Key Highlights

  • PS recorded a GAAP shortfall for shareholders of $19.9 million, equal to $0.05 a share, during the third quarter of 2026.
  • The Margin on fee-related Earnings reached 84.2%, while those earnings themselves grew to $63.7 million, a 13% increase.
  • Distributable earnings dropped by 12%, landing at $49.5 million, which came to $0.12 per share.
  • Fee-paying Assets totaled $23.0 billion within total assets under management of $32.8 billion.
  • Shareholders received a $0.103 per-share Dividend on Oct 20, 2026.

Compensation Expense Surge and Lower Investment Gains Produce the Quarterly Deficit

Pershing Square (NYSE:PS) released third-quarter figures on Nov 2, 2026, covering the period that closed Sep 30, 2026. The company reported a GAAP loss of $18.4 million overall, and $19.9 million of that loss belonged to shareholders, which works out to $0.05 per share. A year earlier, the Business had earned $161.0 million, or $0.39 per share.

GAAP Revenue came to $56.6 million, compared with $66.2 million, a drop of roughly 14.5% (calculated). Employee pay and benefits expenses reached $70.5 million, up from $5.7 million, a jump that pushed the operating result from a $24.2 million profit to a $20.1 million loss.

Margin Lifts to 84.2% as Fee-Related Earnings Touch $63.7 Million

A non-GAAP figure, fee-related earnings expanded from $56.5 million to $63.7 million, an increase of 13%. Revenue tied to those fees climbed 10%, reaching $75.6 million, and the matching costs held near $12.0 million, roughly unchanged.

Distributable earnings came to $49.5 million, a decline of 12% from $56.5 million, which is $0.12 a share against $0.14 a year earlier. Before tax, that measure advanced 8% to $61.0 million. Yet taxes and related payables totaling $11.5 million were booked after the corporate conversion, with no corporate income tax paid in previous periods.

For the nine months, the company reported a GAAP loss attributable to shareholders of $210.2 million, which equals $0.53 a share, compared with a $198.9 million gain, equal to $0.50 a share. Fee-related earnings over the same nine months climbed 16%, reaching $167.4 million.

Assets Under Management Reach $32.8 Billion, Helped by $836 Million in Market Gains

The quarter closed with $32.8 billion under management, a 0.9% gain on the $32.5 billion on hand when the period opened. Market appreciation added $836 million, which was partly offset by $565 million in withdrawals, and $18 million of new money came in. Over nine months, the total grew 6.9%.

Assets that generate fees climbed 3.2%, reaching $23.0 billion; permanent capital accounts for $22.5 billion of that, around 98%. Within fee-paying assets, appreciation supplied $813 million of the quarter's growth, while $112 million left the pool.

Cash plus investments stood at $939 million, while Debt of $297 million comprised a term Loan of $100 million and a revolver of $197 million, both due in April 2029. After netting out debt, the company's cash and investments amount to $642 million, equal to $1.61 a share across 400.0 million shares.

Oct 20 Payout and Nov 3 Investor Event Lie Ahead

The quarter combined a GAAP Deficit caused by higher pay and smaller investment gains with stronger recurring fee income and a larger asset base. Shareholders on the books as of Oct 12, 2026 received a $0.103 per-share dividend, which was paid Oct 20, 2026. Management has set an investor call plus a live question and answer session for Nov 3, 2026.