ACKMAN WILLIAM A 4

What Happened

• Pershing Square Capital Management, L.P. (a 10% owner/manager for Pershing Square funds) reported an intra-group transfer of 341,033 shares of Howard Hughes Holdings, Inc. (HHH) on April 21, 2026. The Form 4 shows both a disposition and an acquisition of the same 341,033 shares at $65.86 per share, each leg valued at $22,460,433 — i.e., a transfer, not a market sale or fresh purchase.

Key Details

• Transaction date: 2026-04-21; price per share: $65.86; total value per leg: $22,460,433.
• Report filed: 2026-04-23 (appears timely relative to the 2-business-day reporting window).
• Shares owned after transaction: not specified on this Form 4 for the Subject Securities (see footnotes for related holdings).
• Important footnotes:
  • F1: Transfer was from PSLP to PS Redemption, L.P. (RedemptionCo) in connection with a special redemption of limited partner interests consummated on April 21, 2026.
  • F10: PSCM may be deemed to have a performance-related interest under a Services Agreement tied to 59,393,938 "Reference Securities" above a $66.1453 threshold; PSCM and related Reporting Persons disclaim beneficial ownership except for any pecuniary interest.
  • F3–F9: The filing is joint among Pershing Square entities and William A. Ackman; several entities and funds hold or advised the Subject Securities.

Context

• This filing documents an internal transfer among Pershing Square-affiliated entities (not an open-market buy or sale by an executive). For retail investors, that typically does not signal management sentiment about the company's outlook.
• Pershing Square is an institutional/activist investor and a 10% owner; the mechanics reflect fund-level reorganization/redemption activity rather than personal trading by an officer or director.