Howard Hughes Holdings Inc.

Corporate Income, Expenses, and Other Items

The following table contains certain corporate-related and other items not related to segment activities and that are not otherwise included within the segment analyses. Variances related to income and expenses included in NOI or EBT are explained within the previous segment discussions. Significant variances for consolidated items not included in NOI or EBT are described below:

Corporate income, expenses, and other items were favorably impacted compared to the prior-year period by the following:

–Loss on sale of MUD receivables of $51.5 million was recognized in the third quarter of 2024. Refer to Note 1 -Presentation of Financial Statements and Significant Accounting Policiesin the Notes to Condensed Consolidated Financial Statements under Item 1 of this Quarterly Report for additional information.

–Corporate interest expense, net decreased $4.3 million primarily due to higher interest income generated from the proceeds related to the Pershing Square Transaction in the current period, partially offset by interest expense recognized from the accretion of the liability related to the sale of future MUD receivables.

Corporate income, expenses, and other items were unfavorably impacted compared to the prior-year period by the following:

–Income tax expense increased $28.7 million primarily due to the net impact of the 2024 spinoff of SEG which included a partial release of valuation allowances on the Company’s deferred tax assets, partially offset by a net increase in tax expense in 2024 related to the revaluation of deferred tax assets and liabilities. Additionally, there was an increase in Income before income taxes in 2025 as compared to 2024. Refer to Note 12 -Income Taxes in the Notes to Condensed Consolidated Financial Statements under Item 1 of this Quarterly Report for additional information.

–General and administrative expenses increased $3.4 million primarily attributable to a $7.1 million increase related to the Pershing Square advisory fees. This increase was partially offset by a decrease in compensation and benefits, including a strategic reduction in force, and other various cost reduction initiatives.

Corporate income, expenses, and other items were unfavorably impacted compared to the prior-year period by the following:

–Income tax expense increased $21.3 million primarily due to the net impact of the 2024 spinoff of SEG which included a partial release of valuation allowances on the Company’s deferred tax assets, partially offset by a net increase in tax expense in 2024 related to the revaluation of deferred tax assets and liabilities. Additionally, there was an increase in Income before income taxes in 2025 as compared to 2024.

–General and administrative expenses increased $16.3 million primarily attributable to $14.2 million of additional expenses incurred in the current period related to a strategic reduction in force and a $10.0 million increase related to the Pershing Square advisory fees. These increases were partially offset by a decrease in compensation and benefits, including a strategic reduction in force, and other cost reduction initiatives.

Corporate income, expenses, and other items were favorably impacted compared to the prior-year period by the following:

–Loss on sale of MUD receivables decreased $3.3 million as a result of a $48.2 million loss recognized in the second quarter of 2025, compared to a loss of $51.5 million in the third quarter of 2024.

Pershing Square Advisory Fees Pershing Square will support the Company’s new diversified holding company strategy by providing certain investment and advisory services. The Company will pay Pershing Square a quarterly advisory fee that includes base and variable components. Refer to Note 2 -Pershing Square Transaction in the Notes to Condensed Consolidated Financial Statements under Item 1 of this Quarterly Report for additional information on the advisory fee.

The base and variable components of the quarterly advisory fee are detailed below: