Company: KW
Filing Date: 2025-05-09
Form Type: 424B3
Source: 0001408100-25-000117
Chunk: 28

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-05-09
Form: 424B3
Chunk 28
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 10.7 |     | $ |   7.8 |
| Income from unconsolidated investments - fair value                     |                       |                              |     |   |  8.9 |     |   |   1.9 |
| Loss from unconsolidated investments - carried interests Funds          |                       |                              |     |   | -5.3 |     |   | -14.9 |
| Loss from unconsolidated investments - carried interests co-investments |                       |                              |     |   | -2.9 |     |   |  -1.5 |
|                                                                         |                       |                              |     | $ | 11.4 |     | $ |  -6.7 |

The increase in income from unconsolidated investments related to the following items: (i) increase in rental operations due to the growth of our Co-Investment Portfolio and (ii) improved hotel operations at Kona Village as the property moves towards stabilization. These increases were offset by lower gains on sale of homes at Kohaniki and higher interest expense due to higher mortgage balances from the increase in investments in the Co-Investment Portfolio.

During the three months ended March 31, 2025, the Company recorded fair value increases with respect to (i) non-cash fair value gains on multifamily assets in Western United States and Ireland from increased NOI at the properties (ii) fair value increases on VHH due to increases in NOI as well and (iii) foreign exchange gains as euro and GBP increased in value in relation to the dollar in the current period. These fair value increases were offset by (i) fair value decrease at an Irish office asset as its lease up period pushes out and decreases in expected market rents; (ii) fair value decreases associated with mortgages on our co-investments as lower cost mortgages move closer to maturity dates.

During the three months ended March 31, 2025 , the Company recorded a $5.3 million decrease in the accrual for carried interests in our Funds primarily related to the fair value decreases that we recorded with respect to a delayed disposition of office assets in one of our Western United States commingled funds and a $2.9 million decrease in carried interests on certain separate account platforms that hold multifamily assets in the Western United States. As of March 31, 2025 , the Company’s net accrued carried interests receivable totaled $19.4 million .

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