Kennedy Wilson is a real estate investment company and investment manager focused on rental housing and real estate credit, operating primarily in the Western U.S., the U.K., and Ireland. Kennedy Wilson owns and manages multifamily apartment communities and affordable housing, and originates construction loans secured by multifamily and student housing properties. As of year-end 2025, Kennedy Wilson had interests in roughly 46,400 multifamily and single-family rental units and managed a $10.9B real estate debt platform. Kennedy Wilson earns NOI from directly owned properties, asset management fees on $11.0B in fee-bearing capital, origination and transaction fees, and carried interest as general partner in joint ventures and funds. The business is deliberately shifting toward a capital-light investment management model — selling wholly-owned non-core assets and recycling proceeds into co-investment structures where Kennedy Wilson holds a minority stake but earns fees on a larger asset base. The credit platform is nearly entirely funded by institutional partners, making it capital-light for Kennedy Wilson, with earnings driven primarily by origination and management fees. The rental housing portfolio includes market-rate apartments (concentrated in the Mountain West, Pacific Northwest, and Ireland), roughly 13,200 affordable housing units through the Vintage Housing Holdings platform using LIHTC structures, and a newer U.K. single-family rental platform launched in a joint venture with CPPIB. In late 2025, Kennedy Wilson acquired Toll Brothers' apartment development platform, adding roughly $5B in AUM and expanding Kennedy Wilson's development capabilities nationally.