Chief Investment Officer Ryan Israel said Vantage operates across more than 24 lines of business spanning specialty insurance and reinsurance and has a management team led by CEO Greg Hendrick, whom he said has more than 30 years of industry experience. Israel highlighted that Vantage was founded in 2020, which he said limited exposure to reserving issues tied to business written in the 2015–2019 period. He also cited what he described as appropriate reserves and a strong book value position.Ackman also sai ...

And I think Howard Hughes Holdings Inc. over time also suffered a bit from shareholders trying to figure out how do I think about this business. In the conventional public company, there is usually a certain amount of GAAP earnings or a number or a free cash flow number, and, you know, people want a simple rubric for thinking about it. You know, what multiple do I put on this number, how do I track this number over time? And, you know, the multiple is determined based on, you know, the persistency and the g ...

Howard Hughes (NYSE:HHH) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Company ParticipantsAlexander Goldfarb - Managing Director in ResearchBill Ackman - Executive ChairmanCarlos Olea - CFODavid O'Reilly - CEOEli Dashef - ShareholderJohn Kim - Managing Director in U.S. Real Estate Equity ResearchJohn Saxon - VP Corporate StrategyRyan Israel - Chief Investment OfficerOperatorGood day, and thank you for standing by. Welcome to the Howard Hughes Holdings fourth quarter 2025 earnings call. At this time, ...

Financial Data and Key Metrics Changes - In 2025, the company achieved a record EBT of $476 million from master planned communities (MPC), driven by the sale of 621 residential acres at an average price of $890,000 per acre [29] - The operating assets portfolio delivered a full-year NOI of $276 million, reflecting an 8% year-over-year increase, with same-store office NOI increasing by 11% and multifamily by 6% [31] - Adjusted operating cash flow for 2026 is expected to range between $415 million and $465 million, with MPC EBT projected between $343 million and $391 million [36][37] Business Line Data and Key Metrics Changes - The MPC segment's pricing power has become a primary driver of long-term profitability, with finished residential land sold at a record price of $1.7 million per acre [30] - The condominium platform contracted $1.6 billion in future revenue during 2025, marking the strongest year in the company's history [32] - The company expects condominium gross revenue for 2026 to be approximately $720 million to $750 million, with estimated profits of $108 million to $128 million [39] Market Data and Key Metrics Changes - Demand was strong in both Summerlin and Bridgeland, exceeding pricing and margin expectations [29] - The company has unlocked an additional 3-4 million square feet of entitlements in Hawaii, contributing to its development pipeline [7][9] Company Strategy and Development Direction - The company is transitioning from a pure real estate development firm to a diversified holding company, with the acquisition of Vantage Holdings as a key strategic move [4][22] - The focus is on optimizing long-term per-acre value in the MPC business rather than maximizing any single year's earnings [38] - The company aims to leverage its real estate operations to generate excess cash for reinvestment in Vantage and other operating companies [74] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to close the Vantage acquisition by June, emphasizing the importance of regulatory approvals [17] - The company anticipates that the insurance business will enhance overall growth and provide diversification of earnings streams [26] - Management highlighted the importance of maintaining a conservative balance sheet while pursuing growth opportunities [44] Other Important Information - The company has refinanced its senior notes, achieving the tightest credit spreads in its history, which reflects strong market reception [42] - The company is focused on maintaining liquidity and flexibility in its capital structure to support ongoing projects and withstand downturns [44] Q&A Session Summary Question: Condo margins of The Park Ward Village related to infrastructure work - Management confirmed that infrastructure costs were anticipated and will benefit future towers, although current margins are impacted by the project's specifics [50] Question: Strategy regarding commercial real estate portfolio - Management indicated a long-term view on commercial real estate holdings, considering potential partnerships but valuing control over assets [54] Question: Timeline for profitability improvements at Vantage - Management expects 2026 to be the first year of meaningful profitability for Vantage, with benefits from scale and operational leverage anticipated [60] Question: Housing affordability initiatives - Management stated that they focus on a broad range of home prices to attract diverse buyers, with single-family rentals being a modest part of their portfolio [68] Question: Priorities for excess cash - Management outlined that the first priority for excess cash will be to ensure full ownership of Vantage, followed by investments in other operating companies [74]

Howard Hughes (NYSE:HHH) Q4 2025 Earnings call February 20, 2026 10:00 AM ET Speaker7Good day, and thank you for standing by. Welcome to the Howard Hughes Holdings fourth quarter 2025 earnings call. At this time, all participants are in listen-only mode. After the speaker's presentation, there'll be a question-and-answer session. To ask a question during the session, you'll need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your qu ...

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Howard Hughes Holdings (HHH) reported $624.45 million in revenue for the quarter ended December 2025, representing a year-over-year decline of 36.5%. EPS of $0.10 for the same period compares to $3.25 a year ago.The reported revenue represents a surprise of +1.86% over the Zacks Consensus Estimate of $613.03 million. With the consensus EPS estimate being $0.31, the EPS surprise was -67.74%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectatio ...

分组1 - Howard Hughes Holdings reported quarterly earnings of $0.1 per share, missing the Zacks Consensus Estimate of $0.31 per share, and down from $3.25 per share a year ago, representing an earnings surprise of -67.74% [1] - The company posted revenues of $624.45 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.86%, but down from year-ago revenues of $983.59 million [2] - Over the last four quarters, Howard Hughes Holdings has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] 分组2 - The stock has added about 4.1% since the beginning of the year, outperforming the S&P 500's gain of 0.5% [3] - The current consensus EPS estimate for the coming quarter is $0.81 on revenues of $309.05 million, and for the current fiscal year, it is $4.06 on revenues of $1.75 billion [7] - The Real Estate - Development industry, to which Howard Hughes Holdings belongs, is currently in the top 16% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

On February 17, 2026, Connecticut-based H/2 Credit Manager disclosed a new position in Howard Hughes Holdings (NYSE:HHH), acquiring 140,268 shares in an estimated $11.19 million trade. What happened According to a SEC filing dated February 17, 2026, H/2 Credit Manager LP established a new stake in Howard Hughes Holdings by acquiring 140,268 shares. The quarter-end value of the position increased by $11.19 million, reflecting both the purchase and stock price movement. What else to know Top five holdin ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (MARK ONE) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41779 HOWARD HUGHES HOLDINGS INC. (Exact name of registrant as specified in its charter) Delaware 93-1869991 (State or other jurisdic ...