Company: KW
Filing Date: 2025-08-08
Form Type: 424B3
Source: 0001408100-25-000150
Chunk: 76

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-08
Form: 424B3
Chunk 76
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 the ongoing recovery in the real estate market, which could adversely affect, amongst other things, our business (including the value of our investments and our ability to secure debt and equity capital at attractive terms or at all), partners, tenants and borrowers.

#### Business Segments
Our operations are defined by two primary business segments: our consolidated investment portfolio (the "Consolidated Portfolio") and our co-investment portfolio (the "Co-Investment Portfolio"). In addition to our two primary business segments, we have among other things, corporate overhead and unsecured corporate debt and preferred stock that is not allocated to either of our segments.

#### Consolidated

#### Portfolio
Our Consolidated Portfolio consists of the investments in real estate and real estate-related assets that we have made and consolidate on our balance sheet, primarily multifamily communities. We typically wholly-own these assets, which have longer hold periods and accretive asset management opportunities.

The non-GAAP table below represents a summarized balance sheet of our Consolidated Portfolio, which is held at historical depreciated cost as of June 30, 2025 and December 31, 2024. This table does not include non-segment amounts such as corporate cash and the KWI Notes.

|                                                          | ($ in millions) |   | June 30, 2025 |     |   | December 31, 2024 |
|:---------------------------------------------------------|:----------------|:--|--------------:|:----|:--|------------------:|
| Cash(1)                                                  |                 | $ |         147.3 |     | $ |             117.4 |
| Real estate                                              |                 |   |       4,078.8 |     |   |           4,290.4 |
| Accounts receivable and other assets                     |                 |   |          86.7 |     |   |              99.7 |
| Total Assets                                             |                 | $ |       4,312.8 |     | $ |           4,507.5 |
| Accounts payable, accrued expenses and other liabilities |                 |   |         149.5 |     |   |             118.7 |
| Mortgage debt                                            |                 |   |       2,385.2 |     |   |           2,597.2 |
| KWE bonds                                                |                 |   |         352.7 |     |   |             309.8 |
| Total Liabilities                                        |                 |   |