Earnings summaries and quarterly performance for Howard Hughes Holdings.
Executive leadership at Howard Hughes Holdings.
David O'Reilly
Detailed
Chief Executive Officer
CEO
CO
Carlos Olea
Detailed
Chief Financial Officer
DJ
Doug Johnstone
Detailed
President, Hawaii Region
EV
Elena Verbinskaya
Detailed
Chief Accounting Officer
JV
Joseph Valane
Detailed
General Counsel and Secretary
RI
Ryan Israel
Detailed
Chief Investment Officer
WA
William Ackman
Detailed
Executive Chairman
Board of directors at Howard Hughes Holdings.
Research analysts who have asked questions during Howard Hughes Holdings earnings calls.
John Kim
BMO Capital Markets
4 questions for HHH
Also covers: AIV, ALX, ARDX +32 more
Alexander Goldfarb
Piper Sandler
3 questions for HHH
Also covers: ALEX, ALX, AVB +25 more
AP
Anthony Paolone
JPMorgan Chase & Co.
3 questions for HHH
Also covers: ARE, BDN, BNL +29 more
AS
Amanda Shiao
Commercial Observer
1 question for HHH
CM
Connor Mitchell
Piper Sandler & Co.
1 question for HHH
Also covers: BRX, CHCT, CPT +8 more
CB
Craig Big
Jesper Fund
1 question for HHH
DH
Dara Hiwatt
Black Oak
1 question for HHH
PA
Peter Abramowitz
Jefferies
1 question for HHH
Also covers: AHH, ARE, BXP +14 more
RZ
Ray Zhong
JPMorgan Chase & Co.
1 question for HHH
Recent press releases and 8-K filings for HHH.
Howard Hughes Holdings Inc. to Acquire Vantage Group Holdings Ltd.
HHH
M&A
New Projects/Investments
Convertible Preferred Issuance
- Howard Hughes Holdings Inc. (HHH) has entered into a definitive agreement to acquire Vantage Group Holdings Ltd., a specialty insurance and reinsurance company, for approximately $2.1 billion.
- The transaction is expected to close in the second quarter of 2026, subject to regulatory approvals, and will be financed with $1.2 billion in HHH balance sheet cash and up to $1 billion from Pershing Square Holdings (PSH) via non-interest-bearing preferred stock.
- The purchase price represents 1.5 times Vantage's estimated year-end 2025 book value and an implied ~1.4 times price-to-book-value multiple at closing.
- This acquisition is a milestone in HHH's transformation into a diversified holding company, with Pershing Square managing Vantage's investment portfolio on a fee-free basis.
- As of September 30, 2025, Vantage reported a book value of $1.3 billion and $1.170 billion in net written premiums over the trailing 12 months.
7 days ago
Howard Hughes Announces Acquisition of Vantage
HHH
M&A
New Projects/Investments
Convertible Preferred Issuance
- Howard Hughes (HHH) is acquiring insurance company Vantage for approximately $2.1 billion, valued at 1.4 times book value and 14 times pre-tax earnings.
- The acquisition is a strategic move to transform Howard Hughes into a diversified holding company, with the long-term goal of building a "modern-day Berkshire Hathaway".
- The transaction will be financed with $1.2 billion from Howard Hughes and $900 million from Pershing Square Capital, with the first priority for Howard Hughes' cash flow being to redeem this bridge equity.
- Management anticipates Vantage will achieve a high-teens to over 20% return on equity (ROE) over time, driven by shifting the investment portfolio towards common stocks, managed by Pershing Square without fees.
- The transaction is expected to close by the end of Q2, approximately six months from the document date.
7 days ago
Howard Hughes (HHH) Announces Acquisition of Vantage Insurance Company
HHH
M&A
New Projects/Investments
Revenue Acceleration/Inflection
- Howard Hughes (HHH) is acquiring insurance company Vantage for 1.5 times book value, projected to be 1.4 times book value by closing.
- The $1.2 billion acquisition is funded by $900 million from Pershing Square's May capital commitment and $300 million from Howard Hughes' real estate subsidiary's excess cash, with no impact on current real estate developments.
- The transaction is expected to close in approximately six months, by the end of Q2.
- This acquisition is a strategic move to transform Howard Hughes into a diversified holding company, aiming to become a "modern-day Berkshire Hathaway".
- Management projects Vantage's return on equity to grow from 13% to high teens or over 20% over time, driven by enhanced underwriting and a shift in the investment portfolio towards common stocks.
7 days ago
Howard Hughes Holdings Details Vantage Acquisition and Future Strategy
HHH
M&A
New Projects/Investments
- Howard Hughes Holdings (HHH) is acquiring insurance company Vantage for 1.5 times book value, anticipated to be 1.4 times book value by closing, with the transaction valued at $2.1 billion.
- Pershing Square, which owns 47% of HHH, committed $1 billion in capital for the acquisition, with conflicts of interest managed by a special committee of HHH's board and independent advisors.
- The acquisition is considered a low-risk transaction expected to close around the end of the second quarter of 2026, aiming to increase Vantage's returns on equity from 13% to high teens to 20% over time by allocating up to half of its investable assets to common stocks.
- The acquisition will have no impact on HHH's existing real estate developments, and HHH's future investment strategy will focus on acquiring controlling stakes in operating companies, distinct from Pershing Square's minority stake strategy.
7 days ago
HHH to Acquire Vantage Group
HHH
M&A
Convertible Preferred Issuance
New Projects/Investments
- HHH has signed a definitive agreement to acquire Vantage Group, a leading specialty insurance and reinsurance platform, for $2.1 billion in cash consideration. The transaction is expected to close in Q2 2026, pending regulatory approvals.
- The purchase price represents 1.5x estimated year-end 2025 book value and is anticipated to be approximately 1.4x P/BV at close. Vantage reported $1.2 billion in net premiums written over the last 12 months as of September 30, 2025, and a book value of $1.3 billion as of the same date.
- The acquisition will be funded by $1.2 billion in HHH balance sheet cash and up to $1 billion from Pershing Square Holdings (PSH) through a non-interest-bearing preferred stock investment.
- This acquisition is intended to diversify HHH's earnings, accelerate its growth profile, and leverage Pershing Square's investment expertise. Vantage is expected to benefit from fee-free investment management from Pershing Square and improved underwriting profitability.
7 days ago
Howard Hughes Holdings Acquires Vantage Insurance Company
HHH
M&A
New Projects/Investments
- Howard Hughes Holdings (HHH) is acquiring Vantage, an operating insurance company, for $2.1 billion.
- The acquisition aims to transform Vantage's investment strategy by shifting its portfolio towards common stocks, potentially up to 50%, with the goal of increasing its return on equity from 13% to high teens or over 20% over time.
- The transaction is expected to close around the end of the second quarter of 2026, with an initial purchase price multiple of approximately 1.5x book value, which is anticipated to decrease to around 1.4x with profitability.
7 days ago
Howard Hughes Holdings to Acquire Vantage for $2.1 Billion
HHH
M&A
New Projects/Investments
- Howard Hughes Holdings (HHH) is acquiring Vantage, an insurance company, for $2.1 billion. This transaction is intended to transform HHH into a diversified holding company.
- The strategic plan for Vantage involves shifting its $2.8 billion invested asset portfolio from primarily fixed income (currently earning approximately 4%) to common stocks. Pershing Square will manage these assets for no fee.
- The goal is to increase Vantage's current 13% return on equity to high teens or over 20% over time, and reduce its combined ratio from 96% to the low 90s.
- Vantage operates as a specialty insurer with over two dozen diversified business lines, including an off-balance sheet vehicle for natural catastrophe insurance.
7 days ago
Howard Hughes Announces Acquisition of Vantage Insurance
HHH
M&A
New Projects/Investments
Convertible Preferred Issuance
- Howard Hughes (HHH) is acquiring Vantage, an insurance company, at 1.5 times book value, which is expected to be 1.4 times book value by the closing of the transaction.
- The acquisition is a critical step in transforming Howard Hughes into a diversified holding company, with aspirations to build a modern-day Berkshire Hathaway.
- Pershing Square will manage Vantage's assets for no fee, with a strategy to shift the investment portfolio from fixed income to common stocks and U.S. Treasuries.
- Vantage is expected to achieve a high teens or over 20% Return on Equity (ROE) over time, significantly increasing its earnings power.
- Pershing Square committed $1 billion in capital to facilitate the transaction, structured as "bridge equity" that Howard Hughes can redeem over time using excess cash from its real estate operations to achieve 100% ownership of Vantage.
7 days ago
Howard Hughes Discusses Vantage Acquisition and Future Strategy
HHH
M&A
New Projects/Investments
- Howard Hughes (HHH) is acquiring Vantage, an insurance company, at a headline purchase price of 1.5 times book value, expected to be 1.4 times book value by closing.
- The acquisition is financed in part by a $1 billion capital commitment from Pershing Square, which owns 47% of Howard Hughes, on terms that allow Howard Hughes to buy back the interest over time without a commitment fee.
- Vantage's pre-tax income for the last twelve months (LTM) was $150 million, with 70% derived from investment income on $2.8 billion of invested assets. The company expects a 96% combined ratio this year, aiming to reduce it to the low 90s over time.
- The long-term strategy is to transform Howard Hughes into a diversified holding company, aiming to achieve a high-teens to over 20% return on equity for Vantage by shifting its investment portfolio towards common stocks and improving underwriting profitability.
- The current management team of Vantage will continue to run the business, with Pershing Square taking over asset management for no fee, aiming to be the lowest-cost investment operation for an insurance company.
7 days ago
Howard Hughes Holdings to Acquire Vantage, Plans Transformation into Diversified Holding Company
HHH
M&A
New Projects/Investments
- Howard Hughes Holdings (HHH) is acquiring Vantage, an operating insurance company, for a headline purchase price of 1.5 times book value, expected to be 1.4 times book value by closing.
- The acquisition is partially financed by a $1 billion bridge equity commitment from Pershing Square, which HHH can repay over time.
- The strategic intent is to transform HHH into a diversified holding company, with Vantage serving as a base to build a "modern day Berkshire Hathaway".
- Pershing Square will manage Vantage's assets for no fee, planning to shift the investment portfolio towards common stocks (up to 50%) to achieve a high teens to 20% or greater return on equity over time.
- The transaction is anticipated to close around the end of Q2 2026, approximately six months from the document date.
7 days ago
Quarterly earnings call transcripts for Howard Hughes Holdings.
Ask Fintool AI Agent
Get instant answers from SEC filings, earnings calls & more