{
  "docId": "019dd923-622c-750b-8b9c-195693638bae",
  "docSlug": "3146e5bb17d2",
  "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-02-18 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3341458,
  "pageNumber": 41,
  "pageCount": 55,
  "prevPage": 40,
  "nextPage": 42,
  "slideType": "valuation_table",
  "function": "quantify_opportunity",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide highlights the total fee burden as a percentage of average NAV.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "kpi_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-195693638bae/41",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-195693638bae",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-195693638bae.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-195693638bae#slide-41",
  "components": [
    {
      "bbox": {
        "h": 0.11,
        "w": 0.92,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "callout",
      "text": "In a hypothetical year where BREIT generates a target return of 12.0%, we estimate an investor would pay an “all-in” fee ratio, including both management fees plus performance fees, of 2.7% of NAV",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5089fcd0-52c2-4375-a36e-53f267e3f846",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Total Fees: 2.7%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5d1-75b6-b07c-fdbf70ff9bca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.04,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Illustrative calculation based on BREIT Prospectus and Fact Sheets as of December 31, 2024",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "31a24e1e-45b6-4027-95cc-9f189e48d7b1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.4,
        "x": 0.3,
        "y": 0.36
      },
      "kind": "table",
      "text": "Illustrative BREIT Fee Calculation | Assuming $100 Beginning NAV per Share",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "77574047-7eaa-4046-a378-91f0777bda69",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "Fee Comparables: Illustrative BREIT Example",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7ce6bd03-51a7-4ef3-8b6c-81119e6dc049",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}