Pershing Square Posts Q2 Loss of $42.7M as AUM Climbs to $32.5B
PS sits 75% above its 52-week low of $22.01 on light trading volume (0.3× avg).
Summary
Pershing Square reported a Q2 GAAP net loss of $42.7 million, but Distributable Earnings of $54.3 million and AUM growth to $32.5 billion highlight the strength of its fee-generating business.
Key Events · Earnings and Guidance · PS
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Q2 GAAP Net Loss
Net loss attributable to Pershing Square Inc. was $42.7 million, or $0.11 per share, compared to net income of $23.7 million in Q2 2025.
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Distributable Earnings
Non-GAAP Distributable Earnings were $54.3 million, or $0.14 per share, up 10% from $49.5 million in Q2 2025.
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AUM Growth
Total AUM reached $32.5 billion as of June 30, 2026, up 22.1% from the prior quarter, driven by $5.6 billion in inflows, primarily from the PSUS IPO.
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Dividend Paid
A dividend of $0.122 per common share was paid on July 21, 2026 to shareholders of record on July 13, 2026.
Analysis · PS · Finance
A second-quarter GAAP net loss of $42.7 million, or $0.11 per share, stemmed from a $50.4 million unrealized loss on PSUS shares and elevated profit-sharing partner compensation. Yet the underlying business is expanding: non-GAAP Distributable Earnings reached $54.3 million, or $0.14 per share, and total assets under management climbed to $32.5 billion, up 22% from the prior quarter, reflecting the successful PSUS IPO. The loss is largely non-cash and tied to mark-to-market swings, while fee-related earnings and AUM growth show momentum. Investors will focus on the sustainability of management fees and the impact of the new corporate tax structure going forward.
At the time of this filing, PS was trading at $38.53 on NYSE in the Finance sector, with a market capitalization of approximately $15.5B. The 52-week trading range was $22.01 to $54.94. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.