v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income (loss) $ (199,078,447) $ 52,682,830
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Unrealized (gain) loss on investments held at fair value 147,337,515 209,504
Non-cash amortization of equity-based compensation 106,491,890 719,785
Non-cash amortization of intangible assets 17,511,921 2,292,293
Write-off of deferred sublease incentive 4,129,121  
Depreciation and amortization expense 1,147,919 1,155,166
Non-cash lease expense 417,406 1,123,789
Non-cash amortization of debt financing 169,153  
Changes in operating assets and liabilities:    
Performance fees receivable 497,330,469 231,665,253
Due from affiliates 14,344,880 (807,634)
Prepaid expenses (3,208,274) 126,018
Other assets 9,013,444 321,218
Accrued compensation and benefits (412,891,044) (158,578,872)
Affiliates fee rebate payable (24,143,741) (21,661,699)
Taxes payable (17,029,108) (13,627,356)
Accounts payable (1,713,418) 1,891,018
Deferred tax liability (8,925,830)  
Operating lease liabilities (1,489,021) (1,873,243)
Deferred HHH Services Agreement premium   (292,770,000)
Deferred revenue   3,750,000
Deferred sublease incentive   255,408
Net cash provided by (used in) operating activities 113,325,113 (193,126,522)
Cash flows from investing activities    
Purchase of investment in PSUS/ HHH, net   (607,230,000)
Purchases of fixed assets and leasehold improvements (23,504) (272,952)
Net cash provided by (used in) investing activities (232,907,504) (607,502,952)
Cash flows from financing activities    
Proceeds from borrowings, net 231,816,083  
Repayment of borrowings (34,800,000)  
Payments for capital distributions (118,062,967) (115,661,319)
Offering costs for Pershing Square USA, Ltd. (5,860,505) (945,556)
Net cash provided by (used in) financing activities 73,092,611 (116,606,875)
Net change in cash and cash equivalents and restricted cash (46,489,780) (917,236,349)
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 9,026,922 47,739,099
Supplemental disclosures:    
Cash paid during the period for income tax 19,277,871 17,501,265
Cash paid during the period for interest 3,371,562 1,198,909
Non-cash activities:    
Capital contributions 537,492,260 719,785
Reconciliation of cash and cash equivalents and restricted cash    
Cash and cash equivalents 8,907,987 47,620,164
Restricted cash 118,935 118,935
Total cash and cash equivalents and restricted cash, end of period 9,026,922 $ 47,739,099
PSUS    
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Gain on deconsolidation of PSUS (15,996,659)  
Changes in operating assets and liabilities:    
Net cash relinquished from deconsolidation of PSUS [1] (93,063)  
Cash flows from investing activities    
Purchase of investment in PSUS/ HHH, net $ (232,884,000)  
[1] Net cash relinquished from deconsolidation of PSUS includes $2.77 billion of gross proceeds raised in the Combined Private Placement which was both received by PSUS and deconsolidated by PS Inc. during the period.