Pershing Square Capital Management, L.P. Long-Term Concentrated

CIK: 0001336528 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 17, 2026

Total Value ($000): $15,526,738 (100.0% shares, 0.0% debt)

Holdings (11)

New Positions (1)

META META PLATFORMS INC 11.4%

Value ($000) $1,764,796 Shares 2,673,569 Est. Cost $667.32 Unrealized 0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
META	META PLATFORMS INC	2,673,569	$1,764,796	11.4%	$667.32	0.0%	CL A	30303M102

Increased Positions (2)

AMZN AMAZON COM INC 14.3%

Value ($000) $2,217,678 (+73.4%) Shares 9,607,824 (+65.0%) Est. Cost $210.06 Unrealized +8.9%

BN BROOKFIELD CORP 18.1%

Value ($000) $2,817,788 (+0.2%) Shares 61,403,089 (+49.7%) Est. Cost $36.45 Unrealized +25.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	9,607,824 (+65.0%)	$2,217,678 (+73.4%)	14.3%	$210.06	+8.9%	COM	023135106
BN	BROOKFIELD CORP	61,403,089 (+49.7%)	$2,817,788 (+0.2%)	18.1%	$36.45	+25.0%	CL A LTD VT SH	11271J107

Exited Positions (1)

CMG CHIPOTLE MEXICAN GRILL INC 5.4%

Value ($000) $844,199 Shares 21,541,177 Est. Cost $60.74 Unrealized -40.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CMG	CHIPOTLE MEXICAN GRILL INC	21,541,177	$844,199	5.4%	$60.74	-40.5%	—	169656105

Decreased Positions (2)

GOOGL ALPHABET INC 1.4%

Value ($000) $212,307 (-82.0%) Shares 678,297 (-86.0%) Est. Cost $126.44 Unrealized +125.9%

GOOG ALPHABET INC 12.5%

Value ($000) $1,934,223 (+25.6%) Shares 6,163,871 (-2.5%) Est. Cost $98.50 Unrealized +190.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
GOOGL	ALPHABET INC	678,297 (-86.0%)	$212,307 (-82.0%)	1.4%	$126.44	+125.9%	CAP STK CL A	02079K305
GOOG	ALPHABET INC	6,163,871 (-2.5%)	$1,934,223 (+25.6%)	12.5%	$98.50	+190.7%	CAP STK CL C	02079K107

Unchanged Positions (6)

UBER UBER TECHNOLOGIES INC 15.9%

Value ($000) $2,468,274 Shares 30,207,734 Est. Cost $72.04 Unrealized +25.0%

QSR RESTAURANT BRANDS INTL INC 10.0%

Value ($000) $1,560,200 Shares 22,866,773 Est. Cost $43.37 Unrealized +58.9%

HLT HILTON WORLDWIDE HLDGS INC 5.6%

Value ($000) $869,984 Shares 3,028,664 Est. Cost $84.12 Unrealized +223.6%

HHH HOWARD HUGHES HOLDINGS INC 9.7%

Value ($000) $1,503,829 Shares 18,852,064 Est. Cost $74.87 Unrealized +10.6%

HTZ HERTZ GLOBAL HLDGS INC 0.5%

Value ($000) $78,339 Shares 15,241,127 Est. Cost $3.72 Unrealized +46.9%

SEG SEAPORT ENTMT GROUP INC 0.6%

Value ($000) $99,320 Shares 5,023,780 Est. Cost $28.64 Unrealized -21.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
UBER	UBER TECHNOLOGIES INC	30,207,734	$2,468,274	15.9%	$72.04	+25.0%	COM	90353T100
QSR	RESTAURANT BRANDS INTL INC	22,866,773	$1,560,200	10.0%	$43.37	+58.9%	COM	76131D103
HLT	HILTON WORLDWIDE HLDGS INC	3,028,664	$869,984	5.6%	$84.12	+223.6%	COM	43300A203
HHH	HOWARD HUGHES HOLDINGS INC	18,852,064	$1,503,829	9.7%	$74.87	+10.6%	COM	44267T102
HTZ	HERTZ GLOBAL HLDGS INC	15,241,127	$78,339	0.5%	$3.72	+46.9%	COM NEW	42806J700
SEG	SEAPORT ENTMT GROUP INC	5,023,780	$99,320	0.6%	$28.64	-21.7%	COMMON STOCK	812215200