nbsp;&nbsp; Total stockholders' equity | &nbsp;&nbsp;&nbsp; **3775456**  | &nbsp;&nbsp; 2776226  |
| Noncontrolling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **66790**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65548  |
| &nbsp;&nbsp;&nbsp; Total equity | &nbsp;&nbsp;&nbsp; **3842246**  | &nbsp;&nbsp; 2841774  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity | **$10639461**  | $9211236 |

---

See Notes to Consolidated Financial Statements.<br>

F-34<br>

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#### **TABLE OF CONTENTS**

#### HOWARD HUGHES HOLDINGS INC. <br>

#### CONSOLIDATED STATEMENTS OF OPERATIONS

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| <br>*thousands except per share amounts* | **2025** | **2024** | **2023**  |
| **REVENUES**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Condominium rights and unit sales | &nbsp;&nbsp; **$370156**  | &nbsp;&nbsp; $778616  | &nbsp;&nbsp;&nbsp; $47707  |
| &nbsp;&nbsp;&nbsp; Master Planned Communities land sales | &nbsp;&nbsp;&nbsp;&nbsp; **562586**  | &nbsp;&nbsp;&nbsp;&nbsp; 453195  | &nbsp;&nbsp;&nbsp; 370185  |
| &nbsp;&nbsp;&nbsp; Rental revenue | &nbsp;&nbsp;&nbsp;&nbsp; **441446**  | &nbsp;&nbsp;&nbsp;&nbsp; 422100  | &nbsp;&nbsp;&nbsp; 383617  |
| &nbsp;&nbsp;&nbsp; Other land, rental, and property revenues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **48363**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44755  | &nbsp;&nbsp;&nbsp;&nbsp; 46255  |
| &nbsp;&nbsp;&nbsp; Builder price participation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **52341**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52023  | &nbsp;&nbsp;&nbsp;&nbsp; 60989  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total revenues | &nbsp;&nbsp; **1474892**  | &nbsp;&nbsp; 1750689  | &nbsp;&nbsp;&nbsp; 908753  |
| **EXPENSES**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Condominium rights and unit cost of sales | &nbsp;&nbsp;&nbsp;&nbsp; **369408**  | &nbsp;&nbsp;&nbsp;&nbsp; 582574  | &nbsp;&nbsp;&nbsp;&nbsp; 55417  |
| &nbsp;&nbsp;&nbsp; Master Planned Communities cost of sales | &nbsp;&nbsp;&nbsp;&nbsp; **188704**  | &nbsp;&nbsp;&nbsp;&nbsp; 169191  | &nbsp;&nbsp;&nbsp; 140050  |
| &nbsp;&nbsp;&nbsp; Operating costs | &nbsp;&nbsp;&nbsp;&nbsp; **213449**  | &nbsp;&nbsp;&nbsp;&nbsp; 208578  | &nbsp;&nbsp;&nbsp; 205453  |
| &nbsp;&nbsp;&nbsp; Rental property real estate taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **60768**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58395  | &nbsp;&nbsp;&nbsp;&nbsp; 55649  |
| &nbsp;&nbsp;&nbsp; Provision for (recovery of) doubtful accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **232**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504  | &nbsp;&nbsp;&nbsp;&nbsp; (2762)  |
| &nbsp;&nbsp;&nbsp; General and administrative | &nbsp;&nbsp;&nbsp;&nbsp; **122240**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91752  | &nbsp;&nbsp;&nbsp;&nbsp; 86671  |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp; **183232**  | &nbsp;&nbsp;&nbsp;&nbsp; 179799  | &nbsp;&nbsp;&nbsp; 168734  |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **19146**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15002  | &nbsp;&nbsp;&nbsp;&nbsp; 13302  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; **1157179**  | &nbsp;&nbsp; 1305795  | &nbsp;&nbsp;&nbsp; 722514  |
| **OTHER**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Gain (loss) on sale or disposal of real estate and other assets, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **29825**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22907  | &nbsp;&nbsp;&nbsp;&nbsp; 24162  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (loss), net | &nbsp;&nbsp;&nbsp;&nbsp; **(16023)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92120  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5823  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **13802**  | &nbsp;&nbsp;&nbsp;&nbsp; 115027  | &nbsp;&nbsp;&nbsp;&nbsp; 29985  |
| Operating income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; **331515**  | &nbsp;&nbsp;&nbsp;&nbsp; 559921  | &nbsp;&nbsp;&nbsp; 216224  |
| &nbsp;&nbsp; Interest income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **46998**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25349  | &nbsp;&nbsp;&nbsp;&nbsp; 25500  |
| Interest expense | &nbsp;&nbsp;&nbsp; **(169931)**  | &nbsp;&nbsp;&nbsp; (164926)  | &nbsp;&nbsp; (157575)  |
| Gain (loss) on extinguishment of debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (698)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (465)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97)  |
| Gain (loss) on sale of MUD receivables | &nbsp;&nbsp;&nbsp;&nbsp; **(48197)**  | &nbsp;&nbsp;&nbsp;&nbsp; (48651)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp; Equity in earnings (losses) from unconsolidated ventures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1772**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5829)  | &nbsp;&nbsp;&nbsp;&nbsp; 25776  |
| Income (loss) from continuing operations before income taxes | &nbsp;&nbsp;&nbsp;&nbsp; **161459**  | &nbsp;&nbsp;&nbsp;&nbsp; 365399  | &nbsp;&nbsp;&nbsp; 109828  |
| Income tax expense (benefit) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **37616**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80184  | &nbsp;&nbsp;&nbsp;&nbsp; 26418  |
| Net income (loss) from continuing operations | &nbsp;&nbsp;&nbsp;&nbsp; **123843**  | &nbsp;&nbsp;&nbsp;&nbsp; 285215  | &nbsp;&nbsp;&nbsp;&nbsp; 83410  |
| Net income (loss) from discontinued operations, net of tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp;&nbsp; (88223)  | &nbsp;&nbsp; (634940)  |
| &nbsp;&nbsp; Net income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; **123843**  | &nbsp;&nbsp;&nbsp;&nbsp; 196992  | &nbsp;&nbsp; (551530)  |
| Net (income) loss attributable to noncontrolling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **54**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (243)  |
| Net income (loss) attributable to common stockholders | **$123897**  | $197703  | $(551773) |
| Basic income (loss) per share — continuing operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$2.22**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.75  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.68  |
| Basic income (loss) per share — discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.78)  | &nbsp;&nbsp;&nbsp; $(12.81)  |
| Basic income (loss) per share attributable to common stockholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$2.22**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.98  | &nbsp;&nbsp;&nbsp; $(11.13)  |
| Diluted income (loss) per share — continuing operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$2.21**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5.73  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.68  |
| Diluted income (loss) per share — discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1.77)  | &nbsp;&nbsp;&nbsp; $(12.80)  |
| Diluted income (loss) per share attributable to common stockholders  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$2.21**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3.96  | &nbsp;&nbsp;&nbsp; $(11.12) |

---

See Notes to Consolidated Financial Statements.<br>

F-35<br>

------

#### **TABLE OF CONTENTS**

#### HOWARD HUGHES HOLDINGS INC. <br>

#### CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| <br>*thousands* | **2025** | **2024** | **2023**  |
| Net income (loss) | **$123843**  | $196992  | $(551530)  |
| Other comprehensive income (loss)<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Interest rate caps and swaps<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **(3885)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321  | &nbsp;&nbsp;&nbsp;&nbsp; (9322)  |
| &nbsp;&nbsp;&nbsp; Pension adjustment<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **90**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259  |
| &nbsp;&nbsp; Other comprehensive income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; **(3795)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696  | &nbsp;&nbsp;&nbsp;&nbsp; (9063)  |
| Comprehensive income (loss) | &nbsp;&nbsp; **120048**  | &nbsp;&nbsp; 197688  | &nbsp;&nbsp; (560593)  |
| &nbsp;&nbsp;&nbsp; Comprehensive (income) loss attributable to noncontrolling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **54**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (243)  |
| Comprehensive income (loss) attributable to common stockholders | **$120102**  | $198399  | $(560836) |

---

(a) Amounts are shown net of deferred tax benefit of $1.2 million for the year ended December 31, 2025, deferred tax expense of $0.1 million for the year ended December 31, 2024, and deferred tax benefit of $2.7 million for the year ended December 31, 2023. 

(b)<br> The deferred tax impact was not meaningful for the years ended December 31, 2025, 2024, and 2023.

See Notes to Consolidated Financial Statements.<br>

F-36<br>

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#### **TABLE OF CONTENTS**

#### HOWARD HUGHES HOLDINGS INC. <br>

#### CONSOLIDATED STATEMENTS OF EQUITY

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional** <br>**Paid-In** <br>**Capital** | **Retained** <br>**Earnings** <br>**(Accumulated** <br>**Deficit)** | **Accumulated** <br>**Other** <br>**Comprehensive** <br>**Income (Loss)** | **Treasury Stock** | **Treasury Stock** | **Total** <br>**Stockholders'** <br>**Equity** | **Noncontrolling** <br>**Interests** | **Total** <br>**Equity**  |
| <br>*thousands except shares* | **Shares** | **Amount** | **Additional** <br>**Paid-In** <br>**Capital** | **Retained** <br>**Earnings** <br>**(Accumulated** <br>**Deficit)** | **Accumulated** <br>**Other** <br>**Comprehensive** <br>**Income (Loss)** | **Shares** | **Amount** | **Total** <br>**Stockholders'** <br>**Equity** | **Noncontrolling** <br>**Interests** | **Total** <br>**Equity**  |
| &nbsp;&nbsp; **Balance, December 31, 2022** | 56226273  | &nbsp;&nbsp;&nbsp; $564  | $3972561  | &nbsp;&nbsp;&nbsp; $168077  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10335  | (6424276) | $(611038) | &nbsp;&nbsp; $3540499  | &nbsp;&nbsp;&nbsp;&nbsp; $65613  | $3606112  |
| &nbsp;&nbsp; Net income (loss)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; (551773)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; (551773)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243  | &nbsp;&nbsp;&nbsp; (551530)  |
|  Interest rate swaps, net of tax expense (benefit) of $(2729)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9322)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9322)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9322)  |
|  Pension adjustment, net of tax, expense (benefit) of $70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259  |
|  Teravalis noncontrolling interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219  |
| &nbsp;&nbsp; Stock plan activity | &nbsp;&nbsp;&nbsp;&nbsp; 269518  | &nbsp;&nbsp;&nbsp;&nbsp; 1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15935  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (33501)  | &nbsp;&nbsp;&nbsp;&nbsp; (2728)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13208  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13208  |
| &nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22)  |
| &nbsp;&nbsp; **Balance, December 31, 2023** | 56495791  | &nbsp;&nbsp;&nbsp; $565  | $3988496  | &nbsp;&nbsp;&nbsp; $(383696)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1272  | (6457777)  | $(613766) | &nbsp;&nbsp; $2992871  | &nbsp;&nbsp;&nbsp;&nbsp; $66053  | $3058924  |
| Net income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; 197703  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 197703  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(711)  | &nbsp;&nbsp;&nbsp;&nbsp; 196992  |
|  Interest rate swaps, net of tax expense (benefit) of $60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321  |
| &nbsp;&nbsp; Pension adjustment, net of tax expense (benefit) of $118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375  |
|  Teravalis noncontrolling interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206  |
|  Distribution of Seaport Entertainment Group Inc. to stockholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; (428229)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; (428229)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; (428229)  |
| &nbsp;&nbsp; Stock plan activity | &nbsp;&nbsp;&nbsp;&nbsp; 114218  | &nbsp;&nbsp;&nbsp;&nbsp; 1  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16007  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (36082)  | &nbsp;&nbsp;&nbsp;&nbsp; (2823)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13185  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13185  |
| &nbsp;&nbsp; **Balance, December 31, 2024** | 56610009  | &nbsp;&nbsp;&nbsp; $566  | $3576274  | &nbsp;&nbsp;&nbsp; $(185993)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1968  | (6493859)  | $(616589) | &nbsp;&nbsp; $2776226  | &nbsp;&nbsp;&nbsp;&nbsp; $65548  | $2841774  |
| Net income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; 123897  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 123897  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(54)  | &nbsp;&nbsp;&nbsp;&nbsp; 123843  |
| &nbsp;&nbsp; Interest rate swaps, net of tax expense (benefit) of $(1231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3885)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3885)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3885)  |
|  Pension adjustment, net of tax expense (benefit) of $24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90  |
|  Deconsolidation of Associations of Unit Owners | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 979  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 979  |
|  Teravalis noncontrolling interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317  |
|  Issuance of common shares, net | &nbsp;&nbsp; 9000000  | &nbsp;&nbsp;&nbsp; 90  | &nbsp;&nbsp;&nbsp;&nbsp; 862699  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 862789  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 862789  |
| &nbsp;&nbsp; Stock plan activity | &nbsp;&nbsp;&nbsp;&nbsp; 300631  | &nbsp;&nbsp;&nbsp;&nbsp; 3  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19865  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (46428)  | &nbsp;&nbsp;&nbsp;&nbsp; (3529)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16339  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16339  |
| &nbsp;&nbsp; **Balance, December 31, 2025** | 65910640  | &nbsp;&nbsp;&nbsp; $659  | $4458838  | &nbsp;&nbsp;&nbsp; $(62096)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(1827)  | (6540287) | $(620118) | &nbsp;&nbsp; $3775456  | &nbsp;&nbsp;&nbsp;&nbsp; $66790  | $3842246 |

---

See Notes to Consolidated Financial Statements.<br>

F-37<br>

------

#### **TABLE OF CONTENTS**

#### HOWARD HUGHES HOLDINGS INC. <br>

#### CONSOLIDATED STATEMENTS OF CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| <br>*thousands* | **2025** | **2024** | **2023**  |
| **CASH FLOWS FROM OPERATING ACTIVITIES**<br>|  |  |  |
| Net income (loss) | **$123843**  | $196992  | $(551530)  |
| Net income (loss) from discontinued operations, net of taxes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp; (88223)  | &nbsp;&nbsp; (634940)  |
| Net income (loss) from continuing operations | &nbsp;&nbsp;&nbsp; **123843**  | &nbsp;&nbsp;&nbsp; 285215  | &nbsp;&nbsp;&nbsp;&nbsp; 83410  |
| &nbsp;&nbsp;&nbsp; Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation | &nbsp;&nbsp;&nbsp; **164031**  | &nbsp;&nbsp;&nbsp; 160638  | &nbsp;&nbsp;&nbsp; 151881  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | &nbsp;&nbsp;&nbsp;&nbsp; **19444**  | &nbsp;&nbsp;&nbsp;&nbsp; 19360  | &nbsp;&nbsp;&nbsp;&nbsp; 16960  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of deferred financing costs  | &nbsp;&nbsp;&nbsp;&nbsp; **12375**  | &nbsp;&nbsp;&nbsp;&nbsp; 12396  | &nbsp;&nbsp;&nbsp;&nbsp; 11840  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangibles other than in-place leases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **120**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Straight-line rent amortization | &nbsp;&nbsp;&nbsp;&nbsp; **(6156)**  | &nbsp;&nbsp;&nbsp;&nbsp; (7012)  | &nbsp;&nbsp;&nbsp;&nbsp; (7464)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income taxes  | &nbsp;&nbsp;&nbsp;&nbsp; **23579**  | &nbsp;&nbsp;&nbsp;&nbsp; 61529  | &nbsp;&nbsp;&nbsp;&nbsp; (9897)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restricted stock and stock option amortization | &nbsp;&nbsp;&nbsp;&nbsp; **19802**  | &nbsp;&nbsp;&nbsp;&nbsp; 16006  | &nbsp;&nbsp;&nbsp;&nbsp; 16394  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gain on sale of properties | &nbsp;&nbsp;&nbsp; **(29825)**  | &nbsp;&nbsp;&nbsp; (22907)  | &nbsp;&nbsp;&nbsp; (24162)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on sale of MUD receivables | &nbsp;&nbsp;&nbsp;&nbsp; **48197**  | &nbsp;&nbsp;&nbsp;&nbsp; 48651  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sale of MUD receivables | &nbsp;&nbsp;&nbsp; **180043**  | &nbsp;&nbsp;&nbsp; 176680  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss on extinguishment of debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **698**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity in (earnings) losses from unconsolidated ventures, net of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4496**  | &nbsp;&nbsp;&nbsp;&nbsp; 12436  | &nbsp;&nbsp;&nbsp; (15539)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provision for (recovery of) doubtful accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3414**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (499)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8274  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Master Planned Communities development expenditures | &nbsp;&nbsp; **(477870)**  | &nbsp;&nbsp; (427979)  | &nbsp;&nbsp; (403633)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Master Planned Communities cost of sales, net of SID bonds transfers to buyers | &nbsp;&nbsp;&nbsp; **170968**  | &nbsp;&nbsp;&nbsp; 151177  | &nbsp;&nbsp;&nbsp; 126167  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Condominium development expenditures | &nbsp;&nbsp; **(511013)**  | &nbsp;&nbsp; (681998)  | &nbsp;&nbsp; (472666)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Condominium rights and units cost of sales, net of closing commissions | &nbsp;&nbsp;&nbsp; **358953**  | &nbsp;&nbsp;&nbsp; 565419  | &nbsp;&nbsp;&nbsp;&nbsp; 53156  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4742**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1319  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Changes:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable, net | &nbsp;&nbsp;&nbsp; **(18215)**  | &nbsp;&nbsp;&nbsp;&nbsp; 83784  | &nbsp;&nbsp;&nbsp; 117334  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets, net | &nbsp;&nbsp;&nbsp;&nbsp; **26595**  | &nbsp;&nbsp;&nbsp;&nbsp; 15681  | &nbsp;&nbsp;&nbsp;&nbsp; 30687  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Condominium deposits, net | &nbsp;&nbsp;&nbsp; **289108**  | &nbsp;&nbsp;&nbsp; (19065)  | &nbsp;&nbsp;&nbsp;&nbsp; 88595  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred expenses, net | &nbsp;&nbsp;&nbsp; **(40556)**  | &nbsp;&nbsp;&nbsp; (31123)  | &nbsp;&nbsp;&nbsp; (26874)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable and other liabilities | &nbsp;&nbsp;&nbsp;&nbsp; **95597**  | &nbsp;&nbsp;&nbsp;&nbsp; 28777  | &nbsp;&nbsp;&nbsp;&nbsp; 38847  |
| &nbsp;&nbsp;&nbsp; Cash provided by (used in) operating activities of continuing operations | &nbsp;&nbsp;&nbsp; **462370**  | &nbsp;&nbsp;&nbsp; 447751  | &nbsp;&nbsp; (215154)  |
| &nbsp;&nbsp;&nbsp; Cash provided by (used in) operating activities of discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp; (51160)  | &nbsp;&nbsp;&nbsp; (43327)  |
| &nbsp;&nbsp;&nbsp; **Cash provided by (used in) operating activities** | &nbsp;&nbsp;&nbsp; **462370**  | &nbsp;&nbsp;&nbsp; 396591  | &nbsp;&nbsp; (258481)  |
| **CASH FLOWS FROM INVESTING ACTIVITIES**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Property and equipment expenditures | &nbsp;&nbsp;&nbsp;&nbsp; **(3499)**  | &nbsp;&nbsp;&nbsp;&nbsp; (2143)  | &nbsp;&nbsp;&nbsp;&nbsp; (7340)  |
| &nbsp;&nbsp;&nbsp; Operating property improvements | &nbsp;&nbsp;&nbsp; **(44758)**  | &nbsp;&nbsp;&nbsp; (47949)  | &nbsp;&nbsp;&nbsp; (40211)  |
| &nbsp;&nbsp;&nbsp; Property development and redevelopment | &nbsp;&nbsp; **(170959)**  | &nbsp;&nbsp; (252953)  | &nbsp;&nbsp; (231038)  |
| &nbsp;&nbsp;&nbsp; Acquisition of assets | &nbsp;&nbsp;&nbsp;&nbsp; **(18115)**  | &nbsp;&nbsp;&nbsp; (18456)  | &nbsp;&nbsp;&nbsp;&nbsp; (5898)  |
| &nbsp;&nbsp;&nbsp; Proceeds from sales of properties, net | &nbsp;&nbsp;&nbsp;&nbsp; **12336**  | &nbsp;&nbsp;&nbsp;&nbsp; 48408  | &nbsp;&nbsp;&nbsp;&nbsp; 39543  |
| &nbsp;&nbsp;&nbsp; Reimbursements under tax increment financings and grants | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **6583**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8721  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1469  |
| &nbsp;&nbsp;&nbsp; Distributions from unconsolidated ventures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **4386**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6657  | &nbsp;&nbsp;&nbsp;&nbsp; 12995  |
| &nbsp;&nbsp;&nbsp; Investments in unconsolidated ventures, net | &nbsp;&nbsp;&nbsp;&nbsp; **(3582)**  | &nbsp;&nbsp;&nbsp;&nbsp; (3500)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp; **(1458)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net parent investment in discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp; (169490)  | &nbsp;&nbsp; (115185)  |
| &nbsp;&nbsp;&nbsp; Cash provided by (used in) investing activities of continuing operations | &nbsp;&nbsp; **(219066)**  | &nbsp;&nbsp; (430705)  | &nbsp;&nbsp; (345665)  |
| &nbsp;&nbsp;&nbsp; Cash provided by (used in) investing activities of discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp; 129911  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9522  |
| &nbsp;&nbsp;&nbsp; **Cash provided by (used in) investing activities** | &nbsp;&nbsp; **(219066)**  | &nbsp;&nbsp; (300794)  | &nbsp;&nbsp; (336143)  |

---

See Notes to Consolidated Financial Statements.<br>

F-38<br>

------

#### **TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| <br>*thousands* | **2025** | **2024** | **2023**  |
| **CASH FLOWS FROM FINANCING ACTIVITIES**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from mortgages, notes, and loans payable | &nbsp;&nbsp;&nbsp;&nbsp; **759545**  | &nbsp;&nbsp;&nbsp;&nbsp; 761429  | &nbsp;&nbsp;&nbsp;&nbsp; 677441  |
| &nbsp;&nbsp;&nbsp; Principal payments on mortgages, notes, and loans payable | &nbsp;&nbsp;&nbsp; **(782458)**  | &nbsp;&nbsp;&nbsp; (807548)  | &nbsp;&nbsp;&nbsp; (147623)  |
| &nbsp;&nbsp;&nbsp; Proceeds from issuance of common stock, net | &nbsp;&nbsp;&nbsp;&nbsp; **862789**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Debt extinguishment costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (422)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Special Improvement District bond funds released from (held in) escrow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **25254**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16850  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11037  |
| &nbsp;&nbsp;&nbsp; Deferred financing costs and bond issuance costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(6091)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6235)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (569)  |
| &nbsp;&nbsp;&nbsp; Taxes paid on stock options exercised and restricted stock vested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(3641)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2306)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2696)  |
| &nbsp;&nbsp;&nbsp; Stock options exercised | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **58**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Sale of preferred stock in Seaport subsidiary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9850  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Contributions from Teravalis noncontrolling interest owner | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **317**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219  |
| &nbsp;&nbsp;&nbsp; Cash provided by (used in) financing activities of continuing operations | &nbsp;&nbsp;&nbsp;&nbsp; **855351**  | &nbsp;&nbsp;&nbsp;&nbsp; (27754)  | &nbsp;&nbsp;&nbsp;&nbsp; 537809  |
| &nbsp;&nbsp;&nbsp; Cash provided by (used in) financing activities of discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp; (122597)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10935  |
| &nbsp;&nbsp;&nbsp; **Cash provided by (used in) financing activities** | &nbsp;&nbsp;&nbsp;&nbsp; **855351**  | &nbsp;&nbsp;&nbsp; (150351)  | &nbsp;&nbsp;&nbsp;&nbsp; 548744  |
| Net change in cash, cash equivalents, and restricted cash | &nbsp;&nbsp; **1098655**  | &nbsp;&nbsp;&nbsp;&nbsp; (54554)  | &nbsp;&nbsp;&nbsp;&nbsp; (45880)  |
| Cash, cash equivalents, and restricted cash at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp; **998503**  | &nbsp;&nbsp; 1053057  | &nbsp;&nbsp; 1098937  |
| Cash, cash equivalents, and restricted cash at end of period | &nbsp;&nbsp; **2097158**  | &nbsp;&nbsp;&nbsp;&nbsp; 998503  | &nbsp;&nbsp; 1053057  |
|  Less: Cash, cash equivalents, and restricted cash of discontinued operations at end of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43845  |
|  **Cash, cash equivalents, and restricted cash of continuing operations at end of period** | **$2097158**  | $998503  | $1009212  |
|  **RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | **$1468507** | &nbsp;&nbsp; $596083  | &nbsp;&nbsp; $629714  |
| &nbsp;&nbsp;&nbsp; Restricted cash | &nbsp;&nbsp;&nbsp;&nbsp; **628651**  | &nbsp;&nbsp;&nbsp;&nbsp; 402420  | &nbsp;&nbsp;&nbsp;&nbsp; 379498  |
|  **Cash, cash equivalents, and restricted cash of continuing operations at end of period** | **$2097158**  | $998503  | $1009212  |
|  **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION — CONTINUING OPERATIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Interest paid, net | &nbsp;&nbsp; **$282844**  | &nbsp;&nbsp; $298364  | &nbsp;&nbsp; $239995  |
| &nbsp;&nbsp;&nbsp; Interest capitalized | &nbsp;&nbsp;&nbsp;&nbsp; **148780**  | &nbsp;&nbsp;&nbsp;&nbsp; 151632  | &nbsp;&nbsp;&nbsp;&nbsp; 109510  |
| &nbsp;&nbsp;&nbsp; Income taxes paid (refunded), net<br>|  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **8793**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5305  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **560**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2443  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2379  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arizona | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **410**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maryland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **235**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New York | &nbsp;&nbsp;&nbsp;&nbsp; **(14150)**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2300  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Illinois | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All other states | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **150**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **NON-CASH TRANSACTIONS — CONTINUING OPERATIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Consideration from sale of properties | &nbsp;&nbsp;&nbsp;&nbsp; **$41125**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5250  |
| &nbsp;&nbsp;&nbsp; Special Improvement District bonds transfers to buyers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **17736**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18014  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13883  |
| &nbsp;&nbsp;&nbsp; Special Improvement District bonds held in third-party escrow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **16425**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37990  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21290  |
| &nbsp;&nbsp;&nbsp; Capitalized stock compensation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **3187**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3936  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4669  |
| &nbsp;&nbsp;&nbsp; Accrued property improvements, developments, and redevelopments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(9612)**  | &nbsp;&nbsp;&nbsp;&nbsp; (13441)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 909  |
| &nbsp;&nbsp;&nbsp; Initial recognition of operating lease right-of-use asset | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Initial recognition of operating lease obligation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **NON-CASH TRANSACTIONS — DISCONTINUED OPERATIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Distribution of Seaport Entertainment Group Inc. to stockholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$—**  | &nbsp;&nbsp; $361210  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |

---

See Notes to Consolidated Financial Statements.<br>

F-39<br>

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1. Presentation of Financial Statements and Significant Accounting Policies

**General Howard Hughes Holdings Inc. (HHH or the Company) is a holding company that owns a real estate development subsidiary, The Howard Hughes Corporation (HHC). Through HHC, the Company operates a large-scale, mixed-use real estate platform focused on the development of master planned communities (MPCs), the investment in strategic real estate development opportunities, and the ownership and operation of income-producing properties. References to HHH, the Company, we, us, and our refer to Howard Hughes Holdings Inc. and its consolidated subsidiaries, which includes The Howard Hughes Corporation, unless otherwise specifically stated. References to HHC or Howard Hughes Communities refer to The Howard Hughes Corporation and its consolidated subsidiaries unless otherwise specifically stated.** 

In 2025, the Company began executing a long-term strategy to transition from a pure-play real estate company to a diversified holding company. On May 5, 2025, the Company issued 9,000,000 shares of newly issued common stock to Pershing Square for an aggregate purchase price of $900 million. In connection with the investment, the Company and Pershing Square entered into related agreements, including a Services Agreement, Shareholder Agreement, Standstill Agreement, and Registration Rights Agreement. The Company intends to use the proceeds from the transaction to acquire or invest in operating businesses.

As previously disclosed in our Current Report on Form 8-K filed on December 18, 2025, the Company entered into a definitive agreement to acquire 100% of Vantage Group Holdings Ltd. (Vantage), a privately held specialty insurance and reinsurance company, for cash consideration of approximately $2.1 billion. The transaction remains subject to regulatory approvals and other customary closing conditions, and is expected to close in the second quarter of 2026. To support the funding of the acquisition, the Company also entered into an equity commitment letter with Pershing Square Holdings, Ltd. under which Pershing Square committed to purchase up to $1.0 billion of the Company's preferred stock, prior to and contingent upon the closing of the Vantage acquisition. Over time, the Company will have the right, but not the obligation, to repurchase the preferred stock during specified periods and upon certain triggering events. The acquisition is expected to be funded through the Company's cash on hand, and proceeds from the issuance of the preferred stock.

See Note 2 - *Pershing Square* for additional information related to the transactions with Pershing Square in the current period.

**Principles of Consolidation and Basis of Presentation The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The consolidated financial statements include the accounts of Howard Hughes Holdings Inc. and its subsidiaries after elimination of intercompany balances and transactions. The Company also consolidates certain variable interest entities (VIEs) in accordance with Financial Accounting Standards Board's Accounting Standards Codification (ASC) 810 *Consolidation*. The outside equity interests in certain entities controlled by the Company are reflected in the Consolidated Financial Statements as noncontrolling interests.** 

On July 31, 2024, the spinoff of Seaport Entertainment Group Inc. and its subsidiaries (Seaport Entertainment or SEG) was completed (the Spinoff). As the Spinoff represented a strategic shift in the Company's operations, the results of SEG are presented as discontinued operations in the Consolidated Statements of Operations and the Consolidated Statements of Cash Flows and, as such, have been excluded from both continuing operations and segment results for all periods presented. The Consolidated Statements of Comprehensive Income (Loss), and Equity are presented on a consolidated basis for both continuing operations and discontinued operations. The disclosures presented in the notes to the Consolidated Financial Statements are presented on a continuing operations basis unless otherwise noted. See Note 3 - *Discontinued Operations* for additional information.

Management has evaluated for disclosure or recognition all material events occurring subsequent to the date of the Consolidated Financial Statements up to the date and time this Annual Report was filed.

**Variable Interest Entities The Company has interests in various legal entities that represent a variable interest entity. A VIE is an entity: (a) that has total equity at risk that is not sufficient to permit the entity to finance its activities without additional subordinated financial support from other entities; (b) where the group of equity holders does not have the power to direct the activities of the entity that most significantly impact the entity's economic performance, or the obligation to absorb the entity's expected losses or the right to receive the entity's expected residual return, or both (i.e., lack the characteristics of a controlling financial interest); or (c) where the** 

F-40<br>

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voting rights of the equity holders are not proportional to their obligations to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both, and substantially all of the entity's activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights.

The Company determines if a legal entity is a VIE by performing a qualitative analysis that requires certain subjective decisions, taking into consideration the design of the entity, the variability that the entity was designed to create and pass along to its interest holders, the rights of the parties and the purpose of the arrangement. Upon the occurrence of certain reconsideration events, the Company reassesses its initial determination as to whether the entity is a VIE.

The Company also performs a qualitative assessment of each VIE to determine if it is the primary beneficiary. The Company is the primary beneficiary and would consolidate the VIE if it has a controlling financial interest where it has both (a) the power to direct the economically significant activities of the entity and (b) the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. This assessment requires certain subjective decisions, taking into consideration the contractual agreements that define the ownership structure, the design of the entity, distribution of profits and losses, risks, responsibilities, indebtedness, voting rights and board representation of the respective parties. Management's assessment of whether the Company is the primary beneficiary of a VIE is continuously performed.

Upon initial consolidation of a VIE, the Company records the assets, liabilities, and noncontrolling interests at fair value and recognizes a gain or loss for the difference between (i) the fair value of the consideration paid, the fair value of noncontrolling interests and the reported amount of any previously held interests and (ii) the net amount of the fair value of the assets and liabilities.

If the Company determines it is no longer the primary beneficiary of a VIE, it will deconsolidate the entity and measure the initial cost basis for any retained interests that are recorded upon the deconsolidation at fair value. The Company will recognize a gain or loss for the difference between the fair value and the previous carrying amount of its investment in the VIE.

#### Consolidated Variable Interest Entities
**Teravalis At December 31, 2025, and 2024, the Company owned an 88.0% interest in Teravalis, the Company's newest large-scale master planned community in the West Valley of Phoenix, Arizona, and a third party owned the remaining 12.0%. Teravalis was determined to be a VIE, and as the Company has the power to direct the activities that most significantly impact its economic performance, the Company is considered the primary beneficiary and consolidates Teravalis.** 

Under the terms of the LLC agreement, cash distributions and the recognition of income-producing activities will be pro rata based on economic ownership interest. As of December 31, 2025, the Company's Consolidated Balance Sheets included $543.9 million of MPC assets and $65.2 million of Noncontrolling interest related to Teravalis. As of December 31, 2024, the Company's Consolidated Balance Sheets included $542.1 million of MPC assets and $65.1 million of Noncontrolling interest related to Teravalis.

**'Ilima The Company entered into a joint venture agreement with Discovery Land Company (Discovery) to form Block E Ward Village ('Ilima) for the purpose of developing, constructing, and operating a residential condominium tower in Ward Village. 'Ilima was determined to be a VIE, and as the Company has the power to direct the activities that most significantly impact its economic performance, the Company is considered the primary beneficiary and consolidates 'Ilima. Pre-sales for 'Ilima commenced in June 2025. The Company currently funds 100% of the predevelopment activity.** 

Once pre-sales targets are met and construction financing is obtained, the Company will contribute land and Discovery will contribute to up $5.0 million. All other necessary capital contributions will be funded by the Company. After completion of the condominium tower and closing of condominium sales, cash distributions and the recognition of income-producing activities will be pro rata based on ownership interest. At December 31, 2025, and 2024, the Company owned approximately 100% of this venture.

F-41<br>

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#### **TABLE OF CONTENTS**
The Company's Consolidated Balance Sheets included the following amounts related to 'Ilima as of December 31:

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Buildings and equipment | &nbsp;&nbsp;&nbsp; **$7161**  | &nbsp;&nbsp; $698  |
| Less: accumulated depreciation | &nbsp;&nbsp;&nbsp;&nbsp; **(1354)**  | &nbsp;&nbsp;&nbsp;&nbsp; (19)  |
| Developments | &nbsp;&nbsp;&nbsp; **14684**  | &nbsp;&nbsp; 7747  |
| Net investment in real estate | &nbsp;&nbsp;&nbsp; **20491**  | &nbsp;&nbsp; 8426  |
| Cash and cash equivalents | &nbsp;&nbsp;&nbsp; **21690**  | &nbsp;&nbsp;&nbsp;&nbsp; 271  |
| Restricted cash | &nbsp;&nbsp; **136418**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Accounts receivable, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **65**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Deferred expenses, net | &nbsp;&nbsp;&nbsp; **13571**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Other assets, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **565**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp; **Total assets** | **$192800**  | $8697  |
| Accounts payable and other liabilities | **$153430**  | $159  |
| **Total liabilities** | **$153430**  | $159 |

---

**Investments in Unconsolidated Ventures The Company's investments in unconsolidated ventures are accounted for under the equity method to the extent that, based on contractual rights associated with the investments, the Company can exert significant influence over a venture's operations. Under the equity method, the Company's investment in the venture is recorded at cost and is subsequently adjusted to recognize the Company's allocable share of the earnings or losses of the venture. Dividends and distributions received by the Company are recognized as a reduction in the carrying amount of the investment. Generally, joint venture operating agreements provide that assets, liabilities, funding obligations, profits and losses, and cash flows are shared in accordance with ownership percentages. For certain equity method investments, various provisions in the joint venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company's economic interest differing from its stated ownership or if applicable, the Company's final profit-sharing interest after receipt of any preferred returns based on the venture's distribution priorities. For these investments, the Company recognizes income or loss based on the joint venture's distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing percentage.** 

The Company periodically assesses the appropriateness of the carrying amount of its equity method investments, as events or changes in circumstance may indicate that a decrease in value has occurred which is other-than-temporary. In addition to the property-specific impairment analysis performed on the underlying assets of the investment, the Company also considers the ownership, distribution preferences, limitations and rights to sell and repurchase its ownership interests. If a decrease in value of an investment is deemed to be other-than-temporary, the investment is reduced to its estimated fair value, and an impairment-related loss is recognized in the Consolidated Statements of Operations as a component of Equity in earnings (losses) from investments in unconsolidated ventures.

For investments in ventures where the Company has virtually no influence over operations and the investments do not have a readily determinable fair value, the Company has elected the measurement alternative to carry the securities at cost less impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or similar investment of the issuer. Equity securities not accounted for under the equity method, or where the measurement alternative has not been elected, are required to be reported at fair value with unrealized gains and losses reported in the Consolidated Statements of Comprehensive Income (Loss) as Net unrealized gains (losses) on instruments measured at fair value through earnings.

**Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. The estimates and assumptions include, but are not limited to, capitalization of development costs, provision for income taxes, recoverable amounts of receivables and deferred tax assets, initial valuations of tangible and intangible assets acquired, and the related useful lives of assets upon which depreciation and amortization is based. Estimates and assumptions have also** 

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been made with respect to future revenues and costs, and the fair value of warrants, debt, and options granted. MPC cost of sales estimates are highly judgmental as they are sensitive to cost escalation, sales price escalation, and lot absorption, which are subject to judgment and affected by expectations about future market or economic conditions. Additionally, the future cash flow estimates and fair values used for impairment analysis are highly judgmental and reflect current and projected trends in rental, occupancy, pricing, development costs, sales pace, capitalization rates, selling costs, and estimated holding periods for the applicable assets. Both MPC cost of sale estimates and estimates used in impairment analysis are affected by expectations about future market or economic conditions. Actual results could differ from these and other estimates.

**Segments The Company operates in three business segments: (i) Operating Assets; (ii) MPC; and (iii) Strategic Developments. Segment information is prepared on the same basis that management reviews information for operational decision-making purposes. Management evaluates the performance of each of HHH's real estate assets or investments individually and aggregates such properties into segments based on their economic characteristics and types of revenue streams.** 

#### Net Investment in Real Estate
***Master Planned Community Assets, Buildings and Equipment, and Land Real estate assets are stated at cost less any provisions for impairments and depreciation as applicable. Expenditures for significant improvements to the Company's assets are capitalized. Tenant improvements relating to the Company's operating assets are capitalized and depreciated over the shorter of their economic lives or the lease term. Maintenance and repair costs are charged to expense when incurred.***

***Depreciation The Company periodically reviews the estimated useful lives of properties. Depreciation or amortization expense is computed using the straight-line method based upon the following estimated useful lives:***

---

| | | |
|:---|:---|:---|
| **Asset Type** | **Years** | **Balance Sheet Location**  |
| Buildings and improvements | 7 - 40 | Buildings and Equipment  |
| Equipment and fixtures | 5 - 20 | Buildings and Equipment  |
| Computer hardware and vehicles | 3 - 5 | Buildings and Equipment  |
| Tenant improvements | Related lease term | Buildings and Equipment  |
| Leasing costs | Related lease term | Other assets, net |

---

From time to time, the Company may reassess the development strategies for certain buildings and improvements which results in changes to the Company's estimate of their remaining useful lives. The Company did not recognize additional depreciation expense of significance for the years ended December 31, 2025, 2024, and 2023.

***Developments Development costs, which primarily include direct costs related to placing the asset in service associated with specific development properties, are capitalized as part of the property being developed. Construction and improvement costs incurred in connection with the development of new properties or the redevelopment of existing properties are capitalized before they are placed into service. Such costs include planning, engineering, design, direct material, labor, and subcontract costs. Real estate taxes, utilities, direct legal and professional fees related to the sale of a specific unit, interest, insurance costs, and certain employee costs incurred during construction periods are also capitalized. Capitalization commences when the development activities begin and ceases when a project is completed, put on hold, or at the date that the Company decides not to move forward with a project. Capitalized costs related to a project where HHH has determined not to move forward are expensed if they are not deemed recoverable. Capitalized interest costs are based on qualified expenditures and interest rates in place during the construction period. Demolition costs associated with redevelopments are expensed as incurred unless the demolition was included in the Company's development plans and imminent as of the acquisition date of an asset.***

Once construction of operating properties is complete, the assets are placed into service, and capitalized costs are reclassed to Buildings and equipment and are depreciated in accordance with the Company's policy. Once construction of condominiums is complete, the assets are reflected as condominium inventory in Other assets, net until the sale of each condominium unit is closed and the related cost is realized in Condominium rights and units cost of sales. In the event that management no longer has the ability or intent to complete a development, the costs previously capitalized are evaluated for impairment.

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#### **TABLE OF CONTENTS**
Developments consist of the following categories as of December 31:

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| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Development costs | **$1307851**  | $1190746  |
| &nbsp;&nbsp; Land and improvements | &nbsp;&nbsp;&nbsp;&nbsp; **169764**  | &nbsp;&nbsp;&nbsp;&nbsp; 150283  |
| Total Developments | **$1477615**  | $1341029 |

---

***Acquisitions of Properties The Company accounts for the acquisition of real estate properties in accordance with ASC 805 Business Combinations. This methodology requires that assets acquired and liabilities assumed be recorded at their fair values on the date of acquisition for business combinations and at relative fair values for asset acquisitions. Acquisition costs related to the acquisition of a business are expensed as incurred. Costs directly related to asset acquisitions are considered additions to the purchase price and increase the cost basis of such assets.***

The fair value of tangible assets of an acquired property (which includes land, buildings and improvements) is determined by valuing the property as if it were vacant, and the as-if-vacant value is then allocated to land, buildings and improvements based on management's determination of the fair value of these assets. The as-if-vacant values are derived from several sources which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy and primarily include a discounted cash flow analysis using discount and capitalization rates based on recent comparable market transactions, where available.

The fair value of acquired intangible assets consisting of in-place, above-market, and below-market leases is recorded based on a variety of considerations, some of which incorporate significant unobservable inputs that are classified as Level 3 inputs in the fair value hierarchy. In-place lease considerations include, but are not necessarily limited to: (1) the value associated with avoiding the cost of originating the acquired in-place leases (i.e., the market cost to execute a lease, including leasing commissions and tenant improvements); (2) the value associated with lost revenue related to tenant reimbursable operating costs incurred during the assumed lease-up period (i.e., real estate taxes, insurance, and certain other operating expenses); and (3) the value associated with lost rental revenue from existing leases during the assumed lease-up period. Above-market and below-market leases are valued at the present value, using a discount rate that reflects the risks associated with the leases acquired, of the difference between (1) the contractual amounts to be paid pursuant to the in-place lease; and (2) management's estimate of current market lease rates, measured over the remaining non-cancelable lease term, including any below-market renewal option periods.

***Impairment HHH reviews its long-lived assets (including those held by its unconsolidated ventures) for potential impairment indicators whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized if the carrying amount of an asset is not recoverable and exceeds its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future economic conditions, such as occupancy, rental rates, capital requirements, and sales values that could differ materially from actual results in future periods. If impairment indicators exist and it is expected that undiscounted cash flows generated by the asset are less than its carrying amount, an impairment provision is recorded to write down the carrying amount of the asset to its fair value.***

Impairment indicators for HHH's assets or projects within MPCs are assessed separately and include, but are not limited to, significant decreases in sales pace or average selling prices, significant increases in expected land development and construction costs or cancellation rates, and projected losses on expected future sales. MPC assets have extended life cycles that may last 20 to 40 years, or longer, and have few long-term contractual cash flows. Further, MPC assets generally have minimal to no residual values because of their liquidating characteristics. MPC development periods often occur through several economic cycles. Subjective factors such as the expected timing of property development and sales, optimal development density, and sales strategy impact the timing and amount of expected future cash flows and fair value.

Impairment indicators for Operating Assets are assessed for each property and include, but are not limited to, significant decreases in net operating income, significant decreases in occupancy, ongoing low occupancy, and significant net operating losses.

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Impairment indicators for assets in the Strategic Developments are assessed by project and include, but are not limited to, significant changes in projected completion dates, revenues or cash flows, development costs, market factors, significant decreases in comparable property sale prices, and feasibility.

The cash flow estimates used for determining recoverability and estimating fair value are inherently judgmental and reflect current and projected trends in rental rates, occupancy, pricing, development costs, sales pace, capitalization rates, and estimated holding periods for the applicable assets. Although the estimated fair value of certain assets may be exceeded by the carrying amount, a real estate asset is only considered to be impaired when its carrying amount is not expected to be recovered through estimated future undiscounted cash flows. To the extent an impairment provision is necessary, the excess of the carrying amount of the asset over its estimated fair value is expensed to operations. In addition, the impairment provision is allocated proportionately to adjust the carrying amount of the asset. The adjusted carrying amount, which represents the new cost basis of the asset, is depreciated over the remaining useful life of the asset or, for MPCs, is expensed as a cost of sales when land is sold. Assets that have been impaired will in the future have lower depreciation and cost of sale expenses. The impairment will have no impact on cash flows.

**Cash and Cash Equivalents Cash and cash equivalents consist of highly-liquid investments with maturities at date of purchase of three months or less and include registered money market mutual funds which are invested in United States Treasury bills that are valued at the net asset value of the underlying shares in the funds as of the close of business at the end of each period as well as deposits with major banks throughout the United States. Such deposits are in excess of FDIC limits and are placed with high-quality institutions in order to minimize concentration of counterparty credit risk.** 

**Restricted Cash Restricted cash reflects amounts segregated in escrow accounts in the name of the Company, primarily related to escrowed condominium deposits from buyers and other amounts related to taxes, insurance, and legally restricted security deposits and leasing costs.** 

**Accounts Receivable, net Accounts receivable, net includes straight-line rent receivables, tenant receivables, related-party receivables, and other receivables. On a quarterly basis, management reviews the lease-related receivables, including straight-line rent receivables and tenant receivables, for collectability. This analysis includes a review of past due accounts and considers factors such as the credit quality of tenants, current economic conditions, and changes in customer payment trends. When full collection of a lease-related receivable or future lease payment is deemed to be not probable, a reserve for the receivable balance is charged against rental revenue and future rental revenue is recognized on a cash basis. The Company also records reserves for estimated losses if the estimated loss amount is probable and can be reasonably estimated.** 

Related-party receivables are primarily due from the Floreo joint venture. This balance includes reimbursable overhead costs incurred by the Company on behalf of Floreo and a $6.0 million guaranty fee associated with the increased borrowing capacity of Floreo's bond financing in the first quarter of 2025. See Note 4 - *Investments in Unconsolidated Ventures* for additional information on the Floreo joint venture and Note 12 - *Commitments and Contingencies* for additional information on the guaranty fee.

Other receivables are primarily related to short-term trade receivables. The Company is exposed to credit losses through the sale of goods and services to customers and assesses its exposure to credit loss related to these receivables on a quarterly basis based on historical collection experience and future expectations by portfolio. The Company records an allowance for credit losses if the estimated loss amount is probable.

The following table represents the components of Accounts Receivable, net of amounts considered uncollectible, in the accompanying Consolidated Balance Sheets as of December 31:

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Straight-line rent receivables | &nbsp;&nbsp; **$96975**  | &nbsp;&nbsp; $91050  |
| Tenant receivables | &nbsp;&nbsp;&nbsp;&nbsp; **5512**  | &nbsp;&nbsp;&nbsp;&nbsp; 1638  |
| Related-party receivables | &nbsp;&nbsp;&nbsp; **18640**  | &nbsp;&nbsp;&nbsp;&nbsp; 6908  |
| Other receivables | &nbsp;&nbsp;&nbsp; **12995**  | &nbsp;&nbsp;&nbsp;&nbsp; 5589  |
| Accounts receivable, net<sup>(a)</sup> | **$134122**  | $105185 |

---

(a) As of December 31, 2025, the total reserve balance for amounts considered uncollectible was $7.2 million, composed of $7.0 million attributable to lease-related receivables and $0.2 million attributable to the allowance for credit losses related to other accounts receivable. As of December 31, 2024, the total reserve balance was $8.2 million, comprised of $8.1 million attributable to lease-related receivables and $0.1 million attributable to the allowance for credit losses related to other accounts receivables. 

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The following table summarizes the impacts of the collectability reserves in the accompanying Consolidated Statements of Operations for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| *thousands* |  |  |  |
| **Statements of Operations Location** | **2025** | **2024** | **2023**  |
| Rental revenue | **$3117**  | $(860)  | $10984  |
| Provision for (recovery of) doubtful accounts | &nbsp;&nbsp;&nbsp;&nbsp; **232**  | &nbsp;&nbsp;&nbsp; 504  | &nbsp;&nbsp; (2762)  |
| Total (income) expense impact | **$3349**  | $(356)  | $8222 |

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**Municipal Utility District Receivables, net In Houston, Texas, certain development costs are reimbursable through the creation of a Municipal Utility District, also known as Water Control and Improvement Districts, which are separate political subdivisions authorized by Article 16, Section 59 of the Texas Constitution and governed by the Texas Commission on Environmental Quality (TCEQ). MUDs are formed to provide municipal water, wastewater, drainage services, recreational facilities, and roads to those areas where they are currently unavailable through the regular city services. Typically, the developer advances funds for the creation of the facilities, which must be designed, bid, and constructed in accordance with the City of Houston's and TCEQ requirements.** 

The MUD Board of Directors authorizes and approves all MUD development contracts, and MUD bond sale proceeds are used to reimburse the developer for its construction costs, including interest. At the date the expenditures occur, the Company determines the costs it believes will be eligible for reimbursement and recognizes that as MUD receivables. These expenditures are subject to review by the MUD engineers for eligibility in accordance with the development contracts as part of the process for reimbursement. MUD receivables are pledged as security to creditors under the debt facilities relating to Bridgeland.

**Sale of MUD Receivables In September 2024, the Company entered into a sales transaction of MUD receivables, in which it transferred the reimbursement rights to $186.0 million of existing MUD receivables and $9.3 million of related accrued interest, as well as $40.0 million of anticipated future MUD receivables, for total cash consideration of $176.7 million. Using the relative fair value method, $146.7 million of the cash consideration was allocated to the sale of the existing MUD receivables and $30.0 million was allocated to the sale of the anticipated future MUD receivables. As a result of the sale, the Company derecognized the existing MUD receivables and related accrued interest, resulting in a loss on sale of $51.5 million in the Consolidated Statements of Operations in the third quarter of 2024. Due to an adjustment to the allocation between projects, a slight reduction in the loss was recognized in the fourth quarter of 2024, and the final impact of this sale was a loss of $48.7 million.** 

In May 2025, the Company entered into a transaction in which it transferred the reimbursement rights to $147.0 million of existing MUD receivables and $14.1 million of related accrued interest, as well as $95.9 million of anticipated future MUD receivables, for total cash consideration of $180.0 million. Using the relative fair value method, $112.8 million of the cash consideration was allocated to the sale of the existing MUD receivables and $67.2 million was allocated to the sale of the anticipated future MUD receivables. As a result of the sale, the Company derecognized the existing MUD receivables and related accrued interest, resulting in a loss on sale of $48.2 million in the Consolidated Statements of Operations.

For both transactions, the Company is required to complete future development activities. As such, liabilities associated with the future development spend were recorded at amortized cost in Accounts payable and other liabilities on the Consolidated Balance Sheets. The associated discounts, which represent the differences between the total future development spend and the allocated cash proceeds, are being amortized into interest expense over the expected development period using the effective interest method. As of December 31, 2025, the total remaining liability was $64.4 million and the total unamortized discount was $12.8 million. Interest expense related to the discount amortization was $21.8 million for the year ended December 31, 2025.

**Other Assets, net The major components of Other assets, net include security, escrow, and other deposits; Special Improvement District (SID) receivables; in-place leases; intangibles; Tax increment financing (TIF) receivables; prepaid expenses related to the Company's properties; condominium inventory; and various other assets.** 

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SID receivables are amounts due from SID bonds related to the Company's Summerlin MPC. Proceeds from SID bonds are held in escrow by a third-party and are used to reimburse the Company for a portion of the development costs incurred in Summerlin. See Note 9 - *Mortgages, Notes, and Loans Payable, Net* for additional information on the SID bonds.

The Company's intangibles include in-place lease assets and above-market lease assets where HHH is the lessor, as well as internally developed software, trademark and trade name intangibles related to MPCs, and goodwill. The Company amortizes finite-lived intangible assets less any residual value, if applicable, on a straight-line basis over the term of the related lease or the estimated useful life of the asset.

TIF receivables are amounts which the Company has submitted for reimbursement from Howard County in Maryland or from the state of Maryland, in conjunction with development costs expended on key roads and infrastructure work within Merriweather District specified per the terms of the county's TIF legislation, Special Obligation Bonds issued in October 2017, and Grant Disbursement Agreement executed in April 2023.

Notes receivable, net includes non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Subsequent to initial recognition, they are recorded at amortized cost less any provision for impairment as required under ASC 326 *Financial Instruments - Credit Losses*.

Condominium inventory includes available for sale units at HHH's completed condominium towers and is stated at the lower of cost or fair value less selling costs. Condominium inventory includes land acquisition and development costs, construction costs, and interest and real estate taxes that are capitalized during the development period. HHH evaluates condominium inventory for impairment when potential indicators exist. An impairment loss is recognized if the carrying amount of condominium inventory exceeds the fair value less selling costs, which is based on comparable sales in the normal course of business under existing and anticipated market conditions.

**Financial Instruments - Credit Losses The Company is exposed to credit losses through the sale of goods and services to the Company's customers. Receivables held by the Company primarily relate to short-term trade receivables and financing receivables, which include MUD receivables, SID bonds, TIF receivables, net investments in lease receivables, and notes receivable. The Company assesses its exposure to credit loss based on historical collection experience and future expectations by portfolio segment. Historical collection experience is evaluated on a quarterly basis by the Company.** 

The amortized cost basis of financing receivables, consisting primarily of MUD and SID receivables, totaled $560.3 million as of December 31, 2025, and $569.1 million as of December 31, 2024. The MUD receivable balance includes accrued interest of $48.2 million at December 31, 2025, and $44.0 million at December 31, 2024. The allowance for credit losses for financing receivables was not material as of December 31, 2025, and 2024, and there was no material activity related to the allowance for credit losses for the years ended December 31, 2025, 2024, and 2023.

Financing receivables are considered to be past due once they are 30 days contractually past due under the terms of the agreement. The Company currently does not have significant financing receivables that are past due or on nonaccrual status. There have been no significant write-offs or recoveries of amounts previously written-off during the current period for financing receivables.

**Income Taxes The Company utilizes the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect for years in which the temporary differences are expected to reverse. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards.** 

The Company periodically assesses the realizability of its deferred tax assets. If the Company concludes that it is more likely than not that some of the deferred tax assets will not be realized, the tax asset is reduced by a valuation allowance. The Company considers many factors when assessing the likelihood of future realization of deferred tax assets, including expectations of future taxable income, carryforward periods available to the Company for tax reporting purposes, various income tax strategies, and other relevant factors. In addition, interest and penalties related to uncertain tax positions, if necessary, are recognized in income tax expense.

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In the Company's MPCs, gains with respect to land sales, whether for commercial use or for single-family residences, are reported for tax purposes either on the modified accrual method or on the percentage-of-completion method. Under the percentage-of-completion method, a gain is recognized for tax purposes as costs are incurred in satisfaction of contractual obligations.

**Deferred Expenses, net Deferred expenses consist principally of leasing costs. Deferred leasing costs are amortized to expense using the straight-line method over the related lease term. Deferred expenses are shown net of accumulated amortization of $68.1 million as of December 31, 2025, and $69.1 million as of December 31, 2024.** 

**Marketing and Advertising Each of the Company's segments incur various marketing and advertising costs as part of their development, branding, leasing, or sales initiatives. These costs include special events, broadcasts, direct mail and online digital and social media programs, and they are expensed as incurred.** 

**Fair Value of Financial Instruments The carrying values of cash and cash equivalents, escrows, receivables, accounts payable, accrued expenses, and other assets and liabilities are reasonable estimates of their fair values because of the short maturities of these instruments.** 

**Derivative Instruments and Hedging Activities Derivative instruments and hedging activities require management to make judgments on the nature of its derivatives and their effectiveness as hedges. These judgments determine if the changes in fair value of the derivative instruments are reported as a component of Net Income in the Consolidated Statements of Operations or as a component of Comprehensive Income in the Equity on the Consolidated Balance Sheets. While management believes its judgments are reasonable, a change in a derivative's effectiveness as a hedge could materially affect expenses, net income, and equity. The Company accounts for the changes in the fair value of an effective hedge in other comprehensive income (loss) and subsequently reclassifies the balance from other comprehensive income (loss) to earnings over the term that the hedged transaction affects earnings. The Company accounts for the changes in the fair value of an ineffective hedge directly in earnings.** 

**Stock-Based Compensation The Company maintains various equity incentive plans, with outstanding stock-based compensation awards (Awards) which include stock options and restricted stock awards (RSAs). In 2023, pursuant to the holding company reorganization discussed above, each outstanding share of HHC's common stock was automatically converted into one share of HHH common stock. HHH assumed all obligations under the equity incentive plans. All stock options and restricted stock outstanding will be settled in HHH stock.** 

In 2024, at the time of the Spinoff, all of these Awards were modified to adjust the number of HHH shares by certain ratios and/or allocation factors. The stock options were modified into HHH stock options and SEG stock options based on the applicable ratios and/or allocation factors. In addition, the growth targets for the RSAs based on Net Asset Value and related performance conditions were revised to carve out the impact of the Spinoff. Also, the market conditions related to Total Shareholder Return (TSR) targets were evaluated as of the Spinoff date for the TSR-based RSAs and then modified to time-based, service conditions only. See Note 13 - *Stock-Based Compensation Plans* for additional information.

The Company applies the provisions of ASC 718 *Stock Compensation* which requires all share-based payments to be recognized in the Consolidated Statements of Operations based on their fair values. The fair value of stock option awards is determined using the Black-Scholes option-pricing model. Restricted stock awards are valued using the market price of the Company's common stock on the grant date. For restricted stock awards with market conditions or performance conditions, the award is valued using a Monte Carlo simulation. The Company records compensation cost for stock-based compensation awards over the requisite service period. If the requisite service period is satisfied, compensation cost is not adjusted unless the award contains a performance condition. If an award contains a performance condition, expense is recognized only for those shares that ultimately vest using the per-share fair value measured at the grant date. The Company recognizes forfeitures as they occur.

#### Revenue Recognition and Related Matters
***Condominium Rights and Unit Sales Revenue from the sale of an individual unit in a condominium project is recognized at a point in time (i.e., the closing) when HHH satisfies the single performance obligation to construct a condominium project and transfers control of a completed unit to a buyer. The transaction price, which is the amount of consideration the Company receives upon delivery of the completed condominium unit to the buyer, is allocated to this single obligation and is received at closing less any amounts previously paid on deposit.***

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#### **TABLE OF CONTENTS**
The Company receives cash payments in the form of escrowed condominium deposits from customers who have contracted to purchase a condominium unit based on billing schedules established in HHH's condominium purchase agreement contracts. The amounts are recorded in Restricted cash until released from escrow in accordance with the escrow agreement and on approval of HHH's lender to fund construction costs of a project. A corresponding condominium contract deposit liability is established at the date of receipt, representing a portion of HHH's unsatisfied performance obligation at each reporting date.

These deposits, along with the balance of the contract value, are recognized at closing upon satisfaction of HHH's performance obligation and transfer of title to the buyer. Real estate project costs directly associated with a condominium project, which are HHH's costs to fulfill contracts with condominium buyers, are capitalized while all other costs are expensed as incurred. Total estimated project costs include direct costs such as the carrying value of the land, site planning, architectural, construction, and financing costs, as well as indirect cost allocations. The allocations include costs which clearly relate to the specific project, including certain infrastructure and amenity costs which benefit the project as well as others, and are based upon the relative sales value of the units. Furthermore, incremental costs incurred to obtain a contract to sell condominium units are evaluated for capitalization in accordance with ASC 340-40 *Components, Costs & Considerations*, with incremental costs to fulfill a contract only being capitalized if the costs relate directly to a specifically identified contract, enhance resources to satisfy performance obligations in the future, and are expected to be recovered.

***Master Planned Communities Land Sales Revenues from land sales are recognized at a point in time when the land sale closing process is complete. The transaction price generally has both fixed and variable components, with the fixed price stipulated in the contract and representative of a single performance obligation. See Builder Price Participation (BPP) below for a discussion of the variable component. The fixed transaction price, which is the amount of consideration received in full upon transfer of the land title to the buyer, is allocated to this single obligation and is received at closing of the land sale less any amounts previously paid on deposit.***

The Company receives cash payments in the form of land purchase deposits from homebuilders or other commercial buyers who have contracted to purchase land within the Company's MPCs, and HHH holds any escrowed deposits in Restricted cash or Cash and cash equivalents based on the terms of the contract. In situations where the Company has completed the closing of a developed land parcel or superpad and consideration is paid in full, but a portion of HHH's performance obligation relating to the enhancement of the land is still unsatisfied, revenue related to HHH's obligation is recognized over time. The Company recognizes only the portion of the improved land sale where the improvements are fully satisfied based on a cost input method. The aggregate amount of the transaction price allocated to the unsatisfied obligation is recorded as deferred land sales and is presented in Accounts payable and other liabilities. The Company measures HHH's unsatisfied obligation based on the costs remaining relative to the total cost at the date of closing.

When residential or commercial land is sold, the cost of sales includes actual costs incurred and estimates of future development costs benefiting the property sold. In accordance with ASC 970-360-30-1 *Real Estate Project Costs*, when land is sold, costs are allocated to each sold superpad or lot based upon the relative sales value. For purposes of allocating development costs, estimates of future revenues and development costs are re-evaluated throughout the year, with adjustments being allocated prospectively to the remaining parcels available for sale. For certain parcels of land, including acquired parcels that the Company does not intend to develop or for which development was complete at the date of acquisition, the specific identification method is used to determine the cost of sales.

***Builder Price Participation BPP is the variable component of the transaction price for certain Master Planned Communities land sales. BPP is earned when a developer that acquired land from HHH develops and sells a home to an end user at a price higher than a predetermined breakpoint. The excess over the breakpoint is shared between HHH and the developer at the time of closing on the sale of the home based on a previously agreed-upon percentage. Generally, BPP is constrained, and accordingly, the Company does not recognize an estimate of variable consideration. The Company's conclusion is based on the following factors:***

–<br> BPP is highly susceptible to factors outside HHH's influence such as unemployment and interest rates

–<br> the time between the sale of land to a homebuilder and closing on a completed home can take up to three years

–<br> there is significant variability in home pricing from period to period

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The Company evaluates contracts with homebuilders with respect to BPP at each reporting period to determine whether a change in facts and circumstances has eliminated the constraint and will record an estimate of BPP revenue, if applicable.

For Condominium rights and unit sales, Master planned communities land sales, and Builder price participation the Company elected the practical expedient to not adjust promised amount of consideration for the effects of a significant financing component when the expected period between transfer of the promised asset and payment is one year or less.

#### Rental Revenues Revenue associated with the Company's operating assets includes minimum rent, percentage rent in lieu of fixed minimum rent, tenant recoveries, and overage rent.
Minimum rent revenues are recognized on a straight-line basis over the terms of the related leases when collectability is reasonably assured and the tenant has taken possession of, or controls, the physical use of the leased asset. Percentage rent in lieu of fixed minimum rent is recognized as sales are reported from tenants. Minimum rent revenues also include amortization related to above-market and below-market tenant leases on acquired properties.

Recoveries from tenants are stipulated in the leases, are generally computed based upon a formula related to real estate taxes, insurance, and other real estate operating expenses, and are generally recognized as revenues in the period the related costs are incurred.

If the lease provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or by HHH. When HHH is the owner of the tenant improvements, rental revenue begins when the improvements are substantially complete. When the tenant is the owner of the tenant improvements, any tenant allowance funded by the Company is treated as a lease incentive and amortized as an adjustment to rental revenue over the lease term.

***Other Land, Rental, and Property Revenues Other land revenues recognized over time include ground maintenance revenue, and homeowner association management fee revenue. These revenues are recognized over time, as time elapses. The amount of consideration and the duration are fixed, as stipulated in the related agreements, and represent a single performance obligation.***

Other land revenues also include transfer and advertising fees on the secondary sales of homes in MPCs, forfeitures of earnest money deposits by buyers of HHH's condominium units, lease termination fees, and other miscellaneous items. These items are recognized at a point in time when the real estate closing process is complete or HHH has a legal right to the respective fee or deposit.

Other rental revenues also includes overage rent which is recognized on an accrual basis once tenant sales exceed contractual thresholds contained in the lease and is calculated by multiplying the tenant sales in excess of the minimum amount by a percentage defined in the lease.

**Noncontrolling Interests As of December 31, 2025, and December 31, 2024, noncontrolling interests related to the 12% noncontrolling interest in Teravalis and the noncontrolling interest in the Ward Village Homeowners' Associations (HOAs). All revenues and expenses related to the HOAs are attributable to noncontrolling interests and do not impact net income attributable to common stockholders.** 

#### Recently Issued Accounting Standards The following is a summary of recently issued and other notable accounting pronouncements which relate to the Company's business.
**Accounting Standards Update 2024-03, Disaggregation of Income Statement Expenses This update requires the disclosure of additional disaggregated information in the notes to financial statements for certain categories of costs and expenses that are included on the face of the statement of operations. The new disclosure requirements are effective for annual periods beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its financial statement presentation and disclosures.** 

2. Pershing Square

**Common Share Issuance to Pershing Square On May 5, 2025, the Company entered into a Share Purchase Agreement (Purchase Agreement), by and between the Company and Pershing Square Holdco, L.P. (PS Holdco), pursuant to which the Company sold to PS Holdco 9,000,000 newly issued shares of the Company's common** 

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#### **TABLE OF CONTENTS**
stock at a purchase price of $100 per share, for an aggregate purchase price of $900 million (the Pershing Square Issuance). In connection with the Purchase Agreement, the Company also entered into several other agreements, dated May 5, 2025, with PS Holdco and Pershing Square Capital Management, L.P. (together, Pershing Square), including a Services Agreement, a Shareholder Agreement, a Standstill Agreement, and a Registration Rights Agreement.

As of December 31, 2025, Pershing Square beneficially owned approximately 46.9% of the Company's outstanding shares of common stock. The Company expects to use the proceeds from the transaction to acquire or make investments in operating companies as part of the Company's new strategy of becoming a diversified holding company.

***Transaction Costs The Company incurred $38.3 million in costs directly attributable to the Pershing Square Issuance. As required by the Purchase Agreement, these transaction costs included the reimbursement of $25.0 million of reasonable and documented expenses incurred by Pershing Square in connection with the negotiation and execution of the transaction. These reimbursement costs were treated as a reduction of the proceeds and recorded directly in Additional paid-in capital on the Consolidated Balance Sheets. The remaining $13.3 million of costs were incurred directly by the Company and included $12.2 million of costs attributable to the sale of common stock recognized in Additional paid-in capital and $1.1 million of costs which were expensed as incurred as General and administrative expenses in the Consolidated Statements of Operations.***

***Services Agreement Pursuant to the terms of the Services Agreement, Pershing Square will support the Company's new diversified holding company strategy by providing services to the Company, such as (i) investment advisory services, (ii) making recommendations with respect to hedging, balance sheet optimization and capital allocation, (iii) executing transactions, (iv) assisting the Company with business and corporate development functions, (v) making voting recommendations for the Company's investments, (vi) assisting with and advising on fundraising, (vii) monitoring operations of the Company and its investments, subject to the day-to-day authority and responsibility of management of the Company, (viii) providing recommendations for persons to serve as designees or deputies of the Chief Investment Officer, (ix) engaging and supervising third-party service providers, (x) making dividend payment recommendations, and (xi) providing other services as may be agreed upon. The Services Agreement will have an initial ten-year term and will have successive renewal terms of ten years.***

The Company will pay Pershing Square a quarterly base advisory fee of $3.75 million and a quarterly variable advisory fee equal to 0.375% of the excess value of the quarter-end stock price of the Company's common stock minus the reference price of $66.15, multiplied by the existing share count as of the transaction date, which will not increase with the issuance of new shares of common stock. The base fee and the reference share price are subject to annual adjustment based on the Core Personal Consumption Expenditures (PCE) Price Index. The total advisory fee recognized in General and administrative expenses in the Consolidated Statements of Operations was $17.1 million for the year ended December 31, 2025. As of December 31, 2025, the Consolidated Balance Sheets reflect accounts payable of $3.3 million due to Pershing Square with respect to the advisory fees.

**Potential Preferred Share Issuance to Pershing Square In December 2025, in association with the pending acquisition of Vantage, the Company entered into an equity commitment letter with Pershing Square Holdings, Ltd. under which Pershing Square committed to purchase up to $1.0 billion of the Company's preferred stock, prior to and contingent upon the closing of the Vantage acquisition. The preferred stock will be perpetual, non-voting (subject to customary protective rights), and will become convertible into the common stock of Vantage if not redeemed by the end of the seventh fiscal year post-transaction. The Company will have the right, but not the obligation, to repurchase the preferred stock during specified periods and upon certain triggering events. The Company is evaluating the accounting implications of the potential preferred stock issuance and will provide further disclosures upon execution of the transaction.** 

3. Discontinued Operations

On July 31, 2024, the Spinoff of SEG was completed. The Spinoff included all assets previously included in the Company's Seaport segment and the Las Vegas Aviators and the Las Vegas Ballpark, which were previously included in the Operating Assets segment. As the Spinoff represents a strategic shift in the Company's operations, the results of SEG are included as discontinued operations for all periods presented.

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The following table presents key components of Net income (loss) from discontinued operations, net of income taxes, for the years ended December 31:

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| | | |
|:---|:---|:---|
| *thousands* | **2024** | **2023**  |
| Total revenues | &nbsp;&nbsp;&nbsp; $60846  | $115349  |
| Total operating expenses | &nbsp;&nbsp;&nbsp;&nbsp; 88381  | &nbsp;&nbsp;&nbsp; 133767  |
| General and administrative<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 32535  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4522  |
| Depreciation and amortization | &nbsp;&nbsp;&nbsp;&nbsp; 16717  | &nbsp;&nbsp;&nbsp;&nbsp; 47384  |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81  |
| Provision for impairment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; (672492)  |
| Other income (loss), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67)  | &nbsp;&nbsp;&nbsp;&nbsp; (1539)  |
| Interest income (expense), net | &nbsp;&nbsp;&nbsp;&nbsp; (7414)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874  |
| Gain (loss) on extinguishment of debt | &nbsp;&nbsp;&nbsp;&nbsp; (1563)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47)  |
| Equity in earnings (losses) from unconsolidated ventures | &nbsp;&nbsp;&nbsp; (18960)  | &nbsp;&nbsp;&nbsp; (81484)  |
| Net income (loss) from discontinued operations before income taxes | &nbsp;&nbsp; (104791)  | &nbsp;&nbsp; (825093)  |
| Income tax expense (benefit) | &nbsp;&nbsp;&nbsp; (16568)  | &nbsp;&nbsp; (190153)  |
| Net income (loss) from discontinued operations, net of taxes | $(88223)  | $(634940) |

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(a)<br> General and administrative expenses relate to costs incurred to complete the spinoff of Seaport Entertainment.

**Continuing Involvement with SEG In connection with the Spinoff, HHH entered into several agreements with Seaport Entertainment that governed the execution of the transaction and the relationship of the parties following the Spinoff including a Separation and Distribution Agreement, Transition Services Agreement, Tax Matters Agreement, Employee Matters Agreement, Guaranty Agreement, and various other agreements. All agreements expired on August 1, 2025, and as such, HHH has no continuing obligations to or from SEG under these agreements.** 

***Seaport Entertainment Guaranty Following the execution of the Spinoff, HHH provided a full backstop guaranty for SEG's outstanding mortgage related to its 250 Water Street property (SEG Term Loan). On February 6, 2026, SEG announced that it had closed the sale of its 250 Water Street property. As part of the transaction, SEG repaid the SEG Term Loan in full and HHH was released from the related backstop guaranty. See Note 12 - Commitments and Contingencies for additional information.***

4. Investments in Unconsolidated Ventures

In the normal course of business, the Company enters into partnerships and ventures with an emphasis on investments associated with the development and operation of real estate assets. As of December 31, 2025, the Company does not consolidate the investments below as it does not have a controlling financial interest in these ventures. As such, the Company primarily reports its interests in accordance with the equity method. As of December 31, 2025, these ventures had debt totaling $434.0 million, with the Company's proportionate share of this debt totaling $215.5 million. All of this indebtedness is without recourse to the Company, with the exception of the collateral maintenance obligation for Floreo. See Note 12 - *Commitments and Contingencies* for additional information related to the Company's collateral maintenance obligation.

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Investments in unconsolidated ventures consist of the following:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ownership Interest<sup>(a)</sup>** | **Ownership Interest<sup>(a)</sup>** | **Carrying Value** | **Carrying Value** | **Share of Earnings/Dividends**  | **Share of Earnings/Dividends**  | **Share of Earnings/Dividends**  |
| *thousands except percentages* | **December 31,**<br>**2025** | **December 31,**<br>**2024** | **December 31,**<br>**2025** | **December 31,**<br>**2024** | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| *thousands except percentages* | **December 31,**<br>**2025** | **December 31,**<br>**2024** | **December 31,**<br>**2025** | **December 31,**<br>**2024** | **2025** | **2024** | **2023** |
|  **Equity Method Investments**<br>|  |  |  |  |  |  |  |
| **Operating Assets**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating equity investments<sup>(b)</sup> | **Various**  | Various | &nbsp;&nbsp; **$10649**  | &nbsp;&nbsp;&nbsp; $7036 | &nbsp;&nbsp; **$(776)** | &nbsp;&nbsp;&nbsp; $2577 | &nbsp;&nbsp;&nbsp;&nbsp; $(64)  |
|  **Master Planned Communities**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; The Summit<sup>(c)</sup> | **50.0%** | 50.0% | &nbsp;&nbsp;&nbsp; **35815**  | &nbsp;&nbsp;&nbsp; 37409  | &nbsp;&nbsp; **(1594)** | &nbsp;&nbsp; (16807) | &nbsp;&nbsp; 24787  |
| &nbsp;&nbsp;&nbsp; Floreo<sup>(d)</sup> | **50.0%** | 50.0% | &nbsp;&nbsp;&nbsp; **59008** | &nbsp;&nbsp;&nbsp; 60788 | &nbsp;&nbsp; **(1780)** | &nbsp;&nbsp;&nbsp;&nbsp; 4908 | &nbsp;&nbsp; (2121)  |
| **Strategic Developments**<br>|  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; West End Alexandria<sup>(c)</sup> | **58.3%** | 58.3% | &nbsp;&nbsp;&nbsp; **60830** | &nbsp;&nbsp;&nbsp; 60513 | &nbsp;&nbsp;&nbsp;&nbsp; **317** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139  |
| &nbsp;&nbsp;&nbsp; Other | **50.0%** | 50.0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **41** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2  |
|  |  |  | &nbsp;&nbsp; **166343** | &nbsp;&nbsp; 165787 | &nbsp;&nbsp; **(3833)** | &nbsp;&nbsp;&nbsp; (9071) | &nbsp;&nbsp; 22743  |
| **Other investments<sup>(e)</sup>** |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **3779** | &nbsp;&nbsp;&nbsp;&nbsp; 3779 | &nbsp;&nbsp;&nbsp; **5605** | &nbsp;&nbsp;&nbsp;&nbsp; 3242 | &nbsp;&nbsp;&nbsp; 3033  |
|  **Investments in unconsolidated ventures** |  |  | &nbsp;&nbsp; **$170122** | &nbsp;&nbsp; $169566 | **$1772** | $(5829) | $25776 |

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(a)<br> Ownership interests presented reflect the Company's stated ownership interest or if applicable, the Company's final profit-sharing interest after receipt of any preferred returns based on the venture's distribution priorities.

(b) Two of the operating equity investments were in a combined deficit position of $23.8 million at December 31, 2025, and $18.0 million at December 31, 2024, and presented in Accounts payable and other liabilities on the Consolidated Balance Sheets. 

(c) For these equity method investments, various provisions in the venture operating agreements regarding distributions of cash flow based on capital account balances, allocations of profits and losses, and preferred returns may result in the Company's economic interest differing from its stated interest or final profit-sharing interest. For these investments, the Company recognizes income or loss based on the venture's distribution priorities, which could fluctuate over time and may be different from its stated ownership or final profit-sharing interest. 

(d)<br> Classified as a VIE; however, the Company is not the primary beneficiary and accounts for its investment in accordance with the equity method. Refer to discussion below for additional information.

(e) Other investments represent investments not accounted for under the equity method. There were no impairments, or upward or downward adjustments to the carrying amounts of these securities either during current year or cumulatively. 

**The Summit In 2015, the Company formed DLV/HHPI Summerlin, LLC (The Summit) with Discovery Land Company (Discovery) to develop a custom home community in Summerlin. The Company contributed land for Phase I in 2015 and initially received distributions and recognized its share of income or loss based on the joint venture's distribution priorities. The Company has now received all of its preferred return distributions, and recognizes its share of income or loss for Phase I based on its final profit-sharing interest.** 

In July 2022, the Company contributed an additional 54 acres to The Summit (Phase II land). The Phase II land is adjacent to the existing Summit development and includes approximately 28 custom home sites. The first lot sales closed in the first quarter of 2023. The Company will receive distributions and recognize its share of income or loss for Phase II based on the joint venture's distribution priorities in the amended Summit LLC agreement, which could fluctuate over time. Upon receipt of preferred returns to HHH, distributions and recognition of income or loss will be allocated to the company based on its final profit-sharing interest.

**Floreo In the fourth quarter of 2021, simultaneous with the Teravalis land acquisition, the Company closed on the acquisition of a 50% interest in Trillium Development Holding Company, LLC (Floreo) and entered into an LLC Agreement with JDM Partners and El Dorado Holdings to develop the first village within the new Teravalis MPC on 3,029 acres of land in the greater Phoenix, Arizona area. The first land sales closed in the first quarter of 2024.** 

In October 2022, Floreo closed on a $165.0 million bond financing. In February 2025, the borrowing capacity on the bond increased to $365.0 million. Outstanding borrowings as of December 31, 2025, were $242.0 million.

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The Company provided a guaranty on this financing in the form of a collateral maintenance obligation and received an initial guaranty fee of $5.0 million and will receive an additional guaranty fee of $6.0 million associated with the increased borrowing capacity. The financing and related guaranty provided by the Company triggered a reconsideration event, and as of December 31, 2022, Floreo was classified as a VIE. Due to rights held by other members, the Company does not have a controlling financial interest in Floreo and is not the primary beneficiary. As of December 31, 2025, the Company's maximum exposure to loss as a result of this investment is limited to the $59.0 million aggregate carrying value as the Company has not made any other firm commitments to fund amounts on behalf of this VIE, and cash collateral that the Company may be obligated to post related to its collateral maintenance obligation. See Note 12 - *Commitments and Contingencies* for additional information related to the Company's collateral maintenance obligation.

**West End Alexandria In the fourth quarter of 2021, the Company entered into an Asset Contribution Agreement with Landmark Land Holdings, LLC (West End Alexandria) to redevelop a site previously known as Landmark Mall. Other equity owners include Foulger-Pratt Development, LLC (Foulger-Pratt) and Seritage SRC Finance (Seritage). In exchange for equity interests in West End Alexandria, the Company conveyed its Landmark Mall property, Seritage conveyed additional land, and Foulger-Pratt contributed cash consideration.** 

Development plans for the 41-acre property include approximately four million square feet of residential, retail, commercial, and entertainment offerings integrated into a cohesive neighborhood with a central plaza and a network of parks and public transportation. Foulger-Pratt manages construction of the development. Demolition was completed in 2023, with completion of infrastructure work expected in 2026.

The Company does not have the ability to control the activities that most impact the economic performance of the venture as Foulger-Pratt is the managing member and manages all development activities. As such, the Company accounts for its ownership interest in accordance with the equity method.

**Summarized Financial Information The following tables provide combined summarized financial statement information for the Company's unconsolidated ventures. Financial statement information is included for each investment for all periods in which the Company's ownership interest was accounted for as an equity method investment.** 

---

| | | |
|:---|:---|:---|
| *thousands* | **December 31, 2025** | **December 31, 2024**  |
| **Consolidated Balance Sheets**<br>|  |  |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; $952501 | &nbsp;&nbsp;&nbsp;&nbsp; $879908  |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; 599167 | &nbsp;&nbsp;&nbsp;&nbsp; 526320  |
| Total Equity | &nbsp;&nbsp;&nbsp;&nbsp; 353334 | &nbsp;&nbsp;&nbsp;&nbsp; 353588 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| <br>*thousands* | **2025** | **2024** | **2023**  |
| **Consolidated Statements of Operations** <br>|  |  |  |
| Revenues | $191463  | $219766  | $347084  |
| Operating Income | &nbsp;&nbsp;&nbsp; 25293  | &nbsp;&nbsp;&nbsp; 35545  | &nbsp;&nbsp;&nbsp; 75099  |
| Net income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 9893  | &nbsp;&nbsp;&nbsp; 20987  | &nbsp;&nbsp;&nbsp; 55006 |

---

5. Acquisitions and Dispositions

#### Acquisitions
***Strategic Developments In May 2025, the Company acquired the 7 Waterway office property and the adjacent parking garage for $16.3 million in an asset acquisition. The approximately 186,369 square-foot office property is located in The Woodlands.***

***Operating Assets In June 2024, the Company acquired the 6 Waterway (formerly Waterway Plaza II) office property and the adjacent parking garage for $19.2 million in an asset acquisition. The approximately 141,763-square-foot office property is located in The Woodlands.***

**Dispositions Gains and losses on asset dispositions are recorded to Gain (loss) on sale or disposal of real estate and other assets, net in the Consolidated Statements of Operations, unless otherwise noted.** 

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#### **TABLE OF CONTENTS**
***Strategic Developments The Grogan's Mill Library and Community Center was developed in connection with a land swap agreement entered into with Montgomery County, Texas. In July 2025, upon completion of construction, the Company transferred the Grogan's Mill Library and Community Center to Montgomery County in exchange for a land parcel on the Waterway in The Woodlands (Town Green), resulting in a gain of $10.1 million. Town Green was measured at fair value and is held in the strategic segment for future development. See Note 10 - Fair Value for additional information.***

***Operating Assets In September 2025, the Company completed the sale of two land parcels, which included a 6,890 square foot retail space, in Ward Village for total proceeds of $6.0 million, resulting in a gain of $4.4 million.***

In January 2025, the Company completed the sale of two land parcels, which included a 13,870 square foot retail space, in Ward Village for total consideration of $12.2 million, resulting in a gain of $10.0 million.

During 2024, the Company completed the sale of four non-core ground leases in The Woodlands, for total proceeds of $9.6 million, resulting in a gain of $6.7 million.

In December 2024, the Company completed the sale of Lakeland Village Center at Bridgeland, a 67,947-square-foot retail property in Bridgeland, for $28.0 million, resulting in a gain of $11.4 million.

In February 2024, the Company completed the sale of Creekside Park Medical Plaza, a 32,689-square-foot medical office building in The Woodlands, for $14.0 million, resulting in a gain of $4.8 million.

In December 2023, the Company completed the sale of Memorial Hermann Medical Office, a 20,000-square-foot medical office building in The Woodlands, for $9.6 million, resulting in a gain of $3.2 million.

In July 2023, the Company completed the sale of two self-storage facilities with a total of 1,370 storage units in The Woodlands, for $30.5 million, resulting in a gain of $16.1 million.

In March 2023, the Company completed the sale of two land parcels in Honolulu, including an 11,929-square-foot building at the Ward Village Retail property, for total consideration of $6.3 million, resulting in a gain of $4.7 million.

6. Impairment

The Company reviews its long-lived assets for potential impairment indicators when events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment or disposal of long-lived assets in accordance with ASC 360 *Property, Plant, and Equipment*, requires that if impairment indicators exist and expected undiscounted cash flows generated by the asset over an anticipated holding period are less than its carrying amount, an impairment provision should be recorded to write down the carrying amount of the asset to its fair value. The impairment analysis does not consider the timing of future cash flows and whether the asset is expected to earn an above- or below-market rate of return. No impairment charges were recorded in continuing operations during the three years ended December 31, 2025, 2024, and 2023.

The Company periodically evaluates strategic alternatives with respect to each property and may revise the strategy from time to time, including the intent to hold the asset on a long-term basis or the timing of potential asset dispositions. For example, the Company may decide to sell property that is held for use, and the sale price may be less than the carrying amount. As a result, changes in strategy could result in impairment charges in future periods.

The Company evaluates each investment in an unconsolidated venture discussed in Note 4 - *Investments in Unconsolidated Ventures* periodically for recoverability and valuation declines that are other-than-temporary. If the decrease in value of an investment is deemed to be other-than-temporary, the investment is reduced to its estimated fair value. No impairment charges were recorded in continuing operations during the three years ended December 31, 2025, 2024, and 2023.

In 2023, the Company recorded a $709.5 million impairment charge related to the Seaport segment, which is now reported in discontinued operations following the Spinoff.

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7. Other Assets and Liabilities

#### Other Assets, Net The following table summarizes the significant components of Other assets, net as of December 31:

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Special Improvement District receivable, net  | &nbsp;&nbsp; **$90417**  | &nbsp;&nbsp; $97432  |
| &nbsp;&nbsp; Security, escrow, and other deposits  | &nbsp;&nbsp;&nbsp; **54608**  | &nbsp;&nbsp;&nbsp; 66348  |
| In-place leases, net  | &nbsp;&nbsp;&nbsp; **28486**  | &nbsp;&nbsp;&nbsp; 32995  |
| Prepaid expenses  | &nbsp;&nbsp;&nbsp; **19669**  | &nbsp;&nbsp;&nbsp; 22791  |
| Tenant incentives and other receivables, net  | &nbsp;&nbsp;&nbsp; **15259**  | &nbsp;&nbsp;&nbsp; 12567  |
| Other  | &nbsp;&nbsp;&nbsp;&nbsp; **11934**  | &nbsp;&nbsp;&nbsp; 28433  |
| Intangibles, net  | &nbsp;&nbsp;&nbsp;&nbsp; **7930**  | &nbsp;&nbsp;&nbsp;&nbsp; 3359  |
| TIF receivable, net  | &nbsp;&nbsp;&nbsp;&nbsp; **4012**  | &nbsp;&nbsp;&nbsp;&nbsp; 4340  |
| Condominium inventory  | &nbsp;&nbsp;&nbsp;&nbsp; **3937**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525  |
| Interest rate derivative assets  | &nbsp;&nbsp;&nbsp;&nbsp; **3113**  | &nbsp;&nbsp;&nbsp;&nbsp; 9082  |
| Notes receivable, net  | &nbsp;&nbsp;&nbsp;&nbsp; **2932**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870  |
| Net investment in lease receivable  | &nbsp;&nbsp;&nbsp;&nbsp; **2781**  | &nbsp;&nbsp;&nbsp;&nbsp; 2809  |
| **Other assets, net** | **$245078**  | $281551 |

---

#### Accounts Payable and Other Liabilities The following table summarizes the significant components of Accounts payable and other liabilities as of December 31:

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Condominium deposit liabilities  | &nbsp;&nbsp; **$748795**  | &nbsp;&nbsp; $459683  |
| Construction payables  | &nbsp;&nbsp;&nbsp;&nbsp; **263845**  | &nbsp;&nbsp;&nbsp;&nbsp; 252619  |
| Deferred income  | &nbsp;&nbsp;&nbsp;&nbsp; **166121**  | &nbsp;&nbsp;&nbsp;&nbsp; 125784  |
| Accounts payable and accrued expenses  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **69023**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48317  |
| MUD sale liability  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **64364**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19468  |
| Tenant and other deposits  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **59736**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47112  |
| Accrued interest  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **50800**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51828  |
| Accrued real estate taxes  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **35311**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29284  |
| Accrued payroll and other employee liabilities  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **31452**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32154  |
| Other  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **27911**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28188  |
| Interest rate derivative liabilities  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **689**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| **Accounts payable and other liabilities** | **$1518047**  | $1094437 |

---

8. Intangibles

The following table summarizes the Company's intangible assets and liabilities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2024**  | **As of December 31, 2024**  | **As of December 31, 2024**  |
| <br>*thousands* | **Gross Asset** <br>(Liability) | **Accumulated** <br>**(Amortization)/** <br>**Accretion** | **Net Carrying** <br>**Amount** | **Gross Asset** <br>(Liability) | **Accumulated** <br>**(Amortization)/** <br>**Accretion** | **Net Carrying** <br>**Amount**  |
| Intangible Assets: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Other intangibles | &nbsp;&nbsp; **$8052**  | &nbsp;&nbsp;&nbsp; **$(2615)**  | &nbsp;&nbsp; **$5437**  | &nbsp;&nbsp; $4526  | &nbsp;&nbsp;&nbsp; $(1324)  | &nbsp;&nbsp; $3202  |
| &nbsp;&nbsp;&nbsp; Goodwill | &nbsp;&nbsp;&nbsp; **2336**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp; **2336**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Indefinite lived intangibles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **157**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **157**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157  |
| Tenant leases: <br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; In-place value | &nbsp;&nbsp; **54008**  | &nbsp;&nbsp;&nbsp; **(25522)**  | &nbsp;&nbsp; **28486**  | &nbsp;&nbsp; 56019  | &nbsp;&nbsp;&nbsp; (23024)  | &nbsp;&nbsp; 32995  |
| &nbsp;&nbsp;&nbsp; Above-market | &nbsp;&nbsp;&nbsp; **1053**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(475)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **578**  | &nbsp;&nbsp;&nbsp; 1281  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(395)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886  |
| &nbsp;&nbsp;&nbsp; Below-market | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—**  | &nbsp;&nbsp;&nbsp;&nbsp; (627)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Total indefinite lived intangibles |  |  | &nbsp;&nbsp; **$2493**  |  |  | &nbsp;&nbsp; $157  |
| Total amortizing intangibles |  |  | &nbsp;&nbsp; **$34501**  |  |  | &nbsp;&nbsp; $37083 |

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#### **TABLE OF CONTENTS**
Other intangibles includes trademark and trade name intangibles related to MPCs as well as internally developed software. These intangibles are included in Other assets, net and are amortized on a straight-line basis over the estimated useful life of the asset. The tenant in-place, above-market, and below-market lease intangible assets resulted from real estate acquisitions. The in-place value and above-market value of tenant leases are included in Other assets, net and are amortized over periods that approximate the related lease terms. The below-market tenant leases are included in Accounts payable and other liabilities and are amortized over the remaining non-cancelable terms of the respective leases. See Note 7 - *Other Assets and Liabilities* for additional information regarding Other assets, net and Accounts payable and other liabilities.

Net amortization and accretion expense for these intangible assets and liabilities was $5.2 million in 2025, $4.6 million in 2024, and $4.3 million in 2023.

Future net amortization and accretion expense is estimated for each of the five succeeding years as shown below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *thousands* | **2026** | **2027** | **2028** | **2029** | **2030**  |
| Net amortization and accretion expense | $5793  | $5173  | $5064  | $5025  | $5014 |

---

9. Mortgages, Notes, and Loans Payable, Net

#### Mortgages, Notes, and Loans Payable All mortgages, notes, and loans payable of HHH are held by HHC and its subsidiaries.

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| <br>*thousands* | **2025** | **2024**  |
| **Fixed-rate debt**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Senior unsecured notes | **$2050000**  | $2050000  |
| &nbsp;&nbsp;&nbsp; Secured mortgages payable | &nbsp;&nbsp; **1793561**  | &nbsp;&nbsp; 1635750  |
| &nbsp;&nbsp;&nbsp; Special Improvement District bonds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **80294**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83779  |
| **Variable-rate debt<sup>(a)</sup>**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Secured Bridgeland Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **85000**  | &nbsp;&nbsp;&nbsp;&nbsp; 283000  |
| &nbsp;&nbsp;&nbsp; Secured mortgages payable | &nbsp;&nbsp; **1135359**  | &nbsp;&nbsp; 1115908  |
| Unamortized deferred financing costs<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **(34386)**  | &nbsp;&nbsp;&nbsp;&nbsp; (40968)  |
| Mortgages, notes, and loans payable, net | **$5109828**  | $5127469 |

---

(a)<br> The Company has entered into derivative instruments to manage the variable interest rate exposure. See Note 11 - *Derivative Instruments and Hedging Activities* for additional information.

(b)<br> Deferred financing costs are amortized to interest expense over the initial contractual term of the respective financing agreements using the effective interest method (or other methods which approximate the effective interest method).

As of December 31, 2025, land, buildings and equipment, developments, and other collateral with a net book value of $4.8 billion have been pledged as collateral for the Company's debt obligations. Senior unsecured notes totaling $2.1 billion and $52.1 million of secured mortgages payable are recourse to the Company.

***Senior Unsecured Notes During 2020 and 2021, the Company issued $2.1 billion of aggregate principal of senior unsecured notes. These notes have fixed rates of interest that are payable semi-annually and are interest only until maturity. The following table summarizes the Company's senior unsecured notes by issuance date:***

---

| | | | |
|:---|:---|:---|:---|
| *$ in thousands* | **Principal** | **Maturity Date** | **Interest Rate**  |
| August 2020 | &nbsp;&nbsp; $750000  | August 2028 | &nbsp;&nbsp;&nbsp;&nbsp; 5.375%  |
| February 2021 | &nbsp;&nbsp;&nbsp;&nbsp; 650000  | February 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 4.125%  |
| February 2021 | &nbsp;&nbsp;&nbsp;&nbsp; 650000  | February 2031 | &nbsp;&nbsp;&nbsp;&nbsp; 4.375%  |
| Senior unsecured notes | $2050000  |  |  |

---

On February 17, 2026, HHC, the Company's wholly owned subsidiary, issued $500.0 million of 5.875% senior unsecured notes due 2032 and $500.0 million of 6.125% senior unsecured notes due 2034 (collectively the New Notes). The New Notes will pay interest semi-annually, in each case payable on March 1 and September 1 of

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#### **TABLE OF CONTENTS**
each year, beginning on September 1, 2026. HHC used the net proceeds to redeem its outstanding $750.0 million 5.375% senior unsecured notes due 2028, including the payment of premiums, accrued and unpaid interest and expenses related to such redemption, and will use the remaining proceeds for general corporate purposes.

The New Notes were offered in a private placement, solely to persons reasonably believed to be qualified institutional buyers. The New Notes have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

***Secured Mortgages Payable The Company's outstanding mortgages are collateralized by certain of the Company's real estate assets. Certain of the Company's loans contain provisions that grant the lender a security interest in the operating cash flow of the property that represents the collateral for the loan. Certain mortgage notes may be prepaid subject to a prepayment penalty equal to a yield maintenance premium, defeasance, or a percentage of the loan balance. Construction loans related to the Company's development properties are generally variable-rate, interest-only, and have maturities of five years or less. Debt obligations related to the Company's operating properties generally require monthly installments of principal and interest.***

The following table summarizes the Company's secured mortgages payable:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  | **December 31, 2024**  |
| <br>*$ in thousands* | **Principal** | **Range of** <br>**Interest Rates** | **Weighted-**<br>**average** <br>**Interest Rate** | **Weighted-**<br>**average** <br>**Years to** <br>**Maturity** | **Principal** | **Range of** <br>**Interest Rates** | **Weighted-**<br>**average** <br>**Interest Rate** | **Weighted-**<br>**average** <br>**Years to** <br>**Maturity** |
| Fixed rate<sup>(a)</sup> | **$1793561** | **3.13% - 8.67%** | &nbsp;&nbsp;&nbsp;&nbsp;4.91% | &nbsp;&nbsp;&nbsp;&nbsp;5.1 | $1635750  | 3.13% - 8.67% | &nbsp;&nbsp;&nbsp;&nbsp;4.74% | &nbsp;&nbsp;&nbsp;&nbsp;5.8  |
| Variable rate<sup>(b)</sup> | &nbsp;&nbsp; **1135359** | **5.77% - 8.87%** | &nbsp;&nbsp;&nbsp;&nbsp;7.34% | &nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp; 1115908  | 6.43% - 9.42% | &nbsp;&nbsp;&nbsp;&nbsp;7.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.7  |
| &nbsp;&nbsp; Secured mortgages payable  | **$2928920** | **3.13% - 8.87%** | &nbsp;&nbsp;&nbsp;&nbsp;5.85% | &nbsp;&nbsp;&nbsp;&nbsp;3.6 | $2751658  | 3.13% - 9.42% | &nbsp;&nbsp;&nbsp;&nbsp;5.93% | &nbsp;&nbsp;&nbsp;&nbsp;4.1 |

---

(a)<br> Interest rates presented are based upon the coupon rates of the Company's fixed-rate debt obligations.

(b)<br> Interest rates presented are based on the applicable reference interest rates as of December 31, 2025 and 2024, excluding the effects of interest rate derivatives.

The Company has entered into derivative instruments to manage its variable interest rate exposure. The weighted-average interest rate of the Company's variable-rate mortgages payable, inclusive of interest rate derivatives, was 7.15% as of December 31, 2025, and 7.02% as of December 31, 2024. See Note 11 - *Derivative Instruments and Hedging Activities* for additional information.

The Company's secured mortgages mature over various terms through September 2052. On certain of its debt obligations, the Company has the option to exercise extension options, subject to certain terms, which may include minimum debt service coverage, minimum occupancy levels or condominium sales levels, as applicable, and other performance criteria. In certain cases, due to property performance not meeting identified covenants, the Company may be required to pay down a portion of the loan to exercise the extension option.

During 2025, the Company's mortgage activity included draws on existing mortgages of $573.5 million, refinancings of $184.2 million, and repayments of $365.7 million. As of December 31, 2025, the Company's secured mortgage loans had $686.6 million of undrawn lender commitment available to be drawn for property development, subject to certain restrictions.

***Special Improvement District Bonds The Summerlin MPC uses SID bonds to finance certain common infrastructure improvements. These bonds are issued by the municipalities and are secured by the assessments on the land. The majority of proceeds from each bond issued is held in a construction escrow and disbursed to the Company as infrastructure projects are completed, inspected by the municipalities, and approved for reimbursement. Accordingly, the SID bonds have been classified as debt, and the Summerlin MPC pays the debt service on the bonds semi-annually. As Summerlin sells land, the buyers assume a proportionate share of the bond obligation at closing, and the residential sales contracts provide for the reimbursement of the principal amounts that the Company previously paid with respect to such proportionate share of the bond. These bonds***

F-58<br>

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bear interest at fixed rates ranging from 4.13% to 6.50% with maturities ranging from 2030 to 2055 as of December 31, 2025, and fixed rates ranging from 4.13% to 6.05% with maturities ranging from 2025 to 2054 as of December 31, 2024. For the year ended December 31, 2025, $16.4 million in SID bonds were issued and obligations of $17.7 million were assumed by buyers.

***Secured Bridgeland Notes The Company's $600.0 million secured notes mature in 2029 and are secured by MUD receivables and land in Bridgeland. The loan requires a 10% fully refundable deposit on the outstanding balance and has an interest rate of 6.06%. In the second quarter of 2025, $198.0 million was repaid using the proceeds from the sale of MUD receivables, bringing outstanding borrowings to $85.0 million as of December 31, 2025.***

***Debt Compliance On certain of its debt obligations, the Company has the option to exercise extension options, subject to certain terms, which may include minimum debt service coverage, minimum occupancy levels or condominium sales levels, as applicable, and other performance criteria. In certain cases, due to property performance not meeting identified covenants, the Company may be required to pay down a portion of the loan to exercise the extension option.***

As of December 31, 2025, the Company was not in compliance with certain property-level debt covenants due to not meeting certain debt service coverage ratios caused by lease expirations, vacancies, rent abatements, and other factors. As a result, the excess net cash flow after debt service from the underlying properties became restricted. While the restricted cash could not be used for general corporate purposes, it could be used to fund operations of the underlying assets, and therefore there was no material impact on the Company's liquidity or its ability to operate these assets.

#### Scheduled Maturities The following table summarizes the contractual obligations relating to the Company's mortgages, notes, and loans payable as of December 31, 2025:

---

| | |
|:---|:---|
| *thousands* | **Mortgages, notes, and** <br>**loans payable** <br>**principal payments**  |
| 2026 | &nbsp;&nbsp;&nbsp;&nbsp; $663243  |
| 2027 | &nbsp;&nbsp;&nbsp;&nbsp; 507661  |
| 2028<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 923362  |
| 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 1075975  |
| 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 277225  |
| Thereafter<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 1696748  |
| Total principal payments | &nbsp;&nbsp;&nbsp;&nbsp; 5144214  |
| Unamortized deferred financing costs | &nbsp;&nbsp;&nbsp;&nbsp; (34386)  |
| Mortgages, notes, and loans payable | &nbsp;&nbsp;&nbsp;&nbsp; $5109828 |

---

(a) Subsequent to year end, on February 17, 2026, HHC, the Company's wholly owned subsidiary, issued $500.0 million of 5.875% senior unsecured notes due 2032 and $500.0 million of 6.125% senior unsecured notes due 2034. HHC used the net proceeds to redeem its outstanding $750.0 million 5.375% senior unsecured notes due 2028, including premiums, accrued and unpaid interest and related expenses, and will use the remaining proceeds for general corporate purposes. 

10. Fair Value

ASC 820, *Fair Value Measurement* (ASC 820), emphasizes that fair value is a market-based measurement that should be determined using assumptions market participants would use in pricing an asset or liability. The standard establishes a hierarchical disclosure framework that prioritizes and ranks the level of market price observability used in measuring assets or liabilities at fair value. Market price observability is impacted by a number of factors, including the type of investment and the characteristics specific to the asset or liability. Assets or liabilities with readily available active quoted prices, or for which fair value can be measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value.

F-59<br>

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#### **TABLE OF CONTENTS**
The following table presents the fair value measurement hierarchy levels required under ASC 820 for the Company's assets and liabilities that are measured at fair value on a recurring basis.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025**<br>**Fair Value Measurements Using** | **December 31, 2025**<br>**Fair Value Measurements Using** | **December 31, 2025**<br>**Fair Value Measurements Using** | **December 31, 2025**<br>**Fair Value Measurements Using** | December 31, 2024<br>Fair Value Measurements Using  | December 31, 2024<br>Fair Value Measurements Using  | December 31, 2024<br>Fair Value Measurements Using  | December 31, 2024<br>Fair Value Measurements Using  |
| *thousands* | **Total** | **Quoted Prices** <br>**in Active** <br>**Markets for** <br>**Identical Assets** <br>**(Level 1)** | **Significant** <br>**Other** <br>**Observable** <br>**Inputs** <br>**(Level 2)** | **Significant** <br>**Unobservable** <br>**Inputs** <br>**(Level 3)** | Total | Quoted Prices <br>in Active <br>Markets for <br>Identical Assets <br>(Level 1) | Significant <br>Other <br>Observable <br>Inputs <br>(Level 2) | Significant <br>Unobservable <br>Inputs <br>(Level 3) |
|  Interest rate derivative assets | **$3113** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; **$3113** | &nbsp;&nbsp;&nbsp;&nbsp; $— | $9082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $9082 | &nbsp;&nbsp;&nbsp;&nbsp; $—  |
|  Interest rate derivative liabilities | &nbsp;&nbsp;&nbsp;&nbsp; **689** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; **689** | &nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

The fair values of interest rate derivatives are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates derived from observable market interest rate curves.

The estimated fair values of the Company's financial instruments that are not measured at fair value on a recurring basis are as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **December 31, 2025** | **December 31, 2025** | December 31, 2024  | December 31, 2024  |
| *thousands* | **Fair Value** <br>**Hierarchy** | **Carrying** <br>**Amount** | **Estimated** <br>**Fair Value** | Carrying<br>Amount | Estimated <br>Fair Value  |
| Assets:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash, cash equivalents, and restricted cash | Level 1 | **$2097158**  | **$2097158**  | &nbsp;&nbsp; $998503  | &nbsp;&nbsp; $998503  |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net<sup>(a)</sup> | Level 3 | &nbsp;&nbsp;&nbsp;&nbsp; **134122**  | &nbsp;&nbsp;&nbsp;&nbsp; **134122**  | &nbsp;&nbsp;&nbsp;&nbsp; 105185  | &nbsp;&nbsp;&nbsp;&nbsp; 105185  |
| &nbsp;&nbsp;&nbsp; Notes receivable, net<sup>(b)</sup> | Level 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2932**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **2932**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 870  |
| Liabilities:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fixed-rate debt<sup>(c)</sup> | Level 2 | &nbsp;&nbsp; **3923855**  | &nbsp;&nbsp; **3794729**  | &nbsp;&nbsp; 3769529  | &nbsp;&nbsp; 3495298  |
| &nbsp;&nbsp;&nbsp; Variable-rate debt<sup>(c)</sup> | Level 2 | &nbsp;&nbsp; **1220359**  | &nbsp;&nbsp; **1220359**  | &nbsp;&nbsp; 1398908  | &nbsp;&nbsp; 1398908 |

---

(a) Accounts receivable, net is shown net of an allowance of $7.2 million at December 31, 2025, and $8.2 million at December 31, 2024. Refer to Note 1 - *Presentation of Financial Statements and Significant Accounting Policies* for additional information on the allowance. 

(b)<br> Notes receivable, net is shown net of an immaterial allowance at December 31, 2025, and December 31, 2024.

(c)<br> Excludes related unamortized financing costs.

The carrying amounts of Cash and restricted cash, Accounts receivable, net, and Notes receivable, net approximate fair value because of the short-term maturity of these instruments.

The fair value of the Company's senior unsecured notes, included in fixed-rate debt in the table above, is based upon the trade price closest to the end of the period presented. The fair value of other fixed-rate debt in the table above was estimated based on a discounted future cash payment model, which includes risk premiums and risk-free rates derived from the Secured Overnight Financing Rate (SOFR) or U.S. Treasury obligation interest rates as of December 31, 2025. Refer to Note 9 - *Mortgages, Notes, and Loans Payable, Net* for additional information. The discount rates reflect the Company's judgment as to what the approximate current lending rates for loans or groups of loans with similar maturities and credit quality would be if credit markets were operating efficiently and assuming that the debt is outstanding through maturity.

The carrying amounts for the Company's variable-rate debt approximate fair value given that the interest rates are variable and adjust with current market rates for instruments with similar risks and maturities.

F-60<br>

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The below table includes a non-financial asset received as consideration in a land swap transaction and measured at fair value on a non-recurring basis:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *thousands* | **Segment** | **Total Fair** <br>**Value** <br>**Measurement** | **Fair Value Measurements Using**  | **Fair Value Measurements Using**  | **Fair Value Measurements Using**  |
| *thousands* | **Segment** | **Total Fair** <br>**Value** <br>**Measurement** | **Quoted Prices** <br>**in Active** <br>**Markets for** <br>**Identical Assets** <br>**(Level 1)** | **Significant** <br>**Other** <br>**Observable** <br>**Inputs** <br>**(Level 2)** | **Significant** <br>**Unobservable** <br>**Inputs** <br>**(Level 3)**  |
| Town Green<sup>(a)</sup> | Strategic Developments | &nbsp;&nbsp; $28900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $28900 |

---

(a)<br> The fair value was determined based on an independent property appraisal using market-participant assumptions as of June 2025. Refer to Note 5 - *Acquisitions and Dispositions* for additional information.

11. Derivative Instruments and Hedging Activities

The Company is exposed to interest rate risk related to its variable interest rate debt, and it manages this risk by utilizing interest rate derivatives. The Company uses interest rate swaps, collars, and caps to add stability to interest costs by reducing the Company's exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company's fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above an established ceiling rate and payment of variable amounts to a counterparty if interest rates fall below an established floor rate, in exchange for an upfront premium. No payments or receipts are exchanged on interest rate collar contracts unless interest rates rise above or fall below the established ceiling and floor rates. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an upfront premium. Certain of the Company's interest rate caps are not currently designated as hedges, and therefore, any gains or losses are recognized in current-period earnings within Interest expense in the Consolidated Statements of Operations. These derivatives are recorded on a gross basis at fair value on the Consolidated Balance Sheet.

Assessments of hedge effectiveness are performed quarterly using regression analysis. The change in the fair value of derivatives designated and qualifying as cash flow hedges is recorded in Accumulated other comprehensive income (loss) (AOCI) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings within the same income statement line item being hedged. Derivatives accounted for as cash flow hedges are classified in the same category in the Consolidated Statements of Cash Flows as the items being hedged. Gains and losses from derivative financial instruments are reported in Cash provided by (used in) operating activities within the Consolidated Statements of Cash Flows.

The Company is exposed to credit risk in the event of non-performance by its derivative counterparties. To mitigate its credit risk, the Company reviews the creditworthiness of counterparties and enters into agreements with those that are considered credit-worthy, such as large financial institutions with favorable credit ratings. There were no derivative counterparty defaults as of December 31, 2025 or 2024.

If the derivative contracts are terminated prior to their maturity, the amounts previously recorded in AOCI are recognized in earnings over the period that the hedged transaction impacts earnings. During the year ended December 31, 2025, the Company recorded an immaterial reduction in Interest expense related to the amortization of terminated swaps.

Amounts reported in AOCI related to derivatives will be reclassified to Interest expense as interest payments are made on the Company's variable-rate debt. Over the next 12 months, HHH estimates that $1.2 million of net gain will be reclassified to Interest expense including amounts related to the amortization of terminated swaps.

F-61<br>

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The following table summarizes certain terms of the Company's derivative contracts. The Company reports derivative assets in Other assets, net and derivative liabilities in Accounts payable and other liabilities.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Fair Value Asset (Liability)**  | **Fair Value Asset (Liability)**  |
| <br>*thousands* | <br>**Notional Amount** | <br>**Fixed Interest**<br>**Rate<sup>(a)</sup>** | <br>**Effective**<br>**Date** | <br>**Maturity**<br>**Date** | **December 31,**<br>**2025** | **December 31,**<br>**2024**  |
| **Derivative instruments not designated as hedging instruments: <sup>(b)</sup>** | **Derivative instruments not designated as hedging instruments: <sup>(b)</sup>** | **Derivative instruments not designated as hedging instruments: <sup>(b)</sup>** | **Derivative instruments not designated as hedging instruments: <sup>(b)</sup>** | **Derivative instruments not designated as hedging instruments: <sup>(b)</sup>** | **Derivative instruments not designated as hedging instruments: <sup>(b)</sup>** | **Derivative instruments not designated as hedging instruments: <sup>(b)</sup>** |
| Interest rate collar | &nbsp;&nbsp;&nbsp;&nbsp; 219080 | 2.00% - 4.50% | 6/1/2023 | 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; $35  |
| Interest rate collar | &nbsp;&nbsp;&nbsp;&nbsp; 234364 | 2.00% - 4.50% | 6/1/2023 | 6/1/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | 2.50% | 10/12/2021 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp; 919  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp; 59500 | 2.50% | 10/12/2021 | 9/29/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp; 729  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | 4.50% | 6/17/2025 | 7/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp; 69712 | 6.00% | 6/20/2024 | 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp; 8890 | 6.00% | 6/20/2024 | 7/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp; 133467 | 5.25% | 12/2/2024 | 12/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **1** | &nbsp;&nbsp;&nbsp;&nbsp; 297  |
| **Derivative instruments designated as hedging instruments:** | **Derivative instruments designated as hedging instruments:** | **Derivative instruments designated as hedging instruments:** | **Derivative instruments designated as hedging instruments:** | **Derivative instruments designated as hedging instruments:** | **Derivative instruments designated as hedging instruments:** | **Derivative instruments designated as hedging instruments:** |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp; 127000 | 3.50% | 11/7/2024 | 11/7/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp; 725  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp; 72581 | 5.00% | 12/22/2022 | 12/21/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15  |
| Interest rate swap | &nbsp;&nbsp;&nbsp;&nbsp; 79444 | 3.97% | 5/1/2025 | 4/15/2026 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Interest rate swap | &nbsp;&nbsp;&nbsp;&nbsp; 32400 | 3.98% | 7/10/2025 | 8/1/2026 | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Interest rate swap | &nbsp;&nbsp;&nbsp;&nbsp; 175000 | 3.69% | 1/3/2023 | 1/1/2027 | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(542) | &nbsp;&nbsp;&nbsp; 1062  |
| Interest rate swap | &nbsp;&nbsp;&nbsp;&nbsp; 40800 | 1.68% | 3/1/2022 | 2/18/2027 | &nbsp;&nbsp;&nbsp;&nbsp; **792** | &nbsp;&nbsp;&nbsp; 1979  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp; 127000 | 3.50% | 11/7/2025 | 1/8/2027 | &nbsp;&nbsp;&nbsp;&nbsp; **145** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Interest rate cap | &nbsp;&nbsp;&nbsp;&nbsp; 59000 | 4.15% | 12/21/2025 | 12/21/2028 | &nbsp;&nbsp;&nbsp;&nbsp; **183** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Interest rate swap | &nbsp;&nbsp;&nbsp;&nbsp; 33894 | 4.89% | 11/1/2019 | 1/1/2032 | &nbsp;&nbsp;&nbsp; **1991** | &nbsp;&nbsp;&nbsp; 3253  |
|  **Total fair value derivative assets** |  |  |  |  | &nbsp;&nbsp;&nbsp; **$3113** | &nbsp;&nbsp;&nbsp; $9082  |
|  **Total fair value derivative liabilities** |  |  |  |  | &nbsp;&nbsp;&nbsp; **(689)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
|  **Total fair value derivatives asset (liability), net** |  |  |  |  | &nbsp;&nbsp;&nbsp; **$2424** | &nbsp;&nbsp;&nbsp; $9082 |

---

(a)<br> These rates represent the swap rate and cap strike rate on HHH's interest rate swaps, caps, and collars.

(b) Interest income related to these contracts was $0.4 million in 2025 and $1.4 million in 2024. 

The tables below present the effect of the Company's derivative financial instruments in the Consolidated Statements of Operations for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| | **Amount of Gain (Loss) Recognized in AOCI on** <br>**Derivatives**  | **Amount of Gain (Loss) Recognized in AOCI on** <br>**Derivatives**  | **Amount of Gain (Loss) Recognized in AOCI on** <br>**Derivatives**  |
| **Derivatives in Cash Flow Hedging Relationships**<br>*thousands* | **2024** | **2023** | **2022**  |
| Interest rate derivatives | &nbsp;&nbsp;&nbsp;&nbsp; **$(962)**  | &nbsp;&nbsp;&nbsp;&nbsp; $4818 | &nbsp;&nbsp;&nbsp;&nbsp; $3809 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Amount of Gain (Loss) Reclassified from AOCI into** <br>**Statements of Operations**  | **Amount of Gain (Loss) Reclassified from AOCI into** <br>**Statements of Operations**  | **Amount of Gain (Loss) Reclassified from AOCI into** <br>**Statements of Operations**  |
| **Location of Gain (Loss) Reclassified from AOCI into Statements of Operations**<br>*thousands* | **2025** | **2024** | **2023**  |
| Interest expense | &nbsp;&nbsp;&nbsp;&nbsp; **$2923**  | &nbsp;&nbsp;&nbsp;&nbsp; $4497 | &nbsp;&nbsp;&nbsp;&nbsp; $13131 |

---

**Credit-risk-related Contingent Features The Company has agreements at the property level with certain derivative counterparties that contain a provision where if the Company defaults on the related property-level indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its related derivative obligations. The fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $0.7 million as of December 31, 2025.** 

F-62<br>

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12. **Commitments and Contingencies** 

**Litigation In the normal course of business, from time to time, the Company is involved in legal proceedings relating to the ownership and operations of its properties. In management's opinion, the liabilities, if any, that may ultimately result from normal course of business legal actions are not expected to have a material effect on the Company's consolidated financial position, results of operations, or liquidity.** 

***Columbia The Company is currently developing certain property it owns in Merriweather District (formerly Downtown Columbia), which is subject to certain recorded documents, covenants, and restrictions (the Covenants). Under the Covenants, HHH is the master developer of Merriweather District. In 2017, IMH Columbia, LLC (IMH) purchased the site of a former Sheraton Hotel (the Hotel Lot) subject to the Covenants. IMH has made demands that HHH accede to IMH's development plans for the Hotel Lot and HHH has exercised its right under the Covenants to object to IMH's plans for the Hotel Lot. IMH filed a complaint seeking (1) a declaration that HHH gave its consent, under the Covenants, to IMH's proposed changes in use and onsite parking, or that the limitations under the Covenants are obsolete and unenforceable, (2) damages reimbursing the costs and expenses IMH claims to have incurred in reliance on HHH's alleged consent to IMH's proposed development, (3) damages related to the expectation of lost profits, which IMH alleged were caused by HHH breaching the Covenants by prohibiting IMH from proceeding with its proposed development, and (4) declarations finding that HHH breached the shared parking related Covenants relating to HHH's own property. The jury trial concluded in April 2024, and the jury found partially in favor of IMH and awarded damages of $17.0 million, which will accrue post-judgment interest of 10% annually from the date of the final judgment. The Company appealed the judgment, and the Court of Appeals heard oral arguments in September 2025. In December 2025, the Appellate Court of Maryland affirmed the judgment in full and the Company does not intend to file a motion for reconsideration or appeal the decision. As such, the Company accrued a liability of $19.8 million at December 31, 2025, inclusive of $17.0 million for the initial judgment and $2.8 million of related interest, and recognized the amount in Other income (loss), net in the accompanying Consolidated Statements of Operations for year ended December 31, 2025.***

***Timarron Park On June 14, 2018, the Company was served with a petition involving approximately 500 individuals or entities who claim that their properties, located in the Timarron Park neighborhood of The Woodlands, were damaged by flood waters that resulted from the unprecedented rainfall that occurred throughout Harris County and surrounding areas during Hurricane Harvey in August 2017. The complaint was filed in State Court in Harris County of the State of Texas. In general, the plaintiffs allege negligence in the development of Timarron Park and violations of Texas' Deceptive Trade Practices Act and name as defendants The Howard Hughes Corporation, The Woodlands Land Development Company, and two unaffiliated parties involved in the planning and engineering of Timarron Park. The plaintiffs are seeking restitution for damages to their properties and diminution of their property values. On August 9, 2022, the Court granted the Company's summary judgment motions and dismissed the plaintiffs' claims. The plaintiffs filed a motion for a new trial, which was denied. Plaintiffs appealed. In November 2024, a three-judge panel of the Court of Appeals affirmed the trial court's judgment in the Company's favor. Plaintiffs sought rehearing. In December 2025, the Court of Appeals again affirmed the trial court's judgment in the Company's favor in a subsequent opinion issued following rehearing. The plaintiffs have obtained an extension of time to seek further rehearing or rehearing en banc and may also seek discretionary review by the Texas Supreme Court. Any such review is discretionary. The Company will continue to defend the matter as it believes that these claims are without merit and that it has substantial legal and factual defenses to the claims and allegations contained in the complaint. Based upon the present status of this matter, the Company does not believe it is probable that a loss will be incurred. Accordingly, the Company has not recorded a charge as a result of this action.***

***Kō'ula In January 2025, the Association of Unit Owners of Kō'ula filed two complaints against the Company and the general contractor, with one complaint alleging multiple code violations and construction defects (Defect Action) and the other claiming that the Company understated operating costs and disproportionately allocated common expenses to the detriment of unit owners (Budget Action). The Company's insurance carrier has agreed to defend the Defect Action, while coverage for the Budget Action was denied. The Company filed a motion to consolidate both complaints, which was granted in June 2025, and the court's order regarding the same was entered in September 2025. The Company filed motions to dismiss both actions in October 2025. The Court heard both motions in December 2025, and the Company is awaiting a ruling. The trial is presently scheduled for January 2027. The Company has not accrued any amount related to this claim as the damage is undetermined.***

F-63<br>

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**Letters of Credit and Surety Bonds As of December 31, 2025, the Company had outstanding letters of credit totaling $5.2 million and surety bonds totaling $383.1 million. As of December 31, 2024, the Company had outstanding letters of credit totaling $3.9 million and surety bonds totaling $353.8 million. These letters of credit and surety bonds were issued primarily in connection with insurance requirements, special real estate assessments, and construction obligations.** 

**Operating Leases The Company leases land or buildings at certain properties from third parties, which are recorded in Operating lease right-of-use assets and Operating lease obligations on the Consolidated Balance Sheets. See Note 18 - *Leases* for further discussion.** 

**Guaranty Agreements The Company evaluates the likelihood of future performance under the below guarantees and, as of December 31, 2025 and 2024, there were no events requiring financial performance under the following guarantees.** 

***Seaport Entertainment Guaranty Following the execution of the Spinoff, HHH provided a full backstop guaranty for SEG's outstanding $61.3 million mortgage related to its 250 Water Street property (SEG Term Loan). As consideration for providing such guaranty, SEG paid the Company an annualized guaranty fee equal to 2.0% of the total outstanding principal, paid monthly. The Company's maximum exposure under this guaranty was equal to the outstanding principal and interest balance at the end of each period. On February 6, 2026, SEG announced that it had closed the sale of its 250 Water Street property. As part of the transaction, SEG repaid the SEG Term Loan in full and the Company was released from the related backstop guaranty.***

***Floreo Guaranty In October 2022, Floreo, the Company's 50%-owned joint venture in Teravalis, closed on a $165 million bond financing with a maturity date of October 1, 2027. In February 2025, the borrowing capacity on the bond was increased to $365.0 million and the maturity was extended to December 1, 2029. Outstanding borrowings as of December 31, 2025, were $242.0 million. A wholly owned subsidiary of the Company (HHC Subsidiary) provided a guaranty for the bond in the form of a collateral maintenance commitment under which it will post refundable cash collateral if the LTV ratio exceeds 50%. A separate wholly owned subsidiary of the Company also provided a backstop guaranty requiring the payment of cash collateral in the event HHC Subsidiary fails to make necessary payments when due. In February 2025, in connection with the increase of the borrowing capacity, the potential cash collateral commitment associated with this guaranty increased from $50.0 million to $100.0 million. The cash collateral becomes nonrefundable if Floreo defaults on the bond obligation.***

The Company received a fee of $5.0 million in exchange for providing the initial guaranty and recognized an additional guaranty fee of $6.0 million associated with the increased borrowing capacity. This deferred income was recorded in Accounts payable and other liabilities on the Consolidated Balance Sheets as of December 31, 2025 and 2024, and will be recognized in Other income (loss), net in a manner that corresponds to the bond repayment by Floreo. The Company's maximum exposure under this guaranty is equal to the cash collateral that the Company may be obligated to post. As of December 31, 2025, the Company has not posted any cash collateral. Given the existence of other collateral including the undeveloped land owned by Floreo, the entity's extensive and discretionary development plan, and its eligibility for reimbursement of a significant part of the development costs from the Community Facility District in Arizona, the Company does not expect to have to post collateral.

***Merriweather District (formerly Downtown Columbia) To the extent that increases in taxes do not cover debt service payments on the Redevelopment District TIF bonds issued by Howard County, Maryland, the Company's wholly owned subsidiary is obligated to pay special taxes. Management has concluded that, as of December 31, 2025, any obligations to pay special taxes are not probable.***

***Ward Village As part of the Company's development permits with the Hawai'i Community Development Authority for the condominium towers at Ward Village, the Company entered into a guaranty whereby it is required to reserve 20% of the residential units for local residents who meet certain maximum income and net worth requirements. This guaranty, which is triggered once the necessary permits are granted and construction commences, was satisfied for Waiea, Anaha, and Ae'o, with the opening of Ke Kilohana, which is a workforce tower fully earmarked to fulfill this obligation for the first four towers. The reserved units for 'A'ali'i tower are***

F-64<br>

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included in the 'A'ali'i tower. Units for Kō'ula, Victoria Place, The Park Ward Village, and Kalae were satisfied with the construction of Ulana Ward Village, which is a second workforce tower fully earmarked to fulfill the remaining reserved housing guaranty in the community. Construction on Ulana Ward Village began in early 2023, and was completed in November 2025.

13. Stock-Based Compensation Plans

In September 2025, the Company's stockholders approved the Howard Hughes Holdings Inc. 2025 Equity Incentive Plan (the 2025 Equity Plan). Pursuant to the 2025 Equity Plan, 2,000,000 shares of the Company's common stock were reserved for issuance. The 2025 Equity Plan provides for grants of stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock-based awards. Employees, directors, and consultants of the Company are eligible for Awards. The 2025 Equity Incentive Plan is administered by the Compensation Committee of the Board of Directors (Compensation Committee).

Prior to the adoption of the 2025 Equity Plan, equity awards were issued under The Howard Hughes Corporation 2020 Equity Incentive Plan (the 2020 Equity Plan) and The Howard Hughes Corporation Amended and Restated 2010 Equity Incentive Plan (the 2010 Equity Plan). The adoption of the 2025 Equity Plan did not impact the administration of Awards issued under previous plans but following adoption of the 2025 Equity Plan, equity awards will no longer be granted under previous plans.

As of December 31, 2025, there were a maximum of 1,939,450 HHH shares available for future grants under the 2025 Equity Plan.

The following summarizes stock-based compensation expense, net of amounts capitalized to development projects, for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| *thousands* | **2025** | **2024** | **2023**  |
| Stock Options<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **$270** | &nbsp;&nbsp;&nbsp;&nbsp; $195 | &nbsp;&nbsp;&nbsp;&nbsp; $336  |
| Restricted Stock<sup>(b)</sup> | &nbsp;&nbsp; **16345** | &nbsp;&nbsp; 11875 | &nbsp;&nbsp; 11389  |
| Pre-tax stock-based compensation expense | **$16615** | $12070 | $11725  |
| Income tax benefit | **$1116** | $1077 | $1001 |

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(a) Amounts shown are net of immaterial amounts capitalized to development projects. 

(b) Amounts shown are net of $3.2 million capitalized to development projects in 2025, $3.9 million capitalized to development projects in 2024, and $4.6 million capitalized to development projects in 2023. 

#### Stock Options There were no grants of stock options in 2025. The following table summarizes stock option activity:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Stock** <br>**Options** | **Weighted-**<br>**average** <br>**Exercise Price** | **Weighted-average** <br>**Remaining Contractual** <br>**Term (years)** | **Aggregate** <br>**Intrinsic Value**  |
| Stock options outstanding at December 31, 2024 | 91402 | &nbsp;&nbsp;&nbsp; $91.90 |  |  |
| Exercised<sup>(a)</sup> | &nbsp;&nbsp; (1615) | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;63.36 |  |  |
| Expired | (21547) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;123.44 |  |  |
| Stock options outstanding at December 31, 2025 | 68240 | &nbsp;&nbsp;&nbsp; $82.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | &nbsp;&nbsp; $575760  |
|  Stock options vested and expected to vest at December 31, 2025  | 68240 | &nbsp;&nbsp;&nbsp; $82.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 | &nbsp;&nbsp; $575760  |
| Stock options exercisable at December 31, 2025 | 59621 | &nbsp;&nbsp;&nbsp; $83.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 | &nbsp;&nbsp; $505949 |

---

(a) The total intrinsic value of stock options exercised was immaterial during 2025, based on the difference between the market price at the exercise date and the exercise price. There were no stock options exercised during 2024 or 2023. 

The fair value of stock option awards is determined using the Black-Scholes option-pricing model with the following assumptions:

–<br> *Expected life*—Based on the average of the time to vesting and full term of an option

–<br> *Risk-free interest rates*—Based on the U.S. Treasury rate over the expected life of an option

F-65<br>

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#### **TABLE OF CONTENTS**
–<br> *Expected volatility*—Based on the average of implied and historical volatilities as of each of the grant dates

The fair value on the grant date and the significant assumptions used in the Black-Scholes option-pricing model are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023**  |
| Weighted-average grant date fair value | **N/A** | $11.16 | N/A  |
| Assumptions<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expected life of options (in years) | **N/A** | &nbsp;&nbsp;&nbsp;&nbsp; 3.3 | N/A  |
| &nbsp;&nbsp;&nbsp; Risk-free interest rate | **N/A** | &nbsp;&nbsp;&nbsp;&nbsp; 4.3% | N/A  |
| &nbsp;&nbsp;&nbsp; Expected volatility | **N/A** | &nbsp;&nbsp;&nbsp; 30.6% | N/A  |
| &nbsp;&nbsp;&nbsp; Expected annual dividend per share | **—** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | N/A |

---

Generally, options granted vest over requisite service periods, expire ten years after the grant date and generally do not become exercisable until their restrictions on exercise lapse after the five-year anniversary of the grant date.

The balance of unamortized stock option expense as of December 31, 2025, was $0.1 million, which is expected to be recognized over a weighted-average period of 1.3 years.

**Restricted Stock Restricted stock awards may not be sold or otherwise transferred until restrictions have lapsed as established by the Compensation Committee. In addition to the granting of restricted stock to employees, the Company awards restricted stock to non-employee directors as part of their annual retainer. The employee awards generally vest over a range of three to five years, and non-employee director awards generally vest in approximately one year.** 

The following table summarizes restricted stock activity:

---

| | | |
|:---|:---|:---|
|  | **Restricted Stock** | **Weighted-average** <br>**Grant Date Fair Value**  |
| Restricted stock outstanding at December 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp; 371955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $56.43  |
| Granted | &nbsp;&nbsp;&nbsp;&nbsp; 376989 | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.68  |
| Vested | &nbsp;&nbsp;&nbsp;&nbsp; (171887) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.37  |
| Forfeited | &nbsp;&nbsp;&nbsp;&nbsp; (77582) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.81  |
| Restricted stock outstanding at December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp; 499475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $65.66 |

---

The grant date fair value of restricted stock is based on the closing price of common stock at grant date. For restricted stock awards that vest based on stockholder returns, the grant date fair value is calculated using a Monte-Carlo approach which simulates the Company's stock price on the corresponding vesting dates and is reflected at the target level of performance. For restricted stock awards that vest based on net asset value per share, the grant date fair value is calculated using a Monte-Carlo approach which simulates the Company's net asset value on the vesting date and is reflected at the target level of performance.

The weighted-average grant-date fair value per share of restricted stock granted was $66.16 during 2024 and $83.85 during 2023. The fair value of restricted stock that vested was $12.9 million during 2025, $10.3 million during 2024, and $9.6 million during 2023, based on the HHH market price at the vesting date.

The balance of unamortized restricted stock expense as of December 31, 2025, was $20.9 million, which is expected to be recognized over a weighted-average period of 2.1 years.

14. Income Taxes

Deferred income taxes are accounted for using the asset and liability method. Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax basis of assets and liabilities using enacted tax rates currently in effect. Deferred income taxes also reflect the impact of operating loss and tax credit carryforwards.

F-66<br>

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The following summarizes income tax expense (benefit) for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| *thousands* | **2025** | **2024** | **2023**  |
| Current<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Federal | **$12744** | $15534 | $33783  |
| &nbsp;&nbsp;&nbsp; State | &nbsp;&nbsp;&nbsp; **1293** | &nbsp;&nbsp;&nbsp; 3121 | &nbsp;&nbsp;&nbsp; 2532  |
| Total current | &nbsp;&nbsp; **14037** | &nbsp;&nbsp; 18655 | &nbsp;&nbsp; 36315  |
| Deferred<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Federal | &nbsp;&nbsp; **24463** | &nbsp;&nbsp; 61853 | &nbsp;&nbsp; (7601)  |
| &nbsp;&nbsp;&nbsp; State | &nbsp;&nbsp;&nbsp;&nbsp; **(884)** | &nbsp;&nbsp;&nbsp;&nbsp; (324) | &nbsp;&nbsp; (2296)  |
| Total deferred | &nbsp;&nbsp; **23579** | &nbsp;&nbsp; 61529 | &nbsp;&nbsp; (9897)  |
| Total | **$37616** | $80184 | $26418 |

---

Reconciliation of the Income tax expense (benefit) if computed at the U.S. federal statutory income tax rate to the Company's reported Income tax expense (benefit) for the years ended December 31 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *thousands except percentages* | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Tax computed at the U.S. federal statutory rate | **$33906**  | **21.0%** | $76734  | 21.0% | $23064  | 21.0%  |
| Increase (decrease) in valuation allowance, net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **148** | &nbsp;&nbsp; **0.1%** | &nbsp;&nbsp; (20736)  | (5.7)% | &nbsp;&nbsp;&nbsp; 4003 | &nbsp;&nbsp; 3.7%  |
|  State and local income tax expense (benefit), net of federal income tax<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **182** | &nbsp;&nbsp; **0.1%** | &nbsp;&nbsp;&nbsp; 18719 | &nbsp;&nbsp; 5.1% | &nbsp;&nbsp; (4432)  | (4.0)%  |
| Tax expense on compensation disallowance | &nbsp;&nbsp;&nbsp; **4380** | &nbsp;&nbsp; **2.7%** | &nbsp;&nbsp;&nbsp;&nbsp; 1920 | &nbsp;&nbsp; 0.5% | &nbsp;&nbsp;&nbsp; 2133 | &nbsp;&nbsp; 1.9%  |
| Other, net | &nbsp;&nbsp; **(1000)**  | **(0.6)%** | &nbsp;&nbsp;&nbsp;&nbsp; 3547 | &nbsp;&nbsp; 1.0% | &nbsp;&nbsp;&nbsp; 1650 | &nbsp;&nbsp; 1.5%  |
| &nbsp;&nbsp; Income tax expense (benefit) | **$37616**  | 23.3% | $80184  | 21.9% | $26418  | 24.1% |

---

(a) Tax in Maryland, Hawai'i, Virginia, Texas, New York, and New York City comprise more than 50% of the tax effect in this category. 

As of December 31, 2025, the amounts and expiration dates of operating loss carryforwards for tax purposes are as follows:

---

| | | |
|:---|:---|:---|
| *thousands* | **Amount** | **Expiration** <br>**Date**  |
| Net operating loss carryforwards - Federal | $708566 | n/a  |
| Net operating loss carryforwards - State | &nbsp;&nbsp; 326955 | 2025-2044  |
| Net operating loss carryforwards - State | &nbsp;&nbsp; 304402 | n/a  |
| Charitable contribution carryforwards - Federal | &nbsp;&nbsp;&nbsp;&nbsp; 3432 | 2030  |
| General business tax credit carryforwards | &nbsp;&nbsp;&nbsp;&nbsp; 1095 | 2044 |

---

The following summarizes tax effects of temporary differences and carryforwards included in the net deferred tax liabilities as of December 31:

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Deferred tax assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Accrued expenses | &nbsp;&nbsp; **$10192** | &nbsp;&nbsp;&nbsp; $9376  |
| &nbsp;&nbsp;&nbsp; Investments in unconsolidated ventures | &nbsp;&nbsp;&nbsp;&nbsp; **5105** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp; **2644** | &nbsp;&nbsp;&nbsp;&nbsp; 4841  |
| &nbsp;&nbsp;&nbsp; Accounts receivable | &nbsp;&nbsp;&nbsp;&nbsp; **1049** | &nbsp;&nbsp;&nbsp;&nbsp; 1283  |
| &nbsp;&nbsp;&nbsp; Operating loss and tax carryforwards | &nbsp;&nbsp; **189054** | &nbsp;&nbsp; 205244  |
| Total deferred tax assets | &nbsp;&nbsp; **208044** | &nbsp;&nbsp; 220744  |
| &nbsp;&nbsp;&nbsp; Valuation allowance | &nbsp;&nbsp; **(16431)** | &nbsp;&nbsp; (16314)  |
| Total net deferred tax assets | **$191613** | $204430  |

---

F-67<br>

------

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Deferred tax liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Master Planned Communities properties | **$(304057)** | $(297889)  |
| &nbsp;&nbsp;&nbsp; Operating and development properties and fixed assets | &nbsp;&nbsp;&nbsp; **(32045)** | &nbsp;&nbsp;&nbsp; (25675)  |
| &nbsp;&nbsp;&nbsp; Deferred income | &nbsp;&nbsp;&nbsp; **(18167)** | &nbsp;&nbsp;&nbsp; (18839)  |
| &nbsp;&nbsp;&nbsp; Prepaid expenses | &nbsp;&nbsp;&nbsp;&nbsp; **(1816)** | &nbsp;&nbsp;&nbsp;&nbsp; (2981)  |
| &nbsp;&nbsp;&nbsp; Investments in unconsolidated ventures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp;&nbsp;&nbsp; (1146)  |
| Total deferred tax liabilities | &nbsp;&nbsp; **(356085)** | &nbsp;&nbsp; (346530)  |
| Total net deferred tax liabilities | **$(164472)** | $(142100) |

---

The deferred tax liability associated with the Company's MPCs is largely attributable to the difference between the basis and value determined as of the date of the acquisition by its predecessors adjusted for sales that have occurred since that time. The recognition of these deferred tax liabilities is dependent upon the timing and sales price of future land sales and the method of accounting used for income tax purposes. The deferred tax liability related to deferred income represents the difference between the income tax method of accounting and the financial statement method of accounting for prior sales of land in the Company's MPCs.

Generally, the Company is currently open to audit under the statute of limitations by the Internal Revenue Service as well as state taxing authorities for the years ended December 31, 2022 through 2024. In the Company's opinion, it has made adequate tax provisions for years subject to examination. However, the final determination of tax examinations and any related litigation could be different from what was reported on the returns.

The Company applies the generally accepted accounting principle related to accounting for uncertainty in income taxes, which prescribes a recognition threshold that a tax position is required to meet before recognition in the financial statements and provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure, and transition issues.

The Company recognizes and reports interest and penalties related to unrecognized tax benefits, if applicable, within the provision for income tax expense. The Company had no unrecognized tax benefits for the years ended December 31, 2025, 2024, or 2023, and therefore did not recognize any interest expense or penalties on unrecognized tax benefits.

15. Accumulated Other Comprehensive Income (Loss)

The following tables summarize changes in AOCI, all of which are presented net of tax:

---

| | |
|:---|:---|
| *thousands* |  |
| **Balance at December 31, 2022** | $10335  |
| Derivative instruments:<br>|  |
| &nbsp;&nbsp;&nbsp; Other comprehensive income (loss) before reclassifications | &nbsp;&nbsp;&nbsp;&nbsp; 3809  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss reclassified to net income | &nbsp;&nbsp; (13131)  |
| Pension adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259  |
| Net current-period other comprehensive income (loss) | &nbsp;&nbsp;&nbsp; (9063)  |
| **Balance at December 31, 2023** | &nbsp;&nbsp;&nbsp; $1272  |
| Derivative instruments:<br>|  |
| &nbsp;&nbsp;&nbsp; Other comprehensive income (loss) before reclassifications | &nbsp;&nbsp;&nbsp;&nbsp; 4818  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss reclassified to net income | &nbsp;&nbsp;&nbsp; (4497)  |
| Pension adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375  |
| Net current-period other comprehensive income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696  |
| **Balance at December 31, 2024** | &nbsp;&nbsp;&nbsp; $1968  |

---

F-68<br>

------

---

| | |
|:---|:---|
| *thousands* |  |
| Derivative instruments:<br>|  |
| &nbsp;&nbsp;&nbsp; Other comprehensive income (loss) before reclassifications | &nbsp;&nbsp;&nbsp;&nbsp; (962)  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain) loss reclassified to net income | &nbsp;&nbsp; (2923)  |
| Pension adjustment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90  |
| Net current-period other comprehensive income (loss) | &nbsp;&nbsp; (3795)  |
| **Balance at December 31, 2025** | $(1827) |

---

The following table summarizes the amounts reclassified out of AOCI for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| **Accumulated Other Comprehensive Income (Loss) Components** <br>***thousands*** | **2025** | **2024** | **Affected line items in the** <br>**Statements of Operations**  |
| (Gains) losses on cash flow hedges | **$(3833)**  | $(5821) | Interest expense  |
| &nbsp;&nbsp; Income taxes on (gains) losses on cash flow hedges | &nbsp;&nbsp;&nbsp;&nbsp; **910** | &nbsp;&nbsp;&nbsp; 1324 | Income tax expense (benefit)  |
| &nbsp;&nbsp; Total reclassifications of (income) loss for the period | **$(2923)**  | $(4497) |  |

---

16. Earnings Per Share

Basic earnings (loss) per share (EPS) is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted EPS is computed after adjusting the numerator and denominator of the basic EPS computation for the effects of all potentially dilutive common shares. The dilutive effect of options and non-vested stock issued under stock-based compensation plans is computed using the treasury stock method.

Information related to the Company's EPS calculations is summarized for the years ended December 31 as follows:

---

| | | | |
|:---|:---|:---|:---|
| *thousands except per share amounts* | **2025** | **2024** | **2023**  |
| **Net income (loss)**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net income (loss) from continuing operations | **$123843** | $285215 | &nbsp;&nbsp;&nbsp; $83410  |
| &nbsp;&nbsp;&nbsp; Net (income) loss attributable to noncontrolling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **54** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (243)  |
| &nbsp;&nbsp;&nbsp; Net income (loss) from continuing operations attributable to common stockholders | &nbsp;&nbsp; **123897** | &nbsp;&nbsp; 285926 | &nbsp;&nbsp;&nbsp;&nbsp; 83167  |
| &nbsp;&nbsp;&nbsp; Net income (loss) from discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **—** | &nbsp;&nbsp; (88223) | &nbsp;&nbsp; (634940)  |
| &nbsp;&nbsp;&nbsp; Net income (loss) attributable to common stockholders | **$123897** | $197703 | $(551773)  |
| **Shares**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Weighted-average common shares outstanding — basic | &nbsp;&nbsp;&nbsp; **55722** | &nbsp;&nbsp;&nbsp; 49686 | &nbsp;&nbsp;&nbsp;&nbsp; 49568  |
| &nbsp;&nbsp;&nbsp; Restricted stock and stock options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **324** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48  |
| &nbsp;&nbsp;&nbsp; Weighted-average common shares outstanding — diluted | &nbsp;&nbsp;&nbsp; **56046** | &nbsp;&nbsp;&nbsp; 49912 | &nbsp;&nbsp;&nbsp;&nbsp; 49616  |
| **Net income (loss) per common share**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Basic income (loss) per share — continuing operations | &nbsp;&nbsp;&nbsp;&nbsp; **$2.22** | &nbsp;&nbsp;&nbsp;&nbsp; $5.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.68  |
| &nbsp;&nbsp;&nbsp; Basic income (loss) per share — discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; $(1.78) | &nbsp;&nbsp;&nbsp; $(12.81)  |
| &nbsp;&nbsp;&nbsp; Basic income (loss) per share — attributable to common stockholders | &nbsp;&nbsp;&nbsp;&nbsp; **$2.22** | &nbsp;&nbsp;&nbsp;&nbsp; $3.98 | &nbsp;&nbsp;&nbsp; $(11.13) |
| &nbsp;&nbsp;&nbsp; Diluted income (loss) per share — continuing operations | &nbsp;&nbsp;&nbsp;&nbsp; **$2.21** | &nbsp;&nbsp;&nbsp;&nbsp; $5.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.68  |
| &nbsp;&nbsp;&nbsp; Diluted income (loss) per share — discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$—** | &nbsp;&nbsp;&nbsp;&nbsp; $(1.77) | &nbsp;&nbsp;&nbsp; $(12.80)  |
| &nbsp;&nbsp;&nbsp; Diluted income (loss) per share — attributable to common stockholders | &nbsp;&nbsp;&nbsp;&nbsp; **$2.21** | &nbsp;&nbsp;&nbsp;&nbsp; $3.96 | &nbsp;&nbsp;&nbsp; $(11.12)  |
| **Anti-dilutive shares excluded from diluted EPS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Restricted stock and stock options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **142** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250 |

---

**Common Stock Repurchases In March 2022, the Board authorized a share repurchase program, pursuant to which the Company may, from time to time, purchase up to $250.0 million of its common stock through open-market transactions. The date and time of such repurchases will depend upon market conditions, and the program may be suspended or discontinued at any time. During 2022, the Company repurchased approximately $235.0 million of its common stock.** 

F-69<br>

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17. Revenues

Revenues from contracts with customers (excluding lease-related revenues) are recognized when control of the promised goods or services is transferred to the Company's customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Revenue and cost of sales for condominium units sold are not recognized until the construction is complete, the sale closes, and the title to the property has transferred to the buyer (point in time). Additionally, certain real estate selling costs, such as the costs related to the Company's condominium model units, are either expensed immediately or capitalized as property and equipment and depreciated over their estimated useful life.

The following presents the Company's revenues disaggregated by revenue source for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| *thousands* | **2025** | **2024** | **2023**  |
| **Revenues from contracts with customers** <br>|  |  |  |
| &nbsp;&nbsp;&nbsp; **Recognized at a point in time:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Condominium rights and unit sales | &nbsp;&nbsp; **$370156**  | &nbsp;&nbsp; $778616  | &nbsp;&nbsp; $47707  |
| &nbsp;&nbsp;&nbsp; Master Planned Communities land sales | &nbsp;&nbsp;&nbsp;&nbsp; **562586**  | &nbsp;&nbsp;&nbsp;&nbsp; 453195  | &nbsp;&nbsp; 370185  |
| &nbsp;&nbsp;&nbsp; Builder price participation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **52341**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52023  | &nbsp;&nbsp;&nbsp; 60989  |
| &nbsp;&nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp; **985083**  | &nbsp;&nbsp; 1283834  | &nbsp;&nbsp; 478881  |
| &nbsp;&nbsp;&nbsp; **Recognized at a point in time or over time:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Other land, rental, and property revenues | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **48363**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44755  | &nbsp;&nbsp;&nbsp; 46255  |
| **Rental and lease-related revenues**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Rental revenue | &nbsp;&nbsp;&nbsp;&nbsp; **441446**  | &nbsp;&nbsp;&nbsp;&nbsp; 422100  | &nbsp;&nbsp; 383617  |
| Total revenues | **$1474892**  | $1750689  | $908753 |

---

**Contract Assets and Liabilities Contract assets are the Company's right to consideration in exchange for goods or services that have been transferred to a customer, excluding any amounts presented as a receivable. Contract liabilities are the Company's obligation to transfer goods or services to a customer for which the Company has received consideration.** 

There were no contract assets for the periods presented. The contract liabilities primarily relate to escrowed condominium deposits, MPC land sales deposits, and deferred MPC land sales related to unsatisfied land improvements. The beginning and ending balances of contract liabilities and significant activity during the periods presented are as follows:

---

| | |
|:---|:---|
| *thousands* | **Contract** <br>**Liabilities**  |
| Balance at December 31, 2023 | $575621  |
| Consideration earned during the period | &nbsp;&nbsp; (865949)  |
| Consideration received during the period | &nbsp;&nbsp;&nbsp; 874864  |
| Balance at December 31, 2024 | $584536  |
| Consideration earned during the period | &nbsp;&nbsp; (479157)  |
| Consideration received during the period | &nbsp;&nbsp;&nbsp; 791517  |
| Balance at December 31, 2025 | $896896 |

---

**Remaining Unsatisfied Performance Obligations The Company's remaining unsatisfied performance obligations represent a measure of the total dollar value of work to be performed on contracts executed and in progress. These performance obligations primarily relate to the completion of condominium construction and transfer of control to a buyer, as well as the completion of contracted MPC land sales and related land improvements. These obligations are associated with contracts that generally are non-cancelable by the customer after 30 days for all Ward Village condominiums and after 6 days for The Ritz-Carlton Residences; however, purchasers of condominium units have the right to cancel the contract should the Company elect not to construct** 

F-70<br>

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the condominium unit within a certain period of time or materially change the design of the condominium unit. The aggregate amount of the transaction price allocated to the Company's remaining unsatisfied performance obligations as of December 31, 2025, was $4.4 billion. The Company expects to recognize this amount as revenue over the following periods:

---

| | | | |
|:---|:---|:---|:---|
| *thousands* | **Less than 1 year** | **1-2 years** | **3 years and thereafter**  |
| Total remaining unsatisfied performance obligations | &nbsp;&nbsp; $1072317  | $447395  | &nbsp;&nbsp;&nbsp;&nbsp; $2884803 |

---

The Company's remaining performance obligations are adjusted to reflect any known project cancellations, revisions to project scope and cost, and deferrals, as appropriate. These amounts exclude estimated amounts of variable consideration which are constrained, such as builder price participation.

18. Leases

The Company has lease agreements with lease and non-lease components and has elected to aggregate these components into a single component for all classes of underlying assets. Certain of the Company's lease agreements include non-lease components such as fixed common area maintenance charges.

**Lessee Arrangements The Company determines whether an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use assets and Operating lease obligations on the Consolidated Balance Sheets. Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of future minimum lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses an estimate of the incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future lease payments. The Operating lease right-of-use asset also includes any lease payments made, less any lease incentives and initial direct costs incurred. The Company does not have any finance leases.** 

The Company's lessee agreements consist of operating leases primarily for ground leases and other real estate. The Company's leases have remaining lease terms of approximately 1 year to approximately 24 years, excluding extension options. The Company considers its strategic plan and the life of associated agreements in determining when options to extend or terminate lease terms are reasonably certain of being exercised. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. Certain of the Company's lease agreements include variable lease payments based on a percentage of income generated through subleases, changes in price indices and market rates, and other costs arising from operating, maintenance, and taxes. The Company's lease agreements do not contain residual value guarantees or restrictive covenants. The Company leases certain buildings constructed on its ground leases to third parties.

The Company's leased assets and liabilities are as follows:

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Operating lease right-of-use assets | **$5231**  | $5806  |
| Operating lease obligations | &nbsp;&nbsp; **4868**  | &nbsp;&nbsp; 5456 |

---

Future minimum lease payments as of December 31, 2025, are as follows:

---

| | |
|:---|:---|
| *thousands* | **Operating Leases**  |
| 2026 | &nbsp;&nbsp;&nbsp;&nbsp; $956  |
| 2027 | &nbsp;&nbsp;&nbsp;&nbsp; 898  |
| 2028 | &nbsp;&nbsp;&nbsp;&nbsp; 616  |
| 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 622  |
| 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 381  |
| Thereafter | &nbsp;&nbsp;&nbsp;&nbsp; 5300  |
| Total lease payments | &nbsp;&nbsp;&nbsp;&nbsp; 8773  |
| Less: imputed interest | &nbsp;&nbsp;&nbsp;&nbsp; (3905)  |
| Present value of lease liabilities | &nbsp;&nbsp;&nbsp;&nbsp; $4868 |

---

F-71<br>

------

Other information related to the Company's lessee agreements is as follows:

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  |
| **Supplemental Consolidated Statements of Cash Flows Information**<br>*thousands* | **2025** | **2024**  |
| Cash paid for amounts included in the measurement of lease liabilities:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Operating cash flows on operating leases | &nbsp;&nbsp;&nbsp;&nbsp; **$992**  | &nbsp;&nbsp;&nbsp;&nbsp; $759 |

---

---

| | | |
|:---|:---|:---|
| **Other Information** | **2025** | **2024**  |
| Weighted-average remaining lease term (years)<br>|  |  |
| &nbsp;&nbsp;&nbsp; Operating leases | 16.3 | 16.4  |
| Weighted-average discount rate<br>|  |  |
| &nbsp;&nbsp;&nbsp; Operating leases | &nbsp;&nbsp; 7.2% | &nbsp;&nbsp; 7.1% |

---

**Lessor Arrangements The Company receives rental income from the leasing of retail, office, multifamily, and other space under operating leases, as well as certain variable tenant recoveries. Operating leases for retail, office, and other properties are with a variety of tenants and have a remaining average term of approximately five years. Lease terms generally vary among tenants and may include early termination options, extension options, and fixed rental rate increases or rental rate increases based on an index. Multifamily leases generally have a term of 12 months or less. Minimum rent revenues related to operating leases are as follows:** 

---

| | | |
|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  |
| <br>*thousands* | **2025** | **2024**  |
| Total minimum rent payments | **$246603**  | $235652 |

---

Total future minimum rents associated with operating leases are as follows:

---

| | |
|:---|:---|
| *thousands* | **Total Minimum Rent**  |
| 2026 | &nbsp;&nbsp;&nbsp;&nbsp; $248354  |
| 2027 | &nbsp;&nbsp;&nbsp;&nbsp; 248617  |
| 2028 | &nbsp;&nbsp;&nbsp;&nbsp; 226818  |
| 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 207142  |
| 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 181921  |
| &nbsp;&nbsp; Thereafter | &nbsp;&nbsp;&nbsp;&nbsp; 619494  |
| Total | &nbsp;&nbsp;&nbsp;&nbsp; $1732346 |

---

Minimum rent revenues are recognized on a straight-line basis over the terms of the related leases when collectability is reasonably assured and the tenant has taken possession of, or controls, the physical use of the leased asset. Percentage rent in lieu of fixed minimum rent is recognized as sales are reported from tenants. Minimum rent revenues reported in the Consolidated Statements of Operations also include amortization related to above-market and below-market tenant leases on acquired properties.

19. Segments

The Company has three business segments, Operating Assets, MPC, and Strategic Developments, which are organized based on the different products and services that each segment offers, and are separately managed as each requires different operating strategies or management expertise reflective of management's operating philosophies and methods. The Company's segments or assets within such segments could change in the future as development of certain properties commences or other operational or management changes occur. All operations are within the United States.

Activity within each of the Company's reportable segments is as follows:

---

| | |
|:---|:---|
| –<br>| ***Operating Assets*** – consists of developed or acquired retail, office, and multifamily properties along with other real estate investments. These properties are currently generating rental revenues and may be redeveloped, repositioned, or sold to improve segment performance or to recycle capital.  |

---

F-72<br>

------

---

| | |
|:---|:---|
| –<br>| ***MPC*** – consists of the development and sale of land in large-scale, long-term community development projects in and around Las Vegas, Nevada; Houston, Texas; and Phoenix, Arizona. Revenues are primarily generated through the sale of residential and commercial land to homebuilders and developers.  |

---

---

| | |
|:---|:---|
| –<br>| ***Strategic Developments*** – consists of residential condominium and commercial property projects currently under development and all other properties held for development which have no substantial operations. Revenues are primarily generated from the sale of condominium units.  |

---

The Chief Operating Decision Maker (CODM), which is the Company's Chief Executive Officer, may use different operating measures to assess operating results and allocate resources among the three segments, however the measure that is most consistent with the amounts included in the consolidated financial statements is earnings before taxes (EBT). EBT, as it relates to each business segment, includes the revenues and expenses of each segment, as shown below. EBT excludes corporate expenses and other items that are not allocable to the segments. The CODM utilizes EBT to evaluate the current financial performance and project the future financial performance of each segment to determine the allocation of capital resources. This measure is also used to evaluate the need for operational adjustments, such as adjustments to prices, cost structures, and product mix necessary to achieve profitability targets.

F-73<br>

------

Segment EBT is as follows for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| *thousands* | **Operating** <br>**Assets Segment** | **MPC Segment** | **Strategic** <br>**Developments** <br>**Segment**  |
| **Year Ended December 31, 2025** <br>|  |  |  |
| Total revenues | &nbsp;&nbsp; $465568  | &nbsp;&nbsp; $634856  | $374363  |
| Condominium rights and unit cost of sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; (369408)  |
| Master Planned Communities cost of sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; (188704)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Operating costs | &nbsp;&nbsp; (145464)  | &nbsp;&nbsp;&nbsp; (45298)  | &nbsp;&nbsp;&nbsp; (22490)  |
| Rental property real estate taxes | &nbsp;&nbsp;&nbsp; (58577)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (2191)  |
| (Provision for) recovery of doubtful accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (232)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Segment operating income (loss) | &nbsp;&nbsp;&nbsp; 261295  | &nbsp;&nbsp;&nbsp; 400854  | &nbsp;&nbsp;&nbsp; (19726)  |
| Depreciation and amortization | &nbsp;&nbsp; (172835)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (408)  | &nbsp;&nbsp;&nbsp;&nbsp; (6579)  |
| Interest income (expense), net | &nbsp;&nbsp; (136637)  | &nbsp;&nbsp;&nbsp;&nbsp; 75160  | &nbsp;&nbsp;&nbsp;&nbsp; 18851  |
| Other income (loss), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2266  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120  | &nbsp;&nbsp;&nbsp; (18487)  |
| Equity in earnings (losses) from unconsolidated ventures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4829  | &nbsp;&nbsp;&nbsp;&nbsp; (3374)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317  |
| Gain (loss) on sale or disposal of real estate and other assets, net | &nbsp;&nbsp;&nbsp;&nbsp; 14354  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750  | &nbsp;&nbsp;&nbsp;&nbsp; 11721  |
| &nbsp;&nbsp; Gain (loss) on extinguishment of debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (698)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Segment EBT | &nbsp;&nbsp; $(27426)  | &nbsp;&nbsp; $476102  | $(13903)  |
| **Year Ended December 31, 2024** <br>|  |  |  |
| Total revenues | &nbsp;&nbsp; $444300  | &nbsp;&nbsp; $522925  | $783396  |
| Condominium rights and unit cost of sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; (582574)  |
| Master Planned Communities cost of sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; (169191)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Operating costs | &nbsp;&nbsp; (138172)  | &nbsp;&nbsp;&nbsp; (52736)  | &nbsp;&nbsp;&nbsp; (17670)  |
| Rental property real estate taxes | &nbsp;&nbsp;&nbsp; (55915)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (2480)  |
| (Provision for) recovery of doubtful accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (504)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Segment operating income (loss) | &nbsp;&nbsp;&nbsp; 249709  | &nbsp;&nbsp;&nbsp; 300998  | &nbsp;&nbsp;&nbsp; 180672  |
| Depreciation and amortization | &nbsp;&nbsp; (169040)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (438)  | &nbsp;&nbsp;&nbsp;&nbsp; (7255)  |
| Interest income (expense), net | &nbsp;&nbsp; (138207)  | &nbsp;&nbsp;&nbsp;&nbsp; 60473  | &nbsp;&nbsp;&nbsp;&nbsp; 18603  |
| Other income (loss), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 822  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 90534  |
| Equity in earnings (losses) from unconsolidated ventures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5819  | &nbsp;&nbsp;&nbsp; (11899)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251  |
| Gain (loss) on sale or disposal of real estate and other assets, net | &nbsp;&nbsp;&nbsp;&nbsp; 22907  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp; Gain (loss) on extinguishment of debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (465)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Segment EBT | &nbsp;&nbsp; $(28455)  | &nbsp;&nbsp; $349134  | $282805  |
| **Year Ended December 31, 2023**<br>|  |  |  |
| Total revenues | &nbsp;&nbsp; $410254  | &nbsp;&nbsp; $448452  | &nbsp;&nbsp;&nbsp; $49987  |
| Condominium rights and unit cost of sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; (55417)  |
| Master Planned Communities cost of sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; (140050)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Operating costs | &nbsp;&nbsp; (130125)  | &nbsp;&nbsp;&nbsp; (53420)  | &nbsp;&nbsp;&nbsp; (21908)  |
| Rental property real estate taxes | &nbsp;&nbsp;&nbsp; (52502)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; (3147)  |
| (Provision for) recovery of doubtful accounts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2762  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Segment operating income (loss) | &nbsp;&nbsp;&nbsp; 230389  | &nbsp;&nbsp;&nbsp; 254982  | &nbsp;&nbsp;&nbsp; (30485)  |
| Depreciation and amortization | &nbsp;&nbsp; (161138)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (418)  | &nbsp;&nbsp;&nbsp;&nbsp; (3963)  |
| Interest income (expense), net | &nbsp;&nbsp; (125197)  | &nbsp;&nbsp;&nbsp;&nbsp; 64291  | &nbsp;&nbsp;&nbsp;&nbsp; 16074  |
| Other income (loss), net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2092  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690  |
| Equity in earnings (losses) from unconsolidated ventures | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2968  | &nbsp;&nbsp;&nbsp;&nbsp; 22666  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142  |
| Gain (loss) on sale or disposal of real estate and other assets, net | &nbsp;&nbsp;&nbsp;&nbsp; 23926  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236  |
| &nbsp;&nbsp; Gain (loss) on extinguishment of debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Segment EBT | &nbsp;&nbsp; $(27057)  | &nbsp;&nbsp; $341419  | $(17306) |

---

F-74<br>

------

The following represents the reconciliation of segment EBT to Net income (loss) from continuing operations before income taxes in the Consolidated Statements of Operations for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| *thousands* | **2025** | **2024** | **2023**  |
| Operating Assets EBT | &nbsp;&nbsp; **$(27426)**  | $(28455)  | $(27057)  |
| MPC EBT | &nbsp;&nbsp;&nbsp; **476102**  | &nbsp;&nbsp; 349134  | &nbsp;&nbsp; 341419  |
| Strategic Developments EBT | &nbsp;&nbsp;&nbsp; **(13903)**  | &nbsp;&nbsp; 282805  | &nbsp;&nbsp; (17306)  |
| General and administrative expenses | &nbsp;&nbsp; **(122240)**  | &nbsp;&nbsp; (91752)  | &nbsp;&nbsp; (86671)  |
| Gain (loss) on sale of MUD receivables | &nbsp;&nbsp;&nbsp; **(48197)**  | &nbsp;&nbsp; (48651)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |
| Corporate interest expense, net | &nbsp;&nbsp;&nbsp; **(80307)**  | &nbsp;&nbsp; (80446)  | &nbsp;&nbsp; (87243)  |
| Corporate income, expenses, and other items | &nbsp;&nbsp;&nbsp; **(22570)**  | &nbsp;&nbsp; (17236)  | &nbsp;&nbsp; (13314)  |
| Net income (loss) from continuing operations before income taxes | **$161459**  | $365399  | $109828 |

---

The following represents the reconciliation of segment revenue to Total revenues in the Consolidated Statements of Operations for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| *thousands* | **2025** | **2024** | **2023**  |
| Operating Assets revenue | &nbsp;&nbsp; **$465568**  | &nbsp;&nbsp; $444300  | $410254  |
| MPC revenue | &nbsp;&nbsp;&nbsp;&nbsp; **634856**  | &nbsp;&nbsp;&nbsp;&nbsp; 522925  | &nbsp;&nbsp; 448452  |
| &nbsp;&nbsp; Strategic Developments revenue | &nbsp;&nbsp;&nbsp;&nbsp; **374363**  | &nbsp;&nbsp;&nbsp;&nbsp; 783396  | &nbsp;&nbsp;&nbsp; 49987  |
| Corporate income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **105**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60  |
| Total revenues | **$1474892**  | $1750689  | $908753 |

---

The following represents asset information by segment and the reconciliation of total segment assets to Total assets on the Consolidated Balance Sheets as of December 31:

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Operating Assets | &nbsp;&nbsp; **$3606214**  | $3548162  |
| Master Planned Communities | &nbsp;&nbsp;&nbsp; **3487301**  | &nbsp;&nbsp; 3373827  |
| Strategic Developments | &nbsp;&nbsp;&nbsp; **2378762**  | &nbsp;&nbsp; 1836791  |
| Corporate  | &nbsp;&nbsp;&nbsp; **1167184**  | &nbsp;&nbsp;&nbsp;&nbsp; 452456  |
| Total assets | **$10639461**  | $9211236 |

---

The following represents capital expenditures by segment for the years ended December 31:

---

| | | |
|:---|:---|:---|
| *thousands* | **2025** | **2024**  |
| Operating Assets | &nbsp;&nbsp; **$45333**  | &nbsp;&nbsp; $63781  |
| Master Planned Communities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **184**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232  |
| Strategic Developments | &nbsp;&nbsp; **176689**  | &nbsp;&nbsp; 239472 |

---

20. Quarterly Financial Information (Unaudited)

The Company completed the Spinoff of SEG in the third quarter of 2024. As the Spinoff represented a strategic shift in the Company's operations, the results of SEG are presented as discontinued operations, which resulted in retrospective changes to the Company's Consolidated Statements of Operations. See Note 3 - *Discontinued Operations* for additional information.

F-75<br>

------

The following table provides summarized quarterly financial data for 2024. All per share amounts presented below are calculated based on whole dollars and number of shares, and therefore the sum of continuing and discontinued operations per share amounts may not recalculate to the total per share amounts.

---

| | | | | |
|:---|:---|:---|:---|:---|
| *thousands except per share amounts* | **First** <br>**Quarter** | **Second** <br>**Quarter** | **Third** <br>**Quarter** | **Fourth** <br>**Quarter**  |
| **2024**<br>|  |  |  |  |
| Total revenues | $156484  | $283468  | $327147  | $983590  |
| Operating income (loss) | &nbsp;&nbsp;&nbsp; 12608  | &nbsp;&nbsp;&nbsp; 88464  | &nbsp;&nbsp; 198339  | &nbsp;&nbsp; 260510  |
| Net income (loss) from continuing operations | &nbsp;&nbsp; (21000)  | &nbsp;&nbsp;&nbsp; 47367  | &nbsp;&nbsp;&nbsp; 96528  | &nbsp;&nbsp; 162320  |
| Net income (loss) from discontinued operations, net of tax | &nbsp;&nbsp; (31467)  | &nbsp;&nbsp; (26309)  | &nbsp;&nbsp; (24031)  | &nbsp;&nbsp;&nbsp;&nbsp; (6416)  |
| Net income (loss) | &nbsp;&nbsp; (52467)  | &nbsp;&nbsp;&nbsp; 21058  | &nbsp;&nbsp;&nbsp; 72497  | &nbsp;&nbsp; 155904  |
| Net (income) loss attributable to noncontrolling interests | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414  |
| Net income (loss) attributable to common stockholders | &nbsp;&nbsp; (52477)  | &nbsp;&nbsp;&nbsp; 21092  | &nbsp;&nbsp;&nbsp; 72770  | &nbsp;&nbsp; 156318  |
| Basic income (loss) per share — continuing operations | &nbsp;&nbsp;&nbsp;&nbsp; $(0.42)  | &nbsp;&nbsp;&nbsp;&nbsp; $0.95  | &nbsp;&nbsp;&nbsp;&nbsp; $1.95  | &nbsp;&nbsp;&nbsp;&nbsp; $3.27  |
| &nbsp;&nbsp; Basic income (loss) per share — discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp; $(0.63)  | &nbsp;&nbsp;&nbsp;&nbsp; $(0.53)  | &nbsp;&nbsp;&nbsp;&nbsp; $(0.48)  | &nbsp;&nbsp;&nbsp;&nbsp; $(0.13)  |
| &nbsp;&nbsp;&nbsp; Basic income (loss) per share attributable to common <br>stockholders | &nbsp;&nbsp;&nbsp;&nbsp; $(1.06)  | &nbsp;&nbsp;&nbsp;&nbsp; $0.42  | &nbsp;&nbsp;&nbsp;&nbsp; $1.46  | &nbsp;&nbsp;&nbsp;&nbsp; $3.15  |
| Diluted income (loss) per share — continuing operations | &nbsp;&nbsp;&nbsp;&nbsp; $(0.42)  | &nbsp;&nbsp;&nbsp;&nbsp; $0.95  | &nbsp;&nbsp;&nbsp;&nbsp; $1.95  | &nbsp;&nbsp;&nbsp;&nbsp; $3.25  |
| Diluted income (loss) per share — discontinued operations | &nbsp;&nbsp;&nbsp;&nbsp; $(0.63)  | &nbsp;&nbsp;&nbsp;&nbsp; $(0.53)  | &nbsp;&nbsp;&nbsp;&nbsp; $(0.48)  | &nbsp;&nbsp;&nbsp;&nbsp; $(0.13)  |
|  Diluted income (loss) per share attributable to common stockholders | &nbsp;&nbsp;&nbsp;&nbsp; $(1.06)  | &nbsp;&nbsp;&nbsp;&nbsp; $0.42  | &nbsp;&nbsp;&nbsp;&nbsp; $1.46  | &nbsp;&nbsp;&nbsp;&nbsp; $3.12 |

---

F-76<br>

------

#### SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION <br>

#### DECEMBER 31, 2025

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Initial Cost<sup>(b)</sup>** | **Initial Cost<sup>(b)</sup>** | **Costs Capitalized Subsequent** <br>**to Acquisition<sup>(c)</sup>** | **Costs Capitalized Subsequent** <br>**to Acquisition<sup>(c)</sup>** | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | | | |
| <br>**Name of Center** <br>***thousands*** | <br>**Location** | <br>**Center Type** | <br>**Encumbrances<sup>(a)</sup>** | **Land** | **Buildings and** <br>**Improvements** | **Land<sup>(e)</sup>** | **Buildings and** <br>**Improvements<sup>(e)</sup>** | **Land** | **Buildings and** <br>**Improvements**  | **Total** | <br>**Accumulated** <br>**Depreciation<sup>(f)</sup>** | <br>**Date of** <br>**Construction** | <br>**Date** <br>**Acquired /** <br>**Completed**  |
| **Bridgeland**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Bridgeland | Cypress, TX | MPC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $85000  | $260223  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $—  | $262010  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1633  | &nbsp;&nbsp;&nbsp; $522233  | &nbsp;&nbsp;&nbsp;&nbsp; $1633  | &nbsp;&nbsp;&nbsp; $523866  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(899)  |  | 2004  |
| Bridgeland Predevelopment  | Cypress, TX | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 3004  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 3004  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3004  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |  |  |
| Houston Ground Leases - Bridgeland  | Cypress, TX | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 4281  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4281  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4281  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |  | Various  |
| Lakeside Row  | Cypress, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35500  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 812  | &nbsp;&nbsp;&nbsp;&nbsp; 42875  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 812  | &nbsp;&nbsp;&nbsp;&nbsp; 43438  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44250  | &nbsp;&nbsp;&nbsp;&nbsp; (10574)  | 2018 | 2019  |
| Memorial Hermann Medical Office  | Cypress, TX | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3735  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 9339  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 9339  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9339  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | 2025 |  |
| &nbsp;&nbsp; One Bridgeland Green  | Cypress, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 1118  | &nbsp;&nbsp;&nbsp;&nbsp; 33482  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1118  | &nbsp;&nbsp;&nbsp;&nbsp; 33482  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34600  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(316)  | 2024 | 2025  |
| Starling at Bridgeland  | Cypress, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37976  | &nbsp;&nbsp;&nbsp;&nbsp; 1511  | &nbsp;&nbsp;&nbsp;&nbsp; 57505  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1511  | &nbsp;&nbsp;&nbsp;&nbsp; 58206  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59717  | &nbsp;&nbsp;&nbsp;&nbsp; (7169)  | 2021 | 2022  |
| &nbsp;&nbsp; Village Green at Bridgeland Central  | Cypress, TX | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13793  | &nbsp;&nbsp;&nbsp;&nbsp; 1428  | &nbsp;&nbsp;&nbsp;&nbsp; 15323  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1428  | &nbsp;&nbsp;&nbsp;&nbsp; 15323  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16751  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(519)  | 2024 | 2024  |
| &nbsp;&nbsp; Wingspan  | Cypress, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32400  | &nbsp;&nbsp;&nbsp;&nbsp; 1214  | &nbsp;&nbsp;&nbsp;&nbsp; 72042  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1214  | &nbsp;&nbsp;&nbsp;&nbsp; 72080  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73294  | &nbsp;&nbsp;&nbsp;&nbsp; (6384)  | 2022 | 2023  |
| **Columbia** <br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Color Burst Park Retail  | Columbia, MD | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337  | &nbsp;&nbsp;&nbsp;&nbsp; 6945  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2107  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347  | &nbsp;&nbsp;&nbsp;&nbsp; 9052  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9399  | &nbsp;&nbsp;&nbsp;&nbsp; (1550)  | 2019 | 2020  |
| Columbia Ground Leases  | Columbia, MD | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 1271  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 1271  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1271  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(71)  |  | 2024  |
| Columbia Office Properties  | Columbia, MD | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 1175  | &nbsp;&nbsp;&nbsp;&nbsp; 14394  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1108)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1175  | &nbsp;&nbsp;&nbsp;&nbsp; 13286  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14461  | &nbsp;&nbsp;&nbsp;&nbsp; (7615)  |  | 2004 / 2007  |
| Columbia Parking Garages  | Columbia, MD | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 42940  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 42900  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42900  | &nbsp;&nbsp;&nbsp;&nbsp; (7939)  | Various | Various  |
| &nbsp;&nbsp; Columbia Predevelopment  | Columbia, MD | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 36713  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 36713  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36713  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |  |  |
| Juniper  | Columbia, MD | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116876  | &nbsp;&nbsp;&nbsp;&nbsp; 3923  | &nbsp;&nbsp;&nbsp;&nbsp; 112435  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9327  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3923  | &nbsp;&nbsp;&nbsp;&nbsp; 121762  | &nbsp;&nbsp;&nbsp;&nbsp; 125685  | &nbsp;&nbsp;&nbsp;&nbsp; (26311)  | 2018 | 2020  |
| &nbsp;&nbsp; 10285 Lakefront Medical Office  | Columbia, MD | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17983  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 48156  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 48156  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48156  | &nbsp;&nbsp;&nbsp;&nbsp; (2220)  | 2022 | 2024  |
| One Mall North  | Columbia, MD | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 7822  | &nbsp;&nbsp;&nbsp;&nbsp; 10818  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3817  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7822  | &nbsp;&nbsp;&nbsp;&nbsp; 14635  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22457  | &nbsp;&nbsp;&nbsp;&nbsp; (12681)  |  | 2016  |
| &nbsp;&nbsp; Marlow  | Columbia, MD | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75159  | &nbsp;&nbsp;&nbsp;&nbsp; 4088  | &nbsp;&nbsp;&nbsp;&nbsp; 130083  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3978  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4088  | &nbsp;&nbsp;&nbsp;&nbsp; 134061  | &nbsp;&nbsp;&nbsp;&nbsp; 138149  | &nbsp;&nbsp;&nbsp;&nbsp; (15566)  | 2021 | 2022  |
| &nbsp;&nbsp; 6100 Merriweather  | Columbia, MD | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65800  | &nbsp;&nbsp;&nbsp;&nbsp; 2550  | &nbsp;&nbsp;&nbsp;&nbsp; 86867  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12519  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2550  | &nbsp;&nbsp;&nbsp;&nbsp; 99386  | &nbsp;&nbsp;&nbsp;&nbsp; 101936  | &nbsp;&nbsp;&nbsp;&nbsp; (19935)  | 2018 | 2019  |
| One Merriweather  | Columbia, MD | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49800  | &nbsp;&nbsp;&nbsp;&nbsp; 1433  | &nbsp;&nbsp;&nbsp;&nbsp; 56125  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1082  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1433  | &nbsp;&nbsp;&nbsp;&nbsp; 57207  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58640  | &nbsp;&nbsp;&nbsp;&nbsp; (18762)  | 2015 | 2017  |
| Two Merriweather  | Columbia, MD | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25600  | &nbsp;&nbsp;&nbsp;&nbsp; 1019  | &nbsp;&nbsp;&nbsp;&nbsp; 33016  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5201  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1019  | &nbsp;&nbsp;&nbsp;&nbsp; 38217  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39236  | &nbsp;&nbsp;&nbsp;&nbsp; (9352)  | 2016 | 2017  |
| &nbsp;&nbsp; Merriweather District<sup>(g)</sup> | Columbia, MD | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400  | &nbsp;&nbsp;&nbsp;&nbsp; 156861  | &nbsp;&nbsp;&nbsp;&nbsp; (400)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39356)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 117505  | &nbsp;&nbsp;&nbsp;&nbsp; 117505  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |  | Various  |
| &nbsp;&nbsp; Merriweather Row  | Columbia, MD | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58927  | &nbsp;&nbsp;&nbsp; 24685  | &nbsp;&nbsp;&nbsp;&nbsp; 94824  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62754  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24685  | &nbsp;&nbsp;&nbsp;&nbsp; 157578  | &nbsp;&nbsp;&nbsp;&nbsp; 182263  | &nbsp;&nbsp;&nbsp;&nbsp; (48418)  |  | 2012/2014  |
| &nbsp;&nbsp; Rouse Building  | Columbia, MD | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21837  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 28865  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1905  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 30770  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30770  | &nbsp;&nbsp;&nbsp;&nbsp; (9995)  | 2013 | 2014  |
| **Summerlin**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Aristocrat  | Las Vegas, NV | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31718  | &nbsp;&nbsp;&nbsp;&nbsp; 5004  | &nbsp;&nbsp;&nbsp;&nbsp; 34588  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5004  | &nbsp;&nbsp;&nbsp;&nbsp; 34740  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39744  | &nbsp;&nbsp;&nbsp;&nbsp; (9425)  | 2017 | 2018  |
| &nbsp;&nbsp; Constellation  | Las Vegas, NV | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24200  | &nbsp;&nbsp;&nbsp;&nbsp; 3069  | &nbsp;&nbsp;&nbsp;&nbsp; 39759  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2681  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3069  | &nbsp;&nbsp;&nbsp;&nbsp; 42440  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45509  | &nbsp;&nbsp;&nbsp;&nbsp; (12535)  |  | 2017  |
| Downtown Summerlin<sup>(h)(i)</sup> | Las Vegas, NV | Retail/Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1297  | &nbsp;&nbsp;&nbsp; 30855  | &nbsp;&nbsp;&nbsp;&nbsp; 364100  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30537  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30855  | &nbsp;&nbsp;&nbsp;&nbsp; 394637  | &nbsp;&nbsp;&nbsp;&nbsp; 425492  | &nbsp;&nbsp;&nbsp;&nbsp; (150337)  | 2013 | 2014 / 2015  |
| Hockey Ground Lease<sup>(h)</sup> | Las Vegas, NV | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121  | &nbsp;&nbsp;&nbsp;&nbsp; 6705  | &nbsp;&nbsp;&nbsp;&nbsp; 2198  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6705  | &nbsp;&nbsp;&nbsp;&nbsp; 2198  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8903  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(458)  |  | 2017  |
| Meridian  | Las Vegas, NV | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16690  | &nbsp;&nbsp;&nbsp;&nbsp; 4509  | &nbsp;&nbsp;&nbsp;&nbsp; 42242  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4509  | &nbsp;&nbsp;&nbsp;&nbsp; 42242  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46751  | &nbsp;&nbsp;&nbsp;&nbsp; (2149)  | 2022 | 2024  |
| &nbsp;&nbsp; 1700 Pavilion<sup>(h)</sup> | Las Vegas, NV | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75045  | &nbsp;&nbsp;&nbsp;&nbsp; 1700  | &nbsp;&nbsp;&nbsp;&nbsp; 101760  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11020  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700  | &nbsp;&nbsp;&nbsp;&nbsp; 112780  | &nbsp;&nbsp;&nbsp;&nbsp; 114480  | &nbsp;&nbsp;&nbsp;&nbsp; (11902)  | 2021 | 2022  |
| &nbsp;&nbsp; Two Summerlin<sup>(h)</sup> | Las Vegas, NV | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40849  | &nbsp;&nbsp;&nbsp;&nbsp; 3037  | &nbsp;&nbsp;&nbsp;&nbsp; 47104  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1924  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3037  | &nbsp;&nbsp;&nbsp;&nbsp; 49028  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52065  | &nbsp;&nbsp;&nbsp;&nbsp; (13916)  | 2017 | 2018  |
| Summerlin<sup>(h)</sup> | Las Vegas, NV | MPC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78535  | &nbsp;&nbsp; 990179  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; 266875  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1298  | &nbsp;&nbsp; 1257054  | &nbsp;&nbsp;&nbsp;&nbsp; 1298  | &nbsp;&nbsp; 1258352  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(856)  |  | 2004  |
| Summerlin Grocery Anchored Center<sup>(h)</sup>  | Las Vegas, NV | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14986  | &nbsp;&nbsp;&nbsp;&nbsp; 4073  | &nbsp;&nbsp;&nbsp;&nbsp; 43050  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4073  | &nbsp;&nbsp;&nbsp;&nbsp; 43050  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47123  | &nbsp;&nbsp;&nbsp;&nbsp; (1506)  | 2023 | 2024  |
| Summerlin Predevelopment  | Las Vegas, NV | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 25540  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 25540  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25540  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  |  |  |
| &nbsp;&nbsp; Tanager<sup>(h)</sup> | Las Vegas, NV | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58599  | &nbsp;&nbsp;&nbsp;&nbsp; 7331  | &nbsp;&nbsp;&nbsp;&nbsp; 53978  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7331  | &nbsp;&nbsp;&nbsp;&nbsp; 54980  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62311  | &nbsp;&nbsp;&nbsp;&nbsp; (13743)  | 2017 | 2019  |
| &nbsp;&nbsp; Tanager Echo<sup>(h)</sup> | Las Vegas, NV | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70032  | &nbsp;&nbsp;&nbsp;&nbsp; 2302  | &nbsp;&nbsp;&nbsp;&nbsp; 86013  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2302  | &nbsp;&nbsp;&nbsp;&nbsp; 86109  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88411  | &nbsp;&nbsp;&nbsp;&nbsp; (8825)  | 2021 | 2023 |
| **Teravalis**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| Teravalis  | Phoenix, AZ | MPC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; 544546  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312  | &nbsp;&nbsp;&nbsp;&nbsp; 2663  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20  | &nbsp;&nbsp;&nbsp;&nbsp; 547209  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332  | &nbsp;&nbsp;&nbsp;&nbsp; 547541  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(144)  |  | 2021  |

---

F-77<br>

------

#### **TABLE OF CONTENTS**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Initial Cost<sup>(b)</sup>** | **Initial Cost<sup>(b)</sup>** | **Costs Capitalized Subsequent** <br>**to Acquisition<sup>(c)</sup>** | **Costs Capitalized Subsequent** <br>**to Acquisition<sup>(c)</sup>** | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | | | |
| <br>**Name of Center** <br>***thousands*** | <br>**Location** | <br>**Center Type** | <br>**Encumbrances<sup>(a)</sup>** | **Land** | **Buildings and** <br>**Improvements** | **Land<sup>(e)</sup>** | **Buildings and** <br>**Improvements<sup>(e)</sup>** | **Land** | **Buildings and** <br>**Improvements**  | **Total** | <br>**Accumulated** <br>**Depreciation<sup>(f)</sup>** | <br>**Date of** <br>**Construction** | <br>**Date** <br>**Acquired /** <br>**Completed**  |
| **The Woodlands**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Creekside Park  | The Woodlands, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36179  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729  | &nbsp;&nbsp;&nbsp;&nbsp; 40116  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 713  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729  | &nbsp;&nbsp;&nbsp;&nbsp; 40829  | &nbsp;&nbsp; 41558  | &nbsp;&nbsp;&nbsp;&nbsp; (11202)  | 2017 | 2018  |
| &nbsp;&nbsp; Creekside Park The Grove  | The Woodlands, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57000  | &nbsp;&nbsp;&nbsp; 1876  | &nbsp;&nbsp;&nbsp;&nbsp; 52382  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352  | &nbsp;&nbsp;&nbsp; 1876  | &nbsp;&nbsp;&nbsp;&nbsp; 52734  | &nbsp;&nbsp; 54610  | &nbsp;&nbsp;&nbsp;&nbsp; (9747)  | 2019 | 2021  |
| &nbsp;&nbsp; Creekside Park West  | The Woodlands, TX | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15366  | &nbsp;&nbsp;&nbsp; 1228  | &nbsp;&nbsp;&nbsp;&nbsp; 17922  | &nbsp;&nbsp;&nbsp; (121)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1094  | &nbsp;&nbsp;&nbsp; 1107  | &nbsp;&nbsp;&nbsp;&nbsp; 19016  | &nbsp;&nbsp; 20123  | &nbsp;&nbsp;&nbsp;&nbsp; (3862)  | 2018 | 2019  |
| &nbsp;&nbsp; Grogan's Mill Retail  | The Woodlands, TX | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; 3711  | &nbsp;&nbsp;&nbsp;&nbsp; 5928  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; 3711  | &nbsp;&nbsp;&nbsp;&nbsp; 5928  | &nbsp;&nbsp;&nbsp; 9639  | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(384)  | 2024 | 2025  |
|  Houston Ground Leases - The Woodlands  | The Woodlands, TX | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; 13324  | &nbsp;&nbsp;&nbsp;&nbsp; 2582  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; 13324  | &nbsp;&nbsp;&nbsp;&nbsp; 2582  | &nbsp;&nbsp; 15906  | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(644)  |  | Various  |
| One Hughes Landing  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44063  | &nbsp;&nbsp;&nbsp; 1678  | &nbsp;&nbsp;&nbsp;&nbsp; 34761  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507  | &nbsp;&nbsp;&nbsp; 1678  | &nbsp;&nbsp;&nbsp;&nbsp; 35268  | &nbsp;&nbsp; 36946  | &nbsp;&nbsp;&nbsp;&nbsp; (12784)  | 2012 | 2013  |
| Two Hughes Landing  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43554  | &nbsp;&nbsp;&nbsp; 1269  | &nbsp;&nbsp;&nbsp;&nbsp; 34950  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2416)  | &nbsp;&nbsp;&nbsp; 1269  | &nbsp;&nbsp;&nbsp;&nbsp; 32534  | &nbsp;&nbsp; 33803  | &nbsp;&nbsp;&nbsp;&nbsp; (12483)  | 2013 | 2014  |
| &nbsp;&nbsp; Three Hughes Landing  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70000  | &nbsp;&nbsp;&nbsp; 2626  | &nbsp;&nbsp;&nbsp;&nbsp; 46372  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32687  | &nbsp;&nbsp;&nbsp; 2626  | &nbsp;&nbsp;&nbsp;&nbsp; 79059  | &nbsp;&nbsp; 81685  | &nbsp;&nbsp;&nbsp;&nbsp; (27104)  | 2014 | 2016  |
| 1725 Hughes Landing Boulevard  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67050  | &nbsp;&nbsp;&nbsp; 1351  | &nbsp;&nbsp;&nbsp;&nbsp; 36764  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26207  | &nbsp;&nbsp;&nbsp; 1351  | &nbsp;&nbsp;&nbsp;&nbsp; 62971  | &nbsp;&nbsp; 64322  | &nbsp;&nbsp;&nbsp;&nbsp; (16184)  | 2013 | 2015  |
| 1735 Hughes Landing Boulevard  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58793  | &nbsp;&nbsp;&nbsp; 3709  | &nbsp;&nbsp;&nbsp;&nbsp; 97651  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(264)  | &nbsp;&nbsp;&nbsp; 3709  | &nbsp;&nbsp;&nbsp;&nbsp; 97387  | &nbsp;&nbsp; 101096  | &nbsp;&nbsp;&nbsp;&nbsp; (43156)  | 2013 | 2015  |
| Hughes Landing Daycare  | The Woodlands, TX | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | 2018 | 2019  |
| Hughes Landing Retail  | The Woodlands, TX | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30594  | &nbsp;&nbsp;&nbsp; 5184  | &nbsp;&nbsp;&nbsp;&nbsp; 32562  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136  | &nbsp;&nbsp;&nbsp; 5184  | &nbsp;&nbsp;&nbsp;&nbsp; 32698  | &nbsp;&nbsp; 37882  | &nbsp;&nbsp;&nbsp;&nbsp; (11848)  | 2013 | 2015  |
| 1701 Lake Robbins  | The Woodlands, TX | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; 1663  | &nbsp;&nbsp;&nbsp;&nbsp; 3725  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856  | &nbsp;&nbsp;&nbsp; 1663  | &nbsp;&nbsp;&nbsp;&nbsp; 4581  | &nbsp;&nbsp;&nbsp; 6244  | &nbsp;&nbsp;&nbsp;&nbsp; (1515)  |  | 2014  |
| &nbsp;&nbsp; 2201 Lake Woodlands Drive  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; 3755  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1220  | &nbsp;&nbsp;&nbsp; 3755  | &nbsp;&nbsp;&nbsp;&nbsp; 1220  | &nbsp;&nbsp;&nbsp; 4975  | &nbsp;&nbsp;&nbsp;&nbsp; (1178)  |  | 2011  |
| Lakefront North  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000  | &nbsp;&nbsp; 10260  | &nbsp;&nbsp;&nbsp;&nbsp; 39357  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17657  | &nbsp;&nbsp; 10260  | &nbsp;&nbsp;&nbsp;&nbsp; 57014  | &nbsp;&nbsp; 67274  | &nbsp;&nbsp;&nbsp;&nbsp; (16348)  |  | 2018  |
| One Lakes Edge  | The Woodlands, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63884  | &nbsp;&nbsp;&nbsp; 1057  | &nbsp;&nbsp;&nbsp;&nbsp; 81768  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1227  | &nbsp;&nbsp;&nbsp; 1057  | &nbsp;&nbsp;&nbsp;&nbsp; 82995  | &nbsp;&nbsp; 84052  | &nbsp;&nbsp;&nbsp;&nbsp; (29256)  | 2013 | 2015  |
| &nbsp;&nbsp; Two Lakes Edge  | The Woodlands, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105000  | &nbsp;&nbsp;&nbsp; 1870  | &nbsp;&nbsp;&nbsp;&nbsp; 96349  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1375  | &nbsp;&nbsp;&nbsp; 1870  | &nbsp;&nbsp;&nbsp;&nbsp; 97724  | &nbsp;&nbsp; 99594  | &nbsp;&nbsp;&nbsp;&nbsp; (22241)  | 2018 | 2020  |
| Millennium Six Pines  | The Woodlands, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40569  | &nbsp;&nbsp;&nbsp; 4000  | &nbsp;&nbsp;&nbsp;&nbsp; 54624  | &nbsp;&nbsp;&nbsp; 7225  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047  | &nbsp;&nbsp; 11225  | &nbsp;&nbsp;&nbsp;&nbsp; 55671  | &nbsp;&nbsp; 66896  | &nbsp;&nbsp;&nbsp;&nbsp; (19471)  |  | 2016  |
| Millennium Waterway  | The Woodlands, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51000  | &nbsp;&nbsp; 15917  | &nbsp;&nbsp;&nbsp;&nbsp; 56002  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1789  | &nbsp;&nbsp; 15917  | &nbsp;&nbsp;&nbsp;&nbsp; 57791  | &nbsp;&nbsp; 73708  | &nbsp;&nbsp;&nbsp;&nbsp; (28700)  |  | 2012  |
| &nbsp;&nbsp; 8770 New Trails  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33894  | &nbsp;&nbsp;&nbsp; 2204  | &nbsp;&nbsp;&nbsp;&nbsp; 35033  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80  | &nbsp;&nbsp;&nbsp; 2204  | &nbsp;&nbsp;&nbsp;&nbsp; 35113  | &nbsp;&nbsp; 37317  | &nbsp;&nbsp;&nbsp;&nbsp; (9614)  | 2019 | 2020  |
| &nbsp;&nbsp; 9303 New Trails  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7025  | &nbsp;&nbsp;&nbsp; 1929  | &nbsp;&nbsp;&nbsp;&nbsp; 11915  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2321  | &nbsp;&nbsp;&nbsp; 1929  | &nbsp;&nbsp;&nbsp;&nbsp; 14236  | &nbsp;&nbsp; 16165  | &nbsp;&nbsp;&nbsp;&nbsp; (5391)  |  | 2011  |
| 1 Riva Row  | The Woodlands, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89153  | &nbsp;&nbsp;&nbsp; 3226  | &nbsp;&nbsp;&nbsp;&nbsp; 140726  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp; 3226  | &nbsp;&nbsp;&nbsp;&nbsp; 140726  | &nbsp;&nbsp; 143952  | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(309)  | 2023 | 2025  |
| &nbsp;&nbsp; 3831 Technology Forest Drive  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514  | &nbsp;&nbsp;&nbsp;&nbsp; 14194  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3770  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514  | &nbsp;&nbsp;&nbsp;&nbsp; 17964  | &nbsp;&nbsp; 18478  | &nbsp;&nbsp;&nbsp;&nbsp; (8411)  | 2014 | 2014  |
| &nbsp;&nbsp; The Lane at Waterway  | The Woodlands, TX | Multifamily | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37500  | &nbsp;&nbsp;&nbsp; 2029  | &nbsp;&nbsp;&nbsp;&nbsp; 40033  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475  | &nbsp;&nbsp;&nbsp; 2029  | &nbsp;&nbsp;&nbsp;&nbsp; 40508  | &nbsp;&nbsp; 42537  | &nbsp;&nbsp;&nbsp;&nbsp; (8571)  | 2019 | 2020  |
| &nbsp;&nbsp; The Ritz-Carlton Residences  | The Woodlands, TX | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110127  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 156083  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 156083  | &nbsp;&nbsp; 156083  | &nbsp;&nbsp;&nbsp;&nbsp; (2729)  | 2024 |  |
| &nbsp;&nbsp; The Woodlands  | The Woodlands, TX | MPC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | 269411  | &nbsp;&nbsp;&nbsp;&nbsp; 9814  | &nbsp;&nbsp; (82097)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9744)  | &nbsp;&nbsp; 187314  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70  | &nbsp;&nbsp; 187384  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(70)  |  | 2011  |

---

F-78<br>

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Initial Cost<sup>(b)</sup>** | **Initial Cost<sup>(b)</sup>** | **Costs Capitalized Subsequent** <br>**to Acquisition<sup>(c)</sup>** | **Costs Capitalized Subsequent** <br>**to Acquisition<sup>(c)</sup>** | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | **Gross Amounts at Which Carried at** <br>**Close of Period<sup>(d)</sup>**  | | | |
| <br>**Name of Center** <br>***thousands*** | <br>**Location** | <br>**Center Type** | <br>**Encumbrances<sup>(a)</sup>** | **Land** | **Buildings and** <br>**Improvements** | **Land<sup>(e)</sup>** | **Buildings and** <br>**Improvements<sup>(e)</sup>** | **Land** | **Buildings and** <br>**Improvements**  | **Total** | <br>**Accumulated** <br>**Depreciation<sup>(f)</sup>** | <br>**Date of** <br>**Construction** | <br>**Date** <br>**Acquired /** <br>**Completed**  |
| The Woodlands Parking Garages  | The Woodlands, TX | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6885  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3600  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2497  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15140  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9382  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18740  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28122  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4840)  |  | Various  |
| &nbsp;&nbsp; The Woodlands Predevelopment  | The Woodlands, TX | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50481  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50481  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50481  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2153)  |  |  |
|  The Woodlands Towers at the Waterway<sup>(j)</sup>  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp; 378340  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11044  | &nbsp;&nbsp;&nbsp;&nbsp; 437561  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51340  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11044  | &nbsp;&nbsp;&nbsp;&nbsp; 488901  | &nbsp;&nbsp;&nbsp;&nbsp; 499945  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99312)  |  | 2019  |
| The Woodlands Warehouse  | The Woodlands, TX | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13700  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4480  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4389  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4480  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4509  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8989  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1085)  |  | 2019  |
| 3 Waterway Square  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38217  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42214  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5899  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48113  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48861  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19134)  | 2012 | 2013  |
| 4 Waterway Square  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20574  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1430  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51553  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11690  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1430  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63243  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64673  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25718)  |  | 2011  |
| &nbsp;&nbsp; 6 Waterway<sup>(k)</sup> | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9663  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10279  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1394  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11673  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12514  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1473)  |  | 2024  |
| 7 Waterway  | The Woodlands, TX | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16377  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16377  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16377  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | 2025 |  |
| &nbsp;&nbsp; 20/25 Waterway Avenue  | The Woodlands, TX | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14339  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2346  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8871  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2346  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9627  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11973  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3335)  |  | 2011  |
| Waterway Square Retail  | The Woodlands, TX | Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1341  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4255  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1314  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1341  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5569  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6910  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2209)  |  | 2011  |
| &nbsp;&nbsp; 1400 Woodloch Forest  | The Woodlands, TX | Office | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1570  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13023  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6098  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1570  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19121  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20691  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9008)  |  | 2011  |
| **The Woodlands Hills**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; The Woodlands Hills  | Conroe, TX | MPC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99284  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 21983  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12  | &nbsp;&nbsp;&nbsp;&nbsp; 121267  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12  | &nbsp;&nbsp;&nbsp;&nbsp; 121279  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(8)  |  | 2014  |
| **Ward Village**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; 'A'ali'i  | Honolulu, HI | Condominium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(91)  | 2018 | 2021  |
| Ae'o  | Honolulu, HI | Condominium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1162  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1162  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1162  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(204)  | 2016 | 2018  |
| Anaha  | Honolulu, HI | Condominium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1097  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1097  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1097  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(222)  | 2014 | 2017  |
| &nbsp;&nbsp; Kalae  | Honolulu, HI | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74074  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 216451  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 216451  | &nbsp;&nbsp;&nbsp;&nbsp; 216451  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | 2024 |  |
| Ke Kilohana  | Honolulu, HI | Condominium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(109)  | 2016 | 2019  |
| Kewalo Basin Harbor  | Honolulu, HI | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10489  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24116  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(773)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23343  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23343  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8292)  | 2017 | 2019  |
| Kō'ula  | Honolulu, HI | Condominium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1184  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(107)  | 2019 | 2022  |
| &nbsp;&nbsp; The Park Ward Village  | Honolulu, HI | Development | &nbsp;&nbsp;&nbsp;&nbsp; 269930  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 528262  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 528262  | &nbsp;&nbsp;&nbsp;&nbsp; 528262  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | 2022 |  |
| Ulana Ward Village  | Honolulu, HI | Condominium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15315  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15315  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15315  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(2)  | 2023 | 2025  |
| Victoria Place  | Honolulu, HI | Condominium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1396  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1396  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1396  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(359)  | 2021 | 2024  |
| &nbsp;&nbsp; Waiea  | Honolulu, HI | Condominium | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1206  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1620  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1620  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;(336)  | 2014 | 2016  |
| Ward Predevelopment  | Honolulu, HI | Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24029  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 260109  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp; 260109  | &nbsp;&nbsp;&nbsp;&nbsp; 260109  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6476)  |  |  |
| &nbsp;&nbsp; Ward Village Parking Garages  | Honolulu, HI | Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4448  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140353  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4705  | &nbsp;&nbsp;&nbsp;&nbsp; 140353  | &nbsp;&nbsp;&nbsp;&nbsp; 145058  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42705)  | 2011 / 2016 | 2013 / 2018  |
| Ward Village Retail  | Honolulu, HI | Retail | &nbsp;&nbsp;&nbsp;&nbsp; 161650  | &nbsp;&nbsp;&nbsp;&nbsp; 159559  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89321  | &nbsp;&nbsp; (108164)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204651  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51395  | &nbsp;&nbsp;&nbsp;&nbsp; 293972  | &nbsp;&nbsp;&nbsp;&nbsp; 345367  | &nbsp;&nbsp;&nbsp;&nbsp; (114673)  | Various | Various  |
| **Total excluding Corporate and Deferred financing costs** | **Total excluding Corporate and Deferred financing costs** | **Total excluding Corporate and Deferred financing costs** | &nbsp;&nbsp;&nbsp;&nbsp; **3094214**  | &nbsp;&nbsp; **2569963**  | &nbsp;&nbsp;&nbsp; **4859732**  | &nbsp;&nbsp;&nbsp; **372738**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **633583**  | &nbsp;&nbsp; **2942701**  | &nbsp;&nbsp;&nbsp; **5493315**  | &nbsp;&nbsp; **8436016**  | &nbsp;&nbsp; **(1077125)**  |  |  |
| Corporate | Various |  | &nbsp;&nbsp;&nbsp;&nbsp; 2050000  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 885  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1027  | &nbsp;&nbsp;&nbsp;&nbsp; (885)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12136  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13163  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13163  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4999)  |  |  |
| Deferred financing costs | N/A |  | &nbsp;&nbsp;&nbsp;&nbsp; (34386)  |  |  |  |  |  |  |  |  |  |  |
|  |  | **Total** | &nbsp;&nbsp;&nbsp;&nbsp; **$5109828** | **$2570848** | &nbsp;&nbsp;&nbsp; **$4860759** | **$371853** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **$645719** | **$2942701** | &nbsp;&nbsp;&nbsp; **$5506478** | **$8449179** | &nbsp;&nbsp; **$(1082124)** |  |  |

---

(a)<br> Refer to Note 9 - *Mortgages, Notes, and Loans Payable, Net* for additional information.

(b) The initial cost for developed projects includes costs incurred through the end of the first complete calendar year after the asset is placed in service; for projects undergoing development or redevelopment, it includes all costs incurred up to the end of the reporting period; for acquired properties not in need of redevelopment, it represents the acquisition cost. 

F-79<br>

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(c)<br> For retail and other properties, costs capitalized subsequent to acquisitions is net of cost of disposals or other property write-downs. For MPCs, costs capitalized subsequent to acquisitions are net of the cost of land sales.

(d) The aggregate cost of land, buildings, and improvements for federal income tax purposes is approximately $6.2 billion. 

(e)<br> Reductions in Land reflect transfers to Buildings and Improvements for projects which the Company is internally developing.

(f)<br> Depreciation is based upon the useful lives in Note 1 - *Presentation of Financial Statements and Significant Accounting Policies*.

(g) Includes amounts from the Lakefront District development that is now considered a part of Merriweather District following rebranding efforts for the area. 

(h)<br> Encumbrances balance either represents or is inclusive of SIDs.

(i)<br> Downtown Summerlin includes the One Summerlin office property, which was placed in service in 2015.

(j)<br> The Woodlands Towers at the Waterway includes 1201 Lake Robbins and 9950 Woodloch Forest.

(k)<br> In 2025, the Company rebranded 6 Waterway (formerly Waterway Plaza II).

F-80<br>

------

---

| | | | |
|:---|:---|:---|:---|
| **Reconciliation of Real Estate** <br>***thousands*** | **2025** | **2024** | **2023**  |
| &nbsp;&nbsp; Balance at January 1 | **$7997009**  | $7558809  | $6854826  |
| Additions | &nbsp;&nbsp; **1226214**  | &nbsp;&nbsp; 1431478  | &nbsp;&nbsp; 1160786  |
| Dispositions, write-offs, and land and condominium costs of sales | &nbsp;&nbsp;&nbsp; **(774044)**  | &nbsp;&nbsp;&nbsp; (993278)  | &nbsp;&nbsp;&nbsp; (456803)  |
| &nbsp;&nbsp; Balance at December 31 | **$8449179**  | $7997009  | $7558809 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Reconciliation of Accumulated Depreciation** <br>***thousands*** | **2025** | **2024** | **2023**  |
| &nbsp;&nbsp; Balance at January 1 | &nbsp;&nbsp; **$949533**  | $829018  | $717270  |
| Depreciation Expense | &nbsp;&nbsp;&nbsp;&nbsp; **164031**  | &nbsp;&nbsp; 160638  | &nbsp;&nbsp; 151881  |
| Dispositions and write-offs | &nbsp;&nbsp;&nbsp;&nbsp; **(31440)**  | &nbsp;&nbsp; (40123)  | &nbsp;&nbsp; (40133)  |
| &nbsp;&nbsp; Balance at December 31 | **$1082124**  | $949533  | $829018 |

---

F-81<br>

------

## Pershing Square Inc.

#### Common Stock
![](logo_pershingsquareincx1.jpg)<br>

#### PRELIMINARY PROSPECTUS

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026

#### Global Coordinators & Bookrunners

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Citigroup** | **UBS** <br>**Investment Bank** | **BofA** <br>**Securities** | **Jefferies** | **Wells Fargo** <br>**Securities** |

---

#### Bookrunners

---

| | | |
|:---|:---|:---|
| **RBC Capital Markets** | **BTG Pactual** | **Keefe, Bruyette & Woods, Inc.**<br>***A Stifel Company*** |

---

#### Co-Lead Managers

---

| | | |
|:---|:---|:---|
| **Academy Securities** | **Huntington Capital Markets** | **Loop Capital Markets** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Oppenheimer & Co.** | **Piper Sandler** | **Roberts & Ryan** | **Wedbush Securities** |

---

#### Co-Managers

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| | | |
|:---|:---|:---|
| **Aegis Capital Corp.** | **AmeriVet Securities** | **C.L. King & Associates** |
| **CastleOak Securities, L.P.** | **Clear Street** | **InspereX** |
| **Jones** | R. Seelaus & Co., LLC | **Samuel A. Ramirez & Company, Inc.** |
| **Siebert Williams Shank** |  | **Tigress Financial Partners** |

---

#### Selected Selling Group Members

---

| | |
|:---|:---|
| **Charles Schwab & Co., Inc.** | **Robinhood Financial LLC** |

---

**Through and including , 2026 (the 25th day after the date of this prospectus), all dealers effecting transactions in these securities, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer's obligation to deliver a prospectus when acting as an underwriter.**