Pershing Square Reports Q3 2026 Results with Increased Management Fees Amid Net Income Decline
Pershing Square reported its third-quarter 2026 financial results, highlighted by a 14.7% increase in non-GAAP management fees to $75.6 million, driven largely by the inclusion of Pershing Square USA (PSUS) following its April IPO. Fee-paying assets under management grew to $23.0 billion, representing a 3.2% sequential increase. However, net income attributable to Pershing Square Inc. fell to a loss of $19.9 million, compared to a profit of $155.5 million in the prior year quarter, due to unrealized investment losses and higher non-cash compensation expenses. Despite the net loss, fee-related earnings grew 12.7% year-over-year to $63.7 million, supported by an improved margin of 84.2%. Management provided optimistic outlooks for key holdings, projecting Uber (UBER) earnings growth at 25% or higher and noting a significant concentrated position in Fannie Mae and Freddie Mac shares. The firm also announced plans to launch Pershing Square Ventures in Q1 2027 with a target size of $500 million to $1 billion.
Topics: assets under management fee-related earnings management fees net income
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