Total assets under management (AUM) were $26.6 billion and fee-paying AUM was $17.0 billion as of March 31, 2026, with 96% classified as permanent capital.
The business model emphasizes permanent capital, disciplined value investing, and scalable operations, with a focus on compounding capital at high rates of return.
The quarter included the completion of the Howard Hughes Transaction and the Combined IPO with PSUS, significantly increasing permanent capital AUM.
Net revenue for Q1 2026 was $57.5 million, up 10% year-over-year, driven by higher management fees from PSH and HHH.
Net loss attributable to the company was $147.6 million, compared to net income of $19.7 million in Q1 2025, primarily due to a $148.6 million unrealized loss on HHH shares.
Operating income was $5.1 million, down 51% year-over-year.
General and administrative expenses rose 58% to $16.0 million, mainly due to deal expenses related to the Combined Transaction.
Fee-Related Earnings (FRE) for Q1 2026 were $47.7 million, down 9% year-over-year.
Management expects continued growth in permanent capital AUM following the Combined IPO and PSUS launch.
The company intends to pay quarterly cash dividends representing nearly all post-tax Distributable Earnings, starting in Q3 2026.
No material changes to risk factors or critical accounting policies were reported.
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