Every 8-K that PERSHING SQUARE INC (PS) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 8-K covers material events a company has to report between its quarterly reports, so if you follow PS and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full PS filings page.
Pershing Square Inc. reported financial results for the second quarter ended June 30, 2026 and made its press release and earnings presentation available, along with a shareholder letter from CEO Bill Ackman and CIO Ryan Israel, on its website. The company describes itself as an alternative asset manager focused on permanent capital and long-term, high-return strategies, with growth driven by compounding assets under management and launching new permanent capital vehicles.
The company highlighted that, following its initial public offering and related corporate conversion, it is now subject to U.S. federal, state and local corporate income taxes, although it did not incur corporate income tax in the second quarter of 2026. Management emphasizes non-GAAP metrics Fee-Related Earnings (FRE) and Distributable Earnings (DE), which adjust GAAP results for performance-fee allocations, non‑recurring items and tax effects to show fee-driven operating profitability and cash available for dividends.
Pershing Square noted asset movements linked to the April 30, 2026 PSUS IPO and related private placement, including investor withdrawals and redemptions from PSLP and PSINTL that reduced AUM and Fee-Paying AUM but were reinvested into PSUS and Pershing Square stock. The company also described its long-dated amortization of intangible assets tied to IPO share grants and the Howard Hughes Holdings (HHH) services agreement, and reiterated that non-GAAP measures and AUM metrics are supplemental to GAAP net income.
Pershing Square Inc. furnished a detailed financial supplement covering the quarter ended March 31, 2026 and the month ended April 30, 2026, highlighting assets under management (AUM), fee-paying AUM, and non-GAAP fee-related earnings (FRE) and distributable earnings (DE).
Total AUM across core funds and Howard Hughes Holdings Inc. rose to $33,016 million as of April 30, 2026, up from $26,602 million at March 31, 2026, driven largely by the Combined Transaction and PSUS initial public offering, which added about $4,879 million of AUM. Fee-paying AUM increased to $23,276 million from $16,970 million over the same period.
For Q1 2026, FRE was $47.7 million, up from $42.4 million in Q1 2025, on FRE revenue of $61.2 million. Q1 2026 DE was $47.8 million, modestly below $52.3 million a year earlier, as the company absorbed higher expenses and amortization related to recent strategic transactions.
Pershing Square Inc. detailed several actions linked to its initial public offering and related financings. The company entered into senior secured credit facilities totaling $350,000,000, including a $250,000,000 revolving credit facility and a $100,000,000 term loan facility maturing on April 30, 2029, with interest based on Term SOFR or a base rate plus a margin tied to its consolidated leverage ratio.
The company completed the IPO of 8,103,392 common shares and a related combined offering with Pershing Square USA, Ltd. (PSUS), where IPO investors in PSUS received Pershing Square common stock for no additional consideration, and the combined offering generated no proceeds for Pershing Square. It also delivered 16,643,862 common shares in a private placement, again with no proceeds to the company, as part of a combined private placement with PSUS.
In connection with these transactions, Pershing Square completed an Anchor Investment that increased its aggregate investment in PSUS to $250,000,000, split between $200,000,000 of PSUS common shares and $50,000,000 of PSUS preferred shares. The company also adopted a 2026 Equity Incentive Plan, an Amended and Restated Long-Term Incentive Plan, and terms for M Units to govern future equity-based compensation.