Hovde Capital Tuesday released its response to Pershing Square’s rebuttal (and, to a minor extent, and our rebuttal) of Hovde’s initial report on GGP.

Our quick take is that it’s more of the same – like Hovde’s first report, there are a few good points (nothing we hadn’t already considered) mixed in with many arguments that are either factually incorrect or misleading, or with which we simply disagree. In short, there’s nothing new that changes our view regarding the attractiveness of GGP (GGWPQ.PK) (it remains by far our largest position).