Company: KW
Filing Date: 2025-11-07
Form Type: 424B3
Source: 0001408100-25-000180
Chunk: 97

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-11-07
Form: 424B3
Chunk 97
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                     |     |                                  | -35.1 |      |     |      | -34.1 |
| Other loss                           |     |                                  |  -7.0 |      |     |      |  -6.1 |
| Provision for income taxes           |     |                                  |     — |      |     |      |  -0.2 |
| Loss from unconsolidated investments |     | $                                |  34.5 |      |     | $    | -20.3 |

The increase in income from unconsolidated investments is primarily due to the following:

Operating performance

The increase in income from unconsolidated investments related to the following items: (i) the recapitalization of a 687-unit Southern California multifamily community that the Company did not account for at fair value, reducing the Company's ownership from 51% to 10% through a new joint venture and resulting in $17 million of cash and a gain on sale of

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real estate, net of $17.1 million; (ii) increase in rental operations due to the growth of our Co-Investment Portfolio (iii) improved hotel operations at Kona Village as the property continues to progress towards stabilization; and (iv) improved results on sale of homes at Kohanaiki. These increases were offset by interest expense due to the increase in assets in the Co-Investment portfolio.

Fair Value

During the three months ended September 30, 2025 , the Company recorded fair value decreases with respect to the recapitalization of a multifamily portfolio consisting of nine (9) properties, totaling 2,809 units, reducing the Company's ownership from 51% to 10% which resulted in a fair value loss of $28.9 million. These fair value decreases were offset by fair value increases of $19.1 million at VHH due to increases in NOI and $5.5 million increase at Zonda due to improvements in the underlying business.

During the three months ended September 30, 2025 , we recorded a $8.8 million increase in the accrual for carried interests primarily related to certain separate account platforms that hold multifamily assets in the Western United States.

During the three months ended September 30, 2024, we recorded non-cash fair value losses with a decrease of less than 1% in fair values. The minor decreases primarily related to: (i) certain office properties located in Ireland, United States