| Summary of All Sources of Management Fees |
The following table presents a summary of all sources of management fees:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
2026 |
|
2025 |
|
|
2026 |
|
2025 |
|
Pershing Square Holdings, Ltd. |
$ |
45,693,694 |
|
$ |
46,643,397 |
|
|
$ |
99,927,410 |
|
$ |
95,092,821 |
|
Pershing Square USA, Ltd. |
|
16,535,543 |
|
|
— |
|
|
|
16,535,543 |
|
|
— |
|
Pershing Square, L.P. |
|
1,354,809 |
|
|
2,419,448 |
|
|
|
3,704,778 |
|
|
4,935,572 |
|
Pershing Square International, Ltd. |
|
594,104 |
|
|
1,098,119 |
|
|
|
1,390,547 |
|
|
2,334,940 |
|
HHH Base Management Fee |
|
3,786,000 |
|
|
2,348,901 |
|
|
|
7,572,000 |
|
|
2,348,901 |
|
HHH Variable Management Fee |
|
63,811 |
|
|
540,114 |
|
|
|
63,811 |
|
|
540,114 |
|
Total Management Fees - Gross |
$ |
68,027,961 |
|
$ |
53,049,979 |
|
|
$ |
129,194,089 |
|
$ |
105,252,348 |
|
|
|
|
|
|
|
|
|
|
|
Less: Amortization of Deferred Asset - PS Inc. IPO Shares |
|
(10,192,671 |
) |
|
— |
|
|
|
(10,192,671 |
) |
|
— |
|
Less: Amortization of Deferred HHH Premium |
|
(3,659,625 |
) |
|
(2,292,293 |
) |
|
|
(7,319,250 |
) |
|
(2,292,293 |
) |
|
|
|
|
|
|
|
|
|
|
Total Management Fees - Net |
$ |
54,175,665 |
|
$ |
50,757,686 |
|
|
$ |
111,682,168 |
|
$ |
102,960,055 |
|
|