Pershing Square Inc. reported a net loss of $147.59 million for the first quarter of 2026. This compares to a net income of $19.73 million in the same period last year. Revenue increased 10% year-over-year to $57.51 million. A drop in the value of its investment portfolio primarily drove the loss.
Its 13F filing showed the managed portfolio value decreased from approximately $15.5 billion to $13.7 billion. The firm generated fee-related earnings of $47.7 million. Distributable earnings reached $47.8 million for the quarter. Portfolio adjustments included initiating a new position in Microsoft. The firm also exited its stake in Hilton Worldwide.