Core Viewpoint - Vantage Group Holdings Ltd. has entered into a definitive agreement for Howard Hughes Holdings Inc. to acquire 100% of Vantage for $2.1 billion in cash, representing approximately 1.5 times the year-end 2025 book value, with the transaction expected to close in Q2 2026, pending regulatory approvals [1][2][3] Company Overview - Vantage, founded in 2020, has developed into a leading specialty insurer and reinsurer, offering a diversified portfolio of global property and casualty products supported by modern infrastructure and advanced analytics [2][9] Strategic Benefits of the Transaction - The acquisition is anticipated to strengthen Vantage's balance sheet and expand opportunities in specialty insurance and reinsurance, with a focus on underwriting profitability through disciplined risk selection and portfolio optimization [7][4] - Vantage will maintain its name, brand, and culture, with existing colleagues retaining their roles and teams [7] - Howard Hughes' ownership will provide long-term capital support, enhancing Vantage's credit profile and underwriting flexibility [7] Leadership and Management Insights - Greg Hendrick, CEO of Vantage, expressed excitement about the acquisition, highlighting the expected growth and innovation opportunities it will bring [3] - Carlyle and Hellman & Friedman, the investment firms backing Vantage, praised the management team's achievements and expressed confidence in Howard Hughes as a suitable partner for Vantage's next growth phase [5][6] Financial and Operational Details - The transaction is structured to allow Vantage to effectively navigate the insurance cycle and optimize asset allocation over time, with Pershing Square managing Vantage's assets on a fee-free basis to enhance investment returns [7] - Vantage's investment portfolio will focus on cash, short-term Treasurys, high-quality fixed-maturity securities, and a portfolio of common stocks, subject to regulatory considerations [7]

LONDON--(BUSINESS WIRE)--Pershing Square Holdings, Ltd. (LN:PSH) (LN:PSHD) ("PSH†) today announces that it has entered into an equity commitment letter to subscribe for up to $1 billion of non-voting exchangeable perpetual preferred stock to be issued by Howard Hughes Holdings Inc. (NYSE: HHH) ("HHH†) (the "PSH Preferred†) (the "PSH Investment†) in connection with HHH's agreement to indirectly acquire Vantage Group Holdings, Ltd. ("Vantage†), a privately held specialty insurance and reinsurance co ...

Vantage Acquisition Anchors HHH’s Transformation into a Diversified Holding Company Vantage’s Diversified Specialty Insurance Platform Delivers Lower Risk and Superior Return Potential Pershing Square to Manage Vantage’s Investment Portfolio on a Fee-Free Basis HHH to Host a Conference Call and Presentation on Thursday, December 18 at 8:30 a.m. ET, with an X Spaces Session to Follow THE WOODLANDS, Texas, Dec. 18, 2025 (GLOBE NEWSWIRE) -- Howard Hughes Holdings Inc. (NYSE: HHH) (“Howard Hughes,” “HHH,” or t ...

Group 1: Bill Ackman's Portfolio - Bill Ackman has nearly 50% of his portfolio invested in three stocks: Uber Technologies, Brookfield Corp, and Howard Hughes Holdings [1][2][4][6] - Ackman's largest investment is in Uber Technologies, valued at approximately $3 billion, which constitutes around 20% of his total portfolio [2] - Ackman is a relatively new investor in Uber, having acquired shares in the first quarter of 2025, with the stock price increasing over 40% year to date due to AI and self-driving car hype [3] Group 2: Uber Technologies - Uber Technologies has a current market capitalization of $173 billion, with a gross margin of 32.74% and no dividend yield [1] - The stock price of Uber has fluctuated between $59.33 and $101.99 over the past 52 weeks, with a current price of $83.36 [1] - The potential for the robotaxi market, which could be valued at $10 trillion globally, makes Uber an attractive investment option [3] Group 3: Brookfield Corp - Brookfield Corp is a global alternative investments manager focusing on non-traditional assets such as renewable energy and infrastructure projects [4] - Ackman first purchased shares in Brookfield in early 2024, with the stock rising 13% year to date and achieving a 101% return over the last five years [5] Group 4: Howard Hughes Holdings - Howard Hughes Holdings is a real estate company with projects across multiple states, focusing on Master Planned Communities [6] - Ackman has a historical connection to Howard Hughes Holdings, having helped found the company in 2010 as a spinoff from General Growth Properties [7] - The stock price of Howard Hughes Holdings has only increased by 20% over the past five years, indicating potential value [7]

Core Insights - The grand opening of Teravalis marks a significant development milestone for the Phoenix West Valley and Buckeye, Arizona, with the first residents welcomed into the inaugural village of Floreo [2][3][4] Group 1: Community Overview - Teravalis spans 37,000 acres and is one of the largest master-planned developments in the U.S., designed to accommodate Arizona's growing population and economy [3][9] - The community is planned to include 100,000 homes, 300,000 residents, and 55 million square feet of commercial space, with over 7,000 acres designated as preserved open space [3][9] Group 2: Economic Impact - The development is expected to create tens of thousands of new jobs and expand homeownership opportunities in the region, contributing to the economic growth of the West Valley [4][5] - The community aims to balance economic opportunity with quality of life, integrating innovative water conservation measures to ensure sustainable growth [4][5] Group 3: Development Partners - Seven homebuilders, including Century Communities and Lennar, are involved in delivering the first residential offerings, with homes starting in the low $300,000 range [4][5] - The project emphasizes environmental stewardship and sustainable design, incorporating water-efficient infrastructure and low-impact development practices [5] Group 4: Community Engagement - The grand opening event featured Floreo Fest, showcasing model homes, local cuisine, and sustainability exhibits, highlighting the community's values of innovation and engagement with the natural environment [7] - Howard Hughes presented a $15,000 Innovation Award to All Faith Community Services during the grand opening, reinforcing its commitment to community support [6]

Core Viewpoint - Bill Ackman sees significant upside potential in his investments, particularly in Uber, Brookfield Corporation, and Alphabet, among others, due to their strong fundamentals and growth prospects [1][2]. Investment Strategy - Ackman focuses on high-quality businesses with strong cash flow and limited downside risk, often taking activist positions to unlock shareholder value [2][3]. Portfolio Overview - Pershing Square Capital Management holds shares in 15 large-cap companies, with 75% of its $15 billion stock portfolio concentrated in five key holdings [3]. Key Holdings - **Uber Technologies (19.6%)**: Ackman appreciates Uber's strong network effects, management quality, operational performance, and cash flow, expecting earnings per share to grow over 30% annually [4][5]. - **Brookfield Corporation (17.7%)**: Added to the portfolio in 2024, Brookfield is positioned for growth due to AI infrastructure demand and an aging population, potentially quadrupling its wealth solutions asset base to $600 billion [6][8]. - **Alphabet (14.4%)**: Ackman has invested in Alphabet due to its rapid AI integration and strong financial performance, including $100 billion in revenue and a 33% year-over-year profit growth [9][11]. - **Howard Hughes Holdings (13.4%)**: Ackman aims to transform Howard Hughes into a diversified holding company, increasing its stake to 47% and focusing on unlocking value from real estate assets [12][13]. - **Restaurant Brands (10.6%)**: The company is valued for its capital-light business model and plans to enhance sales through investments in Burger King and expansion in Tim Hortons [14][17].

Core Insights - The article discusses the expertise of a senior analyst and private portfolio manager with over 10 years of experience in generating value ideas in European and North American markets [1] Group 1: Analyst Profile - The analyst is a contributing author and analyst for the investing group iREIT®+HOYA Capital and Wide Moat Research LLC, covering various European markets including Scandinavia, Germany, France, UK, Italy, Spain, Portugal, and Eastern Europe [1] - The focus is on identifying reasonably valued stock ideas within these markets [1] Group 2: Investment Position - The analyst holds a beneficial long position in the shares of SCRYY, indicating a personal investment interest in this stock [1]

Core Insights - Howard Hughes Holdings (NYSE: HHH) is a significant player in the real estate development sector, focusing on master-planned communities and income-producing properties [1] Financial Performance - On November 10, 2025, HHH reported earnings per share (EPS) of $2.02, exceeding the estimated $1.56, resulting in a 29.49% earnings surprise [2][6] - The company's revenue for the quarter ending September 2025 was approximately $390.24 million, surpassing the estimated $358 million, and reflecting a 19.3% year-over-year increase from $327.15 million [3][6] Market Position and Valuation - HHH has a price-to-earnings (P/E) ratio of 21.09, indicating strong investor confidence in its earnings potential [4][6] - The price-to-sales ratio is 2.91, and the enterprise value to sales ratio is 5.05, reflecting its market valuation relative to sales [4] - The enterprise value to operating cash flow ratio stands at 16.61, highlighting cash flow efficiency [4] Financial Leverage and Liquidity - The company has a debt-to-equity ratio of 1.43, indicating reliance on debt for financing assets [5] - A current ratio of 0.30 suggests a need for improvement in short-term liquidity [5] - Despite these challenges, HHH's earnings yield is 4.74%, demonstrating its ability to generate returns for investors [5]

Financial Data and Key Metrics Changes - The company reported a record quarter with EBT of $205 million in the MPC segment, driven by strong land sales in Summerlin [4] - Full-year EBT guidance has been raised to $450 million, up $20 million from prior guidance, indicating a strong performance [9] - Operating assets NOI grew 5% year-over-year to $68 million, with office NOI up 7% and retail NOI up 9% [6][10] Business Line Data and Key Metrics Changes - The MPC segment achieved record land sales, selling 319 acres at an average of $795,000 per acre, with a significant bulk sale at a 75% margin [4] - Multifamily NOI grew 2%, with the stabilized multifamily portfolio now 96% leased [6] - The company reached a new record with $1.4 billion in condo pre-sales, with Malia and Alima towers at Ward Village being 57% pre-sold [6][10] Market Data and Key Metrics Changes - Despite national trends indicating slower home sales, the company reported strong results in its communities, countering broader market headlines [5] - The stabilized retail portfolio remains above 90% leased, indicating strong demand in retail spaces [6] Company Strategy and Development Direction - The company is focused on transforming into a diversified holding company, with significant progress in acquiring an insurance company [12] - Cash flows generated from real estate will be reinvested into value-creating developments, enhancing future cash flows and net asset value [11][20] - The company aims to maintain a competitive edge through limited competition and a self-funding model [5][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record-high residential land sales and pricing by year-end [5] - The company anticipates that 2025 will be another record-breaking year, although not every year will replicate this performance [9] - Management emphasized the importance of quality of life and community connectivity in driving demand for their developments [55] Other Important Information - The company has refinanced $114 million of near-term maturities, reducing 2025 maturities to $76 million [9] - The company is maintaining G&A guidance between $76 million and $86 million, with a midpoint of $81 million [10] Q&A Session Summary Question: Regarding super pad sales and their trade-off - Management explained that the recent super pad sale was a unique situation that generated significant cash flow, and future transactions will likely be at higher prices per acre [15][16] Question: Impact of the insurance company acquisition on capital - Management indicated that the acquisition will consume available cash but is expected to create significant value and flexibility for future investments [17][20] Question: Status of condo pre-sales and future projects - Management expressed satisfaction with the 57% pre-sale rate and discussed ongoing evaluations for future condo projects in The Woodlands and Summerlin [24][36] Question: Pricing trends for the Ritz-Carlton Residences - Management noted that prices have increased by approximately $350-$400 per square foot compared to initial sales, reflecting strong demand [38][39] Question: Outlook for MPC land sales in 2026 - Management stated it is too early to provide guidance for 2026 land sales, emphasizing a cautious approach based on current market conditions [52][53]

Strategic Transaction - Pershing Square invested $900 million in Howard Hughes Holdings Inc (HHH) to transform it into a diversified holding company[12] - Pershing Square purchased 9 million newly issued HHH shares for $100 per share, representing a 48% premium[13] - Pershing Square's beneficial ownership increased to approximately 469%, with voting power capped at 40% and beneficial ownership limited to 47%[13] - HHH will pay Pershing Square a quarterly fee of $375 million plus an incentive fee equal to 0375% of the growth in HHH's equity market capitalization[13] Portfolio Highlights - HHC's portfolio includes 72 million square feet of office space, 26 million square feet of retail space, 5,855 multifamily units, and 3,046 condos closed[23] - HHC has 7 communities and 34,000 acres of raw land[23] - Master Planned Communities (MPC) segment generated $349 million in 2024 EBT[25] - Operating Assets segment generated $257 million in 2024 NOI[30] - Strategic Developments segment generated $211 million in 2024 Adjusted Condo Gross Profit[27] Financial Performance - The company anticipates stabilized adjusted operating cash flow between $955 million and $1 billion, compared to $440 million in 2025[56] - The company's 2025 Adjusted Operating Cash Flow is comprised of $717 million Operating Assets NOI, $450 million MPC EBT, $0 million Condo Profit, ($196 million) Interest Expense, and ($81 million) Cash G&A[53, 56] - MPC Gross Asset Value increased from $37 billion in 2017 to $44 billion in 2025[49]