Pershing Square Reports 46.7% Stake in Howard Hughes Holdings Following Reorganization

Pershing Square Capital Management, L.P., led by William A. Ackman, filed an amendment to its Schedule 13D for Howard Hughes Holdings Inc. (HHH) following a corporate reorganization. The filing reports that the reporting persons, including newly formed entities Pershing Square HHH Holdings, LLC and Pershing Square Inc. (formerly Pershing Square Holdco, L.P.), collectively beneficially own 27,852,064 shares of Common Stock. This represents approximately 46.7% of the company's outstanding shares based on figures from the February 2026 Form 10-K. Of these shares, 9,000,000 are held directly by Pershing Square HHH Holdings, LLC. The reorganization involved the redomestication of Pershing Square Inc. as a Nevada corporation and the entry of Pershing Square HHH Holdings into a joinder agreement for registration rights. The filing serves primarily to update the names and structure of the reporting entities while maintaining a significant controlling interest in the issuer. William Ackman continues to hold shared voting and dispositive power over the aggregate position.