PS

The following discussion should be read in conjunction with the Consolidated Financial Statements and related notes included elsewhere in this Quarterly Report. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management’s expectations. Such factors are discussed in the section entitled “Cautionary Note Regarding Forward-Looking Statements” in this Quarterly Report and the section entitled “Risk Factors” in our IPO Prospectus, as updated by our periodic filings with the SEC, including Part II. Item 1A. Risk Factors in this Quarterly Report. On April 28, 2026, we completed the statutory conversion of Pershing Square Holdco, L.P. (“PS Holdco”), a Delaware limited partnership, to a Nevada corporation named Pershing Square Inc. (the “Corporate Conversion”) in connection with the Combined Transaction. Unless context suggests otherwise, references in this report to “Pershing Square,” “the Company,” “we,” “us,” and “our” refer (i) prior to the completion of the Corporate Conversion, to PS Holdco and its consolidated subsidiaries and (ii) from and after the completion of the Corporate Conversion, to Pershing Square Inc. and its consolidated subsidiaries. Certain amounts, percentages and other figures included in this Quarterly Report have been subject to rounding adjustments. Percentage amounts included in this Quarterly Report have been calculated, in some cases, not on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this Quarterly Report may vary from those obtained by performing the same calculations using the figures on the face of our Consolidated Financial Statements included elsewhere in this Quarterly Report. Certain other amounts that appear in this Quarterly Report may not sum due to rounding. Business Overview We are a leading alternative asset manager with approximately $32.5 billion in total AUM and $22.3 billion in Fee-Paying AUM, of which 98% is permanent capital, as of June 30, 2026. We believe our business model is simple and highly scalable. We employ a disciplined, research-intensive approach to fundamental value investing to preserve and grow our permanent capital at high rates of return using a set of core investment principles and opportunistic asymmetric hedges. We complement our organic growth from time to time with transactions like the Howard Hughes Transaction (described below) and by selectively launching other investment funds and completing other corporate transactions that create permanent capital, in each case, that leverage our core competencies to create large ‘overnight’ (after the completion of a new offering or corporate transaction) increases in our capital base without the requirement for significant new investment in personnel, infrastructure, and operating costs. We believe that we have a distinctive business approach as compared to other alternative asset managers and are well positioned to continue to compound our permanent capital at high rates of return, while continuing to explore opportunities that leverage our core competencies. We conduct our business and generate substantially all of our revenues primarily in the United States through one operating and reportable segment. Our single reportable segment reflects the allocation of our resources, operational decision-making and assessment of our financial performance by our chief operating decision makers using a consolidated, “one-firm approach,” with a single expense pool. Trends Affecting Our Business We benefit from AUM that principally consists of “permanent capital” defined as capital that is not subject to withdrawal or redemption at the option of the fund investor or stockholder. Our organic AUM growth relies primarily on compounding our permanent capital at high rates of return over the long-term. As a result, unlike alternative asset managers who rely in large part on frequent fundraising to replace capital from traditional fixed-term drawdown funds and/or open-ended funds, our results are less sensitive to the market for raising investment capital, and we do not require the headcount and other costs required of a large fundraising operation enabling us to achieve greater operating leverage. Our permanent capital also enables us to invest with a long-term ownership horizon because we are not beholden to short-term investor capital flows. We generate substantially all of our revenue from management fees and performance fees. We retain all of the management fees earned from our funds and HHH. With respect to performance fees, we are entitled to “Preferred Performance Fees,” which are the performance fees earned on the first five percentage points of fund returns, net of management fees, above the applicable high-water mark from certain core funds and subject to certain other offsettable fees. 37 Table of Contents Any realized performance fees in excess of the Preferred Performance Fees, which we refer to as the “Subordinated Performance Fees,” are paid to CompCo and used to compensate our investment professionals and certain other employees. To the extent realized performance fees are insufficient to pay some or all of the Preferred Performance Fee, the unpaid portion accrues to subsequent crystallization periods until paid in full. We believe this arrangement results in recurring revenue that is less volatile and more predictable than conventional performance fee arrangements, with the result that effectively all of our earnings are stable, recurring fee-related earnings. See “—Key Components of Our Results of Operations—Income—Performance Fees—Allocation of Performance Fee Revenue” for an illustration of our Preferred Performance Fee arrangement for the allocation of performance fee revenue, as well as the relevant high-water marks, over the six-year period ending December 31, 2025 and as of June 30, 2026. Because the management fees we earn are a function of the Fee-Paying AUM of our funds and the market capitalization of HHH, and the Preferred Performance Fees we receive depend on appreciation in Net Asset Value above a fund’s high-water mark, our results are correlated with the performance of our funds and the market capitalization of HHH. Our results and the performance of our funds and the market capitalization of HHH, in turn, may be influenced by the following factors: •Macroeconomic Factors. Changes in commodity and retail price inflation, the interest rate environment, consumer demand levels, and other market, economic and geopolitical conditions in the United States and, to an extent, the rest of the world can materially affect the value of the investments held by our funds and HHH. We believe our disciplined investment philosophy, which focuses on seeking investments that are not materially negatively affected by extrinsic factors that we cannot control (i.e., factors that are not inherent to the business itself), has historically contributed to the stability of our performance throughout market cycles. We also look for opportunities to benefit from macroeconomic trends where we have variant views from the public market consensus through our asymmetric hedging strategy, which has been a substantial contributor to our investment strategy’s long-term performance. •Market Dynamics. In recent years, there has been significant equity market and single-name stock price volatility driven in part by the outsized impact of trading activity by short-term, highly leveraged investors who rapidly buy and sell securities based on small surprises in short-term company performance or macroeconomic data. We view such volatility as beneficial to fundamental value investors that manage permanent capital because it can create attractive buying opportunities coupled with a high degree of liquidity. •Commitment to Fund Investors. Our fund investors come first. While we believe that our commitment to our fund investors is in the long-term interest of our business and our common stockholders, in prioritizing our fund investors, we may take actions that could reduce our profits in the short term. For example, in February 2024, we amended the investment management agreement between PSH and PSCM to provide for a fee offset arrangement that reduces the performance fees we receive from PSH as a function of the fees we receive from other funds we manage, which, following the Combined Transaction, include “offsettable management fees” from PSUS. For more information, please see “—Key Components of our Results of Operations—Income—Performance Fees” below. Similarly, in connection with the Howard Hughes Transaction, we reduced the management fees paid to PSCM by PSH and the private funds. The reduction was calculated as the HHH Fees (as defined below) multiplied by the percentage of HHH’s shares outstanding held by each such fund attributable to fee-paying capital. •Selective Launch of Other Investment Funds. In addition to continuing to compound our permanent capital at high rates of return, our growth strategy may include launching new funds or completing transactions that increase our permanent capital that leverage our core competencies from time to time. Such opportunistic inorganic AUM growth will be impacted by fundamental asset management trends that include (i) the shifting asset allocation preferences of individual investors and (ii) participation rates by retail investors in public equity markets. We believe our track record of innovation, large brand-name profile and substantial media following will assist us in launching new funds and strategies that are responsive to evolving investor demands. 38 Table of Contents Howard Hughes Transaction On May 5, 2025, we completed the Howard Hughes Transaction. Upon completion of the transaction, we along with our core funds owned 46.9% of outstanding shares of HHH common stock, although we have agreed generally to limit our voting power to 40.0% and our beneficial ownership to 47.0% of which 15.1% is owned by the Company and 31.0% is owned by the core funds (other than PSUS) as of June 30, 2026. The compensation earned under the terms of the HHH Services Agreement is described below under “Management Fees – HHH Fees.” We intend to assist in transforming HHH, a long-term holding of our core funds, into a diversified holding company. On June 4, 2026, HHH completed the previously announced acquisition of Vantage Group Holdings, Ltd. (“Vantage” and such acquisition, the “Vantage Acquisition”), a privately held specialty insurance and reinsurance holding company, for approximately $2.1 billion in cash. In connection with the closing, PSCM became the investment manager for Vantage and its insurance company subsidiaries for no incremental fee pursuant to investment management agreements. Combined Transaction On April 30, 2026, we and PSUS closed the Combined IPO of our common stock and PSUS Shares. In connection with the closing of the Combined IPO, we and PSUS also closed the Combined Private Placement of shares of our common stock and PSUS Shares. Gross proceeds to PSUS from the Combined Transaction, before deducting sales loads, placement fees and other offering expenses, were $5.0 billion, comprised of $2.026 billion raised in the PSUS IPO and $2.974 billion raised in the PSUS Private Placement (which includes our $200 million common shares investment in the PSUS Private Placement as part of the Anchor Investment (described below)). We delivered to each initial investor in the PSUS IPO, for no additional consideration, 1 share of our common stock for every 5 PSUS Shares purchased in the PSUS IPO. Similarly, we delivered to each investor (but not to us in connection with our $200 million private placement investment) in the PSUS Private Placement, for no additional consideration, 1.5 shares of our common stock for every 5 PSUS Shares purchased in the PSUS Private Placement. Shares of our common stock and PSUS Shares began trading on the New York Stock Exchange under the trading symbols "PS" and "PSUS", respectively, on April 29, 2026. In connection with the PSUS IPO and PSUS Private Placement, we invested (i) $250 million (including the initial $17.1 million invested prior to the Combined Transaction) comprising (a) $200 million of common shares in the PSUS Private Placement and (b) $50 million of preferred shares in another private placement completed in connection with and upon completion of the PSUS IPO and (ii) agreed to maintain $100 million and $50 million of our investment in PSUS common and preferred shares (or substantially equivalent economic position), respectively, for at least 25 years following the consummation of the Combined Transaction, subject to certain exceptions and unless prohibited by applicable law (the “Anchor Investment”). We financed this additional investment using borrowings under the Senior Credit Facilities described under " — Liquidity and Capital Resources." For periods following the completion of the PSUS IPO, as investment manager, PSCM provides management services to PSUS and earns a quarterly management fee equal to 0.5% (2.0% on an annual basis) of the NAV of PSUS, payable in advance at the beginning of each quarter. A portion of these management fees from PSUS, or the “offsettable management fees,” will reduce the performance fees we receive from PSH. We are not entitled to any type of performance fee or incentive allocation from PSUS. We have not and do not expect to incur material incremental recurring general and administrative expense as a result of the PSUS IPO, although we incurred one-time transaction costs. As a result of the Combined Transaction, we recognized a deferred asset (“Deferred Asset - PS Inc. IPO Shares”) for the fair value (the “Share Value”) of the shares of our common stock delivered, for no additional consideration, to each initial investor in the PSUS IPO and each investor in the PSUS Private Placement (each, a “private placement investor”). Corporate Conversion For periods prior to the Corporate Conversion, we were historically treated as a partnership for U.S. tax purposes and were not subject to U.S. federal income taxes, although we were subject to certain state and local taxes as discussed in Note 2, “Significant Accounting Policies—Income Taxes” of the Consolidated Financial Statements included elsewhere in this Quarterly Report. In connection with the Combined Transaction, we completed the Corporate Conversion effective April 28, 2026. For periods following the Corporate Conversion, we are taxed as a corporation for U.S. federal and state income tax purposes and subject to UBT income tax. We refer to this conversion throughout this Quarterly Report as the “Corporate Conversion.” See “Summary—Reorganization Transactions—Corporate Conversion” in our IPO Prospectus for more information on the Corporate Conversion. 39 Table of Contents Factors Affecting Comparability Our results of operations in periods following the Combined Transaction may not be comparable to our historical results of operations, principally for the following reasons: •Accounting Impact of the HHH Transaction and the Combined Transaction on Revenue. In connection with the completion of the HHH Transaction on May 5, 2025, we recognized a $292.8 million deferred asset for the premium paid above HHH’s publicly traded share price (the “Deferred HHH Premium”), which is deemed for accounting purposes to represent the amount paid to obtain the HHH Services Agreement. The Deferred HHH Premium is amortized as contra-revenue in management fees on a straight-line basis over a period of 20 years beginning May 5, 2025. In connection with the completion of the Combined Transaction on April 30, 2026, we recognized a $610.2 million deferred asset for the relative fair value of the shares of PS Inc. common stock delivered, for no additional consideration, to each investor in the PSUS IPO and each private placement investor. The Deferred Asset - PS Inc. IPO Shares is amortized as contra-revenue in management fees on a straight-line basis over a period of 10 years beginning April 30, 2026. Accordingly, although our management fees have increased following the HHH Transaction and the Combined Transaction, they are subject to a non-cash contra-revenue adjustment for the amortization of the Deferred HHH Premium and the Deferred Asset - PS Inc. IPO Shares. •Discontinuation of Affiliates Fee Rebate. Following the Combined Transaction, we no longer provide fee rebates to our employees and their affiliates who own PSH shares for management and performance fees attributable to such shares. Accordingly, we no longer bear the related expense. •Compensation Costs Related to Combined Transaction. Under the terms of the Long Term Incentive Plan (the “LTIP”), the Combined Transaction constituted a “Terminal Value Event,” entitling certain partners to an increase in their permanent profits-interests (defined below in “Changes to Compensation Arrangements”). Additionally, certain partners who held PSH shares received additional permanent profits-interests in connection with the discontinuation of the affiliate fee rebate, as discussed above. The increase in permanent profits-interests in both cases was deemed a new grant under ASC 718 with immediate vesting. The grant date fair value of $61.0 million was recognized in profit-sharing partner compensation. •Changes to Compensation Arrangements. For periods prior to the Combined Transaction, we recognized profit-sharing partner compensation expense related to our cash-based profits interests and a portion of our LTIP (collectively, the “non-permanent profits-interests”). Cash distributions to our founder and certain partners with respect to the permanent portion of their LTIP awards (the “permanent profits-interests”) were recognized as capital distributions. In connection with the Combined Transaction: (i) the permanent profits-interests were converted to shares of PS Inc. common stock and (ii) the non-permanent profits-interests were converted to redeemable interests in PSPG (the “M Units”) which vest generally over a period of 10 years and, upon vesting, may be redeemed for shares of PS Inc. common stock. Amortization expense associated with the vesting of such M Units, which is calculated based on the grant date fair value of the M Units, is recorded in employee compensation and benefits. The shares of PS Inc. common stock associated with unvested M Units will receive dividends, which will be recorded in equity. See “—Changes in Equity Ownership following the Combined Transaction” and “—Key Components of Our Results of Operations—Expenses” below for more information. Additionally, there is an arrangement for the allocation of performance fees between PS Inc. and CompCo, which compensates our senior professionals. Prior to the Combined Transaction, we recorded the Subordinated Performance Fee paid to CompCo in profit-sharing partner compensation. Subsequent to the Combined Transaction, 40 Table of Contents we will recognize the Subordinated Performance Fee in employee compensation and benefits. See “—Allocation of Performance Fee Revenue” below for more information. •Tax Treatment. As a limited partnership, PS Holdco was not subject to U.S. federal income taxes, although it was subject to certain state and local taxes including the UBT. Following the Corporate Conversion in connection with the Combined Transaction, PS Inc. is subject to U.S. federal and state income taxes applicable to corporations. Changes in Equity Ownership following the Combined Transaction In connection with the Combined Transaction, we delivered, for no additional consideration, 1 share of our common stock for every 5 PSUS Shares purchased in the PSUS IPO and 1.5 shares of our common stock for every 5 PSUS Shares purchased in the PSUS Private Placement. The issuance of 24,747,254 shares of our common stock to the investors in the Combined Transaction was accompanied by a contribution (the “IPO Contribution”) to PS Inc. of an equal number of shares of our common stock by our founder and partners (our “pre-IPO management owners”). Accordingly, although the Combined Transaction resulted in a decrease in the ownership of PS Inc. common stock by our pre-IPO management owners, on the one hand, and an increase in the ownership by the investors in the Combined Transaction, on the other hand, it did not result in any change in the total number of our shares of common stock outstanding. There was no change in the 10% ownership of PS Inc. common stock by the Strategic Investors, pursuant to the terms of the Strategic Investment. The following table presents the equity holdings of the relevant ownership groups immediately before and after the Combined Transaction, inclusive of the conversions described in “—Factors Affecting Comparability—Changes to Compensation Arrangements.” Prior to Combined Transaction Immediately Subsequent to Combined Transaction Shares of PS Inc. Common Stock(1) Shares of PS Inc. Common Stock(2) Immediately Vested M Units(3) Unvested M Units(4) Total(5) Strategic Investors 40,000,000 40,000,000 - - 40,000,000 Investors in the Combined Transaction - 24,747,254 - - 24,747,254 Founder 192,878,204 93,125,763 86,493,537 - 179,619,300 Partners 167,121,796 57,837,284 - 97,796,162 155,633,446 Total 400,000,000 215,710,301 86,493,537 97,796,162 400,000,000 (1)Represents the breakdown of PS Inc. common stock ownership immediately prior to the Combined Transaction, but subsequent to the granting of additional permanent profits-interests to our partners described in “—Factors Affecting Comparability—Compensation Costs Related to Combined Transaction.” (2)With respect to our partners, this column presents the shares of PS Inc. common stock resulting from the conversion of their permanent profits-interests in connection with the Combined Transaction, after giving effect to the IPO Contribution. (3)Represents the M Units held by our founder, which are immediately redeemable for PS Inc. shares held by PSPG. (4)Represents the M Units held by our partners, which are redeemable for PS Inc. shares held by PSPG, subject to vesting and forfeiture. These M Units were granted in replacement of the non-permanent profits-interests held by certain partners prior to the Corporate Conversion, after giving effect to the IPO Contribution. See “—Key Components of Our Results of Operations—Expenses—Employee Compensation and Benefits” for more information. (5)Represents, in the case of our founder, the sum of his PS Inc. shares and vested M Units, and, in the case of our partners, the sum of their PS Inc. shares and unvested M Units in aggregate upon the closing of the Combined Transaction. In each case, PSPG owns the PS Inc. shares for which the M Units can be redeemed. Key Components of Our Results of Operations Income We generate substantially all of our revenue from management fees and performance fees under the terms of the investment management agreements with the funds we manage. We also earn revenue from management fees under the terms of the HHH Services Agreement. The simplified diagram below depicts the management fees and performance fees we earn from our core funds and HHH as of June 30, 2026. The diagram below is presented for illustrative purposes only to facilitate an understanding of our revenue streams following the completion of the Corporate Conversion and Combined Transaction. 41 Table of Contents * Management fee presented on an annual basis. † 20% of PSUS’s management fees are “offsettable management fees” which reduce the Variable Performance Fee PSCM receives from PSH. PSH’s Variable Performance Fee is also reduced by 20% of the performance fees earned by PSCM from non-PSH funds. See “—Performance Fees” below for more information. Management Fees – Core Funds Management fees consist of fees earned by PSCM for providing management and administrative services to our funds. PSCM acts as an investment manager providing management and administrative services to PSUS, PSH, and our private funds in accordance with each of their investment management agreements. As compensation for services to PSUS, PSCM receives a quarterly management fee equal to 0.5% (2.0% on an annual basis) of the Net Asset Value of PSUS, and as compensation for services to PSH and our private funds, PSCM receives a quarterly management fee equal to 0.375% (1.5% on an annual basis) of the Net Asset Value, before any accrued performance fees or allocation, (i) with respect to PSH, of its fee-paying shares, (ii) with respect to PSLP, of the capital accounts relating to each of its fee-paying limited partners, and (iii) with respect to PSINTL, of each series of its fee-paying shares. In connection with the Howard Hughes Transaction, we reduced the management fees paid to PSCM by PSH and the private funds by an amount, which was calculated as the HHH Fees multiplied by the percentage of HHH’s shares held by each such fund attributable to its fee-paying capital. Management fees from our funds are recognized over the period during which the related services are performed. See “Business—Advisory Fees and Compensation” in the IPO Prospectus for more information. Management fees earned from our funds are generally calculated and paid to us quarterly in advance, based on the amount of fee-paying assets under management at the beginning of the quarter. Management fees are prorated for capital contributions in our private funds received during the quarter. Accordingly, changes in our management fee revenue from quarter to quarter are driven by changes in the quarterly balances of fee-paying assets under management and the relative magnitude and timing of contributions and withdrawals in our private funds in a given quarter. 42 Table of Contents Management Fees – HHH Fees Management fees also consist of the quarterly HHH Fees earned by PSCM for providing investment advisory and other services to HHH. Pursuant to the HHH Services Agreement, we support HHH’s new diversified holding company strategy by providing services to HHH, such as (i) investment advisory services, (ii) making recommendations with respect to hedging, balance sheet optimization and capital allocation, (iii) executing transactions, (iv) assisting HHH with business and corporate development functions, (v) making voting recommendations for HHH’s investments, (vi) assisting with and advising on fundraising, (vii) monitoring operations of HHH and its investments, subject to the day-to-day authority and responsibility of HHH’s management, (viii) providing recommendations for persons to serve as designees or deputies of HHH’s Chief Investment Officer, (ix) engaging and supervising HHH’s third-party service providers, (x) making dividend payment recommendations, and (xi) providing other services as may be agreed upon. As compensation for providing services to HHH, we agreed to a (i) a quarterly base fee (the “HHH Base Management Fee”) of $3,750,000 ($15,000,000 on an annual basis) and (ii) a quarterly variable fee (the “HHH Variable Management Fee” and together with the HHH Base Management Fee, the “HHH Fees”) equal to 0.375% of the excess value of the quarter-end per share stock price of HHH common stock over an initial reference share price of $66.1453, multiplied by a reference share count of 59,393,938 shares. The HHH Base Management Fee and reference share price are subject to annual adjustment for inflation, based on the Core PCE Price Index, and the reference share price and reference share count are subject to adjustment for stock splits, reclassifications or similar capital changes. The HHH Base Management Fee is calculated and paid to us quarterly in advance at the beginning of each quarter. For the 2026 calendar year, the HHH Base Management Fee increased to $3,786,000 per quarter due to the inflation adjustment. The HHH Variable Management Fee is calculated and paid to us quarterly no later than fifteen days following the end of each quarter, based on the volume-weighted average trading price of HHH common stock for the fifteen trading days ending on the last trading day of such quarter. Accordingly, changes in our revenue from the HHH Variable Management Fee will be driven by changes in the stock price of HHH common stock from quarter to quarter. As of June 30, 2026, the reference share price was $67.6695 and the volume-weighted average trading price of HHH common stock for the fifteen trading days ending on June 30, 2026 was $67.9560. Management Fees – Contra-Revenue We recognized a $292.8 million deferred asset for the premium paid above HHH’s publicly traded share price, which is deemed for accounting purposes to represent the amount paid to obtain the HHH Services Agreement when we completed the Howard Hughes Transaction. The Deferred HHH Premium is amortized as contra-revenue in management fees on a straight-line basis over a period of 20 years beginning May 5, 2025. In addition, we recognized a $610.2 million deferred asset for the relative fair value of the shares of PS Inc. common stock delivered, for no additional consideration, to each investor in connection with the Combined Transaction. The Share Value is amortized as contra-revenue in management fees on a straight-line basis over a period of 10 years beginning April 30, 2026. The following table presents a summary of the expected amortization of the Deferred HHH Premium and Deferred Asset - PS Inc. IPO Shares, to be amortized as contra-revenue, for each of the periods presented below: For the Years Ended December 31, Deferred HHH Premium Deferred Asset - PS Inc. IPO Shares 2026 (Remaining) $ 7,319,250 $ 30,745,104 2027 14,638,500 60,988,931 2028 14,638,500 61,156,024 2029 14,638,500 60,988,931 2030 14,638,500 60,988,931 43 Table of Contents The amortization of the Deferred HHH Premium and the Deferred Asset - PS Inc. IPO Shares are non-cash charges and do not affect our cash flows from operations. The following table presents a summary of all sources of management fees for the three and six months ended June 30, 2026 and 2025: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Pershing Square Holdings, Ltd. $ 45,693,694 $ 46,643,397 $ 99,927,410 $ 95,092,821 Pershing Square USA, Ltd. 16,535,543 — 16,535,543 — Pershing Square, L.P. 1,354,809 2,419,448 3,704,778 4,935,572 Pershing Square International, Ltd. 594,104 1,098,119 1,390,547 2,334,940 HHH Base Management Fee 3,786,000 2,348,901 7,572,000 2,348,901 HHH Variable Management Fee 63,811 540,114 63,811 540,114 Total Management Fees - Gross $ 68,027,961 $ 53,049,979 $ 129,194,089 $ 105,252,348 Less: Amortization of Deferred Asset - PS Inc. IPO Shares (10,192,671 ) — (10,192,671 ) — Less: Amortization of Deferred HHH Premium (3,659,625 ) (2,292,293 ) (7,319,250 ) (2,292,293 ) Total Management Fees - Net $ 54,175,665 $ 50,757,686 $ 111,682,168 $ 102,960,055 Performance Fees Performance fees consist of fees and allocations earned by PSCM, as investment manager, from certain of our funds generally based on the NAV appreciation of such funds above a high-water mark. We recognize performance fees from PSH on a “net” basis giving effect to the “fee offset arrangement” as described below. Performance fees or allocation, if earned, are payable upon the occurrence of crystallization events, which include, but are not limited to, December 31 of each year, withdrawals or capital redemptions from our private funds and PSH’s payment of dividend. Any crystallized or accrued performance fees for PSINTL and PSH earned during the year and outstanding at year-end are reported within performance fees receivable. We are not entitled to any type of performance fee or incentive allocation from PSUS. PSCM receives a “Variable Performance Fee” from PSH in an amount equal to 16% of the NAV appreciation (before giving effect to accrued performance fees) attributable to the fee-paying shares of PSH above a high-water mark minus a fee reduction of (i) 20% of the performance fees earned by PSCM from non-PSH funds (currently only PSLP and PSINTL) and (ii) 20% of management fees earned from PSUS and any future non-PSH funds that invest in public securities and do not charge performance fees. We refer to this arrangement as the “fee offset arrangement” in this Quarterly Report. In the event the offsettable fees in respect of a previous calculation period exceed the 16% of the NAV appreciation described above, the excess amount is carried forward to the next calculation period. See Note 4, “Related Party Transactions—Performance Fees / Allocations” to our Consolidated Financial Statements included in this Quarterly Report for more information. We consolidate the results of PSGP, which earns a performance allocation from PSLP. However, because we do not have any direct equity interests in PSGP, 100% of these performance allocations are reflected in non-controlling interest on our Consolidated Statements of Operations included in this Quarterly Report. See Note 2, “Significant Accounting Policies—Consolidation—PSGP” of the Consolidated Financial Statements included elsewhere in this Quarterly Report for a summary of the consolidated balances of PSGP. Additionally, refer to “—Net (Income) Loss Attributable to Non-Controlling Interest” for more information. Allocation of Performance Fee Revenue Performance fees earned by PSCM are allocated between us and CompCo pursuant to (i), prior to the Combined Transaction, the Variable Compensation Agreement, dated as of May 31, 2024, by and among PS Holdco, PSCM, and CompCo (as amended and 44 Table of Contents restated on March 3, 2026, the “VCA”) that was entered into in connection with the Strategic Investment and (ii), after the Combined Transaction, the Fourth Amended and Restated Agreement of Limited Partnership of PSCM, dated as of April 28, 2026, by and among PSCM GP, PS Inc., and CompCo (as amended and restated, the “PSCM LP Agreement”). See “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Variable Compensation Agreement and Subordinated Profits Interest” in our IPO Prospectus for more information. The VCA had two primary purposes: (1) to provide us with a preferred return-like entitlement of performance fees, which we refer to as the ‘‘Preferred Performance Fees,’’ received by our principal operating subsidiary, PSCM, and (2) to provide an important source of compensation for certain of our personnel, including our investment professionals, consistent with our historical practice of tying a significant portion of the compensation earned by such personnel, including our named executive officers, directly to the performance of the funds we manage. The VCA was terminated in connection with the Combined Transaction and the rights to the allocations of performance fee revenue were instead granted through profits interests in PSCM, as established in the PSCM LP Agreement, pursuant to which PS Inc. has a Preferred Profits Interest and CompCo has a Subordinated Profits Interest. These profits interests under the PSCM LP Agreement provide for the same allocation of performance fees between us and CompCo as under the VCA. Preferred Performance Fees are earned from the first five percentage points of fund returns, net of management fees, above the applicable high-water mark from certain core funds and subject to certain other offsettable fees. The amount of the Preferred Performance Fees that is paid in any period depends on our realized performance fees. As a result, variability in our fund performance, which impacts both the high-water mark for a period (and accordingly, the corresponding Preferred Performance Fee) and our realized performance fees, can result in variability in the amounts paid to PS Inc. in any period in respect of the accrued Preferred Performance Fees. However, any portion of the Preferred Performance Fee that PS Inc. is entitled to receive from a fund that is not paid in a given period will accrue to the next period’s Preferred Performance Fee for such fund until paid by such fund. We believe this creates a more stable stream of recurring fee-related earnings over the long-term because of the consistency in the calculation of the Preferred Performance Fee that we are entitled to receive. The table below presents the allocation of realized performance fees, as adjusted for offsettable fees pursuant to the fee offset arrangement, between PS Inc. and CompCo pursuant to the VCA and PSCM LP Agreement, as applicable, that would have been required using our actual results for the periods presented. As illustrated below, the Preferred Performance Fee that PS Inc. is entitled to receive for a given period is a function of the applicable high-water mark of the fee-paying investors in a fund, as calculated as of January 1 for such period, as adjusted for capital activity and share buybacks. The table below has not been prepared in accordance with Article 11 of Regulation S-X and is presented for illustrative purposes only to facilitate an understanding of how the VCA and PSCM LP Agreement as the successor arrangement operate. Pershing Square Holdings, Ltd. As of December 31, As of June 30, (in millions) 2020 2021 2022 2023 2024 2025 2026 High water mark of performance fee-paying investors(1) $ 5,198.3 $ 9,052.5 $ 10,935.8 $ 10,524.0 $ 11,899.7 $ 12,543.8 $ 14,868.5 [A] Current year’s Preferred Performance Fee(2) 41.6 72.4 87.5 84.2 95.2 100.4 118.9 [B] = [A] * 16% * 5% Less: Offsettable Management Fees(3) — — — — — — (3.3 ) [C] Current year’s Preferred Performance Fee owed to PS Inc.(4) 41.6 72.4 87.5 84.2 95.2 100.4 115.6 [D] = [B] + [C] Realized PSH Performance Fees(5) 665.6 453.2 — 306.2 226.6 489.2 — [E] Plus: Offsettable Performance Fees(6) 16.0 3.6 — 2.1 1.7 2.6 — [F] PSH Performance Fees available for allocation(7) 681.6 456.9 — 308.2 228.2 491.8 — [G] = [E] + [F] Current year’s Preferred Performance Fee paid to PS Inc.(8) 41.6 72.4 — 84.2 95.2 100.4 — [H] = MIN ([D], [G]) Preferred Performance Fee Carryforward(9) from prior year(s) paid to PS Inc.(10) — — — 87.5 — — — [I] = MIN (([G] - [H]),Prior Year [K]) Total Preferred Performance Fees paid to PS Inc.(11) 41.6 72.4 — 171.7 95.2 100.4 — [J] = [H] + [I] Preferred Performance Fee Carryforward(9) — — 87.5 — — — 115.6 [K] = MAX (([D] +Prior Year [K] - [J]), 0) Subordinated Performance Fees paid to CompCo(12) $ 640.0 $ 384.5 $ — $ 136.5 $ 133.1 $ 391.5 $ — [L] = [G] - [J] 45 Table of Contents Pershing Square International, Ltd. As of December 31, As of June 30, (in millions) 2020 2021 2022 2023 2024 2025 2026 High water mark of performance fee paying investors(1) $ 593.2 $ 391.8 $ 389.9 $ 361.9 $ 384.0 $ 281.8 $ 197.9 [A] Current year’s Preferred Performance Fee owed to PS Inc.(2) 4.7 3.1 3.1 2.9 3.1 2.3 1.6 [B] = [A] * 20% * 80% * 5% Realized PSINTL Performance Fees(5) 79.9 18.2 — 10.3 8.3 13.1 — [C] Less: Offsettable Performance Fees(6) (16.0 ) (3.6 ) — (2.1 ) (1.7 ) (2.6 ) — [D] PSINTL Performance Fees available for allocation(7) 63.9 14.5 — 8.3 6.6 10.5 — [E] = [C] + [D] Current year’s Preferred Performance Fee paid to PS Inc.(8) 4.7 3.1 — 2.9 3.1 2.3 — [F] = MIN ([B], [E]) Preferred Performance Fee Carryforward(9) from prior year paid to PS Inc.(10) — — — 3.1 — — — [G] = MIN (([E] - [F]), Prior Year [I]) Total Preferred Performance Fees paid to PS Inc.(11) 4.7 3.1 — 6.0 3.1 2.3 — [H] = [F] + [G] Preferred Performance Fee Carryforward(9) — — 3.1 — — — 1.6 [I] = MAX (([B] +Prior Year [I] - [H]), 0) Subordinated Performance Fees paid to CompCo(12) $ 59.2 $ 11.4 $ — $ 2.3 $ 3.6 $ 8.3 $ — [J] = [E] - [H] (1)The high-water mark can vary from year to year depending on changes in the Net Asset Value and amount of fee-paying assets in a fund. (2)Represents an amount equal to the performance fees PSCM would have earned from the fund, as described under “Business—Advisory Fees and Compensation” in the IPO Prospectus, if such fund had experienced a return, net of management fees, of 5% per annum above its high-water mark, subject to certain adjustments for non-PSH funds which reflect the fee offset arrangement described above under “—Key Components of Our Results of Operations—Income—Performance Fees.” For non-PSH funds from which PSCM is entitled to receive performance fees (currently only PSINTL), the performance fees that would have been earned if such fund had experienced a net of management fees return of 5% per annum above its high-water mark are reduced by the offsettable performance fees for such fund. As an example, for PSINTL, which pays PSCM a 20% performance fee, of which 20% is an offsettable performance fee pursuant to the fee offset arrangement, the current year’s Preferred Performance Fee owed to PS Inc. would represent 0.8% of PSINTL’s high-water mark (the product of 80% * 20% * 5%). For clarity, the current year’s Preferred Performance Fee initially calculated for PSH, which pays PSCM a 16% performance fee, is not similarly reduced by the fee offset arrangement and represents 0.8% of PSH’s high-water mark (the product of 16% * 5%). (3)Includes the gross amount of management fees available from certain non-PSH funds pursuant to the investment management agreement between PSH and PSCM to reduce the Preferred Performance Fee calculated for PSH. For periods following completion of the Combined Transaction, the gross amount of such offsettable management fees consist of 20% of PSUS’s management fees. (4)Represents an amount equal to the performance fees PSCM would have earned from PSH, if PSH had experienced a return, net of management fees, of 5% per annum above its high-water mark, subject to certain adjustments for the offsettable management fees. For periods following completion of the Combined Transaction, the gross amount of such offsettable management fees consist of 20% of PSUS’s management fees. (5)Refers to the performance fees PSCM earned from the fund, after giving effect to the fee offset arrangement. Pursuant to the investment management agreement between PSH and PSCM, a portion of the performance fees available from certain non-PSH funds reduce the performance fee paid by PSH to PSCM. As of June 30, 2026, the gross amount of such offsettable performance fees consists of (i) 20% of PSLP’s performance allocations, (ii) 20% of PSINTL’s performance fees, and (iii) 20% of PSUS’s management fees. (6)In the case of PSH, the offsettable performance fees of PSINTL (i.e., 20% of the realized performance fees of PSINTL) are added back to the realized PSH performance fees for purposes of determining the PSH performance fees available for allocation. To avoid double counting, these offsettable performance fees of PSINTL are excluded from the calculation of the PSINTL performance fees available for allocation. (7)Refers to the amount available in a given year, if any, to satisfy payment of the Preferred Performance Fee and any Preferred Performance Fee Carryforward, as described in note (9), then owed to PS Inc. (8)Refers to the amount distributed to PS Inc. from PSCM with respect to the current year’s Preferred Performance Fee, had this arrangement been in effect for the period presented, in an amount equal to the lesser of (i) the current year’s Preferred Performance Fee then owed to PS Inc. and (ii) the performance fees available for allocation to the PS Inc. and CompCo. For example, had this arrangement been in effect, PS Inc. would not have received any distribution from PSCM in respect of the Preferred Performance Fee for 2022 because no performance fees were generated that year due to the funds’ failure to achieve NAV appreciation above their respective high-water marks, resulting in no performance fees available for allocation to PS Inc. and CompCo. As a result, the Preferred Performance Fee owed to PS Inc. for 2022 was carried forward to 2023, a year in which the funds generated sufficient performance fees to pay the Preferred Performance Fee owed to PS Inc. for 2023 and the Preferred Performance Fee Carryforward from 2022. Had the performance fees earned by the funds in 2023 not been sufficient to satisfy the Preferred Performance Fee owed to PS Inc. for 2023 and/or the Preferred Performance Fee Carryforward from 2022, the unpaid portion would have continued to be carried forward to subsequent years until it was paid in full. (9)Refers to the unpaid portion, if any, of the current year’s Preferred Performance Fee owed to PS Inc. had this arrangement been in effect for the period presented. The Preferred Performance Fee Carryforward, if any, shall accrue to subsequent periods until satisfied in full. For example, had this arrangement been in effect, a Preferred Performance Fee Carryforward would have been generated in 2022 for the reasons described above in note (8). (10)Refers to the amount distributed to us from PSCM with respect to the Preferred Performance Fee Carryforward from prior years, had this arrangement been in effect for the period presented, in an amount equal to the lesser of (i) the accrued Preferred Performance Fee Carryforward and (ii) the performance fees available for allocation to PS Inc. and CompCo, less the amounts distributed to us from PSCM with respect to the current year’s Preferred Performance Fee. (11)Refers to the total amount distributed to PS Inc. from PSCM with respect to the current year’s Preferred Performance Fee owed to PS Inc. and any Preferred Performance Fee Carryforward from prior years had this arrangement been in effect for the period presented. (12)Refers to the amount distributed to CompCo from PSCM, had this arrangement been in effect for the period presented, in an amount equal to the difference, if any, between the performance fees available for allocation to the PS Inc. and CompCo and the Total Preferred Performance Fees paid to PS Inc. 46 Table of Contents Expenses Profit-Sharing Partner Compensation Prior to the Combined Transaction, profit-sharing partner compensation expense primarily consisted of distributions made pursuant to the non-permanent profits-interests held by partners. For more information about our historical arrangements, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Components of Our Results of Operations—Expenses—Profit-Sharing Partner Compensation” in our IPO Prospectus. Profit-sharing partner compensation also included the cost of additional permanent profits-interests granted to certain partners in connection with the Combined Transaction. In connection with the Combined Transaction, the partners’ non-permanent profits-interests were converted to M Units, which generally vest over a period of 10 years and, upon vesting, may be redeemed for shares of PS Inc. common stock. See “—Employee Compensation and Benefits—Redeemable Interests in PSPG (“M Units”)” below for more information. Amortization expense associated with the vesting of such M Units, which is calculated based on the grant date fair value of the M Units, is recorded in employee compensation and benefits. The holders of the M Units are entitled to dividend equivalents on the underlying shares of PS Inc. common stock associated with M Units. All dividends will be recognized as a reduction of retained earnings when declared by the Board of Directors. The permanent profits-interests were converted to shares of PS Inc. common stock. Additionally, as discussed above, there is an arrangement for the allocation of performance fees between PS Inc. and CompCo, which compensates our senior professionals. We consider our relationship with CompCo to be a service contract. Prior to the Combined Transaction, the Subordinated Performance Fee, if earned, was recorded in profit-sharing partner compensation. Subsequent to the Combined Transaction, the Subordinated Performance Fee, if earned, will be recorded in employee compensation and benefits. Employee Compensation and Benefits Employee compensation and benefits includes salaries, benefits, payroll taxes, discretionary cash bonuses, and for the periods following the Combined Transaction, also the cost of equity-based awards issued to our employees described below. We generally recognize employee compensation and benefit expenses over the related service period. On an annual basis, discretionary cash bonuses generally comprise a significant portion of total employee compensation and benefits as compared to salaries and other benefits. Discretionary cash bonuses are dependent upon a variety of factors, including the performance of our funds for the year. For periods following the Combined Transaction, our employee compensation and benefits also includes expenses associated with the equity-based awards described below. Redeemable Interests in PSPG (“M Units”) As described in Note 6, “Equity-Based Compensation” to our Consolidated Financial Statements included in this Quarterly Report, in connection with the Combined Transaction, PS Inc. approved, and PSPG granted, M Units to our founder and applicable other senior professionals in replacement of their non-permanent profits-interests. The M Units granted to our founder were fully vested upon issuance and not subject to further vesting or forfeiture. The M Units held by other recipients are subject to vesting and forfeiture over a requisite service period. The standard vesting schedule for M Units provides for vesting at December 31 of each year, with vesting of (i) 6.25% at each December 31 in years 1 to 4, (ii) 8.33% in years 5 to 7, and (iii) 16.67% in years 8 to 10. The aggregate grant date fair value of the unvested M Units of $2,287.4 million is amortized and recognized as employee compensation and benefits on a straight-line basis over the related service period, which generally ends on December 31, 2035. The M Units may be redeemed upon vesting, subject to certain conditions, for a proportional number of outstanding shares of PS Inc. common stock held by PSPG. Because the shares underlying the M Units are already outstanding, the shares of PS Inc. common stock transferred to holders of M Units upon redemption will be a non-cash event and will not be dilutive to the 400,000,000 outstanding shares of PS Inc. common stock. Further, as the vesting and redemption of M Units do not give rise to taxable income to the recipient, a net settlement mechanism is not required to fund tax withholding obligations and we are not obligated to withhold or remit any taxes in connection with the redemption of M Units. 47 Table of Contents In the event a recipient of M Units forfeits any of their unvested M Units, the M Units held by the remaining holders will become redeemable for a proportionately greater number of PS Inc. shares. Holders of the M Units are entitled to receive cash dividends and other proceeds paid to PSPG on a pro rata basis, without regard to whether their respective M Units are vested or unvested. For further information on the M Units and their vesting terms, also see “Executive Compensation—Compensation Arrangements To Be Adopted in Connection with the Combined Offering—Redeemable Interests in PS Partner Group” in our IPO Prospectus. Restricted Stock Unit (“RSU”) Awards As described in Note 6, “Equity-Based Compensation” to our Consolidated Financial Statements included in this Quarterly Report, in connection with the Combined Transaction, we established the Pershing Square Inc. 2026 Equity Incentive Plan under which 20,000,000 shares of common stock were reserved in order to compensate and incentivize our employees and non-employee service providers. On April 28, 2026, PS Inc. granted 2,816,800 RSUs (“IPO RSU Awards”) under the Equity Incentive Plan, which are accounted for under ASC 718. Each RSU entitles the holder to receive one share of PS Inc. common stock upon vesting, net of shares withheld for tax withholding purposes in the case of employees, subject to the holder’s continued service through the applicable vesting date. The standard vesting schedule for the RSUs provides for vesting at December 31 of each year, with vesting of (i) 6.25% at each December 31 in years 1 to 4; (ii) 8.33% in years 5 to 7, and (iii) 16.67% in years 8 to 10. Additionally on April 20, 2026, in connection with our engagement of Marc Grandisson as our strategic adviser, effective March 5, 2027, PS Inc. agreed to grant to him 400,000 RSUs (“Strategic Advisor Award”) which will vest over an approximately three year period, beginning on April 1, 2027 and ending on February 1, 2030. We recognize the fair value of the RSUs, as determined on the grant date, on a straight-line basis over the requisite service period for employee awards and over the period in which non-employees provide their services to us. The amortization expense associated with the vesting of our RSUs is included in employee compensation and benefits. The following table summarizes the estimated amortization related to the unvested M Units and RSU Awards for each of the periods presented below: For the Years Ended December 31, M Units RSU Awards 2026 (remaining) $ 126,458,771 $ 4,306,171 2027 250,855,714 9,156,040 2028 251,542,990 9,719,996 2029 250,855,714 9,693,439 2030 250,855,714 6,897,287 As of June 30, 2026, the unrecognized compensation expense related to the M Units and RSU Awards is expected to be recognized over the weighted average remaining service period of 9.23 years and 8.15 years, respectively. General and Administrative Expense General and administrative expense includes professional fees, travel and entertainment expenses, office and occupancy expenses, IT related expenses, insurance expenses, dues and membership fees and other expenses. While we have historically incurred expenses related to charitable donations, we do not intend to incur any expenses related to charitable donations as a public company. Refer to Note 8, “General and Administrative Expense” to our Consolidated Financial Statements included in this Quarterly Report for a summary of the costs associated with each category. Affiliates Fee Rebate Affiliates fee rebate consists of expense related to the fee rebates provided to employees and their affiliates who own PSH shares. For the periods presented, PSPG and CompCo rebated management and performance fees attributable to shares of PSH held by our employees and their affiliates. The affiliate fee rebate paid by PSPG is recognized as an expense. Following the Combined Transaction, employees and their affiliates are no longer paid these rebates. 48 Table of Contents Depreciation and Amortization Expense Depreciation and amortization expense primarily consists of depreciation and amortization expenses associated with our fixed assets. Depreciation includes expenses associated with office furniture and fixtures, office computers, equipment and software. Amortization includes expenses associated with our leasehold improvements. Depreciation of fixed assets is calculated using the straight-line method over a period of three to seven years. Leasehold improvements are amortized over the shorter of the expected useful life or the remaining term of the related lease agreement. Fixed assets and leasehold improvements are recorded at cost less accumulated depreciation and amortization. Non-Operating Income (Expenses) Other Income (Expense) Other income (expense) primarily consists of a gain on the deconsolidation of PSUS resulting from the Combined Transaction, income from our office space sublease and license and reimbursement of office services. Prior to January 1, 2026, our founder’s family office, TABLE Management, L.P. (“TABLE”), licensed a portion of our office space under a license agreement which also granted TABLE the use of certain office-related services. As of January 1, 2026, TABLE no longer licenses office space from us, and, as a result, following such date, we no longer receive the related income, although TABLE continues to use certain office-related services for which we continue to receive certain related income. In addition, we had subleased a portion of Pershing Square’s office space to NEOX Public Benefit LLC (“NEOX” or “Subtenant”), an entity partially owned by our founder. The sublease commenced on December 5, 2022, with rent payments commencing on May 1, 2023 following five months of rent abatement, and was originally set to expire on December 31, 2033. On January 30, 2026, we agreed to terminate our sublease arrangement with Subtenant, effective as of March 1, 2026, who then entered into a direct relationship with the landlord. Starting March 1, 2026, we no longer receive the related income or bear the associated lease expense, although Subtenant may continue the use of certain office-related services for which we will continue to receive certain related income. Interest and Dividend Income Interest and dividend income consists of interest earned from our cash on hand and the income we earn through a 7.5% dividend on the PSUS preferred shares we acquired concurrently with the Combined Transaction. Unrealized Gain (Loss) on HHH Shares Held at Fair Value We account for our investment in HHH using the fair value option, in accordance with ASC 825-10, Financial Instruments. As a part of the election, we recognize any changes in the fair value of the investment in HHH as non-operating income or loss, commensurate with changes in the value of HHH’s publicly traded share price as of the end of the reporting period. Unrealized Gain (Loss) on PSUS Shares Held at Fair Value We account for our investment in PSUS common shares and PSUS preferred shares using the fair value option, in accordance with ASC 825-10, Financial Instruments. As a part of the election, we recognize any changes in the fair value of the investments as non-operating income or loss, commensurate with changes in the value of PSUS’s common share price and preferred shares as of the end of the reporting period. 49 Table of Contents Unrealized Gain (Loss) on Investment in PSLP Held at Fair Value Unrealized gain (loss) on investment in PSLP held at fair value consists of the gain or loss related to PSGP’s investment in PSLP. PSGP’s investment in PSLP is held at fair value, which is determined using the Net Asset Value of PSLP in accordance with the ASC 820, Fair Value Measurement, “practical expedient,” as defined by GAAP. Although we consolidate the results of PSGP, the general partner of PSLP which earns a performance allocation from PSLP, we do not hold any direct equity interests in PSGP. As a result, all income or loss related to PSGP is allocated to non-controlling interest. See Note 2, “Significant Accounting Policies—Consolidation—PSGP” of the Consolidated Financial Statements included elsewhere in this Quarterly Report for a summary of the consolidated balances of PSGP. Interest Expense Interest expense primarily consists of interest incurred on borrowings and up-front costs which are deferred and amortized using the effective interest method over the term of the debt. Income Tax Income tax expense (benefit) consists of U.S. federal, state and local corporate income taxes for periods following the Corporate Conversion and certain state and local taxes, principally UBT, for all periods. Prior to the Corporate Conversion, we were treated as a partnership for U.S. tax purposes and were not subject to U.S. federal income taxes. See Note 2, “Significant Accounting Policies—Income Taxes” to our Consolidated Financial Statements included elsewhere in this Quarterly Report. Net (Income) Loss Attributable to Non-Controlling Interest A portion of the equity and income or loss from entities that are consolidated but not wholly owned by us is allocated to other owners. The aggregate of the income or loss and corresponding equity that is not owned by us is included within non-controlling interest in the Consolidated Financial Statements. We do not hold any direct equity interests in PSGP, the general partner of PSLP. As a result, all income or loss related to PSGP is allocated to non-controlling interest, and the capital balance represents the economic interests of other owners in PSGP. Key Operating Metrics We have developed and use various key operating metrics to assess and monitor the operating performance of our business. We believe that these metrics provide useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management team. Our calculations of total assets under management, fee-paying assets under management and permanent capital AUM may differ from the calculations of other investment managers. As a result, these measures may not be comparable to similar measures presented by other investment managers. In addition, our calculation of total assets under management includes the fair value of invested capital in our funds from our personnel regardless of whether such invested capital is subject to fees. Our definitions of total assets under management and fee-paying assets under management are not based on any definition of total assets under management and fee-paying assets under management that is set forth in the agreements governing the investment funds we manage. 50 Table of Contents Total Assets Under Management Total assets under management reflects (i) with respect to our core funds, the net assets as calculated in accordance with GAAP or IFRS, as applicable, while adding back accrued performance fees and the principal value of PSH’s outstanding bonds (approximately $3.7 billion and $3.6 billion as of December 31, 2025 and June 30, 2026, respectively), and including both the preferred and common shares for PSUS, and (ii) with respect to HHH, the market capitalization of HHH plus its net mortgages, notes, and loans payable as disclosed in its most recent periodic report filed with the SEC. Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 ($ in millions) AUM % Change(2) AUM % Change(2) Beginning Balance $ 26,602 $ 30,666 Inflows(1) 5,629 21.2 % 5,482 17.9 % Change in Market Value 829 3.1 % (2,874 ) (9.4 %) Outflows(1) (573 ) (2.2 %) (786 ) (2.6 %) Ending Balance $ 32,487 22.1 % $ 32,487 5.9 % Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 ($ in millions) AUM % Change(2) AUM % Change(2) Beginning Balance $ 16,683 $ 17,091 Inflows(1) 10,236 61.4 % 10,271 60.1 % Change in Market Value 2,814 16.9 % 2,606 15.2 % Outflows(1) (135 ) (0.8 %) (368 ) (2.2 %) Ending Balance $ 29,599 77.4 % $ 29,599 73.2 % (1)Changes in debt are included in Inflows and Outflows. For the three and six months ended June 30, 2026, outflows include $354 million of investor withdrawals and redemptions from PSLP and PSINTL in order to participate in the PSUS IPO and PSUS Private Placement. (2)Calculated as the change during the period divided by the AUM balance at the beginning of the period. Fee-Paying Assets Under Management Fee-Paying AUM refers to (i) with respect to our core funds, the AUM we manage and earn a performance fee and/or management fee from, excluding the PSUS preferred shares, and (ii) with respect to HHH, the market capitalization of HHH. We believe this measure is useful to stockholders as it provides insight into the capital base upon which we earn our fees. Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 ($ in millions) FPAUM % Change(2) FPAUM % Change(2) Beginning Balance $ 16,970 $ 20,660 Inflows(1) 4,879 28.8 % 4,880 23.6 % Change in Market Value 785 4.6 % (2,765 ) (13.4 %) Outflows(1) (376 ) (2.2 %) (516 ) (2.5 %) Ending Balance $ 22,258 31.2 % $ 22,258 7.7 % Three Months Ended June 30, 2025 Six Months Ended June 30, 2025 ($ in millions) FPAUM % Change(2) FPAUM % Change(2) Beginning Balance $ 13,583 $ 14,011 Inflows(1) 4,007 29.5 % 4,013 28.6 % Change in Market Value 2,655 19.5 % 2,445 17.4 % Outflows(1) (114 ) (0.8 %) (337 ) (2.4 %) Ending Balance $ 20,132 48.2 % $ 20,132 43.7 % 51 Table of Contents (1)Changes in debt are included in Inflows and Outflows. For the three and six months ended June 30, 2026, outflows include $273 million of investor withdrawals and redemptions from PSLP and PSINTL in order to participate in the PSUS IPO and PSUS Private Placement. (2)Calculated as the change during the period divided by the FPAUM balance at the beginning of the period. Permanent Capital AUM Permanent capital AUM refers to the portion of Fee-Paying AUM that is not subject to withdrawal or redemption at the option of the fund investor or stockholder. We believe this measure is useful to stockholders as our permanent capital base allows us to take a long-term view and be opportunistic during periods of market volatility, enables superior, long-term investment and produces a financial profile characterized by steady, predictable and recurring management fees. Permanent capital is also a differentiating talent attraction and retention tool, allowing us to hire and retain the top analysts for our own investment team, high-quality employees throughout our company, and experienced senior executives for certain of our portfolio companies. The following table compares permanent capital AUM for our core funds and HHH as of December 31, 2024, December 31, 2025, and June 30, 2026. Following the Combined Transaction, our permanent capital AUM materially increased as PSUS became our flagship NYSE-listed permanent capital vehicle. Permanent Capital AUM (in millions) As of December 31, 2024 December 31, 2025 June 30, 2026 Core Funds and HHH(1) $ 13,011 $ 19,787 $ 21,791 (1)Amount as of December 31, 2024 does not include HHH or PSUS. Amount as of December 31, 2025 does not include PSUS. 52 Table of Contents Fund and HHH Performance The tables below provide performance information for our core funds on an aggregate basis and HHH to facilitate an understanding of our results of operations for the periods presented. The tables below reflect the top 5 contributors and bottom 5 detractors to the change in market value of our total AUM, on an aggregate basis, individually presenting only those positions which represented greater than 3% of our total AUM at the beginning of the respective period. The information reflected in the tables below is not necessarily indicative of the future performance of any particular fund, HHH or our core funds and HHH in the aggregate. An investment in us is not an investment in any of our funds. There can be no assurance that any of our funds or our other existing and future funds will achieve similar returns. Our funds’ investments may be made under different economic conditions and may include different underlying investments in the future. See “Risk Factors—Risks Related to Our Business and Industry—The historical returns attributable to our funds and HHH, including those presented in this prospectus, should not be considered as indicative of the future results of our funds or HHH or of our future results or of any returns expected on an investment in our common stock” in the IPO Prospectus. Three Months Ended June 30, 2026 % of BoP AUM(1) Six Months Ended June 30, 2026 % of BoP AUM(1) Amazon.com, Inc. 1.6% Amazon.com, Inc. 0.7% Howard Hughes Holdings Inc. 0.5% Restaurant Brands International Inc. 0.3% Brookfield Corporation 0.4% Visa Inc. 0.2% Universal Music Group N.V. 0.4% Alphabet Inc. 0.2% Visa Inc. 0.2% Mastercard Incorporated 0.2% Top 5 Contributors 3.2% Top 5 Contributors 1.6% Fannie Mae & Freddie Mac (0.5%) Fannie Mae & Freddie Mac (3.0%) Netflix, Inc. (0.4%) Universal Music Group N.V. (1.5%) Meta Platforms, Inc. (0.2%) Uber Technologies, Inc. (1.0%) Restaurant Brands International Inc. (0.2%) Meta Platforms, Inc. (0.9%) S&P Global Inc. (0.1%) Microsoft Corporation (0.7%) Bottom 5 Detractors (1.4%) Bottom 5 Detractors (7.1%) Remaining Contributors / Detractors (0.3%) Remaining Contributors / Detractors (1.9%) HHH Change in Market Capitalization 1.8% HHH Change in Market Capitalization (1.5%) Management, Performance & Other fees (0.2%) Management, Performance & Other fees (0.4%) Change in Market Value, net 3.1% Change in Market Value, net (9.4%) Three Months Ended June 30, 2025 % of BoP AUM(1) Six Months Ended June 30, 2025 % of BoP AUM(1) Fannie Mae & Freddie Mac 4.1% Fannie Mae & Freddie Mac 7.2% Uber Technologies, Inc. 3.5% Uber Technologies, Inc. 4.3% Brookfield Corporation 2.3% Universal Music Group N.V. 3.6% Universal Music Group N.V. 2.2% Amazon.com, Inc. 1.4% Amazon.com, Inc. 1.4% Brookfield Corporation 1.2% Top 5 Contributors 13.5% Top 5 Contributors 17.8% Howard Hughes Holdings Inc. (0.6%) Nike, Inc. (1.1%) Restaurant Brands International Inc. (0.2%) Howard Hughes Holdings Inc. (0.9%) Bottom Detractors(2) (0.8%) Chipotle Mexican Grill, Inc. (0.6%) Remaining Contributors / Detractors 4.5% Alphabet Inc. (0.5%) HHH Change in Market Capitalization 0.0% Bottom Detractors(2) (3.1%) Management, Performance & Other fees (0.3%) Remaining Contributors / Detractors 1.2% Change in Market Value, net 16.9% HHH Change in Market Capitalization 0.0% Management, Performance & Other fees (0.6%) Change in Market Value, net 15.2% (1)Each figure in the tables (other than HHH Change in Market Capitalization) is calculated by dividing the aggregate investment gain or loss attributable to that portfolio company across all of our funds by our total AUM at the beginning of the respective period (“BoP AUM”). Management, performance, and other fees are calculated on the same basis. HHH Change in Market Capitalization is calculated by dividing the change in HHH's market capitalization by our BoP AUM of the respective period. (2)Where fewer than five positions had a positive (or negative) contribution to performance, fewer than five are shown. 53 Table of Contents Consolidated Results of Operations The following table sets forth information regarding our consolidated results of operations for the three months ended June 30, 2026 and 2025: Three months ended June 30, Change ($ in thousands) 2026 2025 $ % Revenue Management fees, net of contra-revenue(1) $ 54,176 $ 50,758 $ 3,418 7 % Performance fees(2) 1 2,421 (2,420 ) (100 %) Total revenue 54,177 53,179 998 2 % Expenses Profit-sharing partner compensation(2) 69,254 8,447 60,807 720 % Employee compensation and benefits 50,308 3,930 46,378 1,180 % General and administrative expense 12,057 7,426 4,631 62 % Affiliates fee rebate 12,117 12,658 (541 ) (4 %) Depreciation and amortization expense 569 578 (9 ) (2 %) Total expenses 144,305 33,039 111,266 337 % Operating income (loss) (90,129 ) 20,140 (110,269 ) (548 %) Non-operating income (expenses) Other income (expense) 16,236 1,332 14,903 1,119 % Interest and dividend income 721 5,041 (4,320 ) (86 %) Unrealized gain (loss) on HHH shares held at fair value 74,070 270 73,800 27,333 % Unrealized gain (loss) on PSUS shares held at fair value (50,350 ) — (50,350 ) N.M. Unrealized gain (loss) on investment in PSLP held at fair value(2) 2,150 8,577 (6,428 ) (75 %) Interest expense (2,511 ) (574 ) (1,937 ) 337 % Total non-operating income (expenses) 40,315 14,646 25,669 175 % Net income (loss) before taxes (49,813 ) 34,786 (84,600 ) (243 %) Income tax expense (benefit) (9,269 ) 1,928 (11,196 ) (581 %) Net income (loss) (40,545 ) 32,859 (73,404 ) (223 %) Less: Net (income) loss attributable to non-controlling interest (2,151 ) (9,189 ) 7,039 (77 %) Net income (loss) attributable to PS Inc. $ (42,695 ) $ 23,670 $ (66,365 ) (280 %) (1)We recognized a $292.8 million deferred asset for the Deferred HHH Premium, which is deemed for accounting purposes to represent the amount paid to obtain the HHH Services Agreement, when we completed the Howard Hughes Transaction. The Deferred HHH Premium is amortized as contra-revenue in management fees on a straight-line basis over a period of 20 years beginning May 5, 2025. Additionally, we recognized a $610.2 million deferred asset for the Deferred Asset - PS Inc. IPO Shares delivered in the Combined Transaction, which is amortized as contra-revenue in management fees on a straight-line basis over a period of 10 years beginning April 30, 2026. (2)Includes amounts attributable to consolidated variable interest entities for which Pershing Square does not have any direct equity interests. Comparison of the Three Months Ended June 30, 2026 and 2025 Revenue Management Fees, net of contra revenue Total management fees increased $15.0 million, or 28%, on a gross basis, and $3.4 million, or 7%, net of the contra revenue related to the amortization of the Deferred HHH Premium and the Deferred PS Inc. IPO Share, from the three months ended June 30, 2025 to the three months ended June 30, 2026, driven by an increase of $16.5 million in management fees related to PSUS and an increase of $1.0 million in fees earned pursuant to the HHH Services Agreement, offset by a reduction in management fees of $1.1 million from PSLP, $1.0 million from PSH, and $0.5 million from PSINTL. 54 Table of Contents Performance Fees Total performance fees decreased $2.4 million from the three months ended June 30, 2025 to the three months ended June 30, 2026, due to a decrease of $1.0 million, $0.9 million, and $0.5 million of performance fees earned from PSINTL, PSLP, and PSH, respectively. Expenses Profit-Sharing Partner Compensation Profit-sharing partner compensation increased $60.8 million, or 720%, from the three months ended June 30, 2025 to the three months ended June 30, 2026, primarily driven by the recognition of $61.0 million in the three months ended June 30, 2026 related to grants of permanent profits-interests in connection with the Combined Transaction. Employee Compensation and Benefits Employee compensation and benefits increased $46.4 million, or 1,180%, from the three months ended June 30, 2025 to the three months ended June 30, 2026, primarily driven by an increase of $43.3 million related to the amortization of unvested M Units and an increase of $1.1 million related to the amortization of RSUs granted to employees. General and Administrative Expense General and administrative expense increased $4.6 million, or 62%, from the three months ended June 30, 2025 to the three months ended June 30, 2026, primarily driven by an increase of $3.5 million in deal expenses related to the Combined Transaction, an increase of $0.4 million related to the amortization of RSUs granted to our non-employee service providers, and an increase of $0.3 million related to directors and officers insurance, partially offset by a decrease of $0.6 million in office rent due to the termination of a portion of our office lease on January 30, 2026. Affiliates Fee Rebate The affiliates fee rebate decreased $0.5 million, or 4%, from the three months ended June 30, 2025 to the three months ended June 30, 2026, primarily driven by a decrease in fee rebates to partners as a result of a decrease in earned management fees from PSH. Depreciation and Amortization Expense Depreciation and amortization expense was effectively flat from the three months ended June 30, 2025 to the three months ended June 30, 2026. Non-operating Income (Expenses) Other Income (Expense) Other income was $1.3 million for the three months ended June 30, 2025 compared to other income of $16.2 million for the three months ended June 30, 2026. The change in other income was primarily driven by a $16.0 million gain recognized upon the derecognition of PSUS, partially offset by the termination of the license agreement with TABLE on December 31, 2025, and the termination of the sublease with NEOX on January 30, 2026, resulting in a decrease of $1.2 million in rental income from NEOX and TABLE between the two periods. Interest and Dividend Income Interest and dividend income decreased $4.3 million from the three months ended June 30, 2025 to the three months ended June 30, 2026. Interest income for the three months ended June 30, 2025 was primarily related to interest earned on cash held following the Strategic Investment. The cash raised from the Strategic Investment was invested, in part, in the HHH Transaction, 55 Table of Contents which led to a decrease in our cash balance and a resulting decrease in interest income earned in subsequent periods including the three months ended June 30, 2026. Unrealized Gain (Loss) on HHH Shares Held at Fair Value The unrealized gain on HHH shares held at fair value increased $73.8 million from the three months ended June 30, 2025 to the three months ended June 30, 2026, as a result of the larger increase in the share price of HHH’s publicly traded common stock during the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Unrealized Gain (Loss) on PSUS Shares Held at Fair Value The unrealized loss on PSUS shares held at fair value was $50.4 million during the three months ended June 30, 2026, primarily as a result of the decrease in the share price of PSUS’ publicly traded common shares from the date of our investment in PSUS to June 30, 2026. The investment was not outstanding during the three months ended June 30, 2025. Unrealized Gain (Loss) on Investment in PSLP Held at Fair Value Unrealized gain on investment in PSLP held at fair value decreased $6.4 million from the three months ended June 30, 2025 to the three months ended June 30, 2026. For the three months ended June 30, 2025 and 2026, PSGP recorded a gain of $8.6 million and $2.1 million, respectively, from its investment in PSLP based on PSLP’s performance. As of June 30, 2026 and December 31, 2025, PSGP had an ownership interest of approximately 5.8% and 5.2%, respectively, in PSLP. Interest Expense Interest expense increased $1.9 million from the three months ended June 30, 2025 to the three months ended June 30, 2026, primarily due to our borrowing of $231.8 million (net of deferred costs) under the Senior Credit Facilities in connection with our investment in PSUS. Income Tax Expense (Benefit) Income tax expense was $1.9 million for the three months ended June 30, 2025 compared to an income tax benefit of $9.3 million for the three months ended June 30, 2026. The change in income tax expense (benefit) is primarily due to the Corporate Conversion. Income tax expense for the three months ended June 30, 2025 consisted of the UBT. Upon the Corporate Conversion, we recognized a deferred income tax benefit of $32.3 million, partially offset by income tax expense recognized under our estimated annual effective tax rate and a valuation allowance of $11.0 million related to our investment in PSUS. Net (Income) Loss Attributable to Non-Controlling Interest Net income attributable to non-controlling interest decreased by $7.0 million from the three months ended June 30, 2025 to the three months ended June 30, 2026, which was directly attributable to the decreased gain allocated from PSLP. For the three months ended June 30, 2025, the net income allocated from PSLP was $9.2 million. For the three months ended June 30, 2026, the net income allocated from PSLP was $2.2 million. 56 Table of Contents The following table sets forth information regarding our consolidated results of operations for the six months ended June 30, 2026 and 2025: Six Months Ended June 30, Change ($ in thousands) 2026 2025 $ % Revenue Management fees, net of contra-revenue(1) $ 111,682 $ 102,960 $ 8,722 8 % Performance fees(2) 1 2,524 (2,523 ) (100 %) Total revenue 111,683 105,484 6,200 6 % Expenses Profit-sharing partner compensation(2) 81,020 23,895 57,126 239 % Employee compensation and benefits 59,935 8,071 51,864 643 % General and administrative expense 28,044 17,561 10,483 60 % Affiliates fee rebate 26,593 24,270 2,323 10 % Depreciation and amortization expense 1,148 1,155 (7 ) (1 %) Total expenses 196,740 74,952 121,788 162 % Operating income (loss) (85,057 ) 30,531 (115,588 ) (379 %) Non-operating income (expenses) Other income (expense) 12,907 2,593 10,314 398 % Interest and dividend income 1,349 15,502 (14,153 ) (91 %) Unrealized gain (loss) on HHH shares held at fair value (74,520 ) 270 (74,790 ) (27,700 %) Unrealized gain (loss) on PSUS shares held at fair value (50,350 ) — (50,350 ) N.M. Unrealized gain (loss) on investment in PSLP held at fair value(2) (8,794 ) 8,671 (17,465 ) (201 %) Interest expense (3,025 ) (1,162 ) (1,863 ) 160 % Total non-operating income (expenses) (122,433 ) 25,873 (148,307 ) (573 %) Net income (loss) before taxes (207,490 ) 56,405 (263,895 ) (468 %) Income tax expense (benefit) (8,411 ) 3,722 (12,133 ) (326 %) Net income (loss) (199,078 ) 52,683 (251,761 ) (478 %) Less: Net (income) loss attributable to non-controlling interest 8,793 (9,282 ) 18,076 195 % Net income (loss) attributable to PS Inc. $ (190,285 ) $ 43,400 $ (233,686 ) (538 %) (1)We recognized a $292.8 million deferred asset for the Deferred HHH Premium, which is deemed for accounting purposes to represent the amount paid to obtain the HHH Services Agreement, when we completed the Howard Hughes Transaction. The Deferred HHH Premium is amortized as contra-revenue in management fees on a straight-line basis over a period of 20 years beginning May 5, 2025. Additionally, we recognized a $610.2 million deferred asset for the Deferred Asset - PS Inc. IPO Shares delivered in the Combined Transaction, which is amortized as contra-revenue in management fees on a straight-line basis over a period of 10 years beginning April 30, 2026. (2)Includes amounts attributable to consolidated variable interest entities for which Pershing Square does not have any direct equity interests. Comparison of the Six Months Ended June 30, 2026 and 2025 Revenue Management Fees, net of contra-revenue Total management fees increased $23.9 million, or 23%, on a gross basis, and $8.7 million, or 8%, net of contra-revenue, from the six months ended June 30, 2025 to the six months ended June 30, 2026, driven by an increase of $16.5 million in management fees related to PSUS, an increase of $4.8 million in management fees earned from PSH and an increase of $4.7 million in fees earned pursuant to the HHH Services Agreement, offset by a reduction in management fees of $1.2 million from PSLP and $0.9 million from PSINTL. 57 Table of Contents Performance Fees Total performance fees decreased $2.5 million from the six months ended June 30, 2025 to the six months ended June 30, 2026, due to a decrease of $1.0 million, $0.9 million, and $0.6 million of performance fees earned from PSINTL, PSLP, and PSH, respectively. Expenses Profit-Sharing Partner Compensation Profit-sharing partner compensation increased $57.1 million, or 239%, from the six months ended June 30, 2025 to the six months ended June 30, 2026, primarily driven by the recognition of $61.0 million in the six months ended June 30, 2026 related to grants of permanent profits-interests in connection with the Combined Transaction. Employee Compensation and Benefits Employee compensation and benefits increased $51.9 million, or 643%, from the six months ended June 30, 2025 to the six months ended June 30, 2026, primarily driven by an increase of $43.3 million related to the amortization of M Units and an increase of $1.1 million related to the amortization of RSUs granted to employees. General and Administrative Expense General and administrative expense increased $10.5 million, or 60%, from the six months ended June 30, 2025 to the six months ended June 30, 2026, primarily driven by an increase of $7.7 million in deal expenses related to the Combined Transaction and an increase of $1.0 million related to legal services, partially offset by a decrease of $1.0 million in office rent due to the termination of a portion of our office lease on January 30, 2026. Affiliates Fee Rebate The affiliates fee rebate increased $2.3 million, or 10%, from the six months ended June 30, 2025 to the six months ended June 30, 2026, primarily driven by an increase in fee rebates to partners as a result of an increase in earned management fees from PSH. Depreciation and Amortization Expense Depreciation and amortization expense was effectively flat from the six months ended June 30, 2025 to the six months ended June 30, 2026. Non-operating Income (Expenses) Other Income (Expense) Other income was $2.6 million for the six months ended June 30, 2025 compared to other income of $12.9 million for the six months ended June 30, 2026. The change in other income was primarily driven by a $16.0 million gain recognized upon the derecognition of PSUS, partially offset by the termination of the sublease with NEOX resulting in the derecognition of the deferred sublease incentive which increased other expense by $4.1 million in the six months ended June 30, 2026 and the decrease of $1.8 million in rental income from NEOX and TABLE. Interest and Dividend Income Interest and dividend income decreased $14.2 million from the six months ended June 30, 2025 to the six months ended June 30, 2026. Interest income for the six months ended June 30, 2025 was primarily related to interest earned on cash held following the Strategic Investment. The cash raised from the Strategic Investment was invested, in part, in the HHH Transaction, which led to a decrease in our cash balance and a resulting decrease in interest income earned in subsequent periods including the six months ended June 30, 2026. 58 Table of Contents Unrealized Gain (Loss) on HHH Shares Held at Fair Value The unrealized gain on HHH shares held at fair value was $0.3 million for the six months ended June 30, 2025 compared to an unrealized loss of $74.5 million for the six months ended June 30, 2026. The change was driven by the significant decrease in the share price of HHH’s publicly traded common stock during the six months ended June 30, 2026, while the share price slightly increased during the six months ended June 30, 2025. Unrealized Gain (Loss) on PSUS Shares Held at Fair Value The unrealized loss on PSUS shares held at fair value was $50.4 million during the six months ended June 30, 2026 as a result of the decrease in the share price of PSUS’ publicly traded common shares from the date of our investment in PSUS to June 30, 2026. The investment was not outstanding during the six months ended June 30, 2025. Unrealized Gain (Loss) on Investment in PSLP Held at Fair Value Unrealized gain on investment in PSLP held at fair value was $8.7 million for the six months ended June 30, 2025 compared to a loss of $8.8 million for the six months ended June 30, 2026, which was directly attributable to PSLP’s performance. As of June 30, 2026 and December 31, 2025, PSGP had an ownership interest of approximately 5.8% and 5.2%, respectively, in PSLP. Interest Expense Interest expense increased $1.9 million from the six months ended June 30, 2025 to the six months ended June 30, 2026 primarily due to our borrowing of $231.8 million (net of deferred costs) under the Senior Credit Facilities in connection with our Anchor Investment in PSUS. Income Tax Expense (Benefit) Income tax expense was $3.7 million for the six months ended June 30, 2025 compared to an income tax benefit of $8.4 million for the six months ended June 30, 2026, primarily due to the Corporate Conversion. Income tax expense for the six months ended June 30, 2025 consisted of UBT. Upon the Corporate Conversion, we recognized a deferred income tax benefit of $32.3 million, partially offset by income tax expense recognized under our estimated annual effective tax rate and a valuation allowance of $11.0 million related to our investment in PSUS. Net (Income) Loss Attributable to Non-Controlling Interest Net income attributable to non-controlling interest was $9.3 million for the six months ended June 30, 2025 compared to a net loss of $8.8 million for the six months ended June 30, 2026. The change is a result of the increased loss allocated from PSLP. 59 Table of Contents Consolidated Changes in Financial Condition The following table sets forth information regarding our consolidated changes in financial condition as of June 30, 2026 and December 31, 2025: As of Change ($ in thousands) June 30, 2026 December 31, 2025 $ % Assets Cash and cash equivalents $ 8,908 $ 55,398 $ (46,490 ) (84 %) Restricted cash 119 119 0 0 % Prepaid expenses 4,542 1,345 3,198 238 % Due from affiliates(1) 1,266 15,614 (14,347 ) (92 %) Investment in HHH, at fair value 643,410 717,930 (74,520 ) (10 %) Deferred Asset - PS Inc. IPO Shares 600,031 — 600,031 N.M. Deferred HHH Services Agreement premium 275,839 283,158 (7,319 ) (3 %) Investment in PSUS, at fair value 199,650 — 199,650 N.M. Investment in PSLP, at fair value(1) 56,821 79,288 (22,468 ) (28 %) Fixed assets and leasehold improvements 13,859 14,984 (1,124 ) (8 %) Lease right-of-use assets 7,900 28,441 (20,541 ) (72 %) Other assets 313 3,466 (3,153 ) (91 %) Performance fees receivable — 497,330 (497,330 ) (100 %) Deferred sublease incentive — 4,129 (4,129 ) (100 %) Total assets $ 1,812,658 $ 1,701,202 $ 111,456 7 % Liabilities Accrued compensation and benefits(1) $ 13,203 426,094 (412,891 ) (97 %) Accounts payable 7,920 8,620 (700 ) (8 %) Deferred revenue 3,786 3,786 0 0 % Loans payable 231,985 34,800 197,185 567 % Deferred tax liability 125,525 — 125,525 N.M. Operating lease liabilities 21,060 42,673 (21,613 ) (51 %) Performance fee distributions payable(1) — 54,839 (54,839 ) (100 %) Affiliates fee rebate payable — 24,144 (24,144 ) (100 %) Taxes payable — 17,029 (17,029 ) (100 %) Distributions payable to partners — 10,105 (10,105 ) (100 %) Total liabilities 403,478 622,089 (218,610 ) (35 %) Equity Common stock 400 — 400 N.M. Additional paid-in-capital 1,335,576 — 1,335,576 N.M. Retained earnings 24,962 — 24,962 N.M. Non-controlling interest in consolidated variable interest entities(1) 48,241 62,695 (14,454 ) (23 %) Partners’ capital controlling interests — 1,016,418 (1,016,418 ) (100 %) Total equity 1,409,180 1,079,113 330,067 31 % Total liabilities and equity $ 1,812,658 $ 1,701,202 $ 111,456 7 % (1)Includes amounts attributable to consolidated variable interest entities for which Pershing Square does not have any direct equity interests. 60 Table of Contents Comparison of Balances as of June 30, 2026 and December 31, 2025 Cash and Cash Equivalents Cash and cash equivalents decreased $46.5 million, or 84%, from December 31, 2025 to June 30, 2026, primarily driven by the use of cash to repay the $34.8 million of outstanding borrowings under the lines of credit from JPMorgan Chase Bank, N.A., as well as for deal expenses related to the Combined Transaction. Investment in HHH, at fair value Investment in HHH shares, at fair value decreased by $74.5 million, or 10%, from December 31, 2025 to June 30, 2026, due to a reduction in the share price of HHH’s publicly traded common stock which is used to value the investment. Deferred Asset - PS Inc. IPO Shares Deferred Asset - PS Inc. IPO Shares increased by $600.0 million from December 31, 2025 to June 30, 2026 as this asset was recognized in connection with the Combined Transaction which closed on April 30, 2026. Investment in PSUS, at fair value Investment in PSUS, at fair value increased by $199.7 million from December 31, 2025 to June 30, 2026 as this investment was made in connection with the Combined Transaction. Performance Fees Receivable Performance fees receivable decreased $497.3 million, or 100%, from December 31, 2025 to June 30, 2026, because a majority of performance fees crystallize at the end of the year and are collected shortly thereafter. Accrued Compensation and Benefits Accrued compensation and benefits decreased $412.9 million, or 97%, from December 31, 2025 to June 30, 2026. Distributions of profit-sharing partner compensation are accrued in the year in which performance fees crystallize, but are not paid out until after year end. Non-GAAP Financial Measures We report certain financial measures that are not required by, or presented in accordance with, GAAP. Management uses these non-GAAP financial measures to assess the performance of our business across reporting periods and believes this information is useful to investors for the same reasons. See below for our definitions of Fee-Related Earnings (“FRE”) and Distributable Earnings (“DE”). Fee-Related Earnings FRE is a non-GAAP financial measure used by us to evaluate our business by highlighting earnings from recurring management fees and Preferred Performance Fees. We believe FRE is useful to investors because it provides additional insights into the fee-driven operating profitability of our business that is not directly based on the net income of the funds we manage. FRE represents management fees and Preferred Performance Fees less the compensation directly related to the management fees and performance fees, which includes salaries, benefits, payroll taxes and discretionary cash bonuses and other operating expenses, and after deducting “Subordinated Performance Fees,” which consist of amounts in excess of Preferred Performance Fees which are payable to CompCo pursuant to the arrangements described below. As described above under “— Key Components of Our Results of Operations—Income—Allocation of Performance Fee Revenue,” we implemented the VCA in connection with the Strategic Investment. However, in order to facilitate comparisons with our results following the Combined Transaction, we have presented FRE for the periods presented on a basis that reflects the allocation of our historical performance fees as between the Preferred Performance Fees and Subordinated Performance Fees 61 Table of Contents that the VCA would have required. Although the VCA was terminated in connection with the Combined Transaction and PSCM issued the Preferred Profits Interest to us and the Subordinated Profits Interest to CompCo, the terms of the Preferred Profits Interest and the Subordinated Profits Interest generally provide for the same calculation of Preferred Performance Fees and Subordinated Performance Fees, and the same allocation of such fees between us and CompCo, as historically provided by the VCA. Distributable Earnings DE is a non-GAAP financial measure used to assess performance and amounts available for distribution or dividends, including to our personnel and owners of PSPG and other holders of our common stock. DE represents FRE plus interest income or less interest expense and less taxes and related payables, as applicable. These non-GAAP financial measures should not be considered a substitute for, superior to or an alternative to net income attributable to PS Inc., which is the most directly comparable GAAP measure. Further, these non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider non-GAAP financial measures in isolation or as a substitute for GAAP measures including revenues, net income (loss) and net income attributable to PS Inc. We may calculate or present these non-GAAP financial measures differently than other companies who report measures with the same or similar names, and as a result, the non-GAAP financial measures we report may not be comparable. The following tables set forth our FRE and DE calculations and a reconciliation of DE and FRE to the most directly comparable financial measure calculated in accordance with GAAP for the three months and six months ended June 30, 2026 and June 30, 2025: For the Three Months Ended June 30, For the Six Months Ended June 30, ($ in thousands, except share data) 2026 2025 2026 2025 Management fees(1) $ 68,029 $ 53,050 $ 129,194 $ 105,252 Preferred performance fees — 1,499 — 1,601 FRE revenue $ 68,029 $ 54,549 $ 129,194 $ 106,853 Growth 25 % 21 % Employee compensation and benefits (5,798 ) (3,930 ) (11,311 ) (8,071 ) General and administrative expense (5,601 ) (4,975 ) (13,004 ) (10,134 ) Depreciation and amortization expense (569 ) (578 ) (1,148 ) (1,155 ) Less: FRE expenses $ (11,968 ) $ (9,483 ) $ (25,463 ) $ (19,360 ) Growth 26 % 32 % Fee-related earnings $ 56,061 $ 45,066 $ 103,731 $ 87,493 Growth 24 % 19 % Margin 82.4 % 82.6 % 80.3 % 81.9 % Net Interest income (expense) (1,790 ) 4,467 (1,677 ) 14,340 Distributable earnings, pre-tax $ 54,271 $ 49,533 $ 102,054 $ 101,833 Growth 10 % 0 % Taxes and related payables(2) — — — — Distributable earnings $ 54,271 $ 49,533 $ 102,054 $ 101,833 Growth 10 % 0 % DE per share $ 0.14 $ 0.12 $ 0.26 $ 0.25 Growth 10 % 0 % Shares outstanding (in millions) 400.0 400.0 400.0 400.0 (1)Management fee revenue for the three and six months ended June 30, 2026 reflects fees earned from PSUS only for the portion of the quarter following the Combined Transaction, representing approximately two-thirds of a full quarter. FRE management fee revenue is gross of contra-revenue associated with the amortization of Deferred Asset - PS Inc. IPO Shares and Deferred HHH Premium. (2)Following the Corporate Conversion effected in connection with the Combined Transaction, PS Inc. is subject to U.S. federal, state and local corporate income taxes. We did not incur corporate income tax in periods prior to Q2 2026. Beginning in Q3 2026 and for future periods, taxes reflected in Distributable Earnings represent the estimated current income tax provision for the period, including related adjustments to income taxes payable and the effect of certain known tax adjustments expected to arise during the tax year. 62 Table of Contents For the Three Months Ended June 30, For the Six Months Ended June 30, ($ in thousands, except share data) 2026 2025 2026 2025 Net income (loss) attributable to Pershing Square Inc. $ (42,695 ) $ 23,670 $ (190,285 ) $ 43,400 Net (income) loss attributable to non-controlling interest (2,151 ) (9,189 ) 8,793 (9,282 ) Net income (loss) $ (40,545 ) $ 32,859 $ (199,078 ) $ 52,683 Income tax expense (benefit) (9,269 ) 1,928 (8,411 ) 3,722 Net income (loss) before taxes $ (49,813 ) $ 34,786 $ (207,490 ) $ 56,405 Management fees - contra-revenue(1) 13,852 2,292 17,512 2,292 Subordinated performance fees(2) — — — — Performance fees from Pershing Square, L.P.(3) (1 ) (922 ) (1 ) (923 ) Unrealized (gain) loss on investment in PSLP held at fair value(3) (2,150 ) (8,577 ) 8,794 (8,671 ) Unrealized (gain) loss on PSUS shares held at fair value(4) 50,350 — 50,350 — Unrealized (gain) loss on HHH shares held at fair value (74,070 ) (270 ) 74,520 (270 ) Non-cash or non-recurring compensation(5) 44,511 — 48,624 — Non-cash or non-recurring G&A expenses(6) 6,457 2,451 15,039 7,427 Affiliates fee rebates(7) 12,117 12,658 26,593 24,270 Profit-sharing partner compensation(8) 69,254 8,447 81,020 23,896 Other (income) loss(9) (16,236 ) (1,332 ) (12,907 ) (2,593 ) Distributable earnings $ 54,271 $ 49,533 $ 102,054 $ 101,833 Taxes and related payables — — — — Distributable earnings, pre-tax $ 54,271 $ 49,533 $ 102,054 $ 101,833 Interest (income) expense, net 1,790 (4,467 ) 1,677 (14,340 ) Fee-related earnings $ 56,061 $ 45,066 $ 103,731 $ 87,493 Net income (loss) per share - basic and diluted $ (0.11 ) $ 0.06 $ (0.48 ) $ 0.11 DE per share $ 0.14 $ 0.12 $ 0.26 $ 0.25 Shares outstanding (in millions) 400.0 400.0 400.0 400.0 (1)PS Inc. recognizes contra-revenue from the non-cash amortization of its two intangible assets: (i) the Deferred Asset - PS Inc. IPO Shares, which represents the relative fair value of the shares of the Company’s common stock delivered, for no additional consideration, to each investor in the PSUS IPO and each investor in the PSUS private placement in connection with the Combined Transaction and (ii) the Deferred HHH Premium, which is deemed for accounting purposes to represent the amount paid to obtain the HHH Services Agreement. These intangible assets are being amortized over periods of 10 and 20 years, respectively. (2)PSCM pays the Subordinated Performance Fee to CompCo, an entity that compensates our investment professionals and certain other employees. As such, the Subordinated Performance Fee is not available for distribution to our shareholders through dividends. (3)The operations of PSGP, the general partner of PSLP, are consolidated with our results under GAAP rules. PS Inc. has no equity interest in PSGP and, as a result, any performance allocation earned by PSGP and the unrealized gain/loss recognized on PSGP’s investment in PSLP are fully attributable to non-controlling interest. (4)Includes the unrealized gain/loss recognized on both the PSUS common and preferred shares. (5)Includes (i) non-cash amortization expense related to employee equity grants and (ii) one-time severance benefits paid to former employees. (6)Includes (i) non-recurring expenses primarily related to the Combined Transaction that do not represent the ongoing cost of running our business and (ii) non-cash amortization expense related to RSUs granted to non-employees. (7)We have historically rebated management and performance fees attributable to shares of PSH held by our employees and their affiliates. This rebate mechanism was terminated following the Combined Transaction. In order to facilitate period-to-period comparability, we have presented FRE and DE for comparative periods on a basis that excludes the affiliates fee rebate expense. (8)In connection with the Combined Transaction, shares of our common stock and M Units were granted to the partners in PSPG in exchange for their existing profit-sharing interests. As a result, all cash-based profit-sharing distributions, which had previously been treated as compensation expense prior to the completion of the Combined Transaction, will be distributed in the form of cash dividends and therefore treated as equity distributions. In order to facilitate period-to-period comparability, we have presented DE for the periods presented in this table on a basis that excludes such profit-sharing partner compensation. (9)For the three and six months ended June 30, 2026, primarily comprised of a non-cash gain recognized on the deconsolidation of PSUS following the Combined Transaction. 63 Table of Contents Liquidity and Capital Resources Overview We have historically financed our operations and working capital through net cash provided by operating activities, primarily from management fees and performance fees, and borrowings under our 2014 line of credit (the “2014 Line of Credit”) and the 2021 Line of Credit. As discussed below, we terminated our 2014 Line of Credit and 2021 Line of Credit and entered into new Credit Facilities in connection with the Combined Transaction. As such, since the Combined Transaction, we finance our operations and working capital through net cash provided by operating activities and borrowings under our Revolving Facility (as defined below). Our liquidity needs primarily include working capital and debt service requirements. We believe that our current sources of liquidity, which include our cash flow from operations, current cash and cash equivalents, and the availability of borrowings under our Revolving Facility will be sufficient to fund our operations and planned capital expenditures and to service our debt obligations for the next twelve months and the foreseeable future. 2014 Line of Credit and 2021 Line of Credit We entered into the 2014 Line of Credit and 2021 Line of Credit on October 3, 2014, and December 15, 2021, respectively. See Note 9, “Debt Obligations” to our Consolidated Financial Statements included in this Quarterly Report. We repaid all amounts outstanding under, and closed, the 2014 Line of Credit and 2021 Line of Credit upon the completion of the Combined Transaction. Senior Secured Credit Facilities On April 30, 2026, we entered into a credit agreement (the “Credit Agreement”) with a syndicate of banks, led by Bank of America, N.A., as administrative agent, in connection with our Combined Transaction. The Credit Agreement consists of (i) a senior secured revolving credit facility (the “Revolving Facility”) in an aggregate principal amount of $250 million, and (ii) a senior secured term loan facility in an aggregate principal amount of $100 million (the “Term Loan Facility,” and together with the Revolving Facility, the “Senior Credit Facilities”). The Credit Agreement also provides for an uncommitted incremental facility option, permitting the Company to request additional revolving or term loan commitments of up to $100.0 million, which would increase total capacity under the Senior Credit Facilities to $450.0 million. Availability under the incremental facility is subject to reduction by certain other incremental indebtedness the Company may incur. Because the incremental facility is uncommitted, any such increase is subject to the receipt of commitments from existing or new lenders, none of which is obligated to provide the additional amount, and to the satisfaction of customary conditions. Borrowings under the Senior Credit Facilities bear interest at a rate equal to, at our option, either (i) Term SOFR, plus an applicable margin or (ii) a base rate equal to the highest of (a) the federal funds effective rate plus 0.50%, (b) the rate of interest in effect as publicly announced by Bank of America from time to time as its “prime rate,” (c) Term SOFR plus 1.00% and (d) 1.00%. The applicable margins will vary based on our consolidated leverage ratio. 64 Table of Contents Loans under the Term Loan Facility are not subject to amortization prior to maturity, other than with respect to certain customary mandatory prepayment events. The Senior Credit Facilities will mature on April 30, 2029, at which time all outstanding loans and other obligations will be due and payable. The obligations under the Credit Agreement are guaranteed by certain of our subsidiaries and secured by first-priority liens on substantially all of the assets of the loan parties, subject to customary exceptions and exclusions. The Credit Agreement includes certain financial covenants, which require the Company to (i) maintain a consolidated leverage ratio of no greater than 2.50 to 1.00, (ii) maintain minimum assets under management and (iii) limit declines in the net asset value of specified funds as set forth in the Credit Agreement. In addition, the Credit Agreement includes customary representations and warranties, affirmative and negative covenants and events of default for a credit facility of this type. As of June 30, 2026, we had $134.8 million outstanding under the Revolving Facility. Subsequent to the quarter end, we borrowed an additional $30.0 million in connection with the planned launch of a new fund, increasing the outstanding balance to $164.8 million as of August 12, 2026. See Note 13, “Subsequent Events” to our Consolidated Financial Statements included in this Quarterly Report for additional information. The following table summarizes our cash flows for the six months ended June 30, 2026 and 2025: (in thousands) For the Six Months Ended June 30, 2026 2025 Net cash provided by (used in) operating activities $ 113,325 $ (193,127 ) Net cash provided by (used in) investing activities (232,908 ) (607,503 ) Net cash provided by (used in) financing activities 73,093 (116,607 ) Cash Flows from Operating Activities For the six months ended June 30, 2026, net cash provided by operating activities was $113.3 million, resulting from a net loss of $199.1 million, adjusted for the unrealized loss on investments held at fair value, the amortization of equity-based compensation and intangible assets, the gain on deconsolidation of PSUS, the write-off of the deferred sublease incentive with NEOX, depreciation and amortization expense, non-cash lease expense and the amortization of our debt financing. Cash flows provided by operating activities were also impacted by changes in operating assets and liabilities of $51.2 million, primarily due to a $497.3 million decrease in performance fee receivables and a $14.3 million decrease in due from affiliates, partially offset by a $412.9 million decrease in accrued compensation and benefits and a $24.1 million decrease in the affiliates fee rebate payable. For the six months ended June 30, 2025, net cash used in operating activities was $193.1 million resulting from net income of $52.7 million adjusted for the unrealized loss on investments held at fair value, the amortization of equity-based compensation and intangible assets, non-cash depreciation and amortization expense and non-cash lease expense. Cash flows used in operating activities were also impacted by changes in operating assets and liabilities of $251.3 million, primarily due to a $292.8 million increase in the Deferred HHH Premium, a $158.6 million decrease in accrued compensation and benefits, and a $21.7 million decrease in the affiliates fee rebate payable, partially offset by a $231.7 million decrease in performance fees receivable. Cash Flows from Investing Activities For the six months ended June 30, 2026, net cash used in investing activities of $232.9 million was primarily related to PS Inc.’s $232.9 million investment in the common and preferred shares of PSUS concurrently with the Combined Transaction. For the six months ended June 30, 2025, net cash used in investing activities of $607.5 million was primarily related to the $607.2 million investment in connection with the HHH Transaction. 65 Table of Contents Cash Flows from Financing Activities For the six months ended June 30, 2026, net cash provided by financing activities of $73.1 million was related to $231.8 million of proceeds from the Senior Credit Facilities in connection with PS Inc.’s investment in PSUS, partially offset by $118.1 million of payments made for capital distributions and $34.8 million for the repayment of outstanding borrowings under the lines of credit from JPMorgan Chase Bank, N.A. For the six months ended June 30, 2025, net cash used in financing activities of $116.6 million was primarily related to payments for capital distributions. Contractual Obligations and Commercial Commitments As of June 30, 2026, there have been no significant changes to our contractual obligations and other commitments as disclosed in the IPO Prospectus, other than as described elsewhere in this Quarterly Report and other payments made in the ordinary course of business. Dividend Policy Our intention is to pay to holders of our common stock a quarterly cash dividend representing nearly all of our Distributable Earnings, subject to adjustment by amounts determined by our board of directors to be necessary or appropriate to provide for the conduct of our business, to make appropriate investments in our business and funds, to comply with applicable law and any contractual restrictions, or to provide for future dividends to stockholders for any ensuing quarter. For our definition of Distributable Earnings, see “—Non-GAAP Financial Measures - Distributable Earnings.” We expect to declare and pay dividends in the first month of the quarter in which they are earned for that quarter. All of the foregoing is subject to the qualification that the declaration and payment of any dividends are at the sole discretion of our board of directors, and our board of directors may change our dividend policy at any time, including, without limitation, to reduce such quarterly dividends or even to eliminate such dividends entirely. We declared and paid our first quarterly dividend of $0.122 per share for the third quarter of 2026 on July 21, 2026. Dividends will be treated as qualified dividends to the extent the stockholder holds the shares of our common stock for the requisite holding period. Because we are a holding company and have no direct operations, we will only be able to pay dividends or other distributions from funds we receive from our subsidiaries. In addition, our ability to pay dividends or other distributions may be limited by the agreements governing any indebtedness we or our subsidiaries may incur in the future. Critical Accounting Policies and Estimates The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the amounts of income and expenses during the reported period. While management believes that the estimates utilized in preparing the Consolidated Financial Statements are reasonable and prudent, actual results could differ from those estimates. An accounting policy is considered to be critical if the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change, and the effect of the estimates and assumptions on financial condition or operating performance. For a description of our accounting policies, see Note 2, "Significant Accounting Policies," to the Consolidated Financial Statements included elsewhere in this Quarterly Report and for a discussion of our policies and estimates, see the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” in our IPO Prospectus. In addition to the critical accounting policies described in the IPO Prospectus as of 66 Table of Contents December 31, 2025, with respect to periods following the Combined Transaction, we have identified the following additional critical accounting policies. Estimation of Fair Value PSUS Preferred Share Investment The fair value of our investment in the preferred shares of PSUS was determined using significant unobservable inputs, such as the discount rate and holding period. Changes in the estimated fair value of this investment may have a material impact on our results of operations in any given period, as any increase in this investment has a corresponding positive impact on our GAAP results of operations. See Note 5 to the Consolidated Financial Statements included elsewhere in this Quarterly Report. Equity-based Compensation The grant-date fair values of our RSU and M Unit awards are generally determined using our common stock price on the grant date, adjusted for the lack of dividend participation during the vesting period for the RSUs. The higher the adjustment for the lack of dividend participation, the lower the compensation expense taken over time for these RSU grants. Recent Accounting Developments Information regarding recent accounting developments and their impact on Pershing Square, if any, can be found in Note 2, “Significant Accounting Policies” of the Consolidated Financial Statements included elsewhere in this Quarterly Report.

Our exposure to market risks primarily relates to PSCM’s role as investment advisor to our funds and the impact of movements in the underlying value of their investments. Our management fees and performance fees are the primary sources of revenue that could be impacted. The underlying value of our funds’ investments may fluctuate in response to general equity and other market conditions. We also have exposure to market risks from PSCM’s provision of investment advisory and other services to HHH pursuant to the HHH Services Agreement and the impact of changes in the market capitalization of HHH. The HHH Variable Management Fee is the source of revenue that could be impacted. The market capitalization of HHH may fluctuate in response to general equity and other market conditions. Additionally, interest rate movements can adversely impact the amount of interest that we pay on debt obligations bearing variable rates. There have been no material changes to the quantitative and qualitative disclosures about market risk disclosed in our IPO Prospectus.

The information required with respect to this Part II, Item 1 can be found under Note 11, “Commitments and Contingencies” to the Consolidated Financial Statements included in Part I, Item 1, “Financial Statements” of this Quarterly Report.

There have been no material changes to the risk factors disclosed in the IPO Prospectus.