Business Description

We are a real estate investment company as well as an investment manager with over $36.4 billion of Real Estate Assets Under Management (“AUM”) in high growth markets across the United States, the United Kingdom and Ireland. With an objective of generating strong long-term risk-adjusted returns for our shareholders and partners and drawing on over three decades of experience in identifying opportunities and building value through various market cycles, we primarily focus on (i) investing in the rental housing sector (both market rate and affordable units) and industrial properties; and (ii) originating, managing and servicing real estate loans (primarily senior construction loans secured by high quality multifamily and student housing properties that are being developed by institutional sponsors throughout the United States). In addition, as further described in this report, we recently expanded our rental housing platform through the acquisition of Toll Brothers' Apartment Living platform and significantly adding to our nationwide development capabilities. We have recently focused on growing our investment management and co-investment platform whereby we invest a minority position (with the potential for carried interest) and earn our pro-rata share of income as well as asset management fees in our role as asset manager. During the year ended December 31, 2025, our investment management platform generated a total of $115.2 million of asset management fees representing a growth of 16% over the same period in 2024. For the year ended December 31, 2025, our 321 employees managed our $36.4 billion of AUM, which includes a total of 84,834 multifamily units in which we hold an ownership interest in (44,452 multifamily units and 1,965 single family units), finance (30,872 units) and manage (7,545 units). Over the past several years, in line with our focus on the growth of our investments in housing and the continued execution of our capital recycling plan and our recent non-core asset disposition plan, our global investment portfolio has significantly evolved to be weighted heavily in equity and debt investments in the rental housing sector, specifically multifamily, both market rate and affordable, and student housing. The table below details key metrics and information of our global investment portfolio (in total and in each of our segments): Total Consolidated Co-Investments Ownership (1) AUM (billions) $ 36.4 $ 14.7 $ 21.7 26 % Rental Housing Multifamily units - market rate units (2) 31,257 7,862 23,395 45 % Multifamily units - affordable units (2) 13,195 — 13,195 45 % Single family housing units 1,965 — 1,965 10 % Real Estate Credit (primarily secured by Rental Housing Assets) Real estate debt investments - 100% (billions) $ 10.9 $ — $ 10.9 3 % Industrial and Other Real Estate Investments Industrial square feet (millions) (2) 12.6 — 12.6 18 % US Office square feet (millions) (2) 5.5 1.4 4.1 33 % Europe Office square feet (millions) (2) 3.8 2.2 1.6 75 % Retail square feet (millions) (2) 2.5 1.0 1.5 42 % Hotels (2) 1 — 1 35 % (1) Weighted-average ownership percentages (2) Includes amounts for properties that are stabilized, under development and unstabilized. As of December 31, 2025, our global team, managed $36.4 billion of AUM (as noted above) of which $32.5 billion is operating properties and real estate loans (excluding development properties and third party managed assets with no ownership interest) which produced total revenue of $2.0 billion ($713.1 million at KW's share) compared to $27.0 billion of operating properties as of December 31, 2024 with total revenue of $2.0 billion ($739.9 million at KW's share). In addition, as of December 31, 2025, we held interests in 127 real estate loans in our global debt platform, 87% of which have floating interest rates, with an average interest rate of 7.3% per annum, and an unpaid principal balance of $5.1 billion ($205.1 million at KW's share) compared to 118 real estate loans, 81% of which had floating interest rates, with an average interest rates of 8.0% per annum, and an unpaid principal balance of $4.9 billion ($256.1 million at KW's share) during the same period in 2024.…