PERSHING SQUARE INC.

For the period ended Jun 30, 2026. Filed Aug 13, 2026.

About this filing

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.

Jun 30, 2026 · Filed Aug 13, 2026

PS$44.20-14.9%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Consolidated Statements of Cash Flows (Unaudited)

	Six months ended June 30,
	2026	2025
Cash flows from operating activities
Net income (loss)	$(199,078,447)	$52,682,830
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized (gain) loss on investments held at fair value	147,337,515	209,504
Non-cash amortization of equity-based compensation	106,491,890	719,785
Non-cash amortization of intangible assets	17,511,921	2,292,293
Gain on deconsolidation of PSUS	(15,996,659)	—
Write-off of deferred sublease incentive	4,129,121	—
Depreciation and amortization expense	1,147,919	1,155,166
Non-cash lease expense	417,406	1,123,789
Non-cash amortization of debt financing	169,153	—
Changes in operating assets and liabilities:
Performance fees receivable	497,330,469	231,665,253
Due from affiliates	14,344,880	(807,634)
Prepaid expenses	(3,208,274)	126,018
Other assets	9,013,444	321,218
Accrued compensation and benefits	(412,891,044)	(158,578,872)
Affiliates fee rebate payable	(24,143,741)	(21,661,699)
Taxes payable	(17,029,108)	(13,627,356)
Accounts payable	(1,713,418)	1,891,018
Deferred tax liability	(8,925,830)	—
Operating lease liabilities	(1,489,021)	(1,873,243)
Net cash relinquished from deconsolidation of PSUS(1)	(93,063)	—
Deferred HHH Services Agreement premium	—	(292,770,000)
Deferred revenue	—	3,750,000
Deferred sublease incentive	—	255,408
Net cash provided by (used in) operating activities	113,325,113	(193,126,522)
Cash flows from investing activities
Purchase of investment in PSUS	(232,884,000)	—
Purchases of fixed assets and leasehold improvements	(23,504)	(272,952)
Purchase of investment in HHH, net	—	(607,230,000)
Net cash provided by (used in) investing activities	(232,907,504)	(607,502,952)
Cash flows from financing activities
Proceeds from borrowings, net	231,816,083	—
Repayment of borrowings	(34,800,000)	—
Payments for capital distributions	(118,062,967)	(115,661,319)
Offering costs for Pershing Square USA, Ltd.	(5,860,505)	(945,556)
Net cash provided by (used in) financing activities	73,092,611	(116,606,875)
Net change in cash and cash equivalents and restricted cash	(46,489,780)	(917,236,349)
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	$9,026,922	$47,739,099

(1)

Net cash relinquished from deconsolidation of PSUS includes $2.77 billion of gross proceeds raised in the Combined Private Placement which was both received by PSUS and deconsolidated by PS Inc. during the period.

Consolidated Statements of Cash Flows (Unaudited - continued)

	Six months ended June 30,
	2026	2025
Supplemental disclosures:
Cash paid during the period for income tax	$19,277,871	$17,501,265
Cash paid during the period for interest	3,371,562	1,198,909
Non-cash activities:
Capital contributions	537,492,260	719,785
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents	8,907,987	47,620,164
Restricted cash	118,935	118,935
Total cash and cash equivalents and restricted cash, end of period	$9,026,922	$47,739,099

PERSHING SQUARE INC.

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.