Company: KW
Filing Date: 2025-08-08
Form Type: 424B3
Source: 0001408100-25-000150
Chunk: 94

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-08
Form: 424B3
Chunk 94
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consolidations of consolidated assets as discussed above.

Interest expense was $38.4 million for the three months ended June 30, 2025 as compared to $39.4 million for the same period in 2024. The decrease is due to a decline in consolidated mortgage balances due to asset sales and deconsolidations. Additionally, we hold certain interest rate derivatives that are currently in the money and we are receiving cash payments to offset increase in interest rates. These cash payments are recorded in other loss (income) as a component of fair value movements on undesignated interest rate derivatives. During the three months ended June 30, 2025 and 2024, the Company received $2.6 million and $4.7 million, respectively, in cash payments from its interest rate derivatives on consolidated mortgages. The Company views interest expense net of the impact of interest rate derivatives as part of its interest rate risk analysis.

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#### Co-Investment Portfolio Segment
Investment Management

We receive fees, including asset management fees, construction management fees, and/or acquisition and disposition fees, for managing assets in our Co-Investment Portfolio on behalf of our partners. During the three months ended June 30, 2025, we had fees recorded through revenues of $36.4 million as compared to $26.1 million for the same period in 2024. During the three months ended June 30, 2025, the increase primarily related to a $7 million one-time development completion fee related to the completion of a Southern California development project and an acquisition fee related to the closing of a multifamily property in Seattle in a new separate account platform.

Co-Investment Operations - Loans

Loan income decreased to $5.7 million during the three months ended June 30, 2025 as compared to $8.0 million for the same period in 2024. These amounts represent interest income on our share of loan investments within our global real estate credit platform and the decrease is due to our newer originations being at a lower ownership percentage than previous loans. Loans in our construction portfolio have moved from 5% ownership on legacy loans to 2.5% on any new originations. Loans in our bridge loan portfolio were also at ownership levels 5% and greater. Although the platform is growing we expect to have lower interest income levels and higher management fee levels going forward.

Co-Investment Operations - Real Estate

In addition to our management of investments in the Co-In