Concorde Financial Exits Howard Hughes Holdings, Developer of Large Sun Belt Communities

What happened

According to a recent SEC filing dated February 17, 2026, Concorde Financial Corp disclosed in a U.S. Securities and Exchange Commission (SEC) filing that it sold out its entire stake in Howard Hughes Holdings (HHH +2.07%), liquidating 52,047 shares in an estimated $4.28 million trade based on quarterly average pricing.

What else to know

Concorde Financial Corp sold out its entire Howard Hughes Holdings stake. As of February 16, 2026, shares of Howard Hughes Holdings were priced at $82.15, up 9.5% over the past year, underperforming the S&P 500 by 2.3 percentage points. The position was previously 2.4% of the fund’s assets under management as of the prior quarter.

Top holdings after the filing:

• NYSE:JPM: $9.16 million (7.1% of AUM)
• NYSE:XOM: $8.03 million (6.2% of AUM)
• NASDAQ:EXE: $7.45 million (5.8% of AUM)
• NYSE:ET: $7.39 million (5.7% of AUM)
• NYSE:ABBV: $7.04 million (5.5% of AUM)

Company overview

Company snapshot

Howard Hughes Holdings develops, owns, and manages a diversified portfolio of real estate assets, including retail, office, multifamily, and master planned communities; also operates landmark properties in New York City’s Seaport district.

It generates revenue primarily through property leasing, land sales, and development fees, leveraging long-term community development and recurring rental income streams.

Howard Hughes Holdings serves homebuilders, commercial tenants, and residential buyers in major U.S. growth markets such as Las Vegas, Houston, and Phoenix.

What this transaction means for investors

Howard Hughes Holdings is built around a long-cycle real estate development model. The company controls large land positions in fast-growing markets such as Las Vegas, Houston, and Phoenix, where population growth and housing demand can increase land values over time before much of that land is fully developed.

Howard Hughes Holdings monetizes its communities in stages. It starts by selling residential land parcels to homebuilders, then introduces retail, office, and mixed-use properties as population and demand grow. This approach provides revenue from land sales and long-term cash flow as communities require shopping, workplaces, and entertainment options.

For investors, the key question is whether Howard Hughes can consistently convert land ownership into higher land values and stable commercial income. When housing demand and migration trends are strong, the model can generate long-term value. However, results may be more cyclical and less predictable than those of stabilized property owners, since outcomes will also depend on development timing, homebuilder demand, and local economic conditions.