v3.26.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income (loss) $ (158,533,633) $ 19,824,062
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Unrealized (gain) loss on HHH shares held at fair value 148,590,000  
Write-off of deferred sublease incentive 4,129,121  
Amortization of deferred HHH Services Agreement premium 3,659,625  
Depreciation and amortization expense 579,236 577,583
Non-cash lease expense 286,090 554,973
Amortization of LTIP grants in profit-sharing partner compensation 185,407 357,904
Changes in operating assets and liabilities:    
Performance fees receivable 497,330,469 232,617,820
Due from affiliates 7,985,269 (8,846,702)
Prepaid expenses (2,408,361) 380,908
Investment in Pershing Square, L.P. 24,618,437 9,979,364
Other assets 3,152,939 321,218
Accrued compensation and benefits (410,695,134) (159,632,825)
Affiliates fee rebate payable (24,143,741) (21,661,699)
Taxes payable (16,766,529) (12,641,929)
Accounts payable 10,168,967 4,041,636
Deferred tax liability 699,146  
Operating lease liabilities (941,162) (929,700)
Deferred sublease incentive   127,703
Net cash provided by (used in) operating activities 87,896,146 65,070,316
Cash flows from investing activities    
Purchases of fixed assets and leasehold improvements (13,505) (46,451)
Net cash provided by (used in) investing activities (13,505) (46,451)
Cash flows from financing activities    
Payments for capital distributions (90,574,764) (88,539,348)
Offering costs for Pershing Square USA, Ltd. (5,860,505) (609,686)
Net cash provided by (used in) financing activities (96,435,269) (89,149,034)
Net change in cash and cash equivalents and restricted cash (8,552,628) (24,125,169)
Cash and cash equivalents and restricted cash, beginning of period 55,516,702 964,975,448
Cash and cash equivalents and restricted cash, end of period 46,964,074 940,850,279
Supplemental disclosures:    
Cash paid during the period for income tax 19,277,871 14,650,747
Cash paid during the period for interest 555,079 630,854
Non-cash activities:    
Capital contributions 185,407 357,904
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents 46,845,139 940,731,344
Restricted cash 118,935 118,935
Total cash and cash equivalents and restricted cash, end of period $ 46,964,074 $ 940,850,279