PERSHING SQUARE INC.

June 30, 2026

ORGANIZATION

Pershing Square Inc. (“PS Inc.”), the successor entity to Pershing Square Holdco L.P. (“PS Holdco”), along with its consolidated subsidiaries (collectively, the “Company”), is an alternative asset management company that manages pools of primarily permanent capital invested in long-term, high-return investment strategies.

The Company 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 and other clients described further below, and PSCM’s general partner, PSCM GP, LLC, a Delaware limited liability company (“PSCM GP”).

Corporate Conversion and IPO

On April 30, 2026, PS Inc. completed an IPO of shares of its common stock (NYSE: PS) as part of a combined offering with the PSUS IPO. 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. PS Inc. didnot 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. Upon the IPO,400,000,000 shares of PS Inc. common stock were issued and outstanding.

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

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PS Holdco converted to a Nevada corporation by means of a statutory conversion and changed its name to Pershing Square Inc.;

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The limited partnership interests of PS Holdco held by Pershing Square Partner Group, LLC, a Delaware limited liability company (“PSPG”), the Strategic Investors and our other pre-IPO owners were converted into shares of common stock of PS Inc.;

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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;

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The board of directors of Pershing Square Holdco GP, LLC (“Holdco GP”) became the board of directors of PS Inc.; and

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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.

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”), Pershing Square Holdings, Ltd., a publicly traded Guernsey limited liability company (“PSH”), and Pershing Square USA, Ltd., a publicly traded Delaware statutory trust (“PSUS”, and collectively with PSH and the Private Funds, the “Pershing Square Funds”). Further, PSCM provides investment advisory and other services to Howard Hughes Holdings Inc. (“HHH”), including investment management services to HHH’s insurance subsidiaries. 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.

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 Inc., its subsidiaries, and entities in which PS Inc. 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 of 1933, as amended (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 Company’s Consolidated Financial Statements.

Use of Estimates

The preparation of the Company’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 Inc. 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 Company’s Consolidated Financial Statements. The Company does not have any variable interests in variable interest entities (“VIEs”) that are not consolidated.

Consolidated Entities

As of June 30, 2026, the accounts of the Company include PS Inc. and the following consolidated legal entities:

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PSCM, as a 100% owned subsidiary.

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PSCM GP, as a 100% owned subsidiary.

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Pershing Square PSUS Holdings, LLC (“PSUS Holdings”), as a 100% owned subsidiary, which holds the Company’s investments in PSUS.

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Pershing Square HHH Holdings, LLC (“HHH Holdings”), as a 100% owned subsidiary of PSCM, which holds the Company’s investment in HHH.

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West Side Services, LLC as a 100% owned subsidiary of PSCM related to certain of its office operations.

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Pershing Square GP, LLC (“PSGP”), the general partner of PSLP, as a VIE despite the Company not holding any direct equity interests.

From its formation on November 28, 2023 until its IPO on April 30, 2026, PSUS was a 100% owned and consolidated subsidiary of PSCM. Throughout this period, PSCM purchased PSUS Shares to provide PSUS with operating capital. Upon closing of the Combined Transaction, the Company’s ownership of PSUS dropped to 4.0%. As a result, the balances of PSUS were deconsolidated on April 30, 2026, and the retained investment was recognized at fair value resulting in a gain of $15,996,659, which was recorded in other income.

VIEs

In accordance with ASC 810, PS Inc. 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 Company 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 Company’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 Company consolidates those entities for which it holds a majority voting interest.

In evaluating whether the Company 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 Company 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 Company holds a variable interest, the Company must then determine whether each entity qualifies as a VIE and, if so, whether the Company 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 Company is the primary beneficiary of a VIE, the Company 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.

PSGP

The Company, despite not holding any direct equity interests in PSGP, has concluded that PSGP is a VIE and should be consolidated. 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:

Pershing Square Funds

The Company has evaluated the Pershing Square Funds, their respective general partners and any affiliated entities, as applicable, for consolidation with the Company in accordance with ASC 810. Except for PSUS prior to the Combined Transaction, as the Company 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 Company does not hold a variable interest in any of the Pershing Square Funds. The Company 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 Company under ASC 810.

SPARC Sponsor

PSCM is the non-member manager of Pershing Square SPARC Sponsor, LLC (“SPARC Sponsor”), a Delaware limited liability company. PSH and the Private 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 Company 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 Company is allocated to other owners. The portion allocated to other owners is included within non-controlling interest in the Consolidated Financial Statements. The Company 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 equity in the Consolidated Statements of Financial Condition and Consolidated Statements of Changes in Equity to clearly distinguish the controlling interests in the Company 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 Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers(“ASC 606”). Revenue is recognized when the Company transfers promised goods or services to customers in an amount that reflects the consideration to which the Company 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 (i) from PSUS a quarterly management fee equal to 0.5% (2.0% annually) of the net asset value of PSUS and (ii) from PSH and the Private Funds a quarterly management fee of 0.375% (1.5% annually) of the net asset value (before any accrued performance fees or allocations) of each fund. Subsequent to May 5, 2025 in connection with the HHH Transaction, PSCM reduced 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.

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 Company 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 June 30, 2026, cash and cash equivalents was comprised of$283,350 (December 31, 2025:$1,339,595) of cash held at a U.S. bank and$8,624,637 (December 31, 2025:$54,058,172) of cash equivalents held intwo 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. The interest earned on cash invested in money market funds is recorded in interest income.

As of June 30, 2026 and December 31, 2025, the Company’s cash balances not invested in money market funds were held in Federal Deposit Insurance Corporation insured bank accounts, which at times may have been in excess of federally insured limits.

Restricted Cash

The Company 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 Company from time to time for expenses the Company pays on their behalf. Reimbursements owed to the Company are reflected in due from affiliates. See Note 4 for further disclosure of transactions with related parties.

As of June 30, 2026, due from affiliates was primarily comprised of a credit of$806,317 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 June 30, 2026 and December 31, 2025, no allowance related to due from affiliates was deemed necessary.

Fair Value of Financial Instruments

The Company’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.

The guidance in ASC 820, Fair Value Measurement, establishes a fair value hierarchy that prioritizes and ranks the level of observability of inputs used to measure the investments at fair value. The observability of inputs is impacted by a number of factors, including the type of investment, characteristics specific to the investment, market conditions and other factors. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level I measurements) and the lowest priority to unobservable inputs (Level III measurements). Investments with readily available quoted prices or for which fair value can be measured from quoted prices in active markets will typically have a higher degree of input observability and a lesser degree of judgment applied in determining fair value.

Financial instruments measured and reported at fair value are classified and disclosed based on the observability of inputs used in the determination of fair values, as follows:

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Level I – Quoted prices (unadjusted) in active markets for identical investments at the measurement date are used. The types of investment generally included in Level I are publicly listed equities.

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Level II – Pricing inputs are other than quoted prices included within Level I that are observable for the investment, either directly or indirectly.

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Level III – Pricing inputs are unobservable and include situations where there is little, if any, market activity for the investment. The inputs used in determination of fair value require significant judgment and estimation.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the determination of a financial instrument’s appropriate category within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the overall fair value measurement requires judgment and may include the consideration of factors specific to the financial instrument.

Equity Method Investments

PS Inc. has elected the fair value option for all investments where the Company is considered to have significant influence, but not control. The Company has made this election to simplify the accounting for these investments, which would have otherwise been accounted for using the equity method.

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 Company’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 Company for the three and six months ended June 30, 2026 was$568,683 and$1,147,919 (2025:$577,583 and$1,155,166). The Company evaluates fixed assets for impairment whenever events or changes in circumstances indicate that an asset’s carrying value may not be fully recovered. The Company 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:

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 8.

Income Taxes

Effective April 28, 2026, PS Holdco completed the Corporate Conversion described in Note 1. As a result, the Company is now treated as a corporation for U.S. federal, state and local income tax purposes. PSCM is treated as a partnership for U.S. federal income tax purposes and is subject to the New York City Unincorporated Business Tax (“UBT”).

Prior to the Corporate Conversion, PS Holdco was a partnership for U.S. tax purposes and was not subject to U.S. federal income taxes. During those periods, the Company was subject to certain state and local taxes, such as UBT.

Upon the Corporate Conversion, the Company recognized deferred taxes on differences between the financial reporting and tax bases of its assets and liabilities, which resulted in a deferred income tax benefit of $32.3 million during the three months ended June 30, 2026. In addition, the Deferred Asset - PS Inc. IPO Shares is presented as an intangible asset on the Company’s balance sheet. The Company recorded, in additional paid-in capital, deferred taxes of $134.5 million related to this intangible asset. The Company also recorded a valuation allowance of $11.0 million against deferred tax assets related to its investment in PSUS, which are capital in character, as the Company determined it is not more likely than not that those assets will be realized. After giving effect to these and other temporary differences, the Company had a net deferred tax liability of $125.5 million as of June 30, 2026.

The Company's effective U.S. GAAP tax rate for the six months ended June 30, 2026 was 4.1%, which is calculated by dividing the Company's year-to-date GAAP income tax expense (benefit) by the corresponding net income (loss) before taxes. The effective tax rate differs from the U.S. federal statutory rate of 21% primarily because (i) income earned for the period prior to the Corporate Conversion was not subject to U.S. federal or state corporate income taxes, and (ii) the Company recognized a $32.3 million deferred tax benefit upon the Corporate Conversion, which reduced the effective tax rate below the statutory rate. The effect of these items was partially offset by the $11.0 million valuation allowance recorded against deferred tax assets related to the Company's investment in PSUS.

The Company records interest and penalties related to income taxes, if any, within income tax expense, andno such amounts were accrued as of June 30, 2026. The Company does not believe it has any uncertain tax positions that would result in a material change to unrecognized tax benefits within twelve months of the reporting date. Generally, the Company’s tax returns for tax years 2022 and forward remain open to examination by the respective taxing authorities.

For the tax years ending December 31, 2026 and 2025, PS Holdco and PSPG elected to be subject to the New York State and New York City Pass-Through Entity Taxes (collectively, “PTET”), which apply only to periods prior to the Corporate Conversion for PS Holdco. PTET payments made on behalf of partners were recorded in profit-sharing partner compensation and capital distributions as applicable.

Lessee arrangements

PSCM leases office space, other real estate and certain equipment under operating leases. In accordance with ASC 842, Leases (“ASC 842”), the Company 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 Company obtains substantially all of the economic benefits from and has the ability to direct the use of the asset.

Under ASC 842, the Company elected the practical expedient to not separate lease and non-lease components. The Company 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 Company 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 Company 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 Company recognizes a lease liability and an ROU asset representing the Company’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 Company 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 Company 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. The Company does not have leases that have not yet commenced that create significant rights and obligations for the lessee.

When determining the lease term, the Company 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 Company is permitted to use its incremental borrowing rate (“IBR”) which is defined as the rate of interest that the Company 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 Company 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 Company’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. Prior to the completion of the Combined Transaction, offering costs incurred by PSUS were deferred and recorded in other assets. Following the Combined Transaction, PSUS was deconsolidated from PS Inc. and any offering costs related to PSUS were no longer recorded in the books and records of PS Inc.

PS Inc. was not the direct recipient of any funds raised in the Combined Transaction, so all related offering costs incurred by the Company were expensed as incurred. Refer to Note 8 for further details.

Other income is primarily comprised of (i) the gain recognized on the deconsolidation of PSUS, (ii) a non-cash loss related to the derecognition of the deferred sublease incentive due to the termination of the related sublease and (iii) 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 10 for further detail on each of these items.

Employee Benefit Plan

The Company 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 Company 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 thethree and six months ended June 30, 2026, expenses related to the 401(k) Plan were$67,184 and$148,520 (2025:$37,465 and$94,247) and are included in 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, equity-based compensation, benefits, payroll taxes and discretionary cash bonuses. Employee compensation and benefits also includes the cost of benefits paid to partners who participated in the profit-sharing arrangements and the long-term incentive plan.

The Company 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 did 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.

Compensation expense related to the issuance of equity-based awards upon and subsequent to the Combined Transaction is measured at grant-date fair value. Compensation expense for employee awards that vest over a future service period is recognized over the relevant service period on a straight-line basis. Compensation expense for awards that do not require future service is recognized immediately. The Company recognizes equity-based award forfeitures in the period in which they occur as a reversal of previously recognized compensation expense.

Earnings Per Share

Basic net income (loss) per share of common stock is calculated by dividing net income (loss) attributable to PS Inc. by the weighted-average shares of common stock outstanding during the period. Diluted net income (loss) per share of common stock reflects the potential dilution that could occur from securities or other arrangements that may result in the issuance of common stock. The Company applies the treasury stock method to determine the dilutive weighted-average common shares represented by the unvested RSUs (as defined in Note 6).

On April 28, 2026, PS Holdco completed the Corporate Conversion and became PS Inc., a Nevada corporation. In connection with the Combined Transaction completed on April 30, 2026,400,000,000 shares of common stock were issued and outstanding. Because the Corporate Conversion represented a change in legal form rather than the creation of a new business, historical limited partnership interests have been retrospectively reflected in earnings per share calculations as if the 400,000,000 shares of common stock outstanding following the Corporate Conversion had been outstanding for all periods presented.

Dividends

Following the Corporate Conversion, distributions to equity holders are made in the form of dividends on the Company's common stock. Prior to the Corporate Conversion, distributions were made in accordance with the partnership agreement of PS Holdco.

Dividends are recognized as a reduction of retained earnings when declared by the Board of Directors.

Recent Accounting Pronouncements

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. As an “emerging growth company” as defined under Section 2(a) of the Securities Act, the Company is subject to the private company adoption timeline. ASU 2023-09 should be applied prospectively, but entities may apply it retrospectively. The Company 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 Company is currently assessing the impact of ASU 2024-03.

INTANGIBLE ASSETS

Deferred Asset - PS Inc. IPO Shares

The Company recognized a deferred asset for the relative fair value of the shares of the Company’s common stock delivered, for no additional consideration, to each initial investor in the PSUS IPO and each private placement investor in connection with the Combined Transaction. Management concluded that the issuance of such shares was undertaken to facilitate the acquisition of long-term fee-paying capital and future management fee streams associated with PSUS, therefore providing benefits beyond the date of issuance. Accordingly, the Company accounted for the value of the shares as an asset associated with obtaining future revenue-generating arrangements.

The deferred asset is amortized as contra-revenue in management fees on a straight-line basis over a period of 10 years beginning April 30, 2026. The Company assessed this deferred asset for impairment and determined that it was fully recoverable over the amortization period of 10 years; therefore, no impairment was recognized.

The following table summarizes the carrying amount of the Deferred Asset - PS Inc. IPO Shares:

For the three and six months ended June 30, 2026, the amortization recognized on the Deferred Asset - PS Inc. IPO Shares as contra-revenue totaled$10,192,671.

Deferred HHH Service Agreement Premium

Consistent with ASC 606, the Company considers the HHH Services Agreement and the Share Purchase Agreement, both 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 Note 5 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 “Deferred HHH Premium”), which is deemed to represent the amount paid to obtain the HHH Services Agreement.

The Deferred 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 Company assessed the Deferred HHH Premium for impairment and determined that it was fully recoverable over the amortization period of 20 years; therefore, no impairment was recognized.

The following table summarizes the carrying amount of the Deferred HHH Premium:

For the three and six months ended June 30, 2026, the Deferred HHH Premium amortization recognized as contra-revenue totaled$3,659,625 and$7,319,250 (2025:$2,292,293 and$2,292,293).

The following table summarizes the estimated amortization of the Company’s intangible assets for each of the next five years:

RELATED PARTY TRANSACTIONS

Management Fees

The Company 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 and six months ended June 30, 2026, PSCM earned management fees from the Pershing Square Funds of$64,178,150 and$121,558,278 (2025:$50,160,964 and$102,363,333). 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 and six months ended June 30, 2026, PSCM reduced management fees for the Pershing Square Funds by$1,102,242 and$3,210,910 (2025:$700,624 and$700,624), 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.

For the three and six months ended June 30, 2026, PSCM earned a Base Management Fee of$3,786,000 and $7,572,000 (2025:$2,348,901 and$2,348,901) and a Variable Management Fee of$63,811 and$63,811 (2025:$540,114 and$540,114).

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

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

Performance Fees / Allocations

The Company earns all of its performance fees/allocations from PSH and the Private Funds, each of which is a related party. Generally, performance fees are paid annually and based on mark-to-market returns including realized and unrealized gains.

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 (PSLP and PSINTL) 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 June 30, 2026, only PSUS; as of December 31, 2025, none).

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 and six months ended June 30, 2026, there wasno Variable Performance Fee (2025:$502,149 and$552,270). As of June 30, 2026, no portion of the Variable Performance Fee remained receivable from PSH (December 31,2025:$486,622,392).

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 and six months ended June 30, 2026, there wasno PSINTL Performance Fee (2025:$996,891 and$1,048,833). As of June 30, 2026, none of the PSINTL Performance Fee remained receivable from PSINTL(December 31, 2025:$10,708,077).

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 and six months ended June 30, 2026, the PSLP Performance Allocation was$1,107 (2025:$922,410 and$922,567). The Company 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 was 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 PSINTL, an amount equal to the 20% performance fee that would have been earned if PSINTL 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 was entitled to receive from PSCM the following amounts, in each case solely to the extent such amount exceeded the Preferred Performance Fee PS Holdco received 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 and performance fees received from PSINTL that offset performance fees payable by PSH, and

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

The VCA was terminated in connection with the Combined Transaction and PSCM issued profits interests to the Company (the “Preferred Profits Interest”) and to CompCo (the “Subordinated Profits Interest”). The terms of the Preferred Profits Interest and the Subordinated Profits Interest generally provide for the same calculation of Preferred Performance Fees and Subordinated Performance Fees, and the same allocation of such fees between the Company and CompCo, as previously provided by the VCA.

For the six months ended June 30, 2026, there wasno Preferred Performance Fee or Subordinated Performance Fee (2025:$1,601,103, 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 the Company and is available for distribution to shareholders.

As CompCo is a vehicle used to compensate partners and employees, the Company considers its relationship with CompCo to be a service contract. Prior to the Combined Transaction, the Subordinated Performance Fee, if earned, was recorded in profit-sharing partner compensation. Subsequent to the Combined Transaction, the Subordinated Performance Fee, if earned, will be recorded in employee compensation and benefits.

Prior to April 30, 2026, management fees and performance fees paid through the PSH public shares held by PSCM’s partners, employees and certain of their affiliated entities were 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 was recognized by PSCM as an expense paid by PSPG on PSCM’s behalf. For the three and six months ended June 30, 2026, the Affiliate Rebate totaled$12,117,456 and$26,592,930 (2025:$12,658,460 and$24,269,983). As of June 30, 2026, there wasno 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 and six months ended June 30, 2025, TABLE paid$294,869 and$589,738 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 and six months ended June 30, 2026, TABLE paid$94,089 and $158,455 (2025:$134,079 and$268,159) 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 Company 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 Company 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 Company at an agreed upon ratio (the “PSH Share Acquisition”). As of June 30, 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 Company 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 June 30, 2026.

FAIR VALUE INVESTMENTS

Investments

Investment in HHH

The Company’s investment in HHH is classified as an equity method investment as the Company is deemed to exert significant influence over HHH, given (i) the Company’s ability to vote via PSCM’s 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 Company has elected the fair value option for this investment with changes in fair value recognized through profit and loss. The Company’s investment in HHH is a Level I investment in the fair value hierarchy as shares of its common stock are publicly traded and quoted prices are readily available.

As of June 30, 2026, the Company’s investment in HHH was valued at$643,410,000 (December 31, 2025:$717,930,000), which represented an ownership percentage of approximately 15.1% (December 31, 2025:15.2%). For the three and six months ended June 30, 2026, the Company recorded an unrealized gain of$74,070,000 and an unrealized loss of$74,520,000 from its investment in HHH (2025: gain of$270,000 and$270,000).

The summarized financial information of HHH is as follows:

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 Company 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. In accordance with ASC 810-20, investments that are measured at fair value using the net asset value per share practical expedient are not required to be classified in the fair value hierarchy.

As of June 30, 2026, PSGP had an investment of$56,820,724 (December 31, 2025:$79,288,239) in PSLP, which represented an ownership percentage of approximately 5.8% (December 31, 2025:5.2%). For the three and six months ended June 30, 2026, PSGP recorded an unrealized gain of$2,149,815 and an unrealized loss of$8,793,965 (2025: gain of$8,577,450 and$8,670,578) from its investment in PSLP.

Members 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.

Investment in PSUS Common Shares

Concurrently with the Combined Transaction, PS Inc. increased the Company’s total investment in PSUS common shares from $17.1 million to $200 million, and its ownership of PSUS dropped from 100% to 4.0%. Subsequent to the Combined Transaction and loss of control over PSUS, the Company’s investment in PSUS common shares is classified as an equity method investment as the Company is deemed to exert significant influence over PSUS as the fund’s investment manager. The Company has elected the fair value option for this investment with changes in fair value recognized through profit and loss. The Company’s investment in PSUS common shares is a Level I investment in the fair value hierarchy as its shares are publicly traded and quoted prices are readily available.

As of June 30, 2026, the Company’s investment in PSUS common shares was valued at$149,520,000, which represented an ownership percentage of approximately 4.0%. For the three and six months ended June 30, 2026, the Company recorded an unrealized loss of$50,480,000 from its investment in PSUS common shares.

Investment in PSUS Preferred Shares

Concurrently with the Combined Transaction and investment in PSUS common shares, the Company invested $50 million in PSUS preferred shares. Dividends on the preferred shares accumulate at an annual rate of 7.50%. The preferred shares have a liquidation preference of $50 million ($50.00 per share) and provide the Company with the right to elect two trustees to the PSUS board of trustees. The PSUS preferred shares are considered a debt security under ASC 320 for which the Company has elected the fair value option, so changes in fair value for this investment are recognized through profit and loss. The Company’s investment in PSUS preferred shares is a Level III investment in the fair value hierarchy as its fair value is determined using unobservable inputs.

As of June 30, 2026, the Company’s investment in PSUS preferred shares was valued at$50,130,000. For the three and six months ended June 30, 2026, the Company recorded an unrealized gain of$130,000 from its investment in PSUS preferred shares.

Sale Restrictions on Equity Securities

Under the terms of its investments in PSUS common shares and PSUS preferred shares in connection with the Combined Transaction, PS Inc. is required to maintain $100 million and $50 million of the Company’s investment in PSUS common and preferred shares (or a substantially equivalent economic position), respectively, for at least 25 years following the consummation of the Combined Transaction.

Fair Value Hierarchy

Leveling

The following tables summarize the valuation of the Company’s financial assets that fall within the fair value hierarchy:

Level III Investments

The following table summarizes the changes in the fair value of the Company’s Level III investments:

The following table provides quantitative information about the inputs used to determine the fair value of the PSUS preferred shares:

(1) The percent in parentheses is the midpoint of the disclosed range

EQUITY-BASED COMPENSATION

LTIP and Profit Sharing

Prior to April 28, 2026, certain awards (the “Profits Interest Awards”) entitled certain profit-sharing partners to a portion of the net profits earned by PSGP and PSPG. Profits Interest Awards did not represent a substantive class of equity under ASC 718, Compensation(“ASC 718”) and were accounted for as cash-based profit-sharing arrangements. As such, amounts distributed or allocated to profit-sharing partners were included in profit-sharing partner compensation in the Consolidated Statements of Operations.

Prior to April 28, 2026, awards under the Long-Term Incentive Plan (“LTIP” and the “LTIP Awards”) entitled certain other 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. Generally, LTIP Partners’ LTIP Awards vested after 10 years of tenure as a profit-sharing partner. Each LTIP Partner held LTIP Awards in PSGP and PSPG in the same percentages.

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

All cash distributions resulting from PSPG’s Profits Interest Awards and the non-permanent portion of PSPG’s LTIP Awards (collectively, the “non-permanent profits-interests”) were recorded in profit-sharing partner compensation. The portion of cash distributions resulting from permanent profits-interests were recorded as capital distributions.

On April 28, 2026, in connection with the Combined Transaction, additional permanent profits-interests with a grant-date fair value of$60,966,153 were granted to certain LTIP Partners. No other grants of permanent profits-interests were made for thethree and six months ended June 30, 2026 and 2025.

During the three and six months ended June 30, 2026,$567,551 and$752,958 (2025:$361,881 and$719,785) of permanent profits-interests that were granted in prior years vested, andno permanent profits-interests were forfeited. No further permanent profits-interests remain unvested as of April 28, 2026.

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

On April 28, 2026, in connection with the Combined Offering, the Profits Interest Awards and non-permanent portion of the LTIP Awards were converted to M Units, as defined and described in “M Unit Awards.” The permanent profits-interests were converted to vested PS Inc. shares, a conversion which did not require the recognition of new grants per ASC 718.

M Unit Awards

In connection with the Combined Offering, on April 28, 2026, PS Inc. approved and PSPG granted 86,493,537 of redeemable interests in PSPG (“M Units”) to the Company’s founder and 97,796,162 to the Company’s partners. For our partners, M Units were issued in replacement of their non-permanent profits-interests; shares of the Company’s common stock were issued directly in return for partners’ permanent profits-interests. Upon vesting, M Units may be redeemed, subject to certain conditions, for a proportional number of outstanding shares of the Company’s common stock held by PSPG. Accordingly, the shares associated with M Units are not dilutive to PS Inc.’s 400 million shares of common stock outstanding.

The M Units held by the Company’s founder are fully vested upon issuance and not subject to vesting or forfeiture. The M Units held by each other recipient are subject to vesting and forfeiture over a requisite service period. The standard vesting schedule provides for vesting at December 31 of each year, with vesting of (i)6.25% at each December 31 in years 1 to 4, (ii)8.33% in years 5 to 7, and (iii) vesting 16.67% in years 8 to 10. If a recipient of M Units terminates as a result of death or disability, or is terminated without cause, such recipient shall be entitled to catch-up vesting as if their vesting schedule provided for annual vesting on a straight-line basis over 10 years (i.e.,10% each year end). One recipient has a condensed vesting schedule, which follows the aforementioned schedules except that it has a cliff vest of all unvested M Units in year 5. Subject to certain requirements, recipients will also receive prorated vesting for the elapsed portion of the year in which their applicable termination occurs. In addition, recipients of unvested M Units will be entitled to accelerated vesting of 100% of their unvested M Units in the event that PSPG is subject to a qualifying change in control, dissolution or liquidation.

The following table presents a rollforward of the Company’s unvested M Units for thesix months ended June 30, 2026:

Restricted Stock Units (“RSUs”)

In connection with the IPO, the Company established the Pershing Square Inc. 2026 Equity Incentive Plan (the “Equity Incentive Plan”) under which 20,000,000 shares of common stock were reserved in order to compensate and incentivize the Company’s employees and non-employee service providers. On April 28, 2026, the Company granted 2,816,800 RSUs (“IPO Awards”) to be accounted for under ASC 718. Each RSU entitles the holder to receive one share of the Company’s common stock upon vesting, subject to the holder’s continued service through the applicable vesting date. For employees subject to withholding tax, the Company will withhold a portion of their vested shares to cover the taxes owed and deliver only the remaining “net” shares to the holder (“net settlement”). The standard vesting schedule provides for vesting at December 31 of each year, with vesting of (i)6.25% at each December 31 in years 1 to 4, (ii)8.33% in years 5 to 7, and (iii)16.67% in years 8 to 10. However, certain employees and non-employees achieve full vesting at December 31, 2026 or December 31, 2031.

From time to time after the IPO, the Company may also grant additional RSU awards under the Equity Incentive Plan. On June 4, 2026, HHH completed its acquisition of Vantage Group Holdings Ltd. In anticipation of 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 to be legally granted on April 1, 2027 (“Strategic Advisor Award”). These RSUs will vest over approximately athree year period, beginning on April 1, 2027 and ending on February 1, 2030. Under ASC 718, the grant date is deemed to be April 28, 2026. However, the Company will recognize the cost of the awards on a straight-line basis over the period in which Mr. Grandisson is providing services, corresponding to the legal vesting period.

The following table presents a rollforward of the Company’s unvested RSU Awards for thesix months ended June 30, 2026:

The following table summarizes the non-cash amortization expense related to the Company’s equity-based compensation for thesix months ended June 30, 2026. Amortization expense related to equity-based compensation for employees is recorded in employee compensation and benefits. The amortization expense for the three months ended June 30, 2026 is the same as the amounts presented in this table.

As of June 30, 2026, the unrecognized compensation expense related to the M Units and RSU Awards is expected to be recognized over the weighted average remaining service period of 9.23 years and 8.15 years, respectively. No shares were withheld to satisfy employee tax obligations related to the RSUs during the three and six months ended June 30, 2026.

EARNINGS PER SHARE

The Company has outstanding equity-based compensation arrangements, including RSUs granted under the Pershing Square Inc. 2026 Equity Incentive Plan and M Units. RSUs are included in diluted EPS using the treasury stock method when their effect is dilutive. M Units are not included in diluted EPS because redemption of M Units is settled using existing shares held by PSPG and does not result in the issuance of additional shares by the Company.

For the three and six months ended June 30, 2026, the Company reported a net loss attributable to PS Inc. Accordingly, the effect of potentially dilutive securities was excluded from diluted earnings per share because inclusion would have been anti-dilutive. As a result, basic and diluted earnings per share were identical for the periods presented.

The following table presents potentially dilutive common stock excluded from the computation of diluted net income (loss) per share because the impact of including them would have been antidilutive.

GENERAL AND ADMINISTRATIVE EXPENSE

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

For the three and six months ended June 30, 2026, professional fees includes$5,100,408 and$11,687,816 (2025:$1,565,636 and$4,007,752) of expensed offering costs related to the Company’s IPO. The Company was not the direct recipient of any funds raised in the offering, so all related offering costs were expensed as they were incurred.

DEBT OBLIGATIONS

Lines of Credit

Prior to April 29, 2026, PSCM had two lines of credit from JPMorgan Chase Bank, N.A. (the “Lender”): (i) the “2014 Line of Credit” and (ii) the “2021 Line of Credit” (collectively, the “JPM Lines of Credit”). In connection with the Combined IPO, on April 29, 2026, PSCM fully repaid all outstanding balances and closed the JPM Lines of Credit.

During the three and six months ended June 30, 2026 and 2025, PSCM did not borrow or repay any principal on the JPM Lines of Credit, other than the final repayment. As of the repayment date and December 31, 2025, $34.8 million of principal was outstanding and $10.2 million was left undrawn on the 2014 Line of Credit, and there wasno principal balance outstanding with $80.0 million left undrawn on the 2021 Line of Credit. The principal amount outstanding on the 2014 Line of Credit as of December 31, 2025 is included in loans payable. The outstanding borrowings of the 2014 Line of Credit had an annual interest rate of the Secured Overnight Financing Rate (“SOFR”) screen rate +2.20%, and any outstanding borrowings of the 2021 Line of Credit would have had an annual interest rate of the SOFR screen rate +2.35%.

The Lines of Credit were unsecured and personally guaranteed by Mr. Ackman (the “Guarantor”). The Lines of Credit included provisions that limited 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 required the Guarantor to maintain a net worth of at least $1 billion, exclusive of any interest in PSCM. The Guarantor was also required to maintain at least $250 million of aggregate liquidity that was 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 had complied with the financial covenants imposed by the 2014 Line of Credit agreement throughout the borrowing period. The 2021 Line of Credit was secured by a pledge and security agreement whereby PSCM granted the Lender a security interest in PSCM’s management fees.

Senior Secured Credit Facilities

On April 30, 2026, in connection with the Combined Transaction, the Company entered into a credit agreement (the "Credit Agreement") with a syndicate of banks led by Bank of America, N.A., as administrative agent. The Credit Agreement provides for (i) a senior secured revolving credit facility with an aggregate principal amount of $250.0 million (the "2026 Revolver") and (ii) a senior secured term loan facility with an aggregate principal amount of $100.0 million (the "2026 Term Loan," and together with the 2026 Revolver, the "Senior Credit Facilities"). The Senior Credit Facilities mature on April 30, 2029.

The Credit Agreement also provides for an uncommitted incremental facility option, permitting the Company to request additional revolving or term loan commitments of up to $100.0 million, which would increase total capacity under the Senior Credit Facilities to $450.0 million. Availability under the incremental facility is subject to reduction by certain other incremental indebtedness the Company may incur. Because the incremental facility is uncommitted, any such increase is subject to the receipt of commitments from existing or new lenders, none of which is obligated to provide the additional amount, and to the satisfaction of customary conditions.

Borrowings under the Senior Credit Facilities bear interest at a rate equal to, at the Company's option, either (i) Term SOFR plus an applicable margin or (ii) a base rate equal to the highest of (a) the federal funds effective rate plus 0.50%, (b) Bank of America's publicly announced prime rate, (c) Term SOFR plus 1.00% and (d)1.00%, in each case plus an applicable margin. The applicable margins vary based on the Company's consolidated leverage ratio. For the periods presented, the Senior Credit Facilities accrued an interest rate of SOFR +1.75%.

The obligations under the Credit Agreement are guaranteed by certain of the Company's subsidiaries and are secured by first-priority liens on substantially all of the assets of the loan parties, subject to customary exceptions and exclusions. The Credit Agreement contains financial covenants requiring the Company to (i) maintain a consolidated leverage ratio of no greater than 2.50 to 1.00, (ii) maintain minimum assets under management and (iii) limit declines in the net asset value of specified funds, in each case as set forth in the Credit Agreement. The Credit Agreement also contains customary representations and warranties, affirmative and negative covenants and events of default. As of June 30, 2026, the Company was in compliance with all covenants under the Credit Agreement.

In connection with entering into the Credit Agreement, the Company incurred $2,992,917 of up-front costs which are deferred as debt discount and issuance costs. Deferred costs are presented as a direct deduction from the carrying amount of the related borrowings and amortized to interest expense using the effective interest method over thethree-year term. Additionally, the Company is obligated to pay aquarterly commitment fee on the undrawn portion of the 2026 Revolver based on the Company’s consolidated leverage ratio. For the periods presented, the commitment fee is 0.20% of the unused balance of the 2026 Revolver and is recorded in interest expense.

The following table summarizes the Company’s outstanding debt as of June 30, 2026:

The following tables summarize the interest expense and average interest rate of the Company’s outstanding debt:

EQUITY

The Company completed the Corporate Conversion on April 28, 2026 pursuant to which Pershing Square Holdco, L.P. converted into Pershing Square Inc., a Nevada corporation. Additional information regarding the Corporate Conversion and related transactions is included in Note 1.

Authorized Capital Stock

Pursuant to the Company's Articles of Incorporation, the Company is authorized to issue:

1,000,000,000 shares of common stock, par value $0.001 per share; and

100,000,000 shares of preferred stock, par value $0.001 per share.

As of June 30, 2026,400,000,000 shares of common stock andone special voting share, which is classified as preferred stock, were issued and outstanding. No other shares of preferred stock were issued and outstanding. The Board of Directors is authorized, subject to applicable law and the Company's organizational documents, to establish one or more series of preferred stock and determine the rights, preferences and privileges associated with such series.

Special Voting Share

Upon completion of the Corporate Conversion, the non-economic interest previously held by Holdco GP was converted intoone special voting share of PS Inc., which is currently held by ManagementCo. The special voting share has only voting power (which will in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of the Company’s common stock over which ManagementCo then has voting power, to give ManagementCo a majority of the aggregate voting power of the special voting share and the then-outstanding shares of the Company’s common stock.

The special voting share does not participate in dividends or other economic distributions and does not share in the Company's earnings or losses, and is not considered a participating security under ASC 260, Earnings Per Share. The existence of the special voting share therefore has no effect on the Company's calculation of basic or diluted earnings per share. Accordingly, the special voting share would have no impact for as long as ManagementCo continues to hold a majority of the Company’s common stock, but, in the event this were no longer the case, would protect the Company from change of control events, such as the risk that changes in the ownership of the Company’s voting securities could be deemed to have resulted in an “assignment” of PSCM’s investment management agreements under the Investment Company Act of 1940 or the Investment Advisers Act of 1940, as amended, or a “change of control” under the indentures governing PSH’s senior notes.

Dividends

The Company didnot declare any dividends during the three and six months ended June 30, 2026.

COMMITMENTS AND CONTINGENCIES

Litigation

From time to time, the Company may be involved in litigation and claims incidental to the conduct of the Company’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 Company and its business activities. This regulatory environment may result in agency examinations, investigations, litigation and subpoenas, and material costs related to each. As of June 30, 2026 and December 31, 2025, other than the lawsuit detailed below, there were no known regulatory investigations, claims or litigation against the Company.

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. Subsequently, the Plaintiffs filed an amended complaint, and the Pershing defendants filed an amended motion to dismiss on July 13, 2026. The Company believes these claims have no merit and intends to contest these claims vigorously. The Company 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 June 30, 2026.

Other Contingencies, Risks and Uncertainties

From time to time, in the normal course of business, the Company may enter into contracts that contain a variety of indemnification provisions. The Company’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 Company, based on events which have not yet occurred. However, the Company 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 9, there wereno other commitments or contingencies as of June 30, 2026 and December 31, 2025.

SEGMENT INFORMATION

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

The Company’s CODM is the operational leadership group, which includes thechief executive officer, president, chief financial officer and chief legal and compliance officer. The CODM reviews the Company’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 Company, monitoring budget versus actual results and determining discretionary compensation. The CODM also reviews the Company’s significant expenses at a level consistent with that which is presented in the Consolidated Statements of Operations.

SUBSEQUENT EVENTS

The Company 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.

Dividend

On July 21, 2026, the Company paid a dividend of $0.122 per common share to shareholders of record as of the close of business on July 13, 2026.

Pershing Square Ventures

On August 12, 2026, the Company drew down $30.0 million under the 2026 Revolver. The Company intends to use the funds from the drawdown together with cash on hand to fund seed investments for the portfolio of a new fund, Pershing Square Ventures, Ltd. (“PSV”), that the Company plans to launch.

PSV was formed as a Delaware statutory trust as of July 8, 2026 and is consolidated with PS Inc. as a 100% owned subsidiary until PSV’s launch.