Key Points
Connecticut-based H/2 Credit Manager acquired 140,268 HHH shares last quarter.
The quarter-end position value increased by $11.19 million, reflecting both share purchases and price changes.
This was a new position for the fund.
On February 17, 2026, Connecticut-based H/2 Credit Manager disclosed a new position in Howard Hughes Holdings(NYSE:HHH), acquiring 140,268 shares in an estimated $11.19 million trade.
What happened
According to a SEC filing dated February 17, 2026, H/2 Credit Manager LP established a new stake in Howard Hughes Holdings by acquiring 140,268 shares. The quarter-end value of the position increased by $11.19 million, reflecting both the purchase and stock price movement.
What else to know
- Top five holdings post-filing:
- NYSE:VRE: $81.44 million (17.8% of AUM)
- NASDAQ:DHC: $72.35 million (15.8% of AUM)
- NYSE:RLJ: $71.39 million (15.6% of AUM)
- NYSE:INN: $44.45 million (9.7% of AUM)
- NASDAQ:DRH: $36.51 million (8.0% of AUM)
- As of February 19, 2026, HHH shares were priced at $82.25, up 12% over the last year.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close February 19, 2026) | $82.25 |
| Revenue (TTM) | $1.75 billion |
| Net income (TTM) | $197.70 million |
| One-year price change | 12% |
Company snapshot
- Howard Hughes Holdings develops, owns, and operates diversified real estate assets, including retail, office, multi-family, and master planned communities across major U.S. markets.
- The firm generates revenue through property leasing, land sales, residential and commercial development, and event management, with a focus on long-term value creation in mixed-use communities.
- It serves homebuilders, commercial tenants, and residential buyers, targeting both institutional and individual clients in high-growth metropolitan regions.
Howard Hughes Holdings is a leading U.S. real estate developer and operator with a diversified portfolio spanning operating assets, master planned communities, and strategic developments. The company leverages its integrated platform to create large-scale, mixed-use environments that drive recurring income and long-term asset appreciation.
What this transaction means for investors
Howard Hughes just closed out 2025 with record Master Planned Communities earnings before tax (EBT) of $476 million (up 36% year over year) and total operating assets NOI of $276 million, up 8% year over year. Meanwhile, adjusted operating cash flow reached $446 million, even after a normalization in condo gross profit.
Also important to note: This is not a pure office bet; it’s a recurring income machine that’s now layered with a pending $2.1 billion acquisition of Vantage that begins the pivot toward a diversified holding company. In a portfolio already heavy in lodging and residential REIT exposure, adding HHH tilts toward long-duration development upside rather than just stabilized yield. Shares are up 12% over the past year, but intrinsic value growth is being driven by acreage monetization, condo backlog, and leasing spreads.
For long-term investors, the key question is simple: Can management continue converting land into compounding cash flow per share? So far, the answer looks credible, and that might be why analysts seem to be bullish, with the firm's average one-year price target of about $96 being solidly above current levels.
Should you buy stock in Howard Hughes right now?
Before you buy stock in Howard Hughes, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Howard Hughes wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $420,595!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,152,356!*
Now, it’s worth noting Stock Advisor’s total average return is 899% — a market-crushing outperformance compared to 194% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
*Stock Advisor returns as of February 19, 2026.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Howard Hughes. The Motley Fool has a disclosure policy.
