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.
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.