# EDGAR Filing Document

**Accession Number:** 0001408100
**File Stem:** 0001140361-26-010587
**Filing Date:** 2026-3
**Character Count:** 450241
**Document Hash:** 829364fbd8fe41f14060ba6e1ce9177a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001140361-26-010587.hdr.sgml**: 20260320

**ACCESSION NUMBER**: 0001140361-26-010587

**CONFORMED SUBMISSION TYPE**: SC 13E3

**PUBLIC DOCUMENT COUNT**: 221

**FILED AS OF DATE**: 20260320

**DATE AS OF CHANGE**: 20260320

**GROUP MEMBERS**: 1102952 B.C. UNLIMITED LIABILITY CO

**GROUP MEMBERS**: ALLIED WORLD ASSURANCE CO (EUROPE) DAC

**GROUP MEMBERS**: ALLIED WORLD ASSURANCE CO (U.S.) INC.

**GROUP MEMBERS**: ALLIED WORLD ASSURANCE CO HOLDINGS I, LTD

**GROUP MEMBERS**: ALLIED WORLD ASSURANCE CO HOLDINGS, LTD

**GROUP MEMBERS**: ALLIED WORLD ASSURANCE COMPANY, LTD

**GROUP MEMBERS**: ALLIED WORLD ASSURANCE HOLDINGS (IRELAND) LTD

**GROUP MEMBERS**: ALLIED WORLD ASSURANCE HOLDINGS (U.S.) INC.

**GROUP MEMBERS**: ALLIED WORLD INSURANCE CO

**GROUP MEMBERS**: ALLIED WORLD SPECIALTY INSURANCE CO

**GROUP MEMBERS**: ALLIED WORLD SURPLUS LINES INSURANCE CO

**GROUP MEMBERS**: AW UNDERWRITERS INC.

**GROUP MEMBERS**: BRIT GROUP HOLDINGS LTD

**GROUP MEMBERS**: BRIT INSURANCE HOLDINGS LTD

**GROUP MEMBERS**: BRIT REINSURANCE (BERMUDA) LTD

**GROUP MEMBERS**: BRIT SYNDICATES LTD

**GROUP MEMBERS**: CRC REINSURANCE LTD

**GROUP MEMBERS**: CRUM & FORSTER HOLDINGS CORP.

**GROUP MEMBERS**: FAIRFAX (BARBADOS) INTERNATIONAL CORP.

**GROUP MEMBERS**: FAIRFAX (US) INC.

**GROUP MEMBERS**: FAIRFAX FINANCIAL HOLDINGS LTD

**GROUP MEMBERS**: FAIRFAX UK HOLDINGS LTD

**GROUP MEMBERS**: FEDERATED INSURANCE CO OF CANADA

**GROUP MEMBERS**: FFHL GROUP LTD.

**GROUP MEMBERS**: HAMBLIN WATSA INVESTMENT COUNSEL LTD.

**GROUP MEMBERS**: HUDSON EXCESS INSURANCE CO

**GROUP MEMBERS**: HUDSON INSURANCE CO

**GROUP MEMBERS**: IN KU LEE

**GROUP MEMBERS**: KONA BIDCO, LLC

**GROUP MEMBERS**: KONA MANAGEMENT HOLDCO, LLC

**GROUP MEMBERS**: KONA MERGER SUBSIDIARY, INC.

**GROUP MEMBERS**: MATTHEW WINDISCH

**GROUP MEMBERS**: NEWLINE CORPORATE NAME LTD

**GROUP MEMBERS**: NEWLINE HOLDINGS UK LTD

**GROUP MEMBERS**: NORTH RIVER INSURANCE CO

**GROUP MEMBERS**: NORTHBRIDGE FINANCIAL CORP

**GROUP MEMBERS**: NORTHBRIDGE GENERAL INSURANCE CORP

**GROUP MEMBERS**: ODYSSEY GROUP HOLDINGS, INC.

**GROUP MEMBERS**: ODYSSEY REINSURANCE (BARBADOS) LTD.

**GROUP MEMBERS**: ODYSSEY REINSURANCE CO

**GROUP MEMBERS**: RESOLUTION GROUP REINSURANCE (BARBADOS) LTD

**GROUP MEMBERS**: SECOND 1109 HOLDCO LTD.

**GROUP MEMBERS**: SECOND 810 HOLDCO LTD.

**GROUP MEMBERS**: SIXTY TWO INVESTMENT CO LTD

**GROUP MEMBERS**: TIG INSURANCE CO

**GROUP MEMBERS**: UNITED STATES FIRE INSURANCE CO

**GROUP MEMBERS**: V. PREM WATSA

**GROUP MEMBERS**: WENTWORTH INSURANCE CO LTD.

**GROUP MEMBERS**: WILLIAM J. MCMORROW

**GROUP MEMBERS**: WILLIAM J. MCMORROW REVOCABLE TRUST

**GROUP MEMBERS**: ZENITH INSURANCE CO

**GROUP MEMBERS**: ZENITH NATIONAL INSURANCE CORP.

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kennedy-Wilson Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001408100
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 260508760
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-83363
- **FILM NUMBER:** 26779044

**BUSINESS ADDRESS:**
- **STREET 1:** 151 S EL CAMINO DR
- **CITY:** BEVERLY HILLS
- **STATE:** CA
- **ZIP:** 90212
- **BUSINESS PHONE:** 310-887-6400

**MAIL ADDRESS:**
- **STREET 1:** 151 S EL CAMINO DR
- **CITY:** BEVERLY HILLS
- **STATE:** CA
- **ZIP:** 90212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Prospect Acquisition Corp
- **DATE OF NAME CHANGE:** 20070727
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Kennedy-Wilson Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001408100
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 260508760
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13E3

**BUSINESS ADDRESS:**
- **STREET 1:** 151 S EL CAMINO DR
- **CITY:** BEVERLY HILLS
- **STATE:** CA
- **ZIP:** 90212
- **BUSINESS PHONE:** 310-887-6400

**MAIL ADDRESS:**
- **STREET 1:** 151 S EL CAMINO DR
- **CITY:** BEVERLY HILLS
- **STATE:** CA
- **ZIP:** 90212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Prospect Acquisition Corp
- **DATE OF NAME CHANGE:** 20070727

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### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### <br>

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### SCHEDULE 13E-3

#### RULE 13E-3 TRANSACTION STATEMENT

#### UNDER SECTION 13(e) OF

#### THE SECURITIES EXCHANGE ACT OF 1934

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## KENNEDY-WILSON HOLDINGS, INC.

#### (Name of Issuer)

#### <br>

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#### Kennedy-Wilson Holdings, Inc.

#### Kona Bidco, LLC

#### Kona Merger Subsidiary, Inc.

#### Kona Management Holdco, LLC

#### William J. McMorrow

#### William J. McMorrow Revocable Trust

#### In Ku Lee

#### Matthew Windisch

#### Fairfax Financial Holdings Limited
V. Prem Watsa

#### The Second 810 Holdco Ltd.

#### The Second 1109 Holdco Ltd.

#### The Sixty Two Investment Company Limited

#### Hamblin Watsa Investment Counsel Ltd.

#### FFHL Group Ltd.

#### Fairfax (Barbados) International Corp.

#### Wentworth Insurance Company Ltd.

#### Fairfax (US) Inc.

#### Resolution Group Reinsurance (Barbados) Limited

#### Odyssey Group Holdings, Inc.

#### Odyssey Reinsurance Company

#### Odyssey Reinsurance (Barbados) Ltd.

#### Crum & Forster Holdings Corp.

#### United States Fire Insurance Company

#### The North River Insurance Company

#### TIG Insurance Company

#### Northbridge General Insurance Corporation

#### Northbridge Financial Corporation

#### Zenith National Insurance Corp.

#### Zenith Insurance Company

#### 1102952 B.C. Unlimited Liability Company

#### Allied World Assurance Company Holdings, Ltd

#### Allied World Assurance Company Holdings I, Ltd

#### Allied World Assurance Company, Ltd

#### Allied World Assurance Holdings (Ireland) Ltd

#### Allied World Assurance Company (Europe) dac

#### Allied World Assurance Holdings (U.S.) Inc.

#### Allied World Insurance Company

#### AW Underwriters Inc.

#### Allied World Specialty Insurance Company

#### <br>

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#### Allied World Surplus Lines Insurance Company

#### Allied World Assurance Company (U.S.) Inc.

#### CRC Reinsurance Limited

#### Newline Holdings UK Limited

#### Newline Corporate Name Limited

#### Fairfax UK Holdings Limited

#### Brit Group Holdings Limited

#### Brit Insurance Holdings Limited

#### Brit Syndicates Limited

#### Brit Reinsurance (Bermuda) Limited

#### Federated Insurance Company of Canada

#### Hudson Insurance Company

#### Hudson Excess Insurance Company

#### (Name of Persons Filing Statement)

#### Common Stock, par value $0.0001 per share

#### (Title of class of Securities)

#### 489398107

#### (CUSIP Number of Class of Securities)

---

| | | |
|:---|:---|:---|
| **Kennedy-Wilson Holdings, Inc.**<br> **151 South El Camino Drive**<br> **Beverly Hills, CA 90212**<br> (310) 887-6400 | **Kona Bidco, LLC**<br> **Kona Merger Subsidiary, Inc.**<br> **Kona Management Holdco, LLC**<br> **William J. McMorrow**<br> **William J. McMorrow Revocable Trust**<br> **In Ku Lee**<br> **Matthew Windisch**<br> **151 South El Camino Drive**<br> **Beverly Hills, CA 90212**<br> (310) 887-6400<br>| **Fairfax Financial Holdings Limited**<br> V. Prem Watsa<br> **The Second 810 Holdco Ltd.**<br> **The Second 1109 Holdco Ltd.**<br> **The Sixty Two Investment Company Limited**<br> **Hamblin Watsa Investment Counsel Ltd.**<br> **FFHL Group Ltd.**<br> **Fairfax (Barbados) International Corp.**<br> **Wentworth Insurance Company Ltd.**<br> **Fairfax (US) Inc.**<br> **Resolution Group Reinsurance (Barbados) Limited**<br> **Odyssey Group Holdings, Inc.**<br> **Odyssey Reinsurance Company**<br> **Odyssey Reinsurance (Barbados) Ltd.**<br> **Crum & Forster Holdings Corp.**<br> **United States Fire Insurance Company**<br> **The North River Insurance Company**<br> **TIG Insurance Company**<br> **Northbridge General Insurance Corporation**<br> **Northbridge Financial Corporation**<br> **Zenith National Insurance Corp.**<br> **Zenith Insurance Company**<br> **1102952 B.C. Unlimited Liability Company**<br> **Allied World Assurance Company Holdings, Ltd**<br> **Allied World Assurance Company Holdings I, Ltd**<br> **Allied World Assurance Company, Ltd**<br> **Allied World Assurance Holdings (Ireland) Ltd**<br> **Allied World Assurance Company (Europe) dac**<br> **Allied World Assurance Holdings (U.S.) Inc.**<br> **Allied World Insurance Company**<br> **AW Underwriters Inc.**<br> **Allied World Specialty Insurance Company** |

---

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**Allied World Surplus Lines Insurance Company<br> Allied World Assurance Company (U.S.) Inc.<br> CRC Reinsurance Limited<br> Newline Holdings UK Limited<br> Newline Corporate Name Limited<br> Fairfax UK Holdings Limited<br> Brit Group Holdings Limited<br> Brit Insurance Holdings Limited<br> Brit Syndicates Limited<br> Brit Reinsurance (Bermuda) Limited<br> Federated Insurance Company of Canada<br> Hudson Insurance Company<br> Hudson Excess Insurance Company<br> 95 Wellington Street West, Suite 802<br> Toronto, Ontario, Canada M5J 2N7<br> (416) 367-4941**

<br> #### (Name, Address, and Telephone Numbers of Person Authorized to Receive Notices and Communications on Behalf of the Persons Filing Statement)

#### With copies to

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| | | |
|:---|:---|:---|
| **Julian Kleindorfer**<br> **Latham & Watkins LLP**<br> **355 South Grand Avenue, Suite 400**<br> (212) 906-1200<br> **** <br>**Faiza J. Saeed**<br> **Cole DuMond**<br> **Alexander E. Greenberg**<br> **Cravath, Swaine and Moore LLP**<br> **Two Manhattan West**<br> **375 Ninth Avenue**<br> **New York, NY 10001**<br> (212) 474-1000 | **Gordon Moodie**<br> **Emily F. Huang**<br> **Eric T. Juergens**<br> **Debevoise & Plimpton LLP**<br> **66 Hudson Boulevard**<br> **New York, NY 10001**<br> (212) 909-6000 | **Sean Skiffington**<br> **Allen Overy Shearman Sterling US LLP**<br> **599 Lexington Avenue**<br> **New York, NY 10022**<br> (212) 848-4000 |

---

This statement is filed in connection with (check the appropriate box):

&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| a.  | ☒ | The filing of solicitation materials or an information statement subject to Regulation 14A, Regulation 14C or Rule 13e-3(c) under the Securities Exchange Act of 1934. |
| b.  | ☐ | The filing of a registration statement under the Securities Act of 1933. |
| c.  | ☐ | A tender offer. |
| d.  | ☐ | None of the above. |

---

Check the following box if the soliciting materials or information statement referred to in checking box (a) are preliminary copies: ☒

Check the following box if the filing is a final amendment reporting the results of the transaction: ☐

**NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED THIS TRANSACTION, PASSED ON THE MERITS OR THE FAIRNESS OF THE TRANSACTION OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE INFORMATION CONTAINED IN THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

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#### INTRODUCTION

This Rule 13e-3 Transaction Statement on Schedule 13E-3, together with the exhibits hereto (this "<u>Transaction Statement</u>"), is being filed with the Securities and Exchange Commission (the "<u>SEC</u>") pursuant to Sections 13(e) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"), jointly by the following persons (each, a "<u>Filing Person</u>," and collectively, the "<u>Filing Persons</u>"): (i) Kennedy-Wilson Holdings, Inc., a Delaware corporation (the "<u>Company</u>"), (ii) Kona Bidco, LLC, a Delaware limited liability company ("<u>Parent</u>"), (iii) Kona Merger Subsidiary, Inc., a Delaware corporation ("<u>Merger Sub</u>"), (iv) Kona Management Holdco, LLC, a Delaware limited liability company ("<u>Holdco</u>"), (v) William J. McMorrow, a natural person, (vi) William J. McMorrow Revocable Trust, a trust organized in California, (vii) In Ku Lee, a natural person, (viii) Matthew Windisch, a natural person, (ix) Fairfax Financial Holdings Limited, a corporation organized under the laws of Canada ("<u>Fairfax</u>") and (x) V. Prem Watsa, a natural person, (xi) The Second 810 Holdco Ltd., a corporation incorporated under the laws of Canada, (xii) The Second 1109 Holdco Ltd., a corporation incorporated under the laws of Canada, (xiii) The Sixty Two Investment Company Limited, a corporation incorporated under the laws of British Columbia, (xiv) Hamblin Watsa Investment Counsel Ltd., a corporation incorporated under the laws of Canada, (xv) FFHL Group Ltd., a corporation incorporated under the laws of Canada, (xvi) Fairfax (Barbados) International Corp., a corporation incorporated under the laws of Barbados, (xvii) Wentworth Insurance Company Ltd, a corporation incorporated under the laws of Barbados, (xviii) Fairfax (US) Inc., a corporation incorporated under the laws of Delaware, (xix) Resolution Group Reinsurance (Barbados) Limited, a corporation incorporated under the laws of Barbados, (xx) Odyssey Group Holdings, Inc., a corporation incorporated under the laws of Delaware, (xxi) Odyssey Reinsurance Company, a corporation incorporated under the laws of Connecticut, (xxii) Odyssey Reinsurance (Barbados) Ltd., a corporation incorporated under the laws of Barbados, (xxiii) Crum & Forster Holdings Corp., a corporation incorporated under the laws of Delaware, (xxiv) United States Fire Insurance Company, a corporation incorporated under the laws of Delaware, (xxv) The North River Insurance Company, a corporation incorporated under the laws of New Jersey, (xxvi) TIG Insurance Company, a corporation incorporated under the laws of California, (xxvii) Northbridge General Insurance Corporation, a corporation incorporated under the laws of Canada, (xxviii) Northbridge Financial Corporation, a corporation incorporated under the laws of Canada, (xxix) Zenith National Insurance Corp., a corporation incorporated under the laws of Delaware, (xxx) Zenith Insurance Company, a corporation incorporated under the laws of California, (xxxi) 1102952 B.C. Unlimited Liability Company, a corporation incorporated under the laws of British Columbia, (xxxii) Allied World Assurance Company Holdings, Ltd, a corporation incorporated under the laws of Bermuda, (xxxiii) Allied World Assurance Company Holdings I, Ltd, a corporation incorporated under the laws of Bermuda, (xxxiv) Allied World Assurance Company, Ltd, a corporation incorporated under the laws of Bermuda, (xxxv) Allied World Assurance Holdings (Ireland) Ltd, a corporation incorporated under the laws of Bermuda, (xxxvi) Allied World Assurance Company (Europe) dac, a corporation incorporated under the laws of Ireland, (xxxvii) Allied World Assurance Holdings (U.S.) Inc., a corporation incorporated under the laws of Delaware, (xxxviii) Allied World Insurance Company, a corporation incorporated under the laws of New Hampshire, (xxxix) AW Underwriters Inc., a corporation incorporated under the laws of Delaware, (xl) Allied World Specialty Insurance Company, a corporation incorporated under the laws of Delaware, (xli) Allied World Surplus Lines Insurance Company, a corporation incorporated under the laws of Arkansas, (xlii) Allied World Assurance Company (U.S.) Inc., a corporation incorporated under the laws of Delaware, (xliii) CRC Reinsurance Limited, a corporation incorporated under the laws of Barbados, (xliv) Newline Holdings UK Limited, a corporation incorporated under the laws of England and Wales, (xlv) Newline Corporate Name Limited, a corporation incorporated under the laws of England and Wales, (xlvi) Fairfax UK Holdings Limited, a corporation incorporated under the laws of England and Wales, (xlvii) Brit Group Holdings Limited, a corporation incorporated under the laws of England and Wales, (xlviii) Brit Insurance Holdings Limited, a corporation incorporated under the laws of England and Wales, (xlix) Brit Syndicates Limited, a corporation incorporated under the laws of England and Wales, (l) Brit Reinsurance (Bermuda) Limited, a corporation incorporated under the laws of Bermuda, (li) Federated Insurance Company of Canada, a corporation incorporated under the laws of Canada, (lii) Hudson Insurance Company, a corporation incorporated under the laws of Delaware, and (liii) Hudson Excess Insurance Company, a corporation incorporated under the laws of Delaware.

This Transaction Statement relates to the Agreement and Plan of Merger, dated as of February 16, 2026 (including all exhibits and documents attached thereto, and as it has been and may be amended from time to time, the "<u>Merger Agreement</u>"), by and among Parent, Merger Sub and the Company. Pursuant to the Merger Agreement, and subject to the terms and conditions set forth therein, Merger Sub will be merged with and into the Company (the "<u>Merger</u>" and, together with the other transactions contemplated by the Merger Agreement, collectively, the "<u>Transactions</u>"), with the Company surviving the Merger owned, directly or indirectly, by Parent and (i) William J. McMorrow, William J. McMorrow Revocable Trust, Matthew Windisch and In Ku Lee and (ii) certain affiliates of Fairfax that hold shares of Company Voting Stock (as defined below) (clauses (i) and (ii), together, the "<u>Consortium Parties</u>").

At the effective time of the Merger (the "<u>Effective Time</u>"), each share of common stock of the Company, par value $0.0001 per share (the "<u>Company Common Stock</u>"), outstanding immediately prior to the Effective Time (other than (i) each share (a) held in the treasury of the Company or owned by any direct or indirect wholly owned subsidiary of the Company or (b) held, directly or indirectly, by Parent or Merger Sub or any of their direct or indirect wholly owned subsidiaries, which will automatically be cancelled without any conversion thereof and no payment or distribution will be made with respect thereto (such shares described in clauses (a) and (b), collectively, the "<u>Excluded Shares</u>"); (ii) each Rollover Share; and (iii) shares of Company Common Stock owned by stockholders of the Company who have validly demanded and not withdrawn appraisal rights in accordance with Section 262 of the Delaware General Corporation Law (the "<u>DGCL</u>") (collectively, the "<u>Dissenting Shares</u>")) will cease to exist and will be converted automatically into the right to receive $10.90 in cash per share, without interest (the "<u>Merger Consideration</u>"). At the Effective Time, each share of the Company's 4.75% Series B Cumulative Perpetual Preferred Stock (the "<u>Company Series B Preferred Stock</u>") and the Company's 6.00% Series C Cumulative Perpetual Preferred Stock (the "<u>Company Series C Preferred Stock</u>") outstanding immediately prior to the Effective Time will remain outstanding in accordance with the terms and conditions of, as applicable, the Certificate of Designations Establishing the Company Series B Preferred Stock, dated as of March 8, 2022 (the "<u>Series B Certificate of Designations</u>") and the Certificate of Designations Establishing the Company Series C Preferred Stock, dated as of June 15, 2023 (the "<u>Series C Certificate of Designations</u>") and will represent shares of Company Series B Preferred Stock or Company Series C Preferred Stock, as applicable, of the Surviving Company on the terms set forth in the Series B Certificate of Designations or the Series C Certificate of Designations, as applicable, unless Parent and the holders thereof elect to (A) transfer and contribute any such shares of Company Series B Preferred Stock or Company Series C Preferred Stock to the Company as a contribution to the capital of the Company (and without the issuance of any additional shares of capital stock of the Company) or (B) cancel any such shares of Company Series B Preferred Stock or Company Series C Preferred Stock, in each case for no consideration prior to the closing of the Merger (the "<u>Closing</u>"). At the Effective Time, each warrant issued in connection with the Company Series B Preferred Stock pursuant to that certain Warrant Agreement, dated as of March 8, 2022 (collectively, the "<u>Company Series B Warrants</u>"), and each warrant issued in connection with the Company Series C Preferred Stock pursuant to that certain Warrant Agreement, dated as of June 16, 2023 (collectively, the "<u>Company Series C Warrants</u>" and, together with the Company Series B Warrants, the "<u>Company Warrants</u>"), outstanding immediately prior to the Effective Time, will remain outstanding in accordance with the terms and conditions of each such Company Warrant, unless Parent and the holders thereof elect to cancel any such Company Warrant for no consideration prior to the Closing. In addition, each share of the Company's 5.75% Series A Cumulative Perpetual Convertible Preferred Stock (the "<u>Company Series A Preferred Stock</u>" and, together with the Company Series B Preferred Stock and the Company Series C Preferred Stock, the "<u>Company Preferred Stock</u>"), outstanding immediately prior to the Effective Time, will be redeemed by the Company immediately prior to the Closing in accordance with the terms and conditions of that certain Certificate of Designations Establishing the Company Series A Preferred Stock, dated as of November 7, 2019 (the "<u>Series A Certificate of Designations</u>").

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Concurrently with the execution and delivery of the Merger Agreement on February 16, 2026, each of William J. McMorrow, Matthew Windisch, In Ku Lee and certain affiliates of Fairfax that hold shares of Company Common Stock (collectively, the "<u>Rollover Stockholders</u>") entered into Rollover Agreements with Parent and, as applicable, Holdco. Pursuant to the Rollover Agreements, and subject to the terms and conditions set forth therein, each Rollover Stockholder, as well as any Permitted Transferees (as defined in the applicable Voting and Support Agreement) who execute a joinder to the applicable Voting and Support Agreement in accordance with the terms thereof and to whom any of the Rollover Stockholders have transferred their Rollover Shares (as defined below), will, immediately prior to the Effective Time, directly or indirectly, contribute all of the shares of Company Common Stock specified therein to (i) Parent or (ii) Holdco, which will thereafter contribute such shares to Parent (such shares, collectively, the "<u>Rollover Shares</u>"), and Parent has agreed, concurrently with such contribution, to accept such Rollover Shares in exchange for limited liability company units or other securities of Parent in accordance with the limited liability company agreement of Parent. The Rollover Shares will not be entitled to receive the Merger Consideration and will not be cancelled or converted at the Effective Time.

Following the Closing, there will be no further market for the shares of Company Common Stock and, as promptly as practicable following the Effective Time and in compliance with applicable law, the Company Common Stock will be delisted from the NYSE, deregistered under the Exchange Act and will cease to be publicly traded.

The Company's Board of Directors (the "<u>Board</u>") formed the special committee of the Board (the "<u>Special Committee</u>") to, among other things, review, evaluate and determine whether a Potential Transaction is fair to, and in the best interests of, the Company and its stockholders, including the "unaffiliated security holders" of the Company, as defined in Rule 13e-3(a) under the Exchange Act (the "<u>Unaffiliated Security Holders</u>"), and, if the Special Committee deemed appropriate, recommend to the Board that the Board approve any Potential Transaction. The Special Committee is comprised solely of five directors, each of whom the Board determined, based on information previously discussed with, furnished to or otherwise disclosed to and reviewed by the Board, met the criteria of a disinterested director under Delaware law with respect to the Potential Transaction. The Special Committee evaluated the Merger Agreement, the Company Disclosure Letter, the Voting and Support Agreements, the Equity Commitment Letter, the Rollover Agreements and the Transactions, including the Merger, with the assistance of independent legal and financial advisors. At the conclusion of its review, the Special Committee, among other things, unanimously (i) determined the Merger Agreement and the Transactions, including the Merger, upon the terms and subject to the conditions set forth in the Merger Agreement, to be advisable and in the best interests of the Company and its Public Stockholders, (ii) determined that the Merger Agreement and the Transactions are fair to, and in the best interests of, the Unaffiliated Security Holders, and (iii) approved and declared that the Merger Agreement and the Transactions, including the Merger, are advisable. The Special Committee also unanimously recommended to the Board that the Board (1) approve the Merger Agreement and the Transactions, including the Merger; (2) recommend the adoption and approval of the Merger Agreement and the Transactions, including the Merger, by the stockholders of the Company; and (3) approve the execution, delivery and performance by the Company of the Merger Agreement and the consummation of the Transactions, including the Merger, upon the terms and subject to the conditions set forth therein.

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The Board (with Wade Burton and William J. McMorrow not attending and Todd Boehly electing to recuse himself from the Board's vote), acting upon the unanimous recommendation of the Special Committee, among other things, (i) determined and declared the Merger Agreement and the Transactions, including the Merger, upon the terms and subject to the conditions set forth in the Merger Agreement, to be advisable, fair to the Unaffiliated Security Holders and in the best interests of the Company and its stockholders, including the Public Stockholders, (ii) approved and declared advisable the Merger Agreement and the Transactions, including the Merger, (iii) authorized and approved the execution, delivery and performance by the Company of the Merger Agreement and the consummation of the Transactions upon the terms and subject to the conditions set forth therein and (iv) recommended the adoption of the Merger Agreement by the stockholders of the Company.

Approval of the proposal to adopt the Merger Agreement (the "<u>Merger Proposal</u>") requires (i) the affirmative vote of a majority of the outstanding voting power of (a) the Company Common Stock, (b) the Company Series A Preferred Stock (on an as-converted basis), (c) the Company Series B Preferred Stock (based on the number of Company Series B Warrants outstanding and in accordance with the Series B Certificate of Designations) and (d) the Company Series C Preferred Stock (based on the number of Company Series C Warrants outstanding and in accordance with the Series C Certificate of Designations) (the securities described in clauses (a)-(d), collectively, the "<u>Company Voting Stock</u>"), in each case, entitled to vote on the Merger Proposal, voting as a single class, and (ii) the affirmative vote of at least two-thirds of the outstanding voting power of the Company Voting Stock entitled to vote on the Merger Proposal, excluding the Company Voting Stock "owned" (as such term is defined in Section 203 of the DGCL) by the Consortium Parties and their respective "affiliates" and "associates" (as such terms are defined in Section 203 of the DGCL) (the requisite votes described in the preceding clauses (i) and (ii), together, the "<u>Company Stockholder Approvals</u>").

Concurrently with the filing of this Transaction Statement, the Company is filing a preliminary proxy statement (the "<u>Proxy Statement</u>") under Regulation 14A of the Exchange Act with the SEC relating to the Special Meeting. The Proxy Statement is attached hereto as Exhibit (a)(1). A copy of the Merger Agreement and the Merger Agreement Amendment are attached to the Proxy Statement as Annex A-1 and Annex A-2, respectively. Terms used but not defined in this Transaction Statement have the meanings assigned to them in the Proxy Statement.

Pursuant to General Instruction F to Schedule 13E-3, the information contained in the Proxy Statement, including all annexes thereto, is expressly incorporated by reference herein in its entirety, and responses to each item herein are qualified in their entirety by the information contained in the Proxy Statement. The cross-references below are being supplied pursuant to General Instruction G to Schedule 13E-3 and show the location in the Proxy Statement of the information required to be included in response to the items of Schedule 13E-3. As of the date hereof, the Proxy Statement is in preliminary form and is subject to completion.

While each of the Filing Persons acknowledges that the Merger is a "going private" transaction for purposes of Rule 13e-3 under the Exchange Act, the filing of this Transaction Statement will not be construed as an admission by any Filing Person, or by any affiliate of a Filing Person, that the Company is "controlled" by any of the Filing Persons and/or their respective affiliates.

The information concerning the Company contained in, or incorporated by reference into, this Transaction Statement and the Proxy Statement was supplied by the Company. Similarly, all information concerning each other Filing Person contained in, or incorporated by reference into, this Transaction Statement and the Proxy Statement was supplied by such Filing Person. No Filing Person, including the Company, is responsible for the accuracy of any information supplied by any other Filing Person.

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#### ITEM 1. SUMMARY TERM SHEET
The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

#### ITEM 2. SUBJECT COMPANY INFORMATION
**(a)** **Name and address**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"The Parties to the Transactions"

**(b)** **Securities**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"The Special Meeting—Record Date; Shares Entitled to Vote; Quorum"

"Important Information Regarding Kennedy Wilson—Security Ownership of Certain Beneficial Owners and Management"

"Market Prices and Dividend Data"

**(c)** **Trading market and price**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Market Prices and Dividend Data"

**(d)** **Dividends**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"The Merger Agreement—Dividends"

"The Merger Agreement—Covenants Regarding Conduct of Business by the Company Pending the Merger"

"Market Prices and Dividend Data"

**(e)** **Prior public offerings**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Important Information Regarding Kennedy Wilson—Prior Public Offerings"

**(f)** **Prior stock purchases**. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Important Information Regarding Kennedy Wilson—Transactions in Company Common Stock"

"Important Information Regarding Kennedy Wilson—Past Contacts, Transactions, Negotiations and Agreements"

#### ITEM 3. IDENTITY AND BACKGROUND OF FILING PERSON
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) – (c) Name and address; Business and background of entities; Business and background of natural persons.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"The Parties to the Transactions"

"Important Information Regarding Kennedy Wilson—Company Background"

"Important Information Regarding Kennedy Wilson—Directors and Executive Officers"

"Important Information Regarding Parent and Merger Sub"

"Important Information Regarding Buyer Filing Parties"

------

#### ITEM 4. TERMS OF THE TRANSACTION
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) (1) Material terms. Tender offers.** Not applicable.

**(a)(2) Material terms. Merger or similar transactions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Merger"

"Special Factors—Recommendations of the Special Committee and the Board"

"Special Factors—Reasons for the Merger"

"Special Factors—Opinion of the Special Committee's Financial Advisor"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Purpose and Reasons of the Buyer Filing Parties for the Merger"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Certain Effects on Kennedy Wilson if the Merger Is Not Completed"

"Special Factors—Certain Unaudited Prospective Financial Information"

"Special Factors—Interests of the Company's Directors and Executive Officers in the Transactions"

"Special Factors—Intent of Kennedy Wilson's Directors and Executive Officers to Vote in Favor of the Transactions"

"Special Factors—Closing and Effective Time of the Merger"

"Special Factors—Accounting Treatment"

"Special Factors—Material U.S. Federal Income Tax Consequences of the Merger"

"Special Factors—Delisting and Deregistration of the Company Common Stock"

"Special Factors—Financing of the Transactions"

"The Special Meeting—Votes Required"

"The Merger Agreement"

"The Voting and Support Agreements"

"The Rollover Agreements"

"The Equity Commitment Letter"

"Joint Bidding Agreement"

"Proposal 1: The Merger Proposal"

"Annex A-1—Agreement and Plan of Merger"

"Annex A-2—Amendment to Agreement and Plan of Merger"

"Annex B-1—Voting and Support Agreement"

"Annex B-2—Voting and Support Agreement"

"Annex D-1—Rollover Agreement"

"Annex D-2—Rollover Agreement"

"Annex C—Opinion of Moelis"

**(c)** **Different terms.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Plans for the Company After the Merger"

------

"Special Factors—Certain Effects on Kennedy Wilson if the Merger is Not Completed"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Interests of the Company's Directors and Executive Officers in the Transactions"

"Special Factors—Intent of Kennedy Wilson's Directors and Executive Officers to Vote in Favor of the Transactions"

"Special Factors—Financing of the Transactions"

"The Merger Agreement—Consideration To Be Received in the Merger"

"The Merger Agreement—Shares Not Receiving Merger Consideration"

"The Merger Agreement—Treatment of Company Equity Awards"

"The Merger Agreement—Shares Not Receiving Merger Consideration"

"The Voting and Support Agreements"

"The Rollover Agreements"

"The Equity Commitment Letter"

"Joint Bidding Agreement"

"Annex A-1—Agreement and Plan of Merger"

"Annex A-2—Amendment to Agreement and Plan of Merger"

"Annex B-1—Voting and Support Agreement"

"Annex B-2—Voting and Support Agreement"

"Annex D-1—Rollover Agreement"

"Annex D-2—Rollover Agreement"

**(d)** **Appraisal rights.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet—Appraisal Rights"

"Questions and Answers"

"Special Factors—Certain Effects of the Merger"

"Appraisal Rights"

**(e)** **Provisions for unaffiliated security holders.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Provisions for Unaffiliated Stockholders"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(f) Eligibility for listing or trading.** Not applicable.

#### ITEM 5. PAST CONTACTS, TRANSACTIONS, NEGOTIATIONS AND AGREEMENTS
**(a)** **(1)-(2) Transactions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Special Factors—Background of the Merger"

"Special Factors—Interests of the Company's Directors and Executive Officers in the Transactions"

"Special Factors—Intent of Kennedy Wilson's Directors and Executive Officers to Vote in Favor of the Transactions"

"Special Factors—Financing of the Transactions"

"Important Information Regarding Kennedy Wilson—Security Ownership of Certain Beneficial Owners and Management"

"Important Information Regarding Kennedy Wilson—Prior Public Offerings"

"Important Information Regarding Kennedy Wilson—Transactions in Company Common Stock"

------

"Important Information Regarding Kennedy Wilson—Past Contacts, Transactions, Negotiations and Agreements"

"Important Information Regarding Buyer Filing Parties"

"Annex A-1—Agreement and Plan of Merger"

"Annex A-2—Amendment to Agreement and Plan of Merger"

**(b)** **– (c) Significant corporate events; Negotiations or contacts.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Merger"

"Special Factors—Recommendations of the Special Committee and the Board"

"Special Factors— Reasons for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Purpose and Reasons of the Buyer Filing Parties for the Merger"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Interests of the Company's Directors and Executive Officers in the Transactions"

"Special Factors—Intent of Kennedy Wilson's Directors and Executive Officers to Vote in Favor of the Transactions"

"Special Factors—Financing of the Transactions"

"Special Factors—Fees and Expenses"

"The Merger Agreement"

"The Voting and Support Agreements"

"The Rollover Agreements"

"The Equity Commitment Letter"

"Joint Bidding Agreement"

"Important Information Regarding Kennedy Wilson—Prior Public Offerings"

"Important Information Regarding Kennedy Wilson—Transactions in Company Common Stock"

"Important Information Regarding Kennedy Wilson—Past Contacts, Transactions, Negotiations and Agreements"

"Important Information Regarding Parent and Merger Sub"

"Important Information Regarding Buyer Filing Parties"

"Proposal 1: The Merger Proposal"

"Annex A-1—Agreement and Plan of Merger"

"Annex A-2—Amendment to Agreement and Plan of Merger"

"Annex B-1—Voting and Support Agreement"

"Annex B-2—Voting and Support Agreement"

"Annex D-1—Rollover Agreement"

"Annex D-2—Rollover Agreement"

**(e)** **Agreements involving the subject company's securities.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors— Background of the Merger"

"Special Factors— Position of the Buyer Filing Parties as to the Fairness of the Merger"

------

"Special Factors— Purpose and Reasons of the Buyer Filing Parties for the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Interests of the Company's Directors and Executive Officers in the Transactions"

"Special Factors—Intent of Kennedy Wilson's Directors and Executive Officers to Vote in Favor of the Transactions"

"Special Factors—Financing of the Transactions"

"Special Factors—Fees and Expenses"

"The Merger Agreement"

"The Voting and Support Agreements"

"The Rollover Agreements"

"The Equity Commitment Letter"

"Joint Bidding Agreement"

"Important Information Regarding Kennedy Wilson—Security Ownership of Certain Beneficial Owners and Management"

"Important Information Regarding Kennedy Wilson—Transactions in Company Common Stock"

"Important Information Regarding Kennedy Wilson—Past Contacts, Transactions, Negotiations and Agreements"

"Annex A-1—Agreement and Plan of Merger"

"Annex A-2—Amendment to Agreement and Plan of Merger"

"Annex B-1—Voting and Support Agreement"

"Annex B-2—Voting and Support Agreement"

"Annex D-1—Rollover Agreement"

"Annex D-2—Rollover Agreement"

#### ITEM 6. PURPOSE OF THE TRANSACTION AND PLANS OR PROPOSALS
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Use of securities acquired.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Question and Answers"

"Special Factors—Recommendations of the Special Committee and the Board"

"Special Factors—Reasons for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Purpose and Reasons of the Buyer Filing Parties for the Merger"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Certain Effects on Kennedy Wilson if the Merger Is Not Completed"

"Special Factors—Interests of the Company's Directors and Executive Officers in the Transactions"

"Special Factors—Delisting and Deregistration of the Company Common Stock"

"Special Factors—Intent of Kennedy Wilson's Directors and Executive Officers to Vote in Favor of the Transactions"

"Special Factors—Financing of the Transactions"

"The Merger Agreement—Consideration To Be Received in the Merger"

"The Merger Agreement— Shares Not Receiving Merger Consideration"

"The Merger Agreement—Company Preferred Stock and Company Warrants"

"The Merger Agreement—Treatment of Company Equity Awards"

"The Merger Agreement—Procedures for Receiving Merger Consideration"

------

**(c)(1) – (8) Plans.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Question and Answers"

"Special Factors—Background of the Merger"

"Special Factors—Recommendations of the Special Committee and the Board"

"Special Factors—Reasons for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Purpose and Reasons of the Buyer Filing Parties for the Merger"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Certain Effects on Kennedy Wilson if the Merger is Not Completed"

"Special Factors—Interests of the Company's Directors and Executive Officers in the Transactions"

"Special Factors—Intent of Kennedy Wilson's Directors and Executive Officers to Vote in Favor of the Transactions"

"Special Factors—Financing of the Transactions"

"The Merger Agreement—Company Preferred Stock and Company Warrants"

"The Merger Agreement— Procedures for Receiving Merger Consideration"

"The Merger Agreement—Dividends"

"The Merger Agreement— Covenants Regarding Conduct of Business by the Company Pending the Merger"

"The Special Meeting"

"The Merger Agreement—Treatment of Company Equity Awards"

"The Voting and Support Agreements"

"The Rollover Agreements"

"Proposal 1: The Merger Proposal"

"Annex A-1—Agreement and Plan of Merger"

"Annex A-2—Amendment to Agreement and Plan of Merger"

"Annex B-1—Voting and Support Agreement"

"Annex B-2—Voting and Support Agreement"

"Annex D-1—Rollover Agreement"

"Annex D-2—Rollover Agreement"

#### ITEM 7. PURPOSES, ALTERNATIVES, REASONS AND EFFECTS
**(a)** **Purposes.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Question and Answers"

"Special Factors—Background of the Merger"

"Special Factors—Recommendations of the Special Committee and the Board"

"Special Factors—Reasons for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Purpose and Reasons of the Buyer Filing Parties for the Merger"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—No Solicitation; Change in Board Recommendation"

------

**(b)** **Alternatives.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Background of the Merger"

"Special Factors—Recommendations of the Special Committee and the Board; Reasons for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Purpose and Reasons of the Buyer Filing Parties for the Merger"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Certain Effects on Kennedy Wilson if the Merger is Not Completed"

**(c)** **Reasons.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Background of the Merger"

"Special Factors—Recommendations of the Special Committee and the Board"

"Special Factors—Reasons for the Merger"

"Special Factors—Opinion of the Special Committee's Financial Advisor"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Purpose and Reasons of the Buyer Filing Parties for the Merger"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Certain Effects on Kennedy Wilson if the Merger is Not Completed"

"Special Factors—Certain Unaudited Prospective Financial Information"

"Annex C—Opinion of Moelis"

**(d)** **Effects.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Merger"

"Special Factors—Recommendations of the Special Committee and the Board"

"Special Factors—Reasons for the Merger"

"Special Factors—Opinion of the Special Committee's Financial Advisor"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Purpose and Reasons of the Buyer Filing Parties for the Merger"

"Special Factors—Plans for the Company After the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Certain Effects on Kennedy Wilson if the Merger is Not Completed"

"Special Factors—Interests of the Company's Directors and Executive Officers in the Transactions"

"Special Factors—Accounting Treatment"

"Appraisal Rights"

"Special Factors—Material U.S. Federal Income Tax Consequences of the Merger"

"Special Factors—Financing of the Transactions"

"Special Factors—Fees and Expenses"

"Special Factors—Litigation Related to the Transactions"

"The Merger Agreement—Effects of the Merger"

------

"The Merger Agreement—Consideration To Be Received in the Merger"

"The Merger Agreement—Shares Not Receiving Merger Consideration"

"The Merger Agreement—Company Preferred Stock and Company Warrants"

"The Merger Agreement—Treatment of Company Equity Awards"

"The Merger Agreement—Directors' and Officers' Indemnification and Insurance"

"The Merger Agreement—Employee Matters"

"Proposal 1: The Merger Proposal"

"Annex A-1—Agreement and Plan of Merger"

"Annex A-2—Amendment to Agreement and Plan of Merger"

"Annex B-1—Voting and Support Agreement"

"Annex B-2—Voting and Support Agreement"

"Annex D-1—Rollover Agreement"

"Annex D-2—Rollover Agreement"

"Annex C—Opinion of Moelis"

#### ITEM 8. FAIRNESS OF THE TRANSACTION
**(a)** **– (b) Fairness; Factors considered in determining fairness.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Merger"

"Special Factors—Recommendations of the Special Committee and the Board"

"Special Factors—Reasons for the Merger"

"Special Factors—Opinion of the Special Committee's Financial Advisor"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Purpose and Reasons of the Buyer Filing Parties for the Merger"

"Special Factors—Certain Effects of the Merger"

"Special Factors—Interests of the Company's Directors and Executive Officers in the Transactions"

"Annex C—Opinion of Moelis"

The confidential discussion materials prepared by Moelis & Company LLC and provided to the Special Committee, dated November 17, 2025, November 24, 2025, December 23, 2025, January 12, 2026, January 19, 2026 and February 16, 2026, are filed as Exhibits (c)(1) through (c)(6), and are incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Approval of security holders.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Recommendations of the Special Committee and the Board; Reasons for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"The Special Meeting—Record Date; Shares Entitled to Vote; Quorum"

"The Special Meeting—Votes Required"

"The Special Meeting—Voting of Proxies"

"The Special Meeting—Revocability of Proxies"

"The Merger Agreement—Conditions of the Merger"

"Proposal 1: The Merger Proposal"

"Annex A-1—Agreement and Plan of Merger"

------

**(d)** **Unaffiliated representative.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Recommendations of the Special Committee and the Board"

"Special Factors—Reasons for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Purpose and Reasons of the Buyer Filing Parties for the Merger"

"The Merger Agreement—No Solicitation; Change in Board Recommendation"

"Provisions for Unaffiliated Stockholders"

**(e)** **Approval of directors.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Merger"

"Special Factors—Recommendations of the Special Committee and the Board"

"Special Factors—Reasons for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Purpose and Reasons of the Buyer Filing Parties for the Merger"

"Special Factors—Interests of the Company's Directors and Executive Officers in the Transactions"

"Special Factors—Intent of Kennedy Wilson's Directors and Executive Officers to Vote in Favor of the Transactions"

**(f)** **Other offers.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Special Factors—Background of the Merger"

"Special Factors—Recommendations of the Special Committee and the Board"

"Special Factors—Reasons for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Purpose and Reasons of the Buyer Filing Parties for the Merger"

#### ITEM 9. REPORTS, OPINIONS, APPRAISALS AND NEGOTIATIONS
**(a)** **– (c) Report, opinion or appraisal; Preparer and summary of the report, opinion or appraisal; Availability of documents.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Background of the Merger"

"Special Factors—Recommendations of the Special Committee and the Board"

"Special Factors—Reasons for the Merger"

"Special Factors—Opinion of the Special Committee's Financial Advisor"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Purpose and Reasons of the Buyer Filing Parties for the Merger"

"Special Factors—Certain Unaudited Prospective Financial Information"

"Where You Can Find Additional Information"

"Annex C—Opinion of Moelis"

------

The confidential discussion materials prepared by Moelis & Company LLC and provided to the Special Committee, dated November 17, 2025, November 24, 2025, December 23, 2025, January 12, 2026, January 19, 2026 and February 16, 2026, are filed as Exhibits (c)(1) through (c)(6), and are incorporated by reference herein.

The reports, opinions or appraisals referenced in this Item 9 will be made available for inspection and copying at the principal executive offices of the Company during its regular business hours by any interested equity holder of the Company or by a representative who has been so designated in writing.

#### ITEM 10. SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION
**(a)** **– (b), (d) Source of funds; Conditions; Borrowed funds.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Background of the Merger"

"Special Factors—Financing of the Transactions"

"Special Factors—Fees and Expenses"

"Special Factors—Covenants Regarding Conduct of Business by the Company Pending the Merger"

"The Merger Agreement—Financing Cooperation"

"The Merger Agreement—Financing Matters"

"The Merger Agreement—Equity Financing"

"The Merger Agreement—Conditions of the Merger"

"The Equity Commitment Letter"

"Joint Bidding Agreement"

"Annex A-1—Agreement and Plan of Merger"

"Annex A-2—Amendment to Agreement and Plan of Merger"

"Annex E—Equity Commitment Letter"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Expenses.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Special Factors—Opinion of the Special Committee's Financial Advisor"

"Special Factors—Fees and Expenses"

"The Special Meeting—Solicitation of Proxies"

"The Merger Agreement—Financing Cooperation"

"The Merger Agreement—Termination of the Merger Agreement"

"The Merger Agreement—Termination Fees"

"The Merger Agreement—Fees and Expenses"

"Persons Making the Solicitation; Methods; Costs"

#### ITEM 11. INTEREST IN SECURITIES OF THE SUBJECT COMPANY
**(a)** **Securities ownership.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Certain Effects on on Kennedy Wilson if the Merger Is Not Completed"

"Special Factors—Interests of the Company's Directors and Executive Officers in the Transactions"

"Special Factors—Record Date; Shares Entitled to Vote; Quorum"

------

"The Voting and Support Agreements"

"Important Information Regarding Kennedy Wilson—Security Ownership of Certain Beneficial Owners and Management"

"Important Information Regarding Buyer Filing Parties"

"Annex B-1—Voting and Support Agreement"

"Annex B-2—Voting and Support Agreement"

**(b)** **Securities transactions.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Special Factors—Background of the Merger"

"Special Factors—Interests of the Company's Directors and Executive Officers in the Transactions"

"The Merger Agreement"

"The Voting and Support Agreements"

"The Rollover Agreements"

"Important Information Regarding Kennedy Wilson—Prior Public Offerings"

"Important Information Regarding Kennedy Wilson—Transactions in Company Common Stock"

"Important Information Regarding Kennedy Wilson—Past Contacts, Transactions, Negotiations and Agreements"

"Annex A-1—Agreement and Plan of Merger"

"Annex A-2—Amendment to Agreement and Plan of Merger"

"Annex B-1—Voting and Support Agreement"

"Annex B-2—Voting and Support Agreement"

"Annex D-1—Rollover Agreement"

"Annex D-2—Rollover Agreement"

#### ITEM 12. THE SOLICITATION OR RECOMMENDATION
**(d)** **Intent to tender or vote in a going-private transaction.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Merger"

"Special Factors—Recommendations of the Special Committee and the Board"

"Special Factors—Reasons for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Purpose and Reasons of the Buyer Filing Parties for the Merger"

"Special Factors—Interests of the Company's Directors and Executive Officers in the Transactions"

"Special Factors—Intent of Kennedy Wilson's Directors and Executive Officers to Vote in Favor of the Transactions"

"Special Factors—Record Date; Shares Entitled to Vote; Quorum"

"Important Information Regarding Kennedy Wilson—Security Ownership of Certain Beneficial Owners and Management"

"The Voting and Support Agreements"

"Annex B-1—Voting and Support Agreement"

"Annex B-2—Voting and Support Agreement"

**(e)** **Recommendation of others.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

------

"Special Factors—Background of the Merger"

"Special Factors—Recommendations of the Special Committee and the Board"

"Special Factors—Reasons for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Purpose and Reasons of the Buyer Filing Parties for the Merger"

"Special Factors—Interests of the Company's Directors and Executive Officers in the Transactions"

"Proposal 1: The Merger Proposal"

#### ITEM 13. FINANCIAL STATEMENTS

**(a)** **Financial statements.** The audited consolidated financial statements set forth in Item 8 of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 are incorporated herein by reference. The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Special Factors—Certain Unaudited Prospective Financial Information"

"Important Information Regarding Kennedy Wilson—Selected Historical Financial Data"

"Important Information Regarding Kennedy Wilson—Book Value Per Share"

"Where You Can Find Additional Information"

**(b)** **Pro forma information.** Not applicabile.

#### ITEM 14. PERSONS/ASSETS, RETAINED, EMPLOYED, COMPENSATED OR USED
**(a)** **– (b) Solicitations or recommendations; Employees and corporate assets.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Summary Term Sheet"

"Questions and Answers"

"Special Factors—Background of the Merger"

"Special Factors—Recommendations of the Special Committee and the Board"

"Special Factors—Reasons for the Merger"

"Special Factors—Position of the Buyer Filing Parties as to the Fairness of the Merger"

"Special Factors—Purpose and Reasons of the Buyer Filing Parties for the Merger"

"Special Factors—Interests of the Company's Directors and Executive Officers in the Transactions"

"Special Factors—Fees and Expenses"

"Persons Making the Solicitation; Methods; Costs"

"The Special Meeting—Solicitation of Proxies"

"Important Information Regarding Kennedy Wilson—Directors and Executive Officers"

"Important Information Regarding Parent and Merger Sub"

"Important Information Regarding Buyer Filing Parties"

"The Rollover Agreements"

"Annex D-1—Rollover Agreement"

"Annex D-2—Rollover Agreement"

#### ITEM 15. ADDITIONAL INFORMATION
**(b)** **Golden parachute compensation.** The information set forth in the Proxy Statement under the following captions is incorporated herein by reference:

"Special Factors—Interests of the Company's Directors and Executive Officers in the Transactions"

"The Merger Agreement—Treatment of Company Equity Awards"

"Proposal 2: Advisory Compensation Program"

**(c)** **Other material information.** The information set forth in the Proxy Statement, including all annexes thereto, is incorporated herein by reference.

------

#### ITEM 16. EXHIBITS

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [(a)(1)](https://www.sec.gov/Archives/edgar/data/1408100/000114036126010566/ny20065855x1_prem14a.htm) | Preliminary Proxy Statement of Kennedy-Wilson Holdings, Inc. (included in the Schedule 14A filed on March 20, 2026 and incorporated herein by reference). |
| [(a)(2)](https://www.sec.gov/Archives/edgar/data/1408100/000114036126010566/ny20065855x1_prem14a.htm#ny20065855x1_prem14a_400-proxycard_pg1) | Form of Proxy Card (included in the Proxy Statement and incorporated herein by reference). |
| [(a)(3)](https://www.sec.gov/Archives/edgar/data/1408100/000114036126010566/ny20065855x1_prem14a.htm#ny20065855x1_prem14a_101-proxy_pg2) | Letter to Stockholders (included in the Proxy Statement and incorporated herein by reference). |
| [(a)(4)](https://www.sec.gov/Archives/edgar/data/1408100/000114036126010566/ny20065855x1_prem14a.htm#ny20065855x1_prem14a_102-notice_pg1) | Notice of Special Meeting of Stockholders (included in the Proxy Statement and incorporated herein by reference). |
| (a)(5) | Current Report on Form 8-K, dated [February 17, 2026](https://www.sec.gov/ix?doc=/Archives/edgar/data/1408100/000114036126005601/ef2006), and incorporated herein by reference |
| (a)(6) | Joint Press Release, dated [February 17, 2026](https://www.sec.gov/Archives/edgar/data/1408100/000114036126005603/ef20065816_de) (included in the Schedule 14A filed on February 17, 2026 and incorporated herein by reference). |
| (b) | None. |
| [(c)](https://www.sec.gov/Archives/edgar/data/1408100/000114036126010566/ny20065855x1_prem14a.htm#tANNEXC) | Opinion of Moelis & Company LLC, dated February 16, 2026 (included as Annex C to the Proxy Statement and incorporated herein by reference). |
| [(c)(1)](ny20065855x4_ex-c1.htm)<br> [(c)(2)](ny20065855x4_ex-c2.htm)<br> [(c)(3)](ny20065855x4_ex-c3.htm)\*<br> [(c)(4)](ny20065855x4_ex-c4.htm)\*<br> [(c)(5)](ny20065855x4_ex-c5.htm)<br> [(c)(6)](ny20065855x4_ex-c6.htm)\* | Discussion Materials of Moelis & Company LLC for the Special Committee, dated November 17, 2025<br> Discussion Materials of Moelis & Company LLC for the Special Committee, dated November 24, 2025<br> Discussion Materials of Moelis & Company LLC for the Special Committee, dated December 23, 2025<br> Discussion Materials of Moelis & Company LLC for the Special Committee, dated January 12, 2026<br> Discussion Materials of Moelis & Company LLC for the Special Committee, dated January 19, 2026<br> Discussion Materials of Moelis & Company LLC for the Special Committee, dated February 16, 2026 |
| [(d)(1)](https://www.sec.gov/Archives/edgar/data/1408100/000114036126010566/ny20065855x1_prem14a.htm#tANNEXA) | Agreement and Plan of Merger, dated as of February 16, 2026, by and among Kona Bidco, LLC, Kona Merger Subsidiary, Inc. and Kennedy-Wilson Holdings, Inc. (included as Annex A-1 to the Proxy Statement and incorporated herein by reference). |
| [(d)(2)](https://www.sec.gov/Archives/edgar/data/1408100/000114036126010566/ny20065855x1_prem14a.htm#tANNEXB) | Voting and Support Agreement, dated as of February 16, 2026, by and among Kennedy-Wilson Holdings, Inc. and the Security Holders set forth therein (included as Annex B-1 to the Proxy Statement and incorporated herein by reference). |
| [(d)(3)](https://www.sec.gov/Archives/edgar/data/1408100/000114036126010566/ny20065855x1_prem14a.htm#tANNEXB2) | Voting and Support Agreement, dated as of February 16, 2026, by and among Kennedy-Wilson Holdings, Inc. and the Security Holders set forth therein (included as Annex B-2 to the Proxy Statement and incorporated herein by reference). |
| [(d)(4)](https://www.sec.gov/Archives/edgar/data/1408100/000114036126010566/ny20065855x1_prem14a.htm#tANNEXE) | Equity Commitment Letter, dated February 16, 2026, by and among Fairfax Financial Holdings Limited, Kona Bidco, LLC and Kona Merger Subsidiary, Inc. (included as Annex E to the Proxy Statement and incorporated herein by reference). |
| [(d)(5)](https://www.sec.gov/Archives/edgar/data/1408100/000114036126010566/ny20065855x1_prem14a.htm#tANNEXD1) | Rollover Agreement, dated as of February 16, 2026, by and among Kona Bidco, LLC and the other parties thereto (included as Annex D-1 to the Proxy Statement and incorporated herein by reference). |
| [(d)(6)](https://www.sec.gov/Archives/edgar/data/1408100/000114036126010566/ny20065855x1_prem14a.htm#tANNEXD2) | Rollover Agreement, dated as of February 16, 2026, by and among Kona Bidco, LLC, Kona Management Holdco, LLC and the other parties thereto (included as Annex D-2 to the Proxy Statement and incorporated herein by reference). |
| [(d)(7)](https://www.sec.gov/Archives/edgar/data/1408100/000114036126010566/ny20065855x1_prem14a.htm#tANNEXF) | Joint Bidding Agreement, dated as of November 4, 2025, by and among Kona Management Holdco, LLC, Fairfax Financial Holdings Limited and the other Investors set forth therein (included as Annex F-1 to the Proxy Statement and incorporated herein by reference). |
| [(d)(8)](https://www.sec.gov/Archives/edgar/data/1408100/000114036126010566/ny20065855x1_prem14a.htm#tANNEXF2) | Side Letter to Joint Bidding Agreement, dated as of February 16, 2026, by and among Kona Management Holdco, LLC, Fairfax Financial Holdings Limited and the other Investors set forth therein (included as Annex F-2 to the Proxy Statement and incorporated herein by reference). |
| [(d)(9)](ny20065855x4_ex-d9.htm) | Joinder to Joint Bidding Agreement, dated as of February 24, 2026, by and among Kona Management Holdco, LLC, Odyssey Reinsurance Company and Odyssey Reinsurance (Barbados) Ltd. <br>|
| [(d)(10)](ny20065855x4_ex-d10.htm) | Joinder to Voting and Support Agreement, dated as of February 24, 2026, by and between Kennedy-Wilson Holdings, Inc. and Hamblin Watsa Investment Counsel Ltd., in its capacity as investment manager and/or pursuant to a power of attorney on behalf of Odyssey Reinsurance Company and Odyssey Reinsurance (Barbados) Ltd. |
| [(d)(11)](ny20065855x4_ex-d11.htm) | Joinder to Rollover Agreement, dated as of February 24, 2026, by and between Kona Bidco, LLC and Hamblin Watsa Investment Counsel Ltd., in its capacity as investment manager and/or pursuant to a power of attorney on behalf of Odyssey Reinsurance Company and Odyssey Reinsurance (Barbados) Ltd. |
| [(d)(12)](https://www.sec.gov/Archives/edgar/data/1408100/000114036126010566/ny20065855x1_prem14a.htm#tANNEXA2) | Amendment to the Agreement and Plan of Merger, dated as of March 15, 2026, by and among Kona Bidco, LLC, Kona Merger Subsidiary, Inc. and Kennedy-Wilson Holdings, Inc. (included as Annex A-2 to the Proxy Statement and incorporated herein by reference). |
| [(f)](ny20065855x4_ex-f.htm) | Section 262 of the General Corporation Law of the State of Delaware. |
| (g) | None. |
| [107](ny20065855x4_ex107.htm) | Filing Fee Table. |

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\* Certain portions of this exhibit have been redacted and separately filed with the SEC pursuant to a request for confidential treatment.

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#### SIGNATURES

After due inquiry and to the best of each of the undersigned's knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated as of March 20, 2026

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| | |
|:---|:---|
| **KENNEDY-WILSON HOLDINGS, INC.** | **KENNEDY-WILSON HOLDINGS, INC.** |
| By: | /s/ Justin Enbody |
| Name: Justin Enbody | Name: Justin Enbody |
| Title: Chief Financial Officer | Title: Chief Financial Officer |

---

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After due inquiry and to the best of each of the undersigned's knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| **KONA BIDCO, LLC** | **KONA BIDCO, LLC** |
|  | /s/ William J. McMorrow |
| Name: William J. McMorrow | Name: William J. McMorrow |
| Title: Chief Executive Officer | Title: Chief Executive Officer |
| **KONA MERGER SUBSIDIARY, INC.** | **KONA MERGER SUBSIDIARY, INC.** |
|  | /s/ William J. McMorrow |
| Name: William J. McMorrow | Name: William J. McMorrow |
| Title: Chief Executive Officer | Title: Chief Executive Officer |
| **KONA MANAGEMENT HOLDCO, LLC** | **KONA MANAGEMENT HOLDCO, LLC** |
|  | /s/ William J. McMorrow |
| Name: William J. McMorrow | Name: William J. McMorrow |
| Title: Chief Executive Officer | Title: Chief Executive Officer |

---

------

After due inquiry and to the best of each of the undersigned's knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
|  **WILLIAM J. MCMORROW REVOCABLE TRUST** | **WILLIAM J. MCMORROW REVOCABLE TRUST** |
| By: | /s/ William J. McMorrow |
| Name: | William J. McMorrow |
|  Title: | Trustee |

---

---

| | |
|:---|:---|
|  | /s/ William J. McMorrow |
| William J. McMorrow | William J. McMorrow |
|  | /s/ In Ku Lee |
| In Ku Lee | In Ku Lee |
|  | /s/ Matthew Windisch |
| Matthew Windisch | Matthew Windisch |

---

------

After due inquiry and to the best of each of the undersigned's knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| **FAIRFAX FINANCIAL HOLDINGS LIMITED** | **FAIRFAX FINANCIAL HOLDINGS LIMITED** |
|  | /s/ Peter Clarke |
| Name: Peter Clarke | Name: Peter Clarke |
| Title: Vice President and Chief Operating Officer | Title: Vice President and Chief Operating Officer |

---

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## Ex-99.(C)(1)

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Exhibit (c)(1)<br>

![](ny20065855x4_ex-c1slide1.jpg)

November 2025 Project Key West Discussion Materials

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![](ny20065855x4_ex-c1slide2.jpg)

Overview of Key Initial Workstreams 1 Key Initial Workstreams Overview Responsibility Status Diligence Share preliminary diligence request list with Management Moelis Cravath Complete Preliminary diligence request list shared with Key West Arrange initial diligence discussion / meeting with Management Moelis Cravath In process Management to provide requested information Key West In process Engage with Management to set up virtual data room Perform due diligence on materials once provided Moelis Key West Cravath In process Admin Schedule regular update calls Cadence to be discussed among the Special Committee and advisors Special Committee Moelis Cravath To discuss Response to the Proposal To discuss Special Committee Moelis Cravath To discuss Complete In process Other

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![](ny20065855x4_ex-c1slide3.jpg)

Phase 3 (if applicable) Illustrative Special Committee Roadmap and Considerations 2 Understand the Proposal What are the key terms of the Proposal? What information is needed to evaluate the Proposal? What are the right next steps? Context Is now the right time? What is the current market and industry backdrop? What outreach has already been conducted (if any)? Analysis How does the Proposal compare vs. potential status quo value? What is the SC's perspective on the standalone plan? Response What are the deal terms to focus on? Negotiations Evaluation of the Proposal and Alternatives Fact Gathering Negotiate with Consortium Consortium Withdraws Proposal Consortium Becomes Unfriendly SC to consider other alternatives, including maintaining status quo and outreach to 3rd parties Phase 2 Phase 1 The focus of today's discussion is Phase 1 of the Roadmap What are the key process, timing and tactical considerations? What are the practical alternatives? If decide not to reject, what is the best negotiating strategy? Reach agreement Has there been any inbound interest?

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![](ny20065855x4_ex-c1slide4.jpg)

Proposal Overview Proposed Transaction An acquisition of all of the outstanding shares of common stock of Key West that the Consortium does not currently own (the "Proposed Transaction"), via a jointly held holding company of the Consortium William J. McMorrow and Fairfax Financial Holdings Limited indicated that they collectively own ~31% of the common shares of Key West, inclusive of all shares underlying warrants, based on their respective 13D filings as of 11/04/2025 Excluding warrants, the Consortium's ownership of common shares would be ~18%1 at the proposal price and at Key West's trading levels as of 11/14/2025, given the warrants are out-of-the-money2 Inclusive of warrants, the Consortium collectively holds ~24% of the voting power of the Company (or ~30% if requisite Company stockholder approval is obtained such that the Series C Preferred Stock's cutback mechanic is not applicable) Price $10.25 per share in cash Financing The Consortium expects to be able to fully finance the Proposed Transaction with its members' available liquidity Proposal is not subject to obtaining financing Management Certain senior executive officers other than William J. McMorrow intend to roll over their existing interests in the Company as part of the Proposed Transaction, based on the Joint Bidding Agreement between members of the Consortium Since the submission of the Proposal on 11/04/2025, the President and General Counsel of Key West have indicated that they are part of the Consortium Conditions Proposed Transaction shall be structured to qualify as a tax-free, tax-deferred or non-recognition transaction for all applicable income tax purposes with respect to the rollover equity Exclusivity None requested in Proposal to Key West; Consortium members subject to exclusivity with each other via Joint Bidding Agreement, preventing them from directly or indirectly pursuing any alternative proposal while the Proposed Transaction is ongoing until the Joint Bidding Agreement's automatic termination on 02/04/2026 (unless earlier terminated by mutual agreement by members of the Consortium) Willingness to Explore Alternate Transactions The Consortium is only seeking to acquire the outstanding common stock of the Company that the members of the Consortium do not already own Proposal letter indicated that the Consortium is not interested in selling their Company shares to another party or voting in favor of any alternative transaction Other If the Proposed Transaction does not occur, the Consortium members indicated their present intention to remain as long-term shareholders of the Company Advisors Legal advisor: Debevoise & Plimpton Financial advisors: J.P. Morgan, Bank of America Proposal Summary William J. McMorrow and Fairfax Financial Holdings Limited (collectively, the "Consortium") submitted the Proposal to the Board of Directors of Key West on 11/04/2025 3 Source: Company Filings Based on number of Key West common shares held by the Consortium as disclosed in Joint Bidding Agreement as of 11/04/2025 The exercise prices of the warrants underlying Key West's Series B Cumulative Perpetual Preferred Stock and Series C Cumulative Perpetual Preferred Stock were $23.00 / share and $16.21 / share, respectively, as of 12/31/2024

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![](ny20065855x4_ex-c1slide5.jpg)

Proposal in Context: Premia and Implied Multiples Source: Company Filings, Q3 2025 Earnings Release and Supplemental Financial Information, Capital IQ as of 11/14/2025 Note: VWAP and 52-week high / low from proposal date of 11/04/2025 Fully diluted shares outstanding includes 137.904mm common shares outstanding as of 11/04/2025 and 1.894mm restricted stock units as of 12/31/2024 Consolidated enterprise value includes $2,330.8mm of consolidated property debt as of 09/30/2025; $102.2mm drawn on KW's unsecured revolving credit facility as of 09/30/2025 and $211.0mm drawn subsequent to 09/30/2025 based on Q3 2025 Earnings Release and Supplemental Financial Information; $1,802.3mm of Senior Notes including unamortized debt premiums as of 09/30/2025; also includes balance sheet cash and cash equivalents of $382.6mm as of 09/30/2025, less $352.2mm for the redemption of Europe bonds on 10/03/2025, plus $211.0mm from revolver drawn and $25.0mm for cash generated from sale of two multifamily investments subsequent to 09/30/2025; also includes 300,000 shares of Series A Cumulative Perpetual Convertible Preferred stock at $1,000 per share liquidation preference, 300,000 shares of Series B Cumulative Perpetual Preferred Stock at $1,000 per liquidation preference and 200,000 shares of Series C Cumulative Perpetual Preferred stock at $1,000 per share liquidation preference, assuming no accrued dividends. Warrants tied to Series B and Series C Cumulative Perpetual Preferred Stock were out-of-the-money as of 11/14/2025 based on exercise prices of $23.00 per share and $16.21 per share, respectively, as of 12/31/2024 Reflects the above items plus $2,798.1mm of unconsolidated debt as reported in Q3 2025 Earnings Release and Supplement; implied unconsolidated cash and cash equivalents based on total cash and cash equivalents of $503.2mm including unconsolidated joint ventures, less balance sheet cash and cash equivalents of $382.6mm as of 09/30/2025 Based on 2025E NAV estimates from J.P. Morgan and Deutsche Bank reports as of 11/05/2025 FY25E and FY26E EBITDA reflects Deutsche Bank estimates for FY25E and FY26E Baseline EBITDA (including interest rate hedges) as reported in 02/24/2025 Initiation Report; estimates do not include pending acquisition of Toll Brothers Apartment Living Platform announced 09/18/2025 4 1 2 3 5 4

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![](ny20065855x4_ex-c1slide6.jpg)

Dividend Discount Model Net Asset Value 2.5% terminal growth and 9.36% cost of equity1 $13.60 spot NAV / sh $13.60 2025E NAV / sh Net Asset Value $14.65 spot NAV / sh$14.75 2025E NAV / sh NA2 NA Analysts have an average share price target of $10.00, which represents a ~4% premium to Key West's current share price and ~2% discount to the proposal price – as well as a discount to estimated NAV / share Source: Equity research, S&P Capital IQ Market Data as of 11/14/2025 Methodology discussed in 02/24/2025 Initiation Report, at which time Deutsche Bank's price target was also $9.00 / sh Bank of America moved to "No Rating" as of 11/04/2025 following proposal letter; prior rating of "Underperform" Reflects price targets prior to 11/04/2025, or date of receipt of the proposal letter and before release of Q3 2025 earnings results 5 Equity Research Analyst Perspectives on Key West Estimates ($ Per Share) After Proposal Announcement Street Perspectives Report Date Share Price Target & 2025E NAV / Sh ($) Analyst Method 6 November 5 November 4 November Price Target Share Price as of 11/14/2025: $9.63 We generally believe that the company is moving in the right direction to growing a fee business that can fully support the cost structure at the firm. The company has a ~$5.0bn runway in committed fee bearing capital to deploy. Combined with other commitments … we see a strong runway for the investment management business to continue to grow. 11/06/25 Avg. PT: $10.00 At the offer price of $10.25, the implied cap rate we calculate on the income-producing real estate assets would be 7.2%. With much of the portfolio skewed to residential, this cap rate seems a bit high / cheap. 11/05/25 $13.00 Prior PT3 We think compensation can only be addressed by KW addressing whether its future is as a real estate operating company or as an alternatives asset manager. Until this major strategy decision is made, it feels like investors may take a wait and see approach … in such a scenario, the option of selling and going private in order to close the valuation gap makes sense. 11/05/25 Given the premium to where the stock has been trading but discount to our NAV / share estimate, we find the offer at $10.25 to be both opportunistic and good for shareholders … it has been challenged in finding a natural shareholder base that would pay up for its more diversified and leveraged (typically in the 60% range vs. 30% for REITs) business model. 11/05/25 $9.00 $11.00 $7.70 NAV / Share Estimate Metrics (Hold) (Hold) NA NA

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![](ny20065855x4_ex-c1slide7.jpg)

Disclaimer This presentation has been prepared by Moelis & Company LLC ("Moelis") solely for the information and assistance of the Special Committee of the Board of Directors of the company codenamed "Key West" (the "Company") in considering the matters referred to in these materials. This presentation is confidential and may not be disclosed (in whole or in part) or utilized for other purposes without the express prior written consent of Moelis. This presentation has been prepared based on information provided by the Company and/or from third party sources. Moelis assumed such information is complete and accurate in all material respects. Moelis has not independently verified such information (or assumed responsibility for the independent verification of such information). To the extent this presentation includes projections, forecasts or other forward-looking statements, Moelis has assumed that such information was reasonably prepared based on the best currently available estimates and judgments of the Company and/or other parties as to the future performance of the Company and/or such other parties. Moelis expresses no views as to the reasonableness of any such projections, forecasts or other forward-looking statements or the assumptions on which they are based. Moelis has not made any independent evaluation or appraisal of any of the assets or liabilities (contingent, derivative, off-balance-sheet, or otherwise) of the Company or any other party. Moelis' participation in any due diligence review is solely for purposes of supporting its advice and analysis. This presentation is based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, and Moelis assumes no obligation to update this presentation or correct any information herein. No company or transaction used in this presentation is identical to the Company or any potential transaction. The analyses set forth in this presentation do not purport to be appraisals and such analyses do not reflect Moelis' views of the prices at which businesses or securities actually may be sold. Because the analyses described in these materials (including the information used in such analyses) are inherently subject to uncertainty, Moelis does not assume responsibility if future results are materially different from those forecast. This presentation was designed for use by certain persons familiar with the business of the Company. This presentation is not intended to provide the sole basis for any decision on any transaction or strategic alternative and is not a recommendation with respect to any transaction or strategic alternative. This presentation does not address the Company's underlying business decision to engage in any transaction or strategic alternative or the relative merits of any transaction or strategic alternative as compared to any alternative business strategies or transactions that might be available to the Company. Nothing contained in this presentation should be construed as legal, regulatory, tax or accounting advice. Moelis and its affiliates are engaged globally in a wide range of investment banking and other activities for their own account and otherwise. Moelis and its affiliates may have advised, may seek to advise and may in the future advise in companies referred to in this presentation. Personnel of Moelis or such affiliates may make statements or provide advice that is contrary to information included in this presentation. The proprietary interests of Moelis or its affiliates may conflict with your interests. In addition, Moelis and its affiliates and their personnel may from time to time have positions in or effect transactions in securities referred to in this material (or derivatives of such securities), or serve as a director of companies referred to in this presentation. 6

Disclaimer This presentation has been prepared by Moelis & Company LLC ("Moelis") solely for the information and assistance of the Special Committee of the Board of Directors of the company codenamed "Key West" (the "Company") in considering the matters referred to in these materials. This presentation is confidential and may not be disclosed (in whole or in part) or utilized for other purposes without the express prior written consent of Moelis. This presentation has been prepared based on information provided by the Company and/or from third party sources. Moelis assumed such information is complete and accurate in all material respects. Moelis has not independently verified such information (or assumed responsibility for the independent verification of such information). To the extent this presentation includes projections, forecasts or other forward-looking statements, Moelis has assumed that such information was reasonably prepared based on the best currently available estimates and judgments of the Company and/or other parties as to the future performance of the Company and/or such other parties. Moelis expresses no views as to the reasonableness of any such projections, forecasts or other forward-looking statements or the assumptions on which they are based. Moelis has not made any independent evaluation or appraisal of any of the assets or liabilities (contingent, derivative, off-balance-sheet, or otherwise) of the Company or any other party. Moelis' participation in any due diligence review is solely for purposes of supporting its advice and analysis. This presentation is based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, and Moelis assumes no obligation to update this presentation or correct any information herein. No company or transaction used in this presentation is identical to the Company or any potential transaction. The analyses set forth in this presentation do not purport to be appraisals and such analyses do not reflect Moelis' views of the prices at which businesses or securities actually may be sold. Because the analyses described in these materials (including the information used in such analyses) are inherently subject to uncertainty, Moelis does not assume responsibility if future results are materially different from those forecast. This presentation was designed for use by certain persons familiar with the business of the Company. This presentation is not intended to provide the sole basis for any decision on any transaction or strategic alternative and is not a recommendation with respect to any transaction or strategic alternative. This presentation does not address the Company's underlying business decision to engage in any transaction or strategic alternative or the relative merits of any transaction or strategic alternative as compared to any alternative business strategies or transactions that might be available to the Company. Nothing contained in this presentation should be construed as legal, regulatory, tax or accounting advice. Moelis and its affiliates are engaged globally in a wide range of investment banking and other activities for their own account and otherwise. Moelis and its affiliates may have advised, may seek to advise and may in the future advise in companies referred to in this presentation. Personnel of Moelis or such affiliates may make statements or provide advice that is contrary to information included in this presentation. The proprietary interests of Moelis or its affiliates may conflict with your interests. In addition, Moelis and its affiliates and their personnel may from time to time have positions in or effect transactions in securities referred to in this material (or derivatives of such securities), or serve as a director of companies referred to in this presentation. 6

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## Ex-99.(C)(2)

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Exhibit (c)(2)<br>

![](ny20065855x4_ex-c2slide1.jpg)

Project Key West November 24, 2025 Discussion Materials

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![](ny20065855x4_ex-c2slide2.jpg)

Disclaimer This presentation has been prepared by Moelis & Company LLC ("Moelis") solely for the information and assistance of the Special Committee of the Board of Directors of the company codenamed "Key West" (the "Company") in considering the matters referred to in these materials. This presentation is confidential and may not be disclosed (in whole or in part) or utilized for other purposes without the express prior written consent of Moelis. This presentation has been prepared based on information provided by the Company and/or from third party sources. Moelis assumed such information is complete and accurate in all material respects. Moelis has not independently verified such information (or assumed responsibility for the independent verification of such information). To the extent this presentation includes projections, forecasts or other forward-looking statements, Moelis has assumed that such information was reasonably prepared based on the best currently available estimates and judgments of the Company and/or other parties as to the future performance of the Company and/or such other parties. Moelis expresses no views as to the reasonableness of any such projections, forecasts or other forward-looking statements or the assumptions on which they are based. Moelis has not made any independent evaluation or appraisal of any of the assets or liabilities (contingent, derivative, off-balance-sheet, or otherwise) of the Company or any other party. Moelis' participation in any due diligence review is solely for purposes of supporting its advice and analysis. This presentation is based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, and Moelis assumes no obligation to update this presentation or correct any information herein. No company or transaction used in this presentation is identical to the Company or any potential transaction. The analyses set forth in this presentation do not purport to be appraisals and such analyses do not reflect Moelis' views of the prices at which businesses or securities actually may be sold. Because the analyses described in these materials (including the information used in such analyses) are inherently subject to uncertainty, Moelis does not assume responsibility if future results are materially different from those forecast. This presentation was designed for use by certain persons familiar with the business of the Company. This presentation is not intended to provide the sole basis for any decision on any transaction or strategic alternative and is not a recommendation with respect to any transaction or strategic alternative. This presentation does not address the Company's underlying business decision to engage in any transaction or strategic alternative or the relative merits of any transaction or strategic alternative as compared to any alternative business strategies or transactions that might be available to the Company. Nothing contained in this presentation should be construed as legal, regulatory, tax or accounting advice. Moelis and its affiliates are engaged globally in a wide range of investment banking and other activities for their own account and otherwise. Moelis and its affiliates may have advised, may seek to advise and may in the future advise in companies referred to in this presentation. Personnel of Moelis or such affiliates may make statements or provide advice that is contrary to information included in this presentation. The proprietary interests of Moelis or its affiliates may conflict with your interests. In addition, Moelis and its affiliates and their personnel may from time to time have positions in or effect transactions in securities referred to in this material (or derivatives of such securities), or serve as a director of companies referred to in this presentation. 1

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![](ny20065855x4_ex-c2slide3.jpg)

Information Requested Received Information / Materials Outstanding Items Detailed Internal Five-Year Plan Received Company projection model as of June 2024 for purposes of sharing with credit rating agencies; included projections for FY2024E – FY2027E Received 2025E budget, as of January 2025 Received equity research models from three banks Follow-up call to discuss model drivers and assumptions scheduled for 11/24/2025 To further diligence basis of presentation, level of detail and process for updates To receive further detail on results pro forma for pending Toll Brothers acquisition Segment-Level Financial Detail Received breakout of financials for Multifamily, Europe, US Debt Platform, US Funds, Hawaii, US CIG, Corporate and Brokerage Groups for 2023, 2024 and YTD 2025 Additionally received breakdown of stabilized properties, loan investments, lease-up, development and residential and other assets underpinning quarterly supplemental filings Requesting additional detail at the subsegment level (e.g., US Multifamily vs. US office) Seeking further detail on builds to stabilized NOI for certain developments Requesting historical breakdown of Comp / G&A (direct and indirect) allocated to the investment management platform Management Reporting Packages and KPIs Received internal management reporting packs for November 2023, November 2024 and August 2025 Received Board of Director presentations and related materials for Q1 2024 – Q3 2025 – Breakdown of Investors and LPs for Investment Management Provided fee-bearing capital information with detail on investments by investor, region, fee % and other key metrics Performance fee schedule on a cash basis is unavailable Requesting detail on acquired AUM associated with the pending Toll Brothers acquisition Identified Potential Acquisition Opportunities Provided overview of acquisitions and dispositions under contract / investments planned for sale as of 11/12/2025 across the major business segments – 2 Moelis has received and begun evaluating the following key diligence items from Management Summary of Diligence to Date Bold italics indicate materials to be discussed further with management Source: Company-provided materials

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3 Management has shared the following information for reference on the financial outlook of the Company Summary of Financial Information Overview Commentary Management Projections Management 2025 Budget Management budget for the upcoming fiscal year As of January 2025 Budget is prepared in normal course 2026 budget is expected to be provided for the upcoming January board meeting Latest version of this forecast was as of January 2025 Management Credit Rating Model Long-term Management forecast created for credit agencies As of June 25, 2024 Budget is prepared in normal course Consolidated 3-year projections prepared for credit rating agencies Latest version of this forecast was as of June 2024 New version for 2025 was in process but never finalized Wall Street Analyst Financial Models Bank #1 Detailed equity research model As of August 7, 2025 Projections through 2029E Detailed segment builds that align with Management's public reporting Recently withdrew coverage of Key West Bank #2 Detailed equity research model As of February 24, 2025 Projections through 2026E Detailed segment builds with limited visibility into comparability with Management Projections are not a multi-year forecast (3-5 years) Financials not updated for post Q4 2024 Key focus on FFO Bank #3 Detailed equity research model As of November 5, 2025 Projections through 2026E Detailed NOI by subsegment (Multi-Family, Commercial) and build for investment management fees / EBITDA Projections are not a multi-year forecast (3-5 years) Projections do not provide key financial metrics / P&L line items Key focus on NAV Source: Key West Management; Wall Street Equity Research

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4 Revenue1 Adj. EBITDA Comparison of key line items in Management and Equity Research Analysts financial projections ($ in millions) Equity Research Analyst and Prior Financial Projections (1%) YoY Revenue Growth % 5% (5%) Source: Key West Management Financial Projections; Company Financials; Wall Street Analyst Research Note: Where data was available, projections shown on a like-for-like basis Includes services fees (typically noted as other income part of corporate) Baseline EBITDA reflects net (loss) income, less total income from unconsolidated investments, gain (loss) on sale of real estate, net, other income (loss) and non-controlling interest, plus share-based compensation, carried interest compensation, depreciation and amortization, interest expense, gain (loss) on early extinguishment of debt, benefit from (provision for) income taxes, NOI from unconsolidated investments (at Key West's share) and fees eliminated in consolidation Adj. EBITDA Margin % 74% NA NA 7% 1% 4% NA NA 5% 6% NA NA NA NA 5% NA NA NA NA 5% NA NA NA NM 86% 55% NA NA 87% 74% 51% NA NA 88% 70% NA NA NA NA 67% NA NA NA NA 66% NA NA Bank #2 revenue projections include impacts from unconsolidated investments Adj. EBITDA as reported by Key West includes gains on sale, fair value adjustments and other; Key West reported Baseline EBITDA2 of ~$407mm for 2024A Management Credit Rating Model reflects Consolidated EBITDA as reported for credit rating agencies; excludes realized acquisition gains per Management Actual Management 2025 Budget Management Credit Rating Model Bank #1 Bank #2 Bank #3

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5 Rental and Hotel NOI Investment Management Fees Comparison of key line items in Management and Equity Research Analysts financial projections Actual Management 2025 Budget ($ in millions) Equity Research Analyst and Prior Financial Projections (Cont'd) Management Credit Rating Model Bank #1 Bank #2 YoY Hotel and Rental NOI Growth % Bank #3 YoY Investment Management Fees Growth % Source: Key West Management Financial Projections; Company Financials; Wall Street Analyst Research Note: Where data was available, projections shown on a like-for-like basis (5%) 9% (6%) 98% 95% NA 5% 3% 1% 6% NA 2% 7% NA NA NA NA 7% NA NA NA NA 6% NA NA 20% 1% 11% 13% 35% NA 19% (5%) 8% 8% NA 16% 5% NA NA NA NA 5% NA NA NA NA 5% NA NA NA Bank #2, Bank #3 NOI projections include impacts from unconsolidated investments Key West est. share of annual NOI was ~$434mm as of Q3 2025 and ~$467mm as of FY2024, including unconsolidated investments

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As provided in Key West's Q3 2025 Earnings Results and Supplemental Information 6 Source: Key West Q3 2025 Company Filings Note: Figures not adjusted for subsequent events Based on weighted average ownership figures held by Key West Includes 11,035 affordable units the Company owns through its Vintage Housing Holdings Platform Includes $352.5mm of Europe bonds, which were repaid after 9/30/2025 Does not include cash used for repayment of Europe bonds and initial deposit for Toll Brothers Apartment Living, net of incremental revolver draw, after 9/30/2025; includes $127.7mm of restricted cash Reflects 137.904mm basic shares outstanding as of 11/04/2025 and 1.894mm restricted stock units as of 12/31/2024 Key West Components of Value Summary 3 4 5 ($ in millions)

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Appendix 7

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Dividend Discount Model Net Asset Value 2.5% terminal growth and 9.36% cost of equity1 $13.60 spot NAV / sh $13.60 2025E NAV / sh Net Asset Value $14.65 spot NAV / sh$14.75 2025E NAV / sh NA2 NA Analysts have an average share price target of $10.00, which represents a ~5% premium to Key West's current share price and ~2% discount to the proposal price – as well as a discount to estimated NAV / share Source: Equity research, S&P Capital IQ Market Data as of 11/20/2025 Methodology discussed in 02/24/2025 Initiation Report, at which time Deutsche Bank's price target was also $9.00 / sh Bank of America moved to "No Rating" as of 11/04/2025 following proposal letter; prior rating of "Underperform" Reflects price targets prior to 11/04/2025, or date of receipt of the proposal letter and before release of Q3 2025 earnings results 8 Estimates ($ Per Share) After Proposal Announcement Street Perspectives Report Date Share Price Target & 2025E NAV / Sh ($) Analyst Method 6 November 5 November 4 November Price Target Share Price as of 11/20/2025: $9.55 We generally believe that the company is moving in the right direction to growing a fee business that can fully support the cost structure at the firm. The company has a ~$5.0bn runway in committed fee bearing capital to deploy. Combined with other commitments … we see a strong runway for the investment management business to continue to grow. 11/06/25 Avg. PT: $10.00 At the offer price of $10.25, the implied cap rate we calculate on the income-producing real estate assets would be 7.2%. With much of the portfolio skewed to residential, this cap rate seems a bit high / cheap. 11/05/25 $13.00 Prior PT3 We think compensation can only be addressed by KW addressing whether its future is as a real estate operating company or as an alternatives asset manager. Until this major strategy decision is made, it feels like investors may take a wait and see approach … in such a scenario, the option of selling and going private in order to close the valuation gap makes sense. 11/05/25 Given the premium to where the stock has been trading but discount to our NAV / share estimate, we find the offer at $10.25 to be both opportunistic and good for shareholders … it has been challenged in finding a natural shareholder base that would pay up for its more diversified and leveraged (typically in the 60% range vs. 30% for REITs) business model. 11/05/25 $9.00 $11.00 $7.70 NAV / Share Estimate Metrics (Hold) (Hold) NA NA Equity Research Analyst Perspectives on Key West

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As provided in Key West's Q3 2025 Earnings Results and Supplemental Information 9 Key West Income-Producing Portfolio by Segment 1 2 Source: Key West Q3 2025 Company Filings Includes Fee-Bearing Capital related to lease-up, development and non-income producing assets Weighted average ownership figures based on the Company's share of NOI and are presented on a pre-carried interest basis ($ in millions)

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## Ex-99.(C)(3)

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Exhibit (c)(3)<br>

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Project Key West December 23, 2025 Discussion Materials

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Disclaimer This presentation has been prepared by Moelis & Company LLC ("Moelis") solely for the information and assistance of the Special Committee of the Board of Directors of the company codenamed "Key West" (the "Company") in considering the matters referred to in these materials. This presentation is confidential and may not be disclosed (in whole or in part) or utilized for other purposes without the express prior written consent of Moelis. This presentation has been prepared based on information provided by the Company and/or from third party sources. Moelis assumed such information is complete and accurate in all material respects. Moelis has not independently verified such information (or assumed responsibility for the independent verification of such information). To the extent this presentation includes projections, forecasts or other forward-looking statements, Moelis has assumed that such information was reasonably prepared based on the best currently available estimates and judgments of the Company and/or other parties as to the future performance of the Company and/or such other parties. Moelis expresses no views as to the reasonableness of any such projections, forecasts or other forward-looking statements or the assumptions on which they are based. Moelis has not made any independent evaluation or appraisal of any of the assets or liabilities (contingent, derivative, off-balance-sheet, or otherwise) of the Company or any other party. Moelis' participation in any due diligence review is solely for purposes of supporting its advice and analysis. This presentation is based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, and Moelis assumes no obligation to update this presentation or correct any information herein. No company or transaction used in this presentation is identical to the Company or any potential transaction. The analyses set forth in this presentation do not purport to be appraisals and such analyses do not reflect Moelis' views of the prices at which businesses or securities actually may be sold. Because the analyses described in these materials (including the information used in such analyses) are inherently subject to uncertainty, Moelis does not assume responsibility if future results are materially different from those forecast. This presentation was designed for use by certain persons familiar with the business of the Company. This presentation is not intended to provide the sole basis for any decision on any transaction or strategic alternative and is not a recommendation with respect to any transaction or strategic alternative. This presentation does not address the Special Committee's underlying business decision to explore or recommend any transaction or strategic alternative or the relative merits of any transaction or strategic alternative as compared to any alternative business strategies or transactions that might be available to the Company. Nothing contained in this presentation should be construed as legal, regulatory, tax or accounting advice. Moelis and its affiliates are engaged globally in a wide range of investment banking and other activities for their own account and otherwise. Moelis and its affiliates may have advised, may seek to advise and may in the future advise in companies referred to in this presentation. Personnel of Moelis or such affiliates may make statements or provide advice that is contrary to information included in this presentation. The proprietary interests of Moelis or its affiliates may conflict with your interests. In addition, Moelis and its affiliates and their personnel may from time to time have positions in or effect transactions in securities referred to in this material (or derivatives of such securities), or serve as a director of companies referred to in this presentation. 1

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Agenda 2 4 Public Market Perspectives 1. 8 Diligence and Key Inputs For Our Analysis 2. 15 Preliminary Financial Analysis 3. 19 Perspectives on Strategic Alternatives 4. 23 Appendix 5. 24 Preliminary Financial Analysis Detail A. 33 Selected Publicly Traded Companies Analysis B. 37 Selected Precedent Transactions C. 41 Selected Asset-Level Transactions Analysis D. 44 Additional Sum-of-the-Parts Analysis Support E. 47 Dividend Discount Model Analysis (For Reference Only) F. 50 Operational Benchmarking G. 54 Additional Company Detail H. 63 Additional Supporting Detail I.

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Since our engagement, Moelis has held multiple diligence calls with Key West Management covering the financial and business profile of the Company, including but not limited to segment performance, operations and recent acquisitions including the acquisition of Toll Brothers Apartment Living (the "TB acquisition"), among other items In addition to publicly available information, Moelis has reviewed internal documents related to the Company's financial and business performance, as well as the TB acquisition. These included a credit rating model created in Q2 2024 (the "Management Credit Rating Model"), and a 2025 budget as of Q1 2025 (the "Management 2025 Budget") The Special Committee directed Moelis to use certain financial information for its analysis, including the financial guidance provided in the Q3 2025 Earnings Results and Supplemental Financial Information, and to make any necessary adjustments based on diligence discussions with Management During the Special Committee meeting on November 24, the Special Committee directed Moelis not to utilize the forward-looking financial data included within the Management Credit Rating Model or the Management 2025 Budget in light of the staleness of this information, nor to ask Management to create new financial projections for the Company, due to challenges inherent in producing projections given the Company's business model, Management's lack of history in preparing such projections in the ordinary course and Management's role in the proposed transaction Moelis also discussed these topics with the additional directors added to the Special Committee, who agreed with the guidance given to Moelis at the November 24 meeting Moelis has prepared preliminary financial analyses of Key West to assist the Special Committee in its evaluation of the 11/04/2025 proposal by William J. McMorrow and Fairfax Financial Holdings Limited (the "Proposal") Our analyses remain subject to substantial revision based on any additional information received from the Company and changes in business or market conditions 3 Executive Summary

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Public Market Perspectives 4

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Source: S&P Capital IQ as of 12/18/2025 Note: Indexes are calculated based on market-cap-weighted average share price performance Reflects share price performance from 11/04/2015 to 12/18/2025 Selected Multi-family Real Estate Publicly Traded Companies include: Equity Residential (EQR), Essex Property Trust (ESS), Independence Realty Trust (IRT), Centerspace (CSR), Grainger (LSE:GRI) Selected Commercial Real Estate Publicly Traded Companies include: Douglas Emmett (DEI), Cousins Properties Incorporated (CUZ), Highwoods Properties (HIW), American Assets Trust (AAT), Derwent London (LSE:DLN), Workspace Group (LSE:KWP), Rexford Industrial Realty (REXR), Terreno Realty Corporation (TRNO), Tritax Big Box REIT (BBOX), Shaftesbury Capital (LSE:SHC), Hammerson (LSE:HMSO) 5 Public Market PerspectivesReal Estate Historical Share Price Performance Market-Cap-Weighted Average Share Price Performance – Last 10 Years to 12/18/2025 Key West's share price has underperformed that of the Selected Multi-family and Commercial Real Estate Publicly Traded Companies 2 3 Key West (unaffected) 10-year share price performance of (69%) 1 Shading indicates period from 11/04/2025 unaffected date to 12/18/2025

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Key West has historically traded at a 30%+ discount to NAV, which reflects a larger average historical discount than that of the Selected Multi-family Real Estate and Commercial Real Estate Publicly Traded Companies 6 Public Market PerspectivesHistorical Premium / (Discount) to Consensus NAV Source: S&P Capital IQ as of 12/18/2025 Note: Figures are per CapIQ and may differ from other pages; indexes are calculated as a market-cap-weighted average Premium / (Discount) to consensus NAV Reflects average from 11/04/2015 to 12/18/2025 NAV / share estimates reflect CapIQ consensus estimates and include Deutsche Bank estimates starting 02/24/2025 (initiated coverage); CapIQ consensus does not include Bank of America NAV / share estimates Selected Multi-family Real Estate Publicly Traded Companies includes: Equity Residential (EQR), Essex Property Trust (ESS), Grainger (LSE:GRI), Independence Realty Trust (IRT) and Centerspace (CSR) Selected Commercial Real Estate Publicly Traded Companies includes: Douglas Emmett (DEI), Cousins Properties Incorporated (CUZ), Highwoods Properties (HIW), American Assets Trust (AAT), Derwent London (LSE:DLN), Workspace Group (LSE:KWP), Rexford Industrial Realty (REXR), Terreno Realty Corporation (TRNO), Tritax Big Box REIT (BBOX), Shaftesbury Capital (LSE:SHC), Hammerson (LSE:HMSO) Reflects spread based on unaffected date for Key West's stock of 11/04/2025 Market-Cap-Weighted Average Premium / (Discount) to Consensus NAV – Last 10 Years to 12/18/2025 Key West (unaffected) average NAV prem./(disc.) of (48%); unaffected discount to NAV would be (42%), including Bank of America NAV estimate 1 Discount to NAV would be (24%), including Bank of America NAV estimate Shading indicates period from 11/04/2025 unaffected date to 12/18/2025

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Commentary Implied Nominal Nominal and Implied Cap Rates – Last 6 Years to 12/18/2025 The Selected Multi-family Real Estate Publicly Traded Companies nominal and implied cap rates have been lower than those of the Selected Commercial Real Estate Publicly Traded Companies 7 Public Market PerspectivesHistorical Nominal and Implied Cap Rates Over Time Source: Green Street as of 12/18/2025; reflects latest figures as of 12/12/2025 per weekly update Selected Multi-family Real Estate Publicly Traded Companies includes: Equity Residential (EQR), Essex Property Trust (ESS), Grainger (LSE:GRI); Excludes Independence Realty Trust (IRT), Centerspace (CSR) as not reported on Greenstreet Selected Commercial Real Estate Publicly Traded Companies includes: Douglas Emmett (DEI), Cousins Properties Incorporated (CUZ), Highwoods Properties (HIW), American Assets Trust (AAT), Derwent London (LSE:DLN), Workspace Group (LSE:KWP), Rexford Industrial Realty (REXR), Terreno Realty Corporation (TRNO), Tritax Big Box REIT (BBOX), Shaftesbury Capital (LSE:SHC), Hammerson (LSE:HMSO) Net Initial Yield is the European equivalent of cap rate Independence Realty Trust covered by GSA; however, cap rate data over time not reported Figures reflect nominal / implied cap rates for US selected publicly traded companies and EPRA net initial yield / implied net initial yield per GSA3 for European selected publicly traded companies Multi-family index excludes Independence Realty Trust4 and Centerspace as they are not covered by GSA Six-year timeframe due to lack of consistent data before 2019 Key West excluded from the chart as GSA does not report on the Company

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Diligence and Key Inputs For Our Analysis 8

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Category Received Information / Materials and Commentary Key West Financial Projections Management Credit Rating Model as of June 2024 for purposes of sharing with credit rating agencies (incl. projections for FY2024E – FY2027E) Management 2025 Budget as of January 2025 Equity research models from three banks Held diligence calls with Management to discuss the Management Credit Rating Model and Management 2025 Budget, focusing diligence on the basis of presentation, level of detail included and processes for updating Management does not prepare long-term financial projections in the ordinary course The credit rating agencies did not require an updated set of projections for their credit ratings this year, so Management did not prepare a revised set of projections Segment-Level Financial Detail Detailed financial breakout across asset classes and segments for 2023, 2024 and YTD 2025 Breakdown of stabilized properties, loan investments, lease-up, development and residential and other assets used to support quarterly supplemental filings Fee-bearing capital information with detail on investments by investor, region, fee % and other key metrics Held diligence calls with Management to discuss the relationship between financial information provided and publicly available information, including any key subsequent events (i.e., the TB acquisition, divestitures) Management detailed its view on the various components of value of its business at share1 as reported in its Q3 2025 Earnings Results and Supplemental Financial Information Management provided guidance on adjustments related to the components of value, including that Stockley Park (100% leased) should be reclassified from a Lease-Up Asset to an Income Producing Asset and that Edgewater and LPC at West Covina (two divestitures) should be removed from Income Producing Assets – Multi-family Management provided guidance on adjusted capital structure related figures including debt and cash balances, and equity capitalization Management Reporting Packages and KPIs Received internal Management reporting packs for November 2023, November 2024 and August 2025 Board of Director presentations and related materials for Q1 2024 – Q3 2025 M&A Provided overview of acquisitions and dispositions under contract / investments planned for sale as of 11/12/2025 across the major business segments; also provided a selection of asset appraisals and certain tax basis information as of 12/31/2024 Held diligence calls with Management and reviewed documents on the financial impact of the TB acquisition Key West has generated $470mm of cash YTD in asset sales, exceeding its FY2025 target of $400mm2 Tax and REIT Qualifications Provided tax basis information for real estate assets within the consolidated and unconsolidated portfolios as of 12/31/2024, which included details on the deferred tax liabilities and deferred tax assets (net deferred tax assets balance of $76.5mm as of 12/31/2024) Held a diligence call with Management to discuss the impact of the tax basis in the context of a potential liquidation or sale of certain asset classes / assets in certain geographical markets or the Investment Management business Management noted that the Investment Management business likely has no tax basis (i.e., gain on sale of business is equal to sale price) Management emphasized the generally low tax basis of real estate assets due to the use of 1031 exchanges to replace legacy assets and noted that each asset is held in a different structure so there may be tax, timing and partnership considerations during a sale Management does not currently track REIT qualifications in an illustrative separation of the Investment Management business scenario, however, the Company noted limitations due to the 5-year asset hold period (10-year period in California) required when converting from a C-Corp to a REIT to qualify for no corporate tax in the event of the sale of certain assets 9 Moelis has received and evaluated the following key diligence items from Management Diligence and Key Inputs For Our Analysis Summary of Diligence Information Received Source: Company Filings; Materials provided by Key West Management to Moelis 1. Based on weighted average ownership figures held by Key West 2. Based on Key West Q3 2025 Board of Director Presentation

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Leading Real Estate Investment Management Business Real estate investments across the United States, Ireland and the United Kingdom (~60%, ~20% and ~20% of estimated NOI, respectively) Over $31bn in Real Estate AUM1 across multi-family, office, industrial, and retail properties Institutional client base in the investment management business with ~$9.7bn in fee bearing capital Experienced senior management team with an average of over 23+ years of real estate experience Diversified Business Mix Key West has a diversified Real Estate and Investment Management platform Real Estate platform (365 total properties including lease up and development and 127 loan investments) is diversified across multi-family (149 stabilized assets), European and US office (16 and 17 stabilized assets, respectively), industrial (107 stabilized assets) and retail (7 assets), with certain of those asset classes wholly owned and / or owned through minority interests2 Investment management business is bifurcated into fees related to typical asset management fees (~60%3) and origination fees (~40%3); represents a smaller portion of the business relative to the Real Estate platform Unique Portfolio / ReportingStructure Key West presents GAAP filings on a consolidated vs. unconsolidated basis, but discloses a breakdown of various components of value to assist investors in their evaluation of the Company Consolidated: Portfolio consists of investments in real estate and real estate-related assets that are typically wholly-owned assets Co-Investments: Portfolio reflects capital invested by Key West for its partners in real estate and real estate-related assets where Key West does not own a majority interest; earns fees for managing fee-bearing capital including asset management, construction management, acquisition / disposition and origination fees The detailed breakdown of key financial line items of the unconsolidated investments are limited Key West is not and does not trade as a REIT, operates / invests in a wide range of real estate asset classes, and has an investment management business; whereas other large publicly traded real estate operators often tend to be organized as REITs and generally focus their operations on certain asset classes Actively Managed Real Estate Portfolio Key West has generated $470mm of cash YTD in asset sales, exceeding its FY2025 target of $400mm In Q3 2025, Key West acquired a UK single family rental housing platform and three US multi-family communities while disposing of a US multi-family property, an office property in Italy and a UK retail asset Key West realized a $196mm and $112mm gain on the sale of real estate in 2024A and 2023A, respectively High G&A Costs Key West's G&A is elevated compared to its Real Estate peers as a percentage of NOI and total enterprise value which may be attributable to its relative size and scale, investment into the investment management platform, the active management of its real estate portfolio, Management compensation and its operations across diversified asset classes and regions Elevated Leverage Profile The Company is capitalized with above-market leverage, with a debt-to-capitalization ratio of more than 80%, relative to the Selected Publicly Traded Multi-family and Commercial Real Estate Companies, which have an average debt-to-capitalization ratio of approximately half this level Key West Credit Ratings: S&P: B+, Moody's: B2 Concentrated Investor Base Key West's top 5 shareholders own ~50% of the Company Fairfax Relationship Fairfax owns ~10% of Key West's fully diluted shares outstanding and $500mm of preferred (~25mm warrants linked to preferred) Fairfax accounts for ~57% of Key West's fee bearing capital and has a number of joint real estate related and loan investments with Key West Discount to NAV Key West has historically traded at a 30%+ discount to NAV, which reflects a larger average historical discount than that of the Selected Multi-family Real Estate and Commercial Real Estate Publicly Traded Companies Key West does not trade as a qualified REIT and pays regular income tax whereas the Selected Real Estate Publicly Traded Companies are REITs Limited Equity Research Coverage Key West has a price target from two Wall Street Analysts after Bank of America moved to No Rating following the Proposal 10 Diligence and Key Inputs For Our Analysis Initial Observations on the Company Source: Company Filings; Equity Research, S&P Ratings Direct, Moody's Real Estate AUM includes total estimated fair value of the real estate properties, total loan commitments made through Key West's debt investment platform, inclusive of both currently outstanding loan amounts and contractual future fundings, and other real estate-related assets either owned by third parties, wholly-owned by the Company or held by joint ventures Figures exclude lease-up and development related assets unless otherwise noted Fee split based on LTM figures as reported

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I. Key West Run-Rate NOI Estimates and Diligence Adjustments: Key West provided details on the various components of value of the Company at share via public filings, specifically the Supplemental Financial Information filed quarterly Moelis and Key West held multiple sessions to diligence the Company's perspectives on key components of value, resulting in the following adjustments: Reclassified Stockley Park (100% leased) as an Income Producing Asset – European Office and removed Edgewater and LPC at West Covina (two divestitures) from Income Producing Assets – Multi-family Adjusted the Company's public capitalization details to account for the at share debt related to and the additional equity required to fund the TB acquisition, assumed to be funded by a draw on the Company's revolver Allocated G&A to the Company's Investment Management business such that it operates at a 40% EBITDA margin, consistent with Management guidance and prior materials presented to the Board Utilized publicly reported GAV at share estimates for the Lease-Up and Development Assets, as stabilized NOI at share for these assets does not accurately reflect certain minority interests and assets for which the scope is being explored due to data limitations constraining the Company's ability to provide a representative estimate of annualized NOI Moelis utilized the estimated annual NOI per Key West of ~$415mm for the Multi-Family, EU Office, US Office, Industrial and Retail portfolios Moelis considered but did not utilize the LTM NOI of ~$382mm for the Multi-family, EU Office, US Office, Industrial and Retail portfolios as provided in financial information from Key West, which would have resulted in a lower implied value range, as such detail may not reflect the current portfolio compared to the forward-looking estimate of annualized NOI provided in the Company's filings as of 09/30/2025 and based on discussions with Key West II. Forecasts: Key West does not prepare long-term financial projections in the ordinary course Each year in Q1, Key West creates an internal annual budget for the current calendar year; the Management 2026 Budget is still in process Key West has historically provided rating agencies with a forecast; however, the latest forecast was as of June 2024 and includes financials through 2027; the rating agencies did not require a forecast for their most recent report Management Projections have not been prepared and therefore Moelis was unable to perform a discounted cash flow ("DCF") analysis, which would have captured the full burden of the Company's G&A expenses; the preliminary financial analyses herein may not capture the full G&A of the Real Estate Business III. Key West GAV Estimates: Key West maintains GAV estimates for its Stabilized Income Producing Real Estate and Lease-Up, Development and Non-Income Producing Assets, which are updated either quarterly or annually, and is a property level build of fair value, taking into account recent appraisals, Key West cap rate estimates, cost basis and estimated costs to complete IV. Equity Research: Equity research analysts covering Key West provide NAV estimates Certain analysts also provide certain projections, however, these projections are limited because they either do not extend far enough into the future to provide for a meaningful forecast period, do not provide sufficient granularity which would allow for diligencing the forecast or assessing the value of the Real Estate and Investment Management Assets separately, and / or suspended research coverage 11 Diligence and Key Inputs For Our Analysis Summary of Available Financial Information Source: Key West Q3 2025 Company Filings; Key West Management For Reference Only

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I. Real Estate: Moelis analyzed Key West's current and historical portfolio, including asset composition by sector and geography, and considered operating metrics like occupancy and WALT, among other metrics Moelis analyzed Management's derivation of estimated annual NOI as referenced in Key West's filings and other financial information as follows: Compared NOI estimates against reported LTM NOI and historical NOI performance over time Held discussions with Management to determine any appropriate pro forma NOI adjustments for purposes of reclassifying certain assets that were recently divested and / or newly fully leased-up Reviewed NOI build-up from selected asset-level budgets and asset-level appraisals for selected properties as provided by Management Discussed with Management the operating expenses that are, and whether capex is, included in / excluded from NOI Moelis analyzed Key West's fair value estimates for the portfolio and cross-checked against asset-level appraisals for selected properties as provided by Management Moelis and Management discussed Key West's lease-up and development portfolio, including the stage of current lease-up and development assets, estimated cost basis and remaining costs to complete, Management's view on stabilized NOI and time to achieve stabilization, and fair value considerations for wholly-owned and unconsolidated investments / off-balance sheet assets Moelis and Key West Management discussed the feasibility of converting into a REIT and / or pursuing one or multiple spin-off strategies Management indicated that the following factors, among potential others, constrained the Company's ability to convert into a REIT: REIT conversion tax, the amount of unconsolidated and JV assets held by Key West, and the punitive treatment of short-term hold periods under REIT qualifications II. Investment Management: Moelis analyzed historical management and transaction fees, current and historical AUM and fee-bearing capital, investment type and geography, fund structure, and investor commitments in order to better understand Key West's investor concentration, quality of client base, mix of commingled funds vs. JVs and SMAs, and permanence of capital Moelis could not analyze projected performance fees due to limited availability of data per Management, so Moelis relied on the accrued performance fee balance in its preliminary financial analysis Moelis discussed standalone costs for the investment management platform with Management; Management guided Moelis to use a 40% EBITDA margin for purposes of analyzing the investment management platform Moelis benchmarked Management's 40% EBITDA margin guidance against the Selected Publicly Traded Asset Managers Methodologies Not Employed: Moelis did not conduct its own valuation of each individual property, and did not engage an independent third-party valuer to appraise the entire portfolio Moelis did not receive nor review rent rolls, nor did it receive nor review feasibility analyses and cash flow forecasts for the Lease-Up and Development assets Moelis did not receive nor review underlying loan exposures, asset-level performance or other criteria for assessing the Loan Book 12 Diligence and Key Inputs For Our Analysis Summary of Diligence on Financial Information Source: Key West Q3 2025 Company Filings; Key West Management

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Source: Key West Q3 2025 Company Filings, Materials provided by Key West Management to Moelis Occupancy as reported in Q3 2025 Earnings Results and Supplemental Information, unadjusted for reclassification of Stockley Park and sale of two multi-family assets Based on weighted average ownership held by Key West Multi-family units and NOI pro forma for sale of Edgewater and LPC at West Covina subsequent to 9/30/2025, per Management guidance; Edgewater accounted for 300 consolidated units and ~$2.5mm of NOI and LPC at West Covina accounted for 138 co-investment units and ~$1.2mm of NOI Reclassifies Stockley Park as Income Producing Asset – EU Office, per Management guidance; Stockley Park NOI of $2.7mm and 54,000 square feet recategorized from Lease-Up Lease-Up Gross Asset Value and Development Gross Asset Value include $239mm and $189mm, respectively, for minority-held investments and assets where the scope is still being explored, per Q3 2025 Earnings Results and Supplemental Information Adjusted to net out Gross Asset Value of $39.5mm attributable to Stockley Park, per Management guidance Reflects LTM figures per Management guidance Includes consolidated and unconsolidated debt at Key West's share as reported in Q3 2025 Earnings Release and Supplemental Financial Information; includes adjustments for subsequent events such as the repayment of Euro Bonds using cash on hand and from a draw down on the revolver, and incremental cash deposit for the TB acquisition Reflects 137.904mm basic shares outstanding as of 11/04/2025 and 1.894mm restricted stock units as of 12/31/2024 Implied based on 40% EBITDA margin for Investment Management business per Management guidance Includes details from Key West's Q3 2025 Earnings Results and Supplemental Information 13 4 8 ($ in millions) Diligence and Key Inputs For Our AnalysisKey West Components of Value Summary 4 1 5 9 Reclassified Stockley Park as Income Producing – EU Office (vs. Lease-up) per Management Removed Edgewater and LPC at West Covina (Divestitures) from Income Producing – Multi-family per Management 7 6 2 3 10

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Diligence and Key Inputs For Our Analysis Operational Benchmarking: General & Administrative Costs Key West has elevated G&A relative to the Real Estate and Asset Management Publicly Traded Companies 14 Source: Investor presentations, Company filings, S&P Capital IQ as of 12/18/2025 Estimated annual stabilized NOI, does not include fees from asset management business Average excludes Key West; US-only average includes Equity Residential (EQR), Essex Property Trust (ESS), Independence Realty Trust (IRT), Centerspace (CSR), Cousins Properties Incorporated (CUZ), Douglas Emmett (DEI), Highwoods Properties (HIW), American Assets Trust (AAT), Rexford Industrial Realty (REXR), Terreno Realty Corporation (TRNO) Reflects LTM G&A Selected Publicly Traded Real Estate Companies and Selected Publicly Traded Asset Management Companies Key West non-Investment Management G&A calculated as total G&A minus Investment Management G&A; Investment Management G&A calculated based on 40% EBITDA margin per Management guidance G&A for US alternatives calculated as fee-related revenue less fee-related earnings; G&A for US Traditional and European Alternatives calculated as revenue less EBITDA Selected Publicly Traded Real Estate Companies G&A Benchmarking – G&A as a % of NOI Selected Publicly Traded Global Asset Management Companies G&A Benchmarking – G&A as a % of Revenue5 Key West (Assumes 40% EBITDA margin) Key West (Unaffected)1 Average: 58.3%2 Average: 15.4%2 Multifamily Commercial US Traditional US Alternatives European Alternatives G&A ($)3,4 103 49 29 55 134 197 59 58 52 30 46 36 49 82 42 47 39 G&A (% of TEV) 1.3% 1.3% 1.2% 0.9% 0.5% 0.6% 1.5% 1.3% 1.1% 1.4% 0.7% 1.2% 0.5% 0.6% 0.7% 0.7% 0.5% NAV (Disc.) / Prem. (42%) (22%) (16%) (16%) (13%) (24%) 1% (23%) (46%) (47%) 1% (30%) (13%) (11%) (21%) (25%) (16%) ($ in millions) ($ in millions) US-Only Average: 11.3%2 G&A ($)3, 4 69 7,069 5,021 1,938 3,228 354 4,402 13,858 2,339 1,126 1,394 1,784 4,393 1,950 1,618 1,028 230 1,393 479 Memo: Memo: Key West NAV discount reflects average estimate of Bank of America, Deutsche Bank and J.P. Morgan

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Preliminary Financial Analysis 15

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Calculate GAV 16 Preliminary Financial AnalysisApproach to Preliminary Financial Analysis Source: Key West Management, Company Filings, S&P Capital IQ, Equity Research Calculate Implied Value of Real Estate Segment NOI per Management Book Value of Loan Investments, Lease-Up, Development and Residential Assets per Management Selected Publicly Traded Companies Prem. / (Disc.) to Analyst NAV Estimates Selected Publicly Traded Companies Analysis Selected Precedent Transactions Analysis Selected Asset-Level Transactions Analysis Calculate GAV for Real Estate Segment Range of cap rates informed by the Selected Asset-Level Real Estate Transactions Calculate Implied Value of Investment Management Segment Investment Management EBITDA based on LTM revenue and an assumed 40% margin per Management applied to the selected EBITDA multiple ranges Accrued Carried Interest based on balance sheet figures as of 09/30/2025 Other Adjustments TB Purchase Price of $177mm at Key West share as provided by Management G&A Affected: Reduce value by capitalized G&A Calculate Implied TEV 1 2 3 3 2 1 + Dividend Discount Model ("DDM") Analysis Applies discount range of 20% – 40% to Equity Research NAV estimates to arrive at an implied share price 1 Calculate implied share price based on present value of future dividends based on Equity Research dividend forecast 1 For Reference Only 1A + Range of cap rates informed by the Selected Publicly Traded Multi-family and Commercial Real Estate Companies Adjust for net debt and preferred to arrive at Implied NAV Apply Discount to NAV 4 Arrive at Implied Equity Value Calculate Implied Equity Value per Share 5 Unburdened by G&A: Do not reduce value by capitalized G&A Adjust for net debt and preferred

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$11.00 17 Source: Company Materials provided to Moelis, Company Filings, S&P Capital IQ as of 12/18/2025, Equity Research Total enterprise value ("TEV") calculated as either the Implied Equity Value based on Discount to NAV plus net debt and preferred or the value of the Income Producing Assets, Lease-Up / Development / Residential assets, Investment Management business and purchase price for the TB acquisition, including net debt and preferred; TEV adjusted for balance sheet items from Q3 2025 Earnings Results, Supplemental Information and Management Guidance to calculate Equity Value, which is then divided by the implied number of fully diluted shares outstanding to derive the implied share price for each methodology Includes Loan Investments at book value of ~$222mm as of 09/30/2025 at an illustrative price / book value multiple range of 0.9x – 1.1x Includes Accrued Carried Interest at a book value of ~$19mm as of 09/30/2025 at an illustrative price / book value multiple of 1.0x Includes $177mm purchase price for TB acquisition Includes Lease-Up GAV of $960mm, Development GAV of $381mm and Residential GAV of $289mm as of 09/30/2025 based on Company filings; reclassifies GAV attributable to Stockley Park from Lease-Up-GAV to Income Producing segment per Management guidance Light green bars include impact of LTM Non-IM G&A costs of $103mm at 11.5x – 14.5x multiple range, whereas the dark green bars exclude this impact Preliminary Financial AnalysisSummary of Preliminary Financial Analysis Multi-family Cap Rate: 4.75% – 5.75% Commercial Cap Rate: 5.75% – 7.00% 1.0x Book Value of $1.6bn5 TEV / LTM EBITDA Multiple: 10.0x – 14.0x LTM EBITDA: $46mm NAV Discount: 20% – 40% Multi-family Cap Rate: 4.75% – 5.75% Commercial Cap Rate: 5.75% – 7.00% 1.0x Book Value of $1.6bn5 Transaction Value / Adj. EBITDA Multiple: 12.0x – 15.0x LTM EBITDA: $46mm NAV Discount: 5% – 20% Multi-family Cap Rate: 5.00% – 5.50% Commercial Cap Rate: 7.25% – 8.00% 1.0x Book Value of $1.6bn5 Transaction Value / Adj. EBITDA Multiple: 12.0x – 15.0x LTM EBITDA: $46mm Light green bar burdened by G&A; Dark green bar unburdened by G&A6 Applies 20% – 40% discount range to analyst NAV / sh estimates Diamond reflects unaffected average NAV Equity Research Model assumes 4.0% annual dividend per share growth Applies illustrative cost of equity range per equity research of 8.50% – 10.50% Perpetuity growth rate range of 3.00% – 4.00% 52-week low and high based on unaffected date as of 11/04/2025 Selected Publicly Traded Companies Analysis(SOTP)4 Selected Precedent Transactions Analysis (SOTP)4 Selected Asset-Level Transactions Analysis (SOTP) 4 Selected Publicly Traded Companies Prem. / (Disc.) to Analyst NAV Estimates Illustrative Dividend Discount Model 52-Week High / Low (Unaffected) Analyst Share Price Targets (Undiscounted) Unaffected Current Methodology Implied Total Enterprise Value Range1 Key Assumptions & Commentary Income-Producing2 Lease-Up / Development Investment Management3 For Reference Only Implied Share Price Range1 $ in millions, except per share $7.70 $9,024 $9,485 $13.00 $9,765 $9,205 $9.00 $12.14 $9,645 Bank of America (Moved to No Rating as of 11/04/2025) Deutsche Bank J.P. Morgan Implied Proposal TEV Implied Unaffected TEV Proposal Price: $10.25 Unaffected Price: $7.47 $9.00 $9,205

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Preliminary Financial AnalysisManagement Q2 Board Presentation NAV Calculation Source: Company Filings and Materials provided by Key West Management to Moelis Applies basic shares outstanding of 138,293,288 as of 05/05/2025; applies net debt and cash figures based on Management's Q2 2025 Presentation; Series A Cumulative Perpetual Convertible Preferred Shares of $300mm at liquidation preference and conversion ratio of 40.343 with $24.80 conversion price; Series B Cumulative Perpetual Preferred Shares of $300mm at liquidation preference and 13.043mm shares underlying warrants with an exercise price of $23.00 per share; Series C Cumulative Perpetual Preferred Shares of $200mm at liquidation preference and 12.338mm shares underlying warrants with an exercise price of $16.21 per share Net Asset Value Scenarios – Key West Management Implied Equity Value Per Share1 Materials as presented in Management's Q2 2025 Presentation to the Key West Board of Directors Enterprise Value NAV Per Share Illustrative Management NAV Sensitivity Analysis Prepared by Moelis Based on Potential NAV Discounts ($ in millions, except per share data) Materials Provided by Key West Management to Moelis Considerations on Analysis Management materials are as of Q2 2025 and do not account for: The TB acquisition Any assets purchased or divested post-Q2 2025, including the divestiture of Edgewater and LPC at West Covina subsequent to 09/30/2025 Changes in estimated annual NOI assumptions, including the reclassification of Stockley Park from Lease-Up to Income-Producing – Commercial Accrued carried interests receivable Capitalization details of the Company post-Q2 2025 Fully diluted share count post-Q2 2025 18

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Perspectives on Strategic Alternatives 19

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Pursue Standalone Plan Pursue Strategic Discussions Consider Other Strategic Alternatives Engage with Consortium Exclusively Reach Out to Other Additional Selected Parties Overview Determine not to engage with Consortium to pursue a transaction at the current time Sign NDA with Consortium and provide limited / targeted non-public information (on basis that Consortium could improve its Proposal) Engage with Consortium (see option B) Contact other selected counterparties to indicate willingness to explore a strategic transaction and sign NDA, providing the same information Recommend certain actions for consideration to the full Board of Directors Tax leakage, REIT qualification and other complexities apply to certain of these options, which include but are not limited to: Sale of certain businesses, including Investment Management, or sale of assets within Investment Management Fairfax accounts for the majority of fee-bearing capital Spin-out of Investment Management and REIT classification Company does not have an in-place system tracking REIT eligibility of the portfolio; may be more feasible for consolidated portfolio Divestiture of certain asset classes / markets or liquidation Company has a significant number of low-basis assets from historical 1031 exchanges, which would generate meaningful taxable gains Company does not wholly own all assets in portfolio Process / timing considerations given number and diversity of assets in the portfolio Internal initiatives targeting cost structure Benefits Minimizes Management distraction Potential for Consortium to submit an improved Proposal Advance Consortium work on accelerated basis to determine if bid is actionable and if price can be increased Less Management distraction, as compared to option C Opportunity for greater price discovery Inclusion of other counterparties could increase competitive tension Ability to maintain speed and confidentiality by including only serious counterparties Considerations Consortium may shift focus elsewhere and shareholders may not have an opportunity to realize value at a premium to the unaffected share price Shareholders do not have opportunity to vote on Proposal Potentially less opportunity for price discovery Limits opportunity for price discovery from third parties Potential loss of negotiating leverage if Consortium is the only party the Special Committee is engaging with Time, additional work and Management attention required to get to a deal May take extended amount of time for certain counterparties to conduct diligence Requires additional Management time and resources Consortium expressed unwillingness to sell their shares to another party or vote in favor of an alternative transaction Consortium offer is already public; not aware of any offers from third parties that have materialized since the Proposal was made Go forward business relationship with Fairfax (i.e., the Company's largest source of fee-bearing capital) may create complexity for potential third-party acquirer 20 A Perspectives on Strategic Alternatives Review of Strategic Alternatives B D 1 2 3 4 C

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21 Selected Pure-Play REIT Buyers Selected Non-REIT Buyers Perspectives on Strategic Alternatives Illustrative Selected Potential Buyers Below logos predominantly represent pure-play REITs that might be interested in one or multiple of Key West's individual business segments, but are less likely to be interested in the aggregate Key West business due to diversity of operations; Sovereign Wealth Funds considered but ultimately not included as these potential buyers generally partner with operators for WholeCo acquisitions [\*\*\*] [\*\*\*]

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22 Perspectives on Strategic Alternatives Illustrative Analysis at Various Prices Source: Company Filings, Q3 2025 Earnings Release and Supplemental Financial Information, S&P Capital IQ as of 12/18/2025 High and low spot NAV / share estimates reflect J.P. Morgan and Bank of America NAV / share estimate, respectively, from reports as of 11/05/2025 and 08/07/2025, respectively Fully diluted shares outstanding includes 137.904mm common shares outstanding as of 11/04/2025 and 1.894mm restricted stock units as of 12/31/2024 Includes consolidated and unconsolidated debt at Key West's share as reported in Q3 2025 Earnings Release and Supplemental Financial Information Reflects Series A Cumulative Preferred Stock, Series B Cumulative Preferred Stock and Series C Cumulative Preferred Stock at liquidation preference as of 09/30/2025 Includes consolidated and unconsolidated cash at Key West's share as reported in Q3 2025 Earnings Release and Supplemental Financial Information Reflects Investment Management EBITDA assuming a 40% EBITDA margin of Investment Management segment revenue, per Management Based on GAV from Q3 2025 Earnings Release and Supplemental Financial Information; reclassifies Stockley Park as Income Producing Asset – EU Office, per Management guidance Based on $95mm of remaining equity requirement for TB acquisition, assumed to be paid with revolver per Management guidance, and $57mm of Key West share of debt at close Multi-family estimated annual NOI pro forma for sale of Edgewater and LPC at West Covina subsequent to 9/30/2025, per Management guidance; Edgewater accounted for ~$2.5mm of NOI and LPC at West Covina accounted for ~$1.2mm of NOI 11/04/2025 Proposal Price

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Appendix 23

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Preliminary Financial Analysis Detail 24

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25 Preliminary Financial Analysis DetailSOTP Analysis: Selected Publicly Traded Companies Analysis Reflects nominal cap rates across Income Producing Assets and a 20% ‒ 40% discount to NAV range Source: Company Filings and Materials provided by Key West Management to Moelis, Q3 2025 Earnings Release and Supplemental Financial Information, S&P Capital IQ as of 12/18/2025 1. Estimated annual stabilized NOI provided by Management in the Q3 2025 Earnings Release and Supplemental Financial Information; Multi-family adjusted to remove Edgewater and LPC at West Covina (two divestitures); Stockley Park (100% leased) reclassified as Income Producing – Commercial 2. Reclassifies $21mm of fair value attributable to Stockley Park from Lease-Up to Income Producing – Commercial 3. Reflects Gross Asset Value as reported in Q3 2025 Earnings Release and Supplemental Financial Information; Stockley Park (100% leased) reclassified as Income Producing 4. Reflects Investment Management EBITDA assuming a 40% EBITDA margin of Investment Management segment revenue, per Management Reflects required Key West equity for pending TB acquisition based on Materials provided by Key West Management to Moelis and Key West share of debt at close based on Materials provided by Key West Management to Moelis Calculated as the Implied Equity Value based on Discount to NAV plus net debt and preferred Series C Cumulative Perpetual Preferred Stock of $200mm adjusted for conversion of 12.338mm shares with underlying warrants at an exercise price of $16.21 per share Based on balance sheet figures as reported in Q3 2025 Earnings Release and Supplemental Financial Information and subsequent events Based on 137.904mm basic shares outstanding as of 11/04/2025 and 1.894mm restricted stock units as of 12/31/2024 7 7

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26 Preliminary Financial Analysis DetailSOTP Analysis: Selected Precedent Transactions Analysis Reflects nominal cap rates across Income Producing Assets and a 5% ‒ 20% discount to NAV range Source: Company Filings and Materials provided by Key West Management to Moelis, Q3 2025 Earnings Release and Supplemental Financial Information, S&P Capital IQ as of 12/18/2025 1. Estimated annual stabilized NOI provided by Management in the Q3 2025 Earnings Release and Supplemental Financial Information; Multi-family adjusted to remove Edgewater and LPC at West Covina (two divestitures); Stockley Park (100% leased) reclassified as Income Producing – Commercial 2. Reclassifies $21mm of fair value attributable to Stockley Park from Lease-Up to Income Producing – Commercial 3. Reflects Gross Asset Value as reported in Q3 2025 Earnings Release and Supplemental Financial Information; Stockley Park (100% leased) reclassified as Income Producing 4. Reflects Investment Management EBITDA assuming a 40% EBITDA margin of Investment Management segment revenue, per Management Reflects required Key West equity for pending TB acquisition based on Materials provided by Key West Management to Moelis and Key West share of debt at close based on Materials provided by Key West Management to Moelis Calculated as the Implied Equity Value based on Discount to NAV plus net debt and preferred Series C Cumulative Perpetual Preferred Stock of $200mm adjusted for conversion of 12.338mm shares with underlying warrants at an exercise price of $16.21 per share Based on balance sheet figures as reported in Q3 2025 Earnings Release and Supplemental Financial Information and subsequent events Based on 137.904mm basic shares outstanding as of 11/04/2025 and 1.894mm restricted stock units as of 12/31/2024 7 7

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27 Preliminary Financial Analysis DetailSOTP Analysis: Selected Asset-Level Transactions Analysis Source: Company Filings and Materials provided by Key West Management to Moelis, Q3 2025 Earnings Release and Supplemental Financial Information, S&P Capital IQ as of 12/18/2025 1. Estimated annual stabilized NOI provided by Management in the Q3 2025 Earnings Release and Supplemental Financial Information; Multi-family adjusted to remove Edgewater and LPC at West Covina (two divestitures); Stockley Park (100% leased) reclassified as Income Producing – Commercial 2. Reclassifies $21mm of fair value attributable to Stockley Park from Lease-Up to Income Producing – Commercial 3. Reflects Gross Asset Value as reported in Q3 2025 Earnings Release and Supplemental Financial Information; Stockley Park (100% leased) reclassified as Income Producing 4. Reflects Investment Management EBITDA assuming a 40% EBITDA margin of Investment Management segment revenue, per Management 5. Reflects required Key West equity for pending TB acquisition based on Materials provided by Key West Management to Moelis and Key West share of debt at close based on Materials provided by Key West Management to Moelis 6. Based on balance sheet figures as reported in Q3 2025 Earnings Release and Supplemental Financial Information and subsequent events Based on 137.904mm basic shares outstanding as of 11/04/2025 and 1.894mm restricted stock units as of 12/31/2024

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28 Preliminary Financial Analysis DetailSOTP Analysis: Selected Asset-Level Transactions Analysis (G&A) Source: Company Filings and Materials provided by Key West Management to Moelis, Q3 2025 Earnings Release and Supplemental Financial Information, S&P Capital IQ as of 12/18/2025 Includes remaining portion of direct and corporate compensation and related expenses and general and administrative expenses, excluding Investment Management Based on balance sheet figures as reported in Q3 2025 Earnings Release and Supplemental Financial Information and subsequent events Based on 137.904mm basic shares outstanding as of 11/04/2025 and 1.894mm restricted stock units as of 12/31/2024

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29 Moelis performed the following financial analyses on a Sum-of-the-Parts ("SOTP") basis to reflect the different business and financial characteristics of Key West's Real Estate (incl. Income-Producing and Lease-Up / Development) and Investment Management business segments Preliminary Financial Analysis DetailPreliminary Financial Analysis Methodologies & Commentary Selected Publicly Traded Companies Analysis(SOTP) Given Key West's business mix between Real Estate and Investment Management, Moelis performed a sum-of-the-parts analysis utilizing the Selected Publicly Traded Multi-family Real Estate and Commercial Real Estate Companies, and Asset Managers for respective segments Moelis first calculated GAV for the Company's Income Producing real estate segment by applying a range of nominal cap rates For the Income Producing Real Estate, nominal cap rates (based on in-place NOI) based on Green Street ("GSA") were applied to Key West Management annualized NOI estimates as of Q3 2025 In determining the selected reference ranges for Key West, Moelis utilized its professional judgment and experience and considered the ranges of the current nominal cap rates of the Selected Publicly Traded Multi-family Real Estate and Commercial Real Estate Companies Moelis then added the implied value of Key West's Income Producing Loan Investments, based on the book value of the Loan Investments as reported by Key West as of 09/30/2025 at an applied range of multiples of 0.9x – 1.1x book value Moelis used its professional judgment in selecting the range of book value multiples for the Loan Investments, informed by the multiples employed by equity research analysts to the book values of balance sheet investments of Selected Publicly Traded Asset Management Companies Moelis then added the estimated GAV of the Lease-Up, Development and Residential portfolio as publicly reported as of 09/30/2025; the Company-estimated GAV was utilized rather than NOI as stabilized NOI at share for these assets does not accurately reflect certain minority interests and assets for which the scope is being explored due to data limitations, per Management guidance and public filings The implied enterprise value of the Investment Management business was implied by applying a range of multiples to the LTM Q3 2025 EBITDA of the Investment Management business and adding the book value of accrued carried interest as reported by Key West as of 09/30/2025 TEV / LTM Adj. EBITDA multiples based on 09/30/2025 LTM Adj. EBITDA for the Selected Publicly Traded Asset Managers applied to Key West's Investment Management LTM Q3 2025A Segment EBITDA In determining the selected reference ranges for Key West, Moelis utilized its professional judgment and experience and considered the ranges of the Selected Publicly Traded Asset Managers with attributes similar in certain regards to the Investment Management Business of Key West Moelis also added the purchase price for the TB acquisition, inclusive of equity required to fund the acquisition and Key West's share of debt at close of the acquisition The summation of the GAV of the Income Producing and Lease-Up, Development and Residential Assets, as well as the implied value of the Investment Management portion of the business and purchase price for the TB acquisition, calculated the GAV for Key West; to derive NAV, Moelis subtracted total Company debt and preferred stock, net of cash The NAV implied based on the above was then discounted at a range of 20% – 40% to derive an implied equity value for the Company Moelis determined the appropriate discount to apply based on Key West's observed discount to consensus NAV over the historical period, the discount of the Selected Publicly Traded Real Estate Companies and Moelis' professional judgment; Moelis considered but placed less emphasis on Key West's unaffected discount to NAV of 48%1, which is higher than the selected range; Moelis considered but placed less emphasis on Key West's elevated leverage relative to the Selected Publicly Traded Real Estate Companies, complexity of operations (i.e., asset class type, geographical markets), subscale sub-portfolios, taxable income status as a non-qualified REIT and the concentration of Key West's shareholder base In calculating the implied share price range, Moelis did not burden the valuation by capitalized G&A for the non-Investment Management portion of the business While such impact may be partially captured in the NAV discount range applied, the Company's relatively high G&A burden could have justified an even larger discount; however, given the context of the potential transaction with Management (who may be responsible, at least in part, for the elevated level of G&A), we applied a smaller NAV discount Note: Balance sheet figures are pro forma adjusted as of September 30, 2025 Based on Analysts that currently have a price target on Key West

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30 Preliminary Financial Analysis DetailPreliminary Financial Analysis Methodologies & Commentary (cont'd) Selected Precedent Transactions Analysis(SOTP) Given Key West's business mix between Real Estate and Investment Management, Moelis performed a sum-of-the-parts analysis utilizing the Selected Precedent Real Estate and Alternative Asset Manager Transactions for respective segments Moelis first calculated GAV for the Company's Income Producing real estate segment by applying a range of nominal cap rates For the Income Producing Real Estate, nominal cap rates (based on in-place NOI) based on GSA were applied to Key West Management annualized NOI estimates as of Q3 2025 In determining the selected reference ranges for Key West, Moelis utilized its professional judgment and experience and considered the ranges of the current nominal cap rates of the Selected Publicly Traded Multi-family Real Estate and Commercial Real Estate Companies Moelis then added the implied value of Key West's Income Producing Loan Investments, based on the book value of the Loan Investments as reported by Key West as of 09/30/2025 at an applied range of multiples of 0.9x – 1.1x book value Moelis used its professional judgment in selecting the range of book value multiples for the Loan Investments, informed by the multiples employed by equity research analysts to the book values of balance sheet investments of Selected Publicly Traded Asset Management Companies Moelis then added the estimated GAV of the Lease-Up, Development and Residential portfolio as publicly reported as of 09/30/2025; the Company-estimated GAV was utilized rather than NOI as stabilized NOI at share for these assets does not accurately reflect certain minority interests and assets for which the scope is being explored due to data limitations, per Management guidance and public filings The implied enterprise value of the Investment Management business was implied by applying a range of multiples to the LTM Q3 2025 EBITDA of the Investment Management business and adding the book value of accrued carried interest as reported by Key West as of 09/30/2025 Transaction Value / Adj. EBITDA multiples based on publicly available information for the Selected Precedent Alternative Asset Manager Transactions applied to Key West's Investment Management LTM Q3 2025A Segment EBITDA In determining the selected reference ranges for Key West, Moelis utilized its professional judgment and experience and considered the ranges of the Selected Precedent Alternative Asset Manager Transactions with attributes similar in certain regards to the Investment Management Business of Key West Moelis also added the purchase price for the TB acquisition, inclusive of equity required to fund the acquisition and Key West's share of debt at close of the acquisition The summation of the GAV of the Income Producing and Lease-Up, Development and Residential Assets, as well as the implied value of the Investment Management portion of the business and purchase price for the TB acquisition, calculated the GAV for Key West; to derive NAV, Moelis subtracted total Company debt and preferred stock, net of cash The NAV implied based on the above was then discounted at a range of 5% – 20% to derive an implied equity value for the Company Moelis determined the appropriate discount to apply based on the discount of the Selected Precedent Real Estate Transactions and Moelis' professional judgment; Moelis considered but placed less emphasis on Key West's elevated leverage relative to the Selected Precedent Real Estate Transactions, complexity of operations (i.e., asset class type, geographical markets), subscale sub-portfolios, taxable income status as a non-qualified REIT and the concentration of Key West's shareholder base In calculating the implied share price range, Moelis did not burden the valuation by capitalized G&A for the non-Investment Management portion of the business While such impact may be partially captured in the NAV discount range applied, the Company's relatively high G&A burden could have justified an even larger discount; however, given the context of the potential transaction with Management (who may be responsible, at least in part, for the elevated level of G&A), we applied a smaller NAV discount Moelis performed the following financial analyses on a Sum-of-the-Parts ("SOTP") basis to reflect the different business and financial characteristics of Key West's Real Estate (incl. Income-Producing and Lease-Up / Development) and Investment Management business segments Note: Balance sheet figures are pro forma adjusted as of September 30, 2025

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31 Preliminary Financial Analysis DetailPreliminary Financial Analysis Methodologies & Commentary (cont'd) Selected Asset-Level Transactions Analysis(SOTP) Moelis first calculated GAV for the Company's Income Producing real estate segment by applying a range of offer cap rates informed by the Selected Asset-Level Real Estate Transactions For the Income Producing Real Estate segment, the Selected Asset-Level Transactions Analysis utilizes a range of offer cap rates based on transaction data from Real Capital Analytics, CoStar and GSA for the Selected Asset-Level Transactions applied to Key West Management annualized NOI estimates as of Q3 2025 In determining the selected reference ranges for Key West, Moelis utilized its professional judgment and experience and considered the ranges of the offer cap rates of the Selected Asset-Level Real Estate Transactions Moelis then added the implied value of Key West's Income Producing Loan Investments, based on the book value of the Loan Investments as reported by Key West as of 09/30/2025 at an applied range of multiples of 0.9x – 1.1x book value Moelis used its professional judgment in selecting the range of book value multiples for the Loan Investments, informed by the multiples employed by equity research analysts to the book values of balance sheet investments of Selected Publicly Traded Asset Management Companies Moelis then added the estimated GAV of the Lease-Up, Development and Residential portfolio as publicly reported as of 09/30/2025; the Company-estimated GAV was utilized rather than NOI as stabilized NOI at share for these assets does not accurately reflect certain minority interests and assets for which the scope is being explored due to data limitations, per Management guidance and public filings The implied enterprise value of the Investment Management business was implied by applying a range of multiples to the LTM Q3 2025 EBITDA of the Investment Management business and adding the book value of accrued carried interest as reported by Key West as of 09/30/2025 Transaction Value / Adj. EBITDA multiples based on publicly available information for the Selected Precedent Alternative Asset Manager Transactions applied to Key West's Investment Management LTM Q3 2025A Segment EBITDA In determining the selected reference ranges for Key West, Moelis utilized its professional judgment and experience and considered the ranges of the Selected Precedent Alternative Asset Manager Transactions with attributes similar in certain regards to the Investment Management Business of Key West Moelis also added the purchase price for the TB acquisition, inclusive of equity required to fund the acquisition and Key West's share of debt at close of the acquisition In conducting the analysis, Moelis considered that the other sum-of-the-parts methodologies assess the value of Key West by looking at other companies that own real estate assets. This approach factors in the platform value of those businesses expressed via the premium / (discount) to NAV applied to calculate an implied equity value It is our observation that REITs trading at a discount to NAV have platforms that do not create value in excess of cost of capital. Platform costs may be partially captured in the G&A load of those platforms If market conditions were different and more favorable, these platforms could create value; however, there is limited evidence today in the market proving this case Given the Company's current leverage position, the Company's opportunities to leverage to grow into the platform are limited The Asset-Level Transaction Analysis is a bottoms-up analysis where there is no direct means to factor in the platform. We recognize that the answer is somewhere in between not capitalizing, and fully capitalizing G&A for Key West's non-Investment Management business As such, we are taking two approaches: No additional burden for G&A, beyond what may be implicitly included in the offer cap rates G&A-Affected: Burdens the valuation by the capitalized G&A The quantum of the impact of these costs was based on a blended multiple implied by the TEV / LTM EBITDA multiples for the Selected Publicly Traded Asset Managers and the TEV / EBITDAre multiples for the Selected Publicly Traded Real Estate Companies applied to G&A costs not assumed by the Investment Management business Moelis performed the following financial analyses on a Sum-of-the-Parts ("SOTP") basis to reflect the different business and financial characteristics of Key West's Real Estate (incl. Income-Producing and Lease-Up / Development) and Investment Management business segments Note: Balance sheet figures are pro forma adjusted as of September 30, 2025

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32 Preliminary Financial Analysis DetailPreliminary Financial Analysis Methodologies & Commentary (cont'd) Dividend Discount Model (DDM) Analysis(For Reference Only) Moelis conducted a dividend discount model analysis on a consolidated basis for reference only For purposes of the analysis, Moelis utilized financial projections based on an Equity Research Analyst model and then applied the perpetuity growth method to the dividend per share of the last projection year to arrive at a terminal value Dividends were based on the projected dividends per share; Equity Research Analyst model assumes a dividend per share growth rate of 4% annually throughout projection period Dividends through 2033E and terminal value were discounted using a cost of equity analysis to September 30, 2025, utilizing mid-year convention Moelis performed the following financial analyses on a Sum-of-the-Parts ("SOTP") basis to reflect the different business and financial characteristics of Key West's Real Estate (incl. Income-Producing and Lease-Up / Development) and Investment Management business segments Note: Balance sheet figures are pro forma adjusted as of September 30, 2025

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Selected Publicly Traded Companies Analysis 33

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34 Selected Publicly Traded Companies AnalysisReal Estate: Selected Publicly Traded Multi-Family REITs Source: S&P Capital IQ as of 12/18/2025 and GSA as of 12/12/2025, reflecting the latest weekly GSA data available as of 12/18/2025 Implied cap rate calculated as NOI for US comps and NRI for EUR comps divided by TEV Centerspace is not covered by GSA; GSA NAV per share and implied cap rate for Centerspace represent an equity research consensus average from Raymond James, Wells Fargo, RBC, Piper Sandler, UBS Equities; NAV per share consensus also includes Cantor Fitzgerald estimate; nominal cap rate per Wells Fargo's 3Q25 report as other equity research reports do not report nominal cap rate Differences in our implied cap rate and GSA Implied Cap Rate is attributed to (i) LQA NOI used in our spread vs NTM figures in GSA build; (ii) GSA adjusting EV for development assets, management platforms and / or other assets and liabilities as applicable; (iii) differences in pro forma adjustments for subsequent events where GSA would pro forma adjust income and capital structure but our LQA numbers are historical so the adjustments only affect the capital structure, which is driving the variance Key West Adj. EBITDAre reflects property NOI, loan income, and investment management fees (net of compensation and general and administrative expenses) Based on NOI and TEV as follows: $415mm estimated annual NOI of stabilized assets; unaffected TEV minus Investment Management business (valued at 40% EBITDA margin per management and mid-point estimate of 12.0x from Selected Publicly Traded Companies Analysis SOTP Nominal Cap Rates), minus accrued carried interest book value, minus lease-up / development / non-income producing GAV, minus book value of loan investments and minus Toll Brothers purchase price Based on consensus equity research NAV / share of $12.93, relative to unaffected share price 1 4 6 2 5 Based on consensus equity research NAV / share of $12.93 based on J.P. Morgan, Deutsche Bank and Bank of America estimates 3

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35 Source: S&P Capital IQ as of 12/18/2025 and GSA as of 12/12/2025, reflecting the latest weekly GSA data available as of 12/18/2025 Implied cap rate calculated as NOI for US comps and NRI for EUR comps divided by TEV Differences in our implied cap rate and GSA Implied Cap Rate is attributed to (i) LQA NOI used in our spread vs NTM figures in GSA build; (ii) GSA adjusting EV for development assets, management platforms and / or other assets and liabilities as applicable; (iii) differences in pro forma adjustments for subsequent events where GSA would pro forma adjust income and capital structure but our LQA numbers are historical so the adjustments only affect the capital structure, which is driving the variance Key West Adj. EBITDAre reflects property NOI, loan income, and investment management fees (net of compensation and general and administrative expenses) Based on NOI and TEV as follows: $415mm estimated annual NOI of stabilized assets; unaffected TEV minus investment management business (valued at 40% EBITDA margin per management and mid-point estimate of 12.0x from Selected Publicly Traded Companies Analysis SOTP Nominal Cap Rates), minus accrued carried interest book value, minus lease-up / development / non-income producing GAV, minus book value of loan investments and minus Toll Brothers purchase price Based on consensus equity research NAV / share of $12.93, relative to unaffected share price Selected Publicly Traded Companies AnalysisReal Estate: Selected Publicly Traded Commercial REITs 1 3 5 2 2 4 Based on consensus equity research NAV / share of $12.93 based on J.P. Morgan, Deutsche Bank and Bank of America estimates

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36 Source: Company filings, Thomson Reuters estimates; Equity Research estimates, S&P Capital IQ as of 12/18/2025 Note: KKR and Apollo valuations include the value of their consolidated insurance businesses Non-controlling interest excluded as it includes non-controlling interest from consolidated funds Selected Publicly Traded Companies Analysis Trading Metrics: Publicly Traded Asset Managers 1

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Selected Precedent Transactions 37

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38 Selected Precedent Transactions Analysis Real Estate: Selected Multi-family REITs Source: S&P Capital IQ, public filings and articles Based on NOI and TEV as follows: $415mm estimated annual NOI of stabilized assets; Offer TEV minus investment management business (valued at 40% EBITDA margin per management and mid-point estimate of 12.0x from Selected Publicly Traded Companies Analysis SOTP Nominal Cap Rates), minus accrued carried interest book value, minus lease-up / development / non-income producing GAV, minus book value of loan investments and minus TB acquisition purchase price Based on consensus equity research NAV / share of $12.93, relative to offer price per share 2 1 Reflects the NAV discount implied by the Proposal Offer Price

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39 Selected Precedent Transactions Analysis Real Estate: Selected Commercial REITs Source: S&P Capital IQ, public filings and articles Based on NOI and TEV as follows: $415mm estimated annual NOI of stabilized assets; Offer TEV minus investment management business (valued at 40% EBITDA margin per management and mid-point estimate of 12.0x from Selected Publicly Traded Companies Analysis SOTP Nominal Cap Rates), minus accrued carried interest book value, minus lease-up / development / non-income producing GAV, minus book value of loan investments and minus TB acquisition purchase price Based on consensus equity research NAV / share of $12.93, relative to offer price per share 2 1 Reflects the NAV discount implied by the Proposal Offer Price

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40 Selected Precedent Transactions AnalysisSelected Precedent Alternative Asset Manager Transactions Source: Bloomberg, company filings, equity research Transaction Value reflects either equity value or total enterprise value; see footnotes for detail on each transaction EBITDA reflects estimated 2025 EBITDA of ~$30M. Transaction Value reflects average total consideration (based on 80% acquisition) including and excluding $92M earnout and grossed up to reflect 100% acquisition Assumes EBITDA of $100M. Transaction Value based on capitalization date of 02/21/2025 and includes ~44.708M shares of Class A Common Stock, 140.110K Restricted Class A Common Stock shares and ~96.423M OpCo Class A Common Units, all of which are to be exchanged into 0.07081 shares of Apollo common stock and ~79.142M shares of Class B Common Stock, all of which are to be exchanged into 0.00006 shares of Apollo common stock EBITDA based on estimated Pre-Tax FRE of $425M (calculated as expected ~$850M base fees at 50% margin). Transaction Value based on average of TEV inclusive of earnout and exclusive of earnout (calculated as product of 1.6M shares and BlackRock 12/02/2024 closing price of $1,020.11). TEV calculation assumes $12B valuation, less $675M used to fund retention pool for HPS employees and estimated $480M PRE valuation (calculated as the product of $40M PRE and 12.0x) Transaction Value reflects average total consideration (based on 75% acquisition) including and excluding ~$255M earnout and grossed-up to reflect 100% acquisition. TEV / EBITDA multiple based on Wendel disclosures EBITDA based on estimated 2026 FRE of $245M. TEV calculated as average of $3.7B upfront consideration and sum of $3.7B upfront consideration and $1.5B earnout provision EBITDA based on estimated $400M of post-tax annual FRE. TEV calculated as average of ~$11.9B (total consideration of ~$12.6B less $650M retention bonus) and ~$7.9B (total consideration of ~$12.6B less both $650M retention bonus and ~$4.0B earnout) EBITDA based on actual 2022 Underlying EBITDA (which excludes exceptional items) of £57.8M. Transaction Value includes £179M of ECP's existing debt. Conversion to USD based on 09/05/2023 USD/GBP exchange rate of ~1.2562 EBITDA reflects 2022 actual profit before tax of ~$30.9M. Transaction Value reflects average total consideration (based on 72% acquisition) including and excluding $93M earnout and grossed up to reflect 100% acquisition EBITDA based on BNP Paribas Exane estimated 2023 pre-tax distributable earnings of $184M; Transaction Value calculated as average of ~$3.1B (including $400M earnout) and ~$2.7B (excluding $400M earnout) EBITDA based on estimated annual run-rate operating income of ~$60M (excludes incentive fees and investment income). Transaction Value calculated as average of $700M (including $350M earnout) and $350M (excluding $350M earnout). Franklin also purchased ~$188M in Alcentra's CLOs EBITDA based on BNP Paribas Exane estimate of $265M. Transaction Value calculated as average of upfront consideration of ~$3.3B and total consideration (including ~$900M earnout) of ~$4.2B EBITDA based on estimated 2020 EBITDA of ~$80M. Transaction Value calculated includes refinancing of ~$300M of Exeter's debt EBITDA reflects estimated 2019 Distributable Earnings of ~$659M. Transaction Value reflects average total consideration (based on 62% acquisition) including and excluding $2.3B earnout and grossed up to reflect 100% acquisition EBITDA reflects actual 2016 EBITDA of ~$320M 2 3 4 5 6 7 8 9 10 11 12 13 14 15

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Selected Asset-Level Transactions Analysis 41

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Moelis analyzed Cap Rates from 3Q2025 asset-level transaction data based on markets, cities and asset types deemed generally relevant by Moelis to Key Wests existing asset portfolio 42 Selected Asset-Level Transactions AnalysisReal Estate Transaction and Market-level Nominal Cap Rates Source: Real Capital Analytics, Costar, GSA Note: Additional transaction parameters – Multifamily - >$10mm sale value, Industrial/Retail - >10k sqft, Office - >25k sqft GSA Markets – Rome, Milan, Barcelona, Madrid, London, Manchester, Edinburgh, Dublin, Denver, Las Vegas, Los Angeles, Orange County, Phoenix, Portland, Sacramento, Salt Lake City, San Diego, San Francisco, San Jose, Seattle Costar Markets – Albuquerque, Boise, Boulder, Colorado Springs, Denver, Las Vegas, Los Angeles, Orange County, Phoenix, Portland, Reno, Sacramento, Salt Lake City, San Diego, San Francisco, San Jose, Santa Barbara, Santa Rosa, Seattle, Spokane, Tucson Reported asset-level cap rate based on observed transaction data Private market cap rates aggregated by database providers Property Level Transaction Markets – Based on Existing Key West Markets US Market Grouping: Mountain West – Phoenix, Tucson, Denver, Boulder, Colorado Springs, Boise, Las Vegas, Reno, Salt Lake City; Pacific Northwest – Seattle, Portland, Spokane; So. California – Los Angeles, San Diego, Orange County Santa Barbara; No. California – San Jose, Sacramento, San Franciso, Santa Rosa Europe Market Grouping: U.K. – London, Manchester, Liverpool, Glasgow, Edinburgh, Aberdeen, South Coast; Ireland – Dublin, Cork; Italy – Milan, Rome; Spain – Madrid, Barcelona 1 2

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43 Selected Asset-Level Transactions AnalysisSelected Precedent Alternative Asset Manager Transactions Source: Bloomberg, company filings, equity research Transaction Value reflects either equity value or total enterprise value; see footnotes for detail on each transaction EBITDA reflects estimated 2025 EBITDA of ~$30M. Transaction Value reflects average total consideration (based on 80% acquisition) including and excluding $92M earnout and grossed up to reflect 100% acquisition Assumes EBITDA of $100M. Transaction Value based on capitalization date of 02/21/2025 and includes ~44.708M shares of Class A Common Stock, 140.110K Restricted Class A Common Stock shares and ~96.423M OpCo Class A Common Units, all of which are to be exchanged into 0.07081 shares of Apollo common stock and ~79.142M shares of Class B Common Stock, all of which are to be exchanged into 0.00006 shares of Apollo common stock EBITDA based on estimated Pre-Tax FRE of $425M (calculated as expected ~$850M base fees at 50% margin). Transaction Value based on average of TEV inclusive of earnout and exclusive of earnout (calculated as product of 1.6M shares and BlackRock 12/02/2024 closing price of $1,020.11). TEV calculation assumes $12B valuation, less $675M used to fund retention pool for HPS employees and estimated $480M PRE valuation (calculated as the product of $40M PRE and 12.0x) Transaction Value reflects average total consideration (based on 75% acquisition) including and excluding ~$255M earnout and grossed-up to reflect 100% acquisition. TEV / EBITDA multiple based on Wendel disclosures EBITDA based on estimated 2026 FRE of $245M. TEV calculated as average of $3.7B upfront consideration and sum of $3.7B upfront consideration and $1.5B earnout provision EBITDA based on estimated $400M of post-tax annual FRE. TEV calculated as average of ~$11.9B (total consideration of ~$12.6B less $650M retention bonus) and ~$7.9B (total consideration of ~$12.6B less both $650M retention bonus and ~$4.0B earnout) EBITDA based on actual 2022 Underlying EBITDA (which excludes exceptional items) of £57.8M. Transaction Value includes £179M of ECP's existing debt. Conversion to USD based on 09/05/2023 USD/GBP exchange rate of ~1.2562 EBITDA reflects 2022 actual profit before tax of ~$30.9M. Transaction Value reflects average total consideration (based on 72% acquisition) including and excluding $93M earnout and grossed up to reflect 100% acquisition EBITDA based on BNP Paribas Exane estimated 2023 pre-tax distributable earnings of $184M; Transaction Value calculated as average of ~$3.1B (including $400M earnout) and ~$2.7B (excluding $400M earnout) EBITDA based on estimated annual run-rate operating income of ~$60M (excludes incentive fees and investment income). Transaction Value calculated as average of $700M (including $350M earnout) and $350M (excluding $350M earnout). Franklin also purchased ~$188M in Alcentra's CLOs EBITDA based on BNP Paribas Exane estimate of $265M. Transaction Value calculated as average of upfront consideration of ~$3.3B and total consideration (including ~$900M earnout) of ~$4.2B EBITDA based on estimated 2020 EBITDA of ~$80M. Transaction Value calculated includes refinancing of ~$300M of Exeter's debt EBITDA reflects estimated 2019 Distributable Earnings of ~$659M. Transaction Value reflects average total consideration (based on 62% acquisition) including and excluding $2.3B earnout and grossed up to reflect 100% acquisition EBITDA reflects actual 2016 EBITDA of ~$320M 2 3 4 5 6 7 8 9 10 11 12 13 14 15

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Additional Sum-of-the-Parts Analysis Support 44

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45 Source: Company Filings 1. Includes ~$6.0mm of performance fee revenue and $1.3mm of promote allocation compensation 2. Excludes promote allocation (net of compensation), which is captured within SOTP analysis within book value of accrued carried interest 3. 40% EBITDA margin for Investment Management business per Management guidance Q3 2025 LTM General & Administrative Expenses Additional Sum-of-the-Parts Analysis SupportGeneral & Administrative Expenses Allocation and Investment Management EBITDA Detail ~$172mm of total LTM G&A expenses 1 2 3 2

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Source: S&P Capital IQ as of 12/18/2025 Note: Indexes are calculated based on market-cap-weighted average share price performance Reflects share price performance from 11/04/2015 to 12/18/2025 Selected US Traditional Publicly Traded Companies includes AllianceBernstein Holding L.P. (NYSE:AB), BlackRock (NYSE:BLK), Cohen & Steers (NYSE:CNS), Franklin Resources (NYSE:BEN), Invesco (NYSE:IVZ), Janus Henderson Group (NYSE:JHG), T. Rowe Price Group (NASDAQ:TROW) Selected US Alternatives Publicly Traded Companies include Apollo Global Management (NYSE:APO), Ares Management Corporation (NYSE:ARES), Blackstone (NYSE:BX), Brookfield Asset Management (TSX:BAM), The Carlyle Group (NASDAQ:CG), KKR & Co (NYSE:KKR), TPG (NASDAQGS:TPG) Selected European Alternatives Publicly Traded Companies include EQT AB (OM:EQT), ICG (LSE:ICG) Man Group (LSE:EMG), Patrizia PE (XTRA:PAT) 46 Additional Sum-of-the-Parts Analysis SupportAsset Managers Historical Share Price Performance Market-Cap-Weighted Average Share Price Performance – Last 10 Years to 12/18/2025 Key West's share price has underperformed that of Asset Managers Key West (unaffected) 10-year share price performance of (69%) 1 Shading indicates period from 11/04/2025 unaffected date to 12/18/2025 Shading indicates period from 11/04/2025 unaffected date to 12/18/2025

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Dividend Discount Model Analysis (For Reference Only) 47

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Dividend discount model analysis reflects implied equity value ranges based on estimated present value of the dividends paid by the Company based on an Equity Research model 48 Analysis uses Equity Research financial projections and assumes the following: 8.25-year projection period from 10/01/2025 to 12/31/2033E and valuation date as of 09/30/2025 Q4 2025E dividend per share of $0.12 per Equity Research model as of February 2025 2026E dividend per share of $0.48 assumed to grow 4% annually through 2033E per Equity Research model as of February 2025 Other Equity Research model as of August 2025 assumes a 0% annual growth rate from 2026E – 2029E Dividends through 2033E and terminal value were discounted to September 30, 2025, utilizing mid-year convention Illustrative cost of equity range per equity research of 8.50% – 10.50%1 Terminal value based on Terminal Year dividend per share and assumes a perpetuity growth rate between 3.00% – 4.00% Terminal Year dividend per share of $0.63, equal to the 2033E dividend per share amount Terminal value represents approximately 56% – 70% of the total DDM net present value Dividend Discount Model Analysis (For Reference Only) Methodologies and Assumptions Source: Equity Research 1. Equity Research model uses a cost of equity of 9.36% for purposes of its financial analysis

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49 Dividend Discount Model Analysis Summary Dividend Discount Model Analysis (For Reference Only) Dividend Discount Model Analysis Summary Source: Equity Research Implied Equity Value per Share Note: One Equity Research Model projects 4% dividend growth through 2033E; Other Equity Research Model projects 0% dividend growth through 2029E

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Operational Benchmarking 50

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Operational Benchmarking G&A: Selected Publicly Traded Real Estate Companies 51 Source: Investor presentations, company filings, S&P Capital IQ as of 12/18/2025 Non-investment management G&A calculated as total G&A minus investment management G&A; investment management G&A calculated based on 40% EBITDA margin per management Estimated annual stabilized NOI, does not include fees from asset management business TEV as of unaffected date of 11/04/2025 minus investment management business (valued at 40% EBITDA margin per management and illustrative 12.0x multiple), minus accrued carried interest book value and minus TB acquisition purchase price 1 2 3

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52 Source: Investor presentations, company filings, S&P Capital IQ as of 12/18/2025 G&A for US Alternatives calculated as fee-related revenue less fee-related earnings; G&A for U.S Traditional and European Alternatives calculated as revenue less EBITDA Assumes the 40% EBITDA margins for the Key West Investment Management business per Management guidance; assumes TEV based on a 12.0x multiple on implied LTM EBITDA of $46mm based on mid-point of range based on selected publicly traded companies Operational Benchmarking G&A: Selected Publicly Traded Asset Managers 2

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53 Operational Benchmarking AUM & Revenue Metrics: Selected Publicly Traded Asset Managers Source: Investor presentations, company filings, S&P Capital IQ as of 12/18/2025 Exact values not disclosed Represents fee-bearing AUM as opposed to total AUM Base investment management fee CAGR is ~23% 2 2 2 1 1 3

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Additional Company Detail 54

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55 Additional Company DetailCapital Structure Detail (as of Q3 2025) Source: Company Filings, Q3 2025 Earnings Release and Supplemental Financial Information, S&P Capital IQ as of 12/18/2025 Reflects adj. conversion rate, conversion price and number of shares on conversion per Management guidance, excess dividends paid over 10 quarters Total Key West Equity Requirement for TB acquisition of $120mm per Management guidance; assumes remaining Key West Equity Requirement funded with revolver per Management guidance Reflects Key West share of debt at close for TB acquisition, per Management guidance Includes 300,000 shares of Series A Cumulative Perpetual Convertible Preferred stock at $1,000 per share liquidation preference, 300,000 shares of Series B Cumulative Perpetual Preferred Stock at $1,000 per liquidation preference and 200,000 shares of Series C Cumulative Perpetual Preferred stock at $1,000 per share liquidation preference, assuming no accrued dividends; Series A cumulative perpetual convertible preferred stock was below adjusted conversion price of $24.80 per share; warrants tied to Series B and Series C Cumulative Perpetual Preferred Stock were out-of-the-money based on exercise prices of $23.00 per share and $16.21 per share, respectively, as of 12/31/2024 Restricted cash primarily related to lender reserves associated with consolidated mortgages held on properties and reserves held on behalf of borrowers under construction loans; also includes $12.5mm of restricted cash for initial TB acquisition deposit as of 09/30/2025 $12.5mm of cash used to pay deposit for TB acquisition after 09/30/2025 based on Management guidance Cash on hand and proceeds from $211.0mm revolver draw used for repayment of Euro Bonds and deposit for TB acquisition after 09/30/2025, per Company Filings

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Series A Cumulative Perpetual Convertible Preferred Stock Series B Cumulative Perpetual Preferred Stock Series C Cumulative Perpetual Preferred Stock Amount Outst. 300,000 preferred shares as of 09/30/2025 300,000 preferred shares as of 09/30/2025 (Owned by Fairfax) 200,000 preferred shares as of 09/30/2025 (Owned by Fairfax) Convers. Rate 40.3231 NA NA Annual Dividend Rate 5.75% 4.75% 6.00% ExercisePrice $24.80 / share1 $23.00 / share $16.21 / share # of Converted Shares 12,096, 7741 13,043, 4782 12,338, 0623 Change-of-Control Provisions Fundamental Change Repurchase Price reflects a cash amount equal to the Liquidation Preference plus any accrued and unpaid dividend Redemption Price in connection with a Fundamental Change reflects cash amount equal to the Liquidation Preference of each share plus any accrued and unpaid dividends Redemption Price in connection with a Fundamental Change reflects cash amount equal to the Liquidation Preference of each share plus any accrued and unpaid dividends Voting Limits NA NA Limitation on voting Series C preferred stock or exercising warrants to the extent it would result in the holders having voting power in excess of 19.9% of the then-outstanding shares of Key West common stock Liquid. Pref. $1,000 / share $1,000 / share $1,000 / share Implied Value at Liquid. Pref.3 $300mm $300mm $200mm 56 Additional Company DetailKey Terms of Preferred Source: Company Filings, Key West Management Reflects adj. conversion rate, conversion price and number of shares on conversion per management guidance, excess dividends paid over 10 quarters Reflects the 13,043,478 warrants underlying Series B Cumulative Preferred Stock issued in connection with 02/23/2022 private placement Reflects the 12,338,062 warrants underlying Series C Cumulative Preferred Stock issued in connection with 06/16/2023 private placement; Fairfax would not be able to vote any of the shares underlying the Series C Cumulative Preferred Stock because their beneficial ownership is aggregated with that of William McMorrow for purposes of the Series C Certificate of Designation's cap of 19.9% Assumes no accrued and unpaid dividends

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57 Additional Company DetailTB Acquisition Funding Requirements Source: Key West Management Pro Forma Capitalization Adjustments $25mm deposit included within the adjusted restricted cash balance The additional Key West equity required assumed to be funded via a revolver draw, per Management guidance $57mm of at share debt added to the Key West total debt balance

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Consolidated (% Key West Ownership) 97% 97% 97% 97% 97% 97% 97% Co-Investment (% Key West Ownership) 21% 22% 23% 23% 23% 23% 20% Stabilized (% Key West Ownership) 37% 38% 38% 39% 39% 37% 34% Multi-family (consolidated units / co-investment units) 9,230 / 24,940 9,470 / 26,399 9,718 / 26,663 9,258 / 26,637 9,258 / 27,066 8,250 / 29,486 7,862 / 30,192 EU Office (consolidated sq. ft. / co-investment sq. ft.) 2.5 / 1.0 2.5 / 1.0 2.5 / 1.0 2.4 / 0.7 2.4 / 0.7 2.0 / 0.7 2.0 / 0.5 US Office (consolidated sq. ft. / co-investment sq. ft.) 0.8 / 4.4 0.8 / 4.4 0.8 / 4.2 0.8 / 4.2 0.8 / 4.2 0.8 / 3.6 0.7 / 3.6 Industrial (co-investment sq. ft.) 11.1 11.5 11.4 11.2 11.5 11.5 11.6 Retail (consolidated sq. ft. / co-investment sq. ft.) 1.4 / 1.5 1.4 / 1.5 1.1 / 1.5 1.1 / 1.0 1.1 / 0.9 1.1 / 1.0 1.0 / 0.9 Loan Investments (investments / loan balance) 109 / $271.0 115 / $271.2 117 / $272.7 118 / $256.1 120 / $228.3 125 / $215.4 127 / $221.7 Total Estimated Annual NOI, Income-Producing Assets Reflects details and figures reported in Key West's Quarterly Earnings Results and Supplemental Information 58 Source: Company Filings Note: Excludes impact from TB acquisition Adjusted to reclassify Stockley Park (100% leased) as Income Producing Asset – EU Office, per Management guidance; Stockley Park NOI of $2.7mm recategorized from Lease-Up Multi-family units and NOI pro forma for sale of Edgewater and LPC at West Covina subsequent to 9/30/2025, per Management guidance; Edgewater accounted for 300 consolidated units and ~$2.5mm of NOI and LPC at West Covina accounted for 138 co-investment units and ~$1.2mm of NOI Adjusted to reclassify Stockley Park (100% leased) as Income Producing Asset – EU Office, per Management guidance; Stockley Park Consolidated sq. ft. of 0.054mm Additional Company DetailKey West NOI Components of Value by Asset Over Time NOI Components of Value by Income-Producing Assets ($ in millions, sq. ft. in millions) 3 1 Loan Investments Industrial Retail EU Office Multi-family 2 2

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59 Source: Key West Q3 2025 Company Filings, Materials provided by Key West Management to Moelis Occupancy as reported in Q3 2025 Earnings Results and Supplemental Information, unadjusted for reclassification of Stockley Park and sale of two multi-family assets Based on weighted average ownership held by Key West Multi-family units and NOI pro forma for sale of Edgewater and LPC at West Covina subsequent to 9/30/2025, per Management guidance; Edgewater accounted for 300 consolidated units and ~$2.5mm of NOI and LPC at West Covina accounted for 138 co-investment units and ~$1.2mm of NOI Reclassifies Stockley Park as Income Producing Asset – EU Office, per management guidance; Stockley Park NOI of $2.7mm and 54,000 square feet recategorized from Lease-Up Estimated Annual NOI by Country Estimated Annual NOI by Segment ($ in millions) 1 3 Additional Company DetailKey West Portfolio Overview 2 4

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Source: Key West Management Adjusted to reclassify Stockley Park (100% leased) under Stabilized Properties; Stockley Park fair value estimate of ~$21mm based on materials provided by Management to Moelis Multi-Family Includes Market Rate and VHH portfolio Adjusted to reclassify Stockley Park (100% leased) under Income Producing – Commercial (Office); Stockley Park Fair Value estimate of ~$21mm recategorized from Lease-Up 60 Estimated Fair Value Over Time – Stabilized, Lease-Up, Development, Loan Investment, Residential and Other Additional Company DetailHistorical Global Property Summary – Fair Value Over Time ($ in millions) Development Lease-up Stabilized Residential and Other Loan Investments Industrial Office Multi-Family2 Retail Stabilized Properties (7%) 4% 3% (5%) 1% (1%) (3%) Lease-up 40% (13%) (14%) 11% 2% (17%) (7%) Development (42%) (37%) (2%) (20%) 22% 10% 3% Loan Investments 3% (0%) 0% (6%) (11%) (1%) 2% Residential and Other 8% (7%) 12% (3%) 4% 3% 6% Total (5%) (0%) 1% (4%) 2% (3%) (3%) Stabilized Portfolio Composition, Fair Value Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 QoQ % Change 3 1 Based on materials provided by Key West Management

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61 Fairfax Financial has a number of real estate and debt investments alongside Key West Additional Company DetailFairfax Financial / Key West Co-Investments and Ownership Source: Key West Q3 2025 Company Filings; Key West Management Note: Key West Figures exclude adjustments to divestitures and for TB acquisition Excludes origination fees; Fairfax-related origination fees expected to be ~$28 million in 2025 Excludes RSUs and assumes underlying warrants are out of the money Series C includes a limitation which restricts the right to exercise warrants and receive shares that would result in beneficial ownership in excess of 19.9% of the then-outstanding shares Fairfax and Key West Co-Investment Summary Fairfax Ownership in Key West Real Estate Investments Debt Investments Property Level Loans Fee Bearing Capital Fairfax and Key West have 11 real estate investments together (on a blended basis, Fairfax owns ~70%) Key West has a total of 365 real estate investments totaling ~$8.8bn GAV at share (excl. loans) Fairfax and Key West have 122 total debt investments together (Fairfax owns 95%+ of total commitment) Key West has a total of 127 total debt investments Fairfax has 7 property level loans to Key West owned properties / partnerships Total loan commitment of ~$913mm as of 09/30/2025 Fairfax accounts for ~57% of total fee-bearing capital Expected asset management fees from Fairfax in 2025 is ~$27mm1 3 Fairfax Related Key West GAV at Share Non-Fairfax Related Key West GAV at Share Fairfax Commingled Key West Loans Non-Fairfax Commingled Key West Loans # Key West Properties with Fairfax Loans # Key West Properties without Fairfax Loans Fairfax Related Fee-Bearing Capital Non-Fairfax Related Fee-Bearing Capital ~$9.7bn ~$8.8bn 127 365 2

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62 Fairfax accounts for ~57% of total fee-bearing capital Top Capital Providers PIFSS3: $270M Saudi Aramco: $125M Blue Cross: $125M Excludes origination fees; Fairfax-related origination fees expected to be ~$28 million in 2025 Tambourine, Takenaka, Blackstone, Varde, etc. Kuwaiti Pension Fund 1 Additional Company DetailKey West – Funds Breakdown

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Additional Supporting Detail 63

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Proposal Overview Proposed Transaction An acquisition of all of the outstanding shares of common stock of Key West that the Consortium does not currently own, via a jointly held holding company of the Consortium William J. McMorrow and Fairfax Financial Holdings Limited indicated that they collectively own ~31% of the common shares of Key West, inclusive of all shares underlying warrants, based on their respective 13D filings as of 11/04/2025 Excluding warrants, the Consortium's ownership of common shares would be ~18%1 at the proposal price and at Key West's trading levels as of 12/18/2025, given the warrants are out-of-the-money2 Inclusive of warrants, the Consortium collectively holds ~24% of the voting power of the Company (or ~30% if requisite Company stockholder approval is obtained such that the Series C Preferred Stock's cutback mechanic is not applicable) Price $10.25 per share in cash Financing The Consortium expects to be able to fully finance the Proposed Transaction with its members' available liquidity Proposal is not subject to obtaining financing Management Certain senior executive officers other than William J. McMorrow intend to roll over their existing interests in the Company as part of the Proposed Transaction, based on the Joint Bidding Agreement between members of the Consortium Since the submission of the Proposal on 11/04/2025, the President and General Counsel of Key West have indicated that they are part of the Consortium Conditions Proposed Transaction shall be structured to qualify as a tax-free, tax-deferred or non-recognition transaction for all applicable income tax purposes with respect to the rollover equity Exclusivity None requested in Proposal to Key West; Consortium members subject to exclusivity with each other via Joint Bidding Agreement, preventing them from directly or indirectly pursuing any alternative proposal while the Proposed Transaction is ongoing until the Joint Bidding Agreement's automatic termination on 02/04/2026 (unless earlier terminated by mutual agreement by members of the Consortium) Willingness to Explore Alternate Transactions Proposal letter indicated that the Consortium is not interested in selling their Company shares to another party or voting in favor of any alternative transaction If the Proposed Transaction does not occur, the Consortium members indicated their present intention to remain as long-term shareholders of the Company Advisors Legal advisor: Debevoise & Plimpton Financial advisors: J.P. Morgan, Bank of America The Consortium submitted the Proposal to the Board of Directors of Key West on 11/04/2025 64 Source: Company Filings Based on number of Key West common shares held by the Consortium as disclosed in Joint Bidding Agreement as of 11/04/2025 The exercise prices of the warrants underlying Key West's Series B Cumulative Perpetual Preferred Stock and Series C Cumulative Perpetual Preferred Stock were $23.00 / share and $16.21 / share, respectively, as of 12/31/2024 Additional Supporting DetailProposal Summary

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Dividend Discount Model Net Asset Value 2.5% terminal growth and 9.36% cost of equity1 $13.60 spot NAV / sh $13.60 NAV / sh est. as of 08/07/2025 Unaffected PT: 34% discount to NAV / sh Net Asset Value $14.65 spot NAV / sh$15.18 NAV / sh est. as of 08/06/2025Unaffected PT: 14% discount to NAV / sh NA2 NA $10.53 NAV / sh est. as of 08/07/2025Unaffected PT: 27% discount to NAV / sh Analysts have an average share price target of $10.00, which represents a ~2% premium to Key West's 12/18/2025 share price and ~2% discount to the proposal price – as well as a discount to estimated NAV / share Source: Equity research, S&P Capital IQ as of 12/18/2025 Methodology discussed in 02/24/2025 Initiation Report, at which time Deutsche Bank's price target was also $9.00 / sh Bank of America moved to "No Rating" as of 11/04/2025 following proposal letter; prior rating of "Underperform" Reflects price targets and NAV / sh estimates prior to 11/04/2025, or date of receipt of the proposal letter and before release of Q3 2025 earnings results 65 Estimates ($ Per Share) After Proposal Announcement Street Perspectives Report Date Share Price Target & Spot NAV / Sh ($) Analyst Method 6 November 18 December 4 November Price Target Share Price as of 12/18/2025: $9.85 We generally believe that the company is moving in the right direction to growing a fee business that can fully support the cost structure at the firm. The company has a ~$5.0bn runway in committed fee bearing capital to deploy. Combined with other commitments … we see a strong runway for the investment management business to continue to grow. Avg. PT: $10.00 We are reducing our rating on Key West from Neutral to Underweight. We see this move purely driven by it being in a special situation related to the proposed management buyout … In our view, we place a high degree of likelihood around a deal happening and even at a higher price 12/18/25 $13.00 Prior PT3 We think compensation can only be addressed by Key West addressing whether its future is as a real estate operating company or as an alternatives asset manager. Until this major strategy decision is made, it feels like investors may take a wait and see approach … in such a scenario, the option of selling and going private in order to close the valuation gap makes sense. At the offer price of $10.25, the implied cap rate we calculate on the income-producing real estate assets would be 7.2%. With much of the portfolio skewed to residential, this cap rate seems a bit high / cheap. 11/05/25 $9.00 $11.00 $7.70 NAV / Share Estimate Metrics (Hold) (Sell) NA NA Additional Supporting DetailEquity Research Analyst Perspectives on Key West $9.00 Prior NAV / sh3 $10.53 $15.18 $13.60 Since the Proposal, J.P. Morgan's share price target and NAV / sh estimates have decreased while Deutsche Bank's have remained the same2 11/05/25 11/06/25

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66 1 Additional Supporting DetailEquity Research Analyst Perspectives on Key West J.P. Morgan – Enterprise Value Implied by Current, Prior Price Targets and NAV / Share Deutsche Bank – Enterprise Value Implied by Current, Prior Price Targets and NAV / Share Bank of America – Enterprise Value Implied by Current, Prior Price Targets and NAV / Share Source: Equity research, S&P Capital IQ as of 12/18/2025

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## Ex-99.(C)(4)

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Exhibit (c)(4)<br>

![](ny20065855x4_ex-c4slide1.jpg)

January 12, 2026 Project Key West Discussion Materials PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION

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Investor Commentary Will not participate in a process or auction; no interest in acquiring the whole Company [\*\*\*] has been in prior discussions with Key West and has considered a range of different transactions Key challenges for [\*\*\*] for any transaction with Key West include but are not limited to: Hard to assess asset management business given scope of relationship with Fairfax Historically [\*\*\*] believed Key West NAV was significantly below Management's NAV estimate Passed on 1/6 Noted that the [\*\*\*] team had been tracking the situation since news of the Consortium offer became public in November Potential Buyers Outreach Update 1 Note: Moelis began buyer outreach on 1/5/2026; Moelis conducted calls with [\*\*\*] and [\*\*\*] on 1/6/2026, [\*\*\*] and [\*\*\*] on 1/7/2026, and [\*\*\*] on 1/8/2026; [\*\*\*] was contacted on 1/5/2026 but has not responded to Moelis' outreach to date Although some potential buyers have expressed favorable views of Key West, many have expressed concerns with pursuing a potential acquisition PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION General familiarity with Key West and the unique collection of assets; most firms we spoke with made references to work they had completed in 2024 or 2025 reviewing potential opportunities to engage with Key West All firms we spoke with referenced the complexity of the business, particularly the asset manager and the Company's relationship with Fairfax Firms mentioned other challenges including leverage, large transaction size, JV complexity, size of assets under development and potential tax leakage in a change of control / conversion from a C-Corp Investors Reviewing Opportunity Key Themes from Initial Conversations Investors Passed on Opportunity Moelis conducted outreach call with investor [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

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Disclaimer This presentation has been prepared by Moelis & Company LLC ("Moelis") solely for the information and assistance of the Special Committee of the Board of Directors of the company codenamed "Key West" (the "Company") in considering the matters referred to in these materials. This presentation is confidential and may not be disclosed (in whole or in part) or utilized for other purposes without the express prior written consent of Moelis. This presentation has been prepared based on information provided by the Company and/or from third party sources. Moelis assumed such information is complete and accurate in all material respects. Moelis has not independently verified such information (or assumed responsibility for the independent verification of such information). To the extent this presentation includes projections, forecasts or other forward-looking statements, Moelis has assumed that such information was reasonably prepared based on the best currently available estimates and judgments of the Company and/or other parties as to the future performance of the Company and/or such other parties. Moelis expresses no views as to the reasonableness of any such projections, forecasts or other forward-looking statements or the assumptions on which they are based. Moelis has not made any independent evaluation or appraisal of any of the assets or liabilities (contingent, derivative, off-balance-sheet, or otherwise) of the Company or any other party. Moelis' participation in any due diligence review is solely for purposes of supporting its advice and analysis. This presentation is based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, and Moelis assumes no obligation to update this presentation or correct any information herein. No company or transaction used in this presentation is identical to the Company or any potential transaction. The analyses set forth in this presentation do not purport to be appraisals and such analyses do not reflect Moelis' views of the prices at which businesses or securities actually may be sold. Because the analyses described in these materials (including the information used in such analyses) are inherently subject to uncertainty, Moelis does not assume responsibility if future results are materially different from those forecast. This presentation was designed for use by certain persons familiar with the business of the Company. This presentation is not intended to provide the sole basis for any decision on any transaction or strategic alternative and is not a recommendation with respect to any transaction or strategic alternative. This presentation does not address the Special Committee's underlying business decision to explore or recommend any transaction or strategic alternative or the relative merits of any transaction or strategic alternative as compared to any alternative business strategies or transactions that might be available to the Company. Nothing contained in this presentation should be construed as legal, regulatory, tax or accounting advice. Moelis and its affiliates are engaged globally in a wide range of investment banking and other activities for their own account and otherwise. Moelis and its affiliates may have advised, may seek to advise and may in the future advise in companies referred to in this presentation. Personnel of Moelis or such affiliates may make statements or provide advice that is contrary to information included in this presentation. The proprietary interests of Moelis or its affiliates may conflict with your interests. In addition, Moelis and its affiliates and their personnel may from time to time have positions in or effect transactions in securities referred to in this material (or derivatives of such securities), or serve as a director of companies referred to in this presentation. 2 PRIVILEGED & CONFIDENTIAL PRELIMINARY DRAFT SUBJECT TO DUE DILIGENCE & SUBSTANTIAL REVISION

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## Ex-99.(C)(5)

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Exhibit (c)(5)<br>

![](ny20065855x4_ex-c5slide1.jpg)

Project Key West January 19, 2026 Discussion Materials

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![](ny20065855x4_ex-c3slide2.jpg)

Disclaimer This presentation has been prepared by Moelis & Company LLC ("Moelis") solely for the information and assistance of the Special Committee of the Board of Directors of the company codenamed "Key West" (the "Company") in considering the matters referred to in these materials. This presentation is confidential and may not be disclosed (in whole or in part) or utilized for other purposes without the express prior written consent of Moelis. This presentation has been prepared based on information provided by the Company and/or from third party sources. Moelis assumed such information is complete and accurate in all material respects. Moelis has not independently verified such information (or assumed responsibility for the independent verification of such information). To the extent this presentation includes projections, forecasts or other forward-looking statements, Moelis has assumed that such information was reasonably prepared based on the best currently available estimates and judgments of the Company and/or other parties as to the future performance of the Company and/or such other parties. Moelis expresses no views as to the reasonableness of any such projections, forecasts or other forward-looking statements or the assumptions on which they are based. Moelis has not made any independent evaluation or appraisal of any of the assets or liabilities (contingent, derivative, off-balance-sheet, or otherwise) of the Company or any other party. Moelis' participation in any due diligence review is solely for purposes of supporting its advice and analysis. This presentation is based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, and Moelis assumes no obligation to update this presentation or correct any information herein. No company or transaction used in this presentation is identical to the Company or any potential transaction. The analyses set forth in this presentation do not purport to be appraisals and such analyses do not reflect Moelis' views of the prices at which businesses or securities actually may be sold. Because the analyses described in these materials (including the information used in such analyses) are inherently subject to uncertainty, Moelis does not assume responsibility if future results are materially different from those forecast. This presentation was designed for use by certain persons familiar with the business of the Company. This presentation is not intended to provide the sole basis for any decision on any transaction or strategic alternative and is not a recommendation with respect to any transaction or strategic alternative. This presentation does not address the Special Committee's underlying business decision to explore or recommend any transaction or strategic alternative or the relative merits of any transaction or strategic alternative as compared to any alternative business strategies or transactions that might be available to the Company. Nothing contained in this presentation should be construed as legal, regulatory, tax or accounting advice. Moelis and its affiliates are engaged globally in a wide range of investment banking and other activities for their own account and otherwise. Moelis and its affiliates may have advised, may seek to advise and may in the future advise in companies referred to in this presentation. Personnel of Moelis or such affiliates may make statements or provide advice that is contrary to information included in this presentation. The proprietary interests of Moelis or its affiliates may conflict with your interests. In addition, Moelis and its affiliates and their personnel may from time to time have positions in or effect transactions in securities referred to in this material (or derivatives of such securities), or serve as a director of companies referred to in this presentation. 1

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Illustrative Sources and Uses 2

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Illustrative Sources and Uses Source: Materials provided by the Consortium to Moelis on 01/11/2026; Company Filings, Q3 Earnings Release and Supplemental Financial Information, Key West Management Total Key West equity requirement for the Toll Brothers Apartment Living acquisition of $122mm based on materials shared by Key West Management with Moelis on 01/07/2026, with $97mm remaining deposit after posted deposit of $25mm; assumes remaining Key West Equity Requirement is funded with the revolver per Management guidance Reflects Key West share of debt at close for the Toll Brothers acquisition, based on materials shared by Key West Management with Moelis on 01/07/2026 Reflects liquidation preference of $1,000 per share of Series B and Series C Cumulative Perpetual Preferred Stock, and 300,000 shares of Series B Cumulative Perpetual Preferred Stock and 200,000 shares of Series C Cumulative Perpetual Preferred Stock outstanding as of 09/30/2025 Based on FFH and William McMorrow shares of 13.322mm and 11.373mm common shares, respectively, to be rolled based on Joint Bidding Agreement as of 11/04/2025; 1.654mm common shares held by Matthew Windisch and 0.318mm common shares held by In Ku Lee based on Key West proxy statement as of 04/25/2025 Reflects $102mm drawn on the revolving credit facility as of 09/30/2025, plus $211mm drawn after 09/30/2025 based on Key West's Q3 Earnings Release and Supplemental Financial Information; assumes $97mm for the remaining Key West Equity Requirement for the Toll Brothers Apartment Living acquisition is funded with the revolver per Management guidance Illustrative Sources and Uses – Consortium In response to a request from the Special Committee, the Consortium shared a proposed sources and uses Illustrative sources and uses provided by the Consortium to Moelis (received on 01/11/2026) Considerations on the Illustrative Sources and Uses The Consortium has indicated that Fairfax Financial Holdings Limited ("FFH") will be the source of new capital Our understanding is that FFH will provide an equity commitment letter for the full amount of the consideration The illustrative sources and uses cites 113.93mm common shares to be purchased at an offer price of $10.90 per share. The common shares cited in the sources and uses is similar to the fully diluted shares outstanding included in Moelis' preliminary financial analysis presented to the Special Committee on 12/23/2025, when factoring in common shares held by the Consortium Consortium members collectively hold ~26.7mm common shares4 The illustrative sources and uses also cites net settlement of RSUs for Q1 vestings (excluding Consortium members); Moelis' preliminary financial analysis used RSUs as of 12/31/2024 The illustrative sources and uses does not address the expected treatment of Key West's existing debt. The sources and uses should additionally cover the repayment of the revolving credit facility ($410mm outstanding5 on the $550mm revolving credit facility) at closing Key West's total debt at share was ~$7.4bn based on public filings and subsequent events discussed with Management to date The "Pref shares to be redeemed" cited in the sources and uses would reflect the liquidation preference of the Series A Cumulative Perpetual Convertible Preferred Stock at the liquidation preference of $300mm The sources and uses does not address the expected treatment of the Series B and Series C Cumulative Perpetual Preferred Stock held by the Consortium, which we expect to remain outstanding The liquidation preference for the Series B and Series C Cumulative Perpetual Preferred Stock held by members of the Consortium totals $500mm 3 Key West Debt at Share ($ in millions) Key West debt at share based on public filings and subsequent events discussed with Management A A B C B C

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Illustrative Sensitivity Analysis 4

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Executive Summary 5 Moelis was forwarded an Excel file (the "Illustrative Sensitivity") from a member of the Special Committee which was prepared by a stockholder of Key West It appears the Illustrative Sensitivity was created on or around 08/19/2025 The Illustrative Sensitivity contained two scenarios for potential value creation for Key West: Scenario A: A pro forma spin-off transaction scenario of the Real Estate and Investment Management businesses, valuing the two businesses as separate standalone entities, which resulted in an illustrative per share value of $10.36 on an aggregate basis Scenario B: An illustrative scenario in which the pro forma separation of the Real Estate and Investment Management businesses prompted multiple re-rating for each standalone business, which resulted in an illustrative per share value of $26.21 on an aggregate basis Moelis considered the Illustrative Sensitivity, and two scenarios for potential value creation, in preparing its preliminary financial analysis and perspectives on strategic alternatives, as previously discussed with the Special Committee As previously discussed, the Illustrative Sensitivity includes material errors, makes several key assumptions without empirical support and generally does not reflect the complexity of the Company's assets and G&A burden Scenario B effectively double-counts $138mm of annualized Depreciation and Amortization ("D&A") in calculating pro forma Funds from Operations ("FFO") by adding back D&A to Net Income (which has already been calculated using NOI unburdened by D&A expense). This pro forma FFO is then multiplied by the 15.6x P/FFO multiple used in the Illustrative Sensitivity Adjusting Scenario B for the proper treatment of D&A (and leaving all other assumptions constant) would result in a value per share of $10.57

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Source: Key West Board Member-Provided Materials Note: Illustrative Sensitivity includes the following notes on approach: "Fairfax Holdings and SBL control ~30% of the Company on an as-converted basis. With mgmt. and insiders this increases to >40%. Concentrated / value-oriented equity managers could also be solicited for feedback with votes secured prior to proxy. Note Fairfax strike is $16.21 on the Jr. Perpetual Preferred ($200M) 6.75% dividend rate, $23 / share on the $300M Pari PPS, 4.75% dividend rate, or $20.28 / share blended. Warrant structure included in pref to be diligenced. Allocation of liabilities to be refined and adjusted further in subsequent iterations. Most or all property-level debt will be allocated to REIT, but treatment of Preferred could differ should we see more compelling up/down on IMCo shares. SBL strike price is ~$24.67 including Conversion Fee of $5.00 per Preferred Share." Note: "Project Baseball" referenced in the materials received refers to Key West's acquisition of Toll Brothers Apartment Living 1. Baseline EBITDA reflects net (loss) income, less total income from unconsolidated investments, gain (loss) on sale of real estate, net, other income (loss) and non-controlling interest, plus share-based compensation, carried interest compensation, depreciation and amortization, interest expense, gain (loss) on early extinguishment of debt, benefit from (provision for) income taxes, NOI from unconsolidated investments (at Key West's share) and fees eliminated in consolidation Summary of the Illustrative Sensitivity Preliminary Observations – Moelis The Illustrative Sensitivity applies discrete approaches to valuing Key West's Real Estate and Investment Management businesses The Illustrative Sensitivity makes the below assumptions: Computation of Total Enterprise Value adds back minority interest, whereas financial results (e.g., NOI) are shown at share and do not include the portion attributable to minority owners NOI figures used in the Illustrative Sensitivity to capture implied cap rates do not account for the Investment Management, Lease-Up, Development or Residential businesses NOI broadly does not capture non-balance sheet NOI for minority-held investments Balance sheet and income statement figures are as of 06/30/2025 and do not reflect financial results after Q2 2025 E.g., "Baseline EBITDA (LQA)" utilized in the Illustrative Sensitivity reflects annualized Baseline EBITDA1 of $117mm as of 06/30/2025 as reported by Key West A B A B A B Preliminary Observations on the Illustrative Sensitivity 6 C C

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Lease-Up and Development NOI of $63.5mm – and by extension the PropCo Gross Asset Value – does not include the value of certain NOI related to minority interests for the Lease-Up / Development portfolio, or the NOI attributable to assets where the scope was still being explored as of 06/30/2025 Moreover, it is unclear whether the cap rate applied to Lease-Up / Development NOI is adjusted to account for the present value of costs to complete / time to achieve stabilized NOI based on 2026 estimated completion date Base Investment Management income assumes a 50% margin, versus a 40% margin used in Moelis' analyses based on Management guidance Scenario A does not include any discount to NAV Key West and the Selected Publicly Traded Companies trade at a substantial discount to equity research NAV Scenario A also does not explicitly account for Non-Investment Management G&A G&A attributable to the Investment Management segment is captured within Base Investment Management Income at an assumed 50% margin However, other G&A attributable to the real estate segment and at the corporate level is not accounted for in the Illustrative Sensitivity, given that NOI is before G&A expenses Key West's total LTM G&A of ~$174.8mm1 as of 06/30/2025 and $56.9mm of implied Investment Management segment G&A (based on a 50% margin) implies ~$117.9mm of G&A has not been explicitly accounted for in Scenario A Unclear if cap rate assumptions consider Key West's high G&A relative to the Selected Publicly Traded Companies Source: Key West Board Member-Provided Materials, Company Filings 1. Includes Segment and Corporate Compensation and Related, and General and Administrative expenses as reported in Key West Company Filings Summary of Scenario A in the Illustrative Sensitivity A B A B 7 Scenario A: Preliminary Observations on the Illustrative Sensitivity Preliminary Observations – Moelis C C C

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Key Observation on D&A in the Illustrative Sensitivity: D&A is double-counted in Scenario B as NOI has not been reduced by D&A in the build to Net Income Fixing the add-back for D&A, there is substantially no uplift relative to Scenario A (i.e., corrected value of $10.57 per share holding other assumptions constant) It is unclear whether interest expense allocated to the Real Estate segment includes consolidated / unconsolidated property level debt and / or corporate-level debt at the WholeCo level However, the quantum of interest expense approximates the total annualized amount of ~$380.8mm based on the $95.2mm of interest expense for the three months ended 06/30/2025 If all debt is allocated to the "REIT," there is no discount to the multiple applied for relatively high levels of leverage as would be expected based on the Company's debt-to-capitalization ratio of >80% as of 12/18/2025 Overhead of $58.4mm understates the implied $117.9mm of Non-Investment Management G&A based on total LTM G&A as of 06/30/2025 and a 50% margin on Investment Management Base Fees Key West's relatively high amount of G&A does not appear to be addressed Base Investment Management income assumes a 50% margin, versus a 40% margin used in Moelis' analyses based on Management guidance Illustrative Sensitivity broadly does not account for the potential challenges in effectuating a REIT conversion, as explained by Management, including: Federal and State minimum hold period requirements post-REIT conversion REIT conversion tax Number of unconsolidated and joint venture assets held by Key West Key West's current lack of a tracking system for REIT-eligible assets Punitive treatment of short-term hold periods under REIT qualifications Source: Key West Board Member-Provided Materials, Company Filings, S&P Capital IQ as of 12/18/2025 A A D B C 8 Scenario B: Preliminary Observations on the Illustrative Sensitivity B C D Summary of Scenario B in the Illustrative Sensitivity Preliminary Observations – Moelis

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Multi-Family REITS Scenario B employs a "Normalized" P/FFO multiple of 15.6x for the Real Estate business, based on the 25th percentile of the "BF" P/FFO1 multiples of the Selected Publicly Traded Multi-Family REIT Companies included in the Illustrative Sensitivity The Selected Publicly Traded REITs: Focuses on US names and does not consider European REITs, despite Key West's exposure to Europe Focuses on the largest REITs in each sector rather than REITs of a comparable size to Key West Does not emphasize companies with similar geographic, market and asset strategy profiles as compared to those of Key West Investment Managers Scenario B employs a "Normalized" P/E multiple of 15.6x for the Investment Management business, based on the 25th percentile of the "BF" P/E1 multiples of the Selected Publicly Traded Investment Managers included in the Illustrative Sensitivity The Selected Publicly Traded Investment Managers: Does not consider traditional asset managers with alternatives exposure 9 Scenario B: Preliminary Observations on the Illustrative Sensitivity (cont'd) [sic] [sic] A B A B Source: Key West Board Member-Provided Materials, Company Filings 1. "BF" not defined in the Illustrative Sensitivity Scenario B – Selected Publicly Traded Companies in the Illustrative Sensitivity Preliminary Observations – Moelis

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Perspectives on Management's NAV Calculation 10

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Management Q2 Board Presentation NAV Calculation Source: Company Filings and Materials provided by Key West Management to Moelis Applies basic shares outstanding of 138,293,288 as of 05/05/2025; applies net debt and cash figures based on Management's Q2 2025 Presentation; Series A Cumulative Perpetual Convertible Preferred Shares of $300mm at liquidation preference and conversion ratio of 40.343 with $24.80 conversion price; Series B Cumulative Perpetual Preferred Shares of $300mm at liquidation preference and 13.043mm shares underlying warrants with an exercise price of $23.00 per share; Series C Cumulative Perpetual Preferred Shares of $200mm at liquidation preference and 12.338mm shares underlying warrants with an exercise price of $16.21 per share Net Asset Value Scenarios – Key West Management Implied Equity Value Per Share1 Materials as presented in Management's Q2 2025 Presentation to the Key West Board of Directors Illustrative Management NAV Sensitivity Analysis Prepared by Moelis Based on Potential NAV Discounts ($ in millions, except per share data) Materials Provided by Key West Management to Moelis Considerations on Analysis Management materials are as of Q2 2025 and do not account for: The TB acquisition Accrued carried interests receivable Any assets purchased or divested post-Q2 2025, including the divestiture of Edgewater and LPC at West Covina subsequent to 09/30/2025 Changes in estimated annual NOI assumptions, including the reclassification of Stockley Park from Lease-Up to Income-Producing – Commercial Capitalization details of the Company post-Q2 2025 Fully diluted share count post-Q2 2025 11 Enterprise Value NAV Per Share

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Illustrative Implied NAV Calculation (as of 12/23/2025) Source: Company Filings and Materials provided by Key West Management to Moelis Based on latest balance sheet figures as of 09/30/2025, adjusted for subsequent events and per Management Guidance Net Asset Value Scenarios Implied Equity Value Per Share1 Illustrative analysis applies the latest financial figures to the NAV scenarios analysis presented in Management's Q2 2025 Presentation to the Key West Board of Directors, using Management's assumptions Enterprise Value NAV Per Share Illustrative NAV Sensitivity Analysis Prepared by Moelis Based on Potential NAV Discounts Illustrative Implied NAV Calculation 12 The Illustrative Implied NAV Calculation is consistent with that of Management's Q2 Board Presentation and does not account for: The TB acquisition Accrued carried interests receivable The Illustrative Implied NAV Calculation updates the following based on financial results and Management guidance as of 12/23/2025: Assets purchased or divested post-Q2 2025, including the divestiture of Edgewater and LPC at West Covina subsequent to 09/30/2025 Changes in estimated annual NOI assumptions, including the reclassification of Stockley Park from Lease-Up to Income-Producing – Commercial Capitalization details of the Company as of 09/30/2025 and adjusted for subsequent events per Management guidance Considerations on Analysis

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13 Key West's Stabilized NOI Over Time Key West's Stabilized NOI Over Time – Q2 2025 to Current (as of 12/23/2025) Since Management's Q2 NAV analysis, the Company's stabilized NOI has decreased largely due to Multifamily asset sales and recapitalizations, resulting in a decrease of ~$600mm in GAV at the mid-point; these transactions generated ~$217mm of cash proceeds1 and may have contributed to the ~$250mm decrease in net debt over the period Source: Company Filings and Materials provided by Key West Management to Moelis 1. Based on $192mm of cash generated in Q3 2025 adjusted for $25mm of cash proceeds generated from subsequent events as reported in Key West's Supplemental Financial Information Commentary Multifamily: Key West recapitalized 10 Multifamily assets from 51% to 10% ownership, leading to a decrease in NOI of ~$23mm Key West sold 3 and acquired 3 Multifamily assets leading to a net decrease in NOI of ~$4mm (sold ~$5mm of NOI; acquired ~$1mm of NOI) Remaining incremental changes to NOI over the period are attributable to revised Q3 2025 estimates Office (EU and US): Key West sold 1 EU Office asset over the period, leading to a decrease in NOI of ~$1mm Remaining incremental changes to NOI over the period are attributable to revised Q3 2025 estimates based on various factors including occupancy Retail: Key West sold 1 UK Retail asset over the period and revised the Q3 2025 estimates for the rest of the Retail portfolio Industrial: Key West's Industrial portfolio NOI increased $0.3mm which is attributable to revised Q3 2025 estimates A B C D A B C D

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14 Key Considerations on NAV Source: S&P Capital IQ as of 01/13/2026 Selected Multi-family Real Estate Publicly Traded Companies includes: Equity Residential (EQR), Essex Property Trust (ESS), Grainger (LSE:GRI), Independence Realty Trust (IRT) and Centerspace (CSR) Selected Commercial Real Estate Publicly Traded Companies includes: Douglas Emmett (DEI), Cousins Properties Incorporated (CUZ), Highwoods Properties (HIW), American Assets Trust (AAT), Derwent London (LSE:DLN), Workspace Group (LSE:KWP), Rexford Industrial Realty (REXR), Terreno Realty Corporation (TRNO), Tritax Big Box REIT (BBOX), Shaftesbury Capital (LSE:SHC), Hammerson (LSE:HMSO) Unaffected Key West share price of $7.47 as of 11/04/2025 Selected Precedent Real Estate Transactions include: Waypoint Asset Management's acquisition of The PRS REIT Plc (2025), Makora Management / Ares Management's acquisition of Plymouth Industrial REIT (2025), MCME Carell's acquisition of CityOffice REIT (2025), Blackstone's acquisition of Warehouse REIT (2025), New River REIT's acquisition of Capital & Regional (2024), Blackstone's acquisition of Apartment Income REIT (2024) and Blackstone's acquisition of Tricon Residential (2024) Low NAV estimate of $10.53 per share based on BofA as of 11/04/2025; High NAV estimate of $14.65 per share based on JPM as of 12/18/2025 Key West Current and Historical Trading Key West has historically traded at a 30%+ discount to NAV over the last 10 years, which reflects a larger average historical discount than that of the Selected Multi-family Real Estate1 and Commercial Real Estate2 Publicly Traded Companies (collectively, the "Selected Publicly Traded Real Estate Companies") As of the unaffected date3, Key West was trading at a 32% discount to the low-end and 61% discount to the high-end of Management's Q2 NAV per share range of ~$11 and ~$19, respectively Selected Publicly Traded Companies Market Trading The Selected Multi-family Real Estate and Commercial Real Estate Publicly Traded Companies have historically traded at a market-cap weighted average discount to NAV of 7%+ and 11%+, respectively, over the last 10 years, and currently trade at a 18% and 16% discount to NAV, respectively Selected Precedent Transactions Over the past few years, the offer price of the Selected Precedent Real Estate Transactions4 have generally implied a discount to NAV ranging between ~7% and ~33% An offer price per share of $10.90 implies a ~4% premium and ~26% discount to the low and high analyst NAV estimates5, respectively The high analyst NAV estimate of $14.65 per share has a share price target of $11.00 per share, implying a ~25% discount to NAV Key West Considerations on NAV Discounts In our financial analysis, Moelis determined a discount to NAV was appropriate based on: Key West's observed discount to consensus NAV over the historical period and at the unaffected date3 The discount of the Selected Publicly Traded Real Estate Companies and the Selected Precedent Real Estate Transactions Elevated leverage profile relative to the Selected Publicly Traded Real Estate Companies Complexity of operations (i.e., asset class type, geographical markets, etc.) Subscale sub-portfolios Taxable income status as a non-qualified REIT Relatively high G&A burden Concentration of Key West's shareholder base Given the above, Moelis included a discount of 20% ‒ 40% for the Selected Publicly Traded Companies analysis and 5% ‒ 20% for the Selected Precedent Transactions analysis Market Feedback At the direction of the Special Committee, Moelis reached out to a select group of high-quality potential buyers to assess their interest One third party, who has held previous discussions with Key West and has considered multiple deal structures, told Moelis that their internal NAV analysis was below Management's NAV estimate

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## Ex-99.(C)(6)

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Exhibit (c)(6)<br>

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Project Key West February 16, 2026 Discussion Materials

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Disclaimer This presentation has been prepared by Moelis & Company LLC ("Moelis") solely for the information and assistance of the Special Committee of the Board of Directors of the company codenamed "Key West" (the "Company") in considering the matters referred to in these materials. This presentation is confidential and may not be disclosed (in whole or in part) or utilized for other purposes without the express prior written consent of Moelis. This presentation has been prepared based on information provided by the Company and/or from third party sources. Moelis assumed such information is complete and accurate in all material respects. Moelis has not independently verified such information (or assumed responsibility for the independent verification of such information). To the extent this presentation includes projections, forecasts or other forward-looking statements, Moelis has assumed that such information was reasonably prepared based on the best currently available estimates and judgments of the Company and/or other parties as to the future performance of the Company and/or such other parties. Moelis expresses no views as to the reasonableness of any such projections, forecasts or other forward-looking statements or the assumptions on which they are based. Moelis has not made any independent evaluation or appraisal of any of the assets or liabilities (contingent, derivative, off-balance-sheet, or otherwise) of the Company or any other party. Moelis' participation in any due diligence review is solely for purposes of supporting its advice and analysis. This presentation is based on economic, monetary, market and other conditions as in effect on, and the information made available to us as of, the date hereof, and Moelis assumes no obligation to update this presentation or correct any information herein. No company or transaction used in this presentation is identical to the Company or any potential transaction. The analyses set forth in this presentation do not purport to be appraisals and such analyses do not reflect Moelis' views of the prices at which businesses or securities actually may be sold. Because the analyses described in these materials (including the information used in such analyses) are inherently subject to uncertainty, Moelis does not assume responsibility if future results are materially different from those forecast. This presentation was designed for use by certain persons familiar with the business of the Company. This presentation is not intended to provide the sole basis for any decision on any transaction or strategic alternative and is not a recommendation with respect to any transaction or strategic alternative. This presentation does not address the Special Committee's underlying business decision to explore or recommend any transaction or strategic alternative or the relative merits of any transaction or strategic alternative as compared to any alternative business strategies or transactions that might be available to the Company. Nothing contained in this presentation should be construed as legal, regulatory, tax or accounting advice. Moelis and its affiliates are engaged globally in a wide range of investment banking and other activities for their own account and otherwise. Moelis and its affiliates may have advised, may seek to advise and may in the future advise in companies referred to in this presentation. Personnel of Moelis or such affiliates may make statements or provide advice that is contrary to information included in this presentation. The proprietary interests of Moelis or its affiliates may conflict with your interests. In addition, Moelis and its affiliates and their personnel may from time to time have positions in or effect transactions in securities referred to in this material (or derivatives of such securities), or serve as a director of companies referred to in this presentation. 1

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Agenda 2 7 Public Market Perspectives 1. 11 Diligence and Key Inputs For Our Analysis 2. 21 Financial Analysis 3. 26 Appendix 4. 27 Summary of Changes in Market Information A. 31 Financial Analysis Detail B. 36 Selected Publicly Traded Companies Analysis C. 47 Selected Precedent Transactions D. 56 Selected Asset-Level Transactions Analysis E. 62 Additional Sum-of-the-Parts Analysis Support F. 69 Dividend Discount Model Analysis (For Reference Only) G. 72 Operational Benchmarking H. 76 Additional Company Detail I. 87 Equity Research Perspectives J. 90 Additional Supporting Detail K.

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On November 4, 2025, a consortium consisting of Fairfax, William McMorrow and certain other current senior executives of the Company (the "Consortium") submitted an offer to acquire all outstanding shares of Key West common stock not already owned by members of the Consortium for $10.25 per share in cash (the "Initial Proposal") The Initial Proposal was made publicly available after market close on November 4, 2025 (the "Unaffected Date") A Special Committee of independent directors was subsequently formed and engaged independent legal (Cravath) and financial (Moelis) advisors The Special Committee, with the assistance of Cravath and Moelis, evaluated the merits of the Initial Proposal versus other strategic alternatives available to the Company, including but not limited to no transaction or a transaction with another party In late December, the Special Committee decided to engage with the Consortium to negotiate a transaction. Since then, the Special Committee and its advisors have engaged in a robust, arms-length negotiation with the Consortium At the direction of the Special Committee, Moelis also conducted outreach to 9 potential third-party buyers to gauge interest in exploring a potential transaction. None of these potential buyers contacted expressed interest in pursuing a transaction After several rounds of negotiation, the Special Committee is considering a transaction for an all-cash acquisition of all of the outstanding shares of Key West common stock not already owned by members of the Consortium for $10.90 per share (the "Proposed Transaction") The Proposed Transaction would be contingent upon the approval by a majority of votes cast by the unaffiliated stockholders The Board of Directors may elect to continue to declare no more than two ordinary course quarterly dividends of up to $0.12 per share to the common stockholders until stockholder approval for the deal is obtained Moelis has prepared financial analyses of Key West to assist the Special Committee in its evaluation of the Proposed Transaction The analysis is an updated version of the analysis previously shown to the Special Committee and considers management's latest perspectives on the financial performance of the business, market data as of February 13, 2026 and recent M&A activity including the closure of Key West's acquisition of Toll Brothers Apartment Living ("TBAL") 3 Executive Summary

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4 Source: Company Filings; S&P Capital IQ 1. Key West filed an 8-K related to the Consortium's Initial Proposal after market hours on November 4, 2025 Summary of the Proposed Transaction Overview of the Proposed Transaction Proposed Transaction An acquisition of all of the outstanding shares of common stock of Key West that the Consortium does not currently own, via a holding company jointly held by the Consortium Consideration $10.90 per share in cash (the "Offer Price"), implying a 46% premium to the unaffected share price as of 11/04/20251 and a 6% increase from the $10.25 price per share offer included in the Consortium's Initial Proposal Financing Fairfax Financial Holdings Limited, a member of the Consortium, has provided an Equity Commitment Letter to backstop the Proposed Transaction The Consortium has obtained a waiver of the change of control provision in the Key West Credit Facility for the Proposed Transaction The Consortium expects to roll the outstanding obligations under the Key West Credit Facility and the property-based secured debt at the closing and pursue an exchange offer for Key West's outstanding senior notes prior to the close of the Proposed Transaction Key West Dividend Key West may pay up to two ordinary course quarterly cash dividends to holders of Key West common shares, each in an amount of no greater than $0.12 per share, prior to the date on which stockholder approval of the deal is obtained Management The current CEO, President and General Counsel of Key West will roll a portion of their existing Key West common stock into the surviving company as part of the Proposed Transaction Majority-of-the-Minority Shareholder Vote An affirmative vote of a majority of the votes cast by stockholders not affiliated with the Consortium is required to approve the Proposed Transaction Other Key Provisions Customary non-solicitation restrictions following the execution of the merger agreement Outside date of 9 months from the date of the merger agreement

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5 The Proposed Transaction in Context Source: Company Filings, Draft Q4 2025 Earnings Release and Supplemental Financial Information, S&P Capital IQ as of 02/13/2026 High and low spot NAV / share estimates reflect J.P. Morgan and Bank of America NAV / share estimate, respectively, from reports as of 11/05/2025 and 08/07/2025, respectively Fully diluted shares outstanding includes 138.112mm basic shares outstanding, 1.259mm restricted stock units and 3.132mm performance stock units as of 02/11/2026 Includes consolidated and unconsolidated debt at Key West's share per the draft Q4 2025 Earnings Release and Supplemental Financial Information, adjusted for subsequent events Reflects Series A Cumulative Preferred Stock, Series B Cumulative Preferred Stock and Series C Cumulative Preferred Stock at liquidation preference as of 12/31/2025 Includes consolidated and unconsolidated cash at Key West's share per the draft Q4 2025 Earnings Release and Supplemental Financial Information, adjusted for subsequent events

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Potential Buyers Outreach Summary 6 Note: Moelis began buyer outreach on 1/5/2026; Moelis conducted calls with [\*\*\*] and [\*\*\*] on 01/06/2026, [\*\*\*] and [\*\*\*] on 1/7/2026, [\*\*\*] on 01/08/2026 and [\*\*\*] on 1/21/2026; [\*\*\*] was contacted on 01/05/2026 but has not responded to Moelis' outreach to date; [\*\*\*] responded to Moelis' outreach on 01/06/2026, noting they will review the opportunity but that the transaction is likely too large; [\*\*\*] responded to Moelis' outreach on 01/05/2026 noting they would review the opportunity but have not responded since At the direction of the Special Committee, Moelis conducted a targeted outreach process, reaching out to a group of potential buyers in early January. Although some expressed favorable views of certain assets within Key West, many expressed concerns with (and none meaningfully engaged in) pursuing a potential transaction Firms either did not follow up on or passed on a potential Key West transaction after Moelis' initial outreach and investor calls Themes from Buyer Conversations General familiarity with Key West and the unique collection of assets; some of the firms also noted that their teams had been tracking the situation since news of the Consortium's offer became public in November 2025 Most firms Moelis spoke with made references to work they had completed in 2024 or 2025 in reviewing potential opportunities to engage with Key West Reasons Cited for Investors Who Passed on the Opportunity Firms referenced the complexity of the business, particularly the asset manager and the Company's relationship with Fairfax Firms mentioned challenges including leverage, large transaction size, JV complexity, size of assets under development and potential tax leakage in a change of control / conversion from a C-Corp Investors Contacted Key Themes from Potential Buyer Conversations Moelis conducted outreach call with investor [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*] [\*\*\*]

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Public Market Perspectives 7

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Source: S&P Capital IQ as of 02/13/2026; YTD reflects 01/02/2026 to 02/13/2026 Note: Indexes are calculated based on market-cap-weighted average share price performance Reflects share price performance from 11/04/2015 to 02/13/2026 Selected Multi-Family Real Estate Publicly Traded Companies include: Equity Residential (EQR), Essex Property Trust (ESS), Independence Realty Trust (IRT), Centerspace (CSR), Grainger (LSE:GRI) Selected Commercial Real Estate Publicly Traded Companies include: Douglas Emmett (DEI), Cousins Properties Incorporated (CUZ), Highwoods Properties (HIW), American Assets Trust (AAT), Derwent London (LSE:DLN), Workspace Group (LSE:KWP), Rexford Industrial Realty (REXR), Terreno Realty Corporation (TRNO), Tritax Big Box REIT (BBOX), Shaftesbury Capital (LSE:SHC), Hammerson (LSE:HMSO) 8 Public Market PerspectivesReal Estate Historical Share Price Performance Market-Cap-Weighted Average Share Price Performance – Last 10 Years to 02/13/2026 Key West's share price has underperformed that of the Selected Multi-Family and Commercial Real Estate Publicly Traded Companies Key West (unaffected) 10-year share price performance of (69%) 1 Shading indicates period from 11/04/2025 unaffected date to 02/13/2026

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Key West has historically traded at a 30%+ discount to NAV, which reflects a larger average historical discount than that of the Selected Multi-Family Real Estate and Commercial Real Estate Publicly Traded Companies 9 Public Market PerspectivesHistorical Premium / (Discount) to Consensus NAV Source: S&P Capital IQ as of 02/13/2026; YTD reflects 01/02/2026 to 02/13/2026 Note: Figures are per CapIQ and may differ from other pages; indexes are calculated as a market-cap-weighted average Premium / (Discount) to consensus NAV Reflects average from 11/04/2015 to 02/13/2026 NAV / share estimates reflect CapIQ consensus estimates and include Deutsche Bank estimates starting 02/24/2025 (initiated coverage); CapIQ consensus does not include Bank of America NAV / share estimates; Bank of America moved to no rating on Key West on 11/04/2025 Selected Multi-Family Real Estate Publicly Traded Companies includes: Equity Residential (EQR), Essex Property Trust (ESS), Grainger (LSE:GRI), Independence Realty Trust (IRT) and Centerspace (CSR) Selected Commercial Real Estate Publicly Traded Companies includes: Douglas Emmett (DEI), Cousins Properties Incorporated (CUZ), Highwoods Properties (HIW), American Assets Trust (AAT), Derwent London (LSE:DLN), Workspace Group (LSE:KWP), Rexford Industrial Realty (REXR), Terreno Realty Corporation (TRNO), Tritax Big Box REIT (BBOX), Shaftesbury Capital (LSE:SHC), Hammerson (LSE:HMSO) Reflects spread based on unaffected date for Key West's stock of 11/04/2025 Market-Cap-Weighted Average Premium / (Discount) to Consensus NAV – Last 10 Years to 02/13/2026 Key West (unaffected) average NAV premium / (discount) of (42%) 1 Discount to NAV would be (23%), (including Bank of America NAV estimate) Shading indicates period from 11/04/2025 unaffected date to 02/13/2026

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Commentary Implied Nominal Nominal and Implied Cap Rates – Last 6 Years to 02/13/2026 The Selected Multi-Family Real Estate Publicly Traded Companies nominal and implied cap rates have been lower than those of the Selected Commercial Real Estate Publicly Traded Companies 10 Public Market PerspectivesHistorical Nominal and Implied Cap Rates Over Time Source: GSA as of 02/13/2026 Selected Multi-Family Real Estate Publicly Traded Companies includes: Equity Residential (EQR), Essex Property Trust (ESS), Grainger (LSE:GRI); Excludes Independence Realty Trust (IRT), Centerspace (CSR) as not reported on Greenstreet Selected Commercial Real Estate Publicly Traded Companies includes: Douglas Emmett (DEI), Cousins Properties Incorporated (CUZ), Highwoods Properties (HIW), American Assets Trust (AAT), Derwent London (LSE:DLN), Workspace Group (LSE:KWP), Rexford Industrial Realty (REXR), Terreno Realty Corporation (TRNO), Tritax Big Box REIT (BBOX), Shaftesbury Capital (LSE:SHC), Hammerson (LSE:HMSO) Net Initial Yield is the European equivalent of cap rate Independence Realty Trust covered by GSA; however, cap rate data over time not reported Figures reflect nominal / implied cap rates for US selected publicly traded companies and EPRA net initial yield / implied net initial yield per Green Street3 ("GSA") for European selected publicly traded companies Multi-Family index excludes Independence Realty Trust4 and Centerspace as they are not covered by GSA Six-year timeframe due to lack of consistent data before 2019 Key West excluded from the chart as GSA does not report on the Company

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Diligence and Key Inputs For Our Analysis 11

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Category Received Information / Materials and Commentary Key West Financial Projections Management Credit Rating Model as of June 2024 for purposes of sharing with credit rating agencies (incl. projections for FY2024E – FY2027E) Management 2025 Budget as of January 2025; the Management 2026 Budget is not yet available Equity research models from three banks Held diligence calls with Management to discuss the Management Credit Rating Model and Management 2025 Budget, focusing diligence on the basis of presentation, level of detail included and processes for updating Management does not prepare long-term financial projections in the ordinary course The credit rating agencies did not require an updated set of projections for their credit ratings this year, so Management did not prepare a revised set of projections Segment-Level Financial Detail Detailed financial breakout across asset classes and segments for 2023, 2024 and 2025 Breakdown of income producing properties, loan investments, lease-up, development and residential assets used to support quarterly supplemental filings Fee-bearing capital information with detail on investments by investor, region, fee % and other key metrics Held diligence calls with Management to discuss the relationship between financial information provided and publicly available information, including any key subsequent events (i.e., the TBAL acquisition, other acquisitions and divestitures) Management detailed its view on the various components of value of its business at share1 as reported in its Q3 2025 Earnings Results and Supplemental Financial Information then provided a roll-forward of the various components of value as of Q4 2025 Management provided guidance on adjustments related to the components of value, including that TBAL should be removed from Multi-Family if TBAL were being valued on a separate basis as opposed to being included within the components of value. Management also provided guidance that divestitures under contract such as Radius and Equinox should be removed from Multi-Family, Silicon Valley R&D and Valley Oak (Infiniera Building) should be removed from US Office and Amazon ABQ should be removed from Industrial and the acquisition under contract of Greenway Portfolio GP Interest should be added to Multi-Family. These adjustments were made as Management indicated that acquisitions and dispositions under contract had a higher likelihood of closing and contributing to the total value of Key West as compared to acquisitions and dispositions under offer or planned for future sale based on Company materials Management provided guidance on adjusted capital structure related figures including debt and cash balances, and equity capitalization 12 Moelis has received and evaluated the following key diligence items from Key West Management Diligence and Key Inputs For Our Analysis Summary of Diligence Information Received Source: Company Filings; Materials provided by Key West Management to Moelis 1. Reflects Key West's proportional ownership

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Category Received Information / Materials and Commentary Mgmt. Reporting Packages and KPIs Received internal Management reporting packs for November 2023, November 2024 and August 2025 Board of Director presentations and related materials for Q1 2024 – Q3 2025 M&A Provided overview of acquisitions and dispositions under contract / investments planned for sale as of 12/31/2025 across the major business segments; also provided a selection of asset appraisals and certain tax basis information as of 12/31/2024 Held diligence calls with Key West and reviewed documents on the financial impact of the TBAL acquisition including assumptions for its TBAL financial forecast Key West generated ~$530mm of cash proceeds from asset sales in 2025E, exceeding its FY2025 target of $400mm1 Tax and REIT Qualifications Provided tax basis information for real estate assets within the consolidated and unconsolidated portfolios as of 12/31/2024, which included details on the deferred tax liabilities and deferred tax assets (net deferred tax assets balance of $76.5mm as of 12/31/2024) Held a diligence call with Management to discuss the impact of the tax basis in the context of a potential liquidation or sale of certain asset classes / assets in certain geographical markets or the Investment Management business Management noted that the Investment Management business likely has no tax basis (i.e., gain on sale of business is equal to sale price) Management emphasized the generally low tax basis of real estate assets due to the use of 1031 exchanges to replace legacy assets and noted that each asset is held in a different structure so there may be tax, timing and partnership considerations during a sale Management does not currently track REIT qualifications in an illustrative separation of the Investment Management business scenario, however, the Company noted limitations due to the 5-year asset hold period (10-year period in California) required when converting from a C-Corp to a REIT to qualify for no corporate tax in the event of the sale of certain assets 13 Moelis has received and evaluated the following key diligence items from Key West Management Diligence and Key Inputs For Our Analysis Summary of Diligence Information Received (cont'd) Source: Company Filings; Materials provided by Key West Management to Moelis 1. Target based on Key West Q3 2025 Board of Director Presentation

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Leading Real Estate Investment Management Business Real estate investments across the United States, Ireland and the United Kingdom (~60%, ~20% and ~20% of estimated NOI, respectively) Over ~$36bn in Real Estate AUM1 across multi-family, office, industrial, and retail properties Institutional client base in the investment management business with ~$11bn in fee bearing capital as of Q4 2025 Experienced senior management team with an average of 23+ years of real estate experience Diversified Business Mix Key West has a diversified Real Estate and Investment Management platform Real Estate platform (383 total properties including lease up and development and 127 loan investments) is diversified across multi-family (159 stabilized assets), European and US office (15 and 17 stabilized assets, respectively), industrial (100 stabilized assets) and retail (6 assets), with certain of those asset classes wholly owned and / or owned through minority interests2 Investment management business is bifurcated into fees related to typical asset management fees (~60%3) and origination fees (~40%3); represents a smaller portion of the business relative to the Real Estate platform Unique Portfolio / ReportingStructure Key West presents GAAP filings on a consolidated basis, but discloses a breakdown of various components of value to assist investors in their evaluation of the Company Consolidated: Portfolio consists of investments in real estate and real estate-related assets that are typically wholly-owned assets Co-Investments: Portfolio reflects capital invested by Key West for its partners in real estate and real estate-related assets where Key West does not own a majority interest; earns fees for managing fee-bearing capital including asset management, construction management, acquisition / disposition and origination fees The detailed breakdown of key financial line items of the unconsolidated investments are limited Key West is not and does not trade as a REIT, operates / invests in a wide range of real estate asset classes, and has an investment management business; whereas other large publicly traded real estate operators often tend to be organized as REITs and generally focus their operations on certain asset classes Actively Managed Real Estate Portfolio Key West generated ~$530mm of cash proceeds from asset sales in 2025E, exceeding its FY2025 target of $400mm4 In 2025E, including certain TBAL assets that closed by year end, Key West acquired 47 assets across development, industrial, and multi-family, located in the US and UK, and divested 33 assets across development, industrial, multi-family, office, residential, and retail located in the US, UK and Ireland Key West realized a ~$70mm, $196mm and $112mm gain on the sale of real estate in 2025E, 2024A and 2023A, respectively 14 Diligence and Key Inputs For Our Analysis Observations on the Company Source: Company Filings Per Management estimate as of Q4 2025; Real Estate AUM includes total estimated fair value of the real estate properties, total loan commitments made through Key West's debt investment platform, inclusive of both currently outstanding loan amounts and contractual future fundings, and other real estate-related assets either owned by third parties, wholly-owned by the Company or held by joint ventures Figures exclude lease-up and development related assets unless otherwise noted and are as reported as of Q4 2025 Fee split based on LTM figures as reported as of Q3 2025 Target based on Key West Q3 2025 Board of Director Presentation

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High G&A Costs Key West's G&A is elevated compared to its Real Estate peers as a percentage of NOI and total enterprise value which may be attributable to its relative size and scale, investment into the investment management platform, the active management of its real estate portfolio, Management compensation and its operations across diversified asset classes and regions Elevated Leverage Profile The Company is capitalized with above-market leverage, with a debt-to-capitalization ratio of ~90% as of the Initial Proposal, relative to the Selected Publicly Traded Multi-Family and Commercial Real Estate Companies, which have an average debt-to-capitalization ratio of approximately half this level Key West Credit Ratings: S&P: B+, Moody's: B2 Concentrated Investor Base Key West's top 5 stockholders own ~50% of the Company Fairfax Relationship Fairfax owns ~10% of Key West's fully diluted shares outstanding and $500mm of preferred (~25mm warrants linked to preferred, which entitle the preferred to vote with the common stock, subject to a cap of 19.9% of the outstanding) Fairfax accounts for ~51% of Key West's fee bearing capital1 and has a number of joint real estate related and loan investments with Key West Discount to NAV Key West has historically traded at a 30%+ discount to NAV, which reflects a larger average historical discount than that of the Selected Multi-Family Real Estate and Commercial Real Estate Publicly Traded Companies Key West does not trade as a qualified REIT and pays regular income tax whereas the Selected Real Estate Publicly Traded Companies are REITs Limited Equity Research Coverage Key West has a price target from two Wall Street Analysts after Bank of America moved to No Rating following the Initial Proposal 15 Diligence and Key Inputs For Our Analysis Observations on the Company (cont'd) Source: Company Filings; Equity Research, S&P Ratings Direct, Moody's 1. Per Q4 2025 estimate

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I. Key West Run-Rate NOI Estimates and Diligence Adjustments: Key West provides details on the various components of value of the Company at share via public filings, specifically the Supplemental Financial Information filed quarterly. Key West's components of value are listed below – these include two main segments (Real Estate and Investment Management) and their sub-segments, plus the value of the recently acquired TBAL. Further details on each of these segments are on subsequent pages 1. Real Estate Income-Producing Multi-Family Commercial EU Office US Office Industrial Retail Loan Investments Lease-Up, Development and Residential Lease-Up Development Residential 2. Investment Management Investment Management – Base Fees Accrued Carried Interest Moelis and Key West Management held multiple sessions to diligence the Company's perspectives on key components of value, resulting in the following adjustments: Removed TBAL and divestitures under contract such as Radius and Equinox from Multi-Family, Silicon Valley R&D and Valley Oak (Infiniera Building) from US Office, Amazon ABQ from Industrial and added the acquisition under contract of Greenway Portfolio GP Interest to Multi-Family Adjusted the Company's public capitalization details to account for the at share debt related to and additional equity required to fund the third close of the TBAL acquisition (including the subsequent land purchase of Old Danbury – Wilton), assumed to be funded by a draw on the Company's revolver, adjusted the at share debt and cash for acquisitions and divestitures under contract post 12/31/2025 and adjusted the cash balance for common and preferred dividends paid Allocated G&A to the Company's Investment Management business such that it operates at a 40% EBITDA margin, consistent with Management guidance and prior materials presented to the Board 16 Diligence and Key Inputs For Our Analysis Summary of Available Key West Financial Information Source: Key West Draft Q4 2025 Company Filings; Key West Q3 2025 Company Filings; Key West Management

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Used Q4 GAV at share estimates for the Lease-Up and Development Assets, as stabilized NOI at share for these assets does not accurately reflect certain minority interests and assets for which the scope is being explored due to data limitations constraining the Company's ability to provide a representative estimate of annualized NOI; Removed $25mm and $32mm of TBAL related GAV in Development and Residential, respectively Moelis used the estimated annual NOI per Key West of ~$411mm for the Multi-Family, EU Office, US Office, Industrial and Retail portfolios Moelis considered but did not use the estimated LTM NOI of ~$382mm for the Multi-Family, EU Office, US Office, Industrial and Retail portfolios as provided in materials from Key West, which would have resulted in a lower implied value range, as such detail may not reflect the current portfolio compared to the run-rate estimated annualized NOI provided in the Company's draft Q4 2025 filings and based on discussions with Key West II. Forecasts: Key West does not prepare long-term financial projections in the ordinary course Each year in Q1, Key West creates an internal annual budget for the current calendar year; the Management 2026 Budget is not yet available Key West has historically provided rating agencies with a forecast; however, the latest forecast was as of June 2024 and includes financials through 2027; the rating agencies did not require a forecast for their most recent report Key West created financial projections related to Key West's acquisition of TBAL and shared a summary of the financial projections at the time with Key West's Board of Directors (August 2025), ahead of the public announcement of the TBAL acquisition (September 2025) As the TBAL acquisition evolved, Key West updated the financial projections, as compared to the version shared with the Board of Directors, and shared this updated version of the financial projections (the "TBAL Projections") with Moelis The TBAL Projections shared with Moelis are more aggressive relative to the version shared with the Board of Directors and include a greater number of speculative development starts over the forecast period. The initial forecast shared with the Board of Directors also included several assets which were ultimately not part of the transaction perimeter by the third and final closing of the TBAL acquisition in January; Management adjusted to remove the impact of these assets in the TBAL Projections IIII. Key West GAV Estimates: Key West maintains GAV estimates for its Income Producing Real Estate and Lease-Up, Development and Residential Assets, which are updated either quarterly or annually, and is a property level build of fair value, taking into account recent appraisals, Key West cap rate estimates, cost basis and estimated costs to complete IV. Equity Research: Equity research analysts covering Key West provide NAV estimates Certain analysts also provide certain projections, however, these projections are limited because they either do not extend far enough into the future to provide for a meaningful forecast period, do not provide sufficient granularity that would allow for diligencing the forecast or assessing the value of the Real Estate and Investment Management Assets separately, and / or suspended research coverage 17 Diligence and Key Inputs For Our Analysis Summary of Available Key West Financial Information (Cont'd) For Reference Only Source: Key West Draft Q4 2025 Company Filings; Key West Q3 2025 Company Filings; Key West Management

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I. Real Estate (Income Producing, Lease-Up, Development and Residential) : Moelis analyzed Key West's current and historical portfolio, including asset composition by sector and geography, and considered operating metrics like occupancy and WALT, among other metrics Moelis analyzed Management's derivation of estimated annual NOI as referenced in Key West's filings and other financial information as follows: Compared NOI estimates against reported LTM NOI and historical NOI performance over time Held discussions with Management to determine any appropriate pro forma NOI adjustments for purposes of reclassifying certain assets that were recently acquired, divested, under contract and / or newly fully leased-up Reviewed NOI build-up from selected asset-level budgets and asset appraisals for selected properties as provided by Management Discussed with Management the operating expenses that are, and whether capex is, included in / excluded from NOI Moelis analyzed Key West's fair value estimates for the portfolio and cross-checked against asset-level appraisals for selected properties as provided by Management Moelis and Management discussed Key West's lease-up and development portfolio, including the stage of current lease-up and development assets, estimated cost basis and remaining costs to complete, Management's view on stabilized NOI and time to achieve stabilization, and fair value considerations for wholly-owned and unconsolidated investments / off-balance sheet assets Moelis and Key West Management discussed the feasibility of converting into a REIT and / or pursuing one or multiple spin-off strategies Management indicated that the following factors, among potential others, constrained the Company's ability to convert into a REIT: REIT conversion tax, the amount of unconsolidated and JV assets held by Key West, and the punitive treatment of short-term hold periods under REIT qualifications II. Investment Management: Moelis analyzed historical management and transaction fees, current and historical AUM and fee-bearing capital, investment type and geography, fund structure, and investor commitments in order to better understand Key West's investor concentration, quality of client base, mix of commingled funds vs. JVs and SMAs, and permanence of capital Moelis could not analyze projected performance fees due to limited availability of data per Management, so Moelis relied on the accrued performance fee balance in its financial analysis Moelis discussed standalone costs for the investment management platform with Management; Management guided Moelis to use a 40% EBITDA margin for purposes of analyzing the investment management platform Moelis benchmarked Management's 40% EBITDA margin guidance against the Selected Publicly Traded Asset Managers Methodologies Not Employed: Moelis did not conduct its own valuation of each individual property, and did not engage an independent third-party appraiser to value the entire portfolio Moelis did not receive nor review rent rolls, nor did it receive nor review feasibility analyses and cash flow forecasts for the Lease-Up and Development assets Moelis did not receive nor review underlying loan prices, asset-level performance or other criteria for assessing the Loan Book 18 Diligence and Key Inputs For Our Analysis Summary of Diligence on Key West Financial Information Source: Key West Draft Q4 2025 Company Filings; Key West Q3 2025 Company Filings; Key West Management

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Includes details from Key West's draft Q4 2025 Earnings Results and Supplemental Information 19 ($ in millions) Diligence and Key Inputs For Our AnalysisKey West Components of Value Summary Source: Key West draft Q4 2025 Company Filings, Materials provided by Key West Management to Moelis Occupancy as reported in draft Q4 2025 Earnings Results and Supplemental Information, unadjusted for acquisitions and dispositions Reflects Key West's proportional ownership of NOI Removes TBAL, Radius and Equinox NOI of ~$3.9mm, ~$3.2mm and ~$2.2mm, respectively, and units of 2,249, 282 and 204, respectively; Adds Greenway Portfolio GP Interest NOI of ~$4.6mm and units of 1,602 Removes Silicon Valley R&D and Valley Oak (Infiniera Building) NOI of $0.3mm and $0.2mm, respectively and square feet of 0.3mm and 0.1mm, respectively Removes Amazon ABQ NOI of ~$0.1mm and square feet of ~0.05mm Adjusted to net out Gross Asset Value of $25mm and $32mm of TBAL related GAV in Development and Residential, respectively, per Management guidance Adjusted to remove ~$1bn of fee-bearing capital related to TBAL Includes consolidated and unconsolidated debt at Key West's share as reported in draft Q4 2025 Earnings Release and Supplemental Financial Information; includes adjustments for subsequent events such as changes in cash and debt for asset acquisitions and dispositions, including the 3rd closing of the TBAL acquisition, and dividends paid Reflects 138.112mm basic shares outstanding, 1.259mm restricted stock units and 3.132mm performance stock units as of 02/11/2026 Implied based on 40% EBITDA margin for Investment Management business per Management guidance

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Diligence and Key Inputs For Our Analysis Operational Benchmarking: General & Administrative Costs Key West has elevated G&A relative to the Real Estate and Asset Managers Publicly Traded Companies 20 Source: Key West Management, Investor presentations, Company filings, S&P Capital IQ as of 02/13/2026 Note: European select publicly traded companies G&A figures trend higher than US select publicly traded companies due to differences in accounting conventions Estimated Q4 2025 annual Multi-Family and Commercial NOI; does not include fees from Investment Management business Average excludes Key West; US-only average includes Equity Residential (EQR), Essex Property Trust (ESS), Independence Realty Trust (IRT), Centerspace (CSR), Cousins Properties Incorporated (CUZ), Douglas Emmett (DEI), Highwoods Properties (HIW), American Assets Trust (AAT), Rexford Industrial Realty (REXR), Terreno Realty Corporation (TRNO) Reflects LTM G&A Selected Publicly Traded Real Estate Companies and Selected Publicly Traded Asset Managers Key West Real Estate G&A calculated as total G&A minus Investment Management G&A as of Q4 2025; Investment Management G&A calculated based on 40% EBITDA margin per Management guidance; Key West G&A as a percentage of NOI uses $411mm of Q4 2025 estimated annual NOI for the Multi-Family and Commercial segments Reflects TEV at $7.47 per share unaffected price and 02/13/2026 capitalization minus Investment Management business (valued at 40% EBITDA margin per management and mid-point estimate of 12.0x from Selected Publicly Traded Companies Analysis SOTP Nominal Cap Rates), minus accrued carried interest book value, minus lease-up / development / residential GAV, minus book value of loan investments and minus TBAL purchase price G&A for US alternatives calculated as fee-related revenue less fee-related earnings; G&A for US Traditional and European Alternatives calculated as revenue less EBITDA Selected Publicly Traded Real Estate Companies G&A Benchmarking – G&A as a % of NOI Selected Publicly Traded Asset Managers G&A Benchmarking – G&A as a % of Revenue6 Key West (Assumes 40% EBITDA margin) Key West1 Average: 56.1%2 Average: 15.1%2 Multi-Family Commercial US Traditional US Alternatives European Alternatives G&A ($)3,4 104 50 29 54 199 121 60 59 53 31 47 38 79 50 47 40 39 G&A (% of TEV5) 1.3% 1.3% 1.3% 0.9% 0.6% 0.5% 1.5% 1.2% 1.1% 1.4% 0.6% 1.3% 0.6% 0.5% 0.7% 0.6% 0.5% NAV (Disc.) / Prem. (42%) (16%) (19%) (19%) (22%) (16%) 4% (15%) (43%) (42%) 10% (32%) (19%) (1%) (33%) (28%) (25%) ($ in millions) ($ in millions) US-Only Average: 10.9%2 G&A ($)3, 4 68 7,144 4,819 3,343 367 14,543 4,343 2,490 1,157 1,407 1,937 4,104 1,661 949 1,028 233 1,371 487 Memo: Memo: Key West NAV discount reflects average estimate of Bank of America, Deutsche Bank and J.P. Morgan

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Financial Analysis 21

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Calculate Total GAV and NAV 22 Financial AnalysisApproach to Financial Analysis Source: Key West Management, Company Filings, S&P Capital IQ, Equity Research Calculate Gross Asset Value ("GAV") of Real Estate NOI per Management Book Value of Loan Investments, Lease-Up, Development and Residential per Management Selected Publicly Traded Companies Prem. / (Disc.) to Analyst NAV Estimates Selected Publicly Traded Companies Analysis Selected Precedent Transactions Analysis Selected Asset-Level Transactions Analysis Range of cap rates informed by the Selected Asset-Level Real Estate Transactions Calculate Implied Value of Investment Management Investment Management Base Fees: EBITDA based on LTM revenue and an assumed 40% margin per Management applied to the selected EBITDA multiple ranges Accrued Carried Interest based on balance sheet figures as of 12/31/2025 Other Adjustments TBAL based on a range from the $214mm purchase price at Key West share, as provided by Management, to $351mm based on the high end of the value range implied by the DCF G&A Affected: Reduce value by capitalized G&A Calculate Implied TEV 1 2 3 3 2 1 + Dividend Discount Model ("DDM") Analysis Applies discount range of 20% – 40% to Equity Research NAV estimates to arrive at an implied share price 1 Calculate implied share price based on present value of future dividends based on Equity Research dividend forecast 1 For Reference Only + Range of cap rates informed by the Selected Publicly Traded Multi-Family and Commercial Real Estate Companies Adjust for net debt and preferred to arrive at Implied NAV Apply Discount to NAV 4 Arrive at Implied Equity Value Calculate Implied Equity Value per Share 5 Unburdened by G&A: Do not reduce value by capitalized G&A Adjust for net debt and preferred Moelis performed sum-of-the-parts ("SOTP") analyses on the Real Estate and Investment Management businesses and TBAL

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12/18/2025 02/13/2026 Delta Selected Publicly Traded Companies Analysis(SOTP) Income-Producing Multi- Family Cap Rate 4.75% – 5.75% 4.75% – 5.75% – / – NOI $270mm $272mm +2mm Comm. Cap Rate 5.75% – 7.00% 5.75% – 7.00% – / – NOI $145mm $138mm ($7mm) Lease-Up, Development and Residential Price / Book 1.0x 1.0x – Book Value $1.6bn $1.8bn +$0.2bn Investment Management TEV / LTM EBITDA 10.0x – 14.0x 10.0x – 14.0x – / – LTM EBITDA $46mm $46mm ($0mm) NAV Discount Discount to NAV Range 20% – 40% 20% – 40% – / – Selected Precedent Transactions Analysis (SOTP) Income-Producing Multi- Family Cap Rate 4.75% – 5.75% 4.75% – 5.75% – / – NOI $270mm $272mm +2mm Comm. Cap Rate 5.75% – 7.00% 5.75% – 7.00% – / – NOI $145mm $138mm ($7mm) Lease-Up, Development and Residential Price / Book 1.0x 1.0x – Book Value $1.6bn $1.8bn +$0.2bn Investment Management TEV / LTM EBITDA 12.0x – 15.0x 12.0x – 15.0x – / – LTM EBITDA $46mm $46mm ($0mm) NAV Discount Discount to NAV Range 5% – 20% 5% – 20% – / – Selected Asset-Level Transactions Analysis (SOTP) Income-Producing Multi-Family Cap Rate 5.00% – 5.50% 5.00% – 5.50% – / – NOI $270mm $272mm +2mm Comm. Cap Rate 7.25% – 8.00% 7.25% – 8.00% – / – NOI $145mm $138mm ($7mm) Lease-Up, Development and Residential Price / Book 1.0x 1.0x – Book Value $1.6bn $1.8bn +$0.2bn Investment Management TEV / LTM EBITDA 12.0x – 15.0x 12.0x – 15.0x – / – LTM EBITDA $46mm $46mm ($0mm) General Assumption Change TBAL Methodology Purchase Price of $177mm Purchase Price of $214mm – $351mm (TBAL DCF High) Purchase Price +$37mm – +$174mm 23 Source: Company Materials provided to Moelis, Company Filings, S&P Capital IQ as of 02/13/2026, Equity Research Financial Analysis Financial Analysis Assumptions Comparison Summary

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Selected Publicly Traded Companies Analysis(SOTP) $5.56 – $16.62 $8,725 – $10,276 $6.01 – $17.65 $8,812 – $10,487 $0.45 / $1.03 $87 / $211 Selected Precedent Transactions Analysis (SOTP) $7.94 – $20.02 $9,057 – $10,794 $8.53 – $21.24 $9,170 – $11,043 $0.59 / $1.22 $113 / $249 Selected Asset-Level Transactions Analysis (SOTP) Unburdened by G&A Burdened by G&A $9.60 – $15.75 $1.09 – $5.02 $10.44 – $17.29 $2.03 – $6.77 $0.84 / $1.54 $0.94 / $1.75 $9,289 – $10,149 $8,099 – $8,649 $9,442 – $10,432 $8,243 – $8,920 $153 / $283 $144 / $271 For Reference Only Selected Publicly Traded Companies Prem. / (Disc.) to Analyst NAV Estimates $6.32 – $11.72 $8,830 – $9,586 $6.32 – $11.72 $8,855 – $9,625 – / – $25 / $39 Illustrative Dividend Discount Model $6.83 – $10.69 $8,902 – $9,442 $6.88 – $10.79 $8,935 – 9,492 $0.05 / $0.10 $33 / $50 52-Week High / Low (Unaffected) $5.98 – $11.88 $8,783 – $9,608 $5.98 – $11.88 $8,807 – $9,648 – / – $24 / $40 Analyst Share Price Target Unaffected $7.70 – $13.00 $9,024 – $9,765 $7.70 – $13.00 $9,052 – $9,807 – / – $28 / $42 Current $9.00 – $11.00 $9,205 – $9,485 $9.00 – $11.00 $9,237 – $9,522 – / – $32 / $37 Methodology Delta 24 Prior Materials (12/18/2025) Source: Company Materials provided to Moelis, Company Filings, S&P Capital IQ as of 02/13/2026, Equity Research; reflects materials price updated as of 12/18/2025 and 02/13/2026, respectively Financial Analysis Financial Analysis Comparison Summary Current Materials (02/13/2026) Figures in bold reflect per-share values; others reflect total enterprise value $ in millions, except per share

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Unaffected Share Price2: $7.47 Consortium Offer Price: $10.90 Implied Consortium Offer Price TEV Implied Unaffected TEV2 $11.00 25 Source: Company Materials provided to Moelis, Company Filings, S&P Capital IQ as of 02/13/2026, Equity Research TEV calculated as either the Implied Equity Value based on Discount to NAV plus net debt and preferred for Selected Publicly Traded Companies Analysis and Selected Precedent Transactions Analysis, or the value of the Income Producing, Lease-Up, Development, Residential, Investment Management and TBAL, including net debt and preferred for Selected Asset-Level Transactions Analysis; TEV adjusted for balance sheet items from Draft Q4 2025 Earnings Results and Supplemental Information per Management Guidance to calculate Equity Value, which is then divided by the implied number of FDSO to derive the implied share price for each methodology Reflects TEV and share price as of 11/04/2025; Key West filed an 8-K related to the Consortium's Initial Proposal after market hours on 11/04/2025 Includes estimated Loan Investments at book value of ~$205mm as of 12/31/2025 at an illustrative price / book value multiple range of 0.9x – 1.1x Includes estimated Accrued Carried Interest at a book value of ~$19mm as of 12/31/2025 at an illustrative price / book value multiple of 1.0x Includes $214mm purchase price for TBAL on the low-end and the $351mm high value implied by the TBAL DCF on the high-end Includes Lease-Up GAV of $1,028mm, Development GAV of $421mm and Residential GAV of $347mm as of 12/31/2025 based on Draft Q4 Company Filings; reclassifies GAV attributable to TBAL as it is valued separately Light green bars include impact of LTM Real Estate G&A costs of $104mm at 11.5x – 14.5x multiple range, whereas the dark green bars exclude this impact Financial AnalysisSummary of Financial Analysis Multi-Family Cap Rate: 4.75% – 5.75% Commercial Cap Rate: 5.75% – 7.00% 1.0x Book Value of $1.8bn6 TEV / LTM EBITDA Multiple: 10.0x – 14.0x LTM EBITDA: $46mm NAV Discount: 20% – 40% Multi-Family Cap Rate: 4.75% – 5.75% Commercial Cap Rate: 5.75% – 7.00% 1.0x Book Value of $1.8bn6 Transaction Value / Adj. EBITDA Multiple: 12.0x – 15.0x LTM EBITDA: $46mm NAV Discount: 5% – 20% Multi-Family Cap Rate: 5.00% – 5.50% Commercial Cap Rate: 7.25% – 8.00% 1.0x Book Value of $1.8bn6 Transaction Value / Adj. EBITDA Multiple: 12.0x – 15.0x LTM EBITDA: $46mm Light green bar burdened by G&A; Dark green bar unburdened by G&A7 Applies 20% – 40% discount range to analyst NAV / share estimates Diamond reflects unaffected high NAV Equity Research Model assumes 4.0% annual dividend per share growth Applies illustrative cost of equity range per equity research of 8.50% – 10.50% Perpetuity growth rate range of 3.00% – 4.00% 52-week low and high based on unaffected date as of 11/04/2025 Selected Publicly Traded Companies Analysis(SOTP)5 Selected Precedent Transactions Analysis (SOTP)5 Selected Asset-Level Transactions Analysis (SOTP) 5 Selected Publicly Traded Companies Prem. / (Disc.) to Analyst NAV Estimates Illustrative Dividend Discount Model 52-Week High / Low (Unaffected) Analyst Share Price Targets (Undiscounted) Unaffected Current Methodology Implied Total Enterprise Value Range1 Key Assumptions & Commentary Income-Producing3 Lease-Up, Development and Residential Investment Management4 For Reference Only Implied Share Price Range1 $ in millions, except per share $7.70 $9,052 $9,522 $13.00 $9,807 $9,237 $9.00 $12.14 $9,685 Bank of America (Moved to No Rating as of 11/04/2025) Deutsche Bank J.P. Morgan $9.00 $9,237

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Appendix 26

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Summary of Changes in Market Information 27

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Change from 12/18/2025 to 02/13/2026 28 Source: Capital IQ as of 02/13/2026 Centerspace is not covered by GSA; figures reflect average of equity research reports No equity research with an implied cap rate available for Centerspace reflecting share price as of 2/13/2026 Centerspace excluded from mean and median in 12/18/2025 analysis Summary of Changes in Market InformationChanges Since Prior Analysis – Multi-Family and Commercial 1 Prior Analysis (12/18/2025) Current Analysis (02/13/2026) Change (02/13/2026 – 12/18/2025) ($ in bn, except per share data) 3 3 2 2

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Source: Company filings, Thomson Reuters estimates, Capital IQ as of 12/18/2025 and 02/13/2026 Note: LTM as of Q4 2025: BlackRock, T. Rowe, Franklin Resources, Invesco, AB, Cohen & Steers, Blackstone, KKR, Apollo, Brookfield, Ares, TPG, Carlyle Group. LTM as of Q3 2025: ICG, Patrizia. LTM as of Q2 2025: Man Group Represents diluted market cap, options accounted for using Treasury Stock Method LTM financials are as of 12/31/2025 and 9/30/2025, depending upon earnings release date 29 Current Analysis (02/13/2026) Prior Analysis (12/18/2025) Change (02/13/2026 – 12/18/2025) Change from 12/18/2025 to 02/13/2026 Summary of Changes in Market InformationChanges Since Prior Analysis – Asset Managers

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30 Summary of Changes in Market Information3Q25 vs. 4Q25 Real Estate Transaction and Market-level Nominal Cap Rate Changes Source: Real Capital Analytics, Costar, GSA Note: Additional transaction parameters – Multifamily - >$10mm sale value, Industrial/Retail - >10k sqft, Office - >25k sqft GSA Markets – Rome, Milan, Barcelona, Madrid, London, Manchester, Edinburgh, Dublin, Denver, Las Vegas, Los Angeles, Orange County, Phoenix, Portland, Sacramento, Salt Lake City, San Diego, San Francisco, San Jose, Seattle Costar Markets – Albuquerque, Boise, Boulder, Colorado Springs, Denver, Las Vegas, Los Angeles, Orange County, Phoenix, Portland, Reno, Sacramento, Salt Lake City, San Diego, San Francisco, San Jose, Santa Barbara, Santa Rosa, Seattle, Spokane, Tucson Reported asset-level cap rate based on observed transaction data Private market cap rates aggregated by database providers Property Level Transaction Markets – Based on Existing Key West Markets US Market Grouping: Mountain West – Phoenix, Tucson, Denver, Boulder, Colorado Springs, Boise, Las Vegas, Reno, Salt Lake City; Pacific Northwest – Seattle, Portland, Spokane; So. California – Los Angeles, San Diego, Orange County Santa Barbara; No. California – San Jose, Sacramento, San Franciso, Santa Rosa Europe Market Grouping: U.K. – London, Manchester, Liverpool, Glasgow, Edinburgh, Aberdeen, South Coast; Ireland – Dublin, Cork; Italy – Milan, Rome; Spain – Madrid, Barcelona 1 1 2 2

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Financial Analysis Detail 31

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32 Financial Analysis DetailSOTP Analysis: Selected Publicly Traded Companies Analysis Reflects nominal cap rates across Income Producing Assets and a 20% ‒ 40% discount to NAV range Source: Company Filings and Materials provided by Key West Management to Moelis, Draft Q4 2025 Earnings Release and Supplemental Financial Information, S&P Capital IQ as of 02/13/2026 1. Multi-Family NOI adjusted to remove TBAL, Radius and Equinox NOI of ~$3.9mm, ~$3.2mm and ~$2.2mm, respectively and add Greenway Portfolio GP Interest NOI of ~$4.6mm; Commercial NOI adjusted to remove Silicon Valley R&D, Valley Oak (Infiniera Building) and Amazon ABQ NOI of $0.3mm, $0.2mm and $0.1mm, respectively 2. Reflects estimated figures per Management as of 12/31/2025 3. Reflects Gross Asset Value as reported in Draft Q4 2025 Earnings Release and Supplemental Financial Information; Removes GAV of $25mm and $32mm of TBAL-related GAV in Development and Residential, respectively, per Management guidance 4. Reflects Investment Management EBITDA assuming a 40% EBITDA margin of Investment Management segment revenue, per Management; Excludes impact from TBAL Based on TBAL Purchase Price and the high-end of the implied DCF value; mid-point value reflects the average of the low and the high Calculated as the Implied Equity Value based on Discount to NAV plus net debt and preferred Series C Cumulative Perpetual Preferred Stock of $200mm adjusted for conversion of 12.338mm shares with underlying warrants at an exercise price of $16.21 per share Based on balance sheet figures as reported in Draft Q4 2025 Earnings Release and Supplemental Financial Information and subsequent events Based on 138.112mm basic shares outstanding, 1.259mm restricted stock units and 3.132mm performance stock units as of 02/11/2026, unless otherwise specified 7 7

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33 Financial Analysis DetailSOTP Analysis: Selected Precedent Transactions Analysis Reflects nominal cap rates across Income Producing Assets and a 5% ‒ 20% discount to NAV range 7 Source: Company Filings and Materials provided by Key West Management to Moelis, Draft Q4 2025 Earnings Release and Supplemental Financial Information, S&P Capital IQ as of 02/13/2026 1. Multi-Family NOI adjusted to remove TBAL, Radius and Equinox NOI of ~$3.9mm, ~$3.2mm and ~$2.2mm, respectively and add Greenway Portfolio GP Interest NOI of ~$4.6mm; Commercial NOI adjusted to remove Silicon Valley R&D, Valley Oak (Infiniera Building) and Amazon ABQ NOI of $0.3mm, $0.2mm and $0.1mm, respectively 2. Reflects estimated figures per Management as of 12/31/2025 3. Reflects Gross Asset Value as reported in Draft Q4 2025 Earnings Release and Supplemental Financial Information; Removes GAV of $25mm and $32mm of TBAL related GAV in Development and Residential, respectively, per Management guidance 4. Reflects Investment Management EBITDA assuming a 40% EBITDA margin of Investment Management segment revenue, per Management; Excludes impact from TBAL Based on TBAL Purchase Price and the high-end of the implied DCF value; mid-point value reflects the average of the low and the high Calculated as the Implied Equity Value based on Discount to NAV plus net debt and preferred Series C Cumulative Perpetual Preferred Stock of $200mm adjusted for conversion of 12.338mm shares with underlying warrants at an exercise price of $16.21 per share Based on balance sheet figures as reported in Draft Q4 2025 Earnings Release and Supplemental Financial Information and subsequent events Based on 138.112mm basic shares outstanding, 1.259mm restricted stock units and 3.132mm performance stock units as of 02/11/2026, unless otherwise specified 7

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34 Financial Analysis DetailSOTP Analysis: Selected Asset-Level Transactions Analysis Source: Company Filings and Materials provided by Key West Management to Moelis, Draft Q4 2025 Earnings Release and Supplemental Financial Information, S&P Capital IQ as of 02/13/2026 1. Multi-Family NOI adjusted to remove TBAL, Radius and Equinox NOI of ~$3.9mm, ~$3.2mm and ~$2.2mm, respectively and add Greenway Portfolio GP Interest NOI of ~$4.6mm; Commercial NOI adjusted to remove Silicon Valley R&D, Valley Oak (Infiniera Building) and Amazon ABQ NOI of $0.3mm, $0.2mm and $0.1mm, respectively 2. Reflects estimated figures per Management as of 12/31/2025 3. Reflects Gross Asset Value as reported in Draft Q4 2025 Earnings Release and Supplemental Financial Information; Removes GAV of $25mm and $32mm of TBAL related GAV in Development and Residential, respectively, per Management guidance 4. Reflects Investment Management EBITDA assuming a 40% EBITDA margin of Investment Management segment revenue, per Management; Excludes impact from TBAL Based on TBAL Purchase Price and the high-end of the implied DCF value; mid-point value reflects the average of the low and the high Series C Cumulative Perpetual Preferred Stock of $200mm adjusted for conversion of 12.338mm shares with underlying warrants at an exercise price of $16.21 per share Based on balance sheet figures as reported in Draft Q4 2025 Earnings Release and Supplemental Financial Information and subsequent events Based on 138.112mm basic shares outstanding, 1.259mm restricted stock units and 3.132mm performance stock units as of 02/11/2026, unless otherwise specified 6 6

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35 Financial Analysis DetailSOTP Analysis: Selected Asset-Level Transactions Analysis (G&A) Source: Company Filings and Materials provided by Key West Management to Moelis, Draft Q4 2025 Earnings Release and Supplemental Financial Information, S&P Capital IQ as of 02/13/2026 Includes remaining portion of direct and corporate compensation and related expenses and general and administrative expenses, excluding Investment Management Based on balance sheet figures as reported in Draft Q4 2025 Earnings Release and Supplemental Financial Information and subsequent events Based on 138.112mm basic shares outstanding, 1.259mm restricted stock units and 3.132mm performance stock units as of 02/11/2026

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Selected Publicly Traded Companies Analysis 36

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37 Selected Publicly Traded Companies AnalysisMethodologies and Assumptions: Sum-of-the-Parts Moelis performed the Selected Publicly Traded Companies analysis on a sum-of-the-parts basis to derive its range of implied share prices for Key West Moelis performed a sum-of-the-parts analysis on the Real Estate and Investment Management businesses and TBAL Income Producing: The Income Producing business is broken up into Multi-Family, Commercial and Loan Investments Multi-Family: A range of nominal cap rates were applied to Key West's annualized Multi-Family NOI estimates for Q4 2025 per management guidance Moelis used its professional judgment and experience in selecting the range based on the current nominal cap rates (based on in-place NOI) per GSA of the Selected Publicly Traded Multi-Family Real Estate Companies; see subsequent pages for details Commercial: A range of nominal cap rates were applied to Key West's annualized Commercial NOI estimates for Q4 2025 per management guidance (Commercial includes EU Office, US Office, Industrial and Retail) Moelis used its professional judgment and experience in selecting the range based on the current nominal cap rates (based on in-place NOI) per GSA of the Selected Publicly Traded Commercial Real Estate Companies; see subsequent pages for details Loan Investments: Moelis used the estimated book value of the Loan Investments as of Q4 2025 per management guidance and applied a range of multiples of 0.9x – 1.1x book value Moelis used its professional judgment in selecting the range of book value multiples for the Loan Investments, informed by the multiples employed by equity research analysts to the book values of balance sheet investments of Selected Publicly Traded Asset Managers Lease-Up, Development, Residential: Lease-Up: Moelis used Key West's estimated Lease-Up GAV for Q4 2025 and applied a multiple of 1.0x book value Moelis used GAV rather than NOI because estimated stabilized NOI for these Lease-Up assets would not accurately reflect certain minority interests and assets for which the scope is being explored, due to data limitations. Additionally, because stabilized NOI is a "steady-state" metric, it would not capture ramping cash flows or near-term capital expenditures Development: Moelis used Key West's estimated Development GAV for Q4 2025 and applied a multiple of 1.0x book value Moelis used GAV rather than NOI because estimated stabilized NOI for these Development assets would not accurately reflect certain minority interests and assets for which the scope is being explored, due to data limitations. Additionally, because stabilized NOI is a "steady-state" metric, it would not capture ramping cash flows or near-term capital expenditures Residential: Moelis used Key West's estimated Residential GAV for Q4 2025 and applied a multiple of 1.0x book value Moelis used GAV rather than NOI because estimated stabilized NOI for these Residential assets would not accurately reflect certain minority interests and assets for which the scope is being explored, due to data limitations. Additionally, because stabilized NOI is a "steady-state" metric, it would not capture ramping cash flows or near-term capital expenditures Calculate Gross Asset Value ("GAV") of Real Estate 1

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38 Selected Publicly Traded Companies AnalysisMethodologies and Assumptions: Sum-of-the-Parts (cont'd) Moelis performed the Selected Publicly Traded Companies analysis on a sum-of-the-parts basis to derive its range of implied share prices for Key West Investment Management: The Investment Management business is broken up into Investment Management Base Fees and Accrued Carried Interest Investment Management Base Fees: Moelis applied a range of multiples to the estimated LTM Q4 2025 EBITDA of the Investment Management business Moelis applied a range of TEV / LTM EBITDA multiples of the Selected Publicly Traded Asset Managers to Key West's estimated LTM Q4 2025 EBITDA Moelis used its professional judgment and experience and considered the ranges of the Selected Publicly Traded Asset Managers with attributes similar in certain regards to the Investment Management business of Key West; see subsequent pages for further details Accrued Carried Interest: Moelis used the estimated book value of accrued carried interest as of Q4 2025 per Key West management Moelis could not analyze projected performance fees due to limited availability of data per Management, so Moelis relied on the accrued performance fee balance in its financial analysis TBAL: Based on a range from the $214mm purchase price at Key West's share, per Management, to $351mm based on the high end of the value range implied by the DCF See section F for additional detail on the TBAL DCF analysis The sum of the implied value ranges based on the various components of the Real Estate business, Investment Management business and TBAL equal Key West's GAV Moelis then subtracted total Key West debt and preferred stock, net of cash, to compute a range of implied NAV Calculate Implied Value of Investment Management 2 Other Adjustments 3 Calculate Total GAV and NAV 3 2 1 + +

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39 Selected Publicly Traded Companies AnalysisMethodologies and Assumptions: Sum-of-the-Parts (cont'd) Moelis performed the Selected Publicly Traded Companies analysis on a sum-of-the-parts basis to derive its range of implied share prices for Key West The range of implied NAV was then discounted at a range of 20% – 40% to derive an implied equity value for Key West Moelis determined the appropriate discount to apply based on Key West's observed discount to consensus NAV over historical periods (10 year, 5 year, 2 year and YTD), the discount of the Selected Publicly Traded Real Estate Companies over the same periods and Moelis' professional judgment Moelis also considered Key West's unaffected discount to NAV of 42%1, which is higher than the selected range Moelis also considered that Key West's elevated leverage relative to the Selected Publicly Traded Real Estate Companies, complexity of operations (i.e., asset class types, geographical markets), subscale sub-portfolios, taxable income status given Key West is not a REIT, and the concentration of Key West's stockholder base justified the historical higher discounts that Key West traded at relative to the Selected Publicly Traded Real Estate Companies The range is also consistent with the historical difference of NAV discounts between Key West and the Selected Publicly Traded Multi-Family and Commercial Real Estate Companies. For example, over the last 10 years, Key West's NAV discount has been 24 and 20 percentage points more than the Selected Multi-Family Real Estate Publicly Traded Companies and the Selected Commercial Real Estate Publicly Traded Companies, respectively. Applying these historical ranges to current NAV discounts for the publicly traded companies implies a discount of 41% and 39%, respectively Moelis did not burden the valuation by capitalized G&A for the Real Estate business; accordingly, the financial analyses herein may not capture the impact of the full Real Estate G&A While a portion of this impact may be reflected in the NAV discount applied, the Company's relatively high G&A burden could justify an even larger discount, particularly given the fact that G&A as a percentage of NOI has increased over the last several years, so the observed historical discounts may not completely reflect the company's current G&A burden. However, in the context of a potential transaction involving Management – who may be responsible, at least in part, for the elevated levels of G&A – Moelis did not apply a larger NAV discount Moelis then divided the range of equity value implied by the above by fully diluted shares outstanding to compute an implied per-share value range for Key West Apply Discount to NAV 4 Calculate Implied Equity Value per Share 5 Based on Bank of America, Deutsche Bank and JPM

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40 Selected Publicly Traded Companies AnalysisMethodologies and Assumptions: Multi-Family and Commercial Analysis reflects nominal cap rates and premium / discount to NAVs based on public market valuations of businesses with operations and financial characteristics deemed generally relevant by Moelis in certain respects to Key West's Multi-Family and Commercial businesses For the purpose of this analysis, Moelis used nominal cap rates to inform estimates of gross asset value and Premium / Discount to NAV to inform relevant market-based adjustments to asset values that reflect the market's view on items not reflected in nominal cap rates, such as leverage, G&A, growth prospects, development upside, tax and other leakage, among others Moelis observed a range of nominal cap rates and premium / discount to NAVs within this group of Selected Publicly Traded Companies that may be attributable to the following factors: Nominal Cap Rate: Asset class Asset quality Diversified or concentrated business strategy Size and scale Geographical exposure by market and sub-market Premium / Discount to NAV: Leverage G&A expense load Growth prospects of current portfolio and development assets Tax and other leakage Country-specific reporting and legal structures Same factors as noted for nominal cap rates, plus a forward view on direction of nominal cap rates While none of the Selected Publicly Traded Companies are directly comparable to Key West's Real Estate business, Moelis considered the following factors relevant to determine which transactions to include in the Selected Publicly-Traded Companies: Multi-Family: These companies were included due to their asset class and geographic market overlap with Key West's real estate portfolio. Moelis also considered portfolio size, but focused less on this factor Commercial: These companies were included due to their asset class and geographic market overlap with Key West's real estate portfolio. Moelis also considered portfolio size, but focused less on this factor. This includes US and European Office REITs, US and European Industrial REITs, as well as European Retail REITs

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41 Selected Publicly Traded Companies AnalysisMethodologies and Assumptions: Multi-Family and Commercial Analysis reflects nominal cap rates and premium / discount to NAVs based on public market valuations of businesses with operations and financial characteristics deemed generally relevant by Moelis in certain respects to Key West's Multi-Family and Commercial businesses The analysis focuses on nominal cap rates per GSA research for the Selected Publicly Traded Real Estate Companies applied to Key West's Est. Annual NOI Additional equity research sources were considered, but ultimately not relied upon due to the following reasons: GSA is widely considered an industry leader for real estate and REIT-level research Reporting of nominal cap rates across other equity research sources varies greatly in existence, quality and relevance, adding noise to consensus figures and without access to all underlying reports can be challenging to verify input information in data providers (Capital IQ, Bloomberg, etc.) The selected nominal cap rates reference range of 4.75% – 5.75% for Multi-Family and 5.75% – 7.00% for Commercial were based on Moelis' professional judgment, and informed by the following: Multi-Family: The mean of the nominal cap rates of the Selected Publicly Traded Multi-Family Real Estate Companies is 5.2% and the median is 5.1%. The top end of our range (lower value) took into consideration Independence Realty Trust's and Centerspace's nominal cap rates of 5.8% and 5.7% respectively. Both of those companies own portfolios that are primarily focused on non-gateway markets, like Key West. The bottom end of our range (higher value) took into consideration Grainger's nominal cap rate of 4.5%, the only European Multi-Family company in the Selected Publicly Traded Multi-Family Real Estate Companies. Key West's European Multi-Family portfolio is roughly one-fifth of its overall Multi-Family portfolio (on an NOI basis), so Moelis focused more on the US Multi-Family companies Commercial: The mean of the nominal cap rates of the Selected Publicly Traded Commercial Real Estate Companies is 6.2% and the median is 6.6%. When forming the range, Moelis took into consideration the wider range of nominal cap rates observed across the Selected Publicly Traded Commercial Real Estate Companies than the Selected Publicly Traded Multi-Family Real Estate Companies, and therefore applied a 25bps wider valuation range. The top end of the range (lower value) is informed by Office companies' mean nominal cap rates of 7.7% for US Office and 5.5% for European Office. Key West owns more European office properties than US, and we consider Workspace to be more relevant than Derwent given Workspace's more diversified exposure of office properties throughout the UK. Workspace's nominal cap rate is 6.6%. The low end of the range (higher value) is informed by the Industrial and Retail companies mean nominal cap rates which are 5.0% (US Industrial), 5.2% (European Industrial) and 5.6% (European Retail). Key West owns more office properties than industrial and retail, so Moelis focused more on the Office companies

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42 Selected Publicly Traded Companies AnalysisSelected Publicly Traded Multi-Family Real Estate Companies Source: Key West Management, S&P Capital IQ and GSA as of 02/13/2026 Implied cap rate calculated as NOI for US comps and NRI for EUR comps divided by TEV Centerspace is not covered by GSA; GSA NAV per share and implied cap rate for Centerspace represent an equity research consensus average from Raymond James, Wells Fargo, RBC, Piper Sandler, UBS Equities; NAV per share consensus also includes Cantor Fitzgerald estimate; nominal cap rate per Wells Fargo's 3Q25 report as other equity research reports do not report nominal cap rate No equity research with an implied cap rate available for Centerspace reflecting share price as of 2/13/2026 Differences in our implied cap rate and GSA Implied Cap Rate are attributed to (i) LQA NOI used in our spread vs NTM figures in GSA build; (ii) GSA adjusting EV for development assets, management platforms and / or other assets and liabilities as applicable; (iii) differences in pro forma adjustments for subsequent events where GSA would pro forma adjust income and capital structure but our LQA numbers are historical so the adjustments only affect the capital structure, which is driving the variance Reflects Key West capitalization as of 02/13/2026 and unaffected share price of $7.47 Reflects LTM Q3 2025 EBITDA based on the most recently available information from the company; Key West Adj. EBITDAre reflects property NOI, loan income, and investment management fees (net of compensation and general and administrative expenses) Based on estimated Q4 2025 NOI and TEV as follows: $411mm estimated annual NOI of Multi-Family and Commercial segments; TEV (at $7.47 unaffected price) minus Investment Management business (valued at 40% EBITDA margin per management and mid-point estimate of 12.0x from Selected Publicly Traded Companies Analysis SOTP Nominal Cap Rates), minus accrued carried interest book value, minus lease-up / development / residential GAV, minus book value of loan investments and minus TBAL purchase price Based on consensus equity research NAV / share of $12.93, relative to unaffected share price 1 8 2 7 Based on consensus equity research NAV / share of $12.93 based on J.P. Morgan, Deutsche Bank and Bank of America estimates 4 6 5 3

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43 Source: Key West Management, S&P Capital IQ and GSA as of 02/13/2026 Implied cap rate calculated as NOI for US comps and NRI for EUR comps divided by TEV Differences in our implied cap rate and GSA Implied Cap Rate are attributed to (i) LQA NOI used in our spread vs NTM figures in GSA build; (ii) GSA adjusting EV for development assets, management platforms and / or other assets and liabilities as applicable; (iii) differences in pro forma adjustments for subsequent events where GSA would pro forma adjust income and capital structure but our LQA numbers are historical so the adjustments only affect the capital structure, which is driving the variance Reflects Key West capitalization as of 02/13/2026 and unaffected share price of $7.47 Reflects LTM Q3 2025 EBITDA based on the most recently available information from the company; Key West Adj. EBITDAre reflects property NOI, loan income, and investment management fees (net of compensation and general and administrative expenses) Based on estimated Q4 2025 NOI and TEV as follows: $411mm estimated annual NOI of Multi-Family and Commercial segments; TEV (at $7.47 per share unaffected price) minus Investment Management business (valued at 40% EBITDA margin per management and mid-point estimate of 12.0x from Selected Publicly Traded Companies Analysis SOTP Nominal Cap Rates), minus accrued carried interest book value, minus lease-up / development / residential GAV, minus book value of loan investments and minus TBAL purchase price Based on consensus equity research NAV / share of $12.93, relative to unaffected share price Selected Publicly Traded Companies AnalysisSelected Publicly Traded Commercial Real Estate Companies 1 3 6 2 2 5 Based on consensus equity research NAV / share of $12.93 based on J.P. Morgan, Deutsche Bank and Bank of America estimates 4

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44 Selected Publicly Traded Companies AnalysisMethodologies and Assumptions: Investment Management Analysis reflects implied trading multiples based on public market valuations of businesses with operations and financial characteristics deemed generally relevant by Moelis in certain respects to Key West's Investment Management business Moelis observed a range of trading multiples within this group of Selected Publicly Traded Asset Managers that may be attributable to the following factors: Business mix, including alternative vs. traditional exposure and strategies offered AUM composition, fee rates, permanence of capital and distribution Asset class, strategy and AUM diversification Insurance exposure and balance sheet usage Size and scale Growth profile, fundraising cycle / ability and product pipeline Geography, currency and regulatory / tax regime While none of the Selected Publicly-Traded Companies are directly comparable to Key West's Investment Management business, given certain characteristics of Key West's Investment Management business, we made the following observations and comparisons between Key West's Investment Management business and the Selected Publicly-Traded Companies: US-Based Traditional Asset Managers: These firms were included due to their growing alternatives platforms. Traditional asset managers typically trade at a discount to alternative asset managers given their business model, the commoditization of their products and reliance on shorter-term, retail capital US-Based Alternative Asset Managers: These companies offer a larger set of investment strategies and asset classes beyond real estate, have a more diversified client base, focus on commingled funds (rather than Joint Ventures ("JVs") and Separately-Managed Accounts ("SMAs")), rely less heavily than Key West's Investment Management business on origination fees, are more scaled and have stronger distribution functions Europe-Based Alternative Asset Managers: Similar to their US-based counterparts, these firms also offer a broader set of strategies, have a more diversified client base, focus on commingled funds, rely less heavily on origination fees and are more scaled. These firms were included due to Key West's exposure to the UK and Europe Moelis applied a lower weight to the Europe-Based Alternative Asset Managers due to Key West's larger focus and presence in the US

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45 Selected Publicly Traded Companies AnalysisMethodologies and Assumptions: Investment Management Analysis reflects implied trading multiples based on public market valuations of businesses with operations and financial characteristics deemed generally relevant by Moelis in certain respects to Key West's Investment Management business Moelis has focused on TEV / LTM Adj. EBITDA multiples, as adjusted, unless otherwise noted, to exclude any one-time and non-recurring charges / benefits and to exclude the impact of stock-based compensation expense, where applicable The analysis focuses on implied TEV / LTM Adj. EBITDA multiples based on the most recently available LTM Adj. EBITDA for the Selected Publicly Traded Asset Managers applied to Key West's estimated Investment Management LTM Q4 2025 Segment EBITDA The TEV / Adj. EBITDA multiple reference ranges of 10.0x – 14.0x for estimated Investment Management LTM Q4 2025 Segment EBITDA were based on Moelis' professional judgment and experience and informed by the Selected Publicly Traded Asset Managers and the following factors The low end is informed by the median of US-Based Traditional Asset Managers (excluding BlackRock, given its scale, product mix and larger exposure to alternatives) Key West's Investment Management business is significantly smaller than the US-Based Traditional Asset Managers, has a more concentrated LP base (51% of fee bearing capital from Fairfax) and is reliant on origination fees (approximately 40%1 of Key West's Q3 2025 LTM revenue is origination fees, which is more likely to be one-off in nature versus stable recurring management fees) – all factors supporting a lower multiple than the US-Based Traditional Asset Managers However, Key West is a pure-play alternative asset manager focused on real estate equity and credit investing with long-term capital, which would support a higher multiple versus the US-Based Traditional Asset Managers (given the reasons listed on the previous page) The high end represents a discount to the US-Based Alternative Asset Managers The discount is a function of Key West's single-strategy exposure to real estate vs. the more broadly diversified US-Based Alternative Asset Managers, concentrated LP base (51% of fee bearing capital from Fairfax), significantly smaller AUM (~$11bn of fee-bearing capital for Key West vs. ~$750bn median AUM for US-Based Alternative Asset Managers), reliance on origination fees (approximately 40%1 of Key West's Q3 2025 LTM revenue is origination fees, which is more likely to be one-off in nature versus stable recurring management fees) and Key West's product mix, which is focused on JVs and SMAs (only ~9%2 of Key West's AUM is in commingled funds) – all factors supporting a lower multiple than the US-Based Alternative Asset Managers Fee split based on LTM figures as reported as of Q3 2025 Excludes any potential commingled funds from Toll Brothers' acquisition

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46 Source: Company filings, Thomson Reuters estimates; Equity Research estimates, S&P Capital IQ Note: KKR and Apollo valuations include the value of their consolidated insurance businesses Note: LTM as of Q4 2025: BlackRock, T. Rowe, Franklin Resources, Invesco, AB, Cohen & Steers, Blackstone, KKR, Apollo, Brookfield, Ares, TPG, Carlyle Group. LTM as of Q3 2025: ICG, Patrizia. LTM as of Q2 2025: Man Group Adj. Operating Income used as a proxy for EBITDA Non-controlling interest excluded as it includes non-controlling interest from consolidated funds 2 1 Selected Publicly Traded Companies Analysis Selected Publicly Traded Asset Managers

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Selected Precedent Transactions 47

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48 Selected Precedent Transactions AnalysisMethodologies and Assumptions: Sum-of-the-Parts Moelis performed the Selected Precedent Transactions Analysis on a sum-of-the-parts basis to derive its range of implied share prices for Key West Moelis performed a sum-of-the-parts analysis on the Real Estate and Investment Management businesses and TBAL Income Producing: The Income Producing business is broken up into Multi-Family, Commercial and Loan Investments Multi-Family: A range of nominal cap rates were applied to Key West's annualized Multi-Family NOI estimates for Q4 2025 per management guidance Moelis used its professional judgment and experience in selecting the range based on the current nominal cap rates (based on in-place NOI) per GSA of the Selected Publicly Traded Multi-Family Real Estate Companies; see pages in Section C for more information on how we selected these cap rates Commercial: A range of nominal cap rates were applied to Key West's annualized Commercial NOI estimates for Q4 2025 per management guidance (Commercial includes EU Office, US Office, Industrial and Retail) Moelis used its professional judgment and experience in selecting the range based on the current nominal cap rates (based on in-place NOI) per GSA of the Selected Publicly Traded Commercial Real Estate Companies; see pages in Section C for more information on how we selected these cap rates Loan Investments: Moelis used the estimated book value of the Loan Investments as of Q4 2025 per management guidance and applied a range of multiples of 0.9x – 1.1x book value Moelis used its professional judgment in selecting the range of book value multiples for the Loan Investments, informed by the multiples employed by equity research analysts to the book values of balance sheet investments of Selected Publicly Traded Asset Managers Lease-Up, Development, Residential: Lease-Up: Moelis used Key West's estimated Lease-Up GAV for Q4 2025 and applied a multiple of 1.0x book value Moelis used GAV rather than NOI because estimated stabilized NOI for these Lease-Up assets would not accurately reflect certain minority interests and assets for which the scope is being explored, due to data limitations. Additionally, because stabilized NOI is a "steady-state" metric, it would not capture ramping cash flows or near-term capital expenditures Development: Moelis used Key West's estimated Development GAV for Q4 2025 and applied a multiple of 1.0x book value Moelis used GAV rather than NOI because estimated stabilized NOI for these Development assets would not accurately reflect certain minority interests and assets for which the scope is being explored, due to data limitations. Additionally, because stabilized NOI is a "steady-state" metric, it would not capture ramping cash flows or near-term capital expenditures Residential: Moelis used Key West's estimated Residential GAV for Q4 2025 and applied a multiple of 1.0x book value Moelis used GAV rather than NOI because estimated stabilized NOI for these Residential assets would not accurately reflect certain minority interests and assets for which the scope is being explored, due to data limitations. Additionally, because stabilized NOI is a "steady-state" metric, it would not capture ramping cash flows or near-term capital expenditures Calculate Gross Asset Value ("GAV") of Real Estate 1

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49 Selected Precedent Transactions AnalysisMethodologies and Assumptions: Sum-of-the-Parts (cont'd) Moelis performed the Selected Precedent Transactions Analysis on a sum-of-the-parts basis to derive its range of implied share prices for Key West Investment Management: The Investment Management business is broken up into Investment Management Base Fees and Accrued Carried Interest Investment Management Base Fees: Moelis applied a range of multiples to the estimated LTM Q4 2025 EBITDA of the Investment Management business Moelis applied a range of Transaction TEV / LTM EBITDA multiples of the Selected Precedent Alternative Asset Manager Transactions to Key West's estimated LTM Q4 2025 EBITDA Moelis used its professional judgment and experience and considered the ranges of the Selected Precedent Alternative Asset Manager Transactions with attributes similar in certain regards to the Investment Management Business of Key West; see subsequent pages for further details Accrued Carried Interest: Moelis used the estimated book value of accrued carried interest as of Q4 2025 per Key West management Moelis could not analyze projected performance fees due to limited availability of data per Management, so Moelis relied on the accrued performance fee balance in its financial analysis TBAL: Based on a range from the $214mm purchase price at Key West's share, per Management, to $351mm based on the high end of the value range implied by the DCF See section F for additional detail on the TBAL DCF analysis The sum of the implied value ranges based on the various components of the Income Producing business, Lease-Up, Development and Residential business, Investment Management business and TBAL equal Key West's GAV Moelis then subtracted total Key West debt and preferred stock, net of cash, to compute a range of implied NAV Calculate Implied Value of Investment Management 2 Other Adjustments 3 Calculate Total GAV and NAV 3 2 1 + +

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50 Selected Precedent Transactions AnalysisMethodologies and Assumptions: Sum-of-the-Parts (cont'd) Moelis performed the Selected Precedent Transactions Analysis on a sum-of-the-parts basis to derive its range of implied share prices for Key West The NAV implied based on the above was then discounted at a range of 5% – 20% to derive an implied equity value for Key West Moelis determined the appropriate discount to apply based on the discount of the Selected Precedent Multi-Family and Commercial Real Estate Transactions and Moelis' professional judgment; Moelis considered that Key West's complexity of operations (i.e., asset class types, geographical markets), subscale sub-portfolios and taxable income status given Key West is not a REIT justified a higher discount than the Selected Precedent Multi-Family and Commercial Real Estate Transactions Moelis did not burden the valuation by capitalized G&A for the Real Estate business; accordingly, the financial analyses herein may not capture the impact of the full Real Estate G&A While a portion of this impact may be reflected in the NAV discount applied, the Company's relatively high G&A burden could justify an even larger discount. However, in the context of a potential transaction involving Management – who may be responsible, at least in part, for the elevated levels of G&A – Moelis did not apply a larger NAV discount Moelis then divided the range of equity value implied by the above by fully diluted shares outstanding to compute an implied per-share value range for Key West Apply Discount to NAV 4 Calculate Implied Equity Value per Share 5

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51 Selected Precedent Transactions AnalysisMethodologies and Assumptions: Real Estate Analysis reflects nominal cap rates based on public market valuations and premium / discount to NAV based on precedent transactions of businesses with operations and financial characteristics deemed generally relevant by Moelis in certain respects to Key West's Multi-Family and Commercial businesses To determine the Total Income-Producing GAV, Moelis used the same nominal cap rate assumptions as in the Selected Publicly Traded Companies Analysis because (i) the Selected Publicly Traded Companies Analysis uses current nominal cap rates, which reflect current market conditions (as opposed to the nominal cap rates or offer price cap rates from the Selected Precedent Transactions Analysis, which reflect different macro environments), (ii) Moelis believes applying an NAV discount from precedent transactions appropriately reflects the discount at which market participants have been willing to transact, and (iii) offer price cap rates conflate nominal cap rates and a discount, and Moelis believes it to be more appropriate to focus on nominal cap rates when determining GAV Moelis only considered transactions after the change in interest rate environment in 2022 which significantly affected real estate and REIT valuation Moelis observed a range of premiums and discounts to NAVs of the Selected Precedent Real Estate Transactions that may be attributable to the following factors: Leverage G&A expense load Growth prospects of current portfolio and development assets Tax and other leakage Country-specific reporting and legal structures Same factors as noted for nominal cap rates, plus a forward view on direction of nominal cap rates Purchase price premium See previous pages for discussion of how we selected our NAV discount range While none of the Selected Precedent Transactions are directly comparable to Key West's Real Estate business, Moelis considered the following factors relevant to determine which transactions to include in the Selected Precedent Transactions Analysis: Multi-Family: These companies were included due to their asset class and geographic market overlap with Key West's real estate portfolio. Moelis also considered portfolio size, but focused less on this factor. Moelis observed that Tricon Residential owned a portfolio including single-family and multi-family residential product, but still deemed it relevant in certain respects to Key West's multi-family business Commercial: These companies were included due to their asset class and geographic market overlap with Key West's real estate portfolio. Moelis also considered portfolio size, but focused less on this factor. This includes US Office and Industrial REITs, as well as European Industrial and Retail REITs. There were no relevant European Office REIT transactions in the timeframe considered and that met the above criteria

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52 Selected Precedent Transactions Analysis Selected Precedent Multi-Family Real Estate Transactions Source: Key West Management, S&P Capital IQ, public filings and articles LTM Q3 2025 based on the most recently available publicly information from the company Based on NOI and TEV as follows: $411mm estimated Q4 2025 annual NOI of Multi-Family and Commercial segments; Offer TEV minus investment management business (valued at 40% EBITDA margin per management and mid-point estimate of 12.0x from Selected Publicly Traded Companies Analysis SOTP Nominal Cap Rates), minus accrued carried interest book value, minus lease-up / development / residential GAV, minus book value of loan investments and minus TBAL acquisition purchase price Based on consensus equity research NAV / share of $12.93, relative to offer price per share 3 2 Reflects the NAV discount implied by the Offer Price 1

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53 Selected Precedent Transactions Analysis Selected Precedent Commercial Real Estate Transactions Source: Key West Management, S&P Capital IQ, public filings and articles LTM Q3 2025 based on the most recently available publicly information from the company Based on NOI and TEV as follows: $411mm estimated Q4 2025 annual NOI of Multi-Family and Commercial segments; Offer TEV minus investment management business (valued at 40% EBITDA margin per management and mid-point estimate of 12.0x from Selected Publicly Traded Companies Analysis SOTP Nominal Cap Rates), minus accrued carried interest book value, minus lease-up / development / residential GAV, minus book value of loan investments and minus TBAL acquisition purchase price Based on consensus equity research NAV / share of $12.93, relative to offer price per share 3 2 Reflects the NAV discount implied by the Offer Price 1

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Moelis reviewed and analyzed selected precedent transactions involving companies whose operations Moelis deemed to be potentially relevant to Key West's Investment Management business Moelis included a Selected Precedent Transactions Analysis for Key West's Investment Management business that focuses on Transaction Value / Adj. EBITDA transaction multiples The Selected Precedent Alternative Asset Managers Transactions were chosen based on the following criteria: Global asset managers with a focus on alternative investments across real estate, infrastructure, private credit and / or other alternative asset classes Moelis excluded transactions of traditional asset managers given their distinct business models and no meaningful exposure to alternative investments Moelis excluded precedent transactions without publicly available transaction multiples Although none of the Selected Precedent Transactions in this analysis are directly comparable, the most similar transactions are Apollo's acquisition of Bridge Investment Group and Federated Hermes acquisition of FCP Fund LP, due to the target companies' focus on real estate investment However, despite the similarities between Key West and the targets in these transactions, Key West's business is significantly less diversified, both on a product / capability basis and on a client / AUM concentration basis The selected Transaction Value / Adj. EBITDA multiple reference range of 12.0x – 15.0x for estimated Investment Management LTM Q4 2025 Segment EBITDA were based on Moelis' professional judgment and experience and informed by the factors noted above The low end of the range was informed by the Federated Hermes' acquisition of FCP Fund LP The high end of the range was informed by Apollo's acquisition of Bridge Investment Group and the median of the Selected Precedent Transactions 54 Selected Precedent Transactions Analysis Methodologies and Assumptions: Investment Management

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55 Selected Precedent Transactions AnalysisSelected Precedent Alternative Asset Manager Transactions Source: Bloomberg, company filings, equity research Transaction Value reflects either equity value or total enterprise value; see footnotes for detail on each transaction EBITDA reflects estimated 2025 EBITDA of ~$30M. Transaction Value reflects average total consideration (based on 80% acquisition) including and excluding $92M earnout and grossed up to reflect 100% acquisition Assumes EBITDA of $100M. Transaction Value based on capitalization date of 02/21/2025 and includes ~44.708M shares of Class A Common Stock, 140.110K Restricted Class A Common Stock shares and ~96.423M OpCo Class A Common Units, all of which are to be exchanged into 0.07081 shares of Apollo common stock and ~79.142M shares of Class B Common Stock, all of which are to be exchanged into 0.00006 shares of Apollo common stock EBITDA based on estimated Pre-Tax FRE of $425M (calculated as expected ~$850M base fees at 50% margin). Transaction Value based on average of TEV inclusive of earnout and exclusive of earnout (calculated as product of 1.6M shares and BlackRock 12/02/2024 closing price of $1,020.11). TEV calculation assumes $12B valuation, less $675M used to fund retention pool for HPS employees and estimated $480M PRE valuation (calculated as the product of $40M PRE and 12.0x) Transaction Value reflects average total consideration (based on 75% acquisition) including and excluding ~$255M earnout and grossed-up to reflect 100% acquisition. TEV / EBITDA multiple based on Wendel disclosures EBITDA based on estimated 2026 FRE of $245M. TEV calculated as average of $3.7B upfront consideration and sum of $3.7B upfront consideration and $1.5B earnout provision EBITDA based on estimated $400M of post-tax annual FRE. TEV calculated as average of ~$11.9B (total consideration of ~$12.6B less $650M retention bonus) and ~$7.9B (total consideration of ~$12.6B less both $650M retention bonus and ~$4.0B earnout) EBITDA based on actual 2022 Underlying EBITDA (which excludes exceptional items) of £57.8M. Transaction Value includes £179M of ECP's existing debt. Conversion to USD based on 09/05/2023 USD/GBP exchange rate of ~1.2562 EBITDA reflects 2022 actual profit before tax of ~$30.9M. Transaction Value reflects average total consideration (based on 72% acquisition) including and excluding $93M earnout and grossed up to reflect 100% acquisition EBITDA based on BNP Paribas Exane estimated 2023 pre-tax distributable earnings of $184M; Transaction Value calculated as average of ~$3.1B (including $400M earnout) and ~$2.7B (excluding $400M earnout) EBITDA based on estimated annual run-rate operating income of ~$60M (excludes incentive fees and investment income). Transaction Value calculated as average of $700M (including $350M earnout) and $350M (excluding $350M earnout). Franklin also purchased ~$188M in Alcentra's CLOs EBITDA based on BNP Paribas Exane estimate of $265M. Transaction Value calculated as average of upfront consideration of ~$3.3B and total consideration (including ~$900M earnout) of ~$4.2B EBITDA based on estimated 2020 EBITDA of ~$80M. Transaction Value calculated includes refinancing of ~$300M of Exeter's debt EBITDA reflects estimated 2019 Distributable Earnings of ~$659M. Transaction Value reflects average total consideration (based on 62% acquisition) including and excluding $2.3B earnout and grossed up to reflect 100% acquisition EBITDA reflects actual 2016 EBITDA of ~$320M 2 3 4 5 6 7 8 9 10 11 12 13 14 15

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Selected Asset-Level Transactions Analysis 56

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57 Selected Asset-Level Transactions AnalysisMethodologies and Assumptions: Sum-of-the-Parts Moelis performed the Selected Asset-Level Transactions analysis on a sum-of-the-parts basis to derive its range of implied share prices for Key West Moelis performed a sum-of-the-parts analysis on the Real Estate and Investment Management businesses and TBAL Income Producing: The Income Producing business is broken up into Multi-Family, Commercial and Loan Investments Multi-Family: Offer cap rates based on transaction data from Real Capital Analytics, CoStar and GSA for the Selected Asset-Level Transactions were applied to Key West's annualized Multi-Family NOI estimates for Q4 2025 per management guidance Moelis used its professional judgment and experience and considered the ranges of the market-level transaction and nominal cap rates of the Selected Multi-Family Asset Transactions; see subsequent pages for details Commercial: Offer cap rates based on transaction data from Real Capital Analytics, CoStar and GSA for the Selected Asset-Level Transactions were applied to Key West's annualized Commercial NOI estimates for Q4 2025 per management guidance Moelis used its professional judgment and experience and considered the ranges of the market-level transaction and nominal cap rates of the Selected Commercial Asset Transactions; see subsequent pages for details Loan Investments: Moelis used the estimated book value of the Loan Investments as of Q4 2025 per management guidance and applied a range of multiples of 0.9x – 1.1x book value Moelis used its professional judgment in selecting the range of book value multiples for the Loan Investments, informed by the multiples employed by equity research analysts to the book values of balance sheet investments of Selected Publicly Traded Asset Managers Lease-Up, Development, Residential: Lease-Up: Moelis used Key West's estimated Lease-Up GAV for Q4 2025 and applied a multiple of 1.0x book Moelis used GAV rather than NOI because estimated stabilized NOI for these Lease-Up assets would not accurately reflect certain minority interests and assets for which the scope is being explored, due to data limitations. Additionally, because stabilized NOI is a "steady-state" metric, it would not capture ramping cash flows or near-term capital expenditures Development: Moelis used Key West's estimated Development GAV for Q4 2025 and applied a multiple of 1.0x book Moelis used GAV rather than NOI because estimated stabilized NOI for these Development assets would not accurately reflect certain minority interests and assets for which the scope is being explored, due to data limitations. Additionally, because stabilized NOI is a "steady-state" metric, it would not capture ramping cash flows or near-term capital expenditures Residential: Moelis used Key West's estimated Residential GAV for Q4 2025 and applied a multiple of 1.0x book Moelis used GAV rather than NOI because estimated stabilized NOI for these Residential assets would not accurately reflect certain minority interests and assets for which the scope is being explored, due to data limitations. Additionally, because stabilized NOI is a "steady-state" metric, it would not capture ramping cash flows or near-term capital expenditures Calculate Gross Asset Value ("GAV") of Real Estate 1

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Moelis performed the Selected Asset-Level Transactions analysis on a sum-of-the-parts basis to derive its range of implied share prices for Key West 58 Selected Asset-Level Transactions Analysis Methodologies and Assumptions: Sum-of-the-Parts (cont'd) Investment Management: The Investment Management business is broken up into Investment Management Base Fees and Accrued Carried Interest Investment Management Base Fees: Moelis applied a range of multiples to the estimated LTM Q4 2025 EBITDA of the Investment Management business Moelis applied a range of Transaction TEV / LTM EBITDA multiples of the Selected Precedent Alternative Asset Manager Transactions to Key West's estimated LTM Q4 2025 EBITDA Moelis used its professional judgment and experience and considered the ranges of the Selected Precedent Alternative Asset Manager Transactions with attributes similar in certain regards to the Investment Management Business of Key West; see prior pages for further details Accrued Carried Interest: Moelis used the estimated book value of accrued carried interest as of Q4 2025 per Key West management Moelis could not analyze projected performance fees due to limited availability of data per Management, so Moelis relied on the accrued performance fee balance in its financial analysis This asset level transaction analysis does not include the value or burden of the platform for the invested assets. The other sum-of-the-parts methodologies include the value or burden of the platform by the premium / (discount) to NAV applied to calculate implied equity value. The Key West platform is and historically has been a burden (not an added value) to its asset value. The main burden is the annual G&A cost Furthermore, given Key West's current leverage position, Key West's opportunities to leverage to grow into the platform are limited The Selected Asset-Level Transaction Analysis is a bottoms-up analysis where there is no direct means to factor in the platform. We recognize that the answer is somewhere in between not capitalizing and fully capitalizing G&A for Key West's Real Estate business. As such, we are taking two approaches: No additional burden for G&A, beyond what may be implicitly included in the offer cap rates G&A-Affected: Burdens the valuation by the capitalized G&A The quantum of the impact of these costs was based on a blended multiple implied by the TEV / LTM EBITDA multiples for the Selected Publicly Traded Asset Managers and the TEV / EBITDAre multiples for the Selected Publicly Traded Real Estate Companies applied to G&A costs not assumed by the Investment Management business In this approach, Moelis subtracted the capitalized G&A from enterprise value TBAL: Based on a range from the $214mm purchase price at Key West's share, per Management, to $351mm based on the high end of the value range implied by the DCF See section F for additional detail on TBAL DCF analysis Calculate Implied Value of Investment Management 2 Other Adjustments 3

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Moelis performed the Selected Asset-Level Transactions analysis on a sum-of-the-parts basis to derive its range of implied share prices for Key West 59 Selected Asset-Level Transactions Analysis Methodologies and Assumptions: Sum-of-the-Parts (cont'd) The sum of the implied value ranges based on the various components of the Income Producing business, Lease-Up, Development and Residential business, Investment Management business and TBAL, less the adjustment for capitalized G&A as applicable, equal Key West's total enterprise value Moelis then subtracted total Key West debt and preferred stock, net of cash, to compute a range of implied NAV No discount to NAV was used for this analysis because asset-level transactions are generally not subject to a NAV discount Moelis then divided the range of equity value implied by the above by fully diluted shares outstanding to compute an implied per-share value range for Key West Calculate Total GAV and NAV 3 2 1 + + Calculate Implied Equity Value per Share 5 Apply Discount to NAV 4

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Analysis reflects cap rates based on observed asset-level real estate transactions deemed generally relevant by Moelis in certain respects to Key West's Multi-Family and Commercial businesses 60 Selected Asset-Level Transactions Analysis Methodologies and Assumptions: Multi-Family and Commercial Moelis included a Selected Asset-Level Transactions Analysis for Key West's Multi-Family and Commercial businesses that focused on recently observed private market transaction cap rates The valuation assumptions used in this analysis are generally consistent with the Selected Precedent Transaction Analysis except as noted below The Selected Asset-Level Transactions Analysis uses 4Q25 asset-level transaction data from Real Capital Analytics, CoStar and GSA databases, and were chosen based on the following criteria: US and European markets and cities where Key West owns assets Mountain West: Phoenix, Tucson, Denver, Boulder, Colorado Springs, Boise, Las Vegas, Reno, Salt Lake City Pacific Northwest: Seattle, Portland, Spokane Southern California: Los Angeles, San Diego, Orange County, Santa Barbara Northern California: San Jose, Sacramento, San Franciso, Santa Rosa United Kingdom: London, Manchester, Liverpool, Glasgow, Edinburgh, Aberdeen, South Coast Ireland: Dublin, Cork Italy: Milan, Rome Spain: Madrid, Barcelona Minimum transaction value or square footage requirements Multi-Family: Transactions greater than $10,000,000 Office and Industrial: Transactions greater than 10,000 square feet Retail: Transactions greater than 25,000 square feet Moelis chose a date range of October 1, 2025 to December 31, 2025 to capture transaction cap rate data that would be most relevant to the current real estate market Cap rate transaction data was consolidated into the referenced markets as simple averages, then weighted by Key West NOI to determine the Multi-Family and Commercial segment averages The selected nominal cap rates reference range of 5.00% – 5.50% for Multi-Family and 7.25% – 8.00% for Commercial were based on Moelis' professional judgment, and informed by the following: Multi-Family: The weighted average of the Multi-Family asset-level transaction cap rates in Real Capital Analytics, CoStar and GSA is 5.2%, 5.2% and 5.4% respectively. The average of those three databases informs the midpoint of the range. Moelis also considered reported market-level nominal cap rates from CoStar and GSA of 6.0% and 5.3% respectively, but Moelis placed less emphasis on this data as there is limited visibility into the underlying sales transaction data Commercial: The weighted average of the Commercial asset-level transaction cap rates in Real Capital Analytics, CoStar and GSA is 7.5%, 7.0% and 8.0% respectively. The majority of Key West's Commercial business is European and US office, for which the cap rate ranges are 7.6-7.9% (Europe) and 7.0-10.2% (US). Moelis also considered the Industrial and Retail cap rate averages, but placed less emphasis on these when forming the range given they comprise a smaller portion of Key West's business. Additionally, Moelis also considered market-level nominal cap rates from CoStar and GSA of 8.3% and 8.2% for the overall commercial segment, but Moelis placed less emphasis on this data as there is limited visibility into the underlying sales transaction data

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Moelis analyzed Cap Rates from 4Q2025 asset-level transaction data based on markets, cities and asset types deemed generally relevant by Moelis to Key Wests existing asset portfolio 61 Selected Asset-Level Transactions AnalysisSelected Multi-Family and Commercial Asset Transactions Source: Real Capital Analytics, CoStar, GSA Note: Additional transaction parameters – Multi-Family - >$10mm sale value, Industrial/Retail - >10k sqft, Office - >25k sqft GSA Markets – Rome, Milan, Barcelona, Madrid, London, Manchester, Edinburgh, Dublin, Denver, Las Vegas, Los Angeles, Orange County, Phoenix, Portland, Sacramento, Salt Lake City, San Diego, San Francisco, San Jose, Seattle CoStar Markets – Albuquerque, Boise, Boulder, Colorado Springs, Denver, Las Vegas, Los Angeles, Orange County, Phoenix, Portland, Reno, Sacramento, Salt Lake City, San Diego, San Francisco, San Jose, Santa Barbara, Santa Rosa, Seattle, Spokane, Tucson Reported asset-level cap rate based on observed transaction data, weighted based on Key West 4Q25 annualized NOI by region Private market cap rates aggregated by database providers Property Level Transaction Markets – Based on Existing Key West Markets US Market Grouping: Mountain West – Phoenix, Tucson, Denver, Boulder, Colorado Springs, Boise, Las Vegas, Reno, Salt Lake City; Pacific Northwest – Seattle, Portland, Spokane; So. California – Los Angeles, San Diego, Orange County Santa Barbara; No. California – San Jose, Sacramento, San Franciso, Santa Rosa Europe Market Grouping: U.K. – London, Manchester, Liverpool, Glasgow, Edinburgh, Aberdeen, South Coast; Ireland – Dublin, Cork; Italy – Milan, Rome; Spain – Madrid, Barcelona 1 2

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Additional Sum-of-the-Parts Analysis Support 62

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I. Summary of Financial Projections: Key West created a set of financial projections related to the Company's TBAL acquisition. These financial projections were for the following two platforms: Equity interests in a select portfolio of TBAL's existing stabilized, lease-up and under-construction multi-family assets ("PropCo") Multi-Family development platform comprising land positions, an identified pipeline and future speculative developments ("OpCo") Key West shared a summary of the financial projections at the time with Key West's Board of Directors in August 2025, ahead of the public announcement of the TBAL acquisition in September 2025 As the transaction evolved, Key West updated the financial projections (the "TBAL Projections") and has shared this updated version of the projections with Moelis II. PropCo Financial Projections and Diligence: The PropCo financial projections reflect the future cash flows of Key West's equity interests in 13 existing TBAL assets The TBAL Projections exclude 4 assets which are no longer part of the transaction perimeter The TBAL projections assume the PropCo assets are sold or recapitalized over the 5-year projection period Key West did not provide projections for the potential future cash flow streams for certain PropCo assets that are recapitalized Key West indicated that no capital partners have been identified for the recapitalizations III. OpCo Financial Projections and Diligence: For OpCo, the TBAL projections reflect multiple streams of future cash flows and expenses for Key West as follows: Asset management fees for Key West's management of existing PropCo assets and future recapitalized PropCo assets for the portion that Key West does not own The TBAL Projections assume Key West only charges asset management fees on the portion of existing assets that Key West does not own Asset management and disposition fees for Key West's management of multi-family assets that TBAL retained ownership (i.e., were not part of Key West's acquisition) TBAL has indicated to Key West that they plan to fully sell down these assets over a period of time Development and construction fees related to construction in process, identified pipeline sites and future speculative developments Promote earned on existing PropCo assets and other development GP / LP contributions and distributions Platform overhead expenses The future speculative development projections assume a total of 1 speculative development asset start in 2027 (along with 9 identified pipeline assets), and 10 speculative development asset starts in each of 2028-2030 This TBAL Projections are more aggressive than the projections shared with the Board of Directors in August, which had assumed 7 total starts in each of 2027 and 2028 and 9 starts in each of 2029 and 2030 The future speculative development projects assume 60% of each project is funded with debt and Key West partners with an outside capital provider to fund 90% of the remaining equity requirement for each project Key West has not identified capital partners or secured committed capital for the future speculative development projects Management has indicated that they would abandon a project if a capital partner was not identified by the projected development start time Additional Sum-of-the-Parts Analysis SupportSummary of Available TBAL Financial Information and Diligence 63 Source: Materials provided by Key West Management to Moelis

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Additional Sum-of-the-Parts Analysis SupportTBAL Financial Analysis Methodologies & Commentary 64 Source: Materials provided by Key West Management to Moelis Projection Period The DCF uses Key West's levered free cash flow projections for PropCo and OpCo Five-year projection period from FY 2026E through FY 2030E Assumes a transaction date of 12/31/2025 Levered free cash flows through 2030E were discounted using the mid-year convention and an illustrative Cost of Equity In conducting its analysis, Moelis considered the meaningful fee income associated with the speculative development assets throughout the projection period. The speculative development portion of OpCo comes with risk, given that these developments require there to be a committed financing partner to take on 90% of the financing associated with development, per Management guidance Key West's projections assume unidentified equity capital partners commit ~$1.5bn through 2030 to fund 90% of the equity required for the future speculative development projects Management has said that it does not have current or identified future capital partners for the speculative development assets, and has indicated that they will abandon a project if they do not have the committed capital at the time of the start, which would materially impact the valuation of TBAL Management also noted that the fee streams related to recapitalizations of existing PropCo assets currently do not have a debt or equity partner identified and do not consider any additional equity that Key West may need to contribute TerminalValue Fees in the terminal year were informed by the following: Asset management fees of ~$4mm reflect 2031E projections for recapitalized assets that KW would retain a JV interest in and manage Toll Brothers has previously indicated that they plan to sell down the assets in which they retain an equity interest (assets that Key West manages but does not have an ownership interest in), and will not hold these into perpetuity, per Management guidance Given the speculative nature of the future development fees, it is assumed that future speculative development fees are equal to the platform expenses in the terminal period Moelis applied its professional judgment in selecting the terminal net fee income multiple of 10.0x – 14.0x, which is consistent with the selected TEV / LTM EBITDA multiple range applied to Key West's Investment Management business based on the Selected Publicly Traded Companies analysis for the Asset Managers The net fee income portion of the business associated with the TBAL acquisition aligns operationally with the Investment Management portion of Key West's existing business Moelis included Management's projected proceeds from the sale of speculative development assets where development started in 2028 (the "2028 Speculative Development Assets") Key West's projections reflect a two and a half-year period for speculative development assets to be completed with a sale in the third-year after receiving GP and equity partner contributions to finance development Moelis separately considered aggregate GP contributions from incomplete / ongoing speculative development assets from the 2029 and 2030 starts, and added these one-time at cost to the total cash flows of the business at exit Cost of Equity("CoE") Moelis discounted the levered free cash flows associated with the TBAL Projections at a CoE range of 20.00% – 25.00% The CoE range was informed by Management's assessment of the required GP hurdle rate for development assets, and Moelis' professional judgment In selecting the CoE range, Moelis also considered Key West's cost of capital and the uncertainty in quantifying the future cash flows of the speculative development starts, which require debt and equity partner financing that has not been identified or secured

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65 Source: Materials provided by Key West Management to Moelis 1, Reflects proceeds from the sale of developments started in 2028 and fully ramped at the time of exit 2. Reflects the cost basis of real estate developments under construction / not realized at time of exit; assumed value at 1.0x cost Discounted Cash Flow Analysis – TBAL Projections (PropCo and OpCo) 1 2 Additional Sum-of-the-Parts Analysis Support Illustrative TBAL Levered DCF Analysis

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66 Source: Materials provided by Key West Management to Moelis Applies Key West at share TBAL Purchase Price calculated as debt at share of $53.5mm at close for the TBAL Acquisition, and $131.5mm of total Key West equity requirement for Toll Brothers acquisition, plus an incremental $13.0mm for subsequent Old Danbury – Wilton Land Purchase assumed to be financed with Key West revolver draw, per Management guidance Illustrative share count fixed based on 138.112mm basic shares outstanding, 1.259mm restricted stock units and 3.132mm performance stock units as of 02/11/2026 Reflects the high and low range of implied equity value Implied Equity Value Implied Equity Value at Illustrative Discount Implied Equity Value per Share at Illustrative Discount 2 Implied Enterprise Value1 Additional Sum-of-the-Parts Analysis Support Illustrative TBAL Levered DCF Analysis Sensitivities ($ in millions, except per share data) 3

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67 Source: Company Filings, Key West Management Guidance Excludes promote allocation (net of compensation), which is captured within SOTP analysis within book value of accrued carried interest 40% EBITDA margin for Investment Management business per Management guidance Additional Sum-of-the-Parts Analysis SupportGeneral & Administrative Expenses Allocation and Investment Management EBITDA Detail 2 1 ($ in millions)

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Source: S&P Capital IQ as of 02/13/2026 Note: Indexes are calculated based on market-cap-weighted average share price performance Reflects share price performance from 11/04/2015 to 02/13/2026 Selected US Traditional Publicly Traded Companies includes AllianceBernstein Holding L.P. (NYSE:AB), BlackRock (NYSE:BLK), Cohen & Steers (NYSE:CNS), Franklin Resources (NYSE:BEN), Invesco (NYSE:IVZ), T. Rowe Price Group (NASDAQ:TROW) Selected US Alternatives Publicly Traded Companies include Apollo Global Management (NYSE:APO), Ares Management Corporation (NYSE:ARES), Blackstone (NYSE:BX), Brookfield Asset Management (TSX:BAM), The Carlyle Group (NASDAQ:CG), KKR & Co (NYSE:KKR), TPG (NASDAQGS:TPG) Selected European Alternatives Publicly Traded Companies include EQT AB (OM:EQT), ICG (LSE:ICG) Man Group (LSE:EMG), Patrizia PE (XTRA:PAT) 68 Additional Sum-of-the-Parts Analysis SupportAsset Managers Historical Share Price Performance Market-Cap-Weighted Average Share Price Performance – Last 10 Years to 02/13/2026 Key West's share price has underperformed that of Asset Managers Key West (unaffected) 10-year share price performance of (69%) 1 Shading indicates period from 11/04/2025 unaffected date to 02/13/2026

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Dividend Discount Model Analysis (For Reference Only) 69

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Dividend discount model analysis reflects implied equity value ranges based on estimated present value of the dividends paid by the Company based on an Equity Research model 70 Analysis uses Equity Research financial projections and assumes the following: 8-year projection period from 12/31/2025 to 12/31/2033E and valuation date as of 12/31/2025 2026E dividend per share of $0.48 assumed to grow 4% annually through 2033E per Equity Research model as of February 2025 Other Equity Research model as of August 2025 assumes a 0% annual growth rate from 2026E – 2029E Dividends through 2033E and terminal value were discounted to December 31, 2025, utilizing mid-year convention Illustrative cost of equity range per equity research of 8.50% – 10.50%1 Terminal value based on Terminal Year dividend per share and assumes a perpetuity growth rate between 3.00% – 4.00% Terminal Year dividend per share of $0.63, equal to the 2033E dividend per share amount Terminal value represents approximately 57% – 70% of the total DDM net present value Dividend Discount Model Analysis (For Reference Only) Methodologies and Assumptions Source: Equity Research 1. Equity Research model uses a cost of equity of 9.36% for purposes of its financial analysis

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71 Dividend Discount Model Analysis Summary Dividend Discount Model Analysis (For Reference Only) Dividend Discount Model Analysis Summary Source: Equity Research Implied Equity Value per Share Note: One Equity Research Model projects 4% dividend growth through 2033E; Other Equity Research Model projects 0% dividend growth through 2029E

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Operational Benchmarking 72

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Operational Benchmarking G&A: Selected Publicly Traded Real Estate Companies 73 Source: Investor presentations, company filings, S&P Capital IQ as of 02/13/2026 Non-investment management G&A calculated as total G&A minus investment management G&A; investment management G&A calculated based on 40% EBITDA margin per management Estimated annual Q4 2025 NOI per Key West of ~$411mm for the Multi-Family, EU Office, US Office, Industrial and Retail portfolios; does not include fees from asset management business Reflects TEV at $7.47 unaffected price and 02/13/2026 capitalization minus Investment Management business (valued at 40% EBITDA margin per management and mid-point estimate of 12.0x from Selected Publicly Traded Companies Analysis SOTP Nominal Cap Rates), minus accrued carried interest book value, minus lease-up / development / residential GAV, minus book value of loan investments and minus TBAL purchase price 1 2 3

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74 Source: Investor presentations, company filings, S&P CapIQ Note: LTM as of Q4 2025: BlackRock, T. Rowe, Franklin Resources, Invesco, AB, Cohen & Steers, Blackstone, KKR, Apollo, Brookfield, Ares, TPG, Carlyle Group. LTM as of Q3 2025: ICG, Patrizia. LTM as of Q2 2025: Man Group Note: Revenue and operating expenses include pass-through expenses associated with third-party distribution, advisory and services G&A for US Alternatives calculated as fee-related revenue less fee-related earnings; G&A for U.S Traditional and European Alternatives calculated as revenue less EBITDA Assumes the 40% EBITDA margins for the Key West Investment Management business per Management guidance; assumes TEV based on a 12.0x multiple on implied LTM EBITDA of $46mm based on mid-point of range based on selected publicly traded companies Operational Benchmarking G&A: Selected Publicly Traded Asset Managers

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75 Operational Benchmarking AUM & Revenue Metrics: Selected Publicly Traded Asset Managers Source: Investor presentations, company filings, S&P CapIQ Note: LTM as of Q4 2025: BlackRock, T. Rowe, Franklin Resources, Invesco, AB, Cohen & Steers, Blackstone, KKR, Apollo, Brookfield, Ares, TPG, Carlyle Group. LTM as of Q3 2025: ICG, Patrizia. LTM as of Q2 2025: Man Group Note: Unless otherwise noted, AUM as of Q4 2025 AUM as of Q3 2025 Represents fee-bearing AUM as opposed to total AUM AUM as of Q2 2025 2 2 2 3 1 1 1 3 3 3 1 1 1

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Additional Company Detail 76

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77 Additional Company DetailCapital Structure Detail (as of Q4 2025) Source: Company Filings, draft Q4 2025 Earnings Release and Supplemental Financial Information, S&P Capital IQ as of 02/13/2026 Reflects adj. conversion rate, conversion price and number of shares on conversion per Management guidance, excess dividends paid over 10 quarters Reflects decrease in debt of $32.8mm, $27.8mm, $3.5mm, $2.8mm and $0.6mm from sale of Radius, Equinox, Silicon Valley R&D, Valley Oak (Infiniera Building) and Amazon ABQ, respectively, and increase in debt of $53.8mm from acquisition of Greenway Portfolio GP Interest Includes 300,000 shares of Series A Cumulative Perpetual Convertible Preferred stock at $1,000 per share liquidation preference, 300,000 shares of Series B Cumulative Perpetual Preferred Stock at $1,000 per liquidation preference and 200,000 shares of Series C Cumulative Perpetual Preferred stock at $1,000 per share liquidation preference, assuming no accrued dividends; Series A cumulative perpetual convertible preferred stock was below adjusted conversion price of $24.80 per share; warrants tied to Series B and Series C Cumulative Perpetual Preferred Stock were out-of-the-money based on exercise prices of $23.00 per share and $16.21 per share, respectively, as of 12/31/2024 Restricted cash primarily related to lender reserves associated with consolidated mortgages held on properties and reserves held on behalf of borrowers under construction loans Reflects cash used for the acquisition of Greenway Portfolio GP Interest of $11.0mm and cash received for the sale of Radius, Equinox, Silicon Valley R&D, Valley Oak (Infiniera Building) and Amazon ABQ of $24.7mm, $15.2mm, $1.8mm, $0.0mm, and $0.5mm, respectively

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Series A Cumulative Perpetual Convertible Preferred Stock Series B Cumulative Perpetual Preferred Stock Series C Cumulative Perpetual Preferred Stock Amount Outst. 300,000 preferred shares as of 12/31/2025 300,000 preferred shares as of 12/31/2025 (Owned by Fairfax) 200,000 preferred shares as of 12/31/2025 (Owned by Fairfax) Convers. Rate 40.3231 NA NA Annual Dividend Rate 5.75% 4.75% 6.00% ExercisePrice $24.80 / share1 $23.00 / share $16.21 / share # of Converted Shares 12,096, 7741 13,043, 4782 12,338, 0623 Change-of-Control Provisions Fundamental Change Repurchase Price reflects a cash amount equal to the Liquidation Preference plus any accrued and unpaid dividend Redemption Price in connection with a Fundamental Change reflects cash amount equal to the Liquidation Preference of each share plus any accrued and unpaid dividends Redemption Price in connection with a Fundamental Change reflects cash amount equal to the Liquidation Preference of each share plus any accrued and unpaid dividends Voting Limits NA NA Limitation on voting Series C preferred stock or exercising warrants to the extent it would result in the holders having voting power in excess of 19.9% of the then-outstanding shares of Key West common stock Liquid. Pref. $1,000 / share $1,000 / share $1,000 / share Implied Value at Liquid. Pref.3 $300mm $300mm $200mm 78 Additional Company DetailKey Terms of Preferred Source: Company Filings, Key West Management Reflects adj. conversion rate, conversion price and number of shares on conversion per management guidance, excess dividends paid over 10 quarters Reflects the 13,043,478 warrants underlying Series B Cumulative Preferred Stock issued in connection with 02/23/2022 private placement Reflects the 12,338,062 warrants underlying Series C Cumulative Preferred Stock issued in connection with 06/16/2023 private placement; Fairfax would not be able to vote any of the shares underlying the Series C Cumulative Preferred Stock because their beneficial ownership is aggregated with that of William McMorrow for purposes of the Series C Certificate of Designation's cap of 19.9% Assumes no accrued and unpaid dividends

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79 Additional Company DetailTBAL Acquisition Funding Requirements Source: Key West Management Pro Forma Capitalization Adjustments Key West equity requirement of ~$16.5mm and for the 3rd closing is assumed to be funded via a revolver draw, per Management guidance Key West finalized a ~$13.0mm land purchase for Old Danbury – Wilton and is assumed to be funded via a revolver draw, per Management guidance During the 3rd closing, Key West assumed ~$8.2mm in TBAL Property Debt

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Source: Company Filings and Materials provided by Key West Management to Moelis Applies basic shares outstanding of 138,293,288 as of 05/05/2025; applies net debt and cash figures based on Management's Q2 2025 Presentation; Series A Cumulative Perpetual Convertible Preferred Shares of $300mm at liquidation preference and conversion ratio of 40.343 with $24.80 conversion price; Series B Cumulative Perpetual Preferred Shares of $300mm at liquidation preference and 13.043mm shares underlying warrants with an exercise price of $23.00 per share; Series C Cumulative Perpetual Preferred Shares of $200mm at liquidation preference and 12.338mm shares underlying warrants with an exercise price of $16.21 per share Net Asset Value Scenarios – Key West Management Implied Equity Value Per Share1 Materials as presented in Management's Q2 2025 Presentation to the Key West Board of Directors Illustrative Management NAV Sensitivity Analysis Prepared by Moelis Based on Potential NAV Discounts ($ in millions, except per share data) Materials Provided by Key West Management to Moelis Considerations on Analysis Management materials are as of Q2 2025 and do not account for: The TBAL acquisition Accrued carried interests receivable Any assets purchased or divested post-Q2 2025 Changes in estimated annual NOI assumptions Capitalization details of the Company post-Q2 2025 Fully diluted share count post-Q2 2025 80 Enterprise Value NAV Per Share Additional Company DetailManagement Q2 Board Presentation NAV Calculation

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Source: Company Filings and Materials provided by Key West Management to Moelis Low represents 90% of the total GAV per Management guidance, which is consistent with the Q2 2025 approach to the illustrative NAV Calculation; Includes ~$79mm of GAV related to TBAL, which accounts for all 3 TBAL closes Estimated Q4 2025 net other liabilities provided by Key West Management; reflects the same calculation as Management's approach in Q2 2025 Based on latest balance sheet figures as of 12/31/2025, adjusted for subsequent events and per Management Guidance Net Asset Value Scenarios Implied Equity Value Per Share3 Illustrative analysis applies the latest financial figures to the NAV scenarios analysis presented in Management's Q2 2025 Presentation to the Key West Board of Directors, using Management's assumptions Enterprise Value NAV Per Share Illustrative NAV Sensitivity Analysis Prepared by Moelis Based on Potential NAV Discounts Illustrative Implied NAV Calculation 81 Management's original analysis does not account for: Accrued carried interests receivable Current analysis accounts for: All 3 closes of the TBAL acquisition: NOI of ~$4.6mm GAV of ~$79mm Other items from prior page have been updated for the estimated Q4 2025 roll forward The low applies Management's 10% discount to the Lease-Up / Development / Other at GAV Net Other Liabilities of ~$291mm per Management's Q4 estimate Considerations on Analysis Additional Company DetailIllustrative Implied NAV Calculation (as of Q4 2025)

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Consolidated (% KW Ownership) 97% 97% 97% 97% 97% 97% 97% NA Co-Investment (% KW Ownership) 21% 22% 23% 23% 23% 23% 20% NA Stabilized (% KW Ownership) 37% 38% 38% 39% 39% 37% 34% NA Multi-Family (consolidated units / co-investment units) 9,230 / 24,940 9,470 / 26,399 9,718 / 26,663 9,258 / 26,637 9,258 / 27,066 8,250 / 29,486 7,862 / 30,192 39,514(total) EU Office (consolidated sq. ft. / co-investment sq. ft.) 2.5 / 1.0 2.5 / 1.0 2.5 / 1.0 2.4 / 0.7 2.4 / 0.7 2.0 / 0.7 2.0 / 0.5 1.9 / 0.4 US Office (consolidated sq. ft. / co-investment sq. ft.) 0.8 / 4.4 0.8 / 4.4 0.8 / 4.2 0.8 / 4.2 0.8 / 4.2 0.8 / 3.6 0.7 / 3.6 0.7 / 3.3 Industrial (co-investment sq. ft.) 11.1 11.5 11.4 11.2 11.5 11.5 11.6 10.9 Retail (consolidated sq. ft. / co-investment sq. ft.) 1.4 / 1.5 1.4 / 1.5 1.1 / 1.5 1.1 / 1.0 1.1 / 0.9 1.1 / 1.0 1.0 / 0.9 2.5 (total) Loan Investments (investments / loan balance) 109 / $271.0 115 / $271.2 117 / $272.7 118 / $256.1 120 / $228.3 125 / $215.4 127 / $221.7 127 / $205.0 Total Estimated Annual NOI, Income-Producing Assets Reflects details from reported and draft Key West Quarterly Earnings Results and Supplemental Information 82 Source: Company Filings Note: Excludes impact from TBAL acquisition Adjusted to reclassify Stockley Park (100% leased) as Income Producing Asset – EU Office, per Management guidance; Stockley Park NOI of $2.7mm recategorized from Lease-Up Multi-Family units and NOI pro forma for sale of Edgewater and LPC at West Covina subsequent to 9/30/2025, per Management guidance; Edgewater accounted for 300 consolidated units and ~$2.5mm of NOI and LPC at West Covina accounted for 138 co-investment units and ~$1.2mm of NOI Adjusted to reclassify Stockley Park (100% leased) as Income Producing Asset – EU Office, per Management guidance; Stockley Park Consolidated sq. ft. of 0.054mm Adjusted to remove 2,249 TBAL units, 282 Radius units and 204 Equinox units and add 1,602 Greenway Portfolio GP Interest units Adjusted for the decrease of 0.3mm sq. ft. from the sale of Silicon Valley R&D and Valley Oak (Infiniera Building) Adjusted to remove Amazon ABQ square feet of ~0.05mm Additional Company DetailKey West NOI Components of Value by Asset Over Time NOI Components of Value by Income-Producing Assets ($ in millions, sq. ft. in millions) 3 1 Loan Investments Industrial Retail EU Office Multi-Family 2 2 5 4 6

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83 Source: Key West draft Q4 2025 Company Filings, Materials provided by Key West Management to Moelis Occupancy as reported in Draft Q4 2025 Earnings Results and Supplemental Information, unadjusted for acquisitions and dispositions Reflects Key West's proportional ownership of NOI Removes TBAL, Radius and Equinox NOI of ~$3.9mm, ~$3.2mm and ~$2.2mm, respectively, and units of 2,249, 282 and 204, respectively; Adds Greenway Portfolio GP Interest NOI of ~$4.6mm and units of 1,602 Removes Silicon Valley R&D and Valley Oak (Infiniera Building) NOI of $0.3mm and $0.2mm, respectively and square feet of 0.3mm and 0.1mm, respectively Removes Amazon ABQ NOI of ~$0.1mm and square feet of ~0.05mm Estimated Annual NOI by Segment Estimated Annual NOI by Country ($ in millions) Additional Company DetailKey West Portfolio Overview (as of Q4 2025)

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Source: Key West Management Note: Q4 2025 Fair Value reflects estimate per Management Adjusted to reclassify Stockley Park (100% leased) under Stabilized Properties; Stockley Park fair value estimate of ~$21mm based on materials provided by Management to Moelis Multi-Family Includes Market Rate and VHH portfolio Adjusted to reclassify Stockley Park (100% leased) under Income Producing – Commercial (Office); Stockley Park Fair Value estimate of ~$21mm recategorized from Lease-Up 84 Estimated Fair Value Over Time – Multi-Family and Commercial, Lease-Up, Development, Loan Investments, Residential Additional Company DetailHistorical Global Property Summary – Fair Value Over Time ($ in millions) Development Lease-up Multi-Family and Commercial Residential Loan Investments Industrial Office Multi-Family2 Retail Income Producing (7%) 4% 3% (5%) 1% (1%) (3%) (2%) Lease-up 40% (13%) (14%) 11% 2% (17%) (7%) 7% Development (42%) (37%) (2%) (20%) 22% 10% 3% 34% Loan Investments 3% (0%) 0% (6%) (11%) (1%) 2% (7%) Residential 8% (7%) 12% (3%) 4% 3% 6% 19% Total (5%) (0%) 1% (4%) 2% (3%) (3%) 1% Stabilized Portfolio Composition, Fair Value Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 QoQ % Change 3 1 Based on materials provided by Key West Management as of Q4 2025 Q4 2025

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85 Fairfax Financial has a number of real estate and debt investments alongside Key West (as of Q3 and Q4 2025) Additional Company DetailFairfax Financial / Key West Co-Investments and Ownership Source: Key West Q3 2025 Company Filings; Key West Management Note: Key West Figures exclude adjustments to divestitures and for TBAL acquisition Excludes origination fees; Fairfax-related origination fees expected to be ~$31.5 million in 2025 Excludes RSUs and assumes underlying warrants are out of the money Series C includes a limitation which restricts the right to exercise warrants and receive shares that would result in beneficial ownership in excess of 19.9% of the then-outstanding shares Fairfax and Key West Co-Investment Summary Fairfax Ownership in Key West Real Estate Investments(Q3 2025) Debt Investments(Q3 2025) Property Level Loans(Q3 2025) Fee Bearing Capital(Q4 2025) Fairfax and Key West have 11 real estate investments together (on a blended basis, Fairfax owns ~70%) Key West has a total of 365 real estate investments totaling ~$8.8bn GAV at share (excl. loans) Fairfax and Key West have 122 total debt investments together (Fairfax owns 95%+ of total commitment) Key West has a total of 127 total debt investments Fairfax has 7 property level loans to Key West owned properties / partnerships Total loan commitment of ~$913mm as of 09/30/2025 Fairfax accounts for ~51% of total fee-bearing capital Expected asset management fees from Fairfax in 2025 is ~$28mm1 3 Fairfax Related Key West GAV at Share Non-Fairfax Related Key West GAV at Share Fairfax Commingled Key West Loans Non-Fairfax Commingled Key West Loans # Key West Properties with Fairfax Loans # Key West Properties without Fairfax Loans Fairfax Related Fee-Bearing Capital Non-Fairfax Related Fee-Bearing Capital ~$11bn ~$8.8bn 127 365 2

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86 Fairfax accounts for ~51% of total fee-bearing capital Top Capital Providers PIFSS4: $267M Saudi Aramco: $125M Blue Cross: $125M Excludes origination fees; Fairfax-related origination fees expected to be ~$31.5 million in 2025 Tambourine, Takenaka, Blackstone, Varde, fee-bearing AUM related to Toll Brothers acquisition, etc. Excludes ~$5M of promote; includes ~$550k of asset management fees related to Toll Brothers acquisition Kuwaiti Pension Fund 1 Additional Company DetailKey West – Funds Breakdown (as of Q4 2025) 3

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Equity Research Perspectives 87

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Dividend Discount Model Net Asset Value 2.5% terminal growth and 9.36% cost of equity1 $13.60 spot NAV / sh $13.60 NAV / sh est. as of 08/07/2025 Unaffected PT: 34% discount to NAV / sh Net Asset Value $14.65 spot NAV / sh$15.18 NAV / sh est. as of 08/06/2025Unaffected PT: 14% discount to NAV / sh NA2 NA $10.53 NAV / sh est. as of 08/07/2025Unaffected PT: 27% discount to NAV / sh Analysts have an average share price target of $10.00, which represents a ~1% premium to Key West's 02/13/2026 share price and ~8% discount to the Offer Price – and a discount to estimated NAV / share Source: Equity research, S&P Capital IQ as of 02/13/2026 Methodology discussed in 02/24/2025 Initiation Report, at which time Deutsche Bank's price target was also $9.00 / sh Bank of America moved to "No Rating" as of 11/04/2025 following proposal letter; prior rating of "Underperform" Reflects price targets and NAV / sh estimates prior to 11/04/2025, or date of receipt of the proposal letter and before release of Q3 2025 earnings results 88 Estimates ($ Per Share) After Proposal Announcement Street Perspectives Report Date Share Price Target & Spot NAV / Sh ($) Analyst Method 6 November 18 December 4 November Price Target Share Price as of 02/13/2026: $9.89 We generally believe that the company is moving in the right direction to growing a fee business that can fully support the cost structure at the firm. The company has a ~$5.0bn runway in committed fee bearing capital to deploy. Combined with other commitments … we see a strong runway for the investment management business to continue to grow. Avg. PT: $10.00 We are reducing our rating on Key West from Neutral to Underweight. We see this move purely driven by it being in a special situation related to the proposed management buyout … In our view, we place a high degree of likelihood around a deal happening and even at a higher price 12/18/25 $13.00 Prior PT3 We think compensation can only be addressed by Key West addressing whether its future is as a real estate operating company or as an alternatives asset manager. Until this major strategy decision is made, it feels like investors may take a wait and see approach … in such a scenario, the option of selling and going private in order to close the valuation gap makes sense. At the offer price of $10.25, the implied cap rate we calculate on the income-producing real estate assets would be 7.2%. With much of the portfolio skewed to residential, this cap rate seems a bit high / cheap. 11/05/25 $9.00 $11.00 $7.70 NAV / Share Estimate Metrics (Hold) (Sell) NA NA Equity Research Perspectives Equity Research Analyst Perspectives on Key West $9.00 Prior NAV / sh3 $10.53 $15.18 $13.60 Since the Proposal, J.P. Morgan's share price target and NAV / sh estimates have decreased while Deutsche Bank's have remained the same2 11/05/25 11/06/25

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89 1 Equity Research Perspectives Equity Research Analyst Perspectives on Key West J.P. Morgan – Enterprise Value Implied by Current, Prior Price Targets and NAV / Share Deutsche Bank – Enterprise Value Implied by Current, Prior Price Targets and NAV / Share Bank of America – Enterprise Value Implied by Current, Prior Price Targets and NAV / Share Source: Equity research, S&P Capital IQ as of 02/13/2026

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Additional Supporting Detail 90

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Phase 3 91 Understand the Proposal What are the key terms of the Proposal? What information is needed to evaluate the Proposal? What are the right next steps? Context Is now the right time? What is the current market and industry backdrop? What outreach has already been conducted (if any)? Analysis How does the Proposal compare vs. potential status quo value? What is the SC's perspective on the standalone plan? Response What are the deal terms to focus on? Negotiations Evaluation of the Proposal and Alternatives Fact Gathering Negotiate with Acquirer Consortium Withdraws Proposal Consortium Becomes Unfriendly SC to consider other alternatives, including maintaining status quo Phase 2 Phase 1 What are the key process, timing and tactical considerations? What are the practical alternatives? If decide not to reject, what is the best negotiating strategy? Reach agreement Has there been any inbound interest? Additional Supporting Detail Illustrative Special Committee Roadmap and Considerations

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92 Pursue Standalone Plan Pursue Strategic Discussions Consider Other Strategic Alternatives Engage with Consortium Exclusively Reach Out to Other Additional Selected Parties Overview Determine not to engage with Consortium to pursue a transaction at the current time Sign NDA with Consortium and provide limited / targeted non-public information (on basis that Consortium could improve its Proposal) Engage with Consortium (see option B) Contact other selected counterparties to indicate willingness to explore a strategic transaction and sign NDA, providing the same information Recommend certain actions for consideration to the full Board of Directors Tax leakage, REIT qualification and other complexities apply to certain of these options, which include but are not limited to: Sale of certain businesses, including Investment Management, or sale of assets within Investment Management Fairfax accounts for the majority of fee-bearing capital Spin-out of Investment Management and REIT classification Company does not have an in-place system tracking REIT eligibility of the portfolio; may be more feasible for consolidated portfolio Divestiture of certain asset classes / markets or liquidation Company has a significant number of low-basis assets from historical 1031 exchanges, which would generate meaningful taxable gains Company does not wholly own all assets in portfolio Process / timing considerations given number and diversity of assets in the portfolio Internal initiatives targeting cost structure Benefits Minimizes Management distraction Potential for Consortium to submit an improved Proposal Advance Consortium work on accelerated basis to determine if bid is actionable and if price can be increased Less Management distraction, as compared to option C Opportunity for greater price discovery Inclusion of other counterparties could increase competitive tension Ability to maintain speed and confidentiality by including only serious counterparties Considerations Consortium may shift focus elsewhere and stockholders may not have an opportunity to realize value at a premium to the unaffected share price stockholders do not have opportunity to vote on Proposal Potentially less opportunity for price discovery Limits opportunity for price discovery from third parties Potential loss of negotiating leverage if Consortium is the only party the Special Committee is engaging with Time, additional work and Management attention required to get to a deal May take extended amount of time for certain counterparties to conduct diligence Requires additional Management time and resources Consortium expressed unwillingness to sell their shares to another party or vote in favor of an alternative transaction Consortium offer is already public; not aware of any offers from third parties that have materialized since the Proposal was made Go forward business relationship with Fairfax (i.e., the Company's largest source of fee-bearing capital) may create complexity for potential third-party acquirer A B D 1 2 3 4 C The Special Committee reviewed available alternatives to a transaction with the Consortium during its December 23 meeting Note: Reflects page from the materials presented to the Special Committee during its 12/23/2025 meeting Additional Supporting Detail Review of Strategic Alternatives

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93 Members of the Special Committee received an Excel file (the "Illustrative Sensitivity") from another Director of Key West's Board, which was subsequently shared with Moelis on 12/03/2025 It appears the Illustrative Sensitivity was created on or around 08/19/2025 The Illustrative Sensitivity contained two scenarios for potential value creation for Key West: Scenario A: A pro-forma spin-off transaction scenario of the Real Estate and Investment Management businesses, valuing the two businesses as separate standalone entities, which resulted in an illustrative per share value of $10.36 on an aggregate basis Scenario B: An illustrative scenario in which the pro forma separation of the Real Estate and Investment Management businesses prompted multiple re-rating for each standalone business, which resulted in an illustrative per share value of $26.21 on an aggregate basis The Illustrative Sensitivity appears to include material errors, makes several key assumptions without empirical support and generally does not penalize the Company's value for the complexity of its assets and G&A burden Scenario B effectively double-counts $138mm of annualized Depreciation and Amortization ("D&A") in calculating pro forma FFO by adding back D&A to Net Income (which has already been calculated using NOI unburdened by D&A expense). This pro forma FFO is then multiplied by the 15.6x P/FFO multiple used in the Illustrative Sensitivity Adjusting the Illustrative Sensitivity for the proper treatment of D&A (and leaving all other assumptions constant) would result in a value per share of $10.57 The errors in the Illustrative Sensitivity highlight the challenges that stockholders and potential investors face when seeking to assess the value of Key West, which may contribute to Key West's relatively challenged performance in the public markets in recent years Additional Supporting Detail Illustrative Sensitivity Analysis Executive Summary

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Source: Key West Board Member-Provided Materials Note: Illustrative Sensitivity includes the following notes on approach: "Fairfax Holdings and SBL control ~30% of the Company on an as-converted basis. With mgmt. and insiders this increases to >40%. Concentrated / value-oriented equity managers could also be solicited for feedback with votes secured prior to proxy. Note Fairfax strike is $16.21 on the Jr. Perpetual Preferred ($200M) 6.75% dividend rate, $23 / share on the $300M Pari PPS, 4.75% dividend rate, or $20.28 / share blended. Warrant structure included in pref to be diligenced. Allocation of liabilities to be refined and adjusted further in subsequent iterations. Most or all property-level debt will be allocated to REIT, but treatment of Preferred could differ should we see more compelling up/down on IMCo shares. SBL strike price is ~$24.67 including Conversion Fee of $5.00 per Preferred Share." 1. Baseline EBITDA reflects net (loss) income, less total income from unconsolidated investments, gain (loss) on sale of real estate, net, other income (loss) and non-controlling interest, plus share-based compensation, carried interest compensation, depreciation and amortization, interest expense, gain (loss) on early extinguishment of debt, benefit from (provision for) income taxes, NOI from unconsolidated investments (at Key West's share) and fees eliminated in consolidation Summary of the Illustrative Sensitivity Preliminary Observations – Moelis The Illustrative Sensitivity applies discrete approaches to valuing Key West's Real Estate and Investment Management businesses The Illustrative Sensitivity makes the below assumptions: Computation of Total Enterprise Value adds back minority interest, whereas financial results (e.g., NOI) are shown at share and do not include the portion attributable to minority owners NOI figures used in the Illustrative Sensitivity to capture implied cap rates do not account for the Investment Management, Lease-Up, Development or Residential businesses NOI broadly does not capture non-balance sheet NOI for minority-held investments Balance sheet and income statement figures are as of 06/30/2025 and do not reflect financial results after Q2 2025 E.g., "Baseline EBITDA (LQA)" utilized in the Illustrative Sensitivity reflects annualized Baseline EBITDA1 of $117mm as of 06/30/2025 as reported by Key West A B A B A B 94 C C Additional Supporting Detail Preliminary Observations on the Illustrative Sensitivity

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Lease-Up and Development NOI of $63.5mm – and by extension the PropCo Gross Asset Value – does not include the value of certain NOI related to minority interests for the Lease-Up / Development portfolio, nor the NOI attributable to assets where the scope was still being explored as of 06/30/2025 Moreover, it is unclear whether the cap rate applied to Lease-Up / Development NOI is adjusted to account for the present value of costs to complete / time to achieve stabilized NOI based on 2026 estimated completion date Base Investment Management income assumes a 50% margin, versus a 40% margin used in Moelis' analyses based on Management guidance Scenario A does not include any discount to NAV Key West and the Selected Publicly Traded Companies trade at a substantial discount to equity research NAV Scenario A also does not explicitly account for Real Estate G&A G&A attributable to the Investment Management segment is captured within Base Investment Management Income at an assumed 50% margin However, other G&A attributable to the real estate segment and at the corporate level is not accounted for in the Illustrative Sensitivity, given that NOI is before G&A expenses Key West's total LTM G&A of ~$174.8mm1 as of 06/30/2025 and $56.9mm of implied Investment Management segment G&A (based on a 50% margin) implies ~$117.9mm of G&A has not been explicitly accounted for in Scenario A Unclear if cap rate assumptions consider Key West's high G&A relative to the Selected Publicly Traded Companies Source: Key West Board Member-Provided Materials, Company Filings 1. Includes Segment and Corporate Compensation and Related, and General and Administrative expenses as reported in Key West Company Filings Summary of Scenario A in the Illustrative Sensitivity A B A B 95 Preliminary Observations – Moelis C C C Additional Supporting Detail Scenario A: Preliminary Observations on the Illustrative Sensitivity

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Key Observation on D&A in the Illustrative Sensitivity: D&A is double-counted in Scenario B as NOI has not been reduced by D&A in the build to Net Income Fixing the add-back for D&A, there is substantially no uplift relative to Scenario A (i.e., corrected value of $10.57 per share holding other assumptions constant) It is unclear whether interest expense allocated to the Real Estate segment includes consolidated / unconsolidated property level debt and / or corporate-level debt at the WholeCo level However, the quantum of interest expense approximates the total annualized amount of ~$380.8mm based on the $95.2mm of interest expense for the three months ended 06/30/2025 If all debt is allocated to the "REIT," there is no discount to the multiple applied for relatively high levels of leverage as would be expected based on the Company's debt-to-capitalization ratio of >80% as of 12/18/2025 Overhead of $58.4mm understates the implied $117.9mm of Real Estate G&A based on total LTM G&A as of 06/30/2025 and a 50% margin on Investment Management Base Fees Key West's relatively high amount of G&A does not appear to be addressed Base Investment Management income assumes a 50% margin, versus a 40% margin used in Moelis' analyses based on Management guidance Illustrative Sensitivity broadly does not account for the potential challenges in effectuating a REIT conversion, as indicated by Management, including: Federal and State minimum hold period requirements post-REIT conversion REIT conversion tax Number of unconsolidated and joint venture assets held by Key West Key West's current lack of a tracking system for REIT-eligible assets Punitive treatment of short-term hold periods under REIT qualifications Source: Key West Board Member-Provided Materials, Company Filings, S&P Capital IQ as of 12/18/2025 A A D B C 96 B C D Summary of Scenario B in the Illustrative Sensitivity Preliminary Observations – Moelis Additional Supporting Detail Scenario B: Preliminary Observations on the Illustrative Sensitivity

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![](ny20065855x4_ex-c6slide98.jpg)

Multi-Family REITS Scenario B employs a "Normalized" P/FFO multiple of 15.6x for the Real Estate business, based on the 25th percentile of the BF P/FFO1 multiples of the Selected Publicly Traded Multi-Family REIT Companies included in the Illustrative Sensitivity The Selected Publicly Traded REITs: Focuses on US names and does not consider European REITs, despite Key West's exposure to Europe Focuses on the largest REITs in each sector rather than REITs of a comparable size to Key West Does not emphasize Companies with similar geographic, market and asset strategy profiles as compared to those of Key West Investment Managers Scenario B employs a "Normalized" P/E multiple of 15.6x for the Investment Management business, based on the 25th percentile of the BF P/E1 multiples of the Selected Publicly Traded Investment Managers included in the Illustrative Sensitivity The Selected Publicly Traded Investment Managers: Does not consider traditional asset managers with alternatives exposure 97 [sic] [sic] A B A B Source: Key West Board Member-Provided Materials, Company Filings 1. "BF" not defined in the Illustrative Sensitivity Scenario B – Selected Publicly Traded Companies in the Illustrative Sensitivity Preliminary Observations – Moelis Additional Supporting Detail Scenario B: Preliminary Observations on the Illustrative Sensitivity (cont'd)

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## Ex-99.(D)(9)

#### Exhibit (d)(9)<br>

#### JOINDER AGREEMENT
This JOINDER AGREEMENT, dated as of February 24, 2026 (this "<u>Agreement</u>"), is entered into by Kona Management Holdco, LLC, a Delaware limited liability company ("<u>Management Holdco</u>"), and Hamblin Watsa Investment Counsel Ltd., a corporation organized under the Laws of Canada ("<u>HWIC</u>"), in its capacity as investment manager and/or pursuant to a power of attorney on behalf of Odyssey Reinsurance Company ("<u>ORC</u>") and Odyssey Reinsurance (Barbados) Ltd. ("<u>ORBL</u>").

**WHEREAS, reference is made to that certain Joint Bidding Agreement, dated as of November 4, 2025, as amended (the "<u>Joint Bidding Agreement</u>"), among Management Holdco, HWIC, and the persons listed on Schedule 1 thereto (collectively, "<u>FF</u>") (capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Joint Bidding Agreement);** 

**WHEREAS, ORC holds 935,807 Company Common Shares, and wishes to transfer all of such Company Common Shares to ORBL in connection with a portfolio rebalancing HWIC wishes to carry out in the ordinary course of business;** 

#### WHEREAS , ORBL desires to enter into this Agreement to be bound by the terms and conditions of the Joint Bidding Agreement; and
**WHEREAS, pursuant to Section 13.8 of the Joint Bidding Agreement, FF may assign its rights and obligations under the Joint Bidding Agreement to another Affiliate of Fairfax Financial Holdings Limited, so long as (a) such Affiliate agrees to be bound by the terms of the Joint Bidding Agreement, and (b) such assignment does not release the assignor of its obligations thereunder.** 

**NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Affiliate</u>. ORBL hereby represents and warrants to Management Holdco that it has received and reviewed a complete copy of the Joint Bidding Agreement and that ORBL is an Affiliate of Fairfax Financial Holdings Limited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Joinder</u>. ORBL hereby acknowledges, agrees and confirms that, by its execution of this Agreement, it will be a party to the Joint Bidding Agreement and an Investor for all purposes of the Joint Bidding Agreement, and hereby expressly (a) accepts and assumes all of the rights and obligations of an Investor thereunder and (b) agrees to be fully bound by and subject to, and to comply with, all of the terms, conditions and provisions of the Joint Bidding Agreement applicable to the Investors as if it had originally executed the Joint Bidding Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Miscellaneous</u>. The provisions set forth on the Joint Bidding Agreement, other than Section 13.14, are herein incorporated by reference as if fully set forth herein, *mutatis mutandis*, and ORBL agrees to such terms. This Agreement and the Joint Bidding Agreement (including Schedule 1), taken together with the Merger Agreement, constitute the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties hereto, or any of them, with respect to the subject matter hereof.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

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| | | |
|:---|:---|:---|
| **KONA MANAGEMENT HOLDCO, LLC**  | **KONA MANAGEMENT HOLDCO, LLC**  | **KONA MANAGEMENT HOLDCO, LLC**  |
| By: | /s/ William J. McMorrow  | /s/ William J. McMorrow  |
|  | Name:  | William J. McMorrow  |
|  | Title: | Chief Executive Officer |

---

[*Signature Page to Joinder Agreement*]

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| **KONA MANAGEMENT HOLDCO, LLC**  | **KONA MANAGEMENT HOLDCO, LLC**  | **KONA MANAGEMENT HOLDCO, LLC**  |
| By: |  |  |
|  | Name:  |  |
|  | Title: |  |
| **HAMBLIN WATSA INVESTMENT COUNSEL LTD., in its capacity as investment manager and/or pursuant to a power of attorney on behalf of Odyssey Reinsurance Company and Odyssey Reinsurance (Barbados) Ltd.**  | **HAMBLIN WATSA INVESTMENT COUNSEL LTD., in its capacity as investment manager and/or pursuant to a power of attorney on behalf of Odyssey Reinsurance Company and Odyssey Reinsurance (Barbados) Ltd.**  | **HAMBLIN WATSA INVESTMENT COUNSEL LTD., in its capacity as investment manager and/or pursuant to a power of attorney on behalf of Odyssey Reinsurance Company and Odyssey Reinsurance (Barbados) Ltd.**  |
| By: | /s/ Peter Clarke  | /s/ Peter Clarke  |
|  | Name:  | Peter Clarke  |
|  | Title:  | Chief Risk Officer |

---

[*Signature Page to Joinder Agreement*]

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## Ex-99.(D)(10)

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**Exhibit (d)(10)**<br>

#### JOINDER AGREEMENT

This JOINDER AGREEMENT, dated as of February 24, 2026 (this "<u>Agreement</u>"), is entered into by Kennedy-Wilson Holdings, Inc., a Delaware corporation (the "<u>Company</u>"), and Hamblin Watsa Investment Counsel Ltd., a corporation organized under the Laws of Canada ("<u>HWIC</u>"), in its capacity as investment manager and/or pursuant to a power of attorney on behalf of Odyssey Reinsurance Company ("<u>ORC</u>") and Odyssey Reinsurance (Barbados) Ltd. ("<u>ORBL</u>").

**WHEREAS**, reference is made to that certain Voting and Support Agreement, dated as of February 16, 2026 (the "<u>Voting and Support Agreement</u>"), among the Company, HWIC, and the persons listed under the heading "Security Holders" on Schedule A thereto (capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Voting and Support Agreement);

**WHEREAS**, ORC, a Security Holder, holds 935,807 Shares, and wishes to transfer all of such Shares to ORBL in connection with a portfolio rebalancing HWIC wishes to carry out in the ordinary course of business;

**WHEREAS**, ORBL, as a Permitted Transferee, desires to enter into this Agreement to be bound by the terms and conditions of the Voting and Support Agreement; and

**WHEREAS**, pursuant to Section 5.1 of the Voting and Support Agreement, a Security Holder may transfer its Shares to a Permitted Transferee so long as such Permitted Transferee executes a joinder to the Voting and Support Agreement.

**NOW, THEREFORE**, in consideration of the mutual covenants and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Permitted Transferee</u>. ORBL hereby represents and warrants to the Company that it has received and reviewed a complete copy of the Voting and Support Agreement and that ORBL is a Permitted Transferee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Joinder</u>. ORBL hereby acknowledges, agrees and confirms that, by its execution of this Agreement, it will be a party to the Voting and Support Agreement and a Security Holder for all purposes of the Voting and Support Agreement, and hereby expressly (a) accepts and assumes all of the rights and obligations of a Security Holder thereunder and (b) agrees to be fully bound by and subject to, and to comply with, all of the terms, conditions and provisions of the Voting and Support Agreement applicable to the Security Holders as if it had originally executed the Voting and Support Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Miscellaneous</u>. The provisions set forth on the Voting and Support Agreement, other than Section 6.6, are herein incorporated by reference as if fully set forth herein, *mutatis mutandis*, and ORBL agrees to such terms. This Agreement and the Voting and Support Agreement (including Schedule A), taken together with the Merger Agreement, constitute the entire agreement among the Parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties hereto, or any of them, with respect to the subject matter hereof.

[*Signature Page Follows*]

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| **KENNEDY-WILSON HOLDINGS, INC.** | **KENNEDY-WILSON HOLDINGS, INC.** | **KENNEDY-WILSON HOLDINGS, INC.** |
| By:  | /s/ Justin Enbody | /s/ Justin Enbody |
|  | Name:  | Justin Enbody  |
|  | Title:  | Senior Executive Vice President, Chief Financial Officer |

---

---

| | |
|:---|:---|
| **HAMBLIN WATSA INVESTMENT COUNSEL LTD., in its capacity as investment manager and/or pursuant to a power of attorney on behalf of Odyssey Reinsurance Company and Odyssey Reinsurance (Barbados) Ltd.** | **HAMBLIN WATSA INVESTMENT COUNSEL LTD., in its capacity as investment manager and/or pursuant to a power of attorney on behalf of Odyssey Reinsurance Company and Odyssey Reinsurance (Barbados) Ltd.** |
| By:  |  |
|  | Name:  |
|  | Title:  |

---

[*Signature Page to Joinder Agreement*]

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

---

| | |
|:---|:---|
| **KENNEDY-WILSON HOLDINGS, INC.** | **KENNEDY-WILSON HOLDINGS, INC.** |
| By:  |  |
|  | Name:  |
|  | Title:  |

---

---

| | | |
|:---|:---|:---|
| **HAMBLIN WATSA INVESTMENT COUNSEL LTD., in its capacity as investment manager and/or pursuant to a power of attorney on behalf of Odyssey Reinsurance Company and Odyssey Reinsurance (Barbados) Ltd.** | **HAMBLIN WATSA INVESTMENT COUNSEL LTD., in its capacity as investment manager and/or pursuant to a power of attorney on behalf of Odyssey Reinsurance Company and Odyssey Reinsurance (Barbados) Ltd.** | **HAMBLIN WATSA INVESTMENT COUNSEL LTD., in its capacity as investment manager and/or pursuant to a power of attorney on behalf of Odyssey Reinsurance Company and Odyssey Reinsurance (Barbados) Ltd.** |
| By:  | /s/ Peter Clarke | /s/ Peter Clarke |
|  | Name:  | Peter Clarke |
|  | Title:  | Chief Risk Officer |

---

[*Signature Page to Joinder Agreement*]

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## Ex-99.(D)(11)

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**Exhibit (d)(11)**<br>

#### JOINDER AGREEMENT
This JOINDER AGREEMENT, dated as of February 24, 2026 (this "<u>Agreement</u>"), is entered into by Kona Bidco, LLC, a Delaware limited liability company ("<u>Parent</u>"), and Hamblin Watsa Investment Counsel Ltd., a corporation organized under the Laws of Canada ("<u>HWIC</u>"), in its capacity as investment manager and/or pursuant to a power of attorney on behalf of Odyssey Reinsurance Company ("<u>ORC</u>") and Odyssey Reinsurance (Barbados) Ltd. ("<u>ORBL</u>").

**WHEREAS**, reference is made to that certain Rollover Agreement, dated as of February 16, 2026 (the "<u>Rollover Agreement</u>"), among Parent, HWIC and the persons identified therein as "Holders" (capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Rollover Agreement);

**WHEREAS**, ORC, a Holder, holds 935,807 Rollover Shares, and wishes to transfer all of such Rollover Shares to ORBL in connection with a portfolio rebalancing HWIC wishes to carry out in the ordinary course of business;

**WHEREAS**, ORBL desires to enter into this Agreement to be bound by the terms and conditions of the Rollover Agreement; and

**WHEREAS**, pursuant to Section 8 of the Rollover Agreement, a Holder may assign its rights, interests and obligations under the Rollover Agreement, in whole or in part, to an Affiliate, so long as the transferee executes a joinder to the Rollover Agreement.

**NOW, THEREFORE**, in consideration of the mutual covenants and agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Affiliate</u>. ORBL hereby represents and warrants to Parent that it has received and reviewed a complete copy of the Rollover Agreement and that ORBL is an Affiliate of ORC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Joinder</u>. ORBL hereby acknowledges, agrees and confirms that, by its execution of this Agreement, it will be a party to the Rollover Agreement and a Holder for all purposes of the Rollover Agreement, and hereby expressly (a) accepts and assumes all of the rights and obligations of a Holder thereunder and (b) agrees to be fully bound by and subject to, and to comply with, all of the terms, conditions and provisions of the Rollover Agreement applicable to the Holders as if it had originally executed the Rollover Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Miscellaneous</u>. The provisions set forth on the Rollover Agreement, other than Section 11, are herein incorporated by reference as if fully set forth herein, *mutatis mutandis*, and ORBL agrees to such terms. This Agreement and the Rollover Agreement (including Exhibit A), taken together with the Merger Agreement, constitute the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties hereto, or any of them, with respect to the subject matter hereof.

[*Signature Page Follows*]

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

---

| | | |
|:---|:---|:---|
| **KONA BIDCO, LLC** | **KONA BIDCO, LLC** | **KONA BIDCO, LLC** |
| By:  | /s/ William J. McMorrow | /s/ William J. McMorrow |
|  | Name:  | William J. McMorrow |
|  | Title:  | Chief Executive Officer |

---

[*Signature Page to Joinder Agreement*]

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

---

| | |
|:---|:---|
| **KONA BIDCO, LLC** | **KONA BIDCO, LLC** |
| By:  |  |
|  | Name:  |
|  | Title:  |

---

---

| | | |
|:---|:---|:---|
| **HAMBLIN WATSA INVESTMENT COUNSEL LTD., in its capacity as investment manager and/or pursuant to a power of attorney on behalf of Odyssey Reinsurance Company and Odyssey Reinsurance (Barbados) Ltd.** | **HAMBLIN WATSA INVESTMENT COUNSEL LTD., in its capacity as investment manager and/or pursuant to a power of attorney on behalf of Odyssey Reinsurance Company and Odyssey Reinsurance (Barbados) Ltd.** | **HAMBLIN WATSA INVESTMENT COUNSEL LTD., in its capacity as investment manager and/or pursuant to a power of attorney on behalf of Odyssey Reinsurance Company and Odyssey Reinsurance (Barbados) Ltd.** |
| By:  | /s/ Peter Clarke | /s/ Peter Clarke |
|  | Name:  | Peter Clarke |
|  | Title:  | Chief Risk Officer |

---

[*Signature Page to Joinder Agreement*]

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## Ex-99.(F)

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#### Exhibit (f)

#### ANNEX F

#### SECTION 262 OF THE DGCL REGARDING APPRAISAL RIGHTS

#### DELAWARE GENERAL CORPORATION LAW

SECTION 262

#### APPRAISAL RIGHTS

§ 262 Appraisal rights.

(a) Any stockholder of a corporation of this State who holds shares of stock on the date of the making of a demand pursuant to subsection (d) of this section with respect to such shares, who continuously holds such shares through the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, who has otherwise complied with subsection (d) of this section and who has neither voted in favor of the merger, consolidation, conversion, transfer, domestication or continuance nor consented thereto in writing pursuant to § 228 of this title shall be entitled to an appraisal by the Court of Chancery of the fair value of the stockholder's shares of stock under the circumstances described in subsections (b) and (c) of this section. As used in this section, the word "stockholder" means a holder of record of stock in a corporation; the words "stock" and "share" mean and include what is ordinarily meant by those words; the words "depository receipt" mean a receipt or other instrument issued by a depository representing an interest in 1 or more shares, or fractions thereof, solely of stock of a corporation, which stock is deposited with the depository; the words "beneficial owner" mean a person who is the beneficial owner of shares of stock held either in voting trust or by a nominee on behalf of such person; and the word "person" means any individual, corporation, partnership, unincorporated association or other entity.

(b) Appraisal rights shall be available for the shares of any class or series of stock of a constituent, converting, transferring, domesticating or continuing corporation in a merger, consolidation, conversion, transfer, domestication or continuance to be effected pursuant to § 251 (other than a merger effected pursuant to § 251(g) of this title), § 252, § 254, § 255, § 256, § 257, § 258, § 263, § 264, § 266 or § 390 of this title (other than, in each case and solely with respect to a converted or domesticated corporation, a merger, consolidation, conversion, transfer, domestication or continuance authorized pursuant to and in accordance with the provisions of § 265 or § 388 of this title):

<sup>(1)</sup> Provided, however, that no appraisal rights under this section shall be available for the shares of any class or series of stock, which stock, or depository receipts in respect thereof, at the record date fixed to determine the stockholders entitled to receive notice of the meeting of stockholders, or at the record date fixed to determine the stockholders entitled to consent pursuant to § 228 of this title, to act upon the agreement of merger or consolidation or the resolution providing for the conversion, transfer, domestication or continuance (or, in the case of a merger pursuant to § 251(h) of this title, as of immediately prior to the execution of the agreement of merger), were either: (i) listed on a national securities exchange or (ii) held of record by more than 2,000 holders; and further provided that no appraisal rights shall be available for any shares of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote of the stockholders of the surviving corporation as provided in § 251(f) of this title.<br>

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<sup>(2)</sup> Notwithstanding paragraph (b)(1) of this section, appraisal rights under this section shall be available for the shares of any class or series of stock of a constituent, converting, transferring, domesticating or continuing corporation if the holders thereof are required by the terms of an agreement of merger or consolidation, or by the terms of a resolution providing for conversion, transfer, domestication or continuance, pursuant to § 251, § 252, § 254, § 255, § 256, § 257, § 258, § 263, § 264, § 266 or § 390 of this title to accept for such stock anything except:<br>

a. Shares of stock of the corporation surviving or resulting from such merger or consolidation, or of the converted entity or the entity resulting from a transfer, domestication or continuance if such entity is a corporation as a result of the conversion, transfer, domestication or continuance, or depository receipts in respect thereof;

b. Shares of stock of any other corporation, or depository receipts in respect thereof, which shares of stock (or depository receipts in respect thereof) or depository receipts at the effective date of the merger, consolidation, conversion, transfer, domestication or continuance will be either listed on a national securities exchange or held of record by more than 2,000 holders;

<br> c. Cash in lieu of fractional shares or fractional depository receipts described in the foregoing paragraphs (b)(2)a. and b. of this section; or

<br> d. Any combination of the shares of stock, depository receipts and cash in lieu of fractional shares or fractional depository receipts described in the foregoing paragraphs (b)(2)a., b. and c. of this section.

<sup>(3)</sup> In the event all of the stock of a subsidiary Delaware corporation party to a merger effected under § 253 or § 267 of this title is not owned by the parent immediately prior to the merger, appraisal rights shall be available for the shares of the subsidiary Delaware corporation.<br>

<br> (4) [Repealed.]

(c) Any corporation may provide in its certificate of incorporation that appraisal rights under this section shall be available for the shares of any class or series of its stock as a result of an amendment to its certificate of incorporation, any merger or consolidation in which the corporation is a constituent corporation, the sale of all or substantially all of the assets of the corporation or a conversion effected pursuant to § 266 of this title or a transfer, domestication or continuance effected pursuant to § 390 of this title. If the certificate of incorporation contains such a provision, the provisions of this section, including those set forth in subsections (d), (e), and (g) of this section, shall apply as nearly as is practicable.

<br> (d) Appraisal rights shall be perfected as follows:

<sup>(1)</sup> If a proposed merger, consolidation, conversion, transfer, domestication or continuance for which appraisal rights are provided under this section is to be submitted for approval at a meeting of stockholders, the corporation, not less than 20 days prior to the meeting, shall notify each of its stockholders who was such on the record date for notice of such meeting (or such members who received notice in accordance with § 255(c) of this title) with respect to shares for which appraisal rights are available pursuant to subsection (b) or (c) of this section that appraisal rights are available for any or all of the shares of the constituent corporations or the converting, transferring, domesticating or continuing corporation, and shall include in such notice either a copy of this section (and, if 1 of the constituent corporations or the converting corporation is a nonstock corporation, a copy of § 114 of this title) or information directing the stockholders to a publicly available electronic resource at which this section (and, § 114 of this title, if applicable) may be accessed without subscription or cost. Each stockholder electing to demand the appraisal of such stockholder's shares shall deliver to the corporation, before the taking of the vote on the merger, consolidation, conversion, transfer, domestication or continuance, a written demand for appraisal of such stockholder's shares; provided that a demand may be delivered to the corporation by electronic transmission if directed to an information processing system (if any) expressly designated for that purpose in such notice. Such demand will be sufficient if it reasonably informs the corporation of the identity of the stockholder and that the stockholder intends thereby to demand the appraisal of such stockholder's shares. A proxy or vote against the merger, consolidation, conversion, transfer, domestication or continuance shall not constitute such a demand. A stockholder electing to take such action must do so by a separate written demand as herein provided. Within 10 days after the effective date of such merger, consolidation, conversion, transfer, domestication or continuance, the surviving, resulting or converted entity shall notify each stockholder of each constituent or converting, transferring, domesticating or continuing corporation who has complied with this subsection and has not voted in favor of or consented to the merger, consolidation, conversion, transfer, domestication or continuance, and any beneficial owner who has demanded appraisal under paragraph (d)(3) of this section, of the date that the merger, consolidation or conversion has become effective; or<br>

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<sup>(2)</sup> If the merger, consolidation, conversion, transfer, domestication or continuance was approved pursuant to § 228, § 251(h), § 253, or § 267 of this title, then either a constituent, converting, transferring, domesticating or continuing corporation before the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, or the surviving, resulting or converted entity within 10 days after such effective date, shall notify each stockholder of any class or series of stock of such constituent, converting, transferring, domesticating or continuing corporation who is entitled to appraisal rights of the approval of the merger, consolidation, conversion, transfer, domestication or continuance and that appraisal rights are available for any or all shares of such class or series of stock of such constituent, converting, transferring, domesticating or continuing corporation, and shall include in such notice either a copy of this section (and, if 1 of the constituent corporations or the converting, transferring, domesticating or continuing corporation is a nonstock corporation, a copy of § 114 of this title) or information directing the stockholders to a publicly available electronic resource at which this section (and § 114 of this title, if applicable) may be accessed without subscription or cost. Such notice may, and, if given on or after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, shall, also notify such stockholders of the effective date of the merger, consolidation, conversion, transfer, domestication or continuance. Any stockholder entitled to appraisal rights may, within 20 days after the date of giving such notice or, in the case of a merger approved pursuant to § 251(h) of this title, within the later of the consummation of the offer contemplated by § 251(h) of this title and 20 days after the date of giving such notice, demand in writing from the surviving, resulting or converted entity the appraisal of such holder's shares; provided that a demand may be delivered to such entity by electronic transmission if directed to an information processing system (if any) expressly designated for that purpose in such notice. Such demand will be sufficient if it reasonably informs such entity of the identity of the stockholder and that the stockholder intends thereby to demand the appraisal of such holder's shares. If such notice did not notify stockholders of the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, either (i) each such constituent corporation or the converting, transferring, domesticating or continuing corporation shall send a second notice before the effective date of the merger, consolidation, conversion, transfer, domestication or continuance notifying each of the holders of any class or series of stock of such constituent, converting, transferring, domesticating or continuing corporation that are entitled to appraisal rights of the effective date of the merger, consolidation, conversion, transfer, domestication or continuance or (ii) the surviving, resulting or converted entity shall send such a second notice to all such holders on or within 10 days after such effective date; provided, however, that if such second notice is sent more than 20 days following the sending of the first notice or, in the case of a merger approved pursuant to § 251(h) of this title, later than the later of the consummation of the offer contemplated by § 251(h) of this title and 20 days following the sending of the first notice, such second notice need only be sent to each stockholder who is entitled to appraisal rights and who has demanded appraisal of such holder's shares in accordance with this subsection and any beneficial owner who has demanded appraisal under paragraph (d)(3) of this section. An affidavit of the secretary or assistant secretary or of the transfer agent of the corporation or entity that is required to give either notice that such notice has been given shall, in the absence of fraud, be prima facie evidence of the facts stated therein. For purposes of determining the stockholders entitled to receive either notice, each constituent corporation or the converting, transferring, domesticating or continuing corporation may fix, in advance, a record date that shall be not more than 10 days prior to the date the notice is given, provided, that if the notice is given on or after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, the record date shall be such effective date. If no record date is fixed and the notice is given prior to the effective date, the record date shall be the close of business on the day next preceding the day on which the notice is given.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Notwithstanding subsection (a) of this section (but subject to this paragraph (d)(3)), a beneficial owner may, in such person's name, demand in writing an appraisal of such beneficial owner's shares in accordance with either paragraph (d)(1) or (2) of this section, as applicable; provided that (i) such beneficial owner continuously owns such shares through the effective date of the merger, consolidation, conversion, transfer, domestication or continuance and otherwise satisfies the requirements applicable to a stockholder under the first sentence of subsection (a) of this section and (ii) the demand made by such beneficial owner reasonably identifies the holder of record of the shares for which the demand is made, is accompanied by documentary evidence of such beneficial owner's beneficial ownership of stock and a statement that such documentary evidence is a true and correct copy of what it purports to be, and provides an address at which such beneficial owner consents to receive notices given by the surviving, resulting or converted entity hereunder and to be set forth on the verified list required by subsection (f) of this section.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Within 120 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, the surviving, resulting or converted entity, or any person who has complied with subsections (a) and (d) of this section and who is otherwise entitled to appraisal rights, may commence an appraisal proceeding by filing a petition in the Court of Chancery demanding a determination of the value of the stock of all such stockholders. Notwithstanding the foregoing, at any time within 60 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, any person entitled to appraisal rights who has not commenced an appraisal proceeding or joined that proceeding as a named party shall have the right to withdraw such person's demand for appraisal and to accept the terms offered upon the merger, consolidation, conversion, transfer, domestication or continuance. Within 120 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, any person who has complied with the requirements of subsections (a) and (d) of this section, upon request given in writing (or by electronic transmission directed to an information processing system (if any) expressly designated for that purpose in the notice of appraisal), shall be entitled to receive from the surviving, resulting or converted entity a statement setting forth the aggregate number of shares not voted in favor of the merger, consolidation, conversion, transfer, domestication or continuance (or, in the case of a merger approved pursuant to § 251(h) of this title, the aggregate number of shares (other than any excluded stock (as defined in § 251(h)(6)d. of this title)) that were the subject of, and were not tendered into, and accepted for purchase or exchange in, the offer referred to in § 251(h)(2) of this title)), and, in either case, with respect to which demands for appraisal have been received and the aggregate number of stockholders or beneficial owners holding or owning such shares (provided that, where a beneficial owner makes a demand pursuant to paragraph (d)(3) of this section, the record holder of such shares shall not be considered a separate stockholder holding such shares for purposes of such aggregate number). Such statement shall be given to the person within 10 days after such person's request for such a statement is received by the surviving, resulting or converted entity or within 10 days after expiration of the period for delivery of demands for appraisal under subsection (d) of this section, whichever is later.

(f) Upon the filing of any such petition by any person other than the surviving, resulting or converted entity, service of a copy thereof shall be made upon such entity, which shall within 20 days after such service file in the office of the Register in Chancery in which the petition was filed a duly verified list containing the names and addresses of all persons who have demanded appraisal for their shares and with whom agreements as to the value of their shares have not been reached by such entity. If the petition shall be filed by the surviving, resulting or converted entity, the petition shall be accompanied by such a duly verified list. The Register in Chancery, if so ordered by the Court, shall give notice of the time and place fixed for the hearing of such petition by registered or certified mail to the surviving, resulting or converted entity and to the persons shown on the list at the addresses therein stated. The forms of the notices by mail and by publication shall be approved by the Court, and the costs thereof shall be borne by the surviving, resulting or converted entity.

(g) At the hearing on such petition, the Court shall determine the persons who have complied with this section and who have become entitled to appraisal rights. The Court may require the persons who have demanded an appraisal for their shares and who hold stock represented by certificates to submit their certificates of stock to the Register in Chancery for notation thereon of the pendency of the appraisal proceedings; and if any person fails to comply with such direction, the Court may dismiss the proceedings as to such person. If immediately before the merger, consolidation, conversion, transfer, domestication or continuance the shares of the class or series of stock of the constituent, converting, transferring, domesticating or continuing corporation as to which appraisal rights are available were listed on a national securities exchange, the Court shall dismiss the proceedings as to all holders of such shares who are otherwise entitled to appraisal rights unless (1) the total number of shares entitled to appraisal exceeds 1% of the outstanding shares of the class or series eligible for appraisal, (2) the value of the consideration provided in the merger, consolidation, conversion, transfer, domestication or continuance for such total number of shares exceeds $1 million, or (3) the merger was approved pursuant to § 253 or § 267 of this title.

(h) After the Court determines the persons entitled to an appraisal, the appraisal proceeding shall be conducted in accordance with the rules of the Court of Chancery, including any rules specifically governing appraisal proceedings. Through such proceeding the Court shall determine the fair value of the shares exclusive of any element of value arising from the accomplishment or expectation of the merger, consolidation, conversion, transfer, domestication or continuance, together with interest, if any, to be paid upon the amount determined to be the fair value. In determining such fair value, the Court shall take into account all relevant factors. Unless the Court in its discretion determines otherwise for good cause shown, and except as provided in this subsection, interest from the effective date of the merger, consolidation, conversion, transfer, domestication or continuance through the date of payment of the judgment shall be compounded quarterly and shall accrue at 5% over the Federal Reserve discount rate (including any surcharge) as established from time to time during the period between the effective date of the merger, consolidation or conversion and the date of payment of the judgment. At any time before the entry of judgment in the proceedings, the surviving, resulting or converted entity may pay to each person entitled to appraisal an amount in cash, in which case interest shall accrue thereafter as provided herein only upon the sum of (1) the difference, if any, between the amount so paid and the fair value of the shares as determined by the Court, and (2) interest theretofore accrued, unless paid at that time. Upon application by the surviving, resulting or converted entity or by any person entitled to participate in the appraisal proceeding, the Court may, in its discretion, proceed to trial upon the appraisal prior to the final determination of the persons entitled to an appraisal. Any person whose name appears on the list filed by the surviving, resulting or converted entity pursuant to subsection (f) of this section may participate fully in all proceedings until it is finally determined that such person is not entitled to appraisal rights under this section.

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(i) The Court shall direct the payment of the fair value of the shares, together with interest, if any, by the surviving, resulting or converted entity to the persons entitled thereto. Payment shall be so made to each such person upon such terms and conditions as the Court may order. The Court's decree may be enforced as other decrees in the Court of Chancery may be enforced, whether such surviving, resulting or converted entity be an entity of this State or of any state.

(j) The costs of the proceeding may be determined by the Court and taxed upon the parties as the Court deems equitable in the circumstances. Upon application of a person whose name appears on the list filed by the surviving, resulting or converted entity pursuant to subsection (f) of this section who participated in the proceeding and incurred expenses in connection therewith, the Court may order all or a portion of such expenses, including, without limitation, reasonable attorney's fees and the fees and expenses of experts, to be charged pro rata against the value of all the shares entitled to an appraisal not dismissed pursuant to subsection (k) of this section or subject to such an award pursuant to a reservation of jurisdiction under subsection (k) of this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Subject to the remainder of this subsection, from and after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, no person who has demanded appraisal rights with respect to some or all of such person's shares as provided in subsection (d) of this section shall be entitled to vote such shares for any purpose or to receive payment of dividends or other distributions on such shares (except dividends or other distributions payable to stockholders of record at a date which is prior to the effective date of the merger, consolidation, conversion, transfer, domestication or continuance). If a person who has made a demand for an appraisal in accordance with this section shall deliver to the surviving, resulting or converted entity a written withdrawal of such person's demand for an appraisal in respect of some or all of such person's shares in accordance with subsection (e) of this section, either within 60 days after such effective date or thereafter with the written approval of the corporation, then the right of such person to an appraisal of the shares subject to the withdrawal shall cease. Notwithstanding the foregoing, an appraisal proceeding in the Court of Chancery shall not be dismissed as to any person without the approval of the Court, and such approval may be conditioned upon such terms as the Court deems just, including without limitation, a reservation of jurisdiction for any application to the Court made under subsection (j) of this section; provided, however that this provision shall not affect the right of any person who has not commenced an appraisal proceeding or joined that proceeding as a named party to withdraw such person's demand for appraisal and to accept the terms offered upon the merger, consolidation, conversion, transfer, domestication or continuance within 60 days after the effective date of the merger, consolidation, conversion, transfer, domestication or continuance, as set forth in subsection (e) of this section. If a petition for an appraisal is not filed within the time provided in subsection (e) of this section, the right to appraisal with respect to all shares shall cease.

(l) The shares or other equity interests of the surviving, resulting or converted entity to which the shares of stock subject to appraisal under this section would have otherwise converted but for an appraisal demand made in accordance with this section shall have the status of authorized but not outstanding shares of stock or other equity interests of the surviving, resulting or converted entity, unless and until the person that has demanded appraisal is no longer entitled to appraisal pursuant to this section.

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

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**Exhibit 107**

**Calculation of Filing Fee Tables**

**SC 13E-3**

(Form Type)

**Kennedy-Wilson Holdings, Inc.**

(Exact Name of Registrant as Specified in its Charter)

**<u>Table 1 - Transaction Value</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Proposed Maximum Aggregate Value of Transaction** | **Fee Rate** | **Amount of Filing Fee** |
| &nbsp;&nbsp; Fees to Be Paid  | (1) | 1850013937 | 0.00013810 | 255486.92 |
| &nbsp;&nbsp; Fees Previously Paid  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Transaction Valuation**  |  | 1850013937 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fees Due for Filing**  |  |  |  | 255486.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fees Previously Paid**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Fee Offsets**  |  |  |  | 255486.92 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Fee Due**  |  |  |  |  |

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| | |
|:---|:---|
| (1) | Capitalized terms used below but not defined herein shall have the meanings assigned to such terms in the Agreement and Plan of Merger, dated as of February 16, 2026, by and among Kona Bidco, LLC ("Parent"), Kona Merger Subsidiary, Inc. ("Merger Sub") and Kennedy-Wilson Holdings, Inc. (the "Company"). |
| (i) | Title of each class of securities to which the transaction applies: common stock, par value $0.0001 per share, of the Company ("Company Common Stock"). |
| (ii) | Aggregate number of securities to which the transaction applies: As of the close of business on March 17, 2026, the maximum number of shares of (x) Company Common Stock and (y) Company Series A Preferred Stock to which this transaction applies is estimated to be 141,868,985 shares of Company Common Stock and 300,000 shares of Company Series A Preferred Stock, which consists of: |
| (a) | 116,786,654 issued and outstanding shares of Company Common Stock, excluding the Rollover Shares and shares underlying outstanding Company RSUs and Company PSUs, entitled to receive the Merger Consideration; |
| (b) | 22,341,393 Rollover Shares, entitled to receive shares of Parent having a fair market value equal to the fair market value of the Rollover Shares contributed; |
| (c) | 1,718,228 shares of Company Common Stock underlying outstanding Company RSUs and Company PSUs entitled to receive the Merger Consideration; |
| (d) | 1,022,710 shares of Company Common Stock underlying Company Bonus Units entitled to receive the Merger Consideration; and |
| (e) | 300,000 shares of Company Series A Preferred Stock, entitled to be redeemed or repurchased pursuant to the Series A Certificate of Designations. |
| (iii) | Per share price or other underlying value of the transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): Solely for the purpose of calculating the filing fee, as of the close of business on March 17, 2026, the underlying value of the transaction was calculated as the sum of: |
| (a) | the product of 116,786,654 issued and outstanding shares of Company Common Stock, excluding shares underlying outstanding Company RSUs and Company PSUs, entitled to receive the Merger Consideration and the per share Merger Consideration of $10.90; |
| (b) | the product of 22,341,393 Rollover Shares and $10.90, the fair market value of the shares of Parent received in exchange for the Rollover Shares; |
| (c) | the product of 1,718,228 shares of Company Common Stock underlying outstanding Company RSUs and Company PSUs and the per share Merger Consideration of $10.90; |
| (d) | the product of 1,022,710 shares of Company Common Stock underlying Company Bonus Units and the per share Merger Consideration of $10.90; and |
| (e) | the product of 300,000 shares of Company Series A Preferred Stock outstanding, entitled to be redeemed or repurchased, and the per share redemption price of $1,012.14. (such sum, the "Total Consideration") |
|  | In accordance with Section 14(g) of the Securities Exchange Act of 1934, as amended, the filing fee was determined by multiplying the Total Consideration by 0.00013810. |

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**Table 2 - Fee Offset Claims and Sources**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Registrant or Filer Name** | **Form or Filing Type** | **File Number** | **Initial Filing Date** | **Filing Date** | **Fee Offset Claimed** | &nbsp;&nbsp;**Fee Paid with Fee Offset Source** |
| &nbsp;&nbsp;Fees Offset Claims | (2) |  | Schedule 14A | 001-33824 | March 20, 2026 |  | 255486.92 |  |
| &nbsp;&nbsp;Fees Offset Sources | (2) | Kennedy-Wilson Holdings, Inc. | Schedule 14A | 001-33824 |  | March 20, 2026 |  | &nbsp;&nbsp;255486.92 |

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Explanation of the basis for claimed offset:

(2) Kennedy-Wilson Holdings, Inc. previously paid $255,486.92 upon the filing of its Schedule 14A on March 20, 2026 in connection with the transaction reported hereby.

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