Monitor for warrant exercise in 2030 which would result in $113.1 million of dilution; watch for Grandisson's influence on Howard Hughes' insurance strategy as they acquire Vantage Group.
Price Chart
Executive Summary
Howard Hughes appointed Marc Grandisson to its board and issued him warrants to purchase 1.13 million shares at $100 per share for $10 million. Grandisson joins as a Pershing Square appointee, replacing Ben Hakim, and Howard Hughes will indemnify him against potential forfeiture of equity awards from his prior employer Arch Capital.
Key Financial Metrics
Key Facts
- Marc Grandisson appointed to board effective May 7, 2026, replacing Ben Hakim
- Grandisson purchased warrants for 1,131,273 shares at $100 strike price for $10 million
- Warrants exercisable from April 20, 2030 to April 20, 2031
- Company will indemnify Grandisson against potential forfeiture of equity awards from Arch Capital
- Grandisson is former CEO of Arch Capital and will join Pershing Square as partner in March 2027
Financial Impact
Raised $10 million through private placement of warrants with no immediate dilution
Risk Factors
- Potential dilution when warrants are exercised in 2030
- Indemnification liability if Grandisson forfeits Arch equity awards
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-046045 |
| Document: tm2612268d1_ex4-2.htm | 0001104659-26-046045 |
| Document: tm2612268d1_8k.htm | 0001104659-26-046045 |
| Document: tm2612268d1_ex99-1.htm | 0001104659-26-046045 |
| Document: 0001104659-26-046045-index-headers.html | 0001104659-26-046045 |
| Document: 0001104659-26-046045-index.html | 0001104659-26-046045 |
| Document: 0001104659-26-046045.txt | 0001104659-26-046045 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | Press Release | $72.57 | awaiting T+20 | — | $70.19 (−3.28%) |
Oct 23, 2026 3d ago | 8-K | $70.19 | awaiting T+20 | — | $70.19 (+0.00%) |
Sep 25, 2026 4w ago | DEFA14A | $73.95 $73.55 | ▼ −0.54% | ▼ −0.51% | $70.19 (−5.08%) |
Sep 24, 2026 4w ago | Insider Cluster | $68.43 $69.49 | ▲ +1.55% | ▲ +2.51% | $70.19 (+2.57%) |
Aug 14, 2026 10w ago | S-3ASR | $66.65 $62.55 | ▼ −6.15% | ▼ −4.17% | $70.19 (+5.31%) |
Aug 11, 2026 10w ago | 144 | $66.72 $61.63 | ▼ −7.63% | ▼ −5.73% | $70.19 (+5.20%) |
Jun 11, 2026 19w ago | 3 | $66.86 $72.05 | ▲ +7.76% | ▲ +5.98% | $70.19 (+4.98%) |
Jun 5, 2026 20w ago | 8-K | $64.96 $74.76 | ▲ +15.09% | ▲ +13.45% | $70.19 (+8.05%) |
Jun 4, 2026 20w ago | Press Release | $65.13 $74.76 | ▲ +14.79% | ▲ +12.92% | $70.19 (+7.77%) |
May 15, 2026 23w ago | 144 | $63.79 $66.86 | ▲ +4.81% | ▲ +2.69% | $70.19 (+10.03%) |
US Market Status
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