Key Highlights

  • PS reported a third quarter 2026 GAAP net loss attributable to the company of $19.9 million, or $0.05 per share.
  • Fee-related Earnings rose 13% to $63.7 million, with a Margin of 84.2%.
  • Distributable earnings fell 12% to $49.5 million, or $0.12 per share.
  • Assets under management reached $32.8 billion, and fee-paying Assets reached $23.0 billion.
  • A Dividend of $0.103 per share was paid on Oct 20, 2026.

GAAP Loss Reflects Compensation Jump and Smaller Investment Gains

Pershing Square (NYSE:PS) reported third quarter results for the period ended Sep 30, 2026 on Nov 2, 2026. The company posted a net loss of $18.4 million, with $19.9 million attributable to shareholders, or $0.05 per share, versus Net Income of $161.0 million and $0.39 per share a year earlier.

Pershing Square is an alternative asset manager that runs pools of permanent Capital in long-term, high-return investment strategies. It went public with an offering whose prospectus was filed on Apr 30, 2026.

GAAP Revenue was $56.6 million, down from $66.2 million, a decline of about 14.5% (calculated). Employee compensation and benefits rose to $70.5 million from $5.7 million, which turned a $24.2 million operating profit into a $20.1 million operating loss. Unrealized gains on a held real estate company stake were $19.2 million, versus $132.0 million in the year-ago quarter.

Fee-Related Earnings Reach $63.7 Million on an 84.2% Margin

Fee-related earnings, a non-GAAP measure, rose 13% to $63.7 million from $56.5 million. Fee-related earnings revenue grew 10% to $75.6 million, while related expenses were roughly flat at $12.0 million. The margin improved to 84.2% from 82.3%.

Distributable earnings were $49.5 million, down 12% from $56.5 million, or $0.12 per share versus $0.14. Pre-tax distributable earnings rose 8% to $61.0 million, but the company recorded $11.5 million of taxes and related payables after its corporate conversion, having paid no corporate income tax in earlier periods.

For the nine months, the GAAP net loss attributable to shareholders was $210.2 million, or $0.53 per share, versus net income of $198.9 million, or $0.50. Nine-month fee-related earnings rose 16% to $167.4 million.

Assets Under Management Climb to $32.8 Billion on Market Gains

Total assets under management ended the quarter at $32.8 billion, up 0.9% from $32.5 billion at the start of the period. Market Value gains added $836 million, offsetting outflows of $565 million, while inflows were $18 million. Assets are up 6.9% for the nine months.

Fee-paying assets rose 3.2% to $23.0 billion, and 98% of that total, or $22.5 billion, is permanent capital. Market gains contributed $813 million to the quarterly increase, against $112 million of outflows.

The Balance Sheet showed $939 million of cash and investments against $297 million of debt, split between a $100 million term Loan and a $197 million revolver, both maturing in April 2029. Net cash and investments were $642 million, or $1.61 per share, on 400.0 million shares outstanding.

Dividend Paid Oct 20 and an Investor Call on Nov 3 Mark the Next Steps

The quarter paired a GAAP loss driven by higher compensation and lower investment gains with growth in recurring fee earnings and assets. The company paid a dividend of $0.103 per share on Oct 20, 2026 to holders of record as of Oct 12, 2026. Management scheduled an investor call and a live question-and-answer event for Nov 3, 2026.