The Company has outstanding equity-based compensation arrangements, including RSUs granted under the Pershing Square Inc. 2026 Equity Incentive Plan and M Units. RSUs are included in diluted EPS using the treasury stock method when their effect is dilutive. M Units are not included in diluted EPS because redemption of M Units is settled using existing shares held by PSPG and does not result in the issuance of additional shares by the Company.

For the three and six months ended June 30, 2026, the Company reported a net loss attributable to PS Inc. Accordingly, the effect of potentially dilutive securities was excluded from diluted earnings per share because inclusion would have been anti-dilutive. As a result, basic and diluted earnings per share were identical for the periods presented.


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Numerator
Net income (loss) attributable to PS Inc., basic and diluted	$	(42,695,385	)	$	23,669,603	$	(190,285,238	)	$	43,400,433
Denominator
Weighted-Average shares of common stock outstanding, basic		400,000,000			400,000,000		400,000,000			400,000,000
Dilutive effect of RSUs		—			—		—			—
Weighted-Average shares of common stock outstanding, diluted		400,000,000			400,000,000		400,000,000			400,000,000
Net income (loss) per share of common stock
Basic	$	(0.11	)	$	0.06	$	(0.48	)	$	0.11
Diluted	$	(0.11	)	$	0.06	$	(0.48	)	$	0.11