The PSUS IPO has significantly expanded Pershing Square's AUM and fee-paying base, but the GAAP net loss and declining DE YoY warrant monitoring. Watch for the next quarterly filing to assess whether the new permanent capital base translates into sustained FRE growth and whether private fund redemptions stabilize.
Price Chart
Executive Summary
Pershing Square Inc. published a financial supplement for Q1 2026 and April 2026, highlighting the impact of the Combined Transaction (IPO of PSUS and listing of PS common stock) that closed on April 30, 2026. Total AUM surged to $33.0B as of April 30, 2026, driven by $4.9B in PSUS IPO net proceeds, while Fee-Related Earnings (FRE) grew 12.4% YoY to $47.7M in Q1 2026. The filing is a routine FD disclosure providing updated operating metrics post-IPO, with no new guidance or material financial surprises.
Key Facts
- Total AUM (Core Funds + HHH) reached $33.0B as of April 30, 2026, up from $26.6B at March 31, 2026 and $30.7B at December 31, 2025.
- PSUS IPO contributed $4.9B in net proceeds to AUM in April 2026, including $50M from preferred share issuance.
- Fee-Paying AUM (Core Funds + HHH) was $23.3B as of April 30, 2026, up from $17.0B at March 31, 2026.
- Q1 2026 Fee-Related Earnings (FRE) were $47.7M, up 12.4% from $42.4M in Q1 2025.
- Q1 2026 Distributable Earnings (DE) were $47.8M, down 8.6% from $52.3M in Q1 2025.
- GAAP net loss attributable to PS Holdco was $147.6M in Q1 2026, compared to net income of $19.7M in Q1 2025, driven by unrealized losses on HHH shares.
- PSH AUM declined 14% in Q1 2026 due to market value declines and buybacks, but recovered 11% in April 2026.
- Private funds (PSLP, PSINTL) saw significant redemptions in April 2026: PSLP redemptions of $305.8M and PSINTL redemptions of $48.7M.
Financial Impact
Q1 2026 FRE of $47.7M (+12.4% YoY) and DE of $47.8M (-8.6% YoY); GAAP net loss of $147.6M vs. income of $19.7M in Q1 2025. Total AUM increased $6.4B from March to April 2026 primarily due to the PSUS IPO.
Risk Factors
- Continued redemptions from private funds (PSLP, PSINTL) could pressure fee income.
- Unrealized losses on HHH shares contributed to a GAAP net loss in Q1 2026; further HHH stock declines could weigh on reported earnings.
- Integration and operating costs from the Combined Transaction may pressure near-term margins.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-257657 |
| Document: ps-20260604.htm | 0001193125-26-257657 |
| Document: 0001193125-26-257657-index-headers.html | 0001193125-26-257657 |
| Document: 0001193125-26-257657-index.html | 0001193125-26-257657 |
| Document: 0001193125-26-257657.txt | 0001193125-26-257657 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 12, 2026 10w ago | 8-K | $41.40 | awaiting T+60 | — | $45.49 (+9.87%) |
Jun 4, 2026 20w ago | 8-K | $35.75 | awaiting T+60 | — | $45.49 (+27.23%) |
May 1, 2026 25w ago | 8-K | $34.21 $32.89 | ▼ −3.86% | ▼ −5.71% | $45.49 (+32.96%) |
Apr 30, 2026 25w ago | 424B4 | $28.00 $34.08 | ▲ +21.71% | ▲ +18.61% | $45.49 (+62.45%) |
Apr 29, 2026 25w ago | 3 | $28.00 $34.08 | ▲ +21.71% | ▲ +18.61% | $45.49 (+62.45%) |
Apr 29, 2026 25w ago | 3 | $28.00 $34.08 | ▲ +21.71% | ▲ +18.61% | $45.49 (+62.45%) |
Apr 29, 2026 25w ago | 3 | $28.00 $34.08 | ▲ +21.71% | ▲ +18.61% | $45.49 (+62.45%) |
Apr 13, 2026 28w ago | S-1/A | — | awaiting T+60 | — | — |
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