James C. Elbaor

At ~$40 $PS is not trading at a wild premium to peers. But how much a of a premium would be deserved? Versus peers you get: (1) Superior underlying AUM growth from organic appreciation in fund-NAVs. (2) ~97% permanent capital (FPAUM) - true infinitely lived capital. (3) Material operating leverage at ManagementCo. After FY26 reset year, expect G&A to grow LSD% and Employee Comp at Inflation+. (4) Much cleaner FRE than $APO $KKR et al. (5) Free option on $HHH trading back above the indexed reference price ~$66.20, delivering variable management fees that drop straight to FRE. (Not in my numbers below)

Set a reminder for our upcoming Space! twitter.com/i/spaces/1MJgN…

@Noalgos @JKT_Dyke @RealRafito @BillAckman Depends on your domicile and tax situation

@JKT_Dyke @RealRafito @jameselbaor @BillAckman it seems the portfolio of $PSUS will be similar to the London listed vehicles so why buying a fund much more expensive? Better stick to $PSHD.L

Congratulations to @BillAckman and the whole $PSUS $PS team. Now the 6th largest IPO of the last decade and among the 20 largest in U.S. history. Scale achieved, runway ahead.

@RealRafito @JKT_Dyke @BillAckman $PS

@JKT_Dyke @jameselbaor @BillAckman If you had to choose one of those 3 to buy, which would you choose?

“He has the capital with the patience to align with the time frame that he wants to underwrite,” James Elbaor, founder of Marlton, who invested in the IPO and previously in the management company, said in an interview. “He has essentially full control over the duration of his investments.”

Palmer Luckey might be the only billionaire in Silicon Valley willing to say this out loud.

Today, we announced the launch of the road show for the combined IPO of Pershing Square USA and Pershing Square Inc. You can read the official announcement here: businesswire.com/news/home/2026….   I wrote a letter to explain the combined offering in detail that can be found here: sec.gov/Archives/edgar…   You can review the S-1 here: sec.gov/Archives/edgar…   And the N-2 here: sec.gov/ix?doc=/Archiv… This communication has been made available to you with the consent of Pershing Square USA, Ltd. (“PSUS”) and Pershing Square Inc. (“PSI”). PSUS, a closed-end investment company managed by Pershing Square Capital Management, L.P. (“PSCM”), has filed a registration statement (including a preliminary prospectus available at sec.gov/ix?doc=/Archiv…) on Form N-2 (File Nos. 811-23932; 333-294164) with the Securities and Exchange Commission (the “SEC”) for the initial public offering (the “PSUS IPO”) of its common shares of beneficial interest. PSI, the prospective parent company of PSCM, has filed a registration statement (including a preliminary prospectus available at sec.gov/Archives/edgar…) on Form S-1 (File No. 333-294165) with the SEC for the initial public offering (the “PSI IPO”, and together with the PSUS IPO, the “Combined Offering”) of the common stock of PSI. This presentation relates to the Combined Offering. The registration statements have not yet become effective. Before you invest, you should read the preliminary prospectuses in the registration statements and other documents that PSUS and PSI have filed with the SEC for more complete information about PSUS, PSI and the Combined Offering. Alternatively, copies of the preliminary prospectuses may be obtained from: Citigroup Global Markets Inc., Attention: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831-9145; UBS Securities LLC, Attention: Equity Syndicate, 11 Madison Avenue, New York, NY 10010, by telephone at (888) 827-7275, or by email at ol-prospectus-request@ubs.com; BofA Securities, Inc., Attention: Prospectus Department, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255, by email at dg.prospectus_requests@bofa.com; Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, by telephone at (877) 821-7388, or by email at prospectus_department@jefferies.com; or Wells Fargo Securities, LLC, Attention: Wells Fargo Securities, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, by telephone at (800) 645-3751 (option #5), or by email at WFScustomerservice@wellsfargo.com. Investors are advised to carefully consider the investment objectives, risks, charges and expenses of PSUS before investing.   This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. This communication has been distributed for informational purposes only and should not be considered investment advice or a recommendation of any particular security, strategy or investment product.

Kids missing class so adults can make a point is… not a great civics lesson. Supporting teachers matters, but so does keeping classrooms open for students who rely on them most. Public schools shouldn’t double as bargaining chips. The students and their parents didn’t sign that contract.

The Chicago Teachers Union is fighting to close schools on May 1. If they succeed, Chicago will be the only major city in the country to proactively block students from attending public school on May Day. In this week’s edition of The Last Ward, learn why it’s happening and what you can do about it. thelastward.org/p/may-day-chic…

@kieranwgoodwin Do they need a majority of votes cast or under the 40 Act they need a supermajority of shares outstanding

While I agree with Julian that no rational shareholder should vote to allow $FSK to sell new shares at discount to NAV, I believe that this request will pass given shareholders general apathy to reading proxy statements. Shareholders need to start reading the fine print and understanding their rights. One of the important shareholder rights under the 40 Act is not allowing the manager to sell shares at a discount to NAV. KNOW YOUR RIGHTS!

WATCH: I just joined Chicago Tonight to debate a new “millionaire’s tax” proposal floating around Springfield. It might sound appealing to some. But here’s the inconvenient truth. Illinois lost nearly 1 million taxpayers to other states on net over the last decade. We ranked 49th out of 50 states on this measure. The group leaving the fastest? People making over $200k (highest income bracket reported by the IRS). There’s also 22,000 Illinois small businesses earning $1M+ in pass-through income who would get whacked by this, killing jobs and investment that our state desperately needs (IL lost 1,700 jobs in 2025 while the US added 584,000). This is a bad idea at a bad time. We can’t afford to keep losing people and investment to other states. Thankfully, Illinois voters rejected a similar constitutional amendment in 2020. And the current proposal seems DOA at the Statehouse. Here’s the full debate.

$BRR since the CFO Silvia merger passed: 🟠 $BTC: -2.9% 🥶 $BRR: -15.9% The market has spoken.

Larry Fink: “If I allowed more people to redeem, I’m not a fiduciary to those who are staying in”. It’s an admission that the reported NAV is bogus.

We're not alone. Institutional Shareholder Services @issgovernance — a leading proxy advisory firm — independently recommends stockholders vote: ❌ AGAINST the merger ❌ AGAINST the director nominee ISS found the valuation disclosure "inadequate." Conflicts of interest noted. Governance deficiencies flagged.

Bill Ackman Pershing Square IPO has received nearly $3B investment commitment of the planned $5-10B offering The offering filed with NYSE occurred on March 10, 2026. cnbc.com/2026/03/10/bil…

It was a bad election night for the Chicago Teachers Union. 🧵

The CEO of $BRR just blocked us. @APompliano He controls both sides of the @CFOSilvia merger. They removed performance milestones from the earnout. And they're asking shareholders to hand over ~20% of the Bitcoin treasury to his own company. But a Twitter account asking questions — that's what he can't handle. $BRR vote is March 27. #bitcoin #brr #CryptoNews

New York City Mayor Mamdani admits residents are leaving the city as he continues pushing for higher taxes on the wealthy.