Company: KW
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001408100-25-000179
Chunk: 137

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 137
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 operating results of the Company's reportable segments. These operating results include key operating metrics which inform the CODM's decisions regarding allocation of resources and assessment of the Company's overall operational performance. The key operating metric that the CODM utilizes to evaluate the segments is earnings before interest, taxes, depreciation and amortization, which is further adjusted to add back non-cash share based compensation ("Segment Adjusted EBITDA"). The Company has included a reconciliation of Segment Adjusted EBITDA to net income attributable to Kennedy-Wilson Holdings, Inc. common shareholders in the tables below.Consolidated Portfolio     Consolidated Portfolio is a permanent capital vehicle focused on maximizing property cash flow. These assets are primarily wholly-owned and tend to have longer hold periods and the Company targets investments with accretive asset management opportunities. The Company typically focuses on multifamily and office assets in the Western United States and office assets in the United Kingdom and Ireland within this segment.Co-Investment Portfolio     Co-Investment Portfolio consists of the co-investments in real estate and real estate-related assets, including loans secured by real estate, that the Company has made through the commingled funds and joint ventures that it manages. The Company utilizes different platforms in the Co-Investment Portfolio segment depending on the asset and risk return profiles.In addition, the Company manages real estate assets and loans for the Company's equity partner. In the Company's capacity as manager it earns fees (including, without limitation, asset management fees, construction management fees, and/or acquisition and disposition fees) and carried interests.The following tables summarize income activity by segment for the three and nine months ended September 30, 2025 and 2024 and balance sheet data as of September 30, 2025 and December 31, 2024:

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Kennedy-Wilson Holdings, Inc.Notes to Consolidated Financial Statements(Unaudited)

Three Months Ended September 30, 2025(Dollars in millions)ConsolidatedCo-InvestmentsTotalSegment RevenueRental$87.2 $— $87.2 Investment management fees— 23.4 23.4 Loans— 5.7 5.7 Total segment revenue87.2 29.1 116.3 Income from unconsolidated investmentsPrincipal co-investments— 25.7 25.7 Carried interests— 8.8 8.8 Company's share of interest, depreciation, and taxes