04:52 PM EDT, 06/04/2026 (MT Newswires) -- Pershing Square Inc. ( PS ) fund Pershing Square Holdings said Thursday it has completed its subscription of $1 billion of non-voting exchangeable perpetual preferred shares issued by Howard Hughes (HHH).

The investment is related to Howard Hughes' acquisition of Vantage, a specialty insurance and reinsurance company being sold by Carlyle (CG), Hellman & Friedman, and others, for about $2.1 billion in cash, Pershing Square said.

Howard Hughes' acquisition of Vantage was backed by a mix of Howard Hughes' cash and Pershing Square Holdings' subscription of the preferred shares, the company said.

Pershing Square Holdings owns about 28% of Howard Hughes' common shares, while Pershing Square Inc. ( PS ), Pershing Square Holdings, and other Pershing Square funds together own about 46.9% of the common shares of Howard Hughes, according to the statement.