Pershing Square (PS) Registration filing summary

Company overview and business model

• Alternative asset manager focused on permanent capital vehicles and long-term, high-return investment strategies.

• Growth driven by compounding AUM and selective launches of new permanent capital funds.

• Nearly all AUM is permanent capital, providing stability and enabling opportunistic investing.

• Business model is lean, scalable, and high-margin, leveraging a small investment team.

• Core strategy involves acquiring large minority stakes in high-quality, predominantly North American large-cap companies.

Financial performance and metrics

• As of December 31, 2025: $30.7B total AUM, $20.7B fee-paying AUM, 96% permanent capital.

• 2025 revenue: $762.5M; GAAP net income: $249.8M.

• 2025 management fees: $230.4M; performance fees: $532.1M.

• Fee-Related Earnings (FRE) for 2025: $297.9M; Distributable Earnings: $312.5M.

• PSH, the largest fund, accounts for 73% of fee-paying AUM.

Use of proceeds and capital allocation

• No proceeds to the company from the IPO; all proceeds from the PSUS IPO and private placement go to PSUS.

• Company issues shares to PSUS IPO and private placement investors for no additional consideration.

• Company invests $150M in PSUS ($100M common, $50M preferred) to support growth.