# EDGAR Filing Document

**Accession Number:** 0001336528
**File Stem:** 0001140361-25-029622
**Filing Date:** 2025-8
**Character Count:** 30055
**Document Hash:** 18376a8b8379b4c9053ae7ec32f63ffe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-25-029622.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001140361-25-029622

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Howard Hughes Holdings Inc.
- **CENTRAL INDEX KEY:** 0001981792
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 931869991
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94168
- **FILM NUMBER:** 251194853

**BUSINESS ADDRESS:**
- **STREET 1:** 9950 WOODLOCH FOREST DRIVE
- **STREET 2:** 11TH FLOOR
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380
- **BUSINESS PHONE:** 6463543406

**MAIL ADDRESS:**
- **STREET 1:** 9950 WOODLOCH FOREST DRIVE
- **STREET 2:** 11TH FLOOR
- **CITY:** THE WOODLANDS
- **STATE:** TX
- **ZIP:** 77380

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Howard Hughes Holding Corp
- **DATE OF NAME CHANGE:** 20230615
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pershing Square Capital Management, L.P.
- **CENTRAL INDEX KEY:** 0001336528

**ORGANIZATION NAME:**
- **EIN:** 383694136
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 787 11TH AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 212-813-3700

**MAIL ADDRESS:**
- **STREET 1:** 787 11TH AVENUE
- **STREET 2:** 9TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

## Exhibit 99.38

------

**Exhibit 99.38**<br>

#### VOTING PROXY AGREEMENT

#### August 5, 2025
This Voting Proxy Agreement (this "<u>Agreement</u>"), dated as of August 5, 2025, is made by and among Pershing Square Holdco, L.P., a Delaware limited partnership ("<u>Holdco</u>"), Pershing Square Capital Management, L.P., a Delaware limited partnership ("<u>PSCM</u>"), Pershing Square Holdings, Ltd., a limited company organized under the laws of Guernsey ("<u>PSH</u>"), Pershing Square International, Ltd., a limited company organized under the laws of the Cayman Islands ("<u>PSIL</u>"), and Pershing Square, L.P., a limited partnership organized under the laws of Delaware ("<u>PSLP</u>", and together with PSH and PSIL, the "<u>PS Funds</u>"). Holdco, PSCM, and the PS Funds are collectively referred to as the "<u>Parties</u>" and individually as a "<u>Party</u>". Capitalized terms used in this Agreement but not defined herein shall have the meanings assigned to them in that certain Share Purchase Agreement, dated May 5, 2025 (the "<u>Share Purchase Agreement</u>"), by and between Holdco and Howard Hughes Holdings Inc. ("<u>HHH</u>").

WHEREAS, as of the date hereof, each PS Fund is a holder of common stock, par value $0.01 per share, of HHH (the "<u>Common Stock</u>");

WHEREAS, in connection with the transactions contemplated by the Share Purchase Agreement, pursuant to which Holdco purchased Common Stock, and the amendments to the respective investment management agreements between PSCM and each of the PS Funds entered into concurrently herewith (collectively, the "<u>Related Transactions</u>"), the Parties desire to address certain matters related to the voting of the Common Stock; and

WHEREAS, each Party has received prior to the date hereof the requisite approval from its applicable governing body to enter into this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and undertakings contained herein and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Proxy and Power of Attorney</u>. Subject to any limitations imposed by applicable law, until termination in accordance with <u>Section 2</u> hereof, each PS Fund hereby constitutes and appoints Holdco (and any officer(s) of Holdco designated as proxy or proxies by Holdco) with full power of substitution and resubstitution, as its true and lawful proxy and attorney-in-fact, to vote all Common Stock that such PS Fund holds now or in the future (the "<u>Subject Shares</u>") (i) at any meeting (and any adjournment or postponement thereof) of HHH's shareholders, (ii) in connection with any written consent of HHH's shareholders and (iii) on any other matter in which such PS Fund has the right to vote, consent or approve pursuant to applicable law, the Amended and Restated Certificate of Incorporation of HHH, adopted as of August 11, 2023 (as amended from time to time, the "<u>Charter</u>") and the Amended and Restated Bylaws of HHH, adopted as of August 11, 2023 (as amended from time to time, the "<u>Bylaws</u>", and together with the Charter, the "<u>Governing Documents</u>").

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Term and Termination</u>. The term of the proxy and power of attorney granted herein (the "<u>Proxy</u>") shall commence as of the date hereof and shall terminate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with respect to any Subject Share, automatically upon such Subject Share ceasing to be owned by a PS Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with respect to any PS Fund, upon written notice by Holdco to such PS Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; with respect to any PS Fund, upon written notice by such PS Fund to Holdco given no less than twelve months after termination by such PS Fund of the applicable investment management agreement by and between such PS Fund and PSCM.

It is expressly understood and agreed that the Proxy is granted to Holdco in connection with the Related Transactions, is coupled with an interest and is revocable only by termination pursuant to the terms of this <u>Section 2</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Fiduciary Duty</u>. Nothing in this Agreement shall relieve PSCM, as investment adviser to each PS Fund, of its fiduciary duties owed to the PS Funds under the Investment Advisers Act of 1940, or otherwise restrict any PS Fund from disposing or transferring the Common Stock it holds (including, for the avoidance of doubt, a full disposition of Common Stock that would result in a termination of the Proxy with respect to such PS Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Further Assurances</u>. Subject to the terms and conditions set forth herein, each Party will take all reasonable actions and make all reasonable efforts, and will execute and deliver all such further documents, certificates and instruments, including those that may be required by the Governing Documents, in order to effectuate the Proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Assignment; Successors and Assigns</u>. This Agreement shall not be assignable by Holdco, by operation of law or otherwise, without the consent of PSCM and the PS Funds (such consent not to be unreasonably withheld, conditioned, or delayed); <u>provided</u>, that nothing herein shall prohibit the assignment and assumption of this Agreement by Holdco to its successors (including as a result of the conversion of Holdco from a partnership to a corporation or the conversion or domestication from Delaware to another jurisdiction). This Agreement shall not be assignable by PSCM or the PS Funds, by operation of law or otherwise, without Holdco's consent. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendments; Waivers</u>*.* No provision of this Agreement may be amended or waived unless such amendment or waiver is in writing and signed by the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Severability</u>. Each of the provisions contained in this Agreement is distinct and severable and a declaration of invalidity or unenforceability of any such provision or part thereof by a court of competent jurisdiction will not affect the validity or enforceability of any other provision hereof. To the extent permitted by applicable law, the Parties waive any provision of law which renders any provision of this Agreement invalid or unenforceable in any respect. The Parties will engage in good faith negotiations to replace any provision which is declared invalid or unenforceable with a valid and enforceable provision, the effect of which comes as close as possible to that of the invalid or unenforceable provision which it replaces.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Governing Law</u>. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF DELAWARE. EACH OF THE PARTIES HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF, AND VENUE IN, ANY STATE OR FEDERAL COURT LOCATED IN DELAWARE AND WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Certain Remedies</u>. The Parties agree that irreparable damage would occur in the event that any provisions of this Agreement were not performed in accordance with their specific terms. It is accordingly agreed that each of the Parties shall be entitled to an injunction or injunctions (without necessity of proving damages or posting a bond or other security) to prevent breaches of this Agreement, and to enforce specifically the terms and provisions of this Agreement, in addition to any other applicable remedies at law or equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp; <u>Waiver of Jury Trial</u>. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTIONS, SUITS, DEMAND LETTERS, JUDICIAL, ADMINISTRATIVE OR REGULATORY PROCEEDINGS, OR HEARINGS, NOTICES OF VIOLATION OR INVESTIGATIONS ARISING OUT OF OR RELATING TO THIS AGREEMENT. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER AND (B) SUCH PARTY MAKES THIS WAIVER VOLUNTARILY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp; <u>Counterparts</u>. For the convenience of the Parties, this Agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement. Executed signature pages to this Agreement may be delivered by email and such emails will be deemed as sufficient as if actual signature pages had been delivered.

*The rest of this page is intentionally left blank.*

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \*

------

IN WITNESS WHEREOF the Parties hereto have caused this Agreement to be executed as of the date first set forth above.

---

| | | |
|:---|:---|:---|
| PERSHING SQUARE HOLDCO, L.P. | PERSHING SQUARE HOLDCO, L.P. | PERSHING SQUARE HOLDCO, L.P. |
| By: | /s/ William A Ackman | /s/ William A Ackman |
|  | Name: | William A. Ackman |
|  | Title: | CEO |
| PERSHING SQUARE CAPITAL MANAGEMENT, L.P. | PERSHING SQUARE CAPITAL MANAGEMENT, L.P. | PERSHING SQUARE CAPITAL MANAGEMENT, L.P. |
| By: | /s/ William A Ackman | /s/ William A Ackman |
|  | Name: | William A. Ackman |
|  | Title: | CEO |
| PERSHING SQUARE HOLDINGS, LTD. | PERSHING SQUARE HOLDINGS, LTD. | PERSHING SQUARE HOLDINGS, LTD. |
| By: | /s/ Andrew Henton | /s/ Andrew Henton |
|  | Name: | Andrew Henton |
|  | Title: | Director |
| PERSHING SQUARE INTERNATIONAL, LTD. | PERSHING SQUARE INTERNATIONAL, LTD. | PERSHING SQUARE INTERNATIONAL, LTD. |
| By: | /s/ Martin Lang | /s/ Martin Lang |
|  | Name: | Martin Lang |
|  | Title: | Director |
| PERSHING SQUARE, L.P. | PERSHING SQUARE, L.P. | PERSHING SQUARE, L.P. |
| By: Pershing Square GP, LLC, its General Partner | By: Pershing Square GP, LLC, its General Partner | By: Pershing Square GP, LLC, its General Partner |
| By: | /s/ William A. Ackman | /s/ William A. Ackman |
|  | Name: | William A. Ackman |
|  | Title: | Managing Member |

---

[*Signature Page to Voting Proxy Agreement*]

------

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 30)**

**Howard Hughes Holdings Inc.**

*(Name of Issuer)*

**Common Stock, par value $0.01 per share**

*(Title of Class of Securities)*

**44267T102**

*(CUSIP Number)*

**Halit Coussin**<br>Pershing Square Capital Management, L.P.<br>787 Eleventh Avenue, 9th Floor<br>New York NY 10019<br>(212) 813-3700

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**08/05/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **44267T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Pershing Square Capital Management, L.P.** | Name of reporting person<br>**Pershing Square Capital Management, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**18852064.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**18852064.00** | Aggregate amount beneficially owned by each reporting person<br>**18852064.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**31.7%** | Percent of class represented by amount in Row (11)<br>**31.7%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IA** | Type of Reporting Person (See Instructions)<br>**IA** | |

---

**Comment for Reporting Person:** Item 13 Footnote: This calculation is based on 59,401,210 shares of Common Stock outstanding as of July 30, 2025, as reported in the Issuer's Form 10-Q filed on August 6, 2025 for the quarterly period ended June 30, 2025 (the "Form 10-Q").

| **CUSIP No.** | **44267T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Pershing Square Holdco, L.P.** | Name of reporting person<br>**Pershing Square Holdco, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**9000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**18852064.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**9000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**18852064.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**27852064.00** | Aggregate amount beneficially owned by each reporting person<br>**27852064.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**46.9%** | Percent of class represented by amount in Row (11)<br>**46.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Comment for Reporting Person:** Item 13 Footnote: This calculation is based on 59,401,210 shares of Common Stock outstanding as of July 30, 2025, as reported in the Form 10-Q.

| **CUSIP No.** | **44267T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Pershing Square Holdco GP, LLC** | Name of reporting person<br>**Pershing Square Holdco GP, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**9000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**18852064.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**9000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**18852064.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**27852064.00** | Aggregate amount beneficially owned by each reporting person<br>**27852064.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**46.9%** | Percent of class represented by amount in Row (11)<br>**46.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Item 13 Footnote: This calculation is based on 59,401,210 shares of Common Stock outstanding as of July 30, 2025, as reported in the Form 10-Q.

| **CUSIP No.** | **44267T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**PS Holdco GP Managing Member, LLC** | Name of reporting person<br>**PS Holdco GP Managing Member, LLC** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**9000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**18852064.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**9000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**18852064.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**27852064.00** | Aggregate amount beneficially owned by each reporting person<br>**27852064.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**46.9%** | Percent of class represented by amount in Row (11)<br>**46.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Comment for Reporting Person:** Item 13 Footnote: This calculation is based on 59,401,210 shares of Common Stock outstanding as of July 30, 2025, as reported in the Form 10-Q.

| **CUSIP No.** | **44267T102** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**William A. Ackman** | Name of reporting person<br>**William A. Ackman** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**X1** | Citizenship or place of organization<br>**X1** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**9000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**18852064.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**9000000.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**18852064.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**27852064.00** | Aggregate amount beneficially owned by each reporting person<br>**27852064.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**46.9%** | Percent of class represented by amount in Row (11)<br>**46.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**IN** | Type of Reporting Person (See Instructions)<br>**IN** | |

---

**Comment for Reporting Person:** Item 13 Footnote: This calculation is based on 59,401,210 shares of Common Stock outstanding as of July 30, 2025, as reported in the Form 10-Q.

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, par value $0.01 per share

**(b) Name of Issuer:**
Howard Hughes Holdings Inc.

**(c) Address of Issuer's Principal Executive Offices:**
9950 WOODLOCH FOREST DRIVE, 11TH FLOOR, THE WOODLANDS, TX, 77380

This amendment No. 30 ("Amendment No. 30") to Schedule 13D is being filed on behalf of the Reporting Persons relating to the common stock, par value $0.01 per share (the "Common Stock"), of Howard Hughes Holdings Inc., a Delaware corporation (the "Issuer"). This Amendment No. 30 modifies the original Schedule 13D filed on December 4, 2019 (as amended and supplemented prior to the filing of this Amendment No. 30, the "Schedule 13D") by (i) Pershing Square Capital Management, L.P., a Delaware limited partnership, (ii) PS Management GP, LLC, a Delaware limited liability company, and (iii) William A. Ackman, a citizen of the United States.

Capitalized terms used but not defined in this Amendment No. 30 shall have the meanings set forth in the Schedule 13D.

Except as specifically amended by this Amendment No. 30, the Schedule 13D is unchanged.

**Item 4. Purpose of Transaction**

Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information:

"On August 5, 2025, in connection with the previously announced acquisition by Pershing Square Holdco, L.P. ("Holdco") of 9,000,000 newly issued shares of Common Stock and subsequent amendments to the respective investment management agreements between Pershing Square Capital Management, L.P. ("PSCM") and each of Pershing Square Holdings, Ltd. ("PSH"), Pershing Square International, Ltd. ("PSIL"), and Pershing Square, L.P. ("PSLP", and together with PSH and PSIL, the "PS Funds"), Holdco, PSCM and the PS Funds entered into a Voting Proxy Agreement (the "Voting Proxy Agreement"), which is filed as Exhibit 99.38 hereto and incorporated herein by reference, pursuant to which each PS Fund appointed Holdco as its proxy and attorney-in-fact to vote all of the Common Stock that such PS Fund holds.

The Voting Proxy Agreement does not restrict any of the PS Funds from disposing any Common Stock that such PS Fund owns. A disposition of Common Stock by any PS Fund would automatically terminate the voting proxy granted pursuant to the Voting Proxy Agreement with respect to such Common Stock disposed. Additionally, the voting proxy granted pursuant to the Voting Proxy Agreement may be terminated with respect to any PS Fund (i) upon written notice by Holdco to such PS Fund or (ii) upon written notice by such PS Fund to Holdco given no less than twelve months after termination by such PS Fund of the applicable investment management agreement by and between such PS Fund and PSCM."

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

Item 6 of the Schedule 13D is hereby amended and supplemented by adding the following information:

"The information set forth in Item 4 of Amendment No. 30 is incorporated by reference into this Item 6 as if restated in full."

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Pershing Square Capital Management, L.P.

**Signature:** /s/ William A. Ackman

**Name/Title:** William A. Ackman / Authorized Signatory

**Date:** 08/07/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Pershing Square Holdco, L.P.

**Signature:** /s/ William A. Ackman

**Name/Title:** William A. Ackman / Authorized Signatory

**Date:** 08/07/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Pershing Square Holdco GP, LLC

**Signature:** /s/ William A. Ackman

**Name/Title:** William A. Ackman / Authorized Signatory

**Date:** 08/07/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** PS Holdco GP Managing Member, LLC

**Signature:** /s/ William A. Ackman

**Name/Title:** William A. Ackman / Authorized Signatory

**Date:** 08/07/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** William A. Ackman

**Signature:** /s/ William A. Ackman

**Name/Title:** William A. Ackman

**Date:** 08/07/2025