Howard Hughes Holdings Inc

We believe this agreement not only reflects the value that HHH has created in recent years, but it also positions the company to transform its strategy, with enhanced value creation opportunities and upside potential, while improving its credit profile. Pershing Square's investment will support HHH's transformation by providing investment, advisory, and other ancillary services, including corporate development, transaction execution, and capital markets assistance. This partnership is expected to unlock significant value for shareholders.

We sold our shares of Howard Hughes Corp in February 2025 for ~$76.80 per share for a slight profit over what we initially paid. Our thesis changed when Bill Ackman threatened to force a deal upon the company without a shareholder vote, which raised concerns about the leadership and direction of the company. While Ackman may transform Howard Hughes into a successful investment firm, this was not what we signed up for when we bought the stock. The bottom line is that when we can no longer trust the leadership of the company, we will immediately sell our position and move on.

We sold our shares of Howard Hughes Corp in February 2025 for ~$76.80 per share for a slight profit over what we initially paid. Our thesis changed when Bill Ackman threatened to force a deal upon the company without a shareholder vote, which raised concerns about leadership and the direction of the company. While Ackman may transform Howard Hughes into a successful investment firm, this was not what we signed up for when we bought the stock. The bottom line is that when we can no longer trust the leadership of the company, we will immediately sell our position and move on.

We sold our shares of Howard Hughes Corp in February 2025 for ~$76.80 per share for a slight profit over what we initially paid. Our thesis changed when Bill Ackman made an offer to take control of the management team and board, which we viewed as detrimental to existing shareholders. Ackman's approach, including the threat to force a deal without a shareholder vote, raised concerns about his intentions and the future direction of the company. While Ackman may transform Howard Hughes into a successful investment firm, this was not the investment we signed up for.

We sold our shares of Howard Hughes Corp in February 2025 for ~$76.80 per share for a slight profit over what we initially paid. Our thesis changed when Bill Ackman made an offer to take control of the management team and board, which we viewed as detrimental to existing shareholders. Ackman's approach, including the threat to force a deal without a shareholder vote, raised concerns about his intentions. While it's possible he could transform Howard Hughes into a successful investment firm, this was not what we signed up for when we bought the stock.