v3.26.1
Consolidated Statements of Financial Condition - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 46,845,139 $ 55,397,767
Restricted cash 118,935 118,935
Due from affiliates [1] 7,628,285 15,613,554
Prepaid expenses 3,752,967 1,344,606
Investment in Howard Hughes Holdings Inc. ("HHH"), at fair value 569,340,000 717,930,000
Deferred HHH Services Agreement premium 279,498,832 283,158,457
Investment in Pershing Square, L.P., at fair value [1] 54,669,802 79,288,239
Fixed assets and leasehold improvements (net of accumulated depreciation of $18,172,097 and $17,592,861) 14,417,994 14,983,725
Lease right-of-use assets 8,030,946 28,440,786
Other assets 6,173,436 3,465,870
Deferred sublease incentive 0 4,129,121
Performance fees receivable 0 497,330,469
Total assets 990,476,336 1,701,201,529
Liabilities    
Accounts payable 18,789,368 8,620,401
Accrued compensation and benefits [1] 15,398,423 426,093,557
Performance fee distributions payable [1] 10,654,945 54,838,527
Deferred revenue 3,786,000 3,786,000
Deferred tax liability 699,146 0
Taxes payable 262,579 17,029,108
Loans payable 34,800,000 34,800,000
Operating lease liabilities 21,607,859 42,672,771
Affiliates fee rebate payable 0 24,143,741
Distributions payable to partners 0 10,104,536
Total liabilities 105,998,320 622,088,641
Commitments and Contingencies (see Note 7)
Partners' capital    
Partners' capital controlling interests 838,387,470 1,016,418,004
Non-controlling interest in consolidated variable interest entities [1] 46,090,546 62,694,884
Total partners' capital 884,478,016 1,079,112,888
Total liabilities and partners' capital $ 990,476,336 $ 1,701,201,529
[1] Includes amounts attributable to consolidated variable interest entities (“VIEs”) for which Pershing Square Holdco, L.P. does not have any direct equity interests.