• It's like **Blackstone (BX)**, but with permanent, self-compounding capital instead of funds with fixed lifespans.
• Think of it as an **asset manager** that applies **Berkshire Hathaway's (BRK.A/B)** long-term compounding strategy, but for external investor capital.

• Investment Management: Provides professional management of permanent capital through long-term, high-return investment strategies.
• Permanent Capital Investment Funds: Offers structured investment vehicles, such as PSUS, designed for investors seeking long-term exposure to their investment strategies with durable capital arrangements.

Bill Ackman, Chief Executive Officer and Founder

Bill Ackman founded Pershing Square Capital Management in 2003. Prior to that, he co-founded and co-managed Gotham Partners Management Co., LLC in 1992, an investment adviser that managed public and private equity hedge fund portfolios. He began his career in real estate investment banking at Ackman Brothers & Singer, Inc. Ackman is known as an activist investor and also serves as the Executive Chairman of the Howard Hughes Holdings Inc. Board of Directors since May 2025.

Michael Gonnella, Chief Financial Officer

Michael Gonnella has served as the Chief Financial Officer of Pershing Square since March 2017. He joined the firm in 2005 and previously held the position of senior controller. Mr. Gonnella is also the Chief Financial Officer of Pershing Square SPARC Holdings, Ltd., and previously served as CFO of Pershing Square Tontine Holdings, Ltd. He is a certified public accountant.

Ben Hakim, President

Ben Hakim has served as the President of Pershing Square since June 2024, having joined the investment team in 2012. Before joining Pershing Square, he was a Senior Managing Director in the Mergers & Acquisitions group at Blackstone Inc. for 13 years. Mr. Hakim also previously served as President of Pershing Square Tontine Holdings, Ltd.

Ryan Israel, Chief Investment Officer

Ryan Israel has been the Chief Investment Officer of Pershing Square Capital Management since August 2022 and joined the investment team in 2009. Prior to his time at Pershing Square, Mr. Israel was an analyst in the Technology, Media and Telecom group at Goldman Sachs. He served as a director of Element Solutions Inc. from October 2013 through January 2019. He was also a key player in Pershing Square's investment in Burger King.

1. Investment Performance: Pershing Square's growth, fee-paying assets under management (AUM), revenues, and profits are primarily driven by the long-term compounding of its assets under management and the returns generated by its investment strategies. Poor investment performance would directly and significantly impact these metrics, including both management and performance fees. The company's ability to fully pay its Preferred Performance Fees is dependent on its funds achieving at least a 5% annual compound return net of management fees over the long term.
2. Howard Hughes Holdings Inc. (HHH) Transformation and Vantage Acquisition Execution: Pershing Square has a significant interest in Howard Hughes Holdings Inc. (HHH) and intends to transform it into a diversified holding company, which is expected to drive its long-term growth. A key part of this strategy is HHH's agreement to acquire Vantage Group Holdings, Ltd. for approximately $2.1 billion, a transaction subject to customary regulatory approvals and closing conditions. The success of HHH's transformation, the integration and profitability of Vantage, and HHH's future ability to acquire and grow other operating companies are crucial to Pershing Square's strategic growth objectives.

Here are 3-5 expected drivers of future revenue growth for Pershing Square (PS) over the next 2-3 years:

1. Growth of Assets Under Management (AUM) through Long-Term Investment Returns: Pershing Square's business model is fundamentally driven by the long-term compounding of its permanent capital assets under management. Growth in Fee-Paying AUM is largely propelled by the long-term investment returns generated by its funds.
2. Expansion of Permanent Capital Vehicles and New Market Penetration: The company's growth strategy includes the opportunistic launch of new permanent capital vehicles to pursue new investment verticals or expand into new jurisdictions. Specifically, the launch of PSUS, a new permanent capital vehicle marketed to U.S. investors, is expected to materially expand its permanent capital AUM.
3. Transformation and Strategic Acquisitions by Howard Hughes Holdings Inc. (HHH): Pershing Square's increased stake in Howard Hughes Holdings Inc. (HHH) and its intention to transform HHH into a diversified holding company are significant growth drivers. This includes HHH's acquisition of Vantage Group Holdings, Ltd., a specialty insurance and reinsurance company, which closed in the second quarter of 2026. In connection with the Vantage acquisition, Pershing Square Capital Management (PSCM) is engaged as an investment manager for Vantage and its insurance subsidiaries, contributing directly to revenue. Additionally, HHH plans to acquire controlling ownership of other high-quality operating companies over time.

Capital Allocation Decisions for Pershing Square (symbol: PS) over the Last 3-5 Years:

Share Repurchases

• As Pershing Square Inc. (PS) commenced trading on the NYSE on April 29, 2026, as part of a combined IPO, there is no significant history of share repurchases for this specific public entity during the last 3-5 years.

Share Issuance

• On April 29, 2026, Pershing Square Inc. (PS) initiated trading on the New York Stock Exchange as part of a combined initial public offering (IPO) with Pershing Square USA, Ltd. (PSUS).
• The combined offering successfully raised total gross proceeds of $5 billion, primarily for PSUS, and included a private placement component.
• Investors in the PSUS IPO received one share of Pershing Square Inc. (PS) common stock for every five PSUS shares purchased, without additional consideration, as Pershing Square Inc. itself did not receive any direct proceeds from this share issuance.

Outbound Investments

• On May 5, 2025, Pershing Square significantly increased its stake in Howard Hughes Holdings Inc. (HHH) by acquiring an additional 15% of its outstanding shares, bringing its total interest to 47%.
• Pershing Square played a key role in HHH's agreement on December 17, 2025, to acquire Vantage Group Holdings, Ltd. for approximately $2.1 billion in cash, a transaction that closed in the second quarter of 2026. Pershing Square supported this by investing $1 billion in HHH non-voting exchangeable perpetual preferred stock.
• In the first half of 2026, Pershing Square's Investment Manager actively deployed capital into six new public equity positions: Visa, Mastercard, Netflix, S&P Global, Intercontinental Exchange, and Alcon.

Capital Expenditures

• Pershing Square (PS) reported capital expenditures of approximately $200,000 over the last 12 months, reflecting a lean operating model typical of an asset management firm.