Pershing Square acquired $900 million of Howard Hughes stock at $100 per share in May 2025, raising its ownership to 47%, Ackman said. Marc Grandisson, Vantage Executive Chair and a Howard Hughes director, said Vantage’s results included in Howard Hughes’ consolidated figures covered only the period from the June 4 acquisition closing through June 30. He added that S&P’s rating action reflected its group methodology, including Howard Hughes, while Vantage’s standalone anchor rating remained A-. Howard Hughes plans to retain long-term oversight of its master-planned communities while evaluating whether mature assets should remain wholly owned or be placed into alternative structures. About Howard Hughes (NYSE:HHH)Howard Hughes Holdings Inc, together with its subsidiaries, operates as a real estate development company in the United States.