← Pershing Square overview

Pershing Square vs Ares Capital: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Pershing Square Holdings Ltd (PSH.AS)

Q3 2026
▲3

Pershing Square's Buybacks and Portfolio Growth Drive PSH Higher

  • Share buybacks shrink share count and signal confidence Pershing Square bought back its own shares four times this period, reducing the number of shares outstanding. This supports the share price because each remaining share represents a larger slice of the fund's assets, and it signals management believes the stock is undervalued.

    Buybacks are a direct capital action that lifts PSH's price by reducing supply and signaling confidence.

  • Q2 earnings call highlights NAV growth and strategic plans On the Q2 2026 earnings call, Pershing Square said its portfolio companies (like Amazon, Meta, Microsoft) should compound value at high rates, growing net asset value. It also plans to use investment-grade debt to boost returns and launch new funds, which could attract more investors.

    The earnings call revealed management's growth strategy and positive outlook, which can drive investor demand for PSH shares.

  • Howard Hughes deal could boost Pershing Square's fee income Pershing Square said Howard Hughes Holdings could become a modern-day Berkshire Hathaway after acquiring Vantage. As Howard Hughes grows, Pershing Square earns higher variable service fees, which increases its revenue and potentially its share price.

    This shows a specific portfolio company development that could increase Pershing Square's fee income, directly benefiting PSH.

July 2026
▲3

Pershing Square's Buybacks and Portfolio Growth Drive PSH Higher

  • Share buybacks shrink share count and signal confidence Pershing Square bought back its own shares four times this period, reducing the number of shares outstanding. This supports the share price because each remaining share represents a larger slice of the fund's assets, and it signals management believes the stock is undervalued.

    Buybacks are a direct capital action that lifts PSH's price by reducing supply and signaling confidence.

  • Q2 earnings call highlights NAV growth and strategic plans On the Q2 2026 earnings call, Pershing Square said its portfolio companies (like Amazon, Meta, Microsoft) should compound value at high rates, growing net asset value. It also plans to use investment-grade debt to boost returns and launch new funds, which could attract more investors.

    The earnings call revealed management's growth strategy and positive outlook, which can drive investor demand for PSH shares.

  • Howard Hughes deal could boost Pershing Square's fee income Pershing Square said Howard Hughes Holdings could become a modern-day Berkshire Hathaway after acquiring Vantage. As Howard Hughes grows, Pershing Square earns higher variable service fees, which increases its revenue and potentially its share price.

    This shows a specific portfolio company development that could increase Pershing Square's fee income, directly benefiting PSH.

Latest
▲3

Pershing Square's Buybacks and Portfolio Growth Drive PSH Higher

  • Share buybacks shrink share count and signal confidence Pershing Square bought back its own shares four times this period, reducing the number of shares outstanding. This supports the share price because each remaining share represents a larger slice of the fund's assets, and it signals management believes the stock is undervalued.

    Buybacks are a direct capital action that lifts PSH's price by reducing supply and signaling confidence.

  • Q2 earnings call highlights NAV growth and strategic plans On the Q2 2026 earnings call, Pershing Square said its portfolio companies (like Amazon, Meta, Microsoft) should compound value at high rates, growing net asset value. It also plans to use investment-grade debt to boost returns and launch new funds, which could attract more investors.

    The earnings call revealed management's growth strategy and positive outlook, which can drive investor demand for PSH shares.

  • Howard Hughes deal could boost Pershing Square's fee income Pershing Square said Howard Hughes Holdings could become a modern-day Berkshire Hathaway after acquiring Vantage. As Howard Hughes grows, Pershing Square earns higher variable service fees, which increases its revenue and potentially its share price.

    This shows a specific portfolio company development that could increase Pershing Square's fee income, directly benefiting PSH.

Ares Capital Corporation (ARCC)

Q3 2026
▼3

Private credit stress tests ARCC's dividend as defaults rise

  • Rising non-accruals and dividend coverage gap Loans not paying interest rose to 2.4% of the portfolio from 1.8%, and core earnings of $0.47 fell short of the $0.48 dividend. That makes the payout less safe and pressures ARCC's price.

    This is the core new credit-quality deterioration directly threatening ARCC's dividend.

  • Record private credit defaults and sector dividend cuts Private credit defaults hit a record 6%, and peer Blue Owl cut its dividend. This raises fears ARCC may follow, weighing on its shares even though ARCC kept its own dividend steady.

    Sector-wide default record and a peer dividend cut are new negative signals for ARCC's payout.

  • Falling loan rates squeeze income ARCC's average loan rate dropped to 10.3% from higher levels, and peers show similar declines. Lower rates mean less interest income, making it harder to cover the dividend and pressuring the stock.

    Declining portfolio yield is a new earnings headwind for ARCC.

  • New $750M bond issue at higher cost ARCC priced $750 million of 6.250% notes due 2033 to repay bank debt. It locks in higher borrowing costs but extends maturities and keeps liquidity strong, so the effect on the stock is mixed.

    This new financing event affects ARCC's capital costs and liquidity.

August 2026
▼3

Private credit stress tests ARCC's dividend as defaults rise

  • Rising non-accruals and dividend coverage gap Loans not paying interest rose to 2.4% of the portfolio from 1.8%, and core earnings of $0.47 fell short of the $0.48 dividend. That makes the payout less safe and pressures ARCC's price.

    This is the core new credit-quality deterioration directly threatening ARCC's dividend.

  • Record private credit defaults and sector dividend cuts Private credit defaults hit a record 6%, and peer Blue Owl cut its dividend. This raises fears ARCC may follow, weighing on its shares even though ARCC kept its own dividend steady.

    Sector-wide default record and a peer dividend cut are new negative signals for ARCC's payout.

  • Falling loan rates squeeze income ARCC's average loan rate dropped to 10.3% from higher levels, and peers show similar declines. Lower rates mean less interest income, making it harder to cover the dividend and pressuring the stock.

    Declining portfolio yield is a new earnings headwind for ARCC.

  • New $750M bond issue at higher cost ARCC priced $750 million of 6.250% notes due 2033 to repay bank debt. It locks in higher borrowing costs but extends maturities and keeps liquidity strong, so the effect on the stock is mixed.

    This new financing event affects ARCC's capital costs and liquidity.

Latest
▼3

Private credit stress tests ARCC's dividend as defaults rise

  • Rising non-accruals and dividend coverage gap Loans not paying interest rose to 2.4% of the portfolio from 1.8%, and core earnings of $0.47 fell short of the $0.48 dividend. That makes the payout less safe and pressures ARCC's price.

    This is the core new credit-quality deterioration directly threatening ARCC's dividend.

  • Record private credit defaults and sector dividend cuts Private credit defaults hit a record 6%, and peer Blue Owl cut its dividend. This raises fears ARCC may follow, weighing on its shares even though ARCC kept its own dividend steady.

    Sector-wide default record and a peer dividend cut are new negative signals for ARCC's payout.

  • Falling loan rates squeeze income ARCC's average loan rate dropped to 10.3% from higher levels, and peers show similar declines. Lower rates mean less interest income, making it harder to cover the dividend and pressuring the stock.

    Declining portfolio yield is a new earnings headwind for ARCC.

  • New $750M bond issue at higher cost ARCC priced $750 million of 6.250% notes due 2033 to repay bank debt. It locks in higher borrowing costs but extends maturities and keeps liquidity strong, so the effect on the stock is mixed.

    This new financing event affects ARCC's capital costs and liquidity.