Pershing Square Q2 10-Q: $42.7M GAAP Loss, $54.3M Distributable Earnings, New $30M Venture Fund Drawdown
PS sits 95% above its 52-week low of $22.01.
Summary
Pershing Square's Q2 10-Q details a $42.7M GAAP loss, $54.3M in distributable earnings, a $30M drawdown to seed a new venture fund, and its first quarterly dividend.
Key Events · Earnings and Guidance · PS
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Q2 GAAP Loss of $42.7M
Net loss attributable to PS Inc. was $42.7 million for Q2 2026, driven by a $50.4 million unrealized loss on PSUS shares and a $74.5 million unrealized loss on HHH shares over six months, partially offset by a $74.1 million Q2 gain on HHH.
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Distributable Earnings of $54.3M
Non-GAAP distributable earnings were $54.3 million for Q2, up 10% year-over-year, reflecting growth in management fees from PSUS and HHH.
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$30M Drawdown for New Venture Fund
On August 12, 2026, the company drew $30 million on its 2026 Revolver to fund seed investments for Pershing Square Ventures, a new fund formed July 8, 2026.
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First Quarterly Dividend Paid
The company paid a dividend of $0.122 per share on July 21, 2026, to shareholders of record July 13, 2026.
Analysis · PS · Finance
Pershing Square's Q2 10-Q confirms the previously reported $42.7 million GAAP net loss, but the full filing reveals a $30 million drawdown on its revolving credit facility to seed a new venture fund, Pershing Square Ventures. The company also paid its first quarterly dividend of $0.122 per share. While the GAAP loss is driven by non-cash mark-to-market declines in its PSUS and HHH investments, distributable earnings of $54.3 million show the core fee-generating business remains profitable. The new fund launch signals continued expansion of permanent capital, but the drawdown increases leverage.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 30.2% of the 1645 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.49%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PS was trading at $43.00 on NYSE in the Finance sector, with a market capitalization of approximately $16.6B. 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.