Significant Accounting Policies (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Accounting Policies [Abstract] |
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| Summary of Consolidated Balances of PSGP |
The following tables summarize the consolidated balances of PSGP:
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Summarized Financial Information - Pershing Square GP, LLC |
March 31, 2026 |
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December 31, 2025 |
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Statements of Financial Condition |
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Assets |
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Investment in Pershing Square, L.P., at fair value |
$ |
54,669,802 |
|
$ |
79,288,239 |
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Due from affiliates |
|
5,660,559 |
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|
11,800,000 |
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Total assets |
$ |
60,330,361 |
|
$ |
91,088,239 |
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Liabilities and Equity |
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Accrued compensation and benefits |
$ |
8,579,256 |
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$ |
16,593,355 |
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Performance fee distributions payable |
|
5,660,559 |
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|
11,800,000 |
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Total liabilities |
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14,239,815 |
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28,393,355 |
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Non-controlling interest |
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46,090,546 |
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|
62,694,884 |
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Total liabilities and equity |
$ |
60,330,361 |
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$ |
91,088,239 |
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Three months ended March 31, |
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Statements of Operations |
2026 |
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2025 |
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Unrealized gain (loss) on investment in Pershing
Square, L.P. held at fair value |
$ |
(10,943,780 |
) |
$ |
93,128 |
|
Performance allocation from Pershing Square, L.P.(1) |
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- |
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|
157 |
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Profit-sharing partner compensation |
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- |
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(53 |
) |
Net income (loss) attributable to non-controlling interest |
$ |
(10,943,780 |
) |
$ |
93,232 |
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(1) Included in performance fees on PS Holdco's Consolidated Statements of Operations |
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| Summary of Financial Information of Equity Method Investment |
The summarized financial information of the Partnership’s equity method investment in HHH is as follows:
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Summarized Financial Information - HHH |
March 31, 2026 |
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December 31, 2025 |
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Statement of Financial Condition |
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Assets |
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Net investment in real estate |
$ |
7,505,786,000 |
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$ |
7,367,055,000 |
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All other assets |
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3,742,329,000 |
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3,272,406,000 |
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Total assets |
$ |
11,248,115,000 |
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$ |
10,639,461,000 |
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Liabilities and Equity |
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Mortgages, notes, and loans payable, net |
$ |
5,791,296,000 |
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$ |
5,109,828,000 |
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All other liabilities |
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1,606,910,000 |
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1,687,387,000 |
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Total liabilities |
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7,398,206,000 |
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6,797,215,000 |
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Total equity |
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3,849,909,000 |
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3,842,246,000 |
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Total liabilities and equity |
$ |
11,248,115,000 |
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$ |
10,639,461,000 |
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Three months ended March 31, |
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2026 |
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Statement of Operations |
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Total revenues |
$ |
235,917,000 |
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Total expenses |
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(185,368,000 |
) |
Total other income (loss) |
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127,000 |
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Operating income (loss) |
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50,676,000 |
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Net income (loss) |
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8,065,000 |
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Net income (loss) attributable to common stockholders |
$ |
8,226,000 |
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| Schedule of Fixed Assets |
The following table provides the gross balances for each class of fixed assets and total accumulated depreciation and amortization for all asset classes:
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March 31, 2026 |
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December 31, 2025 |
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Asset Class |
Useful Life |
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Leasehold Improvements |
15 |
$ |
28,395,531 |
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$ |
28,395,531 |
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Furniture and Fixtures |
7 |
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2,173,959 |
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|
2,173,959 |
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Office Computers and Equipment |
5 |
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1,559,296 |
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|
1,528,371 |
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Computer Software |
3 |
|
461,305 |
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|
478,725 |
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Total Fixed Assets and Leasehold Improvements (gross) |
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|
32,590,091 |
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32,576,586 |
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Less: Accumulated Depreciation and Amortization |
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(18,172,097 |
) |
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(17,592,861 |
) |
Total Fixed Assets and Leasehold Improvements (net) |
|
$ |
14,417,994 |
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$ |
14,983,725 |
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| Components of Profit-Sharing Partner Compensation Expense |
The following table summarizes the components of profit-sharing partner compensation expense as well as the total distributions resulting from permanent profits-interests:
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Three months ended March 31, |
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2026 |
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2025 |
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Profit-sharing partner compensation |
$ |
11,581,112 |
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$ |
15,090,320 |
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Amortization of unvested grants of permanent profits-interests |
|
185,407 |
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|
357,904 |
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Total profit-sharing partner compensation |
$ |
11,766,519 |
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$ |
15,448,224 |
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LTIP permanent profits-interest distributions |
$ |
6,340,744 |
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$ |
6,736,421 |
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