Pershing Square Inc. recently released its Q3 2026 investor letter. A copy of the letter can be downloaded here. The letter reported 13% year-over-year growth in third-quarter fee-related earnings (FRE) to $63.7 million, while distributable earnings (DE) before taxes increased 8% to $61.0 million. After taxes, DE totaled $49.5 million, or $0.12 per share, down 12% year over year, primarily due to corporate income taxes following its IPO. Fee-paying assets under management reached approximately $23.0 billion as of September 30, 2026, up 3% sequentially and 4% year over year, with permanent capital representing 98% of the total.
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