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  "documentTitle": "Howard Hughes Holdings Inc. (HHH)",
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  "authorName": "William Ackman",
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      "text": "Pershing Square HoldCo effectively derives incremental fees only from the portion of HHH shares in the free float (52% of total shares)",
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      "text": "$42 million in incremental fees represents ~0.8% of HHH's equity market capitalization post-transaction (at $90 per share)",
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      "text": "Pershing Square Funds will waive any management fees associated with HHH shares they own post-transaction to avoid charging our clients duplicative fees",
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      "text": "Reflects, effectively, the only incremental fees Pershing Square receives from its Services Agreement with HHH. $42 million in incremental fees represents ~0.8% of HHH's equity market capitalization post-transaction (at $90 per share)",
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