Pershing Square experienced substantial downward pressure as institutional investors continued to reprice the alternative asset manager following its third-quarter financial results and quarterly regulatory filings. The post-conversion corporate structure has brought heightened scrutiny to the company’s baseline profitability, marked by a notable GAAP net loss driven by substantial stock-based compensation, corporate income tax provisions, and the complete absence of performance fees during the period. With top-line management revenues contracting year over year and operational expenses expanding significantly, market participants are increasingly questioning whether recurring fee-related earnings can support the valuation multiple the…