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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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      "text": "Post-transaction, HHH will become a diversified holding company that pursues the acquisition of controlling interests in public and private companies",
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      "text": "The Howard Hughes Corporation (\"HHC\") will remain unchanged as the principal subsidiary of HHH. Current HHC senior leadership team, led by David O'Reilly as CEO, will continue in their roles managing HHC. HHC will continue to develop its core MPC business line with no change in strategy or employees.",
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      "text": "The full resources of Pershing Square, including our investment team, accounting, finance, technology and other teams and resources are made available to HHH going forward. In consideration for services rendered, Pershing Square will receive a fee of 1.5 percent per annum of the equity market capitalization of the company (common & preferred equity), paid quarterly. HHH will not pay any promote or performance fees or issue equity incentives to Pershing Square or its employees. 1.5% advisory fee with no promote or performance fees represents a substantial discount to the Pershing Square Funds' fee arrangement of 1.5% management fees and 16% to 20% performance fees.",
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      "text": "Pershing Square's senior leadership becomes the management team of HHH, the holding company. Bill Ackman - Chairman & CEO, Ryan Israel - Chief Investment Officer, Ben Hakim - President. Pershing Square senior leadership will not receive any cash or stock compensation as employees of HHH.",
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      "text": "Post-Transaction HHH Business Plan",
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