Track market-moving stories before they get noisy

Ever since Warren Buffett built Berkshire Hathaway around ownership of insurance companies, many have attempted to copy his approach. Unlike traditional insurance stocks, which seek to profit by investing insurance premiums in fixed-income instruments such as bonds, Buffett's approach entails investing float in stocks to generate superior long-term returns.

Investor Bill Ackman, through Howard Hughes Holdings (HHH +2.37%), or HHH for short, is the latest Wall Street titan to try to emulate this strategy. Not only that, but Ackman appears to be aiming to mimic the approach of another famed investment holding company.

Pershing Square Capital Management CEO Bill Ackman. Image source: Getty Images.

Howard Hughes Holdings was formed in 2010, when then-bankrupt General Growth Properties spun off its real estate development business. Known for master-planned community developments like Summerlin, located outside Las Vegas, the company has slowly shifted its focus since Bill Ackman's involvement began in the late 2010s. First, by spinning off non-core real estate and other assets as Seaport Entertainment in 2024.

HHH Howard Hughes$69.91+$1.62 (+2.37%)

NYSE · As of 4:00 PM ET 10/15/26

Then, in 2025, Pershing Square invested another $900 million in HHH, raising the fund's stake to 47%. Still working slowly, Ackman has only recently revealed his "master plan" for the master-planned communities company. In a recent interview with Bloomberg, Ackman discussed plans to transform HHH into both a Berkshire-style insurance holding company and an asset manager akin to Brookfield and Blackstone.

First, in a Berkshire-esque move, HHH acquired Vantage for $2.1 billion. Vantage's book value of around $1.8 billion represents much of this valuation. Alongside the purchase price of Vantage, Howard Hughes Holdings plans to invest between $2.5 billion and $3 billion of its excess free cash flow into the insurance unit over the next five years. HHH's goal is to have most of Vantage's excess capital invested in stocks. Ackman's Pershing Square will also manage Vantage's portfolio for free.

Second, alongside the Buffett insurance gambit, Ackman also seeks to juice up Howard Hughes' returns from real estate investments by taking on third-party investors and charging them management fees similar to those that Brookfield and Blackstone charge for their respective real estate investment management subsidiaries.

Is Howard Hughes Holdings a buy? Howard Hughes Holdings shares surged around the time of Ackman's "Berkshire and Brookfield" remarks, but have since pulled back into the high-$60s per share, around the stock's book value of $66.95 per share. Yet while the stock may appear to have minimal downside at this price level, keep in mind that only time will tell whether Ackman's big plans pan out.

For one, it takes years, if not decades, to determine success in this area. Some insurers taking a Berkshire-style approach, like Markel Group, have beaten the market over a multidecade time frame; others, like Greenlight Capital, have lost money for investors.

In fact, Greenlight Capital, with excess funds managed by hedge fund billionaire David Einhorn, sounds very similar to what Ackman has in store for Howard Hughes Holdings. That's not to say a similar outcome is bound to happen, but consider this food for thought before investing just on the headlines alone.

Instead, consider waiting until some of the excitement surrounding Ackman's plans has simmered down. In the past, Howard Hughes Holdings has traded well below book value, and a similar situation could emerge again in the near term.

Thomas Niel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway, Blackstone, Brookfield Corporation, Howard Hughes, Markel Group, and Seaport Entertainment Group. The Motley Fool has a disclosure policy.

Howard Hughes (NYSE:HHH – Get Free Report) and Colliers International Group (NASDAQ:CIGI – Get Free Report) are both mid-cap real estate companies, but which is the superior stock? We will contrast the two businesses based on the strength of their risk, earnings, valuation, institutional ownership, analyst recommendations, dividends and profitability.

Insider and Institutional Ownership
93.8% of Howard Hughes shares are owned by institutional investors. Comparatively, 80.1% of Colliers International Group shares are owned by institutional investors. 47.7% of Howard Hughes shares are owned by insiders. Comparatively, 15.3% of Colliers International Group shares are owned by insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a stock will outperform the market over the long term.

Profitability
This table compares Howard Hughes and Colliers International Group’s net margins, return on equity and return on assets.

Net Margins
Return on Equity
Return on Assets

Howard Hughes
12.31%
7.51%
2.41%

Colliers International Group
1.81%
20.17%
4.28%

Volatility & Risk
Howard Hughes has a beta of 1.14, suggesting that its share price is 14% more volatile than the S&P 500. Comparatively, Colliers International Group has a beta of 1.23, suggesting that its share price is 23% more volatile than the S&P 500.
Earnings and Valuation
This table compares Howard Hughes and Colliers International Group”s revenue, earnings per share and valuation.

Gross Revenue
Price/Sales Ratio
Net Income
Earnings Per Share
Price/Earnings Ratio

Howard Hughes
$1.47 billion
2.93
$123.90 million
$4.94
14.64

Colliers International Group
$5.96 billion
0.74
$103.10 million
$2.10
41.14

Howard Hughes has higher earnings, but lower revenue than Colliers International Group. Howard Hughes is trading at a lower price-to-earnings ratio than Colliers International Group, indicating that it is currently the more affordable of the two stocks.

Analyst Recommendations
This is a summary of current ratings and recommmendations for Howard Hughes and Colliers International Group, as reported by MarketBeat.

Sell Ratings
Hold Ratings
Buy Ratings
Strong Buy Ratings
Rating Score

Howard Hughes
0
3
1
0
2.25

Colliers International Group
0
2
7
1
2.90

Howard Hughes currently has a consensus target price of $81.00, indicating a potential upside of 11.99%. Colliers International Group has a consensus target price of $154.62, indicating a potential upside of 78.96%. Given Colliers International Group’s stronger consensus rating and higher possible upside, analysts clearly believe Colliers International Group is more favorable than Howard Hughes.

Summary
Colliers International Group beats Howard Hughes on 9 of the 15 factors compared between the two stocks.

About Howard Hughes
(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. The Seaport segment is involved in the landlord operations, managed businesses, and events and sponsorships services of its restaurant, retail, and entertain properties in Pier 17, New York City; Historic Area/Uplands; and Tin Building, as well as in 250 Water Street and in the Jean-Georges restaurants. The Strategic Development segment develops and redevelops residential condominiums and commercial properties. It serves homebuilders. Howard Hughes Holdings Inc. was founded in 2010 and is headquartered in The Woodlands, Texas.

(Get Free Report)

Colliers International Group Inc. provides commercial real estate professional and investment management services to corporate and institutional clients in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers outsourcing and advisory services, such as engineering and project management, property management, valuation, and other services, as well as loan servicing for commercial real estate clients. It also provides property management services comprising building operations and maintenance, facilities management, lease administration, property accounting and financial reporting, contract management, and construction management; and project management services, which include bid document review, construction monitoring and delivery management, contract administration and integrated cost control, development management, facility and engineering functionality, milestone and performance monitoring, quality assurance, risk management, and strategic project consulting. In addition, the company offers corporate and workplace solutions; occupier; workplace strategy; property marketing services; transaction brokerage services, including sales and leasing for corporations, financial institutions, pension funds, sovereign wealth funds, insurance companies, governments, and individuals; and capital markets services for property sales, debt finance, mortgage investment banking services, as well as landlord and tenant representation services. Further, the company provides investment management services that consists of asset management and investor advisory services. Colliers International Group Inc. was founded in 1972 and is headquartered in Toronto, Canada.

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Last year, Bill Ackman and his fund, Pershing Square (PS +8.89%), purchased 9 million shares of Howard Hughes Holdings (HHH +2.26%) at $100 per share, acquiring a controlling stake in the business. Today, those shares are worth about $72 each. At the end of September, Ackman laid out his case that they could be worth much more. He believes Howard Hughes could be a "compounding machine" and that the value of the business over the next 50 years could easily surpass $1 trillion.

Not everyone is buying what Ackman's selling, though. Here's why the market might be underpricing Ackman's bet.

Bill Ackman, chief executive of Pershing Square. Image source: Getty Images.

Transforming Howard Hughes Howard Hughes is seen as a real estate company. Right now, that's exactly what it is. The bulk of its assets is tied to land and developments for the master-planned communities it builds.

Ackman is aiming to transform the business. He bought Vantage Group, an insurance company, for $2.1 billion. He immediately liquidated the fixed-income holdings in the insurer's portfolio, using the excess capital on Vantage's balance sheet to invest in common stocks. That's about $1.3 billion today.

Ackman plans to free up more capital by liquidating Howard Hughes' real estate holdings, positioning it more as a real estate manager than an acquirer and developer. Meanwhile, the operating assets and finished condos on its balance sheet will start producing cash. Management expects between $2.5 billion and $3 billion in cash generated by the real estate holding by 2030. That extra capital will go into the insurance business, expanding its capacity to underwrite risk and invest more capital.

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He expects Vantage, under the leadership of former Arch Capital Group CEO Marc Grandisson, to deliver above-average underwriting results. Meanwhile, the equity portfolio, managed by Pershing Square, could produce returns in line with the fund company's historical average of 15% to 20%. The combined result is a return on equity between 16% and 22%.

There are some significant risks to the plan. First, Howard Hughes might not get as much value from its real estate assets as Ackman suggests, as interest rates have skyrocketed in recent months (lowering the value of non-income-producing real estate like land). Second, Pershing Square takes a significant fee for managing Vantage's portfolio, which will cut into Ackman's optimistic return projections.

Management estimates Howard Hughes' intrinsic value at $104 per share, which could grow to $211 by 2030. Investors are rightfully discounting those assessments based on the optimistic numbers management provided in arriving at its estimates.

However, at about $70 per share, the stock could be interesting. If it can successfully liquidate its real estate assets and show improvements in its underwriting under new management, the stock could move higher. But investors may want to wait on the sidelines to see the start of a successful transformation first.

Howard Hughes (NYSE:HHH) shareholders elected all 11 board nominees, approved the company’s advisory executive-compensation proposal and ratified KPMG as independent auditor for 2026, according to preliminary results announced at the company’s annual meeting.

Executive Chair Bill Ackman said each director received more than 96% support, while the say-on-pay proposal and auditor ratification each received about 99% support. Final voting results are expected to be filed with the Securities and Exchange Commission within four business days.

Company outlines insurance-led strategy Following the formal meeting, Ackman outlined Howard Hughes’ strategy to become an insurance-led diversified holding company while reshaping its real estate operations into a more capital-light business. The centerpiece of that strategy is the company’s June acquisition of specialty insurance and reinsurance company Vantage. Ackman said Howard Hughes injected $900 million of capital into Vantage, with $300 million coming from Howard Hughes’ balance sheet and the remainder provided by Pershing Square. Howard Hughes owns slightly more than half of Vantage, while Pershing Square holds the remaining economic interest through a preferred instrument that Howard Hughes can redeem over seven years.

Ackman said the company’s initial focus is to expand Vantage’s capital base and eventually consider redeeming the preferred interest, depending on relative investment opportunities. He said the company does not expect major insurance acquisitions in the near term.

Vantage Executive Chair Marc Grandisson said the insurer’s approach will emphasize underwriting discipline over premium growth. “Top-line volatility leads to bottom-line stability,” Grandisson said, describing a strategy of writing more business when market conditions are favorable and reducing exposure when pricing does not meet return requirements.

Grandisson, formerly CEO of Arch Capital, said Vantage has room to grow because of its relatively small scale and opportunities across specialty insurance and reinsurance. He identified Europe and London as potential areas for expansion, while also citing opportunities to build in existing product lines and potentially add areas such as liability coverage.

David Gansberg is expected to become Vantage’s CEO in June, while Grandisson continues as executive chair. Ackman also highlighted the addition of Lucy Fato, formerly vice chair and general counsel at AIG, to the broader leadership effort.

Investment portfolio repositioned Ackman said Vantage’s investment portfolio was repositioned shortly after the acquisition. At closing, the roughly $3.1 billion portfolio consisted primarily of fixed-income investments. The company sold its longer-duration fixed-income holdings and shifted capital toward short-term U.S. Treasuries and a common-stock portfolio managed by Pershing Square.

According to Ackman, short-term Treasuries now represent about 62% of the portfolio, while common stocks account for about 37%. He described the approach as a “barbell” strategy intended to maintain liquidity for insurance obligations while seeking higher long-term returns from equities.

Howard Hughes and Pershing Square compared the strategy to Berkshire Hathaway’s longstanding practice of holding substantial liquid assets against insurance float while investing surplus capital in equities. Ackman said Howard Hughes intends to maintain lower leverage than a typical property-and-casualty insurer and write less premium relative to equity than the industry norm, although management said those levels could evolve as Vantage grows.

Grandisson said Vantage currently has limited catastrophe exposure and that risk management will focus on avoiding events that could materially impair capital. He said the company monitors a range of potential exposures and uses conservative assumptions in assessing probable maximum losses.

Real estate business to seek partners Howard Hughes also plans to bring outside capital into its real estate portfolio, with the objective of extracting capital for redeployment into Vantage while retaining operating control and a meaningful ownership interest in projects.

Ackman said the company intends to seek joint-venture partners for approximately 80% of the equity invested in income-producing assets and its master planned community business. The company also plans to sell certain non-core assets.

David O’Reilly, CEO of Howard Hughes, said advisers are expected to begin marketing the income-producing portfolio to potential partners by the end of the year. He said the company has about $2 billion to $2.2 billion of equity in income-producing assets. Ackman said the company believes it could generate more than $2 billion of capital “comfortably into next year,” though he described timing around the master planned community business as less certain.

The company estimated the after-tax value of its real estate assets at roughly $5 billion and said it could retain about $1 billion of equity exposure while potentially extracting about $4 billion for other uses. Ackman said the new structure would allow Howard Hughes to earn management, performance and incentive fees on third-party capital while continuing to own and control interests in its real estate assets.

O’Reilly said asset-level transactions would involve sales of equity rather than the elimination of existing property debt. For residential land, which generally does not carry substantial leverage, the company expects the strategy to retain a meaningful equity stake while enabling additional development activity where risk-adjusted returns justify it.

Management addresses valuation and capital allocation Ackman said management believes Howard Hughes shares trade at a discount to the after-tax value of its real estate portfolio, with Vantage valued near cost in the market. He argued that transitioning from an asset-heavy real estate company to a capital-light real estate manager and insurance-led holding company could improve returns on equity and lead to a higher market valuation.

When asked whether the company should repurchase shares, Ackman said he believes the highest-return use of marginal capital is currently investment in Vantage, including potentially redeeming Pershing Square’s preferred interest, rather than buying back Howard Hughes shares.

Management also said it does not expect to materially expand its long-term land bank. O’Reilly said Teravalis, the company’s 37,000-acre community west of the White Tank Mountains in Arizona, has commercial-development potential that could include data centers. He said the company has water supply certificates for the first 5,000 acres of the community and is in discussions with companies considering relocations.

About Howard Hughes (NYSE:HHH) Howard Hughes Holdings Inc (NYSE: HHH) is a real estate development and management company focused primarily on master planned communities and mixed-use properties. The company develops residential neighborhoods and supporting infrastructure while also owning and operating commercial, retail, office, multifamily, hospitality and entertainment assets.

Its portfolio includes master planned communities such as The Woodlands, Bridgeland and The Woodlands Hills in the Houston area; Summerlin in the Las Vegas region; Ward Village in Honolulu; and Teravalis in the Phoenix metropolitan area.

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of HHH, PSUS, BRK.B either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Pershing Square founder and CEO Bill Ackman discusses his plans for Howard Hughes, the state of the IPO market and his views on AI and Anthropic. Speaking with Dani Burger on "Bloomberg Deals," Ackman also comments on his daughter's illness, which inspired him to invest in a new medical institute.

Howard Hughes executives Marc Grandisson and Andrew Davis bought shares Wednesday, according to SEC filings.

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.

Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors use tried-and-true metrics and fundamental analysis to find companies that they believe are undervalued at their current share price levels.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

One company value investors might notice is HOWARD HUGH HLD (HHH - Free Report) . HHH is currently sporting a Zacks Rank #1 (Strong Buy), as well as an A grade for Value.

Another notable valuation metric for HHH is its P/B ratio of 1.74. Investors use the P/B ratio to look at a stock's market value versus its book value, which is defined as total assets minus total liabilities. This stock's P/B looks solid versus its industry's average P/B of 2.13. Over the past 12 months, HHH's P/B has been as high as 1.76 and as low as 1.12, with a median of 1.37.

Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a popular metric because sales are harder to manipulate on an income statement, so they are often considered a better performance indicator. HHH has a P/S ratio of 1.52. This compares to its industry's average P/S of 2.35.

These are just a handful of the figures considered in HOWARD HUGH HLD's great Value grade. Still, they help show that the stock is likely being undervalued at the moment. Add this to the strength of its earnings outlook, and we can clearly see that HHH is an impressive value stock right now.

Pershing Square CEO Bill Ackman endorsed a report analyzing the pricing discount in Howard Hughes Holdings Inc. (NYSE:HHH) shares as the firm transitions from a real estate developer into a capital holding company. Ackman previously noted that the market is missing this shift because “no one is paying attention” to the business.

Endorsement and Valuation DisconnectOn Sept. 21, he shared an analysis by Scott Felsenthal on social media platform X, describing it as “an excellent and insightful report on $HHH.” The report highlights a disconnect between HHH’s current market price of roughly $62 per share and its underlying asset values.

Fifteen months earlier, in May 2025, Pershing Square invested $900 million to purchase 9 million newly issued HHH shares at $100 per share. It has a 46.9% beneficial ownership stake in HHH.

According to the company’s own valuation framework, the real estate assets alone are estimated at $82 per share. Ackman recently stated that the liquidation value of these real estate assets is “north of $100” per share.

Despite these metrics, the market continues to price HHH as a traditional real estate developer. Ackman addressed this in a Sept. 8 podcast, stating, “We literally, yesterday, made a big announcement which I am sure you missed because no one is paying attention to this company.”

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The ‘Compounding Machine’ StrategyPershing Square intends to transform HHH into an entity resembling Berkshire Hathaway Inc.‘s (NYSE:BRK) (NYSE:BRK) economic architecture. The strategy relies on utilizing excess cash generated from HHH’s real estate to fund specialty insurance and public equity investing.

In June, HHH completed the $2.1 billion acquisition of Vantage Group Holdings to serve as the primary insurance engine. To support this transition, HHH appointed former Arch Capital CEO Marc Grandisson as Executive Chair of Vantage, who personally invested $10 million to purchase warrants with a $100 exercise price.

Ackman has outlined an ambition for permanent ownership. He described the long-term vision on a recent podcast as creating a “compounding machine over the next 50 years” with the ultimate goal of building a trillion-dollar enterprise over time.

How Has HHH Performed in 2026?Price Action: With a market cap of $3.591 billion, at the last check, the HHH stock was trading 1.15% higher in Monday’s premarket. It was down 28.03% over the last year, 24.51% year-to-date, and 8.42% over the last month.

The stock closed 2.14% lower at $60.22 on Friday. According to Benzinga Pro, HHH’s trailing price-to-earnings ratio is 11.901, as compared to the industry average of 32.850.

Benzinga’s Edge Stock Rankings indicate that OPTH maintains a weak price trend in the short, medium and long terms, with a good value score.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo courtesy: Shutterstock

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

, /PRNewswire/ -- Vantage Group Holdings Ltd. ("Vantage") today announced that Yves Charbonneau, FCAS, FCIA, has joined Vantage as Chief Risk Officer. He will serve as a member of the Vantage Leadership team.

Mr. Charbonneau brings nearly three decades of actuarial and enterprise risk leadership across the insurance and reinsurance industries. Most recently, he headed the actuarial function at Arch Insurance Company Ltd. in Canada, where he established a portfolio management culture and transformed enterprise data analytics and strategy to deliver profitable growth and strong underwriting discipline. Concurrently, he provided board-level governance and risk oversight as a director and audit committee member of Coface SA. Previously, he spent over a decade and a half at Arch Reinsurance Ltd. in Bermuda, in roles including Chief Risk Officer, Chief Actuary, and Head of Actuarial Function for Arch Re Europe. He is a Fellow of both the Casualty Actuarial Society (FCAS) and the Canadian Institute of Actuaries (FCIA).

His appointment comes as Vantage accelerates its growth following its acquisition by Howard Hughes Holdings (NYSE: HHH), in June 2026. Mr. Charbonneau succeeds Krista Robinson, who is departing the company to pursue a new opportunity.

"Yves's track record, from building enterprise risk frameworks in Bermuda to leading capital and reserving discipline across multiple platforms, reflects the exact rigor we need at the center of Vantage's risk function as we continue our momentum under Howard Hughes Holdings," said Marc Grandisson, Executive Chairman of Vantage. 

"Vantage has built a dynamic, highly differentiated platform across the North American and Bermuda re/insurance markets," said Mr. Charbonneau. "I look forward to partnering with the leadership team to advance our disciplined expansion and drive sustainable, profitable performance across the portfolio."

About Vantage Risk

Vantage Group Holdings Ltd. (Vantage) was established in 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 risk, combining experienced underwriting with data-driven insight to deliver stable capacity to brokers and clients. Backed by the permanent capital of Howard Hughes Holdings Inc. (NYSE: HHH), Vantage underwrites from a position of balance sheet strength across market cycles.

Vantage operating subsidiaries Vantage Risk Ltd., Vantage Risk Assurance Company and Vantage Risk Specialty Insurance Company are rated "A-" (Excellent) by AM Best with Positive Outlook as of June 2026.

Additional information about Vantage can be found at www.vantagerisk.com | LinkedIn: www.linkedin.com/company/vantagerisk. For the latest AM Best Credit Rating information, access www.ambest.com. These references with additional information about Vantage have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

Media Contact:

John Flannery

Chief Marketing and Communications Officer

[email protected]

SOURCE Vantage

Deutsche Bank AG bought a new position in shares of Howard Hughes Holdings Inc. (NYSE:HHH – Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 17,540 shares of the company’s stock, valued at approximately $1,254,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC lifted its stake in shares of Howard Hughes by 191.5% in the 2nd 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 period. Huntington National Bank boosted its holdings in shares of Howard Hughes by 134.1% during the 4th quarter. Huntington National Bank now owns 494 shares of the company’s stock worth $39,000 after buying an additional 283 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new position in shares of Howard Hughes during the 4th quarter worth approximately $43,000. Atlas Capital Advisors Inc. acquired a new stake in shares of Howard Hughes during the 4th quarter worth approximately $43,000. Finally, Fifth Third Bancorp grew its position in shares of Howard Hughes by 37.2% during the 4th quarter. Fifth Third Bancorp now owns 572 shares of the company’s stock worth $46,000 after buying an additional 155 shares during the period. Institutional investors and hedge funds own 93.83% of the company’s stock.

Insider Activity In related news, Director Mary Ann Tighe sold 13,495 shares of Howard Hughes stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $67.25, for a total value of $907,538.75. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 47.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades Several analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Howard Hughes from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. JPMorgan Chase & Co. raised their price target on shares of Howard Hughes from $76.00 to $79.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Weiss Ratings raised shares of Howard Hughes from a “sell (d)” rating to a “hold (c-)” rating in a research note on Thursday, August 6th. Finally, Zacks Research downgraded shares of Howard Hughes from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 21st. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Howard Hughes currently has a consensus rating of “Reduce” and a consensus target price of $79.00. Check Out Our Latest Research Report on HHH

Howard Hughes Price Performance Shares of NYSE:HHH opened at $64.80 on Friday. The company has a market capitalization of $3.87 billion, a P/E ratio of 13.12 and a beta of 1.14. The company’s 50-day moving average is $68.53 and its 200 day moving average is $67.55. The company has a debt-to-equity ratio of 1.35, a quick ratio of 1.58 and a current ratio of 1.58. Howard Hughes Holdings Inc. has a fifty-two week low of $61.01 and a fifty-two week high of $91.07.

Howard Hughes (NYSE:HHH – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $2.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $2.19. The business had revenue of $1.12 billion during the quarter. Howard Hughes had a net margin of 12.31% and a return on equity of 7.51%. The business’s quarterly revenue was up 330.2% on a year-over-year basis. During the same quarter last year, the business posted ($0.22) EPS. On average, equities research analysts forecast that Howard Hughes Holdings Inc. will post 2.77 earnings per share for the current year.

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.

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Bank of America Corp DE raised its stake in shares of Howard Hughes Holdings Inc. (NYSE:HHH – Free Report) by 14.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 304,520 shares of the company’s stock after buying an additional 39,246 shares during the period. Bank of America Corp DE owned approximately 0.51% of Howard Hughes worth $19,264,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Sequoia Financial Advisors LLC increased its stake in Howard Hughes by 0.5% in the 4th quarter. Sequoia Financial Advisors LLC now owns 27,193 shares of the company’s stock worth $2,169,000 after purchasing an additional 147 shares in the last quarter. Fifth Third Bancorp increased its position in Howard Hughes by 37.2% in the 4th quarter. Fifth Third Bancorp now owns 572 shares of the company’s stock worth $46,000 after purchasing an additional 155 shares during the last quarter. &PARTNERS increased its holdings in Howard Hughes by 3.9% in the fourth quarter. &PARTNERS now owns 5,407 shares of the company’s stock worth $431,000 after buying an additional 204 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Howard Hughes by 0.7% during the 2nd quarter. California State Teachers Retirement System now owns 30,098 shares of the company’s stock valued at $2,032,000 after purchasing an additional 217 shares in the last quarter. Finally, Allworth Financial LP raised its holdings in Howard Hughes by 56.1% during the fourth quarter. Allworth Financial LP now owns 662 shares of the company’s stock valued at $53,000 after buying an additional 238 shares in the last quarter. 93.83% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets In other Howard Hughes news, Director Mary Ann Tighe sold 13,495 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $67.25, for a total value of $907,538.75. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 48.00% of the company’s stock.

Wall Street Analysts Forecast Growth A number of equities analysts have recently commented on HHH shares. Wall Street Zen upgraded Howard Hughes from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Zacks Research downgraded shares of Howard Hughes from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. raised their target price on Howard Hughes from $76.00 to $79.00 and gave the stock a “neutral” rating in a research report on Thursday, July 16th. Finally, Weiss Ratings upgraded shares of Howard Hughes from a “sell (d)” rating to a “hold (c-)” rating in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Howard Hughes has a consensus rating of “Reduce” and a consensus target price of $79.00. View Our Latest Analysis on HHH

Howard Hughes Stock Up 3.6% Shares of Howard Hughes stock opened at $68.16 on Thursday. The business has a 50-day moving average of $68.63 and a two-hundred day moving average of $68.17. Howard Hughes Holdings Inc. has a 1 year low of $61.01 and a 1 year high of $91.07. The company has a debt-to-equity ratio of 2.08, a current ratio of 1.58 and a quick ratio of 1.58. The company has a market capitalization of $4.06 billion, a P/E ratio of 13.80 and a beta of 1.14.

Howard Hughes (NYSE:HHH – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported $2.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.49 by $2.19. Howard Hughes had a return on equity of 10.19% and a net margin of 12.31%.The business had revenue of $1.12 billion during the quarter. During the same quarter in the previous year, the business posted ($0.22) earnings per share. The firm’s quarterly revenue was up 330.2% compared to the same quarter last year. As a group, equities analysts predict that Howard Hughes Holdings Inc. will post 2.77 EPS for the current year.

Howard Hughes Company Profile (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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4 deep values for opportunistic investingHoward Hughes NYSE: HHH used its second-quarter earnings call to outline its transition toward a diversified holding company following the June acquisition of Vantage Group Holdings, while reporting continued land-sale demand, condominium cash proceeds and growth in its master-planned communities business.

Executive Chair Bill Ackman said the company’s strategy is to direct increasing amounts of capital toward the insurance operation while monetizing certain real estate assets and considering joint ventures, recapitalizations and third-party capital arrangements. Pershing Square acquired $900 million of Howard Hughes stock at $100 per share in May 2025, raising its ownership to 47%, Ackman said.

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Howard Hughes acquired Vantage, a specialty insurance platform founded in late 2020, and contributed an additional $300 million of capital. Ackman said Pershing Square also will provide investment management to Vantage without fees. He described the acquisition as part of a longer-term plan to build a diversified holding company, with insurance expected to represent a growing share of the business over time.

Vantage reports premium growth amid catastrophe and reserve impacts Marc Grandisson, Vantage Executive Chair and a Howard Hughes director, said Vantage’s results included in Howard Hughes’ consolidated figures covered only the period from the June 4 acquisition closing through June 30. The Vantage supplemental disclosure, however, presented the insurer’s full second-quarter and first-half historical GAAP results excluding acquisition accounting.

For the second quarter, Vantage reported a combined ratio of 101.6%, compared with 94% a year earlier. Gross written premiums and net written premiums each increased 29% to $473 million and $325 million, respectively, while net earned premium rose 22% to $295 million.

Grandisson said the quarterly combined ratio reflected $18 million of catastrophe losses associated with the conflict in Iran and $19 million of adverse prior-period development, primarily in a discontinued transactional-liability line. Together, those items increased the combined ratio by 10.2 percentage points.

First-half combined ratio: 96.1% Trailing 12-month combined ratio: 94.7% Year-to-date net income: $86 million, up 94% Year-to-date underwriting income: $23 million, roughly double the prior-year level Second-quarter current accident-year combined ratio excluding catastrophes: 91.4%, versus 96.2% a year earlier Grandisson said Vantage is focused on underwriting profitability rather than premium volume, conservative reserving, data-driven loss assessments and disciplined risk selection. He said the company aims to generate return on equity at or above the mid-teens over the cycle, with the underwriting target excluding expected returns from the insurer’s equity investment portfolio.

Vantage ended the quarter with $1.8 billion of book value and about $1.2 billion of trailing-12-month net written premium, representing a premium-to-surplus ratio of 0.7. AM Best affirmed Vantage’s A- rating and raised its outlook to positive, Grandisson said. He added that S&P’s rating action reflected its group methodology, including Howard Hughes, while Vantage’s standalone anchor rating remained A-.

Investment portfolio shifts toward Treasuries and equities Chief Investment Officer Ryan Israel said Vantage had approximately $3.4 billion of invested assets at closing, largely allocated to fixed-income securities with a duration profile of three to four years. The company moved to restructure the portfolio into a “barbell” approach, pairing short-term U.S. Treasuries with common-stock investments.

As of June 30, more than 60% of the portfolio was invested in short-term Treasuries, while approximately $1.1 billion, or about one-third, was invested in equities. Israel said the equity allocation subsequently increased to about 40% of the portfolio.

Howard Hughes expects the Treasury portfolio to cover insurance reserves and provide a cushion for claims payments, with the remaining capital invested in liquid, large-cap public companies. Ackman said the company does not plan to invest Vantage assets in private companies.

Israel said the equity portfolio declined about 3% during the initial weeks after it was established amid broader market weakness, but had recovered and was up between 4% and 5% during the month following quarter-end. He said the company expects ultimately to allocate at least 50% of invested assets to common stocks, potentially more depending on the amount of insurance float generated.

Real estate operations generate land-sale and condominium proceeds Chief Executive Officer David O’Reilly said master-planned community earnings before taxes increased 32% year over year to $134.7 million, driven mainly by residential and commercial land sales. New-home sales increased 12%, including gains of 34% at The Woodlands Hills and 17% at Bridgeland, alongside continued growth at Summerlin.

O’Reilly said the company’s wholly owned land bank represents about $5.6 billion of projected margin-equivalent residual value, excluding future opportunities at Teravalis and Floreo. He emphasized that land-sale results can vary by quarter, but said the company continues to see healthy builder demand and pricing power across its communities.

The company also sold Creekside Park and Creekside Park The Grove, producing approximately $30 million of net proceeds after debt repayment and generating an approximately 30% project-level internal rate of return over the life of those investments, according to O’Reilly.

Howard Hughes plans to retain long-term oversight of its master-planned communities while evaluating whether mature assets should remain wholly owned or be placed into alternative structures. O’Reilly said potential options include asset sales, joint ventures, recapitalizations and other transactions intended to release capital for higher-return opportunities.

Its condominium platform generated about $227 million of net proceeds after repayment of the construction loan from the completion of The Park Ward Village. O’Reilly said the company has more than $4 billion of expected future condominium revenue, with about 78% already under contract.

Capital allocation priorities Ackman said the company views Vantage as the priority destination for incremental free cash flow, following the funding of insurance liabilities. He said Howard Hughes expects to generate $2.5 billion to $3 billion of excess free cash flow during the next five years and could supplement that capital through real estate monetizations and outside partnerships.

“The priority for every incremental dollar of free cash flow is to put it into Vantage,” Ackman said, while adding that the company intends to maintain discipline in determining whether capital can earn higher returns in insurance, public equities or real estate development opportunities.

About Howard Hughes (NYSE:HHH)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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Posted by Defense World Staff on Aug 6th, 2026

Amundi lessened its holdings in Howard Hughes Holdings Inc. (NYSE:HHH – Free Report) by 37.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 111,907 shares of the company’s stock after selling 67,015 shares during the period. Amundi owned about 0.19% of Howard Hughes worth $7,079,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of HHH. Signaturefd LLC raised its position in shares of Howard Hughes by 41.5% in the 4th quarter. Signaturefd LLC now owns 423 shares of the company’s stock worth $34,000 after acquiring an additional 124 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Howard Hughes by 191.5% during 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 in the last quarter. Huntington National Bank boosted its position in Howard Hughes by 134.1% during 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 in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in Howard Hughes during the fourth quarter valued at approximately $43,000. Finally, Atlas Capital Advisors Inc. purchased a new stake in Howard Hughes during the fourth quarter valued at approximately $43,000. 93.83% of the stock is currently owned by institutional investors.

Howard Hughes Stock Up 0.2% Shares of HHH stock opened at $65.75 on Thursday. The company has a current ratio of 1.58, a quick ratio of 1.58 and a debt-to-equity ratio of 1.97. Howard Hughes Holdings Inc. has a twelve month low of $61.01 and a twelve month high of $91.07. The stock has a 50 day moving average of $68.16 and a 200 day moving average of $69.23. The stock has a market cap of $3.92 billion, a P/E ratio of 32.23 and a beta of 1.14.

Howard Hughes (NYSE:HHH – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The company reported $2.68 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $2.19. The business had revenue of $1.12 billion for the quarter. Howard Hughes had a net margin of 8.04% and a return on equity of 5.41%. Howard Hughes’s revenue for the quarter was up 330.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.22) EPS. As a group, sell-side analysts expect that Howard Hughes Holdings Inc. will post 2.77 EPS for the current year.

Insider Transactions at Howard Hughes In other Howard Hughes news, insider James Carman sold 1,500 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $64.20, for a total transaction of $96,300.00. Following the transaction, the insider owned 22,096 shares in the company, valued at approximately $1,418,563.20. This represents a 6.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 48.00% of the company’s stock.

Wall Street Analysts Forecast Growth Several equities analysts have issued reports on the stock. Zacks Research lowered shares of Howard Hughes from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 21st. JPMorgan Chase & Co. increased their price objective on Howard Hughes from $76.00 to $79.00 and gave the company a “neutral” rating in a report on Thursday, July 16th. Wall Street Zen upgraded Howard Hughes from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Howard Hughes in a report on Friday, July 17th. One investment analyst has rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Sell” and a consensus price target of $79.00.

Get Our Latest Stock 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.

Further Reading Five stocks we like better than Howard Hughes SpaceX: Love the Company, But the Stock Is a Harder Call Ulta’s Growth Is Real, But So Are the Risks BWX Technologies Is Turning the AI Power Problem Into a Nuclear Growth Story Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth 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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Howard Hughes® closes approximately $2.1 billion acquisition of Vantage, establishing specialty insurance and reinsurance as a second operating platform August 05, 2026 16:01 ET  | Source: Howard Hughes Holdings Inc.

THE WOODLANDS, Texas, Aug. 05, 2026 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company,” “HHH,” “Howard Hughes,” or “we”) today reported second quarter 2026 results, highlighted by the June 4 closing of Vantage Group Holdings, Ltd. (Vantage), a specialty insurance and reinsurance company. The Vantage acquisition reshapes Howard Hughes into a diversified holding company powered by two principal operating platforms: Howard Hughes Communities™ and Vantage.

Second Quarter 2026 Highlights:

Net income attributable to common stockholders was $158.4 million for the quarter, compared to a net loss of $12.1 million in the prior-year period.Vantage acquisition closed June 4, 2026. Through its wholly owned subsidiary Howard Hughes Insurance Holdings, LLC, the Company completed the acquisition of 100% of Vantage Group Holdings, Ltd. for cash consideration of approximately $2.1 billion. Consolidated results include Vantage only for the stub period from June 4, 2026 through June 30, 2026. Accordingly, period-over-period and sequential comparisons, including total revenues, net income attributable to common stockholders, and earnings per share, are not comparable to prior periods and do not reflect run-rate performance.$1.0 billion of preferred stock issued to Pershing Square. On June 4, 2026, the Company issued and sold $1.0 billion of Series A Non-Voting Exchangeable Perpetual Preferred Stock to an affiliate of Pershing Square to partially fund the Vantage acquisition and to provide additional capital to Vantage. The preferred stock carries no current cash dividend and may be repurchased by the Company pursuant to its terms.Insurance platform's initial contribution. For the stub period, Vantage contributed $97.2 million of net earned insurance premiums, $4.7 million of underwriting income, $11.0 million of net insurance investment income, and $20.8 million of loss before income taxes, with a combined ratio of 95% (loss ratio 57%; expense ratio 38%). These partial-period ratios are not indicative of expected full-year performance.The real estate platform delivered Master Planned Communities (MPC) EBT of $134.7 million and Total Operating Assets Net Operating Income (NOI) of $70.5 million in the quarter. Segment detail and prior-year comparisons are presented in Financial Highlights below.Strong liquidity position of $2,648.0 million of cash and cash equivalents, including cash held at Vantage, $515.0 million of undrawn capacity on the Secured Bridgeland Notes, $1.0 billion of undrawn lender commitments available for property development, and limited near-term debt maturities, all as of June 30, 2026. Financial Highlights

Real Estate

MPC

MPC EBT of $134.7 million in the second quarter, up 32% from $102.4 million in the prior-year period. Pricing also remained strong during the first six months of 2026, with Howard Hughes Communities selling 206.7 residential acres at an average price of $1.2 million per acre and 9.8 commercial acres at an average price of $0.9 million per acre. Operating Assets

Total Operating Assets NOI, including contributions from unconsolidated ventures, continued to grow, increasing by $1.7 million, or 2% to a total of $70.5 million in the quarter compared to $68.9 million in the prior-year period.In June 2026, Howard Hughes Communities sold Creekside Park and Creekside Park The Grove in The Woodlands for $127.3 million, generating $30.2 million of net proceeds after loan payoffs and closing costs. Over the life of the investments, the asset generated approximately $45 million of cumulative cash flow and an outsized project-level IRR. Strategic Developments

Howard Hughes Communities completed construction of The Park Ward Village and closed sales of 97% of its units during the quarter, generating $226.6 million of net proceeds after repayment of debt. Insurance and Reinsurance

Insurance and Reinsurance figures reflect the stub period from the acquisition date of June 4, 2026 through June 30, 2026, and include the impact of Purchase Accounting. As a result, they are not indicative of run-rate performance. 

Net earned insurance premiums were $97.2 million for the stub period from June 4, 2026 through June 30, 2026.Underwriting income was $4.7 million, with a combined ratio of 95%, comprising a loss ratio of 57% and an expense ratio of 38%. These partial-period ratios are not indicative of expected full-year performance.Net insurance investment income was $11.0 million.Net loss before income taxes was $20.8 million. Conference Call & Webcast Information

Howard Hughes Holdings Inc. will host its second quarter 2026 earnings conference call on Thursday, August 6, 2026, at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). A live webcast will be available in the Events & Webcast section of the Company’s investor relations website. Participants who wish to ask questions by telephone should 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.

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 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). We intend these statements to be covered by the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements give our current expectations relating to our financial condition, results of operations, plans, objectives, future performance, or business, and are not guarantees of performance. 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, and 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 which include: (i) our ability to realize the anticipated benefits of the transactions with Pershing Square and our strategy of becoming a diversified holding company; (ii) our ability to identify and consummate transactions as part of our 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 integrate Vantage’s insurance and reinsurance business into our operations, and realize the financial and strategic benefits currently anticipated from such acquisition; (v) our ability to realize the anticipated benefits of recent transactions, including the May 2025 transactions with Pershing Square and the spinoff of Seaport Entertainment Group Inc. 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 impacting the real estate and insurance and reinsurance businesses, including but not limited to inflation and changes in interest rates; (vii) changes in trade policies, including tariffs, 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) our ability to compete effectively, including the potential impact of heightened competition for tenants and potential decreases in occupancy at our properties; (x) extreme weather conditions, climate change, natural disasters, pandemics or other catastrophes, that may cause property damage or interrupt our real estate or insurance or reinsurance business; (xi) losses that are not insured or exceed the applicable insurance limits as well as insufficient reserves for losses; (xii) 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; (xiii) regulation of the portions of our business that are dedicated to the formation and sale of condominiums or insurance and reinsurance, as applicable, including obtaining government permits necessary for the development of our properties; (xiv) 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; (xv) insufficient reserves for insurance claims and claim expenses due to the impact of social inflation or other factors; (xvi) greater-than-expected loss ratios on business written by Vantage; (xvii) Vantage’s ability to accurately assess underwriting risk and establish adequate premium rates; (xviii) decreases in pricing for property and casualty reinsurance and insurance; (xix) Vantage’s ability to purchase adequate reinsurance; (xx) Vantage’s ability to maintain financial strength ratings; (xxi) material variation of analytical models used in decision making from actual results; (xxii) Vantage’s ability to comply with insurance and tax laws and regulations and other regulatory challenges, including to obtain licenses or admittance in additional jurisdictions to develop its business; (xxiii) inherent risks related to disruption of information technology networks and related systems, including cyber security attacks on us or our vendors; (xxiv) 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; (xxv) our directors’ involvement or interests in other businesses, including real estate activities and investments; (xxvi) our dependence on the operations and funds of our subsidiaries, including The Howard Hughes Corporation and Vantage; and (xxvii) 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, including the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2026. Copies of each filing may be obtained from the Company or the Securities and Exchange Commission. 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 unless otherwise required by law.

Non-GAAP Financial Measures

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. The financial statements, exhibits, and Supplemental Information referenced in this release are available in the attached Appendix and through the Investors section of our website.

Investor Relations:

[email protected]
281-929-7700

Media Relations:

[email protected]
281-929-7700

    HOWARD HUGHES HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
UNAUDITED     Three Months Ended June 30, Six Months Ended June 30,thousands except per share amounts 2026   2025   2026   2025 REVENUES       Condominium rights and unit sales$        706,311  $        193  $        709,445  $        535 Master Planned Communities land sales         170,936           125,041           270,509           196,683 Rental revenue         114,198           111,092           227,747           219,505 Net earned insurance premiums         97,247           —           97,247           — Net insurance investment income         10,988           —           10,988           — Builder price participation         6,868           14,138           15,550           23,425 Other revenues         15,779           10,416           26,758           20,060 Total revenues         1,122,327           260,880           1,358,244           460,208         EXPENSES       Condominium rights and unit cost of sales         575,389           811           578,523           1,053 Master Planned Communities cost of sales         59,057           45,178           93,799           70,392 Operating costs         54,723           50,518           107,756           101,307 Rental property real estate taxes         14,798           15,365           31,026           30,664 Insurance claims and claim expenses         55,210           —           55,210           — Insurance underwriting expenses         37,381           —           37,381           — Provision for (recovery of) doubtful accounts         123           542           64           386 General and administrative         36,136           34,552           61,894           56,988 Depreciation and amortization         56,609           44,325           105,249           89,464 Other expenses         6,173           4,273           10,065           9,070 Total expenses         895,599           195,564           1,080,967           359,324         OTHER       Gain (loss) on sale or disposal of real estate and other assets, net         51,800           1,656           51,800           15,385 Investment gain (loss), net         (38,278)          —           (38,278)          — Other income (loss), net         (660)          885           (533)          (482)Total other         12,862           2,541           12,989           14,903         Operating income (loss)         239,590           67,857           290,266           115,787         Interest income         13,803           10,331           28,466           16,449 Interest expense         (45,812)          (43,694)          (87,602)          (84,788)Gain (loss) on extinguishment of debt         (413)          (307)          (10,639)          (307)Gain (loss) on sale of MUD receivables         (555)          (48,197)          (555)          (48,197)Equity in earnings (losses) from unconsolidated ventures         301           (1,887)          (2,339)          (567)Income (loss) before income taxes         206,914           (15,897)          217,597           (1,623)Income tax expense (benefit)         49,957           (3,821)          52,575           (385)Net income (loss)         156,957           (12,076)          165,022           (1,238)Net (income) loss attributable to noncontrolling interests         1,408           (68)          1,569           (373)Net income (loss) attributable to common stockholders$        158,365  $        (12,144) $        166,591  $        (1,611)        Basic income (loss) per share$        2.68  $        (0.22) $        2.82  $        (0.03)Diluted income (loss) per share$        2.68  $        (0.22) $        2.82  $        (0.03)     HOWARD HUGHES HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
UNAUDITED    thousands except par values and share amounts June 30, 2026 December 31, 2025ASSETS   Master Planned Communities assets$        2,646,774  $        2,635,077 Buildings and equipment         4,031,804           4,028,862 Less: accumulated depreciation         (1,117,166)          (1,082,124)Land         335,872           307,625 Developments         1,072,034           1,477,615 Net investment in real estate         6,969,318           7,367,055 Investments in fixed maturity securities         246,583           — Investments in equity securities         1,077,535           — Short-term investments         27,822           — Investments in unconsolidated ventures         186,153           170,122 Cash and cash equivalents         2,647,959           1,468,507 Restricted cash         717,395           628,651 Accounts receivable, net         940,400           134,122 Municipal Utility District (MUD) receivables, net         579,160           459,729 Reinsurance recoverable on paid and unpaid losses         601,602           — Deferred expenses, net         175,243           160,966 Intangibles, net         586,439           34,658 Goodwill         282,218           2,336 Other assets, net         872,216           213,315 Total assets$        15,910,043  $        10,639,461     LIABILITIES   Mortgages, notes, and loans payable, net$        5,456,403  $        5,109,828 Reserves for claims and claim expenses         2,115,416           — Unearned premiums         1,406,691           — Deferred tax liabilities, net         223,113           164,472 Other liabilities, net         1,678,683           1,522,915 Total liabilities         10,880,306           6,797,215     MEZZANINE EQUITY   Series A non-voting exchangeable perpetual preferred stock: $0.01 par value; 140,000 issued and outstanding as of June 30, 2026, and none issued or outstanding as of December 31, 2025         995,764           —     EQUITY   Preferred stock: $0.01 par value; 50,000,000 shares authorized; 140,000 shares designated as Series A Preferred Stock; no other shares issued or outstanding         —           — Common stock: $0.01 par value; 150,000,000 shares authorized, 66,253,546 issued, and 59,657,062 outstanding as of June 30, 2026, 65,910,640 shares issued, and 59,370,353 outstanding as of December 31, 2025         663           659 Additional paid-in capital         4,478,286           4,458,838 Retained earnings (accumulated deficit)         104,495           (62,096)Accumulated other comprehensive income (loss)         1,544           (1,827)Treasury stock, at cost, 6,596,484 shares as of June 30, 2026, and 6,540,287 shares as of December 31, 2025 (624,592)  (620,118)Total stockholders' equity 3,960,396   3,775,456 Noncontrolling interests         73,577   66,790 Total equity 4,033,973   3,842,246 Total liabilities, mezzanine equity, and equity$        15,910,043  $        10,639,461 
Segment Earnings Before Taxes (EBT)

Howard Hughes Communities has three real estate 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 June 30, Six Months Ended June 30,thousands except percentages 2026   2025  $ Change  2026   2025  $ ChangeOperating Assets Segment EBT           Total revenues$        119,960  $        116,446  $        3,514  $        239,162  $        230,448  $        8,714 Total operating expenses         (50,520)          (49,467)          (1,053)          (101,445)          (98,284)          (3,161)Segment operating income (loss)         69,440           66,979           2,461           137,717           132,164           5,553 Depreciation and amortization         (52,028)          (42,305)          (9,723)          (97,606)          (85,428)          (12,178)Interest income (expense), net         (37,873)          (34,173)          (3,700)          (71,380)          (68,391)          (2,989)Other income (loss), net         (527)          634           (1,161)          (508)          438           (946)Equity in earnings (losses) from unconsolidated ventures         794           (325)          1,119           6,671           4,318           2,353 Gain (loss) on sale or disposal of real estate and other assets, net         51,800           (1)          51,801           51,800           9,978           41,822 Gain (loss) on extinguishment of debt         (413)          (307)          (106)          (413)          (307)          (106)Operating Assets segment EBT$        31,193  $        (9,498) $        40,691  $        26,281  $        (7,228) $        33,509             Master Planned Communities Segment EBT           Total revenues$        181,740  $        143,701  $        38,039  $        294,021  $        228,155  $        65,866 Total operating expenses         (70,390)          (57,694)          (12,696)          (118,267)          (95,899)          (22,368)Segment operating income (loss)         111,350           86,007           25,343           175,754           132,256           43,498 Depreciation and amortization         (110)          (88)          (22)          (175)          (199)          24 Interest income (expense), net         24,012           18,107           5,905           45,724           34,893           10,831 Other income (loss), net         —           35           (35)          1,860           35           1,825 Equity in earnings (losses) from unconsolidated ventures         (569)          (1,649)          1,080           (4,104)          (5,059)          955 Gain (loss) on sale or disposal of real estate and other assets, net         —           —           —           —           3,750           (3,750)MPC segment EBT$        134,683  $        102,412  $        32,271  $        219,059  $        165,676  $        53,383             Strategic Developments Segment EBT           Total revenues$        707,432  $        714  $        706,718  $        711,839  $        1,568  $        710,271 Total operating expenses         (582,986)          (5,186)          (577,800)          (591,075)          (9,552)          (581,523)Segment operating income (loss)         124,446           (4,472)          128,918           120,764           (7,984)          128,748 Depreciation and amortization         (2,068)          (1,076)          (992)          (4,125)          (2,234)          (1,891)Interest income (expense), net         4,097           4,633           (536)          9,071           9,279           (208)Other income (loss), net         —           132           (132)          (889)          (1,130)          241 Equity in earnings (losses) from unconsolidated ventures         76           87           (11)          (4,906)          174           (5,080)Gain (loss) on sale or disposal of real estate and other assets, net         —           1,657           (1,657)          —           1,657           (1,657)Strategic Developments segment EBT$        126,551  $        961  $        125,590  $        119,915  $        (238) $        120,153                                                 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 June 30, Six Months Ended June 30,thousands 2026   2025  $ Change  2026   2025  $ ChangeOperating Assets Segment           Total revenues$        119,960  $        116,446  $        3,514  $        239,162  $        230,448  $        8,714 Total operating expenses         (50,520)          (49,467)          (1,053)          (101,445)          (98,284)          (3,161)Segment operating income (loss)         69,440           66,979           2,461           137,717           132,164           5,553 Depreciation and amortization         (52,028)          (42,305)          (9,723)          (97,606)          (85,428)          (12,178)Interest income (expense), net         (37,873)          (34,173)          (3,700)          (71,380)          (68,391)          (2,989)Other income (loss), net         (527)          634           (1,161)          (508)          438           (946)Equity in earnings (losses) from unconsolidated ventures         794           (325)          1,119           6,671           4,318           2,353 Gain (loss) on sale or disposal of real estate and other assets, net         51,800           (1)          51,801           51,800           9,978           41,822 Gain (loss) on extinguishment of debt         (413)          (307)          (106)          (413)          (307)          (106)Operating Assets segment EBT         31,193           (9,498)          40,691           26,281           (7,228)          33,509 Add back:           Depreciation and amortization         52,028           42,305           9,723           97,606           85,428           12,178 Interest (income) expense, net         37,873           34,173           3,700           71,380           68,391           2,989 Equity in (earnings) losses from unconsolidated ventures         (794)          325           (1,119)          (6,671)          (4,318)          (2,353)(Gain) loss on sale or disposal of real estate and other assets, net         (51,800)          1           (51,801)          (51,800)          (9,978)          (41,822)(Gain) loss on extinguishment of debt         413   307   106           413           307           106 Impact of straight-line rent         (1,015)          (373)          (642)          (3,637)          (1,533)          (2,104)Other         600           (384)          984           585           (195)          780 Operating Assets NOI         68,498           66,856           1,642           134,157           130,874           3,283             Company's share of NOI from equity investments         2,045           2,004           41           4,217           3,947           270 Distributions from Summerlin Hospital investment         —           —           —           5,318           5,605           (287)Company's share of NOI from unconsolidated ventures         2,045           2,004           41           9,535           9,552           (17)Total Operating Assets NOI$        70,543  $        68,860  $        1,683  $        143,692  $        140,426  $        3,266 

Posted by Defense World Staff on Jul 26th, 2026

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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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.

Investor Relations:
[email protected]
281-929-7700

Media Relations:
[email protected]
281-929-7700

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.

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.

Media Relations:

Cristina Carlson
Howard Hughes
[email protected]
646-822-6910

Francis McGill
Pershing Square
[email protected]
212-909-2455

Investor Relations:

[email protected]
281-929-7700

Posted by Defense World Staff on Apr 24th, 2026

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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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

Francis McGill
Pershing Square
[email protected] 
212-909-2455

Investor Relations:
[email protected] 
281-929-7700

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) 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.

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.

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.

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