PERSHING SQUARE INC., 10-Q filed on 6/4/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2026
May 31, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Mar. 31, 2026  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity File Number 001-43256  
Entity Registrant Name Pershing Square Inc.  
Entity Central Index Key 0002026053  
Amendment Flag false  
Entity Incorporation, State or Country Code NV  
Entity Tax Identification Number 99-2840341  
Entity Address, Address Line One 787 Eleventh Avenue  
Entity Address, Address Line Two Ninth Floor  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10019  
City Area Code 212  
Local Phone Number 813-3700  
Title of 12(b) Security Common Stock  
Trading Symbol PS  
Security Exchange Name NYSE  
Entity Current Reporting Status No  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company true  
Entity Ex Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   400,000,000
v3.26.1
Consolidated Statements of Financial Condition - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 46,845,139 $ 55,397,767
Restricted cash 118,935 118,935
Due from affiliates [1] 7,628,285 15,613,554
Prepaid expenses 3,752,967 1,344,606
Investment in Howard Hughes Holdings Inc. ("HHH"), at fair value 569,340,000 717,930,000
Deferred HHH Services Agreement premium 279,498,832 283,158,457
Investment in Pershing Square, L.P., at fair value [1] 54,669,802 79,288,239
Fixed assets and leasehold improvements (net of accumulated depreciation of $18,172,097 and $17,592,861) 14,417,994 14,983,725
Lease right-of-use assets 8,030,946 28,440,786
Other assets 6,173,436 3,465,870
Deferred sublease incentive 0 4,129,121
Performance fees receivable 0 497,330,469
Total assets 990,476,336 1,701,201,529
Liabilities    
Accounts payable 18,789,368 8,620,401
Accrued compensation and benefits [1] 15,398,423 426,093,557
Performance fee distributions payable [1] 10,654,945 54,838,527
Deferred revenue 3,786,000 3,786,000
Deferred tax liability 699,146 0
Taxes payable 262,579 17,029,108
Loans payable 34,800,000 34,800,000
Operating lease liabilities 21,607,859 42,672,771
Affiliates fee rebate payable 0 24,143,741
Distributions payable to partners 0 10,104,536
Total liabilities 105,998,320 622,088,641
Commitments and Contingencies (see Note 7)
Partners' capital    
Partners' capital controlling interests 838,387,470 1,016,418,004
Non-controlling interest in consolidated variable interest entities [1] 46,090,546 62,694,884
Total partners' capital 884,478,016 1,079,112,888
Total liabilities and partners' capital $ 990,476,336 $ 1,701,201,529
[1] Includes amounts attributable to consolidated variable interest entities (“VIEs”) for which Pershing Square Holdco, L.P. does not have any direct equity interests.
v3.26.1
Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Accumulated depreciation, net $ 18,172,097 $ 17,592,861
v3.26.1
Consolidated Statements of Operations - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenue    
Total revenues $ 57,506,503 $ 52,304,589
Expenses    
General and administrative expense 15,986,699 10,135,089
Affiliates fee rebate 14,475,474 11,611,523
Profit-sharing partner compensation [1] 11,766,519 15,448,224
Employee compensation and benefits 9,626,805 4,140,890
Depreciation and amortization expense 579,236 577,583
Total expenses 52,434,733 41,913,309
Operating income (loss) 5,071,770 10,391,280
Non-operating income (expenses)    
Interest income 627,946 10,460,958
Unrealized gain (loss) on HHH shares held at fair value (148,590,000)  
Unrealized gain (loss) on investment in Pershing Square, L.P. held at fair value [1] (10,943,780) 93,128
Other income (expense) (3,328,092) 1,261,031
Interest expense (514,296) (587,986)
Total non-operating income (expenses) (162,748,222) 11,227,131
Net income (loss) before taxes (157,676,452) 21,618,411
Income tax expense 857,181 1,794,349
Net income (loss) (158,533,633) 19,824,062
Less: Net (income) loss attributable to non-controlling interest 10,943,780 (93,232)
Net income (loss) attributable to Pershing Square Holdco, L.P. (147,589,853) 19,730,830
Management Fees    
Revenue    
Total revenues 57,506,503 52,202,369
Performance Fees    
Revenue    
Total revenues [1] $ 0 $ 102,220
[1] Includes amounts attributable to consolidated VIEs for which Pershing Square Holdco, L.P. does not have any direct equity interests.
v3.26.1
Consolidated Statements of Operations (Parenthetical) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Revenues [Abstract]    
Net of contra-revenue $ 3,659,625 $ 0
v3.26.1
Consolidated Statements of Changes in Partners' Capital - USD ($)
Total
Limited Partner Interest - PS Holdco
 [1]
Non-controlling Interest
Beginning balance at Dec. 31, 2024 $ 967,258,449 $ 920,469,068 $ 46,789,381
Capital contributions 357,904 357,904  
Capital distributions (36,324,872) (32,097,113) (4,227,759)
Net income (loss) 19,824,062 19,730,830 93,232
Ending balance at Mar. 31, 2025 951,115,543 908,460,689 42,654,854
Beginning balance at Dec. 31, 2025 1,079,112,888 1,016,418,004 62,694,884
Capital contributions 185,407 185,407  
Capital distributions (36,286,646) (30,626,088) (5,660,558)
Net income (loss) (158,533,633) (147,589,853) (10,943,780)
Ending balance at Mar. 31, 2026 $ 884,478,016 $ 838,387,470 $ 46,090,546
[1] Pershing Square Holdco GP, LLC, the general partner of Pershing Square Holdco, L.P., did not have a capital balance at any time during the periods disclosed and is therefore not shown in the Consolidated Statements of Changes in Partners' Capital.
v3.26.1
Consolidated Statements of Changes in Partners' Capital (Parenthetical) - USD ($)
Mar. 31, 2026
Mar. 31, 2025
Capital balance $ 838,387,470  
Pershing Square Holdco GP, LLC    
Capital balance $ 0 $ 0
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income (loss) $ (158,533,633) $ 19,824,062
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Unrealized (gain) loss on HHH shares held at fair value 148,590,000  
Write-off of deferred sublease incentive 4,129,121  
Amortization of deferred HHH Services Agreement premium 3,659,625  
Depreciation and amortization expense 579,236 577,583
Non-cash lease expense 286,090 554,973
Amortization of LTIP grants in profit-sharing partner compensation 185,407 357,904
Changes in operating assets and liabilities:    
Performance fees receivable 497,330,469 232,617,820
Due from affiliates 7,985,269 (8,846,702)
Prepaid expenses (2,408,361) 380,908
Investment in Pershing Square, L.P. 24,618,437 9,979,364
Other assets 3,152,939 321,218
Accrued compensation and benefits (410,695,134) (159,632,825)
Affiliates fee rebate payable (24,143,741) (21,661,699)
Taxes payable (16,766,529) (12,641,929)
Accounts payable 10,168,967 4,041,636
Deferred tax liability 699,146  
Operating lease liabilities (941,162) (929,700)
Deferred sublease incentive   127,703
Net cash provided by (used in) operating activities 87,896,146 65,070,316
Cash flows from investing activities    
Purchases of fixed assets and leasehold improvements (13,505) (46,451)
Net cash provided by (used in) investing activities (13,505) (46,451)
Cash flows from financing activities    
Payments for capital distributions (90,574,764) (88,539,348)
Offering costs for Pershing Square USA, Ltd. (5,860,505) (609,686)
Net cash provided by (used in) financing activities (96,435,269) (89,149,034)
Net change in cash and cash equivalents and restricted cash (8,552,628) (24,125,169)
Cash and cash equivalents and restricted cash, beginning of period 55,516,702 964,975,448
Cash and cash equivalents and restricted cash, end of period 46,964,074 940,850,279
Supplemental disclosures:    
Cash paid during the period for income tax 19,277,871 14,650,747
Cash paid during the period for interest 555,079 630,854
Non-cash activities:    
Capital contributions 185,407 357,904
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents 46,845,139 940,731,344
Restricted cash 118,935 118,935
Total cash and cash equivalents and restricted cash, end of period $ 46,964,074 $ 940,850,279
v3.26.1
Pay vs Performance Disclosure - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Pay vs Performance Disclosure    
Net Income (Loss) $ (147,589,853) $ 19,730,830
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Organization
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization
1.
ORGANIZATION

Pershing Square Holdco, L.P., a Delaware limited partnership (“PS Holdco”), along with its consolidated subsidiaries (collectively, the “Partnership”), is an alternative asset management company that manages pools of primarily permanent capital invested in long-term, high-return investment strategies. The Partnership includes the consolidated accounts of Pershing Square Capital Management, L.P., a Delaware limited partnership (“PSCM”), which operates as the investment manager of the funds described further below, and PSCM’s general partner, PS Management GP, LLC, a Delaware limited liability company (“PSCM GP”), both of which are held by PS Holdco through Pershing Square Intermediate Holdings, LLC, (“Intermediate Holdings”).

Pershing Square Holdco GP, LLC, a Delaware limited liability company (“Holdco GP”), serves as the general partner of PS Holdco. As of March 31, 2026, Pershing Square Partner Group, LLC, a Delaware limited liability company (“PSPG”), owned 90% of the issued and outstanding limited partnership interests of PS Holdco, with the other 10% owned by the Strategic Investors. The partners who receive profits interests in the Partnership own 100% of PSPG.

Investment Manager and Managed Funds

PSCM is the investment manager of Pershing Square, L.P., a Delaware limited partnership (“PSLP”), Pershing Square International, Ltd., a Cayman Islands exempted company (“PSINTL” and together with PSLP, the “Private Funds”) and Pershing Square Holdings, Ltd., a publicly traded Guernsey limited liability company (“PSH”, and collectively with the Private Funds, the “Pershing Square Funds”). Further, PSCM provides investment advisory and other services to Howard Hughes Holdings Inc. (“HHH”) under a services agreement dated May 5, 2025 (the “HHH Services Agreement”). PSCM’s primary sources of revenue are management fees from the Pershing Square Funds and HHH, as well as performance fees from PSH and PSINTL.

PSCM is registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) and with the Commodity Futures Trading Commission (“CFTC”) as the commodity pool operator of the Pershing Square Funds under the Commodity Exchange Act, as amended.
v3.26.1
Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Significant Accounting Policies
2.
SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

These unaudited consolidated financial statements (the “Consolidated Financial Statements”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Consolidated Financial Statements. The Consolidated Financial Statements include the accounts of PS Holdco, its wholly owned subsidiaries, and entities in which PS Holdco or a consolidated subsidiary is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.

These Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and notes included in our IPO Prospectus filed with the SEC on April 30, 2026 pursuant to Rule 424(b)(4) under the Securities Act relating to our Registration Statement on Form S-1 (File No. 333-294165).

All amounts are stated in U.S. dollars. The following is a summary of the significant accounting and reporting policies used in preparing the Partnership’s Consolidated Financial Statements.

Use of Estimates

The preparation of the Partnership’s Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the amounts of income and expenses during the reported period. While management believes that the estimates utilized in preparing the Consolidated Financial Statements are reasonable and prudent, actual results could differ from those estimates.

Consolidation

PS Holdco consolidates all subsidiaries in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). The assets, liabilities and results of operations of all subsidiaries are included in the Partnership’s Consolidated Financial Statements. The Partnership does not have any variable interests in variable interest entities (“VIEs”) that are not consolidated.

In accordance with ASC 810, PS Holdco consolidates all entities that it, or any of its subsidiaries, control either as the primary beneficiary of a VIE or through a majority voting interest. The Partnership identifies VIEs it must consolidate by evaluating (i) whether it holds a variable interest in an entity, (ii) whether the entity is a VIE, and (iii) whether the Partnership’s involvement would make it the primary beneficiary. Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities (“VOEs”). Under the VOE model, the Partnership consolidates those entities for which it holds a majority voting interest.

In evaluating whether the Partnership holds a variable interest in an entity, fees received from the entity (including management fees and performance fees) that are customary and commensurate with the level of services provided are not considered variable interests where the Partnership does not also hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity.

If there are entities where the Partnership holds a variable interest, the Partnership must then determine whether each entity qualifies as a VIE and, if so, whether the Partnership is the primary beneficiary. A VIE is a corporation, partnership, limited liability company, trust or other legal structure used to conduct activities or hold assets that has: (i) insufficient equity to carry out its principal activities without additional subordinated financial support, (ii) a group of equity owners that lack the power to direct its activities that significantly impact economic performance, or (iii) a group of equity owners that do not have the obligation to proportionally absorb losses or the right to proportionally receive returns generated by its operations.

In evaluating whether the Partnership is the primary beneficiary of a VIE, the Partnership evaluates its economic interests in the entity held either directly or indirectly. VIEs are consolidated when an entity, as the primary beneficiary, holds a controlling financial interest in the VIE. An enterprise is deemed to have a controlling financial interest in a VIE if (i) the enterprise has the power to direct the activities of a VIE that impacts the economic performance and (ii) the enterprise has the obligation to absorb losses, or the right to receive benefits that could potentially be significant to the VIE.

Consolidated Entities

As of March 31, 2026, the accounts of the Partnership includes PS Holdco and the following consolidated legal entities:

•
Intermediate Holdings, as a 100% directly owned subsidiary
•
PSCM, as a 100% indirectly owned subsidiary (through its ownership in Intermediate Holdings)
•
Pershing Square GP, LLC (“PSGP”), the general partner of PSLP, as a VIE despite the Partnership not holding any direct equity interests
•
West Side Services, LLC as a 100% owned subsidiary of PSCM related to certain of its office operations
•
PSCM GP, as a 100% owned subsidiary of Intermediate Holdings
•
Pershing Square USA, Ltd. (“PSUS”), as a 100% owned subsidiary of PSCM

PSGP

The Partnership concluded that PSGP should be consolidated because PSCM compensates its personnel using the performance allocations received by PSGP, and PSCM is exposed to variability in the expected losses or returns of PSGP and holds a variable interest in PSGP. PSCM, as investment manager of the Pershing Square Funds, has the power to direct the activities of PSGP that most significantly impact its economic performance (i.e., PSGP’s receipt of performance allocations from PSLP), and PSCM is the primary beneficiary of such economic performance as a result of using PSGP’s performance allocations to compensate PSCM’s personnel.

The following tables summarize the consolidated balances of PSGP:

 

Summarized Financial Information - Pershing Square GP, LLC

March 31, 2026

 

December 31, 2025

 

Statements of Financial Condition

 

 

 

 

Assets

 

 

 

 

Investment in Pershing Square, L.P., at fair value

$

54,669,802

 

$

79,288,239

 

Due from affiliates

 

5,660,559

 

 

11,800,000

 

Total assets

$

60,330,361

 

$

91,088,239

 

Liabilities and Equity

 

 

 

 

Accrued compensation and benefits

$

8,579,256

 

$

16,593,355

 

Performance fee distributions payable

 

5,660,559

 

 

11,800,000

 

Total liabilities

 

14,239,815

 

 

28,393,355

 

Non-controlling interest

 

46,090,546

 

 

62,694,884

 

Total liabilities and equity

$

60,330,361

 

$

91,088,239

 

 

 

Three months ended March 31,

 

Statements of Operations

2026

 

2025

 

Unrealized gain (loss) on investment in Pershing
  Square, L.P. held at fair value

$

(10,943,780

)

$

93,128

 

Performance allocation from Pershing Square, L.P.(1)

 

-

 

 

157

 

Profit-sharing partner compensation

 

-

 

 

(53

)

Net income (loss) attributable to non-controlling interest

$

(10,943,780

)

$

93,232

 

 

 

 

 

 

(1) Included in performance fees on PS Holdco's Consolidated Statements of Operations

 

PSUS

PSUS is a Delaware statutory trust formed on November 28, 2023 that is registered with the SEC under the Investment Company Act of 1940, as amended, as a closed-end, non-diversified management investment company. PSCM has purchased PSUS Shares for the purpose of providing operating capital. As of March 31, 2026, PSCM was the sole equity holder of PSUS Shares, and PSUS is therefore consolidated by the Partnership. Refer to Note 4 for details on the share purchases, and Note 11 for details of the Combined IPO.

Pershing Square Funds

The Partnership has evaluated the Pershing Square Funds, their respective general partners and any affiliated entities, as applicable, for consolidation with the Partnership in accordance with ASC 810. As the Partnership does not hold economic interests in the Pershing Square Funds that would absorb more than an insignificant amount of their expected losses or returns, the Partnership does not hold a variable interest in any of the Pershing Square Funds. The Partnership also does not hold a majority of the voting interests in the Pershing Square Funds. As a result, the Pershing Square Funds are not required to be consolidated with the Partnership under ASC 810.

SPARC Sponsor

PSCM is the non-member manager of Pershing Square SPARC Sponsor, LLC (“SPARC Sponsor”), a Delaware limited liability company. The Pershing Square Funds are the non-managing members of SPARC Sponsor. SPARC Sponsor is the sponsor entity of Pershing Square SPARC Holdings, Ltd. (“SPARC”), a Delaware corporation formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other business combination transaction with one or more businesses. SPARC is actively looking for target companies for its business combination. SPARC Sponsor is not required to be consolidated with the Partnership under ASC 810.

Non-controlling Interests

A portion of the equity and income or loss from entities that are consolidated but not wholly owned by the Partnership is allocated to other owners. The portion allocated to other owners is included within non-controlling interest in the Consolidated Financial Statements. The Partnership does not hold any direct equity interests in PSGP. As a result, all net income related to PSGP is allocated to non-controlling interest, and the capital balance of PSGP represents the direct equity interests of other owners in PSGP.

Non-controlling interest is presented as a separate component of partners’ capital in the Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Partners’ Capital to clearly distinguish the controlling interests in the Partnership (general partner and limited partner interests) from the non-controlling interests in PSGP, as applicable. Net income in the Consolidated Statements of Operations includes the net income attributable to the holders of non-controlling interests in PSGP. Income and losses are allocated to the non-controlling interest in proportion to their relative ownership interests.

Revenue Recognition

PSCM receives management fees and performance fees from certain Pershing Square Funds in exchange for investment management services. These revenues are derived from PSCM’s IMA with each fund. PSCM also receives fees from HHH in exchange for investment, advisory and other services, pursuant to the HHH Services Agreement.

The Partnership recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized when the Partnership transfers promised goods or services to customers in an amount that reflects the consideration to which the Partnership expects to be entitled in exchange for those goods or services. See Note 4 for further disclosure regarding revenue recognition.

Management Fees - Pershing Square Funds

PSCM acts as investment manager providing management and administrative services to the Pershing Square Funds in accordance with each of their IMAs. As compensation for such services, PSCM receives a quarterly management fee of 0.375%, equal to 1.50% annually, of the net asset value (before any accrued performance fees or allocations) of the Pershing Square Funds. Subsequent to May 5, 2025 in connection with the HHH Transaction, PSCM reduces management fees by an amount equal to the fees earned from HHH multiplied by the percentage of HHH’s shares outstanding held by the relevant Pershing Square Fund attributable to fee-paying capital. Management fees are recognized in the period during which the related services are performed.

Management fees are generally calculated and paid to PSCM quarterly in advance, based on the amount of fee-paying assets under management at the beginning of the quarter. Management fees are prorated for capital contributions in the Private Funds received during the quarter. Accordingly, changes in PSCM’s management fee revenue from quarter to quarter are driven by changes in fee-paying assets under management and the relative magnitude and timing of contributions and withdrawals.

Management Fees - HHH Fees

Pursuant to the HHH Services Agreement, PSCM receives from HHH: (i) a quarterly base fee of $3.75 million (the “Base Management Fee”), which is adjusted annually for inflation and (ii) a quarterly variable fee equal to 0.375% of the increase in HHH’s equity market capitalization above a reference market capitalization (the “Variable Management Fee”, and collectively the “HHH Fees”). The reference market cap is determined by multiplying the post-transaction share count by a reference market price, which is adjusted annually for inflation, subject to equitable adjustment for stock splits, reclassification or similar capital changes.

The Base Management Fee is paid to PSCM quarterly in advance while the Variable Management Fee is calculated at the end of each quarter. However, both the Base Management Fee and Variable Management Fee are recognized in the period during which the related services are performed.

Consistent with ASC 606, the Partnership considers the HHH Services Agreement and the Share Purchase Agreement, dated May 5, 2025, by and between HHH and PS Holdco (the “HHH Share Purchase Agreement”, and together, the “HHH Agreements”) to be one contract as they were executed at the same time with a single commercial objective. As a result, the $900,000,000 purchase price was recognized as two separate amounts following the execution of the HHH Agreements: (i) a $607,230,000 investment in HHH, which was calculated as 9,000,000 shares multiplied by HHH’s publicly traded price of $67.47 as of the close of business on May 2, 2025, the most recent observable price at the time (refer to “Fair Value of Financial Instruments” for details on the classification and fair value election for this investment), and (ii) a $292,770,000 deferred asset for the premium paid above HHH’s publicly traded share price (the “HHH Premium”), which is deemed to represent the amount paid to obtain the HHH Services Agreement.

The HHH Premium is amortized on a straight-line basis as contra-revenue in management fees over a period of 20 years starting on May 5, 2025. The Partnership assessed the HHH Premium for impairment and determined that it was fully recoverable over the amortization period of 20 years; therefore, no impairment was recognized.

Performance Fees / Allocation

PSCM earns performance fees from PSINTL and PSH as their investment manager, and PSGP receives a performance allocation from PSLP as its general partner. Performance fees and the performance allocation are based on the net income of each Pershing Square Fund above a prior high-water mark.

The performance fees/allocation, if earned, are payable upon the occurrence of crystallization events, which include, but are not limited to, December 31 of each year, withdrawals from the Private Funds and PSH’s payment of a dividend. Performance fees are recognized in the period in which the crystallization event occurs as the fees relate to services performed that period.

Any crystallized performance fees for PSINTL and PSH earned during the year and outstanding at year-end are reported within performance fees receivable.

Cash and Cash Equivalents

The Partnership considers all highly liquid financial instruments with a maturity of three months or less at the time of purchase to be cash equivalents. As of March 31, 2026, cash and cash equivalents was comprised of $310,697 (December 31, 2025: $1,339,595) of cash held at a U.S. bank and $46,534,442 (December 31, 2025: $54,058,172) of cash equivalents held in two money market funds invested in U.S. Treasury obligations (JPMorgan 100% U.S. Treasury Securities Money Market Fund and UBS Select 100% US Treasury Preferred Fund Class T). Money market funds are carried at net asset value, which approximates fair value, and would be considered Level I if they were included in the fair value hierarchy. The interest earned on cash invested in money market funds is recorded in interest income.

Restricted Cash

The Partnership has provided various security deposits held by service providers in the normal course of business. Such security deposits are generally restricted until the termination of each service provider’s contract period.

Due from Affiliates

The Pershing Square Funds, partners, employees and other affiliates reimburse the Partnership from time to time for expenses the Partnership pays on their behalf. Reimbursements owed to the Partnership are reflected in due from affiliates. See Note 4 for further disclosure of transactions with related parties.

As of March 31, 2026, due from affiliates was primarily comprised of (i) PSGP’s capital withdrawal from PSLP of $5,660,559 that was not received as of the balance sheet date and (ii) a credit of $1,639,441 related to PTET (defined in Note 2 “Income Taxes”).

As of December 31, 2025, due from affiliates was primarily comprised of (i) PSGP’s capital withdrawal from PSLP of $11,800,000 that was not received as of the balance sheet date and (ii) the Variable Management Fee of $3,345,230 receivable from HHH.

As of March 31, 2026 and December 31, 2025, no allowance related to due from affiliates was deemed necessary.

Fair Value of Financial Instruments

The Partnership’s assets and liabilities that qualify as financial instruments under GAAP are generally recorded at fair value or at an amount where the carrying value approximates fair value due to the instrument’s short-term nature.

Investment in HHH

The Partnership’s investment in HHH is classified as an equity method investment as the Partnership is deemed to exert significant influence over HHH, given (i) the Partnership’s ability to vote based on its direct ownership and the Pershing Square Funds’ ownership of HHH and (ii) PSCM’s right to designate directors on the Board of Directors of HHH. The Partnership has elected the fair value option for this investment with changes in fair value recognized through profit and loss. The Partnership’s investment in HHH is a Level I investment in the fair value hierarchy as its shares are publicly traded and quoted prices are readily available.

As of March 31, 2026, the Partnership’s investment in HHH was valued at $569,340,000 (December 31, 2025: $717,930,000), which represented an ownership percentage of approximately 15.1% (December 31, 2025: 15.2%). For the three months ended March 31, 2026, the Partnership recorded an unrealized loss of $148,590,000 from its investment in HHH.

The summarized financial information of the Partnership’s equity method investment in HHH is as follows:

 

Summarized Financial Information - HHH

March 31, 2026

 

December 31, 2025

 

Statement of Financial Condition

 

 

 

 

Assets

 

 

 

 

Net investment in real estate

$

7,505,786,000

 

$

7,367,055,000

 

All other assets

 

3,742,329,000

 

 

3,272,406,000

 

Total assets

$

11,248,115,000

 

$

10,639,461,000

 

Liabilities and Equity

 

 

 

 

Mortgages, notes, and loans payable, net

$

5,791,296,000

 

$

5,109,828,000

 

All other liabilities

 

1,606,910,000

 

 

1,687,387,000

 

Total liabilities

 

7,398,206,000

 

 

6,797,215,000

 

Total equity

 

3,849,909,000

 

 

3,842,246,000

 

Total liabilities and equity

$

11,248,115,000

 

$

10,639,461,000

 

 

 

Three months ended March 31,

 

 

2026

 

Statement of Operations

 

 

Total revenues

$

235,917,000

 

Total expenses

 

(185,368,000

)

Total other income (loss)

 

127,000

 

Operating income (loss)

 

50,676,000

 

Net income (loss)

 

8,065,000

 

Net income (loss) attributable to common stockholders

$

8,226,000

 

 

Investment in PSLP

PSGP’s investment in PSLP is considered an equity method investment as PSCM is deemed to exert significant influence over PSLP as the fund’s investment manager. The Partnership has elected the fair value option for this investment. Fair value for PSGP’s investment in PSLP is determined using the net asset value of PSLP in accordance with the “practical expedient” as defined by GAAP.

As of March 31, 2026, PSGP had an investment of $54,669,802 (December 31, 2025: $79,288,239) in PSLP, which represented an ownership percentage of approximately 4.3% (December 31, 2025: 5.2%). For the three months ended March 31, 2026, PSGP recorded a loss of $10,943,780 (2025: gain of $93,128) from its investment in PSLP.

Partners in PSGP can withdraw all of their partnership interest each calendar quarter upon 45 days prior written notice, but are subject to (i) PSCM’s contractual or regulatory restrictions on trading, or “trading windows” whereby PSCM may be in possession of any material nonpublic information regarding one or more of PSLP’s portfolio companies and (ii) any other limitations on withdrawals as set forth in the general partner agreement.

Fixed Assets and Leasehold Improvements, Net of Accumulated Depreciation and Amortization

Fixed assets and leasehold improvements consist of leasehold improvements principally for the build-out of the Partnership’s office space, furniture and fixtures, office computers and equipment along with computer software.

Fixed assets and leasehold improvements are recorded at cost less accumulated depreciation and amortization. Depreciation of fixed assets is calculated using the straight-line method over a period of three to seven years. Leasehold improvements are amortized over the shorter of the expected useful life or the remaining term of the related lease agreement. Total depreciation and amortization expense of the Partnership for the three months ended March 31, 2026 was $579,236 (2025: $577,583). The Partnership evaluates fixed assets for impairment whenever events or changes in circumstances indicate that an asset’s carrying value may not be fully recovered. The Partnership has determined that there was no impairment to be recorded for its fixed assets.

The following table provides the gross balances for each class of fixed assets and total accumulated depreciation and amortization for all asset classes:

 

 

 

March 31, 2026

 

December 31, 2025

 

Asset Class

Useful Life

 

 

 

 

Leasehold Improvements

15

$

28,395,531

 

$

28,395,531

 

Furniture and Fixtures

7

 

2,173,959

 

 

2,173,959

 

Office Computers and Equipment

5

 

1,559,296

 

 

1,528,371

 

Computer Software

3

 

461,305

 

 

478,725

 

Total Fixed Assets and Leasehold Improvements (gross)

 

 

32,590,091

 

 

32,576,586

 

Less: Accumulated Depreciation and Amortization

 

 

(18,172,097

)

 

(17,592,861

)

Total Fixed Assets and Leasehold Improvements (net)

 

$

14,417,994

 

$

14,983,725

 

 

 

Accounts Payable

Accounts payable is comprised of primarily general and administrative expenses as well as interest expense that were accrued but not paid as of period end. For more details on general and administrative expenses, refer to Note 5.

Income Taxes

Prior to the Conversion date, the Partnership is a partnership for U.S. tax purposes and is not subject to U.S. federal income taxes. Accordingly, no provision has been made for federal income taxes, as the partners are individually liable for taxes on their respective share of the Partnership's taxable income or loss.

The Partnership is subject to certain state and local taxes. For the three months ended March 31, 2026, the Partnership recorded $857,181 (2025: $1,794,349) of tax expense, which relates to the New York City Unincorporated Business Tax (“UBT”). As of March 31, 2026, no UBT expense remained payable (December 31, 2025: $16,494,887).

For the tax years ending December 31, 2026 and 2025, the Partnership and its parent entity PSPG both elected to be subject to the New York State Pass-Through Entity Tax (“NYS PTET”) and the New York City Pass-Through Entity Tax (“NYC PTET” and together with NYS PTET, “PTET”).

PTET grants eligible partners a tax credit on their individual New York State and New York City income tax returns. Any PTET owed is a joint liability of (i) the Partnership or PSPG and (ii) each partner. For the three months ended March 31, 2026, the Partnership and PSPG made PTET payments totaling $21,360,000 (2025: $29,300,979) on behalf of their partners. These PTET payments were recorded, as applicable, in profit-sharing partner compensation and/or capital distributions according to each partner’s participation in LTIP (defined below in “Long-Term Incentive Plan”). For Mr. Ackman, PTET payments were recorded as capital distributions.

As of March 31, 2026, there was no outstanding payable balance related to PTET. As of December 31, 2025, accrued PTET balances of $10,104,536 and $3,224,380 were recorded in distributions payable to partners and accrued compensation and benefits, respectively.

The Partnership is subject to the provisions of ASC 740, Income Taxes. This standard requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether it is “more-likely-than-not” to be sustained by the applicable tax authority. Uncertain tax positions in which the benefit to be realized does not meet the “more-likely-than-not” threshold would be recorded as a tax expense in the current year. As of March 31, 2026, the Partnership did not accrue interest or penalties related to uncertain tax positions. The Partnership has evaluated its tax positions and does not believe there are any uncertain tax positions that would result in a material change to unrecognized tax benefits within twelve months of the reporting date. Generally, the Partnership’s tax returns for tax years 2022 and forward are open to examination by the respective taxing authorities.

Lessee arrangements

PSCM leases office space, other real estate and certain equipment under operating leases. In accordance with ASC 842, Leases (“ASC 842”), the Partnership determines if an arrangement is or contains a lease at inception date by evaluating whether the arrangement conveys the right to use an identified asset and whether the Partnership obtains substantially all of the economic benefits from and has the ability to direct the use of the asset.

Under ASC 842, the Partnership elected the practical expedient to not separate lease and non-lease components. The Partnership also elected to apply the short-term lease recognition exemption which eliminates the requirement to present in the Consolidated Statements of Financial Condition leases with a term of 12 months or less. These two practical expedients were elected for all classes of underlying assets.

For short-term leases, instead of recognizing a lease liability and right-of-use asset (“ROU asset”), the Partnership recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a short-term lease, the Partnership evaluates the lease term and the purchase option in the same manner as all other leases.

At the commencement date of a lease which does not qualify as a short-term lease, the Partnership recognizes a lease liability and an ROU asset representing the Partnership’s right to use the underlying asset over the lease term. The initial measurement of the lease liability is calculated on the basis of the present value of the remaining lease payments, and the ROU asset is measured on the basis of this liability, adjusted by prepaid and accrued rent, lease incentives and initial direct costs. Operating lease cost is recognized on a straight-line basis over the lease term, with the cost presented as a component of general and administrative expense. The Partnership does not have finance leases.

PSCM’s leases require other payments such as costs related to service components, real estate taxes, common area maintenance and insurance. These costs are generally variable in nature and based on the actual costs incurred and required by the lease. As the Partnership has elected to not separate lease and non-lease components for all classes of underlying assets, all variable costs associated with the leases are expensed in the period incurred and are recorded in general and administrative expense. PSCM’s lease agreements do not contain any material residual value guarantees or material restrictive financial covenants. For details on PSCM’s leases with related parties, refer to Note 4. Neither the Partnership nor PSCM has any leases that have not yet commenced that create significant rights and obligations for the lessee.

When determining the lease term, the Partnership does not include renewal options unless the renewals are deemed to be reasonably certain of being exercised at the lease commencement date.

ASC 842 requires that a lessee use the rate implicit in the lease when measuring the lease liability and ROU asset, unless that rate is not readily determinable. Alternatively, the Partnership is permitted to use its incremental borrowing rate (“IBR”) which is defined as the rate of interest that the Partnership would have to pay to borrow an amount equal to the lease payments on a collateralized basis, over a similar term and in a similar economic environment. Since the rate implicit in the lease is not readily determinable, the Partnership uses its incremental borrowing rate when measuring its leases, both at lease commencement and when reassessment is required, such as upon modification. The IBR is calculated by considering the Partnership’s synthetic credit standing and existing line of credit, the impact of collateral and the term of the lease.

Offering Costs

Offering costs consist of fees related to underwriting, legal advice, regulatory filings, printing and other costs for services directly related to the PSUS IPO. PSUS offering costs have been deferred and are recorded in other assets. Refer to Note 5 for details on the treatment of PS Holdco’s offering costs in the current period.

Other Income (Expense)

Other income is primarily comprised of (i) a non-cash loss related to the derecognition of the deferred sublease incentive due to the termination of the related sublease and (ii) office space sublease income (earned prior to termination of the sublease) and the reimbursement of office services from NEOX Public Benefit LLC. Refer to Note 8 for further detail on each of these items.

Employee Benefit Plan

The Partnership has a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. All employees and profit-sharing partners are eligible to participate in the savings plan (the “401(k) Plan”). The 401(k) Plan allows participants to invest in a variety of mutual funds across several fund families. The Partnership makes a safe harbor contribution in the amount of 3% of each participant’s eligible compensation, subject to certain Internal Revenue Code limitations. The safe harbor contribution is processed on a per payroll basis for employees and annually for profit-sharing partners, regardless of whether they elect to contribute to the 401(k) Plan. Safe harbor contributions are vested immediately. For the three months ended March 31, 2026, expenses related to the 401(k) Plan were $81,336 (2025: $56,783) and are included in employee compensation and benefits.

Employee Compensation and Benefits

Employee compensation and benefits reflects all compensation-related items not directly related to the profit-sharing arrangements and the long-term incentive plan discussed below, and includes salaries, benefits, payroll taxes and discretionary cash bonuses. Employee compensation and benefits also includes the cost of benefits paid to partners who participate in the profit-sharing arrangements and the long-term incentive plan. The Partnership generally recognizes employee compensation and benefit expenses over the related service period. On an annual basis, discretionary cash bonuses generally comprise a significant portion of total employee compensation and benefits for employees who do not hold profits interests. Discretionary cash bonuses are dependent upon a variety of factors, including the performance of the Pershing Square Funds for the year.

Profit-Sharing Arrangements

Certain awards (the “Profits Interest Awards”) entitle profit-sharing partners to a portion of the net profits earned by PSGP, PSPG and PS CompCo, LLC, a Delaware limited liability company (“CompCo”). Refer to Note 4 “Variable Compensation Agreement” for more details. Profits Interest Awards do not represent a substantive class of equity under ASC 718, Compensation (“ASC 718”) and are accounted for as cash-based profit-sharing arrangements. As such, amounts distributed or allocated to profit-sharing partners are included in profit-sharing partner compensation in the Consolidated Statements of Operations.

Long-Term Incentive Plan

Awards under the Long-Term Incentive Plan (“LTIP” and the “LTIP Awards”) entitle certain profit-sharing partners (the “LTIP Partners”) to cash distributions of management fee-based and performance-based net profits pursuant to the terms of their respective agreements and granted them a reduced percentage of their Profits Interest Awards upon retirement under certain circumstances as described in the LTIP. Certain LTIP Partners’ LTIP Awards vested after 10 years of tenure as a profit-sharing partner. Each LTIP Partner holds LTIP Awards in PSGP, PSPG and CompCo in the same percentages.

The LTIP Awards are treated as a separate class of profits interests from the Profits Interest Awards. The LTIP Awards are accounted for based on their substance. Portions of the LTIP Awards where rights to distributions of profits are based fully on the discretion of Mr. Ackman, or any successor thereof, are in substance a profit-sharing arrangement and are therefore recorded within profit-sharing partner compensation. Other portions of the LTIP Awards, when fully vested, entitle LTIP Partners upon retirement to a distribution equal to the percentage outlined in each of their agreements in perpetuity (the “permanent profits-interests”) and represent a substantive class of equity. The fair value of such awards is recognized on a straight-line basis over a service period of up to 10 years. The amortization of these awards is included in profit-sharing partner compensation in the Consolidated Statements of Operations.

LTIP Partners are also entitled to a portion of the consideration related to a Terminal Value Event as defined in the LTIP, including, but not limited to, a sale or transfer of all or any portion of the Partnership’s equity interests, including through an initial public offering. The Partnership accounts for forfeitures of permanent profits-interests as they occur.

For the three months ended March 31, 2026 and 2025, the Partnership did not grant additional permanent profits-interests.

During the three months ended March 31, 2026, $185,407 (2025: $357,904) of permanent profits-interests that were granted in prior years vested, and no permanent profits-interests were forfeited. The Partnership expects to recognize compensation expense on its currently unvested permanent profits-interests of $567,551 over a weighted average period of 1 year.

For the three months ended March 31, 2025, the Partnership recognized profit-sharing compensation expense in an amount equal to the value of an LTIP Partner’s termination benefit that was granted during the period. The LTIP Partner was granted continued payment of non-permanent LTIP Awards for a period of time following the LTIP Partner’s separation from the Partnership. The Partnership calculated the value of the termination benefit as the present value of the future payments that were reasonably estimable under the LTIP Partner’s separation agreement.

The following table summarizes the components of profit-sharing partner compensation expense as well as the total distributions resulting from permanent profits-interests:

 

 

Three months ended March 31,

 

 

2026

 

2025

 

Profit-sharing partner compensation

$

11,581,112

 

$

15,090,320

 

Amortization of unvested grants of permanent profits-interests

 

185,407

 

 

357,904

 

Total profit-sharing partner compensation

$

11,766,519

 

$

15,448,224

 

 

 

 

 

 

LTIP permanent profits-interest distributions

$

6,340,744

 

$

6,736,421

 

 

 

 

 

 

Recent Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires entities with a single reportable segment to provide all disclosures in accordance with Topic 280 and amends current guidance for reportable segment disclosure requirements. This guidance is effective for public entities for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. The Partnership adopted this standard on December 31, 2024 on a retrospective basis, and, as a result, the Partnership included Note 9 to the Consolidated Financial Statements. Adoption of ASU 2023-07 did not have an impact in the Consolidated Statements of Financial Condition, Consolidated Statements of Operations, or Consolidated Statements of Cash Flows.

In December 2023, the FASB issued ASU 2023-09 amending ASC 740, Income Taxes, to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The new guidance requires all entities to disclose, on an annual basis, income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2025 for private companies and after December 15, 2024 for public companies, with early adoption permitted. ASU 2023-09 should be applied prospectively, but entities may apply it retrospectively. The Partnership is currently assessing its impact.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires disaggregated disclosure of certain expenses including employee compensation, depreciation and intangible asset amortization on an annual and interim basis. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Partnership is currently assessing the impact of ASU 2024-03.
v3.26.1
Partner's Capital
 3 Months Ended
Mar. 31, 2026
Partners' Capital Notes [Abstract]  
Partner's Capital
3.
PARTNERS’ CAPITAL

The Partnership makes quarterly distributions of excess cash in proportion to each partner’s ownership percentage. Cash distributions made at the start of the year include any performance fees earned in the prior year.

PS Holdco records all cash distributions resulting from PSPG’s Profits Interest Awards and the non-permanent portion of PSPG’s LTIP Awards in profit-sharing partner compensation. The portion of cash distributions resulting from the LTIP Awards that are permanent profits-interests are recorded as capital distributions. All cash distributions made to the Partnership’s strategic investors are recorded as capital distributions.

In the case of performance fees which are paid and/or distributed at the start of the year following when they were earned, the Partnership accrues the portion which is classified as capital distributions in performance fee distributions payable.
v3.26.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related Party Transactions
4.
RELATED PARTY TRANSACTIONS

Management Fees

The Partnership earns all of its management fees from the Pershing Square Funds and HHH. The Pershing Square Funds are considered related parties as PSCM manages their operations and makes investment decisions on their behalf as investment manager. HHH is considered a related party as an equity method investee.

For the three months ended March 31, 2026, PSCM earned management fees from the Pershing Square Funds of $57,380,128 (2025: $52,202,369). PSCM may elect to waive the management fee with respect to certain partners or shareholders of the Pershing Square Funds in accordance with each Pershing Square Fund’s organizational documents. Pursuant to the HHH Services Agreement, for the three months ended March 31, 2026, PSCM reduced management fees for the Pershing Square Funds by $2,108,668, which was calculated as the HHH Fees multiplied by the percentage of HHH’s shares outstanding held by the Pershing Square Funds that were attributable to fee-paying capital.

On May 5, 2025, PSCM began earning the Base Management Fee and the Variable Management Fee from HHH. For the three months ended March 31, 2026, PSCM earned a Base Management Fee of $3,786,000 and no Variable Management Fee. For the three months ended March 31, 2026, the HHH Premium amortization recognized as contra-revenue totaled $3,659,625. The estimated amortization expense related to the HHH Premium for each of the next five years is $14,638,500.

The following table presents a summary of all sources of management fees:

 

 

Three months ended March 31,

 

 

2026

 

2025

 

Pershing Square Holdings, Ltd.

$

54,233,716

 

$

48,449,424

 

Pershing Square, L.P.

 

2,349,969

 

 

2,516,123

 

Pershing Square International, Ltd.

 

796,443

 

 

1,236,822

 

HHH Base Management Fee

 

3,786,000

 

 

—

 

Total Management Fees - Gross

$

61,166,128

 

$

52,202,369

 

 

 

 

 

 

Less: Amortization of HHH Premium

 

(3,659,625

)

 

—

 

 

 

 

 

 

Total Management Fees - Net

$

57,506,503

 

$

52,202,369

 

 

PSCM received in advance the $3,786,000 HHH Base Management Fee for the three months ended June 30, 2026, which is recorded in deferred revenue as of March 31, 2026.

Performance Fees / Allocations

The Partnership earns all of its performance fees/allocations from the Pershing Square Funds, each of which is a related party.

Pershing Square International, Ltd.

PSCM receives a performance fee in connection with its services as investment manager to PSINTL (such performance fee, the “PSINTL Performance Fee”). The PSINTL Performance Fee is an amount equal to 20% of the increase, if any, in the net asset value (before performance fees) of each series and class of shares in PSINTL (except Class F and Class G as described below) above the net asset value for the fiscal year for which a performance fee was most recently payable.

The board of directors of PSINTL may issue shares subject to a lower or no management fee and/or performance fee for members, partners, officers, managers, employees or affiliates of PSCM or other shareholders at the board of directors’ sole discretion. Class F shareholders are affiliates of PSCM or charitable entities directed, supported, or controlled by employees or affiliates of PSCM and are not charged a management fee or performance fee. Class G shares are subject to a PSINTL Performance Fee of 30% above an annual 5% hard hurdle (non-cumulative).

For the three months ended March 31, 2026, there was no PSINTL Performance Fee (2025: $51,942). As of March 31, 2026, none of the PSINTL Performance Fee remained receivable from PSINTL (December 31, 2025: $10,708,077).

Pershing Square Holdings, Ltd.

PSCM receives a “Variable Performance Fee” from PSH in an amount equal to 16% of the NAV appreciation (before giving effect to accrued performance fees) attributable to the fee-paying shares of PSH above a high-water mark minus a fee reduction of (i) 20% of the performance fees earned by PSCM from non-PSH funds and (ii) 20% of management fees earned from any non-PSH funds that invest in public securities and do not charge performance fees. As of March 31, 2026 and December 31, 2025, there was no non-PSH fund that generated management fees and did not charge a performance fee.

The Variable Performance Fee, if earned, is payable upon the occurrence of crystallization events, which include, but are not limited to, December 31 of each year and PSH’s payment of a dividend. Variable Performance Fees resulting from dividends are pro-rated to reflect the ratio of the dividend to PSH’s net asset value at the time the dividend is paid. Payment of the Variable Performance Fee is subject to a hold-back where 1% is held until completion of PSH’s financial statement audit.

For the three months ended March 31, 2026, there was no Variable Performance Fee (2025: $50,121). As of March 31, 2026, none of the Variable Performance Fee remained receivable from PSH (December 31, 2025: $486,622,392).

Pershing Square, L.P.

PSGP receives a performance allocation in connection with its services as the general partner to PSLP. At the end of each fiscal year or upon investor withdrawals, for each PSLP limited partner’s capital account that has been allocated net income, a performance allocation shall be made to the capital account of PSGP (the “PSLP Performance Allocation”). Tranche A limited partnership interests are subject to a PSLP Performance Allocation of 20% and Tranche G limited partnership interests are subject to a PSLP Performance Allocation of 30% above an annual 5% hard hurdle (non-cumulative), in each case reduced by the balance of such limited partner’s loss carry forward account (if any).

For the three months ended March 31, 2026, no PSLP Performance Allocation was earned (2025: $157). The Partnership has no direct equity interest in PSGP, and as a result, all income from PSGP is reflected in net income attributable to non-controlling interest. PSGP may, in its sole discretion, elect to waive the PSLP Performance Allocation with respect to any limited partner of PSLP.

Variable Compensation Agreement

Per the Variable Compensation Agreement between CompCo, PSCM, and PS Holdco (the “VCA”), PS Holdco is entitled to receive from PSCM the following performance fee amounts:

(i) with respect to PSH, an amount equal to the 16% performance fee that would have been earned if PSH had experienced a net of management fee return of 5% per year above its high-water mark; and

(ii) with respect to other funds subject to the VCA (currently only PSINTL), an amount equal to the applicable performance fee (20% for PSINTL) that would have been earned if such fund experienced a net of management fee return of 5% per year above its high-water mark less the portion of such performance fee that would offset performance fees payable by PSH ((i) and (ii) collectively the “Preferred Performance Fee”).

Further, per the VCA, CompCo is entitled to receive from PSCM the following amounts, in each case solely to the extent such amount exceeds the Preferred Performance Fee PS Holdco receives from PSCM and net of any applicable taxes:

(i) with respect to PSH, all performance fees received from PSH, inclusive of the portion of management fees (for the three months ended March 31, 2026, none) and performance fees (currently only PSINTL) received from other funds that would offset performance fees payable by PSH, and

(ii) with respect to other funds subject to the VCA (currently only PSINTL), all performance fees received from such fund, exclusive of the portion of such performance fees that would offset performance fees payable by PSH ((i) and (ii) collectively the “Subordinated Performance Fee”).

For the three months ended March 31, 2026, there was no Preferred Performance Fee or Subordinated Performance Fee (2025: $102,063 and $0, respectively). Both the Preferred Performance Fee and Subordinated Performance Fee are recognized in revenue and are part of the amounts disclosed in “Performance Fees / Allocations” above.

The Preferred Performance Fee is retained by PS Holdco and then distributed to PSPG and the Strategic Investors based on their respective ownership percentages. The Preferred Performance Fee distributed from PS Holdco is recorded in both profit-sharing partner compensation and capital distributions in accordance with the methodology discussed in Note 3.

Further, as CompCo is a vehicle used to compensate employees, the Partnership considers its relationship with CompCo to be a service contract and therefore records the Subordinated Performance Fee in profit-sharing partner compensation.

Pershing Square USA, Ltd.

As of March 31, 2026, PSCM has purchased 342,320 (December 31, 2025: 318,320) PSUS Shares at a price of $50.00 per share for a total investment of $17,116,000 (December 31, 2025: $15,916,000). Because PSUS is a subsidiary, PSCM’s investment in PSUS is eliminated through consolidation. These purchases were made to provide PSUS with capital for organizational costs.

Affiliates Fee Rebate

Management fees and performance fees paid through the PSH public shares held by PSCM’s partners, employees and certain of their affiliated entities are rebated (the “Affiliate Rebate”) to such shareholders on a quarterly basis for management fees and on an annual basis for crystallized performance fees through an allocation of part of PSPG’s distribution from PS Holdco to the affiliated PSH shareholders. The Affiliate Rebate is recognized by PSCM as an expense paid by PSPG on PSCM’s behalf. For the three months ended March 31, 2026, the Affiliate Rebate totaled $14,475,474 (2025: $11,611,523). As of March 31, 2026, there was no remaining Affiliate Rebate payable (December 31, 2025: $24,143,741).

Office Space License

Prior to January 1, 2026, PSCM licensed a portion of its office space to Mr. Ackman’s family office, TABLE, under a license agreement. For the three months ended March 31, 2025, TABLE paid $294,869 for office space, which is included in other income.

The agreement also granted TABLE the use of a designated portion of PSCM’s office space and certain office-related services, including information technology and general administrative services. Following January 1, 2026, only certain office-related services were still used by TABLE. For the three months ended March 31, 2026, TABLE paid $64,366 (2025: $134,079) for office-related services, which is included in other income.

Ownership in Landlord Entity

Georgetown Eleventh Avenue Owners, LLC (the “Landlord”), owns the building in which PSCM rents office space. Mr. Ackman and certain of Mr. Ackman’s affiliates are indirectly invested in the Landlord.

PSH Share Agreement

On December 15, 2025, the Partnership entered into a PSH Share Agreement with Mr. Ackman and certain other affiliates (together with Mr. Ackman, the “Shareholders”) for no consideration, pursuant to which each Shareholder granted the Partnership the right, but not the obligation, to acquire from such Shareholder a certain percentage of the outstanding ordinary shares of PSH (the “Subject PSH Shares”) in exchange for shares in the Partnership’s publicly listed successor entity at an agreed upon ratio (the “PSH Share Acquisition”). As of March 31, 2026, the Subject PSH Shares represented approximately 26% of the total number of PSH shares issued and outstanding. Pursuant to the PSH Share Agreement, the Partnership has the right to consummate the PSH Share Acquisition at any time on or after the ninth anniversary, and on or before the tenth anniversary, of the Corporate Conversion. As such, no PSH shares were acquired as of March 31, 2026.
v3.26.1
General and Administrative Expense
 3 Months Ended
Mar. 31, 2026
General and Administrative Expense [Abstract]  
General and Administrative Expense
5.
GENERAL AND ADMINISTRATIVE EXPENSE

The following table presents the components of general and administrative expense:

 

 

Three months ended March 31,

 

 

2026

 

2025

 

Professional fees

$

11,554,533

 

$

6,133,875

 

Travel and entertainment

 

1,643,610

 

 

693,640

 

Occupancy

 

920,702

 

 

1,449,441

 

Information technology

 

715,946

 

 

659,927

 

Office costs

 

585,863

 

 

609,004

 

Other expenses

 

359,562

 

 

400,075

 

Insurance

 

166,855

 

 

147,309

 

Dues & memberships

 

39,628

 

 

41,818

 

Total General and Administrative Expense

$

15,986,699

 

$

10,135,089

 

 

For the three months ended March 31, 2026, professional fees includes $6,587,408 (2025: $2,442,116) of expensed offering costs related to the Company’s initial public offering (“IPO”), which as of March 31, 2026 had not yet occurred. The Company would not be the direct recipient of any funds raised in the offering, so all related offering costs were expensed as they were incurred. Refer to Note 11 for details on the Company’s IPO.
v3.26.1
Debt Obligations
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Obligations
6.
DEBT OBLIGATIONS

Lines of Credit

PSCM obtained a line of credit from JPMorgan Chase Bank, N.A. (the “Lender”) in October 2014 (the “2014 Line of Credit”). The terms of the 2014 Line of Credit, including maturity date, maximum principal amount and interest rate, have been amended from time to time. As of March 31, 2026, the 2014 Line of Credit had a maturity date of January 31, 2027 and a maximum principal amount of $45,000,000. The 2014 Line of Credit is unsecured and personally guaranteed by Mr. Ackman (the “Guarantor”).

During the three months ended March 31, 2026 and 2025, PSCM did not borrow or repay any principal on the 2014 Line of Credit. As of March 31, 2026 and December 31, 2025, $34,800,000 of principal was outstanding and $10,200,000 was left undrawn. The principal amount outstanding on the 2014 Line of Credit is included in loans payable. The outstanding borrowings of the 2014 Line of Credit bear an annual interest rate of the Secured Overnight Financing Rate (“SOFR”) screen rate +2.20%.

The 2014 Line of Credit includes provisions that limit the ability of PSCM to incur additional indebtedness or to create additional liens or other encumbrances on PSCM or the Guarantor’s assets, aside from additional financing from the Lender and certain other permitted indebtedness. The 2014 Line of Credit requires the Guarantor to maintain a net worth of at least $1 billion, exclusive of any interest in PSCM. The Guarantor is also required to maintain at least $250 million of aggregate liquidity that is free and clear of any and all encumbrances, consisting of liquid assets at the bank, and/or beneficial ownership in PSCM or equity in third-party hedge funds with quarterly liquidity or better. PSCM and the Guarantor have complied with the financial covenants imposed by the 2014 Line of Credit agreement throughout the borrowing period.

PSCM obtained an additional line of credit from the Lender in December 2021 (the “2021 Line of Credit”). The terms of the 2021 Line of Credit, including maturity date, maximum principal amount and interest rate, have been amended from time to time. As of March 31, 2026, the 2021 Line of Credit had a maturity date of January 31, 2027 and a maximum principal amount of $80,000,000. The 2021 Line of Credit is permitted indebtedness under the 2014 Line of Credit.

The 2021 Line of Credit is secured by a pledge and security agreement whereby PSCM granted the Lender a security interest in PSCM’s management fees. The 2021 Line of Credit has the same Guarantor and covenants as the 2014 Line of Credit.

During the three months ended March 31, 2026 and 2025, PSCM did not borrow or repay any principal on the 2021 Line of Credit. As of March 31, 2026 and December 31, 2025, there was no principal balance outstanding on the 2021 Line of Credit, and $80,000,000 was left undrawn. Any outstanding borrowings of the 2021 Line of Credit bear an annual interest rate of the SOFR screen rate + 2.35%.

The following table summarizes the Partnership and its subsidiaries’ outstanding debt as of March 31, 2026:

 

Maturities of Debt

2014 Line of Credit

 

2021 Line of Credit

 

Total

 

2026 (Remaining)

$

—

 

$

—

 

$

—

 

2027

 

34,800,000

 

 

—

 

 

34,800,000

 

2028

 

—

 

 

—

 

 

—

 

2029

 

—

 

 

—

 

 

—

 

2030

 

—

 

 

—

 

 

—

 

Total Debt Obligations

$

34,800,000

 

$

—

 

$

34,800,000

 

 

The following table summarizes the interest expense and average interest rate of the Partnership and its subsidiaries’ outstanding debt:

 

 

Three months ended March 31,

 

 

2026

 

2025

 

 

Interest Expense

 

Average Rate

 

Interest Expense

 

Average Rate

 

2014 Line of Credit

$

514,296

 

 

5.91

%

$

568,056

 

 

6.53

%

2021 Line of Credit

 

—

 

 

—

 

 

—

 

 

—

 

Total Debt Interest

$

514,296

 

 

 

$

568,056

 

 

 
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
7.
COMMITMENTS AND CONTINGENCIES

Litigation

From time to time, the Partnership may be involved in litigation and claims incidental to the conduct of the Partnership’s business, including without limitation, the investment activities of the Pershing Square Funds. PSCM is subject to regulation, oversight and examination by regulatory agencies in the U.S. and globally that have, or may in the future have, regulatory authority over the Partnership and its business activities. This regulatory environment may result in agency examinations, investigations, litigation and subpoenas, and material costs related to each. As of March 31, 2026 and December 31, 2025, other than the lawsuit detailed below, there were no known regulatory investigations, claims or litigation against the Partnership.

On February 9, 2026, certain alleged stockholders of HHH, Charter Township of Shelby Fire & Police Retirement System, MVS Marine LLC and Kurtis Solberg (the “Plaintiffs”), filed a lawsuit in the Delaware Court of Chancery against PSCM, PS Holdco and Mr. Ackman (the “Pershing defendants”) and Ben Hakim and certain other directors of HHH (the “HHH director defendants”) captioned Charter Township of Shelby Fire & Police Retirement System v. Pershing Square Capital Management, L.P., C.A. No. 2026-0184-BWD. The lawsuit alleges claims on behalf of a putative class of HHH stockholders and derivatively on behalf of HHH and contends that (i) the HHH Share Purchase Agreement and related transactions amounted to a transfer of control of HHH to the Pershing defendants, (ii) the HHH director defendants breached their fiduciary duties by approving the transaction at an unfair price and (iii) the Pershing defendants aided and abetted those alleged breaches of fiduciary duty. The Plaintiffs also seek a declaratory judgment that the HHH Services Agreement is invalid and unenforceable under the Delaware General Corporation Law. The complaint seeks, among other things, injunctive relief preventing enforcement of the HHH Services Agreement, certain other equitable relief, unspecified damages and an award of costs and disbursements, including attorneys’ fees. The Pershing defendants filed a motion to dismiss on May 1, 2026. The Partnership believes these claims have no merit and intends to contest these claims vigorously. The Partnership cannot reasonably estimate the amount or range of any potential loss, if any, related to these claims. Accordingly, no accrual has been recorded as of March 31, 2026.

Other Contingencies, Risks and Uncertainties

From time to time, in the normal course of business, the Partnership may enter into contracts that contain a variety of indemnification provisions. The Partnership’s maximum exposure under these arrangements is unknown, as any such exposure involves possible future claims that may be, but have not yet been made against the Partnership, based on events which have not yet occurred. However, the Partnership has not had prior material claims or losses pursuant to these contracts and believes the risk of material loss to be remote and therefore, no liability has been recorded. Other than as disclosed above and in Note 6, there were no other commitments or contingencies as of March 31, 2026 and December 31, 2025.
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases
8.
LEASES

Partnership as a lessee

PSCM has several operating lease agreements for its office, other real estate and certain equipment. PSCM’s office lease represents a significant majority of the total lease commitment; it is noncancelable and expires on January 31, 2034. PSCM has the option to extend the office lease term for an additional 15 years at the end of the initial term. Because PSCM is not reasonably certain to exercise the renewal option, the option is not considered in determining the lease term, and associated potential option payments are excluded from lease payments.

Prior to January 30, 2026, PSCM subleased a portion of its office space to NEOX Public Benefit LLC (“Subtenant” or “NEOX”), an entity affiliated with Mr. Ackman. The sublease commenced on December 5, 2022 and would have expired on December 31, 2033.

 

On January 30, 2026, PSCM agreed to the terms of a modified office lease agreement with the Landlord to remove the office space that PSCM has historically subleased to NEOX. Concurrently, PSCM agreed to terminate its sublease with NEOX. The terms of the modified lease and sublease took effect on March 1, 2026.

 

In accordance with ASC 842, the Partnership accounted for the amendment to the office lease with the Landlord as a lease modification, requiring the Partnership to recalculate the ROU asset, lease liability and lease expense over the respective lease term. The lease classification and lease term did not change.

For the three months ended March 31, 2026, the Subtenant paid $546,420 (2025: $696,757) of rent, and $113,080 (2025: $138,099) for office-related services. Both amounts are included in other income (expense).

 

Between 2021 and 2022, PSCM provided various landlord incentives which were capitalized as a deferred asset and amortized over the life of the lease. As of December 31, 2025, the unamortized portion of the deferred sublease incentive was $4,129,121. Following the termination of the NEOX sublease, the remaining balance of the deferred sublease incentive was recognized as a loss in other income (expense).

The following table presents the components of PSCM’s right-of-use assets and liabilities related to leases:

 

 

 

March 31, 2026

 

December 31, 2025

 

Component of Lease Balances

Statements of Financial Condition Line Item

 

 

 

 

Operating lease assets

Lease right-of-use assets

$

8,030,946

 

$

28,440,786

 

Operating lease liabilities

Operating lease liabilities

 

21,607,859

 

 

42,672,771

 

 

The following table presents the components of PSCM’s lease cost and the classification of such costs:

 

 

 

Three months ended March 31,

 

 

 

2026

 

2025

 

Component of Lease Cost

Statements of Operations Line Item

 

 

 

 

Operating lease cost

General and administrative expense

$

699,287

 

$

1,229,262

 

Variable lease cost

General and administrative expense

 

172,758

 

 

137,028

 

Sublease income

Other income (expense)

 

(723,866

)

 

(1,263,805

)

Total lease expense

 

$

148,179

 

$

102,485

 

 

The following table includes the future maturities of operating lease payments for subsequent periods:

 

For the Years Ended December 31,

Operating Lease

 

2026 (Remaining)

$

2,546,335

 

2027

 

3,385,264

 

2028

 

3,190,340

 

2029

 

3,472,954

 

2030

 

3,507,973

 

Thereafter

 

10,632,285

 

Total future minimum lease payments

$

26,735,151

 

Less: liability accretion

 

(5,127,292

)

Total lease liabilities

$

21,607,859

 

 

The following table includes additional information related to PSCM’s operating leases:

 

 

Three months ended March 31,

 

 

2026

 

2025

 

Cash paid for amounts included in the measurement of operating lease liabilities

$

1,354,359

 

$

1,603,989

 

Right-of-use asset balance changes due to new / remeasured operating lease liabilities

 

(20,123,750

)

 

—

 

Weighted-average remaining lease term – Operating leases

7.8 years

 

8.8 years

 

Weighted-average discount rate – Operating leases

 

5.69

%

 

5.93

%
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information
9.
SEGMENT INFORMATION

The Partnership, together with its subsidiaries, conducts its business and generates substantially all of its revenues in the United States through one operating and reportable segment. The Partnership’s single reportable segment reflects the allocation of the entity’s resources, operational decision-making and assessment of financial performance by the Partnership’s chief operating decision makers (the “CODM”) using a consolidated, ‘one-firm approach,’ with a single expense pool.

The Partnership’s CODM is the operational leadership group, which includes the chief executive officer, president, chief financial officer and chief legal and compliance officer. The CODM reviews the Partnership’s assets using the same categorization as presented in the Consolidated Statements of Financial Condition. The CODM utilizes net income (loss) as presented in the Consolidated Statements of Operations as the primary financial measure for assessing the performance of the Partnership, monitoring budget versus actual results and determining discretionary compensation. The CODM also reviews the Partnership’s significant expenses at a level consistent with that which is presented in the Consolidated Statements of Operations.
v3.26.1
Credit Risk
 3 Months Ended
Mar. 31, 2026
Credit Risk Derivatives, at Fair Value, Net [Abstract]  
Credit Risk
10.
CREDIT RISK

The Partnership may invest its cash in U.S. Treasury money market funds. As of March 31, 2026 and December 31, 2025, the Partnership’s cash balances not invested in money market funds were held in Federal Deposit Insurance Corporation insured bank accounts, which at times, may be in excess of federally insured limits.
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events
11.
SUBSEQUENT EVENTS

The Partnership has evaluated the need for disclosures and/or adjustments resulting from subsequent events. This evaluation did not result in any additional subsequent events that necessitated disclosure and/or adjustment other than as disclosed below.

Initial Public Offering and Private Placement

On April 30, 2026, PS Inc., the successor reporting entity to PS Holdco, completed an IPO of shares of its common stock as part of a combined offering with the PSUS IPO. Additionally, in connection with the closing of the Combined IPO, PS Inc. and PSUS closed the Combined Private Placement of PSUS Shares and shares of PS Inc. common stock. Gross proceeds to PSUS from the Combined Transaction, before deducting sales loads, placement fees and other offering expenses, was $5 billion, although PS Inc. did not receive any proceeds from the Combined Transaction. PS Inc. issued 24,747,254 shares of its common stock to investors in the Combined Transaction for no additional consideration. The relative fair value of shares issued by PS Inc. of $910.8 million will be recognized as a deferred asset consistent with ASC 606.

As part of the Combined Transaction, PS Holdco and its owners completed a restructuring that included the following steps:

•
PS Holdco converted to a Nevada corporation by means of a statutory conversion and changed its name to Pershing Square Inc. effective April 28, 2026 (NYSE: PS);
•
The limited partnership interests of PS Holdco held by PSPG, the Strategic Investors and our other pre-IPO owners were converted into shares of common stock of PS Inc.;
•
The issuance of PS Inc. shares of common stock in the Combined Transaction was accompanied by a contribution to PS Inc. of an equal number of shares of PS Inc. common stock by PSPG and our other pre-IPO owners excluding the Strategic Investors;
•
The board of directors of Holdco GP became the board of directors of PS Inc.; and
•
The non-economic interest of Holdco GP was converted into a special voting share in PS Inc., and following the dissolution of Holdco GP immediately thereafter, ManagementCo became the holder of the special voting share.

Concurrently with the Combined Transaction, the following stock-based awards were issued by PS Inc.:

•
97.8 million units (“M Units”) that are redeemable, subject to vesting and certain other conditions, for shares of PS Inc. common stock held by PSPG. The grant-date fair value of the M Unit awards was $2,287.4 million. The shares of PS Inc. common stock associated with this grant are included in PS Inc.’s current 400 million total shares outstanding.
•
2.6 million shares of PS Inc. common stock to certain LTIP Partners that were immediately vested upon the occurrence of the Combined Transaction. The grant-date fair value of these awards was $61.0 million. The shares of PS Inc. common stock associated with this grant are included in PS Inc.’s current 400 million total shares outstanding.
•
2.8 million of restricted stock units (“RSUs”) to employees and other service providers. Shares of PS Inc. common stock will be issuable upon settlement of such RSUs, contingent upon the satisfaction of the vesting conditions set forth in the corresponding RSU award agreements. The grant-date fair value of the RSU awards was $58.8 million.

Loans Payable

In connection with the IPO, on April 29, 2026, PSCM fully repaid all outstanding loan balances and closed both the 2014 Line of Credit and 2021 Line of Credit. On April 30, 2026, PS Inc. entered into a credit agreement with a syndicate of banks, led by Bank of America, N.A., that included the following:

•
A 3-year, $100 million term loan; and
•
A revolving credit facility under which PS Inc. has a maximum borrowing capacity of $250 million. As of the filing date of these financial statements, PS Inc. has drawn $134.8 million on the revolving credit facility.

Both the term loan and the revolving credit facility are subject to an interest rate of SOFR +1.75%. Additionally, PS Inc. incurred $2,240,000 of costs related to the credit agreement, $1,925,000 of which will be deferred and recognized as expense over the 3-year term.

Vantage Group Holdings Ltd.

On June 4, 2026, HHH completed its acquisition of Vantage Group Holdings Ltd. In connection with this acquisition, Marc Grandisson, former CEO of Arch Capital Group Ltd., agreed to serve as a strategic adviser to PS Inc. and its affiliates, including PSCM, effective March 5, 2027. As compensation for these services, PS Inc. agreed to grant Mr. Grandisson 400,000 RSUs on April 1, 2027. These RSUs will vest over approximately a three year period ending on February 1, 2030.
v3.26.1
Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

These unaudited consolidated financial statements (the “Consolidated Financial Statements”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and reflect all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the Consolidated Financial Statements. The Consolidated Financial Statements include the accounts of PS Holdco, its wholly owned subsidiaries, and entities in which PS Holdco or a consolidated subsidiary is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.

These Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and notes included in our IPO Prospectus filed with the SEC on April 30, 2026 pursuant to Rule 424(b)(4) under the Securities Act relating to our Registration Statement on Form S-1 (File No. 333-294165).

All amounts are stated in U.S. dollars. The following is a summary of the significant accounting and reporting policies used in preparing the Partnership’s Consolidated Financial Statements.
Use of Estimates

Use of Estimates

The preparation of the Partnership’s Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the amounts of income and expenses during the reported period. While management believes that the estimates utilized in preparing the Consolidated Financial Statements are reasonable and prudent, actual results could differ from those estimates.
Consolidation

Consolidation

PS Holdco consolidates all subsidiaries in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation (“ASC 810”). The assets, liabilities and results of operations of all subsidiaries are included in the Partnership’s Consolidated Financial Statements. The Partnership does not have any variable interests in variable interest entities (“VIEs”) that are not consolidated.

In accordance with ASC 810, PS Holdco consolidates all entities that it, or any of its subsidiaries, control either as the primary beneficiary of a VIE or through a majority voting interest. The Partnership identifies VIEs it must consolidate by evaluating (i) whether it holds a variable interest in an entity, (ii) whether the entity is a VIE, and (iii) whether the Partnership’s involvement would make it the primary beneficiary. Entities that do not qualify as VIEs are generally assessed for consolidation as voting interest entities (“VOEs”). Under the VOE model, the Partnership consolidates those entities for which it holds a majority voting interest.

In evaluating whether the Partnership holds a variable interest in an entity, fees received from the entity (including management fees and performance fees) that are customary and commensurate with the level of services provided are not considered variable interests where the Partnership does not also hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity.

If there are entities where the Partnership holds a variable interest, the Partnership must then determine whether each entity qualifies as a VIE and, if so, whether the Partnership is the primary beneficiary. A VIE is a corporation, partnership, limited liability company, trust or other legal structure used to conduct activities or hold assets that has: (i) insufficient equity to carry out its principal activities without additional subordinated financial support, (ii) a group of equity owners that lack the power to direct its activities that significantly impact economic performance, or (iii) a group of equity owners that do not have the obligation to proportionally absorb losses or the right to proportionally receive returns generated by its operations.

In evaluating whether the Partnership is the primary beneficiary of a VIE, the Partnership evaluates its economic interests in the entity held either directly or indirectly. VIEs are consolidated when an entity, as the primary beneficiary, holds a controlling financial interest in the VIE. An enterprise is deemed to have a controlling financial interest in a VIE if (i) the enterprise has the power to direct the activities of a VIE that impacts the economic performance and (ii) the enterprise has the obligation to absorb losses, or the right to receive benefits that could potentially be significant to the VIE.

Consolidated Entities

As of March 31, 2026, the accounts of the Partnership includes PS Holdco and the following consolidated legal entities:

•
Intermediate Holdings, as a 100% directly owned subsidiary
•
PSCM, as a 100% indirectly owned subsidiary (through its ownership in Intermediate Holdings)
•
Pershing Square GP, LLC (“PSGP”), the general partner of PSLP, as a VIE despite the Partnership not holding any direct equity interests
•
West Side Services, LLC as a 100% owned subsidiary of PSCM related to certain of its office operations
•
PSCM GP, as a 100% owned subsidiary of Intermediate Holdings
•
Pershing Square USA, Ltd. (“PSUS”), as a 100% owned subsidiary of PSCM

PSGP

The Partnership concluded that PSGP should be consolidated because PSCM compensates its personnel using the performance allocations received by PSGP, and PSCM is exposed to variability in the expected losses or returns of PSGP and holds a variable interest in PSGP. PSCM, as investment manager of the Pershing Square Funds, has the power to direct the activities of PSGP that most significantly impact its economic performance (i.e., PSGP’s receipt of performance allocations from PSLP), and PSCM is the primary beneficiary of such economic performance as a result of using PSGP’s performance allocations to compensate PSCM’s personnel.

The following tables summarize the consolidated balances of PSGP:

 

Summarized Financial Information - Pershing Square GP, LLC

March 31, 2026

 

December 31, 2025

 

Statements of Financial Condition

 

 

 

 

Assets

 

 

 

 

Investment in Pershing Square, L.P., at fair value

$

54,669,802

 

$

79,288,239

 

Due from affiliates

 

5,660,559

 

 

11,800,000

 

Total assets

$

60,330,361

 

$

91,088,239

 

Liabilities and Equity

 

 

 

 

Accrued compensation and benefits

$

8,579,256

 

$

16,593,355

 

Performance fee distributions payable

 

5,660,559

 

 

11,800,000

 

Total liabilities

 

14,239,815

 

 

28,393,355

 

Non-controlling interest

 

46,090,546

 

 

62,694,884

 

Total liabilities and equity

$

60,330,361

 

$

91,088,239

 

 

 

Three months ended March 31,

 

Statements of Operations

2026

 

2025

 

Unrealized gain (loss) on investment in Pershing
  Square, L.P. held at fair value

$

(10,943,780

)

$

93,128

 

Performance allocation from Pershing Square, L.P.(1)

 

-

 

 

157

 

Profit-sharing partner compensation

 

-

 

 

(53

)

Net income (loss) attributable to non-controlling interest

$

(10,943,780

)

$

93,232

 

 

 

 

 

 

(1) Included in performance fees on PS Holdco's Consolidated Statements of Operations

 

PSUS

PSUS is a Delaware statutory trust formed on November 28, 2023 that is registered with the SEC under the Investment Company Act of 1940, as amended, as a closed-end, non-diversified management investment company. PSCM has purchased PSUS Shares for the purpose of providing operating capital. As of March 31, 2026, PSCM was the sole equity holder of PSUS Shares, and PSUS is therefore consolidated by the Partnership. Refer to Note 4 for details on the share purchases, and Note 11 for details of the Combined IPO.

Pershing Square Funds

The Partnership has evaluated the Pershing Square Funds, their respective general partners and any affiliated entities, as applicable, for consolidation with the Partnership in accordance with ASC 810. As the Partnership does not hold economic interests in the Pershing Square Funds that would absorb more than an insignificant amount of their expected losses or returns, the Partnership does not hold a variable interest in any of the Pershing Square Funds. The Partnership also does not hold a majority of the voting interests in the Pershing Square Funds. As a result, the Pershing Square Funds are not required to be consolidated with the Partnership under ASC 810.

SPARC Sponsor

PSCM is the non-member manager of Pershing Square SPARC Sponsor, LLC (“SPARC Sponsor”), a Delaware limited liability company. The Pershing Square Funds are the non-managing members of SPARC Sponsor. SPARC Sponsor is the sponsor entity of Pershing Square SPARC Holdings, Ltd. (“SPARC”), a Delaware corporation formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other business combination transaction with one or more businesses. SPARC is actively looking for target companies for its business combination. SPARC Sponsor is not required to be consolidated with the Partnership under ASC 810.
Non-controlling Interests

Non-controlling Interests

A portion of the equity and income or loss from entities that are consolidated but not wholly owned by the Partnership is allocated to other owners. The portion allocated to other owners is included within non-controlling interest in the Consolidated Financial Statements. The Partnership does not hold any direct equity interests in PSGP. As a result, all net income related to PSGP is allocated to non-controlling interest, and the capital balance of PSGP represents the direct equity interests of other owners in PSGP.

Non-controlling interest is presented as a separate component of partners’ capital in the Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Partners’ Capital to clearly distinguish the controlling interests in the Partnership (general partner and limited partner interests) from the non-controlling interests in PSGP, as applicable. Net income in the Consolidated Statements of Operations includes the net income attributable to the holders of non-controlling interests in PSGP. Income and losses are allocated to the non-controlling interest in proportion to their relative ownership interests.
Revenue Recognition

Revenue Recognition

PSCM receives management fees and performance fees from certain Pershing Square Funds in exchange for investment management services. These revenues are derived from PSCM’s IMA with each fund. PSCM also receives fees from HHH in exchange for investment, advisory and other services, pursuant to the HHH Services Agreement.

The Partnership recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized when the Partnership transfers promised goods or services to customers in an amount that reflects the consideration to which the Partnership expects to be entitled in exchange for those goods or services. See Note 4 for further disclosure regarding revenue recognition.

Management Fees - Pershing Square Funds

PSCM acts as investment manager providing management and administrative services to the Pershing Square Funds in accordance with each of their IMAs. As compensation for such services, PSCM receives a quarterly management fee of 0.375%, equal to 1.50% annually, of the net asset value (before any accrued performance fees or allocations) of the Pershing Square Funds. Subsequent to May 5, 2025 in connection with the HHH Transaction, PSCM reduces management fees by an amount equal to the fees earned from HHH multiplied by the percentage of HHH’s shares outstanding held by the relevant Pershing Square Fund attributable to fee-paying capital. Management fees are recognized in the period during which the related services are performed.

Management fees are generally calculated and paid to PSCM quarterly in advance, based on the amount of fee-paying assets under management at the beginning of the quarter. Management fees are prorated for capital contributions in the Private Funds received during the quarter. Accordingly, changes in PSCM’s management fee revenue from quarter to quarter are driven by changes in fee-paying assets under management and the relative magnitude and timing of contributions and withdrawals.

Management Fees - HHH Fees

Pursuant to the HHH Services Agreement, PSCM receives from HHH: (i) a quarterly base fee of $3.75 million (the “Base Management Fee”), which is adjusted annually for inflation and (ii) a quarterly variable fee equal to 0.375% of the increase in HHH’s equity market capitalization above a reference market capitalization (the “Variable Management Fee”, and collectively the “HHH Fees”). The reference market cap is determined by multiplying the post-transaction share count by a reference market price, which is adjusted annually for inflation, subject to equitable adjustment for stock splits, reclassification or similar capital changes.

The Base Management Fee is paid to PSCM quarterly in advance while the Variable Management Fee is calculated at the end of each quarter. However, both the Base Management Fee and Variable Management Fee are recognized in the period during which the related services are performed.

Consistent with ASC 606, the Partnership considers the HHH Services Agreement and the Share Purchase Agreement, dated May 5, 2025, by and between HHH and PS Holdco (the “HHH Share Purchase Agreement”, and together, the “HHH Agreements”) to be one contract as they were executed at the same time with a single commercial objective. As a result, the $900,000,000 purchase price was recognized as two separate amounts following the execution of the HHH Agreements: (i) a $607,230,000 investment in HHH, which was calculated as 9,000,000 shares multiplied by HHH’s publicly traded price of $67.47 as of the close of business on May 2, 2025, the most recent observable price at the time (refer to “Fair Value of Financial Instruments” for details on the classification and fair value election for this investment), and (ii) a $292,770,000 deferred asset for the premium paid above HHH’s publicly traded share price (the “HHH Premium”), which is deemed to represent the amount paid to obtain the HHH Services Agreement.

The HHH Premium is amortized on a straight-line basis as contra-revenue in management fees over a period of 20 years starting on May 5, 2025. The Partnership assessed the HHH Premium for impairment and determined that it was fully recoverable over the amortization period of 20 years; therefore, no impairment was recognized.

Performance Fees / Allocation

PSCM earns performance fees from PSINTL and PSH as their investment manager, and PSGP receives a performance allocation from PSLP as its general partner. Performance fees and the performance allocation are based on the net income of each Pershing Square Fund above a prior high-water mark.

The performance fees/allocation, if earned, are payable upon the occurrence of crystallization events, which include, but are not limited to, December 31 of each year, withdrawals from the Private Funds and PSH’s payment of a dividend. Performance fees are recognized in the period in which the crystallization event occurs as the fees relate to services performed that period.

Any crystallized performance fees for PSINTL and PSH earned during the year and outstanding at year-end are reported within performance fees receivable.
Cash and Cash Equivalents

Cash and Cash Equivalents

The Partnership considers all highly liquid financial instruments with a maturity of three months or less at the time of purchase to be cash equivalents. As of March 31, 2026, cash and cash equivalents was comprised of $310,697 (December 31, 2025: $1,339,595) of cash held at a U.S. bank and $46,534,442 (December 31, 2025: $54,058,172) of cash equivalents held in two money market funds invested in U.S. Treasury obligations (JPMorgan 100% U.S. Treasury Securities Money Market Fund and UBS Select 100% US Treasury Preferred Fund Class T). Money market funds are carried at net asset value, which approximates fair value, and would be considered Level I if they were included in the fair value hierarchy. The interest earned on cash invested in money market funds is recorded in interest income.
Restricted Cash

Restricted Cash

The Partnership has provided various security deposits held by service providers in the normal course of business. Such security deposits are generally restricted until the termination of each service provider’s contract period.
Due from Affiliates

Due from Affiliates

The Pershing Square Funds, partners, employees and other affiliates reimburse the Partnership from time to time for expenses the Partnership pays on their behalf. Reimbursements owed to the Partnership are reflected in due from affiliates. See Note 4 for further disclosure of transactions with related parties.

As of March 31, 2026, due from affiliates was primarily comprised of (i) PSGP’s capital withdrawal from PSLP of $5,660,559 that was not received as of the balance sheet date and (ii) a credit of $1,639,441 related to PTET (defined in Note 2 “Income Taxes”).

As of December 31, 2025, due from affiliates was primarily comprised of (i) PSGP’s capital withdrawal from PSLP of $11,800,000 that was not received as of the balance sheet date and (ii) the Variable Management Fee of $3,345,230 receivable from HHH.

As of March 31, 2026 and December 31, 2025, no allowance related to due from affiliates was deemed necessary.
Fair Value of Financial Instruments

Fair Value of Financial Instruments

The Partnership’s assets and liabilities that qualify as financial instruments under GAAP are generally recorded at fair value or at an amount where the carrying value approximates fair value due to the instrument’s short-term nature.

Investment in HHH

The Partnership’s investment in HHH is classified as an equity method investment as the Partnership is deemed to exert significant influence over HHH, given (i) the Partnership’s ability to vote based on its direct ownership and the Pershing Square Funds’ ownership of HHH and (ii) PSCM’s right to designate directors on the Board of Directors of HHH. The Partnership has elected the fair value option for this investment with changes in fair value recognized through profit and loss. The Partnership’s investment in HHH is a Level I investment in the fair value hierarchy as its shares are publicly traded and quoted prices are readily available.

As of March 31, 2026, the Partnership’s investment in HHH was valued at $569,340,000 (December 31, 2025: $717,930,000), which represented an ownership percentage of approximately 15.1% (December 31, 2025: 15.2%). For the three months ended March 31, 2026, the Partnership recorded an unrealized loss of $148,590,000 from its investment in HHH.

The summarized financial information of the Partnership’s equity method investment in HHH is as follows:

 

Summarized Financial Information - HHH

March 31, 2026

 

December 31, 2025

 

Statement of Financial Condition

 

 

 

 

Assets

 

 

 

 

Net investment in real estate

$

7,505,786,000

 

$

7,367,055,000

 

All other assets

 

3,742,329,000

 

 

3,272,406,000

 

Total assets

$

11,248,115,000

 

$

10,639,461,000

 

Liabilities and Equity

 

 

 

 

Mortgages, notes, and loans payable, net

$

5,791,296,000

 

$

5,109,828,000

 

All other liabilities

 

1,606,910,000

 

 

1,687,387,000

 

Total liabilities

 

7,398,206,000

 

 

6,797,215,000

 

Total equity

 

3,849,909,000

 

 

3,842,246,000

 

Total liabilities and equity

$

11,248,115,000

 

$

10,639,461,000

 

 

 

Three months ended March 31,

 

 

2026

 

Statement of Operations

 

 

Total revenues

$

235,917,000

 

Total expenses

 

(185,368,000

)

Total other income (loss)

 

127,000

 

Operating income (loss)

 

50,676,000

 

Net income (loss)

 

8,065,000

 

Net income (loss) attributable to common stockholders

$

8,226,000

 

 

Investment in PSLP

PSGP’s investment in PSLP is considered an equity method investment as PSCM is deemed to exert significant influence over PSLP as the fund’s investment manager. The Partnership has elected the fair value option for this investment. Fair value for PSGP’s investment in PSLP is determined using the net asset value of PSLP in accordance with the “practical expedient” as defined by GAAP.

As of March 31, 2026, PSGP had an investment of $54,669,802 (December 31, 2025: $79,288,239) in PSLP, which represented an ownership percentage of approximately 4.3% (December 31, 2025: 5.2%). For the three months ended March 31, 2026, PSGP recorded a loss of $10,943,780 (2025: gain of $93,128) from its investment in PSLP.

Partners in PSGP can withdraw all of their partnership interest each calendar quarter upon 45 days prior written notice, but are subject to (i) PSCM’s contractual or regulatory restrictions on trading, or “trading windows” whereby PSCM may be in possession of any material nonpublic information regarding one or more of PSLP’s portfolio companies and (ii) any other limitations on withdrawals as set forth in the general partner agreement.
Fixed Assets and Leasehold Improvements, Net of Accumulated Depreciation and Amortization

Fixed Assets and Leasehold Improvements, Net of Accumulated Depreciation and Amortization

Fixed assets and leasehold improvements consist of leasehold improvements principally for the build-out of the Partnership’s office space, furniture and fixtures, office computers and equipment along with computer software.

Fixed assets and leasehold improvements are recorded at cost less accumulated depreciation and amortization. Depreciation of fixed assets is calculated using the straight-line method over a period of three to seven years. Leasehold improvements are amortized over the shorter of the expected useful life or the remaining term of the related lease agreement. Total depreciation and amortization expense of the Partnership for the three months ended March 31, 2026 was $579,236 (2025: $577,583). The Partnership evaluates fixed assets for impairment whenever events or changes in circumstances indicate that an asset’s carrying value may not be fully recovered. The Partnership has determined that there was no impairment to be recorded for its fixed assets.

The following table provides the gross balances for each class of fixed assets and total accumulated depreciation and amortization for all asset classes:

 

 

 

March 31, 2026

 

December 31, 2025

 

Asset Class

Useful Life

 

 

 

 

Leasehold Improvements

15

$

28,395,531

 

$

28,395,531

 

Furniture and Fixtures

7

 

2,173,959

 

 

2,173,959

 

Office Computers and Equipment

5

 

1,559,296

 

 

1,528,371

 

Computer Software

3

 

461,305

 

 

478,725

 

Total Fixed Assets and Leasehold Improvements (gross)

 

 

32,590,091

 

 

32,576,586

 

Less: Accumulated Depreciation and Amortization

 

 

(18,172,097

)

 

(17,592,861

)

Total Fixed Assets and Leasehold Improvements (net)

 

$

14,417,994

 

$

14,983,725

 

 
Accounts Payable

Accounts Payable

Accounts payable is comprised of primarily general and administrative expenses as well as interest expense that were accrued but not paid as of period end. For more details on general and administrative expenses, refer to Note 5.
Income Taxes

Income Taxes

Prior to the Conversion date, the Partnership is a partnership for U.S. tax purposes and is not subject to U.S. federal income taxes. Accordingly, no provision has been made for federal income taxes, as the partners are individually liable for taxes on their respective share of the Partnership's taxable income or loss.

The Partnership is subject to certain state and local taxes. For the three months ended March 31, 2026, the Partnership recorded $857,181 (2025: $1,794,349) of tax expense, which relates to the New York City Unincorporated Business Tax (“UBT”). As of March 31, 2026, no UBT expense remained payable (December 31, 2025: $16,494,887).

For the tax years ending December 31, 2026 and 2025, the Partnership and its parent entity PSPG both elected to be subject to the New York State Pass-Through Entity Tax (“NYS PTET”) and the New York City Pass-Through Entity Tax (“NYC PTET” and together with NYS PTET, “PTET”).

PTET grants eligible partners a tax credit on their individual New York State and New York City income tax returns. Any PTET owed is a joint liability of (i) the Partnership or PSPG and (ii) each partner. For the three months ended March 31, 2026, the Partnership and PSPG made PTET payments totaling $21,360,000 (2025: $29,300,979) on behalf of their partners. These PTET payments were recorded, as applicable, in profit-sharing partner compensation and/or capital distributions according to each partner’s participation in LTIP (defined below in “Long-Term Incentive Plan”). For Mr. Ackman, PTET payments were recorded as capital distributions.

As of March 31, 2026, there was no outstanding payable balance related to PTET. As of December 31, 2025, accrued PTET balances of $10,104,536 and $3,224,380 were recorded in distributions payable to partners and accrued compensation and benefits, respectively.

The Partnership is subject to the provisions of ASC 740, Income Taxes. This standard requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether it is “more-likely-than-not” to be sustained by the applicable tax authority. Uncertain tax positions in which the benefit to be realized does not meet the “more-likely-than-not” threshold would be recorded as a tax expense in the current year. As of March 31, 2026, the Partnership did not accrue interest or penalties related to uncertain tax positions. The Partnership has evaluated its tax positions and does not believe there are any uncertain tax positions that would result in a material change to unrecognized tax benefits within twelve months of the reporting date. Generally, the Partnership’s tax returns for tax years 2022 and forward are open to examination by the respective taxing authorities.
Lessee Arrangements

Lessee arrangements

PSCM leases office space, other real estate and certain equipment under operating leases. In accordance with ASC 842, Leases (“ASC 842”), the Partnership determines if an arrangement is or contains a lease at inception date by evaluating whether the arrangement conveys the right to use an identified asset and whether the Partnership obtains substantially all of the economic benefits from and has the ability to direct the use of the asset.

Under ASC 842, the Partnership elected the practical expedient to not separate lease and non-lease components. The Partnership also elected to apply the short-term lease recognition exemption which eliminates the requirement to present in the Consolidated Statements of Financial Condition leases with a term of 12 months or less. These two practical expedients were elected for all classes of underlying assets.

For short-term leases, instead of recognizing a lease liability and right-of-use asset (“ROU asset”), the Partnership recognizes short-term lease payments as an expense on a straight-line basis over the lease term. A short-term lease is defined as a lease that, at the commencement date, has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. When determining whether a lease qualifies as a short-term lease, the Partnership evaluates the lease term and the purchase option in the same manner as all other leases.

At the commencement date of a lease which does not qualify as a short-term lease, the Partnership recognizes a lease liability and an ROU asset representing the Partnership’s right to use the underlying asset over the lease term. The initial measurement of the lease liability is calculated on the basis of the present value of the remaining lease payments, and the ROU asset is measured on the basis of this liability, adjusted by prepaid and accrued rent, lease incentives and initial direct costs. Operating lease cost is recognized on a straight-line basis over the lease term, with the cost presented as a component of general and administrative expense. The Partnership does not have finance leases.

PSCM’s leases require other payments such as costs related to service components, real estate taxes, common area maintenance and insurance. These costs are generally variable in nature and based on the actual costs incurred and required by the lease. As the Partnership has elected to not separate lease and non-lease components for all classes of underlying assets, all variable costs associated with the leases are expensed in the period incurred and are recorded in general and administrative expense. PSCM’s lease agreements do not contain any material residual value guarantees or material restrictive financial covenants. For details on PSCM’s leases with related parties, refer to Note 4. Neither the Partnership nor PSCM has any leases that have not yet commenced that create significant rights and obligations for the lessee.

When determining the lease term, the Partnership does not include renewal options unless the renewals are deemed to be reasonably certain of being exercised at the lease commencement date.

ASC 842 requires that a lessee use the rate implicit in the lease when measuring the lease liability and ROU asset, unless that rate is not readily determinable. Alternatively, the Partnership is permitted to use its incremental borrowing rate (“IBR”) which is defined as the rate of interest that the Partnership would have to pay to borrow an amount equal to the lease payments on a collateralized basis, over a similar term and in a similar economic environment. Since the rate implicit in the lease is not readily determinable, the Partnership uses its incremental borrowing rate when measuring its leases, both at lease commencement and when reassessment is required, such as upon modification. The IBR is calculated by considering the Partnership’s synthetic credit standing and existing line of credit, the impact of collateral and the term of the lease.
Offering Costs

Offering Costs

Offering costs consist of fees related to underwriting, legal advice, regulatory filings, printing and other costs for services directly related to the PSUS IPO. PSUS offering costs have been deferred and are recorded in other assets. Refer to Note 5 for details on the treatment of PS Holdco’s offering costs in the current period.
Other Income (Expense)

Other Income (Expense)

Other income is primarily comprised of (i) a non-cash loss related to the derecognition of the deferred sublease incentive due to the termination of the related sublease and (ii) office space sublease income (earned prior to termination of the sublease) and the reimbursement of office services from NEOX Public Benefit LLC. Refer to Note 8 for further detail on each of these items.
Employee Benefit Plan

Employee Benefit Plan

The Partnership has a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. All employees and profit-sharing partners are eligible to participate in the savings plan (the “401(k) Plan”). The 401(k) Plan allows participants to invest in a variety of mutual funds across several fund families. The Partnership makes a safe harbor contribution in the amount of 3% of each participant’s eligible compensation, subject to certain Internal Revenue Code limitations. The safe harbor contribution is processed on a per payroll basis for employees and annually for profit-sharing partners, regardless of whether they elect to contribute to the 401(k) Plan. Safe harbor contributions are vested immediately. For the three months ended March 31, 2026, expenses related to the 401(k) Plan were $81,336 (2025: $56,783) and are included in employee compensation and benefits.
Employee Compensation and Benefits

Employee Compensation and Benefits

Employee compensation and benefits reflects all compensation-related items not directly related to the profit-sharing arrangements and the long-term incentive plan discussed below, and includes salaries, benefits, payroll taxes and discretionary cash bonuses. Employee compensation and benefits also includes the cost of benefits paid to partners who participate in the profit-sharing arrangements and the long-term incentive plan. The Partnership generally recognizes employee compensation and benefit expenses over the related service period. On an annual basis, discretionary cash bonuses generally comprise a significant portion of total employee compensation and benefits for employees who do not hold profits interests. Discretionary cash bonuses are dependent upon a variety of factors, including the performance of the Pershing Square Funds for the year.
Profit-Sharing Arrangements

Profit-Sharing Arrangements

Certain awards (the “Profits Interest Awards”) entitle profit-sharing partners to a portion of the net profits earned by PSGP, PSPG and PS CompCo, LLC, a Delaware limited liability company (“CompCo”). Refer to Note 4 “Variable Compensation Agreement” for more details. Profits Interest Awards do not represent a substantive class of equity under ASC 718, Compensation (“ASC 718”) and are accounted for as cash-based profit-sharing arrangements. As such, amounts distributed or allocated to profit-sharing partners are included in profit-sharing partner compensation in the Consolidated Statements of Operations.

Long Term Incentive Plan

Long-Term Incentive Plan

Awards under the Long-Term Incentive Plan (“LTIP” and the “LTIP Awards”) entitle certain profit-sharing partners (the “LTIP Partners”) to cash distributions of management fee-based and performance-based net profits pursuant to the terms of their respective agreements and granted them a reduced percentage of their Profits Interest Awards upon retirement under certain circumstances as described in the LTIP. Certain LTIP Partners’ LTIP Awards vested after 10 years of tenure as a profit-sharing partner. Each LTIP Partner holds LTIP Awards in PSGP, PSPG and CompCo in the same percentages.

The LTIP Awards are treated as a separate class of profits interests from the Profits Interest Awards. The LTIP Awards are accounted for based on their substance. Portions of the LTIP Awards where rights to distributions of profits are based fully on the discretion of Mr. Ackman, or any successor thereof, are in substance a profit-sharing arrangement and are therefore recorded within profit-sharing partner compensation. Other portions of the LTIP Awards, when fully vested, entitle LTIP Partners upon retirement to a distribution equal to the percentage outlined in each of their agreements in perpetuity (the “permanent profits-interests”) and represent a substantive class of equity. The fair value of such awards is recognized on a straight-line basis over a service period of up to 10 years. The amortization of these awards is included in profit-sharing partner compensation in the Consolidated Statements of Operations.

LTIP Partners are also entitled to a portion of the consideration related to a Terminal Value Event as defined in the LTIP, including, but not limited to, a sale or transfer of all or any portion of the Partnership’s equity interests, including through an initial public offering. The Partnership accounts for forfeitures of permanent profits-interests as they occur.

For the three months ended March 31, 2026 and 2025, the Partnership did not grant additional permanent profits-interests.

During the three months ended March 31, 2026, $185,407 (2025: $357,904) of permanent profits-interests that were granted in prior years vested, and no permanent profits-interests were forfeited. The Partnership expects to recognize compensation expense on its currently unvested permanent profits-interests of $567,551 over a weighted average period of 1 year.

For the three months ended March 31, 2025, the Partnership recognized profit-sharing compensation expense in an amount equal to the value of an LTIP Partner’s termination benefit that was granted during the period. The LTIP Partner was granted continued payment of non-permanent LTIP Awards for a period of time following the LTIP Partner’s separation from the Partnership. The Partnership calculated the value of the termination benefit as the present value of the future payments that were reasonably estimable under the LTIP Partner’s separation agreement.

The following table summarizes the components of profit-sharing partner compensation expense as well as the total distributions resulting from permanent profits-interests:

 

 

Three months ended March 31,

 

 

2026

 

2025

 

Profit-sharing partner compensation

$

11,581,112

 

$

15,090,320

 

Amortization of unvested grants of permanent profits-interests

 

185,407

 

 

357,904

 

Total profit-sharing partner compensation

$

11,766,519

 

$

15,448,224

 

 

 

 

 

 

LTIP permanent profits-interest distributions

$

6,340,744

 

$

6,736,421

 

 

 

 

 

 
Recent Accounting Pronouncements

Recent Accounting Pronouncements

In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires entities with a single reportable segment to provide all disclosures in accordance with Topic 280 and amends current guidance for reportable segment disclosure requirements. This guidance is effective for public entities for fiscal years beginning after December 15, 2023 and for interim periods within fiscal years beginning after December 15, 2024. The Partnership adopted this standard on December 31, 2024 on a retrospective basis, and, as a result, the Partnership included Note 9 to the Consolidated Financial Statements. Adoption of ASU 2023-07 did not have an impact in the Consolidated Statements of Financial Condition, Consolidated Statements of Operations, or Consolidated Statements of Cash Flows.

In December 2023, the FASB issued ASU 2023-09 amending ASC 740, Income Taxes, to enhance the transparency and decision-usefulness of income tax disclosures, particularly in the rate reconciliation table and disclosures about income taxes paid. The new guidance requires all entities to disclose, on an annual basis, income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. ASU 2023-09 is effective for annual periods beginning after December 15, 2025 for private companies and after December 15, 2024 for public companies, with early adoption permitted. ASU 2023-09 should be applied prospectively, but entities may apply it retrospectively. The Partnership is currently assessing its impact.

In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses, which requires disaggregated disclosure of certain expenses including employee compensation, depreciation and intangible asset amortization on an annual and interim basis. The guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027. The Partnership is currently assessing the impact of ASU 2024-03.
v3.26.1
Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Consolidated Balances of PSGP

The following tables summarize the consolidated balances of PSGP:

 

Summarized Financial Information - Pershing Square GP, LLC

March 31, 2026

 

December 31, 2025

 

Statements of Financial Condition

 

 

 

 

Assets

 

 

 

 

Investment in Pershing Square, L.P., at fair value

$

54,669,802

 

$

79,288,239

 

Due from affiliates

 

5,660,559

 

 

11,800,000

 

Total assets

$

60,330,361

 

$

91,088,239

 

Liabilities and Equity

 

 

 

 

Accrued compensation and benefits

$

8,579,256

 

$

16,593,355

 

Performance fee distributions payable

 

5,660,559

 

 

11,800,000

 

Total liabilities

 

14,239,815

 

 

28,393,355

 

Non-controlling interest

 

46,090,546

 

 

62,694,884

 

Total liabilities and equity

$

60,330,361

 

$

91,088,239

 

 

 

Three months ended March 31,

 

Statements of Operations

2026

 

2025

 

Unrealized gain (loss) on investment in Pershing
  Square, L.P. held at fair value

$

(10,943,780

)

$

93,128

 

Performance allocation from Pershing Square, L.P.(1)

 

-

 

 

157

 

Profit-sharing partner compensation

 

-

 

 

(53

)

Net income (loss) attributable to non-controlling interest

$

(10,943,780

)

$

93,232

 

 

 

 

 

 

(1) Included in performance fees on PS Holdco's Consolidated Statements of Operations

 
Summary of Financial Information of Equity Method Investment

The summarized financial information of the Partnership’s equity method investment in HHH is as follows:

 

Summarized Financial Information - HHH

March 31, 2026

 

December 31, 2025

 

Statement of Financial Condition

 

 

 

 

Assets

 

 

 

 

Net investment in real estate

$

7,505,786,000

 

$

7,367,055,000

 

All other assets

 

3,742,329,000

 

 

3,272,406,000

 

Total assets

$

11,248,115,000

 

$

10,639,461,000

 

Liabilities and Equity

 

 

 

 

Mortgages, notes, and loans payable, net

$

5,791,296,000

 

$

5,109,828,000

 

All other liabilities

 

1,606,910,000

 

 

1,687,387,000

 

Total liabilities

 

7,398,206,000

 

 

6,797,215,000

 

Total equity

 

3,849,909,000

 

 

3,842,246,000

 

Total liabilities and equity

$

11,248,115,000

 

$

10,639,461,000

 

 

 

Three months ended March 31,

 

 

2026

 

Statement of Operations

 

 

Total revenues

$

235,917,000

 

Total expenses

 

(185,368,000

)

Total other income (loss)

 

127,000

 

Operating income (loss)

 

50,676,000

 

Net income (loss)

 

8,065,000

 

Net income (loss) attributable to common stockholders

$

8,226,000

 
Schedule of Fixed Assets

The following table provides the gross balances for each class of fixed assets and total accumulated depreciation and amortization for all asset classes:

 

 

 

March 31, 2026

 

December 31, 2025

 

Asset Class

Useful Life

 

 

 

 

Leasehold Improvements

15

$

28,395,531

 

$

28,395,531

 

Furniture and Fixtures

7

 

2,173,959

 

 

2,173,959

 

Office Computers and Equipment

5

 

1,559,296

 

 

1,528,371

 

Computer Software

3

 

461,305

 

 

478,725

 

Total Fixed Assets and Leasehold Improvements (gross)

 

 

32,590,091

 

 

32,576,586

 

Less: Accumulated Depreciation and Amortization

 

 

(18,172,097

)

 

(17,592,861

)

Total Fixed Assets and Leasehold Improvements (net)

 

$

14,417,994

 

$

14,983,725

 

 
Components of Profit-Sharing Partner Compensation Expense

The following table summarizes the components of profit-sharing partner compensation expense as well as the total distributions resulting from permanent profits-interests:

 

 

Three months ended March 31,

 

 

2026

 

2025

 

Profit-sharing partner compensation

$

11,581,112

 

$

15,090,320

 

Amortization of unvested grants of permanent profits-interests

 

185,407

 

 

357,904

 

Total profit-sharing partner compensation

$

11,766,519

 

$

15,448,224

 

 

 

 

 

 

LTIP permanent profits-interest distributions

$

6,340,744

 

$

6,736,421

 

 

 

 

 

 
v3.26.1
Related Party Transactions (Tables)
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Summary of All Sources of Management Fees

The following table presents a summary of all sources of management fees:

 

 

Three months ended March 31,

 

 

2026

 

2025

 

Pershing Square Holdings, Ltd.

$

54,233,716

 

$

48,449,424

 

Pershing Square, L.P.

 

2,349,969

 

 

2,516,123

 

Pershing Square International, Ltd.

 

796,443

 

 

1,236,822

 

HHH Base Management Fee

 

3,786,000

 

 

—

 

Total Management Fees - Gross

$

61,166,128

 

$

52,202,369

 

 

 

 

 

 

Less: Amortization of HHH Premium

 

(3,659,625

)

 

—

 

 

 

 

 

 

Total Management Fees - Net

$

57,506,503

 

$

52,202,369

 
v3.26.1
Debt Obligations (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Summary of Partnership and its Subsidiaries Outstanding Debt

The following table summarizes the Partnership and its subsidiaries’ outstanding debt as of March 31, 2026:

 

Maturities of Debt

2014 Line of Credit

 

2021 Line of Credit

 

Total

 

2026 (Remaining)

$

—

 

$

—

 

$

—

 

2027

 

34,800,000

 

 

—

 

 

34,800,000

 

2028

 

—

 

 

—

 

 

—

 

2029

 

—

 

 

—

 

 

—

 

2030

 

—

 

 

—

 

 

—

 

Total Debt Obligations

$

34,800,000

 

$

—

 

$

34,800,000

 
Summary of Interest Expense and Average Interest Rate of Outstanding Debt

The following table summarizes the interest expense and average interest rate of the Partnership and its subsidiaries’ outstanding debt:

 

 

Three months ended March 31,

 

 

2026

 

2025

 

 

Interest Expense

 

Average Rate

 

Interest Expense

 

Average Rate

 

2014 Line of Credit

$

514,296

 

 

5.91

%

$

568,056

 

 

6.53

%

2021 Line of Credit

 

—

 

 

—

 

 

—

 

 

—

 

Total Debt Interest

$

514,296

 

 

 

$

568,056

 

 

 
v3.26.1
General and Administrative Expense (Tables)
 3 Months Ended
Mar. 31, 2026
General and Administrative Expense [Abstract]  
Schedule of Components of General and Administrative Expense

The following table presents the components of general and administrative expense:

 

 

Three months ended March 31,

 

 

2026

 

2025

 

Professional fees

$

11,554,533

 

$

6,133,875

 

Travel and entertainment

 

1,643,610

 

 

693,640

 

Occupancy

 

920,702

 

 

1,449,441

 

Information technology

 

715,946

 

 

659,927

 

Office costs

 

585,863

 

 

609,004

 

Other expenses

 

359,562

 

 

400,075

 

Insurance

 

166,855

 

 

147,309

 

Dues & memberships

 

39,628

 

 

41,818

 

Total General and Administrative Expense

$

15,986,699

 

$

10,135,089

 
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Operating Lease Right-of-Use Assets and Liabilities

The following table presents the components of PSCM’s right-of-use assets and liabilities related to leases:

 

 

 

March 31, 2026

 

December 31, 2025

 

Component of Lease Balances

Statements of Financial Condition Line Item

 

 

 

 

Operating lease assets

Lease right-of-use assets

$

8,030,946

 

$

28,440,786

 

Operating lease liabilities

Operating lease liabilities

 

21,607,859

 

 

42,672,771

 

 
Schedule of Components of Lease Cost

The following table presents the components of PSCM’s lease cost and the classification of such costs:

 

 

 

Three months ended March 31,

 

 

 

2026

 

2025

 

Component of Lease Cost

Statements of Operations Line Item

 

 

 

 

Operating lease cost

General and administrative expense

$

699,287

 

$

1,229,262

 

Variable lease cost

General and administrative expense

 

172,758

 

 

137,028

 

Sublease income

Other income (expense)

 

(723,866

)

 

(1,263,805

)

Total lease expense

 

$

148,179

 

$

102,485

 

The following table includes additional information related to PSCM’s operating leases:

 

 

Three months ended March 31,

 

 

2026

 

2025

 

Cash paid for amounts included in the measurement of operating lease liabilities

$

1,354,359

 

$

1,603,989

 

Right-of-use asset balance changes due to new / remeasured operating lease liabilities

 

(20,123,750

)

 

—

 

Weighted-average remaining lease term – Operating leases

7.8 years

 

8.8 years

 

Weighted-average discount rate – Operating leases

 

5.69

%

 

5.93

%
Schedule of Future Maturities of Operating Lease Payments

The following table includes the future maturities of operating lease payments for subsequent periods:

 

For the Years Ended December 31,

Operating Lease

 

2026 (Remaining)

$

2,546,335

 

2027

 

3,385,264

 

2028

 

3,190,340

 

2029

 

3,472,954

 

2030

 

3,507,973

 

Thereafter

 

10,632,285

 

Total future minimum lease payments

$

26,735,151

 

Less: liability accretion

 

(5,127,292

)

Total lease liabilities

$

21,607,859

 
v3.26.1
Organization - Additional Information (Details)
Mar. 31, 2026
PSPG  
Schedule of Equity Method Investments [Line Items]  
Equity method investment, ownership percentage 100.00%
Pershing Square Holdco, L.P. | Pershing Square Partner Group, LLC  
Schedule of Equity Method Investments [Line Items]  
Minority interest ownership percentage 90.00%
Pershing Square Holdco, L.P. | Strategic Investors  
Schedule of Equity Method Investments [Line Items]  
Ownership percentage, noncontrolling owner 10.00%
v3.26.1
Significant Accounting Policies - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
USD ($)
Fund
Contract
$ / shares
shares
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Fund
Accounting Policies [Line Items]      
Depreciation and amortization expense $ 579,236 $ 577,583  
Cash and cash equivalents 46,845,139 940,731,344 $ 55,397,767
Due from affiliates [1] 7,628,285   15,613,554
Equity method investments 569,340,000   717,930,000
Unrealized (loss) gain on investment [2] (10,943,780) 93,128  
Income tax expense 857,181 1,794,349  
Taxes payable 262,579   17,029,108
Distribution to partners $ 21,360,000 29,300,979  
Safe harbor contribution 3.00%    
Defined Contribution Plan, Cost $ 81,336 56,783  
Distributions Payable to Partners      
Accounting Policies [Line Items]      
PTET accruals     10,104,536
Outstanding Payable Balance      
Accounting Policies [Line Items]      
PTET accruals 0    
Accrued Compensation and Benefits      
Accounting Policies [Line Items]      
PTET accruals     3,224,380
UBT      
Accounting Policies [Line Items]      
Taxes payable $ 0   16,494,887
Long-Term Incentive Plan      
Accounting Policies [Line Items]      
Vesting period of incentive plan 10 years    
Service period of incentive plan 10 years    
Additional permanent profits-interests granted $ 0 0  
Permanent profits-interests vested that were granted in prior years 185,407 357,904  
Permanent profits-interests forfeited 0 0  
Compensation expense on currently unvested permanent profits-interests $ 567,551    
Weighted average period of compensation expense expected to be recognized 1 year    
HHH      
Accounting Policies [Line Items]      
Equity method investments $ 569,340,000   $ 717,930,000
Equity method investments, ownership percentage 15.10%   15.20%
Unrealized (loss) gain on investment $ 148,590,000    
PSGP's Investment PSLP      
Accounting Policies [Line Items]      
Equity method investments $ 54,669,802   $ 79,288,239
Equity method investments, ownership percentage 4.30%   5.20%
Variable Management Fee | Partnership | HHH      
Accounting Policies [Line Items]      
Due from affiliates     $ 3,345,230
U.S. Bank      
Accounting Policies [Line Items]      
Cash and cash equivalents $ 310,697   1,339,595
U.S. Treasury Obligations      
Accounting Policies [Line Items]      
Cash and cash equivalents $ 46,534,442   $ 54,058,172
Number of cash equivalents held | Fund 2   2
JPMorgan 100% U.S. Treasury Securities Money Market Fund      
Accounting Policies [Line Items]      
Percentage of investments cash and cash equivalents 100.00%   100.00%
UBS Select 100% US Treasury Preferred Fund Class T      
Accounting Policies [Line Items]      
Percentage of investments cash and cash equivalents 100.00%   100.00%
HHH Agreements      
Accounting Policies [Line Items]      
Number Of Contracts | Contract 1    
Purchase price $ 900,000,000    
Investment in HHH $ 607,230,000    
Investment amount of calculated share multiplied by publicly traded shares | shares 9,000,000    
Publicly traded price per share | $ / shares $ 67.47    
Deferred asset $ 292,770,000    
Management fees amortization period 20 years    
Impairment charges $ 0    
PSGP      
Accounting Policies [Line Items]      
Due from affiliates 5,660,559   $ 11,800,000
PSGP | PSGP's Investment PSLP      
Accounting Policies [Line Items]      
Unrealized (loss) gain on investment $ (10,943,780) 93,128  
PSCM      
Accounting Policies [Line Items]      
Quarterly management fee percentage 0.375%    
Annual management fee percentage 1.50%    
PSCM | HHH Services Agreement      
Accounting Policies [Line Items]      
Quarterly base fee $ 3,750,000    
Quarterly variable fee percentage 0.375%    
PSCM | West Side Services      
Accounting Policies [Line Items]      
Subsidiary ownership percentage 100.00%    
PSCM | PSCM GP      
Accounting Policies [Line Items]      
Subsidiary ownership percentage 100.00%    
PSCM | PSUS      
Accounting Policies [Line Items]      
Subsidiary ownership percentage 100.00%    
Pershing Square, L.P. | PSGP      
Accounting Policies [Line Items]      
Due from affiliates $ 5,660,559   $ 11,800,000
Unrealized (loss) gain on investment (10,943,780) $ 93,128  
PTET accruals $ 1,639,441    
Pershing Square, L.P. | PSCM      
Accounting Policies [Line Items]      
Ownership percentage 100.00%    
Pershing Square, L.P. | Intermediate Holdings      
Accounting Policies [Line Items]      
Ownership percentage 100.00%    
[1] Includes amounts attributable to consolidated variable interest entities (“VIEs”) for which Pershing Square Holdco, L.P. does not have any direct equity interests.
[2] Includes amounts attributable to consolidated VIEs for which Pershing Square Holdco, L.P. does not have any direct equity interests.
v3.26.1
Significant Accounting Policies - Statements of Financial Condition (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Assets [Abstract]    
Due from affiliates [1] $ 7,628,285 $ 15,613,554
Total assets 990,476,336 1,701,201,529
Liabilities and Equity [Abstract]    
Performance fee distributions payable [1] 10,654,945 54,838,527
Total liabilities 105,998,320 622,088,641
Non-controlling interest [1] 46,090,546 62,694,884
Total liabilities and partners' capital 990,476,336 1,701,201,529
Pershing Square GP, LLC    
Assets [Abstract]    
Due from affiliates 5,660,559 11,800,000
Total assets 60,330,361 91,088,239
Liabilities and Equity [Abstract]    
Accrued compensation and benefits 8,579,256 16,593,355
Performance fee distributions payable 5,660,559 11,800,000
Total liabilities 14,239,815 28,393,355
Non-controlling interest 46,090,546 62,694,884
Total liabilities and partners' capital 60,330,361 91,088,239
Pershing Square GP, LLC | Pershing Square, L.P.    
Assets [Abstract]    
Investment in Pershing Square, L.P., at fair value 54,669,802 79,288,239
Due from affiliates $ 5,660,559 $ 11,800,000
[1] Includes amounts attributable to consolidated variable interest entities (“VIEs”) for which Pershing Square Holdco, L.P. does not have any direct equity interests.
v3.26.1
Significant Accounting Policies - Statements of Operations (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accounting Policies [Line Items]    
Unrealized gain (loss) on investment in Pershing Square, L.P. held at fair value [1] $ (10,943,780) $ 93,128
Profit-sharing partner compensation [1] (11,766,519) (15,448,224)
Net income (loss) attributable to non-controlling interest (10,943,780) 93,232
Pershing Square GP, LLC    
Accounting Policies [Line Items]    
Profit-sharing partner compensation 0 (53)
Net income (loss) attributable to non-controlling interest (10,943,780) 93,232
Pershing Square GP, LLC | Pershing Square, L.P.    
Accounting Policies [Line Items]    
Unrealized gain (loss) on investment in Pershing Square, L.P. held at fair value (10,943,780) 93,128
Performance allocation from Pershing Square, L.P. [2] $ 0 $ 157
[1] Includes amounts attributable to consolidated VIEs for which Pershing Square Holdco, L.P. does not have any direct equity interests.
[2] 1) Included in performance fees on PS Holdco's Consolidated Statements of Operations
v3.26.1
Significant Accounting Policies - Summary of Financial Information of Equity Method Investment (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Assets      
All other assets $ 6,173,436   $ 3,465,870
Total assets 990,476,336   1,701,201,529
Liabilities and Equity      
Total liabilities 105,998,320   622,088,641
Liabilities and Equity 990,476,336   1,701,201,529
Statement of Operations      
Total revenues 57,506,503 $ 52,304,589  
Total expenses 52,434,733 41,913,309  
Operating income (loss) 5,071,770 10,391,280  
Net income (loss) (158,533,633) 19,824,062  
Net income (loss) attributable to common stockholders (147,589,853) $ 19,730,830  
HHH      
Assets      
Net investment in real estate 7,505,786,000   7,367,055,000
All other assets 3,742,329,000   3,272,406,000
Total assets 11,248,115,000   10,639,461,000
Liabilities and Equity      
Mortgages, notes, and loans payable, net 5,791,296,000   5,109,828,000
All other liabilities 1,606,910,000   1,687,387,000
Total liabilities 7,398,206,000   6,797,215,000
Total equity 3,849,909,000   3,842,246,000
Liabilities and Equity 11,248,115,000   $ 10,639,461,000
Statement of Operations      
Total revenues 235,917,000    
Total expenses (185,368,000)    
Total other income (loss) 127,000    
Operating income (loss) 50,676,000    
Net income (loss) 8,065,000    
Net income (loss) attributable to common stockholders $ 8,226,000    
v3.26.1
Significant Accounting Policies - Schedule of Fixed Assets (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Property, Plant and Equipment [Line Items]    
Total Fixed Assets and Leasehold Improvements (gross) $ 32,590,091 $ 32,576,586
Less: Accumulated Depreciation and Amortization (18,172,097) (17,592,861)
Total Fixed Assets and Leasehold Improvements (net) $ 14,417,994 14,983,725
Leasehold Improvements    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Useful Life 15 years  
Total Fixed Assets and Leasehold Improvements (gross) $ 28,395,531 28,395,531
Furniture and Fixtures    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Useful Life 7 years  
Total Fixed Assets and Leasehold Improvements (gross) $ 2,173,959 2,173,959
Office Computers and Equipment    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Useful Life 5 years  
Total Fixed Assets and Leasehold Improvements (gross) $ 1,559,296 1,528,371
Computer Software    
Property, Plant and Equipment [Line Items]    
Property, Plant and Equipment, Useful Life 3 years  
Total Fixed Assets and Leasehold Improvements (gross) $ 461,305 $ 478,725
v3.26.1
Significant Accounting Policies - Components of Profit-Sharing Partner Compensation Expense (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Total profit-sharing partner compensation [1] $ 11,766,519 $ 15,448,224
Long-Term Incentive Plan    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Profit-sharing partner compensation 11,581,112 15,090,320
Amortization of unvested grants of permanent profits-interests 185,407 357,904
Total profit-sharing partner compensation 11,766,519 15,448,224
LTIP permanent profits-interest distributions $ 6,340,744 $ 6,736,421
[1] Includes amounts attributable to consolidated VIEs for which Pershing Square Holdco, L.P. does not have any direct equity interests.
v3.26.1
Related Party Transactions - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Related Party Transaction [Line Items]      
Performance fees $ 57,506,503 $ 52,304,589  
Premium amortization recognized as contra-revenue 3,659,625 0  
Office Space License      
Related Party Transaction [Line Items]      
Payments for office-related services $ 64,366 134,079  
Payments for office space   294,869  
PSH Share Agreement      
Related Party Transaction [Line Items]      
Common shares purchased, shares 0    
Percentage of number of pershing square holdco shares issued and outstanding 26.00%    
Pershing Square International, Ltd.      
Related Party Transaction [Line Items]      
Performance fee receivable $ 0   $ 10,708,077
Performance fee percentage 20.00%    
Management fee return percentage 5.00%    
Preferred performance fee $ 0 102,063  
Subordinated performance fee 0 0  
Pershing Square International, Ltd. | Performance Fees      
Related Party Transaction [Line Items]      
Performance fees $ 0 51,942  
Pershing Square Holdings, Ltd.      
Related Party Transaction [Line Items]      
Performance fee percentage 16.00%    
Variable performance fee hold-back percentage 1.00%    
Variable performance fee received $ 0 50,121  
Variable performance fee receivable $ 0   $ 486,622,392
Management fee return percentage 5.00%    
Pershing Square, L.P.      
Related Party Transaction [Line Items]      
Performance allocation amount earned $ 0 157  
Pershing Square USA, Ltd.      
Related Party Transaction [Line Items]      
Common shares purchased, shares 342,320   318,320
Common shares price per share $ 50    
Common shares purchased, value $ 17,116,000   $ 15,916,000
PSCM      
Related Party Transaction [Line Items]      
Base management fee 3,786,000    
Affiliate rebate amount 14,475,474 11,611,523  
Affiliate rebate amount payable $ 0   $ 24,143,741
PSCM | Pershing Square International, Ltd.      
Related Party Transaction [Line Items]      
Performance fee as percentage of increase in net asset value 20.00%    
PSCM | Pershing Square International, Ltd. | Class G Shares      
Related Party Transaction [Line Items]      
Performance fee percentage 30.00%    
Annual hard hurdle percentage 5.00%    
PSCM | Pershing Square Holdings, Ltd.      
Related Party Transaction [Line Items]      
Performance fee as percentage of increase in net asset value 16.00%    
Reduction percentage of performance fees 20.00%    
Reduction percentage of management fees 20.00%    
Partnership      
Related Party Transaction [Line Items]      
Performance fees $ 57,506,503 52,202,369  
Management fees 61,166,128 52,202,369  
Premium amortization recognized as contra-revenue 3,659,625    
Partnership | HHH | Base Management Fee      
Related Party Transaction [Line Items]      
Management fees 3,786,000    
Partnership | Pershing Square International, Ltd.      
Related Party Transaction [Line Items]      
Management fees 796,443 1,236,822  
Partnership | Pershing Square Holdings, Ltd.      
Related Party Transaction [Line Items]      
Management fees 54,233,716 48,449,424  
Partnership | Pershing Square, L.P.      
Related Party Transaction [Line Items]      
Management fees 2,349,969 2,516,123  
Partnership | PSCM | Pershing Square Funds      
Related Party Transaction [Line Items]      
Reduction in management fees 2,108,668    
Partnership | PSCM | Pershing Square Funds | Management Fees      
Related Party Transaction [Line Items]      
Management fees 57,380,128 $ 52,202,369  
Partnership | PSCM | HHH      
Related Party Transaction [Line Items]      
Premium amortization recognized as contra-revenue 3,659,625    
Estimated amortization expense related to HHH premium 14,638,500    
Partnership | PSCM | HHH | Base Management Fee      
Related Party Transaction [Line Items]      
Management fees 3,786,000    
Partnership | PSCM | HHH | Variable Management Fee      
Related Party Transaction [Line Items]      
Management fees $ 0    
Tranche A Limited Partnership Interests | Pershing Square, L.P.      
Related Party Transaction [Line Items]      
Performance allocation percentage 20.00%    
Tranche G Limited Partnership Interests | Pershing Square, L.P.      
Related Party Transaction [Line Items]      
Annual hard hurdle percentage 5.00%    
Performance allocation percentage 30.00%    
v3.26.1
Related Party Transactions - Summary of All Sources of Management Fees (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Related Party Transaction [Line Items]    
Less: Amortization of HHH Premium $ (3,659,625) $ 0
Total Management Fees - Net 57,506,503 52,304,589
Partnership    
Related Party Transaction [Line Items]    
Total Management Fees - Gross 61,166,128 52,202,369
Less: Amortization of HHH Premium (3,659,625)  
Total Management Fees - Net 57,506,503 52,202,369
Partnership | Pershing Square Holdings, Ltd.    
Related Party Transaction [Line Items]    
Total Management Fees - Gross 54,233,716 48,449,424
Partnership | Pershing Square, L.P.    
Related Party Transaction [Line Items]    
Total Management Fees - Gross 2,349,969 2,516,123
Partnership | Pershing Square International, Ltd.    
Related Party Transaction [Line Items]    
Total Management Fees - Gross 796,443 $ 1,236,822
Partnership | HHH | Base Management Fee    
Related Party Transaction [Line Items]    
Total Management Fees - Gross $ 3,786,000  
v3.26.1
General and Administrative Expense - Schedule of Components of General and Administrative Expense (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
General and Administrative Expense [Abstract]    
Professional fees $ 11,554,533 $ 6,133,875
Travel and entertainment 1,643,610 693,640
Occupancy 920,702 1,449,441
Information technology 715,946 659,927
Office costs 585,863 609,004
Other expenses 359,562 400,075
Insurance 166,855 147,309
Dues & memberships 39,628 41,818
Total General and Administrative Expense $ 15,986,699 $ 10,135,089
v3.26.1
General and Administrative Expense - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
General and Administrative Expense [Abstract]    
Offering costs related to initial public offering $ 6,587,408 $ 2,442,116
v3.26.1
Debt Obligations - Additional Information (Details) - USD ($)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
2014 Line of Credit    
Debt Instrument [Line Items]    
Maturity date Jan. 31, 2027  
Line of credit facility maximum principal amount $ 45,000,000  
Line of credit facility outstanding amount 34,800,000 $ 34,800,000
Line of credit undrawn amount $ 10,200,000 10,200,000
Debt instrument rate description Secured Overnight Financing Rate (“SOFR”) screen rate +2.20%  
Interest rate percentage 2.20%  
2014 Line of Credit | Minimum    
Debt Instrument [Line Items]    
Minimum networth amount required $ 1,000,000,000  
Aggregate liquidity amount required $ 250,000,000  
2021 Line of Credit    
Debt Instrument [Line Items]    
Maturity date Jan. 31, 2027  
Line of credit facility maximum principal amount $ 80,000,000  
Line of credit facility outstanding amount 0 0
Line of credit undrawn amount $ 80,000,000 $ 80,000,000
Debt instrument rate description SOFR screen rate + 2.35%  
Interest rate percentage 2.35%  
v3.26.1
Debt Obligations - Summary of Interest Expense and Average Interest Rate of Outstanding Debt (Details)
Mar. 31, 2026
USD ($)
Maturities of Debt  
2027 $ 34,800,000
Total Debt Obligations 34,800,000
2014 Line of Credit  
Maturities of Debt  
2027 34,800,000
Total Debt Obligations $ 34,800,000
v3.26.1
Debt Obligations - Summary of Interest Expense and Average Interest of Outstanding Debt (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Instrument [Line Items]    
Interest Expense $ 514,296 $ 568,056
2014 Line of Credit    
Debt Instrument [Line Items]    
Interest Expense $ 514,296 $ 568,056
Average Rate 5.91% 6.53%
v3.26.1
Commitments and Contingencies - Additional Information (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]    
Litigation accrual $ 0  
Litigation liability 0  
Other commitments or contingencies $ 0 $ 0
v3.26.1
Leases - Additional Information (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Lessee Disclosure [Abstract]      
Lessee, operating lease, option to extend true    
Lessee, operating lease, option to extend description PSCM has the option to extend the office lease term for an additional 15 years at the end of the initial term.    
Lessee, operating lease, option to extend term 15 years    
Subtenant paid for rent $ 546,420 $ 696,757  
Subtenant paid for office related services 113,080 $ 138,099  
Deferred sublease incentive $ 0   $ 4,129,121
v3.26.1
Leases - Schedule of Operating Lease Right-of-Use Assets and Liabilities (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Assets and Liabilities, Lessee [Abstract]    
Operating lease assets $ 8,030,946 $ 28,440,786
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Operating lease assets Operating lease assets
Operating lease liabilities $ 21,607,859 $ 42,672,771
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Operating lease liabilities Operating lease liabilities
v3.26.1
Leases - Schedule of Components of Lease Cost (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Lease, Cost [Abstract]    
Operating lease cost $ 699,287 $ 1,229,262
Variable lease cost 172,758 137,028
Sublease income (723,866) (1,263,805)
Total lease expense $ 148,179 $ 102,485
v3.26.1
Leases - Schedule of Future Maturities of Operating Lease Payments (Details) - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
2026 (Remaining) $ 2,546,335  
2027 3,385,264  
2028 3,190,340  
2029 3,472,954  
2030 3,507,973  
Thereafter 10,632,285  
Total future minimum lease payments 26,735,151  
Less: liability accretion (5,127,292)  
Total lease liabilities $ 21,607,859 $ 42,672,771
v3.26.1
Leases - Summary of Additional Information Related to PSCM's Operating Leases (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Lease, Cost [Abstract]    
Cash paid for amounts included in the measurement of operating lease liabilities $ 1,354,359 $ 1,603,989
Right-of-use asset balance changes due to new / remeasured operating lease liabilities $ (20,123,750)  
Weighted-average remaining lease term - Operating leases 7 years 9 months 18 days 8 years 9 months 18 days
Weighted-average discount rate - Operating leases 5.69% 5.93%
v3.26.1
Segment Information - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
Segment
Segment Reporting [Abstract]  
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description The CODM utilizes net income (loss) as presented in the Consolidated Statements of Operations as the primary financial measure for assessing the performance of the Partnership, monitoring budget versus actual results and determining discretionary compensation.
Number of operating segment 1
Number of reportable segments 1
Segment Reporting, Expense Information Used by CODM, Description The CODM also reviews the Partnership’s significant expenses at a level consistent with that which is presented in the Consolidated Statements of Operations.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] Chief Executive Officer, President, Chief Financial Officer And Chief Legal And Compliance Officer [Member]
v3.26.1
Subsequent Events - Additional Information (Details) - USD ($)
 3 Months Ended
Jun. 04, 2026
Apr. 30, 2026
Mar. 31, 2026
Jun. 30, 2026
LTIP        
Subsequent Event [Line Items]        
Vesting period of RSUs     10 years  
PSI | Revolving Credit Arrangement        
Subsequent Event [Line Items]        
Debt instrument rate description     SOFR +1.75%  
PSI | Term Loan        
Subsequent Event [Line Items]        
Debt instrument rate description     SOFR +1.75%  
Subsequent Event | PSUS        
Subsequent Event [Line Items]        
Gross proceeds from Combined IPO and Combined Private Placement before deducting sales loads, placement fees and other offering expenses   $ 5,000,000,000    
Subsequent Event | PS Inc.        
Subsequent Event [Line Items]        
Gross proceeds from Combined IPO and Combined Private Placement before deducting sales loads, placement fees and other offering expenses   $ 0    
Subsequent Event | IPO | PS Inc.        
Subsequent Event [Line Items]        
Additional common shares granted   24,747,254    
Deferred asset recognized   $ 910,800,000    
Subsequent Event | M Units | IPO        
Subsequent Event [Line Items]        
Stock-based awards issued   97,800,000    
Grant date fair value amount   $ 2,287,400,000    
Shares outstanding       400,000,000
Subsequent Event | LTIP | IPO        
Subsequent Event [Line Items]        
Stock-based awards issued   2,600,000    
Grant date fair value amount   $ 61,000,000    
Shares outstanding       400,000,000
Subsequent Event | RSUs        
Subsequent Event [Line Items]        
Vesting period of RSUs 3 years      
Subsequent Event | RSUs | PS Inc.        
Subsequent Event [Line Items]        
Stock-based awards issued   400,000    
Subsequent Event | RSUs | Employees and Other Service Providers | IPO        
Subsequent Event [Line Items]        
Stock-based awards issued   2,800,000    
Grant date fair value amount   $ 58,800,000    
Subsequent Event | PSI        
Subsequent Event [Line Items]        
Debt issuance costs   2,240,000    
Deferred expense related to the credit agreement   $ 1,925,000    
Deferred credit agreement expense recognition period   3 years    
Subsequent Event | PSI | Revolving Credit Arrangement        
Subsequent Event [Line Items]        
Maximum borrowing capacity   $ 250,000,000    
Revolving credit arrangement drawn amount   $ 134,800,000    
Interest rate percentage   1.75%    
Subsequent Event | PSI | Term Loan        
Subsequent Event [Line Items]        
Borrowed amount   $ 100,000,000    
Term loan period   3 years    
Interest rate percentage   1.75%