PERSHING SQUARE INC.

For the period ended Sep 30, 2026. Filed Nov 6, 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.

Sep 30, 2026 · Filed Nov 6, 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)

	Nine months ended September 30,
	2026	2025
Cash flows from operating activities
Net income (loss)	$(217,448,235)	$213,692,433
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Unrealized (gain) loss on investments held at fair value	130,194,280	(137,790,953)
Non-cash amortization of equity-based compensation	171,874,360	1,085,642
Non-cash amortization of intangible assets	36,544,098	5,951,918
Gain on deconsolidation of PSUS	(15,996,659)	—
Deferred tax liability	(9,632,874)	—
Write-off of deferred sublease incentive	4,129,121	—
Depreciation and amortization expense	1,675,707	1,727,824
Non-cash lease expense	556,580	1,703,883
Non-cash amortization of debt financing	420,154	—
Changes in operating assets and liabilities:
Performance fees receivable	497,330,469	231,082,946
Due from affiliates	15,286,286	386,587
Prepaid expenses	(3,571,730)	(1,173,705)
Other assets	7,688,625	321,217
Accrued compensation and benefits	(410,925,583)	(157,075,374)
Affiliates fee rebate payable	(24,143,741)	(21,661,699)
Taxes payable	(5,640,537)	(13,627,356)
Accounts payable	(4,517,747)	3,912,536
Operating lease liabilities	(2,044,737)	(2,837,612)
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	—	383,113
Net cash provided by (used in) operating activities	171,684,774	(162,938,600)
Cash flows from investing activities
Purchase of investment in PSUS	(232,884,000)	—
Purchase of venture investments	(79,699,968)	—
Purchases of fixed assets and leasehold improvements	(23,504)	(425,485)
Purchase of investment in HHH, net	—	(607,230,000)
Net cash provided by (used in) investing activities	(312,607,472)	(607,655,485)
Cash flows from financing activities
Proceeds from borrowings, net	293,816,083	—
Repayment of borrowings	(34,800,000)	—
Payments for capital distributions	(118,062,967)	(143,388,501)
Offering costs for Pershing Square USA, Ltd.	(5,860,505)	(1,674,292)
Dividends paid to shareholders	(48,800,000)	—
Net cash provided by (used in) financing activities	86,292,611	(145,062,793)
Net change in cash and cash equivalents and restricted cash	(54,630,087)	(915,656,878)
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	$886,615	$49,318,570

(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)

	Nine months ended September 30,
	2026	2025
Supplemental disclosures:
Cash paid during the period for income tax	$21,988,871	$19,558,390
Cash paid during the period for interest	6,673,848	1,773,390
Non-cash activities:
Capital contributions	537,492,260	1,085,642
Reconciliation of cash and cash equivalents and restricted cash
Cash and cash equivalents	767,680	49,199,635
Restricted cash	118,935	118,935
Total cash and cash equivalents and restricted cash, end of period	$886,615	$49,318,570

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.