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  "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2025-02-18 00:00:00",
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  "notes": "The slide uses a contrast-based layout to highlight the competitive advantages of the HHH Services Agreement (no performance fees, no upfront commissions, daily liquidity).",
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      "kind": "callout",
      "text": "HHH Services Agreement advisory fee is in-line with non-traded REITs with no additional upfront commissions or stockholder servicing fees",
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      "kind": "source-note",
      "text": "Source: BREIT, SREIT, KREST Fact Sheets. NAV as of December 31, 2024 for BREIT & KREST and as of November 30, 2024 for SREIT.",
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      "text": "Comparison of Management Fees, Performance Fees, and Liquidity between BREIT/SREIT/KREST and HHH Services Agreement.",
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      "text": "Fee Comparables: Non-Traded, Perpetual REITs",
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