KAMEHAMEHA SCHOOLS REPORT ON FINANCIAL ACTIVITIES JULY 1, 2024 - JUNE 30, 2025 Founded in 1887 through the will of Ke Ali'i Bernice Pauahi Pki Bishop, Ke Kula 'o Kamehameha is a private, educational, charitable trust dedicat- ed to empowering Native Hawaiians in perpetuity by improving their well-being through education. Guided by the transition from Strategic Map 2025 (SM2025) to Strategic Plan 2030 (SP2030), we strengthened our foundation in high-quality education, community partnerships, and 'äina stew- ardship-creating greater momentum toward ea, the agency and self-determining power that will shape our future. This year, our three K-12 campuses and 30 preschools- supported by dedicated leaders, administrators, kumu, staff, volunteers, and 'ohana-carried this transition forward with intention, keeping our keiki firmly at the center. We provided safe, nurturing learning environments and elevated Hawaiian culture-based education, ensuring haumna thrive in E Ola! (our enterprise-wide learning outcomes) and grow as 'iwi leaders who are prepared to serve the lhui with passion and purpose. Together with our community partners, we expanded access to learning through integrated opportunities, scholarships, and digital resources that strengthened educational pathways and deepened community impact across Hawai'i. Through culturally grounded stewardship of 'Aina Pauahi- our commercial, agricultural, and conservation lands-we contin- ued to generate competitive returns while restoring ecosystems, supporting local economies, and creating resilient communities. SPENDING Kamehameha Schools strives to maintain an annual spend rate on education within a range of 2.5% to 6.0% each fiscal year based on the trailing five-year average market value of the endowment. The long-term target average spend rate is 4.0%, although this may vary annually, depending on program needs and changes in the average market value of the endowment. This year, our total educational spend was $530 million, equal to 3.8% of the trailing five-year average market value of the endowment. For this past fiscal year, educational spending and learners served include: Campuses: $311 million serving 7,226 learners, as follows: 30 Preschools: $48 million serving 1,683 learners. K-12 Campuses: $263 million serving 5,543 learners- from Kamehameha Schools Hawai'i (1,190 learners), Kamehameha Schools Maui (1,141 learners), and Kamehameha Schools Kaplama (3,212 learners). Community Education: $94.2 million serving 47,873 learners, as follows: Scholarships: $32.8 million serving 4,114 learners, including: o $10.3 million for early learning scholarships serving 1,074 learners; o $4.8 million for K-12 scholarships serving 535 learners; and o $17.7 million for post-high scholarships serving 2,505 learners. Community Investments: $61.4 million serving 43,759 learners, including: o $34.6 million for investments in 118 community organizations serving 36,231 learners; and o $26.8 million for community engagements, internships, college & career counseling, leadership, and other programming serving 7,528 learners. Other Educational Spending: $125 million for educational infra- structure and costs, including capital, debt financing and reserves, and support services. This also includes financial aid and waiv- ers of $37.7 million serving 5,770 learners (from our preschools and K-12 campuses), and additional community learners served through various education programs (3,021) and 'Aina Pauahi programs (32,009). Additionally, Kamehameha Schools (i) invested $57.7 million (net of agriculture rents) to steward agricultural and conservation 'äina across Hawai'i, and (ii) supported and contributed-alongside many others--to healing, recovery, resolution, and restoration efforts following the Lahaina wildfires. REVENUES Returns from Kamehameha Schools' endowment fund more than 97% of our educational spend. Our endowment is managed pri- marily using long-term investment return and educational spend- ing metrics to ensure financial resilience and real growth for a perpetual asset base. The endowment achieved average returns of 7.6%, 9.8%, and 8.8% on a 10-, 5-, and 1-year basis, respectively. The policy benchmarks over the same periods were 6.2%, 7.7%, and 8.4%, respectively. ENDOWMENT The consolidated balance sheet shows trust investments (i.e., the endowment) of $11.6 billion. This reflects real estate investments primarily at cost rather than fair market value. When considering the fair market value of real estate investments at $4.6 billion, the entire endowment is valued at $15.8 billion as of June 30, 2025. We invite you to engage more deeply with our progress, priori- ties, and pathways ahead through our digital annual report. As we continue to activate the commitments of SP2030, we welcome you to explore the full story of how we are advancing education, stewarding 'äina, and strengthening communities in service to Pauahi's vision and the thriving future of Native Hawaiians. CONSOLIDATED BALANCE SHEET June 30, 2025 (in thousands) Assets Current assets Cash and cash equivalents Receivables, net Short-term investments $ 417,404 142,839 46,725 9,768 616,736 Other Total current assets Trust investments Financial investments, net Real estate investments, net 11,195,774 412,094 11,607,868 74,388 527,412 183,980 Total trust investments Other investments Property and equipment, net Deferred charges and other Total assets Liabilities and Net Assets Current liabilities Accounts payable and accrued expenses $ 13,010,384 $ 78,778 Current portion of notes payable 85,569 Deferred income and other 248,527 Total current liabilities 412,874 Notes payable 482,611 Accrued postretirement benefits 54,994 Accrued pension liability Deferred income and other 270 792,613 1,743,362 Total liabilities. Net assets - without donor restrictions Total liabilities and net assets. KAMEHAMEHA SCHOOLS ENDOWMENT Kamehameha Schools' mission is 97% supported by its endowment with 3% being supported by tuition, net of financial aid. The endowment was valued at $15.8 billion as of June 30, 2025. A globally diversified financial assets portfolio of $11.2 billion, and Hawai'i real estate representing $4.6 billion at fair market value comprise the endowment's value. 11,267,022 $ 13,010,384 PUBLIC EQUITIES 19% PRIVATE EQUITY 22% HAWAII REAL ESTATE 29% ABSOLUTE RETURN 20% FIXED INCOME 3% REAL ASSETS 4% CASH & CASH EQUIVALENTS 3% KAMEHAMEHA SCHOOLS LANDS Kamehameha Schools' commercial properties make up 4% of its total 370,173 acres. The remaining 96% - agricultural and conservation lands-are managed as sustainability assets outside the endowment fund. In fiscal year 2025, Kamehameha Schools invested $57.7 million (net of agricultural rents) to steward these lands and natural resources. COMMERCIAL (15,710 ACRES) EDUCATION (927 ACRES) AGRICULTURE (118,581 ACRES) 32% CONSERVATION (234,955 ACRES) 64% Ke Kula'o Kamehameha KAMEHAMEHA SCHOOLS REPORT ON FINANCIAL ACTIVITIES JULY 1 , 2024 - JUNE 30 , 2025 Founded in 1887 through the will of Ke Ali'i Bernice Pauahi Pki Bishop , Ke Kula ' o Kamehameha is a private , educational , charitable trust dedicat- ed to empowering Native Hawaiians in perpetuity by improving their well - being through education . Guided by the transition from Strategic Map 2025 ( SM2025 ) to Strategic Plan 2030 ( SP2030 ) , we strengthened our foundation in high - quality education , community partnerships , and ' äina stew- ardship - creating greater momentum toward ea , the agency and self - determining power that will shape our future . This year , our three K - 12 campuses and 30 preschools- supported by dedicated leaders , administrators , kumu , staff , volunteers , and ' ohana - carried this transition forward with intention , keeping our keiki firmly at the center . We provided safe , nurturing learning environments and elevated Hawaiian culture - based education , ensuring haumna thrive in E Ola ! ( our enterprise - wide learning outcomes ) and grow as ' iwi leaders who are prepared to serve the lhui with passion and purpose . Together with our community partners , we expanded access to learning through integrated opportunities , scholarships , and digital resources that strengthened educational pathways and deepened community impact across Hawai'i . Through culturally grounded stewardship of ' Aina Pauahi- our commercial , agricultural , and conservation lands - we contin- ued to generate competitive returns while restoring ecosystems , supporting local economies , and creating resilient communities . SPENDING Kamehameha Schools strives to maintain an annual spend rate on education within a range of 2.5 % to 6.0 % each fiscal year based on the trailing five - year average market value of the endowment . The long - term target average spend rate is 4.0 % , although this may vary annually , depending on program needs and changes in the average market value of the endowment . This year , our total educational spend was $ 530 million , equal to 3.8 % of the trailing five - year average market value of the endowment . For this past fiscal year , educational spending and learners served include : Campuses : $ 311 million serving 7,226 learners , as follows : 30 Preschools : $ 48 million serving 1,683 learners . K - 12 Campuses : $ 263 million serving 5,543 learners- from Kamehameha Schools Hawai'i ( 1,190 learners ) , Kamehameha Schools Maui ( 1,141 learners ) , and Kamehameha Schools Kaplama ( 3,212 learners ) . Community Education : $ 94.2 million serving 47,873 learners , as follows : Scholarships : $ 32.8 million serving 4,114 learners , including : o $ 10.3 million for early learning scholarships serving 1,074 learners ; o $ 4.8 million for K - 12 scholarships serving 535 learners ; and o $ 17.7 million for post - high scholarships serving 2,505 learners . Community Investments : $ 61.4 million serving 43,759 learners , including : o $ 34.6 million for investments in 118 community organizations serving 36,231 learners ; and o $ 26.8 million for community engagements , internships , college & career counseling , leadership , and other programming serving 7,528 learners . Other Educational Spending : $ 125 million for educational infra- structure and costs , including capital , debt financing and reserves , and support services . This also includes financial aid and waiv- ers of $ 37.7 million serving 5,770 learners ( from our preschools and K - 12 campuses ) , and additional community learners served through various education programs ( 3,021 ) and ' Aina Pauahi programs ( 32,009 ) . Additionally , Kamehameha Schools ( i ) invested $ 57.7 million ( net of agriculture rents ) to steward agricultural and conservation ' äina across Hawai'i , and ( ii ) supported and contributed - alongside many others -- to healing , recovery , resolution , and restoration efforts following the Lahaina wildfires . REVENUES Returns from Kamehameha Schools ' endowment fund more than 97 % of our educational spend . Our endowment is managed pri- marily using long - term investment return and educational spend- ing metrics to ensure financial resilience and real growth for a perpetual asset base . The endowment achieved average returns of 7.6 % , 9.8 % , and 8.8 % on a 10- , 5- , and 1 - year basis , respectively . The policy benchmarks over the same periods were 6.2 % , 7.7 % , and 8.4 % , respectively . ENDOWMENT The consolidated balance sheet shows trust investments ( i.e. , the endowment ) of $ 11.6 billion . This reflects real estate investments primarily at cost rather than fair market value . When considering the fair market value of real estate investments at $ 4.6 billion , the entire endowment is valued at $ 15.8 billion as of June 30 , 2025 . We invite you to engage more deeply with our progress , priori- ties , and pathways ahead through our digital annual report . As we continue to activate the commitments of SP2030 , we welcome you to explore the full story of how we are advancing education , stewarding ' äina , and strengthening communities in service to Pauahi's vision and the thriving future of Native Hawaiians . CONSOLIDATED BALANCE SHEET June 30 , 2025 ( in thousands ) Assets Current assets Cash and cash equivalents Receivables , net Short - term investments $ 417,404 142,839 46,725 9,768 616,736 Other Total current assets Trust investments Financial investments , net Real estate investments , net 11,195,774 412,094 11,607,868 74,388 527,412 183,980 Total trust investments Other investments Property and equipment , net Deferred charges and other Total assets Liabilities and Net Assets Current liabilities Accounts payable and accrued expenses $ 13,010,384 $ 78,778 Current portion of notes payable 85,569 Deferred income and other 248,527 Total current liabilities 412,874 Notes payable 482,611 Accrued postretirement benefits 54,994 Accrued pension liability Deferred income and other 270 792,613 1,743,362 Total liabilities . Net assets - without donor restrictions Total liabilities and net assets . KAMEHAMEHA SCHOOLS ENDOWMENT Kamehameha Schools ' mission is 97 % supported by its endowment with 3 % being supported by tuition , net of financial aid . The endowment was valued at $ 15.8 billion as of June 30 , 2025. A globally diversified financial assets portfolio of $ 11.2 billion , and Hawai'i real estate representing $ 4.6 billion at fair market value comprise the endowment's value . 11,267,022 $ 13,010,384 PUBLIC EQUITIES 19 % PRIVATE EQUITY 22 % HAWAII REAL ESTATE 29 % ABSOLUTE RETURN 20 % FIXED INCOME 3 % REAL ASSETS 4 % CASH & CASH EQUIVALENTS 3 % KAMEHAMEHA SCHOOLS LANDS Kamehameha Schools ' commercial properties make up 4 % of its total 370,173 acres . The remaining 96 % - agricultural and conservation lands - are managed as sustainability assets outside the endowment fund . In fiscal year 2025 , Kamehameha Schools invested $ 57.7 million ( net of agricultural rents ) to steward these lands and natural resources . COMMERCIAL ( 15,710 ACRES ) EDUCATION ( 927 ACRES ) AGRICULTURE ( 118,581 ACRES ) 32 % CONSERVATION ( 234,955 ACRES ) 64 % Ke Kula'o Kamehameha