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 as of Dec 31, 2025; 96% is permanent capital.

• Focuses on long-term, high-return strategies using permanent capital vehicles and selective launches of new funds.

• Core strategy: concentrated investments in large-cap, North American-listed companies with strong fundamentals and governance.

• Growth driven by compounding returns, organic AUM growth, and opportunistic launches of new vehicles like PSUS.

• Recent expansion includes the Howard Hughes Transaction and the acquisition of a significant stake in HHH, aiming to transform it into a diversified holding company.

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.

• Management fees (2025): $230.4M; performance fees: $532.1M.

• Operating income for 2025: $161.2M; net cash used in operating activities: $134.2M.

• Permanent capital AUM at year-end 2025: $19.8B.

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 strategic transactions like the HHH acquisition.