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  "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
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  "authorName": "William Ackman",
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  "presentationDate": "2025-02-18 00:00:00",
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  "notes": "The slide highlights the fee structure differences between Brookfield's standard entities and HHH, specifically noting HHH's lack of performance fees.",
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      "text": "HHH advisory fee is calculated as a percentage of equity market capitalization rather than a percentage of total capitalization (1.50% of HHH's equity market capitalization equates to ~1.15% of HHH total capitalization by Brookfield's definition(1))",
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      "text": "BIP & BEP: 15% to 25% incentive payments... BBU: Incentive payment equivalent to 20% of the growth... HHH Services Agreement has no performance / promote fees",
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      "text": "Daily liquidity: Like the Brookfield entities, post-transaction HHH will maintain its NYSE listing",
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      "text": "BIP & BBU: 1.25% per annum of total capitalization... BEP: A fixed, inflation-linked fee... HHH advisory fee is calculated as a percentage of equity market capitalization...",
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      "text": "management fee: 1.25%",
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      "text": "Source: BIP, BEP, BBU, BN Quarterly Filings as of December 31, 2024. (1) Assumes a $90 share price.",
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      "text": "Management / Advisory Fees, Performance Fees, Liquidity",
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      "text": "Fee Comparables: Brookfield's Listed Entities",
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