AUM And Fee GrowthAUM expansion to $36B and rising investment management fees signal a structurally larger, fee-generating business. Bigger AUM and fee-bearing capital support recurring, less cyclical revenue, enhancing predictability of fee income and creating scale advantages across sourcing, underwriting and asset management.
Toll Brothers Platform AcquisitionThe Toll Brothers Apartment Living platform materially expands rental housing scale and pipeline, adding fee and development economics. This increases recurring management and success fees, diversifies portfolio toward rental housing, and strengthens long-term growth runway in a structurally growing residential rental market.
Improved 2025 Cash GenerationA strong rebound in operating and free cash flow in 2025 materially improves internal funding capacity. Sustainable positive cash generation enhances ability to fund deployments, service debt and support dividends or buybacks, reducing reliance on external financing over the medium term.