Pershing Square Holdings Executes Treasury Buyback of 36,621 Shares at USD 52.28 Average on July 17, 2026

Share Buyback Conducted Across Dual London Stock Exchange Listings

Pershing Square Holdings executed its share repurchase on 17 July 2026 across two London Stock Exchange listings. The main PSH listing accounted for 25,462 shares purchased, while the PSHD listing comprised 11,159 shares, totaling 36,621 shares acquired in one trading day. This dual-listing approach supports liquidity and investor access across different platforms, typical of international investment funds managing extensive portfolios.

Jefferies International Limited acted as the executing agent. Pricing differed slightly between listings: PSH shares traded in pence sterling, ranging from 3,836 pence (USD 51.60) to 3,944 pence (USD 53.06), while PSHD shares traded in US dollars between USD 51.55 and USD 52.90. The combined average purchase price was USD 52.28 across all shares bought.

Capital Structure After Treasury Share Acquisition

Following the 17 July 2026 buyback, Pershing Square Holdings holds 173,787,785 public shares outstanding, down from prior levels due to the acquisition of 36,621 shares. The company’s treasury reserve now includes 37,168,965 shares, representing shares held within the company rather than cancelled. This treasury stock offers flexibility for future capital management, including potential reissuance depending on market or strategic considerations.

The capital structure continues to be influenced by the single special voting share held by PS Holdings Independent Voting Company Limited, unaffected by the ordinary share buyback. This governance structure maintains stable voting control, separating it from public share repurchase activities—a common practice among international investment funds managing multi-billion-pound portfolios.

Valuation and Net Asset Value Context

The net asset value (NAV) per public share was USD 77.06 (GBP 57.55) as of 14 July 2026, the trading day before the buyback. The average repurchase price of USD 52.28 represents a discount to this NAV, an important consideration for shareholders evaluating the capital allocation. This discount reflects prevailing market conditions and investor sentiment impacting closed-ended investment funds traded publicly.

Closed-ended funds like Pershing Square Holdings calculate NAV periodically based on their underlying investment portfolios. NAV serves as a key benchmark for investors assessing fund performance and the relationship between market price and asset value. The timing of NAV calculation relative to the buyback allows investors to determine whether shares were repurchased at a discount or premium.

Dual Listing Price Variations and Execution Details

The 36,621-share buyback demonstrated distinct pricing dynamics between the PSH and PSHD London Stock Exchange listings. PSH shares, quoted in sterling pence, traded between 3,836 and 3,944 pence (USD 51.60 to USD 53.06), while PSHD shares, quoted in US dollars, traded between USD 51.55 and USD 52.90. These differences reflect independent order books on separate venues.

The average price on the PSH listing was 3,888 pence (USD 52.30), and on the PSHD listing USD 52.22, with a combined average of USD 52.28. Minor price variations are typical in dual-listed funds where separate order books operate independently. Jefferies International Limited ensured balanced execution across both markets, catering to UK and international investors.

Treasury Shares and Capital Management Flexibility

The treasury holding of 37,168,965 shares, including the 36,621 shares acquired on 17 July 2026, provides Pershing Square Holdings with significant flexibility for future capital management. Unlike cancelled shares, treasury shares can be reissued, allowing the company to adapt to market conditions or shareholder needs without formal capital restructuring.

Maintaining treasury shares is common among closed-ended funds as part of ongoing capital management. This reserve enables buybacks without requiring shareholder approval for each transaction, provided general repurchase authority is in place under UK law and fund governance. The accumulation of treasury shares signals sustained capital management, possibly reflecting management’s view that shares trade below NAV.

Governance and Regulatory Compliance of Buyback

The 17 July 2026 share repurchase complied with UK regulatory frameworks applicable to listed closed-ended investment funds. Pershing Square Holdings, listed under PSH and PSHD, adheres to UK Listing Authority rules, Disclosure and Transparency Rules, and Market Abuse Regulation requirements for buyback disclosures. The detailed announcement, including venue-specific pricing and NAV data, fulfills mandatory reporting obligations.

Jefferies International Limited’s role as buyback agent ensured arm’s-length execution and pricing independence. The transparent disclosure of pricing by venue and share class demonstrates execution quality. Periodic buybacks are a common capital management tool for closed-ended funds, especially when shares trade at discounts to NAV, impacting shareholder returns and portfolio efficiency.

Closed-Ended Fund Structure and Portfolio Management

Pershing Square Holdings, Ltd. operates as a closed-ended investment holding company with a managed portfolio. Unlike open-ended funds, share issuance and redemption are not continuous, keeping the share count stable unless adjusted by capital management actions such as buybacks or issuances. This structure appeals to investors desiring consistent portfolio management without dilution or concentration effects from ongoing subscriptions or redemptions.

The fund’s investment strategy drives the NAV calculation, reflected in the USD 77.06 per-share valuation as of 14 July 2026. Closed-ended funds typically hold concentrated portfolios with professional management overseeing allocations. The buyback reduces share count, potentially increasing NAV per share if asset values remain steady.

Market Timing and Intraday Price Execution

The 36,621 shares were repurchased across two London Stock Exchange listings on 17 July 2026, requiring coordinated order management. PSH shares traded within a 108 pence range (3,836 to 3,944 pence), a 2.8% intraday movement, while PSHD shares ranged USD 51.55 to USD 52.90, a 2.6% intraday variation. This indicates similar volatility patterns despite differing currency denominations.

Average purchase prices were near the lower end of intraday ranges, suggesting execution during favorable price periods. The combined average of USD 52.28 closely aligns with individual listing averages, reflecting balanced execution without significantly impacting market prices.

Outstanding Shares Reduction and Potential Earnings Effects

Post-buyback, Pershing Square Holdings’ outstanding public shares decreased to 173,787,785 from 173,824,406, a reduction of less than 0.02%. Although modest, this reflects ongoing capital management. Reducing share count concentrates net assets across fewer shares, potentially benefiting shareholders if portfolio values remain stable or grow, as NAV per share increases mechanically.

The announcement does not specify future buyback frequency or volume targets. However, the sizeable treasury holding alongside regular buybacks suggests systematic capital management. Investors should consider buyback activity in conjunction with portfolio returns and NAV trends, as share count reductions can enhance per-share returns even in flat markets.