Pershing Square Inc. finalized a transformative corporate conversion combined with a public offering in April 2026, which significantly adjusted its capital base and fee structures. As of March 31, 2026, the firm managed $26.6 billion in AUM with a dominant permanent capital mix of 96%, enhancing fee predictability and stable earnings visibility. The firm’s business model leverages long-duration investments, opportunistic asymmetric hedges, and innovative transactions such as the Howard Hughes acquisition to build scalable, recurring revenue streams. While this structural evolution diversifies fee sources and strengthens liquidity with new debt facilities, risks remain concentrated in key holdings and market volatility influencing performance fees. Near-term focus centers on performance fee realizations and integrating the broader asset base from strategic transactions.