News about Howard Hughes

Bill Ackman, through Howard Hughes Holdings (HHH), agreed to acquire insurer Vantage for $2.1 billion, a price largely reflecting its roughly $1.8 billion book value. HHH plans to invest $2.5 billion to $3 billion of excess free cash flow into the insurance unit over five years, mostly in stocks, with Pershing Square managing the portfolio for free. Ackman also wants to charge third-party investors management fees on real estate investments, similar to Brookfield and Blackstone. Pershing Square raised its stake in HHH to 47% after investing another $900 million in 2025. Shares surged on Ackman's remarks before pulling back near the $66.95 book value per share, and the article notes that results will take years to judge, while Greenlight Capital, a similar model, lost money for investors.