Pershing Square (PS) Registration filing summary

Company overview and business model

• Alternative asset manager with $30.7B in AUM and $20.7B in fee-paying AUM, 96% of which is permanent capital as of Dec 31, 2025.

• Focuses on long-term, high-return strategies using concentrated investments in large-cap North American companies.

• Growth driven by compounding returns and selective launches of new permanent capital vehicles, such as PSUS.

• Business model is capital-light, high-margin, and highly scalable, with minimal capital intensity and a largely fixed cost base.

• Recent strategic milestones include the Howard Hughes Transaction and the launch of PSUS, expanding permanent capital AUM and U.S. investor access.

Financial performance and metrics

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

• Fee-related earnings (FRE) for 2025: $297.9M; distributable earnings: $312.5M.

• AUM grew from $17.1B (2024) to $30.7B (2025); fee-paying AUM rose from $14.0B to $20.7B.

• Permanent capital AUM increased to $19.8B by year-end 2025.

• Core funds delivered 26.5% gross return in 2025, outperforming the S&P 500 over multiple periods.

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 invests $150M in PSUS ($100M common, $50M preferred) as an anchor investment, financed via a term loan facility.

• Capital allocation focuses on compounding permanent capital, launching new funds, and executing synergistic transactions like the Howard Hughes Transaction.