Filing Flows › Pershing Square (PS) › Guidance & outlook

Pershing Square (PS) guidance and outlook

Pershing Square's 10-Q filed Nov 6, 2026 makes 14 forward-looking statements.

Guidance and outlook

Forward-looking statements, 10-Q filed Nov 6, 2026

• While we believe that our commitment to our fund investors is in the long-term interest of our business and our common shareholders, in prioritizing our fund investors, we may take actions that could reduce our profits in the short term.
• Such opportunistic inorganic AUM growth will be impacted by fundamental asset management trends that include (i) the shifting asset allocation preferences of individual investors and (ii) participation rates by retail investors in public equity markets.
• The compensation earned under the terms of the HHH Services Agreement is described below under “Management Fees – HHH Fees.” We intend to assist in transforming HHH, a long-term holding of our core funds, into a diversified holding company.
• A portion of these management fees from PSUS, or the “offsettable management fees,” will reduce the performance fees we receive from PSH.
• We have not and do not expect to incur material incremental recurring general and administrative expense as a result of the PSUS IPO, although we incurred one-time transaction costs.
• If launched, PSV will be managed by PSCM under an investment management agreement and intends to be deconsolidated from PS Inc.
• Subsequent to the Combined Transaction, we will recognize the Subordinated Performance Fee in employee compensation and benefits.
• Accordingly, changes in our revenue from the HHH Variable Management Fee will be driven by changes in the stock price of HHH common stock from quarter to quarter.
• We will recognize the cost of the Strategic Advisor Award on a straight-line basis over the period in which Mr.
• While we have historically incurred expenses related to charitable donations, we do not intend to incur any expenses related to charitable donations as a public company.
• Starting March 1, 2026, we no longer receive the related income or bear the associated lease expense, although Subtenant may continue the use of certain office-related services for which we will continue to receive certain related income.
• For our definition of Distributable Earnings, see “—Non-GAAP Financial Measures - Distributable Earnings.” We expect to declare and pay dividends in the first month of the quarter in which they are earned for that quarter.

Pershing Square's latest quarter

Questions

What does Pershing Square expect?

While we believe that our commitment to our fund investors is in the long-term interest of our business and our common shareholders, in prioritizing our fund investors, we may take actions that could reduce our profits in the short term. Such opportunistic inorganic AUM growth will be impacted by fundamental asset management trends that include (i) the shifting asset allocation preferences of individual investors and (ii) participation rates by retail investors in public equity markets. The compensation earned under the terms of the HHH Services Agreement is described below under “Management F

Open the interactive view →

Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.