PERSHING SQUARE INC.
For the period ended Mar 31, 2026. Filed Jun 4, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Jun 4, 2026
PS$44.20-14.9%Stored close · as of Nov 10, 2026
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Consolidated Statements of Financial Condition (Unaudited)
| March 31, 2026 | December 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 | — | 4,129,121 |
| Performance fees receivable | — | 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 | — |
| 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 | — | 24,143,741 |
| Distributions payable to partners | — | 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.
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