PERSHING SQUARE INC. (PS)

Pershing Square is a leading alternative asset manager, founded in 2003 and headquartered in New York City, with approximately $30.7 billion in total assets under management and approximately $20.7 billion in fee-paying AUM as of December 31, 2025, of which 96% is permanent capital. The firm generated total revenue of approximately $762.5 million and GAAP net income attributable to Pershing Square Holdco, L.P. of approximately $249.8 million for the year ended December 31, 2025. Led by Founder and CEO William A. Ackman, the firm employs a concentrated, research-intensive fundamental value investing strategy, acquiring large, long-term minority stakes in high-quality, predominantly North American-listed, large-capitalization companies with simple, predictable, free-cash-flow generative businesses, strong financials, and strong management/governance, while complementing this with opportunistic asymmetric hedges (options, credit default swaps) to protect portfolios and capitalize on volatility.

The firm manages three primary existing core funds: Pershing Square Holdings, Ltd. (PSH), a FTSE 100-listed closed-end fund on the London Stock Exchange with about $15.0 billion in Fee-Paying AUM (73% of total Fee-Paying AUM); and two private funds, Pershing Square, L.P. (PSLP) and Pershing Square International, Ltd. (PSINTL), no longer marketed to new investors but kept open for employees and long-term investors. Following a planned combined offering, the firm expects to add PSUS, a NYSE-listed, 1940 Act-registered permanent capital vehicle intended to be its flagship fund pursuing the same core strategy. The firm also provides investment advisory, corporate development, transaction execution and capital markets advisory services to The Howard Hughes Holdings Inc. (HHH), in which it holds a 47% interest (including core fund holdings) following the May 2025 Howard Hughes Transaction, earning base and variable management fees from HHH; it is working to transform HHH into a diversified holding company, including HHH's pending ~$2.1 billion acquisition of Vantage, a specialty insurance and reinsurance holding company, whose investment assets Pershing Square Capital Management (PSCM) intends to manage using a low-leverage, equity-oriented strategy synergistic with its core investment approach.

Revenue is generated primarily through predictable, recurring management fees based on net asset value and annual performance fees tied to NAV appreciation above a high-water mark (with a "Preferred Performance Fee" allocation arrangement for investment professionals), supplemented by HHH advisory fees and fees from single-name co-investment special purpose vehicles. The firm's fund investor base includes retail investors, high-net-worth individuals, family offices, funds of funds, and institutional investors, and it emphasizes permanent capital as a competitive advantage enabling long-term investing, talent retention, and stable, recurring revenue generation, having previously sold a 10% interest in the business to a consortium of strategic investors in May 2024.