Pershing Square Finances HHH's $2.1B Vantage Acquisition via $1B Preferred Stock Investment

Pershing Square Capital Management, led by William A. Ackman, filed an amendment to its Schedule 13D regarding Howard Hughes Holdings Inc. (HHH) following the closing of the 'Vantage Transaction' on June 4, 2026. Pershing Square Holdings (PSH) provided $1 billion in non-voting preferred equity financing to facilitate HHH's $2.1 billion acquisition of Vantage Group Holdings. Under a new Subscription Agreement, HHH issued Series A Non-Voting Exchangeable Perpetual Preferred Stock to PSH. These shares are exchangeable for common equity in HHH’s insurance subsidiary after seven years, subject to a 49% ownership cap. PSH also secured a right of first refusal on secondary sales of the insurance unit and customary registration rights. While the reporting persons' beneficial ownership of HHH common stock remains at 27,852,064 shares (approximately 46.7%), the filing details significant new contractual rights and a substantial financial commitment to HHH's insurance operations. Additionally, Pershing Square Capital Management will act as the investment manager for Vantage’s portfolios.