Dimensional Fund Advisors LP lifted its holdings in shares of Howard Hughes Holdings Inc. (NYSE:HHH – Free Report) by 8.0% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,822,522 shares of the company’s stock after purchasing an additional 208,617 shares during the period. Dimensional Fund Advisors LP owned 4.73% of Howard Hughes worth $178,549,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC bought a new stake in Howard Hughes during the 4th quarter worth about $511,000. M&T Bank Corp acquired a new stake in Howard Hughes in the 4th quarter valued at about $4,208,000. Annex Advisory Services LLC raised its stake in shares of Howard Hughes by 1,117.5% in the fourth quarter. Annex Advisory Services LLC now owns 181,388 shares of the company’s stock worth $14,469,000 after acquiring an additional 166,489 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Howard Hughes by 90.5% in the fourth quarter. SG Americas Securities LLC now owns 48,992 shares of the company’s stock worth $3,908,000 after acquiring an additional 23,276 shares during the last quarter. Finally, Walleye Partners LLC acquired a new position in shares of Howard Hughes during the fourth quarter worth approximately $4,549,000. 93.83% of the stock is currently owned by institutional investors and hedge funds.
Howard Hughes Price Performance Shares of HHH stock opened at $65.91 on Friday. The firm has a market cap of $3.93 billion, a price-to-earnings ratio of 32.31 and a beta of 1.12. Howard Hughes Holdings Inc. has a 12 month low of $61.01 and a 12 month high of $91.07. The company has a quick ratio of 1.58, a current ratio of 1.58 and a debt-to-equity ratio of 1.97. The stock has a 50-day moving average price of $67.85 and a 200 day moving average price of $70.22.
Howard Hughes (NYSE:HHH – Get Free Report) last released its earnings results on Thursday, May 7th. The company reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.06. The company had revenue of $235.92 million for the quarter. Howard Hughes had a net margin of 8.04% and a return on equity of 5.41%. The business’s revenue for the quarter was up 18.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.21 earnings per share. Research analysts expect that Howard Hughes Holdings Inc. will post 2.77 EPS for the current year.
Insider Activity at Howard Hughes In related news, insider James Carman sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $64.20, for a total transaction of $96,300.00. Following the completion of the sale, the insider directly owned 22,096 shares of the company’s stock, valued at $1,418,563.20. The trade was a 6.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 48.00% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades Several research firms have recently commented on HHH. Weiss Ratings reissued a “sell (d)” rating on shares of Howard Hughes in a research note on Friday, July 17th. JPMorgan Chase & Co. boosted their price objective on shares of Howard Hughes from $76.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday, July 16th. Zacks Research downgraded Howard Hughes from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 21st. Finally, Wall Street Zen raised Howard Hughes from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. One analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Howard Hughes currently has a consensus rating of “Sell” and an average target price of $79.00.
Read Our Latest Research Report on Howard Hughes
About Howard Hughes (Free Report)
Howard Hughes Holdings Inc, together with its subsidiaries, operates as a real estate development company in the United States. It operates in four segments: Operating Assets; Master Planned Communities (MPCs); Seaport; and Strategic Developments. The Operating Assets segment consists of developed or acquired retail, office, and multi-family properties along with other retail investments. Its MPCs segment develops, sells, and leases residential and commercial land designated for long-term community development projects in and around Las Vegas, Nevada; Houston, Texas; and Phoenix, Arizona.
See Also Five stocks we like better than Howard Hughes Telecom Earnings Reveal a Sector That Finally Looks Healthier Defense Earnings Show Readiness Now and Modernization Ahead Why Palantir Investors Aren’t Panicking While the Rest of AI Sells Off MarketBeat Week in Review – 07/20- 07/24 Want to see what other hedge funds are holding HHH? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Howard Hughes Holdings Inc. (NYSE:HHH – Free Report).
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July 16, 2026 08:30 ET | Source: Howard Hughes Holdings Inc.
Marc Grandisson Appointed Executive Chairman of Vantage
David Gansberg Named CEO-Designate
THE WOODLANDS, Texas, July 16, 2026 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (“the Company” or “Howard Hughes”) today announced a leadership transition at Vantage Group Holdings Ltd. (“Vantage”) with Marc Grandisson to become Executive Chairman, effective immediately, and David Gansberg to become CEO once his non-competition obligations are no longer in effect by June 2027.
Marc and David bring decades of specialty insurance leadership to Vantage, having spent much of their careers together at Arch Capital Group (NASDAQ: ACGL), which they helped build into one of the world's most respected and profitable specialty insurers and reinsurers.
Mr. Grandisson began his career working with insurance executives including Ajit Jain from Berkshire Hathaway and Paul Ingrey at F&G Re before joining Arch's founding team in 2001. He served as CEO of Arch from 2018 until his retirement in 2024, during which Arch generated a total shareholder return of 298%, or 23.2% per annum, driven by disciplined underwriting and skilled cycle management.
Mr. Gansberg, who also joined Arch in 2001, led the company's Global Mortgage Group as CEO from 2019 to 2024 and built it into a market leader, before being named President of Arch Capital Group with accountability for its Global Insurance Group.
Greg Hendrick, who has served as CEO of Vantage since co-founding the company in 2020, will continue to lead Vantage as CEO until Mr. Gansberg assumes the role, ensuring a seamless transition. Mr. Grandisson will work alongside Mr. Hendrick and the Vantage leadership team during this period.
“In Marc and David, we have two of the most accomplished leaders in the industry to guide Vantage into its next chapter,” said Bill Ackman, Executive Chairman of Howard Hughes. “Greg has built the foundations for an exceptional specialty insurance and reinsurance operation, and we are grateful for his leadership. As we look to the future, Marc’s deep underwriting and operating expertise and David’s proven track record of building profitable, durable insurance businesses position Vantage to scale into a large, highly profitable insurance company and an enduring source of long-term value creation for Howard Hughes and its shareholders for decades to come.”
"When I joined the Howard Hughes board, I saw a company at an exciting inflection point, and my conviction in the opportunity at Vantage has only grown since," said Marc Grandisson. "Vantage is an exceptional diversified insurance platform which offers tremendous opportunity, and I am honored to join the company as Executive Chairman.”
"Building Vantage these past six years has been the privilege of my career," said Greg Hendrick, CEO of Vantage. “We set out to build a specialty reinsurer that sees risk differently — one defined by talent, technology, and a genuine curiosity about the world. I am proud of every person who made it possible. With our recent sale to Howard Hughes, we are now closing our founding chapter and opening an extremely promising long-term future for the company. I am committed to a transition that sets up Marc, David and the Vantage team for even greater success in the future.”
About Marc Grandisson
Marc Grandisson is the former CEO of Arch Capital Group Ltd. (NASDAQ: ACGL), which he joined in 2001 and became CEO in March 2018. Born and raised in Quebec, Canada, he earned an undergraduate degree in Actuarial Science from Université Laval in 1990 and an MBA from the Wharton School of the University of Pennsylvania in 2000. He is a Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries and served as Chairman of ABIR (the Association of Bermuda Insurers and Reinsurers) from 2021-22. Prior to ACGL, he worked for Berkshire Hathaway, F&G Re, and Towers Watson. Mr. Grandisson is a minority investor in the NHL’s Carolina Hurricanes and the NBA’s Portland Trail Blazers.
About David Gansberg
David Gansberg was President, Arch Capital Group Ltd., beginning Nov. 7, 2024 until his recent departure from the company. As President Mr. Gansberg had primary accountability for Arch’s Global Insurance Group, which includes Arch’s North American and International Insurance Operations. From February 2013 through February 2019, he was the President and CEO of Arch Mortgage Insurance Company. From July 2007 to February 2013, Mr. Gansberg was Executive Vice President and a director at Arch Reinsurance Company (“Arch Re (U.S.)”). Prior to that, he held various underwriting, operational and strategic roles at Arch Re Bermuda and Arch Capital Services LLC, which he joined in December 2001. Mr. Gansberg currently serves on the board of directors of Coface SA. He holds a bachelor’s degree in actuarial mathematics from the University of Michigan and an MBA from Duke University.
About Vantage
Vantage Group Holdings Ltd. (Vantage) was established in late 2020 as a re/insurance partner designed for the future. Driven by relentless curiosity, the Vantage team of trusted experts provides a fresh perspective on clients' risks and adds creativity to tech-enabled efficiency and robust analytics to address risks others avoid. Vantage is a subsidiary of Howard Hughes Holdings Inc. Additional information about Vantage can be found at www.vantagerisk.com.
About Howard Hughes Holdings Inc.
Howard Hughes Holdings Inc. (NYSE: HHH) is a diversified holding company focused on growing long-term shareholder value. Its principal subsidiaries are Vantage Group Holdings, a leading specialty insurance, reinsurance, and partnership capital platform, and Howard Hughes Communities™, one of the nation’s leading real estate platforms. HHH brings together long-duration capital, high-quality operating businesses, and disciplined capital allocation to build long-term value. For additional information, visit howardhughes.com.
Forward-Looking Statements
Statements made in this press release that are not historical facts, including statements accompanied by words such as “anticipate,” “will,” “believe,” “expect,” “position,” “assume,” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
THE WOODLANDS, Texas, July 07, 2026 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (“the Company” or “Howard Hughes”) announced today that the Company will release 2026 second quarter earnings on Wednesday, August 5, 2026, after the market closes and will hold its second quarter conference call on Thursday, August 6, 2026, at 10:00 AM Eastern Time. The Company's earnings release will be posted to the Investors section of the Company's website prior to the conference call.
Please visit the Howard Hughes website to listen to the earnings call via a live webcast. Listeners who wish to participate in the question and answer session may do so via telephone by pre-registering on HHH’s earnings call registration webpage. All registrants will receive dial-in information and a PIN allowing them to access the live call. An on-demand replay of the earnings call will be available on the Company’s website immediately following the conclusion of the live call for a period of one year.
About Howard Hughes Holdings Inc.
Howard Hughes Holdings Inc. (NYSE: HHH) is a diversified holding company focused on growing long-term shareholder value. Its principal subsidiaries are Vantage Group Holdings, a leading specialty insurance, reinsurance, and partnership capital platform, and Howard Hughes Communities™, one of the nation’s leading real estate platforms. HHH brings together long-duration capital, high-quality operating businesses, and disciplined capital allocation to build long-term value. For additional information, visit howardhughes.com.
Vancouver, British Columbia--(Newsfile Corp. - June 16, 2026) - Helius Minerals Limited (TSXV: HHH) ("Helius" or the "Company") announces that it has issued 65,611 stock options to a director of the company pursuant to the Company's stock option plan. The stock options were issued as of June 16, 2026, with an expiry date of 60 months from the date of issuance and are exercisable at a price of $5.01 per common share.
About Helius
Helius is a mineral exploration company focused on the identification and development of high-quality mineral assets across the Americas, with an emphasis on South American jurisdictions.
ON BEHALF OF THE BOARD
Helius Minerals Limited
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation ("forward-looking information"). Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information contained in this press release may include, without limitation, statements regarding the expected date the Company's securities are expected to commence trading on the TSX-V; the trading of the Company's shares under a new ticker symbol; regulatory and TSX-V approval of the Name Change; the maintenance of the existing business and assets; the maintenance of its existing business and assets, and the potential for precious metals (gold and silver) and base metal (copper) discoveries; and the TSX-V publishing a bulletin in respect of the Name Change. By their nature, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to receive TSXV approval of the Name Change, timing of the Name Change, ability of relevant third parties to transition to the Company's new corporate name, failing to establish estimated resources and reserves, the grade and recovery of precious metals and base metals which is mined varying from estimates, delays in obtaining or failures to obtain required financing, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, delays in the development of projects, changes in exchange rates, fluctuations in commodity prices, inflation and other factors, and those risks set out in the Company's public documents filed on SEDAR. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update any forward-looking information if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. There can be no assurance that such information will prove to be accurate, and future events and actual results could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from our expectations are disclosed in the Company's public documents filed from time to time via SEDAR at www.sedarplus.ca with the Canadian securities regulatory authorities to whose policies the Company is bound. Investors are cautioned against attributing undue certainty to forward-looking information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/301765
Source: Helius Minerals Limited
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What happenedAccording to a recent SEC filing dated February 17, 2026, Concorde Financial Corp disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold out its entire stake in Howard Hughes Holdings (HHH +0.99%), liquidating 52,047 shares in an estimated $4.28 million trade based on quarterly average pricing.
What else to knowConcorde Financial Corp sold out its entire Howard Hughes Holdings stake. As of February 16, 2026, shares of Howard Hughes Holdings were priced at $82.15, up 9.5% over the past year, underperforming the S&P 500 by 2.3 percentage points. The position was previously 2.4% of the fund’s assets under management as of the prior quarter.
Top holdings after the filing:
NYSE:JPM: $9.16 million (7.1% of AUM)NYSE:XOM: $8.03 million (6.2% of AUM)NASDAQ:EXE: $7.45 million (5.8% of AUM)NYSE:ET: $7.39 million (5.7% of AUM)NYSE:ABBV: $7.04 million (5.5% of AUM)Company overviewMetricValuePrice (as of market close February 13, 2026)$82.15Revenue (TTM)$1.47 billionNet income (TTM)$123.9 million1-year price change8.6%Company snapshotHoward Hughes Holdings develops, owns, and manages a diversified portfolio of real estate assets, including retail, office, multifamily, and master planned communities; also operates landmark properties in New York City’s Seaport district.
It generates revenue primarily through property leasing, land sales, and development fees, leveraging long-term community development and recurring rental income streams.
Howard Hughes Holdings serves homebuilders, commercial tenants, and residential buyers in major U.S. growth markets such as Las Vegas, Houston, and Phoenix.
What this transaction means for investorsHoward Hughes Holdings is built around a long-cycle real estate development model. The company controls large land positions in fast-growing markets such as Las Vegas, Houston, and Phoenix, where population growth and housing demand can increase land values over time before much of that land is fully developed.
Howard Hughes Holdings monetizes its communities in stages. It starts by selling residential land parcels to homebuilders, then introduces retail, office, and mixed-use properties as population and demand grow. This approach provides revenue from land sales and long-term cash flow as communities require shopping, workplaces, and entertainment options.
For investors, the key question is whether Howard Hughes can consistently convert land ownership into higher land values and stable commercial income. When housing demand and migration trends are strong, the model can generate long-term value. However, results may be more cyclical and less predictable than those of stabilized property owners, since outcomes will also depend on development timing, homebuilder demand, and local economic conditions.
JPMorgan Chase is an advertising partner of Motley Fool Money. Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends AbbVie, Howard Hughes, and JPMorgan Chase. The Motley Fool has a disclosure policy.
HHH Executive Chairman Bill Ackman and Chief Investment Officer Ryan Israel to present on the Company’s acquisition of Vantage Group Holdings, anticipated to close in Q2 March 31, 2026 16:03 ET | Source: Howard Hughes Holdings Inc.
THE WOODLANDS, Texas, March 31, 2026 (GLOBE NEWSWIRE) -- Howard Hughes Holdings (NYSE: HHH) announced today that its 2026 Annual Shareholder Meeting, originally scheduled for June, will now take place in New York City on Thursday, September 17. HHH Executive Chairman Bill Ackman and Chief Investment Officer Ryan Israel will present on the Company’s acquisition of Vantage Group Holdings, which is expected to close in Q2. They will be joined by Chief Executive Officer David O’Reilly for a Q&A session with the audience.
“Convening our 2026 Shareholder Meeting in September will enable us to share strategic insights into our acquisition of Vantage following its expected closing in Q2,” said Bill Ackman, Executive Chairman of Howard Hughes. “We look forward to discussing how the combination of Vantage's insurance expertise and Pershing Square's investment capabilities creates the opportunity to build a large, highly profitable insurance company and an important source of long-term value creation for Howard Hughes shareholders.”
Details of the upcoming shareholder meeting, including the specific time and location, will be provided in a forthcoming press release and in the Company’s definitive proxy statement. The meeting is open to the public; advance registration is required, and priority will be given to HHH stockholders. Only HHH stockholders of record as of July 22, 2026, will be entitled to vote at the meeting.
About Howard Hughes Holdings Inc.
Howard Hughes Holdings (HHH) is a holding company focused on growing long-term shareholder value. Through its real estate platform, Howard Hughes Communities, HHH owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including The Woodlands®, Bridgeland® and The Woodlands Hills® in Greater Houston; Summerlin® in Las Vegas; Teravalis™ in Greater Phoenix; Ward Village® in Honolulu; and Merriweather District in Columbia, Maryland. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.
Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
THE WOODLANDS, Texas, April 13, 2026 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (“the Company” or “Howard Hughes”) announced today that the Company will release 2026 first quarter earnings on Thursday, May 7, 2026, after the market closes and will hold its first quarter conference call on Friday, May 8, 2026, at 10:00 AM Eastern Time. The Company's earnings release will be posted to the Investors section of the Company's website prior to the conference call.
Please visit the Howard Hughes website to listen to the earnings call via a live webcast. Listeners who wish to participate in the question and answer session may do so via telephone by pre-registering on HHH’s earnings call registration webpage. All registrants will receive dial-in information and a PIN allowing them to access the live call. An on-demand replay of the earnings call will be available on the Company’s website immediately following the conclusion of the live call for a period of one year.
About Howard Hughes Holdings Inc.
Howard Hughes Holdings Inc. (HHH) is a holding company focused on growing long-term shareholder value. Through its real estate platform, Howard Hughes Communities, HHH owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including The Woodlands®, Bridgeland® and The Woodlands Hills® in Greater Houston; Summerlin® in Las Vegas; Teravalis™ in Greater Phoenix; Ward Village® in Honolulu; and Merriweather District in Columbia, Maryland. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.
Grandisson to Purchase 1,131,273 Five-Year Warrants with $100 Strike Price April 20, 2026 06:00 ET | Source: Howard Hughes Holdings Inc.
THE WOODLANDS, Texas, April 20, 2026 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (“the Company” or “Howard Hughes”) today announced the appointment of Marc Grandisson to its Board of Directors, effective May 7, 2026.
Mr. Grandisson is the former CEO of Arch Capital Group Ltd. (NASDAQ: ACGL), a global specialty insurance, reinsurance, and mortgage insurance company. He served as CEO from 2018 until his retirement in 2024, having been an integral member of Arch's founding team since 2001. Under his leadership, Arch grew into one of the most respected and profitable insurance companies in the world.
“Marc is considered one of the greatest insurance company CEOs of his generation, known for his expertise in cycle management and driving long-term profitability and diversified growth,” said HHH Executive Chairman Bill Ackman. “Under Marc’s leadership, first as President of Arch and then as CEO, Arch established itself as one of the world's preeminent specialty insurers and reinsurers. During his nearly seven-year tenure as CEO, Arch delivered a total shareholder return of 298%, or 23.2% per annum, compared to 144% and 14.4% for the S&P Insurance Index over the same period.1 Marc’s early career included foundational experience working with extraordinary insurance executives including Ajit Jain from Berkshire Hathaway and Paul Ingrey at F&G Re. We will greatly benefit from Marc’s extraordinary experience and wise counsel.”
Mr. Grandisson’s appointment comes at a pivotal moment for Howard Hughes as the Company is expected to close this quarter on its acquisition of Vantage Group Holdings, a leading specialty insurance and reinsurance company, which will serve as the cornerstone of HHH’s evolution into a diversified holding company.
“Howard Hughes is at an important inflection point in its history, and I am honored to join the board to help the company achieve its long-term strategic vision,” said Marc Grandisson. “I look forward to working alongside my fellow directors to help build a great company and to create long-term value for shareholders.”
In connection with his appointment, Mr. Grandisson is investing $10 million to purchase, for fair market value, warrants on 1,131,273 shares of Howard Hughes common stock with a strike price of $100 per share and a term of five years. The warrants cannot be sold, transferred, or hedged for four years.
Mr. Grandisson will join the HHH board as one of Pershing Square’s appointees, replacing Ben Hakim. Mr. Grandisson will join Pershing Square as a partner in March 2027, at which time he will receive a one-time grant of 400,000 shares of Pershing Square Inc. (“PS”) restricted stock units which will vest over four years. PS is the prospective parent company of Pershing Square Capital Management, L.P. (“PSCM”).
About Marc Grandisson
Marc Grandisson is the former CEO of Arch Capital Group Ltd. (NASDAQ: ACGL), which he joined in 2001 and became CEO in March 2018. Born and raised in Quebec, Canada, he earned an undergraduate degree in Actuarial Science from Université Laval in 1990 and an MBA from the Wharton School of the University of Pennsylvania in 2000. He is a Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries and served as Chairman of ABIR (the Association of Bermuda Insurers and Reinsurers) from 2021-22. Prior to ACGL, he worked for Berkshire Hathaway, F&G Re, and Towers Watson. Mr. Grandisson is a minority investor in the NHL’s Carolina Hurricanes and the NBA’s Portland Trail Blazers.
About Howard Hughes Holdings Inc.
Howard Hughes Holdings Inc. (NYSE: HHH) is a diversified holding company. HHH’s real estate subsidiary, Howard Hughes Communities, owns, manages, and develops one of the nation's preeminent portfolios of master planned communities and mixed-use assets, including Summerlin® in Las Vegas, The Woodlands® and Bridgeland® in Greater Houston, Ward Village® in Honolulu, and Teravalis™ in Greater Phoenix. With the acquisition of Vantage Group Holdings, HHH will add a leading specialty insurance and reinsurance platform as its second core operating subsidiary.
For additional information visit www.howardhughes.com.
About Pershing Square Capital Management, L.P.
Pershing Square Capital Management, L.P., based in New York City, is a SEC-registered investment advisor to permanent capital vehicles with approximately $31 billion of assets under management.
About Pershing Square Inc.
Pershing Square Inc., an alternative investment management company, is the prospective parent company of PSCM that will result from the statutory conversion of Pershing Square Holdco, L.P., the current parent company of PSCM, from a Delaware limited partnership to a Nevada corporation prior to the effectiveness of the Registration Statements.
Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
Media Relations:
Cristina Carlson
Howard Hughes [email protected]
646-822-6910
1 Share price return figures are measured from March 2, 2018 (the last trading day prior to Mr. Grandisson’s promotion as CEO of Arch on March 3, 2018) to October 11, 2024 (the last trading day prior to the announcement of Mr. Grandisson’s retirement from Arch on October 14, 2024).
Shares of Howard Hughes Holdings Inc. (NYSE:HHH – Get Free Report) have been given an average rating of “Hold” by the five analysts that are covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $83.3333.
Separately, Weiss Ratings lowered Howard Hughes from a “hold (c-)” rating to a “sell (d+)” rating in a report on Monday, April 6th.
Get Our Latest Report on Howard Hughes
Howard Hughes Stock Down 0.9% NYSE:HHH opened at $64.11 on Tuesday. The company’s 50-day simple moving average is $67.60 and its 200-day simple moving average is $77.29. The company has a debt-to-equity ratio of 1.73, a quick ratio of 1.19 and a current ratio of 1.19. Howard Hughes has a fifty-two week low of $61.01 and a fifty-two week high of $91.07. The stock has a market capitalization of $3.82 billion, a P/E ratio of 30.38 and a beta of 1.28.
Howard Hughes (NYSE:HHH – Get Free Report) last posted its quarterly earnings data on Thursday, February 19th. The company reported $0.10 EPS for the quarter, missing the consensus estimate of $0.31 by ($0.21). Howard Hughes had a return on equity of 5.54% and a net margin of 8.40%.The firm had revenue of $624.45 million for the quarter. During the same period in the previous year, the business posted $3.25 EPS. The firm’s quarterly revenue was down 36.5% compared to the same quarter last year. On average, equities analysts anticipate that Howard Hughes will post 4.06 earnings per share for the current fiscal year.
Insider Transactions at Howard Hughes In other Howard Hughes news, General Counsel Joseph Valane purchased 1,260 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was bought at an average cost of $64.45 per share, for a total transaction of $81,207.00. Following the completion of the purchase, the general counsel owned 29,209 shares in the company, valued at $1,882,520.05. This represents a 4.51% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 48.00% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Howard Hughes Large investors have recently bought and sold shares of the company. Global Retirement Partners LLC acquired a new stake in shares of Howard Hughes in the third quarter worth $31,000. Signaturefd LLC lifted its position in Howard Hughes by 41.5% during the fourth quarter. Signaturefd LLC now owns 423 shares of the company’s stock valued at $34,000 after purchasing an additional 124 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in Howard Hughes by 191.5% in the second quarter. EverSource Wealth Advisors LLC now owns 516 shares of the company’s stock valued at $35,000 after purchasing an additional 339 shares during the last quarter. Huntington National Bank boosted its holdings in Howard Hughes by 134.1% in the fourth quarter. Huntington National Bank now owns 494 shares of the company’s stock valued at $39,000 after purchasing an additional 283 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new stake in Howard Hughes during the 4th quarter worth about $43,000. Hedge funds and other institutional investors own 93.83% of the company’s stock.
Howard Hughes Company Profile (Get Free Report)
Howard Hughes Holdings Inc, together with its subsidiaries, operates as a real estate development company in the United States. It operates in four segments: Operating Assets; Master Planned Communities (MPCs); Seaport; and Strategic Developments. The Operating Assets segment consists of developed or acquired retail, office, and multi-family properties along with other retail investments. Its MPCs segment develops, sells, and leases residential and commercial land designated for long-term community development projects in and around Las Vegas, Nevada; Houston, Texas; and Phoenix, Arizona.
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Wall Street expects a year-over-year decline in earnings on higher revenues when Howard Hughes Holdings (HHH - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.
The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 7. On the other hand, if they miss, the stock may move lower.
While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.
Zacks Consensus EstimateThis land developer is expected to post quarterly earnings of $0.08 per share in its upcoming report, which represents a year-over-year change of -61.9%.
Revenues are expected to be $215.12 million, up 7.9% from the year-ago quarter.
Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 21% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.
Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.
Price, Consensus and EPS Surprise
Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.
The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.
Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.
A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.
Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).
How Have the Numbers Shaped Up for Howard Hughes Holdings?For Howard Hughes Holdings, the Most Accurate Estimate is the same as the Zacks Consensus Estimate, suggesting that there are no recent analyst views which differ from what have been considered to derive the consensus estimate. This has resulted in an Earnings ESP of 0%.
On the other hand, the stock currently carries a Zacks Rank of #5.
So, this combination makes it difficult to conclusively predict that Howard Hughes Holdings will beat the consensus EPS estimate.
Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.
For the last reported quarter, it was expected that Howard Hughes Holdings would post earnings of $0.31 per share when it actually produced earnings of $0.10, delivering a surprise of -67.74%.
Over the last four quarters, the company has beaten consensus EPS estimates two times.
Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.
That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.
Howard Hughes Holdings doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
THE WOODLANDS, Texas, May 07, 2026 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company,” “HHH,” “Howard Hughes,” or “we”) today reported first quarter 2026 results, highlighting higher MPC land sales, steady growth in recurring Operating Assets NOI, and progress on the Company’s transition to a diversified holding company. The financial statements, exhibits, and reconciliations of non-GAAP measures in the attached Appendix and the Supplemental Information, as available through the Investors section of our website, provide further detail of these results.
“Howard Hughes is building on the strength of its cash-generative real estate platform as we transform the Company into a diversified holding company focused on compounding intrinsic value per share,” said Bill Ackman, Executive Chairman of Howard Hughes. “Our pending acquisition of Vantage is a key step in that evolution, adding a second engine of long-duration earnings alongside our communities. Vantage is a specialty insurance and reinsurance business that we believe will broaden our earnings base, add a complementary source of long-duration capital, and expand our opportunity set as we allocate capital across multiple platforms while preserving the value creation embedded in our real estate business. Everything is still on track to close this transaction during the second quarter and commence this new growth phase for the company.”
First Quarter 2026 Highlights:
Net income attributable to common stockholders decreased to $8.2 million in the current quarter, compared to $10.5 million in the prior-year period.Total Operating Assets Net Operating Income (NOI) was $73.1 million, an increase of $1.6 million or 2% compared to the prior-year period, reflecting modest increases across all property types and continued growth from strong leasing activity in both office and multifamily.Master Planned Communities (MPC) EBT totaled $84 million, up $21 million or 33% from the prior-year period, primarily due to increased residential acres sold in Bridgeland.Closed the final six units at Ulana Ward Village and commenced construction on The Launiu.Maintained a strong liquidity position with $1.8 billion of cash and cash equivalents, $515 million of undrawn capacity on its Secured Bridgeland Notes, $1.1 billion of undrawn lender commitments available for property development, subject to certain restrictions, and limited near-term debt maturities as of March 31, 2026.Closing of the previously announced agreement to acquire 100% of Vantage Group Holdings Ltd. (Vantage), a privately held leading specialty insurance and reinsurance company, for approximately $2.1 billion, is expected to occur during the second quarter of 2026. “2026 is a pivotal year for Howard Hughes. Our communities are delivering strong land sales, healthy net new home demand, and continued leasing growth, and we are adding a second engine of long-duration earnings with Vantage,” said David R. O’Reilly, Chief Executive Officer of Howard Hughes. “MPC land sales increased 39% and net new home sales rose 11% in the quarter compared to last year, reinforcing the depth and durability of demand across our communities. At Ward Village, we completed Ulana and broke ground on The Launiu, which is already 74% pre-sold for delivery in 2028. As we close the Vantage acquisition, we are repositioning Howard Hughes as a diversified holding company built on recurring cash flows and disciplined capital allocation, designed to compound intrinsic value per share over decades, not quarters.”
Financial Highlights
MPC
MPC revenue increased to $112.3 million, a 33% increase from the prior-year period.MPC EBT totaled $84.4 million, up $21.1 million or 33% compared to the prior-year period, primarily driven by strong residential land sales at Bridgeland.All MPC’s had an increase in net new home sales during the quarter compared to the prior-year period, with Bridgeland achieving a 12% increase, Summerlin a 6% increase, and The Woodlands Hills a 38% increase compared to the first quarter of 2025.
Operating Assets
Operating Assets revenue increased to $119.2 million from $114.0 million in the prior-year period, and Total Operating Assets NOI increased to $73.1 million from $71.6 million.The year-over-year increase was primarily driven by 3% growth in Multifamily NOI and 2% growth in Office NOI. Strategic Developments
The final six units at Ulana Ward Village closed during the quarter; however, condominium sales net of cost of sales remained flat because Ulana is a workforce tower and closed at a breakeven gross margin as expected.The Company also commenced construction on The Launiu in the first quarter of 2026. Financing Activity
In February 2026, Howard Hughes Corporation (HHC), the Company’s wholly owned subsidiary, issued $500.0 million of 5.875% senior unsecured notes due 2032 and $500.0 million of 6.125% senior unsecured notes due 2034. HHC used the net proceeds to redeem its outstanding $750.0 million 5.375% senior unsecured notes due 2028, including premiums, accrued and unpaid interest and related expenses, and will use the remaining proceeds for general corporate purposes.Closed on a $300.0 million new five-year mortgage secured by Downtown Summerlin and a related interest rate swap resulting in a fixed interest rate of 5.52%.10285 Lakefront Medical Office exercised the first extension option to extend its maturity from March 2026 to March 2027.
Redesigned Supplemental Information Report
As Howard Hughes transitions into a diversified holding company, we expect our reporting framework to evolve. To that end, we are introducing a redesigned Supplemental Information report this quarter that will be posted to our website. The intent of the redesigned report is to better align our public disclosure with how management evaluates the business and to provide new metrics that help bridge the gap between company results and underlying value.
Following the anticipated closing of the Vantage transaction, our earnings base will include both real estate and insurance platforms, each with distinct economic drivers. As a result, we intend to move from supplemental annual guidance to longer-term objectives for each platform that better reflect how we allocate capital and manage the business through cycles.
Conference Call & Webcast Information
Howard Hughes Holdings Inc. will host its first quarter 2026 earnings conference call on Friday, May 8, 2026, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). A presentation accompanying this earnings release has been posted to the Investors section of the Company's website. Management will use this presentation during the call.
Please visit the Howard Hughes website to listen to the earnings call via a live webcast. For listeners who wish to participate in the question-and-answer session via telephone, please preregister using HHH’s earnings call registration webpage. All registrants will receive dial-in information and a PIN allowing them to access the live call. An on-demand replay of the earnings call will be available on the Company’s website immediately after the call for a period of one year.
We are primarily focused on creating shareholder value by increasing our per-share value creation and long-term cash generation. Often, the nature of our business results in short-term volatility in our net income due to the timing of MPC land sales, recognition of condominium revenue and operating business pre-opening expenses, and, as such, we believe the following metrics summarized below are most useful in tracking our progress towards net asset value creation.
Three Months Ended March 31,$ in thousands 2026 2025 $ Change% ChangeOperating Assets NOI (1) Office$33,712 $32,903 $809 2%Retail 13,964 13,810 154 1%Multifamily 16,288 15,763 525 3%Other 1,695 1,542 153 10%Operating Assets NOI 65,659 64,018 1,641 3%Company's share of NOI from unconsolidated ventures 7,490 7,548 (58)(1)%Total Operating Assets NOI$73,149 $71,566 $1,583 2% MPC Acres Sold - Residential 87 70 17 24%Acres Sold - Commercial 6 — 6 NMPrice Per Acre - Residential$984 $991 $(7)(1)%Price Per Acre - Commercial$613 $— $613 NMMPC EBT$84,376 $63,264 $21,112 33% Strategic Developments Condominium rights and unit sales$3,134 $342 $2,792 NM NM - Not Meaningful
(1)See the accompanying appendix for a reconciliation of GAAP to non-GAAP financial measures and a statement indicating why management believes the non-GAAP financial measure provides useful information for investors. About Howard Hughes Holdings Inc.
Howard Hughes Holdings (HHH) is a holding company focused on growing long-term shareholder value. Through its real estate platform, Howard Hughes Communities, HHH owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including The Woodlands®, Bridgeland® and The Woodlands Hills® in Greater Houston; Summerlin® in Las Vegas; Teravalis™ in Greater Phoenix; Ward Village® in Honolulu; and Merriweather District in Columbia, Maryland. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (Exchange Act). All statements other than statements of historical fact included in this press release are forward-looking statements. We claim the protection of the Safe Harbor contained in the Private Securities Litigation Reform Act of 1995 for forward-looking statements. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, or business. You can identify forward-looking statements by the fact that they do not relate strictly to current or historical facts. These statements may include words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “likely,” “may,” “plan,” “project,” “realize,” “should,” “transform,” “will,” “would,” and other statements of similar expression. Forward-looking statements should not be relied upon. They give our expectations about the future and are not guarantees. Forward-looking statements are not a guaranty of future performance and involve risks and uncertainties that actual results may differ materially from those contemplated by such forward-looking statements. Many of these factors are beyond the Company’s ability to control or predict. Some of the risks, uncertainties and other important factors that may affect future results or cause actual results to differ materially from those expressed or implied by forward-looking statements include: (i) our ability to realize the anticipated benefits of the transactions with Pershing Square and our new strategy of becoming a diversified holding company; (ii) our ability to identify and consummate transactions as part of our new strategy of becoming a diversified holding company; (iii) risks inherent in acquiring or making investments in operating companies, especially companies in industries unrelated to our existing real estate business; (iv) our ability to satisfy the conditions to closing and consummate the proposed acquisition of Vantage (Vantage Transaction), integrate it into our operations, and realize the financial benefits currently anticipated from such acquisition; (v) our ability to realize the anticipated benefits of the spinoff of Seaport Entertainment Group Inc. that we completed in 2024; (vi) macroeconomic conditions such as volatility in capital markets, unstable economic and political conditions within the U.S. and foreign jurisdictions, geopolitical conflicts, and a prolonged recession in the national economy, including any adverse business or economic conditions in the homebuilding, condominium-development, retail, and office sectors; (vii) changes in trade policies, including tariffs or duties on construction or homebuilding materials, potential retaliatory actions by other countries, and related impacts on market conditions and business activity; (viii) our inability to obtain operating and development capital for our properties, including our inability to obtain or refinance debt capital from lenders and the capital markets; (ix) interest rate volatility and inflation; (x) the availability of debt and equity capital; (xi) our ability to compete effectively, including the potential impact of heightened competition for tenants and potential decreases in occupancy at our properties; (xii) general inflation, including core and wage inflation; commodity and energy price and currency volatility; as well as monetary, fiscal and policy interventions in anticipation of our reaction to such events, including changes in interest rates; (xiii) mismatch of supply and demand, including interruptions of supply lines; (xiv) extreme weather conditions or climate change, including natural disasters, that may cause property damage or interrupt business; (xv) the impact of water and electricity shortages; (xvi) contamination of our property by hazardous or toxic substances; (xvii) terrorist activity, acts of violence, or breaches of our or our vendors’ data security; (xviii) losses that are not insured or exceed the applicable insurance limits; (xix) our ability to lease new or redeveloped space; (xx) our ability to obtain the necessary governmental permits for the development of our properties and necessary regulatory approvals pursuant to an extensive entitlement process involving multiple and overlapping regulatory jurisdictions, which often require discretionary action by local governments; (xxi) increased construction costs exceeding our original estimates, delays or overruns, claims for construction defects, or other factors affecting our ability to develop, redevelop or construct our properties; (xxii) regulation of the portion of our business that is dedicated to the formation and sale of condominiums, including regulatory filings to state agencies, additional entitlement processes, and requirements to transfer control to a condominium association’s board of directors in certain situations, as well as potential defaults by purchasers on their obligations to purchase condominiums; (xxiii) fluctuations in regional and local economies, the impact of changes in interest rates on residential housing and condominium markets, local real estate conditions, tenant rental rates, and competition from competing retail properties and the internet; (xxiv) inherent risks related to disruption of information technology networks and related systems, including cyber security attacks; (xxv) our ability to attract and retain key personnel; (xxvi) our ability to collect rent and attract tenants; (xxvii) our indebtedness, including our $650,000,000 4.125% senior unsecured notes due 2029, $650,000,000 4.375% senior unsecured notes due 2031, $500,000,000 5.875% senior unsecured notes due 2032, and $500,000,000 6.125% senior unsecured notes due 2034, contain restrictions that may limit our ability to operate our business; (xxviii) our directors’ involvement or interests in other businesses, including real estate activities and investments; (xxix) our inability to control certain of our properties due to the joint ownership of such property and our inability to successfully attract desirable strategic partners; (xxx) our dependence on the operations and funds of our subsidiaries, including The Howard Hughes Corporation; (xxxi) catastrophic events or geopolitical conditions, such as international armed conflicts, or the occurrence of epidemics or pandemics; and (xxxii) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in our other reports and other public filings with the SEC. The Company refers you to the section entitled “Risk Factors” contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2025. Additional information concerning factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the Company's filings with the Securities and Exchange Commission. Copies of each filing may be obtained from the Company or the Securities and Exchange Commission. The risks included here are not exhaustive and undue reliance should not be placed on any forward-looking statements, which are based on current expectations. All written and oral forward-looking statements attributable to the Company, its management, or persons acting on their behalf are qualified in their entirety by these cautionary statements. Further, forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time unless otherwise required by law.
Financial Presentation
As discussed throughout this release, we use certain non-GAAP performance measures, in addition to the required GAAP presentations, as we believe these measures improve the understanding of our operational results and make comparisons of operating results among peer companies more meaningful. We continually evaluate the usefulness, relevance, limitations, and calculation of our reported non-GAAP performance measures to determine how best to provide relevant information to the public, and thus such reported measures could change. Non-GAAP financial measures should not be considered independently, or as a substitute, for financial information presented in accordance with GAAP. A non-GAAP financial measure used throughout this release is net operating income (NOI). We provide a more detailed discussion about this non-GAAP measure and a reconciliation to the most directly comparable GAAP measure in the appendix to this earnings release.
Contacts
Media Relations:
Cristina Carlson
Howard Hughes [email protected]
646-822-6910
HOWARD HUGHES HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED
Three Months Ended March 31,thousands except per share amounts 2026 2025 REVENUES Condominium rights and unit sales$3,134 $342 Master Planned Communities land sales 99,573 71,642 Rental revenue 113,549 108,413 Other revenues 10,979 9,644 Builder price participation 8,682 9,287 Total revenues 235,917 199,328 EXPENSES Condominium rights and unit cost of sales 3,134 242 Master Planned Communities cost of sales 34,742 25,214 Operating costs 53,033 50,789 Rental property real estate taxes 16,228 15,299 Provision for (recovery of) doubtful accounts (59) (156)General and administrative 25,758 22,436 Depreciation and amortization 48,640 45,139 Other 3,892 4,797 Total expenses 185,368 163,760 OTHER Gain (loss) on sale or disposal of real estate and other assets, net — 13,729 Other income (loss), net 127 (1,367)Total other 127 12,362 Operating income (loss) 50,676 47,930 Interest income 14,663 6,118 Interest expense (41,790) (41,094)Gain (loss) on extinguishment of debt (10,226) — Equity in earnings (losses) from unconsolidated ventures (2,640) 1,320 Income (loss) before income taxes 10,683 14,274 Income tax expense (benefit) 2,618 3,436 Net income (loss) 8,065 10,838 Net (income) loss attributable to noncontrolling interests 161 (305)Net income (loss) attributable to common stockholders$8,226 $10,533 Basic income (loss) per share$0.14 $0.21 Diluted income (loss) per share$0.14 $0.21 HOWARD HUGHES HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
UNAUDITED
thousands except par values and share amounts March 31, 2026 December 31, 2025ASSETS Master Planned Communities assets$2,653,161 $2,635,077 Buildings and equipment 4,100,037 4,028,862 Less: accumulated depreciation (1,124,704) (1,082,124)Land 307,625 307,625 Developments 1,569,667 1,477,615 Net investment in real estate 7,505,786 7,367,055 Investments in unconsolidated ventures 167,815 170,122 Cash and cash equivalents 1,835,829 1,468,507 Restricted cash 653,454 628,651 Accounts receivable, net 131,559 134,122 Municipal Utility District (MUD) receivables, net 532,689 459,729 Deferred expenses, net 166,082 160,966 Operating lease right-of-use assets 5,074 5,231 Other assets, net 249,827 245,078 Total assets$11,248,115 $10,639,461 LIABILITIES Mortgages, notes, and loans payable, net$5,791,296 $5,109,828 Operating lease obligations 4,773 4,868 Deferred tax liabilities, net 166,143 164,472 Accounts payable and other liabilities 1,435,994 1,518,047 Total liabilities 7,398,206 6,797,215 EQUITY Preferred stock: $0.01 par value; 50,000,000 shares authorized, none issued — — Common stock: $0.01 par value; 150,000,000 shares authorized, 66,226,325 issued, and 59,630,969 outstanding as of March 31, 2026, 65,910,640 shares issued, and 59,370,353 outstanding as of December 31, 2025 662 659 Additional paid-in capital 4,462,910 4,458,838 Retained earnings (accumulated deficit) (53,870) (62,096)Accumulated other comprehensive income (loss) (2,381) (1,827)Treasury stock, at cost, 6,595,356 shares as of March 31, 2026, and 6,540,287 shares as of December 31, 2025 (624,521) (620,118)Total stockholders' equity 3,782,800 3,775,456 Noncontrolling interests 67,109 66,790 Total equity 3,849,909 3,842,246 Total liabilities and equity$11,248,115 $10,639,461 Segment Earnings Before Taxes (EBT)
The Company has three business segments, Operating Assets, MPC, and Strategic Developments. EBT, as it relates to each business segment, includes the revenues and expenses of each segment, as shown below. EBT excludes corporate expenses and other items that are not allocable to the segments.
Three Months Ended March 31,thousands except percentages 2026 2025 $ ChangeOperating Assets Segment EBT Total revenues$119,202 $114,002 $5,200 Total operating expenses (50,925) (48,817) (2,108)Segment operating income (loss) 68,277 65,185 3,092 Depreciation and amortization (45,578) (43,123) (2,455)Interest income (expense), net (33,507) (34,218) 711 Other income (loss), net 19 (196) 215 Equity in earnings (losses) from unconsolidated ventures 5,877 4,643 1,234 Gain (loss) on sale or disposal of real estate and other assets, net — 9,979 (9,979)Operating Assets segment EBT$(4,912) $2,270 $(7,182) Master Planned Communities Segment EBT Total revenues$112,281 $84,454 $27,827 Total operating expenses (47,877) (38,205) (9,672)Segment operating income (loss) 64,404 46,249 18,155 Depreciation and amortization (65) (111) 46 Interest income (expense), net 21,712 16,786 4,926 Other income (loss), net 1,860 — 1,860 Equity in earnings (losses) from unconsolidated ventures (3,535) (3,410) (125)Gain (loss) on sale or disposal of real estate and other assets, net — 3,750 (3,750)MPC segment EBT$84,376 $63,264 $21,112 Strategic Developments Segment EBT Total revenues$4,407 $854 $3,553 Total operating expenses (8,089) (4,366) (3,723)Segment operating income (loss) (3,682) (3,512) (170)Depreciation and amortization (2,057) (1,158) (899)Interest income (expense), net 4,974 4,646 328 Other income (loss), net (889) (1,262) 373 Equity in earnings (losses) from unconsolidated ventures (4,982) 87 (5,069)Strategic Developments segment EBT$(6,636) $(1,199) $(5,437) Appendix – Reconciliation of Non-GAAP Measures
Below are GAAP to non-GAAP reconciliations of certain financial measures, as required under Regulation G promulgated by the Securities and Exchange Commission. Non-GAAP information should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be comparable to similarly titled measures.
Net Operating Income (NOI)
We define NOI as operating revenues (rental income, tenant recoveries, and other revenue) less operating expenses (real estate taxes, repairs and maintenance, marketing, and other property expenses). NOI excludes straight-line rents and amortization of tenant incentives, net; interest expense, net; ground rent amortization; demolition costs; other income (loss); depreciation and amortization; development-related marketing costs; gain on sale or disposal of real estate and other assets, net; loss on extinguishment of debt; provision for impairment; and equity in earnings from unconsolidated ventures. This amount is presented as Operating Assets NOI throughout this document. Total Operating Assets NOI represents NOI as defined above with the addition of our share of NOI from unconsolidated ventures.
We believe that NOI is a useful supplemental measure of the performance of our Operating Assets segment because it provides a performance measure that reflects the revenues and expenses directly associated with owning and operating real estate properties. We use NOI to evaluate our operating performance on a property-by-property basis because NOI allows us to evaluate the impact that property-specific factors such as rental and occupancy rates, tenant mix, and operating costs have on our operating results, gross margins, and investment returns.
A reconciliation of segment EBT to NOI for Operating Assets is presented in the table below:
Three Months Ended March 31,thousands 2026 2025 $ ChangeOperating Assets Segment Total revenues$119,202 $114,002 $5,200 Total operating expenses (50,925) (48,817) (2,108)Segment operating income (loss) 68,277 65,185 3,092 Depreciation and amortization (45,578) (43,123) (2,455)Interest income (expense), net (33,507) (34,218) 711 Other income (loss), net 19 (196) 215 Equity in earnings (losses) from unconsolidated ventures 5,877 4,643 1,234 Gain (loss) on sale or disposal of real estate and other assets, net — 9,979 (9,979)Operating Assets segment EBT (4,912) 2,270 (7,182)Add back: Depreciation and amortization 45,578 43,123 2,455 Interest (income) expense, net 33,507 34,218 (711)Equity in (earnings) losses from unconsolidated ventures (5,877) (4,643) (1,234)(Gain) loss on sale or disposal of real estate and other assets, net — (9,979) 9,979 Impact of straight-line rent (2,622) (1,160) (1,462)Other (15) 189 (204)Operating Assets NOI 65,659 64,018 1,641 Company's share of NOI from equity investments 2,172 1,943 229 Distributions from Summerlin Hospital investment 5,318 5,605 (287)Company's share of NOI from unconsolidated ventures 7,490 7,548 (58)Total Operating Assets NOI$73,149 $71,566 $1,583 Same Store NOI - Operating Assets Segment
The Company defines Same Store Properties as consolidated and unconsolidated properties that are acquired or placed in-service prior to the beginning of the earliest period presented and owned by the Company through the end of the latest period presented. Same Store Properties exclude properties placed in-service, acquired, repositioned or in development or redevelopment after the beginning of the earliest period presented or disposed of prior to the end of the latest period presented. Accordingly, it takes at least one year and one quarter after a property is acquired or treated as in-service for that property to be included in Same Store Properties.
We calculate Same Store Net Operating Income (Same Store NOI) as Operating Assets NOI applicable to Same Store Properties. Same Store NOI also includes the Company's share of NOI from unconsolidated ventures and the annual distribution from a cost basis investment. Same Store NOI is a non-GAAP financial measure and should not be viewed as an alternative to net income calculated in accordance with GAAP as a measurement of our operating performance. We believe that Same Store NOI is helpful to investors as a supplemental comparative performance measure of the income generated from the same group of properties from one period to the next. Other companies may not define Same Store NOI in the same manner as we do; therefore, our computation of Same Store NOI may not be comparable to that of other companies. Additionally, we do not control investments in unconsolidated properties and while we consider disclosures of our share of NOI to be useful, they may not accurately depict the legal and economic implications of our investment arrangements.
Three Months Ended March 31,thousands 2026 2025 $ ChangeSame Store Office Houston, TX$21,285 $21,933 $(648)Columbia, MD 6,620 5,585 1,035 Las Vegas, NV 6,051 5,385 666 Total Same Store Office 33,956 32,903 1,053 Same Store Retail Houston, TX 3,171 2,807 364 Columbia, MD 1,147 1,546 (399)Las Vegas, NV 6,627 5,956 671 Honolulu, HI 2,920 3,502 (582)Total Same Store Retail 13,865 13,811 54 Same Store Multifamily Houston, TX 9,157 9,735 (578)Columbia, MD 3,943 3,357 586 Las Vegas, NV 3,213 2,671 542 Company's share of NOI from unconsolidated ventures 1,967 1,721 246 Total Same Store Multifamily 18,280 17,484 796 Same Store Other Houston, TX 1,207 1,201 6 Columbia, MD 91 (48) 139 Las Vegas, NV 356 365 (9)Honolulu, HI 41 24 17 Company's share of NOI from unconsolidated ventures 5,523 5,827 (304)Total Same Store Other 7,218 7,369 (151)Total Same Store NOI 73,319 71,567 1,752 Non-Same Store NOI (170) (1) (169)Total Operating Assets NOI$73,149 $71,566 $1,583
Howard Hughes Holdings (HHH - Free Report) reported $235.92 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 18.4%. EPS of $0.14 for the same period compares to $0.21 a year ago.
The reported revenue represents a surprise of +9.67% over the Zacks Consensus Estimate of $215.12 million. With the consensus EPS estimate being $0.08, the EPS surprise was +75%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Howard Hughes Holdings performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Revenues- Master Planned Community land sales: $99.57 million compared to the $78.46 million average estimate based on two analysts. The reported number represents a change of +39% year over year.Revenues- Operating Assets Segment: $119.2 million compared to the $119.42 million average estimate based on two analysts. The reported number represents a change of +4.6% year over year.Revenues- Master Planned Communities Segment: $112.28 million versus the two-analyst average estimate of $95.48 million. The reported number represents a year-over-year change of +33%.Segment EBT- Master Planned Communities: $84.38 million versus the two-analyst average estimate of $75.91 million.View all Key Company Metrics for Howard Hughes Holdings here>>>
Shares of Howard Hughes Holdings have returned +1.1% over the past month versus the Zacks S&P 500 composite's +11.4% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.
Howard Hughes Holdings (HHH - Free Report) came out with quarterly earnings of $0.14 per share, beating the Zacks Consensus Estimate of $0.08 per share. This compares to earnings of $0.21 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +75.00%. A quarter ago, it was expected that this land developer would post earnings of $0.31 per share when it actually produced earnings of $0.1, delivering a surprise of -67.74%.
Over the last four quarters, the company has surpassed consensus EPS estimates two times.
Howard Hughes Holdings, which belongs to the Zacks Real Estate - Development industry, posted revenues of $235.92 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 9.67%. This compares to year-ago revenues of $199.33 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Howard Hughes Holdings shares have lost about 19.6% since the beginning of the year versus the S&P 500's gain of 7.6%.
What's Next for Howard Hughes Holdings?While Howard Hughes Holdings has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Howard Hughes Holdings was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.79 on $533.67 million in revenues for the coming quarter and $3.01 on $1.67 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Real Estate - Development is currently in the bottom 12% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
One other stock from the broader Zacks Finance sector, Accelerant Holdings (ARX - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 13.
This company is expected to post quarterly earnings of $0.16 per share in its upcoming report, which represents a year-over-year change of +433.3%. The consensus EPS estimate for the quarter has been revised 2.5% lower over the last 30 days to the current level.
Accelerant Holdings' revenues are expected to be $247.39 million, up 39% from the year-ago quarter.
Howard Hughes Holdings rolled out a new set of metrics to more accurately value the real estate business. This framework, when adding in the new Vantage insurance business, estimates HHH's current value at $104/share and projects $211/share by 2030. Even without Vantage, HHH looks like a bargain considering the value of unsold land in the Master Planned Communities, along with income from condo sales and leasing activities.
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What happenedAccording to a SEC filing disclosed May 15, 2026, Landmark Investment Partners L.P sold 80,107 shares of Howard Hughes Holdings (HHH +0.99%), during the first quarter. The holding's quarter-end valuation decreased by $7.01 million, a figure that incorporates both the sale and share price movement.
What else to knowLandmark Investment Partners reduced its HHH position, which now accounts for 1.7% of 13F assets under management
Top holdings after the filing:
NYSE:HLT: $12.80 million (13.2% of AUM)NYSE:AIV: $10.40 million (10.7% of AUM)NYSE:CNS: $10.05 million (10.4% of AUM)NYSE:CBRE: $8.53 million (8.8% of AUM)NYSE:DEI: $7.18 million (7.4% of AUM)As of May 14, 2026, shares were priced at $64.66, down 8.9% over one year. The position was previously 4.4% of the fund's AUM as of the prior quarter.
Company OverviewMetricValuePrice (as of market close 2026-05-14)$64.66Revenue (TTM)$1.51 billionNet Income (TTM)$121.59 millionOne-Year Price Change-8.94%Company SnapshotHoward Hughes Holdings is a leading U.S. real estate development and management company with a focus on large-scale, master planned communities and diversified operating assets.
The company develops and operates diversified real estate assets including retail, office, multi-family, and master planned communities, with additional exposure to hospitality and entertainment properties. The company generates revenue primarily through property leasing, land sales, and development fees across residential, commercial, and mixed-use projects in major U.S. markets.
It leverages its expertise in community design and mixed-use development to create long-term value across multiple geographies. Its integrated approach and portfolio diversification provide resilience and strategic flexibility in changing real estate markets.
Howard Hughes Holdings serves homebuilders, commercial tenants, retail operators, and residential buyers seeking high-quality, integrated communities and destination properties.
What this transaction means for investorsHoward Hughes Holdings builds value by developing large master-planned communities. Land sales in these areas can lead to future demand for apartments, retail, office space, and other properties. Examples like Bridgeland, Summerlin, Ward Village, and The Woodlands give the company land it can use for years, rather than relying only on collecting rent. In the first quarter, Howard Hughes reported stronger land sales and steady leasing growth, keeping its community-focused business central to its investment story.
That model can be powerful, but it is not always smooth. Land sales, condominium closings, and development milestones can make results uneven from quarter to quarter, while operating assets provide a steadier base as communities mature. The better read is whether Howard Hughes continues to deepen the value of its communities through land demand, leasing activity, and disciplined development, rather than treating any single quarter as a clean run rate.
For investors, the pending Vantage acquisition raises the importance of capital allocation. Howard Hughes is trying to pair its real estate platform with specialty insurance and reinsurance through a roughly $2.1 billion deal expected to close in the second quarter of 2026. That could broaden the company beyond real estate development, but it also asks shareholders to value two different engines under one strategy.
Annie Dean, Chief Strategy Officer at CBRE, is a member of The Motley Fool’s board of directors. Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Howard Hughes. The Motley Fool has a disclosure policy.
Ninth residential tower in Ward Village® opens 97% pre-sold, delivering 546 homes and more than 30,000 square feet of integrated retail and dining adjacent
The Park Ward Village®, photo courtesy of Ward Village®
HONOLULU, June 02, 2026 (GLOBE NEWSWIRE) -- Howard Hughes Communities™, the real estate platform of Howard Hughes Holdings Inc. (NYSE: HHH), today announced the official opening of The Park Ward Village®, the ninth residential development within Ward Village®, its award-winning 60-acre master planned community in the heart of Honolulu. The new tower delivers 546 homes and more than 30,000 square feet of integrated retail and dining, further advancing Ward Village’s vision of a vibrant, walkable urban neighborhood.
With the tower 97% pre-sold, The Park Ward Village is expected to contribute meaningfully to Howard Hughes’ condominium revenue expectations, including more than $700 million in anticipated GAAP revenue recognition, while further expanding the scale, quality, and long-term value creation of one of the nation’s most successful mixed-use communities.
The Park Ward Village's new residents will enjoy a highly walkable, park-front setting directly adjacent to Victoria Ward Park and moments from Ala Moana Beach Park and Kewalo Basin. The project adds another meaningful layer to Ward Village’s evolution as a complete neighborhood where residential demand, curated street retail, public open space, and thoughtful design come together to create lasting value for residents, visitors, and shareholders.
“The opening of The Park Ward Village is a clear example of Howard Hughes’ differentiated ability to execute large-scale, design-led placemaking in high-barrier-to-entry markets,” said David O’Reilly, Chief Executive Officer of Howard Hughes. “This milestone not only reflects exceptional demand for Ward Village, but also highlights the power of our integrated development model to translate great real estate into long-term shareholder value.”
Designed by award-winning architecture firm Solomon Cordwell Buenz, with interiors by Yabu Pushelberg and landscape architecture by Vita Design Group, The Park Ward Village draws inspiration from Hawai‘i’s mid-century architectural heritage while embracing a modern island lifestyle defined by openness, warmth, and seamless indoor-outdoor living. The tower’s 546 residences include studio, one-, two-, and three-bedroom homes with expansive park and ocean views, abundant natural light, and layouts designed to connect residents to both green space and the surrounding neighborhood. A robust amenity collection—including resort-style and lap pools, pickleball and tennis courts, barbecue cabanas, spa facilities, and landscaped gathering areas—further reinforces the project’s design-driven approach to wellness, recreation, and social connection.
A defining feature of The Park Ward Village is its direct connection to Victoria Ward Park, which anchors the project within one of the most distinctive public-realm settings in Honolulu. As Ward Village’s first SITES-certified park, Victoria Ward Park reflects the community’s broader commitment to sustainable, high-quality neighborhood design through native plantings that reduce irrigation needs, promote biodiversity, and help mitigate urban heat. That focus on environmental stewardship is further reinforced by Ward Village’s LEED Neighborhood Development Platinum certification, underscoring Howard Hughes’ long-term approach to placemaking in a premier urban market.
At street level, more than 30,000 square feet of integrated retail and dining further activate the neighborhood, creating an inviting pedestrian environment along the park edge. Retail leasing continues to gain momentum, supporting Ward Village’s evolution as a dynamic mixed-use destination and further enhancing the energy and appeal of the broader community.
The tower’s performance continues the strong momentum of Ward Village, where the first eight mixed-use residential towers sold out quickly and four additional towers—Kalae, The Launiu Ward Village®, ‘Ilima Ward Village, and Melia Ward Village—are currently in pre-sales or development. Together, these projects underscore the depth of demand for Ward Village’s design-driven, amenity-rich lifestyle and the long runway ahead for value creation in the community.
About Ward Village®
Ward Village is an award-winning Howard Hughes community in the heart of Honolulu, located between downtown and Waikīkī. Named “Best Planned Community in the United States” by Architectural Digest, the 60-acre Ward Village has evolved into a thriving mixed-use neighborhood, combining expansive open green spaces with striking architecture to deliver high-quality housing, culture and arts, and popular shopping and dining options. Honoring the distinct history of its land, Ward Village is a LEED-ND Platinum-certified master planned community, committed to responsible, sustainable development and investing in public benefits and amenities for the Honolulu community. Ward Village quickly sold out its first eight mixed-use residential towers—Waiea ®, Anaha ®, Ae‘o, Ke Kilohana ®, ʻAʻaliʻi ®, Kō‘ula ®, Victoria Place ®, and Ulana Ward Village ®. New residential buildings in development or under construction include The Park Ward Village ®, Kalae, The Launiu Ward Village ®, ‘Ilima Ward Village and Melia Ward Village. For more information, visit WardVillage.com.
About Howard Hughes Holdings Inc.
Howard Hughes Holdings (HHH) is a holding company focused on growing long-term shareholder value. Through its real estate platform, Howard Hughes Communities, HHH owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including The Woodlands®, Bridgeland® and The Woodlands Hills® in Greater Houston; Summerlin® in Las Vegas; Teravalis™ in Greater Phoenix; Ward Village® in Honolulu; and Merriweather District in Columbia, Maryland. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.
Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
Media Relations:
Cristina Carlson
Howard Hughes [email protected]
646-822-6910
Speaking at a recent All-In Podcast live event, Ackman highlighted the investment methods used by Buffett to build value for Berkshire Hathaway over time.
Ackman said Buffett was really the first to focus on the asset side more than the liability side of the insurance sector. The investor added that Buffett was able to build a compounding, tax-efficient machine by writing the risks on insurance, taking premiums, and then investing that money up front.
"Buffett started with a crappy textile company," Ackman said
For Ackman, he's attempting to start with Howard Hughes Holdings (NYSE:HHH), a publicly traded commercial and residential real estate company.
"The market doesn't like this thing."
Ackman said that Wall Street hasn't cared about Howard Hughes stock for a long time and now investors can buy the company at a discount to liquidation value.
"We're going to build this into a compounding machine over the next 50 years. It's something I've always wanted to do."
Ackman highlighted the current assets of Howard Hughes and said the insurance side of the business is minimal, but growing.
"I think we can build a really profitable insurance company."
Ackman said his goal is to build the company into a $1 trillion valued company over time.
Investing Alongside AckmanAckman warned investors that this is not a get-rich-quick move.
He also said that successful investors would likely avoid trying to accomplish what Buffett did, without a sharp understanding of the insurance business, something he said he's confident in.
Asked about how investors can invest in the future success of Ackman and the building of the next Berkshire Hathaway, the investor said there are three ways:
Ackman has years of success building Pershing Square through passive and activist stakes that saw him push for changes at companies to unlock shareholder value.
Image via Shutterstock
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June 04, 2026 16:15 ET | Source: Howard Hughes Holdings Inc.
Vantage Acquisition Anchors HHH’s Transformation into a Diversified Holding Company
Vantage’s Diversified Specialty Insurance Platform Delivers Lower Risk and Superior Return Potential
Pershing Square to Manage Vantage’s Investment Portfolio on a Fee-Free Basis
THE WOODLANDS, Texas, June 04, 2026 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (“Howard Hughes,” “HHH,” or the “Company”) today announced the successful closing of the previously announced acquisition by Howard Hughes Insurance Holdings, LLC, a wholly-owned subsidiary of HHH (“Buyer”), of Vantage Group Holdings Ltd. (“Vantage”), a leading specialty insurance and reinsurance company backed by Carlyle and Hellman & Friedman, for approximately $2.1 billion (the “Transaction”). The completion of the Transaction will anchor Howard Hughes’ transformation into a diversified holding company.
Founded in 2020, Vantage has scaled into a next-generation leading specialty insurer and reinsurer, offering a diversified portfolio of global P&C products supported by modern infrastructure and advanced analytics.
“Vantage will now become the cornerstone of Howard Hughes’ transformation into a diversified holding company,” said Bill Ackman, Executive Chairman of Howard Hughes. “The combination of Vantage’s exceptional specialty insurance and reinsurance platform with Pershing Square’s investment capabilities creates a powerful foundation from which we will seek to build a large, highly profitable insurance company and an enduring source of long-term value creation for Howard Hughes and its shareholders.”
“The closing today is the beginning of Vantage's next chapter as part of Howard Hughes,” said Greg Hendrick, CEO of Vantage. “HHH's permanent capital and long-term horizon give us the foundation to invest in the business through cycles, with our team, underwriting discipline, and commitment to brokers and clients unchanged. We're proud of what we've built and ready to deliver greater value to brokers and clients, and to HHH shareholders, over time.”
“We are pleased to begin this next phase in the evolution of Howard Hughes as we work to run a profitable insurance operation and manage Vantage’s assets to generate highly attractive long-term rates of return,” said Ryan Israel, Chief Investment Officer of Howard Hughes Holdings. “We believe Vantage will generate high returns on equity for Howard Hughes shareholders for decades to come.”
Strategic Benefits of the Transaction:
The addition of a higher-return, faster-growing insurance operation accelerates HHH’s overall growth profile and increases and diversifies HHH’s sources of long-term value.
HHH’s holding-company ownership of Vantage provides long-term capital support which will materially strengthen Vantage’s credit profile and underwriting flexibility. An emphasis on underwriting profitability—driven by disciplined risk selection, pricing, and portfolio optimization rather than growth—will improve Vantage’s ability to effectively navigate the insurance cycle and optimize asset allocation over time.
Pershing Square will manage Vantage’s assets on a fee-free basis, enhancing investment returns and furthering alignment with policyholders and shareholders. No additional investment management or advisory fees will be paid to Pershing Square in connection with its role as investment manager of Vantage’s assets. Over time, Vantage’s investment portfolio will be directly invested in cash, short-term Treasurys, and a portfolio of common stocks subject to rating agency and regulatory considerations.
The Transaction was financed through HHH’s cash on hand and $1 billion of non-voting exchangeable perpetual preferred stock issued by HHH to Pershing Square Holdings, Ltd. (LN:PSH) (the “HHH Preferred”). The HHH Preferred will rank pari passu with common stock of HHH, including with respect to payment rights and liquidation. During the repurchase window at the end of each of the first seven years following the closing of the Transaction, HHH will have the right to repurchase the HHH Preferred for a cash repurchase price equal to the greater of (a) the original issue price of the HHH Preferred plus 4% per annum (compounded daily) through the repurchase date or (b) 1.5 times Buyer’s book value (excluding certain non-controlling interests and purchase-related intangibles and goodwill attributable to the Transaction), multiplied by the corresponding ownership percentage of Buyer represented by such share of the HHH Preferred (on an as exchanged basis). In the event any shares of HHH Preferred Stock remain outstanding after such seven year period, PSH may elect to exchange the HHH Preferred into common units of Buyer and will be entitled to customary registration rights with respect to the common units.
Advisors
Jefferies LLC acted as exclusive financial advisor to HHH, and Latham & Watkins acted as legal counsel to HHH for the Transaction. Oliver Wyman acted as the Company’s actuarial advisor. Jones Day acted as legal counsel to the committee of the Board for the equity financing.
J.P. Morgan Securities LLC acted as exclusive financial advisor to Vantage. Debevoise & Plimpton LLP acted as legal counsel to Carlyle and Hellman & Friedman.
About Howard Hughes Holdings
Howard Hughes Holdings Inc. (HHH) is a holding company focused on growing long-term shareholder value. Through its real estate platform, Howard Hughes Communities™, HHH owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including The Woodlands®, Bridgeland® and The Woodlands Hills® in the Greater Houston, Texas area; Summerlin® in Las Vegas; Teravalis™ in the Greater Phoenix, Arizona area; Ward Village® in Honolulu, Hawaii; and Merriweather District in Columbia, Maryland. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.
About Vantage Group Holdings
Vantage Group Holdings Ltd. (Vantage) was established in late 2020 as a re/insurance partner designed for the future. Driven by relentless curiosity, the Vantage team of trusted experts provides a fresh perspective on clients' risks and adds creativity to tech-enabled efficiency and robust analytics to address risks others avoid. Vantage is a subsidiary of Howard Hughes Holdings Inc. Additional information about Vantage can be found at www.vantagerisk.com.
Safe Harbor Statement
Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.
LONDON--(BUSINESS WIRE)--Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) (“PSH”) today announced the completion of its subscription for $1 billion of non-voting exchangeable perpetual preferred stock issued by Howard Hughes Holdings Inc. (NYSE: HHH) (“HHH”) (the “PSH Preferred Stock”) in connection with the completion of HHH's acquisition by its subsidiary Howard Hughes Insurance Holdings, LLC (“InsuranceCo”) of Vantage Group Holdings, Ltd. (“Vantage”), a privately held specialty insurance an.
, /PRNewswire/ -- Vantage Group Holdings Ltd. ("Vantage"), a leading specialty insurance and reinsurance company, today announced that it has been successfully acquired by Howard Hughes Holdings Inc. (NYSE: HHH) ("Howard Hughes," "HHH"). The all-cash transaction, valued at approximately $2.1 billion, closed following receipt of all required regulatory approvals. With the closing complete, Vantage anchors Howard Hughes' transformation into a diversified holding company.
Founded in 2020, Vantage has scaled into a next-generation leading specialty insurer, reinsurer, and partnership capital organization, offering a diversified portfolio of solutions supported by modern infrastructure and advanced analytics.
"The closing today marks the beginning of an exciting next chapter for Vantage," said Greg Hendrick, CEO of Vantage. "Howard Hughes brings the permanent capital and the long-term horizon this business deserves. While our ownership changes, our team, underwriting discipline, and commitment to brokers and clients remain steadfast. I am deeply grateful to the colleagues who built Vantage over the past five years, and to our brokers and clients for their continued trust. We are proud of what we've built and moving forward we're ready to deliver even greater value to brokers and clients."
"Vantage will now become the cornerstone of Howard Hughes' transformation into a diversified holding company," said Bill Ackman, Executive Chairman of Howard Hughes. "The combination of Vantage's exceptional specialty insurance and reinsurance platform with Pershing Square's investment capabilities creates a powerful foundation from which we will seek to build a large, highly profitable insurance company and an enduring source of long-term value creation for Howard Hughes and its shareholders."
Realized at Closing
Vantage continues to operate under its existing leadership team, with the same go-to-market strategy, distribution model, and service standards in effect. HHH's holding-company ownership of Vantage provides long-term capital support which will materially strengthen Vantage's credit profile and underwriting flexibility. HHH will make a $200M capital infusion in connection with the closing to further enhance Vantage's balance sheet. Vantage's focus remains on underwriting profitability driven by disciplined risk selection, pricing, and portfolio optimization. Pershing Square Capital Management will assume management of Vantage's investment portfolio on a fee-free basis, furthering alignment with policyholders and shareholders. With closing complete, Vantage continues to focus on disciplined underwriting, profitable growth, and the broker and client relationships that define the business.
About Vantage Group Holdings
Vantage Group Holdings Ltd. (Vantage) was established in late 2020 as a re/insurance partner designed for the future. Driven by relentless curiosity, the Vantage team of trusted experts provides a fresh perspective on clients' risks and adds creativity to tech-enabled efficiency and robust analytics to address risks others avoid. Vantage is a subsidiary of Howard Hughes Holdings Inc. Additional information about Vantage can be found at www.vantagerisk.com.
About Howard Hughes Holdings
Howard Hughes Holdings Inc. (HHH) is a holding company focused on growing long-term shareholder value. Through its real estate platform, Howard Hughes Communities, HHH owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country's preeminent portfolio of master planned communities, as well as operating properties and development opportunities including The Woodlands®, Bridgeland® and The Woodlands Hills® in the Greater Houston, Texas area; Summerlin® in Las Vegas; Teravalis™ in the Greater Phoenix, Arizona area; Ward Village® in Honolulu, Hawaii; and Merriweather District in Columbia, Maryland. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.
Bill Ackman’s Pershing Square has closed the book on one of its most ambitious activist campaigns. According to CNBC reporting based on The Wall Street Journal, the firm sold its entire stake in Universal Music Group (OTC:UMGNF) following two failed takeover attempts, sending UMG shares down 7% on the news. Shares have since rebounded, but are down 6% across the past week.
On CNBC this morning, Andrew Ross Sorkin captured the paradox: “Here’s the end of a saga, the end of a soap opera. It’s a soap opera that didn’t work for him and worked for him at the same time.”
The Exit and the Scorecard When an activist with takeover ambitions walks away, the message is usually clear: the value-unlock thesis (a sale, a breakup, or a strategic overhaul) is no longer achievable within a reasonable timeline. Per the WSJ-sourced CNBC reporting, UMG itself repurchased more than 14 million of Pershing’s shares for roughly $290 million, a transaction that lets the company use its balance sheet to facilitate the activist’s exit while signaling confidence in standalone value.
Financially, the campaign was a win. A $600 million profit on a $1.5 billion-plus position is a strong outcome even without the takeover, and it reflects the re-rating activist involvement often creates. Strategically, the goal was different, and on that score the campaign came up short.
Why UMG Fell 7% The drop reflects the removal of takeover optionality. When a deep-pocketed activist publicly pushes for a sale, part of the share price reflects the probability of a premium acquisition. Ackman’s exit prices that probability out. The buyback partially cushions the move by signaling management confidence in the standalone plan.
Pershing Square’s playbook (concentrated, long-duration, often activist) is on full display with Howard Hughes Holdings (NYSE:HHH | HHH Price Prediction). Pershing invested $900 million in 2025 (stake has increased to $1.7 billion as of the end of April) to convert the master-planned community developer into a Berkshire-style diversified holding company. The pending $2.1 billion acquisition of specialty insurer Vantage Group Holdings is meant to add what CEO David O’Reilly calls “a second engine of long-duration earnings.”
Q1 2026 supported the thesis: EPS of $0.14 beat the $0.08 estimate, and revenue of $235.92 million rose 18.4% year over year, with MPC land sales jumping 33% to $112.28 million. The market has yet to reward the transformation. HHH is down 20.48% year to date at $63.43, with an analyst target price of $90.33.
The Takeaway Activist involvement adds a takeover premium to a stock, and that premium evaporates when the activist exits. UMG holders are learning that today. Howard Hughes holders are watching a different version of the same playbook: concentrated capital, long duration, and a willingness to either win the campaign or take the money and move on. With roughly $1.5 billion in proceeds to redeploy, where Ackman lands next is worth watching.
