Howard Hughes (HHH) Q4 2025 Earnings Transcript

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 ...