Organization	3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. ORGANIZATION Pershing Square Holdco, L.P., a Delaware limited partnership (“PS Holdco”), along with its consolidated subsidiaries (collectively, the “Partnership”), is an alternative asset management company that manages pools of primarily permanent capital invested in long-term, high-return investment strategies. The Partnership includes the consolidated accounts of Pershing Square Capital Management, L.P., a Delaware limited partnership (“PSCM”), which operates as the investment manager of the funds described further below, and PSCM’s general partner, PS Management GP, LLC, a Delaware limited liability company (“PSCM GP”), both of which are held by PS Holdco through Pershing Square Intermediate Holdings, LLC, (“Intermediate Holdings”). Pershing Square Holdco GP, LLC, a Delaware limited liability company (“Holdco GP”), serves as the general partner of PS Holdco. As of March 31, 2026, Pershing Square Partner Group, LLC, a Delaware limited liability company (“PSPG”), owned 90% of the issued and outstanding limited partnership interests of PS Holdco, with the other 10% owned by the Strategic Investors. The partners who receive profits interests in the Partnership own 100% of PSPG. Investment Manager and Managed Funds PSCM is the investment manager of Pershing Square, L.P., a Delaware limited partnership (“PSLP”), Pershing Square International, Ltd., a Cayman Islands exempted company (“PSINTL” and together with PSLP, the “Private Funds”) and Pershing Square Holdings, Ltd., a publicly traded Guernsey limited liability company (“PSH”, and collectively with the Private Funds, the “Pershing Square Funds”). Further, PSCM provides investment advisory and other services to Howard Hughes Holdings Inc. (“HHH”) under a services agreement dated May 5, 2025 (the “HHH Services Agreement”). PSCM’s primary sources of revenue are management fees from the Pershing Square Funds and HHH, as well as performance fees from PSH and PSINTL. PSCM is registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) and with the Commodity Futures Trading Commission (“CFTC”) as the commodity pool operator of the Pershing Square Funds under the Commodity Exchange Act, as amended.

Organization

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION

Pershing Square Holdco, L.P., a Delaware limited partnership (“PS Holdco”), along with its consolidated subsidiaries (collectively, the “Partnership”), is an alternative asset management company that manages pools of primarily permanent capital invested in long-term, high-return investment strategies. The Partnership includes the consolidated accounts of Pershing Square Capital Management, L.P., a Delaware limited partnership (“PSCM”), which operates as the investment manager of the funds described further below, and PSCM’s general partner, PS Management GP, LLC, a Delaware limited liability company (“PSCM GP”), both of which are held by PS Holdco through Pershing Square Intermediate Holdings, LLC, (“Intermediate Holdings”).

Pershing Square Holdco GP, LLC, a Delaware limited liability company (“Holdco GP”), serves as the general partner of PS Holdco. As of March 31, 2026, Pershing Square Partner Group, LLC, a Delaware limited liability company (“PSPG”), owned 90% of the issued and outstanding limited partnership interests of PS Holdco, with the other 10% owned by the Strategic Investors. The partners who receive profits interests in the Partnership own 100% of PSPG.

Investment Manager and Managed Funds

PSCM is the investment manager of Pershing Square, L.P., a Delaware limited partnership (“PSLP”), Pershing Square International, Ltd., a Cayman Islands exempted company (“PSINTL” and together with PSLP, the “Private Funds”) and Pershing Square Holdings, Ltd., a publicly traded Guernsey limited liability company (“PSH”, and collectively with the Private Funds, the “Pershing Square Funds”). Further, PSCM provides investment advisory and other services to Howard Hughes Holdings Inc. (“HHH”) under a services agreement dated May 5, 2025 (the “HHH Services Agreement”). PSCM’s primary sources of revenue are management fees from the Pershing Square Funds and HHH, as well as performance fees from PSH and PSINTL.

PSCM is registered with the U.S. Securities and Exchange Commission (“SEC”) as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) and with the Commodity Futures Trading Commission (“CFTC”) as the commodity pool operator of the Pershing Square Funds under the Commodity Exchange Act, as amended.