Earnings Releases·Nov 2, 2026, 4:30 PM ET

Pershing Square Inc. — Third Quarter 2026 Earnings Summary

Q3 2026 reported a net loss of $19.9 million ($0.05 per share) versus net income of $155.5 million ($0.39 per share) in Q3 2025, driven by a $64.8 million increase in employee compensation and the elimination of a $14.2 million affiliate fee rebate.
Fee-related earnings (FRE) rose 13% to $63.7 million for the quarter, while distributable earnings (DE) declined 12% to $49.5 million; LTM FRE increased to $321.3 million compared to $281.3 million in the prior year.
Total AUM grew 0.9% to $32.8 billion, with Fee-Paying AUM (FPAUM) increasing 3.2% to $23.0 billion; nine-month FPAUM inflows totaled $4.9 billion, net of $273 million in withdrawals for the Combined IPO and Private Placement.
Capital structure includes $297 million in outstanding debt maturing in April 2029, 400.0 million shares outstanding, and a market capitalization of $22.4 billion as of September 30, 2026.
No forward guidance was provided, though a $0.103 per share dividend was paid in October 2026, and the company is now subject to corporate income taxes following the Combined IPO.