PS

Pershing Square Inc. is a recently public alternative asset manager built around a deliberately unusual model: approximately $26.6 billion in total AUM and $17.0 billion in Fee-Paying AUM as of March 31, 2026, of which 96% is permanent capital not subject to investor withdrawal or redemption. That permanence is the crux of the bull case — unlike peers who must constantly raise capital to replace fixed-term and open-ended fund outflows, PS grows organically by compounding its permanent capital, which lets it run lean (no large fundraising apparatus) and invest with a long-term ownership horizon. Management frames the resulting revenue as recurring and predictable, with Preferred Performance Fees on the first five points of return layered on top of retained management fees, so that effectively all earnings are stable, recurring fee-related earnings.

The problem for an investor today is disclosure, not narrative. The XBRL fundamentals section is empty — there is no revenue, net income, margin, equity or ROE figure provided — and the filing itself cautions that the historical financials belong to its predecessor PS Holdco and do not give effect to the recent Corporate Conversion and Combined Transaction. With only a price of $33.33 and AUM disclosures to work from, there is no way to relate price to earnings, fee yield, or book value, and no profitability trend to verify management's 'stable, recurring' claim.