Howard Hughes Holdings Inc. HHH → Seaport Entertainment Group Inc. SEG
| Parent | Howard Hughes Holdings Inc. HHH |
|---|---|
| Spinco | Seaport Entertainment Group Inc. SEG |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Focus-increasing Parent and spinco operate in different industries — the class the research associates with stronger post-separation returns. |
| Ratio | 1 Seaport Entertainment share for every 9 Howard Hughes shares |
| Checked against EDGAR | 2026-08-22 |
Data trap
The spinco lists on NYSE American, not the NYSE, even though EDGAR's company metadata reports NYSE — a screener keyed on the wrong venue may not resolve it. No filing read states the date the Form 10 was declared effective, so that field is null rather than inferred. Note also that the parent's largest holder carried a roughly 37 percent stake into the spinco and backstopped a rights offering weeks later, which changed the share count materially after separation.
Still live.
Catalyst clock
- 2023-10-05Separation announced
- 2024-05-24Form 10 filed
- 2024-07-23Form 10 last amended
- —Form 10 effective
- 2024-07-29Record date
- 2024-07-29When-issued trading opens
- 2024-07-31Distribution
- 2024-11-07First standalone earnings
- —Index inclusion announced
Performance since separation
| Seaport Entertainment Group Inc. since separation | -0.70% |
|---|---|
| Howard Hughes Holdings Inc. over the same window | -5.90% |
| S&P 500 (SPY) over the same window | +39.02% |
| Russell 2000 (IWM) over the same window | +33.99% |
| Excess over the S&P 500 | -39.72% |
| Excess over the Russell 2000 | -34.69% |
Measured from the first regular-way close on or after the distribution — 2024-08-01 at 27.06 — to 2026-08-21 at 26.87. Window: 2.1 years. The 2024-07-31 session was skipped: it traded on when-issued volume, not regular-way, and pricing from it would measure the return against a market that no longer existed the next day. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | +5.86% |
|---|---|
| Combined (Howard Hughes Holdings Inc. + Seaport Entertainment Group Inc.), pre-distribution to now | -1.14% |
| Combined excess over the S&P 500 | -42.42% |
| Combined excess over the Russell 2000 | -35.91% |
Combined treats a pre-spin holding as 1 Seaport Entertainment share for every 9 Howard Hughes shares valued at the parent's last close before regular post-spin trading resumed — 2024-07-30 at 70.29 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12B/Afiled 2024-07-23 · 0001628280-24-032621Amendment 5; unusually its Ex-99.1 IS the definitive information statement, carrying the 1-for-9 ratio and the July 29 record date
- 8-Kfiled 2024-07-19 · 0001104659-24-080923Board declares the distribution, payable after the market close on July 31, 2024
- 8-Kfiled 2024-08-01 · 0001628280-24-034173Completion: separation completed July 31, 2024 at 11:59 p.m. Eastern; trading began on NYSE American August 1
- 10-Qfiled 2024-08-22 · 0001558370-24-012429First periodic report; 5,521,884 shares outstanding
- 8-Kfiled 2024-11-07 · 0001558370-24-014873Item 2.02 first full standalone quarter
Notes
Howard Hughes' separation of its Seaport district entertainment assets, a small and deliberately unusual spinco carved out of a master-planned community developer. Classified focus-increasing: the parent returned to pure community development and the spinco is an entertainment and hospitality operator.