Risk Sleuth
HHH · 10-K filed 19 Feb 2026 · year to 31 Dec 2025

Howard Hughes Holdings

22 named things its latest annual report says its results depend on, each in the company's own words. 10 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Homebuilders

earns fromnamed as a risk
We are highly dependent on our relationships with homebuilders to purchase superpad sites and lots at our MPCs.Risk factors (Item 1A)

Also named by JOE

Anchor store tenants

earns fromnamed as a risk
We could be adversely affected if these or other anchor stores were to consolidate, close, or enter into bankruptcy.Risk factors (Item 1A)

Partners and platforms

Pershing Square Services Agreement

depends on · quarterly base advisory fee of $3.75 millionnamed as a risk
The Services Agreement has an initial ten-year term and will have successive renewal terms of ten years.Risk factors (Item 1A)

Floreo joint venture

named as a risk
All of this indebtedness is without recourse to the Company, with the exception of the collateral maintenance obligation for Floreo.Risk factors (Item 1A)

Other companies

Pershing Square

approximately 46.7% of our outstanding common stocknamed as a risk
Pershing Square beneficially owns approximately 46.7% of our outstanding common stock as of February 12, 2026.Risk factors (Item 1A)

Vantage Group Holdings Ltd.

approximately $2.1 billionnamed as a risk
On December 18, 2025, we announced that we have entered into a definitive agreement to acquire 100% of Vantage Group Holdings Ltd. (Vantage), a privately held specialty insurance and reinsurance company, for cash consideration of approximately $2.1 billion.Business (Item 1)

Gaming industry

depends onnamed as a risk
Further, Summerlin is to some degree dependent on the gaming industry, which could be adversely affected by changes in consumer trends and preferences and other factors over which we have no control.Risk factors (Item 1A)

The Howard Hughes Corporation (HHC)

depends onnamed as a risk
As a result, the Company relies on cash flows from its subsidiaries, including HHC, to meet its financial obligations, including to service any debt obligations that the Company may incur from time to time in the future.Risk factors (Item 1A)

Places

Honolulu, Hawaii (Ward Village)

concentrated in · $1.5 billion of contracted future revenue
As of December 31, 2025, we have two condominium towers under construction that are 96% pre-sold representing $1.5 billion of contracted future revenue and three condominium towers in predevelopment that are 66% pre-sold representing $2.0 billion of contracted future revenue.Business (Item 1)

Houston, Texas

concentrated innamed as a risk
Our success depends to a large extent upon the business activity, population, income levels, employment trends, and real estate activity in and around Houston, Texas.Risk factors (Item 1A)

Also named by BLDR, MAIN, PB, POWL

Phoenix, Arizona (Teravalis)

concentrated innamed as a risk
Drought conditions and increased temperatures in the Phoenix, Arizona and Las Vegas, Nevada, regions could cause our master planned communities in these regions to experience water and electricity shortages.Risk factors (Item 1A)

Also named by MAA, MNST, RHP

Las Vegas, Nevada (Summerlin)

concentrated innamed as a risk
Ward Village, which is located in Honolulu, Hawai‘i, and Summerlin, which is located in Las Vegas, Nevada, may be impacted by the local and global tourism industry.Risk factors (Item 1A)

Columbia, Maryland

concentrated innamed as a risk
Markets and the local economies surrounding our properties in Columbia, Maryland are heavily influenced by government spending and activity.Risk factors (Item 1A)

Hazards

Drought / water shortage

concentrated innamed as a risk
The lack or reduced availability of electricity or water in these regions may make it more difficult or expensive for us to obtain approvals for new developments and could limit, impair or delay our ability to develop or sell, or increase the cost of developing, our land in these master planned communities.Risk factors (Item 1A)

Commodities and inputs

Floating interest rates

exposed to its price · approximately $2.1 million for every 1.00% increasenamed as a risk
As of December 31, 2025, annual interest costs would increase approximately $2.1 million for every 1.00% increase in floating interest rates.Market risk (Item 7A)

Crude oil

exposed to its pricenamed as a risk
In the event that oil prices fall and remain depressed for a sustained period, demand may decrease for housing and commercial space in The Woodlands, Bridgeland, and The Woodlands Hills.Risk factors (Item 1A)

Also named by AESI, ALK, APA, ARLP, BDX, CFR, CL, CLMT and 48 more

Steel

depends onnamed as a risk
Because our operations are heavily dependent on significant amounts of raw materials, such as lumber, steel, and concrete, energy-related initiatives could have an indirect adverse impact on our operations and profitability to the extent the manufacturers and suppliers of our materials are burdened with expensive cap and trade and similar energy-related taxes and regulations.Risk factors (Item 1A)

Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more

Lumber

depends onnamed as a risk
Because our operations are heavily dependent on significant amounts of raw materials, such as lumber, steel, and concrete, energy-related initiatives could have an indirect adverse impact on our operations and profitability to the extent the manufacturers and suppliers of our materials are burdened with expensive cap and trade and similar energy-related taxes and regulations.Risk factors (Item 1A)

Also named by BLDR, DHI, GHC, HD, KIM, LEN, LOW, MGRC and 11 more

Concrete

depends onnamed as a risk
Because our operations are heavily dependent on significant amounts of raw materials, such as lumber, steel, and concrete, energy-related initiatives could have an indirect adverse impact on our operations and profitability to the extent the manufacturers and suppliers of our materials are burdened with expensive cap and trade and similar energy-related taxes and regulations.Risk factors (Item 1A)

Also named by AGX, PHM, STRL

Regulators

Hawaii

subject to · between 2.5 to 3.5 million gross square feet
The Company estimates this amendment increases its potential residential entitlements in Ward Village between 2.5 to 3.5 million gross square feet, which could be used for the development of additional condominium towers in future years.Business (Item 1)

Also named by ALK, RLI, SUN, SUNC

Laws and programs

Internal Revenue Code (Section 382 change in control limits)

subject to · approximately $708.6 million of federal net operating loss carryforwardsnamed as a risk
As of December 31, 2025, we had approximately $708.6 million of federal net operating loss carryforwards.Risk factors (Item 1A)

Also named by HRB

Americans with Disabilities Act

subject tonamed as a risk
Noncompliance with the ADA or similar or related laws or regulations could result in the U.S. government imposing fines or private litigants being awarded damages against us.Risk factors (Item 1A)

Also named by AMT, CMG, DRI, ELS, HLT, LLYVA, LYV, PLD and 3 more