Pershing Square Capital Management, L.P.

Holdings History for Restaurant Brands International Inc. - Common Shares, without par value (QSR)

Symbol: QSR on NYSE
Investment type: Equity / Common Shares, without par value

Shares, Excluding Options vs Price

Value, Excluding Options

Holdings date	Weight	Change	Value $	Shares	Change	Activity %	Price	All Holders
31 Dec 2025	10%	-0.02%	$1,560,199,922	22,866,773	-48,723	-0.21%	$68.23	Q4 2025
30 Sep 2025	10%	-0.04%	$1,469,799,913	22,915,496	-85,418	-0.37%	$64.14	Q3 2025
30 Jun 2025	11%	0%	$1,524,730,589	23,000,914	0		$66.29	Q2 2025
31 Mar 2025	13%	0%	$1,532,780,909	23,000,914	0		$66.64	Q1 2025
31 Dec 2024	12%	0%	$1,499,199,575	23,000,914	0		$65.18	Q4 2024
30 Sep 2024	13%	-0.08%	$1,658,825,918	23,000,914	-141,628	-0.61%	$72.12	Q3 2024
30 Jun 2024	16%	-0.13%	$1,628,540,681	23,142,542	-205,593	-0.88%	$70.37	Q2 2024
31 Mar 2024	17%	0%	$1,855,009,326	23,348,135	0		$79.45	Q1 2024
31 Dec 2023	18%	0%	$1,824,189,788	23,348,135	0		$78.13	Q4 2023
30 Sep 2023	15%	0%	$1,555,452,754	23,348,135	0		$66.62	Q3 2023
30 Jun 2023	17%	-0.61%	$1,809,947,425	23,348,135	-846,031	-3.5%	$77.52	Q2 2023
31 Mar 2023	16%	0%	$1,624,396,305	24,194,166	0		$67.14	Q1 2023
31 Dec 2022	18%	0%	$1,564,636,715	24,194,166	0		$64.67	Q4 2022
30 Sep 2022	16%	+0.25%	$1,286,646,000	24,194,166	+371,525	+1.6%	$53.18	Q3 2022
30 Jun 2022	16%	-0.03%	$1,194,705,000	23,822,641	-41,990	-0.18%	$50.15	Q2 2022
31 Mar 2022	13%	-0.04%	$1,393,456,000	23,864,631	-72,617	-0.3%	$58.39	Q1 2022
31 Dec 2021	13%	0%	$1,452,512,000	23,937,248	0		$60.68	Q4 2021
30 Sep 2021	15%	+0.16%	$1,464,720,000	23,937,248	+240,331	+1%	$61.19	Q3 2021
30 Jun 2021	14%	-0.14%	$1,527,029,000	23,696,917	-229,735	-0.96%	$64.44	Q2 2021
31 Mar 2021	15%	-0.69%	$1,555,232,000	23,926,652	-1,111,875	-4.4%	$65.00	Q1 2021
31 Dec 2020	15%	-0.05%	$1,530,104,000	25,038,527	-80,489	-0.32%	$61.11	Q4 2020
30 Sep 2020	16%	0%	$1,444,595,000	25,119,016	0		$57.51	Q3 2020
30 Jun 2020	18%	+7.1%	$1,372,252,000	25,119,016	+10,034,712	+67%	$54.63	Q2 2020
31 Mar 2020	9.2%	0%	$603,825,000	15,084,304	0		$40.03	Q1 2020
31 Dec 2019	15%	0%	$961,926,000	15,084,304	0		$63.77	Q4 2019
30 Sep 2019	17%	-0.63%	$1,073,097,000	15,084,304	-556,761	-3.6%	$71.14	Q3 2019
30 Jun 2019	16%	-2.8%	$1,087,680,000	15,641,065	-2,701,638	-15%	$69.54	Q2 2019
31 Mar 2019	18%	-1.3%	$1,194,293,000	18,342,703	-1,342,899	-6.8%	$65.11	Q1 2019
31 Dec 2018	17%	-1%	$1,029,557,000	19,685,602	-1,158,317	-5.6%	$52.30	Q4 2018
30 Sep 2018	24%	0%	$1,235,628,000	20,843,919	0		$59.28	Q3 2018
30 Jun 2018	22%	-3.6%	$1,256,888,000	20,843,919	-3,476,376	-14%	$60.30	Q2 2018
31 Mar 2018	29%	-2.6%	$1,384,311,000	24,320,295	-2,180,434	-8.2%	$56.92	Q1 2018
31 Dec 2017	28%	0%	$1,629,265,000	26,500,729	0		$61.48	Q4 2017
30 Sep 2017	33%	-16%	$1,692,867,000	26,500,729	-12,649,822	-32%	$63.88	Q3 2017
30 Jun 2017	45%	0%	$2,448,475,000	39,150,551	0		$62.54	Q2 2017
31 Mar 2017	37%	0%	$2,182,252,000	39,150,551	0		$55.74	Q1 2017
31 Dec 2016	32%	0%	$1,865,915,000	39,150,551	0		$47.66	Q4 2016
30 Sep 2016	32%	0%	$1,745,332,000	39,150,551	0		$44.58	Q3 2016
30 Jun 2016	22%	0%	$1,628,663,000	39,150,551	0		$41.60	Q2 2016
31 Mar 2016	17%	+0.5%	$1,520,216,000	39,150,551	+1,146,567	+3%	$38.83	Q1 2016
31 Dec 2015	11%	0%	$1,419,829,000	38,003,984	0		$37.36	Q4 2015
30 Sep 2015	9.8%	0%	$1,365,103,000	38,003,984	0		$35.92	Q3 2015
30 Jun 2015	10%	0%	$1,452,132,000	38,003,984	0		$38.21	Q2 2015
31 Mar 2015	9.8%	0%	$1,459,733,000	38,003,984	0		$38.41	Q1 2015
31 Dec 2014	9.2%	+9.2%	$1,483,676,000	38,003,984	+38,003,984	NEW	$39.04	Q4 2014

* Reported Price is the price of the security as of the portfolio date. This value is significant in that it is the last known price at which the security was still held.
An asterisk sign (*) next to the price indicates that the price is likely invalid.