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# Pershing Square Swings To $19.9 Million Quarterly Loss As Pay Charges Swamp Fee Growth
- URL: https://www.bullished.co/pershing-square-swings-to-19-9-million-quarterly-loss-as-pay-charges-swamp-fee-growth-e276e921/
- Published: 2026-11-02T21:57:08.000Z
- Updated: 2026-11-02T21:57:08.000Z
- Description: Compensation costs of $70.5 million pushed the Ackman-led manager to a loss, while fee-related earnings rose to $63.7 million.
- Author: Matteo Parrino
- Tags: Earnings, PS, Industry: Financials

Pershing Square Inc., the alternative asset manager led by Bill Ackman that runs pools of permanent capital, posted a third-quarter [net loss of $19.9 million](https://www.sec.gov/Archives/edgar/data/0002026053/000119312526443749/d141430dex991.htm?ref=bullished.co) attributable to the company, or $0.05 per share, according to results released Monday. A year earlier it earned $155.5 million.

## Pay charges drive the loss

Revenue came in at $56.6 million, down from $66.2 million a year earlier. Employee compensation and benefits reached $70.5 million under standard accounting, against $5.7 million in the third quarter of 2025.

The company's reconciliation strips out $64.8 million of non-cash or non-recurring compensation. That bucket covers amortization of employee equity grants and one-time severance paid to former employees. Without it, compensation was $5.7 million.

The year-ago quarter was also flattered by a $132.0 million unrealized gain on Howard Hughes shares. This quarter that line was a $19.2 million gain.

## Fees rise, distributable earnings slip

Fee-related earnings, the company's measure of profit from recurring management fees, rose to $63.7 million from $56.5 million a year earlier, with a margin of 84.2%. Management fees on the company's adjusted basis were $75.6 million.

Distributable earnings, the measure of cash available for dividends, fell to $49.5 million, or $0.12 per share, from $56.5 million, or $0.14\. The company booked $11.5 million of taxes and related payables; it said it owed no corporate income tax before this quarter, following its conversion to a corporation tied to its April 30 public offering.

The company paid a [dividend of $0.103](https://www.businesswire.com/news/home/20261102194186/en/Pershing-Square-Inc.-Reports-Third-Quarter-2026-Results?ref=bullished.co) per share on October 20.

## $32.8 billion under management

Assets under management ended September at $32.8 billion, up from $32.5 billion at June 30\. Fee-paying assets reached $23.0 billion, and the company said 98% of them are permanent capital, which investors cannot withdraw at their option.

Pershing Square shares closed at $46.62 on Monday. Ackman and Chief Investment Officer Ryan Israel host an earnings call Tuesday at 9:30 a.m. ET, followed by a public Q&A at 10:30 a.m. ET streamed on X.

Ackman and Israel take questions Tuesday, first on the earnings call at 9:30 a.m. ET and then in the public Q&A at 10:30 a.m. ET.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — PERSHING SQUARE INC. (PS)](https://www.sec.gov/Archives/edgar/data/0002026053/000119312526443749/d141430d8k.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit d141430dex991.htm — PERSHING SQUARE INC. 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0002026053/000119312526443749/d141430dex991.htm?ref=bullished.co) — SEC EDGAR
- [Pershing Square USA, Ltd. to Publish its Quarterly Portfolio Review on November 2, 2026 – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610151630BIZWIRE%5FUSPRX%5F%5F%5F%5F20261015%5FBW215141-1&ref=bullished.co) — Financial Times
- [Pershing Square Holdings, Ltd. to Publish its Quarterly Portfolio Review on November 2, 2026 – Company Announcement - FT.com](https://markets.ft.com/data/announce/detail?dockey=600-202610151630BIZWIRE%5FUSPRX%5F%5F%5F%5F20261015%5FBW654093-1&ref=bullished.co) — Financial Times
- [Pershing Square Inc. Reports Third Quarter 2026 Results](https://www.businesswire.com/news/home/20261102194186/en/Pershing-Square-Inc.-Reports-Third-Quarter-2026-Results?ref=bullished.co) — businesswire.com