Company: KW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001408100-25-000147
Chunk: 142

Company: Kennedy-Wilson Holdings, Inc.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 1
Chunk 142
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 EBITDA adjustments associated with NCI

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

(Dollars in millions)Three Months Ended June 30,Six Months Ended June 30,2025202420252024Segment revenue$135.4 $131.9 $263.5 $268.0 Other revenue0.3 0.1 0.5 0.4 Total consolidated revenue$135.7 $132.0 $264.0 $268.4 (Dollars in millions)June 30, 2025December 31, 2024Total assetsConsolidated$4,411.1 $4,591.6 Co-investment2,244.6 2,273.5 Non-segment141.2 96.0 Total assets$6,796.9 $6,961.1 

NOTE 14—INCOME TAXES 

    The Company derives a significant portion of its income from the rental and sale of real property. As a result, a substantial portion of its foreign earnings is subject to U.S. taxation under certain provisions of the Internal Revenue Code of 1986, as amended ("IRC"), applicable to controlled foreign corporations (known as the "Subpart F rules"). In determining the quarterly provisions for income taxes, the Company calculates income tax expense based on actual year-to-date income and statutory tax rates. The year-to-date income tax expense reflects the impact of foreign operations and income allocated to noncontrolling interests which is generally not subject to corporate tax.    During the six months ended June 30, 2025, the Company generated pre-tax book loss of $24.5 million related to its global operations and recorded a tax benefit of $0.5 million. The tax benefit for the period is below the U.S. statutory tax rate.  Significant items impacting the quarterly tax provision include:  tax charges associated with non-deductible executive compensation under IRC Section 162(m) and increase in valuation allowance against the Company’s deferred tax asset on the outside basis difference of its investment in KWE.      On July 4, 2025, the One Big Beautiful Bill Act was signed into law in the U.S. which contains a broad range of tax reform provisions affecting businesses. The Company is evaluating the full effect of the legislation on its effective tax rate and financial statements.

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