KWHIGH SIGNALFINANCIAL10-K

KW delivered exceptional financial performance with net income surging 1,695% to $100.5M while significantly expanding operations through strategic acquisitions and growing AUM to $36.4B.

The dramatic increase in profitability combined with substantial business expansion through the Toll Brothers acquisition signals KW is successfully scaling its real estate investment platform. However, the sharp decline in operating cash flow to just $11.4M despite strong earnings suggests potential timing differences or increased working capital needs that warrant monitoring.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

KW experienced transformational financial growth with net income exploding from $5.6M to $100.5M and operating income nearly doubling to $108.8M, while revenue grew a solid 24% to $62.6M. The company significantly increased its financial leverage with total debt rising 46% to $4.4B and nearly doubled dividend payments to $111.2M, reflecting confidence in cash generation. However, operating cash flow plummeted 79% to just $11.4M despite strong earnings growth, creating a notable disconnect that suggests either timing issues or increased investment in working capital that investors should closely monitor.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+1694.6%
$5.6M→$100.5M

Net income grew 1694.6% — bottom-line growth signals improving overall business health.

Dividends Paid
Cash Flow
+87.8%
$59.2M→$111.2M

Dividend payments increased 87.8% — management confidence in sustained cash generation.

Operating Income
P&L
+84.7%
$58.9M→$108.8M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Operating Cash Flow
Cash Flow
-79.3%
$55.1M→$11.4M

Operating cash flow fell 79.3% — earnings quality concerns; investigate working capital changes and non-cash items.

Total Debt
Balance Sheet
+45.5%
$3.0B→$4.4B

Debt increased 45.5% — substantial leverage increase; assess whether deployed for growth or covering losses.

Share Buybacks
Cash Flow
-38.7%
$15.0M→$9.2M

Buyback activity reduced 38.7% — capital being redeployed elsewhere or cash conservation underway.

Revenue
P&L
+23.9%
$50.5M→$62.6M

Revenue growing 23.9% — solid top-line momentum, watch margins for quality of growth.

Cash & Equivalents
Balance Sheet
-15.2%
$217.5M→$184.5M

Cash decreased 15.2% — monitor burn rate and upcoming capital needs.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
In evaluation these statements, you should specifically consider the risks factors discussed in Part I, Item 1A of this Report, and in our subsequent filings with the U.S.
Except as required under the federal securities laws and the rules and regulations of the SEC, we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, changes in assumptions, or otherwise.
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.
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).
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REMOVED
Except as required under the federal securities laws and the rules and regulations of the U.S.
Securities and Exchange Commission (the SEC ), we do not have any intention or obligation to update publicly any forward-looking statements, whether as a result of new information, future events, changes in assumptions, or otherwise.
During the year ended December 31, 2024, our investment management platform generated a total of $98.9 million of asset management fees representing a growth of 60% over the same period in 2023.
For the year ended December 31, 2024, our 246 employees managed our $28.0 billion of AUM, which includes a total of 62,270 multifamily units in which we hold an ownership interest in (38,285 multifamily units and 901 single family units) or finance (23,084 units).
As of December 31, 2024, our global team, managed $28.0 billion of AUM (as noted above) of which $27.0 billion is operating properties and real estate loans (excluding development properties) which produced total revenue of $2.0 billion ($739.9 million at KW's share) compared to $22.8 billion of operating properties as of December 31, 2023 with total revenue of $1.8 billion ($736.0 million at KW's share).
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