{"url_path":"/sec/ps/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-06-04","source_url":"https://www.sec.gov/Archives/edgar/data/2026053/0001193125-26-257665-index.html","accession_number":"0001193125-26-257665","cik":"0002026053","ticker":"PS","issuer_name":"PERSHING SQUARE INC.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2026053/0001193125-26-257665-index.html","primary_entity_key":"0002026053","primary_entity_name":"PERSHING SQUARE 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of Contents](#toc_page)\n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 10-Q\n\n \n\n(MARK ONE)\n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from       to      \n\nCommission File Number: 001-43256\n\n \n\n \n\nPershing Square Inc.\n\n(Exact name of registrant as specified in its charter)\n\n \n\n \n\nNevada\n\n99-2840341\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n \n\n(I.R.S. Employer\nIdentification No.)\n\n787 Eleventh Avenue, Ninth Floor\n\nNew York, NY\n\n(Address of principal executive offices)\n\n \n\n \n\n10019\n\n(Zip Code)\n\n(212) 813-3700\n\n(Registrant’s telephone number, including area code)\n\nNot Applicable\n\n(Former name, former address and former fiscal year, if changed since last report)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\nTrading\nSymbol(s)\n\nName of each exchange\non which registered\n\nCommon Stock\n\nPS\n\nNew York Stock Exchange\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes☐  No☒\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes☒ No☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☐\n\nEmerging growth company\n\n☒\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒\n\nAs of May 31, 2026, there were 400,000,000 shares of common stock, par value $0.001 per share, and 1 special voting share, par value $0.001 per share, of Pershing Square Inc. issued and outstanding.\n\n \n\n \n\n[Table of Contents](#toc_page)\n\n \n\nPERSHING SQUARE INC.\n\nQUARTERLY REPORT ON FORM 10-Q\n\nFOR THE QUARTER ENDED MARCH 31, 2026\n\nTABLE OF CONTENTS\n\n \n\n \n\nPage\n\n[Part I – FINANCIAL INFORMATION](#part_i)\n\n6\n\n[Item 1.](#financial_statements) [Financial Statements](#financial_statements)\n\n6\n\n[Consolidated Statements of Financial Condition (Unaudited)](#fc)\n\n6\n\n[Consolidated Statements of Operations (Unaudited)](#soo)\n\n7\n\n[Consolidated Statements of Changes in Partners’ Capital (Unaudited)](#scpc)\n\n8\n\n[Consolidated Statements of Cash Flows (Unaudited)](#cf)\n\n9\n\n[Notes to the Consolidated Financial Statements (Unaudited)](#notes)\n\n11\n\n[Item 2.](#mda) [Management’s Discussion and Analysis of Financial Condition and Results of Operations](#mda)\n\n31\n\n[Item 3.](#quantitative_and_qualitative_disclosure) [Quantitative and Qualitative Disclosures About Market Risk](#quantitative_and_qualitative_disclosure)\n\n59\n\n[Item 4.](#controls_and_procedures) [Controls and Procedures](#controls_and_procedures)\n\n60\n\n[Part II – OTHER INFORMATION](#part_ii)\n\n61\n\n[Item 1.](#item_1_legal_proceedings) [Legal Proceedings](#item_1_legal_proceedings)\n\n61\n\n[Item 1A.](#item_1a_risk_factors) [Risk Factors](#item_1a_risk_factors)\n\n61\n\n[Item 2.](#item_2_unregistered_sales) [Unregistered Sales of Equity Securities and Use of Proceeds](#item_2_unregistered_sales)\n\n61\n\n[Item 3.](#item_3_defaults_upon) [Defaults Upon Senior Securities](#item_3_defaults_upon)\n\n61\n\n[Item 4.](#item_4_mine_safety) [Mine Safety Disclosures](#item_4_mine_safety)\n\n61\n\n[Item 5.](#item_5_other_information) [Other Information](#item_5_other_information)\n\n61\n\n[Item 6.](#item_6_exhibits) [Exhibits](#item_6_exhibits)\n\n62\n\n \n\n[SIGNATURES](#signatures)\n\n63\n\n \n\n1\n\n[Table of Contents](#toc_page)\n\n \n\nCAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS\n\nThis Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including statements regarding our strategies, including any plans to launch new funds or complete transactions that increase our permanent capital, future results of operations or financial condition, and our plans regarding dividend payments, made in this Quarterly Report are forward-looking statements. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “trends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Forward-looking statements reflect management's current expectations and are inherently uncertain. We caution investors that such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond our control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements. Some of the factors that could cause actual results to differ include, but are not limited to, the following:\n\n•\ndifficult global market, economic or geopolitical conditions affecting our investment performance and business;\n\n•\noperating performance challenges for certain investments held by our funds or HHH (as defined) arising from a period of economic slowdown, which may occur across one or more industries, sectors or geographies;\n\n•\nloss of services of our Founder, Chief Investment Officer and other key personnel;\n\n•\nour substantial dependence upon our investment management agreements (each, an “IMA”) with PSH and PSUS and the HHH Services Agreement (each as defined below), each of which may be terminated under certain circumstances;\n\n•\nan investment in our common stock is not an investment in our funds or HHH, and their returns should not be considered as indicative of returns expected on our common stock;\n\n•\nintense competition in all aspects of our business, including attracting and retaining talented professionals;\n\n•\nfinancial harm due to employee misconduct and damage to our reputation;\n\n•\nextensive regulation of our business which affects our activities and creates the potential for significant liabilities and penalties and the possibility of increased regulatory focus resulting in additional burdens on our business;\n\n•\nchanging regulations regarding derivatives and commodity interest transactions;\n\n•\nscrutiny from regulators, elected officials, investors and other stakeholders with respect to environmental, social and governance matters, which may constrain investment opportunities for our funds and harm our brand and reputation;\n\n•\nclimate change, and climate change and sustainability-related legislation and regulation, business trends and physical impacts, which could adversely affect our business and the operations of our funds, and any actions we take or fail to take in response to such matters, which could damage our reputation;\n\n•\ncybersecurity and data protection risks, including failure or alleged failure to comply with applicable data and privacy laws and regulations, which could subject us to regulatory actions, increased costs and financial losses;\n\n•\nuse of artificial intelligence technology by us or third parties which could lead to the exposure of our data or other adverse effects and more effective threat actors;\n\n•\nsubstantial risks of litigation and regulatory proceedings which may result in significant liabilities and damage to our professional reputation as well as negative publicity;\n\n•\nour ability to maintain sufficient insurance to cover us for potential litigation or other risks;\n\n•\nrisk that if Pershing Square Inc. were deemed an \"investment company\" under the 1940 Act (as defined below), applicable restrictions could make it impractical for us to continue our business as contemplated and could have a material adverse effect on our business;\n\n•\npoor performance of our funds and other investment vehicles which would cause a decline in our revenues, results of operations and cash flows;\n\n•\ndecreases in the market capitalization of HHH or our failure to realize the anticipated benefits of the HHH Transaction (as defined below);\n\n2\n\n[Table of Contents](#toc_page)\n\n \n\n•\nconcentration of investments in our funds and our other vehicles, which can exacerbate volatility and investment risk;\n\n•\nrisk that our investment strategies may not be successful and our failure to identify suitable investment opportunities, including the risk that our due diligence may not reveal all relevant facts in connection with such investment;\n\n•\nour funds and investment vehicles’ investments in companies that we do not control, which expose us to the risk of decisions made by others with whom we may not agree;\n\n•\nour risk management activities may not be successful and, in some cases, may negatively impact our business;\n\n•\nour foreign investments may be subject to various risks;\n\n•\nour trading orders may not be executed in a timely fashion;\n\n•\nour reliance on third-party service providers for certain aspects of our business;\n\n•\nchanges in relevant tax laws, regulations or treaties or an adverse interpretation of these items by tax authorities;\n\n•\nManagementCo (as defined below) controls us and its interests may conflict with ours or yours in the future;\n\n•\nour share structure involving a Special Voting Share (as defined below); and\n\n•\nsufficiency of funds to pay dividends or other distributions on our common stock.\n\nThese risks and uncertainties, as well as other risks and uncertainties that could cause our actual results or outcomes to differ significantly from management's expectations, are described in greater detail in the section entitled “Risk Factors” of our prospectus (the “IPO Prospectus”) filed with the Securities and Exchange Commission (the “SEC”) on April 30, 2026 pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”), relating to our Registration Statement on Form S-1 (File No. 333-294165) (the “Registration Statement”), as updated by Part II. Item 1A. Risk Factors of this Quarterly Report. The forward-looking statements included in this Quarterly Report speak only as of the date hereof or as of the date they are made, as applicable. We undertake no obligation to update any \"forward-looking statement\" made in this Quarterly Report, whether as a result of new information, changed assumptions, the occurrence of unanticipated events, changes to future operating results or otherwise, except as required by law.\n\nWEBSITE AND SOCIAL MEDIA DISCLOSURE\n\nWe may use our website at www.pershingsquareinc.com and/or social media outlets, such as our X account (@PershingSquare) and our LinkedIn account (www.linkedin.com/company/pershingsquare) as distribution channels of important company information for purposes of Regulation FD. In addition, Mr. William Ackman, our Founder and Chief Executive Officer, may use his X account (@BillAckman) as a means of publicly disseminating current information about the Company and the core funds from time to time, including information about new and disposed of investments and hedges, as well as his views on macroeconomic, geopolitical and other developments. The information we or Mr. Ackman post through these channels may be deemed material company information, and we intend to use Mr. Ackman’s X account for purposes of Regulation FD. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive email alerts and other information about the Company when you enroll your email address by visiting our website at www.pershingsquareinc.com. The contents of our website, any alerts and social media channels are not, however, a part of this Quarterly Report.\n\nCERTAIN DEFINITIONS\n\nAs used in this Quarterly Report, “Pershing Square,” the “Partnership,” the “Company,” “our company,” “we,” “us” and “our” refer to Pershing Square Holdco, L.P. and its consolidated subsidiaries prior to the Corporate Conversion (as defined below) and following the Corporate Conversion, to Pershing Square Inc. (“PS Inc.”) and its consolidated subsidiaries, including Pershing Square Capital Management, L.P. (“PSCM”). In addition, unless otherwise noted or the context requires otherwise, the following terms have the following meanings:\n\n•\n“1940 Act” means the Investment Company Act of 1940, as amended.\n\n•\n“assets under management” or “AUM” means, with respect to our core funds and PSVII, the net assets of our core funds and PSVII as calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) or International Financial Reporting Standards (“IFRS”), as applicable, while adding back the principal value of PSH’s outstanding\n\n3\n\n[Table of Contents](#toc_page)\n\n \n\nbonds without double counting the investment made by any of our funds in PSVII. Assets under management or AUM means, with respect to HHH, the market capitalization of HHH plus its net mortgages, notes, and loans payable as disclosed in its most recent periodic report filed with the SEC;\n\n•\n“Combined IPO” refers collectively to the initial public offering of shares of our common stock together with the initial public offering of PSUS Shares (“PSUS IPO”), which were component parts of a single offering consummated on April 30, 2026;\n\n•\n“Combined Private Placement” refers collectively to the offer and sale of PSUS Shares in a private placement transaction exempt from registration under the Securities Act (the “PSUS Private Placement”) and the offer and sale of shares of our common stock in a private placement transaction exempt from registration under the Securities Act, both of which were consummated on April 30, 2026;\n\n•\n“Combined Transaction” refers collectively to the Combined IPO and the Combined Private Placement;\n\n•\n“CompCo” refers to PS CompCo, LLC, a Delaware limited liability company, in which our investment professionals and certain other employees own interests, and, following the Corporate Conversion, is a limited partner of PSCM;\n\n•\n“core funds”, “funds” or “Pershing Square Funds” refers collectively to PSLP, PSINTL, PSH and, following the Combined IPO, PSUS;\n\n•\n“Corporate Conversion” refers to the statutory conversion of Pershing Square Holdco, L.P., a Delaware limited partnership, into Pershing Square Inc., a Nevada corporation, which became effective April 28, 2026;\n\n•\n“fee-paying assets under management” or “Fee-Paying AUM” means, with respect to our core funds and PSVII, the AUM we manage and earn a performance fee and/or management fee from. Fee-paying assets under management or Fee-Paying AUM means, with respect to HHH, the market capitalization of HHH;\n\n•\n“HHH” refers to Howard Hughes Holdings Inc., a Delaware corporation (NYSE: HHH);\n\n•\n“HHH Services Agreement” refers to the Services Agreement, dated May 5, 2025, by and between HHH and PSCM, pursuant to which HHH has agreed to pay PSCM certain fees in consideration of the investment advisory and other services we provide to HHH;\n\n•\n“Howard Hughes Transaction” or “HHH Transaction” refers collectively to the transactions contemplated by the Share Purchase Agreement, dated May 5, 2025, by and between HHH and Pershing Square Holdco, L.P., and related agreements, including (i) the HHH Services Agreement, (ii) the Shareholder Agreement, dated May 5, 2025, by and between HHH, Pershing Square Holdco, L.P. and PSCM, (iii) the Standstill Agreement, dated May 5, 2025, by and between HHH and Pershing Square Holdco, L.P. and (iv) the Registration Rights Agreement, dated May 5, 2025, by and between HHH, Pershing Square Holdco, L.P., Pershing Square, L.P., Pershing Square Holdings, Ltd. and Pershing Square International, Ltd.;\n\n•\n“ManagementCo” refers to Pershing Square Management, LLC, an entity managed by members of our senior management;\n\n•\n“Net Asset Value” or “NAV,” means, with respect to PSH, net assets, calculated as total assets less total liabilities, in accordance with IFRS. “Net Asset Value” or “NAV,” means, with respect to PSLP and PSINTL, the net assets of each such fund, calculated as total assets less total liabilities (including any accrued performance fee or incentive allocation) and, with respect to PSUS, its net assets, calculated as securities, cash and other assets (including interest accrued but not collected) less all liabilities (including accrued expenses, the liquidation preference of any outstanding preferred shares and dividends payable), in each case, in accordance with GAAP;\n\n•\n“permanent capital” means capital that is not subject to withdrawal or redemption at the option of the fund investor or stockholder;\n\n•\n“permanent capital AUM” refers to the portion of Fee-Paying AUM that is not subject to withdrawal or redemption at the option of the fund investor or stockholder;\n\n•\n“PSH” refers to Pershing Square Holdings, Ltd., a Guernsey limited liability company, which commenced investing on December 31, 2012 and has its shares admitted to trading on the London Stock Exchange;\n\n•\n“PSINTL” refers to Pershing Square International, Ltd., a Cayman Islands exempted company, which commenced investing in January 2005;\n\n4\n\n[Table of Contents](#toc_page)\n\n \n\n•\n“PSLP” refers to Pershing Square, L.P., a private investment fund organized as a Delaware limited partnership, which commenced investing in January 2004;\n\n•\n“PSUS” refers to Pershing Square USA, Ltd., a Delaware statutory trust, which consummated its initial public offering of PSUS Shares on April 30, 2026 as part of the Combined IPO, and has its shares admitted to trading on the New York Stock Exchange (“NYSE”);\n\n•\n“PSUS Shares” refers to common shares of beneficial interest of PSUS;\n\n•\n“PSVII” refers to PS VII Master, L.P. and its affiliated funds, which were liquidated in 2024;\n\n•\n“Special Voting Share” refers to the share of our authorized preferred stock held by ManagementCo, which will have voting power (which shall in no event be less than one vote) equal to that number of votes required, when taken together with the aggregate voting power of the shares of our common stock over which the holder then has voting power, to give the holder a majority of the aggregate voting power of the Special Voting Share and the then-outstanding shares of our common stock; and\n\n•\n“Strategic Investment” refers to the transaction consummated on May 31, 2024 pursuant to which a consortium of strategic investors (the “Strategic Investors”) acquired minority interests in our business.\n\n5\n\n[Table of Contents](#toc_page)\n\n \n\nPart I - FINANCIAL INFORMATION"}